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                              MARKETWATCH FUNDS


                  MarketWatch Intermediate Fixed Income Fund
                       MarketWatch Flexible Income Fund
                   MarketWatch Virginia Municipal Bond Fund


                             S U P P L E M E N T

                            dated October 17, 1996


                                      to


                                  PROSPECTUS


                             dated March 29, 1996


                The following replaces the first paragraph at the top of page 28
under "Investment Adviser":

                        Paul P. Baran, CFA, assumed portfolio management
       responsibilities for the MarketWatch Intermediate Fixed Income Fund and
       MarketWatch Flexible Income Fund as of October 17, 1996. Mr. Baran has
       approximately 20 years of investment experience. He joined CFNB in 1987
       as the chief investment officer of the investment management
       department. Prior to that time, he was with BancOklahoma and National
       Bank of Detroit. Mr. Baran is a chartered financial analyst and has
       an MBA in finance.



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