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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 JUNE 4, 1998
TO THE CLASS A RETAIL SHARES PROSPECTUS DATED APRIL 17, 1998
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THE FOLLOWING PARAGRAPHS WERE INADVERTENTLY OMITTED AS THE LAST TWO PARAGRAPHS
IN THE SECTION DESCRIBING "HOW THE FUNDS VALUE THEIR SHARES" ON PAGE 22.
"How share price is determined
All securities traded on an exchange are valued at the last sale quotation on
the exchange prior to the time of valuation. Securities for which market
quotations are readily available are stated at market value. Short-term
investments maturing in 60 days or less are valued using amortized cost, which
the Board of Directors has determined approximates market value. Amortized cost
valuation means that a debt security with a maturity in excess of 60 days, which
currently has a maturity of 60 days or less, is valued at the market or fair
value of the security on the 61st day prior to maturity (each as adjusted for
amortization of premium or discount) rather than at current market value. All
other securities and assets are valued at fair value following procedures
approved by the Board of Directors.
Foreign securities may trade on days or at times other than those days and times
when the New York Stock Exchange is open. The prices of foreign securities
quoted in foreign currencies are translated into U.S. dollars at 1:00p.m.
Eastern Time at the exchange rates in effect at that time, or at such other
rates as the Investment Manager may determine to be appropriate. As a result,
currency fluctuations in relation to the U.S. dollar may affect a Fund's NAV per
share even though there has been no change in the market value of portfolio
holdings. In addition, because of time zone differences foreign exchanges and
markets may close before the New York Stock Exchange closes. However, events
affecting market values which may occur between the close of regular trading on
a foreign exchange and the close of regular trading on the New York Stock
Exchange may not be reflected in that day's computation of a Fund's NAV. If an
event materially affecting the value of a portfolio holding occurs during such
period and the Investment Manager becomes aware of it or if a holding becomes
illiquid pursuant to procedures adopted by the Board of Directors, then the
holding will be valued at fair value as determined in good faith, according to
procedures adopted by the Board."
