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<PAGE> PAGE 21
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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 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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074 C001100 85097
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<PAGE> PAGE 41
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024 001200 N
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<PAGE> PAGE 42
028 G041200 68751
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<PAGE> PAGE 43
057 001200 N
058 A001200 N
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066 E001200 N
066 F001200 N
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<PAGE> PAGE 44
070 I011200 N
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070 K011200 Y
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<PAGE> PAGE 45
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<PAGE> PAGE 46
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<PAGE> PAGE 47
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<PAGE> PAGE 48
070 D011300 N
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070 E011300 N
070 E021300 N
070 F011300 N
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070 G021300 N
070 H011300 N
070 H021300 N
070 I011300 N
070 I021300 N
070 J011300 Y
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070 K011300 Y
070 K021300 Y
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070 M011300 N
070 M021300 N
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<PAGE> PAGE 49
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<PAGE> PAGE 50
075 B001300 0
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024 001400 Y
025 A001401 BEAR STEARNS MORTGAGE SECURITIES INC.
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<PAGE> PAGE 51
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<PAGE> PAGE 52
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<PAGE> PAGE 53
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<PAGE> PAGE 54
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<PAGE> PAGE 55
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<PAGE> PAGE 56
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<PAGE> PAGE 57
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<PAGE> PAGE 58
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<PAGE> PAGE 59
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<PAGE> PAGE 60
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<PAGE> PAGE 61
048 F021800 0.000
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050 001800 N
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055 A001800 N
055 B001800 N
056 001800 Y
057 001800 N
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064 B001800 N
066 A001800 N
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068 A001800 N
<PAGE> PAGE 62
068 B001800 N
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070 A011800 Y
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070 E021800 Y
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070 G011800 Y
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070 H021800 N
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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
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<PAGE> PAGE 63
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<PAGE> PAGE 64
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<PAGE> PAGE 65
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<PAGE> PAGE 66
059 001900 Y
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<PAGE> PAGE 67
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<PAGE> PAGE 68
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<PAGE> PAGE 69
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<PAGE> PAGE 70
051 002000 N
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<PAGE> PAGE 71
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<PAGE> PAGE 72
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<PAGE> PAGE 73
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<PAGE> PAGE 74
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<PAGE> PAGE 75
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<PAGE> PAGE 76
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<PAGE> PAGE 77
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024 002200 Y
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<PAGE> PAGE 78
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<PAGE> PAGE 79
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<PAGE> PAGE 80
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<PAGE> PAGE 81
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<PAGE> PAGE 82
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<PAGE> PAGE 83
048 E022300 0.000
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<PAGE> PAGE 84
068 A002300 N
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<PAGE> PAGE 85
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<PAGE> PAGE 86
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<PAGE> PAGE 87
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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
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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 102
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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 112
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<PAGE> PAGE 113
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<PAGE> PAGE 114
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<PAGE> PAGE 115
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<PAGE> PAGE 116
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<PAGE> PAGE 117
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<PAGE> PAGE 118
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<PAGE> PAGE 119
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<PAGE> PAGE 120
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<PAGE> PAGE 121
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SIGNATURE DOUGLAS W. KUGLER
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000741375
<NAME> MAS FUNDS
<SERIES>
<NUMBER> 29
<NAME> ADVISORY FOREIGN FIXED INCOME PORTFOLIO
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 203,511
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<RECEIVABLES> 4,729
<ASSETS-OTHER> 9
<OTHER-ITEMS-ASSETS> 1,438
<TOTAL-ASSETS> 203,655
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 86
<TOTAL-LIABILITIES> 182
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 196,481
<SHARES-COMMON-STOCK> 20,783
<SHARES-COMMON-PRIOR> 20,131
<ACCUMULATED-NII-CURRENT> 586
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 12,681
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (6,361)
<NET-ASSETS> 203,387
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 6,210
<OTHER-INCOME> 0
<EXPENSES-NET> (158)
<NET-INVESTMENT-INCOME> 6,052
<REALIZED-GAINS-CURRENT> 15,843
<APPREC-INCREASE-CURRENT> (9,301)
<NET-CHANGE-FROM-OPS> 12,594
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (42,544)
<DISTRIBUTIONS-OF-GAINS> (24,390)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 20,905
<NUMBER-OF-SHARES-REDEEMED> (25,932)
<SHARES-REINVESTED> 5,679
<NET-CHANGE-IN-ASSETS> (32,705)
<ACCUMULATED-NII-PRIOR> 37,078
<ACCUMULATED-GAINS-PRIOR> 21,228
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 409
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 569
<AVERAGE-NET-ASSETS> 218,541
<PER-SHARE-NAV-BEGIN> 11.73
<PER-SHARE-NII> (0.14)
<PER-SHARE-GAIN-APPREC> 0.78
<PER-SHARE-DIVIDEND> (1.67)
<PER-SHARE-DISTRIBUTIONS> (0.91)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.79
<EXPENSE-RATIO> 0.15
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000741375
<NAME> MAS FUNDS
<SERIES>
<NUMBER> 30
<NAME> ADVISORY MORTGAGE PORTFOLIO
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> MAR-30-1997
<INVESTMENTS-AT-COST> 2,579,546
<INVESTMENTS-AT-VALUE> 2,552,506
<RECEIVABLES> 105,220
<ASSETS-OTHER> 39
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,657,765
<PAYABLE-FOR-SECURITIES> 337,760
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 305
<TOTAL-LIABILITIES> 338,065
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,324,619
<SHARES-COMMON-STOCK> 227,413
<SHARES-COMMON-PRIOR> 191,962
<ACCUMULATED-NII-CURRENT> 15,618
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 5,738
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (26,275)
<NET-ASSETS> 2,319,700
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 80,319
<OTHER-INCOME> 0
<EXPENSES-NET> (875)
<NET-INVESTMENT-INCOME> 79,444
<REALIZED-GAINS-CURRENT> 26,114
<APPREC-INCREASE-CURRENT> (35,688)
<NET-CHANGE-FROM-OPS> 69,870
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (75,028)
<DISTRIBUTIONS-OF-GAINS> (16,800)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 42,531
<NUMBER-OF-SHARES-REDEEMED> (13,711)
<SHARES-REINVESTED> 6,631
<NET-CHANGE-IN-ASSETS> 345,108
<ACCUMULATED-NII-PRIOR> 11,202
<ACCUMULATED-GAINS-PRIOR> (3,576)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4,101
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,221
<AVERAGE-NET-ASSETS> 2,193,464
<PER-SHARE-NAV-BEGIN> 10.29
<PER-SHARE-NII> 0.37
<PER-SHARE-GAIN-APPREC> (0.02)
<PER-SHARE-DIVIDEND> (0.36)
<PER-SHARE-DISTRIBUTIONS> (0.08)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.20
<EXPENSE-RATIO> 0.09
<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> 21
<NAME> BALANCED PORTFOLIO, INSTITUTIONAL CLASS
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 318,857
<INVESTMENTS-AT-VALUE> 341,650
<RECEIVABLES> 3,090
<ASSETS-OTHER> 7
<OTHER-ITEMS-ASSETS> 79
<TOTAL-ASSETS> 344,826
<PAYABLE-FOR-SECURITIES> 17,678
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 8,053
<TOTAL-LIABILITIES> 25,731
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 275,205
<SHARES-COMMON-STOCK> 23,235
<SHARES-COMMON-PRIOR> 21,781
<ACCUMULATED-NII-CURRENT> 3,000
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 17,880
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 23,010
<NET-ASSETS> 319,095
<DIVIDEND-INCOME> 1,714
<INTEREST-INCOME> 4,943
<OTHER-INCOME> 0
<EXPENSES-NET> (930)
<NET-INVESTMENT-INCOME> 5,727
<REALIZED-GAINS-CURRENT> 23,947
<APPREC-INCREASE-CURRENT> (5,859)
<NET-CHANGE-FROM-OPS> 23,815
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (7,274)
<DISTRIBUTIONS-OF-GAINS> (30,896)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,836
<NUMBER-OF-SHARES-REDEEMED> (3,303)
<SHARES-REINVESTED> 2,921
<NET-CHANGE-IN-ASSETS> 18,227
<ACCUMULATED-NII-PRIOR> 4,707
<ACCUMULATED-GAINS-PRIOR> 26,066
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 728
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 950
<AVERAGE-NET-ASSETS> 324,421
<PER-SHARE-NAV-BEGIN> 13.81
<PER-SHARE-NII> 0.24
<PER-SHARE-GAIN-APPREC> 0.82
<PER-SHARE-DIVIDEND> (0.33)
<PER-SHARE-DISTRIBUTIONS> (1.39)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.15
<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> 23
<NAME> BALANCED PORTFOLIO, ADVISER CLASS
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> NOV-01-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 318,857
<INVESTMENTS-AT-VALUE> 341,650
<RECEIVABLES> 3,090
<ASSETS-OTHER> 7
<OTHER-ITEMS-ASSETS> 79
<TOTAL-ASSETS> 344,826
<PAYABLE-FOR-SECURITIES> 17,678
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 8,053
<TOTAL-LIABILITIES> 25,731
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 275,205
<SHARES-COMMON-STOCK> 1,034
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 3,000
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 17,880
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 23,010
<NET-ASSETS> 319,095
<DIVIDEND-INCOME> 1,714
<INTEREST-INCOME> 4,943
<OTHER-INCOME> 0
<EXPENSES-NET> (930)
<NET-INVESTMENT-INCOME> 5,727
<REALIZED-GAINS-CURRENT> 23,947
<APPREC-INCREASE-CURRENT> (5,859)
<NET-CHANGE-FROM-OPS> 23,815
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (160)
<DISTRIBUTIONS-OF-GAINS> (1,237)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 975
<NUMBER-OF-SHARES-REDEEMED> (49)
<SHARES-REINVESTED> 107
<NET-CHANGE-IN-ASSETS> 18,227
<ACCUMULATED-NII-PRIOR> 4,707
<ACCUMULATED-GAINS-PRIOR> 26,066
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 728
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 950
<AVERAGE-NET-ASSETS> 8,919
<PER-SHARE-NAV-BEGIN> 14.05
<PER-SHARE-NII> 0.16
<PER-SHARE-GAIN-APPREC> 0.52
<PER-SHARE-DIVIDEND> (0.18)
<PER-SHARE-DISTRIBUTIONS> (1.39)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.16
<EXPENSE-RATIO> 0.82
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000741375
<NAME> MAS FUNDS
<SERIES>
<NUMBER> 13
<NAME> CASH RESERVES PORTFOLIO
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> MAR-31-1996
<INVESTMENTS-AT-COST> 78,563
<INVESTMENTS-AT-VALUE> 78,563
<RECEIVABLES> 285
<ASSETS-OTHER> 2
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 78,850
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 87
<TOTAL-LIABILITIES> 87
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 78,763
<SHARES-COMMON-STOCK> 78,763
<SHARES-COMMON-PRIOR> 78,497
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 78,763
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,291
<OTHER-INCOME> 0
<EXPENSES-NET> (136)
<NET-INVESTMENT-INCOME> 2,155
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 2,155
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,155)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 147,587
<NUMBER-OF-SHARES-REDEEMED> (149,247)
<SHARES-REINVESTED> 1,926
<NET-CHANGE-IN-ASSETS> 266
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 106
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 166
<AVERAGE-NET-ASSETS> 85,046
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.025
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (0.025)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.32
<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> 6-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 116,901
<INVESTMENTS-AT-VALUE> 115,405
<RECEIVABLES> 3,419
<ASSETS-OTHER> 2
<OTHER-ITEMS-ASSETS> 531
<TOTAL-ASSETS> 119,357
<PAYABLE-FOR-SECURITIES> 17,050
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 115
<TOTAL-LIABILITIES> 17,165
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 101,914
<SHARES-COMMON-STOCK> 9,385
<SHARES-COMMON-PRIOR> 8,759
<ACCUMULATED-NII-CURRENT> 1,773
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 41
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1,536)
<NET-ASSETS> 102,192
<DIVIDEND-INCOME> 12
<INTEREST-INCOME> 3,320
<OTHER-INCOME> 0
<EXPENSES-NET> (251)
<NET-INVESTMENT-INCOME> 3,081
<REALIZED-GAINS-CURRENT> 1,359
<APPREC-INCREASE-CURRENT> (1,685)
<NET-CHANGE-FROM-OPS> 2,755
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,656)
<DISTRIBUTIONS-OF-GAINS> (179)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,981
<NUMBER-OF-SHARES-REDEEMED> (1,581)
<SHARES-REINVESTED> 226
<NET-CHANGE-IN-ASSETS> 6,830
<ACCUMULATED-NII-PRIOR> 1,348
<ACCUMULATED-GAINS-PRIOR> (1,139)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 191
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 254
<AVERAGE-NET-ASSETS> 102,285
<PER-SHARE-NAV-BEGIN> 10.89
<PER-SHARE-NII> 0.34
<PER-SHARE-GAIN-APPREC> (0.02)
<PER-SHARE-DIVIDEND> (0.30)
<PER-SHARE-DISTRIBUTIONS> (0.02)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.89
<EXPENSE-RATIO> 0.50
<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> 6-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 28,068
<INVESTMENTS-AT-VALUE> 30,596
<RECEIVABLES> 1,210
<ASSETS-OTHER> 1
<OTHER-ITEMS-ASSETS> 484
<TOTAL-ASSETS> 32,291
<PAYABLE-FOR-SECURITIES> 1,621
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 162
<TOTAL-LIABILITIES> 1,783
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 27,431
<SHARES-COMMON-STOCK> 2,635
<SHARES-COMMON-PRIOR> 2,863
<ACCUMULATED-NII-CURRENT> (95)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 698
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,478
<NET-ASSETS> 30,508
<DIVIDEND-INCOME> 287
<INTEREST-INCOME> 110
<OTHER-INCOME> 0
<EXPENSES-NET> (197)
<NET-INVESTMENT-INCOME> 200
<REALIZED-GAINS-CURRENT> 924
<APPREC-INCREASE-CURRENT> 2,389
<NET-CHANGE-FROM-OPS> 3,513
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (572)
<DISTRIBUTIONS-OF-GAINS> (2,288)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 228
<NUMBER-OF-SHARES-REDEEMED> (705)
<SHARES-REINVESTED> 249
<NET-CHANGE-IN-ASSETS> (2,476)
<ACCUMULATED-NII-PRIOR> 277
<ACCUMULATED-GAINS-PRIOR> 2,062
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 124
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 222
<AVERAGE-NET-ASSETS> 33,220
<PER-SHARE-NAV-BEGIN> 11.52
<PER-SHARE-NII> 0.07
<PER-SHARE-GAIN-APPREC> 0.99
<PER-SHARE-DIVIDEND> (0.20)
<PER-SHARE-DISTRIBUTIONS> (0.80)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.58
<EXPENSE-RATIO> 1.18
<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> 011
<NAME> EQUITY PORTFOLIO, INSTITUTIONAL CLASS
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 1,163,953
<INVESTMENTS-AT-VALUE> 1,336,811
<RECEIVABLES> 6,574
<ASSETS-OTHER> 76
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,343,461
<PAYABLE-FOR-SECURITIES> 20,782
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 61,449
<TOTAL-LIABILITIES> 82,231
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 895,301
<SHARES-COMMON-STOCK> 52,915
<SHARES-COMMON-PRIOR> 56,179
<ACCUMULATED-NII-CURRENT> 4,207
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 188,860
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 172,862
<NET-ASSETS> 1,261,230
<DIVIDEND-INCOME> 12,727
<INTEREST-INCOME> 1,390
<OTHER-INCOME> 0
<EXPENSES-NET> (4,279)
<NET-INVESTMENT-INCOME> 9,838
<REALIZED-GAINS-CURRENT> 223,167
<APPREC-INCREASE-CURRENT> (71,002)
<NET-CHANGE-FROM-OPS> 162,003
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (13,160)
<DISTRIBUTIONS-OF-GAINS> (234,966)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,587
NUMBER-OF-SHARES-REDEEMED> (16,250)
<SHARES-REINVESTED> 10,399
<NET-CHANGE-IN-ASSETS> (181,144)
<ACCUMULATED-NII-PRIOR> 7,536
<ACCUMULATED-GAINS-PRIOR> 200,957
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,581
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,371
AVERAGE-NET-ASSETS> 1,434,685
<PER-SHARE-NAV-BEGIN> 25.67
<PER-SHARE-NII> 0.19
<PER-SHARE-GAIN-APPREC> 2.57
<PER-SHARE-DIVIDEND> (0.24)
<PER-SHARE-DISTRIBUTIONS> (4.40)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 23.79
<EXPENSE-RATIO> 0.61
<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> 6-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 1,163,953
<INVESTMENTS-AT-VALUE> 1,336,811
<RECEIVABLES> 6,574
<ASSETS-OTHER> 76
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,343,461
<PAYABLE-FOR-SECURITIES> 20,782
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 61,449
<TOTAL-LIABILITIES> 82,231
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 895,301
<SHARES-COMMON-STOCK> 103
<SHARES-COMMON-PRIOR> 4
<ACCUMULATED-NII-CURRENT> 4,207
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 188,860
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 172,862
<NET-ASSETS> 1,261,230
<DIVIDEND-INCOME> 12,727
<INTEREST-INCOME> 1,390
<OTHER-INCOME> 0
<EXPENSES-NET> (4,279)
<NET-INVESTMENT-INCOME> 9,838
<REALIZED-GAINS-CURRENT> 223,167
<APPREC-INCREASE-CURRENT> (71,002)
<NET-CHANGE-FROM-OPS> 162,003
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (7)
<DISTRIBUTIONS-OF-GAINS> (298)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 87
NUMBER-OF-SHARES-REDEEMED> (1)
<SHARES-REINVESTED> 13
<NET-CHANGE-IN-ASSETS> (181,144)
<ACCUMULATED-NII-PRIOR> 7,536
<ACCUMULATED-GAINS-PRIOR> 200,957
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,581
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,355
AVERAGE-NET-ASSETS> 1,538
<PER-SHARE-NAV-BEGIN> 25.66
<PER-SHARE-NII> 0.13
<PER-SHARE-GAIN-APPREC> 2.60
<PER-SHARE-DIVIDEND> (0.22)
<PER-SHARE-DISTRIBUTIONS> (4.40)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 23.77
<EXPENSE-RATIO> 0.81
<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> 6-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 205,962
<INVESTMENTS-AT-VALUE> 203,358
<RECEIVABLES> 17,680
<ASSETS-OTHER> 4
<OTHER-ITEMS-ASSETS> 127
<TOTAL-ASSETS> 221,169
<PAYABLE-FOR-SECURITIES> 24,018
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,888
<TOTAL-LIABILITIES> 27,906
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 190,491
<SHARES-COMMON-STOCK> 17,427
<SHARES-COMMON-PRIOR> 17,068
<ACCUMULATED-NII-CURRENT> 4,049
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,204
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (2,481)
<NET-ASSETS> 193,263
<DIVIDEND-INCOME> 23
<INTEREST-INCOME> 6,677
<OTHER-INCOME> 0
<EXPENSES-NET> (495)
<NET-INVESTMENT-INCOME> 6,205
<REALIZED-GAINS-CURRENT> 3,613
<APPREC-INCREASE-CURRENT> (3,309)
<NET-CHANGE-FROM-OPS> 6,509
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (6,816)
<DISTRIBUTIONS-OF-GAINS> (1,963)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,725
<NUMBER-OF-SHARES-REDEEMED> (2,961)
<SHARES-REINVESTED> 595
<NET-CHANGE-IN-ASSETS> 1,523
<ACCUMULATED-NII-PRIOR> 4,660
<ACCUMULATED-GAINS-PRIOR> (446)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 380
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 508
<AVERAGE-NET-ASSETS> 203,309
<PER-SHARE-NAV-BEGIN> 11.23
<PER-SHARE-NII> 0.35
<PER-SHARE-GAIN-APPREC> 0.01
<PER-SHARE-DIVIDEND> (0.39)
<PER-SHARE-DISTRIBUTIONS> (0.11)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.09
<EXPENSE-RATIO> 0.50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000741375
<NAME> MAS FUNDS
<SERIES>
<NUMBER> 01
<NAME> FIXED INCOME PORTFOLIO, INSTITUTIONAL CLASS
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 2,918,996
<INVESTMENTS-AT-VALUE> 2,886,651
<RECEIVABLES> 69,990
<ASSETS-OTHER> 37
<OTHER-ITEMS-ASSETS> 1,287
<TOTAL-ASSETS> 2,957,965
<PAYABLE-FOR-SECURITIES> 394,587
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 53,991
<TOTAL-LIABILITIES> 448,578
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,473,528
<SHARES-COMMON-STOCK> 210,504
<SHARES-COMMON-PRIOR> 151,296
<ACCUMULATED-NII-CURRENT> 45,251
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 21,043
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (30,435)
<NET-ASSETS> 2,509,387
<DIVIDEND-INCOME> 304
<INTEREST-INCOME> 73,521
<OTHER-INCOME> 0
<EXPENSES-NET> (5,005)
<NET-INVESTMENT-INCOME> 68,820
<REALIZED-GAINS-CURRENT> 41,443
<APPREC-INCREASE-CURRENT> (44,760)
<NET-CHANGE-FROM-OPS> 65,503
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (65,886)
<DISTRIBUTIONS-OF-GAINS> (20,590)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 65,017
<NUMBER-OF-SHARES-REDEEMED> (12,067)
<SHARES-REINVESTED> 6,258
<NET-CHANGE-IN-ASSETS> 719,241
<ACCUMULATED-NII-PRIOR> 42,529
<ACCUMULATED-GAINS-PRIOR> 298
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,956
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,141
<AVERAGE-NET-ASSETS> 2,116,338
<PER-SHARE-NAV-BEGIN> 11.83
<PER-SHARE-NII> 0.34
<PER-SHARE-GAIN-APPREC> 0.11
<PER-SHARE-DIVIDEND> (0.41)
<PER-SHARE-DISTRIBUTIONS> (0.13)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.74
<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> 02
<NAME> FIXED INCOME PORTFOLIO, INVESTMENT CLASS
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-15-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 2,918,996
<INVESTMENTS-AT-VALUE> 2,886,651
<RECEIVABLES> 69,990
<ASSETS-OTHER> 37
<OTHER-ITEMS-ASSETS> 1,287
<TOTAL-ASSETS> 2,957,965
<PAYABLE-FOR-SECURITIES> 394,587
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 53,991
<TOTAL-LIABILITIES> 448,578
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,473,528
<SHARES-COMMON-STOCK> 746
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 45,251
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 21,043
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (30,435)
<NET-ASSETS> 2,509,387
<DIVIDEND-INCOME> 304
<INTEREST-INCOME> 73,521
<OTHER-INCOME> 0
<EXPENSES-NET> (5,005)
<NET-INVESTMENT-INCOME> 68,820
<REALIZED-GAINS-CURRENT> 41,443
<APPREC-INCREASE-CURRENT> (44,760)
<NET-CHANGE-FROM-OPS> 65,503
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (95)
<DISTRIBUTIONS-OF-GAINS> (47)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9,139
<NUMBER-OF-SHARES-REDEEMED> (475)
<SHARES-REINVESTED> 142
<NET-CHANGE-IN-ASSETS> 719,241
<ACCUMULATED-NII-PRIOR> 42,529
<ACCUMULATED-GAINS-PRIOR> 298
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,956
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,141
<AVERAGE-NET-ASSETS> 2,116,338
<PER-SHARE-NAV-BEGIN> 11.80
<PER-SHARE-NII> 0.40
<PER-SHARE-GAIN-APPREC> (0.09)
<PER-SHARE-DIVIDEND> (0.25)
<PER-SHARE-DISTRIBUTIONS> (0.13)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.73
<EXPENSE-RATIO> 0.64
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000741375
<NAME> MAS FUNDS
<SERIES>
<NUMBER> 03
<NAME> FIXED INCOME PORTFOLIO, ADVISER CLASS
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> NOV-07-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 2,918,996
<INVESTMENTS-AT-VALUE> 2,886,651
<RECEIVABLES> 69,990
<ASSETS-OTHER> 37
<OTHER-ITEMS-ASSETS> 1,287
<TOTAL-ASSETS> 2,957,965
<PAYABLE-FOR-SECURITIES> 394,587
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 53,991
<TOTAL-LIABILITIES> 448,578
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,473,528
<SHARES-COMMON-STOCK> 2,511
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 45,251
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 21,043
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (30,435)
<NET-ASSETS> 2,509,387
<DIVIDEND-INCOME> 304
<INTEREST-INCOME> 73,521
<OTHER-INCOME> 0
<EXPENSES-NET> (5,005)
<NET-INVESTMENT-INCOME> 68,820
<REALIZED-GAINS-CURRENT> 41,443
<APPREC-INCREASE-CURRENT> (44,760)
<NET-CHANGE-FROM-OPS> 65,503
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (117)
<DISTRIBUTIONS-OF-GAINS> (61)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 31,282
<NUMBER-OF-SHARES-REDEEMED> (1,571)
<SHARES-REINVESTED> 177
<NET-CHANGE-IN-ASSETS> 719,241
<ACCUMULATED-NII-PRIOR> 42,529
<ACCUMULATED-GAINS-PRIOR> 298
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,956
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,141
<AVERAGE-NET-ASSETS> 2,116,338
<PER-SHARE-NAV-BEGIN> 12.04
<PER-SHARE-NII> 0.30
<PER-SHARE-GAIN-APPREC> (0.24)
<PER-SHARE-DIVIDEND> (0.24)
<PER-SHARE-DISTRIBUTIONS> (0.13)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.73
<EXPENSE-RATIO> 0.76
<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> 6-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 81,086
<INVESTMENTS-AT-VALUE> 78,946
<RECEIVABLES> 8,320
<ASSETS-OTHER> 1
<OTHER-ITEMS-ASSETS> 381
<TOTAL-ASSETS> 87,648
<PAYABLE-FOR-SECURITIES> 10,570
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 420
<TOTAL-LIABILITIES> 10,990
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 78,122
<SHARES-COMMON-STOCK> 7,466
<SHARES-COMMON-PRIOR> 6,113
<ACCUMULATED-NII-CURRENT> 1,119
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (92)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (2,491)
<NET-ASSETS> 76,658
<DIVIDEND-INCOME> 9
<INTEREST-INCOME> 2,334
<OTHER-INCOME> 0
<EXPENSES-NET> (217)
<NET-INVESTMENT-INCOME> 2,126
<REALIZED-GAINS-CURRENT> (8)
<APPREC-INCREASE-CURRENT> (3,046)
<NET-CHANGE-FROM-OPS> (928)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3,365)
<DISTRIBUTIONS-OF-GAINS> (1,137)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,128
<NUMBER-OF-SHARES-REDEEMED> (153)
<SHARES-REINVESTED> 378
<NET-CHANGE-IN-ASSETS> 9,376
<ACCUMULATED-NII-PRIOR> 2,358
<ACCUMULATED-GAINS-PRIOR> 1,053
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 144
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 219
<AVERAGE-NET-ASSETS> 77,143
<PER-SHARE-NAV-BEGIN> 11.01
<PER-SHARE-NII> 0.25
<PER-SHARE-GAIN-APPREC> (0.34)
<PER-SHARE-DIVIDEND> (0.49)
<PER-SHARE-DISTRIBUTIONS> (0.16)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.27
<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> 6-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 406,815
<INVESTMENTS-AT-VALUE> 408,689
<RECEIVABLES> 15,500
<ASSETS-OTHER> 8
<OTHER-ITEMS-ASSETS> 627
<TOTAL-ASSETS> 424,824
<PAYABLE-FOR-SECURITIES> 11,167
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 7,878
<TOTAL-LIABILITIES> 19,045
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 393,218
<SHARES-COMMON-STOCK> 42,284
<SHARES-COMMON-PRIOR> 31,105
<ACCUMULATED-NII-CURRENT> 9,011
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,676
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,874
<NET-ASSETS> 405,779
<DIVIDEND-INCOME> 315
<INTEREST-INCOME> 17,750
<OTHER-INCOME> 0
<EXPENSES-NET> (902)
<NET-INVESTMENT-INCOME> 17,163
<REALIZED-GAINS-CURRENT> 4,220
<APPREC-INCREASE-CURRENT> (2,209)
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<DISTRIBUTIONS-OF-GAINS> (1,171)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 15,130
<NUMBER-OF-SHARES-REDEEMED> (5,158)
<SHARES-REINVESTED> 1,207
<NET-CHANGE-IN-ASSETS> 110,830
<ACCUMULATED-NII-PRIOR> 8,657
<ACCUMULATED-GAINS-PRIOR> (1,353)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 692
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 920
<AVERAGE-NET-ASSETS> 370,235
<PER-SHARE-NAV-BEGIN> 9.32
<PER-SHARE-NII> 0.40
<PER-SHARE-GAIN-APPREC> 0.12
<PER-SHARE-DIVIDEND> (0.47)
<PER-SHARE-DISTRIBUTIONS> (0.03)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.34
<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> 102
<NAME> HIGH YIELD PORTFOLIO, INVESTMENT CLASS
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 406,815
<INVESTMENTS-AT-VALUE> 408,689
<RECEIVABLES> 15,500
<ASSETS-OTHER> 8
<OTHER-ITEMS-ASSETS> 627
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<OTHER-ITEMS-LIABILITIES> 7,878
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<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 393,218
<SHARES-COMMON-STOCK> 1,029
<SHARES-COMMON-PRIOR> 552
<ACCUMULATED-NII-CURRENT> 9,011
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<ACCUMULATED-NET-GAINS> 1,676
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,874
<NET-ASSETS> 405,779
<DIVIDEND-INCOME> 315
<INTEREST-INCOME> 17,750
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<EXPENSES-NET> (902)
<NET-INVESTMENT-INCOME> 17,163
<REALIZED-GAINS-CURRENT> 4,220
<APPREC-INCREASE-CURRENT> (2,209)
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<DISTRIBUTIONS-OF-GAINS> (20)
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<NUMBER-OF-SHARES-SOLD> 573
<NUMBER-OF-SHARES-REDEEMED> (126)
<SHARES-REINVESTED> 30
<NET-CHANGE-IN-ASSETS> 110,830
<ACCUMULATED-NII-PRIOR> 8,657
<ACCUMULATED-GAINS-PRIOR> (1,353)
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<GROSS-EXPENSE> 920
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<PER-SHARE-NAV-BEGIN> 9.31
<PER-SHARE-NII> 0.46
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<EXPENSE-RATIO> 0.70
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</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> OTHER
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> JAN-31-1997
<PERIOD-END> MAR-31-1997
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<OVERDISTRIBUTION-GAINS> 0
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<NET-INVESTMENT-INCOME> 17,163
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<NUMBER-OF-SHARES-REDEEMED> (21)
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<NET-CHANGE-IN-ASSETS> 110,830
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<ACCUMULATED-GAINS-PRIOR> (1,353)
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<GROSS-EXPENSE> 920
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<PER-SHARE-NAV-BEGIN> 9.39
<PER-SHARE-NII> 0.07
<PER-SHARE-GAIN-APPREC> (0.12)
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<PER-SHARE-NAV-END> 9.34
<EXPENSE-RATIO> 0.79
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<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> 6-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 39,602
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<TOTAL-LIABILITIES> 5,644
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 33,770
<SHARES-COMMON-STOCK> 3,347
<SHARES-COMMON-PRIOR> 1,169
<ACCUMULATED-NII-CURRENT> 439
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 89
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (371)
<NET-ASSETS> 33,927
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 815
<OTHER-INCOME> 0
<EXPENSES-NET> (70)
<NET-INVESTMENT-INCOME> 745
<REALIZED-GAINS-CURRENT> 205
<APPREC-INCREASE-CURRENT> (390)
<NET-CHANGE-FROM-OPS> 560
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (601)
<DISTRIBUTIONS-OF-GAINS> (349)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,144
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 34
<NET-CHANGE-IN-ASSETS> 21,910
<ACCUMULATED-NII-PRIOR> 295
<ACCUMULATED-GAINS-PRIOR> 233
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 51
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 82
<AVERAGE-NET-ASSETS> 27,094
<PER-SHARE-NAV-BEGIN> 10.28
<PER-SHARE-NII> 0.17
<PER-SHARE-GAIN-APPREC> 0.13
<PER-SHARE-DIVIDEND> (0.29)
<PER-SHARE-DISTRIBUTIONS> (0.15)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.14
<EXPENSE-RATIO> 0.54
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<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> 6-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 153,994
<INVESTMENTS-AT-VALUE> 148,566
<RECEIVABLES> 3,162
<ASSETS-OTHER> 3
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 151,731
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,460
<TOTAL-LIABILITIES> 1,460
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 156,684
<SHARES-COMMON-STOCK> 15,245
<SHARES-COMMON-PRIOR> 13,286
<ACCUMULATED-NII-CURRENT> 2,877
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2,992)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (6,298)
<NET-ASSETS> 150,271
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,616
<OTHER-INCOME> 0
<EXPENSES-NET> (409)
<NET-INVESTMENT-INCOME> 4,207
<REALIZED-GAINS-CURRENT> (2,975)
<APPREC-INCREASE-CURRENT> (5,865)
<NET-CHANGE-FROM-OPS> (4,633)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (5,327)
<DISTRIBUTIONS-OF-GAINS> (3,700)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,765
<NUMBER-OF-SHARES-REDEEMED> (622)
<SHARES-REINVESTED> 817
<NET-CHANGE-IN-ASSETS> 7,134
<ACCUMULATED-NII-PRIOR> 3,997
<ACCUMULATED-GAINS-PRIOR> 3,683
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 287
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 410
<AVERAGE-NET-ASSETS> 153,523
<PER-SHARE-NAV-BEGIN> 10.77
<PER-SHARE-NII> 0.27
<PER-SHARE-GAIN-APPREC> (0.54)
<PER-SHARE-DIVIDEND> (0.38)
<PER-SHARE-DISTRIBUTIONS> (0.26)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.86
<EXPENSE-RATIO> 0.54
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000741375
<NAME> MAS FUNDS
<SERIES>
<NUMBER> 111
<NAME> INTERNATIONAL EQUITY PORTFOLIO, INSTITUTIONAL CLASS
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 648,484
<INVESTMENTS-AT-VALUE> 714,371
<RECEIVABLES> 4,176
<ASSETS-OTHER> 13
<OTHER-ITEMS-ASSETS> 25
<TOTAL-ASSETS> 718,585
<PAYABLE-FOR-SECURITIES> 6,831
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 87,149
<TOTAL-LIABILITIES> 93,980
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 547,951
<SHARES-COMMON-STOCK> 46,083
<SHARES-COMMON-PRIOR> 48,022
<ACCUMULATED-NII-CURRENT> 3,993
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 7,017
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 65,644
<NET-ASSETS> 624,605
<DIVIDEND-INCOME> 4,768
<INTEREST-INCOME> 1,757
<OTHER-INCOME> 0
<EXPENSES-NET> (2,080)
<NET-INVESTMENT-INCOME> 4,445
<REALIZED-GAINS-CURRENT> 7,160
<APPREC-INCREASE-CURRENT> 28,812
<NET-CHANGE-FROM-OPS> 40,417
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (12,515)
<DISTRIBUTIONS-OF-GAINS> (12,996)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,054
<NUMBER-OF-SHARES-REDEEMED> (6,655)
<SHARES-REINVESTED> 1,662
<NET-CHANGE-IN-ASSETS> (11,336)
<ACCUMULATED-NII-PRIOR> 12,067
<ACCUMULATED-GAINS-PRIOR> 12,858
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,603
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,173
<AVERAGE-NET-ASSETS> 643,166
<PER-SHARE-NAV-BEGIN> 13.24
<PER-SHARE-NII> 0.10
<PER-SHARE-GAIN-APPREC> 0.74
<PER-SHARE-DIVIDEND> (0.26)
<PER-SHARE-DISTRIBUTIONS> (0.27)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.55
<EXPENSE-RATIO> 0.67
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000741375
<NAME> MAS FUNDS
<SERIES>
<NUMBER> 112
<NAME> INTERNATIONAL EQUITY PORTFOLIO, INVESTMENT CLASS
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 648,485
<INVESTMENTS-AT-VALUE> 714,371
<RECEIVABLES> 4,176
<ASSETS-OTHER> 13
<OTHER-ITEMS-ASSETS> 25
<TOTAL-ASSETS> 718,585
<PAYABLE-FOR-SECURITIES> 6,831
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 87,149
<TOTAL-LIABILITIES> 93,980
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 547,951
<SHARES-COMMON-STOCK> 25
<SHARES-COMMON-PRIOR> 18
<ACCUMULATED-NII-CURRENT> 3,993
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 7,017
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 65,644
<NET-ASSETS> 624,605
<DIVIDEND-INCOME> 4,768
<INTEREST-INCOME> 1,757
<OTHER-INCOME> 0
<EXPENSES-NET> (2,080)
<NET-INVESTMENT-INCOME> 4,445
<REALIZED-GAINS-CURRENT> 7,160
<APPREC-INCREASE-CURRENT> 28,812
<NET-CHANGE-FROM-OPS> 40,417
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4)
<DISTRIBUTIONS-OF-GAINS> (5)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7
<NUMBER-OF-SHARES-REDEEMED> (1)
<SHARES-REINVESTED> 1
<NET-CHANGE-IN-ASSETS> (11,336)
<ACCUMULATED-NII-PRIOR> 12,067
<ACCUMULATED-GAINS-PRIOR> 12,858
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,603
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,173
<AVERAGE-NET-ASSETS> 643,166
<PER-SHARE-NAV-BEGIN> 13.23
<PER-SHARE-NII> 0.10
<PER-SHARE-GAIN-APPREC> 0.72
<PER-SHARE-DIVIDEND> (0.25)
<PER-SHARE-DISTRIBUTIONS> (0.27)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.53
<EXPENSE-RATIO> 0.91
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000741375
<NAME> MAS FUNDS
<SERIES>
<NUMBER> 19
<NAME> LIMITED DURATION PORTFOLIO
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> MAR-30-1997
<INVESTMENTS-AT-COST> 124,210
<INVESTMENTS-AT-VALUE> 123,515
<RECEIVABLES> 1,275
<ASSETS-OTHER> 2
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 124,792
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 116
<TOTAL-LIABILITIES> 116
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 127,930
<SHARES-COMMON-STOCK> 12,025
<SHARES-COMMON-PRIOR> 11,868
<ACCUMULATED-NII-CURRENT> 1,765
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (4,348)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (671)
<NET-ASSETS> 124,676
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,852
<OTHER-INCOME> 0
<EXPENSES-NET> (253)
<NET-INVESTMENT-INCOME> 3,599
<REALIZED-GAINS-CURRENT> 320
<APPREC-INCREASE-CURRENT> (555)
<NET-CHANGE-FROM-OPS> 3,364
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,544
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,656
<NUMBER-OF-SHARES-REDEEMED> (1,801)
<SHARES-REINVESTED> 302
<NET-CHANGE-IN-ASSETS> 1,449
<ACCUMULATED-NII-PRIOR> 1,710
<ACCUMULATED-GAINS-PRIOR> (4,668)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 183
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 256
<AVERAGE-NET-ASSETS> 122,189
<PER-SHARE-NAV-BEGIN> 10.38
<PER-SHARE-NII> 0.30
<PER-SHARE-GAIN-APPREC> (0.01)
<PER-SHARE-DIVIDEND> (0.30)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.37
<EXPENSE-RATIO> 0.42
<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> 281
<NAME> MULTI-ASSET-CLASS PORTFOLIO, INSTITUTIONAL CLASS
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 137,897
<INVESTMENTS-AT-VALUE> 147,596
<RECEIVABLES> 1,772
<ASSETS-OTHER> 3
<OTHER-ITEMS-ASSETS> 303
<TOTAL-ASSETS> 149,674
<PAYABLE-FOR-SECURITIES> 4,822
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 324
<TOTAL-LIABILITIES> 5,146
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 128,208
<SHARES-COMMON-STOCK> 11,912
<SHARES-COMMON-PRIOR> 10,551
<ACCUMULATED-NII-CURRENT> 1,963
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,760
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 9,597
<NET-ASSETS> 144,528
<DIVIDEND-INCOME> 730
<INTEREST-INCOME> 1,999
<OTHER-INCOME> 0
<EXPENSES-NET> (496)
<NET-INVESTMENT-INCOME> 2,233
<REALIZED-GAINS-CURRENT> 6,610
<APPREC-INCREASE-CURRENT> 855
<NET-CHANGE-FROM-OPS> 9,698
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3,239)
<DISTRIBUTIONS-OF-GAINS> (11,866)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,019
<NUMBER-OF-SHARES-REDEEMED> (1,877)
<SHARES-REINVESTED> 1,218
<NET-CHANGE-IN-ASSETS> 11,896
<ACCUMULATED-NII-PRIOR> 3,042
<ACCUMULATED-GAINS-PRIOR> 10,291
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 400
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 560
<AVERAGE-NET-ASSETS> 141,469
<PER-SHARE-NAV-BEGIN> 12.28
<PER-SHARE-NII> 0.18
<PER-SHARE-GAIN-APPREC> 0.72
<PER-SHARE-DIVIDEND> (0.30)
<PER-SHARE-DISTRIBUTIONS> (1.08)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.80
<EXPENSE-RATIO> 0.70
<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> 282
<NAME> MULTI-ASSET-CLASS PORTFOLIO, INVESTMENT CLASS
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 137,897
<INVESTMENTS-AT-VALUE> 147,596
<RECEIVABLES> 1,772
<ASSETS-OTHER> 3
<OTHER-ITEMS-ASSETS> 303
<TOTAL-ASSETS> 149,674
<PAYABLE-FOR-SECURITIES> 4,822
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<OTHER-ITEMS-LIABILITIES> 324
<TOTAL-LIABILITIES> 5,146
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 128,208
<SHARES-COMMON-STOCK> 338
<SHARES-COMMON-PRIOR> 250
<ACCUMULATED-NII-CURRENT> 1,963
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,760
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 9,597
<NET-ASSETS> 144,528
<DIVIDEND-INCOME> 730
<INTEREST-INCOME> 1,999
<OTHER-INCOME> 0
<EXPENSES-NET> (496)
<NET-INVESTMENT-INCOME> 2,233
<REALIZED-GAINS-CURRENT> 6,610
<APPREC-INCREASE-CURRENT> 855
<NET-CHANGE-FROM-OPS> 9,698
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (73)
<DISTRIBUTIONS-OF-GAINS> (275)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 58
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 30
<NET-CHANGE-IN-ASSETS> 11,896
<ACCUMULATED-NII-PRIOR> 3,042
<ACCUMULATED-GAINS-PRIOR> 10,291
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 400
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 560
<AVERAGE-NET-ASSETS> 141,469
<PER-SHARE-NAV-BEGIN> 12.27
<PER-SHARE-NII> 0.19
<PER-SHARE-GAIN-APPREC> 0.70
<PER-SHARE-DIVIDEND> (0.29)
<PER-SHARE-DISTRIBUTIONS> (1.08)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.79
<EXPENSE-RATIO> 0.93
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000741375
<NAME> MAS FUNDS
<SERIES>
<NUMBER> 11
<NAME> MID CAP GROWTH PORTFOLIO, INSTITUTIONAL CLASS
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 354,572
<INVESTMENTS-AT-VALUE> 388,297
<RECEIVABLES> 1,286
<ASSETS-OTHER> 8
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 389,591
<PAYABLE-FOR-SECURITIES> 628
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 53,324
<TOTAL-LIABILITIES> 53,952
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 290,384
<SHARES-COMMON-STOCK> 22,324
<SHARES-COMMON-PRIOR> 19,648
<ACCUMULATED-NII-CURRENT> (6)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 11,528
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 33,733
<NET-ASSETS> 335,639
<DIVIDEND-INCOME> 607
<INTEREST-INCOME> 589
<OTHER-INCOME> 0
<EXPENSES-NET> 1,202
<NET-INVESTMENT-INCOME> (6)
<REALIZED-GAINS-CURRENT> 17,301
<APPREC-INCREASE-CURRENT> (65,662)
<NET-CHANGE-FROM-OPS> (48,367)
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<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (67,632)
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<NUMBER-OF-SHARES-SOLD> 2,983
<NUMBER-OF-SHARES-REDEEMED> (4,216)
<SHARES-REINVESTED> 3,909
<NET-CHANGE-IN-ASSETS> (67,642)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 61,859
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 999
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,249
<AVERAGE-NET-ASSETS> 399,923
<PER-SHARE-NAV-BEGIN> 20.53
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> (2.07)
<PER-SHARE-DIVIDEND> 0
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<PER-SHARE-NAV-END> 15.03
<EXPENSE-RATIO> 0.63
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000741375
<NAME> MAS FUNDS
<SERIES>
<NUMBER> 13
<NAME> MID CAP GROWTH PORTFOLIO, ADVISER CLASS
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> JAN-31-1997
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 354,572
<INVESTMENTS-AT-VALUE> 388,297
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<TOTAL-ASSETS> 389,591
<PAYABLE-FOR-SECURITIES> 628
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 53,324
<TOTAL-LIABILITIES> 53,952
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 290,384
<SHARES-COMMON-STOCK> 5
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> (6)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 11,528
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 33,733
<NET-ASSETS> 335,639
<DIVIDEND-INCOME> 607
<INTEREST-INCOME> 589
<OTHER-INCOME> 0
<EXPENSES-NET> 1,202
<NET-INVESTMENT-INCOME> (6)
<REALIZED-GAINS-CURRENT> 17,301
<APPREC-INCREASE-CURRENT> (65,662)
<NET-CHANGE-FROM-OPS> (48,367)
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<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (67,642)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 61,859
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 999
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,249
<AVERAGE-NET-ASSETS> 399,923
<PER-SHARE-NAV-BEGIN> 17.04
<PER-SHARE-NII> (0.01)
<PER-SHARE-GAIN-APPREC> (2.00)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.03
<EXPENSE-RATIO> 0.89
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<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> 311
<NAME> MID CAP VALUE PORTFOLIO, INSTITUTIONAL CLASS
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 109,102
<INVESTMENTS-AT-VALUE> 108,898
<RECEIVABLES> 5,143
<ASSETS-OTHER> 2
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 114,043
<PAYABLE-FOR-SECURITIES> 1,262
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 296
<TOTAL-LIABILITIES> 1,558
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 104,421
<SHARES-COMMON-STOCK> 7,284
<SHARES-COMMON-PRIOR> 3,482
<ACCUMULATED-NII-CURRENT> 168
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 8,100
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (204)
<NET-ASSETS> 112,485
<DIVIDEND-INCOME> 507
<INTEREST-INCOME> 75
<OTHER-INCOME> 0
<EXPENSES-NET> (381)
<NET-INVESTMENT-INCOME> 201
<REALIZED-GAINS-CURRENT> 10,597
<APPREC-INCREASE-CURRENT> (3,510)
<NET-CHANGE-FROM-OPS> 7,288
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (404)
<DISTRIBUTIONS-OF-GAINS> (4,075)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,578
<NUMBER-OF-SHARES-REDEEMED> (1,066)
<SHARES-REINVESTED> 290
<NET-CHANGE-IN-ASSETS> 61,909
<ACCUMULATED-NII-PRIOR> 372
<ACCUMULATED-GAINS-PRIOR> 1,587
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 335
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 419
<AVERAGE-NET-ASSETS> 86,639
<PER-SHARE-NAV-BEGIN> 14.49
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> 1.98
<PER-SHARE-DIVIDEND> (0.10)
<PER-SHARE-DISTRIBUTIONS> (1.01)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.38
<EXPENSE-RATIO> 0.91
<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> 312
<NAME> MID CAP VALUE PORTFOLIO, INVESTMENT CLASS
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 109,102
<INVESTMENTS-AT-VALUE> 108,898
<RECEIVABLES> 5,143
<ASSETS-OTHER> 2
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 114,043
<PAYABLE-FOR-SECURITIES> 1,262
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 296
<TOTAL-LIABILITIES> 1,558
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 104,421
<SHARES-COMMON-STOCK> 30
<SHARES-COMMON-PRIOR> 9
<ACCUMULATED-NII-CURRENT> 168
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 8,100
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (204)
<NET-ASSETS> 112,485
<DIVIDEND-INCOME> 507
<INTEREST-INCOME> 75
<OTHER-INCOME> 0
<EXPENSES-NET> (381)
<NET-INVESTMENT-INCOME> 201
<REALIZED-GAINS-CURRENT> 10,597
<APPREC-INCREASE-CURRENT> (3,510)
<NET-CHANGE-FROM-OPS> 7,288
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1)
<DISTRIBUTIONS-OF-GAINS> (9)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 21
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 1
<NET-CHANGE-IN-ASSETS> 61,909
<ACCUMULATED-NII-PRIOR> 372
<ACCUMULATED-GAINS-PRIOR> 1,587
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 335
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 419
<AVERAGE-NET-ASSETS> 86,639
<PER-SHARE-NAV-BEGIN> 14.48
<PER-SHARE-NII> 0.04
<PER-SHARE-GAIN-APPREC> 1.94
<PER-SHARE-DIVIDEND> (0.09)
<PER-SHARE-DISTRIBUTIONS> (1.01)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.36
<EXPENSE-RATIO> 1.13
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000741375
<NAME> MAS FUNDS
<SERIES>
<NUMBER> 16
<NAME> MORTGAGE-BACKED SECURITIES PORTFOLIO, INSTITUTIONAL CLASS
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 78,733
<INVESTMENTS-AT-VALUE> 78,301
<RECEIVABLES> 265
<ASSETS-OTHER> 1
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 78,567
<PAYABLE-FOR-SECURITIES> 25,908
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 67
<TOTAL-LIABILITIES> 25,975
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 54,891
<SHARES-COMMON-STOCK> 5,037
<SHARES-COMMON-PRIOR> 4,885
<ACCUMULATED-NII-CURRENT> 1,061
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3,393)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 33
<NET-ASSETS> 52,592
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,004
<OTHER-INCOME> 0
<EXPENSES-NET> (131)
<NET-INVESTMENT-INCOME> 1,873
<REALIZED-GAINS-CURRENT> 750
<APPREC-INCREASE-CURRENT> (669)
<NET-CHANGE-FROM-OPS> 1,954
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,868)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 32
<NUMBER-OF-SHARES-REDEEMED> (9)
<SHARES-REINVESTED> 129
<NET-CHANGE-IN-ASSETS> 1,667
<ACCUMULATED-NII-PRIOR> 1,056
<ACCUMULATED-GAINS-PRIOR> (4,143)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 98
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 143
<AVERAGE-NET-ASSETS> 52,292
<PER-SHARE-NAV-BEGIN> 10.42
<PER-SHARE-NII> 0.37
<PER-SHARE-GAIN-APPREC> 0.03
<PER-SHARE-DIVIDEND> (0.38)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.44
<EXPENSE-RATIO> 0.50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000741375
<NAME> MAS FUNDS
<SERIES>
<NUMBER> 21
<NAME> MUNICIPAL PORTFOLIO, INSTITUTIONAL CLASS
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 59,363
<INVESTMENTS-AT-VALUE> 61,520
<RECEIVABLES> 508
<ASSETS-OTHER> 2
<OTHER-ITEMS-ASSETS> 777
<TOTAL-ASSETS> 62,807
<PAYABLE-FOR-SECURITIES> 357
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 145
<TOTAL-LIABILITIES> 502
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 59,916
<SHARES-COMMON-STOCK> 5,546
<SHARES-COMMON-PRIOR> 4,857
<ACCUMULATED-NII-CURRENT> 6
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (209)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,592
<NET-ASSETS> 62,305
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,516
<OTHER-INCOME> 0
<EXPENSES-NET> (148)
<NET-INVESTMENT-INCOME> 1,368
<REALIZED-GAINS-CURRENT> 275
<APPREC-INCREASE-CURRENT> (320)
<NET-CHANGE-FROM-OPS> 1,323
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,373)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 793
<NUMBER-OF-SHARES-REDEEMED> (193)
<SHARES-REINVESTED> 89
<NET-CHANGE-IN-ASSETS> 7,769
<ACCUMULATED-NII-PRIOR> 11
<ACCUMULATED-GAINS-PRIOR> (484)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 125
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 164
<AVERAGE-NET-ASSETS> 59,176
<PER-SHARE-NAV-BEGIN> 11.23
<PER-SHARE-NII> 0.26
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.26)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.23
<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> 20
<NAME> PA MUNICIPAL PORTFOLIO, INSTITUTIONAL CLASS
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 27,166
<INVESTMENTS-AT-VALUE> 28,186
<RECEIVABLES> 276
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 352
<TOTAL-ASSETS> 28,814
<PAYABLE-FOR-SECURITIES> 131
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 74
<TOTAL-LIABILITIES> 205
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 27,464
<SHARES-COMMON-STOCK> 2,517
<SHARES-COMMON-PRIOR> 2,505
<ACCUMULATED-NII-CURRENT> 12
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (84)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,217
<NET-ASSETS> 28,609
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 739
<OTHER-INCOME> 0
<EXPENSES-NET> (72)
<NET-INVESTMENT-INCOME> 667
<REALIZED-GAINS-CURRENT> 153
<APPREC-INCREASE-CURRENT> (167)
<NET-CHANGE-FROM-OPS> 653
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (677)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 60
<NUMBER-OF-SHARES-REDEEMED> (93)
<SHARES-REINVESTED> 46
<NET-CHANGE-IN-ASSETS> 121
<ACCUMULATED-NII-PRIOR> 22
<ACCUMULATED-GAINS-PRIOR> (237)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 54
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 85
<AVERAGE-NET-ASSETS> 28,782
<PER-SHARE-NAV-BEGIN> 11.37
<PER-SHARE-NII> 0.27
<PER-SHARE-GAIN-APPREC> (0.01)
<PER-SHARE-DIVIDEND> (0.27)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.36
<EXPENSE-RATIO> 0.50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000741375
<NAME> MAS FUNDS
<SERIES>
<NUMBER> 04
<NAME> SMALL CAP VALUE PORTFOLIO, INSTITUTIONAL CLASS
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 588,337
<INVESTMENTS-AT-VALUE> 627,309
<RECEIVABLES> 16,669
<ASSETS-OTHER> 11
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 643,989
<PAYABLE-FOR-SECURITIES> 8,155
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,613
<TOTAL-LIABILITIES> 11,768
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 559,943
<SHARES-COMMON-STOCK> 34,947
<SHARES-COMMON-PRIOR> 29,815
<ACCUMULATED-NII-CURRENT> 467
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 32,840
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 38,971
<NET-ASSETS> 632,221
<DIVIDEND-INCOME> 4,426
<INTEREST-INCOME> 394
<OTHER-INCOME> 0
<EXPENSES-NET> (2,706)
<NET-INVESTMENT-INCOME> 2,114
<REALIZED-GAINS-CURRENT> 50,852
<APPREC-INCREASE-CURRENT> (2,942)
<NET-CHANGE-FROM-OPS> 50,024
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3,283)
<DISTRIBUTIONS-OF-GAINS> (92,539)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,043
<NUMBER-OF-SHARES-REDEEMED> (3,163)
<SHARES-REINVESTED> 5,252
<NET-CHANGE-IN-ASSETS> 46,764
<ACCUMULATED-NII-PRIOR> 1,636
<ACCUMULATED-GAINS-PRIOR> 74,527
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,365
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,715
<AVERAGE-NET-ASSETS> 632,160
<PER-SHARE-NAV-BEGIN> 19.64
<PER-SHARE-NII> 0.07
<PER-SHARE-GAIN-APPREC> 1.59
<PER-SHARE-DIVIDEND> (0.11)
<PER-SHARE-DISTRIBUTIONS> (3.10)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 18.09
<EXPENSE-RATIO> 0.86
<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> 181
<NAME> SPECIAL PURPOSE FIXED INCOME, INSTITUTIONAL CLASS
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> MAR-30-1997
<INVESTMENTS-AT-COST> 543,027
<INVESTMENTS-AT-VALUE> 538,844
<RECEIVABLES> 7,347
<ASSETS-OTHER> 9
<OTHER-ITEMS-ASSETS> 266
<TOTAL-ASSETS> 546,466
<PAYABLE-FOR-SECURITIES> 59,872
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,816
<TOTAL-LIABILITIES> 61,688
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 473,812
<SHARES-COMMON-STOCK> 39,988
<SHARES-COMMON-PRIOR> 36,517
<ACCUMULATED-NII-CURRENT> 9,520
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 5,065
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (3,619)
<NET-ASSETS> 484,778
<DIVIDEND-INCOME> 59
<INTEREST-INCOME> 16,833
<OTHER-INCOME> 0
<EXPENSES-NET> (1,175)
<NET-INVESTMENT-INCOME> 15,717
<REALIZED-GAINS-CURRENT> 11,684
<APPREC-INCREASE-CURRENT> (9,034)
<NET-CHANGE-FROM-OPS> 18,367
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (17,460)
<DISTRIBUTIONS-OF-GAINS> (6,885)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,414
<NUMBER-OF-SHARES-REDEEMED> (2,746)
<SHARES-REINVESTED> 1,803
<NET-CHANGE-IN-ASSETS> 36,350
<ACCUMULATED-NII-PRIOR> 11,292
<ACCUMULATED-GAINS-PRIOR> 277
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 902
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,198
<AVERAGE-NET-ASSETS> 482,728
<PER-SHARE-NAV-BEGIN> 12.26
<PER-SHARE-NII> 0.39
<PER-SHARE-GAIN-APPREC> 0.08
<PER-SHARE-DIVIDEND> (0.46)
<PER-SHARE-DISTRIBUTIONS> (0.18)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.09
<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> 181
<NAME> SPECIAL PURPOSE FIXED INCOME, INVESTMENT CLASS
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> MAR-30-1997
<INVESTMENTS-AT-COST> 543,027
<INVESTMENTS-AT-VALUE> 538,844
<RECEIVABLES> 7,347
<ASSETS-OTHER> 9
<OTHER-ITEMS-ASSETS> 266
<TOTAL-ASSETS> 546,466
<PAYABLE-FOR-SECURITIES> 59,872
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,816
<TOTAL-LIABILITIES> 61,688
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 473,812
<SHARES-COMMON-STOCK> 99
<SHARES-COMMON-PRIOR> 64
<ACCUMULATED-NII-CURRENT> 9,520
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 5,065
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (3,619)
<NET-ASSETS> 484,778
<DIVIDEND-INCOME> 59
<INTEREST-INCOME> 16,833
<OTHER-INCOME> 0
<EXPENSES-NET> (1,175)
<NET-INVESTMENT-INCOME> 15,717
<REALIZED-GAINS-CURRENT> 11,684
<APPREC-INCREASE-CURRENT> (9,034)
<NET-CHANGE-FROM-OPS> 18,367
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (29)
<DISTRIBUTIONS-OF-GAINS> (11)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 34
<NUMBER-OF-SHARES-REDEEMED> (2)
<SHARES-REINVESTED> 3
<NET-CHANGE-IN-ASSETS> 36,350
<ACCUMULATED-NII-PRIOR> 11,292
<ACCUMULATED-GAINS-PRIOR> 277
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 902
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,198
<AVERAGE-NET-ASSETS> 482,728
<PER-SHARE-NAV-BEGIN> 12.24
<PER-SHARE-NII> 0.41
<PER-SHARE-GAIN-APPREC> 0.06
<PER-SHARE-DIVIDEND> (0.45)
<PER-SHARE-DISTRIBUTIONS> (0.18)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.08
<EXPENSE-RATIO> 0.68
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000741375
<NAME> MAS FUNDS
<SERIES>
<NUMBER> 031
<NAME> VALUE PORTFOLIO, INSTITUTIONAL CLASS
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 2,297,146
<INVESTMENTS-AT-VALUE> 2,676,236
<RECEIVABLES> 26,043
<ASSETS-OTHER> 38
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,702,317
<PAYABLE-FOR-SECURITIES> 30,724
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 90,531
<TOTAL-LIABILITIES> 121,255
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,028,129
<SHARES-COMMON-STOCK> 150,628
<SHARES-COMMON-PRIOR> 118,198
<ACCUMULATED-NII-CURRENT> 13,129
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 163,392
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 376,412
<NET-ASSETS> 2,581,062
<DIVIDEND-INCOME> 22,482
<INTEREST-INCOME> 8,050
<OTHER-INCOME> 0
<EXPENSES-NET> (7,086)
<NET-INVESTMENT-INCOME> 23,446
<REALIZED-GAINS-CURRENT> 175,258
<APPREC-INCREASE-CURRENT> 76,608
<NET-CHANGE-FROM-OPS> 275,312
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (19,139)
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<CIK> 0000741375
<NAME> MAS FUNDS
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<NAME> VALUE PORTFOLIO, INVESTMENT CLASS
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<S> <C>
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<TABLE> <S> <C>
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<CIK> 0000741375
<NAME> MAS FUNDS
<SERIES>
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<NAME> VALUE PORTFOLIO, ADVISER CLASS
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<S> <C>
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