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GOVERNOR FUNDS
PROSPECTUS
Supplement dated August 3, 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 should be added to the section "Management of the Trust
-- Advisors."
William C. Martindale, Jr. and Philip A. McMunigal, III, CFA, are
responsible for the day-to-day management of the Established Growth
Fund's portfolio. Mr. Martindale has over 25 years of equity investment
experience. 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. Mr. McMunigal joined the Sub-Advisor in June 1999. Prior to
joining the Sub-Advisor, Mr. McMunigal managed U.S. equity and global
balanced accounts for institutions and high net worth individuals at
Merrill Lynch Mercury Asset Management. Mr. McMunigal has over 17 years
of investment and capital markets experience.
Mr. Martindale is responsible for the day-to-day management of the
Aggressive Growth Fund's portfolio, and also managed the corresponding
CIF of the Aggressive Growth Fund since July 1, 1994.
