The Milestone Fund Treasury Obligations Portfolio
Supplement dated December 1, 1999 to Prospectus dated March 30, 1999
The references in the prospectus to completed purchase and redemption order
times and the calculation of the net asset value per share of the Portfolio are
being changed from 4:30 p.m. (Eastern time) to 5:00 p.m. (Eastern Time),
effective December 1, 1999.
A service fee of 0.05% has been adopted for the Treasury Obligations Portfolio
Financial Shares, effective December 1, 1999. As a result of this change, the
total annual operating expenses of the Financial Shares is 0.20%. However, for
the current fiscal year, the Advisor has agreed that the total annual expenses
of the Financial Shares will not exceed 0.15%.
