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.
1. POP (Public Offering Price) is the NAV (Net Asset Value) plus a sales charge. All POPs are subject to revision and include the maximum sales charge.
3. $500 minimum for accounts opened with a systematic investment plan of at least $50 per month, or no minimum for accounts opened with a systematic investment plan of at least $100 per month.
Class A Shares rated four stars overall for the period ended 9/30/09 from among 87 bank loan funds. The Overall Morningstar RatingTM is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar RatingTM metrics. Class A Shares rated four stars for the three- and five-year period ended 9/30/09 from among 87 and 64 bank loan funds, respectively. Rating shown for Class A only; other share classes may vary. For each fund with at least a three-year history, Morningstar calculates a Morningstar RatingTM based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive five stars, the next 22.5% receive four stars, the next 35% receive three stars, the next 22.5% receive two stars, and the next 10% receive one star.
Fund statistics shown are for Class A only, other share classes may vary. The P/E Ratio (price-to-earnings) denotes the weighted average of all the P/Es of the securities in the fund's portfolio. The P/B Ratio (price-to-book) is the weighted average of all the P/Bs of the securities in the fund's portfolio. Return on Equity (ROE) is the weighted average of all the ROEs of the securities in the fund's portfolio. ROE is calculated by dividing net income by book value. Standard deviation measures how widely dispersed a fund's returns have been over a specified period of time. A high standard deviation indicates that the range is wide, implying greater potential for volatility. Beta is a measure of historical volatility relative to an appropriate index (benchmark) based on its investment objective. A beta greater than 1.00 indicates volatility greater than the benchmark's. Alpha measures a fund's risk-adjusted performance and is expressed as an annualized percentage. R-Squared measures the percentage of a fund's movements that result from movements in the index. The Sharpe Ratio shown is calculated for the past 36-month period by dividing annualized excess returns by annualized standard deviation. The Annual Turnover Rate is as of the most recent annual shareholder report. Upside/Downside Market Capture measures a manager's performance in up/down markets relative to the fund's benchmark.
Average annual total returns include the change in share price and reinvestment of dividends and capital gain distributions. Performance for Investor Class shares, first offered 2/28/08, includes the historical performance of Class A shares from inception (5/3/04) through 2/27/08 adjusted to reflect the applicable fees and expenses for such shares. Class I shares are generally available only to corporate and institutional investors.
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.
