-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, UdtqAf/5RFy9iAYBXBoXn056VNH3j7pwdKoeTQL2gAU/NDn8BhhPgIwVcFVutheU Jhw9Jo/YCN7Rk2/tTBjraA== 0000950152-98-001663.txt : 19980304 0000950152-98-001663.hdr.sgml : 19980304 ACCESSION NUMBER: 0000950152-98-001663 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19971231 FILED AS OF DATE: 19980303 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: ONE GROUP CENTRAL INDEX KEY: 0000763852 STANDARD INDUSTRIAL CLASSIFICATION: [] STATE OF INCORPORATION: MA FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: N-30D SEC ACT: SEC FILE NUMBER: 811-04236 FILM NUMBER: 98556773 BUSINESS ADDRESS: STREET 1: 3435 STELZER RD STREET 2: STE 1000 CITY: COLUMBUS STATE: OH ZIP: 43219 BUSINESS PHONE: 6144708006 FORMER COMPANY: FORMER CONFORMED NAME: HELMSMAN FUND DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: HELMSMAN FUND INC DATE OF NAME CHANGE: 19860107 N-30D 1 THE ONE GROUP/GROWTH FUNDS 1 Growth Funds Semi-Annual Report For the six months ended December 31, 1997 Asset Allocation Fund Income Equity Fund Equity Index Fund Value Growth Fund Large Company Value Fund Disciplined Value Fund Large Company Growth Fund Growth Opportunities Fund Small Capitalization Fund International Equity Index Fund [THE ONE GROUP FAMILY OF MUTUAL FUNDS LOGO] 2 ---------------------------------------------------------- Important Customer Information. Investment Products: * are not deposits or obligations of, or guaranteed by, BANC ONE CORPORATION or any of its affiliates, * are not insured by the FDIC, and ---- * are subject to investment risks, including possible FDIC loss of the principal amount invested. LOGO ---- ----------------------------------------------------------- 3 - -------------------------------------------------------------------------------- Table of Contents - -------------------------------------------------------------------------------- THE ONE GROUP FAMILY OF MUTUAL FUNDS DECEMBER 31, 1997 Report From Your Investment Advisor........................................ 2 Portfolio Performance Review............................................... 4 Schedules of Portfolio Investments......................................... 7 Statements of Assets and Liabilities....................................... 56 Statements of Operations................................................... 60 Statements of Changes in Net Assets........................................ 62 Notes to Financial Statements.............................................. 66 Financial Highlights....................................................... 79 1 4 - -------------------------------------------------------------------------------- Report From Your Investment Advisor - -------------------------------------------------------------------------------- THE ONE GROUP FAMILY OF MUTUAL FUNDS DECEMBER 31, 1997 We are pleased to present this semiannual report for The One Group(R) Family of Mutual Funds. On the following pages, you will find an overview of the financial markets and your fund's performance for the period from July 1, 1997, through December 31, 1997. DEAR VALUED SHAREHOLDER: Thank you for continuing to support The One Group Family of Mutual Funds during an interesting, challenging and ultimately rewarding year for investors. Despite strong volatility throughout 1997 and turmoil in Asia, the Dow Jones Industrial Average was up 24.94% for 1997. Never before had the index returned more than 20% for three consecutive years. The S&P 500 Index soared even higher, closing the year up 33.36%. At the same time, and largely the result of low inflation, a strong U.S. dollar and the flight to quality spurred by the Asian crisis, U.S. bond yields ended the year on an impressive note. The 30-year Treasury, for example, ended the year yielding 5.92%, close to its 20-year low. (As bond yields fall, bond prices go up.) ONCE AGAIN, A PHILOSOPHY REINFORCED While the calendar-year returns for both the stock and bond markets are impressive, events in the final six months of 1997 may be the most memorable. On August 6, the Dow closed at 8,259, a record high and its peak for the calendar year. Shortly thereafter, though, volatility rocked the market, as the effects of the Asian financial crisis worked their way west. These forces culminated on Monday, October 27, when the Dow plummeted more than 554 points, its largest-ever point decline. This drop may be the defining moment for 1997's financial markets, and it presented a significant challenge for investors. But, rather than panicking, shareholders of The One Group demonstrated a clear understanding of market dynamics and the importance of maintaining a long-term investment philosophy. I am pleased to report that there were no significant redemptions of One Group shares after "Black Monday." To us, this implies that our investors understand the potential dangers of selling their investments based on short-term volatility. In fact, The One Group experienced a record purchase day on Tuesday, October 28, indicating that investors realize the benefits of staying focused on the stock market's long-term potential. TAX BILL CHANGES FACE OF INVESTING The second half of 1997 may be remembered as much for the jubilance it brought investors as for the turmoil. The Taxpayer Relief Act of 1997 became law, ushering in lower capital gains taxes for investors and new investment opportunities poised to change the face of investing for years to come. The cut in the capital gains tax rate may make investing in stocks even more attractive for many investors. As you are planning for your future financial needs and taking into consideration your appropriate asset allocation, please do not overlook the impact of the new tax treatment of capital gains. And, while you're planning for your financial future, take note that the 1997 tax law makes investing in IRAs even more attractive, particularly with the introduction of the Roth IRA, a new type of account that offers tax-exempt distributions in retirement. In addition, the Traditional IRA has been enhanced with many new features. The One Group can help you incorporate any of these retirement accounts into your investment plan. Speak to your investment representative or call 1-800-480-4111 for more information on IRAs. SEEK ADVICE FOR A YEAR'S WORTH OF EVENTS With 1997's record volatility and the new investment opportunities introduced by the tax law, now may be an ideal time to meet with your investment professional and make sure your investment plan remains on track to meet your financial needs. As you probably know, your asset allocation--or the way your investment dollars are strategically distributed among stock, bond and cash investments according to your goals, risk tolerance and investing time frame--may be the single-greatest determinant of your long-term investment success. After a year full of market ups and downs, your asset allocation probably shifted. For example, stock market appreciation may have caused your allocation to equities to swing higher than called for in your plan. Your investment professional can help you evaluate your plan and, if necessary, get it back on track. 2 5 - -------------------------------------------------------------------------------- Report From Your Investment Advisor, continued - -------------------------------------------------------------------------------- THE ONE GROUP FAMILY OF MUTUAL FUNDS DECEMBER 31, 1997 Furthermore, your investment representative can help you make the most of the Taxpayer Relief Act of 1997. Many of the provisions take effect with the 1998 tax year, so make sure you start off the year with the strategy that's most appropriate for you. Thank you for investing with The One Group Family of Mutual Funds and for your ongoing support of the firm's time-tested investment philosophies. We look forward to helping you achieve your financial goals in 1998 and beyond. Sincerely, LOGO David J. Kundert President and CEO, Banc One Investment Advisors Corporation, Investment Advisor to The One Group David J. Kundert photo For a prospectus with more complete information on The One Group Investor Funds, including management fees and expenses, please contact The One Group at 1-800-480-4111. Please read the prospectus carefully before investing. (2/98) 3 6 - -------------------------------------------------------------------------------- Portfolio Performance Review - -------------------------------------------------------------------------------- THE ONE GROUP FAMILY OF MUTUAL FUNDS DECEMBER 31, 1997 ECONOMIC GROWTH REMAINS STRONG Despite showing a slight slowdown from the first half of the year, U.S. economic growth during the second half of 1997 remained robust at a growth rate of 3.7%. For the entire 12-month period, the U.S. economy grew by a 3.8% growth rate. Firm employment gains and strong consumer confidence fueled the growth rate. The unemployment rate headed steadily downward, ending the year at 4.7%. The economy witnessed an average of 301,500 new non-farm jobs being created per month, when all that is needed to absorb the growth in the labor force and keep the unemployment rate steady is 150,000. LONG-TERM INTEREST RATES DECLINE Slightly higher inflation in 1996 kept long-term interest rates relatively high throughout much of 1997. With prices climbing 3.3% on a year-over-year basis in 1996, investors feared that inflation would keep that pace or even climb higher in 1997. But, as the year unfolded it became apparent that inflation was, indeed, under control. For the final six months of the year the inflation rate was 2.0%, and for the entire year prices were up only 1.7%, the best performance in 11 years. Low prices helped pave the way for a significant decline in long-term interest rates by the end of the year. Also significant was the impact of the Asian financial crisis, which caused currency values to plunge and sent financial markets into turmoil. As worldwide events unfolded during the second half of the year, it became clear that the Asian economies would weaken. This caused investors throughout the world to turn to the safety of U.S. Treasury securities, which helped drive up prices. As a result of these events, long-term interest rates showed a significant decline during the second half of 1997--a decline that was much greater than the economic fundamentals supported. At the end of the year, the yield on the 30-year U.S. Treasury bond was 5.92%, after starting the year at 6.64% and climbing to a high of 7.17% in early April. FED REMAINS IDLE The Federal Reserve remained on the sidelines during the second half of the year, after raising interest rates just once in all of 1997--a 0.25% increase of the federal funds rate in March. This lack of monetary policy action kept short-term interest rates relatively steady for the remainder of the year. The impact of the Asian currency crisis and market meltdowns may have contributed to the Fed's decision to keep rates unchanged in the second half of 1997. While strong economic growth certainly created a valid reason for another rate hike, the Fed resisted the temptation, figuring that the Asian situation would contribute to slower growth ahead. LOOKING AHEAD In terms of U.S. economic growth, the Asian crisis remains a factor that can't be ignored. Thirty percent of U.S. exports go to Asia, and with many Asian countries facing currency devaluations of 35% to 80%, consumers in that region have significantly less purchasing power. Furthermore, there's the possibility that this currency crisis could spread to Latin America, where another 20% of U.S. exports are at risk if there are some currency devaluations. The United States accounts for 28% of the non-Asian global economy, and, therefore, should be heavily influenced by the change in trade flows from Asia. Asian stock markets have dropped nearly 70% over the last several months, which undoubtedly will be reflected in lower overall consumption, particularly for foreign imports. And, as prices on goods produced in Asia continue to fall, U.S. imports from that region should go up. As a result, cheaper goods coming from Asia, and possibly Latin America, should force domestic competitors to lower their prices (or face sharply lower sales prospects). This could push the U.S. inflation rate to as low as 1.5% in 1998, compared to 1.7% in 1997 and 3.3% in 1996. At the same time, fewer U.S. exports and greater imports should cause economic growth to slow to a 2% year-over-year average for 1998. 4 7 - -------------------------------------------------------------------------------- Portfolio Performance Review, continued - -------------------------------------------------------------------------------- THE ONE GROUP FAMILY OF MUTUAL FUNDS DECEMBER 31, 1997 Given all the instability overseas and the impending effects of a slowdown in the U.S. economy, we believe that the Federal Reserve will lower interest rates in 1998, probably sometime in the second half of the year. Long-term interest rates should continue their downward trend, due to lower inflation and lower economic growth. By the end of the year, we may see the yield on the 30-year Treasury bond somewhere between 5.5% and 5.75%. /s/ Anthony Chan Anthony Chan, Ph.D. Managing Director and Chief Economist Banc One Investment Advisors 5 8 Portfolio Performance Review - -------------------------------------------------------------------------------- THE ONE GROUP FAMILY OF MUTUAL FUNDS DECEMBER 31, 1997 OBSTACLES EMERGE, BUT MARKET PERSEVERES Despite facing its most formidable challenge in years--the Asian financial crisis, which led to turmoil in equity markets worldwide--the U.S. stock market continued to climb during the second half of 1997. For the final six months of the year, the market, as measured by the S&P 500 Index, returned 10.58%, bringing its total return for the 1997 calendar year to an impressive 33.36%. The Dow Jones Industrial Average suffered its worst single-day point decline on October 27, but bounced back to gain 4.01% in the second half of the year. For the 12-month period ended December 31, 1997, the Dow was up 24.94%, marking the first time that the index posted returns greater than 20% for three years in a row. Once again, the "Goldilocks Economy" helped fuel the market's growth. Everything was "just right." Inflation remained lower than expected, interest rates declined and unemployment hit record lows. This led to stronger-than-expected economic growth and helped push corporate earnings growth to levels that were better than anticipated. We are pleased to report that The One Group domestic stock funds provided attractive results for the six-month and one-year periods ended December 31, 1997. Returns for the U.S. Funds were particularly strong for the 12-month period. DIFFERENT STYLES SHARE THE LIMELIGHT Overall, large-company growth stocks retained their leadership position during 1997, but their outperformance versus other equity styles was not as great as it had been in recent years. In fact, there was significant style rotation during the second half of the year, underscoring the importance of investing in multiple equity styles to capture performance advantages. During the summer months, for example, investors favored the stocks of small and mid-size growth companies. In the fourth quarter, investors focused on defensive equity strategies, and mid-size value stocks became the best relative performers. In terms of economic sectors, three offered notable performance. The technology sector suffered severe volatility during the six-month period, due mostly to the events in Asia. The utilities sector lagged most of the year but staged a comeback in the fourth quarter, as investors turned to stocks that typically provide a defensive hedge. The financial sector remained strong throughout the entire year. INTERNATIONAL MARKET HARD-HIT BY ASIAN CRISIS The Asian currency crisis and resulting market meltdown had the greatest impact in the international equity arena, where returns, as measured by the Europe, Australia and Far East Gross Domestic Product (EAFE GDP) Index, fell 5.46% in the second half of 1997. For the 12-month period, the EAFE GDP Index was up only 5.95%. Much of this poor performance was due to the Japanese market, which comprises 25% of the Index, and the rest of the Far East contingent. At the same time, the dollar's strength versus other currencies magnified the downturn in U.S. dollars. On the bright side, though, several European countries rebounded from recession to post strong relative performance--stronger than the S&P 500, in some cases. STOCKS SHOULD COOL FROM RECORD-BREAKING PACE While domestic stocks should enjoy another positive year in 1998, it's unlikely that the record-breaking pace of the last three years will continue. We believe that conditions remain favorable for another year of positive returns, but we think that the market environment will be much more volatile due to worldwide deflationary fears and high valuation levels. It's important to remember, though, that in 1995, 1996 and early 1997 we saw extremely low levels of volatility. What we should see in 1998 is a return to more "normal" levels of volatility. While the economy should remain favorable for stocks, economic growth should slow in 1998, which could cause earnings to moderate. In fact, for the first time in several years, earnings growth will likely move from double digits to single digits. But what may be even more important than earnings growth is earnings reliability. Slower economic growth and the fallout from the Asian situation will make it extremely important for companies to meet their earnings expectations. On the international front, we believe that European stocks are well positioned for another strong year. On the other hand, economic problems in Japan and the rest of Asia should lead to dramatically slower growth for Asia. All of these factors underscore the importance of maintaining a disciplined approach to equity investing. We encourage our investors to remain diversified among a variety of stock types and to stay focused on long-term returns. LOGO Richard R. Jandrain III Senior Managing Director of Equity Securities Banc One Investment Advisors Corporation Please refer to the prospectus and the accompanying financial statements for further information about your Fund. 6 9 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds Asset Allocation Fund - -------------------------------------------------------------------------------- SCHEDULE OF PORTFOLIO INVESTMENTS DECEMBER 31, 1997 (Amounts in Thousands) (Unaudited)
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ------------------------------------ -------- ASSET BACKED SECURITIES (2.6%): 20 Advanta Credit Card Master Trust, 5.95%, 8/31/99.................... $ 20 298 Advanta Mortgage Loan Trust, Series 1994-3, Class A2, 7.60%, 7/25/10........................... 302 600 Case Equipment Loan Trust, Series 1996-B, Class A3, 6.65%, 9/15/03........................... 609 480 Green Tree Financial Corp., Series 1996-3, Class A3, 6.70%, 5/15/27........................... 486 800 Greentree Financial Corp., Series 1996-7, Class A4, 6.80%, 10/15/27.......................... 822 67 KeyCorp Auto Grantor Trust, Series 1995-A A, 5.80%, 7/15/00.......... 67 500 Nationsbank Auto Owner Trust 1996-A A3, 6.38%, 7/15/00................ 502 525 Olympic Automobile Receivables Trust, 6.05%, 8/15/02............. 524 1,025 Olympic Automobile Receivables Trust, Series 1996-B, Class A4, 6.70%, 3/15/02.................... 1,034 630 The Money Store Home Equity Trust, Series 1993-C, 5.18%, 7/15/06..... 624 181 The Money Store Home Equity Trust, Series 1994-B, Class A2, 6.80%, 2/15/13........................... 184 67 Union Federal Savings Bank Trust, Series 1994 A A, 5.08%, 5/15/00... 67 -------- Total Asset Backed Securities 5,241 -------- COMMERCIAL PAPER (3.8%): Financial Services (3.8%): 7,905 Merrill Lynch, 5.81%, 3/19/98....... 7,810 -------- Total Commercial Paper 7,810 -------- COMMON STOCKS (51.4%): Business Equipment & Service (0.4%): 7 Jacobs Engineering Group, Inc....... 178 20 Service Corp. International......... 720 -------- 898 -------- Capital Goods (3.6%): 11 Cooper Industries, Inc.............. 544 14 Emerson Electric Co................. 790 38 General Electric Co................. 2,803 10 Harsco Corp......................... 431 6 Hubbell, Inc., Class B.............. 306 12 Mark IV Industries, Inc............. 271 6 Precision Castparts................. 338 19 Teleflex, Inc....................... 725 26 Tyco International.................. 1,167 -------- 7,375 --------
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ------------------------------------ -------- COMMON STOCKS, CONTINUED: Consumer Durable (0.9%): 19 Autozone, Inc. (c).................. $ 554 25 Chrysler Corp....................... 862 11 Lear Corp. (b)...................... 508 -------- 1,924 -------- Consumer Non-Durable (5.2%): 31 Archer-Daniels-Midland Co........... 670 21 Coca Cola Co........................ 1,419 19 ConAgra, Inc........................ 637 6 Estee Lauder Companies, Class A..... 314 19 Intimate Brands, Inc. (c)........... 457 14 McCormick & Co., Inc................ 398 18 Newell Companies, Inc............... 774 35 PepsiCo, Inc........................ 1,279 47 Philip Morris Co., Inc.............. 2,114 8 Proctor & Gamble Co................. 615 13 Quaker Oats Co...................... 686 11 Revlon, Inc. (b).................... 396 22 RJR Nabisco Holdings Corp........... 821 -------- 10,580 -------- Consumer Services (2.9%): 10 Belo (A.H.) Corp., Series A......... 561 21 Cendant Corp. (c)................... 729 18 Hasbro, Inc......................... 575 23 Hilton Hotels Corp.................. 687 10 MGM Grand, Inc. (b)(c).............. 375 17 Tele-Communications, Inc............ 479 9 Telecom-TCI Ventures Group, Series A................................. 265 15 Time Warner, Inc.................... 923 3 Tricon Global Restaurants........... 97 16 Viacom, Inc......................... 651 7 Walt Disney Co...................... 644 -------- 5,986 -------- Energy (4.3%): 9 Ashland, Inc........................ 489 11 Atlantic Richfield Co............... 857 8 Devon Energy Corp................... 312 8 Dresser Industries, Inc............. 319 38 Exxon Corp.......................... 2,324 16 Mobil Corp.......................... 1,155 25 Royal Dutch Petroleum, NY Shares.... 1,349 20 Tosco Corp. (c)..................... 764 20 USX-Marathon Group.................. 682 10 Weatherford Enterra, Inc............ 455 -------- 8,706 -------- Financial Services (9.1%): 5 Allstate Corp....................... 473 6 American Express Co................. 500 9 American International Group, Inc............................... 941 9 Charter One Financial, Inc.......... 587
Continued 7 10 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds Asset Allocation Fund - -------------------------------------------------------------------------------- SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED DECEMBER 31, 1997 (Amounts in Thousands) (Unaudited)
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ------------------------------------ -------- COMMON STOCKS, CONTINUED: Financial Services, continued: 9 Chase Manhattan Corp................ $ 1,007 4 Cigna Corp.......................... 675 11 Equitable Co., Inc.................. 537 22 Federal National Mortgage Assoc..... 1,267 7 First American Bank Corp............ 509 23 First Union Corp. (c)............... 1,189 15 Fleet Financial Group, Inc.......... 1,147 8 Hartford Financial Services Group... 777 16 Morgan Stanley Dean Witter Discover.......................... 952 21 Nationsbank......................... 1,265 16 PNC Bank Corp....................... 902 10 Provident Co., Inc.................. 390 13 Regions Financial Corp.............. 527 14 Southtrust Corp..................... 856 10 State Street Corp................... 570 7 TransAmerica Corp................... 692 24 Travelers Group, Inc................ 1,293 8 Washington Mutual, Inc.............. 491 3 Wells Fargo & Co.................... 916 -------- 18,463 -------- Health Care (5.7%): 17 Abbott Labs......................... 1,141 13 American Home Products Corp......... 979 9 Amgen, Inc. (b)..................... 498 12 Baxter International, Inc........... 625 18 Bristol Myers Squibb Co............. 1,723 6 Cardinal Health, Inc. (c)........... 436 23 Eli Lilly & Co...................... 1,580 10 Guidant Corp........................ 647 15 Healthsouth Corp.................... 427 7 Johnson & Johnson................... 435 13 Medpartners, Inc.................... 291 9 Merck & Co., Inc.................... 967 6 Pfizer, Inc......................... 447 14 Tenet Healthcare Corp............... 474 7 Warner-Lambert Co................... 856 -------- 11,526 -------- Raw Materials (2.2%): 9 Betzdearborn, Inc................... 556 14 Crompton & Knowles Corp............. 371 14 Du Pont (EI) de Nemours & Co........ 841 17 Ferro Corp.......................... 417 20 Morton International, Inc........... 674 13 Nalco Chemical Co................... 506 12 Olin Corp........................... 572 14 Praxair, Inc........................ 630 -------- 4,567 -------- Retail (3.1%): 26 CompUSA, Inc........................ 800 14 Dayton Hudson Corp.................. 911 16 Gymboree............................ 441
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ------------------------------------ -------- COMMON STOCKS, CONTINUED: Retail, continued: 28 Just For Feet, Inc. (b)............. $ 364 23 Kroger Co. (b)...................... 850 35 Officemax, Inc. (b)................. 504 9 Outback Steakhouse, Inc. (c)........ 270 18 Toys R Us, Inc. (b)................. 556 40 Wal-Mart Stores, Inc................ 1,558 -------- 6,254 -------- Shelter (1.3%): 25 Kaufman & Broad Home Corp........... 570 16 Kimberly Clark Corp................. 765 11 Leggett & Platt, Inc................ 456 9 Masco Corp.......................... 468 12 Pentair, Inc........................ 435 -------- 2,694 -------- Technology (7.7%): 6 Altera Corp. (b).................... 186 18 Analog Devices, Inc. (b)(c)......... 485 10 BMC Software, Inc. (b).............. 623 12 Boeing Co........................... 573 22 Cadence Design Systems, Inc. (c).... 534 23 Cisco Systems, Inc. (b)............. 1,257 20 Compaq Computer Corp. (b)........... 1,134 14 Dell Computer Corp. (b)............. 1,168 5 General Motors, Class H............. 166 12 Hewlett Packard Co.................. 750 28 Intel Corp.......................... 1,946 17 International Business Machines..... 1,809 6 Lockheed Martin Corp................ 591 8 Lucent Technologies, Inc............ 623 20 Microsoft Corp. (b)................. 2,597 16 Orbital Sciences Corp. (b).......... 467 3 Raytheon Co., Class A............... 125 17 Teradyne, Inc. (b).................. 547 -------- 15,581 -------- Utilities (5.0%): 14 AES Corp. (b)....................... 653 10 Century Telephone Enterprises....... 498 11 Florida Power & Light, Inc.......... 657 19 General Public Utilities Corp....... 779 23 GTE Corp............................ 1,212 26 LCI International, Inc. (c)......... 803 10 MCN Corp............................ 392 6 National Fuel Gas Co................ 278 26 New York State Electric & Gas....... 919 20 SBC Communications, Inc............. 1,428
Continued 8 11 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds Asset Allocation Fund - -------------------------------------------------------------------------------- SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED DECEMBER 31, 1997 (Amounts in Thousands) (Unaudited)
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ------------------------------------ -------- COMMON STOCKS, CONTINUED: Utilities, continued: 19 Sprint Corp......................... $ 1,102 16 Texas Utilities..................... 677 26 Worldcom, Inc. (c).................. 793 -------- 10,191 -------- Total Common Stocks 104,745 -------- CORPORATE BONDS (11.4%): Banking, Finance & Insurance (7.1%): $1,000 Association Corp., 8.27%, 11/8/01... 1,069 1,000 Bankamerica Corp., 8.13%, 2/1/02.... 1,063 500 Chrysler Financial Corp., 5.88%, 2/7/01............................ 497 1,070 Circuit City Credit Card Master Trust, 6.38%, 8/15/05............. 1,077 1,000 First Hawaiian, Inc., 6.25%, 8/15/00........................... 998 610 Ford Credit Auto Loan Master Trust, 5.50%, 2/15/03.................... 603 500 Ford Motor Credit Corp., 8.38%, 1/15/00........................... 522 250 General Motors Acceptance Corp., 7.00%, 3/1/00..................... 254 1,250 General Motors Acceptance Corp., 8.25%, 2/24/04.................... 1,361 1,000 Goldman Sachs Group, 7.20%, 3/1/07, 144 A............................. 1,053 750 Huntington National Bank, 6.75%, 6/15/03........................... 764 250 Lehman Brothers Holdings, Inc., 6.38%, 6/1/98..................... 250 300 Lehman Brothers Holdings, Inc., 8.88%, 11/1/98.................... 307 500 Lehman Brothers, Inc., 9.88%, 10/15/00.......................... 544 550 MBNA Master Credit Card, 5.40%, 3/15/99........................... 546 800 McDonnell Douglas Corp., 9.30%, 9/11/02........................... 834 307 McDonnell Douglas Corp., 6.45%, 12/5/02........................... 309 750 Midland Bank PLC, 6.95%, 3/15/11.... 770 250 Nationsbank Texas, 6.75%, 8/15/00... 254 1,000 Society National Bank, 6.75%, 6/15/03........................... 1,019 500 Suntrust Banks, 7.38%, 7/1/02....... 519 -------- 14,613 -------- Industrials (2.5%): 250 Anheuser Busch Co., 8.75%, 12/1/99........................... 262 500 Campbell Soup Co., 5.63%, 9/15/03... 487 250 Coca-Cola Co., 7.88%, 9/15/98....... 253 500 Dayton Hudson Corp., 7.25%, 9/1/04............................ 520 200 Du Pont (EI) de Nemours & Co., 8.70%, 2/7/01..................... 215 250 Ford Motor Co., 9.00%, 9/15/01...... 271 200 Illinois Tool Works, 7.50%, 12/1/98........................... 202 500 J C Penney & Co., 5.38%, 11/15/98... 496
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ------------------------------------ -------- CORPORATE BONDS, CONTINUED: Industrials, continued: $ 250 Johnson & Johnson, 7.38%, 6/29/02... $ 262 1,000 Occidental Petroleum, 9.25%, 8/1/19............................ 1,249 750 Sears Roebuck Acceptance, 7.13%, 5/2/03............................ 776 -------- 4,993 -------- Transportation (0.3%): 500 Union Pacific Co., 7.60%, 5/1/05.... 533 -------- Utilities (1.5%): 500 AT&T Corp., 6.00%, 8/1/00 (c)....... 497 750 AT&T Corp., 7.50%, 6/1/06........... 806 250 Duke Power Co., 7.00%, 7/1/00....... 255 250 Southern California Edison, 7.50%, 4/15/99........................... 254 675 Virginia Electric & Power, 9.15%, 6/10/99........................... 705 500 Virginia Electric & Power, 6.63%, 4/1/03............................ 509 -------- 3,026 -------- Total Corporate Bonds 23,165 -------- FEDERAL AGENCY DEBENTURES (1.0%): Federal National Mortgage Assoc. (1.0%): 1,000 5.55%, 9/8/98....................... 997 1,000 5.53%, 2/10/99...................... 996 -------- Total Federal Agency Debentures 1,993 -------- U.S. GOVERNMENT AGENCY MORTGAGES (12.8%): Federal Home Loan Mortgage Corp. (4.8%): 135 10.00%, 9/1/03, Pool #E30407........ 143 295 8.00%, 3/1/08, Pool #E45796......... 305 943 7.00%, 1/1/12, Pool #E66116......... 957 313 10.50%, 10/1/20, Pool #D24679....... 347 765 8.00%, 4/1/25, Pool #C00401......... 795 837 8.00%, 5/1/25, Pool #D60455......... 870 457 7.00%, 2/1/26, Pool #D69343......... 463 947 6.50%, 2/1/26, Pool #D68124......... 938 680 6.50%, 2/1/26, Pool #D68616......... 673 487 7.00%, 3/1/26, Pool #D69430......... 492 913 7.50%, 5/1/26, Pool #C00460......... 937 806 8.50%, 7/1/26, Pool #C00472......... 842 957 7.00%, 10/1/26, Pool #D75494........ 967 1,000 7.50%, 12/1/27...................... 1,023 -------- 9,752 -------- Federal National Conventional Loan (0.5%): 380 8.00%, 6/1/24, Pool #250085......... 395 650 8.00%, 6/1/24, Pool #270402......... 675 -------- 1,070 -------- Federal National Mortgage Assoc. (2.9%): 275 6.40%, 3/25/03...................... 275 250 6.40%, 1/13/04...................... 250 864 6.50%, 5/1/11, Pool #337195......... 865
Continued 9 12 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds Asset Allocation Fund - -------------------------------------------------------------------------------- SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED DECEMBER 31, 1997 (Amounts in Thousands) (Unaudited)
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ------------------------------------ -------- U.S. GOVERNMENT AGENCY MORTGAGES, CONTINUED: Federal National Mortgage Assoc., continued: $ 892 7.00%, 7/1/25, Pool #317252......... $ 901 854 6.50%, 2/1/26, Pool #337115......... 846 844 7.50%, 5/1/26, Pool #344916......... 865 917 7.00%, 5/1/26, Pool #346269......... 926 866 7.50%, 11/1/26, Pool #363626........ 886 -------- 5,814 -------- Government National Mortgage Assoc. (4.6%): 709 5.50%, 4/20/11, Pool #2222.......... 677 113 8.00%, 4/15/17, Pool #192100........ 119 72 8.00%, 5/15/22, Pool #329176........ 75 88 6.50%, 1/15/24, Pool #376656........ 88 229 8.00%, 4/15/24, Pool #376038........ 239 1,114 8.00%, 8/15/24, Pool #394024........ 1,161 1,333 7.00%, 8/15/25, Pool #413007........ 1,348 977 6.50%, 4/15/26, Pool #416192........ 967 962 6.50%, 4/15/26, Pool #424185........ 952 842 7.50%, 5/15/26, Pool #375345........ 864 985 7.00%, 5/15/26, Pool #375344........ 995 858 8.50%, 1/15/27, Pool #432266........ 901 1,000 7.50%, 12/15/27, Pool #455358....... 1,025 -------- 9,411 -------- Total U.S. Government Agency Mortgages 26,047 -------- U.S. TREASURY OBLIGATIONS (14.2%): U.S. Treasury Bills (0.2%): 55 1/22/98 (d)......................... 55 95 2/5/98 (d).......................... 95 40 2/19/98 (d)......................... 40 115 2/26/98 (d)......................... 114 55 3/12/98 (d)......................... 54 -------- 358 --------
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ------------------------------------ -------- U.S. TREASURY OBLIGATIONS, CONTINUED: U.S. Treasury Bonds (5.2%): $ 750 11.25%, 2/15/15 (c)................. $ 1,176 1,900 7.50%, 11/15/16..................... 2,218 4,700 8.13%, 8/15/19 (c).................. 5,877 1,000 7.88%, 2/15/21 (c).................. 1,228 -------- 10,499 -------- U.S. Treasury Notes (8.8%): 500 7.25%, 2/15/98 (c).................. 501 600 9.00%, 5/15/98...................... 608 200 8.88%, 2/15/99...................... 207 300 5.88%, 3/31/99...................... 301 3,250 7.00%, 4/15/99 (c).................. 3,304 300 6.00%, 10/15/99..................... 302 250 7.75%, 11/30/99 (c)................. 259 1,000 7.75%, 1/31/00 (c).................. 1,040 1,000 6.50%, 5/31/01 (c).................. 1,023 6,500 6.50%, 8/31/01 (c).................. 6,661 2,000 6.63%, 3/31/02 (c).................. 2,064 150 6.25%, 2/15/03 (c).................. 153 1,500 6.50%, 5/15/05 (c).................. 1,563 -------- 17,986 -------- Total U.S. Treasury Obligations 28,843 -------- REPURCHASE AGREEMENTS (2.4%): 4,876 Prudential Securities, 6.80%, 1/2/98 (Collateralized by $5,105 U.S. Treasury Bills, 6/25/98, market value $4,974)..................... 4,876 -------- Total Repurchase Agreements 4,876 -------- Total (Cost $179,677) (a)....................... $202,720 ========
- ------------ Percentages indicated are based on net assets of $203,458. (a) Represents cost for financial reporting purposes and differs from value by net unrealized appreciation of securities as follows (amounts in thousands): Unrealized appreciation..................................... $24,268 Unrealized depreciation..................................... (1,173) ------- Net unrealized appreciation................................. $23,095 =======
(b) Non-income producing securities. (c) A portion of this security was loaned as of December 31, 1997. (d) Serves as collateral for futures contracts. At December 31, 1997, the Portfolio's open futures contracts were as follows:
CURRENT NUMBER OPENING MARKET OF POSITIONS VALUE CONTRACTS CONTRACT TYPE (000) (000) - --------- ------------- --------- ------- 34 Long S&P 500 March 1998 Futures $8,270 $8,322
See notes to financial statements. 10 13 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds Income Equity Fund - -------------------------------------------------------------------------------- SCHEDULE OF PORTFOLIO INVESTMENTS DECEMBER 31, 1997 (Amounts in Thousands) (Unaudited)
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ------------------------------------- -------- COMMON STOCKS (90.9%): Business Equipment & Services (2.0%): 63 Automatic Data Processing, Inc....... $ 3,867 200 Browning-Ferris Industries, Inc. (b)................................ 7,400 225 Dun & Bradstreet Corp................ 6,961 -------- 18,228 -------- Capital Goods (5.2%): 215 Cooper Industries, Inc............... 10,535 97 Deere & Co........................... 5,656 358 General Electric Co.................. 26,269 100 Johnson Controls, Inc................ 4,775 -------- 47,235 -------- Consumer Durable (2.2%): 57 Briggs & Stratton Corp............... 2,778 60 Chrysler Corp........................ 2,111 300 Ford Motor Co........................ 14,606 -------- 19,495 -------- Consumer Non-Durable (15.1%): 120 American Greetings Corp., Class A.... 4,695 254 Campbell Soup Co..................... 14,741 120 Clorox Co............................ 9,488 242 Coca Cola Co......................... 16,123 464 ConAgra, Inc......................... 15,225 120 Eastman Kodak Co. (b)................ 7,298 171 H.J. Heinz Co........................ 8,689 135 International Flavors & Fragrances, Inc. (c)........................... 6,953 150 McCormick & Co., Inc................. 4,200 40 Newell Co., Inc...................... 1,703 140 PepsiCo, Inc......................... 5,101 411 Philip Morris Co., Inc............... 18,617 180 Procter & Gamble Co. (b)............. 14,366 104 Quaker Oats Co....................... 5,486 110 RJR Nabisco Holdings Corp............ 4,125 -------- 136,810 -------- Consumer Services (1.1%): 140 McGraw-Hill Co., Inc. (b)............ 10,360 -------- Energy (10.0%): 160 Amoco Corp........................... 13,620 100 Atlantic Richfield Co................ 8,013 150 Dresser Industries, Inc. (b)......... 6,291 321 Exxon Corp........................... 19,666 130 Halliburton Co....................... 6,752 220 Mobil Corp........................... 15,881 350 Royal Dutch Petroleum Co............. 18,966 50 USX-Marathon Group................... 1,688 -------- 90,877 --------
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ------------------------------------- -------- COMMON STOCKS, CONTINUED: Financial Services (17.9%): 130 Allstate Corp........................ $ 11,814 231 American Express Co.................. 20,613 19 Bank of New York Co., Inc............ 1,087 257 BankAmerica Corp..................... 18,761 73 Chase Manhattan Corp................. 7,997 50 Citicorp............................. 6,322 13 Comerica, Inc........................ 1,143 216 Federal National Mortgage Assoc...... 12,326 120 First Tennessee National Corp. (b)... 8,010 50 First Union Corp..................... 2,563 120 J.P. Morgan & Co., Inc............... 13,545 181 Lincoln National Corp................ 14,141 10 Marsh & Mclennan Co.................. 753 116 National City Corp................... 7,627 65 Norwest Corp......................... 2,511 42 Regions Financial Corp............... 1,772 200 Reliastar Financial Corp............. 8,238 41 Southtrust Corp...................... 2,601 6 SunAmerica, Inc...................... 774 95 TransAmerica Corp.................... 10,118 80 U.S. Bancorp......................... 8,955 -------- 161,671 -------- Health Care (12.0%): 45 Abbott Labs.......................... 2,950 205 American Home Products Co............ 15,683 276 Baxter International, Inc............ 13,921 241 Bristol Myers Squibb Co.............. 22,765 118 Merck & Co., Inc..................... 12,484 135 Pfizer, Inc.......................... 10,066 244 Schering Plough Corp................. 15,159 125 Warner Lambert Co.................... 15,500 -------- 108,528 -------- Multi-Industry (0.7%): 80 Minnesota Mining & Manufacturing Co................................. 6,565 Raw Materials (4.5%): 169 Dow Chemical Co...................... 17,129 140 Du Pont (EI) de Nemours & Co......... 8,409 160 Nalco Chemical Co.................... 6,330 83 Olin Corp. (b)....................... 3,891 220 Pall Corp. (b)....................... 4,551 -------- 40,310 -------- Retail (3.0%): 178 Albertsons, Inc. (b)................. 8,433 173 May Department Stores Co............. 9,117 185 Wal-Mart Stores, Inc................. 7,296 80 Walgreen Co.......................... 2,510 -------- 27,356 --------
Continued 11 14 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds Income Equity Fund - -------------------------------------------------------------------------------- SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED DECEMBER 31, 1997 (Amounts in Thousands) (Unaudited)
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ------------------------------------- -------- COMMON STOCKS, CONTINUED: Shelter (2.0%): 85 Kimberly Clark Corp.................. $ 4,192 275 Sonoco Products Co................... 9,539 85 Weyerhaeuser Co...................... 4,170 -------- 17,901 -------- Technology (5.6%): 113 AMP, Inc. (b)........................ 4,746 100 Boeing Co............................ 4,894 127 Hewlett Packard Co................... 7,938 96 International Business Machines...... 10,038 60 Lockheed Martin Corp. (b)............ 5,910 60 United Technologies Corp............. 4,369 175 Xerox Corp. (b)...................... 12,916 -------- 50,811 -------- Transportation (0.6%): 50 Norfolk Southern Corp................ 1,541 60 Union Pacific Corp................... 3,746 -------- 5,287 -------- Utilities (9.0%): 181 AT&T Corp............................ 11,078 190 BellSouth Corp....................... 10,699 147 Central & South West Corp. (b)....... 3,978 20 El Paso Natural Gas Co............... 1,330 160 Entergy Corp......................... 4,790 240 GTE Corp............................. 12,540 120 Ku Energy Corp....................... 4,710 33 New Century Energies, Inc............ 1,596 50 Northern States Power Co............. 2,931 130 Questar Corp......................... 5,801 230 SBC Communications, Inc.............. 16,849 90 Sprint Corp.......................... 5,276 -------- 81,578 -------- Total Common Stocks 823,012 --------
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ------------------------------------- -------- CONVERTIBLE BONDS (4.1%): $7,725 Alza Corp., 5.00%, 5/1/06............ $ 8,053 2,500 Athena Neurosciences, 4.75%, 11/15/04, Callable 11/15/00 @ 102.7.............................. 2,547 6,500 Hilton Hotels Corp., 5.00%, 5/15/06............................ 7,150 725 Home Depot, Inc., 3.25%, 10/1/01, Callable 10/1/99 @ 100.81.......... 982 6,000 Masco Corp., 5.25%, 2/15/12.......... 7,215 5,500 Medical Care International, 6.75%, 10/1/06............................ 5,321 6,000 Pep Boys-Manny, Moe & Jack, 4.00%, 9/1/99............................. 5,903 -------- Total Convertible Bonds 37,171 -------- PREFERRED STOCKS (2.6%): 140 Corning Delaware..................... 8,627 110 Crown Cork & Seal Co................. 5,170 110 Cyprus Amax Minerals Co.............. 5,253 55 Microsoft Corp....................... 4,943 -------- Total Preferred Stocks 23,993 -------- REPURCHASE AGREEMENTS (2.5%): 22,722 Prudential Securities, 6.80%, 1/2/98 (Collateralized by $19,334 U.S. Treasury Bonds, 7.50%, 11/15/24, market value $23,177).............. 22,722 -------- Total Repurchase Agreements 22,722 -------- Total (Cost $499,296) (a) $906,898 ========
- ------------ Percentages indicated are based on net assets of $905,702. (a) Represents cost for financial reporting purposes and differs from value by net unrealized appreciation of securities as follows (amounts in thousands): Unrealized appreciation..................................... $410,325 Unrealized depreciation..................................... (2,723) -------- Net unrealized appreciation................................. $407,602 ========
(b) A portion of this security was loaned as of December 31, 1997. See notes to financial statements. 12 15 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds Equity Index Fund - -------------------------------------------------------------------------------- SCHEDULE OF PORTFOLIO INVESTMENTS DECEMBER 31, 1997 (Amounts in Thousands) (Unaudited)
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ------------------------------------ -------- COMMERCIAL PAPER (1.7%): Financial Services (1.7%): $3,000 CXC, Inc., 5.82%, 3/19/98........... $ 2,964 3,000 Ford Motor Co., 5.78%, 3/19/98...... 2,964 2,275 General Electric, 5.78%, 3/19/98.... 2,248 8,095 Merrill Lynch, 5.67%, 3/19/98....... 7,996 -------- Total Commercial Paper 16,172 -------- COMMON STOCKS (97.9%): Business Equipment & Services (1.9%): 37 Automatic Data Processing, Inc...... 2,254 26 Browning-Ferris Industries, Inc..... 973 11 Canadian Moore Corp., Ltd........... 166 10 Ceridian Corp. (b).................. 438 21 Cognizant Corp...................... 935 9 Computer Sciences Corp. (b)......... 777 11 Deluxe Corp......................... 365 21 Dun & Bradstreet Corp............... 656 8 Ecolab, Inc......................... 451 19 Equifax, Inc........................ 663 56 First Data Corp..................... 1,632 13 H & R Block......................... 567 16 Ikon Office Solutions (c)........... 450 15 Interpublic Group Co., Inc.......... 762 3 John H. Harland Co.................. 70 38 Laidlaw, Inc........................ 515 6 National Service Industries, Inc.... 309 19 Omnicom Group, Inc.................. 814 19 Pitney Bowes, Inc................... 1,670 19 R.R. Donnelley & Sons Co. (c)....... 710 10 Ryder Systems, Inc.................. 328 7 Safety-Kleen Corp................... 202 31 Service Corp. International......... 1,153 57 WMX Technologies, Inc............... 1,554 -------- 18,414 -------- Capital Goods (5.7%): 3 Aeroquip-Vickers, Inc............... 150 11 Black & Decker Corp................. 422 9 Case Corp........................... 538 48 Caterpillar, Inc.................... 2,318 5 Cincinnati Milacron, Inc............ 126 15 Cooper Industries, Inc.............. 732 5 Crane Co............................ 237 5 Cummins Engine, Inc. (c)............ 300 32 Deere & Co.......................... 1,843 28 Dover Corp.......................... 1,006 56 Emerson Electric Co................. 3,136 11 Fluor Corp.......................... 396 5 Foster Wheeler Corp................. 131 407 General Electric Co................. 29,896 6 General Signal Corp................. 272 7 Grainger W.W., Inc.................. 664 6 Harnischfeger Industries, Inc....... 220
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ------------------------------------ -------- COMMON STOCKS, CONTINUED: Capital Goods, continued: 16 Honeywell, Inc...................... $ 1,082 30 Illinois Tool Works................. 1,792 20 Ingersoll Rand Co................... 794 10 Johnson Controls, Inc............... 491 1 Nacco Industries, Inc............... 84 10 Navistar International Corp. (b).... 239 6 Owens-Corning Fiberglass Corp....... 220 9 Paccar, Inc......................... 493 14 Parker-Hannifin Corp................ 644 23 PPG Industries, Inc................. 1,298 22 Sherwin-Williams Co................. 604 8 Snap-On, Inc........................ 352 11 Stanley Works....................... 518 19 Thermo Electron Corp. (b)(c)........ 823 7 Timken Co........................... 239 66 Tyco International, Ltd............. 2,966 -------- 55,026 -------- Consumer Durable (2.3%): 19 Autozone, Inc. (b)(c)............... 548 2 Briggs & Stratton Corp.............. 115 84 Chrysler Corp....................... 2,960 10 Cooper Tire & Rubber Co............. 256 12 Dana Corp........................... 588 10 Eaton Corp.......................... 876 8 Echlin, Inc......................... 287 148 Ford Motor Co....................... 7,189 91 General Motors Corp................. 5,509 23 Genuine Parts Co.................... 770 19 Goodyear Tire & Rubber Co........... 1,211 14 ITT Industries, Inc................. 453 13 Maytag Corp......................... 472 0 Meritore Automotive, Inc. (d)....... 0 10 Whirlpool Corp...................... 523 -------- 21,757 -------- Consumer Non-Durable (11.9%): 6 Alberto Culver Co., Class B......... 207 10 American Greetings Corp., Class A... 372 62 Anheuser Busch Co., Inc............. 2,707 72 Archer-Daniels-Midland Co........... 1,567 17 Avon Products, Inc.................. 1,037 3 Ball Corp........................... 111 7 Bemis Co............................ 305 9 Brown-Forman Corp., Class B......... 486 58 Campbell Soup Co.................... 3,384 13 Clorox Co........................... 1,048 309 Coca Cola Co........................ 20,559 36 Colgate Palmolive Co................ 2,677 60 ConAgra, Inc........................ 1,958 5 Coors Adolph Co., Class B........... 154
Continued 13 16 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds Equity Index Fund - -------------------------------------------------------------------------------- SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED DECEMBER 31, 1997 (Amounts in Thousands) (Unaudited)
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ------------------------------------ -------- COMMON STOCKS, CONTINUED: Consumer Non-Durable, continued: 18 CPC International................... $ 1,950 16 Crown Cork & Seal Co. (c)........... 780 42 Eastman Kodak Co.................... 2,542 5 Fleming Co., Inc.................... 63 23 Fort James Corp..................... 898 22 Fortune Brands Inc.................. 806 10 Fruit of The Loom, Inc., Class A (b)............................... 249 20 General Mills, Inc.................. 1,423 69 Gillette Co. (c).................... 6,960 46 H.J. Heinz Co....................... 2,328 19 Hershey Foods Corp.................. 1,186 14 International Flavors & Fragrances, Inc............................... 702 5 Jostens, Inc........................ 116 52 Kellogg Co. (c)..................... 2,566 10 Liz Claiborne, Inc.................. 401 20 Newell Co........................... 851 36 Nike, Inc., Class B (c)............. 1,409 192 PepsiCo, Inc........................ 7,007 303 Philip Morris Co., Inc.............. 13,709 8 Pioneer Hi-Bred International, Inc............................... 879 6 Polaroid Corp....................... 292 168 Proctor & Gamble Co................. 13,447 17 Quaker Oats Co...................... 876 13 Ralston Purina Group................ 1,212 7 Reebok International Ltd. (b)....... 209 19 Rubbermaid, Inc..................... 482 5 Russell Corp........................ 129 60 Sara Lee, Corp...................... 3,383 46 Seagram Co., Ltd. (c)............... 1,502 2 Springs Industries, Inc., Class A... 91 9 Supervalu, Inc...................... 369 22 Sysco Corp.......................... 1,023 8 Tupperware Corp..................... 223 79 Unilever N V........................ 4,944 24 UST, Inc............................ 902 17 V.F. Corp........................... 759 14 Wrigley (Wm.) Junior Co............. 1,148 -------- 114,388 -------- Consumer Services (4.2%): 12 Brunswick Corp...................... 366 88 CBS Corp............................ 2,584 96 Cendant Corp. (b)(c)................ 3,312 12 Clear Channel Communications (b).... 961 41 Comcast Corp., Class A.............. 1,305 12 Dow Jones & Co., Inc................ 645 35 Gannett, Inc........................ 2,166 12 Harrah's Entertainment, Inc. (b).... 236 16 Hasbro, Inc......................... 508 31 Hilton Hotels Corp.................. 922 14 ITT Corp. (b)....................... 1,189
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ------------------------------------ -------- COMMON STOCKS, CONTINUED: Consumer Services, continued: 5 King World Productions, Inc. (b).... $ 263 12 Knight-Ridder, Inc.................. 632 16 Marriott International, Inc......... 1,091 34 Mattel, Inc......................... 1,283 13 McGraw-Hill Co., Inc................ 937 6 Meredith Corp....................... 226 22 Mirage Resorts, Inc. (b)............ 496 12 New York Times Co., Class A......... 807 63 Tele-Communications, Inc., Class A (b)............................... 1,749 71 Time Warner, Inc.................... 4,381 13 Times Mirror Co., Class A (c)....... 795 16 Tribune Co.......................... 1,016 59 U.S. West, Inc. (b)................. 2,651 45 Viacom, Inc., Class B (b)........... 1,848 84 Walt Disney Co...................... 8,346 -------- 40,715 -------- Energy (8.3%): 11 Amerada Hess Corp. (c).............. 625 61 Amoco Corp.......................... 5,227 7 Anadarko Petroleum Corp............. 443 11 Apache Corp......................... 393 8 Ashland, Inc........................ 441 40 Atlantic Richfield Co............... 3,224 20 Baker Hughes, Inc................... 892 22 Burlington Northern................. 970 81 Chevron Corp. (c)................... 6,216 22 Dresser Industries, Inc............. 919 308 Exxon Corp.......................... 18,866 31 Halliburton Co...................... 1,621 2 Helmerich & Payne, Inc.............. 161 7 Kerr McGee Corp..................... 426 7 McDermott International, Inc........ 265 98 Mobil Corp.......................... 7,066 40 Occidental Petroleums Corp. (c)..... 1,172 12 Oryx Energy Co. (b)................. 316 6 Pennzoil Co......................... 404 33 Phillips Petroleum Co............... 1,587 11 Rowan Cos., Inc. (b)................ 327 266 Royal Dutch Petroleum Co............ 14,415 62 Schlumberger Ltd. (c)............... 4,954 9 Sun, Inc............................ 389 22 Tenneco, Inc........................ 862 65 Texaco, Inc......................... 3,550 31 Union Pacific Resources Group, Inc............................... 750 31 Unocal Corp......................... 1,187 36 USX-Marathon Group.................. 1,212 7 Western Atlas, Inc. (b)............. 533 -------- 79,413 --------
Continued 14 17 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds Equity Index Fund - -------------------------------------------------------------------------------- SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED DECEMBER 31, 1997 (Amounts in Thousands) (Unaudited)
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ------------------------------------ -------- COMMON STOCKS, CONTINUED: Financial Services (16.7%): 54 Allstate Corp....................... $ 4,918 59 American Express Co................. 5,257 30 American General Corp. (c).......... 1,623 88 American International Group, Inc. (c)............................... 9,569 20 Aon Corp............................ 1,161 72 Banc One Corp. (c).................. 3,887 47 Bank of New York Co., Inc........... 2,729 88 BankAmerica Corp.................... 6,428 18 Bankboston Corp..................... 1,726 12 Bankers Trust New York Corp......... 1,359 26 Barnett Banks, Inc.................. 1,842 17 BB&T Corp........................... 1,076 7 Beneficial Corp..................... 575 33 Charles Schwab Corp................. 1,373 53 Chase Manhattan Corp................ 5,767 22 Chubb Corp.......................... 1,639 10 Cigna Corp.......................... 1,644 6 Cincinnati Financial Corp........... 816 57 Citicorp............................ 7,212 14 Comerica, Inc....................... 1,236 22 Conseco, Inc........................ 1,018 26 Corestates Financial Corp........... 2,062 13 Country Wide Credit................. 549 88 Federal Home Loan Mortgage Corp..... 3,695 132 Federal National Mortgage Assoc..... 7,535 20 Fifth Third Bancorp................. 1,615 37 First Chicago NBD Corp.............. 3,064 70 First Union Corp.................... 3,584 32 Fleet Financial Group, Inc.......... 2,397 10 General Re Corp..................... 2,138 8 Golden West Financial Corp.......... 755 17 Green Tree Financial Corp. (c)...... 445 12 H.F. Ahmanson & Co.................. 813 14 Hartford Financial Services Group... 1,342 13 Household International, Inc. (c)... 1,695 24 Huntington Bancshares (c)........... 857 23 J.P. Morgan & Co., Inc. (c)......... 2,578 9 Jefferson Pilot Corp................ 715 27 KeyCorp............................. 1,912 13 Lincoln National Corp............... 999 20 Marsh & McLennan Co................. 1,521 11 MBIA, Inc........................... 702 62 MBNA Corp........................... 1,701 31 Mellon Bank Corp.................... 1,891 41 Merrill Lynch & Co.................. 3,007 15 MGIC Investment Corp................ 991 73 Morgan Stanley Dean Witter Discover.......................... 4,322 28 National City Corp.................. 1,808 88 NationsBank Corp.................... 5,378 92 Norwest Corp........................ 3,546 38 PNC Bank Corp....................... 2,176
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ------------------------------------ -------- COMMON STOCKS, CONTINUED: Financial Services, continued: 9 Progressive Corp., Ohio............. $ 1,031 12 Providian Financial................. 533 7 Republic N Y Corp................... 788 15 SAFECO Corp......................... 752 11 St. Paul Co., Inc................... 880 20 State Street Corp................... 1,164 23 Sunamerica, Inc. (c)................ 973 27 SunTrust Banks, Inc................. 1,903 21 Synovus Financial Corp. (c)......... 671 18 Torchmark Corp...................... 765 8 TransAmerica Corp................... 873 141 Travelers Group, Inc................ 7,615 31 U.S. Bancorp........................ 3,471 19 UNUM Corp........................... 1,028 14 USF & G Corp. (c)................... 312 21 Wachovia Corp....................... 1,704 31 Washington Mutual, Inc.............. 1,980 11 Wells Fargo & Co. (c)............... 3,820 -------- 158,911 -------- Health Care (11.2%): 97 Abbott Labs......................... 6,345 18 Aetna (c)........................... 1,299 8 Allergan, Inc....................... 275 11 Alza Corp. (b)...................... 338 80 American Home Products Co........... 6,139 33 Amgen, Inc. (b)..................... 1,786 7 Bard C.R., Inc...................... 223 7 Bausch & Lomb, Inc.................. 294 34 Baxter International, Inc........... 1,725 16 Becton Dickinson & Co. (c).......... 809 14 Biomet, Inc......................... 368 24 Boston Scientific Corp. (b)(c)...... 1,106 124 Bristol Myers Squibb Co............. 11,753 14 Cardinal Health, Inc. (c)........... 1,014 83 Columbia/HCA Healthcare Corp. (c)... 2,449 138 Eli Lilly & Co...................... 9,632 18 Guidant Corp........................ 1,121 25 HBO & Co............................ 1,176 43 Healthsouth Corp. (b)(c)............ 1,196 20 Humana, Inc. (b).................... 419 165 Johnson & Johnson................... 10,894 10 Mallinckrodt Group, Inc............. 365 8 Manor Care, Inc..................... 283 60 Medtronic, Inc...................... 3,113 150 Merck & Co., Inc.................... 15,933 6 Millipore Corp...................... 200 160 Pfizer, Inc......................... 11,928 63 Pharmacia & Upjohn, Inc............. 2,307 91 Schering Plough Corp................ 5,662 2 Shared Medical Systems Corp. (c).... 148
Continued 15 18 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds Equity Index Fund - -------------------------------------------------------------------------------- SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED DECEMBER 31, 1997 (Amounts in Thousands) (Unaudited)
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ------------------------------------ -------- COMMON STOCKS, CONTINUED: Health Care, continued: 11 St. Jude Medical Center, Inc. (b)(c)............................ $ 326 36 Tenet Healthcare Corp. (b).......... 1,186 8 U.S. Surgical, Corp................. 232 23 United Healthcare Corp.............. 1,132 34 Warner Lambert Co................... 4,182 -------- 107,358 -------- Multi-Industry (1.3%): 70 Allied Signal, Inc.................. 2,724 29 Corning, Inc. (c)................... 1,063 4 FMC Corp. (b)....................... 293 9 Harcourt General, Inc............... 517 15 Loews Corp.......................... 1,549 52 Minnesota Mining & Manufacturing Co................................ 4,276 20 Textron, Inc........................ 1,280 16 TRW, Inc............................ 850 13 Whittman Corp....................... 332 -------- 12,884 -------- Raw Materials (3.3%): 14 Air Products & Chemical, Inc........ 1,148 28 Alcan Aluminum Ltd.................. 769 22 Allegheny Teledyne, Inc............. 561 22 Aluminum Co. of America (c)......... 1,525 13 Armco, Inc. (b)..................... 63 5 ASARCO, Inc......................... 122 14 Avery Dennison Corp................. 623 7 B. F. Goodrich Co. (c).............. 275 45 Barrick Gold Corp................... 831 28 Battle Mountain Gold Co............. 165 14 Bethlehem Steel Corp. (b)........... 116 12 Cyprus Amax Minerals Co............. 185 29 Dow Chemical Co..................... 2,941 140 Du Pont (EI) de Nemours & Co........ 8,436 10 Eastman Chemical Co................. 610 16 Echo Bay Mines Ltd. (b)(c).......... 38 18 Engelhard Corp...................... 312 25 Freeport-McMoran Copper & Gold, Class B........................... 394 8 Great Lakes Chemical Corp........... 363 13 Hercules, Inc....................... 660 18 Homestake Mining Co. (c)............ 156 21 Inco Ltd............................ 351 6 Inland Steel Industries, Inc........ 105 73 Monsanto Co......................... 3,063 18 Morton International, Inc........... 622 9 Nalco Chemical Co................... 344 19 Newmont Mining Corp................. 565 11 Nucor Corp. (c)..................... 529 15 Pall Corp........................... 302 8 Phelps Dodge Corp................... 499
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ------------------------------------ -------- COMMON STOCKS, CONTINUED: Raw Materials, continued: 30 Placer Dome, Inc.................... $ 376 19 Praxair, Inc........................ 852 8 Reynolds Metals Co.................. 493 8 Rohm & Haas Co...................... 766 13 Sigma-Aldrich Corp.................. 505 17 Union Carbide Corp.................. 718 11 USX-U.S. Steel Group, Inc........... 328 9 W.R. Grace & Co..................... 723 11 Worthington Industries, Inc......... 187 -------- 31,621 -------- Retail (5.1%): 31 Albertsons, Inc..................... 1,479 36 American Stores Co.................. 735 13 Charming Shoppes (b)................ 59 12 Circuit City Stores, Inc. (c)....... 426 25 Costco Companies, Inc. (b)(c)....... 1,107 21 CVS Corp............................ 1,323 20 Darden Restaurants, Inc............. 250 27 Dayton Hudson Corp.................. 1,816 14 Dillard Department Stores, Inc., Class A........................... 491 26 Federated Department Stores, Inc. (b)(c)............................ 1,098 51 Gap, Inc............................ 1,790 8 Giant Food Inc., Class A............ 253 5 Great Atlantic & Pacific Tea, Inc............................... 141 91 Home Depot, Inc..................... 5,345 31 J.C. Penney, Inc.................... 1,893 58 K Mart, Inc. (b)(c)................. 670 31 Kroger Co. (b)...................... 1,129 34 Limited, Inc........................ 861 4 Longs Drug Stores, Inc.............. 117 21 Lowe's Co........................... 1,010 29 May Department Stores Co............ 1,536 87 McDonald's Corp..................... 4,136 4 Mercantile Stores Co., Inc.......... 264 10 Nordstrom, Inc...................... 633 8 Pep Boys-Manny, Moe & Jack.......... 189 15 Rite Aid Corp....................... 856 49 Sears Roebuck & Co.................. 2,196 16 Tandy Corp.......................... 600 19 TJX Co., Inc. (c)................... 660 35 Toys R Us, Inc. (b)................. 1,099 19 Tricon Global Restaurants (b)....... 559 281 Wal-Mart Stores, Inc. (c)........... 11,102 62 Walgreen Co......................... 1,936 16 Wendy's International, Inc. (c)..... 381 19 Winn Dixie Stores, Inc. (c)......... 816 16 Woolworth Corp. (b)................. 334 -------- 49,290 --------
Continued 16 19 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds Equity Index Fund - -------------------------------------------------------------------------------- SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED DECEMBER 31, 1997 (Amounts in Thousands) (Unaudited)
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ------------------------------------ -------- COMMON STOCKS, CONTINUED: Shelter (1.4%): 5 Armstrong World Industries, Inc..... $ 348 6 Boise Cascade Corp.................. 196 3 Centex Corp. (c).................... 202 12 Champion International Co........... 524 4 Fleetwood Enterprises, Inc.......... 176 11 Georgia Pacific Corp................ 686 11 Georgia Pacific Timber Corp. (b).... 261 37 International Paper Co.............. 1,608 5 Kaufman & Broad Home Corp........... 107 70 Kimberly Clark Corp................. 3,436 13 Louisiana Pacific Corp. (c)......... 252 20 Masco Corp.......................... 1,012 14 Mead Corp........................... 401 16 Owens-Illinois, Inc. (b)............ 599 3 Potlatch Corp....................... 131 3 Pulte Corp.......................... 112 12 Stone Container Corp. (b)........... 122 7 Temple Inland, Inc.................. 386 9 Union Camp Corp..................... 476 13 Westvaco Corp....................... 394 25 Weyerhaeuser Co..................... 1,223 15 Williamette Industries, Inc......... 473 -------- 13,125 -------- Technology (13.4%): 42 3Com Corp. (b)...................... 1,450 9 Adobe Systems, Inc.................. 363 17 Advanced Micro Devices, Inc. (b).... 303 27 AMP, Inc............................ 1,118 11 Andrew Corp. (b).................... 270 15 Apple Computer, Inc. (b)(c)......... 199 44 Applied Materials, Inc. (b)......... 1,322 6 Auto Desk, Inc...................... 231 24 Bay Networks, Inc. (b).............. 606 125 Boeing Co........................... 6,095 19 Cabletron Systems, Inc. (b)......... 284 125 Cisco Systems, Inc. (b)............. 6,960 94 Compaq Computer Corp. (b)........... 5,314 68 Computer Associates International, Inc............................... 3,602 4 Data General Corp. (b)(c)........... 76 42 Dell Computer Corp. (b)............. 3,494 19 Digital Equipment Corp. (b)......... 695 14 DSC Communications Corp. (b)........ 339 7 EG&G, Inc........................... 140 61 EMC Corp. (b)....................... 1,679 8 General Dynamics Corp............... 699 10 Harris Corp......................... 436 129 Hewlett Packard Co.................. 8,077 204 Intel Corp.......................... 14,301 122 International Business Machines (c)............................... 12,779 10 KLA-Tencor Corp. (b)................ 394
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ------------------------------------ -------- COMMON STOCKS, CONTINUED: Technology, continued: 24 Lockheed Martin Corp. (c)........... $ 2,364 16 LSI Logic Corp. (b)................. 318 80 Lucent Technologies, Inc............ 6,378 26 Micron Technology, Inc. (b)(c)...... 668 149 Microsoft Corp. (b)................. 19,258 73 Motorola, Inc....................... 4,180 16 National Semiconductor Corp. (b)(c)............................ 422 16 Nextlevel Systems, Inc. (b)......... 277 33 Northern Telecom, Ltd............... 2,906 8 Northrop Grumman Corp............... 940 45 Novell, Inc. (b).................... 336 122 Oracle Corp. (b).................... 2,722 16 Parametric Technology Corp. (b)..... 749 6 Perkin-Elmer Corp................... 395 11 Raychem Corp........................ 474 6 Raytheon Co., Class A............... 292 30 Raytheon Co., Class B............... 1,528 27 Rockwell International Corp......... 1,414 10 Scientific-Atlanta, Inc............. 164 31 Seagate Technology, Inc. (b)........ 597 21 Silicon Graphics, Inc. (b).......... 260 46 Sun Microsystems, Inc. (b).......... 1,846 6 Tektronix, Inc...................... 234 22 Tellabs, Inc. (b)................... 1,163 47 Texas Instruments, Inc.............. 2,114 6 Thomas & Betts Corp................. 304 21 Unisys, Corp. (b)................... 293 30 United Technologies Corp............ 2,188 40 Xerox Corp.......................... 2,976 -------- 128,986 -------- Transportation (1.2%): 11 AMR Corp. (b)....................... 1,439 19 Burlington Northern Santa Fe Corp.............................. 1,766 5 Caliber Systems, Inc................ 236 26 CSX Corp............................ 1,410 9 Delta Air Lines, Inc................ 1,074 15 Federal Express Corp. (b)(c)........ 895 48 Norfolk Southern Corp............... 1,471 27 Southwest Airlines Co............... 666 30 Union Pacific Corp.................. 1,900 10 US Air Group (b).................... 615 -------- 11,472 -------- Utilities (10.0%): 62 Airtouch Communications, Inc. (b)... 2,574 24 Alltel Corp......................... 977 23 American Electric Power, Inc........ 1,210 69 Ameritech Corp...................... 5,543 201 AT&T Corp. (c)...................... 12,302 18 Baltimore Gas & Electric Co......... 621 97 Bell Atlantic Corp.................. 8,819
Continued 17 20 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds Equity Index Fund - -------------------------------------------------------------------------------- SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED DECEMBER 31, 1997 (Amounts in Thousands) (Unaudited)
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ------------------------------------ -------- COMMON STOCKS, CONTINUED: Utilities, continued: 123 BellSouth Corp...................... $ 6,935 19 Carolina Power & Light Co........... 822 26 Central & South West Corp........... 710 19 Cinergy Corp........................ 739 13 Coastal Corp........................ 784 7 Columbia Gas System, Inc............ 560 29 Consolidated Edison Co. of New York, Inc............................... 1,201 11 Consolidated Natural Gas Co......... 695 18 Detroit Edison Co................... 628 22 Dominion Resources, Inc. of Virginia.......................... 923 44 Duke Power Co., Inc................. 2,452 2 Eastern Enterprises................. 80 51 Edison International................ 1,381 38 Enron Corp.......................... 1,580 29 Entergy Corp........................ 860 19 First Energy Corp. (b).............. 562 23 Florida Power & Light Group, Inc.... 1,366 20 Frontier Corp....................... 486 15 General Public Utilities Corp....... 611 120 GTE Corp............................ 6,254 35 Houston Industries.................. 922 86 MCI Communications Corp............. 3,673 18 Niagara Mohawk Power Corp. (b)...... 187 7 NICOR, Inc.......................... 287 9 Northern States Power Co............ 508 3 Oneok, Inc.......................... 118 11 Pacific Enterprises................. 402 36 Pacificorp.......................... 982 28 Peco Energy Corp.................... 672 4 Peoples Energy Corp................. 156 53 PG & E Corp......................... 1,607
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ------------------------------------ -------- COMMON STOCKS, CONTINUED: Utilities, continued: 20 PP&L Resources, Inc................. $ 476 30 Public Service Enterprise Group..... 957 114 SBC Communications, Inc............. 8,386 11 Sonat, Inc.......................... 498 83 Southern Co......................... 2,156 54 Sprint Corp......................... 3,148 30 Texas Utilities..................... 1,236 77 U.S. West Media Group (c)........... 2,228 27 Unicom Corp......................... 818 13 Union Electric Co................... 541 39 Williams Cos., Inc. (c)............. 1,117 111 WorldCom, Inc. (b)(c)............... 3,361 -------- 96,111 -------- Total Common Stocks 939,471 -------- U.S. TREASURY OBLIGATIONS (0.2%): U.S. Treasury Bills (0.2%): $ 255 01/2/98 (d)......................... 255 1,035 1/22/98 (d)......................... 1,032 275 2/5/98 (d).......................... 274 -------- Total U.S. Treasury Obligations 1,561 -------- REPURCHASE AGREEMENTS (1.7%): 16,318 Prudential Securities, 6.80%, 1/2/98 (Collateralized by $15,058 various U.S. Treasury Securities, 0.00%-7.88%, 8/15/00 - 11/15/04, market value $16,644)............. 16,318 -------- Total Repurchase Agreements 16,318 -------- Total (Cost $687,752) (a) $973,522 ========
- ------------ Percentages indicated are based on net assets of $959,246. (a) Represents cost for financial reporting purposes and differs from value by net unrealized appreciation of securities as follows (amounts in thousands): Unrealized appreciation..................................... $303,402 Unrealized depreciation..................................... (17,344) -------- Net unrealized appreciation................................. $286,058 ========
(b) Non-income producing securities. (c) A portion of this security was loaned as of December 31, 1997. (d) Serves as collateral for futures contracts. At December 31, 1997, the Portfolio's open futures contracts were as follows:
CURRENT NUMBER OPENING MARKET OF POSITIONS VALUE CONTRACTS CONTRACT TYPE (000) (000) - --------- ------------- --------- ------- 73 Long S&P 500 March 1998 Futures $17,581 $17,869
See notes to financial statements. 18 21 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds Value Growth Fund - -------------------------------------------------------------------------------- SCHEDULE OF PORTFOLIO INVESTMENTS DECEMBER 31, 1997 (Amounts in Thousands) (Unaudited)
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ------------------------------------ -------- COMMERCIAL PAPER (3.2%): Financial Services (3.2%): $18,590 Merrill Lynch, 5.81%, 3/19/98....... $ 18,366 -------- Total Commercial Paper 18,366 -------- COMMON STOCKS (95.0%): Business Equipment & Services (0.8%): 38 Jacobs Engineering Group, Inc. (b)............................... 957 103 Service Corp. International......... 3,793 -------- 4,750 -------- Capital Goods (6.7%): 59 Cooper Industries, Inc.............. 2,896 74 Emerson Electric Co................. 4,199 204 General Electric Co................. 14,940 53 Harsco Corp......................... 2,268 33 Hubbell, Inc., Class B.............. 1,622 66 Mark IV Industries, Inc............. 1,439 30 Precision Castparts................. 1,785 101 Teleflex, Inc....................... 3,794 136 Tyco International.................. 6,147 -------- 39,090 -------- Consumer Durable (1.8%): 102 Autozone, Inc. (b)(c)............... 2,949 131 Chrysler Corp....................... 4,603 57 Lear Corp. (b)...................... 2,722 -------- 10,274 -------- Consumer Non-Durable (9.7%): 161 Archer-Daniels-Midland Co........... 3,487 113 Coca Cola Co........................ 7,495 103 Conagra, Inc........................ 3,376 32 Estee Lauder Cos., Class A.......... 1,656 100 Intimate Brands, Inc. (c)........... 2,416 76 McCormick & Co., Inc................ 2,117 96 Newell Cos., Inc.................... 4,067 187 PepsiCo, Inc........................ 6,803 247 Philip Morris Co., Inc.............. 11,197 40 Proctor & Gamble Co. (c)............ 3,224 70 Quaker Oats Co...................... 3,666 60 Revlon, Inc. (b).................... 2,112 117 RJR Nabisco Holdings Corp........... 4,388 -------- 56,004 -------- Consumer Services (5.1%): 52 Belo (A.H.) Corp., Series A......... 2,896 112 Cendant Corp. (b)(c)................ 3,847 96 Hasbro, Inc......................... 3,027 120 Hilton Hotels Corp.................. 3,573 53 MGM Grand, Inc. (b)(c).............. 1,926 92 Tele-Communications, Inc. (b)....... 2,561 79 Time Warner, Inc. (c)............... 4,904 82 Viacom, Inc. (b).................... 3,414 34 Walt Disney Co...................... 3,398 -------- 29,546 -------- Energy (8.0%): 48 Ashland, Inc........................ 2,598 58 Atlantic Richfield Co............... 4,623 43 Devon Energy Corp................... 1,663 40 Dresser Industries, Inc............. 1,694
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ------------------------------------ -------- COMMON STOCKS, CONTINUED: Energy, continued: 201 Exxon Corp.......................... $ 12,288 85 Mobil Corp.......................... 6,143 131 Royal Dutch Petroleum Co............ 7,120 106 Tosco Corp. (c)..................... 4,012 107 USX-Marathon Group.................. 3,618 56 Weatherford Enterra, Inc. (b)....... 2,428 -------- 46,187 -------- Financial Services (16.8%): 28 Allstate Corp....................... 2,499 30 American Express Co................. 2,642 46 American International Group, Inc............................... 5,046 49 Charter One Financial, Inc.......... 3,081 49 Chase Manhattan Corp................ 5,333 21 Cigna Corp.......................... 3,600 57 Equitable Co., Inc.................. 2,831 117 Federal National Mortgage Assoc..... 6,671 35 First American Bank Corp............ 2,707 123 First Union Corp. (c)............... 6,288 81 Fleet Financial Group, Inc.......... 6,040 45 Hartford Financial Services Group... 4,164 85 Morgan Stanley Dean Witter Discover.......................... 5,032 110 NationsBank Corp. (c)............... 6,689 83 PNC Bank Corp....................... 4,736 53 Provident Co., Inc.................. 2,051 65 Regions Financial Corp.............. 2,755 71 Southtrust Corp..................... 4,510 51 State Street Corp................... 2,973 35 TransAmerica Corp................... 3,706 128 Travelers Group, Inc. (c)........... 6,873 40 Washington Mutual, Inc.............. 2,572 15 Wells Fargo & Co.................... 4,956 -------- 97,755 -------- Health Care (10.5%): 92 Abbott Labs......................... 6,058 68 American Home Products Corp......... 5,194 49 Amgen, Inc. (b)..................... 2,630 66 Baxter International, Inc........... 3,334 96 Bristol Myers Squibb Co............. 9,085 30 Cardinal Health, Inc. (c)........... 2,284 121 Eli Lilly & Co...................... 8,432 55 Guidant Corp........................ 3,411 81 Healthsouth Corp. (b)............... 2,253 35 Johnson & Johnson................... 2,332 69 Medpartners, Inc. (b)(c)............ 1,551 48 Merck & Co., Inc.................... 5,068 32 Pfizer, Inc......................... 2,393 76 Tenet Healthcare Corp. (b).......... 2,501 37 Warner-Lambert Co................... 4,526 -------- 61,052 -------- Raw Materials (4.2%): 48 Betzdearborn, Inc................... 2,943 75 Crompton & Knowles Corp............. 1,982 74 Du Pont (EI) de Nemours & Co........ 4,469 89 Ferro Corp.......................... 2,167 103 Morton International, Inc........... 3,527 67 Nalco Chemical Co................... 2,667
Continued 19 22 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds Value Growth Fund - -------------------------------------------------------------------------------- SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED DECEMBER 31, 1997 (Amounts in Thousands) (Unaudited)
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ------------------------------------ -------- COMMON STOCKS, CONTINUED: Raw Materials, continued: 64 Olin Corp........................... $ 3,009 73 Praxair, Inc........................ 3,303 -------- 24,067 -------- Retail (5.8%): 136 CompUSA, Inc. (b)................... 4,204 71 Dayton Hudson Corp.................. 4,799 85 Gymboree Corp. (b).................. 2,330 147 Just For Feet, Inc. (b)............. 1,924 123 Kroger Co. (b)...................... 4,536 188 Officemax, Inc. (b)................. 2,680 50 Outback Steakhouse, Inc. (b)(c)..... 1,443 94 Toys R Us, Inc. (b)................. 2,961 18 Tricon Global Restaurants........... 516 210 Wal-Mart Stores, Inc................ 8,290 -------- 33,683 -------- Shelter (2.4%): 132 Kaufman & Broad Home Corp........... 2,960 81 Kimberly Clark Corp................. 4,014 58 Leggett & Platt, Inc................ 2,412 48 Masco Corp. (c)..................... 2,442 64 Pentair, Inc........................ 2,314 -------- 14,142 -------- Technology (14.0%): 29 Altera Corp. (b)(c)................. 944 90 Analog Devices, Inc. (b)(c)......... 2,489 49 BMC Software, Inc. (b).............. 3,189 62 Boeing Co........................... 3,049 112 Cadence Design Systems, Inc. (b)(c)............................ 2,742 121 Cisco Systems, Inc. (b)............. 6,749 107 Compaq Computer Corp. (b)(c)........ 6,028 71 Dell Computer Corp. (b)............. 5,939 24 General Motors Corp., Class H....... 875 64 Hewlett Packard Co.................. 3,988 142 Intel Corp.......................... 9,947 89 International Business Machines..... 9,285 32 Lockheed Martin Corp................ 3,113 42 Lucent Technologies, Inc............ 3,331
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ------------------------------------ -------- COMMON STOCKS, CONTINUED: Technology, continued: 103 Microsoft Corp. (b)................. $ 13,298 81 Orbital Sciences Corp. (b)(c)....... 2,410 13 Raytheon Co., Class A............... 657 91 Teradyne, Inc. (b).................. 2,896 -------- 80,929 -------- Utilities (9.2%): 74 AES Corp. (b)....................... 3,450 52 Century Telephone Enterprises....... 2,585 59 Florida Power & Light, Inc.......... 3,516 99 General Public Utilities Corp....... 4,162 123 GTE Corp............................ 6,416 139 LCI International, Inc. (b)(c)...... 4,271 51 MCN Corp............................ 2,055 30 National Fuel Gas Co................ 1,451 113 New York State Electric & Gas....... 4,008 104 SBC Communications, Inc............. 7,605 100 Sprint Corp......................... 5,874 85 Texas Utilities..................... 3,516 138 Worldcom, Inc. (b)(c)............... 4,171 -------- 53,080 -------- Total Common Stocks 550,559 -------- U.S. TREASURY OBLIGATIONS: U.S. Treasury Bills (0.1%): $ 110 1/22/98 (d)......................... 110 685 2/19/98 (d)......................... 680 55 3/12/98 (d)......................... 54 -------- Total U.S. Treasury Obligations: 844 -------- REPURCHASE AGREEMENTS (1.7%): 10,034 Prudential Securities, 6.80%, 1/2/98 (Collateralized by $10,250 U.S. Treasury Notes, 5.63%, 12/31/99, market value $10,235)............. 10,034 -------- Total Repurchase Agreements 10,034 -------- Total (Cost $480,627) (a) $579,803 ========
- ------------ Percentages indicated are based on net assets of $579,555. (a) Represents cost for financial reporting purposes and differs from value by net unrealized appreciation of securities as follows (amounts in thousands): Unrealized appreciation..................................... $105,908 Unrealized depreciation..................................... (6,609) -------- Net unrealized appreciation................................. $ 99,299 ========
(b) Non-income producing securities. (c) A portion of this security was loaned as of December 31, 1997. (d) Serves as collateral for futures contracts. At December 31, 1997, the Portfolio's open futures contracts were as follows:
CURRENT NUMBER OPENING MARKET OF POSITIONS VALUE CONTRACTS CONTRACT TYPE (000) (000) - --------- ------------- --------- ------- 80 Long S&P 500 March 1998 Futures $19,459 $19,582
See notes to financial statements. 20 23 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds Large Company Value Fund - -------------------------------------------------------------------------------- SCHEDULE OF PORTFOLIO INVESTMENTS DECEMBER 31, 1997 (Amounts in Thousands) (Unaudited)
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ------------------------------------ -------- COMMON STOCKS (93.0%): Business Equipment & Services (0.6%): 111 Browning-Ferris Industries, Inc. (c)............................... $ 4,110 -------- Capital Goods (3.8%): 75 Case Corp........................... 4,533 90 Cooper Industries, Inc.............. 4,410 60 Emerson Electric Co................. 3,386 100 Harsco Corp......................... 4,313 113 Ingersoll Rand Co................... 4,555 100 Sherwin-Williams Co................. 2,775 100 Trinity Industries, Inc............. 4,463 -------- 28,435 -------- Consumer Durable (2.7%): 150 Autozone, Inc. (b)(c)............... 4,350 250 Chrysler Corp....................... 8,796 100 General Motors Corp................. 6,063 30 Meritor Automotive, Inc. (b)........ 632 -------- 19,841 -------- Consumer Non-Durable (4.8%): 200 American Greetings Corp., Class A... 7,825 205 Archer-Daniels-Midland Co........... 4,446 397 RJR Nabisco Holdings Corp........... 14,902 200 Supervalu, Inc...................... 8,375 -------- 35,548 -------- Consumer Services (2.7%): 200 CBS Corp............................ 5,888 100 Hasbro, Inc......................... 3,150 100 Hilton Hotels Corp.................. 2,975 195 Viacom, Inc., Class A (b)........... 7,970 -------- 19,983 -------- Energy (17.0%): 100 Amoco Corp.......................... 8,513 100 Ashland, Inc........................ 5,369 150 Atlantic Richfield Co............... 12,019 50 Chevron Corp. (c)................... 3,850 100 Dresser Industries, Inc............. 4,194 500 Exxon Corp.......................... 30,593 86 Mobil Corp.......................... 6,237 456 Royal Dutch Petroleum Co. (c)....... 24,710 100 Tenneco, Inc........................ 3,950 150 Texaco, Inc......................... 8,156 100 Unocal Corp......................... 3,881 440 USX-Marathon Group.................. 14,850 -------- 126,322 -------- Financial Services (24.8%): 170 Allstate Corp....................... 15,449 90 Chase Manhattan Corp................ 9,855
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ------------------------------------ -------- COMMON STOCKS, CONTINUED: Financial Services, continued: 63 Cigna Corp.......................... $ 10,816 150 Federal National Mortgage Assoc. (c)............................... 8,559 230 First Union Corp. (c)............... 11,788 130 Fleet Financial Group, Inc.......... 9,742 130 Hartford Financial Services Group... 12,163 104 KeyCorp............................. 7,343 110 Lincoln National Corp............... 8,594 100 Mellon Bank Corp.................... 6,063 166 Morgan Stanley Dean Witter Discover.......................... 9,785 300 NationsBank Corp. (c)............... 18,244 150 PNC Bank Corp....................... 8,559 100 Southtrust Corp..................... 6,344 100 State Street Corp................... 5,819 50 SunTrust Banks, Inc................. 3,569 40 TransAmerica Corp................... 4,260 375 Travelers Group, Inc. (c)........... 20,202 20 Wells Fargo & Co.................... 6,789 -------- 183,943 -------- Health Care (2.2%): 65 Aetna (c)........................... 4,587 100 Baxter International, Inc........... 5,043 100 Biomet, Inc......................... 2,563 100 St. Jude Medical Center, Inc. (b)(c)............................ 3,050 25 United Healthcare Corp.............. 1,242 -------- 16,485 -------- Multi-Industry (1.1%): 120 Allied Signal, Inc.................. 4,672 30 Loews Corp.......................... 3,184 -------- 7,856 -------- Raw Materials (3.2%): 81 Alumax, Inc. (b).................... 2,754 40 Aluminum Co. of America (c)......... 2,815 50 B. F. Goodrich Co. (c).............. 2,072 51 Dow Chemical Co..................... 5,177 150 Nalco Chemical Co. (c).............. 5,934 50 Olin Corp. (c)...................... 2,344 50 Praxair, Inc........................ 2,250 -------- 23,346 -------- Retail (2.9%): 100 American Stores Co.................. 2,056 100 Dillard Department Stores, Inc., Class A........................... 3,525 145 McDonald's Corp..................... 6,924 100 Sears Roebuck & Co.................. 4,525 150 Toys R Us, Inc. (b)................. 4,716 -------- 21,746 --------
Continued 21 24 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds Large Company Value Fund - -------------------------------------------------------------------------------- SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED DECEMBER 31, 1997 (Amounts in Thousands) (Unaudited)
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ------------------------------------ -------- COMMON STOCKS, CONTINUED: Shelter (2.5%): 100 International Paper Co.............. $ 4,313 150 Masco Corp.......................... 7,631 127 Weyerhaeuser Co..................... 6,231 -------- 18,175 -------- Technology (12.1%): 40 Applied Materials, Inc. (b)......... 1,205 184 Boeing Co........................... 9,000 335 International Business Machines..... 35,007 200 Litton Industries, Inc. (b)......... 11,500 70 Lockheed Martin Corp. (c)........... 6,895 140 Motorola, Inc....................... 7,989 100 National Semiconductor Corp. (b)(c)............................ 2,594 6 Raytheon Co., Class A............... 314 40 Rockwell International Corp......... 2,090 200 Texas Instruments, Inc.............. 9,000 50 United Technologies Corp............ 3,641 -------- 89,235 -------- Transportation (0.4%): 30 Burlington Northern Santa Fe Corp.............................. 2,788 -------- Utilities (12.2%): 185 Baltimore Gas & Electric Co......... 6,312 200 BellSouth Corp...................... 11,260 150 Cinergy Corp........................ 5,747 140 Edison International................ 3,806
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ------------------------------------ -------- COMMON STOCKS, CONTINUED: Utilities, continued: 31 El Paso Natural Gas................. $ 2,041 89 Enron Corp.......................... 3,699 50 Entergy Corp........................ 1,497 100 Florida Power & Light Group, Inc. (c)............................... 5,919 100 General Public Utilities Corp....... 4,213 82 GTE Corp............................ 4,285 200 MCI Communications Corp............. 8,563 150 Public Service Enterprises, Inc..... 4,753 112 SBC Communications, Inc............. 8,204 87 Southern Co......................... 2,251 150 Sprint Corp......................... 8,794 100 Texas Utilities Corp................ 4,156 150 Worldcom, Inc. (b)(c)............... 4,538 -------- 90,038 -------- Total Common Stocks 687,851 -------- REPURCHASE AGREEMENTS (8.3%): $61,507 Prudential Securities, 6.80%, 1/2/98 (Collateralized by $78,102 various U.S. Government Securities, 0.00%-6.50%, 11/15/00-2/1/35, market value $63,231)............. 61,507 -------- Total Repurchase Agreements 61,507 -------- Total (Cost $600,783) (a) $749,358 ========
- ------------ Percentages indicated are based on net assets of $739,597. (a) Represents cost for financial reporting purposes and differs from value by net unrealized appreciation of securities as follows (amounts in thousands): Unrealized appreciation..................................... $152,336 Unrealized depreciation..................................... (3,773) -------- Net unrealized appreciation................................. $148,563 ========
(b) Non-income producing securities. (c) A portion of this security was loaned as of December 31, 1997. See notes to financial statements. 22 25 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds Disciplined Value Fund - -------------------------------------------------------------------------------- SCHEDULE OF PORTFOLIO INVESTMENTS DECEMBER 31, 1997 (Amounts in Thousands) (Unaudited)
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ------------------------------------ -------- COMMON STOCKS (97.5%): Banking (22.1%): 105 Charter One Financial, Inc.......... $ 6,631 139 Crestar Financial Corp.............. 7,923 77 First American Bank Corp............ 5,950 180 First Security Corp................. 7,538 111 First Tennessee National Corp. (c)............................... 7,376 79 First Virginia Banks, Inc........... 4,078 205 Firstar Corp........................ 8,700 180 Hibernia Corp., Class A............. 3,386 12 ING Groep N.V.--ADR (c)............. 520 169 Marshall & Ilsley Corp.............. 10,499 45 MBNA Corp........................... 1,229 195 Mercantile Bancorporation........... 11,993 138 Mercantile Bankshares Corp.......... 5,380 196 Old Kent Financial Corp............. 7,767 34 PNC Bank Corp....................... 1,940 278 Provident Co., Inc.................. 10,738 168 Regions Financial Corp.............. 7,088 183 Southtrust Corp..................... 11,603 34 State Street Corp................... 1,978 269 Summit Bancorp...................... 14,299 59 Union Planters Corp. (c)............ 4,008 25 Washington Mutual, Inc.............. 1,595 -------- 142,219 -------- Business Equipment & Services (1.6%): 60 Jacobs Engineering Group, Inc. (b)............................... 1,523 126 Office Depot, Inc. (b).............. 3,016 192 Olsten Corp......................... 2,880 63 Stewart Enterprises Corp............ 2,937 -------- 10,356 -------- Capital Goods (5.2%): 55 Flowserve Corp...................... 1,527 128 Harsco Corp......................... 5,511 35 Hubbell, Inc., Series B............. 1,726 153 Mark IV Industries, Inc............. 3,336 143 Molex, Inc.......................... 4,588 87 Southdown, Inc...................... 5,133 84 Teleflex, Inc....................... 3,179 116 Trinity Industries.................. 5,177 111 United State Filter Corp. (b)(c).... 3,323 -------- 33,500 -------- Consumer Durable (0.8%): 67 Arvin Industries, Inc............... 2,242 55 Lear Corp. (b)...................... 2,612 -------- 4,854 -------- Consumer Non-Durable (5.1%): 52 Dean Foods Co....................... 3,094
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ------------------------------------ -------- COMMON STOCKS, CONTINUED: Consumer Non-Durable, continued: 125 First Brands Corp................... $ 3,367 82 Hormel Foods Corp................... 2,686 102 IBP, Inc............................ 2,136 95 Intimate Brands, Inc. (c)........... 2,286 98 McCormick & Co., Inc................ 2,744 73 Newell Co........................... 3,103 67 Payless Shoesource, Inc. (b)........ 4,497 345 Tyson Foods, Inc., Class A (c)...... 7,071 46 Universal Corp...................... 1,892 -------- 32,876 -------- Consumer Services (4.5%): 130 Belo (A.H.) Corp., Series A......... 7,300 100 Cendant Corp. (b)(c)................ 3,438 70 Circus Circus Entertainment (b)(c)............................ 1,435 65 Hasbro, Inc......................... 2,048 107 International Game Technologies..... 2,702 143 MGM Grand, Inc. (b)(c).............. 5,157 15 Washington Post Co.................. 7,298 -------- 29,378 -------- Energy (4.8%): 36 Ashland, Inc........................ 1,933 29 BJ Services Co. (b)(c).............. 2,086 113 Mapco, Inc.......................... 5,236 43 Murphy Oil Corp..................... 2,330 42 Pioneer Natural Resources Co........ 1,214 53 Tosco Corp.......................... 2,004 84 Transocean Offshore, Inc. (c)....... 4,048 172 Ultramar Diamond Shamrock Corp...... 5,482 73 Valero Energy Corp.................. 2,305 98 Weatherford Enterra, Inc. (b)....... 4,288 -------- 30,926 -------- Financial Services (6.6%): 177 A.G. Edwards, Inc................... 7,036 155 Bear Stearns Co., Inc. (c).......... 7,363 60 Gatx Corp........................... 4,354 227 Paine Webber Group, Inc............. 7,828 117 PMI Group, Inc. (c)................. 8,459 84 Reliance Group Holdings, Inc........ 1,187 33 Reliastar Financial Corp............ 1,359 65 The Money Store, Inc. (c)........... 1,365 50 Transatlantic Holdings, Inc......... 3,604 -------- 42,555 -------- Health Care (5.2%): 87 Allegiance Corp..................... 3,065 82 Apria Healthcare Group, Inc. (b).... 1,102 21 ATLI Ultrasound, Inc. (b)........... 966 47 Bergen Brunswig Corp................ 1,980
Continued 23 26 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds Disciplined Value Fund - -------------------------------------------------------------------------------- SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED DECEMBER 31, 1997 (Amounts in Thousands) (Unaudited)
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ------------------------------------ -------- COMMON STOCKS, CONTINUED: Health Care, continued: 22 Cardinal Health, Inc. (c)........... $ 1,653 5 Genzyme Corp. (b)................... 33 160 Genzyme Corp. (b)(c)................ 4,440 40 HBO & Co............................ 1,920 79 McKesson Corp....................... 8,550 80 Medpartners, Inc. (b)(c)............ 1,790 233 Mylan Laboratories (c).............. 4,872 66 St. Jude Medical, Inc. (b).......... 2,013 46 Watson Pharmaceuticals, Inc. (b).... 1,492 -------- 33,876 -------- Raw Materials (5.5%): 91 Alumax, Inc. (b).................... 3,094 43 B. F. Goodrich Co. (c).............. 1,782 109 Cabot Corp.......................... 3,011 96 Crompton & Knowles Corp. (c)........ 2,544 174 Ferro Corp.......................... 4,219 23 Fuller (H. B.) Co................... 1,114 98 Hanna (M.A.) Co..................... 2,481 76 Ispat International NV (c).......... 1,644 102 Olin Corp. (c)...................... 4,779 75 Schulman, Inc....................... 1,872 54 Sigma-Aldrich Corp.................. 2,147 19 Vulcan Materials Co................. 1,981 99 Wellman, Inc........................ 1,931 72 Witco Corp.......................... 2,939 -------- 35,538 -------- Retail (4.5%): 62 Best Buy, Inc. (b).................. 2,286 60 CompUSA, Inc. (b)................... 1,860 132 Cracker Barrel...................... 4,406 73 Fingerhut Companies, Inc............ 1,560 81 Fred Meyer, Inc. (b)(c)............. 2,961 66 Hannaford Brothers Co............... 2,863 70 Just For Feet, Inc. (b)............. 919 320 Officemax, Inc. (b)................. 4,560 96 Outback Steakhouse, Inc. (b)(c)..... 2,760 33 Sbarro, Inc......................... 863 50 Toys R Us, Inc. (b)................. 1,572 138 U S Office Products Co. (b)(c)...... 2,708 -------- 29,318 -------- Shelter (2.6%): 59 Bowater, Inc........................ 2,622 207 Clayton Homes, Inc.................. 3,726 85 Kaufman & Broad Home Corp........... 1,907 45 Leggett & Platt, Inc................ 1,884
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ------------------------------------ -------- COMMON STOCKS, CONTINUED: Shelter, continued: 105 Pentair, Inc........................ $ 3,774 69 Rayonier, Inc....................... 2,928 -------- 16,841 -------- Technology (5.6%): 68 American Power Conversion (b)....... 1,607 163 Arrow Electronics, Inc. (b)......... 5,294 87 ATMEL Corp. (b)..................... 1,615 36 Avnet, Inc.......................... 2,343 310 Cypress Semiconductor Corp. (b)..... 2,635 19 Dell Computer Corp. (b)............. 1,596 60 EMC Corp. (b)....................... 1,646 71 NCR Corp. (b)(c).................... 1,975 100 Orbital Sciences Corp. (b).......... 2,989 117 Storage Technology Corp. (b)(c)..... 7,245 17 Stratus Computer, Inc. (b).......... 624 67 Teradyne, Inc. (b).................. 2,144 54 Thiokol Corp........................ 4,388 -------- 36,101 -------- Transportation (1.9%): 17 ASA Holdings, Inc................... 483 24 Burlington Northern Santa Fe Corp.............................. 2,231 137 CNF Transportation, Inc............. 5,257 93 Kansas City Southern Industries..... 2,953 57 Yellow Corp. (b)(c)................. 1,432 -------- 12,356 -------- Utilities (21.5%): 102 AES Corp. (b)....................... 4,756 73 AGL Resources....................... 1,500 307 Allegheny Energy, Inc............... 9,978 70 American Water Works, Inc. (c)...... 1,912 170 Century Telephone Enterprises....... 8,468 102 Cinergy Corp........................ 3,908 253 CMS Energy Corp..................... 11,148 60 Edison International................ 1,642 113 El Paso Natural Gas Co.............. 7,515 23 Florida Power & Light Group, Inc.... 1,361 53 Florida Progress Corp............... 2,080 85 General Public Utilities Corp....... 3,581 207 L G & E Energy Corp. (c)............ 5,118 148 LCI International, Inc. (b)(c)...... 4,551 139 MCN Energy Group, Inc. (c).......... 5,612 200 Montana Power Co.................... 6,356 101 National Fuel Gas Co................ 4,917 236 New Century Energies, Inc........... 11,290 55 New England Electric Systems........ 2,351 201 New York State Electric & Gas Corp.............................. 7,136
Continued 24 27 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds Disciplined Value Fund - -------------------------------------------------------------------------------- SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED DECEMBER 31, 1997 (Amounts in Thousands) (Unaudited)
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ------------------------------------ -------- COMMON STOCKS, CONTINUED: Utilities, continued: 176 Nextel Communications, Inc., Class A (b)....................... $ 4,563 103 Nipsco Industries, Inc.............. 5,092 199 Pinnacle West Capital Corp.......... 8,416 66 Potomiac Electric Power Co.......... 1,704 74 Questar Corp........................ 3,302 84 Scana Corp.......................... 2,515 296 Teco Energy, Inc.................... 8,325 -------- 139,097 -------- Total Common Stocks 629,791 --------
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ------------------------------------ -------- REPURCHASE AGREEMENTS (2.4%): $15,355 Prudential Securities, 6.80%, 1/2/98 (collateralized by $15,028 U.S. Treasury Notes, 6.25%, 1/31/02, market value $15,663)............. $ 15,355 -------- Total Repurchase Agreements 15,355 -------- Total (Cost $495,970) (a) $645,146 ========
- ------------ Percentages indicated are based on net assets of $645,995. (a) Represents cost for financial reporting purposes and differs from value by net unrealized appreciation of securities as follows (amounts in thousands): Unrealized appreciation..................................... $156,070 Unrealized depreciation..................................... (6,894) -------- Net unrealized appreciation................................. $149,176 ========
(b) Non-income producing securities. (c) A portion of this security was loaned as of December 31, 1997. See notes to financial statements. 25 28 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds Large Company Growth Fund - -------------------------------------------------------------------------------- SCHEDULE OF PORTFOLIO INVESTMENTS DECEMBER 31, 1997 (Amounts in Thousands) (Unaudited)
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ---------------------------------- ---------- COMMON STOCKS (100.6%): Business Equipment & Services (0.3%): 50 Automatic Data Processing, Inc.... $ 3,068 40 Interpublic Group Co., Inc........ 1,993 ---------- 5,061 ---------- Capital Goods (6.6%): 25 Emerson Electric Co............... 1,424 1,152 General Electric Co............... 84,564 20 Honeywell, Inc.................... 1,370 38 Molex, Inc........................ 1,078 350 Tyco International, Ltd........... 15,772 ---------- 104,208 ---------- Consumer Non-Durable (19.3%): 220 Anheuser Busch Co., Inc........... 9,680 40 Avon Products, Inc................ 2,455 175 Campbell Soup Co.................. 10,172 807 Coca Cola Co...................... 53,777 120 Colgate Palmolive Co.............. 8,820 381 Conagra, Inc...................... 12,502 45 CPC International................. 4,849 222 Gillette Co. (c).................. 22,297 80 H.J. Heinz Co..................... 4,065 50 Hershey Foods Corp................ 3,097 120 Kellogg Co. (c)................... 5,955 130 Newell Co......................... 5,525 75 Nike, Inc., Class B (c)........... 2,944 671 PepsiCo, Inc...................... 24,449 1,340 Philip Morris Co., Inc............ 60,717 20 Pioneer Hi-Bred International, Inc............................. 2,145 588 Proctor & Gamble Co............... 46,905 75 Quaker Oats Co.................... 3,956 190 Sara Lee, Corp.................... 10,699 200 Unilever N V (c).................. 12,488 ---------- 307,497 ---------- Consumer Services (4.0%): 270 Cendant Corp. (b)(c).............. 9,281 70 Comcast Corp., Class A............ 2,209 200 Gannett, Inc...................... 12,363 280 Hilton Hotels Corp................ 8,330 175 Mattel, Inc. (c).................. 6,519 450 Tele-Communications, Inc. (b)..... 12,572 165 Time Warner, Inc. (c)............. 10,230 14 Walt Disney Co.................... 1,396 ---------- 62,900 ---------- Energy (2.2%): 24 Exxon Corp........................ 1,497 100 Halliburton Co.................... 5,194 23 Mobil Corp........................ 1,644
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ---------------------------------- ---------- COMMON STOCKS, CONTINUED: Energy, continued: 46 Noble Drilling Corp. (b)(c)....... $ 1,413 27 Royal Dutch Petroleum............. 1,478 215 Schlumberger Ltd. (c)............. 17,307 100 Union Pacific Resources Group, Inc............................. 2,425 105 Unocal Corp....................... 4,075 ---------- 35,033 ---------- Financial Services (11.4%): 210 American Express Co. (c).......... 18,743 313 American International Group, Inc............................. 34,088 27 BankAmerica Corp.................. 1,940 90 Charles Schwab Corp............... 3,774 210 Chase Manhattan Corp.............. 22,995 10 Chubb Corp........................ 783 464 Federal National Mortgage Assoc........................... 26,490 253 First Union Corp.................. 12,941 17 J.P. Morgan & Co., Inc............ 1,952 50 Marsh & McLennan Co............... 3,728 28 MBIA, Inc......................... 1,885 180 MBNA Corp. (c).................... 4,916 10 MGIC Investment Group............. 665 222 Morgan Stanley Dean Witter Discover........................ 13,096 14 Nationsbank Corp.................. 837 9 Northern Trust Corp............... 636 22 Price T Rowe and Assoc............ 1,384 69 State Street Corp................. 4,009 90 SunAmerica, Inc................... 3,848 54 Travelers Group, Inc.............. 2,888 118 U.S. Bancorp...................... 13,203 100 Washington Mutual, Inc............ 6,381 ---------- 181,182 ---------- Health Care (20.9%): 220 Abbott Labs....................... 14,424 305 American Home Products Co......... 23,294 120 Amgen, Inc. (b)................... 6,495 150 Baxter International, Inc......... 7,566 75 Bergen Brunswig Corp.............. 3,159 140 Boston Scientific Corp. (b)(c).... 6,423 470 Bristol Myers Squibb Co........... 44,474 30 Cardinal Health, Inc. (c)......... 2,254 64 Elan Corp., PLC (b)(c)............ 3,270 550 Eli Lilly & Co.................... 38,294 70 Guidant Corp...................... 4,358 340 Healthsouth Corp. (b)(c).......... 9,435 499 Johnson & Johnson................. 32,897 270 Medtronic, Inc.................... 14,124 420 Merck & Co., Inc. (c)............. 44,651 560 Pfizer, Inc....................... 41,790
Continued 26 29 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds Large Company Growth Fund - -------------------------------------------------------------------------------- SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED DECEMBER 31, 1997 (Amounts in Thousands) (Unaudited)
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ---------------------------------- ---------- COMMON STOCKS, CONTINUED: Health Care, continued: 238 Schering Plough Corp.............. $ 14,764 175 Warner Lambert Co................. 21,700 ---------- 333,372 ---------- Multi-Industry (0.5%): 99 Minnesota Mining & Manufacturing Co.............................. 8,124 Raw Materials (2.8%): 28 Air Products & Chemical, Inc...... 2,303 438 Du Pont (EI) de Nemours & Co...... 26,306 245 Monsanto Co....................... 10,274 119 Praxair, Inc...................... 5,341 ---------- 44,224 ---------- Retail (7.1%): 135 Dayton Hudson Corp................ 9,113 165 Gap, Inc. (c)..................... 5,847 362 Home Depot, Inc................... 21,297 616 Just For Feet, Inc. (b)........... 8,085 175 Kroger Co. (b).................... 6,464 145 McDonald's Corp................... 6,924 181 TJX Cos., Inc. (c)................ 6,215 5 Tricon Global Restaurants (b)..... 148 1,085 Wal-Mart Stores, Inc.............. 42,789 180 Walgreen Co....................... 5,648 ---------- 112,530 ---------- Shelter (1.1%): 334 Kimberly Clark Corp. (c).......... 16,464 28 Sealed Air Corp. (b)(c)........... 1,717 ---------- 18,181 ---------- Technology (18.4%): 42 3Com Corp. (b).................... 1,470 140 Applied Materials, Inc. (b)....... 4,218 44 Boeing Co......................... 2,174 527 Cisco Systems, Inc. (b)(c)........ 29,398 195 Compaq Computer Corp. (b)......... 11,005 259 Computer Associates International, Inc............................. 13,668
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ---------------------------------- ---------- COMMON STOCKS, CONTINUED: Technology, continued: 528 Dell Computer Corp. (b)........... $ 44,344 300 EMC Corp. (b)..................... 8,231 25 Hewlett Packard Co................ 1,577 693 Intel Corp........................ 48,684 14 KLA-Tencor Corp. (b).............. 541 15 Linear Technology Corp............ 871 250 Lucent Technologies, Inc. (c)..... 19,969 19 Micron Technology, Inc. (b)(c).... 493 540 Microsoft Corp. (b)............... 69,795 119 Northern Telecom, Ltd............. 10,591 100 Oracle Corp. (b).................. 2,231 110 Tellabs, Inc. (b)................. 5,816 190 Texas Instruments, Inc............ 8,550 50 United Technologies Corp.......... 3,641 80 Xerox Corp........................ 5,905 ---------- 293,172 ---------- Utilities (6.0%): 28 AES Corp. (b)..................... 1,326 100 Airtouch Communications, Inc. (b)............................. 4,156 250 Ameritech Corp.................... 20,125 246 Bell Atlantic Corp................ 22,422 370 GTE Corp.......................... 19,333 390 SBC Communications, Inc........... 28,568 ---------- 95,930 ---------- Total Common Stocks 1,601,414 ---------- REPURCHASE AGREEMENTS (1.1%): $16,845 Prudential Securities, 6.80%, 1/2/98 (Collateralized by $19,947 U.S. Treasury STRIPS, 0.00%, 8/15/00, market value $17,182)........................ 16,845 ---------- Total Repurchase Agreements 16,845 ---------- Total (Cost $1,124,533) (a) $1,618,259 ==========
- ------------ Percentages indicated are based on net assets of $1,590,769. (a) Represents cost for financial reporting purposes and differs from value by net unrealized appreciation of securities as follows (amounts in thousands): Unrealized appreciation..................................... $509,368 Unrealized depreciation..................................... (15,642) -------- Net unrealized appreciation................................. $493,726 ========
(b) Non-income producing securities. (c) A portion of this security was loaned as of December 31, 1997. See notes to financial statements. 27 30 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds Growth Opportunities Fund - -------------------------------------------------------------------------------- SCHEDULE OF PORTFOLIO INVESTMENTS DECEMBER 31, 1997 (Amounts in Thousands) (Unaudited)
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ------------------------------------ -------- COMMON STOCKS (94.9%): Business Equipment & Services (13.6%): 166 America Online, Inc. (b)(c)......... $ 14,796 170 Cintas Corp......................... 6,646 62 Corrections Corporation of America (b)(c)............................ 2,298 101 Fiserv, Inc. (b)(c)................. 4,971 96 Herman Miller, Inc.................. 5,211 143 Manpower, Inc....................... 5,055 283 Omnicom Group, Inc.................. 11,984 255 Paychex, Inc. (c)................... 12,918 67 Pittston Co......................... 2,681 214 Reynolds & Reynolds Co.............. 3,940 392 Staples, Inc. (b)(c)................ 10,875 147 Sterling Commerce, Inc. (b)......... 5,667 19 Stewart Enterprises, Inc............ 891 255 Sungard Data Systems, Inc. (b)(c)... 7,896 402 U.S.A. Waste Services, Inc. (b)(c)............................ 15,789 76 Viad Corp........................... 1,475 19 Viking Office Products (b).......... 412 81 Wallace Computer Services........... 3,153 -------- 116,658 -------- Capital Goods (3.3%): 70 Catellus Development Corp. (b)...... 1,400 108 Diebold, Inc........................ 5,446 6 Dover Corp.......................... 223 95 Fastenal Co. (c).................... 3,618 76 Federal Signal Corp................. 1,648 97 Hubbell, Inc., Class B.............. 4,803 57 Precision Castparts Co.............. 3,450 129 Sundstrand Corp..................... 6,478 41 United States Filter Corp. (b)(c)... 1,230 -------- 28,296 -------- Consumer Durable (2.1%): 111 Danaher Corp. (c)................... 6,998 58 Federal Mogul Corp. (c)............. 2,341 283 Harley-Davidson, Inc. (c)........... 7,758 22 OEA, Inc............................ 624 -------- 17,721 -------- Consumer Non-Durable (8.4%): 52 Beringer Wine Estates, Series B (b)(c)............................ 1,957 690 Coca-Cola Enterprises (c)........... 24,523 143 Dial Corp........................... 2,966 94 Dole Food, Inc. (c)................. 4,310 194 Flowers Industries, Inc............. 3,993 129 General Nutrition Cos. (b).......... 4,389 449 Interstate Bakeries Co. (c)......... 16,763 133 Jones Apparel Group, Inc. (b)....... 5,708 41 Lancaster Colony Corp............... 2,328
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ------------------------------------ -------- COMMON STOCKS, CONTINUED: Consumer Non-Durable, continued: 28 Nautica Enterprises, Inc. (b)....... $ 651 14 Tommy Hilfiger Corp. (b)............ 492 95 Unifi, Inc.......................... 3,878 -------- 71,958 -------- Consumer Services (1.7%): 165 Callaway Golf Co. (c)............... 4,711 255 International Game Technologies..... 6,446 45 Promus Hotel Corp. (b).............. 1,873 38 TCA Cable TV, Inc................... 1,748 -------- 14,778 -------- Energy (7.2%): 252 Ensco International, Inc. (c)....... 8,435 317 Global Marine, Inc. (b)............. 7,774 1 Houston Exploration Co. (b)......... 11 385 Intelect Communications, Inc. (b)(c)............................ 1,971 292 Nabors Industries, Inc. (b)(c)...... 9,188 232 Noble Drilling Corp. (b)(c)......... 7,102 8 Phillips Petroleum Co............... 389 121 Smith International, Inc. (b)(c).... 7,445 104 Tidewater, Inc...................... 5,739 278 Tosco Corp. (c)..................... 10,527 116 Varco International, Inc. (b)....... 2,491 15 Weatherford Enterra, Inc. (b)....... 670 -------- 61,742 -------- Financial Services (13.5%): 274 AFLAC, Inc.......................... 13,990 20 Associated Bancorp.................. 1,103 152 Capital One Financial Corp.......... 8,247 86 Charter One Financial, Inc.......... 5,415 82 City National Corp.................. 3,029 73 ESG Re Ltd.......................... 1,704 39 First America Bank Corp............. 2,985 97 First Security Corp................. 4,058 10 First Tennessee National Corp....... 668 24 Firstar Corp........................ 1,023 258 Franklin Resources, Inc............. 22,443 16 Green Tree Financial Corp. (c)...... 406 20 Marshall & Ilsley Corp.............. 1,243 38 Mercantile Bancorporation........... 2,306 27 MGIC Investment Corp................ 1,765 262 Northern Trust Corp................. 18,254 47 Old Republic International Corp..... 1,759 120 Price (T. Rowe) Associates.......... 7,529 119 Robert Half International, Inc. (b)............................... 4,768 5 Summit Bancorp...................... 266 42 SunAmerica, Inc..................... 1,779 176 TCF Financial Corp.................. 5,987
Continued 28 31 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds Growth Opportunities Fund - -------------------------------------------------------------------------------- SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED DECEMBER 31, 1997 (Amounts in Thousands) (Unaudited)
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ------------------------------------ -------- COMMON STOCKS, CONTINUED: Financial Services, continued: 29 Union Planters Corp................. $ 1,957 52 Wilmington Trust Corp............... 3,244 -------- 115,928 -------- Health Care (8.8%): 154 Biogen, Inc. (b).................... 5,594 18 Biomet, Inc......................... 461 151 Centocor, Inc. (b).................. 5,027 311 Chiron Corp. (b)(c)................. 5,287 116 Dentsply International, Inc......... 3,544 143 Foundation Health Systems, Series A (b)(c)............................ 3,188 88 Health Care & Retirement Corp. (b)............................... 3,538 293 Health Management Associates, Inc. (b)............................... 7,406 80 Healthcare Compare Corp. (b)........ 4,112 26 Healthsouth Corp. (b)(c)............ 717 105 Hillenbrand Industries, Inc......... 5,349 14 Integrated Health Services.......... 430 17 Medtronic, Inc...................... 868 175 Omnicare, Inc. (c).................. 5,422 97 Oxford Health Plans, Inc. (b)....... 1,515 95 Quorum Health Group, Inc. (b)....... 2,482 40 R. P. Scherer Corp. (b)............. 2,440 183 Stryker Corp. (c)................... 6,832 98 Sybron International Corp.- Wisconsin (b)(c).................. 4,576 12 United Healthcare Corp.............. 593 50 Vencor, Inc. (b).................... 1,222 141 Watson Pharmaceutical, Inc. (b)..... 4,580 -------- 75,183 -------- Multi-Industry (0.6%): 40 Trammell Crow Co.................... 1,030 226 United Rentals, Inc. (b)(c)......... 4,365 -------- 5,395 -------- Raw Materials (2.5%): 52 Betzdearborn, Inc................... 3,187 76 Crompton & Knowles Corp............. 2,025 57 Cytec Industries, Inc. (b).......... 2,694 85 IMC Global, Inc. (c)................ 2,784 103 Ispat International N.V.-New York (c)............................... 2,232 126 Lyondell Petrochemical.............. 3,347 95 Solutia, Inc........................ 2,535 58 Witco Corp.......................... 2,359 -------- 21,163 -------- Retail (10.8%): 58 Barnes & Noble, Inc. (b)............ 1,929 94 Bed Bath & Beyond, Inc. (b)(c)...... 3,634
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ------------------------------------ -------- COMMON STOCKS, CONTINUED: Retail, continued: 180 Claire's Stores, Inc................ $ 3,507 234 CompUSA, Inc. (b)................... 7,246 164 Consolidated Stores Co. (b)......... 7,194 295 Dollar General Corp................. 10,697 278 Family Dollar Stores, Inc........... 8,159 16 Hollywood Entertainment Corp. (b)(c)............................ 170 17 Home Depot, Inc..................... 971 1,447 Just For Feet, Inc. (b)(c).......... 18,992 154 Kohl's Corp. (b)(c)................. 10,478 60 Lands End, Inc. (b)................. 2,104 87 Mac Frugal's Bargains (b)........... 3,574 57 Outback Steakhouse, Inc. (b)........ 1,647 301 Starbucks Corp. (b)................. 11,543 25 Tiffany & Co. (c)................... 902 -------- 92,747 -------- Shelter (2.1%): 55 Hon Industries, Inc................. 3,216 170 Leggett & Platt, Inc................ 7,136 81 Sealed Air Corp. (b)(c)............. 4,977 168 Sunstone Hotel Investors, Inc....... 2,901 -------- 18,230 -------- Technology (16.1%): 7 3Com Corp. (b)...................... 252 18 Adaptec, Inc. (b)................... 668 235 ADC Telecommunications, Inc. (b).... 9,824 151 Altera Corp. (b)(c)................. 5,005 220 American Power Conversion (b)....... 5,205 301 Analog Devices, Inc. (b)(c)......... 8,329 11 Ascend Communications, Inc. (b)..... 270 34 ATMEL Corp. (b)..................... 633 219 BMC Software, Inc. (b).............. 14,386 379 Cadence Design Systems, Inc. (b).... 9,278 8 Cisco Systems, Inc. (b)............. 418 381 Compuware Corp. (b)................. 12,192 154 Dell Computer Corp. (b)............. 12,902 1 Electronic Arts, Inc. (b)(c)........ 53 5 Intel Corp.......................... 323 91 Lexmark International Group, Inc. (b)............................... 3,458 122 Linear Technology Corp. (c)......... 7,024 265 Maxim Integrated Products, Inc. (b)(c)............................ 9,143 6 Microsoft Corp. (b)................. 724 95 Network Associates, Inc............. 5,023 18 Newbridge Networks Corp............. 633 22 Oracle Corp. (b).................... 485 13 Parametric Technology Corp. (b)..... 616 88 Quantum Corp. (b)(c)................ 1,772 85 SCI Systems, Inc. (b)(c)............ 3,707
Continued 29 32 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds Growth Opportunities Fund - -------------------------------------------------------------------------------- SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED DECEMBER 31, 1997 (Amounts in Thousands) (Unaudited)
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ------------------------------------ -------- COMMON STOCKS, CONTINUED: Technology, continued: 158 Solectron Corp. (b)................. $ 6,575 63 Structural Dynamics (b)............. 1,413 10 Sun Microsystems, Inc. (b).......... 383 95 Synopsys, Inc. (b).................. 3,396 13 Tellabs, Inc. (b)................... 703 190 Teradyne, Inc. (b)(c)............... 6,086 18 Thermo Instrument Systems, Inc. (b)............................... 635 43 Varian Associates, Inc.............. 2,179 136 Xilinx, Inc. (b).................... 4,783 -------- 138,476 -------- Transportation (0.5%): 117 Illinois Central Corp............... 3,975 -------- Utilities (3.7%): 191 360 Communications Co. (b).......... 3,846 329 AES Corp. (b)....................... 15,330 192 LCI International, Inc. (b)......... 5,904 115 Seagull Energy Corp. (b)............ 2,374 93 Southern New England Telecommunications, Inc. (c)...... 4,679 -------- 32,133 -------- Total Common Stocks 814,383 --------
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ------------------------------------ -------- REPURCHASE AGREEMENTS (4.1%): $35,429 Prudential Securities, 6.80%, 1/2/98 (Collateralized by $43,741 U.S. Government Agency Securities, 7.03%, 11/1/32, market value $36,492).......................... 35,429 -------- Total Repurchase Agreements 35,429 -------- Total (Cost $701,114) (a) $849,812 ========
- ------------ Percentages indicated are based on net assets of $858,525. (a) Represents cost for financial reporting purposes and differs from value by net unrealized appreciation of securities as follows (amounts in thousands): Unrealized appreciation..................................... $181,676 Unrealized depreciation..................................... (32,978) -------- Net unrealized appreciation................................. $148,698 ========
(b) Non-income producing securities. (c) A portion of this security was loaned as of December 31, 1997. See notes to financial statements. 30 33 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds Small Capitalization Fund - -------------------------------------------------------------------------------- SCHEDULE OF PORTFOLIO INVESTMENTS DECEMBER 31, 1997 (Amounts in Thousands) (Unaudited)
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ------------------------------------ -------- COMMERCIAL PAPER (5.0%): Financial Services (5.0%): 5,575 CXC, Inc., 5.82%, 3/19/98........... $ 5,507 -------- Total Commercial Paper 5,507 -------- COMMON STOCKS (88.2%): Business Equipment & Services (9.2%): 20 A Consulting Team, Inc. (b)......... 223 45 Acxiom Corp. (b).................... 866 25 Billing Information Concepts (b).... 1,197 20 Carriage Services, Inc. (b)......... 380 8 Catalina Marketing Corp. (b)........ 370 15 Central Parking Corp................ 680 10 Choicepoint, Inc. (b)............... 478 25 Concord EFS, Inc. (b)............... 622 15 Equity Corporation International (b)............................... 347 14 Hyperion Software, Inc. (b)......... 483 15 Imnet Systems, Inc. (b)(c).......... 244 11 Inacom Corp. (c).................... 309 30 Inspire Insurance Solutions (b)..... 626 12 Interim Services, Inc. (b).......... 311 20 Norrell Corp........................ 398 30 Nova Corp. (b)...................... 750 20 Paxar Corp. (b)..................... 296 10 Pierce Leahy Corp. (b).............. 205 8 Stone & Webster, Inc................ 375 10 Tetra Technologies (b).............. 211 15 World Access, Inc. (b).............. 358 15 Zebra Technologies, Class A (b)..... 446 -------- 10,175 -------- Capital Goods (2.6%): 26 Blount International, Inc........... 694 13 Imco Recycling, Inc................. 209 8 Ionics, Inc. (b).................... 313 8 Kent Electronics Corp. (b).......... 201 25 Kuhlman Corp........................ 977 15 Wabash National Corp................ 427 -------- 2,821 -------- Consumer Durable (0.7%): 10 Breed Technologies, Inc. (c)........ 183 50 Miller Industries, Inc. (b)......... 537 -------- 720 -------- Consumer Non-Durable (6.2%): 10 Canandaigua Wine Co., Class A (b)... 554 15 Coca-Cola Bottling Co............... 1,034 20 Dekalb Genetics Corp................ 785 20 Earthgrains Co...................... 940 15 Nautica Enterprises, Inc. (b)....... 349 17 NBTY, Inc. (b)...................... 567 15 Richfood Holdings (c)............... 424
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ------------------------------------ -------- COMMON STOCKS, CONTINUED: Consumer Non-Durable, continued: 24 Smithfield Foods, Inc. (b).......... $ 792 15 Westpoint Stevens, Inc. (b)(c)...... 709 30 Wolverine World Wide, Inc........... 679 -------- 6,833 -------- Consumer Services (2.9%): 30 Action Performance Co., Inc. (b)(c)............................ 1,136 22 Grand Casinos (b)................... 300 25 International Speedway Corp. (c).... 589 15 Regal Cinemas, Inc. (b)(c).......... 418 20 Sturm, Ruger & Co................... 369 25 Suburban Lodges of America (b)...... 333 -------- 3,145 -------- Energy (7.4%): 8 CAMCO International, Inc............ 510 10 Devon Energy Corp................... 385 10 EVI, Inc. (b)....................... 518 12 Forcenergy, Inc. (b)(c)............. 314 20 Global Industries Ltd. (b).......... 340 14 Input/Output, Inc. (b).............. 416 15 Marine Drilling Co., Inc. (b)....... 311 30 Maverick Tube Corp. (b)............. 759 30 Newpark Resources, Inc. (b)......... 525 25 Patterson Energy, Inc. (b).......... 966 10 Pool Energy Services Co. (b)........ 223 25 Pride Petroleum Services, Inc. (b)............................... 631 7 Saint Mary Land & Exploration....... 245 10 Snyder Oil Corp..................... 183 17 Stone Energy Corp. (b).............. 559 15 Trico Marine Services, Inc. (b)..... 441 18 Tuboscope, Inc. (b)................. 433 15 UTI Energy Corp. (b)................ 388 -------- 8,147 -------- Financial Services (18.4%): 35 Alabama National Bankcorp........... 923 25 Amresco, Inc. (b)................... 756 4 BankAtlantic Bancorp, Inc., Series A (c)...................... 61 15 BankAtlantic Bancorp, Inc., Series B................................. 251 25 Bankunited Financial Corp. (b)...... 385 7 Capital Bancorp..................... 405 20 Carolina First Corp................. 430 7 Cenit Bancorp, Inc.................. 557 20 Colonial BancGroup, Inc............. 689 52 Cooperative Bankshares, Inc. (b).... 1,274 23 Cullen/Frost Bankers, Inc........... 1,396 20 Eagle Bancshares, Inc............... 440 11 First Commercial Corp............... 616 25 First Financial Holdings, Inc....... 1,328
Continued 31 34 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds Small Capitalization Fund - -------------------------------------------------------------------------------- SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED DECEMBER 31, 1997 (Amounts in Thousands) (Unaudited)
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ------------------------------------ -------- COMMON STOCKS, CONTINUED: Financial Services, continued: 20 First Liberty Financial Corp........ $ 640 14 First Palm Beach Bancorp............ 582 12 Keystone Financial, Inc............. 483 25 Protective Life Corp................ 1,493 10 Provident Financial Group, Inc...... 485 15 Raymond James Financial............. 595 14 Republic Bancshares, Inc. (b)....... 371 21 Resource Bancshares Mortgage Group............................. 343 15 Seacoast Banking Corp............... 578 25 Sirrom Capital Corp................. 1,303 25 Sovereign Bancorp, Inc.............. 519 10 Trans Financial, Inc................ 389 42 Triad Guaranty, Inc. (b)............ 1,218 25 United Cos. Financial Corp. (c)..... 388 12 Whitney Holding Corp................ 684 17 Zions Bancorporation................ 771 -------- 20,353 -------- Health Care (9.2%): 20 Alpharma, Inc. (c).................. 435 9 Ballard Medical Products............ 218 26 Centennial Healthcare Corp. (b)..... 592 15 Cryolife, Inc. (b).................. 204 30 Cyberonics, Inc. (b)................ 458 30 Genesis Health (b)(c)............... 791 10 Gulf South Medical Supply (b)....... 373 12 ICN Pharmaceuticals, Inc............ 596 15 Invacare Corp....................... 326 11 LCA Vision, Inc..................... 13 16 Lincare Holding, Inc. (b)........... 910 8 MedImmune, Inc. (b)................. 343 7 Mentor Corp......................... 266 10 North American Vaccine, Inc. (b)(c)............................ 249 20 Orthalliance, Inc., Class A (b)..... 183 45 Orthodontic Centers of America (b)(c)............................ 748 20 Phycor, Inc. (b)(c)................. 540 9 Protein Design Labs, Inc. (b)....... 360 24 Roberts Pharmaceutical Corp. (b).... 230 9 Safeskin Corp. (b).................. 511 11 Steris Corp. (b).................... 507 40 Summit Technology, Inc. (b)......... 181 16 Sunrise Assisted Living (b)......... 690 8 Vertex Pharmaceuticals, Inc. (b).... 264 30 Vision Twenty-One, Inc. (b)......... 278 -------- 10,266 -------- Multi-Industry (0.5%): 40 Denali, Inc. (b).................... 530 --------
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ------------------------------------ -------- COMMON STOCKS, CONTINUED: Raw Materials (1.8%): 14 Birmingham Steel Corp............... $ 221 25 Chemfirst, Inc...................... 705 10 NS Group, Inc. (b).................. 171 20 Quanex Corp......................... 563 10 Scotts Company (b).................. 303 -------- 1,963 -------- Retail (7.1%): 30 Arbor Drugs, Inc.................... 555 35 Cato Corp........................... 311 17 Compucom Systems, Inc. (b).......... 140 12 Footstar, Inc. (b).................. 323 25 Gymboree Corp. (b).................. 684 30 Hibbet Sporting Goods, Inc. (b)..... 660 20 Just For Feet, Inc. (b)............. 263 20 Landry's Seafood Restaurants, Inc. (b)............................... 480 12 Men's Wearhouse, Inc. (b)........... 417 30 Michaels Stores, Inc. (b)(c)........ 876 14 O'Reilly Automotive, Inc. (b)....... 368 30 Pier 1 Imports, Inc................. 679 24 Proffitts, Inc. (b)................. 683 16 Ross Stores, Inc.................... 582 15 Ruby Tuesday, Inc. (b).............. 386 15 Stein Mart, Inc. (b)................ 401 -------- 7,808 -------- Shelter (2.8%): 24 Caraustar Industries, Inc........... 822 30 Ethan Allen Interiors, Inc.......... 1,156 3 Kimberly Clark Corp................. 166 20 Oakwood Homes Corp.................. 664 35 Southern Energy Homes, Inc. (b)..... 280 -------- 3,088 -------- Technology (12.2%): 7 Alliant Techsystems, Inc. (b)....... 390 30 Aspect Telecommunications, Inc. (b)............................... 626 5 ATMI, Inc. (b)...................... 121 28 Benchmark Electronics, Inc. (b)..... 620 25 Comverse Technology, Inc. (b)....... 955 35 Corsair Communications, Inc. (b)(c)............................ 569 25 Datastream Systems, Inc. (b)........ 775 54 Digital Microwave Corp. (b)......... 783 25 Faro Technologies, Inc. (b)......... 291 26 Harbinger Corp. (b)................. 731 10 Keane, Inc. (b)..................... 406 10 Kemet Corp. (b)..................... 194 5 Lattice Semiconductor Corp. (b)..... 237 19 Microchip Technology, Inc. (b)...... 570 11 Novellus Systems, Inc. (b).......... 355 13 Oak Industries (b).................. 386
Continued 32 35 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds Small Capitalization Fund - -------------------------------------------------------------------------------- SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED DECEMBER 31, 1997 (Amounts in Thousands) (Unaudited)
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ------------------------------------ -------- COMMON STOCKS, CONTINUED: Technology, continued: 19 Platinum Technology, Inc. (b)(c).... $ 537 40 Powertel, Inc. (b).................. 670 10 Read-Rite Corp. (b)................. 158 12 Sanmina Corp. (b)(c)................ 813 20 Sawtek, Inc. (b).................... 528 6 SCI Systems, Inc. (b)(c)............ 266 13 Sterling Software (b)............... 533 23 Tech Data Corp. (b)................. 894 40 Telco Systems, Inc. (b)............. 388 16 Vantive Corp. (b)................... 404 16 VLSI Technology, Inc. (b)........... 378 -------- 13,578 -------- Transportation (3.9%): 14 Atlantic Coast Airlines, Inc. (b)(c)............................ 445 23 Comair Holdings, Inc. (b)........... 543 38 Halter Marine Group, Inc. (b)(c).... 1,082 25 Heartland Express, Inc. (b)(c)...... 672 25 MS Carriers, Inc. (b)............... 622 10 Railtex, Inc. (b)................... 143 14 Skywest, Inc........................ 415 10 USFreightways Corp.................. 325 -------- 4,247 -------- Utilities (3.3%): 6 Energen Corp........................ 239 13 K N Energy, Inc..................... 702 50 LCI International, Inc. (b)(c)...... 1,537 25 Rural Cellular Corp. Class A (b).... 327 15 Southwestern Energy Co.............. 193
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ------------------------------------ -------- COMMON STOCKS, CONTINUED: Utilities, continued: 22 Tel-Save Holdings, Inc. (b)(c)...... $ 437 7 TNP Enterprises, Inc................ 233 -------- 3,668 -------- Total Common Stocks 97,342 -------- PREFERRED STOCKS (2.0%): Financial Services (1.8%): 15 CCB Financial Corp.................. 1,612 17 Southwest Securities Group, Inc..... 438 -------- 2,050 -------- Technology (0.2%): 7 Gray Communications Systems, Inc., Class B........................... 175 -------- Total Preferred Stocks 2,225 -------- U.S. TREASURY OBLIGATIONS (0.2%): U.S. Treasury Bills (0.2%): $ 105 2/19/98 (d)......................... 104 55 2/26/98 (d)......................... 55 15 3/12/98............................. 15 -------- Total U.S. Treasury Obligations 174 -------- REPURCHASE AGREEMENTS (4.2%): 4,619 Prudential Securities, 6.80%, 1/2/98 (Collateralized by $4,836 U.S. Treasury Bills, 0.00%, 6/25/98, market value $4,712).............. 4,619 -------- Total Repurchase Agreements 4,619 -------- Total (Cost $85,403) (a) $109,867 ========
- ------------ Percentages indicated are based on net assets of $110,282. (a) Represents cost for financial reporting purposes and differs from value by net unrealized appreciation of securities as follows (amounts in thousands): Unrealized appreciation..................................... $27,909 Unrealized depreciation..................................... (3,340) ------- Net unrealized appreciation................................. $24,569 =======
(b) Non-income producing securities. (c) A portion of this security was loaned as of December 31, 1997. (d) Serves as collateral for futures. At December 31, 1997, the Portfolios open futures contracts were as follows:
CURRENT NUMBER OPENING MARKET OF POSITIONS VALUE CONTRACTS CONTRACT TYPE (000) (000) - --------- ------------- --------- ------- 25 Long Russell March 1998 Futures $5,413 $5,518
See notes to financial statements. 33 36 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds International Equity Index Fund - -------------------------------------------------------------------------------- SCHEDULE OF PORTFOLIO INVESTMENTS DECEMBER 31, 1997 (Amounts in Thousands) (Unaudited)
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ------------------------------------ -------- COMMON STOCKS (96.1%): ARGENTINA (0.8%): Automotive (0.0%): 34 Renault Argentina (b)............... $ 44 -------- Beverages & Tobacco (0.0%): Buenos Aires Embottelladora SA, Class B (b)(d).................... 27 -------- Oil & Gas Exploration, Production & Services (0.5%): 130 Perez Companc SA.................... 929 39 YPF Sociedad Anonima................ 1,307 -------- 2,236 -------- Telecommunications (0.3%): 89 Telecom Argentina SA, Class B....... 637 215 Telefonica de Argentina SA, Class B................................. 806 -------- 1,443 -------- Total Argentina..................... 3,750 -------- AUSTRALIA (2.2%): Banking (0.7%): 120 National Australia Bank Ltd. (b).... 1,674 171 Westpac Banking Corp., Ltd.......... 1,093 -------- 2,767 -------- Beverages & Tobacco (0.1%): 57 Coca-Cola Amatil Ltd. (b)........... 427 -------- Brewery (0.0%): 113 Foster's Brewing Group Ltd.......... 215 -------- Broadcasting & Publishing (0.2%): 157 News Corp., Ltd. (b)................ 864 -------- Building Products (0.3%): 221 Boral Ltd........................... 558 135 CSR Ltd. (b)........................ 458 131 Pioneer International Ltd. (b)...... 358 -------- 1,374 -------- Diversified (0.1%): 82 Southcorp Holdings Ltd.............. 271 -------- Engineering (0.0%): 31 Leighton Holdings Ltd............... 108 -------- Metals (0.0%): 229 M.I.M. Holdings Ltd. (b)............ 140 36 RGC Ltd............................. 55 -------- 195 -------- Metals & Mining (0.4%): 68 Aberfoyle Ltd....................... 111 125 Australian National Industries Ltd............................... 114 123 Broken Hill Proprietary Co. Ltd. (b)............................... 1,144 30 Delta Gold.......................... 32 28 Great Central Mines Ltd (b)......... 30
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ------------------------------------ -------- COMMON STOCKS, CONTINUED: AUSTRALIA, CONTINUED: Metals & Mining, continued: 35 Newcrest Mining Ltd. (b)............ $ 38 122 Normandy Mining Ltd. (b)............ 119 36 Plutonic Resources Ltd. (b)......... 101 31 Resolute Limited.................... 23 87 WMC Ltd. (b)........................ 303 -------- 2,015 -------- Real Estate (0.2%): 186 General Property Trust.............. 330 177 Stockland Trust Group............... 410 186 Westfield Trust..................... 355 -------- 1,095 -------- Retail-Stores/Catalog (0.1%): 102 Coles Myer Ltd. (b)................. 490 -------- Services (0.1%): 14 Brambles Industries Ltd............. 280 -------- Total Australia..................... 10,101 -------- AUSTRIA (1.6%): Airlines (0.1%): 22 Austrian Airlines (b)............... 457 -------- Automotive (0.0%): 7 Steyr-Daimler-Puch AG............... 174 -------- Banking & Finance (0.4%): 7 Bank Austria AG..................... 181 18 Bank Austria AG, Participating Certificates (b).................. 909 11 Bank Austria VAR (b)................ 540 -------- 1,630 -------- Beverages & Tobacco (0.0%): 4 Osterreichische Brau-Beteiligungs AG (b)............................... 197 -------- Building Products (0.1%): 2 Wienerberger Baustoffindustrie AG... 455 -------- Chemicals (0.1%): 4 Lenzing AG (b)...................... 240 -------- Engineering (0.1%): 4 VA Technologie AG (b)............... 652 -------- Environmental Services (0.1%): 2 BWT AG.............................. 279 -------- Insurance (0.2%): 3 EA-Generali AG...................... 748 -------- Miscellaneous Materials & Commodities (0.1%): 9 Radex-Heraklith Industriebeteiligungs AG.......... 308 --------
Continued 34 37 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds International Equity Index Fund - -------------------------------------------------------------------------------- SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED DECEMBER 31, 1997 (Amounts in Thousands) (Unaudited)
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ------------------------------------ -------- COMMON STOCKS, CONTINUED: AUSTRIA, CONTINUED: Oil & Gas Exploration, Production & Services (0.2%): 8 OMV AG.............................. $ 1,155 -------- Telecommunications--Services and Equipment (0.2%): 11 Osterreichische Elekrizitaitswirtschafts-AG, Class A................................. 1,128 -------- Total Austria....................... 7,423 -------- BELGIUM (1.9%): Banking (0.4%): 2 Generale de Banque SA............... 727 1 Kredietbank NV...................... 577 1 Kredietbank VVPR (b)................ 546 -------- 1,850 -------- Chemicals (0.2%): 14 Solvay SA........................... 851 -------- Industrial Holding Company (0.1%): 4 Groupe Bruxelles Lambert SA......... 596 -------- Insurance (0.3%): 4 Fortis AG........................... 891 2 Royale Belge........................ 537 -------- 1,428 -------- Merchandising (0.2%): 14 Delhaize-Le Lion SA................. 715 -------- Metals & Mining (0.0%): 3 Union Miniere Group (b)............. 207 -------- Oil & Gas Exploration, Production & Services (0.2%): 2 PetroFina SA........................ 890 -------- Telecommunications--Services and Equipment (0.5%): 9 Electrabel SA....................... 2,134 -------- Total Belgium....................... 8,671 -------- BRAZIL (0.3%): Banking & Finance (0.0%): 18,213 Banco Bradesco (d).................. 0 -------- Beverages & Tobacco (0.0%): 41 Companhia Cervejaria Brahma (b)..... 26 -------- Chemicals (0.0%): 242 Copesul--Companhia Pertoquimica do Sul (b)........................... 9 19 White Martins SA (b)................ 27 -------- 36 -------- Gaming (0.0%): 5 Companhia Vidraria Santa Maria...... 9 --------
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ------------------------------------ -------- COMMON STOCKS, CONTINUED: BRAZIL, CONTINUED: Gas & Electric Utility (0.2%): 7,050 Centrais Electricas Brasilieras SA (b)............................... $ 350 3,370 Centrais Electricas Brasilieras SA, Class B........................... 172 4,116 Companhia Paranaense de Energia- Copel (b)......................... 46 405 Light--Servicos de Eletricidade SA (b)............................... 169 -------- 737 -------- Steel (0.0%): 3,589 Companhia Siderurgica Nacional...... 100 4 Companhia Vale do Rio Doce (b)...... 77 -------- 177 -------- Telecommunications (0.1%): 2,677 Telecomunicacoes Brasileiras SA..... 272 193 Telecomunicacoes de Sao Paulo SA (b)............................... 44 -------- 316 -------- Tobacco (0.0%): 10 Souza Cruz SA....................... 81 -------- Total Brazil........................ 1,382 -------- CHILE (0.2%): Banking & Finance (0.0%): 6 Banco de Santiago ADR (b)........... 131 -------- Beverages & Tobacco (0.0%): 7 Embotelladora Andina SA, Series A ADR............................... 143 -------- Telecommunications (0.2%): 18 Telecomunicaciones de Chile SA ADR............................... 545 -------- Total Chile......................... 819 -------- DENMARK (1.5%): Agriculture (0.0%): 3 Korn-OG Foderstof Kompagniet A/S.... 82 -------- Banking & Finance (0.3%): 7 Danske Bank......................... 894 6 Unidanmark A/S, Class A............. 411 -------- 1,305 -------- Beverages & Tobacco (0.1%): 4 Carlsberg A/S, Class A.............. 192 7 Carlsberg A/S, Class B (b).......... 392 -------- 584 -------- Commercial Services (0.0%): 3 ISS International Service System A/S, Class B (b).................. 105 -------- Diversified (0.1%): 14 Superfos A/S........................ 348 --------
Continued 35 38 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds International Equity Index Fund - -------------------------------------------------------------------------------- SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED DECEMBER 31, 1997 (Amounts in Thousands) (Unaudited)
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ------------------------------------ -------- COMMON STOCKS, CONTINUED: DENMARK, CONTINUED: Engineering (0.0%): 7 FLS Industries A/S, Class B......... $ 175 -------- Pharmaceuticals (0.5%): 13 Novo Nordisk A/S, Class B........... 1,854 -------- Telecommunications (0.2%): 14 Tele Danmark A/S, Class B........... 853 -------- Transportation & Shipping (0.3%): 0 D/S 1912, Class B (d)............... 785 0 D/S Svendborg A/S, Class B (d)...... 788 0 Lauritzen (J.) Holding A/S (b)(d)... 25 1,598 -------- Total Denmark....................... 6,904 -------- FINLAND (0.8%): Banking & Finance (0.1%): 96 Merita Ltd., Class A................ 524 -------- Forest Products (0.1%): 27 UPM-Kymmene Corp.................... 544 -------- Insurance (0.1%): 5 Pohjola Insurance Group, Class B.... 178 8 Sampo Insurance Co.................. 260 -------- 438 -------- Metals (0.1%): 26 Outokumpo OY, Class A............... 313 -------- Telecommunications (0.4%): 19 Nokia AB, Class A................... 1,343 11 Nokia AB, Class K................... 752 -------- 2,095 -------- Total Finland....................... 3,914 -------- FRANCE (10.6%): Automotive (0.2%): 6 PSA Peugeot......................... 795 -------- Banking (0.9%): 24 Banque Nationale de Paris........... 1,274 16 Compagnie Financiere de Paribas..... 1,374 10 Societe Generale (b)................ 1,427 -------- 4,075 -------- Beverages & Tobacco (0.4%): 10 LVMH (Moet Hennessy Louis Vuitton).......................... 1,584 8 Pernod Ricard (b)................... 478 -------- 2,062 -------- Broadcasting/Cable (0.1%): 4 Canal Plus (b)...................... 670 --------
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ------------------------------------ -------- COMMON STOCKS, CONTINUED: FRANCE, CONTINUED: Building Products (0.3%): 3 Imetal SA........................... $ 354 15 Lafarge SA (b)...................... 1,002 -------- 1,356 -------- Business Service (0.6%): 17 Compagnie Generale des Eaux......... 2,338 9 Havas SA............................ 658 -------- 2,996 -------- Chemicals (0.7%): 10 L'Air Liquide (b)................... 1,515 38 Rhone-Poulenc SA (b)................ 1,710 -------- 3,225 -------- Commercial Services (0.2%): 1 Addeco SA........................... 170 1 Sodexho SA.......................... 697 -------- 867 -------- Construction (0.1%): 5 Bouygues............................ 521 -------- Defense (0.2%): 1 Sagem SA............................ 290 19 Thomson CSF (b)..................... 585 -------- 875 -------- Diversified (0.1%): 15 Lagardere SCA (b)................... 493 -------- Electrical & Electronic (0.9%): 18 Alcatel Alsthom (b)................. 2,264 5 Legrand SA (b)...................... 947 16 Schneider SA........................ 891 -------- 4,102 -------- Energy (1.4%): 31 Elf Aquitane SA..................... 3,565 28 Total SA, Class B................... 3,070 -------- 6,635 -------- Engineering (0.1%): 4 Compagnie Francaise d'Etudes et de Construction Technip (b).......... 396 -------- Food & Household Products (0.1%): 4 Eridania Beghin-Say SA.............. 696 -------- Food Products & Services (0.3%): 8 Groupe Danone....................... 1,421 --------
Continued 36 39 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds International Equity Index Fund - -------------------------------------------------------------------------------- SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED DECEMBER 31, 1997 (Amounts in Thousands) (Unaudited)
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ------------------------------------ -------- COMMON STOCKS, CONTINUED: FRANCE, CONTINUED: Health & Personal Care (0.9%): 7 L'OREAL............................. $ 2,856 12 Sanofi SA........................... 1,282 -------- 4,138 -------- Industrial Goods & Services (0.2%): 17 Michelin Class B, Registered........ 874 -------- Industrial Holding Company (0.5%): 21 Lyonnaise des Eaux SA............... 2,334 -------- Insurance (0.6%): 35 AXA SA (b).......................... 2,706 -------- Leisure (0.2%): 4 Accor SA (b)........................ 809 3 Salomon SA.......................... 215 -------- 1,024 -------- Media (0.1%): 1 Pathe SA............................ 280 -------- Merchandising (1.0%): 4 Carrefour SA (b).................... 2,205 7 Etablissements Economiques du Casino Guichard-Perrachon................ 409 3 Pinault-Printemps-Redoute SA........ 1,334 2 Promodes............................ 911 -------- 4,859 -------- Office Equipment & Services (0.2%): 11 BIC................................. 774 -------- Oil & Gas (0.3%): 10 Compagnie de Saint Gobain........... 1,414 -------- Textile Products (0.0%): 2 Dollfus-Mieg & Cie (b).............. 43 -------- Total France........................ 49,631 -------- GERMANY (15.9%): Airlines (0.2%): 54 Lufthansa AG........................ 1,014 -------- Automotive (1.6%): 68 Daimler-Benz AG..................... 4,809 1 Man AG.............................. 416 4 Volkswagen AG....................... 2,074 -------- 7,299 -------- Banking (3.0%): 98 Bayer AG (b)........................ 3,644 39 Bayerische Vereinsbank AG........... 2,493 67 Deutsche Bank AG (b)................ 4,707
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ------------------------------------ -------- COMMON STOCKS, CONTINUED: GERMANY, CONTINUED: Banking, continued: 3 Dresdner Bank (b)................... $ 107 62 Dresdner Bank AG.................... 2,834 -------- 13,785 -------- Banking & Finance (0.3%): 33 Bayerische Hypotheken-und Weschel- Bank AG........................... 1,620 -------- Building Products (0.1%): 8 Heidelberger Zement AG.............. 542 -------- Business Service (0.5%): 8 SAP AG.............................. 2,467 -------- Chemicals (0.8%): 83 BASF AG............................. 2,981 15 Degussa AG.......................... 762 -------- 3,743 -------- Conglomerates (1.9%): 30 Metro AG (b)........................ 1,080 3 Preussag AG (b)..................... 855 70 VEBA AG............................. 4,793 4 Viag AG............................. 2,082 -------- 8,810 -------- Construction (0.1%): 9 Hochtief AG......................... 382 -------- Consumer Goods & Services (0.2%): 6 Adidas AG........................... 827 -------- Electrical & Electronic (0.9%): 74 Siemens AG.......................... 4,449 -------- Engineering (0.7%): 10 AGIV AG (b)......................... 202 6 Bilfinger & Berger Bau AG........... 186 5 Mannesmann AG (b)................... 2,677 -------- 3,065 -------- Health Care (0.2%): 11 Schering AG......................... 1,026 -------- Insurance (2.8%): 30 Allianz AG.......................... 7,681 5 AMB Aachener und Muenchener Beteiligungs...................... 595 2 AMB Aachener und Muenchener Beteiligungs AG................... 210 4 CKAG Colonia Konzern AG............. 361
Continued 37 40 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds International Equity Index Fund - -------------------------------------------------------------------------------- SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED DECEMBER 31, 1997 (Amounts in Thousands) (Unaudited)
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ------------------------------------ -------- COMMON STOCKS, CONTINUED: GERMANY, CONTINUED: Insurance, continued: 1 Muenchener Rueckversicherungs Gesellschaft AG, Bearer Shares (b)............................... $ 162 11 Muenchener Rueckversicherungs Gesellschaft AG, Registered Shares (b)............................... 4,048 -------- 13,057 -------- Investment Company (0.2%): 17 Beiersdorf AG....................... 711 -------- Machinery & Equipment (0.2%): 9 Kloeckner-Humbolt-Deutz AG (b)...... 67 1 Linde AG (b)........................ 692 -------- 759 -------- Metals & Mining (0.2%): 9 Fag Kugelfischer Georg Schaefer AG................................ 121 4 Thyssen AG.......................... 956 -------- 1,077 -------- Pharmaceuticals (0.2%): 24 Merck KGaA.......................... 804 -------- Retail (0.1%): 1 Karstadt AG (b)..................... 398 -------- Retail-General Merchandise (0.0%): 5 Douglas Holding AG.................. 159 -------- Telecommunications (1.2%): 306 Deutsche Telekom AG................. 5,670 -------- Telecommunications--Services and Equipment (0.5%): 48 RWE AG.............................. 2,573 -------- Total Germany....................... 74,237 -------- GREECE (0.9%): Agriculture (0.0%): 8 Hellenic Sugar Industry SA.......... 49 -------- Banking & Finance (0.6%): 18 Alpha Credit Bank................... 1,066 8 Commercial Bank of Greece SA........ 294 13 Ergo Bank SA........................ 662 5 National Bank of Greece SA (b)...... 479 -------- 2,501 -------- Beverages & Tobacco (0.1%): 24 Hellenic Bottling Co. SA............ 553 -------- Building Products (0.2%): 27 Heracles General Cement Co. SA...... 556 -------- Insurance (0.0%): 5 Aspis Pronia (b).................... 53 --------
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ------------------------------------ -------- COMMON STOCKS, CONTINUED: GREECE, CONTINUED: Telecommunications (0.0%): 3 Intracom SA......................... $ 137 -------- Tobacco (0.0%): 4 Papastratos Cigarette............... 77 -------- Transportation & Shipping (0.0%): 7 Attica Enterprises.................. 76 -------- Total Greece........................ 4,002 -------- HONG KONG (0.8%): Airlines (0.0%): 194 Cathay Pacific Airways (b).......... 158 -------- Banking (0.1%): 83 Bank of East Asia Ltd. (b).......... 195 12 HSBC Holdings PLC................... 286 -------- 481 -------- Banking & Finance (0.0%): 38 Wing Lung Bank...................... 182 -------- Broadcasting & Publishing (0.1%): 95 Television Broadcasts Ltd........... 271 -------- Conglomerates (0.1%): 68 Swire Pacific Ltd., Class A......... 373 -------- Electrical Equipment (0.0%): 645 Elec & Eltek International Holdings Ltd...................... 160 -------- Industrial Holding Company (0.2%): 145 Hutchison Whampoa Ltd. (b).......... 909 -------- Printing & Publishing (0.0%): 263 Oriental Press Group Ltd. (b)....... 80 -------- Real Estate (0.1%): 56 Sun Hung Kai Properties Ltd. (b).... 390 -------- Telecommunications (0.2%): 391 Hong Kong Telecommunications Ltd. (b).......................... 804 -------- Total Hong Kong..................... 3,808 -------- INDONESIA (0.2%): Agriculture (0.0%): 369 PT SMART Corp....................... 32 -------- Auto Parts (0.0%): 61 PT Astra International IDR.......... 16 -------- Banking & Finance (0.0%): 298 PT Bank International Indonesia-- Foreign Registry.................. 18 -------- Building Products (0.0%): 222 Indocement Tunggal Prakarsa......... 73 --------
Continued 38 41 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds International Equity Index Fund - -------------------------------------------------------------------------------- SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED DECEMBER 31, 1997 (Amounts in Thousands) (Unaudited)
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ------------------------------------ -------- COMMON STOCKS, CONTINUED: INDONESIA, CONTINUED: Chemicals (0.0%): 1,246 Polysindo EKA IDR................... $ 206 -------- Forest Products (0.0%): 203 PT Barito Pacific Timber............ 58 100 PT Inti Indorayon Utama-- Foreign Registry.................. 10 -------- 68 -------- Telecommunications (0.1%): 108 PT Indosat.......................... 198 285 PT Telekomunikasi Indonesia......... 152 -------- 350 -------- Tobacco (0.1%): 155 PT Gudang Garam..................... 236 51 PT Hanjaya Mandala Sampoerna........ 38 -------- 274 -------- Total Indonesia..................... 1,037 -------- IRELAND (0.5%): Banking (0.1%): 38 Allied Irish Banks PLC.............. 363 -------- Banking & Finance (0.3%): 132 Allied Irish Banks PLC.............. 1,282 -------- Beverages & Tobacco (0.0%): 77 James Crean PLC..................... 158 -------- Industrial Goods & Services (0.1%): 133 Smufit (Jefferson) Group............ 375 -------- Total Ireland....................... 2,178 -------- ITALY (10.0%): Agriculture (0.1%): 306 Parmalat Finanziaria SpA (b)........ 438 -------- Auto Parts (0.0%): 90 Magneti Marelli SpA................. 154 -------- Automotive (0.5%): 719 Fiat SpA............................ 2,091 165 Fiat SpA di Risp (Non-convertible)................. 273 -------- 2,364 -------- Banking (1.0%): 378 Banca Commerciale Italiana (b)...... 1,315 39 Banca Popolare di Milano............ 247 99 Banco Ambrosiano Veneto SpA......... 379 425 Credito Italiano SpA (b)............ 1,313
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ------------------------------------ -------- COMMON STOCKS, CONTINUED: ITALY, CONTINUED: Banking, continued: 148 Istituto Bancario San Paolo di Torino (b)..................... $ 1,412 32 Riunione Adriatica di Sicurta SpA di Risp........................... 215 -------- 4,881 -------- Banking & Finance (0.1%): 81 Mediobanca SpA (b).................. 633 -------- Broadcasting & Publishing (0.2%): 232 Mediaset SpA........................ 1,141 -------- Building Products (0.1%): 32 Italcementi SpA (b)................. 224 15 Italcementi SpA RNC................. 45 -------- 269 -------- Chemicals (0.2%): 958 Montedison SpA...................... 860 102 Montedison SpA di Risp.............. 67 130 Snia MPD SpA........................ 134 -------- 1,061 -------- Engineering (0.0%): 145 Impregilo SpA....................... 111 -------- Financial Services (0.3%): 109 Istituto Mobiliare Italiano (b)..... 1,297 -------- Gas & Electric Utility (0.3%): 127 Edison SpA (b)...................... 767 144 Italgas SpA......................... 595 -------- 1,362 -------- Insurance (1.8%): 237 Assicurazioni Generali.............. 5,828 486 Istituto Nazionale delle Assicurazioni..................... 985 23 La Previdente....................... 177 56 Riuniune Adriatici de Sicurta SpA (b)............................... 554 63 Societa Assicuratrice Industriale (SAI) SpA (b)..................... 700 -------- 8,244 -------- Office Equipment & Services (0.0%): 380 Olivetti SpA (b).................... 230 -------- Oil & Gas (1.9%): 1,554 Ente Nazionale Idrocarburi SpA (ENI)............................. 8,813 -------- Paper Products (0.1%): 34 Burgo (Cartiere) SpA................ 202 17 Reno de Medici SpA (b).............. 46 -------- 248 --------
Continued 39 42 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds International Equity Index Fund - -------------------------------------------------------------------------------- SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED DECEMBER 31, 1997 (Amounts in Thousands) (Unaudited)
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ------------------------------------ -------- COMMON STOCKS, CONTINUED: ITALY, CONTINUED: Printing & Publishing (0.0%): 26 Mandadori (b)....................... $ 208 -------- Retail (0.1%): 36 La Rinascente SpA (b)............... 266 -------- Steel (0.0%): 29 Falck Acciaierie & Ferriere Lombarde SpA............................... 132 -------- Telecommunications (3.0%): 56 Sirti SpA (b)....................... 337 1,362 Telecom Italia Mobile SpA di Risp (Non-convertible)................. 6,290 357 Telecom Italia SpA.................. 1,014 773 Telecom Italia SpA.................. 4,939 213 Telecom Italia SpA-RNC (b).......... 939 -------- 13,519 -------- Textile Products (0.1%): 35 Benetton Group SpA (b).............. 569 7 Marzotto (Gaetano) & Figli SpA...... 85 -------- 654 -------- Tire & Rubber (0.2%): 300 Pirelli SpA (b)..................... 803 -------- Total Italy......................... 46,828 -------- JAPAN (20.8%): Agriculture (0.0%): 25 Nippon Beet Sugar Manufacturing..... 34 -------- Airlines (0.1%): 115 Japan Airlines (b).................. 314 -------- Aluminum (0.0%): 63 Nippon Light Metal Co............... 92 -------- Appliances & Household Products (1.2%): 130 Matsushita Electric Industrial Co., Ltd............................... 1,910 12 Pioneer Electronic Corp............. 186 95 Sanyo Electric Co................... 248 81 Sharp Corp.......................... 559 26 Sony Corp........................... 2,320 -------- 5,223 -------- Automotive (2.3%): 2 Autobacs Seven Co................... 58 62 Honda Motor Co., Ltd................ 2,284 159 Nissan Motor Co., Ltd............... 660 9 Sanden.............................. 39 23 Toyoda Automatic Loom Works......... 425 246 Toyota Motor Corp................... 7,076 -------- 10,542 --------
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ------------------------------------ -------- COMMON STOCKS, CONTINUED: JAPAN, CONTINUED: Banking (2.3%): 131 Asahi Bank Ltd...................... $ 534 304 Bank of Tokyo--Mitsubishi........... 4,202 215 Fuji Bank Ltd....................... 873 175 Industrial Bank of Japan............ 1,252 220 Mitsui Trust & Banking Co........... 428 240 Sakura Bank Ltd..................... 689 209 Sumitomo Bank....................... 2,395 13 Yamaguchi Bank...................... 160 -------- 10,533 -------- Basic Industry (0.0%): 42 Sekisui Chemical Co., Ltd........... 214 -------- Beverages & Tobacco (0.2%): 20 Asahi Breweries Ltd................. 292 49 Kirin Brewery Co., Ltd.............. 359 36 Takara Shuzo........................ 134 -------- 785 -------- Brewery (0.0%): 18 Sapporo Breweries................... 57 -------- Broadcasting & Publishing (0.0%): 18 Tokyo Broadcasting System........... 228 -------- Building Products (0.1%): 35 Chichibu Onoda Cement Co............ 65 5 Dianippon Screen Manufacturing Co., Ltd............................... 23 21 Nihon Cement Co., Ltd............... 43 32 Sanwa Shutter Corp.................. 161 16 Tostem Corp......................... 173 -------- 465 -------- Chemicals (0.8%): 72 Asahi Chemical Industry Co., Ltd.... 245 6 Daicel Chemical Industries Ltd...... 8 23 Dainippon Ink & Chemicals, Inc...... 58 97 Denki Kagaku Kogyo K.K.............. 147 26 Ishihara Sangyo Kaisha (b).......... 29 32 Kaneka Corp......................... 145 24 Konica Corp......................... 111 13 Kureha Chemical Industry............ 27 107 Mitsubishi Chemical Corp............ 154 16 Mitsubishi Gas Chemical Co.......... 42 14 Nippon Shokubai K.K. Co............. 57 14 NOF Corp............................ 24 19 Shin-Etsu Chemical Co............... 372 59 Showa Denko K.K..................... 52 100 Sumitomo Chemical Co................ 231 49 Takeda Chemical Industries.......... 1,401 80 Toray Industries, Inc............... 360
Continued 40 43 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds International Equity Index Fund - -------------------------------------------------------------------------------- SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED DECEMBER 31, 1997 (Amounts in Thousands) (Unaudited)
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ------------------------------------ -------- COMMON STOCKS, CONTINUED: JAPAN, CONTINUED: Chemicals, continued: 72 Tosoh Corp. (b)..................... $ 121 74 Ube Industries Ltd.................. 94 -------- 3,678 -------- Commercial Services (0.0%): 3 Oyo Corp............................ 46 -------- Computer Software (0.0%): 4 CSK Corp............................ 103 3 Konami Co., Ltd..................... 74 177 -------- Construction (0.2%): 26 Aoki Corp. (b)...................... 8 21 Daiko Inc. (b)...................... 16 29 Daiwa House Industry Co., Ltd....... 154 22 Haseko (b).......................... 11 56 Kumagai Gumi Co., Ltd............... 31 12 Misawa Homes........................ 33 18 Okumura Corp........................ 43 28 Penta-Ocean Construction Co., Ltd............................... 39 61 Sekisui House Ltd................... 394 59 Shimizu Corp........................ 137 46 Taisei Corp......................... 76 -------- 942 -------- Consumer Goods & Services (0.1%): 35 Nippon Sheet Glass Co., Ltd......... 49 18 Renown, Inc. (b).................... 8 9 Shimano, Inc........................ 166 2 Tokyo Style Co., Ltd................ 18 50 Toto Ltd............................ 317 -------- 558 -------- Cosmetics/Personal Care (0.0%): 17 Shisiedo Co., Ltd................... 233 -------- Data Processing & Reproduction (0.3%): 117 Fujitsu Ltd......................... 1,260 2 Trans Cosmos, Inc................... 35 -------- 1,295 -------- Distribution (0.1%): 187 Itochu Corp......................... 295 -------- Diversified (0.1%): 9 Amano Corp.......................... 69 7 Sanrio Co., Ltd. (b)................ 37 18 Yamaha Corp......................... 205 -------- 311 -------- Electrical & Electronic (0.4%): 13 Casio Computer Co., Ltd............. 94 10 Kyocera Corp........................ 455
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ------------------------------------ -------- COMMON STOCKS, CONTINUED: JAPAN, CONTINUED: Electrical & Electronic, continued: 125 Mitsubishi Electric Corp............ $ 321 22 Nikon Corp.......................... 218 17 Omron Corp.......................... 267 7 Rohm Co............................. 716 -------- 2,071 -------- Electrical Equipment (0.2%): 9 Alps Electric Co., Ltd.............. 85 7 SMC Corp............................ 628 4 Taiyo Yuden Co., Ltd................ 28 -------- 741 -------- Electronic Components/Instruments (0.8%): 5 Adventest Corp...................... 285 13 Fanuc Co., Ltd...................... 494 3 Hirose Electric..................... 159 203 Hitachi Ltd......................... 1,451 106 NEC Corp............................ 1,133 23 Yokogawa Electric Corp.............. 143 -------- 3,665 -------- Electronics (0.0%): 5 Nitto Denko Corp.................... 87 -------- Energy (0.1%): 169 Japan Energy Corp................... 160 155 Nippon Oil Co....................... 402 -------- 562 -------- Engineering (0.2%): 13 Daito Trust Construction Co., Ltd............................... 80 36 Fujita Corp......................... 13 33 Hazama Corp......................... 16 49 Kajima Corp......................... 124 10 Kandenko Co., Ltd................... 51 70 Kawasaki Heavy Industries........... 109 14 Kinden Corp......................... 149 19 Nishimatsu Construction............. 60 53 Obayashi Corp....................... 180 17 Sato Kogyo.......................... 11 17 Toa Corp............................ 22 -------- 815 -------- Entertainment (0.1%): 13 Toei................................ 47 1 Toho Co............................. 118 22 Tokyo Dome Corp..................... 147 -------- 312 -------- Financial Services (0.5%): 18 Acom Co., Ltd....................... 997 104 Mitsubishi Trust & Banking Co....... 1,047
Continued 41 44 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds International Equity Index Fund - -------------------------------------------------------------------------------- SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED DECEMBER 31, 1997 (Amounts in Thousands) (Unaudited)
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ------------------------------------ -------- COMMON STOCKS, CONTINUED: JAPAN, CONTINUED: Financial Services, continued: 6 Orix Corp........................... $ 420 3 Uni-Charm........................... 107 -------- 2,571 -------- Food & Household Products (0.2%): 37 Ajinomoto Co., Inc.................. 361 39 Kao Corp............................ 565 10 Nissin Food Products................ 182 -------- 1,108 -------- Food Products & Services (0.1%): 59 Daiei, Inc.......................... 245 10 Kikkoman Corp....................... 51 21 Meiji Milk Products Co., Ltd........ 55 28 Nichirei Corp....................... 60 26 Nippon Suisan Kaisha Ltd. (b)....... 33 17 Yamazaki Banking Co., Ltd........... 166 -------- 610 -------- Forest Products (0.2%): 38 Mitsubishi Paper Mills.............. 53 115 New Oji Paper Co.................... 461 70 Nippon Paper Industries Co.......... 276 17 Sumitomo Forestry Co., Ltd.......... 83 -------- 873 -------- Gas & Electric Utility (1.0%): 81 Kansai Electric Power Co., Inc...... 1,377 170 Osaka Gas Co........................ 390 48 Tohoku Electric Power............... 734 92 Tokyo Electric Power................ 1,675 204 Tokyo Gas Co., Ltd.................. 464 -------- 4,640 -------- Health & Personal Care (0.4%): 9 Chugai Pharmaceutical Co., Ltd...... 46 20 Kyowa Hakko Kogyo Co., Ltd.......... 87 21 Lion Corp........................... 62 27 Sankyo Co., Ltd..................... 613 55 Yamanouchi Pharmaceutical Co., Ltd............................... 1,185 -------- 1,993 -------- Hotels & Lodging (0.0%): 11 Fujita Kanko, Inc................... 118 -------- Industrial Goods & Services (0.7%): 57 Bridgestone Corp.................... 1,241 57 Denso Corp.......................... 1,030 75 Mitsui Engineering & Shipbuilding Co., Ltd. (b)..................... 48 36 NGK Insulators Ltd.................. 321
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ------------------------------------ -------- COMMON STOCKS, CONTINUED: JAPAN, CONTINUED: Industrial Goods & Services, continued: 18 NGK Spark Plug Co................... $ 102 52 Sumitomo Electric Industries........ 712 -------- 3,454 -------- Insurance (0.4%): 39 Mitsui Marine & Fire Insurance Co., Ltd............................... 200 14 Nichido Fire & Marine Insurance Co., Ltd............................... 71 29 Nippon Fire & Marine Insurance...... 109 32 Sumitomo Marine & Fire Insurance.... 170 97 Tokio Marine & Fire Insurance Co.... 1,104 -------- 1,654 -------- Jewelry (0.1%): 40 Citizen Watch Co., Ltd.............. 269 6 Hoya Corp........................... 189 -------- 458 -------- Leasing (0.1%): 45 Yamato Transport Co., Ltd........... 606 -------- Leisure (0.0%): 3 Namco............................... 90 -------- Machinery & Equipment (0.8%): 15 Amada Co., Ltd...................... 56 25 Brother Industries Ltd.............. 57 45 Chiyoda Corp. (b)................... 48 9 Daifuku Co., Ltd.................... 44 18 Daikin Industries Ltd............... 68 14 Ebara Corp.......................... 149 49 Komatsu Ltd......................... 247 3 Komori Corp......................... 45 40 Koyo Seiko Co., Ltd................. 161 94 Kubota Corp......................... 249 9 Kurita Water........................ 92 6 Makino Milling Machine.............. 38 32 Minebea Co., Ltd.................... 345 229 Mitsubishi Heavy Industries, Ltd.... 957 5 Mori Seiki.......................... 52 58 Nigata Engineering Co., Ltd. (b).... 25 77 NSK Ltd............................. 192 49 NTN Corp............................ 114 38 Okuma Corp.......................... 136 34 Sumitomo Heavey Industries Ltd...... 104 5 Takuma Co., Ltd..................... 35 10 Tokyo Electron Ltd.................. 312 8 Tsubakimoto Chain................... 29 -------- 3,555 --------
Continued 42 45 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds International Equity Index Fund - -------------------------------------------------------------------------------- SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED DECEMBER 31, 1997 (Amounts in Thousands) (Unaudited)
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ------------------------------------ -------- COMMON STOCKS, CONTINUED: JAPAN, CONTINUED: Manufacturing--Capital Goods (0.3%): 41 Fujikura Ltd........................ $ 272 16 Kokuyo Co., Ltd..................... 277 21 Makita Corp......................... 202 15 Murata Manufacturing Co., Ltd....... 379 10 Nippon Sharyo Ltd................... 28 22 Noritake Co., Ltd................... 105 -------- 1,263 -------- Manufacturing--Consumer Goods (0.6%): 69 Canon, Inc.......................... 1,613 33 Fuji Photo Film Co., Ltd............ 1,269 6 Sega Enterprises.................... 109 -------- 2,991 -------- Materials (0.0%): 9 Okamoto Industries, Inc............. 16 26 Sumitomo Osaka Cement Co., Ltd...... 33 -------- 49 -------- Medical Supplies (0.0%): 3 Olympus Optical..................... 21 -------- Merchandising (0.4%): 28 ITO-Yokado Co., Ltd................. 1,432 18 JUSCO Co............................ 255 21 Marui Co., Ltd...................... 328 -------- 2,015 -------- Metals & Mining (0.2%): 73 Furukawa Electric Co................ 315 64 Hitachi Zosen Corp.................. 103 66 Japan Steel Works (b)............... 50 67 Mitsubishi Materials Corp........... 108 30 Mitsui Mining & Smelting............ 121 59 Mitsui Mining Co., Ltd. (b)......... 46 57 Seika Corp.......................... 86 30 Sumitomo Metal Mining Co............ 99 -------- 928 -------- Office Equipment & Services (0.2%): 57 Dai Nippon Printing Co., Ltd........ 1,074 -------- Oil & Gas Exploration, Production & Services (0.1%): 9 Arabian Oil Co...................... 137 66 Asahi Glass Co., Ltd................ 314 66 Teikoku Oil Co...................... 173 -------- 624 -------- Oil & Gas Transmission (0.1%): 75 Iwatani International Corp.......... 133 83 Mitsubishi Oil Co., Ltd............. 123 -------- 256 --------
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ------------------------------------ -------- COMMON STOCKS, CONTINUED: JAPAN, CONTINUED: Packaging (0.0%): 14 Toyo Seikan Kaisha.................. $ 199 -------- Pharmaceuticals (0.2%): 12 Eisai Co., Ltd...................... 184 22 Meiji Seika......................... 73 13 Shionogi & Co....................... 60 29 Taisho Pharmacuetical Co............ 743 -------- 1,060 -------- Real Estate (0.4%): 94 Mitsubishi Estate Co................ 1,027 65 Mitsui Fudosan...................... 630 10 Tokyo Tatemono Co., Ltd. (b)........ 13 -------- 1,670 -------- Restaurants (0.0%): 8 Skylark Co., Ltd.................... 77 -------- Retail (0.3%): 4 Aoyama Trading Co., Ltd............. 75 15 Credit Saison Co., Ltd.............. 359 14 Daimura, Inc........................ 33 10 Hankyu Department Stores............ 56 13 Isetan Co........................... 54 24 Mitsukoshi Ltd...................... 64 52 Mycal Corp.......................... 437 3 Shimachu Co......................... 47 26 Takashimaya Co...................... 158 11 Uny Co., Ltd........................ 151 -------- 1,434 -------- Services (0.3%): 12 Secom............................... 770 43 Toppan Printing Co., Ltd............ 562 -------- 1,332 -------- Steel (0.3%): 67 Daido Steel Co., Ltd................ 85 53 Japan Metals & Chemicals (b)........ 44 218 Kawasaki Steel Corp................. 298 425 Nippon Steel Co..................... 631 215 NKK Corp............................ 172 260 Sumitomo Metal Industries (b)....... 334 11 Tokyo Steel......................... 37 -------- 1,601 -------- Storage (0.0%): 14 Mitsubishi Logistics Corp........... 146 34 Mitsui-Soko Co., Ltd................ 86 -------- 232 --------
Continued 43 46 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds International Equity Index Fund - -------------------------------------------------------------------------------- SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED DECEMBER 31, 1997 (Amounts in Thousands) (Unaudited)
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ------------------------------------ -------- COMMON STOCKS, CONTINUED: JAPAN, CONTINUED: Telecommunications (1.7%): 16 Nippon Comsys Corp.................. $ 198 1 Nippon Telegraph & Telephone Corp.............................. 7,279 -------- 7,477 -------- Textile Products (0.2%): 191 Kanebo Ltd. (b)..................... 140 26 Kurabo Industries................... 28 31 Kuraray Co., Ltd.................... 257 27 Mitsubishi Rayon Co., Ltd........... 66 13 Nisshinbo Industries................ 55 5 Onward Kashiyama Co., Ltd........... 58 31 Teijin Ltd.......................... 65 27 Toyobo Ltd.......................... 33 48 Unitika Ltd. (b).................... 26 -------- 728 -------- Transportation & Shipping (0.4%): 0 East Japan Railway Co. (d).......... 1,082 30 Kamigumi Co., Ltd................... 89 93 Kawasaki Kisen Kaisha Ltd. (b)...... 113 81 Mitsui OSK Lines, Ltd. (b).......... 113 78 Nippon Yusen Kabushiki Kaisha....... 215 12 Seino Transportation................ 60 -------- 1,672 -------- Transportation--Road & Railroad (0.6%): 91 Hankyu Corp......................... 428 30 Keihin Electric Express Railway..... 105 232 Kinki Nippon Railway................ 1,244 53 Nippon Express Co., Ltd............. 265 40 Odakyu Electric Railway............. 174 36 Tobu Railway Co., Ltd............... 113 78 Tokyu Corp.......................... 302 -------- 2,631 -------- Wholesale & International Trade (0.4%): 130 Marubeni Corp....................... 229 112 Mitsubishi Corp..................... 888 106 Mitsui & Co......................... 629 -------- 1,746 -------- Wholesale Distribution (0.0%): 14 Nagase & Co......................... 41 -------- Wire & Cable Products (0.0%): 19 Tokyo Rope MFG...................... 22 -------- Total Japan......................... 97,148 --------
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ------------------------------------ -------- COMMON STOCKS, CONTINUED: KOREA (0.0%): Chemicals (0.0%): 1 Han Wha Corp........................ $ 1 2 Hanwha Chemical Corp. (b)........... 2 -------- 3 -------- Retail-Stores/Catalog (0.0%): 8 Keum Kang Development Industries Co................................ 23 -------- Total Korea......................... 26 -------- LUXEMBOURG (0.0%): Aluminum (0.0%): 9 Hindalco Industries Ltd. GDR (b).... 185 -------- MALAYSIA (0.2%): Agriculture (0.0%): 118 Highlands & Lowlands Berhad......... 121 19 IOI Corp. Berahd.................... 6 37 Kemayan Corp. Berhad (b)............ 5 -------- 132 -------- Automotive (0.0%): 281 Tan Chong Motors.................... 123 -------- Building Products (0.0%): 10 Golden Plus Holdings................ 2 9 Jaya Tiasa Holdings Berhad.......... 17 80 Pan-Malaysia Cement Works Berhad.... 31 -------- 50 -------- Construction (0.0%): 28 YTL Corp. Berhad.................... 37 -------- Diversified (0.0%): 24 Berjaya Group Berhad................ 5 231 Malaysian Mosaics Berhad............ 83 28 Mulph International................. 3 20 Multi-Purpose Holdings Berhad....... 5 -------- 96 -------- Engineering (0.0%): 15 Pilecon Engineering Berhad.......... 4 25 United Engineers (Malaysia) Ltd..... 20 -------- 24 -------- Financial Services (0.0%): 26 Malayan Banking Berhad.............. 75 40 MBF Capital Berhad.................. 9 69 Rashid Hussain Berhad............... 54 -------- 138 -------- Food Products & Services (0.2%): 54 Nestle (Malaysia) Berhad............ 249 --------
Continued 44 47 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds International Equity Index Fund - -------------------------------------------------------------------------------- SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED DECEMBER 31, 1997 (Amounts in Thousands) (Unaudited)
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ------------------------------------ -------- COMMON STOCKS, CONTINUED: MALAYSIA, CONTINUED: Forest Products (0.0%): 376 Land & General Berhad............... $ 69 -------- Hotels & Lodging (0.0%): 19 Landmarks Berhad.................... 3 -------- Leisure (0.0%): 26 Berjaya Land Berhad................. 16 -------- Miscellaneous (0.0%): 21 Johan Holdings Berhad............... 6 -------- Real Estate (0.0%): 13 Malaysian Resources................. 3 -------- Steel (0.0%): 54 Malayawata Steel Berhad............. 13 -------- Telecommunications (0.0%): 41 Technology Resources Industries Berhad............................ 24 88 Tenaga Nasional Berhad.............. 188 -------- 212 -------- Total Malaysia...................... 1,171 -------- MEXICO (1.0%): Banking (0.0%): 105 Grupo Financiero Banamex Accival SA de CV (b)......................... 68 -------- Beverages & Tobacco (0.0%): 17 Grupo Continental SA................ 59 27 Grupo Embotelladoras de Mexico SA de CV................................ 63 -------- 122 -------- Brewery (0.0%): 13 Fomento Economico Mexicano SA de CV, Class B........................... 104 -------- Building Products (0.2%): 10 Apasco SA de CV..................... 69 32 Cemex SA de CV, Series A (b)........ 147 20 Cemex SA de CV, Series B (b)........ 108 15 Cemex SA de CV, Series CPO (b)...... 69 11 Tolmex SA de CV, Series B2 (b)...... 63 -------- 456 -------- Diversified (0.3%): 32 ALFA SA de CV, Class A.............. 219 47 Carso Global Telecom, Series A-1.... 188 6 Desc SA de CV, Series A............. 52 5 Desc SA de CV, Series B............. 47 3 Desc SA de CV, Series C............. 31 41 Grupo Carso SA de CV, Series A-1.... 270 -------- 807 --------
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ------------------------------------ -------- COMMON STOCKS, CONTINUED: MEXICO, CONTINUED: Engineering (0.0%): 50 Empresas ICA Sociedad Controladora SA de CV.......................... $ 137 16 Grupo Tribasa SA de CV (b).......... 48 -------- 185 -------- Financial Services (0.0%): 29 Grupo Financiero Banamex Accival SA de CV (b)......................... 88 0 Grupo Financiero Inbursa SA de CV, Class B (b)(d).................... 0 -------- 88 -------- Food & Household Products (0.1%): 85 Kimberly-Clark de Mexico SA de CV, Class A........................... 403 -------- Industrial Goods & Services (0.0%): 19 Grupo Industrial Bimbo SA de CV, Series A.......................... 180 -------- Merchandising (0.1%): 51 Cifra SA de CV, Series C............ 114 118 Cifra SA de CV, Series V............ 291 -------- 405 -------- Metals & Mining (0.0%): 33 Grupo Mexico SA, Series B........... 121 25 Industrias Penoles SA, Series CP.... 111 -------- 232 -------- Retail-General Merchandise (0.0%): 39 Controladora Comercial Mexicana SA de CV............................. 50 -------- Retail-Stores/Catalog (0.0%): 70 El Puerto de Liverpool SA de CV, Series 1.......................... 115 -------- Steel (0.0%): 26 Altos Hornos de Mexico SA (b)....... 59 10 Hylsamex SA......................... 60 -------- 119 -------- Telecommunications (0.3%): 10 Grupo Televisa SA, Series CPO (b)... 195 300 Telefonos de Mexico SA, Series L.... 846 -------- 1,041 -------- Tobacco (0.0%): 22 Empresas La Moderna SA de CV (b).... 120 --------
Continued 45 48 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds International Equity Index Fund - -------------------------------------------------------------------------------- SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED DECEMBER 31, 1997 (Amounts in Thousands) (Unaudited)
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ------------------------------------ -------- COMMON STOCKS, CONTINUED: MEXICO, CONTINUED: Transportation--Shipping (0.0%): 30 Vitro SA............................ $ 131 -------- Wholesale Distribution (0.0%): 15 Grupo Casa Autrey SA de CV.......... 30 -------- Total Mexico........................ 4,656 -------- NETHERLANDS (2.7%): Appliances & Household Products (0.2%): 14 Philips Electronics NV.............. 810 -------- Banking (0.3%): 67 ABN Amro Holding NV................. 1,302 -------- Beverages & Tobacco (0.1%): 2 Heineken NV......................... 405 -------- Broadcasting & Publishing (0.1%): 43 Elsevier NV......................... 691 -------- Chemicals (0.2%): 4 Akzo Nobel.......................... 767 -------- Energy (1.0%): 82 Nlg Royal Dutch Petroleum........... 4,490 -------- Financial Services (0.3%): 38 ING Groep NV........................ 1,605 -------- Food Products & Services (0.3%): 24 Unilever NV CVA..................... 1,505 -------- Services (0.2%): 23 Koninklijke Royal PTT Nederland NV................................ 939 -------- Total Netherlands................... 12,514 -------- NEW ZEALAND (0.3%): Beverages & Tobacco (0.1%): 125 Lion Nathan Ltd..................... 281 -------- Forest Products (0.0%): 88 Carter Holt Harvey (b).............. 135 21 Fletcher Challenge Forestry (b)..... 18 22 Fletcher Challenge Paper............ 29 -------- 182 -------- Telecommunications (0.2%): 235 Telecom Corp. of New Zealand Ltd. (b).......................... 1,138 -------- Total New Zealand................... 1,601 -------- NORWAY (1.1%): Engineering (0.1%): 8 Kvaerner ASA........................ 386 -------- Entertainment (0.0%): 36 NCL Holdings ASA (b)................ 129 --------
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ------------------------------------ -------- COMMON STOCKS, CONTINUED: NORWAY, CONTINUED: Forest Products (0.0%): 6 Norske Skogsindustrier ASA.......... $ 167 -------- Insurance (0.1%): 54 Storebrand ASA (b).................. 380 -------- Medical Equipment & Supplies (0.0%): 43 Hafslund ASA, Class A............... 208 -------- Metals & Mining (0.0%): 15 Elkem ASA........................... 194 -------- Oil & Gas Exploration, Production & Services (0.7%): 9 Aker ASA, Class A................... 152 16 Aker ASA, Class B................... 284 41 Norsk Hydro ASA..................... 1,994 6 Petroleum Geo-Services ASA (b)...... 356 -------- 2,786 -------- Pharmaceuticals (0.1%): 8 Nycomed Amersham (b)................ 303 -------- Transportation & Shipping (0.1%): 15 Bona Shipholding (b)................ 155 17 Leif Hoegh & Co. ASA................ 355 -------- 510 -------- Total Norway........................ 5,063 -------- PHILIPPINES (0.2%): Banking & Finance (0.0%): 0 Metropolitan Bank & Trust Co. (d)... 0 -------- Beverages & Tobacco (0.0%): 60 San Miguel Corp., Class B........... 75 -------- Building Products (0.0%): 374 Southeast Asia Cement Holdings, Inc. (b)............................... 5 -------- Diversified (0.0%): 306 Ayala Corp., Series B............... 121 -------- Oil & Gas Exploration, Production & Services (0.0%): 999 Petron Corp......................... 84 -------- Telecommunications (0.2%): 41 Manila Electric Co., Class B........ 138 50 Philippine Long Distance Telephone Co. (b)........................... 6 15 Pilipino Telephone Corp............. 325 -------- 469 -------- Total Phillippines.................. 754 --------
Continued 46 49 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds International Equity Index Fund - -------------------------------------------------------------------------------- SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED DECEMBER 31, 1997 (Amounts in Thousands) (Unaudited)
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ------------------------------------ -------- COMMON STOCKS, CONTINUED: PORTUGAL (1.0%): Banking (0.4%): 25 Banco Comercial Portugues SA........ $ 512 17 Banco Espirito Santo e Commerical de Lisboa SA, Registered............. 496 23 Banco Internacional do Funchal SA... 176 1 Banco Totta & Acores SA............. 20 17 BPI-SGPS SA, Registered............. 412 -------- 1,616 -------- Beverages & Tobacco (0.0%): 11 UNICER-Uniao Cervejeira SA.......... 162 -------- Building Products (0.0%): 3 Cimpor-Cimentos de Portugal, SGPS SA........................... 81 -------- Food & Household Products (0.2%): 23 Estabelecimentos Jeronimo Martins & Filho SA.......................... 731 -------- Forest Products (0.0%): 8 Soporcel-Sociedade Portuguesa de Celulose SA (b)................... 228 -------- Industrial Holding Company (0.1%): 10 Sonae Investimentos SA.............. 417 -------- Insurance (0.1%): 11 Companhia de Seguros Tranquilidade, Registered........................ 267 -------- Retail-General Merchandise (0.0%): 5 Modelo Continente-Sociedade Gestora de Participacoes Sociais SA....... 234 -------- Telecommunications (0.2%): 16 Portugal Telecom SA................. 757 -------- Total Portugal...................... 4,493 -------- SINGAPORE (0.3%): Automotive (0.0%): 15 Cycle & Carriage.................... 62 -------- Electrical Equipment (0.0%): 3 Creative Technology Ltd............. 61 -------- Health Care (0.0%): 13 Parkway Holdings.................... 29 -------- Lodging (0.0%): 310 Hotel Properties Ltd................ 202 -------- Machinery & Equipment (0.0%): 19 Van Der Horst Ltd................... 7 --------
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ------------------------------------ -------- COMMON STOCKS, CONTINUED: SINGAPORE, CONTINUED: Real Estate (0.1%): 30 City Developments Ltd............... $ 138 39 DBS Land Ltd........................ 60 78 United Industrial Corp., Ltd........ 31 53 United Overseas Land Ltd. (b)....... 45 -------- 274 -------- Steel (0.0%): 36 NatSteel Ltd........................ 49 -------- Telecommunications (0.1%): 334 Singapore Telecommunications Ltd. (b).......................... 622 -------- Transportation & Shipping (0.1%): 468 Chuan Hup Holdings Ltd.............. 142 347 Neptune Orient Lines Ltd............ 137 -------- 279 -------- Total Singapore..................... 1,585 -------- SOUTH AFRICA (0.5%): Banking & Finance (0.1%): 8 Nedcor Ltd.......................... 186 3 Standard Bank Investment Corp., Ltd............................... 150 -------- 336 -------- Brewery (0.0%): 7 South African Breweries Ltd......... 163 -------- Diversified (0.1%): 9 Anglovaal Industries Ltd............ 17 11 Barlow Ltd.......................... 90 18 Malbak Ltd.......................... 17 14 Rembrandt Group Ltd................. 103 22 Smith (C.G.) Ltd.................... 92 -------- 319 -------- Engineering (0.0%): 31 Murray & Roberts Holdings Ltd....... 46 -------- Entertainment (0.0%): 55 Sun International (South Africa) Ltd............................... 23 -------- Financial Services (0.0%): 19 Amalgamated Banks of South Africa (b).................. 108 10 First National Bank Holdings Ltd.... 85 -------- 193 -------- Food & Household Products (0.0%): 5 Tiger Oats Ltd...................... 65 -------- Food Products & Services (0.0%): 2 Foodcorp Ltd........................ 10 --------
Continued 47 50 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds International Equity Index Fund - -------------------------------------------------------------------------------- SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED DECEMBER 31, 1997 (Amounts in Thousands) (Unaudited)
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ------------------------------------ -------- COMMON STOCKS, CONTINUED: SOUTH AFRICA, CONTINUED: Forest Products (0.0%): 11 Nampak Ltd. (b)..................... $ 34 13 Sappi Ltd........................... 63 -------- 97 -------- Industrial Goods & Services (0.0%): 1 Anglo American Industrial Corp., Ltd............................... 27 -------- Insurance (0.1%): 8 Liberty Life Association of Africa Ltd............................... 193 6 Southern Life Association Ltd....... 52 -------- 245 -------- Metals & Mining (0.2%): 6 Anglo American Corp. of South Africa Ltd............................... 238 1 Anglo American Gold Investment Co., Ltd............................... 19 41 Billiton PLC (b).................... 105 9 DeBeers Centenary AG................ 189 5 Driefontein Consolidated Ltd........ 35 8 Gencor Ltd. (b)..................... 13 2 Gold Fields of South Africa Ltd..... 23 8 Johnnies Industrial Corp., Ltd...... 86 6 Kloof Gold Mining Company Ltd....... 18 8 Randfontein Estates Gold Mining Co................................ 12 5 Rustenburg Platinum Holdings Ltd. (b).......................... 63 4 Samancor Ltd........................ 19 -------- 820 -------- Oil & Gas Exploration, Production & Services (0.0%): 18 Sasol Ltd........................... 189 -------- Pharmaceuticals (0.0%): 3 South African Druggists Ltd......... 16 -------- Retail-General Merchandise (0.0%): 2 Ellerine Holdings Ltd............... 16 7 New Clicks Holdings Ltd............. 8 -------- 24 -------- Total South Africa.................. 2,573 -------- SPAIN (4.2%): Banking (0.8%): 45 Banco Central Hispanoamericano SA... 1,100 14 Corporacion Bancaria de Espana SA... 839 60 Esp Banco Santander Sa.............. 1,998 -------- 3,937 -------- Banking & Finance (0.6%): 83 Banco Bilbao Vizcaya SA............. 2,698 --------
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ------------------------------------ -------- COMMON STOCKS, CONTINUED: SPAIN, CONTINUED: Beverages & Tobacco (0.1%): 12 El Aguila SA (b).................... $ 47 5 Tabacalera SA, Class A.............. 422 -------- 469 Building Products (0.0%): 7 Uralita SA (b)...................... 82 -------- Chemicals (0.0%): 38 Ercros SA (b)....................... 37 -------- Construction (0.1%): 7 Dragados Y Construcciones SA........ 149 7 Fomento de Constucciones y Contratas SA................................ 274 -------- 423 -------- Energy (0.3%): 33 Repsol SA........................... 1,420 -------- Food & Household Products (0.0%): 10 Ebro Agricolas, Compania de Alimentacion SA (b)............... 167 -------- Forest Products (0.0%): 5 Empresa Nacional de Celulosas SA.... 67 24 Sarrio SA........................... 88 -------- 155 -------- Gas & Electric Utility (1.1%): 21 Empresa Nacional de Electricidad SA................................ 365 132 Endesa SA........................... 2,335 113 Iberdrola SA........................ 1,484 40 Union Electric Fenosa SA (b)........ 382 -------- 4,566 -------- Industrial Holding Company (0.1%): 3 Corporacion Financiara Alba......... 358 -------- Insurance (0.0%): 7 Corporacion Mapfre.................. 191 -------- Oil & Gas Exploration, Production & Services (0.2%): 18 Gas Natural SDG..................... 954 5 Viscofan Industria Navarra de Envolturas Celulosicas SA......... 118 -------- 1,072 -------- Real Estate (0.1%): 6 Inmobiliaria Metropolitana Vasco Central SA........................ 284 4 Vallehermoso SA..................... 123 -------- 407 -------- Steel (0.1%): 2 Acerinox SA (b)..................... 323 --------
Continued 48 51 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds International Equity Index Fund - -------------------------------------------------------------------------------- SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED DECEMBER 31, 1997 (Amounts in Thousands) (Unaudited)
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ------------------------------------ -------- COMMON STOCKS, CONTINUED: SPAIN, CONTINUED: Telecommunications (0.7%): 120 Telefonica de Espana................ $ 3,425 -------- Total Spain......................... 19,730 -------- SWEDEN (1.7%): Automotive (0.1%): 14 Volvo AB, Series B.................. 370 -------- Banking & Finance (0.2%): 27 Skandiaviska Enskilda Banken, Class A........................... 347 11 Svenska Handlesbanken, Class A...... 386 -------- 733 -------- Engineering (0.1%): 32 ABB AB, A Shares.................... 374 8 ABB AB, B Shares.................... 94 4 Skanska AB, Series B................ 174 -------- 642 -------- Forest Products (0.1%): 15 Stora Kopparbergs Bergslags Aktiebolag, Series A.............. 190 6 Stora Kopparbergs Bergslags Aktiebolag, Series B.............. 71 16 Svenska Cellulosa AB, Series B...... 349 -------- 610 -------- Insurance (0.0%): 4 Skandia Forsakrings AB.............. 198 -------- Machinery & Equipment (0.1%): 13 Atlas Copco AB, Series A............ 397 -------- Manufacturing-Consumer Goods (0.1%): 6 Electrolux AB, Series B............. 384 -------- Metals & Mining (0.0%): 4 SKF AB, Series B.................... 91 7 Trelleborg AB, Series B............. 90 -------- 181 -------- Office Equipment & Services (0.0%): 5 Esselte AB, Series B................ 93 -------- Pharmaceuticals (0.4%): 80 Astra AB, A Shares.................. 1,379 26 Astra AB, B Shares.................. 442 -------- 1,821 -------- Retail-General Merchandise (0.2%): 19 Hennes & Mauritz AB, B Shares....... 832 -------- Telecommunications (0.4%): 48 Telefonaktiebolaget LM Ericsson, Series B.......................... 1,789 --------
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ------------------------------------ -------- COMMON STOCKS, CONTINUED: SWEDEN, CONTINUED: Tobacco (0.0%): 20 Swedish Match AB.................... $ 67 -------- Total Sweden........................ 8,117 -------- SWITZERLAND (2.0%): Banking (0.1%): 2 Swiss Bank Corp. (b)................ 479 -------- Chemicals (0.1%): 4 Ciba Specialty Chemicals AG (b)..... 422 -------- Diversified (0.1%): 0 Alusuisse-Lonza Holding AG, Registered (d).................... 144 0 SFR ABB AG (d)...................... 327 -------- 471 -------- Fertilizers (0.0%): 1 Societe Suisse pour la Microelectronique et l'Horlogerie AG................................ 155 -------- Financial Services (0.4%): 5 CS Holding AG, Registered........... 769 1 Union Bank of Switzerland........... 903 -------- 1,672 -------- Food Products & Services (0.2%): 1 Nestle SA, Registered............... 1,021 -------- Insurance (0.2%): 0 Swiss Reinsurance Co., Registered (d)............................... 731 -------- Pharmaceuticals (0.9%): 2 Novartis AG, Bearer................. 2,590 0 Roche Holding AG (d)................ 617 0 Roche Holding AG, Bearer (d)........ 1,293 -------- 4,500 -------- Transportation (0.0%): 1 Sfr Danzas Holding Ag Reg........... 98 -------- Total Switzerland................... 9,549 -------- THAILAND (0.1%): Airlines (0.0%): 136 Thai Airways International Public Co., Ltd., Foreign Registered Shares (b)........................ 151 -------- Computer Hardware (0.1%): 70 Shinamatra Computer Public Co. Ltd............................... 234 -------- Metals & Mining (0.0%): 655 Padaeng Industries Public Co., Ltd. (b)............................... 107 --------
Continued 49 52 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds International Equity Index Fund - -------------------------------------------------------------------------------- SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED DECEMBER 31, 1997 (Amounts in Thousands) (Unaudited)
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ------------------------------------ -------- COMMON STOCKS, CONTINUED: THAILAND, CONTINUED: Telecommunications (0.0%): 30 Advanced Information Services PLC, Foreign Registered Shares......... $ 144 102 TelecomAsia Corp. Public Co., Ltd. (b)............................... 19 -------- 163 -------- Total Thailand...................... 655 -------- TURKEY (1.4%): Appliances & Household Products (0.0%): 1,601 Arcelik AS.......................... 151 -------- Automotive (0.0%): 150 Otosan Otomobil Sanayii AS.......... 124 1,702 Tofas Turk Otomobil Fabrikas AS..... 97 -------- 221 -------- Banking & Finance (0.4%): 9,644 Akbank TAS.......................... 850 8,166 Turkiye Garanti Bankasi AS.......... 404 -------- 1,254 -------- Beverages & Tobacco (0.0%): 776 Ege Biracilik ve Malt Sanayi AS..... 70 554 Ericiyas Biracilik ve Malt Sanayii........................... 78 -------- 148 -------- Building Products (0.1%): 847 Akcansa Cimento AS.................. 119 393 Cimentas AS......................... 43 999 Cimsa Cimento Sanayi ve Ticaret AS................................ 54 709 Turk Sise ve Cam Fabrikalari AS (b)............................... 52 -------- 268 -------- Chemicals (0.0%): 161 Petkim Petrokimya Holding AS........ 87 -------- Diversified (0.2%): 2,571 Dogan Sirketler Grubu Holding AS (b)............................... 102 3,371 Koc Holding AS...................... 789 -------- 891 -------- Electrical & Electronic (0.0%): 94 Raks Electronik Ev Aletleri......... 24 -------- Financial Services (0.5%): 8,925 Turkiye Is Bankasi AS, Class C...... 1,617 11,705 Yapi ve Kredi Bankasi AS............ 446 -------- 2,063 -------- Food Products & Services (0.0%): 981 Tat Konserve Sanayii AS............. 46 -------- Forest Products (0.0%): 569 Kartonsan Karton Sanayi ve Ticaret AS........................ 35 --------
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ------------------------------------ -------- COMMON STOCKS, CONTINUED: TURKEY, CONTINUED: Industrial Goods & Services (0.0%): 455 Kordsa Kord Bezi Sanayi ve Ticaret AS................................ $ 40 -------- Manufacturing-Capital Goods (0.0%): 708 Turk Demir Dokum Fabrikalari AS..... 39 -------- Metals & Mining (0.0%): 959 Eregli Demir ve Celik Fabrikalari TAS............................... 148 2,209 Izmir Demir Celik Sanayi AS (b)..... 26 -------- 174 -------- Oil & Gas Exploration, Production & Services (0.1%): 395 Aygaz AS............................ 73 548 Petrol Ofisi AS..................... 131 1,739 Tupras Turkiye Petrol Rafinerileri AS (b)............................ 198 -------- 402 -------- Telecommunications (0.1%): 109 Cukurova Elektrik AS................ 300 293 Netas-Northern Elektrik Telekomunikasyon AS (b)........... 106 -------- 406 -------- Textile Products (0.0%): 206 Aksa Akrilik Kimya Sanayii AS....... 15 -------- Tire & Rubber (0.0%): 931 Brisa Bridgestone Sabanci Lastik SAN, ve Tic AS.................... 65 145 Goodyear Lastikleri TAS............. 65 -------- 130 -------- Transportation (0.0%): 560 Turk Hava Yollari AO (b)............ 99 -------- Wholesale Distribution (0.0%): 247 Migros Turk TAS..................... 223 -------- Total Turkey........................ 6,716 -------- UNITED KINGDOM (9.4%): Aerospace & Military Technology (0.3%): 20 British Aerospace PLC............... 582 43 Rolls-Royce PLC (b)................. 163 35 Smiths Industries PLC............... 494 -------- 1,239 -------- Airlines (0.1%): 57 British Airways PLC................. 555 -------- Appliances & Household Products (0.0%): 24 EMI Group PLC....................... 211 -------- Auto Parts (0.0%): 56 LucasVarity PLC..................... 200 --------
Continued 50 53 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds International Equity Index Fund - -------------------------------------------------------------------------------- SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED DECEMBER 31, 1997 (Amounts in Thousands) (Unaudited)
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ------------------------------------ -------- COMMON STOCKS, CONTINUED: UNITED KINGDOM, CONTINUED: Banking (1.3%): 73 Abbey Natioanl PLC.................. $ 1,253 75 Barclays PLC........................ 1,980 29 HSBC Holdings PLC................... 744 49 HSBC Holdings PLC (Hong Kong Dollars).......................... 1,209 26 Royal Bank of Scotland Group PLC.... 333 -------- 5,519 -------- Beverages & Tobacco (0.4%): 156 Guinness PLC........................ 1,432 50 Scottish & Newcastle PLC............ 608 -------- 2,040 -------- Brewery (0.1%): 35 Bass PLC............................ 534 -------- Broadcasting/Cable (0.1%): 62 British Sky Broadcasting Group PLC............................... 460 -------- Building Products (0.1%): 30 Marley PLC.......................... 47 10 Meyer International PLC............. 64 50 Rugby Group PLC..................... 112 96 Tarmac PLC.......................... 180 -------- 403 -------- Chemicals (0.1%): 33 Imperial Chemical Industries PLC.... 510 -------- Conglomerates (0.2%): 107 B.A.T. Industries PLC............... 973 -------- Construction (0.0%): 44 Taylor Woodrow PLC.................. 129 26 Wilson Connolly Holdings PLC........ 66 -------- 195 -------- Diversified (0.0%): 54 Lonrho PLC.......................... 82 -------- Electrical & Electronic (0.3%): 50 Bowthorpe PLC....................... 312 57 Electrocomponents PLC............... 427 100 General Electric Co., PLC........... 657 -------- 1,396 -------- Energy (0.7%): 237 British Petroleum Co., PLC (b)...... 3,120 -------- Engineering (0.0%): 25 Barratt Developments PLC............ 94 --------
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ------------------------------------ -------- COMMON STOCKS, CONTINUED: UNITED KINGDOM, CONTINUED: Financial Services (0.5%): 176 Lloyds TSB Group PLC................ $ 2,272 55 St. James's Place Capital PLC....... 153 -------- 2,425 -------- Food & Household Products (0.3%): 42 Cadbury Schweppes PLC............... 421 112 Unilever PLC........................ 957 -------- 1,378 -------- Food Products & Services (0.1%): 66 J Sainsbury PLC (b)................. 554 -------- Health & Personal Care (0.8%): 115 Glaxo Wellcome PLC.................. 2,714 27 Zeneca PLC (b)...................... 933 -------- 3,647 -------- Industrial Holding Company (0.2%): 28 BICC Group PLC...................... 80 143 BTR PLC............................. 440 56 Hanson PLC.......................... 251 -------- 771 -------- Insurance (0.5%): 56 Commercial Union PLC................ 832 65 Prudential Corp. PLC................ 751 53 Royal & Sun Alliance Insurance Group PLC............................... 528 -------- 2,111 -------- Leisure (0.2%): 58 Granada Group PLC................... 891 31 Rank Group PLC...................... 170 -------- 1,061 -------- Machinery & Equipment (0.1%): 20 GKN PLC............................. 410 -------- Merchandising (0.1%): 43 Safeway PLC......................... 244 -------- Metals & Mining (0.2%): 89 British Steel PLC (b)............... 192 72 English China Clays PLC............. 317 43 RTZ Corp., PLC, Registered.......... 494 -------- 1,003 -------- Oil & Gas Exploration, Production & Services (0.3%): 160 BG PLC.............................. 720 61 Harrison & Crossfield PLC........... 141 50 LASMO PLC........................... 222 51 Pilkington PLC...................... 107 -------- 1,190 --------
Continued 51 54 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds International Equity Index Fund - -------------------------------------------------------------------------------- SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED DECEMBER 31, 1997 (Amounts in Thousands) (Unaudited)
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ------------------------------------ -------- COMMON STOCKS, CONTINUED: UNITED KINGDOM, CONTINUED: Paper Products (0.0%): 41 Rexam PLC........................... $ 201 -------- Pharmaceuticals (0.4%): 174 SmithKline Beecham PLC.............. 1,791 -------- Printing & Publishing (0.1%): 56 Reuters Holdings PLC................ 617 -------- Real Estate (0.2%): 19 British Land Co., PLC............... 205 49 Land Securities PLC................. 784 -------- 989 -------- Real Estate Investment Trust (0.1%): 23 Peninsular & Oriental Steam Navigation Co..................... 262 -------- Retail-Stores/Catalog (0.7%): 46 Boots Co., PLC...................... 661 41 Great Universal Stores PLC.......... 506 90 Marks & Spencer PLC................. 886 23 Next PLC............................ 258 117 Tesco PLC........................... 944 21 Thorn PLC........................... 55 -------- 3,310 -------- Telecommunications (0.9%): 249 British Telecommunications PLC...... 1,964 94 Cable & Wireless PLC (b)............ 830 154 Centrica PLC (b).................... 223 50 National Power PLC.................. 496 127 Vodaphone Group PLC................. 923 -------- 4,436 -------- Textile Products (0.0%): 24 Courtaulds Textiles PLC............. 143 -------- Total United Kingdom................ 44,074 -------- UNITED STATES (1.0%): Aluminum (0.0%): 16 Indian Aluminum Company Ltd. GDR (b)............................... 31 -------- Automotive (0.1%): 14 Mahindra & Mahindra Ltd. GDR........ 145 16 Tata Engineering & Locomotive Co., Ltd. GDR.......................... 137 -------- 282 -------- Beverages & Tobacco (0.1%): 7 Compania Cervezas Unidas SA ADR..... 197 7 Embotelladora Andina SA ADR......... 133 3 Vina Concho y Toro SA ADR........... 76 -------- 406 --------
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ------------------------------------ -------- COMMON STOCKS, CONTINUED: UNITED STATES, CONTINUED: Building Products (0.0%): 19 Gujarat Ambuja Cements Ltd. GDR.......................... $ 132 -------- Chemicals (0.1%): 10 Indian Petrochemicals Corp., Ltd. GDR............................... 48 41 Indo Gulf Fertilizers and Chemicals Corp., Ltd. GDR................... 37 6 Quimica Y Minera Chile SA ADR....... 281 7 United Phosphorus Ltd. GDR.......... 21 -------- 387 -------- Diversified (0.1%): 13 Grasim Industries Ltd. GDR.......... 140 19 ITC Ltd. GDR (b).................... 296 2 U.S. Industries, Inc................ 73 -------- 509 -------- Forest Products (0.0%): 12 Maderas Y Sinteticos Anonima SA ADR............................... 113 -------- Gas & Electric Utility (0.3%): 12 Chilectra SA ADR.................... 298 12 Chilgener SA ADR.................... 291 13 Enersis SA ADR...................... 380 -------- 969 -------- Hotels & Lodging (0.0%): 6 East India Hotels Ltd. GDR.......... 72 8 Indian Hotels Co., Ltd. GDR (b)..... 147 -------- 219 -------- Manufacturing-Capital Goods (0.0%): 5 Ashok Leyland Ltd. GDR.............. 13 27 India Cements Ltd. GDR.............. 51 14 Larsen & Toubro Ltd. GDR............ 145 -------- 209 -------- Metals & Mining (0.0%): 8 Madeco SA ADR....................... 116 20 Steel Authority of India Ltd. GDR... 64 -------- 180 -------- Packaging (0.0%): 9 Cristalerias de Chile ADR........... 123 -------- Pharmaceuticals (0.1%): 5 Laboratorio Chile ADR............... 105 9 Ranbaxy Laboratories Ltd. GDR....... 230 -------- 335 --------
Continued 52 55 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds International Equity Index Fund - -------------------------------------------------------------------------------- SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED DECEMBER 31, 1997 (Amounts in Thousands) (Unaudited)
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ------------------------------------ -------- COMMON STOCKS, CONTINUED: UNITED STATES, CONTINUED: Textile Products (0.2%): 22 Arvind Mills Ltd. GDR............... $ 43 7 Bombay Dye & Manufacturing Co. GDR.. 18 1 Century Textile & Industries Ltd. GDR............................... 34 21 Indian Rayon & Industries Ltd. GDR (b)............................... 88 8 Raymond Ltd. GDR.................... 21 59 Reliance Industries Ltd. GDR (b).... 495 -------- 699 -------- Transportation (0.0%): 11 Bajaj Auto Ltd. GDR................. 207 -------- Transportation--Shipping (0.0%): 21 Great Eastern Shipping Co. GDR (b)............................... 110 -------- Total United States................. 4,911 -------- Total Common Stocks........................... 450,206 -------- PREFERRED STOCKS (1.7%): AUSTRALIA (0.2%): Media (0.2%): 223 News Corp. Ltd...................... 1,105 -------- BRAZIL (0.5%): Banking (0.1%): 18,213 Banco Bradesco SA................... 180 201 Banco Itau SA (b)................... 108 -------- 288 -------- Beverages & Tobacco (0.0%): 151 Companhia Cervejaria Brahma (b)..... 101 -------- Electric Utility (0.1%): 1,704 Cia Energetica de Sao Paolo (b)..... 102 3,073 Companhia Energetica de Minas Gerais............................ 134 -------- 236 -------- Forest Products (0.0%): 90 Sadia-Concordia SA.................. 59 -------- Oil & Gas Exploration, Production & Services (0.1%): 2,019 Petroleo Brasileiro SA.............. 472 -------- Steel (0.0%): 7 Companhia Vale do Rio Doce (b)...... 134 --------
SHARES OR PRINCIPAL MARKET AMOUNT SECURITY DESCRIPTION VALUE - --------- ------------------------------------ -------- PREFERRED STOCKS, CONTINUED: BRAZIL, CONTINUED: Telecommunications (0.2%): 8,769 Telecomunicacoes Brasileiras SA..... $ 1,001 441 Telecomunicacoes de Sao Paolo SA.... 117 -------- 1,118 -------- Total Brazil........................ 2,408 -------- GERMANY (0.8%): Automotive (0.1%): 1 Volkswagen AG....................... 562 -------- Business Service (0.4%): 6 SAP AG.............................. 1,839 -------- Gas & Electric Utility (0.3%): 35 RWE AG.............................. 1,492 -------- Total Germany....................... 3,893 -------- GREECE (0.1%): Telecommunications (0.1%): 6 Intracom SA......................... 267 -------- ITALY (0.1%): Automotive (0.1%): 218 Fiat SpA (b)........................ 333 -------- Total Preferred Stocks 8,006 -------- U.S. TREASURY OBLIGATIONS (0.1%): U.S. Treasury Bills (0.1%): $ 390 1/2/98 (e).......................... 390 -------- Total U.S. Treasury Obligations 390 -------- REPURCHASE AGREEMENTS (3.1%): United States (3.1%): 14,423 State Street Bank, 5.00%, 1/2/98 (Collateralized by $14,545 U.S. Treasury Securities, 6.13%, 12/31/01, market value $14,713)... 14,423 -------- Total Repurchase Agreements 14,423 -------- Total (Cost $417,674) (a) $473,025 ========
- ------------ Percentages indicated are based on net assets of $468,630. (a) Represents cost for financial reporting purposes and differs from value by net unrealized appreciation of securities as follows (amounts in thousands): Unrealized appreciation..................................... $115,820 Unrealized depreciation..................................... (60,623) -------- Net unrealized appreciation................................. $ 55,197 ========
(b) Non-income producing securities. Continued 53 56 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds International Equity Index Fund - -------------------------------------------------------------------------------- SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED DECEMBER 31, 1997 (Amounts in Thousands) (Unaudited) (c) A portion of this security was loaned as of December 31, 1997. (d) Amounts are less than 1,000. (e) Serves as collateral for futures contracts. At December 31, 1997, the Portfolio's open futures contracts were as follows:
CURRENT NUMBER OPENING MARKET OF POSITIONS VALUE CONTRACTS CONTRACT TYPE (000) (000) - ---------- --------------------------------------------- --------- ------- 18 Long Nikkei 225 March 1998 Future $1,452 $1,365 16 Long Eurotop 100 March 1998 Future 3,681 3,726 ------ ------ 5,133 5,091 ====== ====== ADR American Depository Receipt GDR Global Depository Receipt
At December 31, 1997, the Fund's open forward currency contracts were as follows:
UNREALIZED DELIVERY CONTRACT CONTRACT CONTRACT MARKET APPRECIATION/ CURRENCY DATE PRICE AMOUNT VALUE VALUE (DEPRECIATION) - ------------------------ -------- ----------- --------- -------- ------ -------------- Long Contracts: Belgian Franc 1/15/98 36.8800 4,357 $ 118 $ 117 $ (1) German Mark 1/5/98 1.7885 809 452 450 (2) European Currency Unit 3/20/98 0.8931 3,300 3,695 3,639 (56) French Franc 1/30/98 5.9746 1,895 317 315 (2) Italian Lire 1/8/98 1,757.8900 891,449 507 504 (3) Japanese Yen 1/7/98 25.6100 183,000 1,457 1,414 (43) Japanese Yen 3/12/98 125.6100 387,005 2,977 2,976 (1) Netherlands Guilder 1/6/98 2.0164 141 70 70 -- Spanish Peseta 1/7/98 151.3600 76,882 508 504 (4) ------- ------ ----- Total Long Contracts $10,101 $9,989 $(112) ======= ====== ===== Short Contracts: Indonesian Rupiah 1/2/98 5,699.9992 (143,515) $ (25) $ (26) $ (1) ------- ------ ----- Total Short Contracts $ (25) $ (26) $ (1) ======= ====== =====
See notes to financial statements. 54 57 (This page intentionally left blank) 55 58 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds - -------------------------------------------------------------------------------- STATEMENTS OF ASSETS AND LIABILITIES DECEMBER 31, 1997 (Amounts in Thousands, except per share amounts) (Unaudited)
ASSET ALLOCATION INCOME EQUITY FUND FUND ---------------- ------------- ASSETS: Investments, at value....................................... $197,844 $884,176 Repurchase agreements, at cost.............................. 4,876 22,722 -------- -------- Total (cost $179,677; $499,296; $687,752; $480,627; $600,783; respectively)................................... 202,720 906,898 Cash........................................................ 1 -- Interest and dividends receivable........................... 1,329 2,151 Receivable for capital shares issued........................ 220 259 Receivable from brokers for investments sold................ -- 2,697 Prepaid expenses and other assets........................... 2 174 -------- -------- TOTAL ASSETS................................................ 204,272 912,179 -------- -------- LIABILITIES: Cash overdraft.............................................. -- 11 Dividends payable........................................... 523 935 Payable for capital shares redeemed......................... 30 216 Payable to brokers for investments purchased................ -- 4,363 Payable for variation margin on futures contracts........... 2 -- Accrued expenses and other payables: Investment advisory fees................................ 93 532 Administration fees..................................... 13 123 12b-1 fees.............................................. 65 118 Other................................................... 88 179 -------- -------- TOTAL LIABILITIES........................................... 814 6,477 -------- -------- NET ASSETS: Capital..................................................... 178,352 483,768 Undistributed (distributions in excess) of net investment income.................................................... (15) 23 Accumulated undistributed net realized gains (losses) from investment, options and futures transactions.............. 2,026 14,309 Net unrealized appreciation (depreciation) from investments and futures............................................... 23,095 407,602 -------- -------- NET ASSETS.................................................. $203,458 $905,702 ======== ======== NET ASSETS: Fiduciary............................................... $ 94,794 $689,912 Class A................................................. 38,874 96,787 Class B................................................. 69,790 118,646 Class C................................................. -- 357 -------- -------- Total....................................................... $203,458 $905,702 ======== ======== OUTSTANDING UNITS OF BENEFICIAL INTEREST (SHARES): Fiduciary............................................... 7,531 32,103 Class A................................................. 3,085 4,509 Class B................................................. 5,517 5,517 Class C................................................. -- 17 ======== ======== Total....................................................... 16,133 42,146 ======== ======== Net Asset Value: Fiduciary Offering and redemption price per share....... $ 12.59 $ 21.49 ======== ======== Class A Redemption price per share...................... $ 12.60 $ 21.47 ======== ======== Maximum sales charge................................ 4.50% 4.50% ======== ======== Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to nearest cent)............................................... $ 13.19 $ 22.48 ======== ======== Class B Offering price per share (b).................... $ 12.65 $ 21.50 ======== ======== Class C Offering price per share (b).................... $ -- $ 21.51 ======== ========
- ------------ (a) Amount is less than 1,000. (b) Redemption price per Class B and Class C shares varies based on length of time shares are held. See notes to financial statements. 56 59 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds - -------------------------------------------------------------------------------- STATEMENTS OF ASSETS AND LIABILITIES DECEMBER 31, 1997 (Amounts in Thousands, except per share amounts) (Unaudited)
VALUE EQUITY INDEX GROWTH LARGE COMPANY FUND FUND VALUE FUND ------------ ------------ ------------- $957,204 $569,769 $687,851 16,318 10,034 61,507 -------- -------- -------- 973,522 579,803 749,358 26 1 1 1,332 760 995 1,182 62 31 -- -- 15,151 16 6 10 -------- -------- -------- 976,078 580,632 765,546 -------- -------- -------- -- -- -- 954 391 813 15,071 111 171 -- -- 23,939 4 4 -- 81 356 456 97 82 106 229 24 15 396 109 449 -------- -------- -------- 16,832 1,077 25,949 -------- -------- -------- 660,888 470,302 574,172 -- 1 (79) 12,300 9,953 16,941 286,058 99,299 148,563 -------- -------- -------- $959,246 $579,555 $739,597 ======== ======== ======== $567,634 $505,228 $709,375 150,595 59,719 17,408 240,865 14,607 12,814 152 1 -- -------- -------- -------- $959,246 $579,555 $739,597 ======== ======== ======== 24,402 43,732 46,693 6,475 5,174 1,141 10,361 1,271 835 7 --(a) -- ======== ======== ======== 41,245 50,177 48,669 ======== ======== ======== $ 23.26 $ 11.55 $ 15.19 ======== ======== ======== $ 23.26 $ 11.54 $ 15.25 ======== ======== ======== 4.50% 4.50% 4.50% ======== ======== ======== $ 24.36 $ 12.08 $ 15.97 ======== ======== ======== $ 23.25 $ 11.49 $ 15.34 ======== ======== ======== $ 23.26 $ 11.54 $ -- ======== ======== ========
57 60 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds - -------------------------------------------------------------------------------- STATEMENTS OF ASSETS AND LIABILITIES DECEMBER 31, 1997 (Amounts in Thousands, except per share amounts) (Unaudited)
DISCIPLINED VALUE LARGE COMPANY FUND GROWTH FUND ----------------- ------------- ASSETS: Investments, at value....................................... $629,791 $1,601,414 Repurchase agreements, at cost.............................. 15,355 16,845 -------- ---------- Total (cost $495,970; $1,124,533; $701,114; $85,403; $417,674, respectively)................................... 645,146 1,618,259 Foreign currency, at value (cost $1,490).................... -- -- Interest and dividends receivable........................... 680 2,313 Receivable for capital shares issued........................ 22 15,428 Receivable from brokers for investments sold................ 1,296 15,237 Deferred organization costs................................. -- -- Net receivable for variation margin on futures contracts.... -- -- Tax reclaim receivable...................................... -- -- Prepaid expenses and other assets........................... 8 17 -------- ---------- TOTAL ASSETS................................................ 647,152 1,651,254 -------- ---------- LIABILITIES: Cash overdraft.............................................. 3 14 Dividends payable........................................... 484 584 Payable for capital shares redeemed......................... 10 298 Payable to brokers for investments purchased................ -- 57,835 Net payable for variation margin on futures contracts....... -- -- Payable for forward foreign currency contracts.............. -- -- Accrued expenses and other payables: Investment advisory fees................................ 392 941 Administration fees..................................... 91 217 12b-1 fees.............................................. 27 184 Other................................................... 150 412 -------- ---------- TOTAL LIABILITIES........................................... 1,157 60,485 -------- ---------- NET ASSETS: Capital..................................................... 485,221 1,085,700 Undistributed (distributions in excess) of net investment income.................................................... (37) 46 Accumulated undistributed net realized gains (losses) from investment, options and futures transactions.............. 11,635 11,297 Net unrealized appreciation (depreciation) from investments, futures and translation of assets and liabilities in foreign currencies........................................ 149,176 493,726 -------- ---------- NET ASSETS.................................................. $645,995 $1,590,769 ======== ========== NET ASSETS: Fiduciary............................................... $591,390 $1,253,716 Class A................................................. 29,367 152,579 Class B................................................. 25,238 184,424 Class C................................................. -- 50 -------- ---------- Total....................................................... $645,995 $1,590,769 ======== ========== OUTSTANDING UNITS OF BENEFICIAL INTEREST (SHARES): Fiduciary............................................... 36,772 68,733 Class A................................................. 1,822 8,139 Class B................................................. 1,571 10,051 Class C................................................. -- 3 ======== ========== Total....................................................... 40,165 86,926 ======== ========== Net Asset Value : Fiduciary Offering and redemption price per share....... $ 16.08 $ 18.24 ======== ========== Class A Redemption price per share...................... $ 16.12 $ 18.75 ======== ========== Maximum sales charge................................ 4.50% 4.50% ======== ========== Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to nearest cent)............................................... 16.88 $ 19.63 ======== ========== Class B Offering price per share (b).................... $ 16.06 $ 18.35 ======== ========== Class C Offering price per share (b).................... -- $ 18.21 ======== ==========
- ------------ (a) Amount is less than 1,000. (b) Redemption price per Class B and Class C shares varies based on length of time shares are held. See notes to financials. 58 61 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds - -------------------------------------------------------------------------------- STATEMENTS OF ASSETS AND LIABILITIES DECEMBER 31, 1997 (Amounts in Thousands, except per share amounts) (Unaudited)
GROWTH SMALL INTERNATIONAL OPPORTUNITIES CAPITALIZATION EQUITY INDEX FUND FUND FUND ------------- -------------- ------------- $814,383 $105,248 $458,602 35,429 4,619 14,423 -------- -------- -------- 849,812 109,867 473,025 -- -- 1,490 454 73 286 449 10 94 23,944 749 2,009 -- -- 2 -- 33 -- -- -- 471 10 -- 6 -------- -------- -------- 874,669 110,732 477,383 -------- -------- -------- 7 -- 4 15,098 -- 621 176 2 9 -- 305 7,400 -- -- 1 -- -- 113 498 68 215 115 14 68 63 8 12 187 53 310 -------- -------- -------- 16,144 450 8,753 -------- -------- -------- 722,544 77,724 425,231 (2,006) (366) (2,574) (10,711) 8,355 (9,224) 148,698 24,569 55,197 -------- -------- -------- $858,525 $110,282 $468,630 ======== ======== ======== $733,898 $ 86,817 $441,609 62,939 18,477 16,236 61,686 4,987 10,784 2 1 1 -------- -------- -------- $858,525 $110,282 $486,630 ======== ======== ======== 37,762 7,653 28,996 3,262 1,630 1,065 3,317 447 730 --(a) --(a) --(a) ======== ======== ======== 44,341 9,730 30,791 ======== ======== ======== $ 19.44 $ 11.34 $ 15.23 ======== ======== ======== $ 19.30 $ 11.33 $ 15.25 ======== ======== ======== 4.50% 4.50% 4.50% ======== ======== ======== $ 20.21 $ 11.86 $ 15.97 ======== ======== ======== $ 18.60 $ 11.16 $ 14.76 ======== ======== ======== $ 19.41 $ 11.33 $ 15.23 ======== ======== ========
59 62 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds - -------------------------------------------------------------------------------- STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED DECEMBER 31, 1997 (Amounts in Thousands) (Unaudited)
ASSET ALLOCATION INCOME EQUITY EQUITY INDEX VALUE GROWTH LARGE COMPANY FUND FUND FUND FUND VALUE FUND ---------------- ------------- ------------ ------------ ------------- INVESTMENT INCOME: Interest income.......................... $ 2,952 $ 1,177 $ 836 $ 799 $ 1,055 Dividend income.......................... 730 9,338 7,295 3,879 7,508 Income from securities lending........... 26 55 108 70 83 ------- ------- ------- ------- ------- Total Income............................. 3,708 10,570 8,239 4,748 8,646 ------- ------- ------- ------- ------- EXPENSES: Investment advisory fees................. 605 3,075 1,335 2,018 2,712 Administration fees...................... 153 683 731 448 602 12b-1 fees (Class A)..................... 61 159 223 94 29 12b-1 fees (Class B)..................... 285 505 1,050 64 56 12b-1 fees (Class C)..................... -- 1 -- -- -- Custodian and accounting fees............ 35 42 102 39 35 Legal and audit fees..................... 3 28 17 12 12 Trustees' fees and expenses.............. 1 7 8 5 6 Transfer agent fees...................... 108 211 457 73 56 Registration and filing fees............. 25 81 85 53 28 Printing costs........................... 13 74 85 48 44 Other.................................... 16 20 13 6 17 ------- ------- ------- ------- ------- Total expenses before waivers............ 1,305 4,886 4,106 2,860 3,597 Less waivers............................. (195) (45) (1,339) (27) (8) ------- ------- ------- ------- ------- Net Expenses............................. 1,110 4,841 2,767 2,833 3,589 ------- ------- ------- ------- ------- Net Investment Income.................... 2,598 5,729 5,472 1,915 5,057 ------- ------- ------- ------- ------- REALIZED / UNREALIZED GAINS (LOSSES) FROM INVESTMENTS, OPTIONS AND FUTURES: Net realized gains (losses) from investments, options and futures transactions........................... 8,100 40,769 17,428 39,963 44,331 Net change in unrealized appreciation (depreciation) from investments, options and futures.................... 5,887 27,462 59,085 22,345 19,320 ------- ------- ------- ------- ------- Net realized/unrealized gains (losses) from investments, options and futures................................ 13,987 68,231 76,513 62,308 63,651 ------- ------- ------- ------- ------- Change in net assets resulting from operations............................. $16,585 $73,960 $81,985 $64,223 $68,708 ======= ======= ======= ======= =======
See notes to financial statements. 60 63 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds - -------------------------------------------------------------------------------- STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED DECEMBER 31, 1997 (Amounts in Thousands) (Unaudited)
GROWTH SMALL INTERNATIONAL DISCIPLINED LARGE COMPANY OPPORTUNITIES CAPITALIZATION EQUITY INDEX VALUE FUND GROWTH FUND FUND FUND FUND ----------- ------------- ------------- -------------- ------------- INVESTMENT INCOME: Interest income.......................... $ 294 $ 370 $ 407 $ 141 $ -- Dividend income.......................... 5,420 9,409 1,627 264 3,207 Income from securities lending........... 113 126 284 47 -- Foreign tax withholding.................. -- -- -- -- (327) -------- -------- ------- ------- -------- Total Income............................. 5,827 9,905 2,318 452 2,880 -------- -------- ------- ------- -------- EXPENSES: Investment advisory fees................. 2,298 5,427 2,924 410 1,300 Administration fees...................... 510 1,205 649 91 389 12b-1 fees (Class A)..................... 47 249 100 33 27 12b-1 fees (Class B)..................... 115 809 259 22 54 Custodian and accounting fees............ 41 74 76 23 316 Legal and audit fees..................... 7 33 12 5 2 Organization costs....................... -- -- -- -- 2 Trustees' fees and expenses.............. 4 13 6 1 4 Transfer agent fees...................... 76 413 214 49 69 Registration and filing fees............. 17 88 41 12 31 Printing costs........................... 38 117 52 25 26 Other.................................... 16 32 20 8 7 -------- -------- ------- ------- -------- Total expenses before waivers............ 3,169 8,460 4,353 679 2,227 Less waivers............................. (13) (71) (29) (37) (8) -------- -------- ------- ------- -------- Net Expenses............................. 3,156 8,389 4,324 642 2,219 -------- -------- ------- ------- -------- Net Investment Income (Loss)............. 2,671 1,516 (2,006) (190) 661 -------- -------- ------- ------- -------- REALIZED / UNREALIZED GAINS (LOSSES) FROM INVESTMENTS, OPTIONS, FUTURES AND FOREIGN CURRENCIES: Net realized gains (losses) from investments, options, futures, and foreign currency transactions.......... 68,149 113,398 59,810 15,383 (19) Net change in unrealized appreciation (depreciation) from investments, options, futures and translation of assets and liabilities in foreign currencies............................. 50,897 12,442 38,036 444 (35,526) -------- -------- ------- ------- -------- Net realized/unrealized gains (losses) from investments, futures, options, and foreign currency....................... 119,046 125,840 97,846 15,827 (35,545) -------- -------- ------- ------- -------- Change in net assets resulting from operations............................. $121,717 $127,356 $95,840 $15,637 $(34,884) ======== ======== ======= ======= ========
See notes to financial statements. 61 64 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds - -------------------------------------------------------------------------------- STATEMENTS OF CHANGES IN NET ASSETS (Amounts in Thousands)
ASSET ALLOCATION FUND INCOME EQUITY FUND -------------------------- -------------------------- SIX MONTHS SIX MONTHS ENDED YEAR ENDED ENDED YEAR ENDED DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30, 1997 1997 1997 1997 ------------ ----------- ------------ ----------- (UNAUDITED) (UNAUDITED) FROM INVESTMENT ACTIVITIES: OPERATIONS: Net investment income (loss)............................ $ 2,598 $ 4,173 $ 5,729 $ 9,950 Net realized gains (losses) from investments, options and futures transactions.............................. 8,100 15,867 40,769 63,053 Net change in unrealized appreciation (depreciation) from investments, options and futures................. 5,887 4,463 27,462 89,271 -------- -------- -------- -------- Change in net assets resulting from operations.............. 16,585 24,503 73,960 162,274 -------- -------- -------- -------- DISTRIBUTIONS TO FIDUCIARY SHAREHOLDERS: From net investment income.............................. (1,466) (2,678) (4,833) (8,549) In excess of net investment income...................... -- (11) -- (14) From net realized gains from investment transactions.... (10,063) (2,959) (62,899) (10,510) DISTRIBUTIONS TO CLASS A SHAREHOLDERS: From net investment income.............................. (515) (764) (580) (948) In excess of net investment income...................... -- (3) -- (2) From net realized gains from investment transactions.... (3,738) (974) (9,117) (1,743) DISTRIBUTIONS TO CLASS B SHAREHOLDERS: From net investment income.............................. (637) (731) (287) (453) In excess of net investment income...................... -- (3) -- (1) From net realized gains from investment transactions.... (6,134) (1,129) (10,250) (1,424) DISTRIBUTIONS TO CLASS C SHAREHOLDERS: From net investment income.............................. -- -- (1) -- From net realized gains from investment transactions.... -- -- (11) -- -------- -------- -------- -------- Change in net assets from shareholder distributions......... (22,553) (9,252) (87,978) (23,644) -------- -------- -------- -------- CAPITAL TRANSACTIONS: Proceeds from shares issued............................. 50,451 74,038 96,955 113,454 Proceeds from shares issued in conversion............... -- 37,254 70,389 283,942 Dividends reinvested.................................... 14,633 6,840 35,241 11,938 Cost of shares redeemed................................. (25,908) (49,880) (90,366) (135,743) -------- -------- -------- -------- Change in net assets from share transactions................ 39,176 68,252 112,219 273,591 -------- -------- -------- -------- Change in net assets........................................ 33,208 83,503 98,201 412,221 NET ASSETS: Beginning of period..................................... 170,250 86,747 807,501 395,280 -------- -------- -------- -------- End of period........................................... $203,458 $170,250 $905,702 $807,501 ======== ======== ======== ======== SHARE TRANSACTIONS: Issued.................................................. 3,877 6,114 4,436 6,001 Issued in conversion.................................... -- 3,076 3,342 14,913 Reinvested.............................................. 1,151 573 1,645 656 Redeemed................................................ (1,988) (4,071) (4,096) (7,141) -------- -------- -------- -------- Change in shares............................................ 3,040 5,692 5,327 14,429 ======== ======== ======== ======== Undistributed (distributions in excess of) net investment income included in net assets: End of period........................................... $ (15) $ 5 $ 23 $ (5) ======== ======== ======== ========
See notes to financial statements. 62 65 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds - -------------------------------------------------------------------------------- STATEMENTS OF CHANGES IN NET ASSETS
EQUITY INDEX FUND VALUE GROWTH FUND LARGE COMPANY VALUE FUND -------------------------- -------------------------- -------------------------- SIX MONTHS SIX MONTHS SIX MONTHS ENDED YEAR ENDED ENDED YEAR ENDED ENDED YEAR ENDED DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30, 1997 1997 1997 1997 1997 1997 ------------ ----------- ------------ ----------- ------------ ----------- (UNAUDITED) (UNAUDITED) (UNAUDITED) $ 5,472 $ 9,130 $ 1,915 $ 3,251 $ 5,057 $ 12,627 17,428 20,871 39,963 42,586 44,331 17,493 59,085 140,765 22,345 51,518 19,320 126,134 -------- -------- -------- -------- -------- -------- 81,985 170,766 64,223 97,355 68,708 156,254 -------- -------- -------- -------- -------- -------- (4,056) (7,178) (1,789) (2,906) (5,005) (12,228) -- -- -- -- -- -- (14,824) (3,288) (54,060) (36,353) (41,719) (47,388) (782) (899) (136) (316) (95) (209) -- -- -- -- -- -- (3,454) (420) (6,125) (5,893) (1,000) (904) (634) (780) (1) (16) (37) (69) -- -- -- -- -- -- (5,722) (629) (1,479) (992) (700) (410) -- -- -- -- -- -- (1) -- -- -- -- -- -------- -------- -------- -------- -------- -------- (29,473) (13,194) (63,590) (46,476) (48,556) (61,208) -------- -------- -------- -------- -------- -------- 235,619 372,043 118,809 236,686 66,908 165,729 -- -- -- -- -- 63,222 14,720 6,593 30,433 39,472 23,837 26,644 (91,461) (180,134) (58,980) (70,246) (81,576) (238,407) -------- -------- -------- -------- -------- -------- 158,878 198,502 90,262 205,912 9,169 17,188 -------- -------- -------- -------- -------- -------- 211,390 356,074 90,895 256,791 29,321 112,234 747,856 391,782 488,660 231,869 710,276 598,042 -------- -------- -------- -------- -------- -------- $959,246 $747,856 $579,555 $488,660 $739,597 $710,276 ======== ======== ======== ======== ======== ======== 10,341 20,262 9,997 22,826 4,347 12,629 -- -- -- -- -- 4,655 645 360 2,627 4,071 1,572 2,051 (4,043) (9,830) (4,916) (6,738) (5,252) (17,923) -------- -------- -------- -------- -------- -------- 6,943 10,792 7,708 20,159 667 1,412 ======== ======== ======== ======== ======== ======== $ -- $ -- $ 1 $ 12 $ (79) $ 1 ======== ======== ======== ======== ======== ========
63 66 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds - -------------------------------------------------------------------------------- STATEMENTS OF CHANGES IN NET ASSETS (Amounts in Thousands)
DISCIPLINED VALUE FUND LARGE COMPANY GROWTH -------------------------- -------------------------- SIX MONTHS SIX MONTHS ENDED YEAR ENDED ENDED YEAR ENDED DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30, 1997 1997 1997 1997 ------------ ----------- ------------ ----------- (UNAUDITED) (UNAUDITED) FROM INVESTMENT ACTIVITIES: OPERATIONS: Net investment income (loss)............................ $ 2,671 $ 8,249 $ 1,516 $ 6,257 Net realized gains (losses) from investments, options and futures transactions.............................. 68,149 59,778 113,398 130,961 Net change in unrealized appreciation (depreciation) from investments, options and futures and translation of assets and liabilities in foreign currencies....... 50,897 36,525 12,442 186,164 ---------- ---------- ---------- ---------- Change in net assets resulting from operations.............. 121,717 104,552 127,356 323,382 ---------- ---------- ---------- ---------- DISTRIBUTIONS TO FIDUCIARY SHAREHOLDERS: From net investment income.............................. (2,626) (7,822) (1,456) (5,746) In excess of net investment income...................... -- -- -- -- From net realized gains from investment transactions.... (91,826) (53,221) (167,063) (37,414) DISTRIBUTIONS TO CLASS A SHAREHOLDERS: From net investment income.............................. (92) (274) (59) (403) In excess of net investment income...................... -- -- -- -- From net realized gains from investment transactions.... (4,398) (2,285) (20,430) (4,265) DISTRIBUTIONS TO CLASS B SHAREHOLDERS: From net investment income.............................. (7) (89) -- (23) In excess of net investment income...................... -- -- -- -- From net realized gains from investment transactions.... (3,742) (1,855) (24,184) (3,785) In excess of net realized gains from investment transactions.......................................... -- -- -- -- DISTRIBUTIONS TO CLASS C SHAREHOLDERS: From net investment income.............................. -- -- -- -- From net realized gains from investment transactions.... -- -- (4) -- ---------- ---------- ---------- ---------- Change in net assets from shareholder distributions......... (102,691) (65,546) (213,196) (51,636) ---------- ---------- ---------- ---------- CAPITAL TRANSACTIONS: Proceeds from shares issued............................. 68,541 107,311 189,988 230,983 Proceeds from shares issued in conversion............... -- 48,296 81,659 289,603 Dividends reinvested.................................... 53,965 32,360 119,759 31,237 Cost of shares redeemed................................. (102,247) (179,880) (115,839) (299,888) ---------- ---------- ---------- ---------- Change in net assets from share transactions................ 20,259 8,087 275,567 251,935 ---------- ---------- ---------- ---------- Change in net assets........................................ 39,285 47,093 189,727 523,681 NET ASSETS: Beginning of Period..................................... 606,710 559,617 1,401,042 877,361 ---------- ---------- ---------- ---------- End of period........................................... $ 645,995 $ 606,710 $1,590,769 $1,401,042 ========== ========== ========== ========== SHARE TRANSACTIONS: Issued.................................................. 4,153 7,390 9,902 14,003 Issued in conversion.................................... -- 3,333 4,595 17,279 Reinvested.............................................. 3,429 2,299 6,447 1,936 Redeemed................................................ (6,174) (12,355) (5,886) (18,015) ---------- ---------- ---------- ---------- Change in shares............................................ 1,408 667 15,058 15,203 ---------- ---------- ---------- ---------- Undistributed net investment income (loss) including in net assets: End of period........................................... $ (37) $ 17 $ 46 $ 45 ========== ========== ========== ==========
See notes to financial statements. 64 67 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds - -------------------------------------------------------------------------------- STATEMENTS OF CHANGES IN NET ASSETS (Amounts in Thousands)
GROWTH OPPORTUNITIES FUND SMALL CAPITALIZATION FUND INTERNATIONAL EQUITY INDEX FUND -------------------------- -------------------------- ------------------------------- SIX MONTHS SIX MONTHS SIX MONTHS ENDED YEAR ENDED ENDED YEAR ENDED ENDED YEAR ENDED DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30, 1997 1997 1997 1997 1997 1997 ------------ ----------- ------------ ----------- --------------- ------------- (UNAUDITED) (UNAUDITED) (UNAUDITED) $ (2,006) $ 7,629 $ (190) $ (231) $ 661 $ 4,485 59,810 35,797 15,383 10,486 (19) 5,054 38,036 87,369 444 1,985 (35,526) 51,395 -------- -------- -------- -------- -------- -------- 95,840 130,795 15,637 12,240 (34,884) 60,934 -------- -------- -------- -------- -------- -------- -- (7,053) -- -- (623) (4,346) -- (669) -- -- -- (3,417) (80,645) (83,581) (9,265) (8,358) (12,040) (3,811) -- (361) -- -- (4) (92) -- (34) -- -- -- (73) (7,223) (4,572) (1,939) (1,835) (435) (111) -- (215) -- -- -- (47) -- (20) -- -- -- -- (7,103) (3,102) (521) (302) (301) (72) -- -- -- -- -- (37) == == == == == == -------- -------- -------- -------- -------- -------- (94,971) (99,607) (11,725) (10,495) (13,403) (12,006) -------- -------- -------- -------- -------- -------- 132,564 291,882 16,618 14,236 79,152 191,629 57,769 -- -- -- -- -- 63,277 56,517 10,294 9,973 8,139 2,834 (100,644) (248,384) (19,994) (30,774) (42,918) (135,282) -------- -------- -------- -------- -------- -------- 152,966 100,015 6,918 (6,565) 44,373 59,181 -------- -------- -------- -------- -------- -------- 153,835 131,203 10,830 (4,820) (3,914) 108,109 704,690 573,487 99,452 104,272 472,544 364,435 -------- -------- -------- -------- -------- -------- $858,525 $704,690 $110,282 $ 99,452 $468,630 $472,544 ======== ======== ======== ======== ======== ======== 6,319 16,132 1,335 1,433 4,890 12,777 3,113 -- -- -- -- -- 3,314 3,283 945 1,042 538 189 (4,693) (13,633) (1,644) (3,085) (2,624) (9,008) -------- -------- -------- -------- -------- -------- 8,053 5,782 636 (610) 2,804 3,958 -------- -------- -------- -------- -------- -------- $ (2,006) $ -- $ (366) $ (176) $ (2,574) $ (2,608) ======== ======== ======== ======== ======== ========
65 68 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds - -------------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1997 (Unaudited) 1. ORGANIZATION: The One Group (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end investment company established as a Massachusetts business trust. The accompanying financial statements and financial highlights are those of the Asset Allocation Fund, the Income Equity Fund, the Equity Index Fund, the Value Growth Fund, the Large Company Value Fund, the Disciplined Value Fund, the Large Company Growth Fund, the Growth Opportunities Fund, the Small Capitalization Fund (previously named the Gulf South Growth Fund) and the International Equity Index Fund (individually a "Fund", collectively the "Funds") only. In 1997 the investment objective of the Gulf South Growth Fund was changed to permit investments in companies headquartered or doing business outside of the Southeastern region of the United States, and to focus the Fund's investments to a greater extent on investments in the equity securities of small capitalization and emerging growth companies. As a result, the name of the Fund was changed to The One Group Small Capitalization Fund. Each Fund is a diversified mutual fund. The Funds' investment objectives are as follows:
FUND OBJECTIVE ---- --------- Asset Allocation To provide total return while preserving capital. Income Equity Current income through regular payment of dividends with the secondary goal of achieving capital appreciation by investing primarily in equity securities. Equity Index Investment results that correspond to the aggregate price and dividend performance of the securities in the Standard & Poor's 500 Composite Stock Price Index. Value Growth Fund Long-term capital growth and growth of income with a secondary objective of providing a moderate level of current income. Large Company Value Fund Capital appreciation with the incidental goal of achieving current income by investing primarily in equity securities. Disciplined Value Fund Capital appreciation with the secondary goal of achieving current income by investing primarily in equity securities. Large Company Growth Fund Long-term capital appreciation and growth of income by investing primarily in equity securities. Growth Opportunities Fund Growth of capital and secondarily, current income by investing primarily in equity securities. Small Capitalization Fund Long-term capital growth, primarily by investing in a portfolio of equity securities of small-capitalization and emerging growth companies. International Equity Index Fund To provide investment results that correspond to the aggregate price and dividend performance of the securities in the Gross Domestic Product Weighted Morgan Stanley Capital International Europe, Australia, and Far East Index.
Continued 66 69 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds - -------------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS, CONTINUED DECEMBER 31, 1997 (Unaudited) 2. SIGNIFICANT ACCOUNTING POLICIES: The following is a summary of significant accounting policies followed by the Trust in preparation of its financial statements. The policies are in conformity with generally accepted accounting principles. The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. SECURITY VALUATION Listed securities are valued at the latest available sales price on the principal exchange where such securities are traded. Unlisted securities or listed securities for which latest sales prices are not available are valued at the mean of the latest bid and asked price in the principal market where such securities are normally traded. Corporate debt securities and debt securities of U.S. issuers (other than short-term investments maturing in 60 days or less), including municipal securities, are valued on the basis of valuations provided by dealers or by an independent pricing service approved by the Board of Trustees. Short-term investments maturing in 60 days or less are valued at amortized cost, which approximates market value. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. Options traded on an exchange are valued using the last sale price or, in the absence of a sale, the last offering price. Options traded over-the-counter are valued using dealer-supplied valuations. Investments for which there are no such quotations or valuations are carried at fair value as determined by the Fair Value Committee which is comprised of members from Banc One Investment Advisors Corporation (the "Advisor") and The One Group Services Company (the "Administrator") under the direction of the Board of Trustees. FOREIGN CURRENCY TRANSLATION Investment valuations, other assets and liabilities initially expressed in foreign currencies are converted each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investments and income and expenses are converted into U.S. dollars based upon exchange rates prevailing on the respective dates of such transactions. That portion of realized gains or losses and unrealized appreciation or depreciation from investments due to fluctuations in foreign currency exchange rates is not separately disclosed. Such fluctuations are included with the net realized and unrealized gain or loss from investments. FORWARD FOREIGN CURRENCY CONTRACTS Forward foreign currency contracts are valued at the daily exchange rate of the underlying currency. Purchases and sales of forward foreign currency contracts having the same settlement date and broker are presented net on the Statement of Assets and Liabilities. The forward foreign currency exchange contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized appreciation or depreciation until the contract settlement date. Gains or losses from the purchase or sale of forward foreign currency contracts having the same settlement date and broker are recorded as realized on the date of offset; otherwise gains or losses are recorded as realized on settlement date. REPURCHASE AGREEMENTS The Funds may invest in repurchase agreements with institutions that are deemed by the Advisor to be of good standing and creditworthy under guidelines established by the Board of Trustees. Each repurchase Continued 67 70 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds - -------------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS, CONTINUED DECEMBER 31, 1997 (Unaudited) agreement is recorded at cost. The Fund requires that the securities purchased in a repurchase agreement transaction be transferred to the custodian in a manner sufficient to enable the Fund to obtain those securities in the event of a counterparty default. The seller, under the repurchase agreement, is required to maintain the value of the securities held at not less than the repurchase price, including accrued interest. Repurchase agreements are considered to be loans under the 1940 Act. WRITTEN OPTIONS The Funds may write covered call or secured put options for which premiums received are recorded as liabilities and are subsequently adjusted to the current value of the options written. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options, which are either exercised or closed, are offset against the proceeds received or amount paid on the transaction to determine realized gains or losses. FUTURES CONTRACTS The Funds may enter into futures contracts for the delayed delivery of securities at a fixed price at some future date or for the change in the value of a specified financial index over a predetermined time period. Cash or securities are deposited with brokers in order to maintain a position. Subsequent payments made or received by the Fund based on the daily change in the market value of the position are recorded as unrealized appreciation or depreciation until the contract is closed out, at which time the appreciation or depreciation is realized. INDEXED SECURITIES The Funds may invest in indexed securities whose value is linked either directly or inversely to changes in foreign currencies, interest rates, commodities, indices or other reference instruments. Indexed securities may be more volatile than the referenced instrument itself, but any loss is limited to the amount of the original investment. SECURITIES LENDING To generate additional income, the Funds may lend up to 33% of securities in which they are invested pursuant to agreements requiring that the loan be continuously secured by cash, U.S. Government or U.S. Government Agency securities, shares of an investment trust or mutual fund, or any combination of cash and such securities as collateral equal at all times to at least 100% of the market value plus accrued interest on the securities lent. The Funds continue to earn dividends and interest on securities lent while simultaneously seeking to earn interest on the investment of collateral. Collateral is marked to market daily to provide a level of collateral at least equal to the market value of securities lent. There may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers deemed by the Advisor to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in the judgment of the Advisor, the consideration which can be earned currently from such securities loans justifies the attendant risks. Loans are subject to termination by the Funds or the borrower at any time, and are, therefore, not Continued 68 71 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds - -------------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS, CONTINUED DECEMBER 31, 1997 (Unaudited) considered to be illiquid investments. As of December 31, 1997, the following Funds had securities with the following market values on loan (amounts in thousands):
MARKET VALUE OF LOANED SECURITIES ------------- Asset Allocation Fund....................................... $ 21,880 Income Equity Fund.......................................... 32,163 Equity Index Fund........................................... 73,806 Value Growth Fund........................................... 41,087 Large Company Value Fund.................................... 60,516 Disciplined Value Fund...................................... 84,361 Large Company Growth Fund................................... 77,687 Growth Opportunities Fund................................... 154,143 Small Capitalization........................................ 11,520
The loaned securities were fully collateralized by cash and U.S. Government securities as of December 31, 1997. SECURITY TRANSACTIONS AND RELATED INCOME Security transactions are accounted for on a trade date basis. Net realized gains or losses from sales of securities are determined on the specific identification cost method. Interest income and expenses are recognized on the accrual basis. Dividends are recorded on the ex-dividend date. Interest income, including any discount or premium, is accrued as earned using the effective interest method. EXPENSES Expenses directly attributable to a Fund are charged directly to that Fund, while the expenses which are attributable to more than one Fund of the Trust are allocated among the respective Funds. Each class of shares bears its pro-rata portion of expenses attributable to its series, except that each class separately bears expenses related specifically to that class, such as distribution fees. DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS Dividends from net investment income are declared and paid monthly for the Funds except for the International Equity Index Fund which declares and pays dividends, if any, at least annually. Net realized capital gains, if any, are distributed at least annually. Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share dividend rates are due to differences in separate class expenses. Distributions from net investment income and from net capital gains are determined in accordance with income tax regulations which may differ from generally accepted accounting principles. These differences are primarily due to differing treatments for expiring capital loss carryforwards, foreign currency transactions, and deferrals of certain losses. Permanent book and tax basis differences have been reclassified among the components of net assets. Continued 69 72 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds - -------------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS, CONTINUED DECEMBER 31, 1997 (Unaudited) FEDERAL INCOME TAXES The Trust treats each Fund as a separate entity for Federal income tax purposes. Each Fund intends to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies as defined in applicable sections of the Internal Revenue Code, and to make distributions from net investment income and from net realized capital gains sufficient to relieve it from all, or substantially all, Federal income taxes. Withholding taxes on foreign dividends have been paid or provided for in accordance with the applicable country's tax rules and rates. 3. SHARES OF BENEFICIAL INTEREST: The Trust has an unlimited number of shares of beneficial interest, with no par value which may, without shareholder approval, be divided into an unlimited number of series of such shares and any series may be classified or reclassified into one or more. The Trust is registered to offer forty series and five classes of shares: Fiduciary Class, Class A, Class B, Class C and Service Class. Currently, the Trust consists of thirty-three active funds. The Funds are each authorized to issue Fiduciary Class, Class A, Class B and Class C Shares. Class A Shares are subject to initial sales charges, imposed at the time of purchase, in accordance with the Funds' prospectus. Certain redemptions of Class B and Class C Shares are subject to contingent deferred sales charges in accordance with the Fund's prospectus. As of December 31, 1997, there were no shareholders in Class C of the Asset Allocation Fund, Large Company Value Fund or the Disciplined Value Fund. Shareholders are entitled to one vote for each full share held and will vote in the aggregate and not by class or series, except as otherwise expressly required by law or when the Board of Trustees has determined that the matter to be voted on affects only the interest of shareholders of a particular class or series. The following is a summary of transactions in Fund shares for the periods ended December 31, 1997 and June 30, 1997: Continued 70 73 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds - -------------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS, CONTINUED DECEMBER 31, 1997 (Amounts in Thousands)
ASSET ALLOCATION FUND INCOME EQUITY FUND -------------------------- ----------------------------- SIX MONTHS SIX MONTHS ENDED YEAR ENDED ENDED YEAR ENDED DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30, 1997 1997 1997 1997 ------------ ----------- ------------ ----------- (UNAUDITED) (UNAUDITED) CAPITAL TRANSACTIONS: FIDUCIARY SHARES: Proceeds from shares issued............................... $ 16,685 $ 36,157 $ 40,811 $ 39,671 Proceeds from shares issued in conversion................. -- 37,254 70,389 283,942 Dividends reinvested...................................... 3,819 3,380 15,579 7,467 Cost of shares redeemed................................... (17,915) (41,096) (76,108) (115,841) -------- -------- -------- --------- Change in net assets from Fiduciary Share transactions.... $ 2,589 $ 35,695 $ 50,671 $ 215,239 ======== ======== ======== ========= CLASS A SHARES: Proceeds from shares issued............................... $ 9,306 $ 14,748 $ 19,607 $ 33,483 Dividends reinvested...................................... 4,160 1,663 9,320 2,597 Cost of shares redeemed................................... (4,806) (5,587) (9,177) (15,299) -------- -------- -------- --------- Change in net assets from Class A Share transactions...... $ 8,660 $ 10,824 $ 19,750 $ 20,781 ======== ======== ======== ========= CLASS B SHARES: Proceeds from shares issued............................... $ 24,460 $ 23,133 $ 36,193 $ 40,300 Dividends reinvested...................................... 6,654 1,797 10,330 1,874 Cost of shares redeemed................................... (3,187) (3,197) (5,081) (4,603) -------- -------- -------- --------- Change in net assets from Class B Share transactions...... $ 27,927 $ 21,733 $ 41,442 $ 37,571 ======== ======== ======== ========= CLASS C SHARES: Proceeds from shares issued............................... $ -- $ -- $ 344 $ -- Dividends reinvested...................................... -- -- 12 -- Cost of shares redeemed................................... -- -- -- -- -------- -------- -------- --------- Change in net assets from Class C Share transactions...... $ -- $ -- $ 356 $ -- ======== ======== ======== ========= SHARE TRANSACTIONS: FIDUCIARY SHARES: Issued.................................................... 1,290 3,003 1,887 2,121 Issued in conversion...................................... -- 3,076 3,342 14,913 Reinvested................................................ 302 284 725 412 Redeemed.................................................. (1,375) (3,348) (3,442) (6,085) -------- -------- -------- --------- Change in Fiduciary Shares................................ 217 3,015 2,512 11,361 ======== ======== ======== ========= CLASS A SHARES: Issued.................................................... 713 1,212 889 1,768 Reinvested................................................ 327 139 436 142 Redeemed.................................................. (369) (460) (422) (814) -------- -------- -------- --------- Change in Class A Shares.................................. 671 891 903 1,096 ======== ======== ======== ========= CLASS B SHARES: Issued.................................................... 1,874 1,899 1,644 2,112 Reinvested................................................ 522 150 483 102 Redeemed.................................................. (244) (263) (232) (242) -------- -------- -------- --------- Change in Class B Shares.................................. 2,152 1,786 1,895 1,972 ======== ======== ======== ========= CLASS C SHARES: Issued.................................................... -- -- 16 -- Reinvested................................................ -- -- 1 -- Redeemed.................................................. -- -- -- -- -------- -------- -------- --------- Change in Class C Shares.................................. -- -- 17 -- ======== ======== ======== =========
Continued 71 74 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds - -------------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS, CONTINUED DECEMBER 31, 1997 (Amounts in Thousands)
EQUITY INDEX FUND VALUE GROWTH FUND -------------------------- ----------------------------- SIX MONTHS SIX MONTHS ENDED YEAR ENDED ENDED YEAR ENDED DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30, 1997 1997 1997 1997 ------------ ----------- ------------ ----------- (UNAUDITED) (UNAUDITED) CAPITAL TRANSACTIONS: FIDUCIARY SHARES: Proceeds from shares issued............................... $123,298 $ 193,036 $104,451 $222,240 Dividends reinvested...................................... 4,437 3,889 22,879 32,485 Cost of shares redeemed................................... (73,564) (148,567) (53,690) (59,895) -------- --------- -------- -------- Change in net assets from Fiduciary Share transactions.... $ 54,171 $ 48,358 $ 73,640 $194,830 ======== ========= ======== ======== CLASS A SHARES: Proceeds from shares issued............................... $ 50,323 $ 72,287 $ 11,016 $ 9,761 Dividends reinvested...................................... 4,051 1,279 6,076 5,980 Cost of shares redeemed................................... (9,581) (25,085) (4,642) (9,421) -------- --------- -------- -------- Change in net assets from Class A Share transactions...... $ 44,793 $ 48,481 $ 12,450 $ 6,320 ======== ========= ======== ======== CLASS B SHARES: Proceeds from shares issued............................... $ 61,850 $ 106,720 $ 3,341 $ 4,685 Dividends reinvested...................................... 6,231 1,425 1,478 1,007 Cost of shares redeemed................................... (8,316) (6,482) (648) (930) -------- --------- -------- -------- Change in net assets from Class B Share transactions...... $ 59,765 $ 101,663 $ 4,171 $ 4,762 ======== ========= ======== ======== CLASS C SHARES: Proceeds from shares issued............................... $ 148 $ -- $ 1 $ -- Dividends reinvested...................................... 1 -- --(a) -- Cost of shares redeemed................................... -- -- -- -- -------- --------- -------- -------- Change in net assets from Class C Share transactions...... $ 149 $ -- $ 1 $ -- ======== ========= ======== ======== SHARE TRANSACTIONS: FIDUCIARY SHARES: Issued.................................................... 5,413 10,607 8,788 21,444 Reinvested................................................ 193 215 1,980 3,352 Redeemed.................................................. (3,259) (8,036) (4,474) (5,755) -------- --------- -------- -------- Change in Fiduciary Shares................................ 2,347 2,786 6,294 19,041 ======== ========= ======== ======== CLASS A SHARES: Issued.................................................... 2,206 3,962 928 929 Reinvested................................................ 178 69 520 615 Redeemed.................................................. (419) (1,452) (388) (893) -------- --------- -------- -------- Change in Class A Shares.................................. 1,965 2,579 1,060 651 ======== ========= ======== ======== CLASS B SHARES: Issued.................................................... 2,715 5,693 281 453 Reinvested................................................ 274 76 127 104 Redeemed.................................................. (365) (342) (54) (90) -------- --------- -------- -------- Change in Class B Shares.................................. 2,624 5,427 354 467 ======== ========= ======== ======== CLASS C SHARES: Issued.................................................... 7 -- --(a) -- Reinvested................................................ --(a) -- --(a) -- Redeemed.................................................. -- -- -- -- -------- --------- -------- -------- Change in Class C Shares.................................. 7 -- --(a) -- ======== ========= ======== ========
- ------------ (a) Amount is less than 1,000. Continued 72 75 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds - -------------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS, CONTINUED DECEMBER 31, 1997 (Amounts in Thousands)
LARGE COMPANY VALUE FUND DISCIPLINED VALUE FUND -------------------------- ----------------------------- SIX MONTHS SIX MONTHS ENDED YEAR ENDED ENDED YEAR ENDED DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30, 1997 1997 1997 1997 ------------ ----------- ------------ ----------- (UNAUDITED) (UNAUDITED) CAPITAL TRANSACTIONS: FIDUCIARY SHARES: Proceeds from shares issued............................... $ 59,665 $ 150,998 $ 63,300 $ 95,887 Proceeds from shares issued in conversion................. -- 63,222 -- 48,296 Dividends reinvested...................................... 22,040 25,070 45,876 27,911 Cost of shares redeemed................................... (78,042) (229,727) (97,915) (168,332) -------- --------- -------- --------- Change in net assets from Fiduciary Share transactions.... $ 3,663 $ 9,563 11,261 $ 3,762 ======== ========= ======== ========= CLASS A SHARES: Proceeds from shares issued............................... $ 4,136 $ 10,438 $ 3,169 $ 8,230 Dividends reinvested...................................... 1,067 1,100 4,368 2,515 Cost of shares redeemed................................... (3,024) (8,010) (2,715) (9,255) -------- --------- -------- --------- Change in net assets from Class A Share transactions...... $ 2,179 $ 3,528 $ 4,822 $ 1,490 ======== ========= ======== ========= CLASS B SHARES: Proceeds from shares issued............................... $ 3,107 $ 4,293 $ 2,072 $ 3,194 Dividends reinvested...................................... 730 474 3,721 1,934 Cost of shares redeemed................................... (510) (670) (1,617) (2,293) -------- --------- -------- --------- Change in net assets from Class B Share transactions...... $ 3,327 $ 4,097 $ 4,176 2,835 ======== ========= ======== ========= SHARE TRANSACTIONS: FIDUCIARY SHARES: Issued.................................................... 3,880 11,519 3,838 6,612 Issued in conversion...................................... -- 4,655 -- 3,333 Reinvested................................................ 1,456 1,931 2,924 1,984 Redeemed.................................................. (5,025) (17,266) (5,912) (11,571) -------- --------- -------- --------- Change in Fiduciary Shares................................ 311 839 850 358 ======== ========= ======== ========= CLASS A SHARES: Issued.................................................... 268 793 190 559 Reinvested................................................ 69 84 272 178 Redeemed.................................................. (195) (607) (165) (628) -------- --------- -------- --------- Change in Class A Shares.................................. 142 270 297 109 ======== ========= ======== ========= CLASS B SHARES: Issued.................................................... 199 317 125 219 Reinvested................................................ 47 36 233 137 Redeemed.................................................. (32) (50) (97) (156) -------- --------- -------- --------- Change in Class B Shares.................................. 214 303 261 200 ======== ========= ======== =========
- ------------ Continued 73 76 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds - -------------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS, CONTINUED DECEMBER 31, 1997 (Amounts in Thousands)
LARGE COMPANY GROWTH GROWTH OPPORTUNITIES FUND -------------------------- ----------------------------- SIX MONTHS SIX MONTHS ENDED YEAR ENDED ENDED YEAR ENDED DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30, 1997 1997 1997 1997 ------------ ----------- ------------ ----------- (UNAUDITED) (UNAUDITED) CAPITAL TRANSACTIONS: FIDUCIARY SHARES: Proceeds from shares issued............................... $117,841 $ 134,662 $ 88,515 $ 216,371 Proceeds from shares issued in conversion................. 81,659 289,603 57,769 -- Dividends reinvested...................................... 75,450 22,758 49,054 48,075 Cost of shares redeemed................................... (98,895) (274,724) (90,415) (199,916) -------- --------- -------- --------- Change in net assets from Fiduciary Share transactions.... $176,055 $ 172,299 $104,923 $ 64,530 ======== ========= ======== ========= CLASS A SHARES: Proceeds from shares issued............................... $ 26,070 $ 39,340 $ 22,473 $ 54,262 Dividends reinvested...................................... 20,257 4,698 7,155 5,065 Cost of shares redeemed................................... (10,835) (17,325) (8,358) (46,273) -------- --------- -------- --------- Change in net assets from Class A Share transactions...... $ 35,492 $ 26,713 $ 21,270 $ 13,054 ======== ========= ======== ========= CLASS B SHARES: Proceeds from shares issued............................... $ 46,028 $ 56,981 $ 21,574 $ 21,249 Dividends reinvested...................................... 24,048 3,781 7,068 3,377 Cost of shares redeemed................................... (6,109) (7,839) (1,871) (2,195) -------- --------- -------- --------- Change in net assets from Class B Share transactions...... $ 63,967 $ 52,923 $ 26,771 $ 22,431 ======== ========= ======== ========= CLASS C SHARES: Proceeds from shares issued............................... $ 49 $ -- $ 2 $ -- Dividends reinvested...................................... 4 -- --(a) -- Cost of shares redeemed................................... -- -- -- -- -------- --------- -------- --------- Change in net assets from Class C Share transactions...... $ 53 $ -- $ 2 $ -- ======== ========= ======== ========= SHARE TRANSACTIONS: FIDUCIARY SHARES: Issued.................................................... 6,263 8,322 4,218 11,966 Issued in conversion...................................... 4,595 17,279 3,113 -- Reinvested................................................ 4,105 1,418 2,574 2,790 Redeemed.................................................. (5,032) (16,537) (4,204) (11,005) -------- --------- -------- --------- Change in Fiduciary Shares................................ 9,931 10,482 5,701 3,751 ======== ========= ======== ========= CLASS A SHARES: Issued.................................................... 1,300 2,308 1,056 2,954 Reinvested................................................ 1,059 285 365 293 Redeemed.................................................. (542) (1,016) (398) (2,503) -------- --------- -------- --------- Change in Class A Shares.................................. 1,817 1,577 1,023 744 ======== ========= ======== ========= CLASS B SHARES: Issued.................................................... 2,336 3,373 1,045 1,212 Reinvested................................................ 1,283 233 375 200 Redeemed.................................................. (312) (462) (91) (125) -------- --------- -------- --------- Change in Class B Shares 3,307 3,144 1,329 1,287 ======== ========= ======== ========= CLASS C SHARES: Issued.................................................... 3 -- --(a) -- Reinvested................................................ -- -- --(a) -- Redeemed.................................................. -- -- -- -- -------- --------- -------- --------- Change in Class C Shares.................................. 3 -- --(a) -- ======== ========= ======== =========
- ------------ (a) Amount is less than 1,000. Continued 74 77 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds - -------------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS, CONTINUED DECEMBER 31, 1997 (Amounts in Thousands)
INTERNATIONAL EQUITY SMALL CAPITALIZATION FUND INDEX FUND -------------------------- ----------------------------- SIX MONTHS SIX MONTHS ENDED YEAR ENDED ENDED YEAR ENDED DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30, 1997 1997 1997 1997 ------------ ----------- ------------ ----------- (UNAUDITED) (UNAUDITED) CAPITAL TRANSACTIONS: FIDUCIARY SHARES: Proceeds from shares issued............................... $ 14,681 $ 9,250 $ 70,214 $ 182,120 Dividends reinvested...................................... 7,886 7,857 7,249 2,570 Cost of shares redeemed................................... (17,122) (23,477) (40,211) (129,185) -------- -------- -------- --------- Change in net assets from Fiduciary Share transactions.... $ 5,445 $ (6,370) $ 37,252 $ 55,505 ======== ======== ======== ========= CLASS A SHARES: Proceeds from shares issued............................... $ 1,047 $ 3,550 $ 6,498 $ 5,122 Dividends reinvested...................................... 1,887 1,821 532 167 Cost of shares redeemed................................... (2,537) (6,707) (1,813) (4,769) -------- -------- -------- --------- Change in net assets from Class A Share transactions...... $ 397 $ (1,336) $ 5,217 $ 520 ======== ======== ======== ========= CLASS B SHARES: Proceeds from shares issued............................... $ 889 $ 1,436 $ 2,439 $ 4,387 Dividends reinvested...................................... 521 295 358 97 Cost of shares redeemed................................... (335) (590) (894) (1,328) -------- -------- -------- --------- Change in net assets from Class B Share transactions...... $ 1,075 $ 1,141 $ 1,903 $ 3,156 ======== ======== ======== ========= CLASS C SHARES: Proceeds from shares issued............................... $ 1 $ -- $ 1 $ -- Dividends reinvested...................................... --(a) -- --(a) -- Cost of shares redeemed................................... -- -- -- -- -------- -------- -------- --------- Change in net assets from Class C Share transactions...... $ 1 $ -- $ 1 $ -- ======== ======== ======== ========= SHARE TRANSACTIONS: FIDUCIARY SHARES: Issued.................................................... 1,178 933 4,338 12,143 Reinvested................................................ 724 821 480 171 Redeemed.................................................. (1,408) (2,352) (2,456) (8,601) -------- -------- -------- --------- Change in Fiduciary Shares................................ 494 (598) 2,362 3,713 ======== ======== ======== ========= CLASS A SHARES: Issued.................................................... 84 354 399 337 Reinvested................................................ 173 190 34 11 Redeemed.................................................. (208) (673) (111) (317) -------- -------- -------- --------- Change in Class A Shares.................................. 49 (129) 322 31 ======== ======== ======== ========= CLASS B SHARES: Issued.................................................... 73 146 153 297 Reinvested................................................ 48 31 24 7 Redeemed.................................................. (28) (60) (57) (90) -------- -------- -------- --------- Change in Class B Shares.................................. 93 117 120 214 ======== ======== ======== ========= CLASS C SHARES: Issued.................................................... --(a) -- --(a) -- Reinvested................................................ --(a) -- --(a) -- Redeemed.................................................. -- -- -- -- -------- -------- -------- --------- Change in Class C Shares.................................. --(a) -- --(a) -- ======== ======== ======== =========
- ------------ (a) Amount is less than 1,000. Continued 75 78 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds - -------------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS, CONTINUED DECEMBER 31, 1997 (Unaudited) 4. INVESTMENT ADVISORY, ADMINISTRATIVE, AND DISTRIBUTION AGREEMENTS: The Trust and the Advisor are parties to an investment advisory agreement under which the Advisor is entitled to a fee, computed daily and paid monthly, at the annual rate of 0.74% of the average net assets of the Income Equity Fund, the Value Growth Fund, the Large Company Value Fund, the Disciplined Value Fund, the Large Company Growth Fund, the Growth Opportunities Fund, and the Small Capitalization Fund; 0.65% of the average daily net assets of the Asset Allocation Fund; 0.55% of the average daily net assets of the International Equity Index Fund; and 0.30% of the average daily net assets of the Equity Index Fund. Independence International Associates ("IIA"), an indirect subsidiary of John Hancock Mutual Life Insurance Company, manages the investment portfolios of the International Equity Index Fund subject to the supervision of the Advisor pursuant to a Sub-Advisory Agreement with the Advisor. For its services, IIA is paid a fee by the Advisor, computed daily and paid monthly, at the annual rate of 0.275% of average daily net assets up to $10 million, 0.225% of average daily net assets over $10 million up to $25 million, 0.195% of net assets over $25 million up to $50 million, 0.125% of the average daily net assets over $50 million up to $100 million and 0.060% of the average daily net assets over $100 million. The Trust and the Administrator, a wholly-owned subsidiary of The BISYS Group, Inc., are parties to an administrative agreement under which the Administrator provides services for a fee that is computed daily and paid monthly, at an annual rate of 0.20% on the first $1.5 billion of Trust net assets (excluding the Investor Growth Fund, the Investor Growth & Income Fund, the Investor Conservative Fund, and the Investor Balanced Fund (the "Investor Funds") and the Treasury Only Money Market Fund and the Government Money Market Fund (the "Institutional Money Market Funds")); 0.18% on the next $0.5 billion of Trust net assets (excluding the Investor Funds and the Institutional Money Market Funds); and 0.16% of Trust net assets (excluding the Investor Funds and the Institutional Money Market Funds) over $2 billion. The Advisor also serves as Sub-Administrator to each Fund of the Trust, pursuant to an agreement between the Administrator and the Advisor. Pursuant to this agreement, the Advisor performs many of the Administrator's duties, for which the Advisor receives a fee paid by the Administrator. The Trust and The One Group Services Company (the "Distributor") are parties to a distribution agreement under which shares of the Funds are sold on a continuous basis. Class A, Class B, and Class C Shares are subject to distribution and shareholder services plans (the "Plans") pursuant to Rule 12b-1 under the 1940 Act. As provided in the Plans, the Trust will pay the Distributor a fee of 0.35% of the average daily net assets of Class A Shares of each of the Funds and 1.00% of the average daily net assets of the Class B Shares and Class C Shares of each of the Funds. Currently, the Distributor has voluntarily agreed to limit payments under the Plans to 0.25% of average daily net assets of the Class A Shares of each Fund. Up to 0.25% of the fees payable under the Plans may be used as compensation for shareholder services by the Distributor and/or financial institutions and intermediaries. Fees paid under the Plans may be applied by the Distributor toward (i) compensation for its services in connection with distribution assistance or provision of shareholder services; or (ii) payments to financial institutions and intermediaries such as banks (including affiliates of the Advisor), brokers, dealers and other institutions, including the Distributor's affiliates and subsidiaries as compensation for services or reimbursement of expenses incurred in connection with distribution assistance or provision of shareholder services. Fiduciary Class Shares of each Fund are offered without distribution fees. For the six months ended December 31, 1997, the Distributor received $10,266,499 from commissions earned on sales of Class A Shares and redemptions of Class B Shares and Class C Shares, of which, the Distributor re-allowed $10,245,443 to affiliated broker-dealers of the Funds. Certain officers of the Trust are affiliated with the Administrator. Such officers receive no compensation from the Funds for serving in their respective roles. Continued 76 79 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds - -------------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS, CONTINUED DECEMBER 31, 1997 (Unaudited) The Advisor, the Administrator and the Distributor voluntarily agreed to waive a portion of their fees. For the six months ended December 31, 1997, fees in the following amounts were waived (amounts in thousands):
INVESTMENT 12B-1 FEES ADVISORY FEES ADMINISTRATION WAIVED WAIVED FEES WAIVED CLASS A ------------- --------------- ---------- Asset Allocation Fund.................................. $ 93 $ 84 $18 Income Equity Fund..................................... -- -- 45 Equity Index Fund...................................... 890 385 64 Value Growth Fund...................................... -- -- 27 Large Company Value Fund............................... -- -- 8 Disciplined Value...................................... -- -- 13 Large Company Growth Fund.............................. -- -- 71 Growth Opportunities................................... -- -- 29 Small Capitalization Fund.............................. -- 28 9 International Equity Index Fund........................ -- -- 8
5. SECURITIES TRANSACTIONS: The cost of security purchases and the proceeds from the sale of securities (excluding short-term securities and purchased options) during the six months ended December 31, 1997 were as follows (amounts in thousands):
PURCHASES SALES --------- ------- Asset Allocation Fund....................................... $51,766 $43,731 Income Equity Fund.......................................... 40,852 88,441 Equity Index Fund........................................... 180,380 27,969 Value Growth Fund........................................... 185,169 176,507 Large Company Value Fund.................................... 148,915 188,801 Disciplined Value Fund...................................... 235,213 302,398 Large Company Growth Fund................................... 524,166 501,605 Growth Opportunities Fund................................... 631,975 637,031 Small Capitalization Fund................................... 38,381 51,925 International Equity Index Fund............................. 64,120 34,817
6. FINANCIAL INSTRUMENTS: Investing in financial instruments such as options, futures, indexed securities and sales of forward foreign currency contracts involves risks in excess of the amounts reflected in the Statements of Assets and Liabilities. The face or contract amounts reflect the extent of the involvement the Funds have in the particular class of instrument. Risks associated with these instruments include an imperfect correlation between the movements in the price of the instruments and the price of the underlying securities and interest rates, an illiquid secondary market for the instruments or inability of counterparties to perform under the terms of the contract, and changes in the value of currency relative to the U.S. dollar. The Funds enter into these contracts primarily as a means to hedge against adverse fluctuations in the value of securities. Continued 77 80 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds - -------------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS, CONTINUED DECEMBER 31, 1997 (Unaudited) The following is a summary of option activity for the six months ended December 31, 1997 by the Large Company Value Fund (amounts in thousands):
LARGE COMPANY VALUE FUND ---------------------- SHARES SUBJECT TO CONTRACT PREMIUMS ----------- -------- COVERED CALL OPTIONS Balance at beginning of period............................ 0 $ 0 Options written........................................... 200 256 Options closed............................................ 0 0 Options expired........................................... 0 0 Options exercised......................................... 0 0 ----- ------- Options outstanding at end of period...................... 200 $ 256 ===== =======
7. CONCENTRATION OF CREDIT RISK: The International Equity Index Fund has a relatively large concentration of securities invested in companies domiciled in Japan. The Fund may be more susceptible to the political, social and economic events adversely affecting the Japanese companies than funds not so concentrated. 8. CONVERSION OF COMMON TRUST FUNDS: On December 19, 1997, the net assets of certain common trust funds managed by the Advisor were exchanged in a tax-free conversion for shares of the corresponding One Group Funds. The transaction was accounted for by a method followed for tax purposes in a tax-free business combination. The following is a summary of shares issued, net assets converted, net assets value per share issued and unrealized appreciation of assets acquired as of the conversion date (amounts in thousands except per share amounts):
SHARES NET ASSETS NET ASSET VALUE UNREALIZED ISSUED CONVERTED PER SHARE ISSUED APPRECIATION ------ ---------- ---------------- ------------ Income Equity Fund................ 3,342 $ 70,389 $21.06 $ 23,821 Large Company Growth Fund......... 4,595 81,659 17.77 33,084 Growth Opportunities Fund......... 3,113 57,769 18.56 15,137
On January 20, 1997, the net assets of certain common trust funds managed by the Advisor were exchanged in a tax-free conversion for shares of the corresponding One Group Funds. The transaction was accounted for by a method followed for tax purposes in a tax-free business combination. The following is a summary of shares issued, net assets converted, net assets value per share issued and unrealized appreciation of assets acquired as of the conversion date (amounts in thousands except per share amounts):
SHARES NET ASSETS NET ASSET VALUE UNREALIZED ISSUED CONVERTED PER SHARE ISSUED APPRECIATION ------ ---------- ---------------- ------------ Asset Allocation Fund............. 3,076 $ 37,254 $12.11 $ 8,361 Income Equity Fund................ 14,913 283,942 19.04 150,438 Large Company Value Fund.......... 4,655 63,222 13.58 7,315 Disciplined Value Fund............ 3,333 48,296 14.49 7,763 Large Company Growth Fund......... 17,279 289,603 16.76 102,448
Continued 78 81 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds - -------------------------------------------------------------------------------- FINANCIAL HIGHLIGHTS
ASSET ALLOCATION FUND ------------------------------------------------------------------------------ FIDUCIARY ------------------------------------------------------------------------------ SIX MONTHS ENDED YEAR ENDED JUNE 30, DECEMBER 31, ----------------------------------------------------------- 1997 1997 1996 1995 1994 1993(A) ------------- ------- ------- ------- ------- ------- (UNAUDITED) NET ASSET VALUE, BEGINNING OF PERIOD................... $ 12.98 $ 11.71 $ 10.73 $ 9.64 $ 10.06 $ 10.00 ------- ------- ------- ------- ------- ------- Investment Activities: Net investment income................. 0.20 0.43 0.41 0.38 0.29 0.07 Net realized and unrealized gains (losses) from investments........... 1.04 1.81 1.16 1.12 (0.38) 0.06 ------- ------- ------- ------- ------- ------- Total from Investment Activities.... 1.24 2.24 1.57 1.50 (0.09) 0.13 ------- ------- ------- ------- ------- ------- Distributions: Net investment income................. (0.20) (0.43) (0.41) (0.37) (0.29) (0.07) Net realized gains.................... (1.43) (0.54) (0.18) (0.04) (0.04) -- ------- ------- ------- ------- ------- ------- Total Distributions................. (1.63) (0.97) (0.59) (0.41) (0.33) (0.07) ------- ------- ------- ------- ------- ------- NET ASSET VALUE, END OF PERIOD......................... $ 12.59 $ 12.98 $ 11.71 $ 10.73 $ 9.64 $ 10.06 ======= ======= ======= ======= ======= ======= Total Return............................ 9.86%(b) 20.16% 14.87% 16.06% (1.01)% 5.45%(c) RATIOS/SUPPLEMENTARY DATA: Net Assets at end of period (000)..... $94,794 $94,971 $50,323 $37,658 $42,751 $30,441 Ratio of expenses to average net assets.............................. 0.84%(c) 0.80% 0.94% 1.06% 1.06% 0.90%(c) Ratio of net investment income to average net assets.................. 3.14%(c) 3.55% 3.58% 3.72% 2.91% 3.03%(c) Ratio of expenses to average net assets *............................ 1.03%(c) 1.00% 1.19% 1.31% 1.33% 1.34%(c) Ratio of net investment income to average net assets *................ 2.95%(c) 3.35% 3.33% 3.47% 2.64% 2.59%(c) Portfolio turnover (d)................ 24.80% 80.96% 73.38% 115.36% 56.55% 4.05% Average commission rate paid (e)...... $0.0553 $0.0497 $0.0616
- ------------ * During the period certain fees were voluntarily reduced. If such voluntary fee reductions has not occurred, the ratios would have been as indicated. (a) Fiduciary Shares commenced offering on April 5, 1993. (b) Not annualized. (c) Annualized. (d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares issued. (e) The average commission represents the total dollar amount of commissions paid on portfolio security transactions divided by the total number of portfolio shares purchased and sold for which commissions were charged. For the year ended June 30, 1996, the average commission was calculated for only the last seven months of the year. See notes to financial statements. 79 82 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds - -------------------------------------------------------------------------------- FINANCIAL HIGHLIGHTS
ASSET ALLOCATION FUND ------------------------------------------------------------------------------ CLASS A ------------------------------------------------------------------------------ SIX MONTHS ENDED YEAR ENDED JUNE 30, DECEMBER 31, ----------------------------------------------------------- 1997 1997 1996 1995 1994 1993(A) ------------- ------- ------- ------- ------- ------- (UNAUDITED) NET ASSET VALUE, BEGINNING OF PERIOD................... $ 13.00 $ 11.72 $ 10.74 $ 9.65 $ 10.06 $ 10.00 ------- ------- ------- ------- ------- ------- Investment Activities: Net investment income................. 0.19 0.39 0.37 0.35 0.27 0.05 Net realized and unrealized gains (losses) from investments........... 1.03 1.83 1.16 1.13 (0.38) 0.07 ------- ------- ------- ------- ------- ------- Total from Investment Activities.... 1.22 2.22 1.53 1.48 (0.11) 0.12 ------- ------- ------- ------- ------- ------- Distributions: Net investment income................. (0.19) (0.40) (0.37) (0.34) (0.26) (0.06) In excess of net investment income.... -- -- -- (0.01) -- -- Net realized gains.................... (1.43) (0.54) (0.18) (0.04) (0.04) -- ------- ------- ------- ------- ------- ------- Total Distributions................. (1.62) (0.94) (0.55) (0.39) (0.30) (0.06) ------- ------- ------- ------- ------- ------- NET ASSET VALUE, END OF PERIOD......................... $ 12.60 $ 13.00 $ 11.72 $ 10.74 $ 9.65 $ 10.06 ======= ======= ======= ======= ======= ======= Total Return (Excludes Sales Charge).... 9.63%(b) 19.85% 14.48% 15.76% (1.19)% 5.23%(c) RATIOS/SUPPLEMENTARY DATA: Net Assets at end of period (000)..... $38,874 $31,379 $17,849 $ 4,745 $ 1,691 $ 571 Ratio of expenses to average net assets.............................. 1.09%(c) 1.05% 1.19% 1.31% 1.33% 1.15%(c) Ratio of net investment income to average net assets.................. 2.89%(c) 3.30% 3.33% 3.57% 2.68% 2.84%(c) Ratio of expenses to average net assets *............................ 1.38%(c) 1.34% 1.54% 1.66% 1.67% 1.62%(c) Ratio of net investment income to average net assets *................ 2.60%(c) 3.01% 2.98% 3.22% 2.34% 2.37%(c) Portfolio turnover (d)................ 24.80% 80.96% 73.38% 115.36% 56.55% 4.05% Average commission rate paid (e)...... $0.0553 $0.0497 $0.0616
- ------------ * During the period certain fees were voluntarily reduced. If such voluntary fee reductions has not occurred, the ratios would have been as indicated. (a) The Fund commenced operations on April 2, 1993. (b) Not annualized. (c) Annualized. (d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares issued. (e) The average commission represents the total dollar amount of commissions paid on portfolio security transactions divided by the total number of portfolio shares purchased and sold for which commissions were charged. For the year ended June 30, 1996, the average commission was calculated for only the last seven months of the year. See notes to financial statements. 80 83 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds - -------------------------------------------------------------------------------- FINANCIAL HIGHLIGHTS
ASSET ALLOCATION FUND ----------------------------------------------------------------- CLASS B ----------------------------------------------------------------- SIX MONTHS ENDED YEAR ENDED JUNE 30, DECEMBER 31, ---------------------------------------------- 1997 1997 1996 1995 1994(A) ------------- ------- ------- ------- ------- (UNAUDITED) NET ASSET VALUE, BEGINNING OF PERIOD................... $ 13.04 $ 11.76 $ 10.76 $ 9.67 $ 10.37 ------- ------- ------- ------- ------- Investment Activities: Net investment income................................ 0.14 0.30 0.28 0.27 0.08 Net realized and unrealized gains (losses) from investments.......................... 1.04 1.83 1.18 1.14 (0.70) ------- ------- ------- ------- ------- Total from Investment Activities................... 1.18 2.13 1.46 1.41 (0.62) ------- ------- ------- ------- ------- Distributions: Net investment income................................ (0.14) (0.31) (0.28) (0.27) (0.08) In excess of net investment income................... -- -- -- (0.01) -- Net realized gains................................... (1.43) (0.54) (0.18) (0.04) -- ------- ------- ------- ------- ------- Total Distributions................................ (1.57) (0.85) (0.46) (0.32) (0.08) ------- ------- ------- ------- ------- NET ASSET VALUE, END OF PERIOD......................... $ 12.65 $ 13.04 $ 11.76 $ 10.76 $ 9.67 ======= ======= ======= ======= ======= Total Return (Excludes Sales Charge)................... 9.29%(b) 18.90% 13.79% 14.90% (5.98)%(b) RATIOS/SUPPLEMENTARY DATA: Net Assets at end of period (000).................... $69,790 $43,900 $18,575 $ 3,019 $ 1,862 Ratio of expenses to average net assets.............. 1.84%(c) 1.81% 1.94% 2.07% 2.40%(c) Ratio of net investment income to average net assets............................................. 2.14%(c) 2.54% 2.58% 2.77% 1.99%(c) Ratio of expenses to average net assets *............ 2.03%(c) 2.01% 2.19% 2.31% 2.40%(c) Ratio of net investment income to average net assets *.................................................. 1.95%(c) 2.34% 2.33% 2.52% 1.99%(c) Portfolio turnover (d)............................... 24.80% 80.96% 73.38% 115.36% 56.55% Average commission rate paid (e)..................... $0.0553 $0.0497 $0.0616
- ------------ * During the period certain fees were voluntarily reduced. If such voluntary fee reductions has not occurred, the ratios would have been as indicated. (a) Class B Shares commenced operations on January 14, 1994. (b) Not annualized. (c) Annualized. (d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares issued. (e) The average commission represents the total dollar amount of commissions paid on portfolio security transactions divided by the total number of portfolio shares purchased and sold for which commissions were charged. For the year ended June 30, 1996, the average commission was calculated for only the last seven months of the year. See notes to financial statements. 81 84 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds - -------------------------------------------------------------------------------- FINANCIAL HIGHLIGHTS
INCOME EQUITY FUND ----------------------------------------------------------------------------------- FIDUCIARY ----------------------------------------------------------------------------------- SIX MONTHS ENDED YEAR ENDED JUNE 30, DECEMBER 31, ---------------------------------------------------------------- 1997 1997 1996 1995 1994 1993 ------------- -------- -------- -------- -------- -------- (UNAUDITED) NET ASSET VALUE, BEGINNING OF PERIOD.............. $ 21.93 $ 17.65 $ 15.13 $ 13.22 $ 13.21 $ 12.24 -------- -------- -------- -------- -------- -------- Investment Activities: Net investment income............ 0.17 0.36 0.40 0.40 0.39 0.43 Net realized and unrealized gains (losses) from investments...... 1.79 4.89 3.22 2.28 0.01 0.97 -------- -------- -------- -------- -------- -------- Total from Investment Activities.................. 1.96 5.25 3.62 2.68 0.40 1.40 -------- -------- -------- -------- -------- -------- Distributions: Net investment income............ (0.17) (0.36) (0.40) (0.40) (0.39) (0.43) Net realized gains............... (2.23) (0.61) (0.70) (0.37) -- -- -------- -------- -------- -------- -------- -------- Total Distributions............ (2.40) (0.97) (1.10) (0.77) (0.39) (0.43) -------- -------- -------- -------- -------- -------- NET ASSET VALUE, END OF PERIOD.................... $ 21.49 $ 21.93 $ 17.65 $ 15.13 $ 13.22 $ 13.21 ======== ======== ======== ======== ======== ======== Total Return....................... 9.30%(a) 30.90% 24.53% 21.04% 3.27% 11.56% RATIOS/SUPPLEMENTARY DATA: Net Assets at end of period (000).......................... $689,912 $649,007 $321,827 $170,919 $198,787 $153,144 Ratio of expenses to average net assets......................... 1.02%(b) 1.00% 0.98% 1.01% 0.98% 0.90% Ratio of net investment income to average net assets............. 1.53%(b) 1.91% 2.44% 2.85% 3.18% 3.37% Ratio of expenses to average net assets *....................... 1.02%(b) 1.00% 1.01% 1.01% 1.05% 1.07% Ratio of net investment income to average net assets *........... 1.53%(b) 1.91% 2.41% 2.85% 3.11% 3.20% Portfolio turnover (c)........... 5.01% 28.18% 14.92% 4.03% 22.69% 7.53% Average commission rate paid (d)............................ $ 0.0693 $ 0.0681 $ 0.0673
- ------------ * During the period certain fees were voluntarily reduced. If such voluntary fee reductions had not occurred, the ratios would have been as indicated. (a) Not annualized. (b) Annualized. (c) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares issued. (d) The average commission represents the total dollar amount of commissions paid on portfolio security transactions divided by the total number of portfolio shares purchased and sold for which commissions were charged. For the year ended June 30, 1996, the average commission was calculated for only the last seven months of the year. See notes to financial statements. 82 85 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds - -------------------------------------------------------------------------------- FINANCIAL HIGHLIGHTS
INCOME EQUITY FUND ------------------------------------------------------------------------------ CLASS A ------------------------------------------------------------------------------ SIX MONTHS ENDED YEAR ENDED JUNE 30, DECEMBER 31, ----------------------------------------------------------- 1997 1997 1996 1995 1994 1993 ------------- ------- ------- ------- ------- ------- (UNAUDITED) NET ASSET VALUE, BEGINNING OF PERIOD................... $ 21.90 $ 17.64 $ 15.11 $ 13.20 $ 13.20 $ 12.23 ------- ------- ------- ------- ------- ------- Investment Activities: Net investment income................. 0.14 0.31 0.38 0.03 0.36 0.40 Net realized and unrealized gains (losses) from investments........... 1.80 4.87 3.20 2.29 0.00 0.98 ------- ------- ------- ------- ------- ------- Total from Investment Activities 1.94 5.18 3.58 2.32 0.36 1.38 ------- ------- ------- ------- ------- ------- Distributions: Net investment income................. (0.14) (0.31) (0.35) (0.03) (0.34) (0.41) In excess of net investment income.... -- -- -- (0.01) (0.02) -- Net realized gains.................... (2.23) (0.61) (0.70) (0.37) -- -- ------- ------- ------- ------- ------- ------- Total Distributions................. (2.37) (0.92) (1.05) (0.41) (0.36) (0.41) ------- ------- ------- ------- ------- ------- NET ASSET VALUE, END OF PERIOD......................... $ 21.47 $ 21.90 $ 17.64 $ 15.11 $ 13.20 $ 13.20 ======= ======= ======= ======= ======= ======= Total Return (Excludes Sales Charge).... 9.23%(a) 30.39% 24.23% 20.79% 2.95% 11.38% RATIOS/SUPPLEMENTARY DATA: Net Assets at end of period (000)..... $96,787 $78,976 $44,284 $13,793 $12,054 $ 9,513 Ratio of expenses to average net assets.............................. 1.27%(b) 1.25% 1.23% 1.26% 1.23% 1.11% Ratio of net investment income to average net assets.................. 1.28%(b) 1.65% 2.19% 2.61% 3.01% 3.32% Ratio of expenses to average net assets *............................ 1.37%(b) 1.34% 1.36% 1.36% 1.40% 1.43% Ratio of net investment income to average net assets *................ 1.18%(b) 1.56% 2.06% 2.51% 2.84% 3.00% Portfolio turnover (c)................ 5.01% 28.18% 14.92% 4.03% 22.69% 7.53% Average commission rate paid (d)...... $0.0693 $0.0681 $0.0673
- ------------ * During the period certain fees were voluntarily reduced. If such voluntary fee reductions had not occurred, the ratios would have been as indicated. (a) Not annualized. (b) Annualized. (c) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares issued. (d) The average commission represents the total dollar amount of commissions paid on portfolio security transactions divided by the total number of portfolio shares purchased and sold for which commissions were charged. For the year ended June 30, 1996, the average commission was calculated for only the last seven months of the year. See notes to financial statements. 83 86 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds - -------------------------------------------------------------------------------- FINANCIAL HIGHLIGHTS
INCOME EQUITY FUND ----------------------------------------------------------------- CLASS B ----------------------------------------------------------------- SIX MONTHS ENDED YEAR ENDED JUNE 30, DECEMBER 31, ---------------------------------------------- 1997 1997 1996 1995 1994(A) ------------- ------- ------- ------- ------- (UNAUDITED) NET ASSET VALUE, BEGINNING OF PERIOD............................. $ 21.95 $ 17.68 $ 15.14 $ 13.23 $ 13.83 -------- ------- ------- ------- ------- Investment Activities: Net investment income........................... 0.06 0.17 0.24 0.26 0.11 Net realized and unrealized gains (losses) from investments..................... 1.78 4.89 3.23 2.29 (0.60) -------- ------- ------- ------- ------- Total from Investment Activities.............. 1.84 5.06 3.47 2.55 (0.49) -------- ------- ------- ------- ------- Distributions: Net investment income........................... (0.06) (0.18) (0.23) (0.25) (0.11) In excess of net investment income.............. -- -- -- (0.02) -- Net realized gains.............................. (2.23) (0.61) (0.70) (0.37) -- -------- ------- ------- ------- ------- Total Distributions........................... (2.29) (0.79) (0.93) (0.64) (0.11) -------- ------- ------- ------- ------- NET ASSET VALUE, END OF PERIOD................................... $ 21.50 $ 21.95 $ 17.68 $ 15.14 $ 13.23 ======== ======= ======= ======= ======= Total Return (Excludes Sales Charge).............. 8.73%(b) 29.48% 23.41% 19.91% (3.37)%(b) RATIOS/SUPPLEMENTARY DATA: Net Assets at end of period (000)............... $118,646 $79,518 $29,169 $ 3,468 $ 1,714 Ratio of expenses to average net assets......... 2.01%(c) 2.00% 1.98% 2.01% 1.95%(c) Ratio of net investment income to average net assets........................................ 0.54%(c) 0.89% 1.44% 1.88% 2.70%(c) Ratio of expenses to average net assets *....... 2.01%(c) 2.00% 2.01% 2.02% 1.95%(c) Ratio of net investment income to average net assets *...................................... 0.54%(c) 0.89% 1.41% 1.87% 2.70%(c) Portfolio turnover (d).......................... 5.01% 28.18% 14.92% 4.03% 22.69% Average commission rate paid (e)................ $ 0.0693 $0.0681 $0.0673
- ------------ * During the period certain fees were voluntarily reduced. If such voluntary fee reductions had not occurred, the ratios would have been as indicated. (a) Class B Shares commenced offering on January 14, 1994. (b) Not annualized. (c) Annualized. (d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares issued. (e) The average commission represents the total dollar amount of commissions paid on portfolio security transactions divided by the total number of portfolio shares purchased and sold for which commissions were charged. For the year ended June 30, 1996, the average commission was calculated for only the last seven months of the year. See notes to financial statements. 84 87 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds - -------------------------------------------------------------------------------- FINANCIAL HIGHLIGHTS
INCOME EQUITY FUND ------------------- CLASS C ------------------- NOVEMBER 4, 1997 TO DECEMBER 31, 1997(A) ------------------- (UNAUDITED) NET ASSET VALUE, BEGINNING OF PERIOD....................................... $ 21.40 ------------------- Investment Activities: Net investment income..................................... 0.02 Net realized and unrealized gains (losses) from investments............................................ 0.82 ------------------- Total from Investment Activities....................... 0.84 ------------------- Distributions: Net investment income..................................... (0.03) Net realized gains........................................ (0.70) ------------------- Total Distributions.................................... (0.73) ------------------- NET ASSET VALUE, END OF PERIOD............................................. $ 21.51 =================== Total Return (Excludes Sales Charge)........................ 3.95%(b) RATIOS/SUPPLEMENTARY DATA: Net Assets at end of period (000)......................... $ 357 Ratio of expenses to average net assets................... 2.01%(c) Ratio of net investment income to average net assets...... 0.54%(c) Portfolio turnover (d).................................... 5.01% Average commission rate paid (e).......................... $ 0.0693
- ------------ (a) Period from commencement of operations. (b) Not annualized. (c) Annualized. (d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares issued. (e) The average commission represents the total dollar amount of commissions paid on portfolio security transactions divided by the total number of portfolio shares purchased and sold for which commissions were charged. See notes to financial statements. 85 88 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds - -------------------------------------------------------------------------------- FINANCIAL HIGHLIGHTS
EQUITY INDEX FUND ---------------------------------------------------------------------------------- FIDUCIARY ---------------------------------------------------------------------------------- SIX MONTHS ENDED YEAR ENDED JUNE 30, DECEMBER 31, --------------------------------------------------------------- 1997 1997 1996 1995 1994 1993 ------------- -------- -------- -------- -------- ------- (UNAUDITED) NET ASSET VALUE, BEGINNING OF PERIOD............... $ 21.80 $ 16.66 $ 14.03 $ 11.59 $ 11.92 $ 10.92 -------- -------- -------- -------- -------- ------- Investment Activities: Net investment income............. 0.17 0.35 0.33 0.32 0.29 0.30 Net realized and unrealized gains (losses) from investments....... 2.09 5.27 3.16 2.59 (0.20) 1.13 -------- -------- -------- -------- -------- ------- Total from Investment Activities................... 2.26 5.62 3.49 2.91 0.09 1.43 -------- -------- -------- -------- -------- ------- Distributions: Net investment income............. (0.17) (0.33) (0.33) (0.29) (0.29) (0.30) In excess of net investment income.......................... -- -- (0.01) (0.02) (0.04) -- Net realized gains................ (0.63) (0.15) (0.52) (0.16) (0.09) (0.13) -------- -------- -------- -------- -------- ------- Total Distributions............. (0.80) (0.48) (0.86) (0.47) (0.42) (0.43) -------- -------- -------- -------- -------- ------- NET ASSET VALUE, END OF PERIOD..................... $ 23.26 $ 21.80 $ 16.66 $ 14.03 $ 11.59 $ 11.92 ======== ======== ======== ======== ======== ======= Total Return........................ 10.47%(a) 34.30% 25.47% 25.79% 0.63% 13.04% RATIOS/SUPPLEMENTARY DATA: Net Assets at end of period (000)........................... $567,634 $480,819 $321,058 $234,895 $165,370 $96,446 Ratio of expenses to average net assets.......................... 0.35%(b) 0.30% 0.30% 0.33% 0.46% 0.50% Ratio of net investment income to average net assets.............. 1.50%(b) 1.87% 2.18% 2.57% 2.44% 2.46% Ratio of expenses to average net assets *........................ 0.64%(b) 0.61% 0.59% 0.66% 0.59% 0.87% Ratio of net investment income to average net assets *............ 1.21%(b) 1.56% 1.89% 2.24% 2.31% 2.09% Portfolio turnover (c)............ 3.34% 5.81% 9.08% 2.71% 11.81% 2.71% Average commission rate paid (d)............................. $ 0.0609 $ 0.0449 $ 0.0490
- ------------ * During the period certain fees were voluntarily reduced. If such voluntary fee reductions had not occurred, the ratios would have been as indicated. (a) Not annualized (b) Annualized. (c) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares issued. (d) The average commission represents the total dollar amount of commissions paid on portfolio security transactions divided by the total number of portfolio shares purchased and sold for which commissions were charged. For the year ended June 30, 1996, the average commission was calculated for only the last seven months of the year. See notes to financial statements. 86 89 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds - -------------------------------------------------------------------------------- FINANCIAL HIGHLIGHTS
EQUITY INDEX FUND --------------------------------------------------------------------------- CLASS A --------------------------------------------------------------------------- SIX MONTHS ENDED YEAR ENDED JUNE 30, DECEMBER 31, -------------------------------------------------------- 1997 1997 1996 1995 1994 1993 ------------- ------- ------- ------ ------ ------ (UNAUDITED) NET ASSET VALUE, BEGINNING OF PERIOD...................... $ 21.81 $ 16.67 $ 14.02 $11.59 $11.91 $10.92 -------- ------- ------- ------ ------ ------ Investment Activities: Net investment income.................... 0.14 0.29 0.27 0.29 0.28 0.30 Net realized and unrealized gains from investments....................... 2.08 5.28 3.18 2.58 (0.20) 1.10 -------- ------- ------- ------ ------ ------ Total from Investment Activities....... 2.22 5.57 3.45 2.87 0.08 1.40 -------- ------- ------- ------ ------ ------ Distributions: Net investment income.................... (0.14) (0.28) (0.27) (0.28) (0.27) (0.28) In excess of net investment income....... -- -- (0.01) -- (0.04) -- Net realized gains....................... (0.63) (0.15) (0.52) (0.16) (0.09) (0.13) -------- ------- ------- ------ ------ ------ Total Distributions.................... (0.77) (0.43) (0.80) (0.44) (0.40) (0.41) -------- ------- ------- ------ ------ ------ NET ASSET VALUE, END OF PERIOD............................ $ 23.26 $ 21.81 $ 16.67 $14.02 $11.59 $11.91 ======== ======= ======= ====== ====== ====== Total Return (Excludes Sales Charge)....... 10.28%(a) 33.94% 25.16% 25.43% 0.56% 12.75% RATIOS/SUPPLEMENTARY DATA: Net Assets at end of period (000)........ $150,595 $98,338 $32,186 $3,003 $1,416 $ 512 Ratio of expenses to average net assets................................. 0.60%(b) 0.55% 0.55% 0.56% 0.62% 0.52% Ratio of net investment income to average net assets............................. 1.26%(b) 1.59% 1.93% 2.38% 2.37% 2.51% Ratio of expenses to average net assets *...................................... 0.99%(b) 0.95% 0.94% 1.01% 0.94% 0.99% Ratio of net investment income to average net assets *........................... 0.87%(b) 1.19% 1.54% 1.94% 2.05% 2.04% Portfolio turnover (c)................... 3.34% 5.81% 9.08% 2.71% 11.81% 2.71% Average commission rate paid (d)......... $ 0.0609 $0.0449 $0.0490
- ------------ * During the period certain fees were voluntarily reduced. If such voluntary fee reductions had not occurred, the ratios would have been as indicated. (a) Not annualized. (b) Annualized. (c) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares issued. (d) The average commission represents the total dollar amount of commissions paid on portfolio security transactions divided by the total number of portfolio shares purchased and sold for which commissions were charged. For the year ended June 30, 1996, the average commission was calculated for only the last seven months of the year. See notes to financial statements. 87 90 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds - -------------------------------------------------------------------------------- FINANCIAL HIGHLIGHTS
EQUITY INDEX FUND ---------------------------------------------------------------- CLASS B ---------------------------------------------------------------- SIX MONTHS ENDED YEAR ENDED JUNE 30, DECEMBER 31, ---------------------------------------------- 1997 1997 1996 1995 1994(A) ------------ -------- ------- ------ ------- (UNAUDITED) NET ASSET VALUE, BEGINNING OF PERIOD..................... $ 21.80 $ 16.68 $ 14.05 $11.61 $12.39 -------- -------- ------- ------ ------ Investment Activities: Net investment income.................................. 0.06 0.16 0.16 0.18 0.09 Net realized and unrealized gains (losses) from investments..................................... 2.09 5.27 3.16 2.61 (0.78) -------- -------- ------- ------ ------ Total from Investment Activities..................... 2.15 5.43 3.32 2.79 (0.69) -------- -------- ------- ------ ------ Distributions: Net investment income.................................. (0.07) (0.16) (0.16) (0.19) (0.09) In excess of net investment income..................... -- -- (0.01) -- -- Net realized gains..................................... (0.63) (0.15) (0.52) (0.16) -- -------- -------- ------- ------ ------ Total Distributions.................................. (0.70) (0.31) (0.69) (0.35) (0.09) -------- -------- ------- ------ ------ NET ASSET VALUE, END OF PERIOD........................... $ 23.25 $ 21.80 $ 16.68 $14.05 $11.61 ======== ======== ======= ====== ====== Total Return (Excludes Sales Charge)..................... 9.95%(b) 32.93% 24.05% 24.58% (5.57)%(b) RATIOS/SUPPLEMENTARY DATA: Net Assets at end of period (000)...................... $240,865 $168,699 $38,538 $1,408 $ 248 Ratio of expenses to average net assets................ 1.35%(c) 1.30% 1.30% 1.34% 1.10%(c) Ratio of net investment income to average net assets... 0.50%(c) 0.83% 1.18% 1.60% 2.08%(c) Ratio of expenses to average net assets *.............. 1.64%(c) 1.61% 1.59% 1.67% 1.15%(c) Ratio of net investment income to average net assets *.................................................... 0.21%(c) 0.52% 0.89% 1.27% 2.03%(c) Portfolio turnover (d)................................. 3.34% 5.81% 9.08% 2.71% 11.81% Average commission rate paid (e)....................... $ 0.0609 $ 0.0449 $0.0490
- ------------ * During the period certain fees were voluntarily reduced. If such voluntary fee reductions had not occurred, the ratios would have been as indicated. (a) Class B Shares commenced offering on January 14, 1994. (b) Not annualized. (c) Annualized. (d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares issued. (e) The average commission represents the total dollar amount of commissions paid on portfolio security transactions divided by the total number of portfolio shares purchased and sold for which commissions were charged. For the year ended June 30, 1996, the average commission was calculated for only the last seven months of the year. See notes to financial statements. 88 91 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds - -------------------------------------------------------------------------------- FINANCIAL HIGHLIGHTS
EQUITY INDEX FUND CLASS C NOVEMBER 4, 1997 TO DECEMBER 31, 1997 (A) (UNAUDITED) NET ASSET VALUE, BEGINNING OF PERIOD........................ $ 22.60 ------- Investment Activities: Net investment income..................................... 0.02 Net realized and unrealized gains (losses) from investments............................................. 0.78 ------- Total from Investment Activities........................ 0.80 ------- Distributions: Net investment income..................................... (0.02) Net realized gains........................................ (0.12) ------- Total Distributions..................................... (0.14) ------- NET ASSET VALUE, END OF PERIOD.............................. $ 23.26 ======= Total Return (Excludes Sales Charge)........................ 3.54%(b) RATIOS/SUPPLEMENTARY DATA: Net Assets at end of period (000)......................... $ 152 Ratio of expenses to average net assets................... 1.35%(c) Ratio of net investment income to average net assets...... 0.50%(c) Ratio of expenses to average net assets *................. 1.64%(c) Ratio of net investment income to average net assets *.... 0.21%(c) Portfolio turnover (d).................................... 3.34% Average commission rate paid (e).......................... $0.0609
- ------------ * During the period certain fees were voluntarily reduced. If such voluntary fee reductions had not occurred, the ratios would have been as indicated. (a) Period from commencement of operations. (b) Not annualized. (c) Annualized. (d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares issued. (e) The average commission represents the total dollar amount of commissions paid on portfolio security transactions divided by the total number of portfolio shares purchased and sold for which commissions were charged. See notes to financial statements. 89 92 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds - -------------------------------------------------------------------------------- FINANCIAL HIGHLIGHTS
VALUE GROWTH FUND ---------------------------------------- FIDUCIARY ---------------------------------------- SIX MONTHS YEAR MARCH 26, ENDED ENDED 1996 TO DECEMBER 31, JUNE 30, JUNE 30, 1997 1997 1996 (A) ------------ -------- ------------ (UNAUDITED) NET ASSET VALUE, BEGINNING OF PERIOD........................ $ 11.51 $ 10.39 $ 10.00 -------- -------- -------- Investment Activities: Net investment income..................................... 0.04 0.11 0.03 Net realized and unrealized gains (losses) from investments............................................. 1.40 2.85 0.39 -------- -------- -------- Total from Investment Activities........................ 1.44 2.96 0.42 -------- -------- -------- Distributions: Net investment income..................................... (0.04) (0.11) (0.03) Net realized gains........................................ (1.36) (1.73) -- -------- -------- -------- Total Distributions..................................... (1.40) (1.84) (0.03) -------- -------- -------- NET ASSET VALUE, END OF PERIOD.............................. $ 11.55 $ 11.51 $ 10.39 ======== ======== ======== Total Return................................................ 12.77%(c) 31.97% 10.49%(b)(c) RATIOS/SUPPLEMENTARY DATA: Net Assets at end of period (000)......................... $505,228 $430,837 $191,212 Ratio of expenses to average net assets................... 0.99%(d) 0.98% 0.95%(d) Ratio of net investment income to average net assets...... 0.75%(d) 1.06% 1.13%(d) Ratio of expenses to average net assets *................. 0.99%(d) 1.00% 1.04%(d) Ratio of net investment income to average net assets *.... 0.75%(d) 1.04% 1.04%(d) Portfolio turnover (e).................................... 34.44% 113.17% 65.21% Average commission rate paid (f).......................... $ 0.0561 $ 0.0532 $ 0.0373
- ------------ * During the period certain fees were voluntarily reduced. If such voluntary fee reductions had not occurred, the ratios would have been as indicated. (a) Period from date reorganized as a fund of The One Group. (b) Represents total return for Class A Shares from December 1, 1995 through March 25, 1996 plus total return for Fiduciary Shares for the period from March 26, 1996 through June 30, 1996. (c) Not annualized. (d) Annualized. (e) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares issued. (f) The average commission represents the total dollar amount of commissions paid on portfolio security transactions divided by the total number of portfolio shares purchased and sold for which commissions were charged. For the year ended June 30, 1996, the average commission was calculated for only the last seven months of the years. See notes to financial statements. 90 93 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds - -------------------------------------------------------------------------------- FINANCIAL HIGHLIGHTS
VALUE GROWTH FUND ------------------------------------------------------------------------------ CLASS A ------------------------------------------------------------------------------ SIX MONTHS SEVEN MONTHS ENDED YEAR ENDED ENDED YEAR ENDED NOVEMBER 30, DECEMBER 31, JUNE 30, JUNE 30, -------------------------------- 1997 1997 1996(A) 1995 1994 1993 ------------ ---------- ------------ -------- -------- -------- (UNAUDITED) NET ASSET VALUE, BEGINNING OF PERIOD.... $ 11.50 $ 10.39 $ 11.15 $ 9.00 $ 10.02 $ 9.42 -------- ------- ------- -------- -------- -------- Investment Activities: Net investment income................. 0.03 0.09 0.94 0.12 0.13 0.11 Net realized and unrealized gains (losses) from investments........... 1.40 2.83 0.08 2.44 (0.56) 0.83 -------- ------- ------- -------- -------- -------- Total from Investment Activities.... 1.43 2.92 1.02 2.56 (0.43) 0.94 -------- ------- ------- -------- -------- -------- Distributions: Net investment income................. (0.03) (0.08) (0.94) (0.12) (0.14) (0.12) In excess of net investment income.... -- -- (0.01) -- -- -- Net realized gains.................... (1.36) (1.73) (0.83) (0.29) (0.45) (0.22) -------- ------- ------- -------- -------- -------- Total Distributions................. (1.39) (1.81) (1.78) (0.41) (0.59) (0.34) -------- ------- ------- -------- -------- -------- NET ASSET VALUE, END OF PERIOD.......... $ 11.54 $ 11.50 $ 10.39 $ 11.15 $ 9.00 $ 10.02 ======== ======= ======= ======== ======== ======== Total Return (Excludes Sales Charge).... 12.63%(b) 31.53% 10.40%(b) 29.57% (4.32)% 10.13% RATIOS/SUPPLEMENTARY DATA: Net Assets at end of period (000)..... $ 59,719 $47,306 $35,984 $217,978 $173,198 $171,141 Ratio of expenses to average net assets.............................. 1.24%(c) 1.23% 0.97%(c) 0.95% 0.96% 0.96% Ratio of net investment income to average net assets.................. 0.50%(c) 0.83% 0.85%(c) 1.25% 1.34% 1.21% Ratio of expenses to average net assets *............................ 1.34%(c) 1.34% 1.05%(c) 0.95% 0.96% 0.96% Ratio of net investment income to average net assets *................ 0.40%(c) 0.72% 0.77%(c) 1.25% 1.34% 1.21% Portfolio turnover (d)................ 34.44% 113.17% 65.21% 77.00% 53.00% 66.00% Average commission rate paid (e)...... $ 0.0561 $0.0532 $0.0373
- ------------ * During the period certain fees were voluntarily reduced. If such voluntary fee reductions had not occurred, the ratios would have been as indicated. (a) Upon reorganizing as a fund of the One Group, the Paragon Value Growth Fund became the Value Growth Fund. Financial highlights for the periods prior to March 26, 1996 represent the Paragon Value Growth Fund. The per share data for the periods prior to March 26, 1996 have been restated to reflect the impact of restatement of net asset value from $15.26 to $10.00 effective March 26, 1996. (b) Not annualized. (c) Annualized. (d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares issued. (e) The average commission represents the total dollar amount of commissions paid on portfolio security transactions divided by the total number of portfolio shares purchased and sold for which commissions were charged. For the year ended June 30, 1996, the average commission was calculated for only the last seven months of the year. See notes to financial statements. 91 94 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds - -------------------------------------------------------------------------------- FINANCIAL HIGHLIGHTS
VALUE GROWTH FUND -------------------------------------------------------------------------- CLASS B -------------------------------------------------------------------------- SIX MONTHS SEVEN MONTHS SEPTEMBER 9, ENDED YEAR ENDED ENDED YEAR ENDED 1994 TO DECEMBER 31, JUNE 30, JUNE 30, NOVEMBER 30, NOVEMBER 30, 1997 1997 1996(A) 1995 1994(B) ------------ ---------- ------------ ------------ ------------ (UNAUDITED) NET ASSET VALUE, BEGINNING OF PERIOD................... $ 11.47 $ 10.39 $ 11.16 $ 9.01 $ 9.85 ------- ------- ------- ------- ------- Investment Activities: Net investment income................. (0.01) 0.01 0.91 0.05 0.02 Net realized and unrealized gains (losses) from investments........... 1.39 2.82 0.07 2.46 (0.84) ------- ------- ------- ------- ------- Total from Investment Activities.... 1.38 2.83 0.98 2.51 (0.82) ------- ------- ------- ------- ------- Distributions: Net investment income................. -- (0.02) (0.91) (0.07) (0.02) In excess of net investment income.... -- -- (0.01) -- -- Net realized gains.................... (1.36) (1.73) (0.83) (0.29) -- ------- ------- ------- ------- ------- Total Distributions................. (1.36) (1.75) (1.75) (0.36) (0.02) ------- ------- ------- ------- ------- NET ASSET VALUE, END OF PERIOD......................... $ 11.49 $ 11.47 $ 10.39 $ 11.16 $ 9.01 ======= ======= ======= ======= ======= Total Return (Excludes Sales Charge).... 12.22% (c) 30.52% 9.96%(c) 28.74% (8.31)%(c) RATIOS/SUPPLEMENTARY DATA: Net Assets at end of period (000)..... $14,607 $10,517 $ 4,673 $ 2,923 $ 412 Ratio of expenses to average net assets.............................. 1.99% (d) 1.98% 1.86%(d) 1.70% 1.71% (d) Ratio of net investment income to average net assets.................. (0.25)%(d) 0.07% 0.13%(d) 0.38% 0.76% (d) Ratio of expenses to average net assets *............................ 1.99% (d) 2.00% 1.94%(d) 1.70% 1.71% (d) Ratio of net investment income to average net assets *................ (0.25)%(d) 0.05% 0.05%(d) 0.38% 0.76% (d) Portfolio turnover (e)................ 34.44% 113.17% 65.21% 77.00% 53.00% Average commission rate paid (f)...... $0.0561 $0.0532 $0.0373
- ------------ * During the period certain fees were voluntarily reduced. If such voluntary fee reductions had not occurred, the ratios would have been as indicated. (a) Upon reorganizing as a fund of the One Group, the Paragon Value Growth Fund became the Value Growth Fund. Financial highlights for the periods prior to March 26, 1996 represent the Paragon Value Growth Fund. The per share data for the periods prior to March 26, 1996 have been restated to reflect the impact of restatement of net asset value from $15.21 to $10.00 effective March 26, 1996. (b) Class B Shares commenced offering September 9, 1994. (c) Not annualized. (d) Annualized. (e) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares issued. (f) The average commission represents the total dollar amount of commissions paid on portfolio security transactions divided by the total number of portfolio shares purchased and sold for which commissions were charged. For the year ended June 30, 1996, the average commission was calculated for only the last seven months of the year. See notes to financial statements. 92 95 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds - -------------------------------------------------------------------------------- FINANCIAL HIGHLIGHTS
VALUE GROWTH FUND ------------ CLASS C ------------ NOVEMBER 4, 1997 TO DECEMBER 31, 1997(A) ------------ (UNAUDITED) NET ASSET VALUE, BEGINNING OF PERIOD........................ $ 11.76 ------- Investment Activities: Net realized and unrealized gains from investments (losses)............................................... 0.41 ------- Total from Investment Activities.......................... 0.41 ------- Distributions: Net realized gains........................................ (0.63) ------- Total Distributions.................................... (0.63) ------- NET ASSET VALUE, END OF PERIOD.............................. $ 11.54 ======= Total Return (Excludes Sales Charge)........................ (3.48)%(b) RATIOS/SUPPLEMENTARY DATA: Net Assets at end of period (000)......................... $ 1 Ratio of expenses to average net assets................... 1.99% (c) Ratio of net investment income to average net assets...... (0.25)%(c) Portfolio turnover (d).................................... 34.44% Average commission rate paid (e).......................... $0.0561
- ------------ (a) Period from commencement of operations. (b) Not annualized. (c) Annualized. (d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares issued. (e) The average commission represents the total dollar amount of commissions paid on portfolio security transactions divided by the total number of portfolio shares purchased and sold for which commissions were charged. See notes to financial statements. 93 96 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds - -------------------------------------------------------------------------------- FINANCIAL HIGHLIGHTS
LARGE COMPANY VALUE FUND ----------------------------------------------------------------------------------- FIDUCIARY ----------------------------------------------------------------------------------- SIX MONTHS ENDED YEAR ENDED JUNE 30, DECEMBER 31, ---------------------------------------------------------------- 1997 1997 1996 1995 1994 1993 ------------- -------- -------- -------- -------- -------- (UNAUDITED) NET ASSET VALUE, BEGINNING OF PERIOD.............. $ 14.79 $ 12.83 $ 12.87 $ 11.34 $ 11.64 $ 11.34 -------- -------- -------- -------- -------- -------- Investment Activities: Net investment income............ 0.11 0.27 0.31 0.31 0.20 0.18 Net realized and unrealized gains (losses) from investments...... 1.33 3.01 1.20 2.18 (0.01) 0.58 -------- -------- -------- -------- -------- -------- Total from Investment Activities.................. 1.44 3.28 1.51 2.49 0.19 0.76 -------- -------- -------- -------- -------- -------- Distributions: Net investment income............ (0.11) (0.26) (0.31) (0.32) (0.19) (0.18) Net realized gains............... (0.93) (1.06) (1.24) (0.64) (0.30) (0.28) -------- -------- -------- -------- -------- -------- Total Distributions............ (1.04) (1.32) (1.55) (0.96) (0.49) (0.46) -------- -------- -------- -------- -------- -------- NET ASSET VALUE, END OF PERIOD.................... $ 15.19 $ 14.79 $ 12.83 $ 12.87 $ 11.34 $ 11.64 ======== ======== ======== ======== ======== ======== Total Return....................... 9.82%(a) 27.10% 12.71% 23.42% (1.59)% 6.73% RATIOS/SUPPLEMENTARY DATA: Net Assets at end of period (000).......................... $709,375 $686,156 $584,527 $365,376 $169,127 $132,833 Ratio of expenses to average net assets......................... 0.96%(b) 0.97% 0.97% 1.00% 0.95% 0.86% Ratio of net investment income to average net assets............. 1.40%(b) 1.99% 2.43% 2.74% 1.72% 1.62% Ratio of expenses to average net assets *....................... 0.96%(b) 0.97% 0.98% 1.01% 1.02% 1.12% Ratio of net investment income to average net assets *........... 1.40%(b) 1.99% 2.42% 2.73% 1.65% 1.36% Portfolio turnover (c)........... 21.89% 77.05% 186.84% 203.13% 111.72% 51.75% Average commission rate paid (d)............................ $ 0.0595 $ 0.0575 $ 0.0415
- ------------ * During the period certain fees were voluntarily reduced. If such voluntary fee reductions had not occurred, the ratios would have been as indicated. (a) Not annualized. (b) Annualized. (c) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares issued. (d) The average commission represents the total dollar amount of commissions paid on portfolio security transactions divided by the total number of portfolio shares purchased and sold for which commissions were charged. For the year ended June 30, 1996, the average commission was calculated for only the last seven months of the year. See notes to financial statements. 94 97 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds - -------------------------------------------------------------------------------- FINANCIAL HIGHLIGHTS
LARGE COMPANY VALUE FUND --------------------------------------------------------------------------- CLASS A --------------------------------------------------------------------------- SIX MONTHS ENDED YEAR ENDED JUNE 30, DECEMBER 31, -------------------------------------------------------- 1997 1997 1996 1995 1994 1993 ------------- ------- ------- ------ ------ ------ (UNAUDITED) NET ASSET VALUE, BEGINNING OF PERIOD...................... $ 14.85 $ 12.87 $ 12.89 $11.34 $11.64 $11.33 ------- ------- ------- ------ ------ ------ Investment Activities: Net investment income.................... 0.09 0.23 0.27 0.28 0.17 0.16 Net realized and unrealized gains (losses) from investments.............. 1.33 3.04 1.22 2.20 (0.01) 0.59 ------- ------- ------- ------ ------ ------ Total from Investment Activities....... 1.42 3.27 1.49 2.48 0.16 0.75 ------- ------- ------- ------ ------ ------ Distributions: Net investment income.................... (0.09) (0.23) (0.27) (0.27) (0.16) (0.16) In excess of net investment income....... -- -- -- (0.02) -- -- Net realized gains....................... (0.93) (1.06) (1.24) (0.64) (0.30) (0.28) ------- ------- ------- ------ ------ ------ Total Distributions.................... (1.02) (1.29) (1.51) (0.93) (0.46) (0.44) ------- ------- ------- ------ ------ ------ NET ASSET VALUE, END OF PERIOD............................ $ 15.25 $ 14.85 $ 12.87 $12.89 $11.34 $11.64 ======= ======= ======= ====== ====== ====== Total Return (Excludes Sales Charge)....... 9.65%(a) 26.90% 12.40% 22.64% 1.35% 6.64% RATIOS/SUPPLEMENTARY DATA: Net Assets at end of period (000)........ $17,408 $14,832 $ 9,380 $3,481 $ 698 $ 451 Ratio of expenses to average net assets................................. 1.21%(b) 1.22% 1.22% 1.25% 1.20% 1.10% Ratio of net investment income to average net assets............................. 1.15%(b) 1.72% 2.18% 2.52% 1.57% 1.41% Ratio of expenses to average net assets *...................................... 1.31%(b) 1.31% 1.33% 1.37% 1.37% 1.50% Ratio of net investment income to average net assets *........................... 1.05%(b) 1.63% 2.07% 2.41% 1.40% 1.01% Portfolio turnover (c)................... 21.89% 77.05% 186.84% 203.13% 111.72% 51.75% Average commission rate paid (d)......... $0.0595 $0.0575 $0.0415
- ------------ * During the period certain fees were voluntarily reduced. If such voluntary fee reductions had not occurred, the ratios would have been as indicated. (a) Not annualized. (b) Annualized. (c) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares issued. (d) The average commission represents the total dollar amount of commissions paid on portfolio security transactions divided by the total number of portfolio shares purchased and sold for which commissions were charged. For the year ended June 30, 1996, the average commission was calculated for only the last seven months of the year. See notes to financial statements. 95 98 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds - -------------------------------------------------------------------------------- FINANCIAL HIGHLIGHTS
LARGE COMPANY VALUE FUND ----------------------------------------------------------------- CLASS B ----------------------------------------------------------------- SIX MONTHS ENDED YEAR ENDED JUNE 30, DECEMBER 31, --------------------------------------------- 1997 1997 1996 1995 1994(A) ------------- ------- ------- ------ ------- (UNAUDITED) NET ASSET VALUE, BEGINNING OF PERIOD........................... $ 14.95 $ 12.98 $ 12.96 $11.41 $11.87 ------- ------- ------- ------ ------ Investment Activities: Net investment income......................... 0.04 0.14 0.18 0.17 0.05 Net realized and unrealized gains (losses) from investments............................ 1.33 3.04 1.26 2.19 (0.46) ------- ------- ------- ------ ------ Total from Investment Activities............ 1.37 3.18 1.44 2.36 (0.41) ------- ------- ------- ------ ------ Distributions: Net investment income......................... (0.05) (0.15) (0.18) (0.17) (0.05) Net realized gains............................ (0.93) (1.06) (1.24) (0.64) -- ------- ------- ------- ------ ------ Total Distributions......................... (0.98) (1.21) (1.42) (0.81) (0.05) ------- ------- ------- ------ ------ NET ASSET VALUE, END OF PERIOD................................. $ 15.34 $ 14.95 $ 12.98 $12.96 $11.41 ======= ======= ======= ====== ====== Total Return (Excludes Sales Charge)............ 9.25%(b) 25.86% 11.95% 22.28% 3.48%(b) RATIOS/SUPPLEMENTARY DATA: Net Assets at end of period (000)............. $12,814 $ 9,288 $ 4,135 $ 861 $ 182 Ratio of expenses to average net assets....... 1.96%(c) 1.97% 1.97% 2.00% 2.00%(c) Ratio of net investment income to average net assets.................................. 0.39%(c) 0.96% 1.43% 1.74% 1.06%(c) Ratio of expenses to average net assets *..... 1.96%(c) 1.97% 1.98% 2.01% 2.00%(c) Ratio of net investment income to average net assets *................................ 0.39%(c) 0.96% 1.42% 1.72% 1.06%(c) Portfolio turnover (d)........................ 21.89% 77.05% 186.84% 203.13% 111.72% Average commission rate paid (e).............. $0.0595 $0.0575 $0.0415
- ------------ * During the period certain fees were voluntarily reduced. If such voluntary fee reductions had not occurred, the ratios would have been as indicated. (a) Class B Shares commenced offering on January 14, 1994. (b) Not annualized. (c) Annualized. (d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares issued. (e) The average commission represents the total dollar amount of commissions paid on portfolio security transactions divided by the total number of portfolio shares purchased and sold for which commissions were charged. For the year ended June 30, 1996, the average commission was calculated for only the last seven months of the year. See notes to financial statements. 96 99 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds - -------------------------------------------------------------------------------- FINANCIAL HIGHLIGHTS
DISCIPLINED VALUE FUND ----------------------------------------------------------------------------------- FIDUCIARY ----------------------------------------------------------------------------------- SIX MONTHS ENDED YEAR ENDED JUNE 30, DECEMBER 31, ---------------------------------------------------------------- 1997 1997 1996 1995 1994 1993 ------------- -------- -------- -------- -------- -------- (UNAUDITED) NET ASSET VALUE, BEGINNING OF PERIOD.............. $ 15.65 $ 14.69 $ 13.20 $ 11.90 $ 12.76 $ 11.49 -------- -------- -------- -------- -------- -------- Investment Activities: Net investment income............ 0.08 0.22 0.29 0.28 0.26 0.28 Net realized and unrealized gains from investments............... 3.17 2.57 2.27 1.57 0.29 1.27 -------- -------- -------- -------- -------- -------- Total from Investment Activities.................. 3.25 2.79 2.56 1.85 0.55 1.55 -------- -------- -------- -------- -------- -------- Distributions: Net investment income............ (0.08) (0.22) (0.29) (0.27) (0.26) (0.28) Net realized gains............... (2.74) (1.61) (0.78) (0.28) (1.15) -- -------- -------- -------- -------- -------- -------- Total Distributions............ (2.82) (1.83) (1.07) (0.55) (1.41) (0.28) -------- -------- -------- -------- -------- -------- NET ASSET VALUE, END OF PERIOD.................... $ 16.08 $ 15.65 $ 14.69 $ 13.20 $ 11.90 $ 12.76 ======== ======== ======== ======== ======== ======== Total Return....................... 21.58%(a) 20.56% 20.10% 16.03% 4.04% 13.58% RATIOS/SUPPLEMENTARY DATA: Net Assets at end of period (000).......................... $591,390 $562,302 $522,474 $448,530 $418,238 $211,785 Ratio of expenses to average net assets......................... 0.97%(b) 0.98% 0.99% 1.00% 0.93% 0.89% Ratio of net investment income to average net assets............. 0.91%(b) 1.52% 2.04% 2.21% 2.14% 2.30% Ratio of expenses to average net assets *....................... 0.97%(b) 0.98% 1.00% 1.10% 0.98% 1.08% Ratio of net investment income to average net assets *........... 0.91%(b) 1.52% 2.03% 2.11% 2.09% 2.11% Portfolio turnover (c)........... 39.06% 92.66% 90.55% 176.66% 56.33% 108.79% Average commission rate paid (d)............................ $ 0.0595 $ 0.0601 $ 0.0576
- ------------ * During the period certain fees were voluntarily reduced. If such voluntary fee reductions had not occurred, the ratios would have been as indicated. (a) Not annualized. (b) Annualized. (c) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares issued. (d) The average commission represents the total dollar amount of commissions paid on portfolio security transactions divided by the total number of portfolio shares purchased and sold for which commissions were charged. For the year ended June 30, 1996, the average commission was calculated for only the last seven months of the year. See notes to financial statements. 97 100 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds - -------------------------------------------------------------------------------- FINANCIAL HIGHLIGHTS
DISCIPLINED VALUE FUND ------------------------------------------------------------------------------ CLASS A ------------------------------------------------------------------------------ SIX MONTHS ENDED YEAR ENDED JUNE 30, DECEMBER 31, ----------------------------------------------------------- 1997 1997 1996 1995 1994 1993 ------------- ------- ------- ------- ------- ------- (UNAUDITED) NET ASSET VALUE, BEGINNING OF PERIOD................... $ 15.68 $ 14.72 $ 13.22 $ 11.91 $ 12.75 $ 11.49 ------- ------- ------- ------- ------- ------- Investment Activities: Net investment income................. 0.06 0.19 0.25 0.24 0.24 0.25 Net realized and unrealized gains from investments......................... 3.18 2.57 2.28 1.59 0.30 1.26 ------- ------- ------- ------- ------- ------- Total from Investment Activities.... 3.24 2.76 2.53 1.83 0.54 1.51 ------- ------- ------- ------- ------- ------- Distributions: Net investment income................. (0.06) (0.19) (0.25) (0.24) (0.23) (0.25) Net realized gains.................... (2.74) (1.61) (0.78) (0.26) (1.10) -- In excess of net realized gains....... -- -- -- (0.02) (0.05) -- ------- ------- ------- ------- ------- ------- Total Distributions................. (2.80) (1.80) (1.03) (0.52) (1.38) (0.25) ------- ------- ------- ------- ------- ------- NET ASSET VALUE, END OF PERIOD......................... $ 16.12 $ 15.68 $ 14.72 $ 13.22 $ 11.91 $ 12.75 ======= ======= ======= ======= ======= ======= Total Return (Excludes Sales Charge).... 21.47%(a) 20.21% 19.80% 15.43% 3.95% 13.27% RATIOS/SUPPLEMENTARY DATA: Net Assets at end of period (000)..... $29,367 $23,909 $20,838 $13,560 $10,448 $ 3,435 Ratio of expenses to average net assets.............................. 1.22%(b) 1.23% 1.24% 1.26% 1.18% 1.12% Ratio of net investment income to average net assets.................. 0.66%(b) 1.26% 1.79% 1.99% 2.00% 2.06% Ratio of expenses to average net assets *............................ 1.32%(b) 1.31% 1.35% 1.36% 1.33% 1.46% Ratio of net investment income to average net assets *................ 0.56%(b) 1.18% 1.68% 1.89% 1.85% 1.72% Portfolio turnover (c)................ 39.06% 92.66% 90.55% 176.66% 56.33% 108.79% Average commission rate paid (d)...... $0.0595 $0.0601 $0.0576
- ------------ * During the period certain fees were voluntarily reduced. If such voluntary fee reductions had not occurred, the ratios would have been as indicated. (a) Not annualized. (b) Annualized. (c) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares issued. (d) The average commission represents the total dollar amount of commissions paid on portfolio security transactions divided by the total number of portfolio shares purchased and sold for which commissions were charged. For the year ended June 30, 1996, the average commission was calculated for only the last seven months of the year. See notes to financial statements. 98 101 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds - -------------------------------------------------------------------------------- FINANCIAL HIGHLIGHTS
DISCIPLINED VALUE FUND ----------------------------------------------------------------- CLASS B ----------------------------------------------------------------- SIX MONTHS ENDED YEAR ENDED JUNE 30, DECEMBER 31, ---------------------------------------------- 1997 1997 1996 1995 1994(A) ------------- ------- ------- ------- ------- (UNAUDITED) NET ASSET VALUE, BEGINNING OF PERIOD............................. $ 15.64 $ 14.69 $ 13.19 $ 11.90 $12.60 ------- ------- ------- ------- ------ Investment Activities: Net investment income........................... -- 0.08 0.15 0.15 0.07 Net realized and unrealized gains from investments................................... 3.17 2.55 2.27 1.58 (0.70) ------- ------- ------- ------- ------ Total from Investment Activities.............. 3.17 2.63 2.42 1.73 (0.63) ------- ------- ------- ------- ------ Distributions: Net investment income........................... (0.01) (0.07) (0.14) (0.15) (0.06) In excess of net investment income.............. -- -- -- (0.01) (0.01) Net realized gains.............................. (2.74) (1.61) (0.78) (0.28) -- ------- ------- ------- ------- ------ Total Distributions........................... (2.75) (1.68) (0.92) (0.44) (0.07) ------- ------- ------- ------- ------ NET ASSET VALUE, END OF PERIOD................................... $ 16.06 $ 15.64 $ 14.69 $ 13.19 $11.90 ======= ======= ======= ======= ====== Total Return (Excludes Sales Charge).............. 21.02% (b) 19.19% 18.93% 14.92% (5.00)%(b) RATIOS/SUPPLEMENTARY DATA: Net Assets at end of period (000)............... $25,238 $20,499 $16,305 $11,222 $5,356 Ratio of expenses to average net assets......... 1.97% (c) 1.98% 1.99% 2.00% 1.96%(c) Ratio of net investment income to average net assets........................................ (0.10)%(c) 0.51% 1.04% 1.26% 1.80%(c) Ratio of expenses to average net assets *....... 1.97% (c) 1.98% 2.00% 2.01% 1.96%(c) Ratio of net investment income to average net assets *.................................. (0.10)%(c) 0.51% 1.03% 1.25% 1.80%(c) Portfolio turnover (d).......................... 39.06% 92.66% 90.55% 176.66% 56.33% Average commission rate paid (e)................ $0.0595 $0.0601 $0.0576
- ------------ * During the period certain fees were voluntarily reduced. If such voluntary fee reductions had not occurred, the ratios would have been as indicated. (a) Class B Shares commenced offering on January 14, 1994. (b) Not annualized. (c) Annualized. (d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares issued. (e) The average commission represents the total dollar amount of commissions paid on portfolio security transactions divided by the total number of portfolio shares purchased and sold for which commissions were charged. For the year ended June 30, 1996, the average commission was calculated for only the last seven months of the year. See notes to financial statements. 99 102 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds - -------------------------------------------------------------------------------- FINANCIAL HIGHLIGHTS
LARGE COMPANY GROWTH FUND ------------------------------------------------------------------------------------ FIDUCIARY ------------------------------------------------------------------------------------ SIX MONTHS ENDED YEAR ENDED JUNE 30, DECEMBER 31, ----------------------------------------------------------------- 1997 1997 1996 1995 1994 1993 ------------- ---------- -------- -------- -------- ------- (UNAUDITED) NET ASSET VALUE, BEGINNING OF PERIOD............. $ 19.44 $ 15.44 $ 13.47 $ 11.32 $ 10.92 $ 9.85 ---------- ---------- -------- -------- -------- ------- Investment Activities: Net investment income........... 0.03 0.12 0.18 0.20 0.20 0.23 Net realized and unrealized gains from investments........ 1.67 4.79 2.14 3.04 0.67 1.12 ---------- ---------- -------- -------- -------- ------- Total from Investment Activities................. 1.70 4.91 2.32 3.24 0.87 1.35 ---------- ---------- -------- -------- -------- ------- Distributions: Net investment income........... (0.02) (0.11) (0.18) (0.20) (0.20) (0.23) Net realized gains.............. (2.88) (0.80) (0.17) (0.89) (0.27) (0.05) ---------- ---------- -------- -------- -------- ------- Total Distributions........... (2.90) (0.91) (0.35) (1.09) (0.47) (0.28) ---------- ---------- -------- -------- -------- ------- NET ASSET VALUE, END OF PERIOD................... $ 18.24 $ 19.44 $ 15.44 $ 13.47 $ 11.32 $ 10.92 ========== ========== ======== ======== ======== ======= Total Return...................... 9.03%(a) 33.11% 17.36% 21.85% 8.04% 13.92% RATIOS/SUPPLEMENTARY DATA: Net Assets at end of period (000)......................... $1,253,716 $1,142,864 $745,986 $531,595 $150,035 $41,317 Ratio of expenses to average net assets........................ 1.01%(b) 0.99% 0.96% 1.00% 0.78% 0.39% Ratio of net investment income to average net assets......... 0.34%(b) 0.69% 1.20% 1.72% 1.87% 2.24% Ratio of expenses to average net assets *...................... 1.01%(b) 0.99% 0.99% 1.00% 1.13% 1.43% Ratio of net investment income to average net assets *....... 0.34%(b) 0.69% 1.17% 1.72% 1.52% 1.21% Portfolio turnover (c).......... 34.66% 57.17% 35.51% 14.22% 9.04% 10.61% Average commission rate paid (d)........................... $ 0.0564 $ 0.0681 $ 0.0647
- ------------ * During the period certain fees were voluntarily reduced. If such voluntary fee reductions had not occurred, the ratios would have been as indicated. (a) Not annualized. (b) Annualized. (c) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares issued. (d) The average commission represents the total dollar amount of commissions paid on portfolio security transactions divided by the total number of portfolio shares purchased and sold for which commissions were charged. For the year ended June 30, 1996, the average commission was calculated for only the last seven months of the year. See notes to financial statements. 100 103 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds - -------------------------------------------------------------------------------- FINANCIAL HIGHLIGHTS
LARGE COMPANY GROWTH FUND ------------------------------------------------------------------- CLASS A ------------------------------------------------------------------- SIX MONTHS ENDED YEAR ENDED JUNE 30, DECEMBER 31, ----------------------------------------------- 1997 1997 1996 1995 1994(A) ------------- -------- ------- ------- ------- (UNAUDITED) NET ASSET VALUE, BEGINNING OF PERIOD........................... $ 19.92 $ 15.83 $ 13.83 $ 11.62 $11.78 -------- -------- ------- ------- ------ Investment Activities: Net investment income......................... 0.01 0.08 0.14 0.17 0.04 Net realized and unrealized gains (losses) from investments............................ 1.71 4.88 2.17 3.10 (0.16) -------- -------- ------- ------- ------ Total from Investment Activities............ 1.72 4.96 2.31 3.27 (0.12) -------- -------- ------- ------- ------ Distributions: Net investment income......................... (0.01) (0.07) (0.14) (0.16) (0.04) In excess of net investment income............ -- -- -- (0.01) -- Net realized gains............................ (2.88) (0.80) (0.17) (0.89) -- -------- -------- ------- ------- ------ Total Distributions......................... (2.89) (0.87) (0.31) (1.06) (0.04) -------- -------- ------- ------- ------ NET ASSET VALUE, END OF PERIOD................................. $ 18.75 $ 19.92 $ 15.83 $ 13.83 $11.62 ======== ======== ======= ======= ====== Total Return (Excludes Sales Charge)............ 8.87% (b) 32.57% 16.85% 21.52% (1.02)%(b) RATIOS/SUPPLEMENTARY DATA: Net Assets at end of period (000)............. $152,579 $125,910 $75,114 $27,428 $ 368 Ratio of expenses to average net assets....... 1.26% (c) 1.24% 1.21% 1.26% 1.25%(c) Ratio of net investment income to average net assets.................................. 0.09% (c) 0.44% 0.95% 1.49% 1.78%(c) Ratio of expenses to average net assets *..... 1.36% (c) 1.32% 1.34% 1.36% 1.35%(c) Ratio of net investment income to average net assets *.................................... (0.01)%(c) 0.36% 0.82% 1.39% 1.68%(c) Portfolio turnover (d)........................ 34.66% 57.17% 35.51% 14.22% 9.04% Average commission rate paid (e).............. $ 0.0564 $ 0.0681 $0.0647
- ------------ * During the period certain fees were voluntarily reduced. If such voluntary fee reductions had not occurred, the ratios would have been as indicated. (a) Class A Shares commenced offering on January 1, 1994. (b) Not annualized. (c) Annualized. (d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares issued. (e) The average commission represents the total dollar amount of commissions paid on portfolio security transactions divided by the total number of portfolio shares purchased and sold for which commissions were charged. For the year ended June 30, 1996, the average commission was calculated for only the last seven months of the year. See notes to financial statements. 101 104 ---------------------------------------------------------------------------- The One Group Family of Mutual Funds ---------------------------------------------------------------------------- FINANCIAL HIGHLIGHTS
LARGE COMPANY GROWTH FUND ------------------------------------------------------------------ CLASS B ------------------------------------------------------------------ SIX MONTHS ENDED YEAR ENDED JUNE 30, DECEMBER 31, ---------------------------------------------- 1997 1997 1996 1995 1994(A) ------------- -------- ------- ------ ------- (UNAUDITED) NET ASSET VALUE, BEGINNING OF PERIOD........................... $ 19.61 $ 15.63 $ 13.63 $11.47 $11.57 -------- -------- ------- ------ ------ Investment Activities: Net investment income (loss).................. (0.04) (0.04) 0.05 0.09 0.03 Net realized and unrealized gains (losses) from investments................................. 1.66 4.82 2.17 3.06 (0.10) -------- -------- ------- ------ ------ Total from Investment Activities............ 1.62 4.78 2.22 3.15 (0.07) -------- -------- ------- ------ ------ Distributions: Net investment income......................... -- -- (0.05) (0.09) (0.03) In excess of net investment income............ -- -- -- (0.01) -- Net realized gains............................ (2.88) (0.80) (0.17) (0.89) -- -------- -------- ------- ------ ------ Total Distributions......................... (2.88) (0.80) (0.22) (0.99) (0.03) -------- -------- ------- ------ ------ NET ASSET VALUE, END OF PERIOD................................. $ 18.35 $ 19.61 $ 15.63 $13.36 $11.47 ======== ======== ======= ====== ====== Total Return (Excludes Sales Charge)............ 8.49% (b) 31.74% 16.41% 20.65% (0.66)%(b) RATIOS/SUPPLEMENTARY DATA: Net Assets at end of period (000)............. $184,424 $132,268 $56,261 $6,918 $ 334 Ratio of expenses to average net assets....... 2.01% (c) 2.00% 1.96% 2.01% 1.99%(c) Ratio of net investment income to average net assets...................................... (0.65)%(c) (0.33)% 0.20% 0.74% 0.96%(c) Ratio of expenses to average net assets *..... 2.01% (c) 2.00% 1.99% 2.01% 1.99%(c) Ratio of net investment income to average net assets *................................ (0.65)%(c) (0.33)% 0.17% 0.74% 0.96%(c) Portfolio turnover (d)........................ 34.66% 57.17% 35.51% 14.22% 9.04% Average commission rate paid (e).............. $ 0.0564 $ 0.0681 $0.0647
- ------------ * During the period certain fees were voluntarily reduced. If such voluntary fee reductions had not occurred, the ratios would have been as indicated. (a) Class B Shares commenced offering on January 14, 1994. (b) Not annualized. (c) Annualized. (d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares issued. (e) The average commission represents the total dollar amount of commissions paid on portfolio security transactions divided by the total number of portfolio shares purchased and sold for which commissions were charged. For the year ended June 30, 1996, the average commission was calculated for only the last seven months of the year. See notes to financial statements. 102 105 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds - -------------------------------------------------------------------------------- FINANCIAL HIGHLIGHTS
LARGE COMPANY GROWTH FUND ------------ CLASS C ------------ NOVEMBER 4, 1997 TO DECEMBER 31, 1997(A) ------------ (UNAUDITED) NET ASSET VALUE, BEGINNING OF PERIOD........................ $ 18.98 ------- Investment Activities: Net investment income (loss).............................. (0.01) Net realized and unrealized gains from investments........ 0.58 ------- Total from Investment Activities....................... 0.57 ------- Distributions: Net realized gains........................................ (1.34) ------- Total Distributions.................................... (1.34) ------- NET ASSET VALUE, END OF PERIOD.............................. $ 18.21 ======= Total Return (Excludes Sales Charge)........................ 2.98% (b) RATIOS/SUPPLEMENTARY DATA: Net Assets at end of period (000)......................... $ 50 Ratio of expenses to average net assets................... 2.01% (c) Ratio of net investment income to average net assets...... (0.65)%(c) Portfolio turnover (d).................................... 34.66% Average commission rate paid (e).......................... $0.0564
- ------------ (a) Period from commencement of operations. (b) Not annualized. (c) Annualized. (d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares issued. (e) The average commission represents the total dollar amount of commissions paid on portfolio security transactions divided by the total number of portfolio shares purchased and sold for which commissions were charged. See notes to financial statements. 103 106 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds - -------------------------------------------------------------------------------- FINANCIAL HIGHLIGHTS
GROWTH OPPORTUNITIES FUND ------------------------------------------------------------------------------------ FIDUCIARY ------------------------------------------------------------------------------------ SIX MONTHS ENDED YEAR ENDED JUNE 30, DECEMBER 31, ---------------------------------------------------------------- 1997 1997 1996 1995 1994 1993 ------------- -------- -------- -------- -------- -------- (UNAUDITED) NET ASSET VALUE, BEGINNING OF PERIOD............................ $ 19.46 $ 18.81 $ 18.40 $ 15.96 $ 16.96 $ 14.54 -------- -------- -------- -------- -------- -------- Investment Activities: Net investment income (loss)...... (0.04) 0.25 0.20 0.06 0.07 0.06 Net realized and unrealized gains from investments................ 2.60 3.59 3.83 2.98 (0.05) 2.99 -------- -------- -------- -------- -------- -------- Total from Investment Activities................... 2.56 3.84 4.03 3.04 0.02 3.05 -------- -------- -------- -------- -------- -------- Distributions: Net investment income............. -- (0.27) (0.20) (0.06) (0.07) (0.06) Net realized gains................ (2.58) (2.92) (3.42) (0.54) (0.95) (0.57) -------- -------- -------- -------- -------- -------- Total Distributions............. (2.58) (3.19) (3.62) (0.60) (1.02) (0.63) -------- -------- -------- -------- -------- -------- NET ASSET VALUE, END OF PERIOD...... $ 19.44 $ 19.46 $ 18.81 $ 18.40 $ 15.96 $ 16.96 ======== ======== ======== ======== ======== ======== Total Return........................ 13.23% (a) 22.75% 24.63% 19.75% (0.16)% 21.36% RATIOS/SUPPLEMENTARY DATA: Net Assets at end of period (000)........................... $733,898 $623,911 $532,525 $413,518 $389,567 $232,898 Ratio of expenses to average net assets.......................... 1.01% (b) 0.99% 1.00% 0.98% 0.98% 0.89% Ratio of net investment income to average net assets.............. (0.43)%(b) 1.32% 1.15% 0.38% 0.42% 0.41% Ratio of expenses to average net assets *........................ 1.01% (b) 0.99% 1.01% 0.98% 1.03% 1.11% Ratio of net investment income to average net assets *............ (0.43)%(b) 1.32% 1.14% 0.38% 0.37% 0.19% Portfolio turnover (c)............ 82.27% 301.35% 435.30% 132.63% 70.67% 64.64% Average commission rate paid (d)............................. $ 0.0594 $ 0.0386 $ 0.0451
- ------------ * During the period certain fees were voluntarily reduced. If such voluntary fee reductions had not occurred, the ratios would have been as indicated. (a) Not annualized. (b) Annualized. (c) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares issued. (d) The average commission represents the total dollar amount of commissions paid on portfolio security transactions divided by the total number of portfolio shares purchased and sold for which commissions were charged. For the year ended June 30, 1996, the average commission was calculated for only the last seven months of the year. See notes to financial statements. 104 107 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds - -------------------------------------------------------------------------------- FINANCIAL HIGHLIGHTS
GROWTH OPPORTUNITIES FUND ------------------------------------------------------------------------------------ CLASS A ------------------------------------------------------------------------------------ SIX MONTHS ENDED YEAR ENDED JUNE 30, DECEMBER 31, ---------------------------------------------------------------- 1997 1997 1996 1995 1994 1993 ------------- -------- -------- -------- -------- -------- (UNAUDITED) NET ASSET VALUE, BEGINNING OF PERIOD............................ $ 19.37 $ 18.76 $ 18.36 $ 15.93 $ 16.96 $ 14.54 -------- -------- -------- -------- -------- -------- Investment Activities: Net investment income (loss)...... (0.04) 0.21 0.17 0.02 0.04 0.03 Net realized and unrealized gains (losses) from investments....... 2.55 3.58 3.80 2.98 (0.08) 3.00 -------- -------- -------- -------- -------- -------- Total from Investment Activities................... 2.51 3.79 3.97 3.00 (0.04) 3.03 -------- -------- -------- -------- -------- -------- Distributions: Net investment income............. -- (0.26) (0.15) (0.01) (0.03) (0.04) In excess of net investment income.......................... -- -- -- (0.02) (0.01) -- Net realized gains................ (2.58) (2.92) (3.42) (0.54) (0.95) (0.57) -------- -------- -------- -------- -------- -------- Total Distributions (2.58) (3.18) (3.57) (0.57) (0.99) (0.61) -------- -------- -------- -------- -------- -------- NET ASSET VALUE, END OF PERIOD...... $ 19.30 $ 19.37 $ 18.76 $ 18.36 $ 15.93 $ 16.96 ======== ======== ======== ======== ======== ======== Total Return (Excludes Sales Charge)........................... 13.03% (a) 22.52% 24.32% 19.50% (0.52)% 21.70%(b) RATIOS/SUPPLEMENTARY DATA: Net Assets at end of period (000)........................... $ 62,939 $ 43,370 $ 28,052 $ 11,178 $ 8,097 $ 5,757 Ratio of expenses to average net assets.......................... 1.26% (b) 1.25% 1.25% 1.23% 1.22% 1.11%(b) Ratio of net investment income to average net assets.............. (0.66)%(b) 0.92% 0.90% 0.12% 0.27% 0.25%(b) Ratio of expenses to average net assets *........................ 1.36% (b) 1.34% 1.36% 1.33% 1.38% 1.48%(b) Ratio of net investment income to average net assets *............ (0.76)%(b) 0.83% 0.79% 0.02% 0.11% (0.12)%(b) Portfolio turnover (c)............ 82.27% 301.35% 435.30% 132.63% 70.67% 64.64% Average commission rate paid (d) $ 0.0594 $ 0.0386 $ 0.0451
- ------------ * During the period certain fees were voluntarily reduced. If such voluntary fee reductions had not occurred, the ratios would have been as indicated. (a) Not annualized. (b) Annualized. (c) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares issued. (d) The average commission represents the total dollar amount of commissions paid on portfolio security transactions divided by the total number of portfolio shares purchased and sold for which commissions were charged. For the year ended June 30, 1996, the average commission was calculated for only the last seven months of the year. See notes to financial statements. 105 108 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds - -------------------------------------------------------------------------------- FINANCIAL HIGHLIGHTS
GROWTH OPPORTUNITIES FUND ------------------------------------------------------------------- CLASS B ------------------------------------------------------------------- SIX MONTHS ENDED YEAR ENDED JUNE 30, DECEMBER 31, ---------------------------------------------- 1997 1997 1996 1995 1994(A) -------------- ------- ------- ------- ------- (UNAUDITED) NET ASSET VALUE, BEGINNING OF PERIOD............. $ 18.82 $ 18.43 $ 18.14 $ 15.85 $ 17.44 ------- ------- ------- ------- ------- Investment Activities: Net investment income (loss)................... (0.07) 0.11 0.09 (0.07) (0.02) Net realized and unrealized gains from investments.................................. 2.43 3.44 3.69 2.90 (1.56) ------- ------- ------- ------- ------- Total from Investment Activities............. 2.36 3.55 3.78 2.83 (1.58) ------- ------- ------- ------- ------- Distributions: Net investment income.......................... -- (0.22) (0.07) -- (0.01) In excess of net investment income............. -- (0.02) -- -- -- Net realized gains............................. (2.58) (2.92) (3.42) (0.54) -- ------- ------- ------- ------- ------- Total Distributions.......................... (2.58) (3.16) (3.49) (0.54) (0.01) ------- ------- ------- ------- ------- NET ASSET VALUE, END OF PERIOD................... $ 18.60 $ 18.82 $ 18.43 $ 18.14 $ 15.85 ======= ======= ======= ======= ======= Total Return (Excludes Sales Charge)............. 12.60% (b) 21.73% 23.53% 18.47% (9.07)%(b) RATIOS/SUPPLEMENTARY DATA: Net Assets at end of period (000).............. $61,686 $37,409 $12,910 $ 2,787 $ 1,131 Ratio of expenses to average net assets........ 2.01% (c) 2.00% 2.00% 1.98% 2.12%(c) Ratio of net investment income to average net assets................................... (1.41)%(c) 0.01% 0.15% (0.63)% (0.55)%(c) Ratio of expenses to average net assets *...... 2.01% (c) 2.00% 2.01% 1.98% 2.12%(c) Ratio of net investment income to average net assets *..................................... (1.41)%(c) 0.01% 0.14% (0.63)% (0.55)%(c) Portfolio turnover (d)......................... 82.27% 301.35% 435.30% 132.63% 70.67% Average commission rate paid (e)............... $0.0594 $0.0386 $0.0451
- ------------ * During the period certain fees were voluntarily reduced. If such voluntary fee reductions had not occurred, the ratios would have been as indicated. (a) Class B Shares commenced offering on January 14, 1994. (b) Not annualized. (c) Annualized. (d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares issued. (e) The average commission represents the total dollar amount of commissions paid on portfolio security transactions divided by the total number of portfolio shares purchased and sold for which commissions were charged. For the year ended June 30, 1996, the average commission was calculated for only the last seven months of the year. See notes to financial statements. 106 109 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds - -------------------------------------------------------------------------------- FINANCIAL HIGHLIGHTS
GROWTH OPPORTUNITIES FUND ------------- CLASS C ------------- NOVEMBER 4, 1997 TO DECEMBER 31, 1997(A) ------------- (UNAUDITED) NET ASSET VALUE, BEGINNING OF PERIOD........................ $ 21.47 ------- Investment Activities: Net investment income (loss).............................. (0.03) Net realized and unrealized gains from investments........ (0.25) ------- Total from Investment Activities....................... (0.28) ------- Distributions: Net realized gains........................................ (1.78) ------- Total Distributions.................................... (1.78) ------- NET ASSET VALUE, END OF PERIOD.............................. $ 19.41 ======= Total Return (Excludes Sales Charge)........................ (1.07)%(b) RATIOS/SUPPLEMENTARY DATA: Net Assets at end of period (000)......................... $ 2 Ratio of expenses to average net assets................... 2.01% (c) Ratio of net investment income to average net assets...... (1.41)%(c) Portfolio turnover (d).................................... 82.27% Average commission rate paid (e).......................... $0.0594
- ------------ (a) Period from commencement of operations. (b) Not annualized. (c) Annualized. (d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares issued. (e) The average commission represents the total dollar amount of commissions paid on portfolio security transactions divided by the total number of portfolio shares purchased and sold for which commissions were charged. See notes to financial statements. 107 110 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds - -------------------------------------------------------------------------------- FINANCIAL HIGHLIGHTS
SMALL CAPITALIZATION FUND ----------------------------------------- FIDUCIARY ----------------------------------------- SIX MONTHS YEAR MARCH 26, ENDED ENDED 1996 TO DECEMBER 31, JUNE 30, JUNE 30, 1997 1997 1996 (A) ------------ -------- --------- (UNAUDITED) NET ASSET VALUE, BEGINNING OF PERIOD.................. $ 10.94 $ 10.75 $ 10.00 ------- ------- ------- Investment Activities: Net investment income (loss)........................ (0.01) (0.02) -- Net realized and unrealized gains (losses) from investments...................................... 1.74 1.31 0.78 ------- ------- ------- Total from Investment Activities................. 1.73 1.29 0.78 ------- ------- ------- Distributions: Net realized gains.................................. (1.33) (1.10) (0.03) ------- ------- ------- Total Distributions.............................. (1.33) (1.10) (0.03) ------- ------- ------- NET ASSET VALUE, END OF PERIOD........................ $ 11.34 $ 10.94 $ 10.75 ======= ======= ======= Total Return.......................................... 16.30% (b) 13.44% 13.39%(b)(c) ======= ======= ======= RATIOS/SUPPLEMENTARY DATA: Net Assets at end of period (000)................... $86,817 $78,318 $83,371 Ratio of expenses to average net assets............. 1.08% (d) 1.02% 0.96%(d) Ratio of net investment income to average net assets........................................... (0.26)%(d) (0.16)% (0.16)%(d) Ratio of expenses to average net assets *........... 1.13% (d) 1.12% 1.05%(d) Ratio of net investment income to average net assets *................................................ (0.31)%(d) (0.26)% (0.25)%(d) Portfolio turnover (e).............................. 36.86% 92.01% 59.57% Average commission rate paid (f).................... $0.0667 $0.0676 $0.0685
- ------------ * During the period certain fees were voluntarily reduced. If such voluntary fee reductions had not occurred, the ratios would have been as indicated. (a) Period from date reorganized as a fund of The One Group. (b) Not annualized. (c) Represents total return for Class A Shares from December 1, 1995 through March 25, 1996 plus total return for Fiduciary Shares for the period from March 26, 1996 through June 30, 1996. (d) Annualized. (e) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares issued. (f) The average commission represents the total dollar amount of commissions paid on portfolio security transactions divided by the total number of portfolio shares purchased and sold for which commissions were charged. For the year ended June 30, 1996, the average commission was calculated for only the last seven months of the year. See notes to financial statements. 108 111 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds - -------------------------------------------------------------------------------- FINANCIAL HIGHLIGHTS
SMALL CAPITALIZATION FUND ---------------------------------------------------------------------- CLASS A ---------------------------------------------------------------------- SIX MONTHS YEAR SEVEN MONTHS ENDED ENDED ENDED YEAR ENDED JUNE 30, DECEMBER 31, JUNE 30, JUNE 30, --------------------------- 1997 1997 1996 (A) 1995 1994 1993 ------------ -------- ------------ ------- ------- ------- (UNAUDITED) NET ASSET VALUE, BEGINNING OF PERIOD.... $ 10.94 $ 10.73 $ 11.50 $ 9.36 $ 10.11 $ 9.48 ------- ------- ------- ------- ------- ------- Investment Activities: Net investment income (loss).......... (0.03) (0.04) (0.07) (0.04) (0.04) (0.02) Net realized and unrealized gains (losses) from investments.................... 1.75 1.35 1.40 2.35 (0.63) 0.88 ------- ------- ------- ------- ------- ------- Total from Investment Activities.... 1.72 1.31 1.33 2.31 (0.67) 0.86 ------- ------- ------- ------- ------- ------- Distributions: Net investment income................. -- -- -- -- -- (0.01) Net realized gains.................... (1.33) (1.10) (2.10) (0.17) (0.08) (0.22) ------- ------- ------- ------- ------- ------- Total Distributions................. (1.33) (1.10) (2.10) (0.17) (0.08) (0.23) ------- ------- ------- ------- ------- ------- NET ASSET VALUE, END OF PERIOD.......... $ 11.33 $ 10.94 $ 10.73 $ 11.50 $ 9.36 $ 10.11 ======= ======= ======= ======= ======= ======= Total Return (Excludes Sales Charge).... 16.21% (b) 13.52% 12.85% (b) 25.07% (6.66)% 9.10% RATIOS/SUPPLEMENTARY DATA: Net Assets at end of period (000)..... $18,477 $17,299 $18,356 $95,467 $77,540 $74,982 Ratio of expenses to average net assets.............................. 1.32% (c) 1.27% 1.05% (c) 1.03% 1.00% 1.01% Ratio of net investment income to average net assets.................. (0.52)%(c) (0.41)% (0.33)%(c) (0.36)% (0.38)% (0.21)% Ratio of expenses to average net assets *............................ 1.47% (c) 1.45% 1.07% (c) 1.03% 1.00% 1.01% Ratio of net investment income to average net assets *................ (0.67)%(c) (0.59)% (0.35)%(c) (0.36)% (0.38)% (0.21)% Portfolio turnover (d)................ 36.86% 92.01% 59.57% 65.00% 51.00% 59.00% Average commission rate paid (e)...... $0.0667 $0.0676 $0.0685
- ------------ * During the period certain fees were voluntarily reduced. If such voluntary fee reductions had not occurred, the ratios would have been as indicated. (a) Upon reorganizing as a fund of The One Group, the Paragon Gulf South Growth Fund became the Gulf South Growth Fund. Financial highlights for the periods prior to March 26, 1996 represents the Paragon Gulf South Growth Fund. The per share data for the periods prior to March 26, 1996 have been restated to reflect the impact of restatement of net asset value from $15.70 to $10.00 effective March 26, 1996. (b) Not annualized. (c) Annualized. (d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares issued. (e) The average commission represents the total dollar amount of commissions paid on portfolio security transactions divided by the total number of portfolio shares purchased and sold for which commissions were charged. For the year ended June 30, 1996, the average commission was calculated for only the last seven months of the year. See notes to financial statements. 109 112 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds - -------------------------------------------------------------------------------- FINANCIAL HIGHLIGHTS
SMALL CAPITALIZATION FUND --------------------------------------------------------------------------------- CLASS B --------------------------------------------------------------------------------- SIX MONTHS YEAR SEVEN MONTHS YEAR SEPTEMBER 12, ENDED ENDED ENDED ENDED 1994 TO DECEMBER 31, JUNE 30, JUNE 30, NOVEMBER 30, NOVEMBER 30, 1997 1997 1996 (A) 1995 1994 (B) ------- ------- ------- ------ ------ (UNAUDITED) NET ASSET VALUE, BEGINNING OF PERIOD................ $ 10.84 $ 10.72 $ 11.56 $ 9.47 $10.40 ------- ------- ------- ------ ------ Investment Activities: Net investment income (loss)....... (0.04) (0.10) (0.06) (0.07) (0.01) Net realized and unrealized gains (losses) from investments........ 1.69 1.32 1.35 2.33 (0.92) ------- ------- ------- ------ ------ Total from Investment Activities..................... 1.65 1.22 1.29 2.26 (0.93) ------- ------- ------- ------ ------ Distributions: Net realized gains................. (1.33) (1.10) (2.13) (0.17) -- ------- ------- ------- ------ ------ Total Distributions.............. (1.33) (1.10) (2.13) (0.17) -- ------- ------- ------- ------ ------ NET ASSET VALUE, END OF PERIOD....... $ 11.16 $ 10.84 $ 10.72 $11.56 $ 9.47 ======= ======= ======= ====== ====== Total Return (Excludes Sales Charge)............................ 15.71% (c) 12.74% 12.47% (c) 24.21% (9.08)%(c) RATIOS/SUPPLEMENTARY DATA: Net Assets at end of period (000)............................ $ 4,987 $ 3,835 $ 2,545 $1,814 $ 231 Ratio of expenses to average net assets........................... 2.09% (d) 2.02% 1.87% (d) 1.78% 1.75% (d) Ratio of net investment income to average net assets............... (1.24)%(d) (1.16)% (1.10)%(d) (1.16)% (0.90)%(d) Ratio of expenses to average net assets *......................... 2.14% (d) 2.12% 1.92% (d) 1.78% 1.75% (d) Ratio of net investment income to average net assets *............. (1.29)%(d) (1.26)% (1.15)%(d) (1.16)% (0.90)%(d) Portfolio turnover (e)............. 36.86% 92.01% 59.57% 65.00% 51.00% Average commission rate paid (f)... $0.0667 $0.0676 $0.0685
- ------------ * During the period certain fees were voluntarily reduced. If such voluntary fee reductions had not occurred, the ratios would have been as indicated. (a) Upon reorganizing as a fund of The One Group, the Paragon Gulf South Growth Fund became the Gulf South Growth Fund. Financial highlights for the periods prior to March 26, 1996 represents the Paragon Gulf South Growth Fund. The per share data for the periods prior to March 26, 1996 have been restated to reflect the impact of restatement of net asset value from $15.48 to $10.00 effective March 26, 1996. (b) Class B Shares commenced offering September 12, 1994. (c) Not annualized. (d) Annualized. (e) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares issued. (f) The average commission represents the total dollar amount of commissions paid on portfolio security transactions divided by the total number of portfolio shares purchased and sold for which commissions were charged. For the year ended June 30, 1996, the average commission was calculated for only the last seven months of the year. See notes to financial statements. 110 113 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds - -------------------------------------------------------------------------------- FINANCIAL HIGHLIGHTS
SMALL CAPITALIZATION FUND -------------------------- CLASS C -------------------------- NOVEMBER 4, 1997 TO DECEMBER 31, 1997 (A) -------------------------- (UNAUDITED) NET ASSET VALUE, BEGINNING OF PERIOD........................ $ 13.03 ------- Investment Activities: Net investment income (loss).............................. (0.01) Net realized and unrealized gains (losses) from investments............................................. (0.36) ------- Total from Investment Activities........................ (0.37) ------- Distributions: Net realized gains (1.33) ------- Total Distributions..................................... (1.33) ------- NET ASSET VALUE, END OF PERIOD.............................. $ 11.33 ======= Total Return (Excludes Sales Charge)........................ (2.43)%(b) RATIOS/SUPPLEMENTARY DATA: Net Assets at end of period (000)......................... $ 1 Ratio of expenses to average net assets................... 2.09% (c) Ratio of net investment income to average net assets...... (1.24)%(c) Ratio of expenses to average net assets *................. 2.14% (c) Ratio of net investment income to average net assets *.... (1.29)%(c) Portfolio turnover (d).................................... 36.86% Average commission rate paid (e).......................... $0.0667
- ------------ * During the period certain fees were voluntarily reduced. If such voluntary fee reductions had not occurred, the ratios would have been as indicated. (a) Period from commencement of operations. (b) Not annualized. (c) Annualized. (d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares issued. (e) The average commission represents the total dollar amount of commissions paid on portfolio security transactions divided by the total number of portfolio shares purchased and sold for which commissions were charged. See notes to financial statements. 111 114 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds - -------------------------------------------------------------------------------- FINANCIAL HIGHLIGHTS
INTERNATIONAL EQUITY INDEX FUND ---------------------------------------------------------------------------------- FIDUCIARY ---------------------------------------------------------------------------------- SIX MONTHS ENDED YEAR ENDED JUNE 30, DECEMBER 31, --------------------------------------------------------------- 1997 1997 1996 1995 1994 1993(A) ------------- -------- -------- -------- -------- ------- (UNAUDITED) NET ASSET VALUE, BEGINNING OF PERIOD............... $ 16.89 $ 15.17 $ 13.93 $ 13.46 $ 11.80 $ 10.00 -------- -------- -------- -------- -------- ------- Investment Activities: Net investment income............. 0.03 0.15 0.11 0.13 0.11 0.06 Net realized and unrealized gains (losses) from investments....... (1.24) 2.02 1.43 0.46 1.68 1.75 -------- -------- -------- -------- -------- ------- Total from Investment Activities................... (1.21) 2.17 1.54 0.59 1.79 1.81 -------- -------- -------- -------- -------- ------- Distributions: Net investment income............. (0.02) (0.30) (0.16) (0.08) (0.11) (0.01) In excess of net investment income.......................... -- -- (0.02) -- -- -- Net realized gains................ (0.43) (0.15) (0.12) (0.04) (0.01) -- In excess of net realized gains... -- -- -- -- (0.01) -- -------- -------- -------- -------- -------- ------- Total Distributions............. (0.45) (0.45) (0.30) (0.12) (0.13) (0.01) -------- -------- -------- -------- -------- ------- NET ASSET VALUE, END OF PERIOD..................... $ 15.23 $ 16.89 $ 15.17 $ 13.93 $ 13.46 $ 11.80 ======== ======== ======== ======== ======== ======= Total Return........................ (7.16)%(b) 14.64% 11.22% 4.20% 15.44% 26.96%(c) RATIOS/SUPPLEMENTARY DATA: Net Assets at end of period (000)........................... $441,609 $449,949 $347,790 $218,299 $145,640 $35,384 Ratio of expenses to average net assets.......................... 0.91% (c) 0.86% 0.97% 1.04% 1.02% 1.22%(c) Ratio of net investment income to average net assets.............. 0.31% (c) 1.00% 1.04% 1.25% 1.27% 1.37%(c) Ratio of expenses to average net assets *........................ 0.91% (c) 0.86% 1.00% 1.04% 1.02% 2.34%(c) Ratio of net investment income to average net assets *............ 0.31% (c) 1.00% 1.01% 1.25% 1.27% 0.25%(c) Portfolio turnover (d)............ 7.57% 9.61% 6.28% 4.67% 7.74% 3.10% Average commission rate paid (e)............................. $ 0.0047 $ 0.0034 $ 0.0022
- ------------ * During the period certain fees were voluntarily reduced. If such voluntary fee reductions had not occurred, the ratios would have been as indicated. (a) Fiduciary Shares commenced offering on April 5, 1993. (b) Not annualized. (c) Annualized. (d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares issued. (e) The average commission represents the total dollar amount of commissions paid on portfolio security transactions divided by the total number of portfolio shares purchased and sold for which commissions were charged. For the year ended June 30, 1996, the average commission was calculated for only the last seven months of the year. See notes to financial statements. 112 115 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds - -------------------------------------------------------------------------------- FINANCIAL HIGHLIGHTS
INTERNATIONAL EQUITY INDEX FUND ------------------------------------------------------------------------------ CLASS A ------------------------------------------------------------------------------ SIX MONTHS ENDED YEAR ENDED JUNE 30, DECEMBER 31, ----------------------------------------------------------- 1997 1997 1996 1995 1994 1993(A) ------------- ------- ------- ------- ------- ------- (UNAUDITED) NET ASSET VALUE, BEGINNING OF PERIOD..... $ 16.92 $ 15.16 $ 13.92 $ 13.49 $ 11.80 $ 11.74 ------- ------- ------- ------- ------- ------- Investment Activities: Net investment income.................. 0.04 0.11 0.14 0.12 0.09 0.02 Net realized and unrealized gains (losses) from investments............ (1.28) 2.03 1.40 0.43 1.67 0.04 ------- ------- ------- ------- ------- ------- Total from Investment Activities..... (1.24) 2.14 1.54 0.55 1.76 0.06 ------- ------- ------- ------- ------- ------- Distributions: Net investment income.................. -- (0.23) (0.16) (0.08) (0.05) -- In excess of net investment income..... -- -- (0.02) -- -- -- Net realized gains..................... (0.43) (0.15) (0.12) (0.04) (0.02) -- ------- ------- ------- ------- ------- ------- Total Distributions.................. (0.43) (0.38) (0.30) (0.12) (0.07) -- ------- ------- ------- ------- ------- ------- NET ASSET VALUE, END OF PERIOD........... $ 15.25 $ 16.92 $ 15.16 $ 13.92 $ 13.49 $ 11.80 ======= ======= ======= ======= ======= ======= Total Return (Excludes Sales Charge)..... (7.31)%(b) 14.31% 11.20% 3.87% 15.18% 2.87%(c) RATIOS/SUPPLEMENTARY DATA: Net Assets at end of period (000)...... $16,236 $12,562 $10,789 $ 5,028 $ 2,395 $ 153 Ratio of expenses to average net assets............................... 1.16% (c) 1.11% 1.22% 1.28% 1.26% 1.47%(c) Ratio of net investment income to average net assets................... 0.03% (c) 0.73% 0.79% 1.09% 1.15% 2.10%(c) Ratio of expenses to average net assets *.................................... 1.27% (c) 1.19% 1.35% 1.38% 1.36% 2.35%(c) Ratio of net investment income to average net assets *................. (0.08)%(c) 0.65% 0.66% 0.99% 1.05% 1.22%(c) Portfolio turnover (d)................. 7.57% 9.61% 6.28% 4.67% 7.74% 3.10% Average commission rate paid (e)....... $0.0047 0.0034 0.0022
- ------------ * During the period certain fees were voluntarily reduced. If such voluntary fee reductions had not occurred, the ratios would have been as indicated. (a) The Fund commenced operations on April 2, 1993. (b) Not annualized. (c) Annualized. (d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares issued. (e) The average commission represents the total dollar amount of commissions paid on portfolio security transactions divided by the total number of portfolio shares purchased and sold for which commissions were charged. For the year ended June 30, 1996, the average commission was calculated for only the last seven months of the year. See notes to financial statements. 113 116 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds - -------------------------------------------------------------------------------- FINANCIAL HIGHLIGHTS
INTERNATIONAL EQUITY INDEX FUND ---------------------------------------------------------------- CLASS B ---------------------------------------------------------------- SIX MONTHS ENDED YEAR ENDED JUNE 30, DECEMBER 31, --------------------------------------------- 1997 1997 1996 1995 1994(A) ------------- ------- ------- ------ ------- (UNAUDITED) NET ASSET VALUE, BEGINNING OF PERIOD.............................. $ 16.44 $ 14.79 $ 13.73 $13.40 $13.00 ------- ------- ------- ------ ------ Investment Activities: Net investment income (loss)..................... (0.01) 0.09 0.03 0.03 0.06 Net realized and unrealized gains (losses) from investments.................................... (1.24) 1.86 1.32 0.41 0.34 ------- ------- ------- ------ ------ Total from Investment Activities............... (1.25) 1.95 1.35 0.44 0.40 ------- ------- ------- ------ ------ Distributions: Net investment income............................ -- (0.15) (0.15) (0.07) -- In excess of net investment income............... -- -- (0.02) -- -- Net realized gains............................... (0.43) (0.15) (0.12) (0.04) -- ------- ------- ------- ------ ------ Total Distributions............................ (0.43) (0.30) (0.29) (0.11) -- ------- ------- ------- ------ ------ NET ASSET VALUE, END OF PERIOD.................................... $ 14.76 $ 16.44 $ 14.79 $13.73 $13.40 ======= ======= ======= ====== ====== Total Return (Excludes Sales Charge)............... (7.61)%(b) 13.37% 9.97% 3.17% 3.23%(b) RATIOS/SUPPLEMENTARY DATA: Net Assets at end of period (000)................ $10,784 $10,033 $ 5,856 $3,687 $1,872 Ratio of expenses to average net assets.......... 1.91% (c) 1.86% 1.97% 2.04% 2.00%(c) Ratio of net investment income to average net assets......................................... (0.69)%(c) 0.08% 0.04% 0.25% 1.37%(c) Ratio of expenses to average net assets *........ 1.91% (c) 1.86% 2.00% 2.04% 2.00%(c) Ratio of net investment income to average net assets *....................................... (0.69)%(c) 0.08% 0.01% 0.25% 1.37%(c) Portfolio turnover (d)........................... 7.57% 9.61% 6.28% 4.67% 7.74% Average commission rate paid (e)................. $0.0047 $0.0034 $0.0022
- ------------ * During the period certain fees were voluntarily reduced. If such voluntary fee reductions had not occurred, the ratios would have been as indicated. (a) Class B Shares commenced offering on January 14, 1994. (b) Not annualized. (c) Annualized. (d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares issued. (e) The average commission represents the total dollar amount of commissions paid on portfolio security transactions divided by the total number of portfolio shares purchased and sold for which commissions were charged. For the year ended June 30, 1996, the average commission was calculated for only the last seven months of the year. See notes to financial statements. 114 117 - -------------------------------------------------------------------------------- The One Group Family of Mutual Funds - -------------------------------------------------------------------------------- FINANCIAL HIGHLIGHTS
INTERNATIONAL EQUITY INDEX FUND ------------- CLASS C ------------- NOVEMBER 4, 1997 TO DECEMBER 31, 1997(A) ------------- (UNAUDITED) NET ASSET VALUE, BEGINNING OF PERIOD........................ $ 15.70 ------- Investment Activities: Net investment income (loss).............................. (0.03) Net realized and unrealized gains (losses) from investments............................................ (0.14) ------- Total from Investment Activities....................... (0.17) ------- Distributions: Net realized gains........................................ (0.30) ------- Total Distributions.................................... (0.30) ------- NET ASSET VALUE, END OF PERIOD.............................. $ 15.23 ======= Total Return (Excludes Sales Charge)........................ (1.07)%(b) RATIOS/SUPPLEMENTARY DATA: Net Assets at end of period (000)......................... $ 1 Ratio of expenses to average net assets................... 1.91% (c) Ratio of net investment income to average net assets...... (0.69)%(c) Portfolio turnover (d).................................... 0.0757 Average commission rate paid (e).......................... $0.0047
- ------------ (a) Period from commencement of operations. (b) Not annualized. (c) Annualized. (d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares issued. (e) The average commission represents the total dollar amount of commissions paid on portfolio security transactions divided by the total number of portfolio shares purchased and sold for which commissions were charged. See notes to financial statements. 115 118 (This page has been left blank intentionally.) 119 Important Customer Information. Please Read: Shares of The One Group: * are not deposits or obligations of, or guaranteed by, BANC ONE CORPORATION or its affiliates * are not insured or guaranteed by the FDIC or by any other governmental agency or government-sponsored agency of the federal government or any state * are subject to investment risks, including possible loss of the principal amount invested. Banc One Investment Advisors Corporation, a registered investment advisor and an indirect subsidiary of BANC ONE CORPORATION, serves as an investment advisor to The One Group, for which it receives advisory fees. The One Group is distributed by The One Group Services Company, 3435 Stelzer Road, Columbus, Ohio 43219, which is not affiliated with BANC ONE CORPORATION and is not a bank. Contact us at our web site address: www.onegroup.com or e-mail us at onegroup@onegroup.com. For more complete information on any of The One Group Funds, including management fees and expenses, you may obtain a prospectus from The One Group Services Company. Read the prospectus carefully before investing. BANC ONE INVESTMENT [LOGO] ADVISORS CORPORATION TOG-F-033-AN(6/97) -----END PRIVACY-ENHANCED MESSAGE-----