THE PILLAR FUNDS
U.S. Treasury Securities Money Market Fund
Prime Obligation Money Market Fund
Tax-Exempt Money Market Fund
Fixed Income Fund
New Jersey Municipal Securities Fund
Pennsylvania Municipal Securities Fund
Equity Growth Fund
Equity Value Fund
Equity Income Fund
Balanced Fund
International Growth Fund
(the "Funds")
Class A Shares and Class B Shares
Supplement dated November 20, 1997 to the Prospectus dated April 30, 1997
The Prospectus is amended and supplemented to reflect the ability of:
(i) the U.S. Treasury Securities Money Market Fund to engage in repurchase
agreement transactions; (ii) SEI Investments Distribution Co. (the
"Distributor") to provide promotional incentives to dealers who sell shares of
the Funds; (iii) investors to open accounts in the Funds through the Automatic
Investment Plan without regard to the Funds' standard investment minimums; (iv)
employees of Summit Bancorp. or any of its affiliates to receive a promotional
incentive for investing in the Funds through the Trust's Automatic Investment
Plan; and (v) the Trust to reallow sales charges with respect to Class A Shares
to financial institutions.
--------------------------------
The first sentence under the section "Investment Objective and
Policies -- The U.S. Treasury Securities Money Market Fund" on page 17 of the
Prospectus is deleted and replaced with the following:
The U.S. Treasury Securities Money Market Fund will invest
exclusively in (i) bills, notes and bonds issued by the U.S. Treasury;
(ii) separately traded interest and principal component parts of such
obligations that are transferable through the Federal Book Entry System
("U.S. Treasury Obligations"); and (iii) repurchase agreements
involving U.S. Treasury Obligations.
--------------------------------
The following supplements the final paragraph on page 29 of the
Prospectus under the section entitled "THE DISTRIBUTOR."
The Distributor may, from time to time in its sole discretion,
institute one or more promotional incentive programs which
will be paid by the Distributor from the sales charge it
receives or from any other source available to it. Under any
such program, the Distributor may provide promotional
incentives in the form of cash or other compensation,
including merchandise, gifts and prizes, and payment of travel
expenses, meals and lodging, to all dealers selling shares of
the Funds. Such promotional incentives will be offered
uniformly to all dealers and predicated upon the amount of
shares of the Trust's portfolios sold by the dealer.
--------------------------------
Investors may now invest in the Funds through the Automatic Investment
Plan without first meeting the $1,000 initial investment minimum. Therefore, the
fourth sentence under the paragraph entitled "PURCHASE AND REDEMPTION OF SHARES
- -- Investing Directly -- By Automatic Investment Plan:" on page 35 of the
Prospectus is hereby deleted. Additionally, the second sentence under
"Investment Requirements" on page 34 of the Prospectus is deleted and replaced
with the following:
All subsequent investments must be at least $100. For
investments made through the Automatic Investment Plan, the
minimum initial and subsequent investments must be at least $50.
--------------------------------
<PAGE>
The following paragraph supplements the discussion under "Investing
Directly -- By Automatic Investment Plan:" on page 35 of the Prospectus.
Any employee of Summit Bancorp. or any of its affiliates who elects to
participate in the Trust's Automatic Investment Plan for the purchase of Class A
shares of any of the Trust's portfolios, excluding the money market funds,
through an investment counselor of Summit Bank's Financial Services Group will
receive $50 worth of shares of the portfolio of the Trust selected by the
investor. The offer is subject to the following additional conditions: (i)
limited to one payment per household and to one payment in the case of joint
accounts; (ii) Summit Bank must furnish to the Distributor the names and
addresses of each purchaser; and (iii) the offer may be terminated (as to
persons who have not yet purchased shares at the time of termination) at any
time by the Distributor without prior notice. The Distributor will not be
reimbursed by the Trust for any payment made pursuant to this offer.
--------------------------------
The second sentence in the final paragraph on page 30 of the Prospectus
under the section entitled "Purchase and Redemption of Shares" is deleted and
replaced with the following two sentences:
From time to time, some financial institutions, including Summit Bank
and its affiliates, may be reallowed up to the entire sales charge imposed on
the purchase of Class A Shares. Firms that receive a reallowance of the entire
sales charge may be considered underwriters for purposes of federal securities
laws.
--------------------------------
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
PIL-C-025-01
<PAGE>
THE PILLAR FUNDS
RETAIL SWEEP PROSPECTUS SUPPLEMENT
U.S. Treasury Securities Money Market Fund (Class A Shares)
Prime Obligation Money Market Fund (Class S Shares)
Tax-Exempt Money Market Fund (Class A Shares)
(the "Funds")
Supplement dated November 20, 1997 to the Prospectus dated August 12, 1997
The Prospectus is amended and supplemented to reflect: (i) the method
by which dividends will be distributed to Shareholders; (ii) the ability of the
Trust's distributor to provide promotional incentives to dealers who sell shares
of the Funds; and (iii) the ability of the U.S. Treasury Securities Money Market
Fund to engage in repurchase agreement transactions.
--------------------------------
The third sentence under "Summary -- How are Dividends Paid?" on page 2
of the Prospectus is deleted and replaced with the following:
Dividends are paid to Cash Sweep Shareholders in cash.
The first sentence under "GENERAL INFORMATION -- Dividends" on page 16
of the Prospectus is deleted and replaced with the following:
Cash Sweep Shareholders automatically receive all income
dividends and capital gain distributions in cash.
--------------------------------
The first sentence under the section "Investment Objective and
Policies -- The U.S. Treasury Securities Money Market Fund" on page 6 of the
Prospectus is deleted and replaced with the following:
The U.S. Treasury Securities Money Market Fund will invest
exclusively in (i) bills, notes and bonds issued by the U.S. Treasury;
(ii) separately traded interest and principal component parts of such
obligations that are transferable through the Federal Book Entry System
("U.S. Treasury Obligations"); and (iii) repurchase agreements
involving U.S. Treasury Obligations.
--------------------------------
The following supplements the final paragraph on page 10 of the
Prospectus under the section entitled "THE DISTRIBUTOR."
The Distributor may, from time to time in its sole discretion,
institute one or more promotional incentive programs which
will be paid by the Distributor from the sales charge it
receives or from any other source available to it. Under any
such program, the Distributor may provide promotional
incentives in the form of cash or other compensation,
including merchandise, gifts and prizes, and payment of travel
expenses, meals and lodging, to all dealers selling shares of
the Funds. Such promotional incentives will be offered
uniformly to all dealers and predicated upon the amount of
shares of the Trust's portfolios sold by the dealer.
--------------------------------
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
PIL-A-030-01
<PAGE>
THE PILLAR FUNDS
COMMERCIAL SWEEP PROSPECTUS SUPPLEMENT
Institutional Select Money Market Fund
U.S. Treasury Securities Money Market Fund (Class I Shares)
Prime Obligation Money Market Fund (Class I Shares)
(the "Funds")
Supplement dated November 20, 1997 to the Prospectus dated August 12, 1997
The Prospectus is amended and supplemented to reflect: (i) the method
by which dividends will be distributed to Shareholders; (ii) the ability of the
Trust's distributor to provide promotional incentives to dealers who sell shares
of the Funds; and (iii) the ability of the U.S. Treasury Securities Money
Market Fund to engage in repurchase agreement transactions.
--------------------------------
The third sentence under "Summary -- How are Dividends Paid?" on page 2
of the Prospectus is deleted and replaced with the following:
Dividends are paid to Cash Sweep Shareholders in cash.
The first sentence under "GENERAL INFORMATION -- Dividends" on page 14
of the Prospectus is deleted and replaced with the following:
Cash Sweep Shareholders automatically receive all income
dividends and capital gain distributions in cash.
--------------------------------
The first sentence under the section "Investment Objective and
Policies -- The U.S. Treasury Securities Money Market Fund" on page 5 of the
Prospectus is deleted and replaced with the following:
The U.S. Treasury Securities Money Market Fund will invest
exclusively in (i) bills, notes and bonds issued by the U.S. Treasury;
(ii) separately traded interest and principal component parts of such
obligations that are transferable through the Federal Book Entry System
("U.S. Treasury Obligations"); and (iii) repurchase agreements
involving U.S. Treasury Obligations.
--------------------------------
The following supplements the final paragraph on page 8 of the
Prospectus under the section entitled "THE DISTRIBUTOR."
The Distributor may, from time to time in its sole discretion,
institute one or more promotional incentive programs which
will be paid by the Distributor from the sales charge it
receives or from any other source available to it. Under any
such program, the Distributor may provide promotional
incentives in the form of cash or other compensation,
including merchandise, gifts and prizes, and payment of travel
expenses, meals and lodging, to all dealers selling shares of
the Funds. Such promotional incentives will be offered
uniformly to all dealers and predicated upon the amount of
shares of the Trust's portfolios sold by the dealer.
--------------------------------
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
PIL-A-029-01
<PAGE>
THE PILLAR FUNDS
Institutional Select Money Market Fund
(the "Fund")
Supplement dated November 20, 1997 to the Prospectus dated June 30, 1997
The Prospectus is amended and supplemented to reflect the method by
which dividends will be distributed to Shareholders and to reflect the ability
of the Trust's distributor to provide promotional incentives to dealers who sell
shares of the Fund.
--------------------------------
The third sentence under "Summary -- How are Dividends Paid?" on page 2
of the Prospectus is deleted and replaced with the following:
Dividends are paid to shareholders who are cash sweep
customers of Summit Bank ("Cash Sweep Shareholders") in cash.
Dividends are paid to all other Shareholders in additional
shares, unless the Shareholder has elected to take the
payments in cash.
The following paragraph supplements the section "GENERAL INFORMATION --
Dividends" on page 11 of the Prospectus:
Cash Sweep Shareholders automatically receive all income
dividends and capital gain distributions in cash. All other
Shareholders automatically receive all income dividends and
capital gain distributions in additional Shares, unless the
Shareholder has elected to take such payment in cash. If any
capital gain is realized, substantially all of it will be
distributed at least annually. Dividends and distributions of
the Fund are paid on a per-share basis.
--------------------------------
The following supplements the paragraph on pages 6 and 7 of the
Prospectus under the section entitled "THE DISTRIBUTOR."
The Distributor may, from time to time in its sole discretion,
institute one or more promotional incentive programs which
will be paid by the Distributor from the sales charge it
receives or from any other source available to it. Under any
such program, the Distributor may provide promotional
incentives in the form of cash or other compensation,
including merchandise, gifts and prizes, and payment of travel
expenses, meals and lodging, to all dealers selling shares of
the Fund. Such promotional incentives will be offered
uniformly to all dealers and predicated upon the amount of
shares of the Trust's portfolios sold by the dealer.
--------------------------------
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
PIL-A-028-01
<PAGE>
THE PILLAR FUNDS
Short-Term Investment Fund
Intermediate-Term Government Securities Fund
GNMA Fund
Mid Cap Fund
(the "Funds")
Class A Shares
Supplement dated November 20, 1997 to the Prospectus dated April 30, 1997
The Prospectus is amended and supplemented to reflect the ability of:
(i) SEI Investments Distribution Co. (the "Distributor") to provide promotional
incentives to dealers who sell shares of the Funds; (ii) investors to open
accounts in the Funds through the Automatic Investment Plan without regard to
the Funds' standard investment minimums; (iii) employees of Summit Bancorp.
or any of its affiliates to receive a promotional incentive for investing in the
Funds through the Trust's Automatic Investment Plan; and (iv) the Trust to
reallow sales charges to financial institutions.
--------------------------------
The following supplements the final paragraph on page 15 of the
Prospectus under the section entitled "THE DISTRIBUTOR."
The Distributor may, from time to time in its sole discretion,
institute one or more promotional incentive programs which
will be paid by the Distributor from the sales charge it
receives or from any other source available to it. Under any
such program, the Distributor may provide promotional
incentives in the form of cash or other compensation,
including merchandise, gifts and prizes, and payment of travel
expenses, meals and lodging, to all dealers selling shares of
the Funds. Such promotional incentives will be offered
uniformly to all dealers and predicated upon the amount of
shares of the Trust's portfolios sold by the dealer.
--------------------------------
Investors may now invest in the Funds through the Automatic Investment
Plan without first meeting the $1,000 initial investment minimum. Therefore, the
fourth sentence under the paragraph entitled "PURCHASE AND REDEMPTION OF SHARES
- -- Investing Directly -- By Automatic Investment Plan:" on page 18 of the
Prospectus is hereby deleted. Additionally, the second sentence under
"Investment Requirements" on page 17 of the Prospectus is deleted and replaced
with the following:
All subsequent investments must be at least $100. For
investments made through the Automatic Investment Plan, the
minimum initial and subsequent investments must be at least
$50.
--------------------------------
The following paragraph supplements the discussion under "Investing
Directly -- By Automatic Investment Plan:" on page 18 of the Prospectus.
Any employee of Summit Bancorp. or any of its affiliates who elects to
participate in the Trust's Automatic Investment Plan for the purchase of Class A
shares of any of the Trust's portfolios, excluding the money market funds,
through an investment counselor of Summit Bank's Financial Services Group will
receive $50 worth of shares of the
<PAGE>
portfolio of the Trust selected by the investor. The offer is subject to the
following additional conditions: (i) limited to one payment per household and to
one payment in the case of joint accounts; (ii) Summit Bank must furnish to the
Distributor the names and addresses of each purchaser; and (iii) the offer may
be terminated (as to persons who have not yet purchased shares at the time of
termination) at any time by the Distributor without prior notice. The
Distributor will not be reimbursed by the Trust for any payment made pursuant to
this offer.
--------------------------------
The second sentence in the final paragraph on page 15 of the Prospectus
under the section entitled "Purchase and Redemption of Shares" is deleted and
replaced with the following two sentences:
From time to time, some financial institutions, including Summit Bank
and its affiliates, may be reallowed up to the entire sales charge imposed on
the purchase of Class A Shares. Firms that receive a reallowance of the entire
sales charge may be considered underwriters for purposes of federal securities
laws.
--------------------------------
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
PIL-A-026-01
<PAGE>
THE PILLAR FUNDS
U.S. Treasury Securities Money Market Fund
Prime Obligation Money Market Fund
Tax-Exempt Money Market Fund
Fixed Income Fund
New Jersey Municipal Securities Fund
Pennsylvania Municipal Securities Fund
Intermediate-Term Government Securities Fund
Equity Growth Fund
Equity Value Fund
Equity Income Fund
Mid Cap Fund
International Growth Fund
Balanced Fund
(the "Funds")
Class I Shares
Supplement dated November 20, 1997 to the Prospectus dated April 30, 1997
The Prospectus is amended and supplemented to reflect: (i) the method
by which dividends will be distributed to Shareholders; (ii) the ability of SEI
Investments Distribution Co. (the "Distributor") to provide promotional
incentives to dealers who sell shares of the Funds; and (iii) the ability of the
U.S. Treasury Securities Money Market Fund to engage in repurchase agreement
transactions.
--------------------------------
The second to last sentence under "Summary -- How are Dividends Paid?"
on page 4 of the Prospectus is deleted and replaced with the following:
Dividends are paid to shareholders who are cash sweep
customers of Summit Bank ("Cash Sweep Shareholders") in cash.
Dividends are paid to all other Shareholders in additional
shares, unless the Shareholder has elected to take the
payments in cash.
The first sentence under the section "GENERAL INFORMATION -- Dividends"
on page 29 of the Prospectus is deleted and replaced with the following:
Cash Sweep Shareholders automatically receive all income
dividends and capital gain distributions in cash. All other
Shareholders automatically receive all income dividends and
capital gain distributions in additional Class I Shares at the
net asset value next determined following the record date,
unless the Shareholder has elected to take such payment in
cash.
--------------------------------
The first sentence under the section "Investment Objective and
Policies -- The U.S. Treasury Securities Money Market Fund" on page 10 of the
Prospectus is deleted and replaced with the following:
The U.S. Treasury Securities Money Market Fund will invest
exclusively in (i) bills, notes and bonds issued by the U.S. Treasury;
(ii) separately traded interest and principal component parts of such
obligations that are transferable through the Federal Book Entry System
("U.S. Treasury Obligations"); and (iii) repurchase agreements
involving U.S. Treasury Obligations.
--------------------------------
<PAGE>
The following supplements the paragraph on page 23 of the Prospectus
under the section entitled "THE DISTRIBUTOR."
The Distributor may, from time to time in its sole discretion,
institute one or more promotional incentive programs which
will be paid by the Distributor from the sales charge it
receives or from any other source available to it. Under any
such program, the Distributor may provide promotional
incentives in the form of cash or other compensation,
including merchandise, gifts and prizes, and payment of travel
expenses, meals and lodging, to all dealers selling shares of
the Funds. Such promotional incentives will be offered
uniformly to all dealers and predicated upon the amount of
shares of the Trust's portfolios sold by the dealer.
--------------------------------
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
PIL-B-022-01
<PAGE>
THE PILLAR FUNDS
Short-Term Investment Fund
GNMA Fund
(the "Funds")
Class I Shares
Supplement dated November 20, 1997 to the Prospectus dated April 30, 1997
The Prospectus is amended and supplemented to reflect the ability of
SEI Investments Distribution Co. (the "Distributor") to provide promotional
incentives to dealers who sell shares of the Fund.
--------------------------------
The following supplements the final paragraph on page 9 of the
Prospectus under the section entitled "THE DISTRIBUTOR."
The Distributor may, from time to time in its sole discretion,
institute one or more promotional incentive programs which
will be paid by the Distributor from the sales charge it
receives or from any other source available to it. Under any
such program, the Distributor may provide promotional
incentives in the form of cash or other compensation,
including merchandise, gifts and prizes, and payment of travel
expenses, meals and lodging, to all dealers selling shares of
the Funds. Such promotional incentives will be offered
uniformly to all dealers and predicated upon the amount of
shares of the Trust's portfolios sold by the dealer.
--------------------------------
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
PIL-A-023-01
<PAGE>
THE PILLAR FUNDS
U.S. Treasury Securities Plus Money Market Fund
(the "Fund")
Supplement dated November 20, 1997 to the Prospectus dated April 30, 1997
The Prospectus is amended and supplemented to reflect the ability of
SEI Investments Distribution Co. (the "Distributor") to provide promotional
incentives to dealers who sell shares of the Fund.
--------------------------------
The following supplements the final paragraph on page 7 of the
Prospectus under the section entitled "THE DISTRIBUTOR."
The Distributor may, from time to time in its sole discretion,
institute one or more promotional incentive programs which
will be paid by the Distributor from the sales charge it
receives or from any other source available to it. Under any
such program, the Distributor may provide promotional
incentives in the form of cash or other compensation,
including merchandise, gifts and prizes, and payment of travel
expenses, meals and lodging, to all dealers selling shares of
the Fund. Such promotional incentives will be offered
uniformly to all dealers and predicated upon the amount of
shares of the Trust's portfolios sold by the dealer.
--------------------------------
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
PIL-A-024-01
<PAGE>
THE PILLAR FUNDS
(THE "TRUST")
Supplement dated November 20, 1997 to the Statement of Additional Information
dated April 30, 1997 as supplemented August 12, 1997
THE STATEMENT OF ADDITIONAL INFORMATION IS AMENDED AND SUPPLEMENTED TO
REFLECT THE ABILITY OF THE U.S. TREASURY SECURITIES MONEY MARKET FUND TO INVEST
IN REPURCHASE AGREEMENTS.
------------------------------
The first sentence under the section entitled "INVESTMENT OBJECTIVES AND
POLICIES -- Description of Permitted Investments -- REPURCHASE AGREEMENTS" on
page S-30 of the Statement of Additional Information is deleted and replaced
with the following:
Each of the Funds may invest in repurchase agreements.
------------------------------
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
