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WINTHROP MONEY FUNDS
SUPPLEMENT DATED JUNE 4, 1997 TO PROSPECTUS DATED JANUARY 24, 1997
(1) Effective May 23, 1997, the day-to-day investment responsibilities of
the Winthrop U.S. Government Money Fund (the 'Fund') were reassigned. Portfolio
management of the Fund will continue to be performed by investment management
personnel of DLJ Investment Management Corp. (the 'Adviser'). The Adviser is a
wholly-owned subsidiary of Donaldson, Lufkin & Jenrette Securities Corporation,
which is a member of the New York Stock Exchange and a wholly-owned subsidiary
of Donaldson, Lufkin & Jenrette, Inc. ('DLJ'), a major international supplier of
financial services. The Adviser has hired personnel from both within and outside
of DLJ who have experience in the investment company industry, specifically the
operation and management of money market funds.
(2) The following information should be read in conjunction with
'Investment Objectives, Policies and Risk Considerations -- The Winthrop U.S.
Government Money Fund' beginning on page 5 of the Prospectus. In addition to the
securities referenced in the Prospectus and in accordance with the Repurchase
Agreement Procedures previously approved by the Fund's Board, mortgage related
securities are acceptable collateral for repurchase agreements purchased by the
Fund.
