<PAGE> 1
THE ONE GROUP(R)
FAMILY OF MUTUAL FUNDS
BOND FUNDS COMBINED PROSPECTUS
Supplement dated March 14, 1997
to Prospectus dated November 1, 1996
THE ONE GROUP(R) INTERMEDIATE BOND FUND
THE ONE GROUP(R) GOVERNMENT BOND FUND
THE ONE GROUP(R) LIMITED VOLATILITY BOND FUND
THE ONE GROUP(R) INCOME BOND FUND
THE ONE GROUP(R) ULTRA SHORT-TERM INCOME FUND
- -------------------------------------------------------------------------------
Subparagraph (iii) in the first paragraph under the heading "Other
Circumstances" on Page 26 is replaced with the following:
(iii) purchased by officers, directors or trustees, retirees and
employees (and their spouses and immediate family members) of the
Trust, of BANC ONE CORPORATION and its subsidiaries and affiliates, of
the Distributor and its subsidiaries and affiliates, of the Custodian
and Transfer Agent and their subsidiaries and affiliates, of
broker-dealers who have entered into dealer agreements with the Trust
and their subsidiaries and affiliates, or of an investment sub-advisor
of a fund of the Trust and such sub-advisor's subsidiaries and
affiliates;
The following language is added as subparagraph (iv) to the last paragraph under
the heading "Contingent Deferred Sales Charge" on Page 27.
or (iv) purchased by investors in certain retirement plans, such as
401(k) and similar qualified plans.
TOG-S-050
<PAGE> 2
THE ONE GROUP(R)
FAMILY OF MUTUAL FUNDS
EQUITY FUNDS COMBINED PROSPECTUS
Supplement dated March 14, 1997
to Prospectus dated November 1, 1996
THE ONE GROUP(R) ASSET ALLOCATION FUND
THE ONE GROUP(R) LARGE COMPANY GROWTH FUND
THE ONE GROUP(R) LARGE COMPANY VALUE FUND
THE ONE GROUP(R) GROWTH OPPORTUNITIES FUND
THE ONE GROUP(R) INTERNATIONAL EQUITY INDEX FUND
THE ONE GROUP(R) DISCIPLINED VALUE FUND
THE ONE GROUP(R) EQUITY INDEX FUND
THE ONE GROUP(R) INCOME EQUITY FUND
THE ONE GROUP(R) VALUE GROWTH FUND
THE ONE GROUP(R) GULF SOUTH GROWTH FUND
- -------------------------------------------------------------------------------
Subparagraph (iii) in the first paragraph under the heading "Other
Circumstances" on Page 42 is replaced with the following:
(iii) purchased by officers, directors or trustees, retirees and
employees (and their spouses and immediate family members) of the
Trust, of BANC ONE CORPORATION and its subsidiaries and affiliates, of
the Distributor and its subsidiaries and affiliates, of the Custodian
and Transfer Agent and their subsidiaries and affiliates, of
broker-dealers who have entered into dealer agreements with the Trust
and their subsidiaries and affiliates, or of an investment sub-advisor
of a fund of the Trust and such sub-advisor's subsidiaries and
affiliates;
The following language is added as subparagraph (iv) to the last paragraph under
the heading "Contingent Deferred Sales Charge" on Page 43.
or (iv) purchased by investors in certain retirement plans, such as
401(k) and similar qualified plans.
TOG-S-051
<PAGE> 3
THE ONE GROUP(R)
FAMILY OF MUTUAL FUNDS
MUNICIPAL BOND FUNDS COMBINED PROSPECTUS
Supplement dated March 14, 1997
to Prospectus dated November 1, 1996
THE ONE GROUP(R) INTERMEDIATE TAX-FREE BOND FUND
THE ONE GROUP(R) MUNICIPAL INCOME FUND
THE ONE GROUP(R) ARIZONA MUNICIPAL BOND FUND
THE ONE GROUP(R) WEST VIRGINIA MUNICIPAL BOND FUND
THE ONE GROUP(R) LOUISIANA MUNICIPAL BOND FUND
THE ONE GROUP(R) OHIO MUNICIPAL BOND FUND
THE ONE GROUP(R) KENTUCKY MUNICIPAL BOND FUND
- --------------------------------------------------------------------------------
Subparagraph (iii) in the first paragraph under the heading "Other
Circumstances" on Page 31 is replaced with the following:
(iii) purchased by officers, directors or trustees, retirees and
employees (and their spouses and immediate family members) of the
Trust, of BANC ONE CORPORATION and its subsidiaries and affiliates, of
the Distributor and its subsidiaries and affiliates, of the Custodian
and Transfer Agent and their subsidiaries and affiliates, of
broker-dealers who have entered into dealer agreements with the Trust
and their subsidiaries and affiliates, or of an investment sub-advisor
of a fund of the Trust and such sub-advisor's subsidiaries and
affiliates;
The following language is added as subparagraph (iv) to the last paragraph under
the heading "Contingent Deferred Sales Charge" on Page 32.
or (iv) purchased by investors in certain retirement plans, such as
401(k) and similar qualified plans.
TOG-S-052
<PAGE> 4
THE ONE GROUP(R)
FAMILY OF MUTUAL FUNDS
MONEY MARKET FUNDS COMBINED PROSPECTUS
Supplement dated March 14, 1997
to Prospectus dated November 1, 1996
THE ONE GROUP(R) PRIME MONEY MARKET FUND
THE ONE GROUP(R) MUNICIPAL MONEY MARKET FUND
THE ONE GROUP(R) OHIO MUNICIPAL MONEY MARKET FUND
THE ONE GROUP(R) U.S. TREASURY SECURITIES MONEY MARKET FUND
- -------------------------------------------------------------------------------
The following language is added as subparagraph (iv) to the last paragraph under
the heading "Contingent Deferred Sales Charge" on Page 20.
or (iv) purchased by investors in certain retirement plans, such as
401(k) and similar qualified plans.
TOG-S-053
<PAGE> 5
THE ONE GROUP(R)
FAMILY OF MUTUAL FUNDS
Supplement dated March 14, 1997
to Prospectus dated November 1, 1996
THE ONE GROUP(R) TREASURY & AGENCY FUND
- --------------------------------------------------------------------------------
Subparagraph (iii) in the first paragraph under the heading "Other
Circumstances" on Page 10 is replaced with the following:
(iii) purchased by officers, directors or trustees, retirees and
employees (and their spouses and immediate family members) of the
Trust, of BANC ONE CORPORATION and its subsidiaries and affiliates, of
the Distributor and its subsidiaries and affiliates, of the Custodian
and Transfer Agent and their subsidiaries and affiliates, of
broker-dealers who have entered into dealer agreements with the Trust
and their subsidiaries and affiliates, or of an investment sub-advisor
of a fund of the Trust and such sub-advisor's subsidiaries and
affiliates;
The following language is added as subparagraph (iv) to the last paragraph under
the heading "Contingent Deferred Sales Charge" on Page 11.
or (iv) purchased by investors in certain retirement plans, such as
401(k) and similar qualified plans.
TOG-S-054
<PAGE> 6
THE ONE GROUP(R)
FAMILY OF MUTUAL FUNDS
Supplement dated March 14, 1997
to Prospectus dated November 1, 1996
THE ONE GROUP(R) INVESTOR BALANCED FUND
- -------------------------------------------------------------------------------
Subparagraph (iii) in the first paragraph under the heading "Other
Circumstances" on Page 15 is replaced with the following:
(iii) purchased by officers, directors or trustees, retirees and
employees (and their spouses and immediate family members) of the
Trust, of BANC ONE CORPORATION and its subsidiaries and affiliates, of
the Distributor and its subsidiaries and affiliates, of the Custodian
and Transfer Agent and their subsidiaries and affiliates, of
broker-dealers who have entered into dealer agreements with the Trust
and their subsidiaries and affiliates, or of an investment sub-advisor
of a fund of the Trust and such sub-advisor's subsidiaries and
affiliates;
The following language is added as subparagraph (iv) to the last paragraph under
the heading "Contingent Deferred Sales Charge" on Page 17.
or (iv) purchased by investors in certain retirement plans, such as
401(k) and similar qualified plans.
TOG-S-055
<PAGE> 7
THE ONE GROUP(R)
FAMILY OF MUTUAL FUNDS
Supplement dated March 14, 1997
to Prospectus dated November 1, 1996
THE ONE GROUP(R) INVESTOR GROWTH & INCOME FUND
- --------------------------------------------------------------------------------
Subparagraph (iii) in the first paragraph under the heading "Other
Circumstances" on Page 15 is replaced with the following:
(iii) purchased by officers, directors or trustees, retirees and
employees (and their spouses and immediate family members) of the
Trust, of BANC ONE CORPORATION and its subsidiaries and affiliates, of
the Distributor and its subsidiaries and affiliates, of the Custodian
and Transfer Agent and their subsidiaries and affiliates, of
broker-dealers who have entered into dealer agreements with the Trust
and their subsidiaries and affiliates, or of an investment sub-advisor
of a fund of the Trust and such sub-advisor's subsidiaries and
affiliates;
The following language is added as subparagraph (iv) to the last paragraph under
the heading "Contingent Deferred Sales Charge" on Page 17.
or (iv) purchased by investors in certain retirement plans, such as
401(k) and similar qualified plans.
TOG-S-056
<PAGE> 8
THE ONE GROUP(R)
FAMILY OF MUTUAL FUNDS
Supplement dated March 14, 1997
to Prospectus dated November 1, 1996
THE ONE GROUP(R) INVESTOR GROWTH FUND
- -------------------------------------------------------------------------------
Subparagraph (iii) in the first paragraph under the heading "Other
Circumstances" on Page 15 is replaced with the following:
(iii) purchased by officers, directors or trustees, retirees and
employees (and their spouses and immediate family members) of the
Trust, of BANC ONE CORPORATION and its subsidiaries and affiliates, of
the Distributor and its subsidiaries and affiliates, of the Custodian
and Transfer Agent and their subsidiaries and affiliates, of
broker-dealers who have entered into dealer agreements with the Trust
and their subsidiaries and affiliates, or of an investment sub-advisor
of a fund of the Trust and such sub-advisor's subsidiaries and
affiliates;
The following language is added as subparagraph (iv) to the last paragraph under
the heading "Contingent Deferred Sales Charge" on Page 16.
or (iv) purchased by investors in certain retirement plans, such as
401(k) and similar qualified plans.
TOG-S-057
<PAGE> 9
THE ONE GROUP(R)
FAMILY OF MUTUAL FUNDS
Supplement dated March 14, 1997
to Prospectus dated November 1, 1996
THE ONE GROUP(R) INVESTOR CONSERVATIVE GROWTH FUND
- --------------------------------------------------------------------------------
Subparagraph (iii) in the first paragraph under the heading "Other
Circumstances" on Page 15 is replaced with the following:
(iii) purchased by officers, directors or trustees, retirees and
employees (and their spouses and immediate family members) of the
Trust, of BANC ONE CORPORATION and its subsidiaries and affiliates, of
the Distributor and its subsidiaries and affiliates, of the Custodian
and Transfer Agent and their subsidiaries and affiliates, of
broker-dealers who have entered into dealer agreements with the Trust
and their subsidiaries and affiliates, or of an investment sub-advisor
of a fund of the Trust and such sub-advisor's subsidiaries and
affiliates;
The following language is added as subparagraph (iv) to the last paragraph under
the heading "Contingent Deferred Sales Charge" on Page 17.
or (iv) purchased by investors in certain retirement plans, such as
401(k) and similar qualified plans.
TOG-S-058
