Common Lisp the Language, 2nd Edition
 
 

In order to make an instance conform to the class 
, local slots specified by the class 
 that are not specified by the class 
 are added, and local slots not specified by
the class 
 that are specified by the
class 
 are discarded.
The values of local slots specified by both the class 
 and the class 
 are retained. If such a local slot was unbound, it remains
unbound.
The values of slots specified as shared in the class 
 and as local in the class 
 are retained.
This first step of the update does not affect the values of any shared
slots.