<PAGE>
"DOGS" OF WALL STREET FUND
SUPPLEMENT TO THE PROSPECTUS DATED JUNE 1, 1998
Effective December 1, 1998, Class II shares of the "Dogs" of Wall Street Fund
(the "Fund") 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 third paragraph on page 1 of the Prospectus is replaced in its entirety
with the following:
The Fund 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 $1million), 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 Fund
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.
Under the section entitled "Purchase of Shares" on page 12 of the Prospectus,
the second 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:
<TABLE>
<CAPTION>
CONCESSION OF
SALES CHARGE DEALERS
------------------------- --------------
% OF
% OF NET AMOUNT % OF
OFFERING PRICE INVESTED OFFERING PRICE
-------------- ---------- --------------
<S> <C> <C> <C>
1.00% 1.01% 1.00%
</TABLE>
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
