MainStay Floating Rate Fund

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Fund Management


Fixed Income Investors is a multi-product fixed-income investment manager with demonstrated expertise and scale in every major fixed-income sector. The firm employs a disciplined, team-oriented approach to managing fixed-income portfolios for clients in the institutional, retail, and CDO/CLO markets.

Portfolio Managers

  • Robert H. Dial
  • Fund's Manager:
    Since Inception

    Industry Experience:
    23 years

  • Mark A. Campellone
  • Fund's Manager:
    Since 2012

    Industry Experience:
    30 years

  • Arthur S. Torrey
  • Fund's Manager:
    Since 2012

    Industry Experience:
    20 years

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  • A conservative approach to floating rate loans

  • Higher current income potential

  • Summary
  • Performance
  • Portfolio
  • Distributions
    & Yields
  • Fees &

Fund Objective: Seeks high current income.

  • Investment Strategy and Process
    The Fund normally invests at least 80% of its assets in a portfolio of floating rate loans and other floating rate debt securities.

    The portfolio manager seeks to identify investment opportunities based on the financial condition and competitiveness of individual companies, preferring those with positive cash flow, solid asset coverage, and management teams with strong track records.

    The portfolio manager seeks to invest in companies that are leaders in industries with high barriers to entry.

    The Fund may also purchase fixed-income debt securities and money market securities or instruments, and when the portfolio manager believes that market or economic conditions are unfavorable to investors, up to 100% of the Fund's assets may be invested in money market and short-term debt securities.

    The Fund may invest up to 25% of its total assets in foreign securities—generally U.S. dollar-denominated loans and other debt securities issued by non-U.S. borrower(s) without a U.S. domiciled co-borrower.

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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. Total annual operating expenses are: Class A: 1.00%, INV: 1.05%, B: 1.80%, C: 1.80%, I: 0.75%.

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.

Style Box
Before You Invest

Before considering an investment in the Fund, you should understand that you could lose money.

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. Securities purchased by the Fund that are liquid at the time of purchase may subsequently become illiquid due to events relating to the issuer of the securities, market events, economic conditions or investor perceptions. As a result, an investor could pay more than the market value when buying Fund shares or receive less than the market value when selling Fund shares.

Liquidity risk may also refer to the risk that the Fund may not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, unusually high volume of redemptions, or other reasons. To meet redemption requests, the Fund may be forced to sell securities at an unfavorable time and/or under unfavorable conditions.

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. These risks are likely to be greater for emerging markets than in developed markets. Funds that invest in bonds are subject to interest-rate risk and can lose principal value when interest rates rise. Bonds are also subject to credit risk, in which the bond issuer may fail to pay interest and principal in a timely manner.


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.

2. Average annual total returns shown include the change in share price and reinvestment of dividends and capital gain distributions. Performance for Investor Class shares 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. Class I shares are generally available only to corporate and institutional investors.

4. No sales charge applies to Class A and Investor Class share investments of $1,000,000 or more ($500,000 for MainStay Floating Rate, High Yield Municipal Bond, New York Tax Free Opportunities, Short Duration High Yield, and Tax Free Bond Funds), but a CDSC of 1% may be imposed on certain redemptions of such shares within one year (18 months for Mainstay Short Duration High Yield Fund) of the date of purchase.

5. Percentages are based on fixed-income securities held in the Fund's investment portfolio and exclude any equity or convertible securities and cash or cash equivalents. Ratings apply to the underlying portfolio of debt securities held by the Fund and are rated by an independent rating agency, such as Standard and Poor's, Moody's, and/or Fitch. If ratings are provided by the rating agencies, but differ, the lower rating will be utilized. If only one rating is provided, the available rating will be utilized. Securities that are unrated by the rating agencies are reflected as such in the breakdown. Unrated securities do not necessarily indicate low quality.

Investment Definitions

The Credit Suisse Leveraged Loan Index is an unmanaged index that represents tradable, senior-secured, U.S.-dollar-denominated non-investment-grade loans. Index results assume the reinvestment of all capital gain and dividend distributions. An investment cannot be made directly into an index.

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.

Source: Lipper, 12/31/12. Lipper calculates distribution yields based on income dividends paid during the previous 12 months divided by the latest net asset value (NAV). Lipper Categories: Ultra Short Obligation Funds invest primarily in investment-grade debt issues or better and maintain a portfolio dollar-weighted average maturity between 91 days and 365 days. Short U.S. Government Funds invest primarily in securities issued or guaranteed by the U.S. government, its agencies, or its instrumentalities, with dollar-weighted average maturities of less than three years. Intermediate U.S. Government Funds invest primarily in securities issued or guaranteed by the U.S. government, its agencies, or its instrumentalities, with dollar-weighted average maturities of five to 10 years. Short-Intermediate Investment Grade Debt Funds invest primarily in investment-grade debt issues (rated in the top four grades) with dollar-weighted average maturities of one to five years. Intermediate Investment Grade Debt Funds invest primarily in investment-grade debt issues (rated in the top four grades) with dollar-weighted average maturities of five to 10 years. Floating Rate Funds invest primarily in participation interests in collateralized senior corporate loans that have floating or variable rates. Past performance is no guarantee of future results.