GOLF ASSOCIATED FUND
Supplement dated July 13, 1999 to the Prospectus dated December 23, 1998
OFFERING OF CLASS B SHARES
Effective on July 13, 1999, the Golf Associated Fund ("Fund") is offering
for purchase Class B shares of the Fund. As a result, the second sentence in the
second paragraph on the cover page and the third sentence in the first paragraph
under the section entitled "Before Investing: Alternative Purchase Plans" on
page 7 are deleted from the Fund's Prospectus.
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GOLF ASSOCIATED FUND
Supplement dated July 13, 1999 to the
Statement of Additional Information dated December 23, 1998
CONVERSION OF CLASS B SHARES
The second and third sentences in the first paragraph of the section
titled "Conversion of Class B shares" on page 11 of the Statement of Additional
Information are replaced as follows:
For the purpose of calculating the holding period required for conversion
of Class B shares, the date of initial issuance shall mean (1) the date on
which such Class B shares were issued or (2) for Class B shares obtained
through an exchange, or series of exchanges, the date on which the
original Class B shares were issued. For purposes of conversion to Class A
shares, Class B shares purchased through the reinvestment of dividends and
other distributions paid in respect of Class B shares will be held in a
separate sub-account.
