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Supplement to the North American Senior Floating Rate Fund
April 13, 1999 Prospectus
Effective November 1, 1999, the Fund's investment adviser, CypressTree Asset
Management Corporation, Inc. (CAM), has agreed to reimburse all but 0.95% of the
Other Expenses. During the month of November, the remaining 0.45% permitted
under the expense cap may be phased in at the discretion of CAM, which would
bring the total expenses charged at month-end to 1.40%. After 11/30/99, unless
reimbursement of some expenses is extended by CAM, the expense cap will revert
to the one described on page 3 of the Fund prospectus.
91404 October 31, 1999
PROSPECTUS DATED APRIL 13, 1999
