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NORTH AMERICAN SENIOR FLOATING RATE FUND
Supplement to the Prospectus dated August 6, 1998
On page 22 of the Prospectus, the first paragraph under the heading "Exchange
of Fund Shares for North American Fund Share" is revised to read as follows:
Shareholders of the Fund whose shares are repurchased in a monthly repurchase
offer may exchange those shares for shares of the same class of certain
Portfolios of the North American Funds. Dividends and other distributions may
also be exchanged to certain Portfolios of the North American Funds. Exchanges
will be at relative net asset value, without the imposition of any front end
sales charge
90413 November 3, 1998
PROSPECTUS DATED AUGUST 6, 1998
