<PAGE>
THE ONE GROUP-REGISTERED TRADEMARK-
THE ONE GROUP GOVERNMENT ARM FUND
THE ONE GROUP LIMITED VOLATILITY BOND FUND
Supplement dated February 20, 1996 to
Prospectus dated November 1, 1995
EFFECTIVE MARCH 1, 1996, PROSPECTUSES FOR THE ABOVE FUNDS WILL BE REVISED AS
FOLLOWS:
The table under the heading SALES CHARGE in the section of the prospectus
entitled HOW TO DO BUSINESS WITH THE ONE GROUP, is replaced in its entirety with
the following table:
<TABLE>
<CAPTION>
SALES CHARGE AS
APPROPRIATE
SALES CHARGE AS PERCENTAGE OF COMMISSION AS A
A PERCENTAGE OF NET AMOUNT PERCENTAGE OF
AMOUNT OF PURCHASE OFFERING PRICE INVESTED OFFERING PRICE
- ----------------------------------------------------- ----------------- --------------- -----------------
<S> <C> <C> <C>
less than $100,000................................... 3.00% 3.09% 2.70%
$100,000 but less than $250,000...................... 2.50% 2.56% 2.18%
$250,000 but less than $500,000...................... 2.00% 2.04% 1.64%
$500,000 but less than $1,000,000.................... 1.50% 1.52% 1.20%
$1,000,000 or more................................... 0.00% 0.00% 0.00%
</TABLE>
In the second paragraph under the heading SALES CHARGE, the fourth sentence is
revised to read as follows: "In addition, the Distributor will, from time to
time and at its own expense, provide promotional incentives to financial
institutions and intermediaries, whose registered representatives have sold or
are expected to sell significant amounts of the shares of the Fund, in the form
of payment for travel expenses, including lodging, incurred in connection with
trips taken by qualifying registered representatives to places within or outside
the United States, and additional compensation in an amount up to 1.00% of the
offering price of Class A shares of the Fund for sales of $1 million to $5
million, and 0.50% for sales over $5 million."
In the second paragraph under the heading SALES CHARGE, the fifth sentence is
revised to read as follows: "If such shares are redeemed prior to the first
anniversary of purchase, the Shareholder will be assessed a sales charge on the
initial purchase in the amount of the additional compensation paid by the
Distributor."
The EXPENSE SUMMARY under the heading ABOUT THE FUND is amended by adding the
following footnote after the caption "Maximum Contingent Deferred Sales Charge
(as a percentage of purchase price or redemption proceeds, as applicable)":
"A person who purchases $1 million or more of Class A shares and is not
assessed a sales charge at the time of purchase, will be assessed a sales
charge equivalent to 1% of the purchase price if such purchaser redeems any
or all of the Class A shares prior to the first anniversary of purchase."
INVESTORS SHOULD RETAIN THIS SUPPLEMENT WITH THE PROSPECTUS
FOR FUTURE REFERENCE
TOG-INSERT-10
