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| MainStay Income Manager 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:
Blended |
YTD % |
1 Year % |
3 Year % |
5 Year % |
10 Year % |
Since Incep. % |
| Average Annual Total Returns as of 04/30/2008 |
| NAV: |
| Class A (01/02/2004) |
-4.07 |
-4.42 |
6.71 |
8.03 |
4.47 |
8.78 |
| Class INV (02/28/2008) |
-4.07 |
-4.42 |
6.71 |
8.03 |
4.47 |
8.78 |
| Class B (01/02/2004) |
-4.38 |
-5.21 |
5.90 |
7.23 |
3.72 |
8.02 |
| Class C (12/30/2002) |
-4.38 |
-5.13 |
5.93 |
7.23 |
3.71 |
7.99 |
With Sales Charges: |
| Class A (01/02/2004) |
-9.35 |
-9.68 |
4.72 |
6.82 |
3.88 |
8.43 |
| Class INV (02/28/2008) |
-9.35 |
-9.68 |
4.72 |
6.82 |
3.88 |
8.43 |
| Class B (01/02/2004) |
-9.10 |
-9.56 |
5.00 |
6.92 |
3.72 |
8.02 |
| Class C (12/30/2002) |
-5.32 |
-6.00 |
5.93 |
7.23 |
3.71 |
7.99 |
| Average Annual Total Returns as of 03/31/2008 |
| NAV: |
| Class A (01/02/2004) |
-6.65 |
-4.43 |
5.28 |
8.44 |
4.23 |
8.65 |
| Class INV (02/28/2008) |
-6.65 |
-4.43 |
5.28 |
8.44 |
4.23 |
8.65 |
| Class B (01/02/2004) |
-6.84 |
-5.20 |
4.49 |
7.62 |
3.49 |
7.89 |
| Class C (12/30/2002) |
-6.91 |
-5.20 |
4.49 |
7.63 |
3.47 |
7.86 |
With Sales Charges: |
| Class A (01/02/2004) |
-11.79 |
-9.69 |
3.31 |
7.22 |
3.64 |
8.30 |
| Class INV (02/28/2008) |
-11.79 |
-9.69 |
3.31 |
7.22 |
3.64 |
8.30 |
| Class B (01/02/2004) |
-11.44 |
-9.55 |
3.59 |
7.32 |
3.49 |
7.89 |
| Class C (12/30/2002) |
-7.83 |
-6.07 |
4.49 |
7.63 |
3.47 |
7.86 |
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: 5.5% 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 1.18%, INV 1.42%, B 2.11%, C 2.11%, I 0.88%
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| | Growth of a Hypothetical $10,000 Investment at NAV | |  | | Class I shares 01/02/1991 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, B, and C shares will differ
based on differences in their sales charges and expense structures. The Asset
Manager Composite Index is comprised of the S&P 500® Index, the
Citigroup Broad Investment Grade Bond Index, and the Citigroup 1-Month T-Bill
Index weighted 60%/30%/10%, respectively. S&P 500® is a trademark
of The McGraw-Hill Companies, Inc. The S&P 500 is an unmanaged index and is
widely regarded as the standard for measuring large cap U.S. stock-market
performance. The Citigroup Broad Investment Grade Bond Index—the "BIG Index"—is
generally considered representative of the U.S. investment-grade bond market.
The Citigroup 1-Month T-Bill Index is an average of the last one-month Treasury
bill issues. 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) | |
Top Holdings
| |
% of Net Assets |
| AT&T, Inc. |
1.8% |
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| Bank of America Corp. |
1.7% |
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| Pfizer Inc. |
1.7% |
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| Verizon Communications Inc. |
1.6% |
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| Dow Chemical Co. |
1.5% |
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| ExxonMobil Corp. |
1.4% |
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| U.S. Treasury Note, 2.00%, due 2/28/10 |
1.2% |
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| ChevronTexaco Corp. |
1.1% |
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| FNMA, 1.65% due 4/01/08 |
1.0% |
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| FNMA, 1.65%, due 4/1/08 |
1.0% |
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| Federal Home Loan Bank, 1.50%, due 4/1/08 |
0.9% |
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Top Sectors
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% of Net Assets |
| Financials |
14.9% |
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| Government |
13.7% |
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| Consumer Non-Cyclical |
11.6% |
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| Energy |
8.3% |
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| Communications |
8.0% |
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| Basic Materials |
7.0% |
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| Utilities |
7.0% |
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| Mortgage-Backed Securities |
6.5% |
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| Industrials |
6.4% |
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| Consumer Cyclical |
5.0% |
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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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Portfolio Manager(s)
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| |  Tony Elavia, Ph.D.
Mr. Elavia is the portfolio manager for MainStay Asset Allocation Funds, MainStay Retirement Funds, and has managed MainStay Income Manager and Balanced Funds since 2005. He is Chief Investment Officer of NYLIM Equity Investors, and a Senior Managing Director of NYLIM. Immediately prior to joining NYLIM, Mr. Elavia was Managing Director and Senior Portfolio Manager of the Large Cap Growth team of Putnam Investments in Boston, MA, managing more than $25 billion in assets. Prior to joining Putnam, Mr. Elavia was Executive Vice President and Portfolio Manager at Voyageur Asset Management and President of TES Partners, a long short hedge fund in Minneapolis, MN. Previously, he was a Senior Vice President with Piper Capital Management. Mr. Elavia holds a Ph.D. and M.A. in Economics from the University of Houston and a M.S. and B.C. from the University of Baroda in Vadodara, India.
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| |  Anthony Malloy
Mr. Malloy is the Chief Investment Officer of the Fixed Income Investors Group and serves on NYLIM’s Investment Committee and the Portfolio Strategy and Asset Allocation Committee. In this capacity, he oversees the Group’s management of the fixed income investments across all sectors of the market, including high yield and investment grade credit, leveraged loans, structured finance, emerging markets, private placements and project finance. Mr. Malloy joined the firm in 1999 and started the Leveraged Loan Group which he built into a premier manager of leveraged loans with distribution in the retail, institutional and CLO markets. Prior to joining NYLIM, Mr. Malloy held positions of increasing responsibility in lending and risk management with J.P. Morgan, Toronto-Dominion and First Chicago. Mr. Malloy received a B.A. from Middlebury College and an M.B.A. from New York University.
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| | Jonathan Swaney
Mr. Swaney has been an employee of NYLIM since 1997 and is responsible both for managing quantitative equity portfolios and performing research at NYLIM Equity Investors Group. He is also the Portfolio Manager for the MainStay Retirement Funds, Asset Allocation Funds, and Income Manager Fund. Within NYLIM, Mr. Swaney has previously worked with the Investment Consulting Group and was a Portfolio Manager with the Quantitative Strategies unit. Prior to joining NYLIM, Mr. Swaney performed manager research for fund-of-hedge-funds operator Pine Grove Partners and worked on the fixed income desk at The Vanguard Group. Mr. Swaney earned his B.A. in Political Science from The College of William & Mary. |
| | Thomas J. Girard
Mr. Girard serves as portfolio manager of the Income Manager Fund and the Indexed Bond Fund. Mr. Girard is a Senior Portfolio Manager, Head of the Portfolio Management and Strategy Group and chairs the
Portfolio Strategy and Asset Allocation Committee. He joined NYLIM in 2007 and is responsible for managing all multi-sector third-party fixed income mandates. Prior to joining NYLIM, Mr. Girard was a portfolio manager and co-head of fixed income at Robeco Investment Management/Weiss Peck & Greer where he developed specific investment strategies for institutional clients, including insurance companies and corporate pension plans. Prior to that, Mr. Girard was a portfolio manager at Bankers Trust where he managed money market, assetbacked and corporate bond portfolios. He received a B.S. from St. John Fisher College and an M.B.A. from Fordham University. Mr. Girard is a Certified Public Accountant.
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| | | Harish Kumar, Ph.D., CFA | | Dr. Kumar is Portfolio Manager for the MainStay 130/30 Growth Fund, Growth Equity Fund, and Income Manager Fund. He is also Portfolio Manager for the MainStay Growth Equity Fund. Dr. Kumar is a Managing Director and Head of Growth Portfolios at NYLIM's Equity Investors Group, a division of NYLIM. Prior to joining NYLIM in 2005, Dr. Kumar served as a Senior Portfolio Manager at ING Investment Management since 2002. He received his Ph.D. from Columbia University, his master's degree from the University of Colorado-Boulder, and graduated with honors from Birla Institute of Technology and Science in Pilani, India, receiving a bachelor's degree in mechanical engineering. Dr. Kumar is a CFA charterholder, and has 8 years of investment experience.
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Fund Objective
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| To seek to maximize total return, consistent with certain percentage constraints on amounts allocated to each asset class, from a combination of common stocks, fixed income securities, and money market investments. |
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Investment Strategy
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The Fund will generally invest at least 80% of its assets in income-producing securities, subject to the following constraints:
- Equity Securities—Up to 65% of the Fund's net assets will be invested in equity securities, and related derivatives, such as dividend paying common and preferred stocks.
- At least 30% of the Fund's net assets will be invested in U.S. equity securities, including investments in REITs.
- Fixed Income Securities—At least 35% of the Fund's net assets will be invested in fixed income securities, including cash and cash equivalents and related derivatives. These securities will consist of both investment grade and high yield fixed income securities including:
- Up to 15% of total assets, at the time of purchase, in high yield securities; and
- Up to 10% of total assets, at the time of purchase, in a combination of emerging market debt and floating rate loans.
- The Fund may also invest in other fixed income securities without restriction, including government, corporate, asset-backed and mortgage-backed securities.
- The Fund does not have a minimum required allocation to money market instruments and will normally not invest more than 10% in these instruments.
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| > |
In pursuing the Fund's investment objective, the Fund may also invest up to 20% of its total assets, at the time of purchase, in foreign securities of developed or emerging markets, or in futures associated with such securities. |
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Fund Statistics
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Class A |
Class INV |
Class B |
Class C |
| Total Net Assets |
62.0M |
16.2M |
25.3M |
10.9M |
| Beta1 | 1.21 | 1.21 | 1.22 | 1.21 | | Standard Deviation2 | 5.73 | 5.73 | 5.76 | 5.76 | | Average Maturity | 6.1 Yrs | | | | | Number of Holdings | 817 | | | | | Average Duration | 4.8 Years | | | | | Purchases | $1,000 minimum initial investment,
$50 subsequent | |
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Investor Profile
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Investors who seek diversification by country, market capitalization, and type of security to help manage risk. |
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Investors who seek exposure to investment grade bonds, money market instruments, and domestic and foreign stocks. |
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Why Asset Allocation?
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| Professional asset allocation is a sound way to enjoy broad market exposure and diversification to help manage risk. |
| | 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 | Investment in common stocks and other equity securities is particularly subject to the risk of changing economic, stock market, industry and company conditions which can adversely affect the value of the Fund's holdings.
The values of debt securities fluctuate depending upon various factors, including:
- Interest rates;
- Issuer creditworthiness;
- Liquidity;
- Market conditions; and
- Maturity
The Fund invests in high-yield securities ("junk bonds"), which are generally considered speculative because they present a greater risk of loss, including default, than higher quality debt securities. These securities also can be subject to greater price volatility.
The floating rate loans in which the Fund principally invests are usually rated less than investment grade and are generally considered speculative because they present a greater risk of loss, including default, than higher quality debt securities. These securities pay investors a higher interest rate because of the increased risk of loss. Although certain floating rate loans are collateralized, there is no guarantee that the value of the collateral will be sufficient to repay the loan. In a recession or serious credit event, the Fund's net asset value could go down and you could lose money.
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. 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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Effective January 2, 2006, MainStay Asset Manager Fund was renamed MainStay Income Manager Fund.
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. Prior to 1/1/04, the Fund offered Class L shares, which were subject to a 1% sales charge and a 1% CDSC on redemptions within one year of purchase. Performance for Class L shares, first offered 12/30/02, includes the historical performance of the Class I shares from inception (1/2/91) through 12/29/02, adjusted to reflect the applicable sales charge and CDSC and the applicable fees and expenses. Effective 1/1/04, all outstanding Class L shares of the Fund were converted and/or redesignated Class C shares. Performance for Class A and B shares, first offered 1/2/04, includes the historical performance of the Fund's Class I shares from Fund inception through 12/31/03 adjusted to reflect the applicable sales charge (or CDSC) and fees and expenses for such shares.
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| > Back to Top |
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| Class A: 01/02/04 |
| Class INV: 02/28/08 |
| Class B: 01/02/04 |
| Class C: 12/30/02 |
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| Class A: MATAX |
| Class INV: MIMNX |
| Class B: MAMBX |
| Class C: MAMCX |
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| Class A: 278846456 |
| Class INV: 27885C296 |
| Class B: 278846449 |
| Class C: 278846530 |
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| Class A: 1521 |
| Class INV: 2548 |
| Class B: 1522 |
| Class C: 1924 |
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