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WINTHROP MUTUAL FUNDS
SUPPLEMENT DATED NOVEMBER 1, 1997 TO PROSPECTUS DATED JULY 24, 1997
1) For the period November 1, 1997 through April 30, 1998, the adviser of the
Winthrop Fixed Income Fund and the Winthrop Municipal Trust Fund has agreed to
continue to voluntarily reduce its management fees and reimburse operating
expenses by the amount that Total Fund Operating Expenses exceed 1.00% and 1.70%
of the average daily net assets of the Class A and Class B shares, respectively,
of each Fund. After April 30, 1998, the adviser may, in its sole discretion,
determine to discontinue this practice with respect to either Fund.
2) For the period November 1, 1997 through April 30, 1998, the adviser and
subadviser of the Winthrop Developing Markets Fund and the Winthrop
International Equity Fund have agreed to continue to voluntarily reduce their
management fees by the amount that Total Fund Operating Expenses exceed 2.15%
and 2.90% of the average daily net assets of the Class A and Class B shares,
respectively, of each Fund. After April 30, 1998, the adviser and subadviser
may, in their discretion, determine to discontinue this practice with respect to
either Fund.
3) For the period November 1, 1997 through April 30, 1998, the adviser of the
Winthrop Municipal Money Fund and the Winthrop U.S. Government Money Fund has
agreed to reduce its management fees and the adviser or its affiliates have
agreed to reimburse operating expenses by the amount that Total Fund Operating
Expenses exceed .90% of the average daily net assets of each Fund. After April
30, 1998, the adviser or its affiliates may, in their discretion, determine to
discontinue this practice with respect to either Fund.
