<PAGE>
Supplement to the CypressTree Senior Floating Rate Fund
March 31, 1998 Prospectus
Effective July 1, 1998, the Fund's investment adviser, CypressTree Asset
Management Corporation, Inc. (CAM), has agreed to reimburse all of the Fund's
expenses through August 30, 1998. The total Fund expenses for that period
will be $0.00. After that date, unless reimbursement of all expenses is further
extended by CAM, the expense cap will revert to the one described on page 3 of
the Fund prospectus.
0698-10028 June 30, 1998
