MUNICIPAL FUND FOR TEMPORARY INVESTMENT, 497, 1997-01-06

MUNICIPAL FUND FOR TEMPORARY INVESTMENT
497, 1997-01-06

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<PAGE>   1
 
                    MUNICIPAL FUND FOR TEMPORARY INVESTMENT
 
                          INTERMEDIATE MUNICIPAL FUND
 
                    SUPPLEMENT DATED JANUARY 6, 1997 TO THE
                        PROSPECTUS DATED MARCH 30, 1996
 
     The second paragraph under the section "Investment Adviser and Sub-Adviser"
on page 11 of the prospectus is deleted and replaced with the following:
 
          The Intermediate Municipal Fund's portfolio manager, Kevin Klingert,
     is the person primarily responsible for the day-to-day management of the
     Fund's investments. Mr. Klingert has been with PIMC and has been the Fund's
     manager since January 6, 1997. Since 1991 he has been a portfolio manager
     at BlackRock Financial Management, Inc. ("BlackRock"). Prior to joining
     BlackRock, Mr. Klingert was an Assistant Vice President of Merrill, Lynch,
     Pierce, Fenner & Smith.
 
PIF-SP-017