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| MainStay Short Term 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 06/30/2009 |
| NAV: |
| Class A (01/02/2004) |
1.44 |
5.98 |
5.57 |
3.84 |
4.09 |
4.86 |
| Class INV (02/28/2008) |
1.38 |
5.96 |
5.53 |
3.82 |
4.08 |
4.85 |
With Sales Charges: |
| Class A (01/02/2004) |
-1.60 |
2.80 |
4.50 |
3.21 |
3.78 |
4.68 |
| Class INV (02/28/2008) |
-1.66 |
2.78 |
4.47 |
3.19 |
3.77 |
4.68 |
| Average Annual Total Returns as of 06/30/2009 |
| NAV: |
| Class A (01/02/2004) |
1.44 |
5.98 |
5.57 |
3.84 |
4.09 |
4.86 |
| Class INV (02/28/2008) |
1.38 |
5.96 |
5.53 |
3.82 |
4.08 |
4.85 |
With Sales Charges: |
| Class A (01/02/2004) |
-1.60 |
2.80 |
4.50 |
3.21 |
3.78 |
4.68 |
| Class INV (02/28/2008) |
-1.66 |
2.78 |
4.47 |
3.19 |
3.77 |
4.68 |
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: 3% maximum initial sales charge. Class I: No initial sales charge or CDSC. Gross Expenses: Class A 1.32%, INV 2.09%, I 0.91%. Net Expenses: Class A 0.90%, INV 1.00%, I 0.60%.
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| | Growth of a Hypothetical $10,000 Investment at NAV | |  | | Class I shares 01/02/1991 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 A shares will differ based on
differences in sales charges and expense structure. The Citigroup 1-3 Year U.S.
Treasury Agency Index is an unmanaged index comprised of U.S. Treasury Notes
(minimum amount outstanding is $1 billion per issue) and Agency securities (minimum
amount outstanding is $200 million per issue) with maturities of one year or greater,
but less than three years. 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 |
| U.S. Treasury Note, 0.88%, due 2/28/11 |
14.0% |
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| FNMA, 6.25%, due 2/1/11 |
8.9% |
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| FNMA, 1.75%, due 3/23/11 |
6.0% |
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| FNMA, 3.38%, due 5/19/11 |
5.4% |
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| Federal Home Loan Bank, 2.25%, due 4/13/12 |
5.0% |
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| GNMA(TBA), 6.50%, due 4/1/36 |
4.6% |
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| Federal Home Loan Bank, 1.63%, due 1/21/11 |
4.3% |
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| FHLMC, 1.50%, due 1/7/11 |
4.1% |
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| Federal Home Loan Bank, 3.38%, due 10/20/10 |
4.1% |
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| FNMA, 2.88%, due 10/12/10 |
4.0% |
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Top Sectors
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% of Net Assets |
| Government |
75.9% |
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| Financials |
16.8% |
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| Energy |
1.5% |
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| Mortgage-Backed Securities |
0.6% |
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| | Portfolio Composition
| | 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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| |  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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| |  Claude Athaide, Ph.D., CFA
Mr. Athaide became a Manager of MainStay Money Market Fund in July 2000, and in April 2001, he became a Manager of MainStay Short Term Bond Fund. Mr. Athaide joined MacKay Shields in 1996 and became an Associate Director in 2001. Prior to joining MacKay Shields, Mr. Athaide taught graduate and undergraduate level statistics and computer programming courses at George Washington University and The Wharton School of the University of Pennsylvania. He was a Quantitative Analyst with Republic National Bank from May 1995 to August 1995. Mr. Athaide became a Chartered Financial Analyst in 2000.
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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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Fund Objective
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| To seek to maximize total return, consistent with liquidity, preservation of capital, and investment in short-term debt securities. |
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Investment Strategy
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The Fund normally invests at least 80% of its assets in an actively managed, diversified portfolio of short-term debt securities. |
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The subadvisor seeks to identify investment opportunities based on economic cycle analysis, credit quality, interest rate trends, yields, and other factors. |
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The Fund invests in quality securities, including U.S. government, corporate, mortgage-related, asset-backed, and other securities, as well as high-quality commercial paper. |
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Fund Statistics
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Class A |
Class INV |
| Total Net Assets |
49.5M |
2.9M |
| Beta1 | 1.05 | 1.04 | | Standard Deviation2 | 1.89 | 1.87 | | Effective Maturity | 2.2 Yrs | | | Number of Holdings | 38 | | | Effective Duration | 2.0 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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Conservative income investors, seeking high total return from quality short-term securities. |
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Income-oriented investors who seek a measure of price stability but are reluctant to sacrifice total return. |
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Why Short Term Bonds?
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| Short term bonds may offer attractive yields and the potential for relative price stability compared to longer-term bonds. |
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About Us
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| 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. The principal risk of mortgage-related and asset-backed securities is that underlying debt may be prepaid ahead of schedule, if interest rates fall, thereby reducing the value of the Fund's investment. If interest rates rise, less of the debt may be prepaid and the Fund may lose money. |
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What You Should Know
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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. |
| 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 A shares, first offered 1/2/04, includes the historical performance of the Fund's Class I shares from inception (1/2/91) through 12/31/03 adjusted to reflect the applicable sales charge and fees and expenses for such shares. |
| > Back to Top |
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| Class A: 01/02/04 |
| Class INV: 02/28/08 |
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| Class A: MSTAX |
| Class INV: MYTBX |
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| Class A: 278846266 |
| Class INV: 27885C163 |
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| Class A: 1530 |
| Class INV: 2566 |
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