CrestFunds, Inc.
Investors Class
Supplement dated July 15, 1996 to the
Prospectus dated March 28, 1996
1. The Prospectus is hereby amended and supplemented to change
the Other Expenses figure on page 3 for the Virginia Intermediate
Municipal Bond Fund from .23 to .29 and the Total Operating
Expenses figure on page 3 for the Virginia Intermediate Municipal
Bond Fund from .73 to .79.
2. The Prospectus is hereby amended and supplemented to change
the 1 year, 3 year, 5 year and 10 year numbers included on the
Example table on page 4 for the Virginia Intermediate Municipal
Bond Fund from 42, 58, 74 and 122 to 43, 59, 77 and 129,
respectively.
3. The Prospectus is hereby amended and supplemented to delete
the fourth paragraph on page 5 and to replace it with the
following paragraph:
Absent the waiver of administration fees, Other Expenses for
both A and B Shares for the Government Bond Fund, Maryland
Municipal Bond Fund and Virginia Municipal Bond Fund would
be .37%, .77% and .37%, respectively.
4. The Prospectus is hereby amended and supplemented to add the
following as the last sentence of the first paragraph under the
section "Investment Policies - Special Equity Fund" on page 20 as
follows:
See "Appendix" for a description of the other types of
securities in which the Fund may invest.
5. The Prospectus is hereby amended and supplemented to add the
following paragraph as the last paragraph of the section
"Investment Policies - Special Equity Fund" on page 21 as
follows:
The Fund will invest in derivative securities for hedging
purposes only. The Fund will not use more than 5% of its
assets to acquire derivative securities. For this purpose,
"derivative securities" shall mean Indexed Securities,
Stripped Mortgage-Backed Securities and Stripped Government
Securities. However, the Fund will not invest in Indexed
Securities. See "Appendix" for a description of these types
of securities.
6. Effective June 1, 1996, all references in the Prospectus to
SEI Financial Management Corporation as administrator of the Fund
are hereby replaced with SEI Fund Resources.
In addition, the Prospectus is hereby amended and
supplemented to delete the first paragraph of the section
"Administrator and Distributor" on page 34 and to replace it
with the following paragraph:
SEI Fund Resources (the "Administrator"), a Delaware
business trust, provides the Company with administrative
services, including fund accounting, regulatory reporting,
necessary office space, equipment, personnel, and
facilities. SEI Financial Management Corporation, a
wholly-owned subsidiary of SEI Corporation ("SEI"), is the
owner of all beneficial interest in the Administrator.
RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
<PAGE>
CrestFunds, Inc.
Trust Class
Supplement dated July 15, 1996 to the
Prospectus dated March 28, 1996
1. The Prospectus is hereby amended and supplemented to change
the Other Expenses figure on page 3 for the Virginia Intermediate
Municipal Bond Fund from .22 to .28 and the Total Operating
Expenses figure on page 3 for the Virginia Intermediate Municipal
Bond Fund from .72 to .78.
2. The Prospectus is hereby amended and supplemented to change
the 1 year, 3 year, 5 year and 10 year numbers included on the
Example table on page 3 for the Virginia Intermediate Municipal
Bond Fund from 7, 23, 40 and 89 to 8, 25, 43 and 97,
respectively.
3. The Prospectus is hereby amended and supplemented to delete
the third and fourth sentences of the second paragraph on page 4
and to replace them with the following sentences:
Absent the waiver of administration fees, Other Expenses
would be .36%, .36% and .76% for the Government Bond Fund,
Virginia Municipal Bond Fund and the Maryland Municipal Bond
Fund, respectively. Absent all fee waivers, Total
Operating Expenses would be .81% for the Cash Reserve Fund,
U.S. Treasury Money Fund and Tax Free Money Fund and .93%,
1.03%, 1.11%, .93%, 1.11%, 1.36%, 1.17%, 1.25%, and 1.19%
for the Limited Term Bond Fund, Intermediate Bond Fund,
Government Bond Fund, Virginia Intermediate Municipal Bond
Fund, Virginia Municipal Bond Fund, Maryland Municipal
Bond Fund, Value Fund, Capital Appreciation Fund, and
Special Equity Fund, respectively.
4. The Prospectus is hereby amended and supplemented to add the
following as the last sentence of the first paragraph under the
section "Investment Policies - Special Equity Fund" on page 18 as
follows:
See "Appendix" for a description of the other types of
securities in which the Fund may invest.
5. The Prospectus is hereby amended and supplemented to add the
following paragraph as the last paragraph of the section
"Investment Policies - Special Equity Fund" on page 18 as
follows:
The Fund will invest in derivative securities for hedging
purposes only. The Fund will not use more than 5% of its
assets to acquire derivative securities. For this purpose,
"derivative securities" shall mean Indexed Securities,
Stripped Mortgage-Backed Securities and Stripped Government
Securities. However, the Fund will not invest in Indexed
Securities. See "Appendix" for a description of these types
of securities.
6. Effective June 1, 1996, all references in the Prospectus to
SEI Financial Management Corporation as administrator of the Fund
are hereby replaced with SEI Fund Resources.
In addition, the Prospectus is hereby amended and
supplemented to delete the first paragraph of the section
"Administrator and Distributor" on page 27 and to replace it
with the following paragraph:
SEI Fund Resources (the "Administrator"), a Delaware
business trust, provides the Company with administrative
services, including fund accounting, regulatory reporting,
necessary office space, equipment, personnel, and
facilities. SEI Financial Management Corporation, a
wholly-owned subsidiary of SEI Corporation ("SEI"), is the
owner of all beneficial interest in the Administrator.
RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
<PAGE>
CrestFunds, Inc.
Trust Class
Supplement dated July 15, 1996 to the
Statement of Additional Information dated March 28, 1996
Effective June 1, 1996, all references in the Statement of
Additional Information to SEI Financial Management Corporation as
administrator of the Fund are hereby replaced with SEI Fund
Resources and the reference to SEI Financial Services Company in
the first paragraph of the section "Administrator and Distributor
- - The Administrator" on page 27 is replaced with SEI Fund
Resources.
In addition, the Statement of Additional Information is
hereby amended and supplemented to delete the third paragraph of
the section "Administrator and Distributor - The Administrator"
on page 27 and to replace it with the following paragraph:
The Administrator, a Delaware business trust, has its
principal business offices at 680 East Swedesford Road,
Wayne, Pennsylvania 19087-1658. SEI Financial Management
Corporation ("SFM"), a wholly-owned subsidiary of SEI
Corporation ("SEI"), is the owner of all beneficial interest
in the Administrator. SEI and its affiliates, including the
Administrator, are leading providers of funds evaluation
services, trust accounting systems, and brokerage and
information services to financial institutions,
institutional investors, and money managers. The
Administrator and its affiliates also serve as administrator
to the following other mutual funds: The Achievement Funds
Trust, The Advisors' Inner Circle Fund, The Arbor Fund, ARK
Funds, Bishop Street Funds, CoreFunds, Inc., CUFUND, FMB
Funds, Inc., First American Funds, Inc., First American
Investment Funds, Inc., Inventor Funds, Inc., Marquis
Funds(R), Monitor Funds, Morgan Grenfell Investment Trust,
The PBHG Funds, Inc, The Pillar Funds, Rembrandt Funds(R),
1784 Funds(R), SEI Asset Allocation Trust, SEI Daily Income
Trust, SEI Index Funds, SEI Institutional Investments Trust,
SEI Institutional Managed Trust, SEI International Trust, SEI
Liquid Asset Trust, SEI Tax Exempt Trust, Stepstone Funds,
STI Classic Funds, STI Classic Variable Trust, and Turner
Funds.
<PAGE>
CrestFunds, Inc.
Investors Class
Supplement dated July 15, 1996 to the
Statement of Additional Information dated March 28, 1996
Effective June 1, 1996, all references in the Statement of
Additional Information to SEI Financial Management Corporation as
administrator of the Fund are hereby replaced with SEI Fund
Resources and the reference to SEI Financial Services Company in
the first paragraph of the section "Administrator and Distributor
- - The Administrator" on page 28 is replaced with SEI Fund
Resources.
In addition, the Statement of Additional Information is
hereby amended and supplemented to delete the third paragraph of
the section "Administrator and Distributor - The Administrator"
on page 28 and to replace it with the following paragraph:
The Administrator, a Delaware business trust, has its
principal business offices at 680 East Swedesford Road,
Wayne, Pennsylvania 19087-1658. SEI Financial Management
Corporation ("SFM"), a wholly-owned subsidiary of SEI
Corporation ("SEI"), is the owner of all beneficial interest
in the Administrator. SEI and its affiliates, including the
Administrator, are leading providers of funds evaluation
services, trust accounting systems, and brokerage and
information services to financial institutions,
institutional investors, and money managers. The
Administrator and its affiliates also serve as administrator
to the following other mutual funds: The Achievement Funds
Trust, The Advisors' Inner Circle Fund, The Arbor Fund, ARK
Funds, Bishop Street Funds, CoreFunds, Inc., CUFUND, FMB
Funds, Inc., First American Funds, Inc., First American
Investment Funds, Inc., Inventor Funds, Inc., Marquis
Funds(R), Monitor Funds, Morgan Grenfell Investment Trust,
The PBHG Funds, Inc, The Pillar Funds, Rembrandt Funds(R),
1784 Funds(R), SEI Asset Allocation Trust, SEI Daily Income
Trust, SEI Index Funds, SEI Institutional Investments Trust,
SEI Institutional Managed Trust, SEI International Trust, SEI
Liquid Asset Trust, SEI Tax Exempt Trust, Stepstone Funds,
STI Classic Funds, STI Classic Variable Trust, and Turner
Funds.
