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          Supplement to the North American Senior Floating Rate Fund
                           April 13, 1999 Prospectus

Effective June 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 June 30, 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.

91381                                                              May 28, 1999

                        PROSPECTUS DATED APRIL 13, 1999



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