THE ANALYTIC SERIES FUND
Analytic Short-Term Government Portfolio
Analytic Master Fixed Income Portfolio
Analytic Enhanced Equity Portfolio
SUPPLEMENT TO THE PROSPECTUS
Dated July 28, 1997
The information under the heading "FUND EXPENSES" on page 5 is
amended as follows:
The following table illustrates the expenses and fees that a
shareholder of the Fund is expected to incur for the Fund's
1997 fiscal year. However, transaction fees may be charged
if a broker-dealer or other financial intermediary deals
with the Fund on your behalf. (See "Shareholder Guide -
Purchasing Shares.")
The first paragraph under the heading "SHAREHOLDER GUIDE -
PURCHASING SHARES" on page 35 is amended as follows:
Shares of the Portfolios are purchased directly from
the Fund with no sales charge or commission at the net asset
value per share next computed after an order and payment are
received by the Fund. Any order received after 1:00 P.M.
Pacific Time will be processed at the next day's closing net
asset value.
The information under the heading "SHAREHOLDER GUIDE - PURCHASING
SHARES" on page 35 is supplemented as follows:
Shares of the Portfolios may be purchased by customers
of brokers-dealers or other financial intermediaries
("Service Agents") which have established a shareholder
servicing relationship with the Fund on behalf of their
customers. Service Agents may impose additional or different
conditions on purchases or redemptions of Portfolio shares
and may charge transaction or other account fees. Each
Service Agent is responsible for transmitting to its
customers a schedule of any such fees and information
regarding additional or different purchase or redemption
conditions. Shareholders who are customers of Service Agents
should consult their Service Agent for information regarding
these fees and conditions. Amounts paid to Service Agents
may include transaction fees and/or service fees paid by the
Fund from the Fund assets attributable to the Service Agent,
which would not be imposed if shares of the Portfolio were
purchased directly from the Fund or the Distributor. Service
Agents may provide shareholder services to their customers
that are not available to a shareholder dealing directly
with the Fund.
Service Agents may enter confirmed purchase orders on
behalf of their customers. If shares of a Portfolio are
purchased in this manner, the Service Agent must receive
your investment order before the close of trading on the New
York Stock Exchange, and transmit it to the Fund's Sub-
Transfer Agent, Chase Global Funds Services Company, prior
to the close of their business day to receive that day's
share price. Proper payment for the order must be received
by the Sub-Transfer Agent no later than the time when the
Portfolio is priced on the following business day. Service
Agents are responsible to their customers and the Fund for
timely transmission of all subscription and redemption
requests, investment information, documentation and money.
