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MAS Funds
Advisory Mortgage Portfolio
Advisory Foreign Fixed Income Portfolio
Supplement dated April 3, 1996
This supplement to the Prospectus dated January 30, 1996, provides new and
additional information beyond that contained in the Prospectus and should be
read in conjunction with the Prospectus. Unless otherwise indicated in this
supplement, defined terms have the same meaning as in the Prospectus.
RISK FACTORS
* Each portfolio may invest in certain instruments such as Forwards, certain
types of Futures and Options, certain types of Mortgage Securities and
When-Issued Securities which require the portfolio to segregate some or
all of its cash, U.S. government securities, or other liquid high grade
Fixed-Income Securities to cover its obligations pursuant to such
instruments. As asset segregation reaches certain levels, a portfolio may
lose flexibility in managing its investments properly, responding to
shareholder redemption requests, or meeting other obligations and may be
forced to sell other securities that it wanted to retain or to realize
unintended gains or losses.
Investment Limitations
(g) Each portfolio may pledge, mortgage or hypothecate assets in an amount
up to 50% of its total assets, provided that each portfolio may also
segregate assets without limit in order to comply with the requirements of
Section 18(f) of the Investment Company Act of 1940, as amended, and
applicable interpretations thereof published from time to time by the
Securities and Exchange Commission and its staff; and
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
