ROCHDALE INVESTMENT TRUST
485BPOS, 2000-01-12
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    As Filed With the Securities and Exchange Commission on January 12, 2000
                                               Securities Act File No. 333-47415
                                        Investment Company Act File No. 811-8685
================================================================================
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                    FORM N-1A

             REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933       [X]

                           Pre-Effective Amendment No.

                         Post-Effective Amendment No. 6                    [X]


                                     and/or

        REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940    [ ]

                                 Amendment No. 8                           [X]

                        (Check appropriate box or boxes)

                            ROCHDALE INVESTMENT TRUST
               (Exact Name of Registrant as Specified in Charter)

                               570 Lexington Ave.
                             New York, NY 10022-6837
          (Address of Principal Executive Offices, including Zip Code)

                                 (212) 702-3500
              Registrant's Telephone Number, including Area Code:


                               Julie Allecta, Esq.
                        Paul, Hastings, Janofsky & Walker LLP
                               345 California St.
                            San Francisco, CA, 94104
                     (Name and Address of Agent for Service)

It is proposed that this filing will become effective (check appropriate box)


          [X]  Immediately upon filing pursuant to paragraph (b)
          [ ]  On ______________ pursuant to paragraph (b)
          [ ]  60 days after filing pursuant to paragraph (a)(1)
          [ ]  On ______________ pursuant to paragraph (a)(1)
          [ ]  75 days after filing pursuant to paragraph (a)(2)
          [ ]  On ______________ pursuant to paragraph (a)(2) of Rule 485


If appropriate, check the following box:

          [ ] this post-effective amendment designates a new effective date for
              a previously filed post-effective amendment.
<PAGE>
                            ROCHDALE INVESTMENT TRUST

                            ROCHDALE MAGNA PORTFOLIO
                            ROCHDALE ALPHA PORTFOLIO
                            ROCHDALE ATLAS PORTFOLIO

                   ROCHDALE STRUCTURED LARGE GROWTH PORTFOLIO
                    ROCHDALE STRUCTURED LARGE VALUE PORTFOLIO
                 ROCHDALE STRUCTURED MID/SMALL GROWTH PORTFOLIO
                  ROCHDALE STRUCTURED MID/SMALL VALUE PORTFOLIO

                  ROCHDALE INTERMEDIATE FIXED-INCOME PORTFOLIO



                                   PROSPECTUS
                                JANUARY 12, 2000

<PAGE>

                            ROCHDALE INVESTMENT TRUST
                               COMBINED PROSPECTUS
                                JANUARY 12, 2000


                           ROCHDALE EQUITY PORTFOLIOS

                            ROCHDALE MAGNA PORTFOLIO
                       - a large-cap domestic equity fund

                            ROCHDALE ALPHA PORTFOLIO
                  - a medium to small-cap domestic equity fund

                            ROCHDALE ATLAS PORTFOLIO
                             - a foreign equity fund


                        ROCHDALE FIXED-INCOME PORTFOLIOS

                  ROCHDALE INTERMEDIATE FIXED-INCOME PORTFOLIO
                 - a domestic corporate and government bond fund


                         ROCHDALE STRUCTURED PORTFOLIOS

                   ROCHDALE STRUCTURED LARGE GROWTH PORTFOLIO
                    - a large-cap domestic value equity fund

                    ROCHDALE STRUCTURED LARGE VALUE PORTFOLIO
                    - a large-cap domestic growth equity fund

                 ROCHDALE STRUCTURED MID/SMALL GROWTH PORTFOLIO
               - a medium to small-cap domestic growth equity fund

                  ROCHDALE STRUCTURED MID/SMALL VALUE PORTFOLIO
               - a medium to small-cap domestic value equity fund



AS WITH ALL MUTUAL  FUNDS,  THE  SECURITIES  AND  EXCHANGE  COMMISSION  DOES NOT
APPROVE OR DISAPPROVE OF THESE SHARES OR DETERMINE  WHETHER THE  INFORMATION  IN
THIS COMBINED  PROSPECTUS IS TRUTHFUL OR COMPLETE.  IT IS A CRIMINAL OFFENSE FOR
ANYONE TO INFORM YOU OTHERWISE.

                                       2
<PAGE>
                                TABLE OF CONTENTS


An Overview of each Portfolio
Past Performance
Fees and Expenses for the Equity and Fixed-Income Portfolios
Example
Fees and Expenses for the Structured Portfolios
Example
Investment Goal and Principal Investment Strategies for the Equity
  and Fixed-Income Portfolios
Investment Goal and Principal Investment Strategies for the
  Structured Portfolios
Principal Risks of Investing in the Portfolios
Investment Advisor

Shareholder Information
Pricing of Portfolio Shares

Dividends and Distributions
Tax Consequences
Distribution Arrangements
Financial Highlights

                                       3
<PAGE>
AN OVERVIEW OF EACH PORTFOLIO

                            ROCHDALE MAGNA PORTFOLIO

INVESTMENT GOAL:

     The Portfolio seeks long-term capital appreciation.

PRINCIPAL INVESTMENT STRATEGIES


     The Portfolio  pursues its  investment  goal by investing  primarily in the
     common of larger U.S.  companies  (generally  those companies with a market
     capitalization   of  greater  than  $1  billion).   The  Portfolio  selects
     approximately 50 companies from the S&P 500 (a nationally recognized index)
     that the Advisor considers industry leaders across both cyclical and steady
     growth  industry  groups.  Cyclical  growth  companies  are those that will
     experience  greater  fluctuations in value due to external economic factors
     in the U.S. economy versus steady growth companies which typically will not
     experience  these  fluctuations.  As an enhanced  approach to broad  market
     investing,  the Advisor will invest in companies from both industry  groups
     in order to resist the market's short-term  preferences for either industry
     group.  The Advisor expects the Portfolio to, over the long term,  generate
     incremental returns greater than the S&P 500.


PRINCIPAL RISKS


     There can be no guarantee  that the  Portfolio  will attain its  investment
     goal. As with all mutual funds, there is the risk that you could lose money
     on your  investment  in the  Portfolio.  The  principal  risks  that  could
     adversely affect the value of your investment include:


     *    The stock market goes down.
     *    Interest  rates  rise,  which can  result in a decline  in the  equity
          market.
     *    The market undervalues the stocks held by the Portfolio.
     *    The stocks held by the Portfolio fail to grow their earnings.

WHO MAY WANT TO INVEST IN THIS PORTFOLIO

     The Portfolio may be appropriate for investors who:

     *    Are pursuing a long-term investment goal.
     *    Want to create a large company foundation for their equity portfolio.
     *    Are seeking broad-based industry, sector, and market cycle exposure.

     *    Are willing to accept  short-term  fluctuations  in the value of their
          portfolio,  as the broader  market  changes its  preference for either
          cyclical or steady growth  companies,  in exchange for the possibility
          of earning higher long-term returns.


     The Portfolio may not be appropriate for investors who:

     *    Are pursuing a short-term goal.
     *    Wish to have their equity allocation  invested more  aggressively,  in
          smaller companies only.
     *    Need regular income.

                                       4
<PAGE>
                            ROCHDALE ALPHA PORTFOLIO

INVESTMENT GOAL

     The Portfolio seeks long-term capital appreciation.

PRINCIPAL INVESTMENT STRATEGIES


     The  Portfolio   invests  primarily  in  equity  securities  of  small  and
     medium-size  U.S.  companies.  Companies  are  selected  through  intensive
     research  and  due  diligence,  with a  focus  on a  company's  fundamental
     characteristics  including the company's  management  and  possibility  for
     growth.  Companies selected will generally have a market  capitalization of
     less than $1 billion and are expected to grow earnings at a rate above that
     of larger, more established companies,  and therefore the Portfolio expects
     over the long  term to  generate  returns  greater  than  that of the broad
     market, although there can be no assurance that the Portfolio will do so.


PRINCIPAL RISKS


     As with all  mutual  funds,  there is the risk that you could lose money on
     your investment in the Portfolio.  The principal risks that could adversely
     affect the value of your investment include:


     *    The stock market goes down.
     *    Interest  rates  rise,  which can  result in a decline  in the  equity
          market.
     *    The market undervalues the stocks held by the Portfolio.
     *    The stocks held by the Portfolio fail to grow their earnings.

     *    The stocks held by the Portfolio  exhibit  characteristics  typical of
          small  and  medium  companies.  These  companies  are  typically  more
          volatile and less liquid than larger companies.


WHO MAY WANT TO INVEST IN THIS PORTFOLIO

     The Portfolio may be appropriate for investors who:

     *    Are pursuing a long-term investment goal.
     *    Want to diversify their equity  portfolio and enhance return potential
          by investing in small and medium-size companies.

     *    Are  willing to accept  fluctuations  in the value of their  portfolio
          with the offsetting goal of earning higher long-term return.


     The Portfolio may not be appropriate for investors who:

     *    Are pursuing a short-term investment goal.
     *    Need regular income.
     *    Wish to have their equity allocation invested in large companies only.

                                       5
<PAGE>
                            ROCHDALE ATLAS PORTFOLIO

INVESTMENT GOAL

     The Portfolio seeks long-term capital appreciation.

PRINCIPAL INVESTMENT STRATEGIES


     The Portfolio  invests  primarily in equity securities of foreign companies
     that are included in the Dow Jones World  Index.  This  includes  companies
     that are in both  developed  and  emerging  foreign  markets.  In selecting
     securities,  the Advisor focuses first on country  selection -- identifying
     countries that appear attractively valued relative to other countries.  The
     Advisor then selects  securities to represent each selected country's broad
     market.  The Portfolio invests a minimum of 40% of its assets in securities
     of foreign  developed  markets.  The  Portfolio may also invest in options,
     futures, and other types of derivatives, as well as country funds, as a way
     to  efficiently  adjust its  exposure to various  countries,  markets,  and
     currencies.


PRINCIPAL RISKS


     As with all  mutual  funds,  there is the risk that you could lose money on
     your investment in the Portfolio.  The principal risks that could adversely
     affect the value of your investment include:


     *    The stock market goes down.
     *    Interest  rates  rise,  which can  result in a decline  in the  equity
          market.
     *    The market undervalues the stocks held by the Portfolio.
     *    Adverse  developments  occur in  foreign  markets.  These  investments
          involve greater risk,  including currency  fluctuation risk, which may
          affect the value of securities held by the Portfolio.

     *    Adverse  developments in the political and/or economic  stability of a
          foreign country.  An emerging country may be especially  vulnerable to
          changes in political  leadership and may experience  serious  economic
          downturns  from which it is unable to recover.
     *    Derivatives held by the Portfolio vary from the Advisor's  expectation
          of movements  in  securities,  foreign  exchange,  and  interest  rate
          markets.


WHO MAY WANT TO INVEST IN THIS PORTFOLIO

     The Portfolio may be appropriate for investors who:

     *    Are pursuing a long-term investment goal.
     *    Want to diversify their equity  portfolio and enhance return potential
          by investing in foreign markets.
     *    Are seeking access to world economic growth.

     *    Are willing to accept swings in the value of their  portfolio with the
          offsetting goal of earning higher long-term return.


         The Portfolio may not be appropriate for investors who:

     *    Are pursuing a short-term investment goal.
     *    Need regular income.
     *    Wish to have their equity allocation invested in domestic stocks only.
     *    Do not want to invest in emerging markets.

                                       6
<PAGE>
                  ROCHDALE INTERMEDIATE FIXED-INCOME PORTFOLIO

INVESTMENT GOAL

     The Portfolio seeks current income.

PRINCIPAL INVESTMENT STRATEGIES


     The  Portfolio  purchases  debt  obligations  of  issuers  that  provide an
     attractive  rate of current  income or  provide  for an  attractive  return
     maturity,  duration and credit quality of the issuer relative to comparable
     issuers. The Portfolio will purchase debt instruments with the intention of
     holding  them to  maturity  and does not expect to  meaningfully  shift its
     holdings in  anticipation  of interest rate movements and  ordinarily  will
     seek to have an average  portfolio  maturity and  duration  between 3 to 10
     years. The Portfolio will invest at least 75% of its assets in highly rated
     debt instruments but may purchase debt  instruments of lesser quality.  One
     of the potential  advantages  of the  intermediate  term  structure for the
     portfolio  strategy  will be to benefit from the  generally  higher rate of
     current  income  these  debt  obligations  provide as  compared  to shorter
     maturity debt  obligations.  The Portfolio will seek to match or exceed the
     returns on the Lehman  Brothers  Treasury  Index,  although there can be no
     assurance that it will be able to do so.


PRINCIPAL RISKS


     As with all  mutual  funds,  there is the risk that you could lose money on
     your investment in the Portfolio.  The principal risks that could adversely
     affect the value of your investment include:


     *    Interest rates rise sharply or for an extended period of time.
     *    Interest rates fall and remain low for an extended period of time.
     *    The issuer of a debt  obligation is unable to satisfy its  obligations
          to the extent of the principal of interest payments when due.
     *    An issuer becomes bankrupt or otherwise becomes insolvent.

WHO MAY WANT TO INVEST IN THIS PORTFOLIO

     The Portfolio may be appropriate for investors who:

     *    Are seeking current income.
     *    Determine  that  owning debt  obligations  of a variety of issuers may
          provide   for  a  higher   current   income  or  return  than  a  U.S.
          Government-only portfolio.
     *    Are  seeking  debt  obligations  from  issuers  across  a  broad-based
          representation of issuers in several industries and sectors,  and with
          various maturities.
     *    Are willing to accept swings in their portfolio,  greater than that of
          a fixed income portfolio with shorter maturities or higher quality.
     *    Require greater stability than equity portfolios normally provide.

     The Portfolio may not be appropriate for investors who:


     *    Want to invest in a U.S. Government only portfolio.
     *    Do not want to invest in a fixed  income  portfolio  with  instruments
          that are of lesser quality.


                                       7
<PAGE>
                   ROCHDALE STRUCTURED LARGE GROWTH PORTFOLIO

INVESTMENT GOAL

     The Portfolio seeks long-term growth of capital.

PRINCIPAL INVESTMENT STRATEGIES


     The  Portfolio  invests in growth  style equity  securities  of larger U.S.
     companies classified within growth industries within the S&P500. Generally,
     the Portfolio will invest in companies with a market  capitalization  of at
     least $1 billion.  The Portfolio  selects from the S&P 500 approximately 50
     companies which,  using  proprietary  methodology  (generally,  identifying
     fundamental characteristics), the Advisor classifies as belonging to growth
     industries.  The  Portfolio  will invest only in steady  growth  industries
     which,  as opposed  to  cyclical  growth  industries,  are less  subject to
     fluctuations  in value due to  fluctuations  in the overall  U.S.  economy.
     Through  the  implementation  of  the  structured   fundamental   approach,
     including  the  methodical  and  consistent  investment  in  only  the  top
     companies  within  different  growth  industries,  the  Portfolio  seeks to
     capture the benefits associated with selecting these companies that provide
     investors with the benefits of broad style diversification,  lower turnover
     and reduced expenses.


PRINCIPAL RISKS


     As with all  mutual  funds,  there is the risk that you could lose money on
     your investment in the Portfolio.  The principal risks that could adversely
     affect the value of your investment include:


     *    The stock market goes down.
     *    Interest  rates  rise,  which can  result in a decline  in the  equity
          market.
     *    The market undervalues the stocks held by the Portfolio.
     *    The stocks held by the Portfolio fail to grow their earnings.
     *    Growth style investing moves out of favor

WHO MAY WANT TO INVEST IN THIS PORTFOLIO

     The Portfolio may be appropriate for investors who:

     *    Are pursuing a long-term investment goal.
     *    Determine that a focus on growth style investing is preferred.
     *    Want to  create a large  company  growth  style  foundation  for their
          equity portfolio.
     *    Are seeking  broad-based  industry,  sector, and market cycle exposure
          within the growth segment.
     *    Are willing to accept swings in the value of their portfolio,  greater
          than that of the broad market, with the offsetting goal of potentially
          earning higher long-term return.

     The Portfolio may not be appropriate for investors who:

     *    Require complete stock market diversification.
     *    Have a short-term investment goal.
     *    Need regular income.
     *    Prefer to own small companies.

                                       8
<PAGE>
                    ROCHDALE STRUCTURED LARGE VALUE PORTFOLIO

INVESTMENT GOAL

     The Portfolio seeks long-term growth of capital.

PRINCIPAL INVESTMENT STRATEGIES


     The  Portfolio  invests in value  style  equity  securities  of larger U.S.
     companies classified within value industries within the S&P 500. Generally,
     the Portfolio will invest in companies with a market  capitalization  of at
     least $1 billion.  The Portfolio  selects from the S&P 500 approximately 50
     companies which,  using  proprietary  methodology  (generally,  identifying
     fundamental characteristics),  the Advisor classifies as belonging to value
     industries. The Portfolio will invest only in value industries which may be
     more  susceptable to fluctuations  in value due to overall  fluctuations in
     the overall U.S.  economy.  Through the  implementation  of the  structured
     fundamental approach, including the methodical and consistent investment in
     only the top companies  within  different value  industries,  the Portfolio
     seeks to capture the benefits  associated  with selecting  these  companies
     while providing investors with the benefits of broad style diversification,
     lower turnover and reduced expenses.


PRINCIPAL RISKS


     As with all  mutual  funds,  there is the risk that you could lose money on
     your investment in the Portfolio.  The principal risks that could adversely
     affect the value of your investment include:


     *    The stock market goes down.
     *    Interest  rates  rise,  which can  result in a decline  in the  equity
          market.
     *    The market undervalues the stocks held by the Portfolio.
     *    The stocks held by the Portfolio fail to grow their earnings.
     *    Value style investing moves out of favor

WHO MAY WANT TO INVEST IN THIS PORTFOLIO

         The Portfolio may be appropriate for investors who:

     *    Are pursuing a long-term investment goal.
     *    Determine that a focus on value style investing is preferred.
     *    Want to create a focused  value  large  company  foundation  for their
          equity portfolio.
     *    Are seeking  broad-based  industry,  sector, and market cycle exposure
          within the value segment.
     *    Are willing to accept swings in their investment, greater than that of
          the broad market,  with the  offsetting  goal of  potentially  earning
          higher long-term return.

     The Portfolio may not be appropriate for investors who:

     *    Require complete stock market diversification.
     *    Have a short-term investment goal.
     *    Need regular income.
     *    Prefer to own small companies.

                                       9
<PAGE>
                 ROCHDALE STRUCTURED MID/SMALL GROWTH PORTFOLIO

INVESTMENT GOAL

     The Portfolio seeks long-term growth of capital.

PRINCIPAL INVESTMENT STRATEGIES


     The Portfolio invests in growth style equity  securities of U.S.  companies
     classified  within  growth  industries  within the S&P 400 and 600 indices.
     Generally,   the  Portfolio   will  invest  in  companies   with  a  market
     capitalization of less than $1 billion.  The Portfolio selects from the S&P
     400 and 600 approximately 50 companies which, using proprietary methodology
     (generally,   identifying   fundamental   characteristics),   the   Advisor
     classifies as belonging to growth  industries.  The  Portfolio  will invest
     only in steady  growth  industries  which,  as opposed to  cyclical  growth
     industries,  are less subject to  fluctuations in value due to fluctuations
     in the overall U.S. economy.  Through the  implementation of the structured
     fundamental approach, including the methodical and consistent investment in
     only the top companies within different  growth  industries,  the Portfolio
     seeks to capture the benefits  associated  with selecting  these  companies
     while providing investors with the benefits of broad style diversification,
     lower turnover and reduced expenses.


PRINCIPAL RISKS


     As with all  mutual  funds,  there is the risk that you could lose money on
     your investment in the Portfolio.  The principal risks that could adversely
     affect the value of your investment include:


     *    The stock market goes down.
     *    Interest  rates  rise,  which can  result in a decline  in the  equity
          market.
     *    The market  undervalues  the stocks held by the Portfolio.  The stocks
          held by the Portfolio fail to grow their earnings.
     *    The stocks held by the Portfolio  exhibit  characteristics  typical of
          small  and/or  medium  companies.  Smaller  and medium  companies  are
          typically more volatile and less liquid than larger companies.
     *    Growth style investing moves out of favor.

WHO MAY WANT TO INVEST IN THIS PORTFOLIO

     The Portfolio may be appropriate for investors who:

     *    Are pursuing a long-term investment goal.
     *    Want to focus their mid and small cap equity  portfolio  to the growth
          industries.
     *    Are willing to accept swings in their  investment  with the offsetting
          goal of potentially earning higher long-term return.

     The Portfolio may not be appropriate for investors who:

     *    Require broad stock market diversification.
     *    Have a short-term investment goal.
     *    Need regular income.
     *    Wish to have their equity allocation invested in large companies only.

                                       10
<PAGE>
                  ROCHDALE STRUCTURED MID/SMALL VALUE PORTFOLIO

INVESTMENT GOAL

     The Portfolio seeks long-term growth of capital.

PRINCIPAL INVESTMENT STRATEGIES


     The Portfolio  invests in value style equity  securities of U.S.  companies
     classified  within  value  industries  within the S&P 400 and 600  indices.
     Generally,   the  Portfolio   will  invest  in  companies   with  a  market
     capitalization of less than $1 billion.  The Portfolio selects from the S&P
     400 and 600 indices  approximately  50 companies which,  using  proprietary
     methodology  (generally,  identifying  fundamental  characteristics),   the
     Advisor  classifies as belonging to value  industries.  The Portfolio  will
     invest  only  in  value   industries  which  may  be  more  susceptable  to
     fluctuations  in value due to  overall  fluctuations  in the  overall  U.S.
     economy. Through the implementation of the structured fundamental approach,
     including  the  methodical  and  consistent  investment  in  only  the  top
     companies within different value industries, the Portfolio seeks to capture
     the benefits  associated  with selecting  these  companies  while providing
     investors with the benefits of broad style diversification,  lower turnover
     and reduced expenses.


PRINCIPAL RISKS


     As with all  mutual  funds,  there is the risk that you could lose money on
     your investment in the Portfolio.  The principal risks that could adversely
     affect the value of your investment include:


     *    The stock market goes down.
     *    Interest  rates  rise,  which can  result in a decline  in the  equity
          market.
     *    The market  undervalues  the stocks held by the Portfolio.  The stocks
          held by the Portfolio fail to grow their earnings.
     *    The stocks held by the Portfolio  exhibit  characteristics  typical of
          small and/or medium companies.  Smaller and medium sized companies are
          typically more volatile and less liquid than larger companies.
     *    Value style investing moves out of favor

WHO MAY WANT TO INVEST IN THIS PORTFOLIO

     The Portfolio may be appropriate for investors who:

     *    Are pursuing a long-term investment goal.
     *    Want to focus  their mid and small cap equity  portfolio  on the value
          industries.
     *    Are willing to accept swings in their  portfolio  with the  offsetting
          goal of earning higher long- term return.

     The Portfolio may not be appropriate for investors who:

     *    Require broad stock market diversification.
     *    Have a short-term investment goal.
     *    Need regular income.
     *    Wish to have their equity allocation invested in large companies only.

                                       11
<PAGE>
                                   PERFORMANCE

Because the  Portfolios  have been  operating for less than a full calendar year
(I.E., January-December), no performance data is available.


          FEES AND EXPENSES FOR THE EQUITY AND FIXED-INCOME PORTFOLIOS
                (MAGNA, ALPHA, ATLAS AND FIXED-INCOME PORTFOLIOS)

This table  describes the fees and expenses that you may pay if you buy and hold
shares of the Equity and Fixed-Income Portfolios.

<TABLE>
<CAPTION>

                                                 MAGNA       ALPHA       ATLAS     FIXED-INCOME
                                               PORTFOLIO   PORTFOLIO   PORTFOLIO     PORTFOLIO
                                               ---------   ---------   ---------     ---------
<S>                                               <C>         <C>         <C>          <C>
SHAREHOLDER FEES
(fees paid directly from your investment)
Maximum sales charge (load) imposed on
purchases                                         None        None        None         None
Maximum deferred sales charge (load)              None        None        None         None
Redemption Fee (as a percentage of amount
redeemed)*                                        2.00%       2.00%       2.00%        2.00%

ANNUAL FUND OPERATING EXPENSES
(expenses that are deducted from Portfolio
assets)
Management Fees                                   1.00%       1.00%       1.00%        0.40%
Distribution and Service (12b-1) Fees             0.25%       0.25%       0.25%        0.25%
Other Expenses                                    1.31%       1.50%**     1.03%        1.25%**
                                                 -----       -----       -----        -----

TOTAL ANNUAL FUND OPERATING EXPENSES              2.56%       2.75%       2.28%        1.90%

Fee Reduction and/or Expense Reimbursement***    (0.81)%     (0.90)%      0.33)%      (1.00)%
                                                 -----       -----       -----        -----

NET EXPENSES                                      1.75%       1.85%       1.95%        0.90%
</TABLE>

- ----------
*    The  redemption  fee  applies  only to those  shares that you have held for
     eighteen  months  or less.  The fee is  payable  to the  Portfolios  and is
     intended to benefit the  remaining  shareholders  by reducing  the costs of
     short-term trading.

**   Other expenses have been estimated for the current fiscal year.

***  The Advisor has contractually agreed to reduce its fees and/or pay expenses
     for each  Portfolio's  Total  Annual  Fund  Operating  Expenses  (excluding
     interest and taxes) to the net expense  amounts shown.  This contract has a
     one-year  term,  renewable  annually.  Any  reduction  in advisory  fees or
     payment of expenses made by the Advisor is subject to  reimbursement by the
     Portfolio if  requested  by the Advisor in  subsequent  fiscal  years.  The
     Advisor may request this  reimbursement  if the aggregate  amount  actually
     paid by a Portfolio toward operating  expenses for such fiscal year (taking
     into account the reimbursements) does not exceed the applicable  limitation
     on Portfolio  expenses.  The Advisor is permitted to be reimbursed  for fee
     reductions  and/or  expense  payments made in the prior three fiscal years.
     (After  startup,  each Portfolio is permitted to look for longer periods of
     four and five years.) The Trustees will review any such reimbursement. Each
     Portfolio  must pay its  current  ordinary  operating  expenses  before the
     Advisor is entitled to any reimbursement of fees and/or expenses.


                                       12
<PAGE>
EXAMPLE

This  Example is  intended to help you  compare  the costs of  investing  in the
Portfolios with the cost of investing in other mutual funds.


The Example  assumes that you invest $10,000 in a Portfolio for the time periods
indicated,  that  your  investment  has a 5%  return  each  year  and  that  the
Portfolio's  operating  expenses remain the same. This Example uses net expenses
for the first year and total annual fund operating  expenses for three, five and
ten  years.  Although  your  actual  costs may be  higher  or  lower,  under the
assumptions, your costs would be:

                                    MAGNA       ALPHA       ATLAS   FIXED-INCOME
                                  PORTFOLIO   PORTFOLIO   PORTFOLIO   PORTFOLIO
                                  ---------   ---------   ---------   ---------
If you redeem your shares:
     One Year                       $  384       $394      $  404        $300
     Three Years                    $  719       $768      $  681        $500
     Five Years                     $1,288        N/A      $1,190         N/A
     Ten Years                      $2,835        N/A      $2,590         N/A

If you do not redeem your shares:
     One Year                       $  178       $188      $  198        $ 92
     Three Years                    $  719       $768      $  681        $500
     Five Years                     $1,288        N/A      $1,190         N/A
     Ten Years                      $2,835        N/A      $2,590         N/A


                                       13
<PAGE>
                 FEES AND EXPENSES FOR THE STRUCTURED PORTFOLIOS
    (LARGE GROWTH, LARGE VALUE, MID/SMALL GROWTH, MID/SMALL VALUE PORTFOLIOS)

This table  describes the fees and expenses that you may pay if you buy and hold
shares of the Structured Portfolios.


                                            LARGE    LARGE  MID/SMALL  MID/SMALL
                                            GROWTH   VALUE    GROWTH     VALUE
                                            ------   -----    ------     -----
SHAREHOLDER FEES
(fees paid directly from your investment)
Maximum sales charge (load) imposed on
purchases                                   None      None      None     None
Maximum deferred sales charge (load)        None      None      None     None
Redemption Fee (as a percentage of amount
redeemed)*                                  2.00%     2.00%     2.00%    2.00%

ANNUAL FUND OPERATING EXPENSES
(expenses that are deducted from
 Portfolio assets)
Management Fees                             0.50%     0.50%     0.50%    0.50%
Distribution and Service (12b-1) Fees       0.25%     0.25%     0.25%    0.25%
Other Expenses**                            1.25%     1.25%     1.25%    1.25%

TOTAL ANNUAL FUND OPERATING EXPENSES        2.00%     2.00%     2.00%    2.00%
                                           -----     -----     -----    -----

Fee Reduction and/or Expense
 Reimbursement***                          (0.75)%   (0.75)%   (0.65)%  (0.65)%
                                           -----     -----     -----    -----

NET EXPENSES                                1.25%     1.25%     1.35%    1.35%

- ----------
*    The  redemption  fee  applies  only to those  shares that you have held for
     eighteen  months  or less.  The fee is  payable  to the  Portfolios  and is
     intended to benefit the  remaining  shareholders  by reducing  the costs of
     short-term trading.

**   Other expenses have been estimated for the current fiscal year.

***  The Advisor has contractually agreed to reduce its fees and/or pay expenses
     for each  Portfolio's  Total  Annual  Fund  Operating  Expenses  (excluding
     interest and taxes) to the net expense  amounts shown.  This contract has a
     one-year  term,  renewable  annually.  Any  reduction  in advisory  fees or
     payment of expenses made by the Advisor is subject to  reimbursement by the
     Portfolio if  requested  by the Advisor in  subsequent  fiscal  years.  The
     Advisor may request this  reimbursement  if the aggregate  amount  actually
     paid by a Portfolio toward operating  expenses for such fiscal year (taking
     into account the reimbursements) does not exceed the applicable  limitation
     on Portfolio  expenses.  The Advisor is permitted to be reimbursed  for fee
     reductions  and/or  expense  payments made in the prior three fiscal years.
     (After  startup,  each Portfolio is permitted to look for longer periods of
     four and five years.) The Trustees will review any such reimbursement. Each
     Portfolio  must pay its  current  ordinary  operating  expenses  before the
     Advisor is entitled to any reimbursement of fees and/or expenses.


                                       14
<PAGE>
EXAMPLE

This  Example is  intended to help you  compare  the costs of  investing  in the
Portfolios with the cost of investing in other mutual funds.


The Example  assumes that you invest $10,000 in a Portfolio for the time periods
indicated,  that  your  investment  has a 5%  return  each  year  and  that  the
Portfolio's  operating  expenses remain the same. This Example uses net expenses
for the first year and total  annual fund  operating  expenses  for three years.
Although your actual costs may be higher or lower,  under the assumptions,  your
costs would be:

                                      LARGE     LARGE    MID/SMALL    MID/SMALL
                                      GROWTH    VALUE      GROWTH       VALUE
                                      ------    -----      ------       -----
If you redeem your shares:
     One Year                          $335     $335        $345        $345
     Three Years                       $555     $555        $565        $565

If you do not redeem your shares:
     One Year                          $127     $127        $137        $137
     Three Years                       $555     $555        $565        $565


                                       15
<PAGE>
     INVESTMENT GOALS AND PRINCIPAL INVESTMENT STRATEGIES FOR THE EQUITY AND
                             FIXED-INCOME PORTFOLIOS
                (MAGNA, ALPHA, ATLAS AND FIXED-INCOME PORTFOLIOS)

                            ROCHDALE MAGNA PORTFOLIO

INVESTMENT GOAL

     The Rochdale Magna Portfolio seeks long-term capital appreciation.

INVESTMENT PHILOSOPHY

     Through  investment in select large,  leading U.S.  companies across a wide
     variety  of  industries,  the  Portfolio  attempts  to  realize  attractive
     long-term performance relative to the S&P 500 universe as a whole.

     The Portfolio  takes an enhanced  approach to broad market  investing.  The
     Advisor believes that exposure to the most attractive companies within both
     the cyclical and steady growth industries provides the best opportunity for
     long-term  capital  appreciation  in the large company asset class.  In the
     shorter term, the market's preference for either industry group fluctuates.
     Longer-term  investors  require  effective  exposure  to a wide  variety of
     economic sectors in both cyclical and steady growth industry groups.

PRINCIPAL INVESTMENT STRATEGIES

     Companies  are  considered  cyclical  or steady  growth  based on  specific
     industry  characteristics.  Cyclical growth  companies  experience  greater
     fluctuations related to the economy, while steady growth companies are less
     influenced by economic cycles.

     The Advisor employs two distinct proprietary  fundamental  methodologies to
     select companies from the cyclical and steady growth industry  groups.  The
     fundamental  measures  predictive of superior  performing  companies differ
     between these  industry  groups.  Steady growth  companies are evaluated on
     earnings growth,  price momentum,  and analyst  sentiment.  Cyclical growth
     companies are evaluated based on their ability to generate cash flow growth
     and their price momentum,  which helps identify those companies most likely
     to achieve earlier market recognition for their growth.

     The Advisor's  sensitivity to the different predictors between the cyclical
     and steady growth industries leads the Portfolio to invest in only the most
     attractive companies from these industry groups. The leading companies that
     are  selected  from these two  universes  are  screened  further  for their
     appropriateness  in light of expected economic and market  conditions.  The
     companies   selected   are  then   subject  to  the  process  of  portfolio
     optimization,  a  sophisticated  technique  used to achieve broad  economic
     sector   diversification   and  managed   variability   in  line  with  the
     characteristics of the S&P 500.

     The Portfolio invests primarily in equity securities of U.S. companies that
     have a  market  capitalization  in  excess  of $1  billion.  The  companies
     selected for  investment  generally  will have  characteristics  similar to
     companies  included in the S&P 500 Index  universe.  Investments  in common
     stock are emphasized,  but the Portfolio may also buy other types of equity
     securities,   including  preferred  stocks,   convertible  securities,   or
     warrants.

                                       16
<PAGE>

     Although not principal investment strategies, the Portfolio may also invest
     in equity  securities  of  smaller  companies  and in  foreign  securities,
     including those of emerging markets,  as well as sell securities short, use
     derivative  instruments and related  investment  techniques to hedge equity
     exposure, for investment gain, or for other purposes considered appropriate
     by the  Advisor  to meet the  Portfolio's  investment  goal.  Although  the
     Portfolio is diversified, at times, as a result of the Portfolio's strategy
     or due to price  volatility,  the  Portfolio  may have  more than 5% of its
     assets invested in a single issuer.


     Under  normal  conditions,  the  Portfolio  will  stay  fully  invested  in
     accordance  with  its  investment  strategy.  However,  the  Portfolio  may
     temporarily  depart  from its  principal  investment  strategies  by making
     short-term  investments in cash  equivalents in response to adverse market,
     economic,  or political  conditions.  This may result in the  Portfolio not
     achieving its investment goal.

     The Advisor continuously monitors the fundamentals and business performance
     of each  company  and will  replace a  company  whose  fundamentals  change
     materially with a more attractive company.  Under normal market conditions,
     portfolio turnover is not expected to exceed 50%. This should result in the
     realization and distribution to shareholders of lower capital gains,  which
     would be considered  tax  efficient.  Less  frequent  trading also leads to
     lower transaction costs, which could contribute to performance.

                            ROCHDALE ALPHA PORTFOLIO

INVESTMENT GOAL

     The Rochdale Alpha Portfolio seeks long-term capital appreciation.

INVESTMENT PHILOSOPHY

     Through investment in select small and medium-size companies, the Portfolio
     attempts  to capture the higher  returns  associated  with  faster-growing,
     smaller companies in prospering economic sectors.

     Long-term  investment  success in small and medium-size  companies requires
     intensive  research  and due  diligence,  as well as  investor  patience to
     realize a company's growth potential.  The Advisor's  approach to small and
     medium-size  company  research  involves  comprehensive  analysis  of  each
     company, including earnings growth, management interviews, and valuation.

PRINCIPAL INVESTMENT STRATEGIES

     The  Advisor  uses  information  from a  variety  of  sources  -  including
     financial  statements,  industry  studies,  and  discussions  with  company
     management and their competitors,  suppliers, and customers - to assess the
     prospects  for growth in revenue and earnings,  as well as potential  stock
     price appreciation.

     Each  company   selected  for   investment  is  subject  to  the  Advisor's
     proprietary  research  process.  The  Advisor  evaluates  key  company  and
     industry  attributes within eight categories,  including business dynamics,
     operational  practices,  earnings growth,  operating  environment,  revenue
     growth,  balance  sheet,  management  quality,  and  valuation.  For  those
     companies  that  meet  the  Advisor's  fundamental  criteria,  the  Advisor
     develops  proprietary  financial models to determine the valuation level at
     which it considers the stock  attractively  priced.  The qualities that the
     Advisor looks for include:

                                       17
<PAGE>
     *    fundamentally strong business
     *    sustainable competitive advantage
     *    above-average industry growth
     *    experienced management
     *    growing earnings
     *    attractive valuation

     The Portfolio invests primarily in equity securities of U.S. companies that
     have a market  capitalization less than $1 billion.  The companies selected
     for  investment  generally will have  characteristics  similar to companies
     included in the S&P MidCap 400 and S&P SmallCap  600 indices.  Although not
     principal  investment  strategies,  the Portfolio may also invest in larger
     companies and in foreign  securities,  including those of emerging markets,
     as well as sell securities  short,  use derivative  instruments and related
     investment techniques to hedge equity exposure, for investment gain, or for
     other  purposes   considered   appropriate  by  the  Advisor  to  meet  the
     Portfolio's  investment  goal.  Although the Portfolio is  diversified,  at
     times, as a result of the Portfolio's  strategy or due to price volatility,
     the  Portfolio  may have more than 5% of its  assets  invested  in a single
     issuer.

     Under  normal  conditions,  the  Portfolio  will  stay  fully  invested  in
     accordance  with  its  investment  strategy.  However,  the  Portfolio  may
     temporarily  depart  from its  principal  investment  strategies  by making
     short-term  investments in cash  equivalents in response to adverse market,
     economic,  or political  conditions.  This may result in the  Portfolio not
     achieving its investment goal.

     Once purchased,  companies are monitored for changes in their  fundamentals
     and in industry conditions. The Portfolio will continue to own a company as
     long as its revenue and earnings growth continue in line with expectations,
     valuation  is  attractive,  and industry  trends  remain  favorable.  It is
     anticipated that the Portfolio's turnover will not exceed 150%,  consistent
     with similar smaller stock investment strategies. A high portfolio turnover
     rate (100% or more) can result in higher  transaction  costs and higher tax
     liability.

                            ROCHDALE ATLAS PORTFOLIO

INVESTMENT GOAL

     The Rochdale Atlas Portfolio seeks long-term capital appreciation.

INVESTMENT PHILOSOPHY


     Through  investment in foreign  companies of select  developed and emerging
     foreign markets, the Portfolio attempts to achieve long-term performance in
     excess of broad world markets.


     The  Portfolio  has a unique  approach to  investing  internationally.  The
     Advisor's  research focuses on country  selection,  which empirical studies
     demonstrate is the key to earning competitive  international  returns.  The
     Portfolio  invests in leading  companies  selected  from only those foreign
     developed and emerging  markets the Advisor  identifies as most attractive,
     based on  measures of  valuation  and  economic  growth.  Such  selectivity
     creates a greater  potential  for higher  returns as compared to  investing
     across many markets.

                                       18
<PAGE>
PRINCIPAL INVESTMENT STRATEGIES

     The Advisor uses its proprietary  country analysis  methodology,  analyzing
     each country's aggregate  macroeconomic,  company  fundamental,  and market
     sentiment  measures,  to  determine  which  foreign  markets  are likely to
     generate the highest returns. The foreign markets most worthy of investment
     have:

     *    higher forecasted GDP
     *    lower valuation relative to growth
     *    higher equity risk premiums
     *    higher current account relative to GDP
     *    positive analyst sentiment

     After identifying those countries worthy of investment,  the Advisor uses a
     global  equity  optimization  process to invest in each  country's  leading
     companies across the industries driving economic growth. This sophisticated
     process   enables  the  Advisor  to  develop  a  portfolio   that  captures
     substantially  all of  the  combined  top-ranked  countries'  stock  market
     movements  with only a few  companies per selected  country.  The Portfolio
     invests in the blue-chip companies in each country.  Each company must meet
     the Advisor's standards for market and industry  representation,  financial
     condition,  credit rating,  and liquidity.  A minimum of 40% is invested in
     developed markets.

     The Portfolio invests primarily in equity securities of  foreign-domiciled,
     publicly  traded  companies  worldwide.  Equity  securities  include common
     stocks, Depositary Receipts,  warrants,  convertible bonds, debentures, and
     convertible preferred stocks. In general,  countries and companies eligible
     for investment  are those included in the Dow Jones World Index,  excluding
     U.S. companies.


     Depending on the  circumstances  and  opportunities  that might arise,  and
     given the volatile nature of foreign markets, the Portfolio may use country
     funds,  futures,  derivative  instruments,  or other  securities  as deemed
     appropriate  by the Advisor in seeking to maximize  the  efficiency  of its
     country  selection process or hedge equity or currency  exposure.  Although
     not a principal investment strategy, the Portfolio may also sell securities
     short. Although the Portfolio is diversified,  at times, as a result of the
     Portfolio's  strategy or due to price  volatility,  the  Portfolio may have
     more than 5% of its assets invested in a single issuer.


     The  Portfolio  intends  to  be  fully  invested  in  accordance  with  its
     investment strategy. However, the Portfolio may temporarily depart from its
     principal  investment  strategies by making short-term  investments in cash
     equivalents  in  response  to  adverse  market,   economic,   or  political
     conditions.  This may result in the Portfolio not achieving its  investment
     goal.

     The  Portfolio  sells a holding if another  company  provides more suitable
     country  representation  or  if  a  country  is  no  longer  an  attractive
     investment.  Due  to  the  longer-term  nature  of the  country  and  stock
     selection  criteria,  the Portfolio expects to have a turnover rate of less
     than 100%. A low portfolio  turnover rate should result in the  realization
     and distribution to shareholders of lower capital gains and lower resultant
     tax liability. Less frequent trading also leads to lower transaction costs,
     which could contribute to performance.

                                       19
<PAGE>
                       INTERMEDIATE FIXED-INCOME PORTFOLIO

INVESTMENT GOAL


     The  Rochdale  Intermediate  Fixed Income  Portfolio  seeks to earn current
     income   consistent   with  the  returns   available  from  a  universe  of
     investment-grade  and U.S. Government fixed income investments  maturing in
     ten years or less.


INVESTMENT PHILOSOPHY


     Through   investments   primarily  in   investment-grade   corporate   debt
     obligations, debt obligations of the U.S. Government and its agencies, bank
     obligations,    commercial   paper,   repurchase   agreements,   Eurodollar
     obligations and high-yield  obligations,  the Advisor seeks to earn current
     income and a total rate of return  commensurate  with that  available  from
     obligations with a duration of ten years or less.  Ordinarily the Portfolio
     will  invest at least 75% of its assets in  investment  grade  fixed-income
     obligations.  Investment-grade  obligations are generally  considered to be
     those rated BBB or better by S&P Ratings  Group ("S&P") or Baa or better by
     Moody's Investor's Service, Inc. ("Moody's),  or if unrated,  determined by
     the Advisor to be of equal quality. Securities rated BBB or Baa, the lowest
     tier of  investment  grade,  are  generally  regarded  as  having  adequate
     capacity to pay interest and repay principal, but may have some speculative
     characteristics.

     Generally the Portfolio will purchase  securities with  maturities  between
     three years and ten years.  However,  depending  on the  circumstances  the
     Portfolio may invest in obligations with a shorter or longer  duration.  It
     is expected that the Portfolio  will have an average  maturity and duration
     ranging  between 3 to 10 years.  Under normal  circumstances  the Portfolio
     will hold  primarily  corporate  obligations  which are  expected to earn a
     higher rate of income than those of the comparable  obligations of the U.S.
     Government or its agencies.


     The Advisor may invest more than 5% of its assets in the obligations of the
     U.S.  Government or its agencies or those of a corporate  issuer  provided,
     however, that the issuer has at least an investment grade of A or better.

PRINCIPAL INVESTMENT STRATEGIES


     The  Portfolio  will  purchase  obligations  of  issuers  that  provide  an
     attractive rate of current income or provide for an attractive total return
     based on the maturity,  duration and credit quality of the issuer  relative
     to comparable issuers.  The Advisor will purchase debt instruments with the
     intention of holding  them to maturity and does not expect to  meaningfully
     shift the  holdings in the  Portfolio  in  anticipation  of  interest  rate
     movements and ordinarily  will seek to have an average  portfolio  maturity
     and duration  between 3 to 10 years.  One of the potential  benefits of the
     intermediate  term  structure  for  the  Portfolio  will be to  pursue  the
     generally higher rate of current income these debt  obligations  provide as
     compared to shorter maturity debt obligations.  Also during falling periods
     of interest rates,  the Advisor  believes that the Portfolio should perform
     well  because of its  investment-grade  quality and the  intermediate  term
     maturity and duration of the debt  obligations.  The Portfolio will seek to
     match or exceed the returns on the Lehman Brothers Treasury Index, although
     there can be no assurance  that it will be able to do so or to perform well
     in any given interest rate environment.


                                       20
<PAGE>
              INVESTMENT GOALS AND PRINCIPAL INVESTMENT STRATEGIES
                         FOR THE STRUCTURED PORTFOLIOS
   (LARGE GROWTH, LARGE VALUE, MID/SMALL GROWTH, MID/SMALL VALUE PORTFOLIOS)

INVESTMENT GOAL

     Each of the  Rochdale  Structured  Equity  Portfolios-Large  Growth,  Large
     Value,  Mid/Small  Growth  and  Mid/Small  Value  seeks  long-term  capital
     appreciation.

GROWTH INDUSTRIES AND VALUE INDUSTRIES

     In determining  what securities to buy for the Rochdale  Structured  Equity
     Portfolios,  the Advisor classifies  companies within the Standard & Poor's
     500,  the  Standard & Poor's 400 (Mid Cap) and the  Standard and Poor's 600
     (Small Cap) indices by industries.

     The Large  Growth and Large Value  Portfolios  invest  primarily  in equity
     securities of U.S. companies that have a market capitalization in excess of
     $1 billion.  The  companies  selected for  investment  by these  Portfolios
     generally will have  characteristics  similar to companies  associated with
     the growth and value segments of the S & P 500 index, respectively.

     The Mid/Small  Growth and Mid/Small Value  Portfolios  invest  primarily in
     equity securities of U.S. companies that have a market capitalization below
     $10 billion.  The companies  selected for  investment  by these  Portfolios
     generally will have  characteristics  similar to companies  associated with
     the growth and value  segments  of the S&P 400 (Mid Cap) and S&P 600 (Small
     Cap) indices, respectively.

     For purposes of identifying  and classifying an industry within the S&P 500
     universe  as a growth  industry  or a value  industry  the  Advisor  uses a
     proprietary process.  This process measures companies and industries across
     an  assortment  of  fundamental  characteristics.  Each  industry  then  is
     classified  as  either  a  growth  or value  industry.  Typically  a growth
     industry will be  characterized  by its  constituent  companies  being less
     economically  sensitive for their revenues and earnings.  More economically
     dependent   companies  are  considered  as  cyclical   industries  and  are
     classified as value industries.

     The  industries  and  companies  within each  industry are measured  across
     several fundamental income statement and balance sheet attributes. From the
     income statement the Advisor relies on measures such as revenues,  earnings
     growth,  profit margins,  and cash flow. From the balance sheet the Advisor
     evaluates  fundamental factors such as book value, total assets and debt to
     equity ratios.  Companies with higher than average and steadier revenue and
     earnings  growth  combined  with  higher  than  average  price to  earnings
     multiples will be growth  companies  while companies that have a high price
     to book  ratio  and  revenues  that are more  cyclical  in  nature  will be
     considered value companies.

     At the  completion  of this process all  industries  and their  constituent
     companies  within the  relevant  S&P index will be  classified  as either a
     growth or a value company by the Advisor.

INVESTMENT PHILOSOPHY

     Through investment in select leading U.S. companies within those industries
     classified as growth or value within the S&P 500 index for the Large Growth
     and Large Value  Portfolios  and within the S&P 400 and S&P 600 indices for
     the Mid/Small Growth and Mid/Small Value Portfolios, the Portfolios seek to
     realize attractive long-term performance relative to the entire spectrum of

                                       21
<PAGE>
     growth  industries  within the relevant S&P universe.  The Portfolios  will
     select  companies using a disciplined,  consistent  investment  methodology
     applied  to  companies  within  the  growth  or within  the value  style of
     industries. In using a structured fundamental approach the Advisor seeks to
     obtain the benefits  associated  with its proprietary  investment  approach
     applied within a framework of broad growth or value industry coverage.

     By investing  methodologically and consistently and in a disciplined manner
     in only the top few companies within each industry,  the Portfolios seek to
     outperform a passively managed fund which owns all companies  regardless of
     their level of  attractiveness.  As compared to actively managed funds, the
     Portfolios  will seek to capture the  benefits of lower  turnover,  reduced
     management  fees and reduced risks  associated  with many actively  managed
     growth  style  and  value  style  funds.  The  Advisor  believes  that  its
     structured  approach also can provide greater relative  performance than an
     unmanaged  passive  approach  within the growth style or the value style of
     the  relevant  S&P  Index,  although  there can be no  assurance  that such
     performance can be achieved.


     The Advisor believes that investors may benefit from investing in a broadly
     diversified  portfolio  focused  entirely on companies within the growth or
     the value industries.  The Advisor believes that through a well diversified
     growth or value  portfolio  investors can reduce the risks  associated with
     using active managers within each of those styles. These active managers do
     not  have  the  mandate  of  maintaining  broad  diversification  within  a
     particular style. The Advisor's  approach seeks to maximize the performance
     of the  portfolio  relative  to the growth or value  industries  within the
     relevant S&P index and is therefore  not  considered a totally  diversified
     portfolio relative to the entire S&P index.


     Companies  are  considered  steady  growth or  cyclical  based on  specific
     industry  characteristics.  Steady growth  industries tend to generate more
     reliable  earnings  over  various  economic  cycles as compared to cyclical
     growth companies which tend to experience greater  fluctuations  related to
     the economy.

PRINCIPAL INVESTMENT STRATEGIES


     The Portfolios use a proprietary  methodology,  focusing on fundamental and
     technical attributes to select leading companies within the growth or value
     industries  segment of the relevant S&P index.  This  methodology  seeks to
     identify a few select  companies based on these  attributes  within each of
     the major industries associated with the growth style or the value style of
     the Index.  The Advisor's  strategy is to invest  broadly within the growth
     style for the Growth  funds and the value  style for the Value funds and to
     seek to outperform  the passive growth or value indices  through  selecting
     only those companies that meet the Advisor's selection criteria.


     The  Advisor  employs  a  structured  fundamental   methodology  to  select
     companies from the growth or value industry  groups.  The Advisor  believes
     the fundamental measures that predict superior performing companies include
     earnings growth, price momentum, and analyst sentiment.

     It is  expected  that  this  selectivity  will  lead the  Portfolios  to be
     invested in only the most  attractive  companies from each industry  within
     the growth and value industry groups.  These companies are screened further
     for  their  appropriateness  in  light  of  expected  economic  and  market
     conditions.  The  companies  are then  subject to the process of  portfolio
     optimization,  a technique used to achieve what the Advisor believes is the
     appropriate economic sector diversification and managed variability in line
     with the characteristics of the growth or value segment of the S&P 500.

                                       22
<PAGE>
     The Portfolios emphasize investment in common stocks but they may also hold
     other types of equity securities,  including preferred stocks,  convertible
     securities, or warrants.

     Although not a principal investment  strategy,  the Portfolios may at times
     also invest in foreign securities,  including those of emerging markets, as
     well as sell  securities  short,  use  derivative  instruments  and related
     investment techniques to hedge equity exposure, for investment gain, or for
     other  purposes   considered   appropriate  by  the  Advisor  to  meet  the
     Portfolio's  investment goal. A portfolio may at times have more than 5% of
     its assets within a certain issuer or industry group.

     Under  normal  conditions,  each  Portfolio  will stay  fully  invested  in
     accordance  with  its  investment   strategy.   However,  a  Portfolio  may
     temporarily  depart  from its  principal  investment  strategies  by making
     short-term  investments in cash  equivalents in response to adverse market,
     economic,  or  political  conditions.  This may result in a  Portfolio  not
     achieving its investment goal.

     The Advisor continuously monitors the fundamentals and business performance
     of each  company  and will  replace a  company  whose  fundamentals  change
     materially with a more attractive company.  Under normal market conditions,
     portfolio turnover is not expected to exceed 50%. This should result in the
     realization and distribution to shareholders of lower capital gains,  which
     would be considered  tax  efficient.  Less  frequent  trading also leads to
     lower transaction costs, which could contribute to performance.

                 PRINCIPAL RISKS OF INVESTING IN THE PORTFOLIOS

The principal risks of investing in the Portfolios  that may adversely  affect a
Portfolio's  net asset value or total return are discussed above in "An Overview
of each Portfolio" These risks are discussed in more detail below.

MARKET RISK.  The risk that the market value of a security may move up and down,
sometimes rapidly and unpredictably.  These fluctuations may cause a security to
be worth less than the price  originally  paid for it, or less than it was worth
at an earlier time.  Market risk may affect a single issuer,  industry or sector
of the economy, or the market as a whole.

SMALL AND MEDIUM-SIZE COMPANIES RISK. Although each of the Portfolios may invest
in the  securities  of small  and  medium-size  companies,  the  Rochdale  Alpha
Portfolio and the Rochdale Structured Mid/Small Portfolio will concentrate their
investments in these types of securities.  Investing in securities of small- and
mid-capitalization  companies  involves  greater  risk than  investing in larger
companies,  because  small  companies  can be subject to more  abrupt or erratic
share price changes than can larger companies.  Smaller companies typically have
more  limited  product  lines,  markets,  or  financial  resources  than  larger
companies,  and their  management  may be dependent  on a limited  number of key
individuals. Small companies may have limited market liquidity, and their prices
may be more  volatile.  These risks are greater when investing in the securities
of newer small  companies.  As a result,  small company stocks,  and therefore a
Portfolio,  may fluctuate  significantly  more in value than will larger company
stocks and mutual funds that focus on them.


FOREIGN  SECURITIES RISK.  Although each of the Portfolios may invest in foreign
securities,  the Rochdale  Atlas  Portfolio  will focus its  investments  in the
securities  of foreign  companies.  The risk of investing in the  securities  of
foreign  companies is greater than the risk of investing in domestic  companies.
Some of these risks include: (1) unfavorable changes in currency exchange rates,
(2) economic and political instability, (3) less publicly available information,
(4)  less  strict  auditing  and  financial  reporting  requirements,  (5)  less
governmental  supervision  and  regulation  of  securities  markets,  (6) higher
transaction  costs,  and  (7)  greater  possibility  of not  being  able to sell


                                       23
<PAGE>

securities on a timely basis.  These risks are more pronounced when investing in
foreign securities in emerging markets.

MULTIPLE  LEVELS OF EXPENSE.  To the extent that a Portfolio  invests in another
investment  company it will be subject to its pro-rata share of that  investment
company's advisory and administrative expenses.

FIXED-INCOME   SECURITIES  -  INTEREST  AND  CREDIT   RISK.   The   Intermediate
Fixed-Income Portfolio will focus its investments in fixed-income  securities. A
fundamental risk to the income component of the Portfolio's  investments is that
the  value  of  fixed  income  securities  will  fall if  interest  rates  rise.
Generally,  the value of a fixed income  portfolio  will  decrease when interest
rates rise.  Under these  circumstances,  the Portfolio's NAV may also decrease.
Also, fixed income  securities with longer  maturities  generally entail greater
risk than those with  shorter  maturities.  In addition  to interest  rate risk,
changes in the  creditworthiness of an issuer of fixed income securities and the
market's  perception  of that issuer's  ability to repay  principal and interest
when due can also  affect  the  value of  fixed  income  securities  held by the
Portfolio.  The value of securities that are considered below investment  grade,
sometimes  known as junk  bonds,  may be more  volatile  than the value of fixed
income  securities that carry ratings higher than "BB." For example,  the market
price of junk  bonds  may be more  susceptible  to real or  perceived  economic,
interest  rate or market  changes,  political  changes or  adverse  developments
specific to the issuer.  It is not expected  that the  Portfolio  will hold more
than 25% of its assets in fixed-income securities rated below investment grade.


DERIVATIVES  RISK. The use of derivative  instruments  involves risks  different
from,  or  greater  than,  the  risks  associated  with  investing  directly  in
securities and other more traditional investments.  Derivatives are subject to a
number of risks  described  elsewhere in this  section,  including  market risk,
liquidity  risk,  and the credit  risk of the  counterparty  to the  derivatives
contract.  Since their value is  calculated  and derived from the value of other
assets,  instruments or references,  there is greater risk that derivatives will
be  improperly  valued.  Derivatives  also  involve the risk that changes in the
value of the derivative may not correlate perfectly with relevant assets,  rates
or indices they are designed to hedge or to closely track.

Specific risks associated with the use of derivatives include:

CREDIT AND  COUNTERPARTY  RISK.  If the issuer of, or the  counterparty  to, the
derivative does not make timely  principal,  interest or other payment when due,
or  otherwise  fulfill  its  obligations,  a  Portfolio  could lose money on its
investment.  A  Portfolio  is exposed to credit  risk,  especially  when it uses
over-the-counter  derivatives  (such  as  swap  contracts)  or it  engages  to a
significant  extent in the lending of Portfolio  securities or use of repurchase
agreements.

LIQUIDITY RISK. Liquidity risk exists when particular  investments are difficult
to purchase or sell due to a limited market or to legal restrictions,  such that
a Portfolio may be prevented from selling particular  securities at the price at
which a Portfolio values them.

MANAGEMENT  RISK.  The  Advisor  may fail to use  derivatives  effectively.  For
example,  the Advisor may choose to hedge or not to hedge at inopportune  times.
This will adversely affect the Portfolios' performance.

YEAR 2000 RISK.  The  Portfolios  could be  adversely  affected if the  computer
systems used by the Advisor and other service  providers do not properly process
and calculate  information  related to dates beginning  January 1, 2000. This is
commonly known as the "Y2K  Problem."  This situation may negatively  affect the
companies in which the  Portfolios  invest and, by  extension,  the value of the
Portfolios' shares.  Although the Portfolios' service providers are taking steps
to address this issue,  there may still be some risk of adverse effects.  To the
extent  the  Portfolios  invest in  foreign  companies,  there will be a greater

                                       24
<PAGE>
degree of Y2K Problem  risk,  because  foreign  countries are not as advanced in
dealing with this issue as is the U.S.

                               INVESTMENT ADVISOR

Rochdale Investment Management Inc. is the investment advisor to the Portfolios.
The Advisor is located at 570 Lexington  Avenue,  New York, NY  10022-6837.  The
Advisor  currently  manages  assets of more than $700 million for individual and
institutional  investors.  The  Advisor  provides  advice on buying and  selling
securities  and also  furnishes  the  Portfolios  with office  space and certain
administrative  services  and  provides  most  of the  personnel  needed  by the
Portfolios.  For its  services,  each  Portfolio  pays  the  Advisor  a  monthly
management  fee based upon the average daily net assets of the Portfolios at the
following annual rates:

         Magna, Alpha and Atlas Portfolios           1.00%
         Structured Equity Portfolios                0.50%
         Intermediate Fixed-Income Portfolio         0.40%

PORTFOLIO MANAGERS


Mr.  Carl  Acebes  and Mr.  Garrett  R.  D'Alessandro  are  responsible  for the
day-to-day  management  of the  Portfolios.  Mr.  Acebes has been the  Advisor's
Chairman  and  Chief  Investment   Officer  since  its  founding  in  1986.  Mr.
D'Alessandro is the Advisor's  President,  Chief Executive Officer, and Director
of Research,  and is a Chartered Financial Analyst.  Mr. D'Alessandro joined the
Advisor in 1986.


PORTFOLIO EXPENSES


Each Portfolio is responsible  for its own operating  expenses.  The Advisor has
contractually agreed to reduce its fees and/or pay expenses of the Portfolios to
ensure that each  Portfolio's  aggregate  total annual fund  operating  expenses
(excluding  interest and tax  expenses)  will not exceed the limits set forth in
the Expense Table. Any reduction in advisory fees or payment of expenses made by
the Advisor is subject to  reimbursement  by the  Portfolio  if requested by the
Advisor in subsequent  fiscal years. The Advisor may request this  reimbursement
if the aggregate amount actually paid by a Portfolio  toward operating  expenses
for such fiscal year (taking into  account the  reimbursements)  does not exceed
the  applicable  limitation on Portfolio  expenses.  Rochdale is permitted to be
reimbursed  for fee reductions  and/or expense  payments made in the prior three
fiscal years.  (After  startup,  each  Portfolio is permitted to look for longer
periods  of  four  and  five   years.)  The   Trustees   will  review  any  such
reimbursement.  Each Portfolio must pay its current ordinary  operating expenses
before Rochdale is entitled to any reimbursement of fees and/or expenses.


                             SHAREHOLDER INFORMATION

HOW TO BUY SHARES

You may open a Portfolio account with $10,000.  You may make add to your account
at any  time  with  investments  of at  least  $5,000.  The  minimum  investment
requirements may be waived from time to time at the Advisor's discretion.

There are several  ways to purchase  shares of the  Portfolios.  An  Application
Form, which  accompanies this Prospectus,  is used if you send money directly to
the  Portfolios  by mail or by  wire.  To open an  account  by  wire,  to open a
retirement plan account, or to purchase shares by overnight mail, or if you have
questions  about how to invest or about how to complete  the  Application  Form,
please  call  Rochdale  at  (212)  702-3500.  You may  also  buy  shares  of the

                                       25
<PAGE>
Portfolios  through your financial  representative.  After your account is open,
you may add to it at any time.

You may  send  money  for  investment  by mail.  If you are  making  an  initial
investment  in a  Portfolio,  complete the  Application  Form and mail it with a
check (made  payable to the  Rochdale  [Name of  Portfolio]  ) to the  following
address:


         Rochdale Investment Trust
         c/o Union Bank of California
         475 Sansome Street
         San Francisco, CA 94111


If you wish to send your check via an  overnight  delivery  service,  you should
call Rochdale at (212) 702-3500 for instructions.

SUBSEQUENT INVESTMENTS

You may add to your  account  by  mailing  the  stub  attached  to your  account
statement, together with your check made payable to Rochdale [Name of Portfolio]
to the address noted above. Your account number should be written on your check.

You may purchase  shares of the  Portfolios by tendering  payment in the form of
shares  of stock,  bonds,  or other  securities.  You may do this  provided  the
security  being  offered  for  the  purchase  of  Portfolio  shares  is  readily
marketable,  its acquisition is consistent with the Portfolio's investment goal,
and the Advisor, at its discretion, finds it acceptable.

You may wire money to the Portfolios. If you are making an initial investment in
a  Portfolio,  you should call (212)  702-3500  between 9:00 a.m. and 4:00 p.m.,
Eastern  time,  on a day when the New York Stock  Exchange  ("NYSE") is open for
trading,  in order to receive an account  number.  It is  important  to call and
receive this account number,  because if your wire is sent without it or without
the name of the Portfolio, there may be a delay in investing the money you wire.
You should notify the  Portfolios  before making any wire  transfer.  You should
then ask your bank to wire money to:

     Union Bank of California
     ABA Routing Number: ____________ for credit to
     Rochdale Alpha Portfolio, DDA #_____________
     Rochdale Atlas Portfolio, DDA #_____________
     Rochdale Magna Portfolio, DDA #_____________
     Rochdale Fixed-Income Portfolio, DDA # ______________
     Rochdale Structured Large Growth Portfolio, DDA #_________
     Rochdale Structured Large Value Portfolio, DDA #__________
     Rochdale Structured Mid/Small Growth Portfolio, DDA #________
     Rochdale Structured Mid/Small Value Portfolio, DDA #__________

     for further credit to [your name and account number]

You  should  advise  your bank to  include  the name of the  Portfolio  and your
account number with the wire.  Your bank may charge you a fee for sending a wire
to the Portfolios.

You may buy and sell shares of the Portfolios through certain brokers (and their
agents) that have made  arrangements  with the  Portfolios to sell their shares.
When you place your order with such a broker or its authorized agent, your order

                                       26
<PAGE>
is treated as if you had placed it directly with the Portfolios' Transfer Agent,
and you will pay or receive  the next price  calculated  by the  Portfolio.  The
broker (or agent)  holds your shares in an omnibus  account in the  broker's (or
agent's) name, and the broker (or agent)  maintains  your  individual  ownership
records.  The Portfolios may pay the broker (or its agent) for maintaining these
records as well as  providing  other  shareholder  services.  The broker (or its
agent) may charge you a fee for  handling  your order.  The broker (or agent) is
responsible  for  processing  your order  correctly  and  promptly,  keeping you
advised  regarding  the  status  of your  individual  account,  confirming  your
transactions,   and  ensuring  that  you  receive  copies  of  the   Portfolios'
prospectus.

AUTOMATIC INVESTMENT PLAN

For your convenience,  the Portfolios offer an Automatic  Investment Plan. Under
this Plan,  after your  initial  investment,  you  authorize  the  Portfolio  to
withdraw from your personal  checking account each month an amount that you wish
to invest,  which must be at least  $1,000.  If you wish to enroll in this Plan,
please contact the Distributor for an application.  The Portfolios may terminate
or  modify  this  privilege  at any  time.  You  may  elect  to  terminate  your
participation  in the  Plan at any  time by  notifying  the  Transfer  Agent  in
writing. The Transfer Agent must receive your termination letter sufficiently in
advance of the next scheduled withdrawal.

RETIREMENT PLANS

The Portfolios offer Individual  Retirement  Account ("IRA") and Roth IRA plans.
You may obtain  information  about  opening an IRA  account  by  contacting  the
Distributor  . If you  wish to open  another  type of  retirement  plan,  please
contact your securities dealer.

HOW TO EXCHANGE SHARES

You may exchange your Portfolio shares for shares of any other Portfolio offered
by this Prospectus on any day the Portfolios and the NYSE are open for business.
Your exchange of shares is considered a taxable event for you.

You may exchange your shares by sending a written request to the Portfolios. You
should give your account  number and the number of shares or dollar amount to be
exchanged.  The letter should be signed by all of the  shareholders  whose names
appear in the account registration.

If your account has telephone  privileges,  you may also exchange your shares by
calling  (212)  702-3500  between the hours of 9:00 a.m. and 4:00 p.m.  (Eastern
time). If you are exchanging shares by telephone, you will be subject to certain
identification procedures which are listed below under "How to Sell Shares." The
Portfolios  may modify,  restrict,  or terminate  the exchange  privilege at any
time.

HOW TO SELL SHARES

You may sell  (redeem)  your  Portfolio  shares on any day the Portfolio and the
NYSE are open for  business  either  directly to the  Portfolio  or through your
investment  representative.  You  may  pay a  2.00%  redemption  fee if you  are
redeeming  shares that you  purchased in the past eighteen  months.  This fee is
paid to the Portfolio. The Portfolios impose a redemption fee in order to reduce
the  transaction  costs  and  tax  effects  of a  short-term  investment  in the
Portfolios.

                                       27
<PAGE>
REDEMPTIONS BY MAIL

You may redeem your shares by sending a written request to the  Portfolios.  You
should give your account  number and state  whether you want all or some of your
shares redeemed.  The letter should be signed by all of the  shareholders  whose
names  appear in the  account  registration.  You  should  send your  redemption
request to the Portfolios at the following address:


         Rochdale Investment Trust
         P.O. Box 5536
         Hauppauge, NY 11788-____


REDEMPTIONS BY TELEPHONE

If you have  completed  the  Redemption  by  Telephone  portion  of the  Account
Application,  you may redeem  some or all of your shares by  telephone.  You may
redeem by calling  Rochdale at (212) 702-3500 between the hours of 9:00 a.m. and
4:00 p.m., Eastern time.  Redemption proceeds will be mailed to the address that
appears  on the  Transfer  Agent's  records.  You may  also  request  that  your
redemption  proceeds be wired to a  predesignated  bank. The minimum amount that
may be wired is  $1,000.  Wire  charges,  if any,  will be  deducted  from  your
redemption  proceeds.  Telephone  redemptions  cannot be made if you  notify the
Transfer  Agent of a change of  address  within 30 days  before  the  redemption
request. You may not use the telephone redemption for retirement accounts.

When you establish telephone privileges,  you are authorizing the Portfolios and
their  Transfer  Agent to act upon the telephone  instructions  of the person or
persons  you have  designated  in your  Account  Application.  Such  persons may
request that the shares in your  account be  exchanged  or redeemed.  Redemption
proceeds  will be  transferred  to the bank account you have  designated on your
Account Application.

Before  executing an instruction  received by telephone,  the Portfolios and the
Transfer Agent may use procedures to confirm that the telephone instructions are
genuine.  These procedures will include  recording the telephone call and asking
the caller for a form of  personal  identification.  If the  Portfolios  and the
Transfer  Agent follow these  procedures,  they will not be liable for any loss,
expense,  or cost arising out of any telephone  redemption  or exchange  request
that is  reasonably  believed to be genuine.  This  includes any  fraudulent  or
unauthorized request.

You may request telephone redemption  privileges after your account is opened by
contacting the  Distributor for an  authorization  form. You will be required to
submit the completed authorization form with a signature guarantee.

You may have  difficulties  in making a telephone  redemption  during periods of
abnormal market activity.  If this occurs,  you may make your redemption request
in writing.

Payment of your  redemption  proceeds will be made promptly,  but not later than
seven days after receipt of your written  request in proper form. If you request
a redemption in writing,  your request must have a signature  guarantee attached
if the amount to be redeemed exceeds $5,000. Other documentation may be required
for  certain  types of  accounts.  If you did not  purchase  your  shares with a
certified  check or wire, the  Portfolios  may delay payment of your  redemption
proceeds  up to 15 days  from  the date of  purchase  or until  your  check  has
cleared, whichever occurs first.


Each  Portfolio  may  redeem  the  shares in your  account  if the value of your
account is less than $5,000 as a result of  redemptions  or  exchanges  you have
made.  This does not apply to  retirement  plan or Uniform Gifts or Transfers to
Minors Act  accounts.  You will be  notified  in writing  that the value of your
account  is  less  than  $5,000  before  the  Portfolio   makes  an  involuntary
redemption. You will then have 30 days in which to make an additional investment


                                       28
<PAGE>

to bring the value of your account to at least $5,000 before the Portfolio takes
any action.


The Portfolios have the right to pay redemption  proceeds in whole or in part by
a distribution  of securities  from its  portfolio.  It is not expected that the
Portfolios would do so except in unusual circumstances.

SYSTEMATIC WITHDRAWAL PROGRAM

As another  convenience,  you may  redeem  your  Portfolio  shares  through  the
Systematic  Withdrawal  Program.  If you elect this  method of  redemption,  the
Portfolio will send you a check in the minimum  amount of $____.  You may choose
to receive a check each month or calendar  quarter.  Your Portfolio account must
have a value of at least $10,000 in order to  participate  in this program.  The
2.00%  redemption  fee will not be charged for  redemptions  made  through  this
program.  This Program may be terminated at any time by the Portfolios.  You may
also  elect to  terminate  your  participation  in this  Program  at any time by
writing to the Transfer Agent.

A withdrawal under the Program involves a redemption of shares and may result in
a gain or loss for  federal  income tax  purposes.  In  addition,  if the amount
withdrawn exceeds the dividends credited to your account, the account ultimately
may be depleted.

                           PRICING OF PORTFOLIO SHARES

The  price of each  Portfolio's  shares  is based on the  Portfolio's  net asset
value.  The net asset value of the Portfolio's  shares is determined by dividing
the  Portfolio's  assets,  minus  its  liabilities,  by  the  number  of  shares
outstanding. The Portfolio's assets are the market value of securities it holds,
plus  any  cash and  other  assets.  The  Portfolio's  liabilities  are fees and
expenses it owes.  The number of Portfolio  shares  outstanding is the amount of
shares  that have been  issued  to  shareholders.  The price you will pay to buy
Portfolio  shares or the amount you will  receive  when you sell your  Portfolio
shares is based on the net asset  value  next  calculated  after  your  order is
received by the Transfer  Agent with  complete  information  and meeting all the
requirements discussed on page __.

The net asset value of each Portfolio's  shares is determined as of the close of
regular trading on the NYSE. This is normally 4:00 p.m., Eastern time. Portfolio
shares will not be priced on days that the NYSE is closed for trading (including
certain U.S. holidays).

                           DIVIDENDS AND DISTRIBUTIONS

All Portfolios, except for the Fixed-Income Portfolio, will distribute dividends
and  capital  gains,  if any,  annually,  usually on or about  December  31. The
Fixed-Income Portfolio will distribute dividends quarterly and capital gains, if
any,  annually.  Distributions  are  automatically  reinvested  in shares of the
Portfolio making the distribution.  If you wish to receive your distributions in
cash, contact Rochdale at (212) 702-3500 before the payment of the distribution.

                                TAX CONSEQUENCES

Dividends  are  taxable to you as ordinary  income.  The rate you pay on capital
gain  distributions  will depend on how long the Portfolio  held the  securities
that generated the gains, not on how long you owned your Portfolio  shares.  You
will be taxed in the same manner  whether you receive your dividends and capital
gain distributions in cash or reinvest them in additional Portfolio shares.

                                       29
<PAGE>
If you sell or exchange your Portfolio  shares, it is considered a taxable event
for you.  Depending on the  purchase  price and the sale price of the shares you
sell or  exchange,  you may  have a gain or a loss on the  transaction.  You are
responsible for any tax liabilities generated by your transaction.

DISTRIBUTION ARRANGEMENTS


The  Portfolios  have adopted a  distribution  plan under Rule 12b-1.  This rule
allows the Portfolios to pay distribution  fees for the sale and distribution of
their shares and for services provided to their  shareholders.  The distribution
and service fee is at an annual rate of 0.25% of each Portfolio's  average daily
net assets, which is payable to the Advisor, as Distributor.  Because these fees
are paid out of a Portfolio's  assets on an ongoing basis,  over time these fees
will  increase  the cost of your  investment  and may cost you more than  paying
other types of sales charges.

                              FINANCIAL HIGHLIGHTS


The table below is intended to help you understand the  Portfolios'  performance
for the periods shown. The Intermediate Fixed-Income Portfolio, Structured Large
Growth Portfolio,  Structured Large Value Portfolio, Structured Mid/Small Growth
Portfolio and  Structured  Mid/Small  Value  Portfolio  commenced  operations on
December 31, 1999, and,  accordingly,  have no financial  information to report.
Certain  information  reflects  financial  results for a single Portfolio share.
"Total  return"  shows  how much  your  investment  in a  Portfolio  would  have
increased or  decreased  during that period,  assuming  you had  reinvested  all
dividends and distributions.  The Portfolios'  financial statements are included
in the Semi-Annual Report, which is available upon request.

                                       30
<PAGE>
<TABLE>
<CAPTION>
FOR A CAPITAL SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- --------------------------------------------------------------------------------------------------------
                                                Atlas                   Magna                   Alpha
                                              Portfolio               Portfolio               Portfolio
                                              Six Months   6/29/98*   Six Months   6/29/98*    6/1/99*
                                                Ended      through      Ended      through     through
                                               9/30/99+    3/31/99     9/30/99+    3/31/99     9/30/99+
                                               --------    -------     --------    -------     --------
<S>                                             <C>         <C>         <C>        <C>          <C>
Net Asset Value, Beginning of Period            $30.52      $25.00      $29.28     $25.00       $25.00
                                                ------      ------      ------     ------       ------

Income From Investment Operations:
  Net Investment (Loss) Income                   (0.02)       0.00       (0.10)     (0.02)       (0.05)
  Net Realized and Unrealized Gain
    (Loss) on Investments                         4.35        5.52        0.74       4.30        (1.06)
                                                ------      ------      ------     ------       ------
Total from Investment Operations                  4.33        5.52        0.64       4.28        (1.11)
                                                ------      ------      ------     ------       ------

Net Asset Value, End of Period                  $34.85      $30.52      $29.92     $29.28       $23.89
                                                ------      ------      ------     ------       ------

Total Return                                     14.19%      22.08%**     2.19%     17.12%***    (4.44%)

RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (Millions)            $ 24.4      $ 10.1      $ 11.3     $  8.1       $  2.0

Portfolio Turnover Rate                          19.30%      22.90%       5.26%     47.81%        1.72%

Ratio of Expenses to Average Net Assets:
  Before Expenses Reimbursement and Waivers       2.28%#      7.79%#      2.56%#     6.19%#      21.48%#
  After Expenses Reimbursement and Waivers        1.80%#      1.61%#      1.75%#      1.6%#       1.88%#

Ratio of Net Investment Loss to Average Net
  Assets:
    Before Expenses Reimbursement and Waivers    (0.67%)#    (6.26%)#    (1.53%)#   (4.88%)#    (20.90%)#
    After Expenses Reimbursement and Waivers     (0.19%#     (0.08%)#    (0.72%)#   (0.29%)#     (1.29%)#
</TABLE>

- ----------
+   Unaudited.
*   Inception of Portfolio.
**  Commencement of investment operations - October 2, 1998.
*** Commencement of investment operations - October 23, 1998.
#Annualized


                                       31
<PAGE>
                               INVESTMENT ADVISOR

                       Rochdale Investment Management Inc.
                              570 Lexington Avenue
                          New York, New York 10022-6837
                                 (212) 702-3500

                                   DISTRIBUTOR

                       Rochdale Investment Management Inc.
                              570 Lexington Avenue
                          New York, New York 10022-6837
                                 (212) 702-3500


                                    CUSTODIAN

                            Union Bank of California
                               475 Sansome Street
                         San Francisco, California 94111

                     TRANSFER AND DIVIDEND DISBURSING AGENT

                          American Data Services, Inc.
                                  P.O. Box 5536
                            Hauppauge, NY 11788-0132
                                 (800) 282-2340


                              INDEPENDENT AUDITORS

                              Tait, Weller & Baker
                            8 Penn Center, Suite 800
                        Philadelphia, Pennsylvania 19103

                                  LEGAL COUNSEL

                      Paul, Hastings, Janofsky & Walker LLP
                        345 California Street, Suite 2900
                         San Francisco, California 94104
<PAGE>
                            ROCHDALE INVESTMENT TRUST
                              570 Lexington Avenue
                             New York, NY 10022-6837
                                  800-245-9888
                                www.rochdale.com


You  can  discuss  your  questions  about  the  Portfolios,  and  request  other
information,  including the Statement of Additional  Information  (SAI),  Annual
Report or  Semi-Annual  Report,  free of charge,  by calling the  Portfolios  at
800-245-9888  or visiting our Web site at  www.rochdale.com.  In the Portfolios'
Annual  Reports,  you  will  find a  discussion  of the  market  conditions  and
investment  strategies that significantly  affected the Portfolios'  performance
during their last fiscal year. The SAI provides  detailed  information about the
Portfolios and is incorporated into this Prospectus by reference.


You can  review  and  copy  information  about  the  Portfolios,  including  the
Portfolios'  reports and SAI, at the Public Reference Room of the Securities and
Exchange  Commission,  or get copies for a fee, by writing or calling the Public
Reference Room of the Commission,  Washington,  DC 20549-6009  (1-202-942-8090).
You  may  also  send  email  to  the   Commission   requesting   information  at
[email protected].  You can obtain the same information free of charge from the
Commission's Internet Web site at http://www.sec.gov.


                                     (Rochdale Investment Trust's SEC Investment
                                           Company Act file number is 811-08685)
<PAGE>

                       STATEMENT OF ADDITIONAL INFORMATION
                                JANUARY 12, 2000



                            ROCHDALE MAGNA PORTFOLIO
                            ROCHDALE ALPHA PORTFOLIO
                            ROCHDALE ATLAS PORTFOLIO

                  ROCHDALE INTERMEDIATE FIXED-INCOME PORTFOLIO

                   ROCHDALE STRUCTURED LARGE GROWTH PORTFOLIO
                    ROCHDALE STRUCTURED LARGE VALUE PORTFOLIO
                 ROCHDALE STRUCTURED MID/SMALL GROWTH PORTFOLIO
                  ROCHDALE STRUCTURED MID/SMALL VALUE PORTFOLIO

                   EACH A SERIES OF ROCHDALE INVESTMENT TRUST

                              570 LEXINGTON AVENUE
                             NEW YORK, NY 10022-6837
                                 (212) 702-3500


This  Statement of  Additional  Information  ("SAI") is not a prospectus  and it
should be read in conjunction with the Prospectus dated January 12, 2000, as may
be revised of the Rochdale  Portfolios named above, which are series of Rochdale
Investment Trust (the "Trust"). Rochdale Investment Management Inc. ("Rochdale")
is investment advisor to the Portfolios. A copy of the Portfolios' Prospectus is
available by calling the number listed above or (212) 633-9700.


                                TABLE OF CONTENTS

The Trust                                                                  B-2
Investment Objective and Policies                                          B-2
Investment Restrictions                                                    B-18
Distributions and Tax Information                                          B-20
Trustees and Executive Officers                                            B-23
The Portfolios' Investment Advisor                                         B-24
The Portfolios' Administrator                                              B-25
The Portfolios' Distributor                                                B-25
Execution of Portfolio Transactions                                        B-26
Additional Purchase and Redemption Information                             B-28
Determination of Share Price                                               B-31
Performance Information                                                    B-32
General Information                                                        B-33
Financial Statements                                                       B-33
Appendix A                                                                 B-34
Appendix B                                                                 B-36

                                      B-1
<PAGE>
                                    THE TRUST


Rochdale  Investment  Trust (the "Trust") is an open-end  management  investment
company  organized as a Delaware business trust on March 10, 1998. The Trust may
consist of various series, which represent separate investment portfolios.  This
SAI relates only to the Portfolios listed on the cover page.


The Trust is registered with the SEC as a management  investment company. Such a
registration  does not involve  supervision of the management or policies of the
Portfolios.  The  Prospectus  for the  Portfolios  and  this  SAI  omit  certain
information  contained in the Registration  Statement filed with the SEC. Copies
of such  information may be obtained from the SEC upon payment of the prescribed
fee.

                        INVESTMENT OBJECTIVE AND POLICIES

Each of the  Portfolios  has  the  investment  objective  of  long-term  capital
appreciation  with the  exception of the  Intermediate  Fixed-Income  Portfolio,
which  has the  investment  objective  of  current  income.  Each  Portfolio  is
diversified,  which  under  applicable  federal  law means that as to 75% of its
total  assets,  not more than 5% may be invested in the  securities  of a single
issuer  and that it may  hold no more  than 10% of the  voting  securities  of a
single  issuer.  The  following  discussion  supplements  the  discussion of the
Portfolios'  investment  objective and policies as set forth in the  Prospectus.
There can be no assurance that the objective of any Portfolio will be attained.

CONVERTIBLE SECURITIES AND WARRANTS

The Portfolios may invest in convertible  securities and warrants. A convertible
security is a  fixed-income  security (a debt  instrument or a preferred  stock)
which may be converted at a stated price within a specified  period of time into
a  certain  quantity  of the  common  stock of the same or a  different  issuer.
Convertible  securities  are  senior to common  stocks  in an  issuer's  capital
structure,  but are usually subordinated to similar non-convertible  securities.
While providing a fixed income stream (generally higher in yield than the income
derivable  from  common  stock  but  lower  than  that  afforded  by  a  similar
nonconvertible  security),  a convertible  security also affords an investor the
opportunity,  through its  conversion  feature,  to  participate  in the capital
appreciation attendant upon a market price advance in the convertible security's
underlying common stock.

A warrant  gives the holder a right to  purchase  at any time during a specified
period a predetermined number of shares of common stock at a fixed price. Unlike
convertible  debt  securities  or preferred  stock,  warrants do not pay a fixed
dividend.  Investments in warrants involve certain risks, including the possible
lack of a liquid market for resale of the warrants, potential price fluctuations
as a result of  speculation  or other  factors,  and failure of the price of the
underlying security to reach or have reasonable prospects of reaching a level at
which the warrant  can be  prudently  exercised  (in which event the warrant may
expire  without being  exercised,  resulting in a loss of a  Portfolio's  entire
investment therein).

                                      B-2
<PAGE>
INVESTMENT COMPANIES

Each Portfolio may under certain circumstances invest a portion of its assets in
other  investment  companies,  including  money market  funds.  In addition to a
Portfolio's  advisory  fee,  an  investment  in an  underlying  mutual fund will
involve  payment  by  a  Portfolio  of  its  pro  rata  share  of  advisory  and
administrative fees charged by such fund.

SECURITIES LOANS

Each Portfolio is permitted to lend its securities to  broker-dealers  and other
institutional  investors in order to generate  additional income.  Such loans of
portfolio securities may not exceed one-half of the value of a Portfolio's total
assets.  In  connection  with such loans,  a Portfolio  will receive  collateral
consisting of cash, cash equivalents, U.S. Government securities, or irrevocable
letters of credit  issued by financial  institutions.  Such  collateral  will be
maintained  at all  times in an  amount  equal to at least  102% of the  current
market value plus accrued  interest of the  securities  loaned.  A Portfolio can
increase  its income  through the  investment  of such  collateral.  A Portfolio
continues  to be entitled  to the  interest  payable or any  dividend-equivalent
payments received on a loaned security and, in addition,  to receive interest on
the amount of the loan. However, the receipt of any dividend-equivalent payments
by a Portfolio on a loaned  security  from the borrower will not qualify for the
dividends-received  deduction.  Such loans will be  terminable  at any time upon
specified  notice. A Portfolio might experience risk of loss if the institutions
with which it has engaged in portfolio loan transactions breach their agreements
with the Portfolio.  The risks in lending  portfolio  securities,  as with other
extensions of secured credit, consist of possible delays in receiving additional
collateral  or in the recovery of the  securities  or possible loss of rights in
the collateral should the borrower experience financial  difficulty.  Loans will
be made only to firms deemed by Rochdale to be of good  standing and will not be
made unless,  in the judgment of Rochdale,  the  consideration to be earned from
such loans justifies the risk.

SHORT SALES

Each Portfolio may seek to hedge investments or realize additional gains through
short sales.  Each  Portfolio may make short sales,  which are  transactions  in
which a Portfolio sells a security it does not own, in anticipation of a decline
in the market  value of that  security.  To  complete  such a  transaction,  the
Portfolio  must borrow the security to make  delivery to the buyer.  A Portfolio
then is  obligated  to replace the  security  borrowed by  purchasing  it at the
market price at or prior to the time of replacement.  The price at such time may
be more or less than the price at which a Portfolio sold the security. Until the
security  is  replaced,  the  Portfolio  is  required  to repay the  lender  any
dividends or interest  that accrue  during the period of the loan. To borrow the
security,  a  Portfolio  also may be  required  to pay a  premium,  which  would
increase the cost of the security  sold. To the extent  necessary to meet margin
requirements,  the broker will  retain the net  proceeds of the short sale until
the short position is closed out. A Portfolio also will incur  transaction costs
in effecting short sales.

                                      B-3
<PAGE>
A Portfolio  will incur a loss as a result of the short sale if the price of the
security  increases between the date of the short sale and the date on which the
Portfolio replaces the borrowed security. A Portfolio will realize a gain if the
security  declines in price between those dates.  The amount of any gain will be
decreased,  and the amount of any loss increased,  by the amount of the premium,
dividends,  interest,  or  expenses  a  Portfolio  may  be  required  to  pay in
connection with a short sale.

No  securities  will be sold short if,  after  effect is given to any such short
sale,  the total market value of all  securities  sold short would exceed 25% of
the value of a Portfolio's net assets.

Whenever a Portfolio engages in short sales, its custodian will segregate liquid
assets equal to the  difference  between (a) the market value of the  securities
sold short at the time they were sold short and (b) any  assets  required  to be
deposited  with the broker in connection  with the short sale (not including the
proceeds from the short sale). The segregated assets are marked to market daily,
provided that at no time will the amount  segregated  plus the amount  deposited
with the broker be less than the market value of the securities at the time they
were sold short.

ILLIQUID SECURITIES

Each  Portfolio  may not invest  more than 15% of the value of its net assets in
securities  that at the time of purchase have legal or contractual  restrictions
on resale  or are  otherwise  illiquid.  Rochdale  will  monitor  the  amount of
illiquid securities held by the Portfolios, under the supervision of the Trust's
Board  of  Trustees,  to  ensure  compliance  with  the  Portfolios'  investment
restrictions.

Historically,   illiquid   securities  have  included   securities   subject  to
contractual  or  legal  restrictions  on  resale  because  they  have  not  been
registered under the Securities Act of 1933 (the "Securities  Act"),  securities
which are otherwise not readily  marketable and repurchase  agreements  having a
maturity of longer than seven days.  Securities  which have not been  registered
under the  Securities  Act are referred to as private  placement  or  restricted
securities  and are  purchased  directly  from the  issuer  or in the  secondary
market.  Mutual  funds  do not  typically  hold a  significant  amount  of these
restricted or other illiquid  securities  because of the potential for delays on
resale and  uncertainty in valuation.  Limitations on resale may have an adverse
effect on the  marketability of portfolio  securities,  and a Portfolio might be
unable to sell restricted or other illiquid securities promptly or at reasonable
prices and might thereby experience  difficulty  satisfying  redemption requests
within  seven days.  A Portfolio  might also have to  register  such  restricted
securities  in order to sell them,  resulting in  additional  expense and delay.
Adverse market conditions could impede such a public offering of securities.

In recent years, however, a large institutional market has developed for certain
securities  that  are  not  registered  under  the  Securities  Act,   including
repurchase   agreements,   commercial  paper,   foreign  securities,   municipal
securities and corporate bonds and notes.  Institutional  investors depend on an
efficient institutional market in which the unregistered security can be readily
resold or on an issuer's ability to honor a demand for repayment.  The fact that
there are  contractual or legal  restrictions on resale to the general public or
to  certain   institutions   may  not  reflect  the  actual  liquidity  of  such

                                      B-4
<PAGE>
investments.  If such securities are subject to purchase by institutional buyers
in accordance  with Rule 144A  promulgated by the SEC under the Securities  Act,
the  Trust's  Board of  Trustees  may  determine  that such  securities  are not
illiquid  securities despite their legal or contractual  restrictions on resale.
In all other cases,  however,  securities subject to restrictions on resale will
be deemed illiquid.

REPURCHASE AGREEMENTS

Each Portfolio may enter into repurchase agreements.  Under such agreements, the
seller of the security  agrees to repurchase  it at a mutually  agreed upon time
and price.  The  repurchase  price may be higher than the  purchase  price,  the
difference  being income to a Portfolio,  or the purchase and repurchase  prices
may be the same, with interest at a stated rate due to a Portfolio together with
the repurchase price on repurchase. In either case, the income to a Portfolio is
unrelated to the interest  rate on the U.S.  Government  security  itself.  Such
repurchase  agreements  will be made only with banks with assets of $500 million
or more that are insured by the Federal  Deposit  Insurance  Corporation or with
Government  securities  dealers  recognized  by the  Federal  Reserve  Board and
registered as broker-dealers with the Securities and Exchange Commission ("SEC")
or exempt from such  registration.  Each  Portfolio  will  generally  enter into
repurchase  agreements of short duration,  from overnight to one week,  although
the underlying  securities generally have longer maturities.  Each Portfolio may
not enter into a repurchase  agreement with more than seven days to maturity if,
as a result,  more than 15% of the value of its net assets  would be invested in
illiquid securities including such repurchase agreements.

For  purposes of the  Investment  Company Act of 1940 (the  "Investment  Company
Act"),  a  repurchase  agreement  is deemed to be a loan from a Portfolio to the
seller of the U.S. Government security subject to the repurchase  agreement.  It
is not  clear  whether  a court  would  consider  the U.S.  Government  security
acquired by a Portfolio subject to a repurchase  agreement as being owned by the
Portfolio or as being  collateral for a loan by the Portfolio to the seller.  In
the event of the  commencement  of  bankruptcy or  insolvency  proceedings  with
respect  to the seller of the U.S.  Government  security  before its  repurchase
under a repurchase  agreement,  a Portfolio may encounter delays and incur costs
before being able to sell the security. Delays may involve loss of interest or a
decline in price of the U.S. Government  security.  If a court characterizes the
transaction  as a loan and a Portfolio has not perfected a security  interest in
the U.S.  Government  security,  the  Portfolio  may be  required  to return the
security to the seller's  estate and be treated as an unsecured  creditor of the
seller.  As an unsecured  creditor,  a Portfolio  would be at the risk of losing
some or all of the principal and income involved in the transaction. As with any
unsecured debt instrument purchased for a Portfolio,  Rochdale seeks to minimize
the risk of loss through repurchase agreements by analyzing the creditworthiness
of the other party, in this case the seller of the U.S. Government security.

Apart from the risk of bankruptcy or insolvency  proceedings,  there is also the
risk that the seller may fail to repurchase the security.  However,  a Portfolio
will always receive as collateral for any repurchase  agreement to which it is a
party  securities  acceptable  to it, the  market  value of which is equal to at
least 100% of the amount  invested by the Portfolio plus accrued  interest,  and
the  Portfolio  will make payment  against such  securities  only upon  physical
delivery or evidence of book entry transfer to the account of its Custodian.  If

                                      B-5
<PAGE>
the market  value of the U.S.  Government  security  subject  to the  repurchase
agreement  becomes  less  than the  repurchase  price  (including  interest),  a
Portfolio  will  direct the seller of the U.S.  Government  security  to deliver
additional  securities so that the market value of all securities subject to the
repurchase  agreement will equal or exceed the repurchase  price. It is possible
that a  Portfolio  will be  unsuccessful  in  seeking  to impose on the seller a
contractual obligation to deliver additional securities.

WHEN-ISSUED SECURITIES

Each  Portfolio  may from time to time purchase  securities  on a  "when-issued"
basis. The price of such  securities,  which may be expressed in yield terms, is
fixed at the time the  commitment to purchase is made,  but delivery and payment
for the  when-issued  securities  take  place  at a later  date.  Normally,  the
settlement  date  occurs  within  one month of the  purchase;  during the period
between purchase and settlement,  a Portfolio makes no payment to the issuer and
no interest  accrues to the Portfolio.  To the extent that assets of a Portfolio
are held in cash  pending  the  settlement  of a  purchase  of  securities,  the
Portfolio would earn no income.  While when-issued  securities may be sold prior
to the settlement date, a Portfolio intends to purchase such securities with the
purpose  of  actually  acquiring  them  unless  a  sale  appears  desirable  for
investment  reasons.  At the time a Portfolio makes the commitment to purchase a
security on a when-issued  basis, it will record the transaction and reflect the
value of the security in  determining  its net asset value.  The market value of
the when-issued securities may be more or less than the purchase price. Rochdale
does not believe that a Portfolio's  net asset value or income will be adversely
affected by the purchase of securities on a when-issued  basis. A Portfolio will
segregate   liquid  assets  equal  in  value  to  commitments   for  when-issued
securities, which reduces but does not eliminate leverage.

FIXED-INCOME SECURITIES

The  Intermediate  Fixed-Income  Portfolio will invest primarily in fixed-income
securities, and the other Portfolios also may hold such securities when Rochdale
believes that  opportunities for long-term capital growth exist. The Portfolios'
investments  in  fixed-income  securities  of domestic  and foreign  issuers are
limited to  corporate  debt  securities  (bonds,  debentures,  notes,  and other
similar corporate debt  instruments),  and bills,  notes and bonds issued by the
U.S. Government, its agencies and instrumentalities.

The market value of  fixed-income  securities  is  influenced  significantly  by
changes in the level of interest rates.  Generally,  as interest rates rise, the
market value of fixed-income securities decreases. Conversely, as interest rates
fall, the market value of fixed-income securities increases. Factors which could
result  in a  rise  in  interest  rates,  and a  decrease  in  market  value  of
fixed-income   securities,   include  an  increase  in  inflation  or  inflation
expectations,  an increase in the rate of U.S.  economic growth, an expansion in
the Federal budget deficit, or an increase in the price of commodities,  such as
oil. In addition,  the market value of fixed-income  securities is influenced by
perceptions of the credit risks associated with such securities.  Credit risk is
the risk that  adverse  changes in  economic  conditions  can affect an issuer's
ability to pay principal and interest.

                                      B-6
<PAGE>
Fixed-income  securities  that will be eligible for  purchase by the  Portfolios
include investment grade corporate debt securities, those rated BBB or better by
Standard & Poor's  Ratings Group  ("S&P") or Baa or better by Moody's  Investors
Service, Inc. ("Moody's).  Securities rated BBB by S&P are considered investment
grade,  but  Moody's   considers   securities  rated  Baa  to  have  speculative
characteristics.

The Portfolios  reserve the right to invest in securities rated lower than BB by
S&P or lower  than Baa by  Moody's.  Lower-rated  securities  generally  offer a
higher  current  yield than that  available  for higher grade  issues.  However,
lower-rated securities involve higher risks, in that they are especially subject
to adverse changes in general economic conditions and in the industries in which
the issuers are engaged,  to changes in the  financial  condition of the issuers
and to price  fluctuations  in  response to changes in  interest  rates.  During
periods of economic downturn or rising interest rates,  highly leveraged issuers
may experience  financial  stress which could adversely  affect their ability to
make payments of interest and principal and increase the possibility of default.
In addition,  the market for lower-rated debt securities has expanded rapidly in
recent years, and its growth paralleled a long economic  expansion.  At times in
recent  years,  the  prices  of  many   lower-rated  debt  securities   declined
substantially,  reflecting an expectation  that many issuers of such  securities
might experience financial difficulties.  As a result, the yields on lower-rated
debt  securities rose  dramatically,  but such higher yields did not reflect the
value of the income stream that holders of such securities expected, but rather,
the risk that holders of such  securities  could lose a  substantial  portion of
their  value as a result of the  issuers'  financial  restructuring  or default.
There can be no  assurance  that such  declines  will not recur.  The market for
lower-rated  debt  issues  generally  is thinner  and less  active than that for
higher quality  securities,  which may limit a Portfolio's  ability to sell such
securities  at fair value in  response  to changes in the  economy or  financial
markets.  Adverse  publicity and investor  perceptions,  whether or not based on
fundamental analysis,  may also decrease the values and liquidity of lower-rated
securities, especially in a thinly traded market.

Lower-rated debt  obligations also present risks based on payment  expectations.
If an issuer  calls the  obligation  for  redemption,  a  Portfolio  may have to
replace the security with a  lower-yielding  security,  resulting in a decreased
return for investors. Also, as the principal value of bonds moves inversely with
movements in interest  rates, in the event of rising interest rates the value of
the  securities  held by a  Portfolio  may decline  proportionately  more than a
Portfolio  consisting of  higher-rated  securities.  If a Portfolio  experiences
unexpected net  redemptions,  it may be forced to sell its  higher-rated  bonds,
resulting in a decline in the overall credit  quality of the securities  held by
the  Portfolio  and  increasing  the  exposure of the  Portfolio to the risks of
lower-rated securities.

Ratings of debt securities  represent the rating  agencies'  opinions  regarding
their  quality,  are not a  guarantee  of quality  and may be reduced  after the
Portfolio has acquired the security.  If a security's rating is reduced while it
is held by the Portfolio, the Advisor will consider whether the Portfolio should
continue  to hold the  security  but is not  required  to dispose of it.  Credit
ratings attempt to evaluate the safety of principal and interest payments and do
not evaluate the risks of  fluctuations in market value.  Also,  rating agencies

                                      B-7
<PAGE>
may fail to make timely  changes in credit  ratings in  response  to  subsequent
events, so that an issuer's current financial  conditions may be better or worse
than the rating  indicates.  The ratings for debt  securities  are  described in
Appendix A.

Fixed-income  securities with longer  maturities  generally  entail greater risk
than those with shorter maturities.

U.S. GOVERNMENT  SECURITIES.  U.S. Government securities in which the Portfolios
may invest  include  direct  obligations  issued by the U.S.  Treasury,  such as
Treasury bills,  certificates of indebtedness,  notes and bonds. U.S. Government
agencies and  instrumentalities  that issue or guarantee securities include, but
are not  limited  to,  the  Federal  Housing  Administration,  Federal  National
Mortgage  Association,  Federal Home Loan Banks,  Government  National  Mortgage
Association,  International  Bank for Reconstruction and Development and Student
Loan Marketing Association.

All  Treasury  securities  are backed by the full faith and credit of the United
States. Obligations of U.S. Government agencies and instrumentalities may or may
not be supported by the full faith and credit of the United States.  Some,  such
as the  Federal  Home Loan  Banks,  are  backed  by the  right of the  agency or
instrumentality to borrow from the Treasury.  Others,  such as securities issued
by the Federal National Mortgage  Association,  are supported only by the credit
of the instrumentality and not by the Treasury. If the securities are not backed
by the full faith and credit of the United  States,  the owner of the securities
must look principally to the agency issuing the obligation for repayment and may
not be able to assert a claim against United States in the event that the agency
or  instrumentality  does  not  meet  its  commitment.  See  Appendix  A  for  a
description of corporate bond ratings.

SHORT-TERM INVESTMENTS

Each Portfolio may invest in any of the following securities and instruments:

CERTIFICATES OF DEPOSIT,  BANKER'S ACCEPTANCES AND TIME DEPOSITS. Each Portfolio
may hold  certificates  of  deposit,  bankers'  acceptances  and time  deposits.
Certificates  of  deposit  are  negotiable  certificates  issued  against  funds
deposited  in a  commercial  bank for a  definite  period of time and  earning a
specified  return.  Bankers'  acceptances  are  negotiable  drafts  or  bills of
exchange,  normally  drawn  by an  importer  or  exporter  to pay  for  specific
merchandise,  which are  "accepted"  by a bank,  meaning in effect that the bank
unconditionally  agrees to pay the face  value of the  instrument  on  maturity.
Certificates of deposit and bankers' acceptances acquired by a Portfolio will be
dollar-denominated  obligations of domestic banks, savings and loan associations
or financial institutions which, at the time of purchase, have capital,  surplus
and  undivided  profits  in excess  of $100  million  (including  assets of both
domestic and foreign branches),  based on latest published reports, or less than
$100 million if the principal  amount of such bank obligations are fully insured
by the U.S. Government.

In addition to buying  certificates  of deposit and bankers'  acceptances,  each
Portfolio also may make interest-bearing time or other interest-bearing deposits
in  commercial  or savings  banks.  Time  deposits are  non-negotiable  deposits

                                      B-8
<PAGE>
maintained  at a  banking  institution  for a  specified  period  of  time  at a
specified interest rate.

COMMERCIAL  PAPER AND  SHORT-TERM  NOTES.  Portfolio may invest a portion of its
assets in commercial  paper and short-term  notes.  Commercial paper consists of
unsecured  promissory  notes  issued  by  corporations.   Commercial  paper  and
short-term  notes will  normally  have  maturities  of less than nine months and
fixed rates of return,  although such  instruments  may have maturities of up to
one year.

Commercial  paper and short-term  notes will consist of issues rated at the time
of purchase  "A-2" or higher by S&P,  "Prime-1"  or  "Prime-2"  by  Moody's,  or
similarly rated by another nationally recognized statistical rating organization
or, if unrated,  will be determined by Rochdale to be of comparable quality. See
Appendix B for a description of commercial paper ratings.

FOREIGN INVESTMENT AND CURRENCIES.

The Portfolios may invest in securities of foreign issuers that are not publicly
traded in the  United  States.  The  Portfolios  may also  invest in  Depositary
Receipts,  purchase  and sell foreign  currency on a spot basis,  and enter into
forward currency contracts (see "Forward Currency Contracts," below).

DEPOSITARY RECEIPTS.  The Portfolios may invest in securities of foreign issuers
in the  form of  American  Depositary  Receipts  ("ADRs"),  European  Depositary
Receipts  ("EDRs"),  Global  Depositary  Receipts  ("GDRs") or other  securities
convertible  into  securities  of  foreign  issuers.  These  securities  may not
necessarily be denominated in the same currency as the securities for which they
may be  exchanged.  The  Portfolios  may also hold  American  Depository  Shares
("ADSs"),  which are similar to ADRs.  ADRs and ADSs are typically  issued by an
American bank or trust company and evidence  ownership of underlying  securities
issued by a  foreign  corporation.  EDRs,  which are  sometimes  referred  to as
Continental  Depository  Receipts  ("CDRs"),  are  receipts  issued  in  Europe,
typically  by foreign  banks and trust  companies,  that  evidence  ownership of
either foreign or domestic  securities.  Generally,  ADRs in registered form are
designed for use in U.S. securities markets.

RISKS OF  INVESTING IN FOREIGN  SECURITIES.  Investments  in foreign  securities
involve certain inherent risks, including the following:

POLITICAL  AND  ECONOMIC  FACTORS.   Individual  foreign  economies  of  certain
countries  may differ  favorably or  unfavorably  from the U.S.  economy in such
respects  as  growth  of gross  national  product,  rate of  inflation,  capital
reinvestment,  resource  self-sufficiency,  and  diversification  and balance of
payments position. The internal politics of some foreign countries may not be as
stable as those of the United States. Governments in some foreign countries also
continue to participate to a significant  degree,  through ownership interest or
regulation,  in their respective  economies.  Action by these  governments could
include  restrictions on foreign investment,  nationalization,  expropriation of
goods or  imposition  of taxes,  and could have a  significant  effect on market
prices of  securities  and payment of  interest.  The  economies of many foreign

                                      B-9
<PAGE>
countries are heavily dependent upon international trade and are affected by the
trade  policies and economic  conditions  of their  trading  partners.  If these
trading  partners  enacted  protectionist  trade  legislation,  it could  have a
significant adverse effect upon the securities markets of such countries.

CURRENCY  FLUCTUATIONS.  The Portfolios may invest in securities  denominated in
foreign currencies.  A change in the value of any such currency against the U.S.
dollar  will  result in a  corresponding  change in the U.S.  dollar  value of a
Portfolio's assets denominated in that currency. Such changes will also affect a
Portfolio's  income.  The value of a  Portfolio's  assets  may also be  affected
significantly by currency  restrictions and exchange control regulations enacted
from time to time.

EURO CONVERSION.  Several European  countries  adopted a single uniform currency
known as the "Euro," effective  January 1, 1999. The Euro conversion,  that will
take place over a several-year period, could have potential adverse effects on a
Portfolio's ability to value its portfolio holdings in foreign  securities,  and
could  increase  the  costs  associated  with  a  Portfolio's  operations.   The
Portfolios and Rochdale are working with providers of services to the Portfolios
in the areas of clearance and settlement of trades to avoid any material  impact
on the  Portfolios  due to  the  Euro  conversion;  there  can be no  assurance,
however,  that the steps taken will be sufficient to avoid any adverse impact on
a Portfolio.

MARKET CHARACTERISTICS. Rochdale expects that many foreign securities in which a
Portfolio invests will be purchased in over-the-counter  markets or on exchanges
located in the  countries in which the  principal  offices of the issuers of the
various  securities are located,  if that is the best available market.  Foreign
exchanges  and markets  may be more  volatile  than those in the United  States.
Though growing,  they usually have  substantially less volume than U.S. markets,
and a Portfolio's  foreign  securities may be less liquid and more volatile than
U.S. securities.  Also, settlement practices for transactions in foreign markets
may differ from those in United States  markets,  and may include  delays beyond
periods  customary in the United States.  Foreign  security  trading  practices,
including those involving  securities  settlement  where Portfolio assets may be
released  prior to receipt of payment or  securities,  may expose a Portfolio to
increased  risk in the event of a failed  trade or the  insolvency  of a foreign
broker-dealer.

LEGAL  AND  REGULATORY   MATTERS.   Certain  foreign  countries  may  have  less
supervision of securities markets,  brokers and issuers of securities,  and less
financial  information  available  to issuers,  than is  available in the United
States.

TAXES.  The  interest and  dividends  payable on some of a  Portfolio's  foreign
portfolio  securities may be subject to foreign withholding taxes, thus reducing
the net amount of income available for distribution to Portfolio shareholders.

COSTS. To the extent that a Portfolio invests in foreign securities, its expense
ratio is likely to be higher than those of investment  companies  investing only
in domestic  securities,  since the cost of  maintaining  the custody of foreign
securities is higher.

                                      B-10
<PAGE>
EMERGING MARKETS.  Some of the securities in which a Portfolio may invest may be
located in  developing  or emerging  markets,  which  entail  additional  risks,
including  less social,  political and economic  stability;  smaller  securities
markets and lower trading volume, which may result in less liquidity and greater
price volatility;  national policies that may restrict a Portfolio's  investment
opportunities, including restrictions on investment in issuers or industries, or
expropriation  or confiscation  of assets or property;  and less developed legal
structures governing private or foreign investment.

OPTIONS AND FUTURES STRATEGIES

Each  Portfolio  may  purchase  put and call  options,  engage in the writing of
covered  call  options and secured  put  options,  and employ a variety of other
investment techniques.  Specifically, a Portfolio may engage in the purchase and
sale of options on  securities  and stock  indices,  index future  contracts and
options on such  futures,  all as described  more fully below.  Such  investment
policies and techniques may involve a greater degree of risk than those inherent
in more conservative  investment  approaches.  The Portfolios will not engage in
such transactions for the purposes of speculation or leverage.

OPTIONS ON SECURITIES.  To hedge against adverse market shifts,  a Portfolio may
purchase put and call options on securities held in its portfolio.  In addition,
a  Portfolio  may seek to  increase  its  income in an amount  designed  to meet
operating expenses or may hedge a portion of its portfolio  investments  through
writing (that is, selling) "covered" put and call options. A put option provides
its purchaser with the right to compel the writer of the option to purchase from
the option holder an underlying security at a specified price at any time during
or at the end of the  option  period.  In  contrast,  a call  option  gives  the
purchaser the right to buy the  underlying  security  covered by the option from
the writer of the option at the stated  exercise  price.  A covered  call option
contemplates  that, for so long as a Portfolio is obligated as the writer of the
option, it will own (1) the underlying  securities  subject to the option or (2)
securities  convertible  into,  or  exchangeable  without  the  payment  of  any
consideration  for,  the  securities  subject  tothe  option.  The  value of the
underlying  securities  on which covered call options will be written at any one
time by a  Portfolio  will not exceed 25% of the  Portfolio's  total  assets.  A
Portfolio  will be considered  "covered"  with respect to a put option it writes
if, so long as it is  obligated  as the writer of a put  option,  it  segregates
liquid assets that are acceptable to the appropriate regulatory authority.

Each Portfolio may purchase  options on securities that are listed on securities
exchanges or that are traded  over-the-counter  ("OTC").  As the holder of a put
option, a Portfolio has the right to sell the securities  underlying the option,
and as the holder of a call  option,  a Portfolio  has the right to purchase the
securities underlying the option, in each case at the option's exercise price at
any time prior to, or on, the option's  expiration  date. A Portfolio may choose
to exercise the options it holds,  permit them to expire or terminate them prior
to their expiration by entering into closing sale transactions. In entering into
a closing sale transaction,  a Portfolio would sell an option of the same series
as the one it has purchased.

                                      B-11
<PAGE>
A Portfolio receives a premium when it writes call options,  which increases the
Portfolio's  return on the  underlying  security in the event the option expires
unexercised or is closed out at a profit.  By writing a call, a Portfolio limits
its opportunity to profit from an increase in the market value of the underlying
security above the exercise  price of the option for as long as the  Portfolio's
obligation  as writer of the option  continues.  A Portfolio  receives a premium
when it writes  put  options,  which  increases  the  Portfolio's  return on the
underlying security in the event the option expires unexercised or is closed out
at a profit. By writing a put, a Portfolio limits its opportunity to profit from
an increase in the market value of the  underlying  security  above the exercise
price of the option for as long as the  Portfolio's  obligation as writer of the
option  continues.  Thus, in some periods,  a Portfolio  will receive less total
return and in other periods greater total return from its hedged  positions than
it would have received from its underlying securities if unhedged.

In purchasing a put option,  a Portfolio  seeks to benefit from a decline in the
market price of the underlying security,  whereas in purchasing a call option, a
Portfolio  seeks  to  benefit  from  an  increase  in the  market  price  of the
underlying security. If an option purchased is not sold or exercised when it has
remaining value, or if the market price of the underlying security remains equal
to or greater than the exercise price, in the case of a put, or remains equal to
or below  the  exercise  price,  in the case of a call,  during  the life of the
option, a Portfolio will lose its investment in the option.  For the purchase of
an option to be  profitable,  the market price of the  underlying  security must
decline  sufficiently  below the exercise  price, in the case of a put, and must
increase  sufficiently above the exercise price, in the case of a call, to cover
the premium and transaction  costs.  Because option premiums paid by a Portfolio
are small in  relation to the market  value of the  investments  underlying  the
options,  buying  options can result in large amounts of leverage.  The leverage
offered by trading in options  could cause a  Portfolio's  net asset value to be
subject to more  frequent and wider  fluctuations  than would be the case if the
Portfolio did not invest in options.

OTC  OPTIONS.  OTC  options  differ  from  exchange-traded  options  in  several
respects.  They are  transacted  directly  with  dealers and not with a clearing
corporation,  and there is a risk of non-performance by the dealer. However, the
premium  is paid in advance by the  dealer.  OTC  options  are  available  for a
greater  variety of securities and foreign  currencies,  and in a wider range of
expiration dates and exercise prices than exchange-traded  options.  Since there
is no exchange,  pricing is normally  done by reference  to  information  from a
market maker, which information is carefully monitored or caused to be monitored
by Rochdale and verified in appropriate cases.

A writer or purchaser of a put or call option can terminate it voluntarily  only
by entering into a closing transaction. In the case of OTC options, there can be
no  assurance  that a  continuous  liquid  secondary  market  will exist for any
particular option at any specific time. Consequently, a Portfolio may be able to
realize the value of an OTC option it has  purchased  only by  exercising  it or
entering  into a closing  sale  transaction  with the  dealer  that  issued  it.
Similarly,  when a Portfolio  writes an OTC option,  it generally  can close out
that option prior to its  expiration  only by entering  into a closing  purchase
transaction  with the  dealer  to which it  originally  wrote the  option.  If a
covered call option writer cannot effect a closing  transaction,  it cannot sell

                                      B-12
<PAGE>
the  underlying  security or foreign  currency  until the option  expires or the
option is exercised.  Therefore, the writer of a covered OTC call option may not
be able to sell an  underlying  security  even  though  it  might  otherwise  be
advantageous to do so.  Likewise,  the writer of a covered OTC put option may be
unable to sell the  securities  pledged to secure  the put for other  investment
purposes while it is obligated as a put writer. Similarly, a purchaser of an OTC
put or call option might also find it  difficult to terminate  its position on a
timely basis in the absence of a secondary market.

Each  Portfolio  may purchase  and write OTC put and call options in  negotiated
transactions.  The staff of the SEC has  previously  taken the position that the
value of  purchased  OTC  options and the assets used as "cover" for written OTC
options  are  illiquid  securities  and,  as  such,  are to be  included  in the
calculation of a Portfolio's 15% limitation on illiquid securities. However, the
staff has eased its  position  somewhat  in  certain  limited  circumstances.  A
Portfolio will attempt to enter into  contracts with certain  dealers with which
it writes OTC options.  Each such contract will provide that a Portfolio has the
absolute  right to repurchase  the options it writes at any time at a repurchase
price  which  represents  the fair market  value,  as  determined  in good faith
through  negotiation  between the  parties,  but which in no event will exceed a
price determined  pursuant to a formula contained in the contract.  Although the
specific  details of such  formula may vary among  contracts,  the formula  will
generally  be based upon a multiple of the premium  received by a Portfolio  for
writing the option,  plus the amount,  if any, of the option's  intrinsic value.
The formula will also include a factor to account for the difference between the
price of the security and the strike price of the option.  If such a contract is
entered into, a Portfolio will count as illiquid only the initial  formula price
minus  the  option's  intrinsic  value.  Each  Portfolio  will  enter  into such
contracts only with primary U.S.  Government  securities  dealers  recognized by
Federal  Reserve Banks.  Moreover,  such primary  dealers will be subject to the
same  standards as are imposed  upon dealers with which a Portfolio  enters into
repurchase agreements.

STOCK INDEX OPTIONS.  In seeking to hedge all or a portion of its investment,  a
Portfolio may purchase and write put and call options on stock indices listed on
securities exchanges.

A stock index  measures the  movement of a certain  group of stocks by assigning
relative  values to the  securities  included  in the  index.  Options  on stock
indices are generally similar to options on specific securities.  Unlike options
on specific  securities,  however,  options on stock  indices do not involve the
delivery  of an  underlying  security;  the option in the case of an option on a
stock index  represents  the holder's  right to obtain from the writer in cash a
fixed multiple of the amount by which the exercise price exceeds (in the case of
a put) or is  less  than  (in the  case of a  call)  the  closing  value  of the
underlying stock index on the exercise date.

When a Portfolio  writes an option on a stock index,  it will  segregate  liquid
assets in an amount equal to the market value of the option,  and will  maintain
liquid  assets  with a value  sufficient  at all  times to cover  its  potential
obligations while the option is open.

Stock  index  options  are subject to  position  and  exercise  limits and other
regulations  imposed by the  exchange on which they are  traded.  If a Portfolio
writes a stock index  option,  it may  terminate  its  obligation by effecting a
closing purchase  transaction,  which is accomplished by purchasing an option of

                                      B-13
<PAGE>
the same series as the option previously written.  The ability of a Portfolio to
engage in closing  purchase  transactions  with  respect to stock index  options
depends on the  existence  of a liquid  secondary  market.  Although a Portfolio
generally  purchases  or writes stock index  options only if a liquid  secondary
market for the options  purchased  or sold appears to exist,  no such  secondary
market may exist, or the market may cease to exist at some future date, for some
options.  No assurance can be given that a closing  purchase  transaction can be
effected when a Portfolio desires to engage in such a transaction.

RISKS  RELATING TO PURCHASE AND SALE OF OPTIONS ON STOCK  INDICES.  Purchase and
sale of options on stock  indices by a Portfolio  are  subject to certain  risks
that are not present with options on securities.  Because the  effectiveness  of
purchasing or writing stock index  options as a hedging  technique  depends upon
the extent to which price  movements in a Portfolio's  portfolio  correlate with
price  movements in the level of the index rather than the price of a particular
stock,  whether the  Portfolio  will  realize a gain or loss on the  purchase or
writing of an option on a stock index  depends  upon  movements  in the level of
stock prices in the stock market  generally or, in the case of certain  indices,
in an  industry  or market  segment,  rather  than  movements  in the price of a
particular stock. Accordingly, successful use by a Portfolio of options on stock
indices  will be  subject  to the  ability  of  Rochdale  to  correctly  predict
movements  in the  direction  of the stock  market  generally or of a particular
industry.  This requires different skills and techniques than predicting changes
in the price of individual  stocks.  In the event  Rochdale is  unsuccessful  in
predicting the movements of an index,  a Portfolio  could be in a worse position
than had no hedge been attempted.

Stock index prices may be distorted if trading of certain stocks included in the
index is interrupted.  Trading in stock index options also may be interrupted in
certain circumstances, such as if trading were halted in a substantial number of
stocks included in the index. If this occurred, a Portfolio would not be able to
close out options  which it had  purchased  or written and, if  restrictions  on
exercise  were  imposed,  might be unable to exercise an option it holds,  which
could result in substantial  losses to the Portfolio.  However,  it will be each
Portfolio's  policy to purchase or write options only on indices which include a
sufficient  number  of stocks so that the  likelihood  of a trading  halt in the
index is minimized.

FUTURES  CONTRACTS.  Each  Portfolio  may purchase and sell stock index  futures
contracts and interest rate futures contracts ("futures contracts"). The purpose
of the  acquisition  or sale of a futures  contract by a  Portfolio  is to hedge
against  fluctuations in the value of its portfolio  without  actually buying or
selling  securities.  The futures contracts in which a Portfolio may invest have
been developed by and are traded on national  commodity  exchanges.  A Portfolio
may assume both "long" and "short" positions with respect to futures  contracts.
A long position  involves  entering into a futures  contract to buy a commodity,
whereas a short  position  involves  entering into a futures  contract to sell a
commodity.

A stock index futures  contract is a bilateral  agreement  pursuant to which one
party  agrees to accept,  and the other  party  agrees to make,  delivery  of an
amount of cash equal to a specified  dollar amount times the difference  between
the stock index value at the close of trading of the  contract  and the price at
which the futures  contract is originally  struck.  No physical  delivery of the

                                      B-14
<PAGE>
stocks comprising the index is made.  Generally,  contracts are closed out prior
to the expiration date of the contract.

An interest rate futures contract is a bilateral agreement pursuant to which one
party  agrees to make,  and the other  party  agrees to  accept,  delivery  of a
specified  type of debt  security at a specified  future time and at a specified
price.  Although such futures  contracts by their terms call for actual delivery
or acceptance of debt  securities,  in most cases,  the contracts are closed out
before the settlement date without the making or taking of delivery.

The  purpose  of  trading  futures  contracts  is to  protect a  Portfolio  from
fluctuations in value of its investment securities without necessarily buying or
selling the securities. Because the value of a Portfolio's investment securities
will  exceed the value of the futures  contracts  sold by it, an increase in the
value of the futures contracts could only mitigate,  but not totally offset, the
decline in the value of the  Portfolio's  assets.  No  consideration  is paid or
received by a Portfolio upon trading a futures contract.  Instead, upon entering
into a futures contract, a Portfolio is required to deposit an amount of cash or
U.S. Government securities generally equal to 10% or less of the contract value.
This amount is known as "initial  margin" and is in the nature of a  performance
bond or good faith deposit on the contract that is returned to a Portfolio  upon
termination of the futures contract,  assuming that all contractual  obligations
have been  satisfied;  the  broker  will have  access to  amounts  in the margin
account if the Portfolio fails to meet its contractual  obligations.  Subsequent
payments,  known as  "variation  margin," to and from the  broker,  will be made
daily as the price of the currency or securities underlying the futures contract
fluctuates,  making the long and short positions in the futures contract more or
less valuable, a process known as  "marking-to-market." At any time prior to the
expiration of a futures  contract,  a Portfolio may elect to close a position by
taking an opposite  position,  which will operate to terminate  the  Portfolio's
existing position in the contract.

Each short position in a futures contract entered into by a Portfolio is secured
by the Portfolio's ownership of underlying securities.  A Portfolio does not use
leverage when it enters into long futures contracts;  the Portfolio  segregates,
with respect to each of its long  positions,  liquid assets having a value equal
to the underlying commodity value of the contract.

Each Portfolio may trade futures  contracts to the extent  permitted under rules
and  interpretations  adopted by the Commodity  Futures Trading  Commission (the
"CFTC").  U.S. futures  contracts have been designed by exchanges that have been
designated  as "contract  markets" by the CFTC,  and must be executed  through a
futures commission merchant, or brokerage firm, that is a member of the relevant
contract market.  Futures contracts trade on a number of contract markets,  and,
through their clearing corporations,  the exchanges guarantee performance of the
contracts as between the clearing members of the exchange.

Each Portfolio intends to comply with CFTC regulations and avoid "commodity pool
operator" or "commodity trading advisor" status.  These regulations require that
a Portfolio  use futures  positions  (a) for "bona fide  hedging  purposes"  (as
defined  in the  regulations)  or (b) for other  purposes  so long as  aggregate
initial margins and premiums  required in connection with non-hedging  positions
do not exceed 5% of the liquidation value of a Portfolio's portfolio.

                                      B-15
<PAGE>
RISKS OF  TRANSACTIONS  IN FUTURES  CONTRACTS.  There are several risks in using
futures  contracts as hedging  devices.  First,  all participants in the futures
market are subject to initial margin and variation margin  requirements.  Rather
than  making  additional  variation  margin  payments,  investors  may close the
contracts  through  offsetting  transactions  which  could  distort  the  normal
relationship  between the index or security and the futures market.  Second, the
margin  requirements in the futures market are lower than margin requirements in
the  securities  market,  and as a result the futures  market may  attract  more
speculators  than  does  the  securities  market.   Increased  participation  by
speculators in the futures market may also cause  temporary  price  distortions.
Because of  possible  price  distortion  in the  futures  market and  because of
imperfect  correlation  between  movements in stock  indices or  securities  and
movements in the prices of futures contracts, even a correct forecast of general
market  trends may not result in a successful  hedging  transaction  over a very
short period.

Another risk arises because of imperfect  correlation  between  movements in the
value of the futures contracts and movements in the value of securities  subject
to the  hedge.  With  respect  to stock  index  futures  contracts,  the risk of
imperfect  correlation  increases as the composition of a Portfolio's  portfolio
diverges  from the  securities  included in the  applicable  stock index.  It is
possible  that a Portfolio  might sell stock index  futures  contracts  to hedge
against a decline in the market,  only to have the market  advance and the value
of securities held by the Portfolio decline. If this occurred, a Portfolio would
lose money on the  contracts  and also  experience a decline in the value of its
portfolio  securities.  While this could occur, Rochdale believes that over time
the value of a Portfolio  will tend to move in the same  direction as the market
indices  and will  attempt to reduce  this  risk,  to the  extent  possible,  by
entering  into futures  contracts on indices whose  movements  they believe will
have a  significant  correlation  with  movements in the value of the  portfolio
securities sought to be hedged.

Successful use of futures  contracts by a Portfolio is subject to the ability of
Rochdale to predict  correctly  movements in the  direction of the market.  If a
Portfolio has hedged  against the  possibility  of a decline in the value of the
stocks it holds and stock prices increase instead, the Portfolio would lose part
or all of the benefit of the increased value of its security which it has hedged
because it will have offsetting losses in its futures positions. In addition, in
such  situations,  if a Portfolio  has  insufficient  cash,  it may have to sell
securities to meet daily variation margin requirements. Such sales of securities
may, but will not  necessarily,  be at increased prices which reflect the rising
market.  A  Portfolio  may  have to  sell  securities  at a time  when it may be
disadvantageous to do so.

LIQUIDITY OF FUTURES CONTRACTS. Each Portfolio may elect to close some or all of
its contracts prior to expiration. The purpose of making such a move would be to
reduce or eliminate  the hedge  position  held by a Portfolio.  A Portfolio  may
close its  positions  by taking  opposite  positions.  Final  determinations  of
variation  margin are then made,  additional cash as required is paid by or to a
Portfolio,  and the  Portfolio  realizes a loss or a gain.  Positions in futures
contracts  may be  closed  only on an  exchange  or board of trade  providing  a
secondary market for such futures contracts.  Although each Portfolio intends to
enter into  futures  contracts  only on exchanges or boards of trade where there

                                      B-16
<PAGE>
appears to be an active  secondary  market,  there is no assurance that a liquid
secondary market will exist for any particular contract at any particular time.

In  addition,  most  domestic  futures  exchanges  and boards of trade limit the
amount of  fluctuation  permitted  in futures  contract  prices  during a single
trading day. The daily limit  establishes the maximum amount that the price of a
futures  contract may vary either up or down from the previous day's  settlement
price at the end of a trading session.  Once the daily limit has been reached in
a  particular  contract,  no trades may be made that day at a price  beyond that
limit.  The daily limit governs only price movement during a particular  trading
day and therefore does not limit potential  losses because the limit may prevent
the liquidation of unfavorable  positions.  It is possible that futures contract
prices could move to the daily limit for several  consecutive  trading days with
little or no trading, thereby preventing prompt liquidation of futures positions
and subjecting  some futures  traders to substantial  losses.  In such event, it
will not be  possible to close a futures  position  and, in the event of adverse
price  movements,  a Portfolio  would be required to make daily cash payments of
variation margin. In such circumstances, an increase in the value of the portion
of the portfolio being hedged, if any, may partially or completely offset losses
on the futures contract. However, as described above, there is no guarantee that
the price of the securities being hedged will, in fact, correlate with the price
movements  in the  futures  contract  and thus  provide an offset to losses on a
futures contract.

Investments in futures contracts by their nature tend to be more short-term than
other securities  investments made by a Portfolio. A Portfolio's ability to make
such investments, therefore, may result in an increase in portfolio activity and
thereby may result in the payment of additional transaction costs.

FORWARD CURRENCY CONTRACTS

Each  Portfolio may enter into forward  currency  contracts in  anticipation  of
changes in currency exchange rates. A forward currency contract is an obligation
to purchase or sell a specific currency at a future date, which may be any fixed
number of days from the date of the contract  agreed upon by the  parties,  at a
price set at the time of the contract. For example, a Portfolio might purchase a
particular  currency or enter into a forward  currency  contract to preserve the
U.S.  dollar price of  securities  it intends to or has  contracted to purchase.
Alternatively,  it might sell a particular  currency on either a spot or forward
basis to hedge against an anticipated  decline in the dollar value of securities
it intends to or has  contracted to sell.  Although this strategy could minimize
the risk of loss due to a decline in the value of the hedged currency,  it could
also limit any potential gain from an increase in the value of the currency.

SWAP CONTRACTS

TYPES OF SWAPS.  The  Portfolios  may use the  following:  (i) Long  equity swap
contracts: where a Portfolio pays a fixed rate plus the negative performance, if
any, and receives  the  positive  performance,  if any, of an index or basket of
securities; (ii) Short equity swap contracts: where a Portfolio receives a fixed
rate plus the negative performance, if any, and pays the positive performance of
an index or basket of securities; (iii) Contracts for differences:  equity swaps

                                      B-17
<PAGE>
that contain both a long and short equity  component;  (iv)  Interest  rate swap
contracts:  where a Portfolio  exchanges  fixed  interest  payments for floating
payments or vice versa; (v) Currency swap contracts: where a Portfolio exchanges
one  currency for another at a forward  exchange  rate;  and (vi) other  similar
contractual agreements to exchange credit obligations.

USES. The Portfolios may use swaps for (i) various reasons,  including,  but not
limited to  traditional  hedging  purposes - short equity swap contracts used to
hedge against an equity risk already present in a Portfolio;  (ii)  anticipatory
purchase hedging purposes - where a Portfolio that anticipates  significant cash
purchase  transactions  enters into long equity swap  contracts to obtain market
exposure until such a time where direct  investment  becomes  possible or can be
made  efficiently;  (iii)  anticipatory  redemption  hedging  purposes - where a
Portfolio  that expects  significant  demand for  redemptions  enters into short
equity swap  contracts,  to allow it to dispose of  securities in a more orderly
fashion; (iv) direct investment - where a Portfolio purchases (particularly long
equity swap  contracts in place of investing  directly in  securities;  (v) risk
management  where a Portfolio uses equity swap contracts to adjust the weight of
the Portfolio to a level the Advisor feels is the optimal exposure to individual
markets,  sectors  and  equities  or where  the  Portfolio  uses  currency  swap
contracts to capture  inefficiencies  in foreign  exchange  rates or to minimize
exposure to the purchase  price of a foreign  security  held by the Portfolio or
where  a  Portfolio   uses   interest   rate  swap   contracts   to  exchange  a
disadvantageous  interest  rate  (whether  floating  or fixed)  for a  different
interest rate.

LIMITATIONS  ON USE.  There is  generally no limit on the use of swaps except to
the extent such swaps are subject to the liquidity requirement of a Portfolio.

                             INVESTMENT RESTRICTIONS

The following  policies and  investment  restrictions  have been adopted by each
Portfolio and (unless  otherwise  noted) are  fundamental  and cannot be changed
without the affirmative vote of a majority of the Portfolio's outstanding voting
securities as defined in the Investment Company Act.

A Portfolio may not:

1. Make loans to others,  except (a) through the purchase of debt  securities in
accordance with its investment objectives and policies,  (b) through the lending
of  portfolio  securities,  or (c) to the  extent  the entry  into a  repurchase
agreement is deemed to be a loan.

2. (a) Borrow money,  except temporarily for extraordinary or emergency purposes
from a bank and then not in excess of 10% of total  assets (at the lower of cost
or fair  market  value;  any such  borrowing  will be made  only if  immediately
thereafter  there is an asset coverage of at least 300% of all borrowings and no
investments  may be made  while  any  borrowings  are in  excess  of 5% of total
assets).

   (b) Mortgage, pledge or hypothecate any  of  its assets  except in connection
with any such borrowings.

                                      B-18
<PAGE>
3. Purchase  securities on margin,  participate  on a joint or joint and several
basis in any securities trading account, or underwrite  securities,  except that
this  restriction  does not preclude a Portfolio from obtaining such  short-term
credit as may be  necessary  for the  clearance  of  purchases  and sales of its
portfolio securities.

4. Purchase or sell real estate, or commodities or commodity  contracts,  except
that a Portfolio may purchase or sell  currencies  (including  forward  currency
exchange contracts), futures contracts, and related options.

5.  Invest 25% or more of the market  value of its assets in the  securities  of
companies  engaged in any one industry,  except that this  restriction  does not
apply to investment in the  securities of the U.S.  Government,  its agencies or
instrumentalities.

6. Issue senior securities, as defined in the Investment Company Act except that
this restriction shall not be deemed to prohibit a Portfolio from (a) making any
permitted  borrowings,  mortgages  or  pledges,  (b)  entering  into  repurchase
transactions, or (c) engaging in options or futures transactions.

7. Invest in any issuer for purposes of exercising control or management.

8. With  respect to 75% of its total  assets,  invest  more than 5% of its total
assets in  securities  of a single  issuer  or hold more than 10% of the  voting
securities  of such  issuer,  except  that  this  restriction  does not apply to
investment  in  the  securities  of  the  U.S.   Government,   its  agencies  or
instrumentalities.

Each Portfolio observes the following policies, which are not deemed fundamental
and which may be changed without shareholder vote. A Portfolio may not:

9. Invest in securities of other investment  companies except as provided for in
the Investment Company Act.

10. Invest, in the aggregate, more than 15% of its net assets in securities with
legal or contractual  restrictions on resale,  securities  which are not readily
marketable, and repurchase agreements with more than seven days to maturity.

If a  percentage  restriction  set  forth  in the  prospectus  or in this SAI is
adhered to at the time of  investment,  a  subsequent  increase or decrease in a
percentage resulting from a change in the values of assets will not constitute a
violation of that  restriction,  except with  respect to borrowing  and illiquid
securities, or as otherwise specifically noted.

                                      B-19
<PAGE>
                        DISTRIBUTIONS AND TAX INFORMATION

DISTRIBUTIONS

Dividends from net investment income and distributions from net profits from the
sale of securities are generally made annually by the Portfolios  other than the
Intermediate   Fixed-Income   Portfolio,   which  distributes  income  dividends
quarterly with annual  distributions of any  undistributed net investment income
by the Equity Portfolios  expected on or about December 31 of each year. Any net
capital gains realized through the one-year period ended October 31 of each year
will also be distributed by December 31 of each year.

Each  distribution by a Portfolio will be accompanied by a brief  explanation of
the  form  and  character  of the  distribution.  In  January  of each  year the
Portfolios will issue to each  shareholder a statement of the federal income tax
status of all distributions made during the preceding calendar year.

TAX INFORMATION

Each Portfolio is treated as a separate  entity for federal income tax purposes.
Each  Portfolio  intends to  continue  to  qualify  and elect to be treated as a
"regulated  investment  company" under Subchapter M of the Internal Revenue Code
(the  "Code"),  provided  that it  complies  with  all  applicable  requirements
regarding the source of its income, diversification of its assets, and timing of
distributions.  It is each Portfolio's  policy to distribute to its shareholders
all of its investment  company taxable income and any net realized capital gains
for  each  fiscal  year  in  a  manner  that  complies  with  the   distribution
requirements  of the Code,  so that the  Portfolio  will not be  subject  to any
federal income tax or excise taxes based on net income. To avoid the excise tax,
each  Portfolio  must also  distribute  (or be deemed  to have  distributed)  by
December 31 of each  calendar  year (i) at least 98% of its ordinary  income for
such year,  (ii) at least 98% of the excess of its realized  capital  gains over
its realized  capital losses for the one-year period ending on October 31 during
such year and  (iii) any  amounts  from the  prior  calendar  year that were not
distributed and on which the Portfolio paid no federal excise tax.

Each Portfolio's ordinary income generally consists of interest, dividend income
and income from short sales,  less  expenses.  Net realized  capital gains for a
fiscal period are computed by taking into account any capital loss carry forward
of the Portfolio.

Each  Portfolio  may write,  purchase,  or sell certain  options,  futures,  and
foreign  currency.  Such  transactions are subject to special tax rules that may
affect the amount,  timing, and character of distributions to shareholders.  For
example,   such   contracts   that  are  "Section   1256   contracts"   will  be
"marked-to-market"  for Federal  income tax  purposes at the end of each taxable
year (i.e.,  each  contract will be treated as sold for its fair market value on
the last day of the taxable year). In general,  unless certain special elections
are made, gain or loss from transactions in such contracts will be 60% long term
and 40% short-term capital gain or loss. Section 1092 of the Code, which applies
to  certain   "straddles,"  may  also  affect  the  taxation  of  a  Portfolio's
transactions in options, futures, and foreign currency contracts.  Under Section
1092 of the Code, a Portfolio  may be required to postpone  recognition  for tax
purposes of losses incurred in certain of such transactions.

                                      B-20
<PAGE>
Distributions  of net  investment  income and net  short-term  capital gains are
taxable  to  shareholders  as  ordinary   income.   In  the  case  of  corporate
shareholders,  a portion of the distributions may qualify for the intercorporate
dividends-received  deduction  to the extent a Portfolio  designates  the amount
distributed as a qualifying  dividend.  This designated amount cannot,  however,
exceed the aggregate  amount of qualifying  dividends  received by the Portfolio
for its taxable  year.  The  deduction,  if any, may be reduced or eliminated if
Portfolio  shares held by a corporate  investor are treated as  debt-financed or
are held for fewer than 46 days.

Any  long-term  capital  gain  distributions  are  taxable  to  shareholders  as
long-term  capital gains,  regardless of the length of time they have held their
shares.  Capital gains distributions are not eligible for the dividends-received
deduction referred to in the previous  paragraph.  Distributions of any ordinary
income and net  realized  capital  gains will be  taxable  as  described  above,
whether  received  in  shares or in cash.  Shareholders  who  choose to  receive
distributions  in the form of  additional  shares  will  have a cost  basis  for
federal  income tax  purposes in each share so  received  equal to the net asset
value of a share on the reinvestment  date.  Distributions are generally taxable
when received. However, distributions declared in October, November, or December
to  shareholders  of  record  on a date in such a month  and paid the  following
January are taxable as if received on December 31.  Distributions are includable
in alternative minimum taxable income in computing a shareholder's liability for
the alternative minimum tax.

Under  the Code,  each  Portfolio  will be  required  to report to the  Internal
Revenue Service all  distributions  of ordinary income and capital gains as well
as gross proceeds from the redemption or exchange of Portfolio shares, except in
the case of exempt shareholders,  which includes most corporations.  Pursuant to
the backup  withholding  provisions  of the Code,  distributions  of any taxable
income and capital  gains and  proceeds  from the  redemption  of a  Portfolio's
shares may be  subject  to  withholding  of  federal  income tax at the  current
maximum  federal tax rate of 31 percent in the case of  non-exempt  shareholders
who fail to furnish the Portfolio with their taxpayer identification numbers and
with required certifications regarding their status under the federal income tax
law. If the backup withholding provisions are applicable, any such distributions
and proceeds,  whether taken in cash or reinvested in additional shares, will be
reduced by the  amounts  required to be  withheld.  Corporate  and other  exempt
shareholders  should provide the Portfolios  with their taxpayer  identification
numbers or certify  their  exempt  status in order to avoid  possible  erroneous
application of backup  withholding.  Each Portfolio reserves the right to refuse
to open an account  for any person  failing to  certify  the  person's  taxpayer
identification number.

If more than 50% of the value of a Portfolio's  total assets at the close of the
taxable  year  consists  of stock or  securities  in  foreign  corporation,  the
Portfolio may elect to pass through to shareholders the right to take the credit
for any foreign taxes paid by the Portfolio. If a Portfolio does not qualify for
or does not make the election,  only the Portfolio and not the  shareholder  may
take the credit.

Generally,  a credit  for  foreign  taxes  may not  exceed  the  portion  of the
shareholder's  U.S.  federal  income  tax  (determined  without  regard  to  the
availability  of the credit)  attributable  to his or her total  foreign  source
taxable  income.  For this  purpose,  the  portion  of  distributions  paid by a

                                      B-21
<PAGE>
Portfolio from foreign source income will be treated as foreign source income. A
Portfolio's  gains  from the sale of  securities  will  generally  be treated as
derived from U.S.  sources,  and certain currency  fluctuation gains and losses,
including  fluctuation gains from foreign currency  denominated debt securities,
receivables  and  payables  will be treated as derived  from U.S.  sources.  The
limitation  on the foreign tax credit is applied  separately  to foreign  source
"passive  income,"  such as the portion of dividends  received  from a Portfolio
which qualifies as foreign source income. In addition, the foreign tax credit is
allowed  to  offset  only  90%  of  the  alternative   minimum  tax  imposed  on
corporations and individuals. Because of these limitations,  shareholders may be
unable to claim a credit for the full  amount of their  proportionate  shares of
foreign  income taxes paid by a Portfolio  even if the Portfolio is eligible and
makes the election to pass through those credits.

The use of hedging strategies, such as entering into forward contracts, involves
complex rules that will determine the character and timing of recognition of the
income  received in  connection  therewith by a  Portfolio.  Income from foreign
currencies  (except  certain  gains  therefrom  that may be  excluded  by future
regulations)  and income from  transactions  in forward  contracts  derived by a
Portfolio  with respect to its business of  investing in  securities  or foreign
currencies will qualify as permissible income under Subchapter M of the Code.

Any  security  or  other  position  entered  into or held  by a  Portfolio  that
substantially  diminishes the  Portfolio's  risk of loss from any other position
held by the  Portfolio  may  constitute  a  "straddle"  for  federal  income tax
purposes. In general, straddles are subject to certain rules that may affect the
amount,  character and timing of a Portfolio's  gains and losses with respect to
straddle positions by requiring,  among other things,  that the loss realized on
disposition  of one position of a straddle be deferred until gain is realized on
disposition of the  offsetting  position;  that a Portfolio's  holding period in
certain straddle positions not begin until the straddle is terminated  (possibly
resulting  in the gain being  treated as  short-term  capital  gain  rather than
long-term  capital  gain);  and that losses  recognized  with respect to certain
straddle positions,  which would otherwise constitute short-term capital losses,
be treated as long-term capital losses. Different elections are available to the
Portfolios that may mitigate the effects of the straddle rules.

Certain forward contracts that are subject to Section 1256 of the Code ("Section
1256 Contracts") and that are held by a Portfolio at the end of its taxable year
generally  will be  required  to be "marked to market"  for  federal  income tax
purposes,  that is, deemed to have been sold at market  value.  Sixty percent of
any net gain or loss recognized on these deemed sales and 60% of any net gain or
loss realized from any actual sales of Section 1256 Contracts will be treated as
long-term  capital gain or loss,  and the balance will be treated as  short-term
capital gain or loss.

Section 988 of the Code contains special tax rules applicable to certain foreign
currency  transactions  that may affect the  amount,  timing  and  character  of
income,  gain or loss  recognized  by a Portfolio.  Under these  rules,  foreign
exchange  gain or  loss  realized  with  respect  to  foreign  currency  forward
contracts is treated as ordinary income or loss. Some part of a Portfolio's gain
or loss on the sale or other disposition of shares of a foreign corporation may,
because of changes in foreign  currency  exchange  rates, be treated as ordinary
income or loss under  Section  988 of the Code  rather  than as capital  gain or

                                      B-22
<PAGE>
loss. Each Portfolio will not be subject to corporate income tax in the State of
Delaware as long as it qualifies as a regulated  investment  company for federal
income tax  purposes.  Distributions  and the  transactions  referred  to in the
preceding paragraphs may be subject to state and local income taxes, and the tax
treatment thereof may differ from the federal income tax treatment.

The foregoing  discussion of U.S.  federal  income tax law relates solely to the
application  of  that  law to U.S.  citizens  or  residents  and  U.S.  domestic
corporations,  partnerships,  trusts, and estates. Each shareholder who is not a
U.S. person should  consider the U.S. and foreign tax  consequences of ownership
of shares of a Portfolio,  including the possibility that such a shareholder may
be subject to a U.S. withholding tax at a rate of 30 percent (or at a lower rate
under an applicable income tax treaty) on amounts constituting  ordinary income.
In addition, the foregoing discussion of tax law is based on existing provisions
of  the  Code,  existing  and  proposed  regulations  thereunder,   and  current
administrative rulings and court decisions,  all of which are subject to change.
Any such charges could affect the validity of this  discussion.  The  discussion
also  represents  only a  general  summary  of tax  law and  practice  currently
applicable to the Portfolios and certain shareholders  therein, and, as such, is
subject to change. In particular, the consequences of an investment in shares of
a Portfolio under the laws of any state,  local or foreign taxing  jurisdictions
are not discussed  herein.  Each prospective  investor should consult his or her
own tax advisor to determine the  application of the tax law and practice in his
or her own particular circumstances.

                         TRUSTEES AND EXECUTIVE OFFICERS

The  Trustees  of the Trust,  who were  elected  for an  indefinite  term by the
initial shareholders of the Trust, are responsible for the overall management of
the Trust, including general supervision and review of the investment activities
of the Portfolios.  The Trustees,  in turn, elect the officers of the Trust, who
are responsible for administering the day-to-day operations of the Trust and its
separate  series.  The current  Trustees and officers,  their dates of birth and
affiliations  and  principal  occupations  for the past five years are set forth
below.

Carl Acebes*, 8/27/46, Chairman and Trustee
570 Lexington Ave, New York, NY 10022.  Chairman and Chief Investment Officer of
Rochdale.

Maxime C. Baretge, 9/18/40, Trustee
Hastings,  W13, Barbados, West Indies.  President,  P.A. Pommares Agencies, S.A.
(luxury goods distribution).

Benedict T. Marino, 9/11/42, Trustee
144 Fairmount  Rd.,  Ridgewood,  NJ 07450.  President,  BTM  Investment  Company
(private   investments)  since  January,   1995;   formerly  Managing  Director,
Donaldson, Lufkin, Jenrette Securities Corp. (securities and investment banking)
from 1983-1995.

Garrett R. D'Alessandro*, CFA, 11/27/57, President, Secretary and Treasurer
570 Lexington Ave., New York, NY 10022. President,  Chief Executive Officer, and
Director of Research of Rochdale.

* Indicates  an  "interested  person" of the Trust as defined in the  Investment
Company Act.

                                      B-23
<PAGE>
Disinterested  Trustees  receive an annual  retainer of $1,000 and a fee of $500
for each regularly scheduled meeting. Disinterested Trustees are also reimbursed
for  expenses  in  connection  with  each  Board  meeting  attended.   No  other
compensation or retirement  benefits are received by any Trustee or officer from
the  Portfolios  or any other  portfolio of the Trust.  The Trustees have waived
these fees during the Magna and Atlas  Portfolios'  initial  fiscal period ended
March 31, 1999. The Alpha Portfolio began investment  operations in June of 1999
and the remaining  portfolios began operations as of the date of this SAI. As of
the date of this SAI,  the  Trustees  and officers of the Trust as a group owned
less than 1% of each Portfolio's outstanding shares.

                       THE PORTFOLIOS' INVESTMENT ADVISOR

As stated in the Prospectus,  investment  advisory  services are provided to the
Portfolios by Rochdale Investment Management Inc. ("Rochdale" or the "Advisor"),
pursuant to an Investment Advisory Agreement ("Advisory Agreement").

The Advisory Agreement  continues in effect after its initial two year term from
year to year so long as such  continuation  is approved at least annually by (1)
the Board of Trustees of the Trust or the vote of a majority of the  outstanding
shares of Portfolios to which the Advisory Agreement applies, and (2) a majority
of the  Trustees  who are not  interested  persons of any party to the  Advisory
Agreement,in  each case cast in person at a meeting  called  for the  purpose of
voting on such approval.  The Advisory  Agreement may be terminated at any time,
without penalty, by either Portfolio or Rochdale upon sixty days' written notice
and is automatically terminated in the event of its assignment as defined in the
Investment Company Act.


From  inception  through the fiscal  period  ended March 31,  1999,  the Advisor
waived  advisory  fees and  reimbursed  the Magna  Portfolio for expenses in the
total amount of $72,384, of which $15,295 was its advisory fee. The Advisor also
waived  advisory fees and reimbursed the Atlas  Portfolio in the total amount of
$99,964,  of which $16,156 was its advisory fee. For the six-month  period ended
September  30,  1999,  the  Advisor  waived  advisory  fees due  from the  Magna
Portfolio   and  Atlas   Portfolio  in  the  amounts  of  $35,978  and  $38,888,
respectively.  For the same period,  the Advisor  reimbursed the Magna Portfolio
and  Atlas  Portfolio  for  expenses  in  the  amounts  of  $6,102  and  $4,083,
respectively.   For  the  period  June  1,  1999   (commencement  of  investment
operations)  through  September 30, 1999, the Advisor  waived  advisory fees due
from the Alpha  Portfolio in the amount of $3,345 and  reimbursed  the Portfolio
for expenses in the amount of $62,341.  These  waivers and  reimbursements  were
made pursuant to the Advisor's  undertaking  to limit expenses of the Portfolios
during this period.


                                      B-24
<PAGE>
                          THE PORTFOLIOS' ADMINISTRATOR

The Portfolios  have entered into an  Administration  Agreement with  Investment
Company Administration LLC (the "Administrator").  The Administration  Agreement
provides that the  Administrator  will prepare and coordinate  reports and other
materials supplied to the Trustees; prepare and/or supervise the preparation and
filing of all securities  filings,  periodic  financial  reports,  prospectuses,
statements of additional information, tax returns, shareholder reports and other
regulatory  reports or filings required of the Portfolios;  prepare all required
notice filings necessary to maintain each Portfolio's  ability to sell shares in
all  states  where  the  Portfolios  currently  do or  intend  to  do  business;
coordinate the preparation,  printing and mailing of all materials (e.g., annual
reports)  required to be sent to  shareholders;  coordinate the  preparation and
payment of Portfolio-related expenses; monitor and oversee the activities of the
Portfolios' servicing agents (e.g., transfer agent, custodian, fund accountants,
etc.);  review and adjust as necessary each Portfolio's  daily expense accruals;
and perform such additional services as may be agreed upon by the Portfolios and
the  Administrator.  For its services,  the Administrator will receive a monthly
fee from each  Portfolio at the annual rate of 0.10% of average daily net assets
with a minimum annual fee of $40,000.

From  inception  through  the fiscal  period  ended  March 31,  1999,  the Magna
Portfolio  accrued  $30,247  in  administration   fees,  of  which  $12,647  was
voluntarily  waived  by the  Administrator.  For  the  same  period,  the  Atlas
Portfolio  accrued  $30,247  in  administration   fees,  of  which  $10,776  was
voluntarily waived by the Administrator.


For the six-month  period ending  September  30, 1999,  the Atlas  Portfolio and
Magna Portfolio each paid $20,130 in administration fees. For the period June 1,
1999  (commencement of investment  operations)  through  September 30, 1999, the
Alpha Portfolio paid $13,200 in administration fees.


                           THE PORTFOLIOS' DISTRIBUTOR

Rochdale  also acts as the  Portfolios'  principal  underwriter  in a continuous
public offering of the Portfolios'  shares.  The Distribution  Agreement between
the  Portfolios  and  Rochdale  will  continue  in  effect  from year to year if
approved  at  least  annually  by (i) the  Board  of  Trustees  or the vote of a
majority of the  outstanding  shares of the Portfolio to which the  Distribution
Agreement applies (as defined in the Investment Company Act) and (ii) a majority
of the Trustees who are not interested  persons of any such party,  in each case
cast in person at a meeting  called for the purpose of voting on such  approval.
The  Distribution  Agreement  may be terminated  without  penalty by the parties
thereto upon sixty days' written notice, and is automatically  terminated in the
event of its assignment as defined in the Investment Company Act.

The Portfolios  have adopted a Distribution  Plan in accordance  with Rule 12b-1
under the Investment Company Act. The Plan provides that each Portfolio will pay
a fee to the  Distributor  at an annual rate of up to 0.25% of the average daily
net assets of the Portfolio. The fee is paid to the Distributor as reimbursement
for  or  in  anticipation  of,  expenses   incurred  for  distribution   related
activities.  Expenses  permitted to be paid by the  Portfolios  under their Plan
include: preparation, printing and mailing or prospectuses,  shareholder reports
such as semi-annual and annual  reports,  performance  reports and  newsletters;

                                      B-25
<PAGE>
sales literature and other promotional material to prospective investors; direct
mail  solicitation;   advertising;  public  relations;   compensation  of  sales
personnel,  advisors or other third parties for their assistance with respect to
the distribution of the Portfolios' shares; payments to financial intermediaries
for shareholder support;  administrative and accounting services with respect to
the  shareholders of the Portfolios;  and such other expenses as may be approved
from time to time by the Board of Trustees.

The Plan  allows  excess  distribution  expenses  to be  carried  forward by the
Distributor and  resubmitted  for payment by a Portfolio in a subsequent  fiscal
year provided that (i) distribution  expenses cannot be carried forward for more
than three years following  initial  submission;  (ii) the Board of Trustees has
made a determination  at the time of initial  submission  that the  distribution
expenses are appropriate to be carried forward;  and (iii) the Board of Trustees
makes a further determination,  at the time any distribution expenses which have
been carried forward are resubmitted for payment,  to the effect that payment at
the time is  appropriate,  consistent with the objectives of the Plan and in the
current best interests of shareholders.


From  inception  through the fiscal period ended March 31, 1999,  fees of $3,942
accrued by the Magna Portfolio  pursuant to the Plan were voluntarily  waived by
the  Distributor.  For the same  period,  fees of  $4,040  accrued  by the Atlas
Portfolio  pursuant  to the Plan were  voluntarily  waived  by the  Distributor.
During the six-month  period ended  September 30, 1999,  the  Portfolios did not
accrue any fees pursuant to the Plan.


                       EXECUTION OF PORTFOLIO TRANSACTIONS

Pursuant to the Advisory Agreement, Rochdale will determine which securities are
to be purchased and sold by each Portfolio and which broker-dealers are eligible
to execute its portfolio transactions.  Purchases and sales of securities in the
over-the-counter   market   will   generally   be  executed   directly   with  a
"market-maker"  unless, in the opinion of Rochdale, a better price and execution
can otherwise be obtained by using a broker for the transaction.

Purchases of portfolio  securities  for each Portfolio also may be made directly
from  issuers  or  from   underwriters.   Where  possible,   purchase  and  sale
transactions will be made through dealers  (including banks) which specialize in
the  types of  securities  which a  Portfolio  will be  holding,  unless  better
executions  are available  elsewhere.  Dealers and  underwriters  usually act as
principal  for their own account.  Purchases  from  underwriters  will include a
concession paid by the issuer to the underwriter and purchases from dealers will
include the spread  between the bid and the asked price.  If the  execution  and
price offered by more than one dealer or underwriter are  comparable,  the order
may be allocated to a dealer or underwriter that has provided  research or other
services as discussed below.

In placing portfolio transactions,  Rochdale will use its best efforts to choose
a broker-dealer  capable of providing the services  necessary to obtain the most
favorable price and execution available.  The full range and quality of services
available will be considered in making these determinations, such as the size of
the order, the difficulty of execution,  the operational  facilities of the firm
involved,  the  firm's  risk in  positioning  a block of  securities,  and other
factors. In those instances where it is reasonably determined that more than one

                                      B-26
<PAGE>
broker-dealer  can offer the services  needed to obtain the most favorable price
and  execution  available,  consideration  may be given to those  broker-dealers
which furnish or supply research and statistical information to Rochdale that it
may lawfully and appropriately  use in its investment  advisory  capacities,  as
well as provide  other  services  in addition to  execution  services.  Rochdale
considers  such  information,  which  is in  addition  to and not in lieu of the
services  required to be performed by it under its Advisory  Agreement  with the
Portfolios,  to be useful  in  varying  degrees,  but of  indeterminable  value.
Portfolio  transactions may be placed with  broker-dealers  who sell shares of a
Portfolio  subject to rules  adopted by the National  Association  of Securities
Dealers, Inc.

While it is each  Portfolio's  general  policy to seek  first to obtain the most
favorable price and execution available, in selecting a broker-dealer to execute
portfolio transactions for a Portfolio,  weight may also be given to the ability
of a broker-dealer to furnish brokerage and research services to the Portfolios,
other portfolios of the Trust or to Rochdale, even if the specific services were
not  imputed  just to the  Portfolios  and may be useful to Rochdale in advising
other clients. In negotiating commissions with a broker or evaluating the spread
to be paid to a dealer,  a Portfolio may  therefore  pay a higher  commission or
spread than would be the case if no weight were given to the furnishing of these
supplemental services, provided that the amount of such commission or spread has
been  determined  in good faith by Rochdale to be  reasonable in relation to the
value of the brokerage and/or research services provided by such  broker-dealer.
The standard of reasonableness is to be measured in light of Rochdale's  overall
responsibilities to a Portfolio.

Investment decisions for each Portfolio will be made independently from those of
other  client   accounts  or  mutual  funds  managed  or  advised  by  Rochdale.
Nevertheless,  it is  possible  that  at  times  identical  securities  will  be
acceptable for both a Portfolio and one or more of such client accounts or other
Portfolios.  In such  event,  the  position  of the  Portfolio  and such  client
account(s)  or other  Portfolios  in the same  issuer may vary and the length of
time that each may choose to hold its investment in the same issuer may likewise
vary.  However,  to the extent any of these client accounts or other  Portfolios
seek to acquire the same  security as a Portfolio  at the same time, a Portfolio
may not be able to acquire as large a portion of such security as is desired, or
may  have to pay a higher  price or  obtain  a lower  yield  for such  security.
Similarly,  a  Portfolio  may not be able to obtain as high a price  for,  or as
large an  execution  of, an order to sell any  particular  security  at the same
time. If one or more of such client accounts or other Portfolios  simultaneously
purchases or sells the same  security that a Portfolio is purchasing or selling,
each  day's  transactions  in such  security  will  be  allocated  between  such
Portfolio  and all such client  accounts or other  Portfolios in a manner deemed
equitable by Rochdale,  taking into account the respective sizes of the accounts
and the amount being purchased or sold. It is recognized that in some cases this
system  could have a  detrimental  effect on the price or value of the  security
insofar as a Portfolio is  concerned.  In other cases,  however,  it is believed
that the  ability of a  Portfolio  to  participate  in volume  transactions  may
produce better executions for the Portfolio.

The  Portfolios  do  not  place  securities   transactions  through  brokers  in
accordance with any formula, nor do they effect securities  transactions through
such  brokers  solely  for  selling  shares  of  the  Portfolios,  although  the
Portfolios may consider the sale of shares as a factor in allocating  brokerage.

                                      B-27
<PAGE>
However, as stated above,  broker-dealers who execute brokerage transactions may
effect purchase of shares of a Portfolio for their customers.

Subject to overall  requirements  of obtaining  the best  combination  of price,
execution and research services on a particular transaction,  the Portfolios may
place eligible portfolio  transactions  through their affiliated  broker-dealer,
Rochdale  Securities  Corporation,  under  procedures  adopted  by the  Board of
Trustees pursuant to the Investment Company Act and related rules.


From  inception  through  the fiscal  period  ended  March 31,  1999,  the Magna
Portfolio paid $5,452 in brokerage commissions to non-affiliated broker-dealers.
During  that  period,   Rochdale  Securities   Corporation   received  brokerage
commissions  from the Magna  Portfolio  in the  amount of  $1,112.  For the same
period,   the  Atlas   Portfolio  paid  $31,506  in  brokerage   commissions  to
non-affiliated  broker-dealers.  For the  six-month  period ended  September 30,
1999, the Magna Portfolio and Atlas Portfolio paid $287 and $32,291 in brokerage
commissions to non-affiliated  broker-dealers.  From inception through September
30,  1999,  the  Alpha  Portfolio  paid  $2,447  in  brokerage   commissions  to
non-affiliated broker-dealers.


                 ADDITIONAL PURCHASE AND REDEMPTION INFORMATION

The information  provided below  supplements  the  information  contained in the
Portfolios'  Prospectus  regarding  the  purchase  and  redemption  of Portfolio
shares.

HOW TO BUY SHARES

You may purchase shares of a Portfolio from selected securities brokers, dealers
or financial intermediaries.  Investors should contact these agents directly for
appropriate instructions,  as well as information pertaining to accounts and any
service or transaction fees that may be charged by those agents. Purchase orders
through  securities  brokers,  dealers and other  financial  intermediaries  are
effected at the  next-determined  net asset value after  receipt of the order by
such agent before the Portfolio's  daily cutoff time. Orders received after that
time will be purchased at the next-determined net asset value.

The public  offering  price of  Portfolio  shares is the net asset  value.  Each
Portfolio  receives  the net asset  value.  Shares are  purchased  at the public
offering price next  determined  after the Transfer Agent receives your order in
proper form as discussed in the Portfolios' Prospectus.  In most cases, in order
to receive that day's public  offering  price,  the Transfer  Agent must receive
your order in proper  form  before the close of regular  trading on the New York
Stock  Exchange  ("NYSE"),  normally 4:00 p.m.,  Eastern time. If you buy shares
through your investment  representative,  the  representative  must receive your
order  before  the close of regular  trading  on the NYSE to receive  that day's
public offering price.  Orders are in proper form only after funds are converted
to U.S. funds.

The NYSE  annually  announces the days on which it will not be open for trading.
The most recent announcement indicates that it will not be open on the following
days: New Year's Day, Martin Luther King Jr. Day,  Presidents' Day, Good Friday,

                                      B-28
<PAGE>
Memorial Day,  Independence Day, Labor Day,  Thanksgiving Day and Christmas Day.
However, the NYSE may close on days not included in that announcement.

If you are considering  redeeming,  exchanging or transferring shares to another
person shortly after purchase,  you should pay for those shares with a certified
check to avoid any delay in  redemption,  exchange or  transfer.  Otherwise  the
Portfolios  may delay payment until the purchase  price of those shares has been
collected or, if you redeem by telephone, until 15 days after the purchase date.

To  eliminate  the  need  for   safekeeping,   the  Portfolios  will  not  issue
certificates for your shares unless you request them.

The Trust reserves the right in its sole discretion (i) to suspend the continued
offering of the Portfolios'  shares,  (ii) to reject purchase orders in whole or
in part when in the judgment of Rochdale such  rejection is in the best interest
of a  Portfolio,  and  (iii) to  reduce or waive the  minimum  for  initial  and
subsequent investments for certain fiduciary accounts, for employees of Rochdale
or under  circumstances  where  certain  economies can be achieved in sales of a
Portfolio's shares.

HOW TO SELL SHARES

You can sell your Portfolio shares any day the NYSE is open for regular trading,
either directly to a Portfolio or through your investment representative.

SELLING SHARES THROUGH YOUR INVESTMENT REPRESENTATIVE

Your  investment  representative  must receive your request  before the close of
regular  trading  on the NYSE to  receive  that  day's  net  asset  value.  Your
investment  representative  will be  responsible  for  furnishing  all necessary
documentation to the Transfer Agent, and may charge you for its services.

SIGNATURE GUARANTEES

If you sell shares  having a net asset  value of $5,000 or greater,  a signature
guarantee  is  required.  Certain  other  transactions  also require a signature
guarantee.  The Portfolios may require additional  documentation for the sale of
shares by a corporation,  partnership,  agent or fiduciary, or a surviving joint
owner. Contact Rochdale for details.

Signature  guarantees may be obtained from a bank,  broker-dealer,  credit union
(if authorized under state law),  securities  exchange or association,  clearing
agency or  savings  institution.  A notary  public  cannot  provide a  signature
guarantee.

                                      B-29
<PAGE>
DELIVERY OF REDEMPTION PROCEEDS

Payments to shareholders  for shares of a Portfolio  redeemed  directly from the
Portfolio  will be made as  promptly  as  possible  but no later than seven days
after receipt by the Portfolio's Transfer Agent of the written request in proper
form, with the  appropriate  documentation  as stated in the Prospectus,  except
that a Portfolio  may suspend the right of  redemption  or postpone  the date of
payment  during  any  period  when  (a)  trading  on the NYSE is  restricted  as
determined  by the  SEC or the  NYSE is  closed  for  other  than  weekends  and
holidays;  (b) an emergency  exists as determined by the SEC making  disposal of
portfolio  securities or valuation of net assets of a Portfolio  not  reasonably
practicable;  or (c)  for  such  other  period  as the SEC  may  permit  for the
protection  of  a  Portfolio's  shareholders.  Under  unusual  circumstances,  a
Portfolio may suspend redemptions, or postpone payment for more than seven days,
but only as authorized by SEC rules.

At various times, a Portfolio may be requested to redeem shares for which it has
not yet  received  confirmation  of good  payment;  in  this  circumstance,  the
Portfolio may delay the redemption until payment for the purchase of such shares
has been collected and confirmed to the Portfolio.

The value of shares on  redemption  or  repurchase  may be more or less than the
investor's  cost,  depending upon the market value of the Portfolio's  portfolio
securities at the time of redemption or repurchase.

TELEPHONE REDEMPTIONS

To redeem by telephone,  a shareholder must have selected telephone  transaction
privileges on the Account  Application  when opening a Portfolio  account.  Upon
receipt of any  instructions or inquiries by telephone from  shareholders or, if
held in a joint account,  from either party,  or from any person  claiming to be
the shareholder, the Portfolios or their agent are authorized, without notifying
the shareholder or joint account  parties,  to carry out the  instructions or to
respond to the  inquiries,  consistent  with the service  options  chosen by the
shareholder or joint  shareholders  in the latest  Account  Application or other
written  request for  services,  including  purchasing,  exchanging or redeeming
shares of a  Portfolio  and  depositing  and  withdrawing  monies  from the bank
account specified in the Bank Account  Registration section of the shareholder's
latest Account  Application or as otherwise properly specified to a Portfolio in
writing.

The Transfer Agent will employ these and other reasonable  procedures to confirm
that instructions  communicated by telephone are genuine;  if it fails to employ
reasonable  procedures,  the  Portfolios  may be liable  for any  losses  due to
unauthorized or fraudulent  instructions.  An investor agrees,  however, that if
such procedures are used, neither the Portfolios nor their agents will be liable
for any loss, liability,  cost or expense arising out of any redemption request,
including any fraudulent or unauthorized request.

During  periods of unusual  market  changes and  shareholder  activity,  you may
experience delays in contacting the Transfer Agent by telephone.  In this event,
you may  wish to  submit a  written  redemption  request,  as  described  in the
Prospectus, or contact your investment representative.  The Telephone Redemption
Privilege  is not  available  if you were  issued  certificates  for shares that

                                      B-30
<PAGE>
remain  outstanding.  The  Telephone  Redemption  Privilege  may be  modified or
terminated without notice.

REDEMPTIONS-IN-KIND

Each Portfolio has reserved the right to pay the redemption price of its shares,
either totally or partially,  by a distribution in kind of portfolio  securities
(instead of cash).  The  securities so  distributed  would be valued at the same
amount as that  assigned  to them in  calculating  the net  asset  value for the
shares  being  sold.  If a  shareholder  receives a  distribution  in kind,  the
shareholder  could incur brokerage or other charges in converting the securities
to cash. The Trust has filed an election under SEC Rule 18f-1  committing to pay
in cash all  redemptions by a shareholder  of record up to amounts  specified by
the rule (approximately $250,000).

                          DETERMINATION OF SHARE PRICE

As noted in the Prospectus,  the net asset value and offering price of shares of
each Portfolio  will be determined  once daily at the close of public trading on
the NYSE,  normally  4:00 p.m.,  Eastern  time, on each day the NYSE is open for
trading.  It is expected  that the NYSE will be closed on Saturdays  and Sundays
and on New Year's Day, Martin Luther King Jr. Day, Presidents' Day, Good Friday,
Memorial Day, Independence Day, Labor Day, Thanksgiving Day and Christmas.  Each
Portfolio  does not expect to determine the net asset value of its shares on any
day when the NYSE is not open for trading even if there is sufficient trading in
its portfolio  securities on such days to materially  affect the net asset value
per  share.  However,  the net  asset  value  of  Portfolio  shares  may also be
determined  on days the NYSE is closed or at times  other than 4:00 p.m.  if the
Board of Trustees decides it is necessary.

In valuing each  Portfolio's  assets for  calculating  net asset value,  readily
marketable  portfolio  securities  listed on a national  securities  exchange or
NASDAQ are valued at the last sale  price on the  business  day as of which such
value is being  determined.  If there  has been no sale on such  exchange  or on
NASDAQ on such day, the security is valued at the closing bid price on such day.

Readily marketable securities traded only in an over-the-counter  market and not
on NASDAQ  are valued at the  current or last bid price.  If no bid is quoted on
such day,  the security is valued by such method as the Board of Trustees of the
Trust shall  determine in good faith to reflect the security's  fair value.  All
other  assets  of the  Portfolios  are  valued  in such  manner  as the Board of
Trustees in good faith deems appropriate to reflect their fair value.

The net asset value per share of each  Portfolio is calculated  as follows:  all
liabilities incurred or accrued are deducted from the valuation of total assets,
which includes accrued but  undistributed  income;  the resulting net assets are
divided by the number of shares of the Portfolio  outstanding at the time of the
valuation;  and the result (adjusted to the nearest cent) is the net asset value
per share.

                                      B-31
<PAGE>
                             PERFORMANCE INFORMATION

From time to time, a Portfolio may state its total return in advertisements  and
investor  communications.  Total return may be stated for any relevant period as
specified in the advertisement or communication.  Any statements of total return
will be accompanied by information on the Portfolio's  average annual compounded
rates of return over the most  recent  year and the period from the  Portfolio's
inception of operations.  A Portfolio may also  advertise  aggregate and average
total return  information over different periods of time. A Portfolio's  average
annual  compounded  rate of return is determined by reference to a  hypothetical
$1,000  investment that includes  capital  appreciation and depreciation for the
stated periods, according to the following formula:

              n
        P(1+T) = ERV

Where:  P   = a hypothetical initial purchase order of $1,000 from which
              the maximum sales load is deducted
        T   = average annual total return
        n   = number of years
        ERV = ending redeemable value of the hypothetical $1,000 purchase
              at the end of the period

Aggregate  total  return is  calculated  in a similar  manner,  except  that the
results are not  annualized.  Each  calculation  assumes that all  dividends and
distributions are reinvested at net asset value on the reinvestment dates during
the period.


For the period October 23, 1998 (commencement of investment  operations) through
March 31, 1999 and the  six-month  period ended  September  30, 1999,  the total
return for the Magna  Portfolio  was 17.12%  and  2.19%,  respectively.  For the
period October 2, 1998 (commencement of investment operations) through March 31,
1999 and the six-month period ended September 30, 1999, the total return for the
Atlas Portfolio was 22.08% and 14.19%, respectively. For the period June 1, 1999
(commencement of investment  operations)  through  September 30, 1999, the total
return for the Alpha  Portfolio was -4.44%.  During these periods,  certain fees
and  expenses of the  Portfolios  were waived or  reimbursed.  Had such fees and
expenses not been waived or  reimbursed,  the return  figures  shown above would
have been lower.


A  Portfolio's  total  return may be compared to relevant  domestic  and foreign
indices, including those published by Lipper Analytical Services, Inc. From time
to time,  evaluations of a Portfolio's  performance  by independent  sources may
also be used in  advertisements  and in  information  furnished  to  present  or
prospective investors in the Portfolio.

Investors  should  note  that the  investment  results  of the  Portfolios  will
fluctuate over time, and any presentation of a Portfolio's  total return for any
period should not be considered as a  representation  of what an investment  may
earn or what an investor's total return may be in any future period.

                                      B-32
<PAGE>
                               GENERAL INFORMATION

Investors in a Portfolio will be informed of the  Portfolio's  progress  through
periodic  reports.   Financial   statements   certified  by  independent  public
accountants will be submitted to shareholders at least annually.


Union Bank of  California,  located at 475 Sansome  Street,  San  Francisco,  CA
94111,  acts as Custodian of the securities and other assets of the  Portfolios.
American Data Services,  Inc., P.O. Box 5536,  Hauppauge,  NY 11788-0132 acts as
the Portfolios' transfer and shareholder service agent.


Tait, Weller & Baker, 8 Penn Center, Suite 800,  Philadelphia,  PA 19103, is the
independent auditor for the Trust.

Paul,  Hastings,  Janofsky & Walker LLP, 345 California Street,  29th Floor, San
Francisco, California 94104, is legal counsel to the Trust.

As of June 14, 1999, DLJ Securities Corp. owned of record for the benefit of its
customers 96.7%of the outstanding shares of the Magna Portfolio.  As of June 14,
1999,  DLJ  Securities  Corp.  owned of record for the benefit of its  customers
98.7% of the outstanding shares of the Atlas Portfolio.

The Trust was  organized as a Delaware  business  trust on March 10,  1998.  The
Agreement  and  Declaration  of Trust  permits the Board of Trustees to issue an
limited number of full and fractional shares of beneficial interest, without par
value,  which may be issued in any number of series.  The Board of Trustees  may
from time to time issue other series,  the assets and  liabilities of which will
be separate and distinct from any other series.

Shares issued by the Portfolios have no preemptive,  conversion, or subscription
rights.  Shareholders  have  equal  and  exclusive  rights as to  dividends  and
distributions  as  declared  by the  Portfolios  and to the  net  assets  of the
Portfolios upon liquidation or dissolution. Each Portfolio, as a separate series
of the Trust,  votes  separately on matters  affecting only the Portfolio (e.g.,
approval of the  Advisory  Agreement);  all series of the Trust vote as a single
class on matters  affecting  all series  jointly or the Trust as a whole  (e.g.,
election or removal of Trustees).  Voting rights are not cumulative, so that the
holders of more than 50% of the shares  voting in any election of Trustees  can,
if they so choose,  elect all of the  Trustees.  While the Trust is not required
and does not intend to hold annual meetings of  shareholders,  such meetings may
be called by the Trustees in their discretion,  or upon demand by the holders of
10% or more of the outstanding  shares of the Trust, for the purpose of electing
or removing Trustees.

                                      B-33
<PAGE>
                              FINANCIAL STATEMENTS


The annual reports to  shareholders  for the Magna and Atlas  Portfolios for the
fiscal period ending March 31, 1999, and the  semi-annual  report for the Magna,
Alpha and Atlas  Portfolios for the six-month  period ending September 30, 1999,
are  separate  document  supplied  with this SAI and the  financial  statements,
accompanying  notes  and,  with  respect to the  annual  reports,  the report of
independent accountants, appearing therein are incorporated by reference in this
SAI.


                                   APPENDIX A
                             CORPORATE BOND RATINGS

MOODY'S INVESTORS SERVICES, INC.

Aaa:  Bonds  which are rated Aaa are judged to be of the best  quality and carry
the smallest  degree of investment  risk.  Interest  payments are protected by a
large or by an exceptionally  stable margin, and principal is secure.  While the
various  protective  elements  are  likely to  change,  such  changes  as can be
visualized are most unlikely to impair the fundamentally strong position of such
issues.

Aa: Bonds rated Aa are judged to be high quality by all standards. Together with
the Aaa group,  they comprise what are generally known as high-grade bonds. They
are rated lower than the best bonds because  margins of protection may not be as
large as in Aaa  securities  or  fluctuation  or  protective  elements may be of
greater  amplitude or other  elements  present  which make the  long-term  risks
appear somewhat larger than in Aaa securities.

A: Bonds rated A possess  many  favorable  investment  attributes  and are to be
considered  as  supper-medium-grade  obligations.  Factors  giving  security  to
principal and interest are considered adequate but elements may be present which
suggest a susceptibility to impairment sometime in the future.

Baa: Bonds rated Baa are considered  medium-grade  obligations  (i.e.,  they are
neither highly  protected nor poorly secured).  Interest  payments and principal
security appear adequate for the present but certain protective  elements may be
lacking or may be  characteristically  unreliable over any great length of time.
Such  bonds  lack  outstanding  investment  characteristics  and  in  fact  have
speculative characteristics as well.

Ba: Bonds rated Ba are judged to have speculative elements;  their future cannot
be  considered  well-assured.  Often the  protection  of interest and  principal
payments may be very moderate, and thereby not well safeguarded during both good
and bad times over the future.  Uncertainty of position  characterizes  bonds in
this class.

B: Bonds rated B generally  lack  characteristics  of the desirable  investment.
Assurance of interest and principal  payments or  maintenance  of other terms of
the contract over any long period of time may be small.

                                      B-34
<PAGE>
STANDARD & POOR'S RATINGS GROUP

AAA: Debt rated AAA has the highest rating assigned by S&P to a debt obligation.
Capacity to pay interest and repay principal is extremely strong.

AA: Debt rated AA has a very strong capacity to pay interest and repay principal
and differs from the higher-rated issues only in small degree.

A: Debt  rated A has a strong  capacity  to pay  interest  and repay  principal,
although it is somewhat more  susceptible  to the adverse  effects of changes in
circumstances and economic conditions than debt in higher rated categories.

BBB:  Debt rated BBB is regarded as having an adequate  capacity to pay interest
and  repay  principal.   Whereas,   it  normally  exhibits  adequate  protection
parameters,  adverse  economic  conditions  or changing  circumstances  are more
likely to lead to a weakened  capacity to pay interest and repay  principal  for
debt in this category than in the higher-rated categories.

BB:  Debt  rated BB has less  near-term  vulnerability  to  default  than  other
speculative issues. However, it faces major ongoing uncertainties or exposure to
adverse  business,   financial  or  economic  conditions  which  could  lead  to
inadequate  capacity to meet timely  interest  and  principal  payments.  The BB
rating  category  is also  used for debt  subordinated  to  senior  debt that is
assigned an actual or implied BBB rating.

B: Debt rated B has a greater  vulnerability  to default but  currently  has the
capacity to meet interest payments and principal  repayments.  Adverse business,
financial,  or economic conditions will likely impair capacity or willingness to
pay interest and repay  principal.  The B rating  category is also used for debt
subordinated to senior debt that is assigned an actual or implied BB- rating.

                                   APPENDIX B
                            COMMERCIAL PAPER RATINGS

MOODY'S INVESTORS SERVICE, INC.

Prime-1:  Issuers (or related  supporting  institutions)  rated "Prime-1" have a
superior ability for repayment of senior short-term debt obligations.  "Prime-1"
repayment   ability  will  often  be   evidenced   by  many  of  the   following
characteristics:  leading market positions in well-established  industries, high
rates of return on funds employed,  conservative  capitalization structures with
moderate reliance on debt and ample asset protection,  broad margins in earnings
coverage of fixed  financial  charges and high  internal  cash  generation,  and
well-established  access to a range of financial  markets and assured sources of
alternate liquidity.

Prime-2:  Issuers (or related  supporting  institutions)  rated "Prime-2" have a
strong ability for repayment of senior  short-term debt  obligations.  This will
normally be evidenced by many of the characteristics cited above but to a lesser
degree.  Earnings trends and coverage ratios,  while sound, will be more subject
to variation.  Capitalization  characteristics,  while still appropriate, may be
more affected by external conditions. Ample alternative liquidity is maintained.

                                      B-35
<PAGE>
STANDARD & POOR'S RATINGS GROUP

A-1: This highest category  indicates that the degree of safety regarding timely
payment is strong.  Those issues  determined to possess  extremely strong safety
characteristics are denoted with a plus (+) sign designation.

A-2:   Capacity  for  timely   payment  on  issues  with  this   designation  is
satisfactory.  However,  the  relative  degree  of  safety is not as high as for
issues designated "A-1".

                                      B-36
<PAGE>
                            ROCHDALE INVESTMENT TRUST
                                    FORM N-1A
                                     PART C

ITEM 23. EXHIBITS.

     (1) Agreement and Declaration of Trust (1)
     (2) By-Laws (1)
     (3) Specimen Share Certificate (2)
     (4) Form of Investment Advisory Agreement (3)
     (5) Form of Distribution Agreement (3)
     (6) Not applicable
     (7) Custodian Agreement (2)
     (8) (1) Form of Administration Agreement (1)
         (2) Form of Transfer Agency and Service Agreement (2)
     (9) Opinion and consent of counsel (3)
     (10) Consent of Accountants
     (11) Not applicable
     (12) Letter of Understanding relating to initial capital (2)
     (13) Form of Plan pursuant to Rule 12b-1 (3)
     (14) Not Applicable
     (15) Not Applicable

1    Incorporated by reference from Registration Statement on Form N-1A filed on
     March 6, 1998

2    Incorporated  by  reference  from  Pre-Effective  Amendment  No.  2 to  the
     Registration Statement on Form N-1A filed on June 30, 1998

3    Incorporated  by  reference  from  Post-Effective  Amendment  No.  2 to the
     Registration Statement on Form N-1A filed on April 30, 1999

ITEM 24. PERSONS CONTROLLED BY OR UNDER COMMON CONTROL WITH REGISTRANT.

As of the date of this  Amendment to the  Registration  Statement,  there are no
persons controlled or under common control with the Registrant.

ITEM 25. INDEMNIFICATION

Article VII, Section 2 of the Trust's Declaration of Trust provides as follows:

     Insofar as indemnification for liabilities arising under the Securities Act
of  1933  ("Securities  Act")  may  be  permitted  to  directors,  officers  and
controlling  persons of the Registrant  pursuant to the foregoing  provisions or
otherwise, the Registrant has been advised that in the opinion of the Securities
and  Exchange  Commission  such  indemnification  is  against  public  policy as
expressed in the  Securities  Act and is therefore  unenforceable.  In the event
<PAGE>
that a claim for indemnification against such liabilities (other than payment by
the  Registrant  of  expenses  incurred  or  paid  by  a  director,  officer  or
controlling  person of the Registrant in connection with the successful  defense
of any action,  suit or proceeding)  is asserted  against the Registrant by such
director,  officer or  controlling  person in  connection  with the shares being
registered, the Registrant will, unless in the opinion of its counsel the matter
has been  settled by  controlling  precedent,  submit to a court of  appropriate
jurisdiction the question whether such  indemnification  by it is against public
policy as  expressed  in the  Securities  Act and will be  governed by the final
adjudication of such issue.

ITEM 26.  BUSINESS AND OTHER CONNECTIONS OF INVESTMENT ADVISER.

     With  respect  to the  Investment  Adviser,  the  response  to this item is
incorporated  by  reference  to the  Adviser's  Form  ADV as  amended,  File No.
801-27265.

ITEM 27. PRINCIPAL UNDERWRITERS.

     (a) The Advisor also acts as the  Registrant's  principal  underwriter  and
does not act in that capacity for other investment companies.

     (b) The following information is furnished with respect to the officers and
directors of the Advisor and Underwriter.  Each such person's principal business
address is 570 Lexington Avenue, New York, NY 10022.

                            Position and Offices               Position and
Name and Principal             with Principal                  Offices with
Business Address                Underwriter                     Registrant
- ----------------                -----------                     ----------

Carl Acebes               Chairman and Chief Investment     Chairman and Trustee
                          Officer

Garrett R. D'Alessandro   President and Chief Executive     President, Secretary
                          Officer                           & Treasurer

Peter J. McGough          Vice President                    None

Andrew Miranda            Vice President & Controller       None

     (c) Not applicable.
<PAGE>
ITEM 28. LOCATION OF ACCOUNTS AND RECORDS.

     The  accounts,  books,  and other  documents  required to be  maintained by
Registrant  pursuant to Section 31(a) of the Investment  Company Act of 1940 and
the  rules  promulgated  thereunder  are  in  the  possession  the  Registrant's
custodian  and  transfer  agent,  except  those  records  relating to  portfolio
transactions and the basic  organizational and Trust documents of the Registrant
(see  Subsections  (2) (iii).  (4),  (5),  (6),  (7), (9), (10) and (11) of Rule
31a-1(b)),  which, with respect to portfolio transactions are kept by the Fund's
Advisor at its address set forth in the  prospectus  and statement of additional
information and with respect to trust documents by its  administrator at 2020 E.
Financial Way, Ste. 100, Glendora, CA 91741.

ITEM 29. MANAGEMENT SERVICES.

     There are no management-related  service contracts not discussed in Parts A
and B.

ITEM 30. UNDERTAKINGS

The Registrant undertakes:

     (a) To furnish to each person to whom a  prospectus  is delivered a copy of
the Fund's  latest  annual  report to  shareholders,  upon  request  and without
charge.

     (b) If  requested  to do so by the  holders of at least 10% of the  Trust's
outstanding shares, to call a meeting of shareholders for the purposes of voting
upon the  question  of removal of a trustee  and assist in  communications  with
other shareholders.
<PAGE>
                                    EXHIBITS

Exhibit No.       Description
- -----------       -----------

99.B10            Accountant's Consent
<PAGE>
                                   SIGNATURES

     Pursuant  to  the  requirements  of the  Securities  Act of  1933  and  the
Investment  Company Act of 1940, the  Registrant  certifies that it meets all of
the  requirements  for  effectiveness  of this  amendment  to this  registration
statement  pursuant to Rule 485(b) under the Securities Act of 1933 and has duly
caused this amendment to this Registration  Statement to be signed on its behalf
by the  undersigned,  thereto  duly  authorized,  in the City of New York in the
State of New York on January 11, 2000.


                                  ROCHDALE INVESTMENT TRUST

                                  By: /s/Garrett R. D'Alessandro
                                      -----------------------------------
                                      Garrett R. D'Alessandro
                                      President

     Pursuant  to  the   requirements  of  the  Securities  Act  of  1933,  this
Registration  Statement  has been signed below by the  following  persons in the
capacities and on the date indicated.


/s/ Carl Acebes                         Trustee           January 11, 2000
- --------------------------
Carl Acebes


/s/ Benedict T. Marino                  Trustee           January 11, 2000
- --------------------------
Benedict T. Marino


Maxime C. Baretge                       Trustee           January 11, 2000
- --------------------------
*Maxime C. Baretge


/s/Garrett R. D'Alessandro              Principal         January 11, 2000
- --------------------------              Financial
Garrett R. D'Alessandro                 Officer


/s/Garrett R. D'Alessandro
by Garrett R. D'Alessandro
*Pursuant to Powers of Attorney
dated June 24, 1998

               CONSENT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS


     We consent to the references to our firm in the  Post-Effective  Amendments
No.  5 and  No.  6 to the  Registration  Statement  on  Form  N-1A  of  Rochdale
Investment  Trust  and to the  use of our  report  dated  May  19,  1999  on the
financial  statements and financial  highlights of Rochdale Atlas  Portfolio and
Rochdale Magna Portfolio,  each a series of shares of Rochdale Investment Trust.
Such  financial  statements and financial  highlights  appear in the 1999 Annual
Report to Shareholders  which is  incorporated by reference in the  Registration
Statement.

                                             /s/ Tait, Weller & Baker

                                             Tait, Weller & Baker


Philadelphia, Pennsylvania
January 11, 2000


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