ANALYTIC SERIES FUND, 497, 1997-09-16

ANALYTIC SERIES FUND
497, 1997-09-16

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                                          September 16, 1997
                              
                              
                  THE ANALYTIC SERIES FUND
                              
                SUPPLEMENT TO THE PROSPECTUS
                     Dated May 12, 1997



                Master Fixed Income Portfolio
                              
                              
The information relating to the Master Fixed Income
Portfolio (the "Portfolio") of The Analytic Series Trust
under "Fund Expenses" on Page 5  and "Expenses" on Page 29
of the Prospectus is amended to reflect that for the year
ending December 31, 1997, AnalyticTSA Global Asset
Management, Inc.,  the Portfolio's investment adviser, has
voluntarily agreed to reimburse expenses of the Portfolio
that exceed 0.90% of the Portfolio's average daily net
assets.