LAKE SHORE FAMILY OF FUNDS
PROSPECTUS DATED MAY 1, 1999
SUPPLEMENT DATED SEPTEMBER 20, 1999
------------------------------------
The Prospectus and Statement of Additional Information, dated May 1, 1999, of
Lake Shore Family of Funds is hereby amended to reflect the following new
information:
1. On May 19, 1999, the Board of Trustees unanimously approved the termination
of the public offering of shares and approved a mandatory redemption
program for the remaining shareholders of the Lake Shore Balanced Fund(the
"Balanced Fund"). On August 17, 1999, the last shareholder was redeemed out
of the Balanced Fund. Following the redemption of the last shareholder, the
Balanced Fund will engage in no business activities other than those
necessary to wind up its affairs. Therefore, any references in the
Prospectus and Statement of Additional to the Balanced Fund are no longer
applicable.
2. ANNUAL FUND OPERATING EXPENSES: The table on page 4 of the Prospectus is
amended as follows:
ANNUAL FUND OPERATING EXPENSES (expenses that are deducted from Fund assets)
Equity Fund
-----------
Management Fees 1.00%
Distribution (12b-1) Fees .25%
Estimated Other Expenses(1) .73%
-----
Total Annual Fund Operating Expenses(2) 2.98%
=====
(1) Other expenses are based on estimated amounts for the current fiscal year.
(2) The Adviser currently intends to voluntarily waive management fees and
reimburse other expenses to the extent necessary to limit the total annual
operating expenses of the Fund to 2.98% of its average daily net assets.
3. EXAMPLE: The Example on page 5 of the Prospectus is amended as follows to
reflect the updated costs associated with investing in the Equity Fund.
Equity Fund
-----------
1 Year $ 786
3 Years 1375
