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            Supplement to the CypressTree Senior Floating Rate Fund
                           March 31, 1998 Prospectus

Effective August 31, 1998, the Fund's investment adviser, CypressTree Asset 
Management Corporation, Inc. (CAM), has agreed to reimburse all of the Fund's 
expenses through October 31, 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.


0898-10028                                                       August 30, 1998

                     CypressTree Funds Distributors, Inc.

                        PROSPECTUS DATED MARCH 31, 1998



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