Filed pursuant to Rule 497(e)
under the Securities Act of 1933.
File No. 33-84186
File No. 811-8774
ROULSTON FUNDS
Supplement dated January 3, 2000 to
Roulston Growth Fund
Roulston Growth and Income Fund
Roulston Government Securities Fund
Prospectus dated March 1, 1999 as supplemented September 22, 1999
and to
Roulston Emerging Growth Fund
Roulston International Equity Fund
Prospectus dated July 1, 1999
As of November 8, 1999, the new address for Roulston & Company, Inc.,
Roulston Research Corp. and the Roulston Funds is:
3636 Euclid Avenue
Suite 3000
Cleveland, Ohio 44115
* Effective January 3, 2000, the Portfolio Manager for the Growth and Income
Fund, as disclosed on page 7 of the Prospectus for such Fund was Howard W.
Harpster.
* The first paragraph under the heading PORTFOLIO MANAGERS, Growth and Income
Fund, on page 12 of the Prospectus dated March 1, 1999 as supplemented
September 22, 1999, is replaced with the following:
Effective January 3, 2000, the Fund is managed by Howard W. Harpster.
Mr. Harpster joined Roulston as Chief Investment Officer on May 15, 1999.
Prior to joining Roulston, Mr. Harpster served as Director of Pension
Investments with BP America, Inc. since 1989.
* The second and third paragraphs under the heading PORTFOLIO MANAGERS,
Growth and Income Fund, on page 12 of the Prospectus dated March 1, 1999
as supplemented September 22, 1999, are deleted.
* The following paragraph is added to the section GOVERNMENT SECURITIES FUND,
PRINCIPAL STRATEGY on page 8 of the Prospectus dated March 1, 1999 as
supplemented September 22, 1999:
The Fund expects that it may engage in active and frequent trading of
portfolio securities from time to time to achieve its principal strategy
resulting in an annual portfolio turnover rate which will exceed 100%.
This is expected to happen at times when the Fund is repositioning its
portfolio and duration to meet changing interest rate conditions resulting
in portfolio turnover rates which would be more in line with interest rate
cycles. Frequent trading of securities may increase transaction costs to
the Fund and can produce capital gains, which are taxable when distributed
to investors in non-tax-sheltered accounts.
* This Supplement supersedes in its entirety the Supplement dated
December 8, 1999.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT
WITH THE PROSPECTUS FOR FUTURE REFERENCE.
PFPC INC.
3200 Horizon Drive
King of Prussia, PA 19406-0903
January 3, 2000
Securities and Exchange Commission
Judiciary Plaza
Public Filing Desk
450 Fifth Street, NW
Washington, DC 20549
Re: Roulston Funds (the "Registrant")
File No.: 33-84186
To the Staff of the Commission:
Pursuant to Rule 497(e) under the Securities Act of 1933, as
amended, enclosed for filing on behalf of the Registrant is the
EDGAR transmission of the Supplement dated January 3, 2000 to
Roulston Growth Fund, Roulston Growth and Income Fund, and Roulston
Government Securities Fund Prospectus dated March 1, 1999
as supplemented September 22, 1999 and to Roulston Emerging Growth Fund,
and Roulston International Equity Fund Prospectus dated July 1, 1999.
The purposes of this filing is to notify shareholders of (i) the new
address for the adviser, the distributor and the Funds, (ii) the
change in primary manager and retirement of co-managers for Roulston
Growth and Income Fund and (iii) the portfolio turnover rate of
Roulston Government Securities Fund.
Should you have any questions, comments or require further
information, I can be reached directly at (610) 239-4753.
Thank you for your continued courtesy and cooperation.
Sincerely,
Michelle A. Whalen
Manager
Compliance Administration
cc: Kristin Ives, Esq.
Charles A. Kiraly
