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MAS Funds
South Dakota Supplement
dated June 19, 1996
This supplement 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.
The High Yield Portfolio generally will invest at least 65% of its assets in
lower rated bonds, commonly known as "junk bonds," that entail greater risks,
including default risks, than those found in higher rated securities. Investors
should carefully consider these risks before investing. See "Portfolio
Summaries," "Risk Factors" and "Prospectus Glossary: Characteristics and Risks
of Strategies and Investments," for more information.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
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MAS Funds
Supplement to the Prospectus dated
January 30, 1996
For Nebraska investors only: The PA Municipal Portfolio is not registered in
Nebraska.
January 30, 1996
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MAS Funds
HIGH YIELD PORTFOLIO
Supplement to the Prospectus dated
January 30, 1996
For Washington investors only: The High Yield Portfolio invests primarily in
below investment grade securities commonly known as "junk" bonds. Investments of
this type are considered to be speculative with regard to payment of interest
and return of principal. Purchasers should carefully assess the risks associated
with an investment in this Portfolio.
January 30, 1996
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MAS Funds
Supplement to the Prospectus dated
January 30, 1996
For Missouri investors only: Not all of the Portfolios offered in this
Prospectus are registered in Missouri.
The Balanced and International Fixed Income Portfolios may experience high rates
of portfolio turnover which may result in additional transaction costs and the
realization of capital gains.
January 30, 1996
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MAS Funds
Supplement to the Prospectus dated
January 30, 1996
For Ohio Investors only: The Global Fixed Income International Fixed Income and
Emerging Markets Portfolios are "non-diversified" for purposes of the Investment
Company Act of 1940, meaning that they may invest a greater percentage of their
assets in the voting securities of one issuer than the other Portfolios. See
Global Fixed Income Portfolio, Emerging Markets Portfolio, International Fixed
Income Portfolio, and Non-Diversified Status as defined in the Prospectus
Glossary. The Fund will deliver a prospectus to Ohio investors prior to
consummation of sale of shares.
January 30, 1996
