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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