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SEAFIRST RETIREMENT FUNDS
Supplement Dated January 31, 1997
to Prospectus dated July 1, 1996
1. The Board of Trustees of Seafirst Retirement Funds ("Seafirst") has approved
an Agreement and Plan of Reorganization whereby, if approved by Seafirst
shareholders, the Seafirst Blue Chip, Asset Allocation and Bond Funds (the "SRF
Funds")will be reorganized into the Pacific Horizon Blue Chip, Asset Allocation
and Intermediate Bond Funds, respectively, of Pacific Horizon Funds, Inc. The
transaction is expected to qualify as a tax-free reorganization under the
Internal Revenue Code of 1986.
Proxy material, including a combined proxy statement/prospectus, will be
mailed to shareholders in advance of the meeting. If the Agreement and Plan of
Reorganization is approved by shareholders, it is currently expected that the
reorganization into the Pacific Horizon Funds, Inc. will occur in late June of
1997.
2. Effective January 1, 1997, Bank of America National Trust and Savings
Association ("Bank of America") serves as Seafirst's administrator and transfer
agent. Seafirst's former administrator and transfer agent, Seattle First
National Bank ("SFNB") has been reorganized into a division of Bank of America.
Bank of America is a wholly-owned subsidiary of BankAmerica Corporation. Prior
to January 1, 1997, SFNB was a wholly-owned subsidiary of Seafirst Corporation
which was controlled by BankAmerica Corporation.
The terms and conditions of the Administration and Transfer Agent Agreement
are substantially the same as the prior Administration and Transfer Agent
Agreement with SFNB, including the administration fees payable by the SRF Funds.
3. Effective November 1, 1996, The BISYS Group, Inc. ("BISYS"), through its
wholly-owned subsidiary BISYS Fund Services, L.P., serves as: administrator of
the investment portfolios of Master Investment Trust, Series I (the "Master
Trust") corresponding to the Asset Allocation Fund, Blue Chip Fund and Bond Fund
(the "Master Portfolios") pursuant to the terms of an Administration Agreement
between the Master Trust and BISYS (the "New Master Trust Administration
Agreement"). BISYS has replaced the Master Portfolios' prior administrator,
Concord Holding Corporation ("Concord"), an indirect, wholly-owned subsidiary of
BISYS. BISYS has offices at 3435 Stelzer Road, Columbus, Ohio 43219 and 150
Clove Road, Little Falls, New Jersey 07424.
The terms and conditions of the New Master Trust Administration Agreement
are substantially the same as the prior corresponding administration agreement
with Concord, including the administration fees payable by the Master
Portfolios.
SEA-0009
