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| MainStay Diversified Income 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 06/30/2009 |
| NAV: |
| Class A (02/28/1997) |
11.97 |
-2.01 |
2.79 |
3.50 |
4.78 |
4.87 |
| Class INV (02/28/2008) |
11.99 |
-1.97 |
2.79 |
3.49 |
4.77 |
4.87 |
| Class B (02/28/1997) |
11.53 |
-2.72 |
2.03 |
2.73 |
3.99 |
4.09 |
| Class C (09/01/1998) |
11.54 |
-2.72 |
2.03 |
2.73 |
3.99 |
4.09 |
With Sales Charges: |
| Class A (02/28/1997) |
6.93 |
-6.42 |
1.23 |
2.55 |
4.29 |
4.48 |
| Class INV (02/28/2008) |
6.95 |
-6.38 |
1.23 |
2.55 |
4.29 |
4.48 |
| Class B (02/28/1997) |
6.53 |
-7.20 |
1.17 |
2.41 |
3.99 |
4.09 |
| Class C (09/01/1998) |
10.54 |
-3.61 |
2.03 |
2.73 |
3.99 |
4.09 |
| Average Annual Total Returns as of 06/30/2009 |
| NAV: |
| Class A (02/28/1997) |
11.97 |
-2.01 |
2.79 |
3.50 |
4.78 |
4.87 |
| Class INV (02/28/2008) |
11.99 |
-1.97 |
2.79 |
3.49 |
4.77 |
4.87 |
| Class B (02/28/1997) |
11.53 |
-2.72 |
2.03 |
2.73 |
3.99 |
4.09 |
| Class C (09/01/1998) |
11.54 |
-2.72 |
2.03 |
2.73 |
3.99 |
4.09 |
With Sales Charges: |
| Class A (02/28/1997) |
6.93 |
-6.42 |
1.23 |
2.55 |
4.29 |
4.48 |
| Class INV (02/28/2008) |
6.95 |
-6.38 |
1.23 |
2.55 |
4.29 |
4.48 |
| Class B (02/28/1997) |
6.53 |
-7.20 |
1.17 |
2.41 |
3.99 |
4.09 |
| Class C (09/01/1998) |
10.54 |
-3.61 |
2.03 |
2.73 |
3.99 |
4.09 |
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.
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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. Gross Expenses: Class A 1.34%, INV 1.51%, B 2.20%, C 2.20%, I 1.03%. Net Expenses: Class A 1.30%, INV 1.40%, B 2.15%, C 2.15%, I 0.96%.
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| | Growth of a Hypothetical $10,000 Investment at NAV | |  | | Class A shares 02/28/1997 to 03/31/2009. 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 B and C shares will differ based on
differences in their sales charges and expense structures. The Three Index Composite
assumes equal investments, with all interest and capital gains reinvested, in the
Barclays Capital Aggregate Bond Index, the Credit Suisse First Boston™ High Yield
Index, and the Citigroup Non-U.S. Dollar World Government Bond Index. These indices
represent the U.S. government and domestic investment grade sector, the U.S. high
yield sector, and the international bond sector, respectively. The Barclays Capital Aggregate Bond Index is an unmanaged market value-weighted performance
benchmark for investment-grade or better fixed-rate debt issues, including
government, corporate, asset-backed, and mortgage-backed securities, with
maturities of at least one year. The Credit Suisse First Boston™ High Yield Index is a
market-weighted index that includes publicly traded bonds rated below BBB by S&P
and Baa by Moody's. The Citigroup Non-U.S. Dollar World Government Bond Index is
an unmanaged index generally considered to be representative of the world bond
market. Index 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) | | > View Securities Lending Statement | |
Top Holdings
| |
% of Net Assets |
| FNMA, 4.88%, due 5/18/12 |
3.8% |
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| United Kingdom, 4.50%, due 3/7/19 |
3.8% |
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| Commonwealth of Australia, 6.25%, due 6/15/14 |
3.7% |
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| Republic of Germany, 3.75%, due 1/4/17 |
3.6% |
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| FNMA, 5.50%, due 8/1/37 |
2.0% |
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| United Mexican States, 7.25%, due 12/15/16 |
1.9% |
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| Hellenic Republic, 4.50%, due 5/20/14 |
1.9% |
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| Republic of Germany, 4.25%, due 7/4/14 |
1.8% |
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| FNMA, 6.25%, due 2/1/11 |
1.6% |
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| United Kingdom, 4.75%, due 9/7/15 |
1.6% |
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| | Portfolio Composition
| | Asset Allocation
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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 $224 billion in assets under management as of March 31, 2009. 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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| |  Gary Goodenough
Mr. Goodenough joined MacKay Shields as a Managing Director and Co-head of Fixed Income in 2000, and became a Senior Managing Director in 2004. Prior to joining MacKay Shields, Mr. Goodenough was a Senior Portfolio Manager at Loomis Sayles Co. from December 1993 to May 2000. Prior to this, he was a Managing Director at Bear Stearns Company and was a Managing Director of High Yield Bonds and a Managing Director of Global Bonds at Salomon Brothers.
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| | | Howard Booth | Mr. Booth became a manager of the MainStay Diversified Income Fund and the MainStay Global High Income Fund when he joined MacKay Shields in September 2008 as a Director and a Head of International Fixed Income. He previously was a Senior Portfolio Manager for Global Emerging Markets at Robeco Investment Management and a Senior Portfolio Manager at HSBC Asset Management and worked for Metropolitan Life Insurance for twelve years, where he held the positions of Senior Financial Analyst, Managing Trader and Director in its Global Finance unit. Mr. Booth is a graduate of Syracuse University with a BS in Finance and Accounting and holds an MBA from New York University, and is a CFA charterholder.
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| | | James Ramsay | Mr. Ramsay joined MacKay Shields in September 2008 as a Senior Managing Director and the Chief Fixed Income Strategist. He previously was Senior Managing Director and Chief Investment Officer of the US Fixed Income division of Robeco Investment Management from 2007 to 2008, a Senior Vice President at PIMCO from 2003 to 2006, a Senior Managing Director and Executive Vice President in the domestic Fixed Income division of AIG/SunAmerica from 2000 to 2002, and Senior Vice President managing the Investment Division of UNUM Provident Corporation from 1991 to 2000. Mr. Ramsay is a graduate of the University of Arkansas with a BSBA in Finance and Banking and is a CFA charterholder.
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Investment Strategy
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The Fund may invest in a wide array of domestic and foreign debt securities, seeking to provide current income and competitive overall return. |
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The portfolio managers intend to focus primarily on U.S. government and domestic investment-grade securities, high-yield corporate bonds, and international debt securities, seeking to combine high quality, higher return potential, and broad diversification by country, currency, industry, and type of security. |
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Ongoing economic and market monitoring, fundamental research, relative-value analysis, and individual security selection may allow the subadvisor to identify promising countries, bond market sectors, and securities. |
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Strict liquidity, diversification, and buy and sell disciplines may help assure that the Fund is appropriately invested at all times to pursue its allocation strategies and fundamental investment objective. |
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Fund Statistics
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Class A |
Class INV |
Class B |
Class C |
| Total Net Assets |
45.2M |
10.6M |
17.6M |
9.5M |
| Beta1 | 0.84 | 0.85 | 0.85 | 0.84 | | Standard Deviation2 | 6.52 | 6.53 | 6.54 | 6.50 | | Effective Maturity | 6.2 Yrs | | | | | Number of Holdings | 453 | | | | | Effective Duration | 4.3 Years | | | | | Purchases | $1,000 minimum initial investment,
$50 subsequent | |
| | 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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Investor Profile
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Investors seeking potentially higher income and overall return by investing in multiple bond market sectors. |
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Investors seeking to add income potential to a growth-oriented portfolio. |
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Investors seeking to manage risk through multimarket diversification. |
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Why Multiple Markets?
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Multimarket investments offer diversification to manage risk and exposure to more types of securities, which may increase opportunity potential.
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About Risk
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High-yield securities ("junk bonds") are generally considered speculative because they present a greater risk of loss than higher-quality debt securities and may 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. The Fund may invest in derivatives, which may increase the volatility of the Fund's net asset value and may result in a loss to the Fund. The Fund may experience a portfolio turnover rate of over 100% and may generate short-term capital gains which are taxable. The principal risk of mortgage dollar rolls is that the security the Fund receives at the end of the transaction may be worth less than the security the Fund sold to the same counterparty at the beginning of the transaction. Funds that invest in bonds are subject to interest-rate risk and can lose principal value when interest rates rise.
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View the Prospectus
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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. |
| Performance figures reflect certain fee waivers and/or expense limitations, without which total returns may have been lower. The fee waivers and/or expense limitations are voluntary and may be discontinued at any time. Performance for Class C shares, first offered 9/1/98, includes the historical performance of Class B shares from inception (2/28/97) through 8/31/98 adjusted to reflect the applicable CDSC and fees and expenses for such shares. Performance for Class I shares, first offered 1/2/04, includes the historical performance of Class A 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: 02/28/97 |
| Class INV: 02/28/08 |
| Class B: 02/28/97 |
| Class C: 09/01/98 |
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| Class A: MASAX |
| Class INV: MSYDX |
| Class B: MASBX |
| Class C: MSICX |
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| Class A: 56062F657 |
| Class INV: 56062X518 |
| Class B: 56062F640 |
| Class C: 56062F350 |
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| Class A: 665 |
| Class INV: 2541 |
| Class B: 65 |
| Class C: 925 |
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