THE ADVISORS FUND L.P. (the "Fund")
Supplement to the Prospectus dated March 1, 1994
On July 27, 1994, the Fund's Individual General Partners requested the
resignation of Ardsley Advisory Partners and Mark Asset Management
Corporation, the Fund's portfolio managers, effective September 1, 1994. On
September 1, 1994, the Fund's Individual General Partners approved a portfolio
management agreement between the Fund, Smith Barney Strategy Advisers, the
Fund's investment adviser, and Smith Barney Asset Management Division of
Smith, Barney Advisers, Inc. ("Asset Management").
Under the portfolio management agreement, the Davis Skaggs Investment
Management division of Asset Management, located at One Sansome Street, San
Francisco, California 94104, serves as the Fund's portfolio manager. Asset
Management (through its predecessors,) has been in the investment counseling
business since 1940 and renders investment advice to a wide variety of
individual, institutional and investment company clients having aggregate
assets under management as of September 30, 1993 in excess of $9.8 billion.
Subject to the supervision and direction of the Fund's Individual
General Partners and its investment adviser, Asset Management manages the
Fund's portfolio in accordance with the Fund's stated investment objective and
policies, makes investment decisions for the Fund, places orders to purchase
and sell securities and employs professional portfolio managers and securities
analysts who provide research services to the Fund. John G. Goode, President
and Chief Executive Officer of Davis Skaggs Investment Management, a division
of Asset Management, manages the day to day operations of the Fund, including
making all investment decisions.
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Supplement dated September 1, 1994.
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