MainStay Money Market Fund
- Fees &
Fund Objective: Seeks a high level of current income while preserving capital and maintaining liquidity.
Investment Strategy and Process
The Fund invests in short-term, high-quality, U.S. dollar-denominated securities that generally mature in 13 months or less. The Fund maintains a dollar-weighted average maturity of 60 days or less and maintains a dollar-weighted average life to maturity of 120 days or less. The Fund seeks to maintain a stable $1.00 per share price.
The Fund's Manager selects securities based on an analysis of the creditworthiness of the issue. Securities may include U.S. government securities, U.S. and foreign bank and bank holding company obligations, commercial paper and other short-term corporate loans, Eurodollars, CDs, time deposits, variable-rate notes, floaters, and mortgage-related and asset-backed securities.
The Fund's Manager may sell a security prior to maturity if it no longer believes that the security will contribute to meeting the investment objective of the Fund.
Effective 2/28/17, Class B shares are closed to new investors and new share purchases. Existing Class B shareholders may continue to reinvest dividends and capital gains distributions, as well as exchange their Class B shares for Class B shares of other Funds as permitted by the current exchange privileges. Existing Class B shareholders can find more information in the Fund's current prospectus.
Before You Invest
You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or temporarily suspend your ability to sell shares if the Fund's liquidity falls below required minimums of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.
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.
6. Represents the Net Asset Value used for transactions. The Net Asset Value is calculated using the amortized cost method per the requirements of Rule 2a-7 under the 1940 Act.
7. The Market Based Net Asset Value is calculated using current market quotations and updated every Tuesday. The Fund does not use the Market Based Net Asset Value for transactions.
The average Lipper money market fund is an equally weighted performance average adjusted for capital gains distributions and income dividends of all of the money market funds in the Lipper Universe. Lipper Inc., a wholly owned subsidiary of Thomson Reuters, is an independent monitor of mutual fund performance. Results do not reflect any deduction of sales charges. Lipper averages are not class specific. Lipper returns are unaudited. Results are based on average total returns of similar funds with all dividend and capital gain distributions reinvested. 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. Weighted Average Maturity is an average of the maturities of all securities held in the Fund's portfolio, weighted by each security’s percentage of net assets. Weighted Average Life measures the maturity of the Fund's investments without regard to a security’s interest rate reset dates.