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Supplement to the North American Senior Floating Rate Fund
April 13, 1999 Prospectus
Effective August 1, 1999, the Fund's investment adviser, CypressTree Asset
Management Corporation, Inc. (CAM), has agreed to reimburse all but 0.45% of the
Other Expenses. During the month of August an additional .20% will be phased in
incrementally bringing the total reimbursement at month-end to .65%. After
8/31/99, unless reimbursement of some expenses is further extended by CAM, the
expense cap will revert to the one described on page 3 of the Fund prospectus.
91391 July 31, 1999
PROSPECTUS DATED APRIL 13, 1999
