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THE ONE GROUP(R)
FAMILY OF MUTUAL FUNDS
EQUITY FUNDS COMBINED PROSPECTUS
Supplement dated July 1, 1997
to Prospectus dated November 1, 1996
THE ONE GROUP ASSET ALLOCATION FUND
THE ONE GROUP LARGE COMPANY GROWTH
THE ONE GROUP LARGE COMPANY VALUE FUND
THE ONE GROUP GROWTH OPPORTUNITIES FUND
THE ONE GROUP INTERNATIONAL EQUITY INDEX FUND
THE ONE GROUP DISCIPLINED VALUE FUND
THE ONE GROUP EQUITY INDEX FUND
THE ONE GROUP INCOME EQUITY FUND
THE ONE GROUP VALUE GROWTH FUND
THE ONE GROUP GULF SOUTH GROWTH FUND
A Special Meeting of Shareholders ("Special Meeting") of The One Group(R)
Gulf South Growth Fund (the "Fund") will be held on Friday, August 8, 1997 at
9:30 a.m. for the following purpose:
1. To approve an amendment in the investment objective of the Fund as set
forth below:
The Fund seeks long-term capital growth primarily by investing in a
portfolio of equity securities of small capitalization and emerging
growth companies.
2. To approve a change in the classification of the Fund from a
non-diversified, open-end management investment company to a
diversified, open-end management investment company, and a revision of
related fundamental investment limitations on issuer diversification.
3. To transact such other business as may properly come before the Special
Meeting or any adjournment thereof.
The proposed change in the investment objective of the Fund would do two
things: (1) focus the Fund's investments on the equity securities of small
capitalization and emerging growth companies and (2) diversify the Fund by
permitting investments in companies headquartered or doing business outside of
the southeastern United States. Only Shareholders of record at the close of
business on June 5, 1997 are entitled to notice of, and to vote at, the Special
Meeting or any adjournment thereof. Accordingly, investors who were not
Shareholders of record on the close of business on June 5, 1997 will not be
entitled to notice of, or to vote at, this Special Meeting or any adjournment
thereof. If approved, the amended investment objective will be effective on or
about November 1, 1997. Shareholders will be notified only if the amended
investment objective is not approved.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT
WITH THE PROSPECTUS FOR FUTURE REFERENCE
TOG-S-063
