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ONE GROUP(R) MUTUAL FUNDS
EQUITY FUNDS COMBINED PROSPECTUS
Supplement dated March , 2000
to Prospectus dated November 1, 1999
One Group(R) Market Expansion Index Fund
None of the One Group equity funds may enter into futures contracts to the
extent that the value of the futures contracts held (as measured by the value of
the underlying securities) would exceed 25% of the respective fund's total
assets. To ensure consistency in the management of the One Group equity funds,
the following sentence on page 61 of the prospectus under the heading "One Group
Market Expansion Index Fund" is deleted:
- - Up to 5% of the Fund's total assets may be invested in futures contracts and
related options.
In addition, One Group Market Expansion Index Fund may invest up to 5% of its
total assets in cash or cash equivalents. Assets held in margin deposits and
segregated accounts for futures contracts are not considered cash or cash
equivalents for purposes of the 5% limitation.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT
WITH THE PROSPECTUS FOR FUTURE REFERENCE
