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SUPPLEMENT TO THE NORTH AMERICAN SENIOR FLOATING RATE FUND
APRIL 13, 1999 PROSPECTUS
Effective May 1, 1999, the Fund's investment adviser, CypressTree Asset
Management Corporation, Inc. (CAM), has agreed to reimburse all but .45% of the
Fund's expenses through May 31, 1999. 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.
91377 April 30, 1999
PROSPECTUS DATED APRIL 13, 1999