SUPPLEMENT TO THE PROSPECTUS
DATED MARCH 31, 1997
MASON STREET FUNDS, INC.
Fund Managers
Varun Mehta, Investment Officer -- Public Fixed Income of Northwestern
Mutual Life, is the new manager for the Select Bond Fund and the fixed
income securities in the Asset Allocation Fund. He joined
Northwestern Mutual Life in March, 1997. From 1993 through March
1997, Mr. Mehta was with the Ameritech Investment Management
Department serving as Portfolio Manager -- Fixed Income and,
previously, as Portfolio Research Manager -- Fixed Income. Mr. Mehta has
his undergraduate degree from the University of Bombay. He
received a Masters degree in Business Management from the Indian
Institute of Management and an M.B.A. from the University of Chicago
Graduate School of Business. Mr. Mehta is a Chartered Financial
Analyst.
The following are the two new managers for the Growth and Income Stock
Fund, replacing Lisa Waller Oram:
Henry D. Cavanna, Managing Director of J.P. Morgan Investment
Management Inc., joined J.P. Morgan in 1971. Mr. Cavanna is a senior
U.S. equity portfolio manager in the U.S. Equity and Balanced Accounts
Group. He received his B.A. degree from Boston College and L.L.B.
degree from the University of Pennsylvania.
Michael J. Kelly, Vice President of J.P. Morgan Investment Management
Inc., joined J.P. Morgan in 1985. Mr. Kelly is an institutional
portfolio manager with responsibility for several employee benefit,
foundation and endowment clients of J.P. Morgan. Mr. Kelly has an
undergraduate degree from Gettysburg College and an M.B.A. from The
Wharton School of the University of Pennsylvania. Mr. Kelly is a
Chartered Financial Analyst.
Mason Street
Funds
[Logo]
The date of this Prospectus Supplement is May 1, 1997.
HOL03 65826
