What are the investment minimums for MainStay Funds?
To open an account for A, B, and C classes for all MainStay Funds, the minimum investment is $1,000 and $50 for subsequent purchases. If investing through AutoInvest, a monthly systematic plan, the minimum initial investment is $500 and $50 for subsequent investments OR no initial investment and $100 for subsequent investments with the exception of the MainStay Money Market Fund which requires an initial investment of $1,000. To open an account for class I, the minimum investment for individual investors is $5 million for initial purchases with no subsequent purchase account and there are no minimum initial or subsequent purchase amounts for institutional investors.
All MainStay Funds are offered in share classes A, B, C, and I with several exceptions. MainStay Small Cap Growth Fund, MainStay Global High Income Fund, MainStay Convertible Fund, MainStay Money Market Fund, and MainStay Tax Free Bond Fund are offered in share classes A, B, and C. MainStay S&P 500 Index Fund, MainStay Indexed Bond Fund, and MainStay Short Term Bond Fund are available in share classes A and I. MainStay Cash Reserves is available in share class I only. These classes differ only in their sales, service, and/or distribution expenses, and other specific expenses the Board of Trustees may approve. For more information, visit our Fund Center.
Why does MainStay Equity Index Fund have Class A shares?
MainStay Equity Index Fund has Class A shares because of its guarantee. The original investment is guaranteed provided it is held for 10 years with all dividend and capital gain distributions reinvested. Prices and returns will fluctuate with market conditions. If shares are redeemed before or after the one-day tenth anniversary date, they may be worth more or less than their original cost. Investors relinquish all benefits of the guarantee with respect to any shares redeemed prior to the tenth anniversary. Purchases of $1 million or more may be subject to a 1.00% contingent deferred sales charge if redeemed within one year of the date of purchase. See the MainStay Funds prospectus for details about the guarantee.
Who backs the guarantee on MainStay Equity Index Fund?
The guarantee is backed solely by NYLIFE LLC. NYLIFE LLC is a wholly owned subsidiary of New York Life Insurance Company. Neither the Fund nor any entity other than NYLIFE LLC is obligated under the terms of the guarantee.
What is the "reverse share split" that occurs at the end of the year on MainStay Equity Index Fund?
The reverse share split is an annual adjustment to keep the number of shares constant within the account to simplify tracking the guarantee. In a normal mutual fund distribution, the NAV will drop by the amount of the distribution, but will be reinvested to purchase more shares at the lower NAV. The account balance does not change, but the investor owns more shares that are worth less. In MainStay Equity Index Fund, the reverse share split brings the number of shares and the share value to where they were before the distribution. Either way, the account is worth the same dollar amount.
This fund began operations in 1971 as the Mutual Benefit Fund, with A, B, and C shares. It was renamed MAP-Equity Fund in 1995, and then was reorganized as MainStay MAP Equity Fund Class I shares on June 9, 1999 (when MainStay assumed management of the fund). The fund was renamed MainStay MAP Fund in 2002. Class I shares are sold with no initial sales charge or contingent deferred sales charge, but with a higher minimum investment amount. Performance figures for MainStay MAP Fund Class I shares include the performance of MAP Fund from its inception (January 21, 1971).
How can I get information about my account activity and Fund performance?
Log in to your account to purchase additional shares and exchange shares, obtain duplicate statements, and view transactions, 24 hours a day
You can also call 800-MAINSTAY (624-6782) and get automated account information, speak to a customer service representative, and obtain fund performance data
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