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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. ___)*
CypressTree Senior Floating Rate Fund, Inc.
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
23280Q105
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(CUSIP Number)
May 4, 1998
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(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed: |_| Rule 13d-1(b) |X| Rule 13d-1c) |_| Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter disclosure
provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
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SCHEDULE 13G
CUSIP No. 23280Q105
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1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Bradford K. Gallagher
2 Check the Appropriate Box If a Member of a Group (See Instructions)
a. |_|
b. |_|
3 SEC Use Only
4 Citizenship or Place of Organization
United States
5 Sole Voting Power
10,000
Number of
Shares
Beneficially 6 Shared Voting Power
Owned By 0
Each
Reporting 7 Sole Dispositive Power
Person 10,000
With
8 Shared Dispositive Power
0
9 Aggregate Amount Beneficially Owned by Each Reporting Person
10,000
10 Check Box If the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions)
/ /
11 Percent of Class Represented By Amount in Row 9
11%*
12 Type of Reporting Person (See Instructions)
IN
* As of May 4, 1998. See Item 5.
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Item 1.
(a) Name of Issuer
CypressTree Senior Floating Rate Fund, Inc.
(b) Address of Issuer's Principal Executive Offices
125 High Street, Boston, Massachusetts 02110
Item 2.
(a) Name of Person Filing
Bradford K. Gallagher
(b) Address of Principal Business Office or, if none, Residence
c/o Cypress Holding Company, 125 High Street, Boston, Massachusetts 02110
(c) Citizenship
U.S.A.
(d) Title of Class of Securities
Common Stock, par value $.01 per share
(e) CUSIP Number
23280Q105
Item 3. If this statement is filed pursuant to ss. 240.13d-1(b) or
240.13d-2(b) or (c), check whether the person filing is a:
(a) / / Broker or dealer registered under section 15 of the Act (15 U.S.C.
78o);
(b) / / Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c) / / Insurance company as defined in section 3(a)(19) of the Act (15
U.S.C. 78c);
(d) / / Investment company registered under section 8 of the Investment
Company Act of 1940 (15 U.S.C. 80a-8);
(e) / / An investment adviser in accordance with ss. 240.13d-
1(b)(1)(ii)(E);
(f) / / An employee benefit plan or endowment fund in accordance with ss.
240.13d-1(b)(1)(ii)(F);
(g) / / A parent holding company or control person in accordance with ss.
240.13d-1(b)(ii)(G);
(h) / / A savings association as defined in Section 3(b) of the Federal
Deposit Insurance Act (12 U.S.C. 1813);
(i) / / A church plan that is excluded from the definition of an investment
company under section 3(c)(14) of the Investment Company Act of 1940
(15 U.S.C. 80a-3);
(j) / / Group, in accordance with ss. 240.13d-1(b)(1)(ii)(J).
If this statement is filed pursuant to ss. 240.13d-1(c), check this box. |X|
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Item 4. Ownership
(a) Amount Beneficially Owned
10,000 shares
(b) Percent of Class
11% as of the date of purchase. As a result of further issuances since
that date, 10,000 shares represents 3% of the shares of the issuer issued
and outstanding as of June 26, 1998.
(c) Number of shares as to which such person has:
i) sole power to vote or to direct the vote
10,000
ii) shared power to vote or to direct the vote
0
iii) sole power to dispose or to direct the disposition of
10,000
iv) shared power to dispose or to direct the disposition of
0
Item 5. Ownership of Five Percent or Less of a Class
If this statement is being filed to report the fact that as of the date hereof
the reporting person has ceased to be the beneficial owner of more than five
percent of the class of securities, check the following |X|.
Item 6. Ownership of More than Five Percent on Behalf of Another Person
Not applicable.
Item 7. Identification and Classification of the Subsidiary Which Acquired
the Security Being Reported on By the Parent Holding Company
Not applicable.
Item 8. Identification and Classification of Members of the Group
Not applicable.
Item 9. Notice of Dissolution of Group
Not applicable.
Item 10. Certification
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By signing below I certify that, to the best of my knowledge and belief, the
securities referred to above were not acquired and are not held for the purpose
of or with the effect of changing or influencing the control of the issuer of
the securities and were not acquired and are not held in connection with or as a
participant in any transaction having that purpose or effect.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.
July __, 1998
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Date
/s/ Bradford Gallagher
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Bradford K. Gallagher
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