ROCHDALE MAGNA PORTFOLIO
ROCHDALE ATLAS PORTFOLIO
SUPPLEMENT DATED OCTOBER 26, 1998
TO PROSPECTUS DATED JULY 7, 1998
THE FOLLOWING INFORMATION SHOULD BE INSERTED ON PAGE 2 OF THE PROSPECTUS:
FEES AND EXPENSES OF THE PORTFOLIOS
**Rochdale has undertaken to waive its fees and reimburse the Portfolios for all
fund expenses during the month of October 1998. For the months of November and
December 1998, Rochdale has undertaken to waive its fees or make payments of
fund expenses for the Portfolios to assure that the annual ratios of operating
expenses to average net assets will not exceed 0.75% for each Portfolio.
Thereafter, Rochdale has undertaken to continue to waive or reduce its fees or
make payments of fund expenses for the Portfolios to assure that the annual
ratios of operating expenses to average net assets will not exceed 2.50% for the
Rochdale Magna Portfolio and 2.75% for the Rochdale Atlas Portfolio. Without
Rochdale's undertaking, it is estimated that "Other Expenses" in the above table
would be 1.75% for the Rochdale Magna Portfolio and 2.00% for the Rochdale Atlas
Portfolio and "Total Operating Expenses" would be 3.00% for the Rochdale Magna
Portfolio and 3.25% for the Rochdale Atlas Portfolio. If Rochdale does waive
fees or pay fund expenses, the Portfolios may reimburse Rochdale within the
following three years. See "Management and Administration." Each Portfolio has
adopted a Distribution Plan under which it may pay Rochdale a fee at an annual
rate of up to 0.25% of the Portfolio's net assets for distribution expenses and
services. Over an extended period of time, a long-term shareholder may pay more,
directly and indirectly, in sales charges and such fees than the maximum sales
charge permitted under the rules of the National Association of Securities
Dealers, Inc. ("NASD"). This is recognized and permitted by the NASD. At this
time Rochdale has determined that no 12b-1 fee will be assessed for the first
year of the Portfolios' operations.
