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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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<PAGE> PAGE 41
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<PAGE> PAGE 42
048 J021200 0.000
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066 F001200 N
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<PAGE> PAGE 43
070 C021200 N
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<PAGE> PAGE 44
072 Q001200 0
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<PAGE> PAGE 45
075 A001200 0
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<PAGE> PAGE 46
048 E021300 0.000
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<PAGE> PAGE 47
066 A001300 N
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070 D021300 N
070 E011300 N
070 E021300 N
070 F011300 N
070 F021300 N
070 G011300 N
070 G021300 N
070 H011300 N
070 H021300 N
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<PAGE> PAGE 48
072 G001300 74
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<PAGE> PAGE 49
074 R041300 85
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024 001400 Y
025 A001401 DONALDSON, LUFKIN & JENRETTE SECURITIES
025 B001401 13-2741729
025 C001401 D
025 D001401 3412
025 A001402 CHASE MORTGAGE FINANCE CORP.
025 B001402 13-2633612
025 C001402 D
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025 A001403 MERRILL LYNCH MORTGAGE INVESTORS, INC.
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<PAGE> PAGE 50
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<PAGE> PAGE 51
048 K021400 0.000
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<PAGE> PAGE 52
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<PAGE> PAGE 53
072 U001400 0
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<PAGE> PAGE 54
025 A001601 DONALDSON, LUFKIN & JENRETTE
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<PAGE> PAGE 55
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<PAGE> PAGE 56
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<PAGE> PAGE 57
071 A001600 85554
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<PAGE> PAGE 58
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024 001800 Y
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<PAGE> PAGE 59
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<PAGE> PAGE 60
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062 P001800 51.4
062 Q001800 0.0
062 R001800 0.3
063 A001800 0
063 B001800 11.0
064 A001800 Y
064 B001800 N
066 A001800 N
067 001800 N
068 A001800 N
068 B001800 N
069 001800 N
070 A011800 Y
070 A021800 Y
070 B011800 N
070 B021800 N
070 C011800 Y
070 C021800 N
070 D011800 Y
<PAGE> PAGE 61
070 D021800 N
070 E011800 Y
070 E021800 Y
070 F011800 Y
070 F021800 N
070 G011800 Y
070 G021800 N
070 H011800 Y
070 H021800 N
070 I011800 N
070 I021800 N
070 J011800 Y
070 J021800 Y
070 K011800 Y
070 K021800 Y
070 L011800 Y
070 L021800 Y
070 M011800 Y
070 M021800 Y
070 N011800 Y
070 N021800 Y
070 O011800 Y
070 O021800 N
070 P011800 Y
070 P021800 N
070 Q011800 N
070 Q021800 N
070 R011800 Y
070 R021800 N
071 A001800 939632
071 B001800 926752
071 C001800 467978
071 D001800 198
072 A001800 12
072 B001800 34172
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072 J001800 26
072 K001800 0
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<PAGE> PAGE 62
072 S001800 0
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072 W001800 79
072 X001800 2361
072 Y001800 26
072 Z001800 33308
072AA001800 14952
072BB001800 0
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072DD021800 68
072EE001800 6897
073 A011800 0.8700
073 A021800 0.8500
073 B001800 0.1800
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074 B001800 18048
074 C001800 4050
074 D001800 504164
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<PAGE> PAGE 63
076 001800 0.00
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<PAGE> PAGE 64
042 B001900 0
042 C001900 0
042 D001900 0
042 E001900 0
042 F001900 0
042 G001900 0
042 H001900 0
043 001900 0
044 001900 0
045 001900 Y
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047 001900 Y
048 001900 0.300
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048 A021900 0.000
048 B011900 0
048 B021900 0.000
048 C011900 0
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048 G021900 0.000
048 H011900 0
048 H021900 0.000
048 I011900 0
048 I021900 0.000
048 J011900 0
048 J021900 0.000
048 K011900 0
048 K021900 0.000
049 001900 N
050 001900 N
051 001900 N
052 001900 N
053 A001900 N
055 A001900 N
055 B001900 N
056 001900 Y
057 001900 N
058 A001900 N
059 001900 Y
060 A001900 Y
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061 001900 0
062 A001900 Y
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<PAGE> PAGE 65
062 C001900 0.0
062 D001900 3.8
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062 J001900 0.0
062 K001900 0.0
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062 M001900 12.7
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062 Q001900 5.2
062 R001900 0.2
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063 B001900 3.5
064 A001900 Y
064 B001900 N
066 A001900 N
067 001900 N
068 A001900 N
068 B001900 N
069 001900 N
070 A011900 Y
070 A021900 Y
070 B011900 N
070 B021900 N
070 C011900 Y
070 C021900 N
070 D011900 Y
070 D021900 N
070 E011900 Y
070 E021900 Y
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070 J021900 N
070 K011900 Y
070 K021900 Y
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<PAGE> PAGE 66
070 N011900 Y
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<PAGE> PAGE 67
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024 002000 N
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028 A022000 65
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<PAGE> PAGE 68
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039 002000 N
040 002000 N
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045 002000 Y
046 002000 N
047 002000 Y
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048 I022000 0.000
048 J012000 0
048 J022000 0.000
048 K012000 0
048 K022000 0.000
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050 002000 N
051 002000 N
052 002000 N
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055 A002000 N
<PAGE> PAGE 69
055 B002000 N
056 002000 Y
057 002000 N
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066 A002000 N
067 002000 N
068 A002000 N
068 B002000 N
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<PAGE> PAGE 70
070 I012000 N
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070 K012000 Y
070 K022000 Y
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070 M022000 N
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072 Z002000 1328
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<PAGE> PAGE 71
072BB002000 0
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074 N002000 28589
074 O002000 1027
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024 002100 N
028 A012100 508
028 A022100 171
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028 A042100 194
028 B012100 4057
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<PAGE> PAGE 72
028 B042100 64
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028 E012100 1382
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038 002100 0
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<PAGE> PAGE 73
048 K012100 0
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055 A002100 N
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<PAGE> PAGE 74
070 D012100 Y
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070 H012100 Y
070 H022100 N
070 I012100 N
070 I022100 N
070 J012100 Y
070 J022100 N
070 K012100 Y
070 K022100 Y
070 L012100 Y
070 L022100 N
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070 M022100 N
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070 N022100 N
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<PAGE> PAGE 75
072 R002100 18
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<PAGE> PAGE 76
075 B002100 64215
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024 002200 Y
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025 A002206 SALOMON BROS., INC.
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<PAGE> PAGE 77
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<PAGE> PAGE 78
049 002200 N
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<PAGE> PAGE 79
070 E012200 Y
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<PAGE> PAGE 80
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<PAGE> PAGE 81
024 002300 N
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<PAGE> PAGE 82
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<PAGE> PAGE 83
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<PAGE> PAGE 84
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<PAGE> PAGE 85
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<PAGE> PAGE 86
048 C012500 0
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<PAGE> PAGE 87
063 B002500 6.6
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<PAGE> PAGE 88
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<PAGE> PAGE 89
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<PAGE> PAGE 90
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<PAGE> PAGE 91
051 002600 N
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<PAGE> PAGE 92
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<PAGE> PAGE 93
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<PAGE> PAGE 94
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<PAGE> PAGE 95
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<PAGE> PAGE 96
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<PAGE> PAGE 97
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<PAGE> PAGE 98
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<PAGE> PAGE 99
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<PAGE> PAGE 100
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<PAGE> PAGE 101
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<PAGE> PAGE 103
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<PAGE> PAGE 104
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<PAGE> PAGE 105
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<PAGE> PAGE 106
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<PAGE> PAGE 107
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<PAGE> PAGE 108
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<PAGE> PAGE 109
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<PAGE> PAGE 110
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<PAGE> PAGE 111
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<PAGE> PAGE 113
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<PAGE> PAGE 115
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SIGNATURE DOUGLAS W. KUGLER
TITLE TREASURER
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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</TABLE>
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<CIK> 0000741375
<NAME> MAS FUNDS
<SERIES>
<NUMBER> 16
<NAME> MORTGAGE-BACKED SECURITIES PORTFOLIO, INSTITUTIONAL CLASS
<MULTIPLIER> 1,000
<S> <C>
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<ACCUMULATED-NET-GAINS> (2,861)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 658
<NET-ASSETS> 38,085
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<NET-INVESTMENT-INCOME> 4,031
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<NET-CHANGE-IN-ASSETS> (1,344)
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<GROSS-EXPENSE> 281
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</TABLE>
<TABLE> <S> <C>
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<CIK> 0000741375
<NAME> MAS FUNDS
<SERIES>
<NUMBER> 19
<NAME> LIMITED DURATION PORTFOLIO, INSTITUTIONAL CLASS
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
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<PERIOD-START> OCT-01-1996
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<ACCUMULATED-NET-GAINS> (4,002)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 394
<NET-ASSETS> 155,570
<DIVIDEND-INCOME> 151
<INTEREST-INCOME> 8,780
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<EXPENSES-NET> (571)
<NET-INVESTMENT-INCOME> 8,360
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<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 5,709
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<NET-CHANGE-IN-ASSETS> 32,343
<ACCUMULATED-NII-PRIOR> 1,710
<ACCUMULATED-GAINS-PRIOR> (4,668)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 408
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 584
<AVERAGE-NET-ASSETS> 206,859
<PER-SHARE-NAV-BEGIN> 10.38
<PER-SHARE-NII> 0.62
<PER-SHARE-GAIN-APPREC> 0.08
<PER-SHARE-DIVIDEND> (0.59)
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<PER-SHARE-NAV-END> 10.49
<EXPENSE-RATIO> 0.43
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000741375
<NAME> MAS FUNDS
<SERIES>
<NUMBER> 181
<NAME> SPECIAL PURPOSE FIXED INCOME PORTFOLIO, INSTITUTIONAL CLASS
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 516,281
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<RECEIVABLES> 11,716
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<OTHER-ITEMS-ASSETS> 31
<TOTAL-ASSETS> 539,544
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<PAID-IN-CAPITAL-COMMON> 464,940
<SHARES-COMMON-STOCK> 39,184
<SHARES-COMMON-PRIOR> 36,517
<ACCUMULATED-NII-CURRENT> 9,955
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<ACCUMULATED-NET-GAINS> 8,474
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 10,676
<NET-ASSETS> 494,045
<DIVIDEND-INCOME> 1,471
<INTEREST-INCOME> 34,172
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<EXPENSES-NET> (2,335)
<NET-INVESTMENT-INCOME> 33,308
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<NET-CHANGE-IN-ASSETS> 20,584
<ACCUMULATED-NII-PRIOR> 11,292
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<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,816
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,389
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<PER-SHARE-NAV-BEGIN> 12.26
<PER-SHARE-NII> 0.85
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<PER-SHARE-DIVIDEND> (0.87)
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<PER-SHARE-NAV-END> 12.58
<EXPENSE-RATIO> 0.49
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000741375
<NAME> MAS FUNDS
<SERIES>
<NUMBER> 182
<NAME> SPECIAL PURPOSE FIXED INCOME PORTFOLIO, INVESTMENT CLASS
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
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<ASSETS-OTHER> 14
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<NET-INVESTMENT-INCOME> 33,308
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<NUMBER-OF-SHARES-REDEEMED> (4)
<SHARES-REINVESTED> 7
<NET-CHANGE-IN-ASSETS> 20,584
<ACCUMULATED-NII-PRIOR> 11,292
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<GROSS-ADVISORY-FEES> 1,816
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<GROSS-EXPENSE> 2,389
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<PER-SHARE-DIVIDEND> (0.85)
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<PER-SHARE-NAV-END> 12.56
<EXPENSE-RATIO> 0.67
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000741375
<NAME> MAS FUNDS
<SERIES>
<NUMBER> 281
<NAME> MULTI-ASSET-CLASS PORTFOLIO, INSTITUTIONAL CLASS
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
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<INVESTMENTS-AT-COST> 157,767
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<PER-SHARE-NII> 0.38
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<CIK> 0000741375
<NAME> MAS FUNDS
<SERIES>
<NUMBER>
<NAME> MULTI-ASSET-CLASS PORTFOLIO, INVESTMENT CLASS
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
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<OVERDISTRIBUTION-GAINS> 0
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<NUMBER-OF-SHARES-REDEEMED> (4)
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</TABLE>
<TABLE> <S> <C>
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<CIK> 0000741375
<NAME> MAS FUNDS
<SERIES>
<NUMBER> 29
<NAME> ADVISORY FOREIGN FIXED INCOME PORTFOLIO
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1997
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</TABLE>
<TABLE> <S> <C>
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<CIK> 0000741375
<NAME> MAS FUNDS
<SERIES>
<NUMBER> 30
<NAME> ADVISORY MORTGAGE PORTFOLIO
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1997
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<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.59
<EXPENSE-RATIO> 0.09
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000741375
<NAME> MAS FUNDS
<SERIES>
<NUMBER> 221
<NAME> BALANCED PORTFOLIO, INSTITUTIONAL CLASS
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 383,663
<INVESTMENTS-AT-VALUE> 437,376
<RECEIVABLES> 5,610
<ASSETS-OTHER> 12
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 442,998
<PAYABLE-FOR-SECURITIES> 6,307
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 62,098
<TOTAL-LIABILITIES> 68,405
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 278,032
<SHARES-COMMON-STOCK> 22,438
<SHARES-COMMON-PRIOR> 21,781
<ACCUMULATED-NII-CURRENT> 3,747
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 39,266
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 53,548
<NET-ASSETS> 374,593
<DIVIDEND-INCOME> 3,815
<INTEREST-INCOME> 10,178
<OTHER-INCOME> 0
<EXPENSES-NET> (1,961)
<NET-INVESTMENT-INCOME> 12,032
<REALIZED-GAINS-CURRENT> 45,178
<APPREC-INCREASE-CURRENT> 24,679
<NET-CHANGE-FROM-OPS> 81,889
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (12,124)
<DISTRIBUTIONS-OF-GAINS> (30,896)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,110
<NUMBER-OF-SHARES-REDEEMED> (5,724)
<SHARES-REINVESTED> 3,271
<NET-CHANGE-IN-ASSETS> 73,725
<ACCUMULATED-NII-PRIOR> 4,707
<ACCUMULATED-GAINS-PRIOR> 26,066
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,527
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,009
<AVERAGE-NET-ASSETS> 339,375
<PER-SHARE-NAV-BEGIN> 13.81
<PER-SHARE-NII> 0.51
<PER-SHARE-GAIN-APPREC> 2.91
<PER-SHARE-DIVIDEND> (0.54)
<PER-SHARE-DISTRIBUTIONS> (1.39)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.30
<EXPENSE-RATIO> 0.58
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000741375
<NAME> MAS FUNDS
<SERIES>
<NUMBER> 222
<NAME> BALANCED PORTFOLIO, INVESTMENT CLASS
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> APR-04-1997
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 383,663
<INVESTMENTS-AT-VALUE> 473,376
<RECEIVABLES> 5,610
<ASSETS-OTHER> 12
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 442,998
<PAYABLE-FOR-SECURITIES> 6,307
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 62,098
<TOTAL-LIABILITIES> 68,405
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 278,032
<SHARES-COMMON-STOCK> 1,789
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 3,747
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 39,266
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 53,548
<NET-ASSETS> 374,593
<DIVIDEND-INCOME> 3,815
<INTEREST-INCOME> 10,178
<OTHER-INCOME> 0
<EXPENSES-NET> (1,961)
<NET-INVESTMENT-INCOME> 12,032
<REALIZED-GAINS-CURRENT> 45,178
<APPREC-INCREASE-CURRENT> 24,679
<NET-CHANGE-FROM-OPS> 81,889
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (26)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 287
<NUMBER-OF-SHARES-REDEEMED> (31)
<SHARES-REINVESTED> 2
<NET-CHANGE-IN-ASSETS> 73,725
<ACCUMULATED-NII-PRIOR> 4,707
<ACCUMULATED-GAINS-PRIOR> 26,066
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,527
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,009
<AVERAGE-NET-ASSETS> 339,375
<PER-SHARE-NAV-BEGIN> 13.11
<PER-SHARE-NII> 0.30
<PER-SHARE-GAIN-APPREC> 2.09
<PER-SHARE-DIVIDEND> (0.20)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.30
<EXPENSE-RATIO> 0.73
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000741375
<NAME> MAS FUNDS
<SERIES>
<NUMBER> 223
<NAME> BALANCED PORTFOLIO, ADVISER CLASS
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> NOV-01-1996
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 383,663
<INVESTMENTS-AT-VALUE> 437,376
<RECEIVABLES> 5,610
<ASSETS-OTHER> 12
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 442,998
<PAYABLE-FOR-SECURITIES> 6,307
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 62,098
<TOTAL-LIABILITIES> 68,405
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 278,032
<SHARES-COMMON-STOCK> 258
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 3,747
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 39,266
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 53,548
<NET-ASSETS> 374,593
<DIVIDEND-INCOME> 3,815
<INTEREST-INCOME> 10,178
<OTHER-INCOME> 0
<EXPENSES-NET> (1,961)
<NET-INVESTMENT-INCOME> 12,032
<REALIZED-GAINS-CURRENT> 45,178
<APPREC-INCREASE-CURRENT> 24,679
<NET-CHANGE-FROM-OPS> 81,889
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (416)
<DISTRIBUTIONS-OF-GAINS> (1,236)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,812
<NUMBER-OF-SHARES-REDEEMED> (149)
<SHARES-REINVESTED> 126
<NET-CHANGE-IN-ASSETS> 73,725
<ACCUMULATED-NII-PRIOR> 4,707
<ACCUMULATED-GAINS-PRIOR> 26,066
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,527
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,009
<AVERAGE-NET-ASSETS> 339,375
<PER-SHARE-NAV-BEGIN> 14.05
<PER-SHARE-NII> 0.42
<PER-SHARE-GAIN-APPREC> 2.60
<PER-SHARE-DIVIDEND> (0.38)
<PER-SHARE-DISTRIBUTIONS> (1.39)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.30
<EXPENSE-RATIO> 0.85
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000741375
<NAME> MAS FUNDS
<SERIES>
<NUMBER> 06
<NAME> DOMESTIC FIXED INCOME PORTFOLIO, INSTITUTIONAL CLASS
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 100,617
<INVESTMENTS-AT-VALUE> 102,078
<RECEIVABLES> 1,887
<ASSETS-OTHER> 3
<OTHER-ITEMS-ASSETS> 3
<TOTAL-ASSETS> 103,971
<PAYABLE-FOR-SECURITIES> 3,856
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,161
<TOTAL-LIABILITIES> 7,017
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 92,986
<SHARES-COMMON-STOCK> 8,600
<SHARES-COMMON-PRIOR> 8,759
<ACCUMULATED-NII-CURRENT> 1,805
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 702
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,461
<NET-ASSETS> 96,954
<DIVIDEND-INCOME> 275
<INTEREST-INCOME> 6,854
<OTHER-INCOME> 0
<EXPENSES-NET> (510)
<NET-INVESTMENT-INCOME> 6,619
<REALIZED-GAINS-CURRENT> 1,892
<APPREC-INCREASE-CURRENT> 1,312
<NET-CHANGE-FROM-OPS> 9,823
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (6,034)
<DISTRIBUTIONS-OF-GAINS> (179)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,909
<NUMBER-OF-SHARES-REDEEMED> (3,553)
<SHARES-REINVESTED> 484
<NET-CHANGE-IN-ASSETS> 1,592
<ACCUMULATED-NII-PRIOR> 1,348
<ACCUMULATED-GAINS-PRIOR> (1,139)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 394
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 527
<AVERAGE-NET-ASSETS> 102,078
<PER-SHARE-NAV-BEGIN> 10.89
<PER-SHARE-NII> 0.74
<PER-SHARE-GAIN-APPREC> 0.33
<PER-SHARE-DIVIDEND> (0.67)
<PER-SHARE-DISTRIBUTIONS> (0.02)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.27
<EXPENSE-RATIO> 0.51
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000741375
<NAME> MAS FUNDS
<SERIES>
<NUMBER> 27
<NAME> EMERGING MARKETS PORTFOLIO
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 20,957
<INVESTMENTS-AT-VALUE> 23,089
<RECEIVABLES> 109
<ASSETS-OTHER> 2
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 23,200
<PAYABLE-FOR-SECURITIES> 252
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 140
<TOTAL-LIABILITIES> 392
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 17,829
<SHARES-COMMON-STOCK> 1,838
<SHARES-COMMON-PRIOR> 2,863
<ACCUMULATED-NII-CURRENT> 91
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,776
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,112
<NET-ASSETS> 22,808
<DIVIDEND-INCOME> 181
<INTEREST-INCOME> 564
<OTHER-INCOME> 0
<EXPENSES-NET> (355)
<NET-INVESTMENT-INCOME> 390
<REALIZED-GAINS-CURRENT> 2,998
<APPREC-INCREASE-CURRENT> 2,027
<NET-CHANGE-FROM-OPS> 5,415
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (572)
<DISTRIBUTIONS-OF-GAINS> (2,288)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 488
<NUMBER-OF-SHARES-REDEEMED> (1,762)
<SHARES-REINVESTED> 249
<NET-CHANGE-IN-ASSETS> (10,176)
<ACCUMULATED-NII-PRIOR> 277
<ACCUMULATED-GAINS-PRIOR> 2,062
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 255
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 385
<AVERAGE-NET-ASSETS> 29,949
<PER-SHARE-NAV-BEGIN> 11.52
<PER-SHARE-NII> 0.16
<PER-SHARE-GAIN-APPREC> 1.73
<PER-SHARE-DIVIDEND> (0.20)
<PER-SHARE-DISTRIBUTIONS> (0.80)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.41
<EXPENSE-RATIO> 1.18
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000741375
<NAME> MAS FUNDS
<SERIES>
<NUMBER> 011
<NAME> EQUITY PORTFOLIO, INSTITUTIONAL CLASS
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 1,114,517
<INVESTMENTS-AT-VALUE> 1,416,413
<RECEIVABLES> 15,017
<ASSETS-OTHER> 46
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,431,476
<PAYABLE-FOR-SECURITIES> 5,450
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 111,125
<TOTAL-LIABILITIES> 116,575
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 670,052
<SHARES-COMMON-STOCK> 44,576
<SHARES-COMMON-PRIOR> 56,179
<ACCUMULATED-NII-CURRENT> 4,070
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 338,883
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 301,896
<NET-ASSETS> 1,314,901
<DIVIDEND-INCOME> 22,626
<INTEREST-INCOME> 3,614
<OTHER-INCOME> 0
<EXPENSES-NET> (8,240)
<NET-INVESTMENT-INCOME> 18,000
<REALIZED-GAINS-CURRENT> 379,936
<APPREC-INCREASE-CURRENT> 58,032
<NET-CHANGE-FROM-OPS> 455,968
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (21,326)
<DISTRIBUTIONS-OF-GAINS> (234,965)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,762
<NUMBER-OF-SHARES-REDEEMED> (27,052)
<SHARES-REINVESTED> 10,687
<NET-CHANGE-IN-ASSETS> (127,473)
<ACCUMULATED-NII-PRIOR> 7,536
<ACCUMULATED-GAINS-PRIOR> 200,957
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 6,928
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 8,369
<AVERAGE-NET-ASSETS> 1,385,643
<PER-SHARE-NAV-BEGIN> 25.67
<PER-SHARE-NII> 0.36
<PER-SHARE-GAIN-APPREC> 8.22
<PER-SHARE-DIVIDEND> (0.40)
<PER-SHARE-DISTRIBUTIONS> (4.40)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 29.45
<EXPENSE-RATIO> 0.60
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000741375
<NAME> MAS FUNDS
<SERIES
[NUMBER] 012
[NAME] EQUITY PORTFOLIO, INVESTMENT CLASS
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 1,114,517
<INVESTMENTS-AT-VALUE> 1,416,413
<RECEIVABLES> 15,017
<ASSETS-OTHER> 46
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,431,476
<PAYABLE-FOR-SECURITIES> 5,450
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 111,125
<TOTAL-LIABILITIES> 116,575
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 670,052
<SHARES-COMMON-STOCK> 80
<SHARES-COMMON-PRIOR> 4
<ACCUMULATED-NII-CURRENT> 4,070
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 338,883
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 301,896
<NET-ASSETS> 1,314,901
<DIVIDEND-INCOME> 22,626
<INTEREST-INCOME> 3,614
<OTHER-INCOME> 0
<EXPENSES-NET> (8,240)
<NET-INVESTMENT-INCOME> 18,000
<REALIZED-GAINS-CURRENT> 379,936
<APPREC-INCREASE-CURRENT> 58,032
<NET-CHANGE-FROM-OPS> 455,968
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (19)
<DISTRIBUTIONS-OF-GAINS> (298)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 113
<NUMBER-OF-SHARES-REDEEMED> (51)
<SHARES-REINVESTED> 14
<NET-CHANGE-IN-ASSETS> (127,473)
<ACCUMULATED-NII-PRIOR> 7,536
<ACCUMULATED-GAINS-PRIOR> 200,957
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 6,928
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 8,369
<AVERAGE-NET-ASSETS> 1,385,643
<PER-SHARE-NAV-BEGIN> 25.66
<PER-SHARE-NII> 0.34
<PER-SHARE-GAIN-APPREC> 8.17
<PER-SHARE-DIVIDEND> (0.35)
<PER-SHARE-DISTRIBUTIONS> (4.40)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 29.42
<EXPENSE-RATIO> 0.80
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000741375
<NAME> MAS FUNDS
<SERIES>
<NUMBER> 14
<NAME> FIXED INCOME PORTFOLIO II, INSTITUTIONAL CLASS
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 227,854
<INVESTMENTS-AT-VALUE> 231,876
<RECEIVABLES> 3,828
<ASSETS-OTHER> 7
<OTHER-ITEMS-ASSETS> 4
<TOTAL-ASSETS> 235,715
<PAYABLE-FOR-SECURITIES> 7,863
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,190
<TOTAL-LIABILITIES> 8,209
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 216,715
<SHARES-COMMON-STOCK> 19,770
<SHARES-COMMON-PRIOR> 17,068
<ACCUMULATED-NII-CURRENT> 4,574
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,526
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,847
<NET-ASSETS> 226,662
<DIVIDEND-INCOME> 516
<INTEREST-INCOME> 14,032
<OTHER-INCOME> 0
<EXPENSES-NET> (1,011)
<NET-INVESTMENT-INCOME> 13,537
<REALIZED-GAINS-CURRENT> 4,333
<APPREC-INCREASE-CURRENT> 3,019
<NET-CHANGE-FROM-OPS> 20,889
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (13,889)
<DISTRIBUTIONS-OF-GAINS> (1,963)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,638
<NUMBER-OF-SHARES-REDEEMED> (4,981)
<SHARES-REINVESTED> 1,045
<NET-CHANGE-IN-ASSETS> 2,702
<ACCUMULATED-NII-PRIOR> 4,660
<ACCUMULATED-GAINS-PRIOR> (446)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 776
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,035
<AVERAGE-NET-ASSETS> 206,859
<PER-SHARE-NAV-BEGIN> 11.23
<PER-SHARE-NII> 0.74
<PER-SHARE-GAIN-APPREC> 0.39
<PER-SHARE-DIVIDEND> (0.79)
<PER-SHARE-DISTRIBUTIONS> (0.11)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.46
<EXPENSE-RATIO> 0.50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000741375
<NAME> MAS FUNDS
<SERIES>
<NUMBER> 021
<NAME> FIXED INCOME PORTFOLIO, INSTITUTIONAL CLASS
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 3,955,497
<INVESTMENTS-AT-VALUE> 4,010,740
<RECEIVABLES> 96,757
<ASSETS-OTHER> 67
<OTHER-ITEMS-ASSETS> 55
<TOTAL-ASSETS> 4,107,619
<PAYABLE-FOR-SECURITIES> 251,715
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 549,707
<TOTAL-LIABILITIES> 801,422
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,155,536
<SHARES-COMMON-STOCK> 263,471
<SHARES-COMMON-PRIOR> 151,296
<ACCUMULATED-NII-CURRENT> 57,872
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 40,102
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 52,687
<NET-ASSETS> 3,306,197
<DIVIDEND-INCOME> 8,065
<INTEREST-INCOME> 173,302
<OTHER-INCOME> 0
<EXPENSES-NET> (12,213)
<NET-INVESTMENT-INCOME> 169,154
<REALIZED-GAINS-CURRENT> 62,863
<APPREC-INCREASE-CURRENT> 38,362
<NET-CHANGE-FROM-OPS> 270,379
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (149,960)
<DISTRIBUTIONS-OF-GAINS> (20,590)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 126,596
<NUMBER-OF-SHARES-REDEEMED> (26,436)
<SHARES-REINVESTED> 12,016
<NET-CHANGE-IN-ASSETS> 1,516,051
<ACCUMULATED-NII-PRIOR> 42,529
<ACCUMULATED-GAINS-PRIOR> 298
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 9,431
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 12,518
<AVERAGE-NET-ASSETS> 2,515,555
<PER-SHARE-NAV-BEGIN> 11.83
<PER-SHARE-NII> 0.80
<PER-SHARE-GAIN-APPREC> 0.50
<PER-SHARE-DIVIDEND> (0.78)
<PER-SHARE-DISTRIBUTIONS> (0.13)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.22
<EXPENSE-RATIO> 0.49
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000741375
<NAME> MAS FUNDS
<SERIES>
<NUMBER> 022
<NAME> FIXED INCOME PORTFOLIO, INVESTMENT CLASS
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-15-1996
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 3,955,497
<INVESTMENTS-AT-VALUE> 4,010,740
<RECEIVABLES> 96,757
<ASSETS-OTHER> 67
<OTHER-ITEMS-ASSETS> 55
<TOTAL-ASSETS> 4,107,619
<PAYABLE-FOR-SECURITIES> 251,715
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 549,707
<TOTAL-LIABILITIES> 801,422
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,155,536
<SHARES-COMMON-STOCK> 779,333
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 57,872
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 40,102
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 52,687
<NET-ASSETS> 3,306,197
<DIVIDEND-INCOME> 8,065
<INTEREST-INCOME> 173,302
<OTHER-INCOME> 0
<EXPENSES-NET> (12,213)
<NET-INVESTMENT-INCOME> 169,154
<REALIZED-GAINS-CURRENT> 62,863
<APPREC-INCREASE-CURRENT> 38,362
<NET-CHANGE-FROM-OPS> 270,379
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (341)
<DISTRIBUTIONS-OF-GAINS> (47)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 886
<NUMBER-OF-SHARES-REDEEMED> (133)
<SHARES-REINVESTED> 26
<NET-CHANGE-IN-ASSETS> 1,516,051
<ACCUMULATED-NII-PRIOR> 42,529
<ACCUMULATED-GAINS-PRIOR> 298
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 9,431
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 12,518
<AVERAGE-NET-ASSETS> 2,515,555
<PER-SHARE-NAV-BEGIN> 11.80
<PER-SHARE-NII> 0.75
<PER-SHARE-GAIN-APPREC> 0.40
<PER-SHARE-DIVIDEND> (0.60)
<PER-SHARE-DISTRIBUTIONS> (0.13)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.22
<EXPENSE-RATIO> 0.66
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000741375
<NAME> MAS FUNDS
<SERIES>
<NUMBER> 023
<NAME> FIXED INCOME PORTFOLIO, ADVISOR CLASS
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> NOV-07-1996
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 3,955,497
<INVESTMENTS-AT-VALUE> 4,010,740
<RECEIVABLES> 96,757
<ASSETS-OTHER> 67
<OTHER-ITEMS-ASSETS> 55
<TOTAL-ASSETS> 4,107,619
<PAYABLE-FOR-SECURITIES> 251,715
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 549,707
<TOTAL-LIABILITIES> 801,422
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,155,536
<SHARES-COMMON-STOCK> 6,275
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 57,872
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 40,102
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 52,687
<NET-ASSETS> 3,306,197
<DIVIDEND-INCOME> 8,065
<INTEREST-INCOME> 173,302
<OTHER-INCOME> 0
<EXPENSES-NET> (12,213)
<NET-INVESTMENT-INCOME> 169,154
<REALIZED-GAINS-CURRENT> 62,863
<APPREC-INCREASE-CURRENT> 38,362
<NET-CHANGE-FROM-OPS> 270,379
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,187)
<DISTRIBUTIONS-OF-GAINS> (61)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,870
<NUMBER-OF-SHARES-REDEEMED> (645)
<SHARES-REINVESTED> 50
<NET-CHANGE-IN-ASSETS> 1,516,051
<ACCUMULATED-NII-PRIOR> 42,529
<ACCUMULATED-GAINS-PRIOR> 298
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 9,431
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 12,518
<AVERAGE-NET-ASSETS> 2,515,555
<PER-SHARE-NAV-BEGIN> 12.04
<PER-SHARE-NII> 0.70
<PER-SHARE-GAIN-APPREC> 0.20
<PER-SHARE-DIVIDEND> (0.59)
<PER-SHARE-DISTRIBUTIONS> (0.13)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.22
<EXPENSE-RATIO> 0.77
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000741375
<NAME> MAS FUNDS
<SERIES>
<NUMBER> 23
<NAME> GLOBAL FIXED INCOME PORTFOLIO
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 77,162
<INVESTMENTS-AT-VALUE> 76,409
<RECEIVABLES> 1,867
<ASSETS-OTHER> 2
<OTHER-ITEMS-ASSETS> 239
<TOTAL-ASSETS> 78,517
<PAYABLE-FOR-SECURITIES> 528
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 496
<TOTAL-LIABILITIES> 1,024
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 76,229
<SHARES-COMMON-STOCK> 7,281
<SHARES-COMMON-PRIOR> 6,113
<ACCUMULATED-NII-CURRENT> 1,414
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 921
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1,071)
<NET-ASSETS> 77,493
<DIVIDEND-INCOME> 213
<INTEREST-INCOME> 4,583
<OTHER-INCOME> 0
<EXPENSES-NET> (441)
<NET-INVESTMENT-INCOME> 4,355
<REALIZED-GAINS-CURRENT> (183)
<APPREC-INCREASE-CURRENT> (1,626)
<NET-CHANGE-FROM-OPS> 2,546
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4,111)
<DISTRIBUTIONS-OF-GAINS> (1,137)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,308
<NUMBER-OF-SHARES-REDEEMED> (579)
<SHARES-REINVESTED> 439
<NET-CHANGE-IN-ASSETS> 10,211
<ACCUMULATED-NII-PRIOR> 2,358
<ACCUMULATED-GAINS-PRIOR> 1,053
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 289
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 443
<AVERAGE-NET-ASSETS> 77,113
<PER-SHARE-NAV-BEGIN> 11.01
<PER-SHARE-NII> 0.60
<PER-SHARE-GAIN-APPREC> (0.22)
<PER-SHARE-DIVIDEND> (0.59)
<PER-SHARE-DISTRIBUTIONS> (0.16)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.64
<EXPENSE-RATIO> 0.57
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000741375
<NAME> MAS FUNDS
<SERIES>
<NUMBER> 101
<NAME> HIGH YIELD PORTFOLIO, INSTITUTIONAL CLASS
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 508,751
<INVESTMENTS-AT-VALUE> 537,450
<RECEIVABLES> 18,326
<ASSETS-OTHER> 12
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 555,788
<PAYABLE-FOR-SECURITIES> 15,855
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 791
<TOTAL-LIABILITIES> 16,646
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 487,027
<SHARES-COMMON-STOCK> 51,614
<SHARES-COMMON-PRIOR> 31,105
<ACCUMULATED-NII-CURRENT> 11,795
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 12,232
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 28,088
<NET-ASSETS> 539,142
<DIVIDEND-INCOME> 1,443
<INTEREST-INCOME> 38,219
<OTHER-INCOME> 0
<EXPENSES-NET> (2,081)
<NET-INVESTMENT-INCOME> 37,581
<REALIZED-GAINS-CURRENT> 15,044
<APPREC-INCREASE-CURRENT> 24,005
<NET-CHANGE-FROM-OPS> 76,630
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (34,334)
<DISTRIBUTIONS-OF-GAINS> (1,171)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 30,974
<NUMBER-OF-SHARES-REDEEMED> (12,813)
<SHARES-REINVESTED> 2,349
<NET-CHANGE-IN-ASSETS> 244,193
<ACCUMULATED-NII-PRIOR> 8,657
<ACCUMULATED-GAINS-PRIOR> (1,353)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,558
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,125
<AVERAGE-NET-ASSETS> 415,468
<PER-SHARE-NAV-BEGIN> 9.32
<PER-SHARE-NII> 0.86
<PER-SHARE-GAIN-APPREC> 0.87
<PER-SHARE-DIVIDEND> (0.87)
<PER-SHARE-DISTRIBUTIONS> (0.03)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.15
<EXPENSE-RATIO> 0.51
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000741375
<NAME> MAS FUNDS
<SERIES>
<NUMBER> 102
<NAME> HIGH YIELD PORTFOLIO, INVESTMENT CLASS
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 508,751
<INVESTMENTS-AT-VALUE> 537,450
<RECEIVABLES> 18,326
<ASSETS-OTHER> 12
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 555,788
<PAYABLE-FOR-SECURITIES> 15,855
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 791
<TOTAL-LIABILITIES> 16,646
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 487,027
<SHARES-COMMON-STOCK> 1,075
<SHARES-COMMON-PRIOR> 552
<ACCUMULATED-NII-CURRENT> 11,795
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 12,232
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 28,088
<NET-ASSETS> 539,142
<DIVIDEND-INCOME> 1,443
<INTEREST-INCOME> 38,219
<OTHER-INCOME> 0
<EXPENSES-NET> (2,081)
<NET-INVESTMENT-INCOME> 37,581
<REALIZED-GAINS-CURRENT> 15,044
<APPREC-INCREASE-CURRENT> 24,005
<NET-CHANGE-FROM-OPS> 76,630
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (628)
<DISTRIBUTIONS-OF-GAINS> (20)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,307
<NUMBER-OF-SHARES-REDEEMED> (833)
<SHARES-REINVESTED> 49
<NET-CHANGE-IN-ASSETS> 244,193
<ACCUMULATED-NII-PRIOR> 8,657
<ACCUMULATED-GAINS-PRIOR> (1,353)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,558
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,125
<AVERAGE-NET-ASSETS> 415,468
<PER-SHARE-NAV-BEGIN> 9.31
<PER-SHARE-NII> 0.84
<PER-SHARE-GAIN-APPREC> 0.88
<PER-SHARE-DIVIDEND> (0.84)
<PER-SHARE-DISTRIBUTIONS> (0.03)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.16
<EXPENSE-RATIO> 0.70
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000741375
<NAME> MAS FUNDS
<SERIES>
<NUMBER> 103
<NAME> HIGH YIELD PORTFOLIO, ADVISER CLASS
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> JAN-31-1997
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 508,751
<INVESTMENTS-AT-VALUE> 537,450
<RECEIVABLES> 18,326
<ASSETS-OTHER> 12
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 555,788
<PAYABLE-FOR-SECURITIES> 15,855
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 791
<TOTAL-LIABILITIES> 16,646
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 487,027
<SHARES-COMMON-STOCK> 426
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 11,795
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 12,232
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 28,088
<NET-ASSETS> 539,142
<DIVIDEND-INCOME> 1,443
<INTEREST-INCOME> 38,219
<OTHER-INCOME> 0
<EXPENSES-NET> (2,081)
<NET-INVESTMENT-INCOME> 37,581
<REALIZED-GAINS-CURRENT> 15,044
<APPREC-INCREASE-CURRENT> 24,005
<NET-CHANGE-FROM-OPS> 76,630
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (66)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 557
<NUMBER-OF-SHARES-REDEEMED> (158)
<SHARES-REINVESTED> 7
<NET-CHANGE-IN-ASSETS> 244,193
<ACCUMULATED-NII-PRIOR> 8,657
<ACCUMULATED-GAINS-PRIOR> (1,353)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,558
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,125
<AVERAGE-NET-ASSETS> 415,468
<PER-SHARE-NAV-BEGIN> 9.39
<PER-SHARE-NII> 0.56
<PER-SHARE-GAIN-APPREC> 0.59
<PER-SHARE-DIVIDEND> (0.39)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.15
<EXPENSE-RATIO> 0.78
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000741375
<NAME> MAS FUNDS
<SERIES>
<NUMBER> 26
<NAME> INTERMEDIATE DURATION PORTFOLIO, INSTITUTIONAL CLASS
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 75,848
<INVESTMENTS-AT-VALUE> 76,555
<RECEIVABLES> 9,264
<ASSETS-OTHER> 1
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 85,820
<PAYABLE-FOR-SECURITIES> 8,516
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5,185
<TOTAL-LIABILITIES> 13,701
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 69,694
<SHARES-COMMON-STOCK> 6,883
<SHARES-COMMON-PRIOR> 1,169
<ACCUMULATED-NII-CURRENT> 1,188
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 538
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 699
<NET-ASSETS> 72,119
<DIVIDEND-INCOME> 54
<INTEREST-INCOME> 2,816
<OTHER-INCOME> 0
<EXPENSES-NET> (231)
<NET-INVESTMENT-INCOME> 2,639
<REALIZED-GAINS-CURRENT> 681
<APPREC-INCREASE-CURRENT> 680
<NET-CHANGE-FROM-OPS> 4,000
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,772)
<DISTRIBUTIONS-OF-GAINS> (349)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7,235
<NUMBER-OF-SHARES-REDEEMED> (1,612)
<SHARES-REINVESTED> 91
<NET-CHANGE-IN-ASSETS> 60,102
<ACCUMULATED-NII-PRIOR> 295
<ACCUMULATED-GAINS-PRIOR> 233
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 167
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 242
<AVERAGE-NET-ASSETS> 44,515
<PER-SHARE-NAV-BEGIN> 10.28
<PER-SHARE-NII> 0.61
<PER-SHARE-GAIN-APPREC> 0.27
<PER-SHARE-DIVIDEND> (0.53)
<PER-SHARE-DISTRIBUTIONS> (0.15)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.48
<EXPENSE-RATIO> 0.55
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000741375
<NAME> MAS FUNDS
<SERIES>
<NUMBER> 25
<NAME> INTERNATIONAL FIXED INCOME PORTFOLIO, INSTITUTIONAL CLASS
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> SEP-31-1997
<INVESTMENTS-AT-COST> 151,995
<INVESTMENTS-AT-VALUE> 149,461
<RECEIVABLES> 5,727
<ASSETS-OTHER> 5
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 155,193
<PAYABLE-FOR-SECURITIES> 1,718
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 723
<TOTAL-LIABILITIES> 2,441
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 154,579
<SHARES-COMMON-STOCK> 14,991
<SHARES-COMMON-PRIOR> 13,286
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (372)
<ACCUMULATED-NET-GAINS> 1,312
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (2,767)
<NET-ASSETS> 152,752
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 8,480
<OTHER-INCOME> 0
<EXPENSES-NET> (772)
<NET-INVESTMENT-INCOME> 7,708
<REALIZED-GAINS-CURRENT> (5,420)
<APPREC-INCREASE-CURRENT> (2,334)
<NET-CHANGE-FROM-OPS> (46)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (5,327)
<DISTRIBUTIONS-OF-GAINS> (3,700)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,363
<NUMBER-OF-SHARES-REDEEMED> (3,475)
<SHARES-REINVESTED> 817
<NET-CHANGE-IN-ASSETS> 9,615
<ACCUMULATED-NII-PRIOR> 3,997
<ACCUMULATED-GAINS-PRIOR> 3,683
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 549
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 775
<AVERAGE-NET-ASSETS> 146,374
<PER-SHARE-NAV-BEGIN> 10.77
<PER-SHARE-NII> 0.50
<PER-SHARE-GAIN-APPREC> (0.44)
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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