<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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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 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<PAGE> PAGE 22
074 I000600 0
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074 N000600 59468
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083 A000600 N
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028 A010700 4905
028 A020700 907
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028 B010700 4950
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<PAGE> PAGE 23
028 F010700 6854
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<PAGE> PAGE 24
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<PAGE> PAGE 25
074 H000700 0
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<PAGE> PAGE 26
071 B000800 0
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085 B000800 N
028 A010900 1967
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<PAGE> PAGE 27
037 000900 N
038 000900 0
039 000900 N
040 000900 N
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<PAGE> PAGE 28
072 P000900 0
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<PAGE> PAGE 29
074 Y000900 0
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<PAGE> PAGE 30
061 001000 1000
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<PAGE> PAGE 31
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083 A001000 N
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<PAGE> PAGE 32
025 C001101 D
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<PAGE> PAGE 33
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<PAGE> PAGE 34
070 H011100 N
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<PAGE> PAGE 35
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<PAGE> PAGE 36
028 A011200 280
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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SIGNATURE JEFF COHEN
TITLE CONTROLLER
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<NAME> CRESTFUNDS
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<NAME> GOVERNMENT BOND FUND TRUST CLASS
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<NAME> CRESTFUNDS
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<NAME> GOVERNMENT BOND FUND INVESTOR B CLASS
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<NAME> CRESTFUNDS
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<NAME> VIRGINIA MUNICIPAL BOND FUND TRUST CLASS
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<S> <C>
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<EXPENSES-NET> (25)
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000790814
<NAME> CRESTFUNDS
<SERIES>
<NUMBER> 122
<NAME> VIRGINIA MUNICIPAL BOND FUND INVESTOR B CLASS
<MULTIPLIER> 1,000
<S> <C>
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<APPREC-INCREASE-CURRENT> 215
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<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (9)
<DISTRIBUTIONS-OF-GAINS> (3)
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<NUMBER-OF-SHARES-REDEEMED> (2)
<SHARES-REINVESTED> 1
<NET-CHANGE-IN-ASSETS> 627
<ACCUMULATED-NII-PRIOR> 0
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<PER-SHARE-NAV-BEGIN> 10.06
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<PER-SHARE-DISTRIBUTIONS> (.044)
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The Board of Directors of
CrestFunds, Inc.:
In planning and performing our audits of the financial statements of
CrestFunds, Inc. for the year ended November 30, 1995, 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 Fund 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 that
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 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 amounts 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 safeguarding securities, that we consider to be
material weaknesses as defined above as of November 30, 1995.
This report is intended solely for the information and use of management
and the Securities and Exchange Commission.
Deloitte & Touche LLP
/s/ Deloitte & Touche LLP
January 19, 1996
