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Supplement to the North American Senior Floating Rate Fund
August 6, 1998 Prospectus
Effective August 31, 1998, the Fund's investment adviser, CypressTree Asset
Management Corporation, Inc. (CAM), has agreed to reimburse all of the Fund's
expenses through October 1, 1998. The total Fund expenses for that period will
be $0.00. 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.
90517 August 30, 1998
PROSPECTUS DATED AUGUST 6, 1998
