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ONE GROUP-REGISTERED TRADEMARK- MUTUAL FUNDS
MONEY MARKET FUNDS COMBINED PROSPECTUS
Supplement dated June 1, 1999
to Prospectus dated March 18, 1999
ONE GROUP-REGISTERED TRADEMARK- PRIME MONEY MARKET FUND
At a Special Meeting on May 17, 1999, shareholders of One Group Prime Money
Market Fund voted to permit the Fund to invest in state, municipal and private
activity bonds. One Group Prime Money Market Fund currently anticipates that
investments in municipal securities generally will not exceed 5% of the Fund's
total assets. For a description of the risks associated with investments in
municipal securities, please see "Investment Practices" and "Investment Risks"
in the prospectus.
On the same date, shareholders of One Group Prime Money Market Fund approved
a change in the Fund's concentration policy. Under the new policy, at least 25%
of the Fund's total assets will be invested in securities issued by companies in
the financial services industry, although the Fund may temporarily invest less
than 25% of its total assets in that industry if warranted due to adverse
economic conditions, and if consistent with the best interests of shareholders.
The financial services industry includes, but is not limited to, banks,
broker-dealers, finance companies and other issuers of asset-backed securities.
It is currently anticipated that asset-backed securities will constitute a
significant percentage of the Fund's investments as a result of this change in
investment policy. The assets underlying asset-backed securities will consist,
among other things, of credit card receivables, leases, and auto and home equity
loans. Asset-backed securities have become the dominate type of money
market-eligible securities issued over the last several years. The Fund may be
able to produce higher yields and increase per issuer diversification by
concentrating in the financial services industry.
Concentration in obligations issued by the financial services industry may
involve a greater exposure to economic, business, political or regulatory
developments that may be adverse to the financial services industry. Such
developments could involve credit risk, market risk, pre-payment risk and
regulatory risk as more fully described in "Investment Risks" in the prospectus.
In addition, please refer to "Investment Practices" and "Investment Risks" in
the prospectus for a description of the risks associated with asset-backed
securities.
As a result of this change, the first sentence in the paragraph describing
One Group Prime Money Market Fund's concentration policy in the first column on
page 32 of the prospectus under the heading FUNDAMENTAL POLICIES OF SPECIFIC
FUNDS is deleted and replaced with the following:
The Prime Money Market Fund will not concentrate its investments
in the securities of one or more issuers conducting their
principal business in a particular industry or group of industries
(except that the Fund may concentrate its investments in
securities issued by companies in the financial services
industry).
INVESTORS SHOULD RETAIN THIS SUPPLEMENT
WITH THE PROSPECTUS FOR FUTURE REFERENCE
TOG-S-907
