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| MainStay Floating Rate 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 (05/03/2004) |
23.68 |
-4.21 |
0.28 |
1.76 |
n/a |
1.82 |
| Class INV (02/28/2008) |
23.71 |
-4.24 |
0.26 |
1.75 |
n/a |
1.81 |
| Class B (05/03/2004) |
23.08 |
-5.06 |
-0.53 |
0.97 |
n/a |
1.05 |
| Class C (05/03/2004) |
23.08 |
-4.96 |
-0.53 |
0.97 |
n/a |
1.04 |
With Sales Charges: |
| Class A (05/03/2004) |
19.97 |
-7.09 |
-0.74 |
1.14 |
n/a |
1.22 |
| Class INV (02/28/2008) |
20.00 |
-7.11 |
-0.75 |
1.13 |
n/a |
1.21 |
| Class B (05/03/2004) |
20.08 |
-7.81 |
-1.10 |
0.97 |
n/a |
1.05 |
| Class C (05/03/2004) |
22.08 |
-5.88 |
-0.53 |
0.97 |
n/a |
1.04 |
| Average Annual Total Returns as of 06/30/2009 |
| NAV: |
| Class A (05/03/2004) |
23.68 |
-4.21 |
0.28 |
1.76 |
n/a |
1.82 |
| Class INV (02/28/2008) |
23.71 |
-4.24 |
0.26 |
1.75 |
n/a |
1.81 |
| Class B (05/03/2004) |
23.08 |
-5.06 |
-0.53 |
0.97 |
n/a |
1.05 |
| Class C (05/03/2004) |
23.08 |
-4.96 |
-0.53 |
0.97 |
n/a |
1.04 |
With Sales Charges: |
| Class A (05/03/2004) |
19.97 |
-7.09 |
-0.74 |
1.14 |
n/a |
1.22 |
| Class INV (02/28/2008) |
20.00 |
-7.11 |
-0.75 |
1.13 |
n/a |
1.21 |
| Class B (05/03/2004) |
20.08 |
-7.81 |
-1.10 |
0.97 |
n/a |
1.05 |
| Class C (05/03/2004) |
22.08 |
-5.88 |
-0.53 |
0.97 |
n/a |
1.04 |
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 B: CDSC up to 3%. Class C: 1% CDSC if redeemed within one year. Class I: No initial sales charge or CDSC. Gross Expenses: Class A 1.00%, INV 1.05%, B 1.79%, C 1.79%, I 0.71%. A 2% redemption fee will be applied to any shares redeemed within 60 days of purchase. Performance shown does not reflect this fee, which would lower performance.
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| | Growth of a Hypothetical $10,000 Investment at NAV | |  | | Class A shares 05/03/2004 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. |
| > View total monthly holdings (30-day delayed) | | > View Securities Lending Statement | |
Top Industries
| |
% of Net Assets |
| Health Care--Education and Childcare |
11.3% |
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| Utilities |
8.5% |
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| Broadcasting and Entertainment |
7.1% |
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| Chemicals, Plastics, and Rubber |
5.8% |
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| Leisure, Amusement, Motion Pictures, and Entertainment |
5.1% |
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| Beverage, Food, and Tobacco |
4.5% |
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| Diversified/Conglomerate Services |
4.1% |
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| Printing and Publishing |
3.7% |
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| Aerospace and Defense |
3.5% |
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| Retail Stores |
3.2% |
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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, Fixed Income Investors. They are a division of New York Life Investment Management LLC and a multiproduct asset manager responsible for fixed-income and real estate equity capital markets activities.
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Portfolio Manager(s)
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| |  Robert Dial
Mr. Dial is a Managing Director and head of NYLIM’s Leveraged Loan Group. In this capacity, he oversees approximately $3.5 billion in leveraged loan and related investments managed in collateralized loan obligation funds, institutional accounts, and retail mutual funds. Mr. Dial is a portfolio manager for NYLIM’s CLOs and institutional funds. Mr. Dial is also a portfolio manager for the MainStay Floating Rate Fund and MainStay VP Floating Rate Portfolio. Mr. Dial joined NYLIM in 2001. Prior to joining NYLIM, Mr. Dial was a Director in the Acquisition Finance Group at Fleet Securities where he was responsible for originating, structuring, distributing, and investing in non-investment grade financings. Previously, he worked in leveraged finance capacities at Credit Lyonnais and Chase Manhattan, where he completed the bank’s formal credit training program. Mr. Dial earned a B.A. from Yale University and an M.B.A. from the University of Chicago. He is a member of the CDO Advisory Committee, the Loan Investment Committee, and the Loan Credit Committee. |
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Investment Strategy
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The Fund normally invests at least 80% of its assets in a diversified portfolio of floating rate loans and other floating rate debt securities. The Fund may also purchase fixed-income debt securities and money market securities or instruments. |
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Fund Statistics
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Class A |
Class INV |
Class B |
Class C |
| Total Net Assets |
249.0M |
15.7M |
17.3M |
100.5M |
| Number of Holdings | 311 | | | | Average Loan Size
($ Mil) | 1.7M | | | | Average Loan Size
(% of TNA) | 0.34% | | | | | Average Weighted Time to Reset | 41 | | | | | Average Weighted Spread Above LIBOR | 2.64% | | | | | Average Credit Quality | S&P: B+
Moody's: B1 | | | | | Purchases | $1,000 minimum initial investment,
$50 subsequent | |
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Investor Profile
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MainStay Floating Rate Fund may complement the portfolios of investors who understand non-investment-grade investments and are seeking:
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Current income and a hedge against rising interest rates. |
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To diversify their portfolio by adding a fixed-income alternative with low correlation to other asset classes. |
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Access to an experienced investment team with a history of managing floating rate loan assets through various business cycles and economic environments. |
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Why Floating Rate Loans?
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| Floating rate loans offer a favorable yield spread over other short-term fixed-income alternatives. Historically, floating rate loans have displayed little correlation to the movements of U.S. common stocks, high-grade bonds, U.S. government securities and other traditional investments.
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About Risk
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| Floating rate funds are generally considered to have speculative characteristics that involve default risk of principal and interest, collateral impairment, borrower industry concentration, and limited liquidity. The Fund may invest in foreign securities. U.S. dollar-denominated securities of foreign issuers can be subject to different risks than U.S. investments, including less liquid trading markets, greater price volatility, political and economic instability, less publicly available information, and changes in U.S. or foreign tax or currency laws and monetary policy. 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. |
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