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ONE GROUP-REGISTERED TRADEMARK- MUTUAL FUNDS
BOND FUNDS PROSPECTUS
Supplement dated November 19, 1999
to Prospectus dated November 1, 1999
This supplement makes the following two changes to the Bond Funds Prospectus:
First, a Special Meeting of Shareholders ("Special Meeting") of One
Group-Registered Trademark- Income Bond Fund (the "Fund") was held on Friday,
November 19, 1999 at 10:00 a.m. At the meeting, a majority of the shareholders
of record at the close of business on September 23, 1999 approved a
Sub-Investment Advisory Agreement between Banc One Investment Advisors
Corporation and Banc One High Yield Partners, LLC with respect to the Fund. As a
result, Banc One High Yield Partners, LLC (1111 Polaris Parkway, P.O. Box
710211, Columbus, Ohio 43271-0211) now acts as sub-advisor to the Fund with
regard to that portion of the Fund's assets designated by Banc One Investment
Advisors for investment in corporate fixed-income securities and instruments
which are rated below investment grade or unrated corporate fixed-income
securities and instruments of similar quality. The Fund currently cannot invest
more than 30% of its total assets in this type of security. Approval of the
Sub-Investment Advisory Agreement did not result in any change in the Fund's
investment restrictions or an increase in the contractual rate of any advisory
fees payable by the Fund. The sub-investment advisory fees will be paid by Banc
One Investment Advisors and not by the Fund.
Banc One High Yield Partners was formed in June 1998 to provide investment
advisory services related to high yield, high risk investments to the One
Group-Registered Trademark- High Yield Bond Fund and other investment advisory
clients. Banc One High Yield Partners is controlled by Banc One Investment
Advisors and Pacholder Associates, Inc. As of June 30, 1999, Banc One High Yield
Partners had approximately $150 million in assets under management.
Second, the first number in the last column of the table on page 47 of the
Prospectus (which describes the percentage of commissions paid to Shareholder
Servicing Agents in connection with Class A shares) is changed from 2.07% to
2.70%.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT
WITH THE PROSPECTUS FOR FUTURE REFERENCE
TOG-S-1046
