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Supplement to the CypressTree Senior Floating Rate Fund
May 1, 1999 Prospectus
Effective December 1, 1999, the Fund's investment adviser, CypressTree Asset
Management Corporation, Inc. (CAM), has agreed to reimburse all but 1.05% of the
Fund's expenses. During the month of December, the remaining 0.20% permitted
under the expense cap may be phased in at the discretion of CAM, which would
bring the total expenses charged at month-end to 1.25%. After 12/31/99, unless
reimbursement of some expenses is extended by CAM, the expense cap will revert
to the one described on page 3 of the Fund prospectus.
1199-10067 November 30, 1999
PROSPECTUS DATED MAY 1, 1999
