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000 B000000 02/29/2000
000 C000000 0001073791
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001 A000000 KELMOORE STRATEGIC TRUST
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002 B000000 PALO ALTO
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007 C010100 1
007 C020100 THE KELMOORE STRATEGY(TM) COVERED OPTION FUND
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008 A00AA01 KELMOORE INVESTMENT COMPANY, INC.
008 B00AA01 A
008 C00AA01 801-56248
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010 A00AA01 PFPC INC.
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<PAGE> PAGE 2
012 C01AA01 KING OF PRUSSIA
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013 A00AA01 PRICEWATERHOUSECOOPERS LLP
013 B01AA01 SAN FRANCISCO
013 B02AA01 CA
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014 A00AA01 KELMOORE INVESTMENT COMPANY, INC.
014 B00AA01 8-39814
015 A00AA01 THE BANK OF NEW YORK
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<PAGE> PAGE 4
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<PAGE> PAGE 7
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SIGNATURE DAVID PETERS
TITLE ADMINISTRATOR
<TABLE> <S> <C>
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<CIK> 0001073791
<NAME> KELMOORE STRATEGIC TRUST
<SERIES>
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<NAME> THE KELMOORE STRATEGY COVERED OPTION FUND CLASS A
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<TABLE> <S> <C>
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<CIK> 0001073791
<NAME> KELMOORE STRATEGIC TRUST
<SERIES>
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<NAME> THE KELMOORE STRATEGY COVERED OPTION FUND CLASS C
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</TABLE>
Multiple Classes
The Fund offers both Class A and Class C shares. Each Class
of shares has a different distribution arrangement to provide
for different investment needs. This allows you to choose the
class of shares most suitable for you depending on the amount
and length of your investment and other relevant factors. Sales
personnel may receive different compensation for selling each
Class of shares.
Class A Shares
Sales of Class A shares of the Fund include a front-end sales
charge (expressed as a percentage of the offering price) as
shown in the following table:
<TABLE>
<CAPTION>
Front-End Sales Charge
---------------------------------------------
Approximate
Amount of Single Percentage of Percentage of Dealer
Transaction Offering Price Amount Invested Concession
- - ----------------------------------------------------------------------------
<S> <C> <C> <C>
Less than $50,000 5.50% 5.82% 5.00%
$50,000 but less than $100,000 4.75% 4.99% 4.25%
$100,000 but less than $250,000 4.00% 4.17% 3.50%
</TABLE>
<PAGE> 13
<TABLE>
<S> <C> <C> <C>
$250,000 but less than $500,000 3.25% 3.36% 2.50%
$500,000 or more 2.50% 2.56% 1.50%
</TABLE>
Shares acquired as a result of reinvestment of distributions will not be
subject to any sales charge. Class A shares are subject to a 12b-1 fee
of 0.25%, payable to the Adviser, which is lower than the 12b-1 fee for
the Class C shares.
The Adviser may pay a dealer concession to those selected dealers who have
entered into an agreement with the Adviser. The dealer's concession may be
changed from time to time. The Adviser may from time to time offer incentive
compensation to dealers which sell shares of the Fund subject to sales
charges, allowing such dealers to retain an additional portion of the sales
charge. Currently, dealers receive the concession set forth in the table
above, as well as the 12b-1 fee. On some occasions, such incentives will be
conditioned upon the sale of a specified minimum dollar amount of the shares
of the Fund during a specified period of time. A dealer who receives all or
substantially all of the sales charge may be considered an "underwriter"
under the Securities Act of 1933, as amended. All such sales charges are
paid to the securities dealer involved in the trade, if any.
Reduced Sales Charges
The sales charge for purchases of Class A shares of the Fund may be reduced
for a single purchaser through a Right of Accumulation or a Letter of Intent.
To qualify for a reduced sales charge, you must notify your dealer, First
Data Investor Services Group, Inc. ("Investor Services Group") or the Fund.
The term "single purchaser" refers to (i) an individual, (ii) an individual
and spouse purchasing shares of the Fund for their own account or for trust
or custodial accounts of their minor children, or (iii) a fiduciary purchasing
for any one trust, estate or fiduciary account, including employee benefit
plans of a single employer.
Right of Accumulation
If you already hold Class A shares of the Fund, a reduced sales charge
based on the sales charge schedule for Class A shares may apply to
subsequent purchases. The sales charge on each additional purchase is
determined by adding the current market value of the shares you currently
own to the amount being invested. The reduced sales charge is applicable
only to current purchases. It is your responsibility to notify Investor
Services Group at the time of subsequent purchases that the purchase is
eligible for the reduced sales charge under the Right of Accumulation.
You must also give the account numbers of your accounts, and of those
accounts held in the name of your spouse or for minor children, the
age of such children and the specific relationship of each such person.
Letter of Intent
You may qualify for a reduced sales charge immediately by signing a
non-binding Letter of Intent stating your intention to invest during
the next 13 months a specified amount which, if made at one time,
would qualify for a reduced sales charge. The first investment cannot
be made more than 90 days prior to the date of the Letter of Intent.
Any redemptions made during the 13-month period will be subtracted
from the amount of purchases in determining whether the Letter of Intent
has been satisfied. During the term of the Letter of Intent, Investor
Services Group will hold shares representing 5% of the indicated amount
in escrow for payment of a higher sales charge if the full amount indicated
in the Letter of Intent is not purchased. The escrowed shares will be released
when the full amount indicated has been purchased. If the full amount
indicated is not purchased within the 13-month period, your escrowed shares
will be redeemed in an amount equal to the difference in the dollar amount
of sales charge actually paid and the amount of sales charge you would
have had to pay on your aggregate purchases if the total of such purchases
had been made at a single time. It is your responsibility to notify Investor
Services Group at the time the Letter of Intent is submitted that there are
prior purchases that may apply.
Sales at Net Asset Value
The Fund may sell Class A shares at net asset value (i.e., without any
initial sales charge) to certain categories of investors, including:(1)
investment advisory clients of the Adviser or its affiliates; (2) officers
and present or former Trustees of the Fund; directors and full-time employees
of selected dealers or agents; the spouse, sibling, direct ancestor or direct
descendant (collectively "relatives") of any such person; any trust,
individual retirement account or retirement plan account for the benefit of
any such person or relative; or the estate of any such person or relative;
if such shares are purchased for investment purposes (such shares may
not be resold except to the Fund); (3) the Adviser and its affiliates and
certain employee benefit plans for employees of the Adviser; (4) employer
sponsored qualified pension or profit-sharing plans (including Section 401(k)
plans),custodial accounts maintained pursuant to Section 403(b)(7), retirement
plans and individual retirement accounts (including individual retirement
accounts to which simplified employee pension ("SEP") contributions are made),
if such plans or accounts are established or administered under programs
sponsored by administrators or other persons that have been approved by the
Adviser; (5) fee-based financial planners and registered investment advisors
who are purchasing on behalf of their clients; (6) broker-dealers who have
entered into selling agreements with the Adviser for their proprietary
accounts; and (7) participants in no-transaction-fee programs of brokers
that maintain an omnibus account with the Fund.
