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MAS FUNDS
Supplement dated May 13, 1998 to the MAS Funds' Institutional Class Prospectus
containing the Cash Reserves, Fixed Income and Intermediate Duration Portfolios
dated March 20, 1998
This supplement provides new and additional information beyond that contained in
the Prospectus and should be read in conjunction with the Prospectus.
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Page 12 of the Prospectus is hereby amended to include Daniel M. Niland
as a member of the Portfolio Management Team of the Cash Reserves Portfolio.
Page 39 of the Prospectus is hereby amended to include the following
description of Daniel M. Niland's business experience during the last five
years:
Daniel M. Niland, Vice President, Morgan Stanley, joined Morgan Stanley in 1997.
He served as Vice President/Portfolio Manager at J.P. Morgan & Co. from
1987-1996 and as Vice President/Senior Portfolio Manager at Citibank Global
Asset Management from 1996-1997. He assumed responsibility for the Cash Reserves
Portfolio in 1998.
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Due to other responsibilities within the firm, Ellen D. Harvey has been
removed as a member of the Cash Reserves Portfolio Management Team and Christian
G. Roth has been removed as a member of the Intermediate Duration Portfolio
Management Team. Therefore, pages 12 and 14 of the Prospectus are hereby amended
to reflect these changes.
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The following portion of the Trustees and Officers section on page 43
of the Prospectus is hereby amended to read:
Joseph J. Kearns, Trustee; investment consultant; Chief Investment Officer, the
J. Paul Getty Trust; Director, Electro Rent Corporation; Trustee, Southern
California Edison Nuclear Decommissioning Trust; Director, the Ford Family
Foundation.
PLEASE RETAIN FOR FUTURE REFERENCE
