Two MainStay funds tweak investment strategy, drop currency contracts

By Toni Weeks

San Diego, Nov. 2 - MainStay International Equity Fund and MainStay VP International Equity Portfolio announced changes to their principal investment strategies, according to 497 filings with the Securities and Exchange Commission.

Both the fund and portfolio previously selected a new subadviser, Madison Square Investors LLC, and thus now invest in companies that meet the quality and valuation criteria of the subadviser. Previously, the subadviser was Mackay Shields LLC.

In addition, the fund and portfolio no longer intend to buy and sell currency on a spot basis; enter into foreign currency forward contracts for risk management; or buy or sell foreign currency options, securities and securities index options and enter into swap agreements and futures contracts and related options to increase the portfolio's return or reduce the risk of loss of its holdings. It will continue to invest in exchange-traded funds.

Furthermore, the fund will now seek to limit its investments in securities of (i) any one company, (ii) companies in the same industry, (iii) companies located in any one country, and (iv) countries located in emerging markets.

The investment company is based in Boston.

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