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Supplement to the CypressTree Senior Floating Rate Fund
March 31, 1998 Prospectus
Effective March 1, 1999, the Fund's investment adviser, CypressTree Asset
Management Corporation, Inc. (CAM) and sub-advisor, CypressTree Investment
Management Company Inc. (CIMCO), has employed Jeffrey S. Garner as Chief
Investment Officer and Timothy M. Barns as the Fund's Portfolio Manager. Mr.
Barns has been employed at CypressTree as a portfolio manager and investment
analyst since March 1998. Mr. Barns was a founding member of BankBoston's
Leverage Finance Group where he managed a $2.5 billion senior loan portfolio. He
has prior experience in leverage loan origination and the distressed loan
workout departments at both BankBoston and European American Bank.
