THE ACHIEVEMENT FUNDS TRUST
EQUITY FUND
BALANCED FUND
MUNICIPAL BOND FUND
IDAHO MUNICIPAL BOND FUND
INTERMEDIATE TERM BOND FUND
SHORT TERM BOND FUND
Supplement dated November 3, 2000
To prospectuses dated June 1, 2000
ACQUISITION OF FIRST SECURITY CORPORATION
On October 25, 2000, First Security Corporation, the in-direct parent
company of First Security Investment Management, Inc., which is the adviser to
The Achievement Funds Trust (the "Achievement Funds"), was acquired by Wells
Fargo & Company. On November 1, 2000, the Board of Trustees of the Achievement
Funds Trust approved a plan of reorganization with Wells Fargo Funds Trust. In
this reorganization, each Achievement Fund will transfer all of its assets and
liabilities to the corresponding fund of Wells Fargo Funds Trust shown below.
Shareholders of each Achievement Fund will receive shares of a comparable class
of the corresponding Wells Fargo Fund.
ACHIEVEMENT FUND WELLS FARGO FUND
---------------- ----------------
Equity Fund Growth Fund
Balanced Fund Asset Allocation Fund
Municipal Bond Fund National Tax-Free Fund
Idaho Municipal Bond Fund National Tax-Free Fund
Intermediate Term Bond Fund Income Fund
Short Term Bond Fund Stable Income Fund
The reorganization requires approval of the shareholders of each
Achievement Fund, and will be submitted to shareholders for their consideration
at a meeting now scheduled to be held on February 8, 2001. If the reorganization
is approved by shareholders and certain conditions required in the plan are
satisfied, the transaction is expected to become effective shortly thereafter.
PORTFOLIO MANAGERS
The following paragraphs replace in their entirety the paragraphs
appearing under the heading "Portfolio Managers" on page 22 of the Institutional
Class Shares Prospectus and page 23 of the Retail Shares Prospectus.
EQUITY FUND AND BALANCED FUND
Sterling K. Jenson, CFA, is President of the Adviser. He has been responsible
for the Equity Fund since its inception in December of 1994 and he assumed
responsibility for the Balanced Fund in January 2000. Before joining the Adviser
in 1990 as a Vice President and Senior Portfolio Manager, Mr. Jenson held
investment positions with First Interstate Bank of Nevada, Moore Trust Company,
and Smoot, Miller, Cheney & Co. His combined experience in the investment
business spans nearly 25 years. He was designated a Chartered Financial Analyst
(CFA) and Chartered Investment Counselor (CIC) in 1984 and earned a Bachelor of
Science, Economics in 1975 and earned a Master of Business Administration (MBA)
in 1977, both from Brigham Young University.
INTERMEDIATE TERM BOND FUND
SHORT TERM BOND FUND
MUNICIPAL BOND FUND AND
IDAHO MUNICIPAL BOND FUND
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Mark L. Anderson brings 15 years of financial experience to his
management of the Intermediate Term Bond Fund, Short Term Bond Fund, Municipal
Bond Fund and Idaho Municipal Bond Fund. Currently a Senior Vice President, Mr.
Anderson has been responsible for the Intermediate Term Bond Fund and Short Term
Bond Fund since their inception in 1995 and for the Municipal Bond Fund and
Idaho Municipal Bond Fund since October, 2000. Since joining the Adviser in
1985, Mr. Anderson has managed bond, balanced, equity and money market accounts
and held positions of increasing responsibility and leadership. Mr. Anderson
attended Brigham Young University earning a Bachelor of Science in Finance in
1981 and a Master of Public Administration in 1984.
Please retain this supplement for future reference.
ACH-A-003-07000
<PAGE>
SEI LOGO
One Freedom Valley Drive
Oaks, PA 19456
610-989-6614
November 3, 2000
VIA EDGAR
Securities and Exchange Commission
450 Fifth Street, N.W.
Judiciary Plaza
Washington, D.C. 20549
RE: THE ACHIEVEMENT FUNDS
FILE NOS.33-26205/811-5712
Ladies and Gentlemen:
On behalf of The Achievement Funds Trust (the "Trust") and pursuant to Rule
497(e) under the Securities Act of 1933, as amended, attached please find a
Supplement dated November 3, 2000 to the Retail Shares and Institutional Shares
Prospectuses dated June 1, 2000.
Sincerely,
/s/Donna M. Rafa
Donna M. Rafa
SEI Legal Department
