MAP-Government Fund, Inc.
Supplement Dated December 30, 1997
To Prospectus Dated May 1, 1997,
As Supplemented November 5, 1997
This supplement should be read in conjunction with the
MAP-Government Fund, Inc. (the "Fund") prospectus, as
supplemented November 5, 1997, a copy of which can be
obtained without charge from First Priority Investment
Corporation, 520 Broad Street, Newark, New Jersey 07102,
ATTN: MAP-GOVERNMENT FUND, INC. or by telephoning 1-800-559-
5535.
The following replaces the second paragraph under the
heading "THE FUND, ITS INVESTMENT OBJECTIVE AND POLICIES" on
page 4 of the prospectus:
MBL Life Assurance Corporation ("MBL Life") succeeded Mutual
Benefit Life as sponsor of the Fund. Certain MBL Life
subsidiaries and affiliates, and entities involved in the
rehabilitation of MBL Life, also invest in the Fund. As of
December 23, 1997, the MBL Life subsidiaries' and
affiliates' and rehabilitation-related entities' direct
investments in the Fund represented 96% of the Fund. Such a
percentage of ownership may be deemed to constitute
"control" of the Fund, as that term is defined in the Act.
Planned redemptions by certain of the MBL Life subsidiaries
and affiliates and rehabilitation-related entities could
cause the Fund's current total annual operating expenses,
currently approximately .63% of average net assets, to
increase. However, First Priority Investment Corporation
("First Priority"), the Fund's investment adviser and
distributor, has agreed to bear total annual operating
expenses of the Fund (including the investment advisory fee
but excluding taxes, interest, brokerage commissions, and
extraordinary expenses) that exceed .75% of the Fund's
average daily net asset value. First Priority has agreed to
limit the Fund's expenses in this manner through December
31, 1998. However, as we informed you by supplement to the
Fund's prospectus dated November 5, 1997, the Board of
Directors of MBL Life has publicly announced its intention
to explore opportunities for the sale of MBL Life. If MBL
Life were sold before December 31, 1998, there is no
assurance that the expense limitation described above would
remain in place. In any event, this prospectus will be
supplemented as necessary to advise you of any developments
related to the sale of MBL Life that pertain to the Fund
and/or related to the expense limitation described above.
