<PAGE> 1
U. S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 24F-2
ANNUAL NOTICE OF SECURITIES SOLD
PURSUANT TO RULE 24f-2
Read instructions at end of Form before preparing Form.
Please print or type.
- -----------------------------------------------------------------------------
1. Name and address of issuer: MAS FUNDS
ONE TOWER BRIDGE
WEST CONSHOHOCKEN, PA 19428-0868
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2. Name of each series or class of funds for which this notice is filed:
MAS FUNDS
SEE SCHEDULE "A" ATTACHED
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3. Investment Company Act File Number: 811-3980
Securities Act File Number: 2-89729
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4. Last day of fiscal year for which this notice is filed: SEPTEMBER 30, 1996
- ------------------------------------------------------------------------------
5. Check box if this notice is being filed more than 180 days after the close
of the issuer's fiscal year for purposes of reporting securities sold after
the close of the fiscal year but before termination of the issuer's 24f-2
declaration:
[ ]
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6. Date of termination of issuer's declaration under rule 24f-2(a)(1), if
applicable (see Instruction A, 6):
- ------------------------------------------------------------------------------
7. Number and amount of securities of the same class or series which had been
registered under the Securities Act of 1933 other than pursuant to rule
24f-2 in a prior fiscal year, but which remained unsold at the beginning of
the fiscal year:
NONE
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8. Number and amount of securities registered during the fiscal year other than
pursuant to rule 24f-2:
NONE
- ------------------------------------------------------------------------------
9. Number and aggregate sale price of securities sold during the fiscal year:
SEE SCHEDULE "B" ATTACHED
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<PAGE> 2
10. Number and aggregate sale price of securities sold during the fiscal year
in reliance upon registration pursuant to rule 24f-2:
SEE SCHEDULE "B - 1" ATTACHED
- ------------------------------------------------------------------------------
11. Number and aggregate sale price of securities issued during the fiscal year
in connection with dividend reinvestment plans, if applicable (see Instruction
b.7):
SEE SCHEDULE "C" ATTACHED
- ------------------------------------------------------------------------------
12. Calculation of registration fee:
<TABLE>
<S> <C>
(I) Aggregate sale price of securities sold during the fiscal year
in reliance on rule 24f-2 (from Item 10): $ 4,047,894,345
----------------------------
(ii) Aggregate price of shares issued in connection with
dividend reinvestment plans (from Item 11, if applicable): + 754,799,211
----------------------------
(iii) Aggregate price of shares redeemed or repurchased during
the fiscal year (if applicable) (SEE SCHEDULE "D" ATTACHED): - 4,213,666,516
----------------------------
(iv) Aggregate price of shares redeemed or repurchased and
previously applied as a reduction to filing fees pursuant
to rule 24e-2(if aplicable): + 0
----------------------------
(v) Net aggregate price of securities sold and issued during
the fiscal year in reliance on rule 24f-2 [line (I), plus line
(ii), less line (iii), plus line (iv)] if applicable: $ 589,027,040
----------------------------
(vi) Multiplier prescribed by Section 6(b) of the Securities Act
of 1933 or other applicable law or regulation (see
instruction C.6): X 1/3,300
----------------------------
(vii) Fee due [line (I) or line (v) multiplied by line (vi)]: $ 178,493.04
----------------------------
</TABLE>
Instruction: Issuers should complete lines (ii), (iii), (iv), and (v) only if
the form is being filed within 60 days after the close of the issuer's fiscal
year. See Instruction C.3.
- --------------------------------------------------------------------------------
13. Check box if fees are being remitted to the Commission's lockbox depository
as described in section 3a of the Commission's Rules of Informal and
Other Procedures (17 CFR 202.3a).
[X]
Date of mailing or wire transfer of filing fees to the Commission's lockbox
depository: NOVEMBER __, 1996
- --------------------------------------------------------------------------------
SIGNATURES
This report has been signed below by the following persons on behalf of the
issuer and in the capacities and on the dates indicated.
By (Signature and Title)*
-----------------------------------
DOUGLAS W. KUGLER, TREASURER
-----------------------------------
Date 11/08/96
*Please print the name and title of the signing officer below
the signature.
<PAGE> 3
SCHEDULE "A"
EQUITY PORTFOLIO INSTITUTIONAL CLASS SHARES
EQUITY PORTFOLIO INVESTMENT CLASS SHARES
SELECT EQUITY PORTFOLIO INSTITUTIONAL CLASS SHARES *
VALUE PORTFOLIO INSTITUTIONAL CLASS SHARES
VALUE PORTFOLIO INVESTMENT CLASS SHARES
VALUE PORTFOLIO ADVISER CLASS SHARES
SMALL CAP VALUE PORTFOLIO INSTITUTIONAL CLASS SHARES
MID CAP VALUE PORTFOLIO INSTITUTIONAL CLASS SHARES
MID CAP VALUE PORTFOLIO INVESTMENT dCLASS SHARES
MID CAP GROWTH PORTFOLIO INSTITUTIONAL CLASS SHARES
INTERNATIONAL EQUITY PORTFOLIO INSTITUTIONAL CLASS SHARES
INTERNATIONAL EQUITY PORTFOLIO INVESTMENT CLASS SHARES
BALANCED PORTFOLIO INSTITUTIONAL CLASS SHARES
MULTI-ASSET CLASS PORTFOLIO INSTITUTIONAL CLASS SHARES
MULTI-ASSET CLASS PORTFOLIO INVESTMENT CLASS SHARES
FIXED INCOME PORTFOLIO INSTITUTIONAL CLASS SHARES
DOMESTIC FIXED INCOME PORTFOLIO INSTITUTIONAL CLASS SHARES
FIXED INCOME II PORTFOLIO INSTITUTIONAL CLASS SHARES
SPECIAL PURPOSE FIXED INCOME PORTFOLIO INSTITUTIONAL CLASS SHARES
SPECIAL PURPOSE FIXED INCOME PORTFOLIO INVESTMENT CLASS SHARES
GLOBAL FIXED INCOME PORTFOLIO INSTITUTIONAL CLASS SHARES
INTERNATIONAL FIXED INCOME PORTFOLIO INSTITUTIONAL CLASS SHARES
LIMITED DURATION PORTFOLIO INSTITUTIONAL CLASS SHARES
HIGH YIELD PORTFOLIO INSTITUTIONAL CLASS SHARES
HIGH YIELD PORTFOLIO INVESTMENT CLASS SHARES
MORTGAGE-BACKED SECURITIES PORTFOLIO INSTITUTIONAL CLASS SHARES
CASH RESERVES PORTFOLIO INSTITUTIONAL CLASS SHARES
MUNICIPAL PORTFOLIO INSTITUTIONAL CLASS SHARES
PA MUNICIPAL PORTFOLIO INSTITUTIONAL CLASS SHARES
INTERMEDIATE DURATION PORTFOLIO INSTITUTIONAL CLASS SHARES
ADVISORY FOREIGN FIXED INCOME PORTFOLIO INSTITUTIONAL CLASS SHARES
EMERGING MARKETS PORTFOLIO INSTITUTIONAL CLASS SHARES
ADVISORY MORTGAGE PORTFOLIO INSTITUTIONAL CLASS SHARES
* THE SELECT EQUITY PORTFOLIO CEASED OPERATIONS ON JULY 31, 1996.
<PAGE> 4
SCHEDULE "B"
NUMBER AND AGGREGATE SALE PRICE OF SECURITIES SOLD DURING THE FISCAL YEAR:
<TABLE>
<CAPTION>
SHARES: PRICE:
------- ------
<S> <C> <C>
EQUITY PORTFOLIO INSTITUTIONAL CLASS SHARES: 7,686,307 $186,996,511
EQUITY PORTFOLIO INVESTMENT CLASS SHARES: 4,819 117,150
SELECT EQUITY PORTFOLIO INSTITUTIONAL CLASS SHARES: * 670,181 8,260,000
VALUE PORTFOLIO INSTITUTIONAL CLASS SHARES: 63,277,095 930,274,285
VALUE PORTFOLIO INVESTMENT CLASS SHARES: 595,165 8,889,047
VALUE PORTFOLIO ADVISER CLASS SHARES: 993,446 15,433,180
SMALL CAP VALUE PORTFOLIO INSTITUTIONAL CLASS SHARES: 7,158,321 128,124,918
MID CAP VALUE PORTFOLIO INSTITUTIONAL CLASS SHARES: 3,154,428 41,528,957
MID CAP VALUE PORTFOLIO INVESTMENT CLASS SHARES: 8,821 121,706
MID CAP GROWTH PORTFOLIO INSTITUTIONAL CLASS SHARES: 3,094,072 58,507,610
INTERNATIONAL EQUITY PORTFOLIO INSTITUTIONAL CLASS SHARES: 11,400,401 145,685,924
INTERNATIONAL EQUITY PORTFOLIO INVESTMENT CLASS SHARES: 20,355 267,883
BALANCED PORTFOLIO INSTITUTIONAL CLASS SHARES: 3,040,319 40,646,647
MULTI-ASSET CLASS PORTFOLIO INSTITUTIONALCLASS SHARES: 6,609,112 76,136,347
MULTI-ASSET CLASS PORTFOLIO INVESTMENT CLASS SHARES: 248,186 3,020,092
FIXED INCOME PORTFOLIO INSTITUTIONAL CLASS SHARES: 37,652,635 440,800,757
DOMESTIC FIXED INCOME PORTFOLIO INSTITUTIONAL CLASS SHARES: 5,723,950 62,619,450
FIXED INCOME II PORTFOLIO INSTITUTIONAL CLASS SHARES: 4,437,625 49,696,447
SPECIAL PURPOSE FIXED INCOME PORTFOLIO INSTITUTIONAL CLASS SHARES: 8,626,315 103,801,746
SPECIAL PURPOSE FIXED INCOME PORTFOLIO INVESTMENT CLASS SHARES: 63,172 757,804
GLOBAL FIXED INCOME PORTFOLIO INSTITUTIONAL CLASS SHARES: 2,556,867 27,691,763
INTERNATIONAL FIXED INCOME PORTFOLIO INSTITUTIONAL CLASS SHARES: 6,560,808 70,948,596
LIMITED DURATION PORTFOLIO INSTITUTIONAL CLASS SHARES: 9,584,764 99,081,492
HIGH YIELD PORTFOLIO INSTITUTIONAL CLASS SHARES: 17,601,487 157,380,352
HIGH YIELD PORTFOLIO INVESTMENT CLASS SHARES: 546,231 4,914,994
MORTGAGE-BACKED SECURITIES PORTFOLIO INSTITUTIONAL CLASS SHARES: 551,672 5,647,395
CASH RESERVES PORTFOLIO INSTITUTIONAL CLASS SHARES: 143,726,175 143,726,175
MUNICIPAL PORTFOLIO INSTITUTIONAL CLASS SHARES: 1,541,733 17,213,312
PA MUNICIPAL PORTFOLIO INSTITUTIONAL CLASS SHARES: 1,153,583 13,002,612
INTERMEDIATE DURATION PORTFOLIO INSTITUTIONAL CLASS SHARES: 2,133,167 21,693,947
ADVISORY FOREIGN FIXED INCOME PORTFOLIO INSTITUTIONAL CLASS SHARES: 31,538,957 349,384,091
EMERGING MARKETS INSTITUTIONAL CLASS SHARES: 801,025 9,067,608
ADVISORY MORTGAGE INSTITUTIONAL CLASS SHARES: 80,398,977 826,455,547
--------------
$4,047,894,345
</TABLE>
* THE SELECT EQUITY PORTFOLIO CEASED OPERATIONS ON JULY 31, 1996
<PAGE> 5
SCHEDULE "B - 1"
NUMBER AND AGGREGATE SALE PRICE OF SECURITIES SOLD DURING THE FISCAL YEAR IN
RELIANCE UPON REGISTRATION PURSUANT TO RULE 24F-2:
<TABLE>
<CAPTION>
SHARES: PRICE:
------- ------
<S> <C> <C>
EQUITY PORTFOLIO INSTITUTIONAL CLASS SHARES: 7,686,307 $186,996,511
EQUITY PORTFOLIO INVESTMENT CLASS SHARES: 4,819 117,150
SELECT EQUITY PORTFOLIO INSTITUTIONAL CLASS SHARES: * 670,181 8,260,000
VALUE PORTFOLIO INSTITUTIONAL CLASS SHARES: 63,277,095 930,274,285
VALUE PORTFOLIO INVESTMENT CLASS SHARES: 595,165 8,889,047
VALUE PORTFOLIO ADVISER CLASS SHARES: 993,446 15,433,180
SMALL CAP VALUE PORTFOLIO INSTITUTIONAL CLASS SHARES: 7,158,321 128,124,918
MID CAP VALUE PORTFOLIO INSTITUTIONAL CLASS SHARES: 3,154,428 41,528,957
MID CAP VALUE PORTFOLIO INVESTMENT CLASS SHARES: 8,821 121,706
MID CAP GROWTH PORTFOLIO INSTITUTIONAL CLASS SHARES: 3,094,072 58,507,610
INTERNATIONAL EQUITY PORTFOLIO INSTITUTIONAL CLASS SHARES: 11,400,401 145,685,924
INTERNATIONAL EQUITY PORTFOLIO INVESTMENT CLASS SHARES: 20,355 267,883
BALANCED PORTFOLIO INSTITUTIONAL CLASS SHARES: 3,040,319 40,646,647
MULTI-ASSET CLASS PORTFOLIO INSTITUTIONALCLASS SHARES: 6,609,112 76,136,347
MULTI-ASSET CLASS PORTFOLIO INVESTMENT CLASS SHARES: 248,186 3,020,092
FIXED INCOME PORTFOLIO INSTITUTIONAL CLASS SHARES: 37,652,635 440,800,757
DOMESTIC FIXED INCOME PORTFOLIO INSTITUTIONAL CLASS SHARES: 5,723,950 62,619,450
FIXED INCOME II PORTFOLIO INSTITUTIONAL CLASS SHARES: 4,437,625 49,696,447
SPECIAL PURPOSE FIXED INCOME PORTFOLIO INSTITUTIONAL CLASS SHARES: 8,626,315 103,801,746
SPECIAL PURPOSE FIXED INCOME PORTFOLIO INVESTMENT CLASS SHARES: 63,172 757,804
GLOBAL FIXED INCOME PORTFOLIO INSTITUTIONAL CLASS SHARES: 2,556,867 27,691,763
INTERNATIONAL FIXED INCOME PORTFOLIO INSTITUTIONAL CLASS SHARES: 6,560,808 70,948,596
LIMITED DURATION PORTFOLIO INSTITUTIONAL CLASS SHARES: 9,584,764 99,081,492
HIGH YIELD PORTFOLIO INSTITUTIONAL CLASS SHARES: 17,601,487 157,380,352
HIGH YIELD PORTFOLIO INVESTMENT CLASS SHARES: 546,231 4,914,994
MORTGAGE-BACKED SECURITIES PORTFOLIO INSTITUTIONAL CLASS SHARES: 551,672 5,647,395
CASH RESERVES PORTFOLIO INSTITUTIONAL CLASS SHARES: 143,726,175 143,726,175
MUNICIPAL PORTFOLIO INSTITUTIONAL CLASS SHARES: 1,541,733 17,213,312
PA MUNICIPAL PORTFOLIO INSTITUTIONAL CLASS SHARES: 1,153,583 13,002,612
INTERMEDIATE DURATION PORTFOLIO INSTITUTIONAL CLASS SHARES: 2,133,167 21,693,947
ADVISORY FOREIGN FIXED INCOME PORTFOLIO INSTITUTIONAL CLASS SHARES: 31,538,957 349,384,091
EMERGING MARKETS INSTITUTIONAL CLASS SHARES: 801,025 9,067,608
ADVISORY MORTGAGE INSTITUTIONAL CLASS SHARES: 80,398,977 826,455,547
--------------
$4,047,894,345
</TABLE>
* THE SELECT EQUITY PORTFOLIO CEASED OPERATIONS ON JULY 31, 1996
<PAGE> 6
SCHEDULE "C"
NUMBER AND AGGREGATE SALE PRICE OF SECURITIES ISSUED DURING THE FISCAL YEAR IN
CONNECTION WITH DIVIDEND REINVESTMENT PLANS, IF APPLICABLE:
<TABLE>
<CAPTION>
SHARES: PRICE:
------- ------
<S> <C> <C>
EQUITY PORTFOLIO INSTITUTIONAL CLASS SHARES: 6,676,259 $157,127,018
EQUITY PORTFOLIO INVESTMENT CLASS SHARES: 21 530
SELECT EQUITY PORTFOLIO INSTITUTIONAL CLASS SHARES: * 277,848 3,284,512
VALUE PORTFOLIO INSTITUTIONAL CLASS SHARES: 10,268,849 143,059,262
VALUE PORTFOLIO INVESTMENT CLASS SHARES: 798 11,689
VALUE PORTFOLIO ADVISER CLASS SHARES: 0 0
SMALL CAP VALUE PORTFOLIO INSTITUTIONAL CLASS SHARES: 3,496,344 55,347,126
MID CAP VALUE PORTFOLIO INSTITUTIONAL CLASS SHARES: 51,984 611,327
MID CAP VALUE PORTFOLIO INVESTMENT CLASS SHARES: 0 0
MID CAP GROWTH INSTITUTIONAL CLASS SHARES: 3,125,772 52,044,098
INTERNATIONAL EQUITY PORTFOLIO INSTITUTIONAL CLASS SHARES: 1,210,781 14,783,631
INTERNATIONAL EQUITY PORTFOLIO INVESTMENT CLASS SHARES: 0 0
BALANCED PORTFOLIO INSTITUTIONAL CLASS SHARES: 1,858,017 24,119,468
MULTI-ASSET CLASS PORTFOLIO INSTITUTIONAL CLASS SHARES: 541,110 6,225,969
MULTI-ASSET CLASS PORTFOLIO INVESTMENT CLASS SHARES: 2,277 27,118
FIXED INCOME PORTFOLIO INSTITUTIONAL CLASS SHARES: 7,612,276 88,188,249
DOMESTIC FIXED INCOME PORTFOLIO INSTITUTIONAL CLASS SHARES: 279,141 3,008,890
FIXED INCOME II PORTFOLIO INSTITUTIONAL CLASS SHARES: 781,311 8,664,003
SPECIAL PURPOSE FIXED INCOME PORTFOLIO INSTITUTIONAL CLASS SHARES: 2,827,076 34,093,943
SPECIAL PURPOSE FIXED INCOME PORTFOLIO INVESTMENT CLASS SHARES: 678 8,009
GLOBAL FIXED INCOME PORTFOLIO INSTITUTIONAL CLASS SHARES: 291,344 3,128,809
INTERNATIONAL FIXED INCOME PORTFOLIO INSTITUTIONAL CLASS SHARES: 1,054,442 11,131,517
LIMITED DURATION PORTFOLIO INSTITUTIONAL CLASS SHARES: 480,341 4,921,291
HIGH YIELD PORTFOLIO INSTITUTIONAL CLASS SHARES: 1,829,755 16,059,626
HIGH YIELD PORTFOLIO INVESTMENT CLASS SHARES: 5,569 48,836
MORTGAGE-BACKED SECURITIES PORTFOLIO INSTITUTIONAL CLASS SHARES: 199,066 2 ,035,948
CASH RESERVES PORTFOLIO INSTITUTIONAL CLASS SHARES: 2,738,862 2,738,862
MUNICIPAL PORTFOLIO INSTITUTIONAL CLASS SHARES: 129,920 1,442,923
PA MUNICIPAL PORTFOLIO INSTITUTIONAL CLASS SHARES: 74,423 838,410
INTERMEDIATE DURATION PORTFOLIO INSTITUTIONAL CLASS SHARES: 171,038 1,746,023
ADVISORY FOREIGN FIXED INCOME PORTFOLIO INSTITUTIONAL CLASS SHARES: 2,758,334 29,798,001
EMERGING MARKETS PORTFOLIO INSTITUTIONAL CLASS SHARES: 235,003 2,439,334
ADVISORY MORTGAGE PORTFOLIO INSTITUTIONAL CLASS SHARES: 8,555,554 87,864,789
------------
$754,799,211
</TABLE>
* THE SELECT EQUITY PORTFOLIO CEASED OPERATIONS ON JULY 31, 1996.
<PAGE> 7
SCHEDULE "D"
AGGREGATE PRICE OF SHARES REDEEMED OR REPURCHASED DURING THE FISCAL YEAR, IF
APPLICABLE:
<TABLE>
<CAPTION>
SHARES: PRICE
-------- -----
<S> <C> <C>
EQUITY PORTFOLIO INSTITUTIONAL CLASS SHARES: 23,580,150 $579,291,995
EQUITY PORTFOLIO INVESTMENT CLASS SHARES: 442 10,592
SELECT EQUITY PORTFOLIO INSTITUTIONAL CLASS SHARES: * 3,455,669 40,148,514
VALUE PORTFOLIO INSTITUTIONAL CLASS SHARES: 40,738,782 606,431,107
VALUE PORTFOLIO INVESTMENT CLASS SHARES: 3,415 48,577
VALUE PORTFOLIO ADVISER CLASS SHARES: 717 11,200
SMALL CAP VALUE PORTFOLIO INSTITUTIONAL CLASS SHARES: 4,377,148 77,653,136
MID CAP VALUE PORTFOLIO INSTITUTIONAL CLASS SHARES: 59,539 781,710
MID CAP VALUE PORTFOLIO INVESTMENT CLASS SHARES: 0 0
MID CAP GROWTH PORTFOLIO INSTITUTIONAL CLASS SHARES: 6,656,954 126,022,514
INTERNATIONAL EQUITY PORTFOLIO INSTITUTIONAL CLASS SHARES: 57,390,751 722,596,274
INTERNATIONAL EQUITY PORTFOLIO INVESTMENT CLASS SHARES: 2,604 33,817
BALANCED PORTFOLIO INSTITUTIONAL CLASS SHARES: 8,743,918 115,185,945
MULTI-ASSET CLASS PORTFOLIO INSTITUTIONAL CLASS SHARES: 5,135,443 61,779,664
MULTI-ASSET CLASS PORTFOLIO INVESTMENT CLASS SHARES: 0 0
FIXED INCOME PORTFOLIO INSTITUTIONAL CLASS SHARES: 19,803,427 232,193,503
DOMESTIC FIXED INCOME PORTFOLIO INSTITUTIONAL CLASS SHARES: 520,312 5,633,926
FIXED INCOME II PORTFOLIO INSTITUTIONAL CLASS SHARES: 3,763,267 42,178,867
SPECIAL PURPOSE FIXED INCOME PORTFOLIO INSTITUTIONAL CLASS SHARES: 6,090,635 74,327,574
SPECIAL PURPOSE FIXED INCOME PORTFOLIO INVESTMENT CLASS SHARES: 0 0
GLOBAL FIXED INCOME PORTFOLIO INSTITUTIONAL CLASS SHARES: 1,725,279 19,167,445
INTERNATIONAL FIXED INCOME PORTFOLIO INSTITUTIONAL CLASS SHARES: 5,940,309 62,560,771
LIMITED DURATION PORTFOLIO INSTITUTIONAL CLASS SHARES: 7,816,804 80,842,861
HIGH YIELD PORTFOLIO INSTITUTIONAL CLASS SHARES: 12,630,849 113,632,043
HIGH YIELD PORTFOLIO INVESTMENT CLASS SHARES: 0 0
MORTGAGE-BACKED SECURITIES PORTFOLIO INSTITUTIONAL CLASS SHARES: 607,996 6,390,220
CASH RESERVES PORTFOLIO INSTITUTIONAL CLASS SHARES: 112,591,347 112,591,347
MUNICIPAL PORTFOLIO INSTITUTIONAL CLASS SHARES: 168,637 1,883,283
PA MUNICIPAL PORTFOLIO INSTITUTIONAL CLASS SHARES: 165,209 1,860,261
INTERMEDIATE DURATION PORTFOLIO INSTITUTIONAL CLASS SHARES: 2,935,815 29,840,313
ADVISORY FOREIGN FIXED INCOME PORTFOLIO INSTITUTIONAL CLASS SHARES: 63,889,307 709,001,115
EMERGING MARKETS PORTFOLIO INSTITUTIONAL CLASS SHARES: 1,823,343 20,351,262
ADVISORY MORTGAGE PORTFOLIO INSTITUTIONAL CLASS SHARES 35,653,856 371,216,680
--------------
$4,213,666,516
</TABLE>
* THE SELECT EQUITY PORTFOLIO CEASED OPERATIONS ON JULY 31, 1996.
<PAGE> 8
November 26, 1996
MAS Funds
c/o Miller Anderson & Sherrerd, LLP
One Tower Bridge, Suite 1150
West Conshohocken, PA 19428-0868
Re: Rule 24f-2 Notice for MAS Funds
(Registration No. 2-89729)
-------------------------------
Ladies and Gentlemen:
MAS Funds (the "Fund") is a business trust established under the laws of the
Commonwealth of Pennsylvania with its principal place of business in West
Conshohocken, Pennsylvania. The Fund is an open-end management investment
company registered with the Securities and Exchange Commission (the
"Commission") under the Investment Company Act of 1940 (the "1940 Act"). This
opinion relates to shares of beneficial interest, without par value, issued by
the Fund in reliance upon Rule 24f-2 for the fiscal year ended September 30,
1996, the registration of which is made definite by the filing of the attached
Notice.
We have reviewed all proceedings taken by the Fund in connection with the
authorization of an unlimited number of shares of beneficial interest, without
par value, which have been offered under prospectuses included as part of the
Fund's Registration Statement on Form N-1A, as amended to the date hereof,
which has been filed with the Commission under the Securities Act of 1933 and
the 1940 Act (collectively, the "Prospectus").
We are of the opinion that such shares of beneficial interest, when sold and
issued in return for the payment described in the Fund's Prospectus, were
legally issued, fully paid and non-assessable by the Fund.
The Fund is an entity of the type commonly known as a "Pennsylvania business
trust." Under Pennsylvania law, shareholders could, under certain
circumstances, be held personally liable for the obligations of the Fund. The
By-laws of the Fund states that creditors of, contractors with and claimants
against the Fund shall look only to the assets of the Fund for payment. It
also
<PAGE> 9
One Tower Bridge
November 26, 1996
Page 2
requires that notice of such disclaimer be given in each contract or instrument
made or issued by the officers or the Trustees of the Fund on behalf of the
Fund. The By-laws of the Fund further provide: (i) for indemnification out of
Fund assets for all loss and expense of any shareholder held personally liable
for the obligations of the Fund by virtue of ownership of Shares of the Fund;
and (ii) for the Fund to assume the defense of any claim against the
shareholder for any act or obligation of the Fund. Thus, the risk of a
shareholder incurring financial loss on account of shareholder liability is
limited to circumstances in which the Fund would be unable to meet its
obligations.
We hereby consent to this opinion accompanying the Rule 24f-2 Notice which the
Fund is about to file with the Securities and Exchange Commission.
Very truly yours,
/s/ Morgan, Lewis & Bockius LLP
cc: Ms. Lorraine Truten
Mr. Douglas Kugler
