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MAS FUNDS
Supplement dated February 11, 1997 to Prospectuses dated January 31, 1997
On February 5, 1997, Morgan Stanley Group Inc. and Dean Witter, Discover &
Co. announced that they had entered into an Agreement and Plan of Merger to form
a new company to be named Morgan Stanley, Dean Witter, Discover & Co. Dean
Witter, Discover & Co. is a financial services company with three major
businesses: full service brokerage, credit services and asset management of more
than $100 billion in customer accounts. Morgan Stanley is the indirect parent of
Miller Anderson & Sherrerd, LLP, the Fund's investment adviser.
Subject to certain conditions being met, it is currently anticipated that
the transaction will close in mid-1997. Thereafter, Miller Anderson & Sherrerd,
LLP will be a subsidiary of Morgan Stanley, Dean Witter, Discover & Co.
PLEASE RETAIN FOR FUTURE REFERENCE
