Light Revolution Fund, Inc.
Supplement to Light Revolution Fund Prospectus Dated June 4, 1999
Removal of Redemption Fee
Effective September 16, 1999, the 1.0% redemption fee on
redemptions of shares of the Light Revolution Fund within twelve
months of their purchase has been removed and will no longer be
imposed on redemptions of shares of the Light Revolution Fund.
Revised Fee and Expense Table
The following fee and expense table replaces the fee and
expense table in the prospectus:
FEES AND EXPENSES OF THE FUND
This table describes the fees and expenses that you may pay
if you buy and hold shares of the Fund.
Shareholder Fees (fees paid directly from your investment)
Maximum sales charge (load) imposed on purchases(1)
(as a percentage of offering price) 4.75%
Maximum deferred sales charge (load) imposed on redemptions
(as a percentage of amount redeemed) None
Redemption Fee
(as a percentage of amount redeemed)(2) None
Exchange Fee(3) $5.00
Annual Fund Operating Expenses (expenses that are deducted from Fund assets)(4)
Management Fees(5) 1.00%
Distribution and Service (12b-1) Fees(6) 0.25%
Other Expenses(5) 2.01%
Total Annual Fund Operating Expenses(5) 3.26%
Fee Waiver/Expense Reimbursement(4) 1.26%
Net Expenses(4)(5) 2.00%
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(1) This sales charge is the maximum sales charge applicable to
purchases of shares. You may not have to pay this sales
charge because waivers and reduced sales charges are
available. See "How to Purchase Shares."
(2) A fee of $12.00 is charged for each wire redemption. See
"How to Redeem Shares - In General."
(3) If you exchange shares of the Fund for shares of the Firstar
Money Market Fund, you will be charged a $5.00 fee.
(4) Fund operating expenses are deducted from Fund assets before
computing the daily share price or making distributions. As
a result, they will not appear on your account statement, but
instead reduce the amount of total return you receive.
(5) "Other Expenses" have been estimated for the current fiscal
year because the Fund does not expect to begin operations
until May 31, 1999. Until May 31, 2000, the Adviser has
agreed to waive its management fee and/or reimburse the
Fund's other expenses to the extent necessary to ensure that
the Fund's total annual operating expenses which include
management and administration fees, but which exclude
interest, taxes, brokerage commissions and other costs
incurred in connection with the purchase and sale of
portfolio securities, and extraordinary items, do not exceed
2.00% of its average net assets. After such date, the total
annual operating expense limitations may be terminated or
revised at any time. "Other expenses" are presented before
any such waivers or reimbursements. If such waivers and
reimbursements are included in the calculation of "other
expenses" (i.e., if actual "other expenses" are shown), other
expenses and total annual operating expenses for the Fund are
expected to be 0.75% and 2.00%, respectively. Any waiver or
reimbursement is subject to later adjustment to allow the
Adviser to recoup amounts waived or reimbursed, including
initial organization costs of the Fund, to the extent actual
fees and expenses for a period are less than the expense
limitation cap, provided, however, that the Adviser is only
entitled to recoup such amounts for a period of three years
from the date such amount was waived or reimbursed. For
additional information, see "Fund Management."
(6) Because Rule 12b-1 fees are paid out of the Fund's assets on
an on-going basis, over time these fees will increase the
cost of your investment and could cost long-term investors of
the Fund more than other types of sales charges. For more
information, see "Distribution and Shareholder Servicing Plan."
Sales Charge Waivers
In addition to the sales charge waivers set forth in the
prospectus, (i) Keogh plans with at least $500,000 in net assets
and at least 2 plan participants and (ii) vendors or service
providers of the Fund or the Adviser may purchase shares of the
Light Revolution Fund at net asset value without the imposition
of any sales charge.
Appointment of New Director
Effective September 15, 1999, Robert W. Burnett was
appointed to the board of directors of the Light Revolution Fund
to fill a vacancy created as a result of the expansion of the
board. Mr. Burnett is a disinterested director of the Fund.
Appointment of New Distributor
On November 16, 1999, the Board of Directors of the Light
Revolution Fund appointed Provident Distributors, Inc., Four
Falls Corporate Center, 6th Floor, West Conshohocken,
Pennsylvania 19428-2961 as its distributor, replacing First Data
Distributors, Inc. The distribution agreement between the Light
Revolution Fund and Provident Distributors became effective on
December 1, 1999.
The date of this supplement is December 9, 1999. This
Supplement should be retained with your prospectus for future
reference.
