<PAGE> 1
THE ONE GROUP(R) - DISCIPLINED VALUE FUND
THE ONE GROUP(R) - LARGE COMPANY GROWTH FUND
THE ONE GROUP(R) - INCOME EQUITY FUND
________________________________________________________________________________
Supplement dated August 1, 1996
to Prospectus dated November 1, 1995
Terrance V. Pavlic, CFA, has resigned as Manager of The One Group(R) Disciplined
Value Fund. Henry J. Reese, Jr. has been named to replace Mr. Pavlic.
Accordingly, the disclosure concerning Mr. Pavlic in the Fund prospectus under
the heading "The Adviser" is replaced with the following information:
Henry J. Reese, Jr., CFA, is Manager of The One Group(R) Disciplined
Value Fund. Mr. Reese joined the Adviser in 1994, where his
responsibilities have included the management of large trust and
investment management relationships. Prior to joining the Adviser,
Mr. Reese was Vice President and Senior Portfolio Manager at Mellon
Private Capital Management Group, where he managed core equity and
balanced portfolios for foundations, endowments and other
institutional clients. Mr. Reese joined Mellon in 1983.
Barbara Walchli has been named Co-Manager of The One Group(R) Large Company
Growth Fund and The One Group(R) Income Equity Fund. Accordingly, the following
disclosure is added to each Fund's prospectus under the heading "The Adviser":
In The One Group(R) Large Company Growth Fund Prospectus:
Barbara S. Walchli, CFA, has served as Co-Manager of the Fund
since July, 1996. Ms. Walchli also serves as Co-Manager of The One
Group(R) Income Equity Fund. From 1985 until its acquisition by BANC
ONE CORPORATION in March 1993, Ms. Walchli served as Director of
Research for Valley Capital Management, the investment arm of Valley
National Bank. Following the acquisition, Ms. Walchli worked as a
senior equity analyst and portfolio manager for the Adviser until
January 1995, at which time she joined First Interstate Capital
Management as Director of Equity Research. Ms. Walchli returned to
the Adviser in July, 1996. Ms. Walchli has seventeen years of
investment management experience.
In The One Group(R) Income Equity Fund Prospectus:
Barbara S. Walchli, CPA, has served as Co-Manager of the Fund
since July, 1996. Ms. Walchli also serves as Co-Manager of The One
Group(R) Large Company Growth Fund. From 1985 until its acquisition by
BANC ONE CORPORATION in March 1993, Ms. Walchli served as Director of
Research for Valley Capital Management, the investment arm of Valley
National Bank. Following the acquisition, Ms. Walchli worked as a
senior equity analyst and portfolio manager for the Adviser until
January 1995, at which time she joined First Interstate Capital
Management as Director of Equity Research. Ms. Walchli returned to
the Adviser in July, 1996. Ms. Walchli has seventeen years of
investment management experience.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT WITH THE PROSPECTUS
FOR FUTURE REFERENCE
