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THE PARKSTONE ADVANTAGE FUND
Supplement dated July 2, 1999, to the
Statement of Additional Information dated May 1, 1999
THIS SUPPLEMENT PROVIDES NEW AND ADDITIONAL INFORMATION BEYOND THAT CONTAINED IN
THE STATEMENT OF ADDITIONAL INFORMATION. IT SHOULD BE RETAINED AND READ IN
CONJUNCTION WITH SUCH STATEMENT OF ADDITIONAL INFORMATION.
1. After the second paragraph on page 23, the following sub-section,
"Sub-Administrator," is inserted.
SUB-ADMINISTRATOR
National City Bank serves as the sub-administrator (the "Sub-Administrator")
to the Trust pursuant to a sub-administration agreement dated July 2, 1999,
(the "Sub-Administration Agreement"). The Sub-Administrator assists the
Administrator in providing administrative services with respect to each
Portfolio as may be reasonably requested by the Administrator from time to
time. Such services may include, but are in no way limited to, such clerical,
bookkeeping, accounting, stenographic, and administrative services which will
enable the Administrator to more efficiently perform its obligations under
the Administration Agreement.
The Sub-Administrator will receive a fee from the Administrator for its
services as Sub-Administrator and expenses assumed pursuant to the
Sub-Administration Agreement, calculated and paid monthly, at the annual rate
of 0.05% of the average aggregate monthly net assets of the Funds.
2. Before the "Investment Adviser" sub-section on page 18, the following
sub-section, "Trustee Deferred Compensation Plan", is inserted.
TRUSTEE DEFERRED COMPENSATION PLAN
The Trustees may elect to defer payment of 25% to 100% of the fees they
receive in accordance with a Trustee Deferred Compensation Plan (the "Plan").
Under the Plan, a Trustee may elect to have his or her deferred fees invested
by the Plan administrator in 91-day U.S. Treasury Bills, initially, or upon
implementation of the "shares option", and treated as if they had been
invested by the Trust in the shares of one or more portfolios of the
Parkstone Group of Funds or Armada Funds. The amount paid to the Trustee
under the Plan will be determined based on the performance of such
investments.
Distributions are generally of equal installments over a period of 2 to 15
years. The Plan will remain unfunded for federal income tax purposes under
the Internal Revenue Code of 1986, as amended (the "Code"). Deferral of
Trustee fees in accordance with the Plan will have a negligible impact on
portfolio assets and liabilities and will not obligate the Trust to retain
any Trustee or pay any particular level of compensation to a Trustee. The
Trust may invest in underlying securities without shareholder approval.
