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WINTHROP FOCUS FUNDS
SUPPLEMENT DATED MAY 1, 1997 TO PROSPECTUS DATED FEBRUARY 20, 1997
For the period May 1, 1997 through October 31, 1997, the Adviser has agreed to
reduce its management fees and reimburse operating expenses by the amount that
Total Fund Operating Expenses of each of the Municipal Trust Fund and Fixed
Income Fund exceed 1.00% of the average daily net assets of the respective
Fund's Class A shares and 1.70% of the average daily net assets of the
respective Fund's Class B shares. With respect to the Municipal Trust Fund (the
'Fund'), this represents a change in the Adviser's most recent policy of
reducing its management fees and reimbursing operating expenses by the amount
that Total Fund Operating Expenses exceed .50% of the average daily net assets
of the Fund's Class A shares and 1.20% of the average daily net assets of the
Fund's Class B shares. After October 31, 1997, the Adviser may, in its sole
discretion, determine to discontinue this practice with respect to either Fund.
