LIQUID ASSETS FUND S SHARES
MUNICIPAL ASSETS FUND S SHARES
PROSPECTUS
July 28, 2000
AS WITH OTHER MUTUAL FUNDS, THE SECURITIES AND EXCHANGE COMMISSION HAS NOT
APPROVED OR DISAPPROVED THESE SECURITIES OR PASSED UPON THE ADEQUACY OF THIS
PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
<PAGE>
TABLE OF CONTENTS
RISK/RETURN SUMMARY...........................................................2
FEES AND EXPENSES OF THE FUNDS................................................5
DESCRIPTION OF THE FUNDS......................................................6
o........Liquid Assets Fund...................................................6
o Municipal Assets Fund................................................7
MANAGEMENT OF THE FUNDS.......................................................9
PURCHASE AND SALE OF SHARES..................................................10
o........How the Funds Value Their Shares....................................10
o How to Purchase Shares..............................................10
o How to Exchange Shares..............................................11
o How to Sell Shares..................................................11
o Selling Shares Directly to the Fund.................................12
o Auto Withdrawal Plan................................................12
o Automatic Redemption................................................12
DIVIDENDS, DISTRIBUTIONS, AND TAXES..........................................13
DISTRIBUTION ARRANGEMENTS....................................................15
FINANCIAL HIGHLIGHTS.........................................................15
FOR MORE INFORMATION ABOUT THE FUNDS.................................BACK COVER
<PAGE>
RISK/RETURN SUMMARY
LIQUID ASSETS FUND
MUNICIPAL ASSETS FUND
OBJECTIVES. The investment objectives of the Funds are safety of principal and
liquidity, and to the extent consistent with these objectives, maximum current
income. The Municipal Assets Fund seeks current income that is exempt from
federal income taxes.
PRINCIPAL INVESTMENT STRATEGIES. The Funds are "money market funds" that seek to
maintain a stable net asset value of $1.00 per share. Each Fund pursues its
objectives by maintaining a portfolio of high-quality money market securities.
Each Fund primarily invests in:
o Liquid Assets Fund: U.S. Treasury bills or notes and other obligations
issued or guaranteed by the U.S. Government, its agencies or
instrumentalities, and high-quality commercial paper and corporate
obligations.
o Municipal Assets Fund: High-quality, tax-exempt debt obligations of state
and municipal governments.
PRINCIPAL RISKS. The principal risks of investing in the Funds are interest rate
risk and credit risk. An investment in a Fund is not a deposit in a bank and is
not insured or guaranteed by the Federal Deposit Insurance Corporation or any
other government agency. Although the Funds seek to preserve the value of your
investment at $1.00 per share, it is possible to lose money by investing in the
Funds.
BAR CHART AND PERFORMANCE INFORMATION
The Risk/Return Summary includes a bar chart for each Fund showing its annual
returns and a table showing its average annual returns. The bar chart and the
table provide an indication of the historical risk of an investment in each Fund
by showing the changes in the Fund's performance from year to year over 10 years
or, if less, the life of the Fund; and how the Fund's average annual returns for
one, five, and 10 years, or, if less, the life of the Fund, compare to those of
a broad-based securities market index. A Fund's past performance, of course,
does not necessarily indicate how it will perform in the future.
You may obtain current yield information for the Funds by calling (800)
798-1819.
LIQUID ASSETS FUND
The total return for the quarter ended June 30, 2000 was 1.25 percent.
During the period shown in the bar chart, the highest return for a quarter was
2.15 percent (quarter ending 6/30/89) and the lowest return for a quarter was
0.62 percent (quarter ending 12/31/93).
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------
Average Annual Total Return (as of 12/31/99)
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
1 Year 5 Year 10 Year
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
------------------------------------------------------------------------------------------------------------------
Liquid Assets 3.95% 4.53% 4.51%
------------------------------------------------------------------------------------------------------------------
</TABLE>
MUNICIPAL ASSETS FUND
The total return for the quarter ended June 30, 2000 was 0.80 percent.
During the period shown in the bar chart, the highest return for a quarter was
1.54 percent (quarter ending 6/30/89) and the lowest return for a quarter was
0.36 percent (quarter ending 3/31/94).
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------
Average Annual Total Return (as of 12/31/99)
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
1 Year 5 Year 10 Year
<S> <C> <C> <C>
----------------------------------------------------------------------------------------------------------------
Municipal Assets 2.28% 2.70% 2.81%
----------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
FEES AND EXPENSES OF THE FUNDS
SHAREHOLDER TRANSACTION EXPENSES
(Fees paid directly from your investment)..................................NONE
ANNUAL FUND OPERATING EXPENSES (expenses that are deducted from Fund assets) AND
EXAMPLES
The Examples are to help you compare the cost of investing in the Funds with the
cost of investing in other funds. They assume that you invest $10,000 in each
Fund for the periods indicated and then redeem all your shares at the end of
those periods. They also assume that your investment has a 5 percent return each
year and that the Fund's operating expenses stay the same. Your actual costs may
be higher or lower.
<TABLE>
<CAPTION>
--------------------------------------------------------------------------- ---------------------------------------------
OPERATING EXPENSES EXAMPLES
--------------------------------------------------------------------------- ---------------------------------------------
<S> <C> <C> <C>
---------------------------------------------------------- ---------------- ------------------------ --------------------
LIQUID ASSETS FUND
---------------------------------------------------------- ---------------- ------------------------ --------------------
---------------------------------------------------------- ---------------- ------------------------ --------------------
Management Fees 0.35% After 1 year $138
---------------------------------------------------------- ---------------- ------------------------ --------------------
Distribution (12b-1) Fees 0.40% After 3 years $431
---------------------------------------------------------- ---------------- ------------------------ --------------------
---------------------------------------------------------- ---------------- ------------------------ --------------------
Other Expenses 0.61% After 5 years $745
---------------------------------------------------------- ---------------- ------------------------ --------------------
---------------------------------------------------------- ---------------- ------------------------ --------------------
Total Fund Operating Expenses 1.36% After 10 years $1,635
---------------------------------------------------------- ---------------- ------------------------ --------------------
---------------------------------------------------------- ---------------- ------------------------ --------------------
Municipal Assets Fund
---------------------------------------------------------- ---------------- ------------------------ --------------------
---------------------------------------------------------- ---------------- ------------------------ --------------------
Management Fees 0.35% After 1 year $117
---------------------------------------------------------- ---------------- ------------------------ --------------------
---------------------------------------------------------- ---------------- ------------------------ --------------------
Distribution (12b-1) Fees 0.15% After 3 years $365
---------------------------------------------------------- ---------------- ------------------------ --------------------
---------------------------------------------------------- ---------------- ------------------------ --------------------
Other Expenses 0.65% After 5 years $633
---------------------------------------------------------- ---------------- ------------------------ --------------------
---------------------------------------------------------- ---------------- ------------------------ --------------------
Total Fund Operating Expenses 1.15%(1) After 10 years $1,398
---------------------------------------------------------- ---------------- ------------------------ --------------------
(1) During the fiscal year, certain fees were voluntarily reduced for an actual
fee of 1.14 percent.
</TABLE>
<PAGE>
Description of the Funds
This section of the Prospectus provides a more complete description of each
Fund's investment objectives, principal strategies, and risks. There can, of
course, be no assurance that any Fund will achieve its investment objective.
UNDERSTAND THE RISKS
This section describes risks that affect the Funds' portfolios as a whole.
Certain of these risks may apply to one or more of the Funds. These risks are:
o INTEREST RATE RISK This is the risk that returns will be better or worse
than expected because of changes in the level of interest rates.
o CREDIT RISK This is the risk associated with the ability of the firm that
issues securities to meet its obligations on those securities.
o MANAGEMENT RISK This risk is the possibility that the Funds' managers may
make poor choices in selecting securities and that the Funds will not
perform as well as other funds.
OBJECTIVES AND PRINCIPAL INVESTMENT STRATEGIES
The Funds' investment objectives are safety of principal and liquidity, and to
the extent consistent with these objectives, maximum current income (exempt from
Federal income taxes in the case of the Municipal Assets Fund). As money market
funds, each Fund must meet the requirements of SEC Rule 2a-7. The Rule imposes
strict requirements on the investment quality, maturity, and diversification of
the Funds' investments. Under Rule 2a-7, the Funds' investments must each have a
remaining maturity of no more than 397 days and the Funds must each maintain an
average weighted maturity that does not exceed 90 days.
LIQUID ASSETS FUND
The Fund pursues its objectives by investing in high-quality money market
obligations. The Fund may invest in:
o U.S. Treasury bills, notes and other obligations issued or guaranteed by
the U.S. Government, its agencies, or instrumentalities;
o redeemable interest-bearing ownership certificates issued by one or more
guaranteed loan trusts created for the purpose of acquiring participation
interests in the guaranteed portion of Farmer's Home Administration
guaranteed loans;
o high-quality commercial paper (rated or determined by the Adviser to be of
comparable quality);
o certificates of deposit and bankers' acceptances issued by U.S. banks that
have assets in excess of $10,000,000 and obligations of other banks or
savings and loans insured by the FDIC;
o high-quality, short-term corporate obligations; and
o repurchase agreements collateralized by the types of securities listed.
MUNICIPAL ASSETS FUND
The Fund pursues its objective by investing in high-quality, tax-exempt debt
obligations of state and municipal governments. The Fund may invest in:
o tax-exempt debt obligations issued by state and municipal governments that
are unrated and backed by demand repurchase commitments and participation
interests in these securities; and
o variable rate demand notes.
The Fund may purchase new issues of tax-exempt debt obligations that are offered
on a when-issued basis with the securities to be delivered and paid for
approximately 45 days following the initial purchase commitment. The Fund also
may invest up to 20 percent of its assets in taxable securities.
RISK CONSIDERATIONS
The Funds are subject to management risk. This risk is the possibility that the
Fund's managers may make poor choices in selecting securities and that the Fund
will not perform as well as other funds. In addition, specific risks of the
Funds' portfolios include:
INTEREST RATE RISK. Because the Funds invest in short-term securities, a decline
in interest rates will affect the Funds' yields as these securities mature or
are sold and the Funds purchase new short-term securities with lower yields.
Generally, an increase in interest rates causes the value of a debt instrument
to decrease. The change in value for shorter-term securities is usually smaller
than for securities with longer maturities. Because the Funds invest in
securities with short maturities and seek to maintain a stable net asset value
of $1.00 per share, it is possible, though unlikely, that an increase in
interest rates would change the value of your investment.
CREDIT RISK. This is the risk that a security's credit rating will be downgraded
or that the issuer of a security will default (fail to make scheduled interest
and principal payments). The Funds invest in highly rated securities to minimize
credit risk.
MUNICIPAL MARKET RISK. The Municipal Assets Fund faces the risk that special
factors may adversely affect the value of municipal securities and have a
significant effect on the value of the Fund's investments. These factors include
political or legislative changes, uncertainties related to the tax status of
municipal securities, or the rights of investors in these securities. The Fund's
investments in certain municipal securities with principal or interest payments
that are made from a specific project or facility, and not from general tax
revenues, may have increased risks. Factors affecting the project or facility,
such as local or economic conditions, could have significant effect on the
project's ability to make payments of principal and interest on these
securities.
OTHER INVESTMENT INFORMATION
U.S. GOVERNMENT SECURITIES. U.S. Government securities include obligations
issued or guaranteed by the U.S. Treasury, such as Treasury bills, notes, bonds,
and certificates of indebtedness, and obligations issued or guaranteed by
agencies or instrumentalities of the U.S. Government.
TEMPORARY DEFENSIVE POSITION. For temporary defensive purposes in response to
adverse market or other conditions, a Fund may make investments, including
short-term money market instruments or holding substantial cash reserves, which
are inconsistent with the Fund's primary investment strategies. For the
Municipal Assets Funds which invest primarily in tax-exempt securities, these
temporary investments could include taxable securities. While the Funds are
investing for temporary defensive purposes, they may not meet their investment
objectives.
<PAGE>
MANAGEMENT OF THE FUNDS
INVESTMENT ADVISER
The Funds' Adviser is Investors Management Group, Ltd. ("IMG"), 2203 Grand
Avenue, Des Moines, Iowa 50312. IMG is a wholly owned subsidiary of AMCORE
Investment Group, N.A. that provides continuous investment management to pension
and profit-sharing plans, insurance companies, public agencies, banks,
endowments and charitable institutions, other mutual funds, individuals and
others. As of June 30, 2000, IMG had approximately $4.2 billion in equity,
fixed-income and money market assets under management.
IMG provides investment advisory services and order placement facilities for the
Funds. For these advisory services for the fiscal year ending March 31, 2000,
the Funds paid IMG as a percentage of average daily net assets:
Fund Fee as a percentage of average daily net assets
-----------
Liquid Assets Fund .35%
Municipal Assets Fund .35%
PORTFOLIO MANAGERS
The following individuals serve as portfolio managers for the Funds and are
primarily responsible for the day-to-day management of the Funds' portfolios:
o Kathryn D. Beyer, CFA
- Managing Director and Fixed Income Strategist.
- Ms. Beyer is a member of the Investment Strategy Committee and the Bond
Research Committee.
- She has been with IMG since 1993.
o Jeffrey D. Lorenzen, CFA
- Managing Director and Fixed Income Strategist.
- Mr. Lorenzen is a member of the Investment Strategy Committee and
chairperson of the Bond Research Committee.
- He has been with IMG since 1992.
o Elizabeth S. Pierson, CFA
- Vice President and Senior Fixed-Income Manager.
- Ms. Pierson is a member of the Investment Strategy Committee and the
Bond Research Committee.
- She became an employee of IMG effective with the acquisition of IMG by
AMCORE Financial, Inc. in February 1998 and has been with IMG
affiliates since 1984.
<PAGE>
PURCHASE AND SALE OF SHARES
HOW THE FUNDS VALUE THEIR SHARES
The Fund's NAV is calculated at 11:00 a.m. Central Time each day the Federal
Reserve Bank ("Fed") or New York Stock Exchange ("Exchange") is open for
business.
To calculate NAV, a Fund's assets are valued and totaled, liabilities are
subtracted, and the balance, called net assets, is divided by the number of
shares outstanding. The Funds value their securities at their amortized cost.
This method involves valuing a security at its cost and thereafter applying a
constant amortization to maturity of any discount or premium, regardless of the
effect of fluctuating interest rates on the market value of the investment.
A purchase order for shares received in good order by the Fund by 11:00 a.m.
Central Time is effected at the net asset value per share calculated as of 11:00
a.m. Central Time, and investors will receive the dividend declared that day.
HOW TO PURCHASE SHARES
You may purchase a Fund's shares through qualified banks, broker/dealers,
investment advisory firms and other organizations that have entered into dealer
and/or shareholder agreements with the distributor and/or servicing agreements
with the Funds.
Minimum investment amounts are:
Initial $1,000
Subsequent $50
401(k) and 403(b) and other plans
Initial and Subsequent $25
Automatic Investment Plan
Initial $250
Subsequent $25
To purchase shares of a Fund, complete an Account Application and return it
along with a check (or other negotiable bank draft or money order) in at least
the minimum initial purchase amount, made payable to Vintage Mutual Funds, Inc.
to:
Vintage Mutual Funds, Inc.
2203 Grand Avenue
Des Moines, IA 50312
An Account Application form can be obtained by calling the Funds at (800)
798-1819. Subsequent purchases of shares of a Fund may be made at any time by
mailing a check, payable to Vintage Mutual Funds, Inc., to the above address. If
you are an existing Fund shareholder, you may purchase shares by electronic
funds transfer if you have completed the appropriate section of the Account
Application by calling (800) 798-1819 to arrange a transfer from your bank
account.
When purchasing your shares by check or electronic funds transfer, the purchase
may be delayed until the Fund is reasonably satisfied that the check or
electronic funds transfer has been collected (which may take up to 10 business
days).
A Fund is required to withhold 31 percent of taxable dividends, capital gains
distributions, and redemptions paid to shareholders that have not provided the
Fund with their certified taxpayer identification number. To avoid this, you
must provide your correct Tax Identification Number (Social Security Number for
most investors) on your Account Application.
A Fund may refuse any order to purchase shares. In particular, the Funds reserve
the right to restrict purchases of shares (including exchanges) when they appear
to evidence a pattern of frequent purchases and sales made in response to
short-term conditions.
HOW TO EXCHANGE SHARES
You may exchange your Fund shares for shares of the same class of the other
Vintage Funds. Exchanges of shares are made at the next-determined NAV. You may
request an exchange by mail or telephone. The Funds may change, suspend, or
terminate the exchange service at any time.
HOW TO SELL SHARES
You may redeem your shares (i.e., sell your shares back to a Fund) on any day
the Fed and Exchange are open, either directly or through your financial
intermediary. Your sales price will be the next-determined NAV after the Fund
receives your sales request in proper form. Normally, proceeds will be sent to
you within 3 days. If you recently purchased your shares by check or electronic
funds transfer, your redemption payment may be delayed until the Fund is
reasonably satisfied that the check or electronic funds transfer has been
collected (which may take up to 10 business days).
SELLING SHARES DIRECTLY TO THE FUND
BY MAIL:
Send a signed letter of instruction to:
Vintage Mutual Funds, Inc.
2203 Grand Avenue
Des Moines, IA 50312
For your protection, a bank, a member firm of a national stock exchange, a
credit union, a clearing agency, a savings association, or other eligible
guarantor institution, must guarantee signatures. Additional documentation is
required for the sale of shares by corporations, intermediaries, fiduciaries and
surviving joint owners. If you have any questions about the procedures, contact
IMG.
BY TELEPHONE:
You may redeem your shares by telephone request unless you choose not to have
this option on the Account Application. Call the Funds at (800) 798-1819 with
instructions on how you wish to receive your sale proceeds.
AUTO WITHDRAWAL PLAN
The Auto Withdrawal Plan enables you, as a shareholder of the Fund, to make
regular monthly redemptions of shares. With your authorization, the Transfer
Agent will automatically redeem shares at NAV on the dates of the withdrawal and
have it automatically deposited into your bank account or a check in the amount
specified mailed to you. In order to participate:
o the required minimum withdrawal is $100; and
o the Fund must maintain a $1,000 minimum balance.
To participate in the Auto Withdrawal Plan, you should call (800) 798-1819 for
more information.
AUTOMATIC REDEMPTION
The Fund may automatically redeem your shares at NAV if your account drops below
$500. Before the Fund exercises its right to redeem these shares, you will be
given notice that the value of your shares is less than the minimum amount and
will be allowed 60 days to make an additional investment that will increase the
value of your account to at least $500.
If you elect to receive distributions in cash, and checks (1) are returned and
marked as "undeliverable" or (2) remain uncashed for six months, your cash
election will be changed automatically and your future dividend and capital
gains distributions will be reinvested in the Fund at the per share NAV
determined as of the date of payment of the distribution. In addition, any
undeliverable checks or checks that remain uncashed for six months will be
canceled and will be reinvested in the Fund.
<PAGE>
DIVIDENDS, DISTRIBUTIONS, AND TAXES
DIRECTED DIVIDEND OPTION
You may elect to have all income dividends and capital gains distributions paid
by check or reinvested in any other Vintage Fund, (provided the other Fund is
maintained at the minimum required balance).
The Directed Dividend Option may be modified or terminated by the Funds at any
time after notice to participating shareholders. Participation in the Directed
Dividend Option may be terminated or changed by the shareholder at any time by
writing the distributor. The Directed Dividend Option is not available to
participants in an IRA.
DIVIDENDS AND CAPITAL GAINS
The Funds intend to declare net investment income daily as a dividend to
shareholders at the close of business on the day of declaration. These Funds
will generally pay such dividends monthly.
Each Fund also intends to distribute its capital gains, if any, at least
annually, normally in December of each year. A shareholder will automatically
receive all income dividends and capital gains distributions in additional full
and fractional shares of a Fund at NAV as of the ex-dividend date, unless the
shareholder elects to receive dividends or distributions in cash. Such election
must be made on the Account Application; any change in such election must be
made in writing to the Funds at 2203 Grand Avenue, Des Moines, Iowa 50312 and
will become effective with respect to dividends and distributions having record
dates after its receipt by the Transfer Agent. Dividends are paid in cash not
later than seven business days after a shareholder's complete redemption of his
or her shares.
TAX CONSIDERATIONS
Dividends that are distributed by a Fund that are derived from interest income
exempt from federal income tax and are designated by the Fund as
"exempt-interest dividends" will be exempt from regular federal income taxation.
However, if tax-exempt interest earned by the Fund constitutes an item of tax
preference for purposes of the alternative minimum tax ("AMT"), then a portion
of the exempt-interest dividends paid by the Fund may likewise constitute an
item of tax preference. In addition, any exempt-interest dividends received by
corporate shareholders may constitute an adjustment to AMT income for purposes
of the AMT and the environmental tax imposed under Code Sections 55 and 59A,
respectively. Only the Municipal Assets Fund is expected to be eligible to
designate certain dividends as "exempt-interest dividends."
Exempt-interest dividends of a Fund, although exempt from regular federal income
tax, are included in the tax base for determining the extent to which Social
Security and railroad benefits will be subject to federal income tax. All
shareholders are required to report the receipt of dividends and distributions,
including exempt-interest dividends, on their federal income tax returns.
Dividends paid out of a Fund's investment company taxable income (including
dividends, taxable interest and net short-term capital gains) will be taxable to
a U.S. shareholder as ordinary income. Distributions of net capital gains (the
excess of net long-term capital gains over net short-term capital losses), if
any, designated by a Fund as capital gain dividends are taxable as long-term
capital gains, regardless of the length of time the shareholder has held a
Fund's shares.
A distribution will be treated as paid on December 31 of the current calendar
year if it is declared by a Fund in October, November or December of that year
to shareholders of record on a date in such a month and paid by a Fund during
January of the following calendar year. Such distributions will be treated as
received by shareholders in the calendar year in which the distributions are
declared, rather than the calendar year in which the distributions are received.
Each year the Funds will notify shareholders of the tax status of dividends and
distributions.
Distributions from all of the Funds may be subject to state and local taxes.
Distributions of a Fund that are derived from interest on U.S. Government
securities may be exempt from state and local taxes in certain states. In
certain states, distributions of the Municipal Assets Fund that are derived from
interest on obligations of that state or its municipalities or any political
subdivisions may be exempt from state and local taxes. Shareholders should
consult their tax advisors regarding the possible exclusion for state and local
income tax purposes of the portion of dividends paid by a Fund which is
attributable to interest from U.S. Government securities and the particular tax
consequences to them of an investment in a Fund, including the application of
state and local tax laws.
<PAGE>
DISTRIBUTION ARRANGEMENTS
SHARE CLASSES
In this prospectus the Funds offer the class of shares described below:
SHARE CLASS CLASS DESCRIPTION
"S" These shares are normally offered through financial
institutions providing automatic "Sweep" investment
programs to their customers. These shares bear
separate distribution and/or shareholder servicing
fees. Participating organizations selling or
servicing these shares may receive different
compensation with respect to one class over
another.
RULE 12B-1 FEES. Each Fund has adopted a plan under SEC Rule 12b-1 and an
Administrative Services Plan that allows the Fund to pay asset-based
distribution and service fees for the distribution and sale of its shares. The
Liquid Assets Fund plans allow charges of up to .75 percent but only .65 percent
is currently being imposed under the plans. The Municipal Assets Fund plans
allow charges of up to .50 percent but only .40 percent is currently being
imposed under the plans.
HOUSEHOLDING REGULATORY MATERIALS. To reduce the volume of mail you receive,
only one copy of financial reports, prospectuses, and other regulatory materials
is mailed to your household. You can call us at (800) 798-1819, or write to us
at the Funds' address, to request (1) additional copies free of charge, or (2)
that we discontinue our practice of householding regulatory materials.
<PAGE>
FINANCIAL HIGHLIGHTS
The financial highlights table is intended to help you understand the Fund's
financial performance for the past 5 years (or, if shorter, the period of the
Fund's operations). Certain information reflects financial results for a single
Fund share. The total returns in the table represent the rate that an investor
would have earned (or lost) on an investment in the Fund (assuming reinvestment
of all dividends and distributions). PricewaterhouseCoopers LLP has audited the
information for the period ended on March 31, 2000. Their reports, along with
the Fund's financial statements, are included in the Funds' annual reports,
which are available upon request. The financial information for the periods
ending prior to March 31, 2000 was audited by other auditors.
<PAGE>
<TABLE>
<CAPTION>
Investment Activities Dividends and Distributions
NAV Net Net Total From Net From Net Total
Beginning Investment Realized/ from Investment Realized Dividends
of Period Income Unrealized Investment Income Gains and
Gains/(LossesActivities Distributions
----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Liquid Assets Fund S Shares
Year Ended March 31, $1.00 0.04 0.00 0.04 (0.04) 0.00 (0.04)
2000
Year Ended March 31, $1.00 0.04 0.00 0.04 (0.04) 0.00 (0.04)
1999
Nine Months Ended March 31, 1998 $1.00 0.03 0.00 0.03 (0.03) 0.00 (0.03)
Year Ended June 30, 1997 $1.00 0.05 0.00 0.05 (0.05) 0.00 (0.05)
Year Ended June 30, 1996 $1.00 0.05 0.00 0.05 (0.05) 0.00 (0.05)
Year Ended June 30, 1995 $1.00 0.05 0.00 0.05 (0.05) 0.00 (0.05)
Municipal Assets Fund S Shares
Year Ended March 31, $1.00 0.02 0.00 0.02 (0.02) 0.00 (0.02)
2000
Year Ended March 31, $1.00 0.02 0.00 0.02 (0.02) 0.00 (0.02)
1999
Nine Months Ended March 31, 1998 $1.00 0.02 0.00 0.02 (0.02) 0.00 (0.02)
Year Ended June 30, 1997 $1.00 0.03 0.00 0.03 (0.03) 0.00 (0.03)
Year Ended June 30, 1996 $1.00 0.03 0.00 0.03 (0.03) 0.00 (0.03)
Year Ended June 30, 1995 $1.00 0.03 0.00 0.03 (0.03) 0.00 (0.03)
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<PAGE>
Total Return / Ratios / Supplemental Data
--------------------------------------------------
NAV Total Net Ratio of Ratio of Ratio Ratio of Net
End of Return Assets Expenses Net of Investment
Period End of to Investment Expenses Income to
Period Average Income to Average
(000 Net Assets to Average Average Net Assets*
omitted) Net Net
Assets Assets*
-------------------------------------------------------------------------------------------------------------------------------
Liquid Assets Fund S Shares
Year Ended March 31, $1.00 4.18% $91,703 1.36% 4.11% ----- -----
2000
Year Ended March 31, $1.00 4.18% $77,343 1.34% 4.08% ----- -----
1999
Nine Months Ended March 31, 1998 $1.00 3.43% (a) $69,514 1.20% (b) 4.57% (b) ----- -----
Year Ended June 30, 1997 $1.00 4.46% $60,663 1.20% 4.46% ----- -----
Year Ended June 30, 1996 $1.00 4.68% $179,633 1.20% 4.68% ----- -----
Year Ended June 30, 1995 $1.00 4.66% $167,085 1.20% 4.66% ----- -----
Municipal Assets Fund S Shares
Year Ended March 31, $1.00 2.43% $7,370 1.14% 2.41% 1.15% 2.40%
2000
Year Ended March 31, $1.00 2.47% $7,894 1.12% 2.41% 1.19% 2.34%
1999
Nine Months Ended March 31, 1998 $1.00 2.13% (a) $7,102 0.94% (b) 2.84% (b) ----- -----
Year Ended June 30, 1997 $1.00 2.90% $4,664 0.93% 2.90% 1.15% 2.68%
Year Ended June 30, 1996 $1.00 2.64% $10,146 1.48% 2.64% ----- -----
Year Ended June 30, 1995 $1.00 2.53% $16,130 1.38% 2.53% ----- -----
* During the period certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) Not Annualized.
(b) Annualized.
</TABLE>
For more information about the Funds, the following documents are available:
ANNUAL/SEMI-ANNUAL REPORTS TO SHAREHOLDERS
Annual and Semi-Annual Reports to shareholders contain additional information on
each Fund's investments. In the Annual Report, you will find a discussion of the
market conditions and investment strategies that significantly affected each
Fund's performance during its last fiscal year.
STATEMENT OF ADDITIONAL INFORMATION (SAI)
The Vintage Funds have an SAI, which contains more detailed information about
each Fund, including its operations and investment policies. The Funds' SAI is
incorporated by reference into (and is legally part of) this Prospectus.
You may request a free copy of the current Annual/Semi-Annual Report or the SAI,
by contacting your broker or other financial intermediary, or by contacting the
Funds:
By mail: c/o Vintage Mutual Funds, Inc.
2203 Grand Avenue
Des Moines, IA 50312
By phone: For Information and Literature: (800) 798-1819
By email: [email protected]
By Internet: www.VintageFunds.com
OR YOU MAY VIEW OR OBTAIN THESE DOCUMENTS FROM THE SEC:
In person: at the SEC's Public Reference Room in Washington,D.C.
By phone: 1-202-942-8090(For information only)
By mail: Public Reference Section
Securities and Exchange Commission
Washington, DC 20549-6009
(Duplicating fee required)
By email: [email protected]
By Internet: www.sec.gov
The Vintage Funds may not be available in all states. Please contact the Funds
to determine if the Funds are available for sale in your state.
File No. 811-08910
