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          SUPPLEMENT TO THE NORTH AMERICAN SENIOR FLOATING RATE FUND
                           AUGUST 6, 1998 PROSPECTUS

Effective November 30, 1998, the Fund's investment adviser, CypressTree Asset
Management Corporation, Inc. (CAM), has agreed to reimburse all of the Fund's
expenses through December 31,1998.  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.



90415                                                          November 30, 1998

                        PROSPECTUS DATED AUGUST 6, 1998



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