CALDWELL & ORKIN MARKET OPPORTUNITY FUND
SUPPLEMENT DATED JUNE 25, 1998 TO THE PROSPECTUS DATED AUGUST 29, 1997
THIS INFORMATION SUPPLEMENTS THE FUND'S PROSPECTUS DATED AUGUST 29, 1997 AND
SUPERCEDES THE PROSPECTUS SUPPLEMENT DATED JUNE 9, 1998. THIS SUPPLEMENT,
TOGETHER WITH THE PROSPECTUS, CONSTITUTE A CURRENT PROSPECTUS. TO REQUEST A
COPY OF THE PROSPECTUS, PLEASE CALL (800) 237-7073.
I. PURCHASE OF SHARES THROUGH OMNIBUS ACCOUNTS
A. Except as provided directly below, the Caldwell & Orkin Market
Opportunity Fund is closed to new and additional investment
through Omnibus accounts effective June 26, 1998.
(i) After June 26, 1998, (a) shareholders of the Caldwell &
Orkin Market Opportunity Fund, (b) financial advisors that
invest their client's assets in the Fund through Omnibus
accounts and (c) qualified defined contribution retirement
plans that invest in the Fund through Omnibus accounts may
continue to reinvest dividends and capital gains using
existing Omnibus accounts.
(ii) Caldwell & Orkin, Inc. may invest assets of its current
and new clients in the Fund through Omnibus accounts.
II. PURCHASE OF SHARES DIRECTLY FROM C&O FUNDS DISTRIBUTOR, INC.
A. Except as provided below, effective June 10, 1998, the minimum
initial purchase for shares of the Caldwell & Orkin Market
Opportunity Fund, when purchased directly from C&O Funds
Distributor, Inc. (the "Distributor"), is generally $100,000.
However, if the account is an Individual Retirement Account
("IRA"), other tax-deferred retirement account, or an account
established under the Uniform Gift to Minors Act, then the Fund
will accept a minimum investment of $25,000. The subsequent
minimum purchase is generally $100 for all accounts.
(i) The following may purchase shares of the Fund directly
from the Distributor subject to the minimum initial investment
requirements in effect prior to June 10, 1998, generally
$10,000 for a regular account and $2,000 for an Individual
Retirement Account ("IRA"), other tax-deferred retirement
account, or an account established under the Uniform Gift to
Minors Act.
(a) Individuals who requested a Caldwell & Orkin Market
Opportunity Fund prospectus and application between May
20, 1998 and June 9, 1998, as indicated on the records of
the Fund's Distributor, will be able to purchase Fund
shares through June 30, 1998.
(b) Shareholders who owned Fund shares on June 10, 1998 (or
who purchased shares pursuant to II(A)(i)(a) above)
who purchase Fund shares in another account under the same
social security number.
(c) The spouse and children of shareholders who owned Fund
shares on June 10, 1998 (or who purchased shares pursuant
to II(A)(i)(a) above), who share a common address.
(ii) Employees of Caldwell & Orkin, Inc., their spouse and
children; members of the Board of Directors of the Caldwell &
Orkin Market Opportunity Fund, their spouse and children; and
direct clients of Caldwell & Orkin, Inc. are exempt from the
minimum initial investment requirements.
