THE ADVISORS FUND L.P. (the "Fund")
SUPPLEMENT TO PROSPECTUS DATED MARCH 1, 1994
On April 18, 1994, Woodward & Associates Inc. ("Woodward") notified The
Advisors Fund L.P. (the "Fund") and Smith Barney Shearson Strategy Advisers
Inc. ("Strategy Advisers") of its intent to terminate the Portfolio Management
Agreement (the "Agreement") dated July 30, 1993 among Strategy Advisers,
Woodward and the Fund. Pursuant to the Agreement, the termination is
effective 90 days from notification. The Fund and Strategy Advisers, however,
have waived the notification period set forth in the Agreement and the
termination will be effective as of the close of business on May 13, 1994.
All of the Fund's assets currently managed by Woodward will be reallocated for
management proportionately among the Fund's remaining portfolio managers.
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Supplement dated May 9, 1994
ADVISORS/PEA/STICKER5
