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SUPPLEMENT TO PROSPECTUS FOR
NORTH AMERICAN SENIOR FLOATING RATE FUND, INC.
Dated April 13, 1999
This supplement describes several new categories of purchasers of Class C
Shares for whom we will waive the Early Withdrawal Charge. You should read this
information in connection with the discussion under the subheading "Waiver of
Early Withdrawal Charges" on page 24 of the Prospectus.
Waiver of Early Withdrawal Charges
Certain Qualified Purchasers. The Early Withdrawal Charge ("EWC") will
be waived for Class C Shares purchased by the following individuals and
institutions:
. directors and officers of the Fund, and their immediate families
(immediate family means the spouse, children, mother or father);
. full-time employees and registered representatives of broker-
dealers having Dealer Agreements with Distributors ("Selling
Broker"), and their immediate families (and any trust, pension,
profit sharing or other benefit plan for the benefit of such
persons);
. full-time employees of a bank, savings and loan, credit union or
other financial institution that uses a Selling Broker to clear
purchases of Fund shares, and their immediate families;
. CAM, CypressTree, and any of their affiliates, and any director,
officer, full-time employee or sales representative of these
entities, and their immediate families (or any trust, pension,
profit sharing or other benefit plan or the benefit of such
persons);
. Shareholders of other investment companies who invest in the Fund
in response to certain promotional activities;
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. Investors whose purchase represents the proceeds from the
redemption, within the preceding 60 days, of shares of any other
load mutual fund (i.e., a mutual fund that deducts a sales charge
from purchase payments or a contingent deferred sales charge upon
redemption). When making a purchase pursuant to this provision,
the selling dealer must so indicate on the New Account
Application. Only the initial purchase of shares is eligible for
the waiver. All subsequent purchases will be subject to the
EWC*.
. We will waive the EWC for selling dealers which include the Class
C share in "wrap fee programs" (i.e., advisory programs where the
client is charged a specific fee not based directly upon
transactions in the client's account for investment advisory
services and execution of transactions). The selling dealer must
indicate the wrap fee account use on the New Account Application*.
* In these cases the .75% dealer concession will not be paid to a broker or
intermediary and the service/distribution fee of .75% will be credited
immediately rather than in the 13th month.
91402 September 16, 1999
