Supplement dated May 10, 1999 to:
The Rodney Square Fund and The Rodney Square Tax-Exempt Fund
- Prospectus dated January 29, 1999.
The Rodney Square Strategic Fixed Income Fund
- Prospectus dated February 28, 1999.
The Rodney Square Strategic Equity Fund
- Prospectus dated May 1, 1999.
The following supplements the "PURCHASE OF SHARES" section
of each prospectus referenced above:
Payroll Investment Plan: The Payroll Investment Plan
("PIP") permits you to make regularly scheduled purchases of
Portfolio shares through payroll deductions. To open a PIP
account, you must submit a completed account application,
payroll deduction form and the minimum initial deposit to your
employer's payroll department. Then, a portion of your
paychecks automatically will be transferred to your PIP account
for as long as you wish to participate in the plan. It is the
sole responsibility of your employer, not the Fund, the
Distributor, Investment Manager or Transfer Agent, to arrange
for transactions under the PIP. The Fund reserves the right to
vary its minimum purchase requirements for employees
participating in a PIP.
