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Supplement to the North American Senior Floating Rate Fund
April 13, 1999 Prospectus
Effective September 1, 1999, the Fund's investment adviser, CypressTree Asset
Management Corporation, Inc. (CAM), has agreed to reimburse all but 0.65% of the
Other Expenses. During the month of September up to an additional 0.30% will be
phased in at the discretion of CAM bringing the total expenses charged at month-
end to no more than 0.95%. After 9/30/99, 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.
91401 August 31, 1999
PROSPECTUS DATED APRIL 13, 1999
