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THE ONE GROUP(R)
FAMILY OF MUTUAL FUNDS
BOND FUNDS COMBINED PROSPECTUS
Supplement dated March 28, 1997
to Prospectus dated November 1, 1996
THE ONE GROUP(R) INTERMEDIATE BOND FUND
THE ONE GROUP(R) INCOME BOND FUND
THE ONE GROUP(R) GOVERNMENT BOND FUND
THE ONE GROUP(R) ULTRA SHORT-TERM INCOME FUND
THE ONE GROUP(R) LIMITED VOLATILITY BOND FUND
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A Special Meeting of Shareholders ("Special Meeting") of The One Group(R) Income
Bond Fund (the "Fund") will be held on Thursday, April 10, 1997 at 10:00 a.m.
for the following purpose:
1. To approve an amendment in the investment objective of the Fund as set
forth below:
The Fund seeks a high level of current income by investing primarily in a
diversified portfolio of high, medium and low grade debt securities.
2. To transact such other business as may properly come before the Special
Meeting or any adjournment thereof.
Under the proposed investment objective, the Fund would be permitted to invest
in high yield bonds and similar securities in the lower rating categories. High
yield securities are commonly known as "junk bonds." Only Shareholders of record
at the close of business on March 5, 1997 are entitled to notice of, and to vote
at, the Special Meeting or any adjournment thereof. Accordingly, investors who
were not Shareholders of record on the close of business on March 5, 1997 will
not be entitled to notice of, or to vote at, this Special Meeting or any
adjournment thereof. If approved, the amended investment objective will be
effective on or about June 15, 1997. Shareholders will be notified only if the
amended investment objective is not approved.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT
WITH THE PROSPECTUS FOR FUTURE REFERENCE
TOG-S-59
