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Supplement to the North American Senior Floating Rate Fund
August 6, 1998 Prospectus
Effective October 30, 1998, the Fund's investment adviser, CypressTree Asset
Management Corporation, Inc. (CAM), has agreed to reimburse all of the Fund's
expenses through November 30, 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.
90411 October 30, 1998
PROSPECTUS DATED AUGUST 6, 1998
