BULL
&
BEAR
- --------------------------------------------------------------------------------
PERFORMANCE DRIVEN(R)
PROSPECTUS SUPPLEMENT DATED JULY 1, 1996
MUNICIPAL INCOME FUND
Prospectus dated April 15, 1996
On June 26, 1996, the Board of Directors approved a proposal to convert the Fund
from open end to closed end status. As a closed end fund, it is expected that
the Fund's shares would be listed on the American Stock Exchange or traded on
Nasdaq and they would no longer be redeemable at net asset value. Proxy
materials providing detailed information concerning the proposal will be mailed
to shareholders of record and available to investors in August 1996.
