Ralph Kelmon, one of the founders and current CEO of Kelmoore Investment Company, is adding chief investment officer to his title. The former chief investment officer and portfolio manager of the Kelmoore Strategy Funds, Matthew Kelmon (Ralph's son), is leaving the company. Portfolio management duties at the Strategy Funds will be handled by Barry Martin.

Company Press Release

PALO ALTO, Calif., Jan. 30 /PRNewswire/ -- Kelmoore Investment Company Inc. today announced that Matthew Kelmon, portfolio manager of the Kelmoore Strategy(R) Funds and related products for retail and institutional clients, is leaving the firm to pursue other opportunities. Effective immediately, Ralph Kelmon, one of the founders of Kelmoore and current CEO, will be taking over as Chief Investment Officer, and Barry Martin, who has been a Portfolio Manager at Kelmoore since 1999, will serve as Portfolio Manager of the Kelmoore Strategy(R) Funds.

Martin is a member of Kelmoore's Investment Committee and has assisted Kelmon with the Funds since their inception in 1999, the company said. Martin earned a BA in Finance from University of Arizona and is a CFA Level II candidate.

The Palo Alto, California-based company noted that these portfolio management changes are effective January 29, 2008.

The investment objective of each of the funds is to maximize realized gains from writing call options on common stocks. Each fund seeks to pursue this objective by using the Kelmoore Strategy(R), which combines the purchase of high-quality stocks with the sale of Covered Options against those stocks to generate these gains. The Kelmoore Strategy(R) Eagle Fund is a more aggressive version of the core fund in that it invests in stocks that have greater volatility, thus option premiums can be greater and also involve greater risks. The Kelmoore Strategy(R) Liberty Fund is a more conservative version of the core fund, which partially hedges against downside risk by investing in put options in addition to writing covered call options.

Both covered option writing and equity ownership involve risk and are not suitable for all investors. Investors should not invest in these funds if they seek capital appreciation, predictable levels of income, or are only investing for a short period of time. You should consider the investment objectives, risks, charges and expenses of the Kelmoore Strategy(R) Funds carefully before investing. A prospectus with this and other information about the Funds may be obtained by calling the distributor at 877-KELMOORE or by visiting http://www.kelmoore.com/. The prospectus should be read carefully before investing.

About Kelmoore

Kelmoore Investment Company, Inc., headquartered in Palo Alto, CA, is an independently owned, licensed general securities broker/dealer. The company was founded in 1978 and acquired by the current management team in 1992. Kelmoore Investment Co. currently has around $200 million under management in mutual funds and separately managed accounts.

Edited by: Erin Kello

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