Is your unconstrained bond fund manager making headlines?

Seasoned investment
professionals in the credit space

The MacKay Shields Global Fixed Income Team's greatest strength lies in their expertise in fixed-income asset allocation and credit selection. The team makes active asset allocation decisions and utilizes a number of investment strategies to implement their views, while ensuring that portfolios meet robust risk management constraints. The team has demonstrated over numerous cycles that their skills are adaptable across a range of economic circumstances and financial conditions, as well as across a wide spectrum of credit quality, industry, and geographic variables.

  • Dan Roberts, PhD
    Chief Investment Officer, Global Fixed Income Team
    Executive Managing Director
    36 years of industry experience

    Dan Roberts, PhD, Unconstrained Bond Fund Chief Investment Officer, Global Fixed Income Team.Dan Roberts, PhD, heads the team and has primary responsibility for the oversight and asset allocation of the strategy. Dan is uniquely qualified, having held meaningful positions at the U.S. Securities and Exchange Commission, serving at The White House with the President's Council of Economic Advisors, and as Executive Director (Chief of Staff) of the U.S. Congress Joint Economic Committee. Working closely with Dr. Roberts are Senior Managing Directors, Michael Kimble, Taylor Wagenseil, and Louis Cohen, who bring their specific credit analysis expertise to bear on the unconstrained strategies.

  • Michael Kimble, CFA
    Senior Managing Director, 31 years of industry experience

    Michael Kimble, award winning unconstrained bond fund team.Michael Kimble, CFA, is a Senior Portfolio Manager, and his duties include being the lead portfolio manager for global high-yield and high-yield opportunities portfolios, and directly overseeing all emerging markets portfolios. Michael first became a part of the team in 1989 when Dan Roberts brought him to UBS Asset Management to manage high-yield bond portfolios. As the credit environment has developed over time, Michael has effectively adapted the group's philosophy and approach to newer markets.


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  • Louis Cohen, CFA
    Senior Managing Director, 37 years of industry experience

    Louis Cohen, award winning unconstrained bond fund team.Louis Cohen, CFA, is a Senior Portfolio Manager, and his duties include being the lead portfolio manager for portfolios utilizing asset allocation strategies. In addition, Lou also manages leveraged loans and oversees all dedicated corporate portfolios. Lou has been with Dan Robert's team since 1991 when he joined UBS Asset Management as a Core/Core Plus portfolio manager, and also served as Director of Research and co-chaired the Credit Committee.


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Unconstrained bond funds generally charge higher fees than standard core bond funds.

Diversification and asset allocation does not guarantee a profit or protect against a loss.

Past performance is no guarantee of future results, which will vary.

The Lipper Fund Awards honor funds that have outperformed peers based on risk-adjusted, consistent return. Those funds with the most consistent return within their classification were declared the winner over three, five, or 10 years. MainStay Unconstrained Bond Fund Class I shares received the Lipper Fund Award in the Alternative Credit Focus Funds category for the 3- and 5- year periods annualized out of 54 and 38 eligible funds, respectively, as of 11/30/13. For a detailed explanation, please review the Lipper Fund Awards Methodology document at www.lipperweb.com.

Before You Invest

Short sales involve costs and risk. If a security sold short increases in price, the Fund may have to cover its short position at a higher price than the short sale price, resulting in a loss. Because the Fund's loss on a short sale arises from increases in the value of the security sold short, such loss is theoretically unlimited. When borrowing a security for delivery to a buyer, the Fund also may be required to pay a premium and other transaction costs, which would increase the cost of the security sold short. By investing the proceeds received from selling securities short, the Fund is employing a form of leverage, which creates special risks.

High-yield securities ("junk bonds") are generally considered speculative because they present a greater risk of loss than higher-quality debt securities and may be subject to greater price volatility.

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.

The use of leverage may increase the Fund's exposure to long equity positions and make any change in the Fund's NAV greater than it would be without the use of leverage. This could result in increased volatility of returns.

Issuers of convertible securities may not be as financially strong as those issuing securities with higher credit ratings and are more vulnerable to economic changes.

The Fund may invest in derivatives, which may increase the volatility of the Fund's net asset value.

The principal risk of mortgage dollar rolls is that the security the Fund receives at the end of the transaction may be worth less than the security the Fund sold to the same counterparty at the beginning of the transaction.

The principal risk of mortgage-related and asset-backed securities is that underlying debt may be prepaid ahead of schedule, if interest rates fall, thereby reducing the value of the Fund's investment. If interest rates rise, less of the debt may be prepaid and the Fund may lose money.

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.

Definitions Alpha measures a fund's risk-adjusted performance and is expressed as an annualized percentage.

Maturity is the date on which the principal amount of a note, draft, acceptance bond or other debt instrument becomes due and is repaid to the investor and interest payments stop.

Liquid alternatives are essentially alternative strategies accessed through traditional vehicles, such as mutual funds. There are many different types of alternative strategies, including long/short equity, an approach that can more fully leverage a manager's investment research skill, and multi-alternative strategy, an approach that can access several types of non-traditional strategies in one investment.

Barclays U.S. Aggregate Bond Index is a broad-based index used to represent investment-grade bonds being traded in the U.S.

Beta is a measure of historical volatility relative to an appropriate index based on its investment objective. A beta greater than 1.00 indicates volatility greater than the benchmark's.

Duration is a measure of the sensitivity of the price (the value of principal) of a fixed-income investment to a change in interest rates. Duration is expressed as a number of years. Rising interest rates mean falling bond prices, while declining interest rates mean rising bond prices.

For more information about MainStay Funds,® call 800-MAINSTAY (624-6782) for a prospectus or summary prospectus. Investors are asked to consider the investment objectives, risks, and charges and expenses of the investment carefully before investing. The prospectus or summary prospectus contains this and other information about the investment company. Please read the prospectus or summary prospectus carefully before investing.

The opinions are those of the Global Fixed Income team of MacKay Shields LLC but not necessarily those of MacKay Shields LLC. The opinions expressed herein are subject to change without notice. This material is distributed for informational purposes only. Forecasts, estimates, and certain information contained herein are based upon proprietary research and should not be considered as investment advice or a recommendation of any particular security, strategy, or investment product. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. No part of this may be reproduced in any form, or referred to in any other publication, without express written permission of MacKay Shields LLC. ©2013, MacKay Shields LLC.

MacKay Shields LLC is a federally registered investment advisor and an affiliate of New York Life Investment Management LLC.

MainStay Investments® is a registered service mark and name under which New York Life Investment Management LLC does business. MainStay Investments, an indirect subsidiary of New York Life Insurance Company, New York, NY 10010, provides investment advisory products and services.

The MainStay Funds® are managed by New York Life Investment Management LLC and distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, a wholly owned subsidiary of New York Life Insurance Company. NYLIFE Distributors LLC is a Member FINRA/SIPC.