<PAGE> 1
WEALTH-BUILDING OPPORTUNITY
ONEFUND(SM)
SEMI-ANNUAL REPORT
ONE Fund, Inc.
December 31, 1996
Ohio National
Financial Services
<PAGE> 2
PRESIDENT'S MESSAGE
We are pleased to provide you with an update of ONE Fund's performance and
investment activity during the semi-annual reporting period ended December 31,
1996. Solid advances in the fourth quarter of 1996 followed mixed but generally
modest returns in the third quarter. During the six-month period, as well as for
the calendar year overall, the ONE Fund family of funds provided shareholders
with favorable investment performance.
LOOKING BACK
Domestic stocks began the latter half of 1996 with a downward turn before
trending upward over the remainder of the period. Large capitalization stocks
led the advance. Internationally, equity performance was generally strongest in
European markets and mixed in Far East markets. With interest rates generally
stable, performance improved in the bond market. Achievements and highlights of
ONE Fund for the period included the following:
- - Morningstar, Inc. awarded ONE Fund International five stars for its
risk-adjusted, three-year annualized return through July 31. Five stars
signify that a fund ranks in the top 10% of its investment category based on
Morningstar's risk-adjusted return formula.
- - The Wall Street Journal (July 3, 1996) gave ONE Fund International an "A"
grade in performance rankings for three-year annualized return.
- - Fortune (August 19, 1996) cited ONE Fund International and ONE Fund Income &
Growth as two of the "Best Mutual Funds for Reaching Your Goals" in its
annual retirement guide.
- - Kiplinger's Personal Finance Magazine (September 1996) named ONE Fund
International one of the best general international stock funds for
three-year performance in its "Best Mutual Funds '96" special issue.
- - Your Money (October/November 1996) put ONE Fund International among the Top
10 international stock mutual funds for three-year performance.
- - ONE Fund introduced its ninth portfolio, the Core Growth Portfolio, on
November 1. Managing the portfolio is subadviser Pilgrim Baxter &
Associates, Ltd. James McCall manages both the Core Growth Portfolio and the
PBHG Core Growth Fund with the same investment objectives, policies and
restrictions and utilizing the same proprietary investment techniques.
- - Fortune (December 23, 1996) included ONE Fund International among the top
international stock funds for three-year annualized return in its "Best
Mutual Funds for Your Money Now" performance rankings.
- - ONE Fund's net assets surpassed $85.6 million as of December 31,
representing an 11.5% increase from June 30, 1996, and testifying to
continued growth since the fund family's 1992 inception.
PERFORMANCE
Performance of ONE Fund's portfolios included the following:
- - The International Portfolio, managed by Societe Generale Asset Management
Corp., recorded a total return of 2.55% for the six-month period. For 1996
overall, its total return was 13.95%. The portfolio's objective is to
achieve long-term capital growth by investing primarily in common stocks of
foreign companies. International funds tracked by Lipper Analytical Services
averaged an 11.78% total return for 1996.
- - The Growth Portfolio, managed by Ohio National Investments, Inc., achieved a
total return of 6.35% for the six-month period and a 17.81% total return for
1996. Long-term capital growth is its objective. Growth stock mutual funds
tracked by Lipper averaged a 19.24% total return for 1996.
- - The Income & Growth Portfolio, managed by Ohio National Investments, Inc.,
registered a total return of 8.49% for the six-month period and 15.82% for
all of 1996. Its objective is two-fold: to provide capital growth and to
provide moderate income with the potential for increasing income over time.
Balanced portfolio funds tracked by Lipper had an average total return of
13.76% for 1996.
<PAGE> 3
- - The Global Contrarian Portfolio, managed by Societe Generale Asset
Management Corp., had a total return of 0.46% for the six-month period and
10.02% for 1996 overall. The portfolio seeks long-term growth of capital by
investing in foreign and domestic securities believed to be undervalued or
presently out of favor. Global flexible portfolio funds tracked by Lipper
averaged a 13.50% total return for 1996.
- - The Small Cap Portfolio, managed by Ohio National Investments, Inc.,
finished 1996 with a total return of 5.72% for the final six months and
17.01% for the year. The portfolio's objective is to attain maximum capital
growth by investing primarily in common stocks of small- and medium-sized
companies. Small company growth funds tracked by Lipper averaged a 20.15%
total return for all of 1996.
- - The Core Growth Portfolio, managed by Pilgrim Baxter & Associates, Ltd.,
commenced operation on November 1, 1996. Long-term capital appreciation is
its objective. It had a -1.10% total return through year end.
- - The Income Portfolio, managed by Ohio National Investments, Inc., produced a
total return of 5.06% for six months and 4.65% for 1996 overall. Its
objective is high current income. Preservation of capital is a secondary
objective. Intermediate-term corporate debt funds tracked by Lipper had a
3.27% total return for the year.
- - The Tax-Free Income Portfolio, managed by Ohio National Investments, Inc.,
attained a 4.68% total return for the last six months of 1996 and 3.93% for
the year overall. Its one-year return was equivalent to a taxable return of
5.70% for an investor in the 31% federal income tax bracket. Its objective
is to provide high current income exempt from federal income taxes. General
intermediate-term municipal debt funds tracked by Lipper had a 3.74% total
return for 1996.
- - Dividends on the Money Market Portfolio, managed by Ohio National
Investments, Inc., generated a 2.47% yield for the six-month period and a
4.99% yield for the year. The portfolio seeks to provide current income
consistent with preservation of capital and liquidity. The average yield
reported for money market funds by IBC Financial Data, Inc. was 4.83% for
1996.
LOOKING AHEAD
The U.S. economy appears to be in a slow-growth, low-inflation mode. With
corporate earnings growth stabilizing, scant likelihood of further interest rate
declines, and valuations already quite high by traditional measures, a repeat of
its 1996 performance seems unlikely for the U.S. equity market. Strengthening
economic activity abroad would bode well for foreign markets. Regardless of the
conditions, our fundamental investment principles - careful selection and
constant professional management - remain unchanged.
Thank you for the confidence you have placed in ONE Fund as you pursue your
wealth-building endeavors. Be assured that we will make every effort to
continue to merit that confidence. Please contact your investment representative
if you have questions about ONE Fund or your account. As your needs change over
time, he or she stands ready to serve you.
/s/ Donald J. Zimmerman
Donald J. Zimmerman
President, ONE Fund, Inc.
Directors and Officers of ONE Fund, Inc.
Donald J. Zimmerman, President and Director
Ronald L. Benedict, Secretary and Director
George E. Castrucci, Director
Maurice H. Kirby, Director
George M. Vredeveld, Director
Joseph P. Brom, Vice President
Michael A. Boedeker, Vice President
David G. McClure, Vice President
Stephen T. Williams, Vice President
Dennis R. Taney, Treasurer
Amy D. Starkey, Assistant Secretary
This report may be used as sales literature only when accompanied or preceded by
an effective prospectus of ONE Fund, Inc. which relates sales expense and other
pertinent information.
<PAGE> 4
ONE FUND, INC. DECEMBER 31, 1996 (UNAUDITED)
STATEMENTS OF ASSETS AND LIABILITIES
<TABLE>
<CAPTION>
PORTFOLIO
------------------------------------------------------------------------
MONEY TAX-FREE INCOME
MARKET INCOME INCOME & GROWTH GROWTH
----------- ---------- ---------- ----------- -----------
<S> <C> <C> <C> <C> <C>
Assets:
Investments in securities at market
value (note 1) ............................... $19,378,327 $6,744,969 $6,612,110 $11,357,813 $12,001,342
Cash in bank .................................. 59,353 1,625 4,582 1,537 43,179
Unrealized gain on forward currency
contracts (note 5) ........................... 0 0 0 0 0
Receivable for fund shares sold................ 0 0 0 0 0
Receivable for securities sold ................ 0 0 0 0 0
Dividends and accrued interest receivable ..... 0 118,048 118,534 51,390 14,863
Deferred organizational expenses (note 1) ..... 2,176 1,472 2,176 2,176 2,158
Other ......................................... 4,983 83 47 477 88
----------- ---------- ---------- ----------- -----------
Total assets ................................. 19,444,839 6,866,197 6,737,449 11,413,393 12,061,630
----------- ---------- ---------- ----------- -----------
Liabilities:
Unrealized loss on forward currency
contracts (note 5) ........................... 0 0 0 0 0
Payable for securities purchased .............. 0 0 0 0 0
Payable for investment management
services (note 3) ............................ 4,616 6,767 5,620 9,247 9,980
Accrued 12b-1 fees (note 6) ................... 6,468 4,068 3,978 6,768 7,282
Other accrued expenses ........................ 10,777 7,713 10,195 7,805 10,696
Dividends Payable ............................. 74,312 28,199 33,412 331,366 519,314
----------- ---------- ---------- ----------- -----------
Total liabilities ............................ 96,173 46,747 53,205 355,186 547,272
----------- ---------- ---------- ----------- -----------
NET ASSETS AT MARKET VALUE ..................... $19,348,666 $6,819,450 $6,684,244 $11,058,207 $11,514,358
=========== ========== ========== =========== ===========
Net assets consist of:
Par value, $.001 per share .................... $19,349 $619 $686 $827 $733
Paid-in capital in excess of par value ........ 19,329,317 6,282,515 6,680,502 8,535,903 8,388,060
Accumulated undistributed net realized
gain (loss) on investments ................... 0 (7,897) (103,546) (133,226) (64,677)
Net unrealized appreciation (depreciation) on:
Investments (note 1) ......................... 0 544,213 106,602 2,655,270 3,190,263
Foreign currency related transactions ........ 0 0 0 0 0
Forward currency contracts (note 5)........... 0 0 0 0 0
Undistributed (overdistributed) net
investment income (loss) ..................... 0 0 0 (567) (21)
----------- ---------- ---------- ----------- -----------
NET ASSETS AT MARKET VALUE ..................... $19,348,666 $6,819,450 $6,684,244 $11,058,207 $11,514,358
=========== ========== ========== =========== ===========
SHARES OUTSTANDING ............................. 19,348,666 619,150 685,668 827,480 732,952
----------- ---------- ---------- ----------- -----------
NET ASSET VALUE PER SHARE ...................... $ 1.00 $ 11.01 $ 9.75 $ 13.36 $ 15.71
=========== ========== ========== =========== ===========
MAXIMUM OFFERING PRICE PER SHARE ............... $ 1.00 $ 11.35 $ 10.05 $ 14.06 $ 16.54
=========== ========== ========== =========== ===========
</TABLE>
<TABLE>
<CAPTION>
PORTFOLIO
-----------------------------------------------------------
SMALL GLOBAL CORE
CAP INTERNATIONAL CONTRARIAN GROWTH
---------- ------------- ---------- ----------
<S> <C> <C> <C> <C>
Assets:
Investments in securities at market
value (note 1) ............................... $4,766,505 $16,697,304 $5,749,454 $3,912,706
Cash in bank .................................. 97,654 41,352 1,709 989
Unrealized gain on forward currency
contracts (note 5) ........................... 0 182,051 29,990 0
Receivable for fund shares sold................ 0 0 0 17,261
Receivable for securities sold ................ 0 41,059 52,969 0
Dividends and accrued interest receivable ..... 6,548 43,079 23,972 87
Deferred organizational expenses (note 1) ..... 1,476 3,270 1,473 0
Other ......................................... 44 0 0 0
---------- ----------- ---------- ----------
Total assets ................................. 4,872,227 17,008,115 5,859,567 3,931,043
---------- ----------- ---------- ----------
Liabilities:
Unrealized loss on forward currency
contracts (note 5) ........................... 0 4,210 1,524 0
Payable for securities purchased .............. 0 81,455 0 21,462
Payable for investment management
services (note 3) ............................ 5,272 37,286 13,251 3,943
Accrued 12b-1 fees (note 6) ................... 2,556 10,357 3,681 1,411
Other accrued expenses ........................ 6,736 5,312 20,829 2,423
Dividends Payable ............................. 446,339 538,104 277,670 0
---------- ----------- ---------- ----------
Total liabilities ............................ 460,903 676,724 316,955 29,239
---------- ----------- ---------- ----------
NET ASSETS AT MARKET VALUE ..................... $4,411,324 $16,331,391 $5,542,612 $3,901,804
========== =========== ========== ==========
Net assets consist of:
Par value, $.001 per share .................... $359 $1,151 $510 $394
Paid-in capital in excess of par value ........ 3,736,369 14,263,627 5,186,679 3,957,826
Accumulated undistributed net realized
gain (loss) on investments ................... (38,521) 164,604 252,692 29,047
Net unrealized appreciation (depreciation) on:
Investments (note 1) ......................... 713,183 1,727,555 327,308 (83,340)
Foreign currency related transactions ........ 0 (2,986) (67) 0
Forward currency contracts (note 5)........... 0 177,841 28,466 0
Undistributed (overdistributed) net
investment income (loss) ..................... (66) (401) (252,976) (2,123)
---------- ----------- ---------- ----------
NET ASSETS AT MARKET VALUE ..................... $4,411,324 $16,331,391 $5,542,612 $3,901,804
========== =========== ========== ==========
SHARES OUTSTANDING ............................. 359,456 1,150,754 509,826 394,532
---------- ----------- ---------- ----------
NET ASSET VALUE PER SHARE ...................... $ 12.27 $ 14.19 $ 10.87 $ 9.89
========== =========== ========== ==========
MAXIMUM OFFERING PRICE PER SHARE ............... $ 12.92 $ 14.94 $ 11.44 $ 10.41
========== =========== ========== ==========
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE> 5
ONE FUND, INC. SIX MONTHS ENDED DECEMBER 31, 1996 (UNAUDITED)
STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
PORTFOLIO
----------------------------------------------------------------------
MONEY TAX-FREE INCOME
MARKET INCOME INCOME & GROWTH GROWTH
-------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
Investment income:
Interest ................................. $468,828 $199,309 $229,575 $106,969 $29,087
Dividends ................................ 0 0 24,460 116,792 72,052
-------- -------- -------- -------- --------
Total investment income ................. 468,828 199,309 254,035 223,761 101,139
-------- -------- -------- -------- --------
Expenses:
12b-1 fees (note 6) ...................... 12,850 8,213 8,459 13,769 14,835
Management fees (note 3) ................. 29,676 19,712 17,564 28,273 30,600
Custodian fees (note 3) .................. 15,420 5,913 6,090 9,914 10,681
Directors' fees (note 3) ................. 1,686 0 0 1,204 1,058
Professional fees ........................ 4,689 2,035 3,742 3,712 4,745
Other .................................... 9,645 3,923 2,452 6,182 4,758
Organizational expense (note 1) .......... 1,750 263 1,750 1,750 1,737
-------- -------- -------- -------- --------
Total expenses .......................... 75,716 40,059 40,057 64,804 68,414
Less expenses voluntarily reduced or
reimbursed (note 3) .................... (25,060) (8,154) (7,666) (12,286) (13,328)
-------- -------- -------- -------- --------
Net expenses ............................ 50,656 31,905 32,391 52,518 55,086
-------- -------- -------- -------- --------
Net investment income (loss) ........... 418,172 167,404 221,644 171,243 46,053
-------- -------- -------- -------- --------
Realized and unrealized gain (loss)
on investments and foreign currency
Net realized gain (loss) from:
Investments ............................. 0 (599) 7,351 (123,482) 28,164
Forward currency related transactions ... 0 0 0 0 0
Net increase (decrease) in unrealized
appreciation (depreciation) on:
Investments ............................ 0 134,744 98,343 841,546 668,369
Foreign currency related transactions .. 0 0 0 0 0
-------- -------- -------- -------- --------
Net gain (loss) on investments ........ 0 134,145 105,694 718,064 696,533
-------- -------- -------- -------- --------
Net increase (decrease) in
net assets from operations ........... $418,172 $301,549 $327,338 $889,307 $742,586
======== ======== ======== ======== ========
</TABLE>
<TABLE>
<CAPTION>
PORTFOLIO
------------------------------------------------------
SMALL GLOBAL CORE
CAP INTERNATIONAL CONTRARIAN GROWTH(c)
-------- ------------- ---------- ----------
<S> <C> <C> <C> <C>
Investment income:
Interest ................................. $12,118 $33,532 $30,818 $10,160
Dividends ................................ 43,641 141,251(a) 70,638(b) 138
-------- -------- ------- --------
Total investment income ................. 55,759 174,783 101,456 10,298
-------- -------- ------- --------
Expenses:
12b-1 fees (note 6) ...................... 5,736 19,844 7,225 1,411
Management fees (note 3) ................. 14,914 71,438 26,010 5,364
Custodian fees (note 3) .................. 4,130 32,929 17,585 802
Directors' fees (note 3) ................. 452 1,520 536 76
Professional fees ........................ 2,580 5,157 1,787 278
Other .................................... 1,482 11,489 5,928 5,911
Organizational expense (note 1) .......... 263 1,170 263 0
-------- -------- ------- --------
Total expenses .......................... 29,557 143,547 59,334 13,842
Less expenses voluntarily reduced or
reimbursed (note 3) .................... (6,061) 0 0 (1,421)
-------- -------- ------- --------
Net expenses ............................ 23,496 143,547 59,334 12,421
-------- -------- ------- --------
Net investment income (loss) ........... 32,263 31,236 42,122 (2,123)
-------- -------- ------- --------
Realized and unrealized gain (loss)
on investments and foreign currency
Net realized gain (loss) from:
Investments ............................. 30,200 403,028 96,450 29,047
Forward currency related transactions ... 0 241,754 38,359 0
Net increase (decrease) in unrealized
appreciation (depreciation) on:
Investments ............................ 211,153 (227,917) (143,998) (83,340)
Foreign currency related transactions .. 0 (20,423) (5,090) 0
-------- -------- ------- --------
Net gain (loss) on investments ........ 241,353 396,442 (14,279) (54,293)
-------- -------- ------- --------
Net increase (decrease) in
net assets from operations ........... $273,616 $427,678 $27,843 ($56,416)
======== ======== ======= ========
</TABLE>
(a) Net of $5,207 foreign taxes withheld.
(b) Net of $2,796 foreign taxes withheld.
(c) Commenced operations November 1, 1996.
The accompanying notes are an integral part of these financial statements.
<PAGE> 6
ONE FUND, INC. FOR THE SIX MONTHS ENDED DECEMBER 31, 1996
STATEMENTS OF CHANGES IN NET ASSETS AND YEAR ENDED JUNE 30, 1996 (UNAUDITED)
<TABLE>
<CAPTION>
PORTFOLIO
-------------------------------------------------------------
MONEY MARKET TAX FREE
SIX MOS. ENDED YEAR ENDED SIX MOS. ENDED YEAR ENDED
12-31-96 6-30-96 12-31-96 6-30-96
----------------------------- ---------------------------
<S> <C> <C> <C> <C>
From operations:
Net investment income ...................................... $ 418,172 $ 826,263 $ 167,404 $ 315,773
Realized gain (loss) on investments and
foreign currency related transactions ..................... 0 0 (599) (7,298)
Unrealized gain (loss) on investments and
foreign currency related transactions ..................... 0 0 134,744 71,682
Net increase in assets
----------- ------------ ---------- ----------
from operations ......................................... 418,172 826,263 301,549 380,157
----------- ------------ ---------- ----------
Dividends and distributions to shareholders:
Dividends paid from net investment income.................. (418,172) (826,263) (167,404) (315,773)
Capital gains distributions ............................... 0 0 0 0
----------- ------------ ---------- ----------
Total dividends and distributions ........................ (418,172) (826,263) (167,404) (315,773)
----------- ------------ ---------- ----------
From capital share transactions (note 4):
Received from shares sold .................................. 7,813,330 13,411,231 308,868 315,892
Received from dividends reinvested ......................... 357,305 821,475 136,167 311,840
Paid for shares redeemed ................................... (4,631,852) (12,570,685) (43,358) (65,222)
----------- ------------ ---------- ----------
Increase (decrease) in net assets derived
from capital share transactions .......................... 3,538,783 1,662,021 401,677 562,510
----------- ------------ ---------- ----------
Increase (decrease) in net assets ..................... 3,538,783 1,662,021 535,822 626,894
Net Assets:
Beginning of period ........................................ 15,809,883 14,147,862 6,283,628 5,656,734
----------- ------------ ---------- ----------
End of period (a) .......................................... $19,348,666 $ 15,809,883 $6,819,450 $6,283,628
=========== ============ ========== ==========
(a) Includes undistributed (overdistributed)
net investment income (loss) of ........................... $ 0 $ 0 $ 0 $ 0
=========== ============ ========== ==========
</TABLE>
<TABLE>
<CAPTION>
PORTFOLIO
-------------------------------------------------------------
INCOME INCOME & GROWTH
SIX MOS. ENDED YEAR ENDED SIX MOS. ENDED YEAR ENDED
12-31-96 6-30-96 12-31-96 6-30-96
--------------------------- ------------------------------
<S> <C> <C> <C> <C>
From operations:
Net investment income ...................................... $ 221,644 $ 468,533 $ 171,243 $ 284,405
Realized gain (loss) on investments and
foreign currency related transactions ..................... 7,351 (49,166) (123,482) 285,463
Unrealized gain (loss) on investments and
foreign currency related transactions ..................... 98,343 (89,116) 841,546 627,931
---------- ----------- ----------- -----------
Net increase in assets
from operations ......................................... 327,338 330,251 889,307 1,197,799
---------- ----------- ----------- -----------
Dividends and distributions to shareholders:
Dividends paid from net investment income.................. (221,644) (468,533) (173,814) (282,680)
Capital gains distributions ............................... 0 0 (243,670) (51,537)
---------- ----------- ----------- -----------
Total dividends and distributions ........................ (221,644) (468,533) (417,484) (334,217)
---------- ----------- ----------- -----------
From capital share transactions (note 4):
Received from shares sold .................................. 79,260 779,610 1,094,348 2,570,771
Received from dividends reinvested ......................... 180,427 431,894 163,375 423,830
Paid for shares redeemed ................................... (663,710) (1,233,852) (1,440,542) (804,922)
---------- ----------- ----------- -----------
Increase (decrease) in net assets derived
from capital share transactions .......................... (404,023) (22,348) (182,819) 2,189,679
---------- ----------- ----------- -----------
Increase (decrease) in net assets ..................... (298,329) (160,630) 289,004 3,053,261
Net Assets:
Beginning of period ........................................ 6,982,573 7,143,203 10,769,203 7,715,942
---------- ----------- ----------- -----------
End of period (a) .......................................... $6,684,244 $6,982,573 $11,058,207 $10,769,203
========== ========= =========== ===========
(a) Includes undistributed (overdistributed)
net investment income (loss) of ........................... $ 0 $ 0 $ (567) $ 277
========== ========= =========== ===========
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE> 7
ONE FUND, INC. FOR THE SIX MONTHS ENDED DECEMBER 31, 1996
STATEMENTS OF CHANGES IN NET ASSETS AND YEAR ENDED JUNE 30, 1996 (UNAUDITED)
<TABLE>
<CAPTION>
PORTFOLIO
--------------------------------------------------------------
GROWTH SMALL CAP
SIX MOS. ENDED YEAR ENDED SIX MOS. ENDED YEAR ENDED
12-31-96 6-30-96 12-31-96 6-30-96
------------------------------ --------------------------
<S> <C> <C> <C> <C>
From operations:
Net investment income (loss) ......................... $ 46,053 $ 93,986 $ 32,263 $ 82,502
Realized gain on investments and foreign
currency related transactions ....................... 28,164 586,710 30,200 385,689
Unrealized gain (loss) on investments and
foreign currency related transactions ............... 668,369 1,174,130 211,153 338,621
----------- ----------- ---------- ----------
Net increase (decrease) in
assets from operations ............................ 742,586 1,854,826 273,616 806,812
----------- ----------- ---------- ----------
Dividends and distributions to shareholders:
Dividends paid from net investment income............ (45,849) (94,036) (32,115) (82,824)
Capital gains distributions ......................... (495,812) (185,263) (428,367) (26,043)
----------- ----------- ---------- ----------
Total dividends and distributions .................. (541,661) (279,299) (460,482) (108,867)
----------- ----------- ---------- ----------
From capital share transactions (note 4):
Received from shares sold ............................ 1,253,376 3,491,377 435,540 1,141,411
Received from dividends reinvested ................... 53,666 530,826 25,769 111,230
Paid for shares redeemed ............................. (1,751,463) (811,763) (325,452) (404,162)
----------- ----------- ---------- ----------
Increase (decrease) in net assets derived
from capital share transactions .................... (444,421) 3,210,440 135,857 848,479
----------- ----------- ---------- ----------
Increase (decrease) in net assets ................. (243,496) 4,785,967 (51,009) 1,546,424
Net Assets:
Beginning of period .................................. 11,757,854 6,971,887 4,462,333 2,915,909
----------- ----------- ---------- ----------
End of period (a) .................................... $11,514,358 $11,757,854 $4,411,324 $4,462,333
=========== =========== ========== ==========
(a) Includes undistributed (overdistributed)
net investment income (loss) of ..................... $ (21) $ (225) $ (66) $ (215)
=========== =========== ========== ==========
(b) Commenced operations November 1, 1996.
</TABLE>
<TABLE>
<CAPTION>
PORTFOLIO
----------------------------------------------------------
INTERNATIONAL GLOBAL CONTRARIAN
SIX MOS. ENDED YEAR ENDED SIX MOS. ENDED YEAR ENDED
12-31-96 6-30-96 12-31-96 6-30-96
--------------------------- ----------------------------
<S> <C> <C> <C> <C>
From operations:
Net investment income (loss) ......................... $ 31,236 $ 93,053 $ 42,122 $ 70,137
Realized gain on investments and foreign
currency related transactions ....................... 644,782 846,138 134,809 217,196
Unrealized gain (loss) on investments and
foreign currency related transactions ............... (248,340) 1,345,626 (149,088) 465,907
----------- ----------- ---------- ----------
Net increase (decrease) in
assets from operations ............................ 427,678 2,284,817 27,843 753,240
----------- ----------- ---------- ----------
Dividends and distributions to shareholders:
Dividends paid from net investment income............ (281,434) (383,429) (336,382) (99,748)
Capital gains distributions ......................... (452,640) (347,520) 0 (28,591)
----------- ----------- ---------- ----------
Total dividends and distributions .................. (734,074) (730,949) (336,382) (128,339)
----------- ----------- ---------- ----------
From capital share transactions (note 4):
Received from shares sold ............................ 2,472,853 3,712,934 476,549 1,281,031
Received from dividends reinvested ................... 277,096 612,162 94,608 90,643
Paid for shares redeemed ............................. (1,195,507) (2,767,518) (383,051) (190,480)
----------- ----------- ---------- ----------
Increase (decrease) in net assets derived
from capital share transactions .................... 1,554,442 1,557,578 188,106 1,181,194
----------- ----------- ---------- ----------
Increase (decrease) in net assets ................. 1,248,046 3,111,446 (120,433) 1,806,095
Net Assets:
Beginning of period .................................. 15,083,345 11,971,899 5,663,045 3,856,950
----------- ----------- ---------- ----------
End of period (a) .................................... $16,331,391 $15,083,345 $5,542,612 $5,663,045
=========== =========== ========== ==========
(a) Includes undistributed (overdistributed)
net investment income (loss) of ..................... $ (401) $ 8,188 $ (252,976) $ 2,924
=========== =========== ========== ==========
(b) Commenced operations November 1, 1996.
</TABLE>
<TABLE>
<CAPTION>
PORTFOLIO
------------
CORE GROWTH
11-1-96 TO
12-31-96(b)
------------
<S> <C>
From operations:
Net investment income (loss) ......................... $ (2,123)
Realized gain on investments and foreign
currency related transactions ....................... 29,047
Unrealized gain (loss) on investments and
foreign currency related transactions ............... (83,340)
----------
Net increase (decrease) in
assets from operations ............................ (56,416)
----------
Dividends and distributions to shareholders:
Dividends paid from net investment income............ 0
Capital gains distributions ......................... 0
----------
Total dividends and distributions .................. 0
----------
From capital share transactions (note 4):
Received from shares sold ............................ 3,988,220
Received from dividends reinvested ................... 0
Paid for shares redeemed ............................. (30,000)
----------
Increase (decrease) in net assets derived
from capital share transactions .................... 3,958,220
----------
Increase (decrease) in net assets ................. 3,901,804
Net Assets:
Beginning of period .................................. 0
----------
End of period (a) .................................... $3,901,804
==========
(a) Includes undistributed (overdistributed)
net investment income (loss) of ..................... $ (2,123)
==========
(b) Commenced operations November 1, 1996.
</TABLE>
<PAGE> 8
ONE FUND, INC. December 31, 1996 (Unaudited)
SCHEDULE OF INVESTMENTS MONEY MARKET PORTFOLIO
<TABLE>
<CAPTION>
FACE MARKET
AMOUNT SHORT-TERM NOTES VALUE
- ----------------------------------------------------------------
<S> <C>
AUTOMOTIVE AND RELATED (8.4%)
$850,000 Ford Motor Credit Corp.
5.310% 01-27-97 $ 846,740
780,000 General Motors Acceptance Corp.
5.340% 01-06-97 779,422
-----------
1,626,162
-----------
COMPUTER AND RELATED (3.9%)
750,000 IBM Credit Corp.
5.310% 01-22-97 747,677
-----------
CONSUMER GOODS (4.4%)
845,000 American Brands
5.320% 01-09-97 844,001
-----------
EDUCATION (4.0%)
775,000 University of Chicago
5.320% 01-06-97 774,427
-----------
ELECTRONIC EQUIPMENT (2.8%)
550,000 G.E. Capital
5.500% 01-23-97 548,151
-----------
FINANCE (36.6%)
950,000 American Express Credit Corp.
5.320% 01-21-97 947,190
680,000 American General Financial
5.400% 01-10-97 679,082
900,000 Banc One Funding
5.390% 02-07-97 895,014
720,000 BHP Finance (USA)
5.310% 01-14-97 718,619
750,000 Budget Funding
5.320% 01-09-97 749,113
655,000 Heller Financial Inc.
5.450% 01-02-97 654,901
930,000 Household Finance
5.310% 01-13-97 928,345
620,000 Transamerica Financial
5.510% 01-15-97 618,672
-----------
6,190,937
-----------
INDUSTRIAL (8.5%)
895,000 Dupont (EI) de Nemours
5.300% 01-27-97 891,574
750,000 Growmark, Inc.
5.600% 01-15-97 748,367
-----------
1,639,941
-----------
INSURANCE (8.0%)
900,000 Aetna Services
5.550% 01-15-97 897,928
650,000 Prudential Funding
5.460% 01-28-97 647,338
900,000 Relistar Mortgage Corp.
5.410% 02-18-97 893,506
-----------
2,438,772
-----------
MACHINERY AND EQUIPMENT (3.9%)
750,000 John Deere Capital Corp.
5.290% 01-07-97 749,339
-----------
MEDICAL AND RELATED (4.2%)
820,000 Sandoz Corp.
5.290% 01-24-97 817,229
-----------
OIL, ENERGY AND NATURAL GAS (4.4%)
850,000 Questar Corp.
5.330% 01-14-97 848,364
-----------
RETAIL (7.0%)
610,000 Southland Corp.
5.420% 01-07-97 609,449
750,000 Sears Roebuck Acceptance Corp.
5.340% 02-07-97 745,885
-----------
1,355,334
-----------
UTILITIES (4.1%)
800,000 Empire District Electric Co.
5.650% 01-17-97 797,992
-----------
TOTAL HOLDINGS
(COST $19,378,327)(a) $19,378,327
===========
</TABLE>
(a) Also represents cost for Federal income tax purposes.
The accompanying notes are an integral part of these financial statements.
<PAGE> 9
ONE FUND, INC. December 31, 1996 (Unaudited)
SCHEDULE OF INVESTMENTS TAX-FREE PORTFOLIO
<TABLE>
<CAPTION>
FACE MARKET
AMOUNT MUNICIPAL BONDS VALUE
- -----------------------------------------------------------------
<S> <C>
GENERAL OBLIGATION BONDS (14.1%)
$200,000 Charleston County S. Carolina
7.250% 02-01-02 $ 204,516
100,000 Clairborne County Mississippi
7.300% 05-01-25 104,875
150,000 Commonwealth of Puerto Rico
5.500% 07-01-17 147,750
250,000 State of Nevada
6.600% 12-01-13 274,375
250,000 State of Washington
5.000% 05-01-17 232,500
----------
964,016
----------
INSURED BONDS (20.1%)
250,000 Atlanta RTA
6.800% 07-01-14 285,625
250,000 Matagorde Texas
6.700% 03-01-27 270,625
250,000 New York State Med Care
6.750% 08-15-14 274,375
250,000 Pennsylvania Intergovernment Corp.
6.750% 06-15-21 282,500
250,000 Hawaii Department of Budget
6.000% 07-01-20 255,938
----------
1,369,063
----------
AIRPORT REVENUE (3.4%)
250,000 Chicago Illinois O'Hare Airport
5.000% 01-01-13 233,125
----------
HOSPITAL REVENUE (10.9%)
250,000 Massachusetts State Hospital
6.200% 10-01-16 258,438
300,000 North Carolina Medical Care Comm.
5.250% 05-01-26 279,000
200,000 Wisconsin Health and Education
6.125% 11-15-15 204,750
----------
742,188
----------
HOUSING REVENUE (2.2%)
150,000 Alaska Housing
5.875% 12-01-24 149,437
----------
POLLUTION CONTROL &
INDUSTRIAL REVENUE (11.4%)
250,000 Lawrenceburg, Indiana
5.900% 11-01-19 244,063
250,000 Richland County, S. Carolina
6.550% 11-01-20 265,625
250,000 West Feliciana, Louisiana
8.000% 12-01-24 268,750
----------
778,438
----------
POWER REVENUE (22.2%)
250,000 Jacksonville Florida
Municipal Electric
5.500% 10-01-14 248,437
250,000 Mobile Alabama
6.950% 01-01-20 263,125
250,000 North Carolina Eastern Power
6.000% 01-01-22 251,563
250,000 Salt River Arizona Project
5.000% 01-01-13 236,875
200,000 Southern California Public Power
6.000% 07-01-18 211,500
300,000 Washington Power
5.700% 07-01-12 301,875
----------
1,513,375
----------
WATER REVENUE (3.6%)
250,000 Metropolitan Water District of
S. California
5.500% 07-01-13 246,562
----------
ADVANCE REFUNDED (4.0%)
250,000 Clark County, Nevada School
District
7.000% 06-01-09 276,874
----------
CONVENTION COMPLEX &
Hospitality Facilities (3.0%)
200,000 Metropolitan Pier
6.250% 07-01-17 202,000
----------
TOTAL MUNICIPAL BONDS (94.9%)
(COST $5,930,865) $6,475,078
----------
</TABLE>
<TABLE>
<CAPTION>
FACE MARKET
AMOUNT SHORT-TERM NOTES VALUE
- ----------------------------------------------------------------
<S> <C>
AUTOMOTIVE AND RELATED (3.9%)
$100,000 General Motors Acceptence Corp.
5.340% 01-06-97 $ 99,919
170,000 Ford Motors Inc.
5.600% 01-02-97 169,972
----------
TOTAL SHORT-TERM NOTES
(3.9%) (COST $269,891) $ 269,891
----------
TOTAL HOLDINGS
(COST $6,200,756)(a) $6,744,969
==========
</TABLE>
(a) Also represents cost for Federal income tax purposes.
The accompanying notes are an integral part of these financial statements.
<PAGE> 10
ONE FUND, INC. December 31, 1996 (Unaudited)
SCHEDULE OF INVESTMENTS INCOME PORTFOLIO
<TABLE>
<CAPTION>
FACE MARKET
AMOUNT LONG-TERM BONDS & NOTES VALUE
- ---------------------------------------------------------------------
<S> <C>
GOVERNMENT (21.1%)
$1,000,000 U.S. Treasury Note
6.375% 08-15-02 $1,006,990
400,000 U.S. Treasury Note
7.375% 11-15-97 405,836
----------
1,412,826
----------
COMPUTER AND RELATED (3.9%)
250,000 IBM Corp.
7.250% 11-01-02 258,438
----------
CONSUMER GOODS (3.6%)
250,000 RJR Nabisco, Inc.
7.625% 09-15-03 241,250
----------
FORESTRY AND PAPER PRODUCTS (3.9%)
250,000 ITT Rayonier, Inc.
7.500% 10-15-02 257,811
----------
HOTEL/LODGING (3.1%)
200,000 Marriott International
7.875% 04-15-05 207,500
----------
MEDICAL AND RELATED (7.0%)
250,000 Bergen Brunswig Corp.
7.375% 01-15-03 256,875
200,000 Manor Care, Inc.
9.500% 11-15-02 212,500
----------
469,375
----------
OIL, ENERGY AND NATURAL GAS (15.7%)
250,000 Maxus Energy
9.875% 10-15-02 256,875
200,000 PDV America, Inc.
7.875% 08-01-03 195,500
239,511 Puget Power
6.450% 04-11-05 236,890
100,000 Seagull Energy
7.875% 08-01-03 98,000
250,000 Tenneco Inc.
8.075% 10-01-02 261,875
----------
1,049,140
----------
REAL ESTATE (3.0%)
200,000 Avalon Properties Inc.
7.375% 09-15-02 200,250
----------
RETAIL (1.5%)
100,000 Genesco, Inc.
10.375% 02-01-03 102,000
----------
TEXTILES AND RELATED (3.8%)
250,000 Fruit of the Loom Corp.
7.875% 10-15-99 256,875
----------
TRANSPORTATION (3.7%)
250,000 Illinois Central Gulf Railroad
6.750% 05-15-03 247,813
----------
UTILITIES (12.1%)
250,000 El Paso Electric Co.
8.900% 02-01-06 260,625
250,000 Mississippi Power and Light
8.800% 04-01-05 255,313
300,000 Texas Utilities Electric
7.480% 01-01-17 292,875
----------
808,813
----------
MISCELLANEOUS (4.4%)
300,000 ITT Destinations Inc.
6.750% 11-15-05 291,750
----------
TOTAL LONG-TERM BONDS & NOTES (86.8%)
(COST $5,718,114) $5,803,841
----------
</TABLE>
<TABLE>
<CAPTION>
FACE MARKET
AMOUNT SHORT-TERM NOTES VALUE
- ---------------------------------------------------------------------
<S> <C>
AUTOMOTIVE AND RELATED (3.7%)
$100,000 General Motors Acceptance Corp.
5.340% 01-06-97 $ 99,919
150,000 Ford Motor Credit Corp.
5.600% 01-02-97 149,975
----------
TOTAL SHORT-TERM NOTES (3.7%)
(COST $249,894) $ 249,894
----------
</TABLE>
<TABLE>
<CAPTION>
MARKET
SHARES PREFERRED STOCK VALUE
- ---------------------------------------------------------------------
<S> <C>
ELECTRICAL EQUIPMENT (3.2%)
8,000 GTE Delaware, 8.750% Series B $ 211,000
----------
FINANCE (2.6%)
7,000 Connecticut Light, Power & Capital
9.300% Series A 176,750
----------
OIL, ENERGY AND NATURAL GAS (2.5%)
6,500 Phillips Gas Co., 9.320%, Series A 170,625
----------
TOTAL PREFERRED STOCK (8.3%)
(COST $537,500) $ 558,375
----------
TOTAL HOLDINGS
(COST $6,505,508) (a) $6,612,110
==========
</TABLE>
(a) Also represents cost for Federal income tax purposes.
The accompanying notes are an integral part of these financial statements.
<PAGE> 11
ONE FUND, INC. December 31, 1996 (Unaudited)
SCHEDULE OF INVESTMENTS INCOME AND GROWTH PORTFOLIO
<TABLE>
<CAPTION>
FACE MARKET
AMOUNT LONG-TERM BONDS & NOTES VALUE
- --------------------------------------------------------------------------
<S> <C>
COMPUTER AND RELATED (2.4%)
$250,000 IBM Corp.
7.250% 11-01-02 $ 258,437
----------
ELECTRICAL EQUIPMENT (1.0%)
100,000 Robins & Myers
6.500% 09-01-03 113,125
----------
FINANCE (0.9%)
100,000 Citifed Bancorp
8.250% 09-01-03 97,125
----------
FORESTRY AND PAPER PRODUCTS (2.3%)
250,000 ITT Rayonier, Inc.
7.500% 10-15-02 257,813
----------
OIL, ENERGY AND NATURAL GAS (10.6%)
250,000 Maxus Energy
9.875% 10-15-02 256,875
100,000 Offshore Logistics
6.000% 12-15-06 103,875
300,000 PDV America, Inc.
7.875% 08-01-03 293,250
250,000 Tenneco, Inc.
8.075% 10-01-02 261,875
250,000 Union Texas Petroleum
8.250% 11-15-99 258,125
----------
1,174,000
----------
UTILITIES (1.8%)
200,000 Mississippi Power and Light
8.800% 04-01-05 204,250
----------
TOTAL LONG-TERM BONDS & NOTES (19.0%)
(COST $2,041,079) $2,104,750
----------
</TABLE>
<TABLE>
<CAPTION>
FACE MARKET
AMOUNT SHORT-TERM NOTES VALUE
- --------------------------------------------------------------------------
<S> <C>
AUTOMOTIVE AND RELATED (3.8%)
$315,000 Ford Motor Credit Corp.
5.600% 01-02-97 $ 314,948
100,000 General Motors Acceptance Corp.
6.120% 01-03-97 99,966
----------
414,914
----------
FINANCE (4.2%)
475,000 American Express Credit Corp.
5.800% 01-06-97 474,614
----------
TOTAL SHORT-TERM NOTES (8.0%)
(COST $889,528) $ 889,528
----------
</TABLE>
<TABLE>
<CAPTION>
MARKET
SHARES COMMON STOCK VALUE
- --------------------------------------------------------------------------
<S> <C>
AEROSPACE (3.0%)
5,000 Allied Signal, Inc. $ 335,000
----------
AUTOMOTIVE AND RELATED (4.3%)
3,300 Chrysler Corp. 108,900
7,000 * Custom Chrome Inc. 140,875
4,000 Magna International, Inc. 223,000
----------
472,775
----------
BANKING (3.7%)
5,500 Community First Bankshares 151,250
10,000 First Colorado Bancorp 170,000
2,500 Susquehanna Bancshares 86,563
----------
407,813
----------
BUSINESS SERVICES (7.2%)
6,000 Clarcor 132,750
5,000 First Data Corp. 182,500
3,500 Manpower Inc. 113,750
6,000 Reynolds and Reynolds 156,000
7,000 * Verifone, Inc. 206,500
----------
791,500
----------
CHEMICALS (2.2%)
5,000 Learonal Inc. 115,000
714 * Millenium Chemicals 12,674
4,500 OM Group Inc. 121,500
----------
249,174
----------
COMPUTER AND RELATED (10.5%)
4,000 Hewlett Packard Co. 201,000
3,000 Intel Corp. 392,813
10,000 MacNeal-Schwendler Corp. 78,750
2,000 * Microsoft Corp. 165,250
4,000 Texas Instruments, Inc. 255,000
1,000 * U.S. Robotics 72,000
----------
1,164,813
----------
CONSUMER PRODUCTS (3.1%)
3,000 Panamerican Beverages Inc. 140,625
2,000 Stanhome, Inc. 53,000
5,000 Haverty Furniture 56,875
7,000 Versa Technologies 91,000
----------
341,500
----------
ELECTRICAL EQUIPMENT (4.0%)
3,000 Varian Associates, Inc. 152,625
12,000 Westinghouse Electric 238,500
1,000 Xerox Corp. 52,625
----------
443,750
----------
ENTERTAINMENT AND LEISURE (1.7%)
5,000 Cedar Fair 185,000
----------
FINANCE (2.1%)
15,000 Bando McGlocklin Capital 168,750
10,000 Hanson Trust, PLC 67,500
----------
236,250
----------
FOOD AND RELATED (1.0%)
3,000 H.J. Heinz Co. 107,250
----------
</TABLE>
(CONTINUED)
<PAGE> 12
ONE FUND, INC. December 31, 1996 (Unaudited)
SCHEDULE OF INVESTMENTS INCOME AND GROWTH PORTFOLIO (CONTINUED)
<TABLE>
<CAPTION>
MARKET
SHARES COMMON STOCK VALUE
- --------------------------------------------------------------------------
<S> <C>
INDUSTRIAL SERVICES (7.4%)
5,000 Minerals Technologies, Inc. $ 205,000
12,000 Regal Beloit Corp. 235,500
4,000 Sonoco Products Inc. 103,500
5,000 York International, Corp. 279,375
----------
823,375
----------
MEDICAL AND RELATED (5.7%)
2,500 Baxter International 102,500
5,000 Health Care Realty Trust 132,500
4,500 National Health Investors 170,438
500 Allegiance Corporation 13,813
2,000 Guidant Corp. 114,000
2,150 National Healthcare LP 93,794
----------
627,045
----------
OIL, ENERGY AND GAS (8.6%)
8,000 Camco International, Inc. 369,000
4,800 National Propane Partners 94,200
3,000 WD-40 Co. 153,047
8,000 Westcoast Energy, Inc. 134,000
5,250 Williams Cos., Inc. 196,875
----------
947,122
----------
REAL ESTATE (2.2%)
8,000 Commercial Net Lease Realty 127,000
4,000 First Industrial Realty Trust 121,500
----------
248,500
----------
TEXTILES AND RELATED (1.0%)
4,500 Oxford Industries, Inc. 108,000
----------
TRANSPORTATION (4.1%)
3,723 Burlington Northern, Inc. 321,574
1,250 * Consolidated Freightways Corp. 11,094
2,500 Consolidated Freightways Inc. 55,625
6,000 Greenbriar Companies, Inc. 62,250
----------
450,543
----------
TOTAL COMMON STOCK (71.8%)
(COST $5,358,886) $7,939,410
----------
</TABLE>
<TABLE>
<CAPTION>
MARKET
SHARES PREFERRED STOCK VALUE
- --------------------------------------------------------------------------
<S> <C>
FINANCE (0.4%)
1,500 * MONEY STORE
6.500% 41,062
----------
OIL, ENERGY AND GAS (1.4%)
3,000 Howell Corp.
$3.50 Series A 153,000
----------
REAL ESTATE (0.5%)
2,500 Oasis Residential, Inc.,
9.000% Series A 64,688
----------
UTILITIES (1.5%)
6,300 Phillips Gas Co., 9.320% Series A 165,375
----------
TOTAL PREFERRED STOCK (3.8%)
(COST $413,050) 424,125
----------
TOTAL HOLDINGS
(COST $8,702,543)(a) 11,357,813
==========
</TABLE>
(a) Also represents cost for Federal income tax purposes.
* Non-income producing securities.
The accompanying notes are an integral part of these financial statements.
<PAGE> 13
ONE FUND, INC. December 31, 1996 (Unaudited)
SCHEDULE OF INVESTMENTS GROWTH PORTFOLIO
<TABLE>
<CAPTION>
FACE MARKET
AMOUNT SHORT-TERM NOTES VALUE
- -----------------------------------------------------------------
<S> <C>
AUTOMOTIVE AND RELATED (4.9%)
$360,000 Ford Motor Credit Corp.
5.600% 01-02-97 $359,940
200,000 General Motors Acceptance Corp.
6.120% 01-03-97 199,932
--------
TOTAL SHORT-TERM NOTES (4.9%) $559,872
(COST $559,872) --------
</TABLE>
<TABLE>
<CAPTION>
MARKET
SHARES COMMON STOCK VALUE
- -----------------------------------------------------------------
<S> <C>
AEROSPACE (4.9%)
4,500 Allied Signal, Inc. $ 301,500
168 Boeing Co. 17,871
4,000 * Rockwell International Corp. 243,500
----------
562,871
----------
AUTOMOTIVE AND RELATED (6.6%)
5,500 Arvin Industries, Inc. 136,125
3,000 Chrysler Corp. 99,000
6,000 * Custom Chrome Inc. 120,750
5,000 Magna International, Inc. 278,750
7,000 Walbro Corp. 127,750
----------
762,375
----------
BANKING (5.7%)
3,150 Charter One Financial Inc. 132,300
5,000 Community First Bankshares 137,500
10,000 First Colorado Bancorp 170,000
11,025 Franklin National Bank 129,544
2,500 Susquehanna Bancshares 86,562
----------
655,906
----------
BUILDING AND CONSTRUCTION (2.0%)
8,500 Hardinge Inc. 226,310
----------
BUSINESS SERVICES (10.4%)
8,500 * Alternative Resources 147,687
6,000 * American Business Info. 133,500
5,000 First Data Corp. 182,500
9,000 * Globe Business Resources 92,250
6,500 Manpower Inc. 211,250
6,000 Reynolds and Reynolds 156,000
7,000 * Verifone, Inc. 206,500
4,500 Wackenhut Corp. Class B 68,625
----------
1,198,312
----------
CHEMICALS (1.4%)
11,000 * Canisco Resources Inc. 44,000
4,500 OM Group Inc. 121,500
----------
165,500
----------
CONSUMER GOODS (2.2%)
3,000 Panamerican Beverages Inc. 140,625
2,000 Stanhome Inc. 53,000
2,000 Warnaco Group Cl A 59,250
----------
252,875
----------
COMMUNICATIONS (5.0%)
7,000 * Atlantic Tele-network Inc. 106,750
3,000 * Granite Broadcasting, Corp. 31,875
4,250 * Mastec Inc. 225,250
1,000 * U.S. Robotics 72,000
6,500 * Xpedite Systems Inc. 138,125
----------
574,000
----------
COMPUTER AND RELATED (14.0%)
6,500 * Cisco Systems Inc. 413,563
9,000 * Continental Circuits Corp. 96,750
4,000 Hewlett Packard Co. 201,000
3,000 * Informix Corp. 61,125
2,000 Intel Corp. 261,875
10,000 MacNeal-Schwendler Corp. 78,750
10,000 * Medar Inc. 56,250
2,000 * Microsoft Corp. 165,250
1,000 * Structural Dynamics 20,000
4,000 Texas Instruments, Inc. 255,000
----------
1,609,563
----------
DURABLE GOODS (1.0%)
5,000 * Zebra Technology Corp. 116,875
----------
ELECTRICAL EQUIPMENT (7.1%)
5,000 * Analog Devices, Inc. 169,375
6,000 * Anixter International Inc. 96,750
4,500 BMC Industries, Inc. 141,750
4,000 Varian Associates, Inc. 203,500
8,000 Westinghouse Electric 159,000
1,000 Xerox Corp. 52,625
----------
823,000
----------
ENTERTAINMENT AND LEISURE (2.0%)
5,000 Cedar Fair 185,000
1,000 * ITT Corp. 43,375
----------
228,375
----------
FINANCE (2.0%)
4,250 * Olympic Financial Ltd. 61,094
7,500 SEI Corp. 166,875
----------
227,969
----------
FOOD AND RELATED (0.8%)
10,000 * Buffets, Inc. 91,250
----------
HOUSEHOLD PRODUCTS (1.0%)
6,500 * Guest Supply, Inc. 114,563
----------
INDUSTRIAL SERVICES (5.2%)
3,500 Minerals Technologies, Inc. 143,500
8,000 Regal Beloit Corp. 157,000
4,000 Sonoco Products Co. 103,500
3,500 York International Corp. 195,563
----------
599,563
----------
INSURANCE (1.0%)
1,900 St. Paul Cos. 111,388
----------
MACHINERY (1.8%)
2,900 Kysor Industrial Corp. 94,613
3,000 Trinity Industries, Inc. 112,500
----------
207,113
</TABLE>
(CONTINUED)
<PAGE> 14
ONE FUND, INC. December 31, 1996 (Unaudited)
SCHEDULE OF INVESTMENTS GROWTH PORTFOLIO (CONTINUED)
<TABLE>
<CAPTION>
MARKET
SHARES COMMON STOCK VALUE
- -----------------------------------------------------------------
<S> <C>
MEDICAL AND RELATED (8.6%)
700 Allegiance Corp. $ 19,337
3,500 Baxter International 143,500
5,500 * Cephalon Inc. 112,750
5,600 Columbia HCA Healthcare 228,200
3,000 * Foundation Health Corp. 95,250
2,000 Guidant Corp. 114,000
2,000 * Humana Inc. 38,250
2,150 National Healthcare LP 93,794
5,000 * Quorum Health Group Inc. 148,750
-----------
993,831
-----------
METAL FABRICATING (3.1%)
10,000 Amcast Industrial Corp. 247,500
3,250 * Wolverine Tube, Inc. 114,563
-----------
362,063
-----------
OIL, ENERGY AND NATURAL GAS (7.3%)
3,000 * Belco Oil & Gas 82,125
5,000 * Cairn Energy USA Inc. 50,000
6,000 Camco International, Inc. 276,750
7,000 * Louis Dreyfus Natural Gas 119,875
8,000 * Santa Fe Energy Resources 111,000
4,500 Williams Cos., Inc. 168,750
1,500 Wiser Oil 29,625
-----------
838,125
-----------
RETAIL (2.4%)
10,000 Family Dollar Stores 203,750
10,000 * Ridgeview Inc. 73,750
-----------
277,500
-----------
TRANSPORTATION (2.3%)
1,595 Burlington Northern Inc. 137,768
1,250 * Consolidated Freightways Corp. 11,094
2,500 Consolidated Freightways Inc. 55,625
6,000 Greenbrier Companies Inc. 62,250
-----------
266,737
-----------
TOTAL COMMON STOCK (97.8%)
(COST $8,078,007) $11,266,060
-----------
</TABLE>
<TABLE>
<CAPTION>
MARKET
SHARES PREFERRED STOCK VALUE
- --------------------------------------------------------------
<S> <C>
FINANCE (0.3%)
1,500 * Money Store 6.500% $ 41,062
-----------
OIL, ENERGY AND NATURAL GAS (0.9%)
2,000 Howell Corp.
$3.50 Series A 102,000
-----------
REAL ESTATE (0.3%)
1,250 Oasis Residential Inc., 9.000%
Series A 32,344
-----------
TOTAL PREFERRED STOCK (1.5%)
(COST $173,200) $ 175,406
-----------
TOTAL HOLDINGS
(COST $8,811,079)(a) $12,001,342
===========
</TABLE>
(a) Also represents cost for Federal income tax purposes.
* Non-income producing securities.
The accompanying notes are an integral part of these financial statements.
<PAGE> 15
ONE FUND, INC. December 31, 1996 (Unaudited)
SCHEDULE OF INVESTMENTS SMALL CAP PORTFOLIO
<TABLE>
<CAPTION>
MARKET
SHARES COMMON STOCK VALUE
- -------------------------------------------------------------------------
<S> <C> <C>
AUTOMOTIVE AND RELATED (3.1%)
3,000 * Custom Chrome Inc. $ 60,375
6,000 Defiance Inc. 39,000
2,000 Walbro Corp. 36,500
----------
135,875
----------
BANKING (5.5%)
4,000 Community First Bankshares 110,000
5,407 Franklin National Bank 63,532
2,000 Susquehanna Bancshares 69,250
----------
242,782
----------
BUILDING AND CONSTRUCTION (3.4%)
4,000 Hardinge Inc. 106,500
4,000 * Zaring Homes, Inc. 45,000
----------
151,500
----------
BUSINESS SERVICES (10.8%)
5,500 * Alternative Resources 95,563
4,000 * American Business Info. 89,000
4,000 Clarcor 88,500
6,000 * Globe Business Resources 61,500
4,000 Reynolds & Reynolds 104,000
2,500 Wackenhut Corp. Class B 38,125
----------
476,688
----------
CHEMICALS (2.9%)
3,000 Learonal Inc. 69,000
2,250 OM Group Inc. 60,750
----------
129,750
----------
COMMUNICATIONS (6.6%)
3,000 * Atlantic Tele-Network Inc. 45,750
5,000 * Comdial Corp. 31,250
2,000 * Granite Broadcasting, Corp. 21,250
2,250 * Mastec Inc. 119,250
3,500 * Xpedite Systems Inc. 74,375
----------
291,875
----------
COMPUTER AND RELATED (4.4%)
6,000 * Continental Circuits Corp. 64,500
3,000 * Ikos Systems, Inc. 60,000
5,000 MacNeal-Schwendler Corp. 39,375
2,000 * Medar Inc. 11,250
1,000 * Structural Dynamics 20,000
----------
195,125
----------
CONSUMER PRODUCTS (3.4%)
5,000 Haverty Furniture Co. 56,875
1,500 Stanhome Inc. 39,750
4,000 Versa Technologies 52,000
----------
148,625
----------
DURABLE GOODS (2.9%)
3,300 Myers Industries 55,688
3,000 * Zebra Technology Corp. 70,125
----------
125,813
----------
ELECTRICAL EQUIPMENT (5.3%)
4,000 Anixter International Inc. 64,500
2,500 BMC Industries Inc. 78,750
2,000 Federal Signal Corp. 51,750
1,500 Robbins & Myers 37,500
----------
232,500
----------
ENTERTAINMENT AND LEISURE (1.3%)
1,500 Cedar Fair 55,500
----------
FINANCE (4.6%)
6,500 Bando McGlocklin Capital 73,123
2,750 * Olympic Financial LTD 39,531
4,000 SEI Corp. 89,000
----------
201,654
----------
FOOD AND RELATED (1.2%)
6,000 * Buffets, Inc. 54,750
----------
FORESTRY AND PAPER PRODUCTS (2.7%)
6,000 * Specialty Paperboard 120,000
----------
HOUSEHOLD PRODUCTS (2.2%)
5,500 * Guest Supply 96,938
----------
MACHINERY (1.9%)
2,500 Kysor Industrial Corp. 81,563
----------
MEDICAL AND RELATED (7.7%)
9,000 * Bio Whittaker Inc. 72,000
3,000 * Cephalon Inc. 61,500
4,000 Healthcare Realty Trust 106,000
3,000 * ICU Medical 23,625
2,625 * Quorum Health Group Inc. 78,094
----------
341,219
----------
METAL AND MINING (3.6%)
2,500 Amcast Industrial Corp. 61,874
3,500 Greenbrier Companies Inc. 36,313
1,750 * Wolverine Tube, Inc. 61,688
----------
159,875
----------
OIL, ENERGY AND NATURAL GAS (15.7%)
3,000 * Belco Oil & Gas 82,125
5,000 * Cairn Energy USA Inc. 50,000
2,500 Camco International, Inc. 115,313
5,000 * Louis Dreyfus Natural Gas 85,625
6,000 * Offshore Logistics Inc. 116,250
8,000 * Santa Fe Energy Resources 111,000
2,000 WD-40 Co. 102,031
1,500 Wiser Oil 29,625
----------
691,969
----------
REAL ESTATE (6.0%)
6,000 Commercial Net Lease Realty 95,250
3,000 First Industrial Realty Trust 91,125
3,000 Liberty Property Trust 77,250
----------
263,625
----------
RETAIL (3.1%)
5,000 Family Dollar Stores 101,875
5,000 * Ridgeview Inc. 36,875
----------
138,750
----------
MISCELLANEOUS (2.8%)
2,000 Pittston Brink's Group 54,000
1,000 Pittston Burlington Group 20,000
2,000 * Whittman-Hart Inc. 51,250
----------
125,250
----------
TOTAL COMMON STOCK (101.1%)
(COST $3,755,999) $4,461,626
==========
</TABLE>
(CONTINUED)
<PAGE> 16
ONE FUND, INC. December 31, 1996 (Unaudited)
SCHEDULE OF INVESTMENTS SMALL CAP PORTFOLIO (CONTINUED)
<TABLE>
<CAPTION>
MARKET
SHARES PREFERRED STOCK VALUE
- ----------------------------------------------------------------
<S> <C> <C>
REAL ESTATE (0.7%)
1,250 Oasis Residential, Inc.,
9.000% Series A $32,344
-------
OIL, ENERGY AND NATURAL GAS (1.2%)
1,000 Howell Corp.
$3.50 Series A 51,000
-------
TOTAL PREFERRED STOCK (1.9%)
(COST $82,350) $83,344
-------
</TABLE>
<TABLE>
<CAPTION>
FACE MARKET
AMOUNT NON-CONVERTIBLE BOND VALUE
- ----------------------------------------------------------------
<S> <C> <C>
ELECTRICAL EQUIPMENT (1.3%)
$50,000 Robins & Myers
6.500% due 09-01-03 $56,562
-------
TOTAL NON-CONVERTIBLE BONDS $56,562
(1.3%) (COST $50,000) -------
</TABLE>
<TABLE>
<CAPTION>
FACE MARKET
AMOUNT COMMERCIAL PAPER VALUE
- ---------------------------------------------------------------
<S> <C> <C>
AUTOMOTIVE (3.7%)
$165,000 Ford Motors
5.600% due 01-02-97 $ 164,973
----------
TOTAL COMMERCIAL PAPER
(3.7%) (COST $164,973) $ 164,973
----------
TOTAL HOLDINGS
(COST $4,053,322)(a) $4,766,505
==========
</TABLE>
(a) Also represents cost for Federal income tax purposes.
* Non-income producing securities
The accompanying notes are an integral part of these financial statements.
<PAGE> 17
ONE FUND, INC. December 31, 1996 (Unaudited)
SCHEDULE OF INVESTMENTS INTERNATIONAL PORTFOLIO
<TABLE>
<CAPTION>
MARKET
SHARES COMMON STOCK VALUE
- --------------------------------------------------------------------------------
<S> <C> <C>
JAPAN (14.3%)
15,000 Aida Engineering Limited (19) $ 94,719
7,150 Chofu Seisakusho (9) 134,278
50,000 Dai Tokyo Fire Marine Inc. Co. Ltd.(18) 264,904
35,000 Dowa Fire & Marine (18) 134,476
1,500 Hitachi Ltd. ADR (11) 138,750
12,000 Fuji Photo Film Co. Ltd. (9) 394,900
25,000 * Iino Kaiun Kaisha (5) 88,301
5,000 Ito-Yokado Co. Ltd. (28) 217,092
25,000 Nisshinbo Industries Inc. (8) 194,263
12,000 Shimano Inc. (9) 203,653
25,000 Shoei Co. (27) 213,215
1,800 Toho Co. (20) 260,510
----------
2,339,061
----------
FRANCE (9.8%)
2,000 Compagnic Generale des Eaux (33) 247,784
2,500 Elf Aquitaine (12) 227,505
2,000 Emin Leydier (24) 139,114
525 Eurafrance SA (20) 226,792
1,500 Gaumont SA (20) 124,277
2,000 Legrand ADP (10) 221,194
1,000 Groupe NSC (19) 106,358
1,000 Promodes C.I. (28) 181,117
35 Societe Immobiliere Marseillarse (33) 45,857
368 Taittinger (13) 71,756
----------
1,591,754
----------
SWITZERLAND (7.2%)
50 Bank for Intl. Settements (3) 372,717
500 Kuehne & Nagel Intl. AG (32) 264,629
75 Lindt & Sprungli AG PC (9) 123,556
750 Sika Finanz AG Bearer (7) 178,904
550 Societe General d'Affichage DRC (20) 234,924
----------
1,174,730
----------
LATIN AMERICA (6.8%)
30,000 Antofagasta Holding plc (21) 174,675
5,000 Bladex (3) 253,750
25,000 Cresud S.A. (1) 44,258
150,000 Ledesma S.A. (1) 187,535
250,000 Siderca S.A.I.C. (12) 456,334
----------
1,116,552
----------
CANADA (5.7%)
10,000 Canadian Pacific Ltd. (34) 265,000
5,000 Dofasco, Inc. (30) 94,474
5,500 Franco-Nevada Mining Corp. (21) 228,889
15,000 Noranda, Inc. (21) 334,306
----------
922,669
----------
GERMANY (4.9%)
7,500 Bayer AG (7) 304,140
1,000 Buderus AG (5) 500,000
----------
804,140
----------
NEW ZEALAND (4.4%)
50,000 * Apple Fields, Ltd. (14) 20,836
100,549 Carter Holt Harvey Limited (14) 227,967
34,370 Independent Press Comm. Ltd. (20) 191,777
130,000 Shortland Properties, Ltd. (27) 89,983
240,260 Tasman Agriculture Limted (1) 190,059
----------
720,622
----------
NETHERLANDS (4.1%)
4,500 German City Estates NV (27) $69,519
4,500 Apothekers Cooperatie OPG (17) 129,405
3,000 Randstad Holding NV (29) 216,629
6,500 Philips Electronics NV ADR (11) 260,000
----------
675,553
----------
SINGAPORE (3.8%)
75,000 Clipsal Industries Ltd. (10) 273,000
25,000 Singapore Bus Service Ltd. (32) 129,511
110,000 Thakral Corporation (10) 98,450
50,000 Times Publishing Ltd. (25) 112,897
----------
613,858
----------
HONG KONG (3.8%)
555,003 CDL Hotels Intl. Ltd. (16) 317,524
250,000 Shaw Brothers (Hong Kong) Ltd.(20) 297,369
----------
614,893
----------
SWEDEN (3.3%)
8,500 AssiDoman AB (14) 236,009
7,000 IRO AB (19) 84,905
5,000 Investors AB 'B' (34) 220,300
----------
541,214
----------
UNITED KINGDOM (2.0%)
25,000 Berisford plc (34) 61,436
45,000 * McBride plc (9) 104,805
35,000 Royal Doulton plc (9) 162,131
----------
328,372
----------
AUSTRIA (1.7%)
2,500 VAE AG (32) 283,821
----------
NORWAY (1.7%)
15,000 Schibsted AS (20) 276,609
----------
DENMARK (1.4%)
3,500 Carlsberg International A/S 'B' (9) 236,312
----------
ITALY (1.4%)
350,000 * Montedison NC Savings SPA (34) 222,727
----------
BELGIUM (1.1%)
1,000 Engrais Rosier SA (34) 176,425
----------
FINLAND (1.0%)
2,500 Vaisala Oy A (5) 163,121
----------
ISRAEL (0.8%)
35,000 Israel Land Development Co. Ltd. (34) 128,319
----------
MEXICO (0.5%)
25,000 Industrias Penoles SA de CV (21) 88,459
384,000 United Mexican States Oil Recovery (12) 0
----------
88,459
----------
TURKEY (0.2%)
3,727,696 Medya Holdings SA (25) 34,295
----------
</TABLE>
(continued)
<PAGE> 18
ONE FUND, INC. December 31, 1996 (Unaudited)
SCHEDULE OF INVESTMENTS INTERNATIONAL PORTFOLIO (CONTINUED)
<TABLE>
<CAPTION>
MARKET
SHARES COMMON STOCK VALUE
- --------------------------------------------------------------------------------
<S> <C> <C>
MISCELLANEOUS (2.9%)
12,000 North European Oil Royalty Tr. (12) $ 157,500
5,000 Minorco ADR (34) 104,063
100,000 Lonrho plc (34) 213,206
-----------
474,769
-----------
TOTAL COMMON STOCK
(82.8%) (COST $11,824,637) $13,528,275
-----------
<CAPTION>
MARKET
SHARES PREFERRED STOCK VALUE
- --------------------------------------------------------------------------------
<S> <C> <C>
INDONESIA (2.1%)
5,500 Freeport McMoRan Pfd. 'C' (22) $ 169,812
10,500 Freeport McMoRan Pfd. 'D' (22) 178,500
-----------
348,312
-----------
SOUTH KOREA (0.3%)
15,000 L.G. Electronics Pfd GDR (11) 50,625
-----------
TOTAL PREFERRED STOCK
(2.4%) (COST $537,843) $ 398,937
-----------
<CAPTION>
FACE MARKET
AMOUNT SHORT-TERM NOTES VALUE
- --------------------------------------------------------------------------------
<S> <C> <C>
FINANCE (1.5%)
$240,000 American Express
6.750% due 01-02-97 $ 239,955
-----------
CONSUMER GOODS (7.6%)
700,000 Panasonic Finance Inc.
6.750% due 01-02-97 699,869
537,000 Toshiba Intl. Finance
5.800% due 01-21-97 535,270
-----------
1,235,139
-----------
TOTAL SHORT-TERM NOTES (9.1%)
(COST $1,475,094) $ 1,475,094
-----------
<CAPTION>
FACE MARKET
AMOUNT NON-CONVERTIBLE BONDS VALUE
- --------------------------------------------------------------------------------
<S> <C> <C>
U.S. DOLLAR (2.1%)
$150,000 Federal Republic of Brazil 6.500%
due 04-15-06 (15) $ 130,875
250,000 United Mexican States Disc.
6.375% due 12-31-19 (15) 215,313
-----------
TOTAL NON CONVERTIBLE BONDS
(2.1%) (COST $312,496) $ 346,188
-----------
<CAPTION>
FACE MARKET
AMOUNT CONVERTIBLE DEBENTURES VALUE
- --------------------------------------------------------------------------------
<S> <C> <C>
U.S. DOLLAR (2.2%)
$250,000 Cheil Foods & Chemicals Co.
3.000% due 12-31-06 (9) $ 306,250
50,000 PT Pabrik Kertas Tjiwi Kimia
7.250% due 4-12-01 (24) 50,375
-----------
356,625
-----------
NON-U.S. DOLLAR (3.6%)
50,000 GBP BAA plc
5.750% due 03-29-06 (32) 84,876
150,000 GBP Berisford plc
5.000% due 01-31-15 (9) 173,391
149,850 FF Gaumont SA
3.750% 01-01-03 (20) 38,818
780,000 FF Immobiliere Hoteliere
5.000% 01-01-01 (33) 114,162
170,000 NZ Shortland Properties Inc.
7.500% due 12-31-98 (27) 115,268
7,000,000 JPY Nippon Yusen
2.000% due 09-29-00 (32) 65,670
-----------
592,185
-----------
TOTAL CONVERTIBLE DEBENTURES
(5.8%) (COST $819,679) $ 948,810
-----------
TOTAL HOLDINGS
(COST $14,969,749)(a) $16,697,304
===========
</TABLE>
(a) Also represents cost for Federal
income tax purposes.
* Non-income producing securities.
FOREIGN CURRENCIES
GBP - British Pound
FF - French Franc
NZ - New Zealand Dollar
JPY - Japanese Yen
<TABLE>
<S> <C>
INDUSTRY CLASSIFICATIONS
(1) Agriculture (18) Insurance
(2) Automotive (19) Machinery
(3) Banking (20) Media
(4) Building Products (21) Metal (non-ferrous)
(5) Capital Goods (22) Mining
(6) Cement (23) Packaging
(7) Chemicals (24) Paper
(8) Computer Products (25) Publishing
(9) Consumer Products (26) Rail Equipment
(10) Electrical Products (27) Real Estate
(11) Electronics (28) Retailing
(12) Energy and Oil (29) Services
(13) Food & Beverage (30) Steel
(14) Forest Products (31) Textile
(15) Governmental (32) Transportation
(16) Hotels (33) Utilities
(17) Health Care (34) Miscellaneous
</TABLE>
The accompanying notes are an integral part of these financial statements
<PAGE> 19
ONE FUND, INC. December 31, 1996 (Unaudited)
SCHEDULE OF INVESTMENTS GLOBAL CONTRARIAN PORTFOLIO
<TABLE>
<CAPTION>
MARKET
SHARES U.S. COMMON STOCK VALUE
- --------------------------------------------------------------------------------
<S> <C> <C>
CHEMICALS (1.1%)
5,000 Lawter International Inc. $ 63,125
----------
CAPITAL GOODS (0.8%)
1,000 Bandag Inc. Class 'A' 45,750
----------
CONSUMER PRODUCTS (3.5%)
2,000 Allen Organ Co. Class 'B' 77,000
1,300 Dole Foods Company, Inc. 44,037
5,000 Furniture Brands Intl., Inc. 70,000
----------
191,037
----------
FINANCE (5.4%)
5,000 *Classic Bancshares Inc. 57,500
7,000 *East Texas Financial Services 115,500
5,000 *First Federal Financial Corp. 59,375
5,000 Southern Banc Company, Inc. 65,000
----------
297,375
----------
FOREST PRODUCTS (3.3%)
500 Georgia Pacific Corporation 36,000
2,500 Greif Brothers Corp. Class 'A' 71,250
2,000 Rayonier Inc. 76,750
----------
184,000
----------
MEDIA (0.2%)
8,000 *Integrity Music, Inc. 'A' 13,000
----------
METALS AND MINERALS (2.4%)
3,000 Asarco, Inc. 74,625
1,000 Reynolds Metals Company 56,375
----------
131,000
----------
OIL AND ENERGY (6.7%)
6,500 North European Oil Royalty Trust 85,313
1,300 Rochester & Pittsburgh Coal Co. 34,125
20,000 San Juan Basin Royalty Trust 165,000
2,957 *Weatherford Enterra Corporation 88,710
----------
373,148
----------
REAL ESTATE (0.7%)
2,000 Alico, Inc. 37,500
----------
UTILITIES (0.8%)
2,000 Montana Power Co. 42,750
----------
MISCELLANEOUS (4.7%)
6,000 *Kaiser Ventures Inc. 54,000
5,000 UniFirst Corporation 106,250
5,000 Zero Corporation 100,000
----------
260,250
----------
TOTAL U.S. COMMON STOCK $1,638,935
----------
(29.6%) (COST $1,434,652)
</TABLE>
<TABLE>
<CAPTION>
MARKET
SHARES FOREIGN COMMON STOCK VALUE
- --------------------------------------------------------------------------------
<S> <C> <C>
JAPAN (6.8%)
5,000 Airport Facilities Co., Ltd. (32) $ 38,766
6,000 Dai Tokyo Fire & Marine Ins. Co., Ltd. (18) 31,788
10,000 Dowa Fire & Marine Ins. Co., Ltd. (18) 38,422
2,500 Fuji Photo Film Co. Ltd. (9) 82,271
7,000 Nittetsu Mining Co., Ltd. (22) 53,006
400 Toho Co. (20) 57,891
4,000 Tokio Marine Fire & Ins. Co., Ltd. (18) 37,560
3,000 Yoshimoto Kogyo Co. (20) 35,665
--------
375,369
--------
FRANCE (5.4%)
5 Bank for Intl. Settlements (3) 36,609
1,500 Emin Leydier (14) 104,335
415 FIMALAC SA (34) 38,541
250 Groupe NSC (19) 26,590
500 Legrand ADP (10) 55,299
600 Rougier SA (14) 35,260
--------
296,634
--------
GERMANY (4.7%)
2,500 Bayer AG (7) 101,380
200 Buderus AG (5) 100,000
100 Axel Springer Verlag AG (20) 59,415
--------
260,795
--------
SWITZERLAND (3.9%)
5 Bank for Intl. Settlements (3) 37,272
200 Kuehne & Nagel International AG (3) 105,852
65 Schindler Holding AG PC (5) 70,499
--------
213,623
--------
LATIN AMERICA (4.3%)
10,000 Antofagasta Holding plc (21) 58,225
250,000 Grupo Fernandez Editores (25) 61,192
25,000 IRSA Inversiones y Rep. SA (27) 80,265
30,000 Ledesma SA (1) 37,507
--------
237,189
--------
HONG KONG (3.9%)
300,000 China-Hong Kong Photo Products (9) 100,847
101,000 CDL Hotels Intl. Ltd. (16) 57,783
50,000 Shaw Brothers (Hong Kong) Ltd.(20) 59,474
--------
218,104
--------
NEW ZEALAND (3.5%)
50,000 Carter Holt Harvey Ltd. (14) 113,361
50,000 Shortland Properties, Ltd. (27) 34,609
50,000 Wrightson Ltd. (1) 43,437
--------
191,407
--------
UNITED KINGDOM (2.4%)
45,000 ED & F Man (34) 133,703
--------
PORTUGAL (1.9%)
8,000 Espirito Santo Financial Holdings (3) 106,000
--------
SOUTH AFRICA (1.7%)
10,000 Vaal Reefs Exploration Ltd. ADR (21) 61,875
2,500 Western Areas Gold Mining Ltd. (21) 34,466
--------
96,341
--------
</TABLE>
(continued)
<PAGE> 20
ONE FUND, INC. December 31, 1996 (Unaudited)
SCHEDULE OF INVESTMENTS GLOBAL CONTRARIAN PORTFOLIO (CONTINUED)
<TABLE>
<CAPTION>
MARKET
SHARES FOREIGN COMMON STOCK VALUE
- --------------------------------------------------------------------------------
<S> <C> <C>
BELGIUM (1.2%)
376 Engrais Rosier SA (34) $ 66,336
----------
CANADA (1.2%)
3,000 Noranda, Inc. (21) 66,861
----------
SWEDEN (0.9%)
5,000 Bylock & Nordsjofrakt AB 'B' (32) 52,609
----------
AUSTRALIA (0.8%)
171,425 Medical Corporation Australasia (1) 45,300
----------
NETHERLANDS (0.7%)
2,500 German City Estates NV (27) 38,622
----------
SINGAPORE (0.6%)
6,500 Singapore Bus Service Ltd. (32) 33,673
----------
ISRAEL (0.6%)
10,000 Israel Land Development Co. Ltd. (34) 36,662
----------
MISCELLANEOUS (1.0%)
25,000 Lonrho plc (34) 53,301
----------
TOTAL FOREIGN COMMON STOCK
(45.5%) (COST $2,522,954) $2,522,529
----------
TOTAL COMMON STOCK
(75.1%) (COST $3,957,606) $4,161,464
----------
<CAPTION>
MARKET
SHARES U.S. PREFERRED STOCK VALUE
- --------------------------------------------------------------------------------
MEDIA (1.0%)
<S> <C> <C>
2,000 Cowles Media Co. Pfd. $ 52,000
----------
REAL ESTATE (2.1%)
2,000 Catellus Development Pfd. 'B' 118,250
----------
TOTAL U.S. PREFERRED STOCK
(3.1%) (COST $125,000) $ 170,250
----------
<CAPTION>
MARKET
SHARES FOREIGN PREFERRED STOCK VALUE
- --------------------------------------------------------------------------------
INDONESIA (3.0%)
<S> <C> <C>
2,500 Freeport McMoRan Pfd. 'D' (22) $ 42,500
4,000 Freeport McMoRan Pfd. 'C' (22) 123,500
----------
166,000
----------
TOTAL FOREIGN PREFERRED STOCK
(3.0%) (COST $177,847) $ 166,000
----------
TOTAL PREFERRED STOCK $ 336,250
----------
(6.1%) (COST $302,847)
<CAPTION>
FACE MARKET
AMOUNT SHORT-TERM NOTES VALUE
- --------------------------------------------------------------------------------
<S> <C> <C>
FINANCE (7.9%)
$200,000 American Express Credit Corp.
6.750% due 01-02-97 $199,963
236,000 Pearson Inc.
6.750% due 01-07-97 235,772
----------
435,735
----------
CONSUMER PRODUCTS (5.1%)
289,000 Panasonic Finance Inc.
6.750% due 01-02-97 288,946
----------
TOTAL SHORT-TERM NOTES (13.0%)
(COST $724,681) $724,681
----------
<CAPTION>
FACE MARKET
AMOUNT NON-CONVERTIBLE BONDS VALUE
- --------------------------------------------------------------------------------
<S> <C> <C>
U.S. DOLLAR
$50,000 Cemex SA 10.000%
due 11-05-99 (6) $ 52,063
50,000 Noble Drilling 9.250%
due 10-01-03 (12) 53,313
150,000 Federal Republic Of Brazil EI FRN
6.500% due 04-15-06 (15) 130,875
147,000 Republic of Argentina FRB
6.625% due 03-31-05 (15) 128,074
50,000 PT Pabrik Kertas Tjiwi Kimia
13.250% due 08-01-01 (14) 56,875
----------
TOTAL NON-CONVERTIBLE BONDS
(7.6%) (COST $345,616) $ 421,200
----------
<CAPTION>
FACE MARKET
AMOUNT CONVERTIBLE DEBENTURES VALUE
- --------------------------------------------------------------------------------
<S> <C> <C>
NON U.S. DOLLAR
$100,000 NZ Shortland Properties Inc.
7.500% due 12-31-98 (27) $ 67,805
260,000 FF Immobilier Hoteliere
5.000% due 01-01-01 (16) 38,054
----------
TOTAL CONVERTIBLE DEBENTURES
(1.9%) (COST $91,396) $ 105,859
----------
TOTAL HOLDINGS
(COST $5,422,146)(a) $5,749,454
==========
</TABLE>
(continued)
(a) Also represents cost for Federal income tax purposes.
* Non-income producing securities.
FOREIGN CURRENCIES
NZ - New Zealand Dollar
FF - French Franc
<PAGE> 21
ONE FUND, INC. December 31, 1996 (Unaudited)
SCHEDULE OF INVESTMENTS GLOBAL CONTRARIAN PORTFOLIO (CONTINUED)
<TABLE>
<CAPTION>
INDUSTRY CLASSIFICATIONS
<S> <C> <C>
(1) Agriculture (12) Energy and Oil (23) Packaging
(2) Automotive (13) Food & Beverage (24) Paper
(3) Banking (14) Forest Products (25) Publishing
(4) Building Products (15) Governmental (26) Rail Equipment
(5) Capital Goods (16) Hotels (27) Real Estate
(6) Cement (17) Health Care (28) Retailing
(7) Chemicals (18) Insurance (29) Services
(8) Computer Products (19) Machinery (30) Steel
(9) Consumer Products (20) Media (31) Textile
(10) Electrical Products (21) Metal (non-ferrous) (32) Transportation
(11) Electronics (22) Mining (33) Utilities
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE> 22
ONE FUND, INC. December 31, 1996 (Unaudited)
SCHEDULE OF INVESTMENTS CORE GROWTH PORTFOLIO
<TABLE>
<CAPTION>
FACE MARKET
AMOUNT REPURCHASE AGREEMENTS VALUE
- --------------------------------------------------------------------------------
<S> <C> <C>
FINANCIAL (16.0%)
$625,000 Star Bank 5.000% due 01-02-97
repurchase price $625,173 $625,000
--------
collateralized by GNMA certificates,
due 01-20-24 (Cost $670,000)
TOTAL REPURCHASE AGREEMENTS $625,000
--------
(16.0%) (COST $625,000)
<CAPTION>
MARKET
SHARES COMMON STOCK VALUE
- --------------------------------------------------------------------------------
<S> <C> <C>
AUTOMOTIVE AND RELATED (3.9%)
1,800 Harley Davidson, Inc. $ 84,600
3,450 Miller Industries, Inc. 69,000
----------
153,600
----------
BUSINESS SERVICES (9.6%)
2,500 Accustaff, Inc. 52,812
2,600 Corrections Corp. of America 79,625
2,500 DST Systems, Inc. 78,438
1,000 Paychex, Inc. 51,438
3,600 Sitel Corp. 50,850
2,300 Teletech Holdings, Inc. 59,800
----------
372,963
----------
CONSUMER GOODS (3.4%)
1,600 Blyth Industries, Inc. 73,000
1,400 Chicago Miniature Lamp, Inc. 58,100
----------
131,100
----------
COMMUNICATIONS (3.1%)
2,300 ADC Telecommunications 71,586
2,300 LCI International 49,450
----------
121,036
----------
COMPUTER AND RELATED (30.5%)
1,000 Aspen Technology, Inc. 80,250
2,500 Cambridge Technology Partners 83,906
3,300 Datastream Systems, Inc. 59,400
3,000 Epic Design Technology, Inc. 75,000
1,700 Fore Systems, Inc. 55,888
2,000 Forte Software, Inc. 65,500
1,300 McAfee Associates, Inc. 57,200
1,700 MetaTools, Inc. 19,975
1,300 Microchip Technology 66,138
1,100 Parametric Technology Corp. 56,513
2,000 Premisys Communication, Inc. 67,500
3,000 Pure Atria Corp. 74,250
2,100 Rational Software Corp. 83,080
1,300 Remedy Corp. 69,875
1,800 Scopus Technology 83,700
1,900 Security Dynamics Technologies, Inc. 59,850
1,400 Videoserver, Inc. 59,500
1,500 Visio Software 74,250
----------
1,191,775
----------
<CAPTION>
Market
Shares Common Stock Value
- --------------------------------------------------------------------------------
ELECTRICAL EQUIPMENT (2.1%)
1,000 Electronics for Imaging, Inc. $ 82,250
----------
ENTERTAINMENT AND LEISURE (2.0%)
2,500 Regal Cinemas 76,875
----------
ENVIRONMENTAL (1.7%)
1,900 United Waste Systems 65,313
----------
MEDICAL AND RELATED (16.1%)
1,400 Access Health Marketing, Inc. 62,650
1,700 Dura Pharmaceuticals, Inc. 81,175
2,400 Gulf Southern Medical Supply 61,500
2,900 Health Management Assoc., Inc. 65,250
2,300 Idexx Laboratories 82,800
2,000 Omnicare, Inc. 64,250
1,600 Parexel International 82,600
2,000 Pediatrix Medical Group 73,750
3,900 Physician Sales & Service 56,063
----------
630,038
----------
OIL, ENERGY AND NATURAL GAS (2.8%)
2,300 Input Output Inc. 42,550
2,800 Varco International 64,750
----------
107,300
----------
RETAIL (5.3%)
1,100 CDW Computer Centers, Inc. 65,243
2,100 U.S. Office Products Corp. 71,663
2,400 West Marine 67,800
----------
204,706
----------
TEXTILES (1.8%)
1,500 Tommy Hilfiger 72,000
----------
TRANSPORTATION (2.0%)
3,000 Eagle USA Airfreight 78,750
----------
TOTAL COMMON STOCK (84.3%)
(COST $3,371,046) $3,287,706
----------
TOTAL HOLDINGS
(COST $3,996,046)(a) $3,912,706
==========
</TABLE>
(a) Also represents cost for Federal income tax purposes.
* Non-income producing securities.
The accompanying notes are an integral part of these financial statements.
<PAGE> 23
ONE FUND, INC. DECEMBER 31, 1996 (UNAUDITED)
NOTES TO FINANCIAL STATEMENTS
(1) BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
ONE Fund, Inc. (Fund) is registered under the Investment Company Act of
1940 as amended (the "1940 Act"), as a diversified open-end management
investment company. The Fund is a series investment company which consists
of nine separate investment portfolios that seek the following investment
objectives:
MONEY MARKET PORTFOLIO -- current income consistent with preservation of
capital and liquidity.
TAX-FREE INCOME PORTFOLIO -- high current income exempt from federal income
taxes.
INCOME PORTFOLIO --high current income. Preservation of capital is a
secondary objective.
INCOME & GROWTH PORTFOLIO -- moderate income with the potential for
increasing income over time. Growth of capital is also a primary objective.
GROWTH PORTFOLIO --long-term capital growth.
SMALL CAP PORTFOLIO --maximum capital growth by investing primarily in
common stocks of small and medium sized companies.
INTERNATIONAL PORTFOLIO -- long-term capital growth by investing primarily
in common stocks of foreign companies.
GLOBAL CONTRARIAN PORTFOLIO --long-term growth of capital by investing in
foreign and domestic securities believed to be under valued or presently
out of favor.
The following portfolio commenced operations November 1, 1996: CORE GROWTH
PORTFOLIO -- long term capital appreciation.
The following is a summary of significant accounting policies:
Investments in the Money Market Portfolio are valued at amortized cost in
accordance with Rule 2a-7 which approximates market value. Premiums and
discounts are amortized on a straight line basis. For the Money Market,
Income and the Tax-Free Income Portfolios, all of the undistributed net
income is accrued as daily dividends to shareholders of record immediately
before each computation of the net asset value of these portfolios.
Dividends (representing net investment income) will normally be paid
monthly to the shareholders of these three portfolios. Distributions
arising from net investment income from the remaining portfolios are
declared and paid to shareholders quarterly and are recorded on the
ex-dividend date. Accumulated net realized capital gains are distributed to
shareholders at least once a year.
For all other portfolios, securities which are traded on U.S. and foreign
stock exchanges or in the over-the-counter markets are valued at the last
sale price or, if there has been no sale that day, at the last bid price
reported as of 4:00 p.m. Eastern time on each day the New York Stock
Exchange is open for unrestricted trading. Over-the-counter securities are
valued at the last bid price as of the close of trading on the Exchange.
Short-term investments (investments with remaining maturities of 60 days or
less) are valued at amortized cost and fixed income securities are valued
by using market quotations, or independent pricing services which use
prices provided by market markers or estimates of market values obtained
from yield data relating to instruments or securities with similar
characteristics. All investments and cash quoted in foreign currencies are
valued daily in U.S. dollars on the basis of the foreign currency exchange
rates prevailing at the time of such valuation.
Foreign currency exchange rates are generally determined prior to 4:00 p.m.
Eastern time. Occasionally, events affecting the value of foreign
investments and such exchange rates occur between the time at which they
are determined and the time of valuation, which in the case of the
International and Global Contrarian Portfolios, would not be reflected in
the computation of the portfolios' net asset values. If events materially
affecting the value of such securities or currency exchange rates occurred
during such time period, the securities are valued at their fair value as
determined in good faith by or under the direction of the Fund's Board of
Directors.
In connection with purchases and sales of securities denominated in foreign
currencies, the Fund may enter into forward foreign currency exchange
contracts (forward contract). A forward contract is a commitment to
purchase or sell a foreign currency at a future date, at a negotiated rate.
Additionally, the Fund may enter into such contracts to hedge certain other
foreign currency denominated investments. These contracts are recorded at
market value, and the related realized and unrealized foreign exchange
gains and losses are included in the statement of operations. In the event
that counterparties fail to settle these currency contracts or the related
foreign security trades, the Fund could be exposed to foreign currency
fluctuations.
(continued)
<PAGE> 24
ONE FUND, INC. DECEMBER 31, 1996 (UNAUDITED)
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
Each portfolio other than the Money Market Portfolio, may (a) write call
options traded on a registered national securities exchange if such
portfolio owns the underlying securities subject to such options, and
purchase call options for the purpose of closing out positions it has
written, (b) purchase put options on securities owned, and sell such
options in order to close its positions in put options, (c) purchase and
sell financial futures and options thereon, and (d) purchase and sell
financial index options; provided, however, that no option or futures
contract shall be purchased or sold if, as a result, more than one-third of
the total assets of the portfolio would be hedged by options or futures
contracts, and no more than 5% of any portfolio's total assets, at market
value, may be used for premiums on open options and initial margin deposits
on futures contracts. Options are recorded at market value, and the related
realized and unrealized gains and losses are included in the statement of
operations. The portfolios making use of options bear the market risk of an
unfavorable change in the price of any security underlying the options.
The Fund may invest in two kinds of financial futures contracts: stock
index futures contracts and interest rate futures contracts. Stock index
futures contracts are contracts developed by and traded on national
commodity exchanges whereby the buyer will, on a specified future date, pay
or receive a final cash payment equal to the difference between the actual
value of the stock index on the last day of the contract and the value of
the stock index established by the contract multiplied by the specific
dollar amount set by the exchange. Futures contracts may be based on
broad-based stock indexes such as the Standard & Poor's 500 Index or on
narrow-based stock indexes. A particular index will be selected according
to Ohio National Investments, Inc. ("ONI's"), the investment advisor to the
Fund, investment strategy for the particular portfolio. The Fund may enter
into such contracts to reduce the risk of fluctuation of portfolio
securities values or to take advantage of expected market flucuations.
Securities transactions are recorded on a trade date basis. Dividend income
is recognized on the ex-dividend date (except in the case of the
International and Global Contrarian Portfolios in which dividends are
recorded as soon after the ex-dividend date as the fund becomes aware of
such dividends), and interest income is accrued daily as earned. Net
realized gain or loss on investments and foreign exchange transactions are
determined on the first in first out basis.
The books and records of all the Portfolios are maintained in U.S. dollars.
Foreign currency amounts in the International and Global Contrarian
Portfolios are translated into U.S. dollars on the following basis: (1)
market value of investments, other assets and liabilities -- at exchange
rates prevailing at the end of the period. (2) purchases and sales of
investments, income and expenses -- at the rates of exchange prevailing on
the respective dates of such transactions.
Although the net assets and the market value of the portfolios are
presented at the foreign exchange rates at the end of the period, the
portfolios do not generally isolate the effect of fluctuations in foreign
exchange rates from the effect of changes in the market price of the
investments. However, the portfolios do isolate the effect of fluctuations
in foreign exchange rates when determining the gain or loss upon sale or
maturity of foreign-currency denominated debt obligations pursuant to
Federal income tax regulations.
Foreign investment and currency transactions may involve certain
considerations and risks not typically associated with investing in U.S.
companies and the U.S. Government. These risks, including re-evaluation of
currency and future adverse political and economic developments, could
cause investments and their markets to be less liquid and prices more
volatile than those of comparable U.S. companies and the U.S. Government.
Each portfolio may acquire repurchase agreements from member banks of the
Federal Reserve System which ONI deems creditworthy under guidelines
approved by the Board of Directors, subject to the seller's agreement to
repurchase such securities at a mutually agreed upon date and price. The
repurchase price generally equals the price paid by the portfolio plus
interest negotiated on the basis of current short-term rates, which may be
more or less than the rate on the underlying portfolio securities. The
seller, under a repurchase agreement, is required to maintain as collateral
for the repurchase transaction securities in which the portfolio has a
perfected security interest with a value not less than 100% of the
repurchase price (including accrued interest). Securities subject to
repurchase agreements are held by the Fund's custodian or another qualified
custodian or in the Federal Reserve/Treasury book-entry system. Repurchase
agreements are considered to be loans by the portfolio under the 1940 Act.
For Federal income tax purposes, the Tax-Free Income and Income Portfolios
had net capital losses of $7,298 and $110,897 respectively at June 30,
1996, the last fiscal year end of the Fund. If not offset by subsequent
capital gains, $50,933 will expire June 30, 2003 in the Income Portfolio
and $7,298 and $59,964 will expire June 30, 2004 in the Tax-Free Income and
Income Portfolios, respectively. The Board of Directors does not intend to
authorize a distribution of any net realized gain for the portfolios until
the capital loss carryovers have been offset or expire.
(continued)
<PAGE> 25
ONE FUND, INC. DECEMBER 31, 1996 (UNAUDITED)
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
It is the policy of the Fund to distribute to its shareholders substantially all
of its taxable income, thus gaining relief from Federal income taxes under
provisions of current tax regulations applicable to investment companies of this
type. Accordingly, no provision for Federal income taxes has been made.
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of increases and decreases in net assets from operations
during the reporting period. Actual results could differ from those estimates.
The gross unrealized appreciation and depreciation of investments in each
portfolio as of December 31, 1996 were as follows:
<TABLE>
<CAPTION>
PORTFOLIO
------------------------------------------------------------------------------------------------
TAX-FREE INCOME & SMALL INTER- GLOBAL CORE
INCOME INCOME GROWTH GROWTH CAP NATIONAL CONTRARIAN GROWTH(a)
------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Gross unrealized:
Appreciation ............ $548,286 $136,393 $2,842,926 $3,756,264 $ 973,026 $ 2,793,059 $ 687,549 $ 181,815
Depreciation ............ (4,055) (29,792) (187,656) (566,001) (259,843) (1,065,504) (360,241) (265,155)
------------------------------------------------------------------------------------------------
Net unrealized
Appreciation
(Depreciation) .......... $544,213 $106,602 $2,655,270 $3,190,263 $ 713,183 $ 1,727,555 $ 327,308 $ (83,340)
================================================================================================
</TABLE>
The Money Market, Income, Income & Growth and Growth Portfolios were organized
on May 12, 1992 with the commencement of operations on August 18, 1992. The
International Portfolio was organized on March 18, 1993 with commencement of
operations on April 30, 1993. The Small Cap, Tax-Free Income and Global
Contrarian Portfolios were organized on September 15, 1994 with the commencement
of operations on November 1, 1994. The Core Portfolio was organized on August
22, 1996 with commencement of operations on November 1, 1996. Organizational
expenses of approximately $68,000 were incurred with the start up of the
original four portfolios, $11,590 with the start up of the International
Portfolio and $7,813 with the Small Cap, Tax-Free Income and Global Contrarian
Portfolios. Such expenses will be charged against operations on a straight line
basis over a period of 60 months from the commencement of operations of the
respective portfolios. The Fund's sponsoring entity, Ohio National Life
Insurance Company (ONLIC), has agreed that it shall continue to hold the intial
shares purchased by it for at least as long as unamortized deferred
organizational expenses continue to be carried as an asset of the Fund. The
initial shares purchased were 25,000 shares of the Money Market Portfolio, 2,500
shares each of the Income, Income & Growth and Growth Portfolios and 100 shares
each of the International, Small Cap, Tax-Free Income, Global Contrarian and
Core Growth Portfolios. ONLIC and its affiliates have also purchased additional
shares of each portfolio and as of December 31, 1996 the additional shares owned
were as follows: 12,084,112 shares of the Money Market Portfolio, 553,940 shares
of the Tax-Free Income Portfolio, 508,244 shares of the Income Portfolio,
345,432 shares of the Income & Growth Portfolio, 237,631 shares of the Growth
Portfolio, 211,503 shares of the Small Cap Portfolio, 267,042 shares of the
Global Contrarian Portfolio and 250,000 shares of the Core Growth Portfolio.
(2) INVESTMENT TRANSACTIONS
Purchases and sales of investment securities (excluding short-term securities)
from July 1, 1996 to December 31, 1996 were as follows:
<TABLE>
<CAPTION>
PORTFOLIO
----------------------------------------------------------------------------------------------
TAX-FREE INCOME & SMALL INTER- GLOBAL CORE
INCOME INCOME GROWTH GROWTH CAP NATIONAL CONTRARIAN GROWTH(a)
----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Common and Preferred
Stocks and bonds:
Purchases............ $576,315 -- $815,521 $1,471,745 $758,835 $2,243,127 $300,013 $3,487,327
Sales................ 204,000 -- 576,846 1,186,175 522,540 1,391,624 441,675 147,369
U. S. Government
Obligations:
Purchases............ -- -- -- -- -- -- -- --
Sales................ -- 405,500 -- -- -- -- -- --
</TABLE>
(continued)
<PAGE> 26
ONE FUND, INC. DECEMBER 31, 1996 (UNAUDITED)
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
(3) INVESTMENT ADVISORY AGREEMENT, SUB-ADVISORY AGREEMENTS AND TRANSACTIONS
WITH AFFILIATED PERSONS
The Fund has an investment advisory agreement with ONI, a wholly owned
subsidiary of ONLIC, under the terms of which ONI provides portfolio
management and investment advice to the Fund and administers its other
affairs, subject to the supervision of the Fund's Board of Directors. Prior
to May 1, 1996, O.N. Investment Management Company served as the Fund's
investment advisor. As compensation for its services, the Fund pays ONI a
fee based on the average daily net asset value of each portfolio's assets.
For assets held in the Money Market, Tax-Free Income, Income, Income &
Growth, Growth and Small Cap Portfolios, the fees are as follows:
<TABLE>
<CAPTION>
PORTFOLIO
------------------------------------------------------
MONEY TAX-FREE INCOME & SMALL
MARKET INCOME INCOME GROWTH GROWTH CAP
------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
First $100 mil... 0.30% 0.60% 0.50% 0.50% 0.50% 0.65%
Next $150 mil.... 0.25% 0.50% 0.40% 0.40% 0.40% 0.55%
Over $250 mil.... 0.20% 0.40% 0.30% 0.30% 0.30% 0.45%
</TABLE>
For the International and Global Contrarian Portfolios, ONI is paid a fee
at an annual rate of 0.90% of each Portfolios' average daily net asset
values. ONI then pays Societe Generale Asset Management Corporation (SGAM)
fees at an annual rate of 0.75% of the average daily net asset value for
directing the investment and reinvestment of each portfolios' assets
pursuant to a sub-advisory agreement between ONI and SGAM dated May 1,
1996. For the Core Growth Portfolio, ONI is paid a fee at an annual rate of
0.95% of the portfolio's average daily net assets value. ONI then pays
Pilgrim Baxter & Associates, Ltd. (PBA) a fee at an annual rate of 0.75% of
the average daily net assets value of the first $50 million of Portfolio
assets, 0.70% of the next $100 million and 0.50% of portfolio assets in
excess of $150 million for directing the investment and reinvestment of the
portfolio's assets pursuant to a sub-advisory agreement between ONI and PBA
dated November 1, 1996. The advisor is presently waiving 0.15% of its
management fees for certain portfolios. Management fees waived by ONI for
the six months ended December 31, 1996 were $25,060 ($.001 per share),
$8,154 ($.014 per share), $7,666 ($.011 per share) $12,286 ($.014 per
share), $13,328 ($.017 per share) and $6,061 ($.017 per share) for the
Money Market, Tax Free Income,Income, Income & Growth, Growth and Small Cap
Portfolios respectively. Under the agreement between the Fund and ONI, ONI
has agreed to reimburse the portfolios for expenses, other than the
advisory fees, 12b-1 fees, taxes and interest, in excess of 1% of their
average daily net assets. For the six months ended December 31, 1996 the
reimbursement to the Core Growth Portfolio by ONI was $1,421.
Each director who is not an officer of the Fund or an employee of ONI or
its corporate affiliates is paid a quarterly retainer fee of $850 plus $200
for each meeting attended.
The Fund's custodian, transfer agent and dividend paying agent was The
Provident Bank, One East Fourth Street, Cincinnati, Ohio. The Provident
Bank was also the custodian for those portfolios other than the
International and Global Contrarian Portfolios. Effective January 1, 1997
American Data Services, Inc., 24 West Carver Street, Huntington, New York
became the new transfer agent and dividend paying agent for the Fund. Also
effective January 1, 1997 STAR Bank, 425 Walnut Street, Cincinnati, Ohio,
became the new custodian for those portfolios other than the International
and Global Contrarian Portfolios.The custodian for the International and
Global Contrarian Portfolios is Investors Fiduciary Trust Company, 127 West
Tenth Street, Kansas City, Missouri. For International and Global
Contrarian Portfolio assets held outside the United States, STAR Bank and
Investors Fiduciary Trust Company enters into subcustodial agreements,
subject to approval by the Board of Directors.
Certain directors and officers of the Fund are also directors and officers
of ONI and ONLIC.
(continued)
<PAGE> 27
ONE FUND, INC. DECEMBER 31, 1996 (UNAUDITED)
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
(4) CAPITAL SHARE TRANSACTIONS
Capital share transactions for the six months ended December 31, 1996 and
the year ended June 30,1996 were as follows:
<TABLE>
<CAPTION>
PORTFOLIO
-----------------------------------------------------------------------------
MONEY MARKET TAX-FREE INCOME INCOME
------------------------ ----------------------- ------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED ENDED YEAR ENDED
12-31-96 6-30-96 12-31-96 6-30-96 12-31-96 6-30-96
---------- ---------- ---------- ---------- ---------- -----------
<S> <C> <C> <C> <C> <C> <C>
Capital shares
issued on sales .......... 7,813,330 13,411,231 28,299 29,199 8,170 79,707
Capital shares issued
on reinvested dividends... 357,305 821,475 12,555 28,673 18,767 44,241
Capital shares
redeemed ................. 4,631,852 12,570,685 3,987 6,062 69,509 126,327
</TABLE>
<TABLE>
<CAPTION>
PORTFOLIO
---------------------------
INCOME & GROWTH
---------------------------
SIX MONTHS
ENDED YEAR ENDED
12-31-96 6-30-96
--------- ----------
<S> <C> <C>
Capital shares
issued on sales .......... 78,754 205,769
Capital shares issued
on reinvested dividends... 17,743 35,442
Capital shares
redeemed ................. 111,357 65,893
</TABLE>
<TABLE>
<CAPTION>
PORTFOLIO
----------------------------------------------------------------------------------------------------
GROWTH SMALL CAP INTERNATIONAL GLOBAL CONTRARIAN
------------------------ ----------------------- ----------------------- ----------------------
SIX MONTHS SIX MONTHS SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED ENDED YEAR ENDED ENDED YEAR ENDED
12-31-96 6-30-96 12-31-96 6-30-96 12-31-96 6-30-96 12-31-96 6-30-96
---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Capital shares
issued on sales............ 82,378 241,707 34,869 98,533 173,510 269,792 42,136 116,554
Capital shares issued
on reinvested dividends.... 3,474 39,278 2,026 9,214 19,424 45,454 8,340 8,493
Capital shares
redeemed.................. 112,737 56,076 25,401 34,177 84,330 201,916 33,885 17,222
</TABLE>
<TABLE>
<CAPTION>
PORTFOLIO
--------------
CORE GROWTH(a)
--------------
SIX MONTHS
ENDED
12-31-96
----------
<S> <C>
Capital shares
issued on sales............. 397,502
Capital shares issued
on reinvested dividends..... --
Capital shares
redeemed................... 2,970
</TABLE>
(a)Commenced operations November 1, 1996
Sales charges imposed on capital shares sold by The O.N. Equity Sales
Company (ONESCO), the Fund's principal underwriter, a wholly owned
subsidiary of ONLIC, for the six months ended December 31, 1996 were
approximately $1,600, $5,800, $1,000, $22,900, $29,300, $10,200, $63,500,
$10,800 and $20,500 for the Money Market, Tax-Free Income, Income, Income &
Growth, Growth, Small Cap, International, Global Contrarian and Core Growth
Portfolios, respectively.
The Fund is authorized to issue 10 billion of its capital shares. The Money
Market Portfolio has been allocated 200 million shares and the other eight
portfolios have been allocated 100 million shares each. The remaining
shares have not been allocated.
(continued)
<PAGE> 28
ONE FUND, INC. DECEMBER 31, 1996(UNAUDITED)
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
(5) COMMITMENTS
The International and Global Contrarian Portfolios enter into foreign
currency exchange contracts as a way of managing foreign exchange rate
risk. The Fund may enter into these contracts for the purchase or sale of a
specific foreign currency at a fixed price on a future date as a hedge
against either specific transactions or portfolio positions. The objective
of the Fund's foreign currency hedging transactions is to reduce the risk
that the U.S. dollar value of the Fund's securities denominated in foreign
currency will decline in value due to changes in foreign currency exchange
rates. As of December 31, 1996 the International and Global Contrarian
Portfolios had entered into forward currency contracts, as set forth below
summarized by currency:
<TABLE>
<CAPTION>
INTERNATIONAL PORTFOLIO
SETTLEMENT CURRENCY TO BE U.S. $ VALUE CURRENCY TO BE U.S. $ VALUE UNREALIZED
DATES THROUGH DELIVERED AT 12/31/96 RECEIVED AT 12/31/96 GAIN (LOSS)
- ------------- -------------------------- ------------ ------------------------- ------------ -------- -------
<S> <C> <C> <C> <C> <C> <C>
05/07/97 911,500 Swiss Franc 687,925 699,052 U.S. Dollar 699,052 $ 11,127 --
01/03/97 310,000 Deutsche Mark 201,299 210,770 U.S. Dollar 210,770 9,471 --
05/14/97 523,000 Deutsche Mark 342,501 342,071 U.S. Dollar 342,071 1,828 $(2,258)
01/03/97 199,062 U. S. Dollar 199,062 310,000 Deutsche Mark 201,299 2,237 --
01/10/97 6,140,000 French Franc 1,183,546 1,210,095 U.S. Dollar 1,210,095 26,549 --
05/21/97 2,087,500 French Franc 405,552 404,587 U.S. Dollar 404,587 987 (1,952)
01/10/97 34,499 U. S. Dollar 34,499 180,000 French Franc 34,697 198 --
01/17/97 147,150,000 Japenese Yen 1,269,410 1,382,250 U.S. Dollar 1,382,250 112,840
05/28/97 46,950,000 Japanese Yen 412,530 429,344 U.S. Dollar 429,344 16,814 --
--------- --------- -------- -------
4,736,324 4,914,165 $182,051 $(4,210)
========= ========= ======== =======
</TABLE>
<TABLE>
<CAPTION>
GLOBAL CONTRARIAN PORTFOLIO
SETTLEMENT CURRENCY TO BE U.S. $ VALUE CURRENCY TO BE U.S. $ VALUE UNREALIZED
DATES THROUGH DELIVERED AT 12/31/96 RECEIVED AT 12/31/96 GAIN (LOSS)
- ------------- -------------------------- ------------ ------------------------- ------------ -------- -------
<S> <C> <C> <C> <C> <C> <C>
01/03/97 150,000 Deutsche Mark 97,403 99,595 U.S. Dollar 99,595 2,192 --
05/14/97 178,000 Deutsche Mark 116,569 115,719 U.S. Dollar 115,719 243 $(1,093)
01/03/97 96,321 U. S. Dollar 96,321 150,000 Deutsche Mark 97,403 1,082 --
01/10/97 998,000 French Franc 192,374 195,119 U.S. Dollar 195,119 2,745 --
01/10/97 64,802 U. S. Dollar 64,802 334,000 French Franc 64,382 11 --
01/17/97 24,000,000 Japenese Yen 207,039 225,597 U.S. Dollar 225,597 18,558 $ (431)
05/28/97 14,400,000 Japanese Yen 126,527 131,686 U.S. Dollar 131,686 5,159 --
------- ------- ------- -------
901,035 929,501 $29,990 $(1,524)
======= ======= ======= =======
</TABLE>
(6) DISTRIBUTION PLAN
The Fund has a distribution agreement (12b-1 Plan) with ONESCO under the
terms of which the Fund pays a fee for shareholders services and sales of
Fund shares based on the average daily net assets of the portfolios. For
those assets not in the Money Market Portfolio, the fee is at an annual
rate of 0.25% of average net assets and can increase to 0.30% for sales
representatives who service $5 million or more of Fund shares. The fee for
the Money Market Portfolio is 0.15% of average net assets and can increase
to a maximum of 0.17% for the aforementioned servicing level.
<PAGE> 29
<TABLE>
<CAPTION>
DECEMBER 31, 1996 (UNAUDITED)
ONE FUND, INC.
FINANCIAL HIGHLIGHTS
PORTFOLIO
-------------------------------------------------------------------------------
MONEY MARKET
-------------------------------------------------------------------------------
SIX MONTHS 8-18-92
ENDED YEAR ENDED JUNE 30, TO
12-31-96 1996 1995 1994 6-30-93
-------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Per share data (for a share
outstanding throughout each period):
Net asset value, beginning of period .... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Income (loss) from investment operations:
Net investment income .................. 0.02 0.05 0.05 0.03 0.02
Net realized and unrealized gain
(loss) on investments and foreign
currency transactions ................. 0.00 0.00 0.00 0.00 0.00
--------- --------- --------- --------- ---------
Total income (loss) from
investment operations ............... 0.02 0.05 0.05 0.03 0.02
--------- --------- --------- --------- ---------
Less distributions:
Dividends from net investment
income ................................ (0.02) (0.05) (0.05) (0.03) (0.02)
Distributions from net realized
capital gains and foreign
currency transactions ................. 0.00 0.00 0.00 0.00 0.00
--------- --------- --------- --------- ---------
Total distributions .................. (0.02) (0.05) (0.05) (0.03) (0.02)
--------- --------- --------- --------- ---------
Net asset value, end of period .......... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========= ========= ========= ========= =========
Total return ............................ 2.47%(b) 5.18% 5.06% 3.06% 2.67%(b)
========= ========= ========= ========= =========
Ratio (to average net assets)/
supplemental data:
Ratios net of fees waived by advisor (c):
Expenses .............................. 0.58%(a) 0.57% 0.51% 0.44% 0.43%(a)
Net investment income ................. 4.85%(a) 5.14% 4.99% 2.97% 2.70%(a)
Ratios assuming no waiver of
management fees by advisor (c):
Expenses .............................. 0.88%(a) 0.87% 0.81% 0.74% 0.73%(a)
Net investment income ................. 4.56%(a) 4.84 4.69% 2.67% 2.40%(a)
Portfolio turnover rate ................. 0% 0% 0% 0% 0%
Net assets at end of period (millions) .. $ 19.3 $ 15.8 $ 14.1 $ 12.3 $ 21.3
</TABLE>
<TABLE>
<CAPTION>
PORTFOLIO
-------------------------------------------------
TAX-FREE
-------------------------------------------------
SIX MONTHS YEAR 11-1-94
ENDED ENDED TO
12-31-96 6-30-96 6-30-95
-------------------------------------------------
<S> <C> <C> <C>
Per share data (for a share
outstanding throughout each period):
Net asset value, beginning of period .... $ 10.79 $ 10.66 $ 10.00
Income (loss) from investment operations:
Net investment income .................. 0.28 0.56 0.35
Net realized and unrealized gain
(loss) on investments and foreign
currency transactions ................. 0.22 0.13 0.66
--------- -------- ---------
Total income (loss) from
investment operations ............... 0.50 0.69 1.01
--------- -------- ---------
Less distributions:
Dividends from net investment
income ................................ (0.28) (0.56) (0.35)
Distributions from net realized
capital gains and foreign
currency transactions ................. 0.00 0.00 0.00
--------- -------- ---------
Total distributions .................. (0.28) (0.56) (0.35)
--------- -------- ---------
Net asset value, end of period .......... $ 11.01 $ 10.79 $ 10.66
========= ========= =========
Total return ............................ 4.68%(b) 6.59% 10.26%(b)
========= ========= =========
Ratio (to average net assets)/
supplemental data:
Ratios net of fees waived by advisor (c):
Expenses .............................. 0.98%(a) 0.94% 0.91%(a)
Net investment income ................. 5.13%(a) 5.20% 5.04%(a)
Ratios assuming no waiver of
management fees by advisor (c):
Expenses .............................. 1.23%(a) 1.24% 1.21%(a)
Net investment income ................. 4.88%(a) 4.90% 4.74%(a)
Portfolio turnover rate ................. 3% 8% 0%
Net assets at end of period (millions) .. $ 6.8 $ 6.3 $ 5.7
</TABLE>
<TABLE>
<CAPTION>
PORTFOLIO
---------------------------------------------------------------------------------
INCOME
---------------------------------------------------------------------------------
SIX MONTHS 8-18-92
ENDED YEAR ENDED JUNE 30, TO
12-31-96 1996 1995 1994 6-30-93
---------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Per share data (for a share
outstanding throughout each period):
Net asset value, beginning of period .... $ 9.59 $ 9.78 $ 9.39 $ 10.43 $ 10.00
Income (loss) from investment operations:
Net investment income .................. 0.32 0.63 0.65 0.62 0.45
Net realized and unrealized gain
(loss) on investments and foreign
currency transactions ................. 0.16 (0.19) 0.39 (0.98) 0.45
-------- -------- -------- --------- ---------
Total income (loss) from
investment operations ............... 0.48 0.44 1.04 (0.36) 0.90
-------- -------- -------- --------- ---------
Less distributions:
Dividends from net investment
income ................................ (0.32) (0.63) (0.65) (0.62) (0.45)
Distributions from net realized
capital gains and foreign
currency transactions ................. 0.00 0.00 0.00 (0.06) (0.02)
-------- -------- -------- --------- ---------
Total distributions .................. (0.32) (0.63) (0.65) (0.68) (0.47)
-------- -------- -------- --------- ---------
Net asset value, end of period .......... $ 9.75 $ 9.59 $ 9.78 $ 9.39 $ 10.43
======== ======== ======== ========= =========
Total return ............................ 5.06%(b) 4.61% 11.58% (3.79%) 9.56%(b)
======== ======== ======== ========= =========
Ratio (to average net assets)/
supplemental data:
Ratios net of fees waived by advisor (c):
Expenses .............................. 0.96%(a) 0.97% 0.85% 1.02% 1.11%(a)
Net investment income ................. 6.56%(a) 6.50% 6.80% 6.10% 5.07%(a)
Ratios assuming no waiver of
management fees by advisor (c):
Expenses .............................. 1.19%(a) 1.22% 1.10% 1.27% 1.36%(a)
Net investment income ................. 6.33%(a) 6.25% 6.55% 5.85% 4.82%(a)
Portfolio turnover rate ................. 6% 9% 4% 6% 6%
Net assets at end of period (millions) .. $ 6.7 $ 7.0 $ 7.1 $ 4.6 $ 5.7
</TABLE>
(a) Annualized
(b) Calculated on an aggregate basis (not annualized).
(c) The advisor has elected to waive 0.15% of the management fee for the Money
Market, Tax-Free Income, and Income Portfolios, but it may cease those
waivers, in whole or in part, without prior notice.
The accompanying notes are an integral part of these financial statements.
<PAGE> 30
<TABLE>
<CAPTION>
DECEMBER 31, 1996 (UNAUDITED)
ONE FUND, INC.
FINANCIAL HIGHLIGHTS
PORTFOLIO
-------------------------------------------------------------------------------
INCOME & GROWTH
-------------------------------------------------------------------------------
SIX MONTHS 8-18-92
ENDED YEAR ENDED JUNE 30, TO
12-31-96 1996 1995 1994 6-30-93
-------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Per share data (for a share
outstanding throughout each period):
Net asset value, beginning of period .... $ 12.78 $ 11.57 $ 10.65 $ 10.96 $ 10.00
Income from investment operations:
Net investment income .................. 0.20 0.38 0.41 0.33 0.27
Net realized and unrealized gain
(loss) on investments and foreign
currency transactions ................. 0.87 1.27 1.54 (0.11) 0.96
--------- --------- --------- --------- ---------
Total from investment
operations .......................... 1.07 1.65 1.95 0.22 1.23
--------- --------- --------- --------- ---------
Less distributions:
Dividends from net investment
income ................................ (0.20) (0.37) (0.41) (0.33) (0.27)
Distributions from net realized
capital gains and foreign
currency transactions ................. (0.29) (0.07) (0.62) (0.20) 0.00
--------- --------- --------- --------- ---------
Total distributions .................. (0.49) (0.44) (1.03) (0.53) (0.27)
--------- --------- --------- --------- ---------
Net asset value, end of period .......... $ 13.36 $ 12.78 $ 11.57 $ 10.65 $ 10.96
========= ========= ========= ========= =========
Total return ............................ 8.49%(b) 14.50% 19.41% 1.96% 12.49%(b)
========= ========= ========= ========= =========
Ratio (to average net assets)/
supplemental data:
Ratios net of fees waived by advisor (c):
Expenses .............................. 0.96%(a) 0.89% 0.81% 0.94% 1.07%(a)
Net investment income ................. 3.12%(a) 3.10% 3.69% 3.08% 3.09%(a)
Ratios assuming no waiver of
management fees by advisor (c):
Expenses .............................. 1.18%(a) 1.14% 1.06% 1.19% 1.32%(a)
Net investment income ................. 2.89%(a) 2.85% 3.44% 2.83% 2.84%(a)
Portfolio turnover rate ................. 6% 7% 25% 14% 24%
Net assets at end of period (millions) .. $ 11.1 $ 10.8 $ 7.7 $ 7.5 $ 6.7
</TABLE>
<TABLE>
<CAPTION>
PORTFOLIO
---------------------------------------------------------------------------------
GROWTH
---------------------------------------------------------------------------------
SIX MONTHS 8-18-92
ENDED YEAR ENDED JUNE 30, TO
12-31-96 1996 1995 1994 6-30-93
---------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Per share data (for a share
outstanding throughout each period):
Net asset value, beginning of period .... $ 15.47 $ 13.03 $ 11.67 $ 11.63 $ 10.00
Income from investment operations:
Net investment income .................. 0.06 0.14 0.16 0.12 0.12
Net realized and unrealized gain
(loss) on investments and foreign
currency transactions ................. 0.92 2.72 2.17 0.22 1.69
--------- --------- --------- --------- ---------
Total from investment
operations .......................... 0.98 2.86 2.33 0.34 1.81
--------- --------- --------- --------- ---------
Less distributions:
Dividends from net investment
income ................................ (0.06) (0.14) (0.16) (0.12) (0.12)
Distributions from net realized
capital gains and foreign
currency transactions ................. (0.68) (0.28) (0.81) (0.18) (0.06)
--------- --------- --------- --------- ---------
Total distributions .................. (0.74) (0.42) (0.97) (0.30) (0.18)
--------- --------- --------- --------- ---------
Net asset value, end of period .......... $ 15.71 $ 15.47 $ 13.03 $ 11.67 $ 11.63
========= ========= ========= ========= =========
Total return ............................ 6.35%(b) 22.22% 20.54% 2.85% 18.26%(b)
========= ========= ========= ========= =========
Ratio (to average net assets)/
supplemental data:
Ratios net of fees waived by advisor (c):
Expenses .............................. 0.93%(a) 0.90% 0.83% 1.04% 1.30%(a)
Net investment income ................. 0.78%(a) 0.99% 1.35% 1.04% 1.31%(a)
Ratios assuming no waiver of
management fees by advisor (c):
Expenses .............................. 1.16%(a) 1.15% 1.08% 1.30% 1.55%(a)
Net investment income ................. 0.55%(a) 0.74% 1.10% 0.79% 1.06%(a)
Portfolio turnover rate ................. 11% 22% 24% 8% 26%
Net assets at end of period (millions) .. $ 11.5 $ 11.8 $ 7.0 $ 5.3 $ 4.3
</TABLE>
<TABLE>
<CAPTION>
PORTFOLIO
-------------------------------------------------
SMALL CAP
-------------------------------------------------
SIX MONTHS YEAR 11-1-94
ENDED ENDED TO
12-31-96 6-30-96 6-30-95
-------------------------------------------------
<S> <C> <C> <C>
Per share data (for a share
outstanding throughout each period):
Net asset value, beginning of period .... $ 12.82 $ 10.63 $ 10.00
Income from investment operations:
Net investment income .................. 0.09 0.26 0.22
Net realized and unrealized gain
(loss) on investments and foreign
currency transactions ................. 0.64 2.26 0.67
--------- --------- ---------
Total from investment
operations .......................... 0.73 2.52 0.89
--------- --------- ---------
Less distributions:
Dividends from net investment
income ................................ (0.09) (0.25) (0.22)
Distributions from net realized
capital gains and foreign
currency transactions ................. (1.19) (0.08) (0.04)
--------- --------- ---------
Total distributions .................. (1.28) (0.33) (0.26)
--------- --------- ---------
Net asset value, end of period .......... $ 12.27 $ 12.82 $ 10.63
========= ========= =========
Total return ............................ 5.72%(b) 24.10% 8.91%(b)
========= ========= =========
Ratio (to average net assets)/
supplemental data:
Ratios net of fees waived by advisor (c):
Expenses .............................. 1.04%(a) 0.94% 1.00%(a)
Net investment income ................. 1.43%(a) 2.21% 3.19%(a)
Ratios assuming no waiver of
management fees by advisor (c):
Expenses .............................. 1.31%(a) 1.27% 1.31%(a)
Net investment income ................. 1.16%(a) 1.88% 2.88%(a)
Portfolio turnover rate ................. 12% 34% 8%
Net assets at end of period (millions) .. $ 4.4 $ 4.5 $ 2.9
</TABLE>
(a) Annualized
(b) Calculated on an aggregate basis (not annualized).
(c) The advisor has elected to waive 0.15% of the management fee for the Income
& Growth, Growth, and Small Cap Portfolios, but it may cease those waivers,
in whole or in part, without prior notice.
The accompanying notes are an integral part of these financial statements.
<PAGE> 31
<TABLE>
<CAPTION>
DECEMBER 31, 1996 (UNAUDITED)
ONE FUND, INC.
FINANCIAL HIGHLIGHTS
PORTFOLIO
-----------------------------------------------------------------------------------
INTERNATIONAL
-----------------------------------------------------------------------------------
SIX MONTHS 8-18-92
ENDED YEAR ENDED JUNE 30, TO
12-31-96 1996 1995 1994 6-30-93
-----------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Per share data (for a share
outstanding throughout each period):
Net asset value, beginning of period .... $ 14.47 $ 12.89 $ 13.32 $ 9.90 $ 10.00
Income (loss) from investment operations:
Net investment income (loss) .......... 0.03 0.10 0.14 0.05 0.03
Net realized and unrealized gain
(loss) on investments and foreign
currency transactions ................ 0.33 2.24 0.63 4.01 (0.10)
--------- --------- --------- --------- ---------
Total income (loss) from
investment operations .............. 0.36 2.34 0.77 4.06 (0.07)
--------- --------- --------- --------- ---------
Less distributions:
Dividends from net investment
income ............................... (0.25) (0.39) (0.14) (0.05) (0.03)
Distributions from net realized
capital gains and foreign
currency transactions ................ (0.39) (0.37) (1.06) (0.59) 0.00
--------- --------- --------- --------- ---------
Total distributions ................. (0.64) (0.76) (1.20) (0.64) (0.03)
--------- --------- --------- --------- ---------
Net asset value, end of period .......... $ 14.19 $ 14.47 $ 12.89 $ 13.32 $ 9.90
========= ========= ========= ========= =========
Total return ............................ 2.55%(b) 18.65% 6.44% 40.65% (0.68%)(b)
========= ========= ========= ========= =========
Ratio (to average net assets)/
supplemental data:
Ratios net of fees waived by advisor (d):
Expenses ............................. 1.82%(a) 1.72% 1.50% 1.50% 2.32%(a)
Net investment income ................ 0.40%(a) 0.70% 1.11% 0.46% 1.93%(a)
Ratios assuming no waiver of
management fees by advisor (d):
Expenses ............................. 1.82%(a) 1.72% 1.50% 1.50% 2.32%(a)
Net investment income ................ 0.40%(a) 0.70% 1.11% 0.46% 1.93%(a)
Portfolio turnover rate ................. 10% 20% 39% 27% 0%
Net assets at end of period (millions) . $ 16.3 $ 15.1 $ 12.0 $ 10.4 $ 3.2
</TABLE>
<TABLE>
<CAPTION>
PORTFOLIO
--------------------------------------------------------------------
GLOBAL CONTRARIAN CORE GROWTH
--------------------------------------------------------------------
SIX MONTHS YEAR 11-1-94 11-1-96
ENDED ENDED TO TO
12-31-96 6-30-96 6-30-95 12-31-96
--------------------------------------------------------------------
<S> <C> <C> <C> <C>
Per share data (for a share
outstanding throughout each period):
Net asset value, beginning of period .... $ 11.48 $ 10.01 $ 10.00 $ 10.00
Income (loss) from investment operations:
Net investment income (loss) .......... 0.08 0.16 0.17 (0.01)
Net realized and unrealized gain
(loss) on investments and foreign
currency transactions ................ (0.03) 1.61 0.13 (0.10)
--------- --------- --------- ---------
Total income (loss) from
investment operations .............. 0.05 1.77 0.30 (0.11)
--------- --------- --------- ---------
Less distributions:
Dividends from net investment
income ............................... (0.17) (0.23) (0.17) (0.00)
Distributions from net realized
capital gains and foreign
currency transactions ................ (0.49) (0.07) (0.12) (0.00)
--------- --------- --------- ---------
Total distributions ................. (0.66) (0.30) (0.29) (0.00)
--------- --------- --------- ---------
Net asset value, end of period .......... $ 10.87 $ 11.48 $ 10.01 $ 9.89
========= ========= ========= =========
Total return ............................ 0.45%(b) 17.84% 2.99%(b) 11.10%(b)
========= ========= ========= =========
Ratio (to average net assets)/
supplemental data:
Ratios net of fees waived by advisor (d):
Expenses ............................. 2.08%(a) 2.14% 2.05%(a) 0.68%(a)
Net investment income ................ 1.48%(a) 1.49% 2.85%(a) (0.12%)(a)
Ratios assuming no waiver of
management fees by advisor (d):
Expenses ............................. 2.08%(a) 2.14% 2.05%(a) 0.77%(a)
Net investment income ................ 1.48%(a) 1.49% 2.85%(a) (0.20%)(a)
Portfolio turnover rate ................. 6% 26% 8% 5%
Net assets at end of period (millions) . $ 5.5 $ 5.7 $ 3.9 $ 3.9
</TABLE>
(a) Annualized
(b) Calculated on an aggregate basis (not annualized).
(d) The advisor has reimbursed certain operating expenses of the International,
Global Contrarian, and Core Growth Portfolios. Had the advisor not
reimbursed such expenses, the annualized ratio of expenses to net assets
would have been 1.72%, 1.51%, 2.22% and 4.13% for the International
Portfolio for the periods ended June 30, 1996, June 30, 1995, June 30, 1994,
and June 30, 1993 respectively, 2.40% and 2.59% for the Global Contrarian
Portfolio for the periods ended June 30, 1996 and June 30, 1995 respectively
and .038% for the Core Growth for the period ended December 31, 1996. The
annualized ratio of net investment income to net assets would have been
.70%, (1.10%), (.26%) and .12% for the International Portfolio for periods
ended June 30, 1996, June 30, 1995, June 30, 1994 and June 30, 1993
respectively, 1.23% and (2.31%) for the Global Contrarian Portfolio for the
periods ended June 30, 1996 and June 30, 1995 respectively, and (0.10%) for
the Core Growth Portfolio for the period ended December 31, 1996.
The accompanying notes are an integral part of these financial statements.
<PAGE> 32
ONE FUND, INC. -----------------
THIRD CLASS BULK
P.O. Box 371 U.S. POSTAGE PAID
Cincinnati, Ohio 45201 CINCINNATI, OHIO
Permit No. 117
Form 5843 Rev. 2/97 -----------------
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> MONEY MARKET
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> JUL-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 0
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 0
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 0
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .02
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.02)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .58
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> TAX-FREE INCOME
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> JUL-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 0
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 0
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 0
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 10.79
<PER-SHARE-NII> .28
<PER-SHARE-GAIN-APPREC> .22
<PER-SHARE-DIVIDEND> (.28)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.01
<EXPENSE-RATIO> .98
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> INCOME
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> JUL-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 0
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 0
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 0
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 9.59
<PER-SHARE-NII> .32
<PER-SHARE-GAIN-APPREC> .16
<PER-SHARE-DIVIDEND> (.32)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.75
<EXPENSE-RATIO> .96
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME> INCOME & GROWTH
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> JUL-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 0
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 0
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 0
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 12.78
<PER-SHARE-NII> .20
<PER-SHARE-GAIN-APPREC> .87
<PER-SHARE-DIVIDEND> (.20)
<PER-SHARE-DISTRIBUTIONS> (.29)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.36
<EXPENSE-RATIO> .96
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 5
<NAME> GROWTH
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> JUL-30-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 0
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 0
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 0
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 15.47
<PER-SHARE-NII> .06
<PER-SHARE-GAIN-APPREC> .92
<PER-SHARE-DIVIDEND> (.06)
<PER-SHARE-DISTRIBUTIONS> (.68)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.71
<EXPENSE-RATIO> .93
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 6
<NAME> SMALL CAP
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> JUL-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 0
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 0
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 0
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 12.82
<PER-SHARE-NII> .09
<PER-SHARE-GAIN-APPREC> .64
<PER-SHARE-DIVIDEND> (.09)
<PER-SHARE-DISTRIBUTIONS> 1.19
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.27
<EXPENSE-RATIO> 1.04
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 7
<NAME> INTERNATIONAL
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> JUL-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 0
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 0
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 0
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 14.47
<PER-SHARE-NII> .03
<PER-SHARE-GAIN-APPREC> .33
<PER-SHARE-DIVIDEND> (.25)
<PER-SHARE-DISTRIBUTIONS> (.39)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.19
<EXPENSE-RATIO> 1.82
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 8
<NAME> GLOBAL CONTRARIAN
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> JUL-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 0
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 0
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 0
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 11.48
<PER-SHARE-NII> .08
<PER-SHARE-GAIN-APPREC> (.03)
<PER-SHARE-DIVIDEND> (.17)
<PER-SHARE-DISTRIBUTIONS> (.49)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.87
<EXPENSE-RATIO> 2.08
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 9
<NAME> CORE GROWTH
<S> <C>
<PERIOD-TYPE> 2-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> JUL-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 0
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 0
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 0
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<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 0
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
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<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> (.01)
<PER-SHARE-GAIN-APPREC> (.10)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.89
<EXPENSE-RATIO> .68
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
