CROSS-REFERENCE SHEET
Explanatory Note: The Registrant is a "series" company. The Registration
Statement relates to all eight series of the Registrant's shares: The Starwood
Strategic Fund, The Aggressive Growth Fund, The Fiduciary Value Fund, The
Asset Allocation Fund, The Taxable Fixed Income Fund, The Municipal Fixed
Income Fund, The Taxable Money Market Fund and The Tax-Free
Money Market Fund. All of the Funds' shares are offered pursuant to a
combined Prospectus (the "Combined Prospectus") and a combined Statement
of Additional Information. In addition, the shares of The Taxable Money
Market Fund and The Tax-Free Money Market Fund are offered pursuant to a
separate Prospectus for those Funds only (the "Money Market Fund
Prospectus"). Both the Combined Prospectus and the Money Market Fund
Prospectus were included in Part A of Post-Effective Amendment Number 3.
The Prospectus headings below refer to the headings in the Combined Prospectus;
the Prospectus headings in the Money Market Fund Prospectus are
substantially identical.
PART A. INFORMATION REQUIRED IN THE PROSPECTUS.
Item in Form N-1A Prospectus Heading
Item 1. Cover Page . . . . . . . . . . . . . .Cover Page
Item 2. Synopsis . . . . . . . . . . . . . . .Summary of Fund Expenses;
Highlights; Certain Risk
Factors
Item 3. Condensed Financial Information . . .Financial Highlights;
Performance Information
Item 4. General Description of Registrant. . .Highlights; Investment
Objectives and Policies;
Certain Investments and
Investment Techniques;
General Information;
Supplement to Prospectus
Item 5. Management of the Fund . . . . . . . .The Trust and Its
Management; Expenses
Item 5A. Management's Discussion of Fund. . . .Not Applicable
Performance
Item 6. Capital Stock and Other Securities . .General Information;
Dividends and Distributions;
Taxes
Item 7. Purchase of Securities Being . . . . .How to Buy Shares;
Offered Shareholder Services; Net
Asset Value; The Trust and
its Management
Item 8. Redemption or Repurchase . . . . . . .How to Redeem Shares;
Exchange Privilege
Item 9. Pending Legal Proceedings. . . . . . .Not Applicable
PART B. INFORMATION REQUIRED IN THE STATEMENT OF
ADDITIONAL INFORMATION.
Item in Form N-1A Statement Heading
Item 10. Cover Page . . . . . . . . . . . . . . . . Cover Page
Item 11. Table of Contents . . . . . . . . . . . . . Table of Contents
Item 12. General Information and History . . . . . . Information About the
Trust
Item 13. Investment Objectives and Policies. . . . . Investment Objectives
and Policies; Types of
Investments and
Investment Techniques;
Investment Limitations
Item 14. Management of the Fund. . . . . . . . . . . Management of the Trust
Item 15. Control Persons and Principal Holders
of Securities . . . . . . . . .. . . . . . . Management of the Trust
Item 16. Investment Advisory and Other Services. . . Investment Advisory
Arrangements;
Distribution
Arrangements;
Administrative
Services Arrangements;
Custodian, Transfer
Agent, Fund Accounting
Agent, Independent
Accountants
Item 17. Brokerage Allocation and Other Practices . . Brokerage
Transactions
Item 18. Capital Stock and Other Securities . . . . . Information About the
Trust
Item 19. Purchase, Redemption and Pricing of
Securities Being Offered . . . . . . . . . . Purchase and
Redemption;
Determination of Net
Asset Value
Item 20. Tax Status . . . . . . . . . . . . . . . . . Tax Status
Item 21. Underwriters . . . . . . . . . . . . . . . . Not Applicable
Item 22. Calculation of Performance Data . . . . . . Performance
Information
Item 23. Financial Statements . . . . . . . . . . . . Financial Statements
PART C. OTHER INFORMATION
Information required to be included in Part C was set forth under the
appropriate Item, so numbered, in Part C of the Registration Statement.
<PAGE>
August 1, 1996
THE VINTAGE FUNDS
SUPPLEMENT TO PROSPECTUS
DATED JANUARY 29, 1996
Effective April 17, 1996, The Vintage Funds (the "Trust") authorized
changes to the investment policies and limitations of the Taxable Fixed
Income Fund and the Municipal Fixed Income Fund (the "Fixed Income Funds")
to permit each Fund to invest principally in other mutual funds. Either Fund
may invest up to 25% of its assets in any one mutual fund, and up to 100% of
its assets in other mutual funds in general. Although the Fixed Income Funds
are permitted to invest principally in other mutual funds, they do not
necessarily intend to do so. Neither Fund is required to invest in other
mutual funds at any time.
Each Fixed Income Fund will invest only in other mutual funds that have an
investment objective similar to the Fund's, or that invest primarily in
securities which are permitted investments under the Fund's investment
policies described in the Prospectus. In addition, each Fixed Income Fund
will invest only in other funds that have fundamental investment restrictions
that are substantially no less restrictive than its own. Nevertheless, the
other funds purchased by the Fixed Income Funds likely will have certain
investment policies, and use certain investment practices, that are different
from those of the Funds and not described in the Prospectus. These other
policies and practices may subject the other funds' assets to varying or
greater degrees of risk.
Prior to April 17, 1996, the Aggressive Growth Fund and the Asset
Allocation Fund were authorized to, and had the stated intention to, invest
principally in other mutual funds. As a result of the changes made effective
with this Supplement, the disclosures found in the Prospectus regarding
investments in other mutual funds by the Aggressive Growth Fund and the Asset
Allocation Fund will apply to the Fixed Income Funds, except that the Fixed
Income Funds do not have the stated intention to invest principally in other
mutual funds. To the extent a Fund invests in other mutual funds, the risks
associated with such investments become more significant, and investors
should carefully read "Investment Objectives and Policies --Investments in
Other Mutual Funds" (at pages 17-18 of the Prospectus) and other disclosures
therein relating to investing in other mutual funds (e.g., the last paragraph
under "Summary of Fund Expenses").
The fundamental investment limitations described at pages 19-20 of the
Prospectus were modified by an affirmative vote of a majority of the
shareholders of each of the Fixed Income Funds so that, effective with this
Supplement, each Fixed Income Fund is permitted to invest in other mutual
funds to the same extent as the Aggressive Growth Fund and the Asset
Allocation Fund. The investment limitations listed fourth and sixth on page
19 of the Prospectus have been modified to provide that the exceptions
applicable to the Aggressive Growth Fund and the Asset Allocation Fund are
also applicable to each Fixed Income Fund.
On May 21, 1996, the Trust authorized a change to the investment
objectives and policies of the Asset Allocation Fund, and the fourth
paragraph of page 12 of the Prospectus is revised to read as follows:
Under normal circumstances, the Fund's assets will be
invested in both stock and bond index funds. The Adviser
will purchase stock index funds which, in its opinion, have
the greatest potential for capital appreciation. The Fund
may from time to time invest up to 100% of its assets in any
one of the following if, in the judgment of the Adviser, the
Fund has the opportunity of seeking a high level of capital
appreciation or current income without undue risk to principal:
common stock index funds (including individual equity securities),
bond index funds or money market funds. The Adviser will
monitor and adjust its weighing of investments to adapt to
changing market and economic conditions. Distributable income
will fluctuate as the Fund shifts assets among various types of
investments.
This Supplement, and the Prospectus dated January 29, 1996, contain
information that you should know before investing in any of the Funds and
should be retained for future reference. Additional information, including
information related to the changes in investment policies and limitations, is
included in the Statement of Additional Information dated April 17, 1996. The
Statement of Additional Information has been filed with the Securities and
Exchange Commission and is incorporated herein by reference. It is available
upon request and without charge by calling (800) 408-4682 (1-800-40-VINTAGE).