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The Berwyn Fund
Supplement
Dated January 23, 1997
to the Prospectus
Dated April 24, 1996
On January 21, 1997, the Board of Directors of
Berwyn Income Fund decided to reopen that Fund to
new investors. As a result of the reopening,
shareholders in The Berwyn Fund may now exchange
their shares for shares of Berwyn Income Fund.
The Berwyn Fund
Supplement
Dated January 23, 1997
to the Statement of Additional
Information
Dated April 24, 1996
On January 21, 1997, the Board of Directors of
Berwyn Income Fund decided to reopen that Fund to
new investors. As a result of the reopening,
shareholders in The Berwyn Fund may now exchange
their shares for shares of Berwyn Income Fund.
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