<PAGE>
SUPPLEMENT DATED MARCH 3, 2000
TO
PROSPECTUS DATED MAY 1, 1999, AS SUPPLEMENTED
SELECT TEN PLUS FUND, LLC
On March 3, 2000 (the "Effective Date"), ARM Financial Group Inc. ("ARM")
completed the sale of its insurance subsidiaries to The Western and Southern
Life Insurance Company. ARM is also the parent company of Integrity Capital
Advisors, Inc. (the "Current Manager"), the investment manager to Select Ten
Plus Fund, LLC (the "Fund"). The Current Manager ceased operations as an
investment adviser as of the Effective Date.
As of the Effective Date, Touchstone Advisors, Inc. (the "New Manager") has
commenced serving as investment manager to the Fund pursuant to an interim
management agreement with the Fund. The Sub-Adviser for the four portfolios of
the Fund is continuing to serve in such capacity pursuant to an interim
sub-advisory agreement with the New Manager. The interim agreements will remain
in effect for a period up to 150 days and requires all advisory and sub-advisory
fees to be escrowed pending shareholder approval of a new management agreement
with the New Manager and a new sub-advisory agreement between the New Manager
and the Sub-Adviser (collectively, the "New Advisory Agreements").
The Fund intends to hold a special meeting of the shareholders on or about
April 4, 2000, for the purpose of voting on the New Advisory Agreements and
certain other matters. Contract holders as of February 24, 2000 will receive a
proxy statement and voting instructions card.
Touchstone Securities Corporation (the "New Distributor") has become the
distributor of the Fund as of the Effective Date. The address of the New Manager
and the New Distributor is 311 Pike Street, Cincinnati, Ohio 45202.
