Rockland Funds

Richard H. Gould, CFA, CMT, has managed the Rockland Small Cap Growth Fund since its inception on December 2, 1996. Mr. Gould managed the Fund at Greenville Asset Management from inception through March 31, 2004. On April 1, 2004, Richard H. Gould and Sanjay Upadhyaya lifted out from Greenville Capital Management and founded Gould Investment Partners LLC.

In March 2004, over 99% of the shareholders who cast their ballots voted to retain the same investment team that had managed the Fund since its inception and to move the Fund's contract to Gould Investment Partners. In April 2004, the Rockland Funds Trust Independent Board of Directors elected to retain Richard Gould as the investment advisor tothe Rockland Small Cap Growth Fund, and the Rockland Funds Trust management contract was transferred to Gould Investment Partners.