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GOVERNOR FUNDS
PROSPECTUS
Supplement dated October 15, 1999
to Prospectus dated January 4, 1999
Capitalized terms not defined in this Supplement have the meaning assigned
to them in the Prospectus.
The following deletes the sixth paragraph and replaces the eighth paragraph
of the section "Management of the Trust -- Advisors."
Colleen M. Marsh is primarily responsible for the day-to-day management of
the Income Fund and Pennsylvania Bond Fund. Ms. Marsh is a senior portfolio
manager in the fixed income division of the Sub-Advisor. She has over 12 years
of experience managing fixed income portfolios and funds for clients. She spent
the first 10 years of her investment management career with Keystone, and has
managed the Intermediate Term Income Fund (a predecessor CIF to the Income Fund)
for Keystone over this time period.
