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June 5, 1998 THE ANALYTIC SERIES FUND SUPPLEMENT TO PROSPECTUS DATED OCTOBER 20, 1997 The Agreement and Plan of Reorganization with PBHG Advisor Funds, Inc. was approved at a special meeting of shareholders of the Analytic Series Fund on May 28, 1998. Because the distributor for the PBHG Advisor Funds has not completed its required registration in all states, the closing date for the reorganization has been postponed to July 24, 1998.
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