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SUPPLEMENT TO THE CYPRESSTREE SENIOR FLOATING RATE FUND
MAY 1, 1999 PROSPECTUS
Effective October 1, 1999, the Fund's investment adviser, CypressTree Asset
Management Corporation, Inc. (CAM), has agreed to reimburse all but .75% of the
Fund's expenses. During the month of October the remaining 0.50% permitted
under the expense cap will be phased in at the discretion of CAM, bringing the
total expenses charged at month-end to 1.25%. After 10/31/99, unless
reimbursement of some expenses is made by CAM, the expense cap will be the one
described on page 3 of the Fund prospectus.
0999-10065 September 30, 1999
PROSPECTUS DATED MAY 1, 1999
