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| MainStay Government 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) |
1.87 |
6.34 |
4.26 |
3.22 |
4.88 |
6.29 |
| Class INV (02/28/2008) |
1.89 |
6.36 |
4.27 |
3.22 |
4.88 |
6.29 |
| Class B (05/01/1986) |
1.62 |
5.54 |
3.52 |
2.48 |
4.11 |
5.53 |
| Class C (09/01/1998) |
1.62 |
5.67 |
3.52 |
2.48 |
4.11 |
5.53 |
With Sales Charges: |
| Class A (01/03/1995) |
-2.71 |
1.55 |
2.67 |
2.27 |
4.39 |
6.07 |
| Class INV (02/28/2008) |
-2.69 |
1.58 |
2.68 |
2.28 |
4.40 |
6.07 |
| Class B (05/01/1986) |
-3.38 |
0.54 |
2.58 |
2.13 |
4.11 |
5.53 |
| Class C (09/01/1998) |
0.62 |
4.67 |
3.52 |
2.48 |
4.11 |
5.53 |
| Average Annual Total Returns as of 03/31/2008 |
| NAV: |
| Class A (01/03/1995) |
2.59 |
7.60 |
4.95 |
3.46 |
4.99 |
6.35 |
| Class INV (02/28/2008) |
2.62 |
7.63 |
4.96 |
3.47 |
4.99 |
6.35 |
| Class B (05/01/1986) |
2.41 |
6.80 |
4.21 |
2.73 |
4.22 |
5.59 |
| Class C (09/01/1998) |
2.41 |
6.93 |
4.21 |
2.73 |
4.22 |
5.59 |
With Sales Charges: |
| Class A (01/03/1995) |
-2.02 |
2.75 |
3.35 |
2.51 |
4.51 |
6.12 |
| Class INV (02/28/2008) |
-1.99 |
2.79 |
3.36 |
2.52 |
4.51 |
6.13 |
| Class B (05/01/1986) |
-2.59 |
1.80 |
3.28 |
2.37 |
4.22 |
5.59 |
| Class C (09/01/1998) |
1.41 |
5.93 |
4.21 |
2.73 |
4.22 |
5.59 |
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. Gross Expenses: Class A 1.32%, INV 1.43%, B 2.15%, C 2.15%, I 1.00%
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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 Lehman
Brothers® (LB) Government Bond Index is an unmanaged index
comprised of all publicly issued, nonconvertible, domestic debt of the U.S.
government or any of its agencies, quasi-federal corporations, or corporate debt
guaranteed by the U.S. government. 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 Holdings
| |
% of Net Assets |
| FNMA, 4.00%, due 9/2/08 |
5.5% |
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| U.S. Treasury Note, 4.75%, due 8/15/17 |
4.4% |
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| FNMA, 4.50%, due 7/1/18 |
4.3% |
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| FNMA, 5.50%, due 6/1/33 |
3.3% |
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| U.S. Treasury Note, 4.75%, due 5/31/12 |
3.0% |
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| FNMA, 5.00%, due 1/1/36 |
2.8% |
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| FNMA, 4.50%, due 11/1/18 |
2.7% |
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| U.S. Treasury Bond, 8.75%, due 8/15/20 |
2.7% |
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| FHLMC, 5.50%, due 1/1/36 |
2.2% |
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| U.S. Treasury Bond, 6.25%, due 5/15/30 |
2.2% |
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| | Portfolio Composition
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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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| |  Gary Goodenough
Mr. Goodenough became a manager of the Government Fund and the Total Return Fund in 2000, the Global High Income Fund in 2003, the Money Market Fund in 2006 and the Diversified Income Fund in 2008. 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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| |  Joseph Portera
Mr. Portera has managed MainStay Diversified Income and Global High Income Funds since inception and MainStay Government Fund since July 2000. Mr. Portera also manages the MainStay Total Return Fund and Intermediate Term Bond Fund. Mr. Portera is a Managing Director of MacKay Shields, specializing in international investing. He returned to MacKay Shields in December 1996 after working at Fiduciary Trust Company International as a Portfolio Manager in international bonds. Mr. Portera originally joined MacKay Shields in 1991.
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Fund Objective
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To seek a high level of current income, consistent with safety of principal.
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Investment Strategy
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The Fund invests primarily in securities issued or guaranteed by the U.S. government and its agencies and instrumentalities. |
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To enhance the Fund's income potential, the portfolio managers invest in a wide range of U.S. government securities—from Treasury bills, notes, and bonds to higher yielding Ginnie Mae, Fannie Mae, and Freddie Mac certificates. |
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The Fund seeks a yield and stability advantage over individual investments in government securities by diversifying by maturity, coupon, and issuer. |
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Experienced professionals monitor the markets and adjust the portfolio daily, seeking current income consistent with safety of principal. |
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Fund Statistics
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Class A |
Class INV |
Class B |
Class C |
| Total Net Assets |
194.3M |
57.3M |
51.6M |
17.2M |
| Beta1 | 0.81 | 0.82 | 0.82 | 0.82 | | Standard Deviation2 | 3.67 | 3.67 | 3.70 | 3.72 | | Effective Maturity | 6.8 Yrs | | | | | Number of Holdings | 103 | | | | | Effective Duration | 4.0 Years | | | | | Purchases | $1,000 minimum initial investment,
$50 subsequent | |
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Investor Profile
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Conservative investors seeking high current income. |
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Income investors who prefer the strength of underlying investments issued or guaranteed by the U.S. government or its agencies or instrumentalities. |
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Equity or equity-and-income investors seeking a conservative component for their portfolios. |
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Why Government Bonds?
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Many investors choose U.S. government bonds for their security, liquidity, and competitive yields.
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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 | | Investments in the Fund are not guaranteed, even though some of the Fund's investments are guaranteed by the U.S. government or its agencies or instrumentalities. 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.
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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: MGVAX |
| Class INV: MGVNX |
| Class B: MCSGX |
| Class C: MGVCX |
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| Class A: 56062F764 |
| Class INV: 56062X484 |
| Class B: 56062F509 |
| Class C: 56062F384 |
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| Class A: 644 |
| Class INV: 2544 |
| Class B: 44 |
| Class C: 194 |
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