MANAGED ACCOUNTS SERVICES PORTFOLIO TRUST
SUPPLEMENT TO PROSPECTUS DATED FEBRUARY 23, 1996
The following replaces the sixth, seventh and eighth sentences appearing
under the caption "Management -- Advisers -- PACE Government Securities
Fixed Income Investments and PACE Strategic Fixed Income Investments"
on page 48 of the Prospectus:
On April 4, 1996, Pasi Hamalainen assumed primary responsibility for the
day-to-day management of PACE Government Securities Fixed Income
Investments. Mr. Hamalainen has been a vice president of PIMCO for two
years. He is an instrumental member of PIMCO's mortgage specialty portfolio
management team, which is headed by William Powers, managing director and
the previous portfolio manager for PACE Government Securities Fixed Income
Investments. Mr. Hamalainen works under Mr. Power's direct supervision, and
Mr. Powers will continue to provide significant input with respect to the
portfolio management decisions affecting the Portfolio. Prior to joining PIMCO,
Mr. Hamalainen held a fellowship at The Wharton School and assisted in teaching
in the MBA program at the Aresty Institute of Executive Education. Since 1991,
Mr. Powers has been associated with PIMCO as a senior member or the fixed
income portfolio management group. He was previously associated with Bear
Stearns & Co. as Senior Managing Director specializing in mortgage-backed
securities.
DATED: APRIL 18, 1996
