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<PAGE> PAGE 2
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<PAGE> PAGE 4
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 18
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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SIGNATURE CAROL J. HIGHSMITH
TITLE SECRETARY
SHAREHOLDER VOTES
- -----------------
A special meeting of the shareholders of The First Lexington Balanced Fund (the
"Fund") was held on may 29, 1997. 79,898.745 shares were entitled to vote. All
60,985.873 shares voting on the matter voted in favor of a new sub-advisory
agreement between Vintage Advisers, Inc, the Fund's adviser, and Health
Financial, Inc., the Fund's sub-adviser. 18,912.872 shares abstained. The new
Sub-advisory agreement took effect upon the consummation of a merger transaction
between Unified Holdings, Inc. and Health Financial, Inc.
Board of Trustees
The Vintage Funds
In planning and performing our audit of the financial statements of The Vintage
Funds for the year ended September 30, 1997, we considered its internal control
structure, including procedures for safeguarding securities, in order to
determine our auditing procedures for the purpose of expressing our opinion on
the financial statements and to comply with the requirements of Form N-SAR, not
to provide assurance on the internal control structure.
The management of The Vintage Funds is responsible for establishing and
maintaining an internal control structure. In fulfilling this responsibility,
estimates and judgments by management are required to assess the expected
benefits and related costs of internal control structure policies and
procedures. Two of the objectives of an internal control structure are to
provide management with reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or disposition and transactions
are executed in accordance with management's authorization and recorded properly
to permit preparation of financial statements in conformity with generally
accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and may not be detected. Also, projection of any
evaluation of the structure to future periods is subject to the risk that it may
become inadequate because of changes in conditions or that the effectiveness of
the design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce to
a relatively low level the risk that errors or irregularities in mounts that
would be material in relation to the financial statements being audited may
occur and not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted no matters
involving the internal control structure, including procedures for safekeeping
securities, that we consider to be material weaknesses as defined above as of
September 3-, 1997.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
/s/ McCurdy & Associates
McCurdy & Associates CPA's, Inc.
Westlake, Ohio
October 15, 1997
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<NAME> STARWOOD STRATEGIC FUND
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<PERIOD-START> OCT-1-1996
<PERIOD-END> SEP-30-1997
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<TOTAL-LIABILITIES> 2471
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<PAID-IN-CAPITAL-COMMON> 962398
<SHARES-COMMON-STOCK> 122220
<SHARES-COMMON-PRIOR> 62838
<ACCUMULATED-NII-CURRENT> (9701)
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<ACCUMULATED-NET-GAINS> 16241
<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 1136986
<DIVIDEND-INCOME> 7374
<INTEREST-INCOME> 2550
<OTHER-INCOME> 0
<EXPENSES-NET> 19625
<NET-INVESTMENT-INCOME> (9701)
<REALIZED-GAINS-CURRENT> 49516
<APPREC-INCREASE-CURRENT> 166805
<NET-CHANGE-FROM-OPS> 173345
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<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 16240
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<NUMBER-OF-SHARES-SOLD> 78146
<NUMBER-OF-SHARES-REDEEMED> 20510
<SHARES-REINVESTED> 1746
<NET-CHANGE-IN-ASSETS> 653528
<ACCUMULATED-NII-PRIOR> (27288)
<ACCUMULATED-GAINS-PRIOR> (11719)
<OVERDISTRIB-NII-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 32938
<AVERAGE-NET-ASSETS> 714961
<PER-SHARE-NAV-BEGIN> 7.69
<PER-SHARE-NII> (.26)
<PER-SHARE-GAIN-APPREC> 2.00
<PER-SHARE-DIVIDEND> 0.13
<PER-SHARE-DISTRIBUTIONS> 0.13
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.30
<EXPENSE-RATIO> 2.54
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> AGGRESSIVE GROWTH FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-1-1996
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
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<OTHER-ITEMS-ASSETS> 0
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<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 58493
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 22343
<INTEREST-INCOME> 1816
<OTHER-INCOME> 0
<EXPENSES-NET> 17686
<NET-INVESTMENT-INCOME> 6473
<REALIZED-GAINS-CURRENT> 47028
<APPREC-INCREASE-CURRENT> (1140)
<NET-CHANGE-FROM-OPS> 53681
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<DISTRIBUTIONS-OF-INCOME> 6472
<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 3381
<NUMBER-OF-SHARES-REDEEMED> 58311
<SHARES-REINVESTED> 684
<NET-CHANGE-IN-ASSETS> (367764)
<ACCUMULATED-NII-PRIOR> (23917)
<ACCUMULATED-GAINS-PRIOR> 2530
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2738
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 28949
<AVERAGE-NET-ASSETS> 363612
<PER-SHARE-NAV-BEGIN> 9.80
<PER-SHARE-NII> .17
<PER-SHARE-GAIN-APPREC> 1.22
<PER-SHARE-DIVIDEND> 0.33
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<PER-SHARE-NAV-END> 0
<EXPENSE-RATIO> 4.86
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> LAIDLAW FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-1-1996
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 1526094
<INVESTMENTS-AT-VALUE> 2959369
<RECEIVABLES> 28656
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<TOTAL-ASSETS> 3001010
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 80668
<TOTAL-LIABILITIES> 80668
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1487052
<SHARES-COMMON-STOCK> 1493537
<SHARES-COMMON-PRIOR> 79825
<ACCUMULATED-NII-CURRENT> 335
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 453387
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1433275
<NET-ASSETS> 2920342
<DIVIDEND-INCOME> 44854
<INTEREST-INCOME> 1729
<OTHER-INCOME> 0
<EXPENSES-NET> 46302
<NET-INVESTMENT-INCOME> 335
<REALIZED-GAINS-CURRENT> 496923
<APPREC-INCREASE-CURRENT> 1433275
<NET-CHANGE-FROM-OPS> 1886997
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 325
<DISTRIBUTIONS-OF-GAINS> 453372
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1950026
<NUMBER-OF-SHARES-REDEEMED> 730418
<SHARES-REINVESTED> 194104
<NET-CHANGE-IN-ASSETS> 2763724
<ACCUMULATED-NII-PRIOR> (69)
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-EXPENSE> 79441
<AVERAGE-NET-ASSETS> 2380000
<PER-SHARE-NAV-BEGIN> 1.77
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<PER-SHARE-DIVIDEND> .49
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<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.96
<EXPENSE-RATIO> 3.25
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME> ASSET ALLOCATION FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-1-1996
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
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<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
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<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 61238
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 19331
<INTEREST-INCOME> 1756
<OTHER-INCOME> 0
<EXPENSES-NET> 19049
<NET-INVESTMENT-INCOME> 2038
<REALIZED-GAINS-CURRENT> 109748
<APPREC-INCREASE-CURRENT> (16166)
<NET-CHANGE-FROM-OPS> 111786
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1606
<DISTRIBUTIONS-OF-GAINS> 89336
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1666
<NUMBER-OF-SHARES-REDEEMED> 338485
<SHARES-REINVESTED> 275580
<NET-CHANGE-IN-ASSETS> (553746)
<ACCUMULATED-NII-PRIOR> (25231)
<ACCUMULATED-GAINS-PRIOR> (10586)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3100
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 29086
<AVERAGE-NET-ASSETS> 398552
<PER-SHARE-NAV-BEGIN> 9.27
<PER-SHARE-NII> .05
<PER-SHARE-GAIN-APPREC> 2.55
<PER-SHARE-DIVIDEND> 1.18
<PER-SHARE-DISTRIBUTIONS> 9.23
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0
<EXPENSE-RATIO> 4.78
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 5
<NAME> TAXABLE FIXED INCOME FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-1-1996
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 3903
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 0
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 0
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 11008
<NUMBER-OF-SHARES-REDEEMED> 14177
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (16215)
<ACCUMULATED-NII-PRIOR> (26608)
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 23
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4809
<AVERAGE-NET-ASSETS> 8385
<PER-SHARE-NAV-BEGIN> 2.30
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 6
<NAME> FIRST LEXINGTON BALANCED FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-1-1996
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 2911733
<INVESTMENTS-AT-VALUE> 3055277
<RECEIVABLES> 5937
<ASSETS-OTHER> 7837
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3069051
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4450
<TOTAL-LIABILITIES> 4450
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2920964
<SHARES-COMMON-STOCK> 278328
<SHARES-COMMON-PRIOR> 7927
<ACCUMULATED-NII-CURRENT> 8756
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4095
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 143544
<NET-ASSETS> 3064511
<DIVIDEND-INCOME> 24638
<INTEREST-INCOME> 4392
<OTHER-INCOME> 0
<EXPENSES-NET> 20274
<NET-INVESTMENT-INCOME> 8756
<REALIZED-GAINS-CURRENT> 4095
<APPREC-INCREASE-CURRENT> 143544
<NET-CHANGE-FROM-OPS> 156395
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 7412
<DISTRIBUTIONS-OF-GAINS> 4092
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 301698
<NUMBER-OF-SHARES-REDEEMED> 32342
<SHARES-REINVESTED> 1045
<NET-CHANGE-IN-ASSETS> 3055523
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4426
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 26435
<AVERAGE-NET-ASSETS> 742237
<PER-SHARE-NAV-BEGIN> 22.60
<PER-SHARE-NII> (12.54)
<PER-SHARE-GAIN-APPREC> .99
<PER-SHARE-DIVIDEND> 0.04
<PER-SHARE-DISTRIBUTIONS> 0.04
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.01
<EXPENSE-RATIO> 3.06
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 7
<NAME> TAXABLE MONEY MARKET FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-1-1996
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 50413657
<INVESTMENTS-AT-VALUE> 50413657
<RECEIVABLES> 230491
<ASSETS-OTHER> 368459
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 51012607
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 392897
<TOTAL-LIABILITIES> 392897
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 50619710
<SHARES-COMMON-STOCK> 50619710
<SHARES-COMMON-PRIOR> 50544511
<ACCUMULATED-NII-CURRENT> 2075516
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 50619710
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2629855
<OTHER-INCOME> 0
<EXPENSES-NET> 554339
<NET-INVESTMENT-INCOME> 2075516
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 2075516
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2075516
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<NUMBER-OF-SHARES-SOLD> 146134876
<NUMBER-OF-SHARES-REDEEMED> 148284175
<SHARES-REINVESTED> 2224498
<NET-CHANGE-IN-ASSETS> 75199
<ACCUMULATED-NII-PRIOR> 1626449
<ACCUMULATED-GAINS-PRIOR> 0
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<GROSS-EXPENSE> 715285
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<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .03
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<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 1.44
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 8
<NAME> TAX-FREE MONEY MARKET FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-1-1996
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
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<SHARES-COMMON-PRIOR> 7334335
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<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 0
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<EXPENSES-NET> 87807
<NET-INVESTMENT-INCOME> 226081
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<DISTRIBUTIONS-OF-INCOME> 139529
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<NUMBER-OF-SHARES-SOLD> 10511071
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<NET-CHANGE-IN-ASSETS> (7240486)
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<PER-SHARE-NAV-BEGIN> 1.00
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<PER-SHARE-NAV-END> 0
<EXPENSE-RATIO> 1.44
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
