Blavatsky
Original sense
She never taught ‘Ascended Masters.’ Her Mahatmas — Morya, Koot Hoomi, and others — were living adepts in the Himalayas and elsewhere, still in physical bodies, who might die like other men. They were not discarnate deities broadcasting from Venus or the etheric retreat of Mount Shasta.
The Masters I believe in are living men, not ‘spirits’ or disembodied angels.
After her death, later Theosophy (Besant, Leadbeater, then Alice Bailey) already shifted the Masters toward a more superhuman, inner-plane hierarchy. Guy Ballard’s Unveiled Mysteries (1934) completed the jump: Saint Germain and others as ‘ascended’ beings who had left the body and now speak through channels.