-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, QNyRZSawhBOZMWoUMzrn3I9oXwMldbKW7z3nAmhZxvOBzaDrCbZxKEDFQaAOFVHl aPOI7AEksqCD3q+tI1bRBw== 0001036050-99-001506.txt : 19990723 0001036050-99-001506.hdr.sgml : 19990723 ACCESSION NUMBER: 0001036050-99-001506 CONFORMED SUBMISSION TYPE: DEFA14A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 19990722 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MAS FUNDS /MA/ CENTRAL INDEX KEY: 0000741375 STANDARD INDUSTRIAL CLASSIFICATION: [] STATE OF INCORPORATION: PA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: DEFA14A SEC ACT: SEC FILE NUMBER: 811-03980 FILM NUMBER: 99668861 BUSINESS ADDRESS: STREET 1: 73 TREMONT ST STREET 2: 8TH FL CITY: BOSTON STATE: MA ZIP: 02108 BUSINESS PHONE: 6175578742 MAIL ADDRESS: STREET 1: 73 TREMONT STREET 2: 8TH FL CITY: BOSTON STATE: MA ZIP: 02108 FORMER COMPANY: FORMER CONFORMED NAME: MAS FUNDS INC DATE OF NAME CHANGE: 19931227 FORMER COMPANY: FORMER CONFORMED NAME: MAS FUNDS DATE OF NAME CHANGE: 19930927 FORMER COMPANY: FORMER CONFORMED NAME: MAS POOLED TRUST FUND DATE OF NAME CHANGE: 19920703 DEFA14A 1 ADDITIONAL DEFINITIVE NOTICE & PROXY MATERIALS SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. ) Filed by the Registrant [X] Filed by a Party other than the Registrant [_] Check the appropriate box: [_] Preliminary Proxy Statement [_] CONFIDENTIAL, FOR USE OF THE COMMISSION ONLY (AS PERMITTED BY RULE 14A-6(E)(2)) [_] Definitive Proxy Statement [X] Definitive Additional Materials [_] Soliciting Material Pursuant to (S) 240.14a-11(c) or (S) 240.14a-12 MAS Funds - -------------------------------------------------------------------------------- (Name of Registrant as Specified In Its Charter) same - -------------------------------------------------------------------------------- (Name of Person(s) Filing Proxy Statement, if other than the Registrant) Payment of Filing Fee (Check the appropriate box): [X] No fee required. [_] Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11. (1) Title of each class of securities to which transaction applies: ------------------------------------------------------------------------- (2) Aggregate number of securities to which transaction applies: ------------------------------------------------------------------------- (3) Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined): ------------------------------------------------------------------------- (4) Proposed maximum aggregate value of transaction: ------------------------------------------------------------------------- (5) Total fee paid: ------------------------------------------------------------------------- [_] Fee paid previously with preliminary materials. [_] Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing. (1) Amount Previously Paid: ------------------------------------------------------------------------- (2) Form, Schedule or Registration Statement No.: ------------------------------------------------------------------------- (3) Filing Party: ------------------------------------------------------------------------- (4) Date Filed: ------------------------------------------------------------------------- MAS HIGH YIELD PROXY STATEMENT - SUPPLEMENTARY INFORMATION FOR INTERNAL USE ONLY The following table has been prepared to present characteristics of institutional mutual funds within the Morningstar High Yield Universe*. The funds were selected on the basis of significant share of net new institutional fund cash flows over the previous three years or similarity of investment philosophy and approach to the MAS Funds High Yield Portfolio. The average expense ratio for the selected funds is approximately 0.78%. This is well below the Morningstar Universe average of 1.28%. Additionally, the average performance of the selected funds exceeds that of the Universe in all periods presented below. The expense ratio for the MAS Funds High Yield Portfolio reflects the increase in fees and is still the third lowest in the group of eleven institutional mutual funds.
HIGH YIELD BOND - ANALYSIS OF SELECTED FUNDS PERIODS ENDING - JUNE 30, 1999 OVERALL TOTAL AVG. ANNUAL AVG. ANNUAL AVG. ANNUAL NET FUND MORNINGSTAR RETURN TOTAL RETURN TOTAL RETURN TOTAL RETURN SINCE ASSETS EXPENSE INCEPTION FUND NAME RATING** 12 MO 3 YR 5 YR 10 YR INCEPTION $MM RATIO*** DATE - ----------------------------- ----------- ------ ------------ ------------ ------------ --------- ------ -------- --------- MAS High-Yield Instl 5 1.96 11.40 10.98 11.43 11.27 913 0.57 1989-02 PIMCO High-Yield Instl 5 2.89 10.05 11.17 - 11.20 2,425 0.50 1992-12 Offitbank High Yield Sel 5 1.90 9.09 9.98 - 8.88 1,813 0.84 1994-03 T. Rowe Price High- Yield 4 2.02 9.87 9.58 8.38 10.07 1,776 0.81 1984-12 Federated Hi Yield Trust 4 0.27 8.80 9.54 9.96 10.90 1,018 0.88 1984-08 Smith Barney High Income (A) 3 -3.20 7.38 8.22 - 8.31 523 1.05 1992-11 SEI Inst Mgd High Yield 5 -0.31 9.01 - - 11.18 464 0.85 1995-01 Scudder High-Yield Bond 5 1.82 10.32 - - 10.30 208 0.44 1996-06 TCW Galileo High-Yield Bd I 5 1.08 8.46 9.20 - 8.60 201 0.85 1993-03 Delaware Delchester Instl 2 -6.38 6.86 7.02 - 7.94 40 0.81 1992-06 Salomon Bros Instl High-Yld 3 -2.03 8.19 - - 8.34 38 - 1996-05 Loomis Sayles High Yld F/I 1 0.71 5.95 - - 5.91 26 0.75 1996-06 Selected Funds Average 3.82 -0.11 8.54 9.24 9.17 776 0.78
MORNINGSTAR UNIVERSE SUMMARY DATA 25th Percentile Performance 0.79 9.38 9.52 10.28 0.90 Median Percentile Performance -1.29 8.20 8.42 9.51 1.22 75th Percentile Performance -5.39 6.84 7.15 8.79 1.74 Average -2.49 8.23 8.15 9.55 1.28 High 6.48 13.26 12.12 13.35 2.13 Low -14.97 3.36 3.11 6.19 0.28
The above information does not constitute an offer to sell or a solicitation of an offer to buy any of the funds mentioned herein. Additional information is available by calling MAS Client Services at 800-354- 8185. Total returns are net of all fees. Total returns represent past performance and are not indicative of future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth either more or less than their original cost. Performance for the Investment and Adviser classes will be lower due to the higher expenses charged. * For the 3-year period. The number of funds included in the Morningstar High Yield Universe for the 1-, 3-, 5-, and 10-year periods is 275, 156, 101, and 56, respectively. **Out of 1543 taxable bond funds. Morningstar proprietary ratings reflect historical risk-adjusted performance as of June 30, 1999. Ratings are subject to change every month and are calculated from the Funds' 3-, 5-, and 10-year average annual returns in excess of 90-day Treasury bill returns with appropriate fee adjustments, and a risk factor that reflects fund performance below 90 day T-bill returns. The top 10% of the funds in an investment category received five stars, the next 22.5% received four stars, the next 35% received three stars, the next 22.5% received 2 stars and the bottom 10% received 1 star. MAS Funds High Yield Institutional Class received 4 stars among 1,543 taxable bond funds for the 3-year period, 5 stars among 1,102 taxable bond funds for the 5-year period, and 5 stars among 371 taxable bond funds for the 10-year period. ***Expense information reported by Morningstar reflects information gathered from the most recent audited annual report for each fund with the exception of the MAS High-Yield Institutional Class which reflects the proposed expense ratio. -----END PRIVACY-ENHANCED MESSAGE-----