<PAGE>

            Supplement to the CypressTree Senior Floating Rate Fund
                            May 1, 1999 Prospectus

Effective August 1, 1999, the Fund's investment adviser, CypressTree Asset
Management Corporation, Inc. (CAM), has agreed to reimburse all but .45% of the
Fund's expenses through August 31, 1999.  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.



0799-10063                                                         July 31, 1999


                         PROSPECTUS DATED MAY 1, 1999



© 2022 IncJournal is not affiliated with or endorsed by the U.S. Securities and Exchange Commission