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<PAGE>
Supplement to the CypressTree Senior Floating Rate Fund
May 1, 1999 Prospectus
The minimum initial and additional investment amounts for applicable tax-
sheltered retirement accounts on page 5 of the Prospectus should be:
$100 minimum initial investment
$ 50 minimum additional investment
0599-10061 April 30, 1999
PROSPECTUS DATED MAY 1, 1999
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