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INVENTOR FUNDS, INC.
PRIME OBLIGATIONS MONEY MARKET FUND
TREASURY SECURITIES MONEY MARKET FUND
INTERMEDIATE GOVERNMENT SECURITIES FUND
GNMA SECURITIES FUND
EQUITY GROWTH FUND
PENNSYLVANIA TAX-EXEMPT MONEY MARKET FUND
PENNSYLVANIA MUNICIPAL BOND FUND
SUPPLEMENT DATED MAY 2, 1996 TO THE PROSPECTUSES DATED AUGUST 28, 1995.
This Supplement to the Prospectuses provides new and additional
information beyond that contained in the Prospectuses and should be read in
conjunction with the Prospectuses. This Supplement supersedes and replaces any
existing supplements to the Prospectuses.
On May 2, 1996, Integra Financial Corporation, the parent corporation
of Integra Trust Company ("Integra"), the investment adviser to Inventor Funds,
Inc. (the "Corporation"), merged (the "Merger") with National City Corporation
("NCC"). Consummation of the Merger resulted in the automatic termination of
(1) the investment advisory agreement under which Integra provides investment
advisory services to the Corporation, and (2) the investment sub-advisory
agreements under which Wellington Management Company, STI Capital Management,
N.A. and Weiss, Peck & Greer, L.L.C. provide investment sub-advisory services
to the portfolios of the Corporation.
In anticipation of the Merger and to provide continuity in investment
advisory services to the Corporation, the Board of Directors of the Corporation
approved, and voted on February 12, 1996 to recommend that the shareholders of
the Corporation approve, new Investment Advisory and Sub-Advisory Agreements.
At a Special Meeting of Shareholders of the Corporation held on May 2, 1996,
shareholders of the Corporation approved a new investment advisory agreement
between the Corporation and National City Bank, a wholly-owned subsidiary of
NCC. In addition, shareholders of the Prime Obligations Money Market Fund,
Treasury Securities Money Market Fund, GNMA Securities Fund, and Intermediate
Government Securities Fund approved a new investment sub-advisory agreement
between Integra and Wellington Management Company; shareholders of the Equity
Growth Fund approved a new investment sub-advisory agreement between Integra
and STI Capital Management, N.A.; and shareholders of the Pennsylvania
Tax-Exempt Money Market Fund and Pennsylvania Municipal Bond Fund approved a
new investment sub-advisory agreement between Integra and Weiss, Peck & Greer,
L.L.C.
In addition, at a meeting held on March 18, 1996, the Board of
Directors of the Corporation considered the merger of certain portfolios of the
Corporation with certain portfolios of the Armada Funds. The Armada Funds are
advised by affiliates of NCC. The Directors voted to approve an Agreement and
Plan of Reorganization (the "Reorganization Agreement") pursuant to which the
Inventor Equity Growth Fund would be reorganized into the Armada Equity Fund,
the Inventor GNMA Securities Fund would be reorganized into the Armada GNMA
Fund, the Inventor Intermediate Government Securities Fund would be reorganized
into the Armada Intermediate Government Fund, the Inventor Pennsylvania
Municipal Bond Fund would be reorganized into the Armada Pennsylvania Municipal
Fund, and the Inventor Pennsylvania Tax-Exempt Money Market Fund would be
reorganized into the Armada Pennsylvania Tax Exempt Fund. The reorganization
of each portfolio would be accomplished by transferring the portfolio's assets
and liabilities to its corresponding Armada portfolio in exchange for
Institutional class shares of the Armada portfolio. These Armada shares would
then be distributed to the shareholders of each portfolio of the Corporation in
liquidation of the Corporation's portfolios. The Prime Obligations Money
Market Fund and Treasury Securities Money Market Fund will be liquidated prior
to these reorganizations. Shareholders of the Corporation's Intermediate
Government Securities Fund, GNMA Securities Fund, Equity Growth Fund,
Pennsylvania Tax-Exempt Money Market Fund, and Pennsylvania Municipal Bond Fund
will be asked to approve the Reorganization Agreement at a Special Meeting of
Shareholders scheduled for August 1, 1996.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
INT-A-251-02
INT-A-252-03
