Overview
Overview
The Fund seeks to provide current income while maintaining limited price volatility. The Fund is actively managed, seeks to maintain a duration of one year or less, and is comprised of investment grade corporate bonds, asset- and mortgage-backed securities, commercial paper and cash.
Focus on capital preservation
The Fund invests in high quality, investment grade bonds with 1-yr target duration to provide income potential while seeking to preserve capital and reduce volatility.
Active risk management
Actively managed, the Fund can opportunistically shift sectors and select specific issuers that may provide higher yields without taking uncompensated risk.
Attractive risk-adjusted income
Offers higher risk-adjusted yield than traditional cash strategies while maintaining a duration target under 1-year to help manage credit and interest rate risk.
Performance
Performance
Returns represent past performance which is no guarantee of future results. Current performance may be lower or higher. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Expenses stated are as of the fund's most recent prospectus.
Index performance is for illustrative purposes only and does not represent actual Fund performance. One cannot invest directly in an index. Performance data for the Index assumes reinvestment of dividends and is net of the management fees for the Index's components, as applicable, but it does not reflect management fees, transaction costs or other expenses that you would pay if you invested in the Fund directly. No representation is being made that any investment will achieve performance similar to that shown.
As stated in the Fund’s prospectus, the management fee of 0.24% is to cover expenses incurred in connection with managing the portfolio. Performance reflects a contractual fee waiver and/or expense limitation agreement in effect through 8/31/21, without which total returns may have been lower. This agreement renews automatically for one-year terms unless written notice is provided before the start of the next term or upon approval of the Board.
Rotate your phone for full Morningstar Tools Experience
Does not reflect the effect of any sales charge, which would reduce performance shown. Performance for other sales charges will differ based on differences in sales charges and expense structure.
Portfolio
Portfolio
Distribution & Yields
Distribution & Yields
Distributions may be comprised of ordinary income, net capital gains, and/or a return of capital (ROC) of your investment in the fund. Because the distribution rate and the 12-month rate may include a ROC, they should not be confused with yield or income. Please refer to the most recent Section 19 Notice, if applicable, for additional information regarding the composition of distributions. Final determination of a distribution’s tax character will be made on Form 1099 DIV sent to shareholders each January.
Distribution Rate: The distribution rate measures the percentage return in the form of dividends. It is calculated daily by annualizing the most recent dividend distribution and dividing by the daily share price (NAV or POP). If the Fund did not make a distribution as of the latest scheduled distribution date, "N/A" will be displayed.
12-month Rate: The 12-month rate measures the percentage return in the form of dividends. It is calculated monthly by taking the sum of the trailing 12-month dividend payments divided by the last month's ending share price (NAV or POP) plus any capital gains distributed over previous 12 months. If the Fund did not make any distributions over the previous 12 months, "N/A" will be displayed.
The SEC 30-day Yield is calculated by dividing the net investment income per share for the first 30 days of the month by the offering price per share at the end of that period. The yield reflects the dividends and interest earned during the period, after the deduction of the Fund's expenses. Yield reflects a fee waiver and/or expense limitation agreement without which the 30-day SEC Yield would have been lower.
Fees & Expenses
Fees & Expenses
As stated in the Fund’s prospectus, the management fee of 0.24% is to cover expenses incurred in connection with managing the portfolio. Performance reflects a contractual fee waiver and/or expense limitation agreement in effect through 8/31/21, without which total returns may have been lower. This agreement renews automatically for one-year terms unless written notice is provided before the start of the next term or upon approval of the Board.
Team
Team
A multi-product fixed-income investment manager.
Provides investment management and financing solutions for New York Life and our valued strategic partners, focused on fixed income and real estate.
Kenneth Sommer
Managing Director
Matthew Downs
Senior Director