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Focus Portfolio
Style Select Series(Registered)
Supplement to the Prospectus dated June 1, 1998
Effective December 1, 1998, Class II shares of the Focus Portfolio
(the "Portfolio") will be subject to a contingent deferred sales charge of 1% on
certain redemptions of Class II shares made within eighteen months of the date
of purchase. This change will have no impact on shareholders purchasing Class II
shares prior to December 1, 1998.
The second paragraph on page 1 of the Prospectus is replaced in its
entirety with the following:
The Portfolio currently offers Class A, Class B and Class II
shares. The offering price is the next-determined net asset
value per share, plus for each class a sales charge which, at
the investor's option may (i) be imposed at the time of
purchase (Class A shares), (ii) be deferred (Class B shares
and purchases of Class A shares in excess of $1 million), or
(iii) contain elements of a sales charge that is both imposed
at the time of purchase and deferred (Class II shares). Class
B shares may be subject to a declining contingent deferred
sales charge ("CDSC") that may be imposed on redemptions made
within six years of purchase. Class B shares of the Portfolio
will convert automatically to Class A shares on the first
business day of the month following the seventh anniversary
of the issuance of such Class B shares. Class II shares may
be subject to a CDSC imposed on redemptions made within
eighteen months of purchase. Each class makes distribution
and account maintenance and service fee payments under a
distribution plan adopted pursuant to Rule 12b-1 under the
Investment Company Act of 1940, as amended (the "1940 Act").
See "Purchase of Shares."
Under the section entitled "Summary of Fund Expenses" on page 3 of the
Prospectus, the second footnote is replaced in its entirety with the following:
(2) Purchases of Class A shares in excess of $1 million will
be subject to a CDSC on redemption made within one year of
purchase. The CDSC on Class B shares applies only if a
redemption occurs within six years from their purchase date.
The CDSC on Class II shares applies only on redemptions made
within eighteen months of purchase.
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Under the section entitled "Purchase of Shares" on page 12 of the
Prospectus, the second full paragraph in the first column is replaced in its
entirety with the following:
Class II Shares. Class II shares are offered at net asset
value plus an initial sales charge as follows:
Concession
Sales Charge of Dealers
----------------------------------- ---------------
% of
% of Net Amount % of
Offering Price Invested Offering Price
-------------- -------- --------------
1.00% 1.01% 1.00%
Certain redemptions of Class II shares made within eighteen
months of the date of purchase are subject to a CDSC of 1%.
The method for calculating any such CDSC will be the same
method used for calculating the CDSC for Class B shares. See
"Class B Shares" above.
Dated: December 1, 1998
