<PAGE>
ONE GROUP-Registered Trademark-MUTUAL FUNDS
BOND FUNDS COMBINED PROSPECTUS
Supplement dated April 9, 1999
to Prospectus dated March 18, 1999
ONE GROUP-Registered Trademark-INTERMEDIATE BOND FUND
ONE GROUP-Registered Trademark-INCOME BOND FUND
ONE GROUP-Registered Trademark-GOVERNMENT BOND FUND
ONE GROUP-Registered Trademark-ULTRA SHORT-TERM INCOME FUND
ONE GROUP-Registered Trademark-SHORT-TERM BOND FUND
ONE GROUP-Registered Trademark-TREASURY & AGENCY FUND
ONE GROUP-Registered Trademark-HIGH YIELD BOND FUND
ONE GROUP-Registered Trademark-BOND FUND
A Special Meeting of Shareholders ("Special Meeting") of One
Group-Registered Trademark- Mutual Funds will be held on Monday, May 17, 1999 at
3:00 p.m. for the following purpose:
1. To elect the Board of Trustees of One Group Mutual Funds.
2. To ratify the selection of independent accountants.
3. To approve a change to a fundamental investment restriction by
eliminating language which prohibits One Group Mutual Funds from
participating on a joint or a joint and several basis in any trading
account in securities.
4. To transact such other business as may properly come before the
Special Meeting or any adjournment thereof.
Only shareholders of record at the close of business on Thursday, March
11, 1999 are entitled to notice of, and to vote at, this Special Meeting or
any adjournment thereof. Accordingly, investors who were not shareholders of
record at the close of business on March 11, 1999 will not be entitled to
notice of, or to vote at, this Special Meeting or any adjournment thereof.
Shareholders will be notified only if the amended investment objective is not
approved.
Currently, none of the Funds may participate on a joint or joint and
several basis in any securities trading account. The proposed change would
allow each Fund to realize certain efficiencies and cost savings, while earning
a potentially higher rate of return on repurchase agreements and other
short-term, money market-type investments. Many securities of this type are
sold in denominations which are too large for the Funds to purchase on an
individual basis. Purchasing these securities on a joint basis will expand the
investment opportunities available to the Funds and may reduce the possibility
that cash balances remain uninvested. In addition, joint transactions can be
expected to result in certain administrative efficiencies by reducing the number
of trade tickets and cash wires that must be processed for each trade. These
efficiencies may result in reduced transaction costs.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT
WITH THE PROSPECTUS FOR FUTURE REFERENCE
<PAGE>
ONE GROUP-Registered Trademark-MUTUAL FUNDS
MONEY MARKET FUNDS COMBINED PROSPECTUS
Supplement dated April 9, 1999
to Prospectus dated March 18, 1999
ONE GROUP-Registered Trademark-PRIME MONEY MARKET FUND
ONE GROUP-Registered Trademark-MUNICIPAL MONEY MARKET FUND
ONE GROUP-Registered Trademark-OHIO MUNICIPAL MONEY MARKET FUND
ONE GROUP-Registered Trademark-U.S. TREASURY SECURITIES MONEY MARKET FUND
ONE GROUP-Registered Trademark-MICHIGAN MUNICIPAL MONEY MARKET FUND
A Special Meeting of Shareholders ("Special Meeting") of One
Group-Registered Trademark- Mutual Funds will be held on Monday, May 17, 1999
at 3:00 p.m. for the following purpose:
1. To elect the Board of Trustees of One Group Mutual Funds.
2. To ratify the selection of independent accountants.
3. To approve a change to a fundamental investment restriction by
eliminating language which prohibits One Group Mutual Funds from
participating on a joint or a joint and several basis in any trading
account in securities.
4. To eliminate a fundamental investment restriction which prohibits One
Group Prime Money Market Fund from investing in state, municipal, or
private activity bonds.
5. To approve a change to a fundamental investment restriction which
prohibits One Group Prime Money Market Fund from concentrating its
investments in a single industry.
6. To transact such other business as may properly come before the
Special Meeting or any adjournment thereof.
Only shareholders of record at the close of business on Thursday, March
11, 1999 are entitled to notice of, and to vote at, this Special Meeting or
any adjournment thereof. In addition, only those shareholders of record who
are invested in One Group Prime Money Market Fund may vote on proposals 4 and
5. Accordingly, investors who were not shareholders of record at the close
of business on March 11, 1999 will not be entitled to notice of, or to vote
at, this Special Meeting or any adjournment thereof. Shareholders will be
notified only if the amended investment objective is not approved.
Currently, none of the Funds may participate on a joint or joint and
several basis in any securities trading account. The proposed change would
allow each Fund to realize certain efficiencies and cost savings, while earning
a potentially higher rate of return on repurchase agreements and other
short-term, money market-type investments. Many securities of this type are
sold in denominations which are too large for the Funds to purchase on an
individual basis. Purchasing these securities on a joint basis will expand the
investment opportunities available to the Funds and may reduce the possibility
that cash balances remain uninvested. In addition, joint transactions can be
expected to result in certain administrative efficiencies by reducing the number
of trade tickets and cash wires that must be processed for each trade. These
efficiencies may result in reduced transaction costs.
Currently, the Prime Money Market Fund is prohibited from purchasing state,
municipal and private activity bonds. Elimination of this prohibition on
purchasing state, municipal and private activity bonds will provide
<PAGE>
Banc One Investment Advisors Corporation with flexibility in making investment
decisions on behalf of the Fund and expand the Fund's investment opportunities.
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.
One Group Prime Money Market Fund currently may not concentrate its
investments in the securities of one or more issuers conducting their principal
business in a particular industry or group of industries. If shareholders
approve this change to the Fund's concentration 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.
Securities issued by these companies include bankers acceptance, certificates of
deposit, and asset-backed securities, including commercial paper. 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.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT
WITH THE PROSPECTUS FOR FUTURE REFERENCE
<PAGE>
ONE GROUP-Registered Trademark-MUTUAL FUNDS
EQUITY FUNDS COMBINED PROSPECTUS
Supplement dated April 9, 1999
to Prospectus dated March 18, 1999
ONE GROUP-Registered Trademark-BALANCED FUND
ONE GROUP-Registered Trademark-LARGE CAP GROWTH FUND
ONE GROUP-Registered Trademark-LARGE CAP VALUE FUND
ONE GROUP-Registered Trademark-MID CAP GROWTH FUND
ONE GROUP-Registered Trademark-INTERNATIONAL EQUITY INDEX FUND
ONE GROUP-Registered Trademark-MID CAP GROWTH FUND
ONE GROUP-Registered Trademark-EQUITY INDEX FUND
ONE GROUP-Registered Trademark-EQUITY INCOME FUND
ONE GROUP-Registered Trademark-DIVERSIFIED EQUITY FUND
ONE GROUP-Registered Trademark-SMALL CAP GROWTH FUND
ONE GROUP-Registered Trademark-SMALL CAP VALUE FUND
ONE GROUP-Registered Trademark-DIVERSIFIED MID CAP FUND
ONE GROUP-Registered Trademark-DIVERSIFIED INTERNATIONAL FUND
ONE GROUP-Registered Trademark-MARKET EXPANSION INDEX FUND
A Special Meeting of Shareholders ("Special Meeting") of One
Group-Registered Trademark- Mutual Funds will be held on Monday, May 17, 1999 at
3:00 p.m. for the following purpose:
1. To elect the Board of Trustees of One Group Mutual Funds.
2. To ratify the selection of independent accountants.
3. To approve a change to a fundamental investment restriction by
eliminating language which prohibits One Group Mutual Funds from
participating on a joint or a joint and several basis in any trading
account in securities.
4. To transact such other business as may properly come before the
Special Meeting or any adjournment thereof.
Only shareholders of record at the close of business on Thursday, March
11, 1999 are entitled to notice of, and to vote at, this Special Meeting or
any adjournment thereof. Accordingly, investors who were not shareholders of
record at the close of business on March 11, 1999 will not be entitled to
notice of, or to vote at, this Special Meeting or any adjournment thereof.
Shareholders will be notified only if the amended investment objective is not
approved.
Currently, none of the Funds may participate on a joint or joint and
several basis in any securities trading account. The proposed change would
allow each Fund to realize certain efficiencies and cost savings, while earning
a potentially higher rate of return on repurchase agreements and other
short-term, money market-type investments. Many securities of this type are
sold in denominations which are too large for the Funds to purchase on an
individual basis. Purchasing these securities on a joint basis will expand the
investment opportunities available to the Funds and may reduce the possibility
that cash balances remain uninvested. In addition, joint transactions can be
expected to result in certain administrative efficiencies by reducing the number
of trade tickets and cash wires that must be processed for each trade. These
efficiencies may result in reduced transaction costs.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT
WITH THE PROSPECTUS FOR FUTURE REFERENCE
<PAGE>
ONE GROUP-Registered Trademark-MUTUAL FUNDS
MUNICIPAL BOND FUNDS COMBINED PROSPECTUS
Supplement dated April 9, 1999
to Prospectus dated March 18, 1999
ONE GROUP-Registered Trademark-INTERMEDIATE TAX-FREE BOND FUND
ONE GROUP-Registered Trademark-MUNICIPAL INCOME BOND FUND
ONE GROUP-Registered Trademark-TAX-FREE BOND FUND
ONE GROUP-Registered Trademark-SHORT-TERM MUNICIPAL BOND FUND
ONE GROUP-Registered Trademark-ARIZONA MUNICIPAL BOND FUND
ONE GROUP-Registered Trademark-WEST VIRGINIA MUNICIPAL BOND FUND
ONE GROUP-Registered Trademark-LOUISIANA MUNICIPAL BOND FUND
ONE GROUP-Registered Trademark-OHIO MUNICIPAL BOND FUND
ONE GROUP-Registered Trademark-KENTUCKY MUNICIPAL BOND FUND
ONE GROUP-Registered Trademark-MICHIGAN MUNICIPAL BOND FUND
A Special Meeting of Shareholders ("Special Meeting") of One
Group-Registered Trademark- Mutual Funds will be held on Monday, May 17, 1999 at
3:00 p.m. for the following purpose:
1. To elect the Board of Trustees of One Group Mutual Funds.
2. To ratify the selection of independent accountants.
3. To approve a change to a fundamental investment restriction by
eliminating language which prohibits One Group Mutual Funds from
participating on a joint or a joint and several basis in any trading
account in securities.
4. To transact such other business as may properly come before the
Special Meeting or any adjournment thereof.
Only shareholders of record at the close of business on Thursday, March
11, 1999 are entitled to notice of, and to vote at, this Special Meeting or
any adjournment thereof. Accordingly, investors who were not shareholders of
record at the close of business on March 11, 1999 will not be entitled to
notice of, or to vote at, this Special Meeting or any adjournment thereof.
Shareholders will be notified only if the amended investment objective is not
approved.
Currently, none of the Funds may participate on a joint or joint and
several basis in any securities trading account. The proposed change would
allow each Fund to realize certain efficiencies and cost savings, while earning
a potentially higher rate of return on repurchase agreements and other
short-term, money market-type investments. Many securities of this type are
sold in denominations which are too large for the Funds to purchase on an
individual basis. Purchasing these securities on a joint basis will expand the
investment opportunities available to the Funds and may reduce the possibility
that cash balances remain uninvested. In addition, joint transactions can be
expected to result in certain administrative efficiencies by reducing the number
of trade tickets and cash wires that must be processed for each trade. These
efficiencies may result in reduced transaction costs.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT
WITH THE PROSPECTUS FOR FUTURE REFERENCE
<PAGE>
ONE GROUP-Registered Trademark-MUTUAL FUNDS
CASH MANAGEMENT MONEY MARKET FUNDS
COMBINED PROSPECTUS
Supplement dated April 9, 1999
to Prospectus dated March 18, 1999
ONE GROUP-Registered Trademark-CASH MANAGEMENT MONEY MARKET FUND
ONE GROUP-Registered Trademark-TREASURY CASH MANAGEMENT MONEY MARKET FUND
ONE GROUP-Registered Trademark-TREASURY PRIME CASH MANAGEMENT MONEY MARKET FUND
ONE GROUP-Registered Trademark-U.S. GOVERNMENT CASH MANAGEMENT MONEY MARKET FUND
ONE GROUP-Registered Trademark-MUNICIPAL CASH MANAGEMENT MONEY MARKET FUND
A Special Meeting of Shareholders ("Special Meeting") of One
Group-Registered Trademark- Mutual Funds will be held on Monday, May 17, 1999 at
3:00 p.m. for the following purpose:
1. To elect the Board of Trustees of One Group Mutual Funds.
2. To ratify the selection of independent accountants.
3. To approve a change to a fundamental investment restriction by
eliminating language which prohibits One Group Mutual Funds from
participating on a joint or a joint and several basis in any trading
account in securities.
4. To transact such other business as may properly come before the
Special Meeting or any adjournment thereof.
Only shareholders of record at the close of business on Thursday, March
11, 1999 are entitled to notice of, and to vote at, this Special Meeting or
any adjournment thereof. Accordingly, investors who were not shareholders of
record at the close of business on March 11, 1999 will not be entitled to
notice of, or to vote at, this Special Meeting or any adjournment thereof.
Shareholders will be notified only if the amended investment objective is not
approved.
Currently, none of the Funds may participate on a joint or joint and
several basis in any securities trading account. The proposed change would
allow each Fund to realize certain efficiencies and cost savings, while earning
a potentially higher rate of return on repurchase agreements and other
short-term, money market-type investments. Many securities of this type are
sold in denominations which are too large for the Funds to purchase on an
individual basis. Purchasing these securities on a joint basis will expand the
investment opportunities available to the Funds and may reduce the possibility
that cash balances remain uninvested. In addition, joint transactions can be
expected to result in certain administrative efficiencies by reducing the number
of trade tickets and cash wires that must be processed for each trade. These
efficiencies may result in reduced transaction costs.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT
WITH THE PROSPECTUS FOR FUTURE REFERENCE
<PAGE>
ONE GROUP-Registered Trademark-MUTUAL FUNDS
INSTITUTIONAL MONEY MARKET FUNDS
COMBINED PROSPECTUS
Supplement dated April 9, 1999
to Prospectus dated March 18, 1999
ONE GROUP-Registered Trademark-GOVERNMENT MONEY MARKET FUND
ONE GROUP-Registered Trademark-TREASURY ONLY MONEY MARKET FUND
A Special Meeting of Shareholders ("Special Meeting") of One
Group-Registered Trademark- Mutual Funds will be held on Monday, May 17, 1999 at
3:00 p.m. for the following purpose:
1. To elect the Board of Trustees of One Group Mutual Funds.
2. To ratify the selection of independent accountants.
3. To approve a change to a fundamental investment restriction by
eliminating language which prohibits One Group Mutual Funds from
participating on a joint or a joint and several basis in any trading
account in securities.
4. To transact such other business as may properly come before the
Special Meeting or any adjournment thereof.
Only shareholders of record at the close of business on Thursday, March
11, 1999 are entitled to notice of, and to vote at, this Special Meeting or
any adjournment thereof. Accordingly, investors who were not shareholders of
record at the close of business on March 11, 1999 will not be entitled to
notice of, or to vote at, this Special Meeting or any adjournment thereof.
Shareholders will be notified only if the amended investment objective is not
approved.
Currently, none of the Funds may participate on a joint or joint and
several basis in any securities trading account. The proposed change would
allow each Fund to realize certain efficiencies and cost savings, while earning
a potentially higher rate of return on repurchase agreements and other
short-term, money market-type investments. Many securities of this type are
sold in denominations which are too large for the Funds to purchase on an
individual basis. Purchasing these securities on a joint basis will expand the
investment opportunities available to the Funds and may reduce the possibility
that cash balances remain uninvested. In addition, joint transactions can be
expected to result in certain administrative efficiencies by reducing the number
of trade tickets and cash wires that must be processed for each trade. These
efficiencies may result in reduced transaction costs.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT
WITH THE PROSPECTUS FOR FUTURE REFERENCE
<PAGE>
ONE GROUP-Registered Trademark-MUTUAL FUNDS
INVESTOR FUNDS COMBINED PROSPECTUS
Supplement dated April 9, 1999
to Prospectus dated March 18, 1999
ONE GROUP-Registered Trademark-INVESTOR GROWTH FUND
ONE GROUP-Registered Trademark-INVESTOR GROWTH & INCOME FUND
ONE GROUP-Registered Trademark-INVESTOR BALANCED FUND
ONE GROUP-Registered Trademark-INVESTOR CONSERVATIVE GROWTH FUND
A Special Meeting of Shareholders ("Special Meeting") of One
Group-Registered Trademark- Mutual Funds will be held on Monday, May 17, 1999 at
3:00 p.m. for the following purpose:
1. To elect the Board of Trustees of One Group Mutual Funds.
2. To ratify the selection of independent accountants.
3. To approve a change to a fundamental investment restriction by
eliminating language which prohibits One Group Mutual Funds from
participating on a joint or a joint and several basis in any trading
account in securities.
4. To transact such other business as may properly come before the
Special Meeting or any adjournment thereof.
Only shareholders of record at the close of business on Thursday, March
11, 1999 are entitled to notice of, and to vote at, this Special Meeting or
any adjournment thereof. Accordingly, investors who were not shareholders of
record at the close of business on March 11, 1999 will not be entitled to
notice of, or to vote at, this Special Meeting or any adjournment thereof.
Shareholders will be notified only if the amended investment objective is not
approved.
Currently, none of the Funds may participate on a joint or joint and
several basis in any securities trading account. The proposed change would
allow each Fund to realize certain efficiencies and cost savings, while earning
a potentially higher rate of return on repurchase agreements and other
short-term, money market-type investments. Many securities of this type are
sold in denominations which are too large for the Funds to purchase on an
individual basis. Purchasing these securities on a joint basis will expand the
investment opportunities available to the Funds and may reduce the possibility
that cash balances remain uninvested. In addition, joint transactions can be
expected to result in certain administrative efficiencies by reducing the number
of trade tickets and cash wires that must be processed for each trade. These
efficiencies may result in reduced transaction costs.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT
WITH THE PROSPECTUS FOR FUTURE REFERENCE
