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MAS FUNDS
Supplement Dated January 24, 1996
Important Information Regarding the Municipal
and Pennsylvania Municipal Portfolios
Terms in this Supplement have the same meaning as in the Prospectus.
The strong rally in bonds, together with the investment objective of
realizing above average total returns over a market cycle of three to five
years consistent with the conservation of capital, has led the Adviser to take
a temporarily defensive position for the Municipal and Pennsylvania Municipal
Portfolios. Portfolio duration was shortened substantially near the end
of the fourth quarter and will remain in this temporary defensive position
until such time as the Adviser believes a change is appropriate.
Please Retain This Supplement For Future Reference.
