ORCHARD SERIES FUND
SUPPLEMENT DATED JANUARY 21, 2000
TO STATEMENT OF ADDITIONAL INFORMATION DATED MARCH 1, 1999
PURCHASE, REDEMPTION AND PRICING OF SHARES
The following paragraph is added at page 19 in this section.
Each Fund intends to pay all redemptions of its shares in cash. However, each
Fund may make full or partial payment of any redemption request by the payment
to shareholders of portfolio securities of the applicable Fund (i.e., by
redemption in-kind) at the value of such securities used in determining the
redemption price. Nevertheless, pursuant to Rule 18f-1 under the 1940 Act, each
Fund is committed to pay in cash to any shareholder of record, all such
shareholder's requests for redemption made during any 90-day period, up to the
lesser of $250,000 or 1% of the application Fund's net asset value at the
beginning of such period. The securities to be paid in-kind to any shareholders
will be readily marketable securities selected in such manner as the Trustees of
the Trust deem fair and equitable. If shareholders were to receive redemptions
in-kind, they would incur brokerage costs should they wish to liquidate the
portfolio securities received in such payment of their redemption request. The
Funds do not anticipate making redemptions in-kind.
