Fasciano Fund, Inc.
Supplement dated February 27, 1998 to
Prospectus dated October 28, 1997
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[Insert the following on the cover page under Plans Available]:
Roth IRA
Education IRA
[Insert the following under Purchasing Shares, beginning on page 4]:
Purchasing shares by telephone. To purchase shares by telephone, call
Firstar at (800) 982-3533. You may not make an initial purchase by
telephone, but you may make subsequent investments to an existing
account. The minimum telephone purchase amount is $1,000. Only bank
accounts held at domestic financial institutions that are Automated Clearing
House (ACH) members can be used for telephone transactions. Your
telephone purchase order must be received by Firstar before the close of
regular session trading on the New York Stock Exchange (generally
3:00 p.m., Central time) to receive the net asset value calculated for that
day. In an effort to reduce the risk of unauthorized or fraudulent
transactions by telephone, the Fund and Firstar employ procedures
reasonably designed to confirm that such instructions by telephone are
genuine. The procedures used include requiring an investor to provide the
account number, recording all such telephone instructions and confirming
all telephone transactions in writing to the shareholder at the address on
Firstars records. The Fund may implement other procedures from time to
time. If reasonable procedures are not used, the Fund and/or Firstar may
be liable for any loss due to unauthorized or fraudulent transactions. In
all other cases, the shareholder is liable for any loss for unauthorized
transactions.
[Insert the following under Redeeming Shares, beginning on page 6]:
Redeeming shares by telephone. To request a redemption by telephone,
call Firstar at (800) 982-3533. Your shares will be redeemed at the net
asset value next calculated after receipt of your redemption request. You
may have the proceeds wired to your bank account or mailed to your
address of record. Only one owner of a joint account is required to place a
telephone redemption request. To reduce the risk of fraudulent telephone
instructions, the proceeds of telephone redemptions may be sent only to
your address of record or to a bank or brokerage account designated by
you, in writing, on the purchase application or in a letter with the
signature(s) guaranteed. In an effort to reduce the risk of unauthorized or
fraudulent transactions by telephone, the Fund and the transfer agent
employ procedures reasonably designed to confirm that such instructions by
telephone are genuine. The procedures used include requiring an investor
to provide the account number, recording all such telephone instructions
and confirming all telephone transactions in writing to the shareholder at
the address on Firstars records. The Fund may implement other
procedures from time to time. If reasonable procedures are not used, the
Fund and/or Firstar may be liable for any loss due to unauthorized or
fraudulent transactions. In all other cases, the shareholder is liable for any
loss for unauthorized transactions. You may not redeem shares held in an
IRA account by telephone. During periods of volatile economic and
market conditions, you may have difficulty making a redemption request by
telephone, in which case you should request your redemption in writing.
Telephone redemptions will not be allowed within 15 days of notification of
a shareholder address change. In this case a signature guaranteed letter
will be required. If you redeem shares by telephone and request a wire
payment, your redemption proceeds will normally be paid in federal funds
on the next business day provided that your redemption order is received
by Firstar before 3 p.m. Central time. Firstar will charge a $12 wire fee
for each such payment.
