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| MainStay High Yield Corporate Bond Fund |
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Get to know each MainStay Fund with these in-depth views. Simply click on the tabs below for related information. |
| Fund Performance
| Share Class (Inception) |
Category:
Income |
YTD % |
1 Year % |
3 Year % |
5 Year % |
10 Year % |
Since Incep. % |
| Average Annual Total Returns as of 04/30/2008 |
| NAV: |
| Class A (01/03/1995) |
-0.66 |
-1.82 |
6.28 |
9.59 |
6.22 |
9.18 |
| Class INV (02/28/2008) |
-0.62 |
-1.78 |
6.29 |
9.60 |
6.23 |
9.18 |
| Class B (05/01/1986) |
-0.93 |
-2.45 |
5.49 |
8.79 |
5.43 |
8.40 |
| Class C (09/01/1998) |
-0.93 |
-2.60 |
5.49 |
8.79 |
5.43 |
8.40 |
With Sales Charges: |
| Class A (01/03/1995) |
-5.13 |
-6.24 |
4.66 |
8.58 |
5.73 |
8.95 |
| Class INV (02/28/2008) |
-5.09 |
-6.20 |
4.67 |
8.59 |
5.74 |
8.95 |
| Class B (05/01/1986) |
-5.78 |
-7.03 |
4.61 |
8.50 |
5.43 |
8.40 |
| Class C (09/01/1998) |
-1.90 |
-3.52 |
5.49 |
8.79 |
5.43 |
8.40 |
| Average Annual Total Returns as of 03/31/2008 |
| NAV: |
| Class A (01/03/1995) |
-3.74 |
-4.03 |
4.55 |
10.05 |
6.00 |
9.05 |
| Class INV (02/28/2008) |
-3.68 |
-3.97 |
4.57 |
10.07 |
6.00 |
9.06 |
| Class B (05/01/1986) |
-3.95 |
-4.81 |
3.77 |
9.25 |
5.21 |
8.28 |
| Class C (09/01/1998) |
-3.95 |
-4.81 |
3.77 |
9.25 |
5.21 |
8.28 |
With Sales Charges: |
| Class A (01/03/1995) |
-8.07 |
-8.35 |
2.96 |
9.04 |
5.51 |
8.83 |
| Class INV (02/28/2008) |
-8.01 |
-8.30 |
2.98 |
9.06 |
5.52 |
8.83 |
| Class B (05/01/1986) |
-8.68 |
-9.28 |
2.91 |
8.97 |
5.21 |
8.28 |
| Class C (09/01/1998) |
-4.90 |
-5.70 |
3.77 |
9.25 |
5.21 |
8.28 |
Performance data quoted represents past performance. Past performance is no guarantee of future results. Due to market volatility, current performance may be less or higher than the figures shown. Investment return and principal value will fluctuate so that upon redemption, shares may be worth more or less than their original cost. Performance data shown at NAV does not reflect the deduction of the sales load, which, if reflected, would reduce the performance quoted.
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Class A & INV: 4.5% maximum initial sales charge. Class B: CDSC up to 5% if redeemed within six years. Class C: 1% CDSC if redeemed within one year. Class I: No initial sales charge or CDSC, generally available to corporate & institutional investors with a minimum initial investment of $5 million. A redemption fee of 2% will be applied to shares that are redeemed within 60 days of their purchase. Gross Expenses: Class A 1.01%, INV 1.13%, B 1.84%, C 1.84%, I 0.79%
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| | Growth of a Hypothetical $10,000 Investment at NAV | |  | | Class B shares 05/01/1986 to 03/31/2008. Based on total returns with reinvestment of
distributions and does not reflect the effect of any sales charges, which would
reduce performance shown. Performance for Class A and C shares will differ based
on differences in their sales charges and expense structures. The Credit Suisse First
Boston™ (CSFB) High Yield Index is a market-weighted index that includes publicly
traded bonds rated below BBB by S&P and Baa by Moody's. Results assume the
reinvestment of all capital gain and dividend distributions. An investment cannot be
made directly into an index. |
| > View total monthly holdings (30-day delayed) | |
Top Corporate Bond Holdings
| |
% of Net Assets |
| INVISTA, 9.25%, due 5/1/12 |
1.1% |
|
| American Real Estate Partners, LP/American Real Estate Finance Corp., 7.13%, due 2/15/13 |
0.9% |
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| NXP BV / NXP Funding LLC, 7.88%, due 10/15/14 |
0.9% |
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| General Motors Acceptance Corp., 6.75%, due 12/1/14 |
0.8% |
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| Chesapeake Energy Corp., 6.50%, due 8/15/17 |
0.8% |
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| Lucent Technologies, Inc., 6.45%, due 3/15/29 |
0.8% |
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| Energy Future Holdings, 10.88%, due 11/1/17 |
0.8% |
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| Intergen NV, 9.00%, due 6/30/17 |
0.8% |
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| Reliant Energy, Inc., 7.75%, due 5/1/17 |
0.7% |
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| Rainbow National Services LLC, 10.38%, due 9/1/14 |
0.7% |
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Top Sectors
| |
% of Net Assets |
| Consumer Cyclical |
13.1% |
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| Consumer Non-Cyclical |
13.0% |
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| Communications |
12.8% |
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| Financials |
12.6% |
|
| Loan Participations |
10.1% |
|
| Energy |
8.7% |
|
| Basic Materials |
6.3% |
|
| Industrials |
5.2% |
|
| Utilities |
3.7% |
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| Technology |
2.0% |
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| | Quality Breakdown
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Investment Advisor
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| MainStay is a division of New York Life Investment Management LLC (NYLIM), a world-class financial services organization that with its affiliates has more than $246 billion in assets under management as of March 31, 2008. NYLIM is the Investment Advisor for all MainStay Funds and serving as manager, runs the Funds' day-to-day business.
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Investment Subadvisor
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The Investment Advisor has delegated its portfolio management responsibilities for this Fund to its Investment Subadvisor, MacKay Shields LLC. MacKay Shields has specialized in money management for over 30 years, serving institutional and corporate clients.
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Portfolio Manager(s)
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| |  J. Matthew Philo, CFA
Mr. Philo is a Portfolio Manager of MainStay High Yield Corporate Bond Fund and MainStay Diversified Income Fund. Mr. Philo, a Senior Managing Director of MacKay Shields LLC, has managed institutional accounts for MacKay Shields since September of 1996. From 1993 to September 1996, Mr. Philo was with Thorsell, Parker Partners Inc. as an analyst and portfolio manager focusing on mid-cap companies. He was previously with Moran Asset Management as an equity portfolio manager and analyst. He received a BA in Economics from the State University of New York at Albany and a MBA in Finance from New York University. Mr. Philo is a Chartered Financial Analyst.
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Investment Strategy
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The Fund's objective is to maximize current income through investment in a diversified portfolio of high-yield debt securities. |
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The portfolio managers combine continual security monitoring and independent credit evaluations with rigorous buy and sell disciplines to maximize upside potential and manage downside risk. |
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With ongoing research and value assessment, the subadvisor is able to identify opportunities individual investors might not recognize—and purchase a broader range of securities that most investors could afford on their own. |
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Fund Statistics
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Class A |
Class INV |
Class B |
Class C |
| Total Net Assets |
2366.5M |
237.7M |
644.7M |
362.5M |
| Beta1 | 0.93 | 0.92 | 0.92 | 0.93 | | Standard Deviation2 | 5.11 | 5.10 | 5.13 | 5.15 | | Effective Maturity | 6.5 Yrs | | | | | Number of Holdings | 376 | | | | | Effective Duration | 4.0 Years | | | | | Purchases | $1,000 minimum initial investment,
$50 subsequent | |
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Investor Profile
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Aggressive investors seeking to maximize current income and total return. |
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Investors who can accept the higher risks of high-yield securities. |
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Long-term investors seeking to benefit from the powerful potential of compounding through reinvestment of distributions. |
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Why High-Yield Bonds?
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The higher yields of non investment-grade bonds are particularly attractive to income investors who seek high current income and higher total return.
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| | 1Beta is a measure of historical volatility
relative to an appropriate index based on its investment objective.
A beta greater than 1.00 indicates volatility greater than the market's.
Beta shown is based on monthly returns over the last three years.
2Standard Deviation measures how widely dispersed a
fund's returns have been over a specified period of time (five years).
A high standard deviation indicates that the range is wide, implying
greater potential for volatility. |
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What You Should Know
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| Before You Invest | | High-yield securities ("junk bonds") are generally considered speculative because they present a greater risk of loss than higher-quality debt securities; these securities may also be subject to greater price volatility. Foreign securities may be subject to greater risks than U.S. investments, including currency fluctuations, less liquid trading markets, greater price volatility, political and economic instability, less publicly available information, and changes in tax or currency laws or monetary policy. These risks are likely to be greater for emerging markets than in developed markets.
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| View the Prospectus | This mutual fund may be offered and sold only to persons in the United States. Please contact your investment professional or call 800-MAINSTAY (624-6782) for a prospectus or download it now. Please consider the investment objectives, risks, and charges and expenses of the investment carefully before investing. The prospectus contains this and other information about the investment company. Please read it carefully before you invest.
NYLIFE Distributors LLC, 169 Lackawanna Avenue, Parsippany, NJ 07054.
These products are not federally insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, or similar agency.
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All total returns are shown both with and without their maximum sales charge and assume capital gain and dividend distributions are reinvested.
Class A and R2 shares have an annual 12b-1 fee of .25%. Class B and C shares have an annual 12b-1 fee of 1.00%. Class I and R1 shares have no annual 12b-1 fee.
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| Performance for Class A and C shares, first offered 1/3/95 and 9/1/98, respectively, includes the historical performance of the Fund's Class B shares from inception (5/1/86) through 12/31/94 for Class A shares and through 8/31/98 for Class C shares, adjusted to reflect the applicable sales charge (or CDSC) and fees and expenses for such shares. Performance for Class I shares, first offered 1/2/04, includes the historical performance of the Fund's Class B shares from inception through 12/31/03 adjusted to reflect the applicable fees and expenses for such shares. |
| > Back to Top |
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| Class A: 01/03/95 |
| Class INV: 02/28/08 |
| Class B: 05/01/86 |
| Class C: 09/01/98 |
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| > |
| Class A: MHCAX |
| Class INV: MHHIX |
| Class B: MKHCX |
| Class C: MYHCX |
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| > |
| Class A: 56062F772 |
| Class INV: 56062X476 |
| Class B: 56062F400 |
| Class C: 56062F376 |
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| Class A: 643 |
| Class INV: 2547 |
| Class B: 43 |
| Class C: 193 |
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