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[LOGO] SEAFIRST RETIREMENT FUNDS
May 23, 1997
Dear Seafirst Retirement Fund Shareholder:
We recently sent you information about a proposed reorganization of the
Seafirst Retirement Funds, requesting your vote on the proposal.
WE NEED YOUR VOTE. The Board of Trustees of the Seafirst Retirement Funds
unanimously recommends you vote FOR the proposal because of potential benefits
the reorganization will provide you, the shareholder. These benefits include:
o A wider choice of mutual funds (13 versus 4) for your retirement
account.
o Existing retirement funds shareholders can purchase the Pacific
Horizon and Time Horizon Funds without a sales charge.
o A three-year cap on mutual fund expenses for Seafirst Retirement
Fund shares of the Pacific Horizon Blue Chip, Asset Allocation
and Intermediate Bond Funds.
WE URGE YOU TO VOTE TODAY. The shareholder meeting scheduled for May 21, 1997,
has been adjourned until a quorum of votes is received to ratify the proposal.
Please mark your vote on the enclosed proxy card, sign, date and return it in
the envelope provided as soon as possible. Or, you may conveniently place your
vote by phone by calling toll-free 1-800-758-7358 anytime between 5:00 am and
6:00 pm (PST).
YOUR VOTE IS IMPORTANT. If you need additional information about the
reorganization, please refer to the prospectus/proxy statement sent to you
earlier or call 1-800-758-7358 for a copy. If you have already placed your vote,
thank you for your participation.
Sincerely,
/s/ ROBERT A. NATHANE
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Robert A. Nathane
Chairman of the Board
MUTUAL FUNDS ARE NOT INSURED BY THE FDIC, AND ARE NOT DEPOSITS OR
OTHER OBLIGATIONS OF, OR GUARANTEED BY SEAFIRST BANK, BANK OF NOT
AMERICA OR ANY OF THEIR AFFILIATES. AN INVESTMENT IN MUTUAL FUNDS FDIC
IS SUBJECT TO INVESTMENT RISKS, INCLUDING THE POSSIBLE LOSS OF INSURED
THE PRINCIPAL AMOUNT INVESTED.
Mutual funds are offered by prospectus which contains more complete information
including fees and expenses. Please read it carefully before you invest or send
money. Seafirst Retirement Funds and Pacific/Time Horizon Funds are distributed
by Concord Financial Group, Inc., which is unaffiliated with Seafirst Bank or
Bank of America. Bank of America NT&SA is doing business as Seafirst Bank in
the state of Washington, and is the Funds' investment adviser and receives fees
for such services.
Seafirst Retirement Funds o P.O. Box 84248, Seattle, WA 98124
