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DLJ WINTHROP FUNDS
Supplement Dated March 4, 1999 to Statement of Additional Information Dated
February 23, 1999
FOR IMMEDIATE RELEASE Contact: Jonathan Mairs
Edelman Worldwide
[email protected]
212.704.4504
DLJ ASSET MANAGEMENT GROUP RENAMES CORE FAMILY OF MUTUAL FUNDS
New York, March 4, 1999 -- DLJ Asset Management Group (DLJAMG), a division of
Donaldson, Lufkin & Jenrette Securities Corp., announced today that the Winthrop
Funds have been renamed the DLJ Winthrop Funds. The change was enacted to better
reflect the fact that both parts of DLJ's Asset Management Group--Wood,
Struthers & Winthrop Management Corp. (WSW) and DLJ Investment Management Corp.
(DLJIM)--are involved in the funds' management.
The DLJ Winthrop Funds give clients access to the same professionals who manage
portfolios for high-net-worth individuals and institutional investors. The
family of funds is comprised of ten open-end mutual funds including three
domestic and two international equity funds, three fixed income funds and two
money market funds. Typically, the DLJ Winthrop Funds have been designed for
relatively conservative investors seeking investments representing consistent
management approaches to core asset classes.
DLJ Asset Management Group, a division of Donaldson, Lufkin & Jenrette, is an
integrated unit dedicated to individual and institutional investment management.
With over $17.6 billion in assets under management, DLJ Asset Management Group's
two components, DLJ Investment Management Corp. and Wood, Struthers & Winthrop
Management Corp. (together with its subsidiary WSW Capital, Inc.), offer
traditional and alternative investment advisory services to individual and
institutional investors worldwide.
The following is a summary of the DLJ Winthrop Funds' investment objectives. For
complete information about DLJ Winthrop Funds including charges and expenses,
you may obtain a prospectus by calling 800-225-8011. Read it carefully before
you invest or send money. The DLJ Winthrop Funds include:
DLJ Winthrop Growth and Income Fund: The fund's investment objective is
long-term capital appreciation and continuity of income. The fund seeks to
achieve this objective by investing in dividend paying common stock and by
diversifying its investments among different industries and different companies.
Guided by a tradition of conservative management, the fund invests in companies
offering growth potential and regular dividend payments and well-established
companies whose true value is not accurately reflected by the price of their
stock.
Fund Manager: James A. Engle
Quotron Symbol: WFGIX
DLJ Winthrop Growth Fund: The fund's investment objective is long-term capital
appreciation. The fund is managed with the belief that growth emerges over time,
not overnight. Using disciplined
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research and analysis, the investment team looks for superior long-term growth
by: allocating assets among industries in general proportion to the sector
balance of the S&P 500 index (with the exception of gas and electric utilities
sectors); paring down a buy list through extensive research by top-rated
analysts; selecting companies that are worth at least $1 billion that are
projected to grow at a rate faster than that of the S&P 500; and holding each
company only until its long-term growth potential no longer meets the fund's
requirements.
Fund Manager: Hugh M. Neuburger, Ph.D
Quotron Symbol: WIGRX
DLJ Winthrop Small Company Value Fund: The fund's investment objective is a high
level of growth of capital. Using a value-oriented investment approach, the fund
focuses on selecting stocks of smaller companies that have strong fundamentals
without sacrificing potential for strong growth. The investment team looks
primarily at firms with market capitalizations of $2 billion or less at the time
of purchase that have: a product or market niche; consistent earnings over time;
a relatively well-established industry presence; a stock price below the
company's true value; and a proven management team that owns a significant stake
in the company.
Fund Manager: Roger W. Vogel, CFA
Quotron Symbol: WFAGX
DLJ Winthrop Fixed Income Fund: The fund's investment objective is to provide as
high a level of total return as is consistent with capital preservation by
investing principally in debt securities, including, without limitation,
convertible and non-convertible debt securities of foreign and domestic
companies, including both well-known and established and new and lesser-known
companies. The fund takes a prudent approach to investing in bonds and other
fixed-income securities, combining stringent quality standards with a focus on
softening the effect of interest rate movements. This is accomplished by
primarily purchasing: U.S. Treasury, federal agency and other federal
mortgage-backed fixed-income securities; corporate debt instruments generally
with an average quality of A or higher, as rated by Standard & Poor's Ratings
Group or Moody's Investor Services, Inc.; highly-rated asset-backed securities;
dollar-denominated debt securities of foreign issuers; and money market
securities rated at least A-1 and Prime-1 by S&P and Moody's, respectively.
Fund Manager: Cathy A. Jameson
Quotron Symbol: WFFIX
DLJ Winthrop Municipal Trust Fund: The fund's objective is to provide as high a
level of total return as is consistent with capital preservation by investing
principally in high-grade tax-exempt municipal securities.* The fund attempts to
maximize total return by actively managing the maturities of the bonds in its
portfolio to reflect the Advisor's assessment of anticipated interest rate
movements and relative yields. With a focus on capital preservation, the fund:
invests primarily in investment-grade bonds and notes; holds primarily
intermediate-term maturities to help reduce the risk associated with longer-term
bonds; and provides for lower volatility by diversifying investments potentially
among all 50 states.
* Income may be subject to the alternative minimum tax.
Fund Manager: Marybeth B. Leithead
Quotron Symbol: WMUTX
DLJ Winthrop International Equity Fund: The fund's investment objective is
long-term growth of capital by investing in equity securities from established
non-U.S. markets. To accomplish this, the
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fund manager looks to invest in countries with favorable prospects for economic
growth and industries in each country that are reasonably-valued and typically
offer reliable earnings and high quality management.
Fund Manager: Robert deGuigne, AXA Asset Management Partenaires
Quotron Symbol: WIEAX
DLJ Winthrop Developing Markets Fund: The fund's investment objective is
long-term growth by investing in common stocks and other equity securities of
companies from developing countries. The fund seeks to identify countries and
industries where economic and political factors are likely to produce
above-average growth. The fund manager uses fundamental analysis to select
individual securities that demonstrate: a strong potential for expansion; a
trend toward modernizing production and high levels of economic growth.
Fund Manager: Robert deGuigne, AXA Asset Management Partenaires
Quotron Symbol: WDMAX
