CALDWELL & ORKIN MARKET OPPORTUNITY FUND
SUPPLEMENT DATED JUNE 9, 1998 TO THE PROSPECTUS DATED AUGUST 29, 1997
THIS INFORMATION SUPPLEMENTS THE FUND'S PROSPECTUS DATED AUGUST 29, 1997.
THIS SUPPLEMENT, TOGETHER WITH THE PROSPECTUS, CONSTITUTE A CURRENT
PROSPECTUS. TO REQUEST ANOTHER COPY OF THE PROSPECTUS, PLEASE CALL
(800) 237-7073.
I. PURCHASE OF SHARES THROUGH OMNIBUS ACCOUNTS
A. Except as provided below, the Caldwell & Orkin Market
Opportunity Fund is closed to new investors investing through
Omnibus accounts of member firms of the NASD effective June 10,
1998. After June 10, 1998, (i) shareholders of the Caldwell &
Orkin Market Opportunity Fund, (ii) financial advisors
that invest their client's assets in the Fund through existing
Omnibus accounts and (iii) qualified defined contribution
retirement plans that invest in the Fund through Omnibus
accounts may continue to make additional purchases and to
reinvest dividends and capital gains using existing
Omnibus accounts. Once an account is closed, additional
investments will not be accepted.
Investors who do not have a position in the Caldwell & Orkin Market
Opportunity Fund on June 10, 1998, will not be allowed to purchase
Fund shares through Omnibus accounts except as provided for below:
(a) Shareholders of the Fund may purchase Fund shares in
another account under the same social security number.
(b) The spouse and children of Fund shareholders who share a
common address of record may purchase Fund shares.
(c) Financial advisors, including Caldwell & Orkin, Inc., with
existing clients invested in the Fund with an aggregate
asset value of at least $1,000,000 as of June 10, 1998 may
invest assets of new clients in the Fund.
(d) Future participants in qualified defined contribution
retirement plans in which the Fund is established as an
investment option prior to June 10, 1998 may invest in
Fund shares through such plan.
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CALDWELL & ORKIN MARKET OPPORTUNITY FUND
SUPPLEMENT DATED JUNE 9, 1998 TO THE PROSPECTUS DATED AUGUST 29, 1997
(CONTINUED)
I. PURCHASE OF SHARES DIRECTLY FROM C&O FUNDS DISTRIBUTOR, INC.
A. Effective June 10, 1998, except as provided below, 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) 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 directly from the Distributor
through June 30, 1998. The purchase will be 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.
(ii) Employees of Caldwell & Orkin, Inc., their spouse and
children, and members of the Board of Directors of the
Caldwell & Orkin Market Opportunity Fund, their spouse
and children are exempt from the minimum initial
investment requirements.
