THE RIVERFRONT FUNDS
THE RIVERFRONT BALANCED FUND
THE RIVERFRONT INCOME EQUITY FUND
SUPPLEMENT TO THE PROSPECTUS DATED APRIL 30, 1999
Effective January 5, 2000 Provident Investment Advisors, Inc., the Funds'
investment advisor enacted a contractual waiver for the Investment Advisory fee
for The Riverfront Balanced Fund and The Riverfront Income Equity Fund. The
Investment Advisory fee will now be 80 basis points for the Balanced Fund and 85
basis points for the Income Equity Fund.
Accordingly, please replace page 9 through 11 of the Combined Prospectus of the
Riverfront Funds dated April 30, 1999 with the following:
WHAT ARE THE FUNDS ' FEES AND EXPENSES?
THIS TABLE DESCRIBES THE FEES AND EXPENSES THAT YOU MAY PAY IF YOU BUY AND HOLD
INVESTOR A SHARES OF THE FUNDS.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
LARGE SMALL INCOME MONEY
COMPANY BALANCED COMPANY EQUITY INCOME MARKET
FUND FUND FUND FUND FUND FUND
SHAREHOLDER FEES
FEES PAID DIRECTLY FROM YOUR INVESTMENT
Maximum Sales Charge
(Load) Imposed on Purchases
(as a percentage of offering price) 4.50% 4.50% 4.50% 4.50% 4.50% None
ANNUAL FUND OPERATING EXPENSES
(before waivers)(1)
EXPENSES THAT ARE DEDUCTED FROM
FUND ASSETS (as a percentage of
average net assets)
Management Fee 0.80% 0.90%(2) 0.80% 0.95%(2) 0.40% 0.15%
Distribution and/or
Shareholder Services (12b-1) Fee 0.25% 0.25%(3) 0.25% 0.25%(3) 0.25%(3) 0.25%(3)
Other Expenses 0.61% 0.70% 0.92% 0.59% 0.53% 0.41%
Total Annual Fund
Operating Expenses 1.66% 1.85% 1.97% 1.79% 1.18% 0.81%
Contractual Fee Waivers 0.10% 0.10%
Net Expenses 1.75% 1.69%
(1) Although not contractually obligated to do so, the distributor waived
certain amounts during the past fiscal year. These are shown below along
with the net expenses the Funds actually paid for the fiscal year ended
December 31, 1998.
Total Voluntary Waiver of Fund Expenses 0.00% 0.06% 0.00% 0.03% 0.06% 0.15%
Total Actual Annual Fund
Operating Expenses
(After All Waivers) 1.66% 1.69% 1.97% 1.66% 1.12% 0.66%
</TABLE>
(2) The investment adviser will contractually waive a portion of the Balanced
Fund's and Income Equity Fund's management fee. The management fee paid by
the Balanced Fund and Income Equity Fund (after the contractual waiver)
will be 0.80% and 0.85% respectively for the period ending December 31,
2000.
(3) The distributor voluntarily reduced a portion of the Balanced Fund's,
Income Equity Fund's, Income Fund's and Money Market Fund's distribution
(12b-1) fee. The distributor can terminate this voluntary reduction at any
time. The distribution (12b-1) fees paid (after the voluntary reduction)
for the Balanced Fund, Income Equity Fund, Income Fund and Money Market
Fund were 0.19%, 0.22%, 0.19% and 0.10%, respectively, for the year ended
December 31, 1998.
EXAMPLE
The following Example is intended to help you compare the cost of investing in
Investor A Shares of the Funds with the cost of investing in other mutual funds.
The Example assumes that you invest $10,000 in each Fund's Investor A Shares for
the time periods indicated and then redeem all of your Shares at the end of
those periods.
The Example also assumes that your investment has a 5% return each year and that
the Fund's Investor A Shares' operating expenses as shown in the table remain
the same. Although your actual costs may be higher or lower, based on these
assumptions your cost would be:
LARGE SMALL INCOME MONEY
COMPANY BALANCED COMPANY EQUITY INCOME MARKET
FUND FUND FUND FUND FUND FUND
1YEAR $611 $620 $641 $614 $565 $83
3 YEARS $950 $976 $1,040 $959 $808 $259
5 YEARS $1,312 $1,356 $1,465 $1,326 $1,070 $450
10 YEARS $2,327 $2,420 $2,642 $2,358 $1,817 $1,002
THIS TABLE DESCRIBES THE FEES AND EXPENSES THAT YOU MAY PAY IF YOU BUY AND HOLD
INVESTOR B SHARES OF THE FUNDS.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
LARGE SMALL INCOME
COMPANY BALANCED COMPANY EQUITY INCOME
FUND FUND FUND FUND FUND
SHAREHOLDER FEES
FEES PAID DIRECTLY FROM YOUR INVESTMENT
Maximum Deferred Sales Charge
(Load) (as a percentage of original
purchase price or redemption 4.00% 4.00% 4.00% 4.00% 4.00%
proceeds, as applicable)
ANNUAL FUND OPERATING EXPENSES
(before waivers)(1)
EXPENSES THAT ARE DEDUCTED FROM
FUND ASSETS (as a percentage of
average net assets)
Management Fee 0.80% 0.90%(1) 0.80% 0.95%(1) 0.40%
Distribution and/or
Shareholder Services (12b-1) Fee 1.00% 1.00% 1.00% 1.00% 1.00%
Other Expenses 0.61% 0.70% 0.92% 0.59% 0.53%
Total Annual Fund
Operating Expenses 2.41% 2.60% 2.72% 2.54% 1.93%
Contractual Fee Waivers 0.10% 0.10%
Net Expenses 2.50% 2.44%
</TABLE>
(1) The investment adviser will contractually waive a portion of the Balanced
Fund's and Income Equity Fund's management fee. The management fee paid by
the Balanced Fund and Income Equity Fund (after the contractual waiver)
will be 0.80% and 0.85% respectively for the period ending December 31,
2000.
EXAMPLE
The following Example is intended to help you compare the cost of investing in
Investor B Shares of the Funds with the cost of investing in other mutual funds.
The Example assumes that you invest $10,000 in each Fund's Investor B Shares for
the time periods indicated and then redeem all of your Shares at the end of
those periods. Expenses assuming no redemptions at the end of the period are
also shown. The Example also assumes that your investment has a 5% return each
year and that the Fund's Investor B Shares' operating expenses as shown in the
table remain the same. Although your actual costs may be higher or lower, based
on these assumptions your cost would be:
<TABLE>
<CAPTION>
LARGE SMALL INCOME
COMPANY BALANCED COMPANY EQUITY INCOME
FUND FUND FUND FUND FUND
<S> <C> <C> <C> <C> <C>
1 YEAR
Expenses assuming redemption $644 $653 $675 $647 $596
Expenses assuming no redemption $244 $253 $275 $247 $196
3 YEARS
Expenses assuming redemption $1,151 $1,179 $1,244 $1,161 $1,006
Expenses assuming no redemption $751 $779 $844 $761 $606
5 YEARS
Expenses assuming redemption $1,485 $1,531 $1,640 $1,501 $1,242
Expenses assuming no redemption $1,285 $1,331 $1,440 $1,301 $1,042
10 YEARS
Expenses assuming redemption $2,746 $2,836 $3,051 $2,776 $2,254
Expenses assuming no redemption $2,746 $2,836 $3,051 $2,776 $2,254
</TABLE>
February 23, 2000
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