PARKSTONE ADVANTAGE FUND, 497, 1998-07-24

PARKSTONE ADVANTAGE FUND
497, 1998-07-24

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<PAGE>   1
 
                          THE PARKSTONE ADVANTAGE FUND
 
                     SUPPLEMENT DATED JULY 24, 1998 TO THE
                          PROSPECTUS DATED MAY 1, 1998
 
    The Prospectus of The Parkstone Advantage Fund is amended to reflect two
                                    changes:
 
                                   CUSTODIAN
 
                    The new custodian bank for the Fund is:
 
                               National City Bank
                             4100 West 150th Street
                           Cleveland, Ohio 44135-1389
 
                            MANAGEMENT OF THE TRUST
 
First of America utilizes a team approach to the investment management of the
funds, with professionals working as a team to ensure a disciplined investment
process designed to result in long-term performance consistent with each Fund's
investment objective. No one person is responsible for a Fund's management.