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Supplement to the CypressTree Senior Floating Rate Fund
May 1, 1999 Prospectus
Effective September 1, 1999, the Fund's investment adviser, CypressTree Asset
Management Corporation, Inc. (CAM), has agreed to reimburse all but 0.45% of the
Fund's expenses. During the month of September, up to an additional 0.30% will
be phased in at the discretion of CAM, bringing the total expenses charged at
month-end to no more than 0.75%. After 9/30/99, 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.
0899-10064 August 31, 1999
PROSPECTUS DATED MAY 1, 1999
