OLDE CUSTODIAN FUND
497, 1996-11-13
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<PAGE>   1
                     OLDE PREMIUM PLUS MONEY MARKET SERIES
                      Supplement to the February 12, 1996
              Prospectus and Statement of Additional Information

        Effective January 1, 1997 through January 1, 1998, the Adviser has 
voluntarily agreed to waive its management fee and accounting fee, and limit
all other expenses of this Series to no more than .25% of average net assets.  
The Adviser may, in its discretion, reimburse additional expenses of this 
Series.


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