<PAGE>
THE ONE GROUP-REGISTERED TRADEMARK-
FAMILY OF MUTUAL FUNDS
EQUITY FUNDS COMBINED PROSPECTUS
Supplement dated August 29, 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
Footnote (1) to each EXPENSE SUMMARY is replaced with the following:
"If you buy or sell shares through a financial institution or broker, you
may be charged a transaction fee by the financial institution or broker. In
addition, a $7.00 charge is deducted from redemption amounts paid by wire."
The paragraph entitled OTHER CIRCUMSTANCES on page 42 is amended by adding the
following:
(xii) purchased by retirement and deferred compensation plans and trusts
used to fund those plans, including, but not limited to, those defined in
Section 401(a), 403(b), or 457 of the Internal Revenue Code and "rabbi
trusts"
INVESTORS SHOULD RETAIN THIS SUPPLEMENT WITH THE PROSPECTUS
FOR FUTURE REFERENCE
TOG-S-089
<PAGE>
THE ONE GROUP-REGISTERED TRADEMARK-
FAMILY OF MUTUAL FUNDS
MONEY MARKET FUNDS COMBINED PROSPECTUS
Supplement dated August 29, 1997
to Prospectus dated November 1, 1996
THE ONE GROUP-REGISTERED TRADEMARK- PRIME MONEY MARKET FUND
THE ONE GROUP-REGISTERED TRADEMARK- MUNICIPAL MONEY MARKET FUND
THE ONE GROUP-REGISTERED TRADEMARK- OHIO MUNICIPAL MONEY MARKET FUND
THE ONE GROUP-REGISTERED TRADEMARK- U.S. TREASURY SECURITIES MONEY MARKET FUND
Footnote (1) to each EXPENSE SUMMARY is replaced with the following:
"If you buy or sell shares through a financial institution or broker, you
may be charged a transaction fee by the financial institution or broker. In
addition, a $7.00 charge is deducted from redemption amounts paid by wire."
INVESTORS SHOULD RETAIN THIS SUPPLEMENT WITH THE PROSPECTUS
FOR FUTURE REFERENCE
TOG-S-090
<PAGE>
THE ONE GROUP-REGISTERED TRADEMARK-
FAMILY OF MUTUAL FUNDS
BOND FUNDS COMBINED PROSPECTUS
Supplement dated August 29, 1997
to Prospectus dated November 1, 1996
THE ONE GROUP-REGISTERED TRADEMARK- INTERMEDIATE BOND FUND
THE ONE GROUP-REGISTERED TRADEMARK- GOVERNMENT BOND FUND
THE ONE GROUP-REGISTERED TRADEMARK- LIMITED VOLATILITY BOND FUND
THE ONE GROUP-REGISTERED TRADEMARK- INCOME BOND FUND
THE ONE GROUP-REGISTERED TRADEMARK- ULTRA SHORT-TERM INCOME FUND
Footnote (1) to each EXPENSE SUMMARY is replaced with the following:
"If you buy or sell shares through a financial institution or broker, you
may be charged a transaction fee by the financial institution or broker. In
addition, a $7.00 charge is deducted from redemption amounts paid by wire."
The paragraph entitled OTHER CIRCUMSTANCES on page 26 is amended by adding the
following:
(xii) purchased by retirement and deferred compensation plans and trusts
used to fund those plans, including, but not limited to, those defined in
Section 401(a), 403(b), or 457 of the Internal Revenue Code and "rabbi
trusts"
INVESTORS SHOULD RETAIN THIS SUPPLEMENT WITH THE PROSPECTUS
FOR FUTURE REFERENCE
TOG-S-091
<PAGE>
THE ONE GROUP-REGISTERED TRADEMARK-
FAMILY OF MUTUAL FUNDS
MUNICIPAL BOND FUNDS COMBINED PROSPECTUS
Supplement dated August 29, 1997
to Prospectus dated November 1, 1996
THE ONE GROUP INTERMEDIATE TAX-FREE BOND FUND
THE ONE GROUP MUNICIPAL INCOME FUND
THE ONE GROUP ARIZONA MUNICIPAL BOND FUND
THE ONE GROUP WEST VIRGINIA MUNICIPAL BOND FUND
THE ONE GROUP LOUISIANA MUNICIPAL BOND FUND
THE ONE GROUP OHIO MUNICIPAL BOND FUND
THE ONE GROUP KENTUCKY MUNICIPAL BOND FUND
Footnote (1) to each EXPENSE SUMMARY is replaced with the following:
"If you buy or sell shares through a financial institution or broker, you
may be charged a transaction fee by the financial institution or broker. In
addition, a $7.00 charge is deducted from redemption amounts paid by wire."
The paragraph entitled OTHER CIRCUMSTANCES on page 31 is amended by adding the
following:
(xii) purchased by retirement and deferred compensation plans and trusts
used to fund those plans, including, but not limited to, those defined in
Section 401(a), 403(b), or 457 of the Internal Revenue Code and "rabbi
trusts"
INVESTORS SHOULD RETAIN THIS SUPPLEMENT WITH THE PROSPECTUS
FOR FUTURE REFERENCE
TOG-S-092
<PAGE>
THE ONE GROUP-REGISTERED TRADEMARK-
FAMILY OF MUTUAL FUNDS
Supplement dated August 29, 1997
to Prospectus dated November 1, 1996
THE ONE GROUP TREASURY & AGENCY FUND
Footnote (1) to the EXPENSE SUMMARY is replaced with the following:
"If you buy or sell shares through a financial institution or broker, you
may be charged a transaction fee by the financial institution or broker. In
addition, a $7.00 charge is deducted from redemption amounts paid by wire."
The paragraph entitled OTHER CIRCUMSTANCES on page 10 is amended by adding the
following:
(xii) purchased by retirement and deferred compensation plans and trusts
used to fund those plans, including, but not limited to, those defined in
Section 401(a), 403(b), or 457 of the Internal Revenue Code and "rabbi
trusts"
INVESTORS SHOULD RETAIN THIS SUPPLEMENT WITH THE PROSPECTUS
FOR FUTURE REFERENCE
TOG-S-093
<PAGE>
THE ONE GROUP-REGISTERED TRADEMARK-
FAMILY OF MUTUAL FUNDS
Supplement dated August 29, 1997
to Prospectus dated November 1, 1996
THE ONE GROUP-REGISTERED TRADEMARK- INVESTOR CONSERVATIVE GROWTH FUND
Footnote (1) to the EXPENSE SUMMARY is replaced with the following:
"If you buy or sell shares through a financial institution or broker, you
may be charged a transaction fee by the financial institution or broker. In
addition, a $7.00 charge is deducted from redemption amounts paid by wire."
The paragraph entitled OTHER CIRCUMSTANCES on page 15 is amended by adding the
following:
(xii) purchased by retirement and deferred compensation plans and trusts
used to fund those plans, including, but not limited to, those defined in
Section 401(a), 403(b), or 457 of the Internal Revenue Code and "rabbi
trusts"
INVESTORS SHOULD RETAIN THIS SUPPLEMENT WITH THE PROSPECTUS
FOR FUTURE REFERENCE
TOG-S-094
<PAGE>
THE ONE GROUP-REGISTERED TRADEMARK-
FAMILY OF MUTUAL FUNDS
Supplement dated August 29, 1997
to Prospectus dated November 1, 1996
THE ONE GROUP-REGISTERED TRADEMARK- INVESTOR GROWTH FUND
Footnote (1) to the EXPENSE SUMMARY is replaced with the following:
"If you buy or sell shares through a financial institution or broker, you
may be charged a transaction fee by the financial institution or broker. In
addition, a $7.00 charge is deducted from redemption amounts paid by wire."
The paragraph entitled OTHER CIRCUMSTANCES on page 15 is amended by adding the
following:
(xii) purchased by retirement and deferred compensation plans and trusts
used to fund those plans, including, but not limited to, those defined in
Section 401(a), 403(b), or 457 of the Internal Revenue Code and "rabbi
trusts"
INVESTORS SHOULD RETAIN THIS SUPPLEMENT WITH THE PROSPECTUS
FOR FUTURE REFERENCE
TOG-S-095
<PAGE>
THE ONE GROUP-REGISTERED TRADEMARK-
FAMILY OF MUTUAL FUNDS
Supplement dated August 29, 1997
to Prospectus dated November 1, 1996
THE ONE GROUP-REGISTERED TRADEMARK- INVESTOR BALANCED FUND
Footnote (1) to the EXPENSE SUMMARY is replaced with the following:
"If you buy or sell shares through a financial institution or broker, you
may be charged a transaction fee by the financial institution or broker. In
addition, a $7.00 charge is deducted from redemption amounts paid by wire."
The paragraph entitled OTHER CIRCUMSTANCES on page 15 is amended by adding the
following:
(xii) purchased by retirement and deferred compensation plans and trusts
used to fund those plans, including, but not limited to, those defined in
Section 401(a), 403(b), or 457 of the Internal Revenue Code and "rabbi
trusts"
INVESTORS SHOULD RETAIN THIS SUPPLEMENT WITH THE PROSPECTUS
FOR FUTURE REFERENCE
TOG-S-096
<PAGE>
THE ONE GROUP-REGISTERED TRADEMARK-
FAMILY OF MUTUAL FUNDS
Supplement dated August 29, 1997
to Prospectus dated November 1, 1996
THE ONE GROUP-REGISTERED TRADEMARK- INVESTOR GROWTH & INCOME FUND
Footnote (1) to the EXPENSE SUMMARY is replaced with the following:
"If you buy or sell shares through a financial institution or broker, you
may be charged a transaction fee by the financial institution or broker. In
addition, a $7.00 charge is deducted from redemption amounts paid by wire."
The paragraph entitled OTHER CIRCUMSTANCES on page 15 is amended by adding the
following:
(xii) purchased by retirement and deferred compensation plans and trusts
used to fund those plans, including, but not limited to, those defined in
Section 401(a), 403(b), or 457 of the Internal Revenue Code and "rabbi
trusts"
INVESTORS SHOULD RETAIN THIS SUPPLEMENT WITH THE PROSPECTUS
FOR FUTURE REFERENCE
TOG-S-097
<PAGE>
THE ONE GROUP-REGISTERED TRADEMARK-
FAMILY OF MUTUAL FUNDS
INSTITUTIONAL MONEY MARKET FUNDS COMBINED PROSPECTUS
Supplement dated August 29, 1997
to Prospectus dated November 1, 1996
THE ONE GROUP-REGISTERED TRADEMARK- GOVERNMENT MONEY MARKET FUND
THE ONE GROUP-REGISTERED TRADEMARK- TREASURY ONLY MONEY MARKET FUND
Footnote (1) to each EXPENSE SUMMARY is replaced with the following:
"If you buy or sell shares through a financial institution or broker, you
may be charged a transaction fee by the financial institution or broker. In
addition, a $7.00 charge is deducted from redemption amounts paid by wire."
INVESTORS SHOULD RETAIN THIS SUPPLEMENT WITH THE PROSPECTUS
FOR FUTURE REFERENCE
TOG-S-098
