Exhibit 23(d) Amendment to Investment Advisory Agreement

                                  Exhibit 23(d)



                   Amendment to Investment Advisory Agreement

                                  Amendment to

                          Investment Advisory Agreement

                                     between

                               Orchard Series Fund

                                       and

                           G W Capital Management, LLC

        The following  amendment is made to the  Investment  Advisory  Agreement
between  Orchard Series Fund and G W Capital  Management,  LLC dated December 5,
1997 ("the Agreement"),  and is hereby  incorporated into and made a part of the
Agreement:

        Article I, Section A is amended by adding the following:

        Orchard DJIA Index Fund
        Orchard NASDAQ-100 Index Fund

        Article  II,  Section  A is  amended  by  adding  the  following  to the
        schedule:

        Orchard DJIA Index Fund             0.60%
        Orchard NASDAQ-100 Index Fund       0.60%

        IN WITNESS  WHEREOF,  the  parties  hereto  have  caused  this  amending
agreement to be executed in duplicate, in their names and on their behalf by and
through their duly authorized officers as of the 15th day of August , 2000.

                               ORCHARD SERIES FUND


Attest: /s/ Xxxxxxx X. Xxxxx                  By: /s/ X.X. XxXxxxxx
       ----------------------------            ------------------------
Name:  Xxxxxxx X. Xxxxx                       Name:  X.X. XxXxxxxx
                                              Title:   President

                           G W CAPITAL MANAGEMENT, LLC


Attest: /s/ X.X. XxXxxx                       By: /s/ X.X. Xxxxxx
       -----------------------------             ------------------------
Name:   X.X. XxXxxx                           Name: X.X. Xxxxxx
                                              Title:  President