MANAGED ACCOUNTS SERVICES PORTFOLIO TRUST
497, 1997-03-11
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                   MANAGED ACCOUNTS SERVICES PORTFOLIO TRUST
 
                Supplement to Prospectus dated October 16, 1996
 
                            Effective March 1, 1997,
 
    THE FOLLOWING PARAGRAPH REPLACES THE PARAGRAPH ENTITLED "PACE INTERNATIONAL
EMERGING MARKETS EQUITY INVESTMENTS" ON PAGES 53-54 OF THE PROSPECTUS UNDER THE
CAPTION ENTITLED "MANAGEMENT":
 
        Schroder Capital Management International Inc. ("SCMI") is located at
787 Seventh Avenue, New York, New York 10019. It is a wholly owned U.S.
subsidiary of Schroders Incorporated, the wholly owned U.S. holding company
subsidiary of Schroders plc. Schroders plc. which is listed on the London Stock
Exchange, is the holding parent of a large worldwide group of banks and
financial services companies (referred to as the "Schroder Group"), with
associated companies and branch and representative offices located in eighteen
countries worldwide. The financial services companies of the Schroder Group had
approximately $130 billion in assets under management as of December 31, 1996.
As of December 31, 1996, SCMI, together with its UK affiliate Schroder Capital
Management International Limited, had over $20 billion in assets under
management. Since its founding in 1980, SCMI had developed an expertise in
emerging markets investments. John A. Troiano and Thomas Melendez, with the
assistance of an emerging markets investment committee, are primarily
responsible for the day-to-day management of PACE INTERNATIONAL EMERGING MARKETS
EQUITY INVESTMENTS. Mr. Troiano has been a Managing Director of SCMI since
October 1995, and has been employed by various Schroder Group companies in the
portfolio management area since 1988. Mr. Melendez has been a Vice President of
SCMI since 1994. Prior to joining the Schroder Group he was a Vice President for
Latin America with NatWest Securities since 1992, prior to which he attended
Columbia Business School.


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