The Matrix theory description of Type IIA string theory on a compact K
3 surface as the theory of Neveu-Schwarz five-branes on (K3) over tild
e X S-1 is analyzed. The full multiplet of space-time BPS states is id
entified in the five-brane world-volume as fluxes. (C) 1998 Published
by Elsevier Science B.V. All rights reserved.