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GOVERNOR FUNDS
PROSPECTUS
SUPPLEMENT DATED DECEMBER 1, 1999
TO PROSPECTUS DATED NOVEMBER 1, 1999
Capitalized terms not defined in this Supplement have the meaning assigned
to them in the Prospectus.
The following replaces the first and second paragraphs of the section "Fund
Management -- Portfolio Managers."
William C. Martindale, Jr. is responsible for the day-to-day management of
the Established Growth Fund's portfolio and the Aggressive Growth Fund's
portfolio. Mr. Martindale has over 25 years of equity investment experience. Mr.
Martindale also managed the corresponding CIF of the Aggressive Growth Fund
since July 1, 1994. Mr. Martindale co-founded the Sub-Advisor in 1989 and serves
as its Chief Investment Officer. Prior to 1989, Mr. Martindale served in various
investment-related capacities with Dean Witter Reynolds.
18B-1617ADD1
