One Group Small Cap Value Fund Closed to New Investors COLUMBUS, Ohio, May 17 /PRNewswire/ -- One Group Small Cap Value Fund closed to new investors on May 14, 2004. Small Cap Value Fund shareholders of record on May 14, 2004, will be able to add to existing accounts through new purchases, exchanges from other One Group funds, the Systematic Investment Plan and the reinvestment of dividends or capital gains distributions. Except as otherwise disclosed in the supplement dated May 1, 2004, to the prospectus for the Small Cap Value Fund, new investors are not permitted to invest in the fund. Assets in the fund were $1 billion at the close of business on March 31, 2004. One Group Mutual Funds is the proprietary fund family of Bank One Corporation. One Group has $103 billion in assets (as of March 31, 2004) in 49 equity, bond and money market funds. One Group Mutual Funds are managed by Banc One Investment Advisors Corporation, a registered investment advisor and indirect wholly owned subsidiary of Bank One Corporation. Shareholders should read the supplement dated March 1, 2004, to the equity funds prospectuses dated Feb. 28, 2004, for full details concerning the Small Cap Value Fund's closing. Small-capitalization funds typically carry additional risks since smaller companies generally have a higher risk of failure, and by definition are not as well established as "Blue Chip" companies. Products and services are provided by One Group Dealer Services, Inc. One Group Mutual Funds are distributed by One Group Dealer Services, Inc., which is an affiliate of Bank One Corporation. Affiliates of Bank One Corporation receive fees for providing various services to the funds. Call One Group Dealer Services at 1-800-480-4111 or visit http://www.onegroup.com/ for the prospectus. Investors should consider the investment objectives, risks, charges and expenses of the mutual fund carefully before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing. - NOT FDIC INSURED - NO BANK GUARANTEE - MAY LOSE VALUE DATASOURCE: One Group Mutual Funds CONTACT: Julie Crothers for One Group Mutual Funds, +1-312-732-1564 Web site: http://www.onegroup.com/

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