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THE PARKSTONE GROUP OF FUNDS
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GROWTH FUNDS INCOME FUNDS
Parkstone Small Capitalization Fund Parkstone Bond Fund
Parkstone Mid Capitalization Fund Parkstone Limited Maturity Bond Fund
Parkstone Large Capitalization Fund Parkstone Intermediate Government
Parkstone International Discovery Fund Obligations Fund
Parkstone U.S. Government Income Fund
GROWTH AND INCOME FUNDS MONEY MARKET FUNDS
Parkstone Balanced Allocation Fund Parkstone Prime Obligations Fund
Parkstone Equity Income Fund Parkstone U.S. Government Obligations
Fund
Parkstone Treasury Fund
TAX-FREE INCOME FUNDS Parkstone Tax-Free Fund
Parkstone Municipal Bond Fund
Parkstone Michigan Municipal Bond Fund
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Supplement dated February 25, 1997
to Prospectuses dated October 8, 1996 as
Supplemented October 16, 1996 and December 20, 1996
1. On page 53 of the Investor A Shares Prospectus, page 42 of the Investor B
Shares Prospectus, page 36 of the Investor C Shares Prospectus, page 51 of the
Institutional Shares Prospectus, the first two paragraphs under the heading
"MANAGEMENT OF THE FUNDS - Trustees" are revised as follows:
Overall responsibility for management of the Group rests with its Board of
Trustees. The Group will be managed by the Trustees in accordance with
the laws of the Commonwealth of Massachusetts governing business trusts.
There are currently five Trustees, three of whom are not "interested
persons" of the Group within the meaning of that term under the 1940 Act.
The Trustees elect the officers of the Group to supervise actively its
day-to-day operations.
The Trustees of the Group are John B. Rapp* (Chairman), Robert M. Beam,
Lawrence D. Bryan, Adrian Charles Edwards and George R. Landreth*. The
addresses and principal occupations during the past five years of the
Trustees are set forth in the Statement of Additional Information. The
Trustees designated with an asterisk (*) are considered to be "interested
persons" of the Group as defined in the 1940 Act.
2. On page 54 of the Investor A Shares Prospectus, page 42 of the Investor B
Shares Prospectus, page 36 of the Investor C Shares Prospectus, page 51
of the Institutional Shares Prospectus, add the following sentence after
the last paragraph under the heading "MANAGEMENT OF THE FUNDS - Trustees":
Mr. Rapp, who is an employee of First of America Bank Corporation, a bank
holding company, receives no compensation from the Group for acting as a
Trustee.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT
WITH THEIR PROSPECTUS FOR FUTURE REFERENCE
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THE PARKSTONE GROUP OF FUNDS
LifeWorks Funds
Parkstone Conservative Allocation Fund
Parkstone Balanced Allocation Fund
Parkstone Aggressive Allocation Fund
===============================================================================
Supplement dated February 25, 1997
to Prospectus dated December 30, 1996
1. On page 18 of the Prospectus, the first two paragraphs under the heading
"MANAGEMENT OF THE FUNDS - Trustees" are revised as follows:
Overall responsibility for management of the Group rests with its Board of
Trustees. The Group will be managed by the Trustees in accordance with the
laws of the Commonwealth of Massachusetts governing business trusts. There
are currently five Trustees, three of whom are not "interested persons" of
the Group within the meaning of that term under the 1940 Act. The Trustees
elect the officers of the Group to supervise actively its day-to-day
operations.
The Trustees of the Group are John B. Rapp* (Chairman), Robert M. Beam,
Lawrence D. Bryan, Adrian Charles Edwards and George R. Landreth*. The
addresses and principal occupations during the past five years of the
Trustees are set forth in the Statement of Additional Information. The
Trustees designated with an asterisk (*) are considered to be "interested
persons" of the Group as defined in the 1940 Act.
2. On page 19 of the Prospectus, add the following sentence after the last
paragraph under the heading "MANAGEMENT OF THE FUNDS - Trustees":
Mr. Rapp, who is an employee of First of America Bank Corporation, a bank
holding company, also receives no compensation from the Group for acting as
a Trustee of the Group.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT
WITH THEIR PROSPECTUS FOR FUTURE REFERENCE
<PAGE> 3
THE PARKSTONE GROUP OF FUNDS
GROWTH FUNDS INCOME FUNDS
Parkstone Small Capitalization Fund Parkstone Bond Fund
Parkstone Mid Capitalization Fund Parkstone Limited Maturity Bond Fund
Parkstone Large Capitalization Fund Parkstone Intermediate Government
Parkstone International Discovery Fund Obligations Fund
Parkstone U.S. Government Income Fund
GROWTH AND INCOME FUNDS
Parkstone Conservative Allocation Fund MONEY MARKET FUNDS
Parkstone Balanced Allocation Fund Parkstone Prime Obligations Fund
Parkstone Aggressive Allocation Fund Parkstone U.S. Government Obligations
Parkstone Equity Income Fund Fund
Parkstone Treasury Fund
Parkstone Tax-Free Fund
TAX-FREE INCOME FUNDS
Parkstone Municipal Bond Fund
Parkstone Michigan Municipal Bond Fund
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Supplement dated February 25, 1997
to Statement of Additional Information
dated December 30, 1996
1. Under the heading "MANAGEMENT OF THE GROUP - Trustees and Officers," in the
table listing the Trustees of the Group, add the following information:
Name, Address Position(s) Held Principal Occupation
and Birth Date With The Group During Past 5 Years
- -------------- ---------------- --------------------
John B. Rapp* Chairman of the Board From 1989 to present,
First of America Bank Corp. and Trustee Executive Vice President,
211 South Rose St. First of America Bank
Kalamazoo, Michigan 49007 Corporation
November 3, 1936
2. Investors are advised that George R. Landreth no longer serves as Chairman
of the Board, but has assumed the position of President of the Group.
3. Under the heading "MANAGEMENT OF THE GROUP - Trustees and Officers," in the
table listing the officers of the Group, add the following information:
Position(s) Held Principal Occupation
Name, Address and Age With the Group During Past 5 Years
- --------------------- ---------------- --------------------
Dana A. Gentile, 34 Vice President From December 1987 to
BISYS Fund Services present, employee of
3435 Stelzer Road BISYS
Columbus, Ohio 43219
INVESTORS SHOULD RETAIN THIS SUPPLEMENT WITH THEIR
STATEMENT OF ADDITIONAL INFORMATION FOR FUTURE REFERENCE
<PAGE> 4
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Tom E. Line, 29 Treasurer From January 1997 to
BISYS Fund Services present, employee of
3435 Stelzer Road BISYS; from September
Columbus, Ohio 43219 1989 to December 1996,
employee of KPMG Peat
Marwick
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4. Investors are advised that Scott A. Englehart no longer serves as President
of the Group, but has assumed the position of Vice President, George O.
Martinez no longer serves as an officer of the Group and Timothy A. Thiebout no
longer serves as Treasurer of the Group.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT WITH THEIR
STATEMENT OF ADDITIONAL INFORMATION FOR FUTURE REFERENCE
