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VARITRAK PRODUCT PROSPECTUS: FOR USE IN NEW YORK ONLY
SUPPLEMENT DATED OCTOBER 17, 1997
TO PROSPECTUS DATED MAY 1, 1997
Market Street Fund, Inc. has announced that on July 25, 1997, the Board of
Directors of the Market Street Fund, Inc. (the "Fund") determined to call a
Special Meeting of Shareholders of the Common Stock Portfolio for the purpose
of asking shareholders to approve or disapprove a reorganization resulting in
the combination of the Common Stock Portfolio and the Growth Portfolio of the
Fund by transferring the assets and liabilities of the Common Stock Portfolio
to the Growth Portfolio and exchanging the shares of stock representing
interest in the Common Stock Portfolio for shares of stock representing
interest in the Growth Portfolio (the "Reorganization"). The Growth Portfolio
has been since May 1, 1997 managed by Sentinel Advisors Company, which also
manages the Common Stock Portfolio. Both Portfolios are managed by the same
portfolio management teams in essentially the same style.
The Board of Directors has authorized the Secretary of the Fund to prepare and
mail a notice of Special Meeting, proxy statement and voting instruction form
to owners of variable life insurance policies or variable annuity contracts
issued by National Life Insurance Company who have contract value invested in
the Common Stock Portfolio as of October 10, 1997, the Record Date. Such proxy
materials will be or have been forwarded to solicit the policyholders' and
contractholders' vote on whether to approve or disapprove the proposed
Reorganization, during a Special Meeting of Shareholders of the Common Stock
Portfolio to be held on December 5, 1997, or the earliest practicable date
thereafter.
The Reorganization will become effective on December 12, 1997, should
two-thirds of shareholders vote in favor of the change.
If you would like a copy of the proxy materials, please call the Variable
Product Services Unit at 1-800-537-7003.
