Rule 497(e)
Registration No. 33-81574
THE MILESTONE FUNDS
TREASURY OBLIGATIONS PORTFOLIO
INVESTOR SHARES
Supplement Dated February 21, 1997
to
Prospectus Dated February 23, 1996 and Revised May 1, 1996
o The following information supplements the dates found on the cover page
and inside page of the Prospectus:
The Statement of Additional Information is hereafter dated September 6,
1996.
o The following information supplements the material found on page 2 and
14 of the Prospectus:
All references to "Service Shares" should read "Financial Shares".
o The following information supplements the material found on page 14 and
the back cover of the Prospectus:
The references to "McGladrey & Pullen, LLP" should read "Deloitte &
Touche, LLP."
