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| MainStay Global High 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:
International |
YTD % |
1 Year % |
3 Year % |
5 Year % |
10 Year % |
Since Incep. % |
| Average Annual Total Returns as of 06/30/2009 |
| NAV: |
| Class A (06/01/1998) |
17.20 |
-0.97 |
4.41 |
7.96 |
11.15 |
8.77 |
| Class INV (02/28/2008) |
16.99 |
-1.26 |
4.30 |
7.88 |
11.11 |
8.74 |
| Class B (06/01/1998) |
16.60 |
-2.02 |
3.52 |
7.08 |
10.26 |
7.91 |
| Class C (09/01/1998) |
16.58 |
-1.92 |
3.56 |
7.10 |
10.27 |
7.92 |
With Sales Charges: |
| Class A (06/01/1998) |
11.92 |
-5.43 |
2.82 |
6.97 |
10.64 |
8.32 |
| Class INV (02/28/2008) |
11.73 |
-5.71 |
2.71 |
6.90 |
10.60 |
8.29 |
| Class B (06/01/1998) |
11.60 |
-6.60 |
2.68 |
6.78 |
10.26 |
7.91 |
| Class C (09/01/1998) |
15.58 |
-2.84 |
3.56 |
7.10 |
10.27 |
7.92 |
| Average Annual Total Returns as of 06/30/2009 |
| NAV: |
| Class A (06/01/1998) |
17.20 |
-0.97 |
4.41 |
7.96 |
11.15 |
8.77 |
| Class INV (02/28/2008) |
16.99 |
-1.26 |
4.30 |
7.88 |
11.11 |
8.74 |
| Class B (06/01/1998) |
16.60 |
-2.02 |
3.52 |
7.08 |
10.26 |
7.91 |
| Class C (09/01/1998) |
16.58 |
-1.92 |
3.56 |
7.10 |
10.27 |
7.92 |
With Sales Charges: |
| Class A (06/01/1998) |
11.92 |
-5.43 |
2.82 |
6.97 |
10.64 |
8.32 |
| Class INV (02/28/2008) |
11.73 |
-5.71 |
2.71 |
6.90 |
10.60 |
8.29 |
| Class B (06/01/1998) |
11.60 |
-6.60 |
2.68 |
6.78 |
10.26 |
7.91 |
| Class C (09/01/1998) |
15.58 |
-2.84 |
3.56 |
7.10 |
10.27 |
7.92 |
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. Gross Expenses: Class A 1.37%, INV 1.53%, B 2.25%, C 2.25%, I 1.15%. Net Expenses: Class A 1.31%, INV 1.50%, B 2.25%, C 2.25%, I 1.15%.
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| | Growth of a Hypothetical $10,000 Investment at NAV | |  | | Class A shares 06/01/1998 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 JPMorgan EMBI
Global Diversified Index (formerly JPMorgan EMBI Global Constrained Index) is an
unmanaged, market-capitalization weighted, total-return index tracking the traded
market for U.S.-dollar-denominated Brady bonds, Eurobonds, traded loans, and local
market debt instruments issued by sovereign and quasi-sovereign entities. 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 |
| Republic of Indonesia, 11.63%, due 3/4/19 |
4.8% |
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| Russian Federation, Reg S, 7.50%, due 3/31/30 |
4.6% |
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| Republic of Turkey, 7.38%, due 2/5/25 |
4.2% |
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| Republic of Panama, 9.38%, due 4/1/29 |
4.2% |
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| Republic of the Philippines, 9.50%, due 2/2/30 |
4.2% |
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| Republic of Brazil, 8.25%, due 1/20/34 |
4.0% |
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| Pemex Project Funding Master Trust, 5.75%, due 3/1/18 |
3.5% |
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| Republic of Uruguay, 9.25%, due 5/17/17 |
3.1% |
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| Republic of Venezuela, Reg S, 9.25%, due 5/7/28 |
2.8% |
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| Republic of Turkey, 9.50%, due 1/15/14 |
2.4% |
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Top Countries
| |
% of Net Assets |
| Brazil |
10.6% |
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| Turkey |
8.5% |
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| Mexico |
7.5% |
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| Philippines |
6.7% |
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| Indonesia |
5.9% |
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| Panama |
5.4% |
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| Russia |
5.3% |
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| Peru |
5.1% |
|
| United States |
4.9% |
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| Venezuela |
4.8% |
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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 $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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| | | 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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| |  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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| | | 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 normally invests at least 65% of its assets in high-yield securities. |
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Normally, the Fund invests in debt securities issued by governments, and their agencies and authorities, and corporations that are located in at least three different countries. |
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The Fund focuses on debt securities that generally are rated BBB by S&P or Baa by Moody's, or if unrated, determined by the Fund's subadvisor to be of comparable quality. |
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The Fund principally invests in countries that are considered emerging markets, and may invest in countries with established economies, that the Fund's subadvisor believes present favorable opportunities. |
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The Fund's principal investments include yankee (dollar-denominated) debt securities, Brady Bonds and derivative instruments, such as floaters, including inverse floaters, swaps, futures and options. |
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The Fund may buy and sell currency on a spot basis and enter into foreign currency forward contracts. The Fund may also buy foreign currency options. These techniques may be used for any legally permissible purpose, including increasing the Fund's return. |
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Fund Statistics
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Class A |
Class INV |
Class B |
Class C |
| Total Net Assets |
65.1M |
14.4M |
21.5M |
30.5M |
| Beta1 | 1.17 | 1.16 | 1.17 | 1.16 | | Standard Deviation2 | 12.12 | 12.10 | 12.13 | 12.12 | | Average Maturity | 12.9 Yrs | | | | | Number of Holdings | 93 | | | | | Average Duration | 6.7 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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Aggressive investors seeking maximum current income from emerging-market debt. |
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Investors seeking to add global diversification to their portfolios. |
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Investors who can accept the higher risks of global high-yield debt securities to pursue the opportunity potential they may offer. |
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Why Global High-Yield Bonds?
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Global investing can add diversification to domestic portfolios, and high-yield securities may offer potentially higher total returns.
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About Risk
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| 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. 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. The Fund is non-diversified which means it may invest a greater percentage of its assets than other funds in a particular issuer, making it more susceptible to risks associated with an individual issuer, and to single economic, political, or regulatory occurrences. 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. 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 the Fund's Class B shares from inception (6/1/98) through 8/31/98 adjusted to reflect the applicable CDSC and fees and expenses for such shares.
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| > Back to Top |
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| Class A: 06/01/98 |
| Class INV: 02/28/08 |
| Class B: 06/01/98 |
| Class C: 09/01/98 |
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| > |
| Class A: MGHAX |
| Class INV: MGHHX |
| Class B: MGHBX |
| Class C: MHYCX |
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| > |
| Class A: 56062F475 |
| Class INV: 56062X492 |
| Class B: 56062F467 |
| Class C: 56062F244 |
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| Class A: 832 |
| Class INV: 2543 |
| Class B: 868 |
| Class C: 802 |
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