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WINTHROP MUTUAL FUNDS
SUPPLEMENT DATED NOVEMBER 2, 1998 TO PROSPECTUS DATED FEBRUARY 27, 1998
1) For the period November 1, 1998 through October 31, 1999, 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 October 31, 1999, the adviser may, in its sole discretion,
determine to discontinue this practice with respect to either Fund.
2) For the period November 1, 1998 through October 31, 1999, 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 October 31, 1999, the adviser and subadviser
may, in their discretion, determine to discontinue this practice with respect to
either Fund.
3) For the period November 1, 1998 through October 31, 1999, 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
October 31, 1999, the adviser or its affiliates may, in their discretion,
determine to discontinue this practice with respect to either Fund.
