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Filed Pursuant to Rule 497(e) as amended by Regulation S-T
File Nos. 811-6229;33-37783
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GOVETT FUNDS
SUPPLEMENT DATED MAY 22, 1998
TO THE INSTITUTIONAL CLASS PROSPECTUS DATED APRIL 17, 1998
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THE FOLLOWING SENTENCE HAS BEEN ADDED AS THE LAST SENTENCE OF THE SECOND
PARAGRAPH ON PAGE 20, IN THE SECTION DESCRIBING "WHO CAN BUY INSTITUTIONAL
SHARES":
"The Board of Directors may also authorize purchases of Institutional Class
shares of any series of the Funds, with or without minimum investment waived,
by shareholders of a mutual fund which was advised by AIB Govett or an
affiliate and subsequently merged into a series of the Funds."
