<PAGE> 1
THE ONE GROUP(R)
FAMILY OF MUTUAL FUNDS
EQUITY FUNDS COMBINED PROSPECTUS
Supplement dated June 1, 1998
to Prospectus dated November 1, 1997
THE ONE GROUP ASSET ALLOCATION FUND
THE ONE GROUP LARGE COMPANY GROWTH FUND
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 SMALL CAPITALIZATION FUND
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The One Group has adopted additional sales charge waivers and reductions
for Class A, Class B and Class C shareholders. Accordingly, the prospectus is
modified as follows.
Paragraph 6 on page 37 under the heading WAIVER OF THE CLASS A SALES CHARGE
is deleted and replaced with the following:
6. Bought with proceeds from the sale of shares of a mutual fund for which
a sales charge was paid, but only if the purchase is made within 60 days
of the sale or distribution.
Paragraph 3 on page 37 under the heading WAIVER OF THE CLASS B SALES CHARGE
is deleted and replaced with the following:
3. If you are the shareholder, or a participant or beneficiary of certain
retirement plans and you die or become disabled (as defined by the Tax
Code), but only if the redemption is made within one year of death or
disability.
Paragraph 3 on page 37 under the heading WAIVER OF THE CLASS C SALES CHARGE
is deleted and replaced with the following:
3. If you are the shareholder, or a participant or beneficiary of certain
retirement plans and you die or become disabled (as defined by the Tax
Code), but only if the redemption is made within one year of death or
disability.
The following is added under the heading WAIVER OF THE CLASS C SALES
CHARGE:
7. If The One Group Services Company receives notice before you invest
indicating that your Shareholder Servicing Agent, due to the type of
account that you have, waives the commission it would otherwise be paid.
The One Group Equity Index Fund will now be managed by a team of portfolio
managers, research analysts, and other investment management professionals. The
research analysts will provide in-depth industry analysis and recommendations,
while the portfolio managers formulate strategy and determine industry
weighting, Fund holdings and cash positions.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT WITH THE PROSPECTUS FOR FUTURE REFERENCE
TOG-S-5306
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THE ONE GROUP(R)
FAMILY OF MUTUAL FUNDS
BOND FUNDS COMBINED PROSPECTUS
Supplement dated June 1, 1998
to Prospectus dated November 1, 1997
THE ONE GROUP INTERMEDIATE BOND FUND
THE ONE GROUP INCOME BOND FUND
THE ONE GROUP GOVERNMENT BOND FUND
THE ONE GROUP ULTRA SHORT-TERM INCOME FUND
THE ONE GROUP LIMITED VOLATILITY BOND FUND
THE ONE GROUP TREASURY & AGENCY FUND
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The One Group has adopted additional sales charge waivers and reductions
for Class A, Class B and Class C shareholders. Accordingly, the prospectus is
modified as follows.
Paragraph 6 on page 27 under the heading WAIVER OF THE CLASS A SALES CHARGE
is deleted and replaced with the following:
6. Bought with proceeds from the sale of shares of a mutual fund for which
a sales charge was paid, but only if the purchase is made within 60 days
of the sale or distribution.
Paragraph 3 on page 27 under the heading WAIVER OF THE CLASS B SALES CHARGE
is deleted and replaced with the following:
3. If you are the shareholder, or a participant or beneficiary of certain
retirement plans and you die or become disabled (as defined by the Tax
Code), but only if the redemption is made within one year of death or
disability.
Paragraph 3 on page 27 under the heading WAIVER OF THE CLASS C SALES CHARGE
is deleted and replaced with the following:
3. If you are the shareholder, or a participant or beneficiary of certain
retirement plans and you die or become disabled (as defined by the Tax
Code), but only if the redemption is made within one year of death or
disability.
The following is added under the heading WAIVER OF THE CLASS C SALES
CHARGE:
7. If The One Group Services Company receives notice before you invest
indicating that your Shareholder Servicing Agent, due to the type of
account that you have, waives the commission it would otherwise be paid.
Scott Grimshaw has been named a manager of The One Group Intermediate Bond
Fund. Mr. Grimshaw has been a manager of The One Group Treasury & Agency Fund
and manager of the fixed income portion of The One Group Asset Allocation Fund
since 1996 and 1994, respectively. Mr. Grimshaw also is head of Derivatives
Research for Banc One Investment Advisors. Mr. Grimshaw served as the Senior
Investment Officer in the Quantitative Research and Analysis Group for BANC ONE
CORPORATION prior to his current positions. Mr. Grimshaw has been employed by
BANC ONE CORPORATION or its affiliates since 1988.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT WITH THE PROSPECTUS FOR FUTURE REFERENCE
TOG-S-5307
<PAGE> 3
THE ONE GROUP(R)
FAMILY OF MUTUAL FUNDS
MUNICIPAL BOND FUNDS COMBINED PROSPECTUS
Supplement dated June 1, 1998
to Prospectus dated November 1, 1997
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
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The One Group has adopted additional sales charge waivers and reductions
for Class A, Class B and Class C shareholders. Accordingly, the prospectus is
modified as follows.
Paragraph 6 on page 28 under the heading WAIVER OF THE CLASS A SALES CHARGE
is deleted and replaced with the following:
6. Bought with proceeds from the sale of shares of a mutual fund for which
a sales charge was paid, but only if the purchase is made within 60 days
of the sale or distribution.
Paragraph 3 on page 28 under the heading WAIVER OF THE CLASS B SALES CHARGE
is deleted and replaced with the following:
3. If you are the shareholder, or a participant or beneficiary of certain
retirement plans and you die or become disabled (as defined by the Tax
Code), but only if the redemption is made within one year of death or
disability.
Paragraph 3 on page 28 under the heading WAIVER OF THE CLASS C SALES CHARGE
is deleted and replaced with the following:
3. If you are the shareholder, or a participant or beneficiary of certain
retirement plans and you die or become disabled (as defined by the Tax
Code), but only if the redemption is made within one year of death or
disability.
The following is added under the heading WAIVER OF THE CLASS C SALES
CHARGE:
7. If The One Group Services Company receives notice before you invest
indicating that your Shareholder Servicing Agent, due to the type of
account that you have, waives the commission it would otherwise be paid.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT WITH THE PROSPECTUS FOR FUTURE REFERENCE
TOG-S-5308
<PAGE> 4
THE ONE GROUP(R)
FAMILY OF MUTUAL FUNDS
MONEY MARKET FUNDS COMBINED PROSPECTUS
Supplement dated June 1, 1998
to Prospectus dated November 1, 1997
THE ONE GROUP PRIME MONEY MARKET FUND
THE ONE GROUP MUNICIPAL MONEY MARKET FUND
THE ONE GROUP OHIO MUNICIPAL MONEY MARKET FUND
THE ONE GROUP U.S. TREASURY SECURITIES MONEY MARKET FUND
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The One Group has adopted additional sales charge waivers and reductions
for Class B and Class C shareholders. Accordingly, the prospectus is modified as
follows.
Paragraph 3 on page 16 under the heading WAIVER OF THE CLASS B SALES CHARGE
is deleted and replaced with the following:
3. If you are the shareholder, or a participant or beneficiary of certain
retirement plans and you die or become disabled (as defined by the Tax
Code), but only if the redemption is made within one year of death or
disability.
Paragraph 3 on page 16 under the heading WAIVER OF THE CLASS C SALES CHARGE
is deleted and replaced with the following:
3. If you are the shareholder, or a participant or beneficiary of certain
retirement plans and you die or become disabled (as defined by the Tax
Code), but only if the redemption is made within one year of death or
disability.
The following is added under the heading WAIVER OF THE CLASS C SALES
CHARGE:
7. If The One Group Services Company receives notice before you invest
indicating that your Shareholder Servicing Agent, due to the type of
account you have, waives the commission it would otherwise be paid.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT WITH THE PROSPECTUS FOR FUTURE REFERENCE
TOG-S-5309
<PAGE> 5
THE ONE GROUP(R)
FAMILY OF MUTUAL FUNDS
INVESTOR FUNDS COMBINED PROSPECTUS
Supplement dated June 1, 1998
to Prospectus dated November 1, 1997
THE ONE GROUP INVESTOR GROWTH FUND
THE ONE GROUP INVESTOR GROWTH & INCOME FUND
THE ONE GROUP INVESTOR BALANCED FUND
THE ONE GROUP INVESTOR CONSERVATIVE GROWTH FUND
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The One Group has adopted additional sales charge waivers and reductions
for Class A, Class B and Class C shareholders. Accordingly, the prospectus is
modified as follows.
Paragraph 6 on page 19 under the heading WAIVER OF THE CLASS A SALES CHARGE
is deleted and replaced with the following:
6. Bought with proceeds from the sale of shares of a mutual fund for which
a sales charge was paid, but only if the purchase is made within 60 days
of the sale or distribution.
Paragraph 3 on page 19 under the heading WAIVER OF THE CLASS B SALES CHARGE
is deleted and replaced with the following:
3. If you are the shareholder, or a participant or beneficiary of certain
retirement plans and you die or become disabled (as defined by the Tax
Code), but only if the redemption is made within one year of death or
disability.
Paragraph 3 on page 19 under the heading WAIVER OF THE CLASS C SALES CHARGE
is deleted and replaced with the following:
3. If you are the shareholder, or a participant or beneficiary of certain
retirement plans and you die or become disabled (as defined by the Tax
Code), but only if the redemption is made within one year of h death or
disability.
The following is added under the heading WAIVER OF THE CLASS C SALES
CHARGE:
7. If The One Group Services Company receives notice before you invest
indicating that your Shareholder Servicing Agent, due to the type of
account you have, waives the commission it would otherwise be paid.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT WITH THE PROSPECTUS FOR FUTURE REFERENCE
TOG-S-5310
