Supplement dated April 1, 1997
to the prospectuses
for
ISI Managed Municipal Fund Shares
(A Class of Managed Municipal Fund, Inc.)
dated March 1, 1997,
ISI Total Return U.S. Treasury Fund Shares
(A Class of Total Return U.S. Treasury Fund, Inc.)
dated March 1, 1997
and
ISI North American Government Bond Fund Shares
(A Class of North American Government Bond Fund, Inc.)
dated August 1, 1996
The prospectuses dated March 1, 1997 of ISI Managed Municipal
Fund Shares (a class of Managed Municipal Fund, Inc.) and ISI
Total Return U.S. Treasury Fund Shares (a class of Total Return
U.S. Treasury Fund, Inc.) and the prospectus dated August 1, 1996
of ISI North American Government Bond Fund Shares (a class of North
American Government Bond Fund, Inc.) (collectively, the "Funds")
are hereby amended and supplemented by the following:
Effective April 1, 1997, International Strategy and Investment
Group Inc. ("ISI Group Inc."), 717 Fifth Avenue, New York, New York
10022 (telephone: (800) 955-7175), serves as distributor for the
ISI Shares of the Funds pursuant to three separate Distribution
Agreements (the "New Distribution Agreements") and related Plans of
Distribution adopted pursuant to Rule 12b-1 under the Investment
Company Act of 1940 (the "Plans"), one for each of the Funds. ISI
Group Inc. is a broker-dealer that was formed in 1991 and is an
affiliate of the Advisor. ISI Group Inc. employs Mr. Edward S.
Hyman and Ms. Nancy Lazar. Due to their stock ownership, Mr. Hyman
and Ms. Lazar may be deemed to be controlling persons of ISI Group
Inc. The terms of the New Distribution Agreements (including
compensation) are substantially the same as those of the
distribution agreements that they replace. The Plans have been
amended to reflect the change in distributor.
The disclosure appearing under "Distributor" in each
prospectus is hereby amended to reflect the changes discussed
herein.
Please retain this Supplement for future reference.
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