UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act File Number 811-22321
MAINSTAY FUNDS TRUST
(Exact name of Registrant as specified in charter)
51 Madison Avenue, New York, NY 10010
(Address of principal executive offices) (Zip code)
J. Kevin Gao, Esq.
30 Hudson Street
Jersey City, New Jersey 07302
(Name and address of agent for service)
Registrant’s telephone number, including area code: (212) 576-7000
Date of fiscal year end: April 30
(MainStay CBRE Global Infrastructure Fund, MainStay CBRE Real Estate Fund, MainStay Conservative ETF Allocation Fund, MainStay Defensive ETF Allocation Fund, MainStay Equity ETF Allocation Fund, MainStay Growth ETF Allocation Fund, MainStay Moderate ETF Allocation Fund, MainStay ESG Multi-Asset Allocation Fund, MainStay MacKay Strategic Municipal Allocation Fund and MainStay MacKay Short Term Municipal Fund)
Date of reporting period: April 30, 2023
FORM N-CSR
The information presented in this Form N-CSR relates solely to the MainStay CBRE Global Infrastructure Fund, MainStay CBRE Real Estate Fund, MainStay Conservative ETF Allocation Fund, MainStay Defensive ETF Allocation Fund, MainStay Equity ETF Allocation Fund, MainStay Growth ETF Allocation Fund, MainStay Moderate ETF Allocation Fund, MainStay ESG Multi-Asset Allocation Fund, and MainStay MacKay Strategic Municipal Allocation Fund, each a series of the Registrant.
Item 1. Reports to Stockholders.
please log in to newyorklifeinvestments.com/accounts.
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended April 30, 2023 | |||||||
Class | Sales Charge | Inception Date1 | One Year | Five Years | Since Inception | Gross Expense Ratio2 | |
Class A Shares3 | Maximum 5.50% Initial Sales Charge | With sales charges | 10/16/2013 | -5.19% | 5.95% | 6.99% | 1.26% |
Excluding sales charges | 0.33 | 7.22 | 7.66 | 1.26 | |||
Investor Class Shares4 | Maximum 5.00% Initial Sales Charge | With sales charges | 2/24/2020 | -4.68 | N/A | 0.77 | 1.31 |
Excluding sales charges | 0.34 | N/A | 2.57 | 1.31 | |||
Class C Shares3 | Maximum 1.00% CDSC | With sales charges | 2/28/2019 | -1.39 | N/A | 5.84 | 2.06 |
if Redeemed Within One Year of Purchase | Excluding sales charges | -0.42 | N/A | 5.84 | 2.06 | ||
Class I Shares3 | No Sales Charge | 6/28/2013 | 0.63 | 7.51 | 8.53 | 1.01 | |
Class R6 Shares | No Sales Charge | 2/24/2020 | 0.78 | N/A | 3.00 | 0.91 |
1. | Effective at the close of business on February 21, 2020, the Fund changed its fiscal and tax year end from October 31 to April 30. |
2. | The gross expense ratios presented reflect the Fund’s “Total Annual Fund Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report. |
3. | Performance figures for Class A shares, Class C shares and Class I shares reflect the historical performance of the then-existing Class A shares, Class C shares and Class I shares, respectively, of the Voya CBRE Global Infrastructure Fund (the predecessor to the Fund, which was subject to a different fee structure) for periods prior to February 21, 2020. The MainStay CBRE Global Infrastructure Fund commenced operations on February 24, 2020. |
4. | Prior to June 30, 2020, the maximum initial sales charge was 5.50%, which is reflected in the applicable average annual total return figures shown. |
Benchmark Performance* | One Year | Five Years | Since Inception |
FTSE Global Core Infrastructure 50/50 Index (Net)1 | -2.22% | 5.85% | 6.82% |
Morningstar Infrastructure Category Average2 | -1.35 | 6.13 | 6.33 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | The FTSE Global Core Infrastructure 50/50 Index (Net) is a market-capitalization-weighted index of worldwide infrastructure and infrastructure-related securities. Constituent weights are adjusted semi-annually according to three broad industry sectors: 50% utilities, 30% transportation, and a 20% mix of other sectors. |
2. | The Morningstar Infrastructure Category Average is representative of funds that invest more than 60% of their assets in stocks of companies engaged in infrastructure activities. Industries considered to be part of the infrastructure sector include: oil & gas midstream; waste management; airports; integrated shipping; railroads; shipping & ports; trucking; engineering & construction; infrastructure operations; and the utilities sector. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
6 | MainStay CBRE Global Infrastructure Fund |
Share Class | Beginning Account Value 11/1/22 | Ending Account Value (Based on Actual Returns and Expenses) 4/30/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 4/30/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Class A Shares | $1,000.00 | $1,114.70 | $ 6.76 | $1,018.40 | $ 6.46 | 1.29% |
Investor Class Shares | $1,000.00 | $1,115.60 | $ 6.82 | $1,018.35 | $ 6.51 | 1.30% |
Class C Shares | $1,000.00 | $1,111.00 | $10.73 | $1,014.63 | $10.24 | 2.05% |
Class I Shares | $1,000.00 | $1,116.30 | $ 5.09 | $1,019.98 | $ 4.86 | 0.97% |
Class R6 Shares | $1,000.00 | $1,117.60 | $ 4.67 | $1,020.38 | $ 4.46 | 0.89% |
1. | Expenses are equal to the Fund’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Fund's annualized expense ratio to reflect the six-month period. |
United States | 52.4% |
Australia | 9.2 |
Spain | 7.4 |
Canada | 7.1 |
France | 6.3 |
United Kingdom | 5.2 |
Japan | 4.3 |
Italy | 3.4 |
China | 2.6% |
Portugal | 2.0 |
Mexico | 1.3 |
Hong Kong | 1.1 |
New Zealand | 0.9 |
Other Assets, Less Liabilities | –3.2 |
100.0% |
1. | NextEra Energy, Inc. |
2. | Transurban Group |
3. | American Tower Corp. |
4. | Cellnex Telecom SA |
5. | WEC Energy Group, Inc. |
6. | Vinci SA |
7. | Enbridge, Inc. |
8. | National Grid plc |
9. | Aena SME SA |
10. | Ameren Corp. |
8 | MainStay CBRE Global Infrastructure Fund |
1. | See "Investment and Performance Comparison" for other share class returns, which may be higher or lower than Class I share returns, and for more information on benchmark and peer group returns. |
10 | MainStay CBRE Global Infrastructure Fund |
Shares | Value | |
Common Stocks 99.5% | ||
Australia 9.2% | ||
Atlas Arteria Ltd. (Transportation) | 12,349,139 | $ 53,441,121 |
NEXTDC Ltd. (Communications) (a)(b) | 4,562,579 | 34,658,792 |
Transurban Group (Transportation) | 10,743,680 | 106,565,305 |
194,665,218 | ||
Canada 7.1% | ||
Canadian National Railway Co. (Transportation) | 262,075 | 31,239,704 |
Enbridge, Inc. (Midstream / Pipelines) | 2,011,334 | 79,972,368 |
Pembina Pipeline Corp. (Midstream / Pipelines) | 1,159,185 | 38,158,948 |
149,371,020 | ||
China 2.6% | ||
China Resources Gas Group Ltd. (Utilities) | 5,839,200 | 18,411,037 |
ENN Energy Holdings Ltd. (Utilities) | 1,242,957 | 16,942,972 |
Guangdong Investment Ltd. (Utilities) | 20,652,829 | 19,732,882 |
55,086,891 | ||
France 6.3% | ||
Eiffage SA (Transportation) | 426,987 | 50,766,624 |
Vinci SA (Transportation) | 654,751 | 80,948,948 |
131,715,572 | ||
Hong Kong 1.1% | ||
CK Infrastructure Holdings Ltd. (Utilities) | 4,111,518 | 23,360,749 |
Italy 3.4% | ||
Enel SpA (Utilities) | 8,572,739 | 58,557,621 |
Infrastrutture Wireless Italiane SpA (Communications) | 921,265 | 12,785,712 |
71,343,333 | ||
Japan 4.3% | ||
Central Japan Railway Co. (Transportation) | 468,433 | 57,915,915 |
West Japan Railway Co. (Transportation) | 768,713 | 33,237,831 |
91,153,746 | ||
Mexico 1.3% | ||
Grupo Aeroportuario del Pacifico SAB de CV, Class B (Transportation) | 1,585,576 | 28,210,457 |
New Zealand 0.9% | ||
Infratil Ltd. (Diversified) (c) | 3,236,300 | 19,112,682 |
Shares | Value | |
Portugal 2.0% | ||
EDP - Energias de Portugal SA (Utilities) | 7,440,227 | $ 40,991,931 |
Spain 7.4% | ||
Aena SME SA (Transportation) (a)(b) | 391,979 | 66,040,822 |
Cellnex Telecom SA (Communications) | 2,142,227 | 90,101,045 |
156,141,867 | ||
United Kingdom 5.2% | ||
National Grid plc (Utilities) | 5,202,906 | 74,836,018 |
Pennon Group plc (Utilities) | 942,919 | 10,191,115 |
SSE plc (Utilities) | 1,104,844 | 25,513,921 |
110,541,054 | ||
United States 48.7% | ||
AES Corp. (The) (Utilities) | 1,301,732 | 30,798,979 |
ALLETE, Inc. (Utilities) | 266,850 | 16,646,103 |
Ameren Corp. (Utilities) | 738,596 | 65,712,886 |
American Electric Power Co., Inc. (Utilities) | 396,161 | 36,613,200 |
American Tower Corp. (Communications) | 506,432 | 103,509,637 |
Cheniere Energy, Inc. (Midstream / Pipelines) | 248,768 | 38,061,504 |
CMS Energy Corp. (Utilities) | 722,346 | 44,973,262 |
Constellation Energy Corp. (Utilities) | 220,478 | 17,064,997 |
Crown Castle, Inc. (Communications) | 408,071 | 50,229,459 |
CSX Corp. (Transportation) | 1,073,385 | 32,888,516 |
Equinix, Inc. (Communications) | 35,573 | 25,757,698 |
FirstEnergy Corp. (Utilities) | 349,365 | 13,904,727 |
Legacy Reserves, Inc. (Midstream / Pipelines) (a)(c)(d) | 5,055 | 21,433 |
Legacy Reserves, Inc. (Midstream / Pipelines) (a)(c)(d) | 27,942 | 118,474 |
NextEra Energy Partners LP (Utilities) | 235,867 | 13,564,711 |
NextEra Energy, Inc. (Utilities) | 1,406,316 | 107,765,995 |
NiSource, Inc. (Utilities) | 906,315 | 25,793,725 |
OGE Energy Corp. (Utilities) | 822,803 | 30,888,025 |
PG&E Corp. (Utilities) (a) | 619,495 | 10,599,559 |
PPL Corp. (Utilities) | 1,865,701 | 53,582,933 |
Public Service Enterprise Group, Inc. (Utilities) | 740,006 | 46,768,379 |
Sempra Energy (Utilities) | 322,328 | 50,118,781 |
Southern Co. (The) (Utilities) | 664,388 | 48,865,737 |
Targa Resources Corp. (Midstream / Pipelines) | 351,213 | 26,527,118 |
Union Pacific Corp. (Transportation) | 121,371 | 23,752,305 |
WEC Energy Group, Inc. (Utilities) | 843,513 | 81,120,645 |
Shares | Value | ||
Common Stocks (continued) | |||
United States (continued) | |||
Xcel Energy, Inc. (Utilities) | 446,380 | $ 31,206,426 | |
1,026,855,214 | |||
Total Common Stocks (Cost $2,011,125,755) | 2,098,549,734 | ||
Short-Term Investments 3.7% | |||
Affiliated Investment Company 0.4% | |||
United States 0.4% | |||
MainStay U.S. Government Liquidity Fund, 3.98% (e) | 8,287,171 | 8,287,171 | |
Unaffiliated Investment Company 3.3% | |||
United States 3.3% | |||
Invesco Government & Agency Portfolio, 4.857% (e)(f) | 68,615,749 | 68,615,749 | |
Total Short-Term Investments (Cost $76,902,920) | 76,902,920 | ||
Total Investments (Cost $2,088,028,675) | 103.2% | 2,175,452,654 | |
Other Assets, Less Liabilities | (3.2) | (67,189,699) | |
Net Assets | 100.0% | $ 2,108,262,955 |
† | Percentages indicated are based on Fund net assets. |
^ | Industry classifications may be different than those used for compliance monitoring purposes. |
(a) | Non-income producing security. |
(b) | All or a portion of this security was held on loan. As of April 30, 2023, the aggregate market value of securities on loan was $66,139,405; the total market value of collateral held by the Fund was $68,719,721. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $103,972. The Fund received cash collateral with a value of $68,615,749. (See Note 2(I)) |
(c) | Illiquid security—As of April 30, 2023, the total market value deemed illiquid under procedures approved by the Board of Trustees was $19,252,589, which represented 0.9% of the Fund’s net assets. (Unaudited) |
(d) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
(e) | Current yield as of April 30, 2023. |
(f) | Represents a security purchased with cash collateral received for securities on loan. |
12 | MainStay CBRE Global Infrastructure Fund |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay U.S. Government Liquidity Fund | $ 57,455 | $ 504,049 | $ (553,217) | $ — | $ — | $ 8,287 | $ 746 | $ — | 8,287 |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Common Stocks | $ 2,098,409,827 | $ — | $ 139,907 | $ 2,098,549,734 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 8,287,171 | — | — | 8,287,171 | |||
Unaffiliated Investment Company | 68,615,749 | — | — | 68,615,749 | |||
Total Short-Term Investments | 76,902,920 | — | — | 76,902,920 | |||
Total Investments in Securities | $ 2,175,312,747 | $ — | $ 139,907 | $ 2,175,452,654 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
Value | Percent | ||
Utilities | $1,014,527,316 | 48.1% | |
Transportation | 565,007,548 | 26.8 | |
Communications | 317,042,343 | 15.0 | |
Midstream / Pipelines | 182,859,845 | 8.7 | |
Diversified | 19,112,682 | 0.9 | |
2,098,549,734 | 99.5 | ||
Short-Term Investments | 76,902,920 | 3.7 | |
Other Assets, Less Liabilities | (67,189,699) | (3.2) | |
Net Assets | $2,108,262,955 | 100.0% |
† | Percentages indicated are based on Fund net assets. |
^ | Industry classifications may be different than those used for compliance monitoring purposes. |
14 | MainStay CBRE Global Infrastructure Fund |
Assets | |
Investment in unaffiliated securities, at value (identified cost $2,079,741,504) including securities on loan of $66,139,405 | $2,167,165,483 |
Investment in affiliated investment companies, at value (identified cost $8,287,171) | 8,287,171 |
Cash denominated in foreign currencies (identified cost $121) | 121 |
Receivables: | |
Fund shares sold | 3,318,124 |
Dividends | 3,260,110 |
Investment securities sold | 3,744 |
Securities lending | 2,518 |
Other assets | 48,294 |
Total assets | 2,182,085,565 |
Liabilities | |
Cash collateral received for securities on loan | 68,615,749 |
Due to custodian | 2,330 |
Payables: | |
Investment securities purchased | 2,717,080 |
Manager (See Note 3) | 1,328,840 |
Fund shares redeemed | 666,208 |
Transfer agent (See Note 3) | 361,646 |
Custodian | 44,615 |
NYLIFE Distributors (See Note 3) | 38,091 |
Professional fees | 26,020 |
Shareholder communication | 20,934 |
Trustees | 106 |
Accrued expenses | 991 |
Total liabilities | 73,822,610 |
Net assets | $2,108,262,955 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 164,541 |
Additional paid-in-capital | 2,291,558,982 |
2,291,723,523 | |
Total distributable earnings (loss) | (183,460,568) |
Net assets | $2,108,262,955 |
Class A | |
Net assets applicable to outstanding shares | $ 102,258,183 |
Shares of beneficial interest outstanding | 7,988,602 |
Net asset value per share outstanding | $ 12.80 |
Maximum sales charge (5.50% of offering price) | 0.74 |
Maximum offering price per share outstanding | $ 13.54 |
Investor Class | |
Net assets applicable to outstanding shares | $ 2,338,114 |
Shares of beneficial interest outstanding | 182,720 |
Net asset value per share outstanding | $ 12.80 |
Maximum sales charge (5.00% of offering price) | 0.67 |
Maximum offering price per share outstanding | $ 13.47 |
Class C | |
Net assets applicable to outstanding shares | $ 20,400,615 |
Shares of beneficial interest outstanding | 1,601,790 |
Net asset value and offering price per share outstanding | $ 12.74 |
Class I | |
Net assets applicable to outstanding shares | $1,982,388,365 |
Shares of beneficial interest outstanding | 154,699,425 |
Net asset value and offering price per share outstanding | $ 12.81 |
Class R6 | |
Net assets applicable to outstanding shares | $ 877,678 |
Shares of beneficial interest outstanding | 68,481 |
Net asset value and offering price per share outstanding | $ 12.82 |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated (net of foreign tax withholding of $2,386,832) | $ 52,179,982 |
Dividends-affiliated | 745,505 |
Securities lending, net | 78,401 |
Total income | 53,003,888 |
Expenses | |
Manager (See Note 3) | 16,311,801 |
Transfer agent (See Note 3) | 2,423,254 |
Distribution/Service—Class A (See Note 3) | 238,711 |
Distribution/Service—Investor Class (See Note 3) | 5,840 |
Distribution/Service—Class C (See Note 3) | 218,346 |
Registration | 210,339 |
Professional fees | 140,020 |
Custodian | 136,018 |
Shareholder communication | 123,823 |
Trustees | 46,563 |
Miscellaneous | 82,939 |
Total expenses before waiver/reimbursement | 19,937,654 |
Expense waiver/reimbursement from Manager (See Note 3) | (808,272) |
Reimbursement from prior custodian(a) | (3,889) |
Net expenses | 19,125,493 |
Net investment income (loss) | 33,878,395 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | (54,235,303) |
Foreign currency transactions | (256,719) |
Net realized gain (loss) | (54,492,022) |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | 37,608,710 |
Translation of other assets and liabilities in foreign currencies | 37,363 |
Net change in unrealized appreciation (depreciation) | 37,646,073 |
Net realized and unrealized gain (loss) | (16,845,949) |
Net increase (decrease) in net assets resulting from operations | $ 17,032,446 |
(a) | Represents a refund for overbilling of custody fees. |
16 | MainStay CBRE Global Infrastructure Fund |
for the years ended April 30, 2023 and April 30, 2022
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 33,878,395 | $ 18,549,262 |
Net realized gain (loss) | (54,492,022) | 21,485,168 |
Net change in unrealized appreciation (depreciation) | 37,646,073 | (14,049,896) |
Net increase (decrease) in net assets resulting from operations | 17,032,446 | 25,984,534 |
Distributions to shareholders: | ||
Class A | (2,556,120) | (996,517) |
Investor Class | (62,277) | (29,596) |
Class C | (402,553) | (143,440) |
Class I | (53,898,639) | (13,609,224) |
Class R6 | (278,160) | (38,065) |
Total distributions to shareholders | (57,197,749) | (14,816,842) |
Capital share transactions: | ||
Net proceeds from sales of shares | 1,009,200,139 | 1,274,898,463 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 39,221,114 | 13,281,784 |
Cost of shares redeemed | (553,345,710) | (170,967,771) |
Increase (decrease) in net assets derived from capital share transactions | 495,075,543 | 1,117,212,476 |
Net increase (decrease) in net assets | 454,910,240 | 1,128,380,168 |
Net Assets | ||
Beginning of year | 1,653,352,715 | 524,972,547 |
End of year | $2,108,262,955 | $1,653,352,715 |
Year Ended April 30, | November 1, 2019 through April 30, | Year Ended October 31, | |||||||||
Class A | 2023 | 2022 | 2021 | 2020 # | 2019 | 2018 | |||||
Net asset value at beginning of period | $ 13.11 | $ 12.81 | $ 10.39 | $ 11.99 | $ 10.04 | $ 11.40 | |||||
Net investment income (loss) | 0.19(a) | 0.23(a) | 0.16(a) | 0.07(a) | 0.16 | 0.19 | |||||
Net realized and unrealized gain (loss) | (0.17) | 0.26 | 2.42 | (1.30) | 2.12 | (0.51) | |||||
Total from investment operations | 0.02 | 0.49 | 2.58 | (1.23) | 2.28 | (0.32) | |||||
Less distributions: | |||||||||||
From net investment income | (0.21) | (0.19) | (0.16) | (0.06) | (0.17) | (0.25) | |||||
From net realized gain on investments | (0.12) | — | — | (0.29) | (0.16) | (0.79) | |||||
Return of capital | — | — | — | (0.02) | — | — | |||||
Total distributions | (0.33) | (0.19) | (0.16) | (0.37) | (0.33) | (1.04) | |||||
Net asset value at end of period | $ 12.80 | $ 13.11 | $ 12.81 | $ 10.39 | $ 11.99 | $ 10.04 | |||||
Total investment return (b) | 0.33% | 3.91% | 25.04% | (10.57)% | 23.24% | (3.16)% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 1.50% | 1.75% | 1.35% | 1.32%†† | 1.51% | 1.89% | |||||
Net expenses | 1.27%(c) | 1.26%(c) | 1.29%(c) | 1.32%†† (c)(d) | 1.35% | 1.35% | |||||
Expenses (before waiver/reimbursement) | 1.27%(c) | 1.26%(c) | 1.35%(c) | 1.54%†† (c)(d) | 1.56% | 1.83% | |||||
Portfolio turnover rate | 43% | 32% | 51% | 49% | 53% | 61% | |||||
Net assets at end of period (in 000's) | $ 102,258 | $ 88,715 | $ 45,642 | $ 11,237 | $ 11,700 | $ 1,787 |
# | The Fund changed its fiscal year end from October 31 to April 30. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | Net of interest expense of less than 0.01%. |
18 | MainStay CBRE Global Infrastructure Fund |
Year Ended April 30, | February 24, 2020^ through April 30, | ||||||
Investor Class | 2023 | 2022 | 2021 | 2020 | |||
Net asset value at beginning of period | $ 13.11 | $ 12.80 | $ 10.38 | $ 12.50 | |||
Net investment income (loss) (a) | 0.19 | 0.23 | 0.13 | (0.00)‡ | |||
Net realized and unrealized gain (loss) | (0.17) | 0.26 | 2.43 | (2.08) | |||
Total from investment operations | 0.02 | 0.49 | 2.56 | (2.08) | |||
Less distributions: | |||||||
From net investment income | (0.21) | (0.18) | (0.14) | (0.03) | |||
From net realized gain on investments | (0.12) | — | — | — | |||
Return of capital | — | — | — | (0.01) | |||
Total distributions | (0.33) | (0.18) | (0.14) | (0.04) | |||
Net asset value at end of period | $ 12.80 | $ 13.11 | $ 12.80 | $ 10.38 | |||
Total investment return (b) | 0.34% | 3.85% | 24.87% | (16.66)% | |||
Ratios (to average net assets)/Supplemental Data: | |||||||
Net investment income (loss) | 1.49% | 1.77% | 1.11% | (0.12)%†† | |||
Net expenses (c) | 1.29% | 1.31% | 1.45% | 1.45%†† | |||
Expenses (before waiver/reimbursement) (c) | 1.29% | 1.31% | 1.76% | 1.67%†† | |||
Portfolio turnover rate | 43% | 32% | 51% | 49% | |||
Net assets at end of period (in 000's) | $ 2,338 | $ 2,430 | $ 2,159 | $ 106 |
^ | Inception date. |
‡ | Less than one cent per share. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended April 30, | November 1, 2019 through April 30, 2020# | February 28, 2019^ through October 31, | |||||||
Class C | 2023 | 2022 | 2021 | 2019 | |||||
Net asset value at beginning of period | $ 13.04 | $ 12.75 | $ 10.37 | $ 11.96 | $ 10.82 | ||||
Net investment income (loss) (a) | 0.09 | 0.12 | 0.06 | 0.03 | 0.04 | ||||
Net realized and unrealized gain (loss) | (0.16) | 0.27 | 2.42 | (1.29) | 1.22 | ||||
Total from investment operations | (0.07) | 0.39 | 2.48 | (1.26) | 1.26 | ||||
Less distributions: | |||||||||
From net investment income | (0.11) | (0.10) | (0.10) | (0.03) | (0.12) | ||||
From net realized gain on investments | (0.12) | — | — | (0.29) | — | ||||
Return of capital | — | — | — | (0.01) | — | ||||
Total distributions | (0.23) | (0.10) | (0.10) | (0.33) | (0.12) | ||||
Net asset value at end of period | $ 12.74 | $ 13.04 | $ 12.75 | $ 10.37 | $ 11.96 | ||||
Total investment return (b) | (0.42)% | 3.11% | 24.04% | (10.89)% | 11.67% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.74% | 0.89% | 0.52% | 0.58%†† | 0.46%†† | ||||
Net expenses | 2.04%(c) | 2.06%(c) | 2.08%(c) | 2.09%†† (c)(d) | 2.10%†† | ||||
Expenses (before waiver/reimbursement) | 2.04%(c) | 2.06%(c) | 2.51%(c) | 2.36%†† (c)(d) | 2.31%†† | ||||
Portfolio turnover rate | 43% | 32% | 51% | 49% | 53% | ||||
Net assets at end of period (in 000’s) | $ 20,401 | $ 24,119 | $ 11,522 | $ 992 | $ 1,048 |
# | The Fund changed its fiscal year end from October 31 to April 30. |
^ | Inception date. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | Net of interest expense of less than 0.01%. |
20 | MainStay CBRE Global Infrastructure Fund |
Year Ended April 30, | November 1, 2019 through April 30, 2020# | Year Ended October 31, | |||||||||
Class I | 2023 | 2022 | 2021 | 2019 | 2018 | ||||||
Net asset value at beginning of period | $ 13.12 | $ 12.82 | $ 10.39 | $ 11.99 | $ 10.04 | $ 11.40 | |||||
Net investment income (loss) | 0.22(a) | 0.27(a) | 0.21(a) | 0.09(a) | 0.20 | 0.23 | |||||
Net realized and unrealized gain (loss) | (0.16) | 0.26 | 2.41 | (1.30) | 2.11 | (0.52) | |||||
Total from investment operations | 0.06 | 0.53 | 2.62 | (1.21) | 2.31 | (0.29) | |||||
Less distributions: | |||||||||||
From net investment income | (0.25) | (0.23) | (0.19) | (0.08) | (0.20) | (0.28) | |||||
From net realized gain on investments | (0.12) | — | — | (0.29) | (0.16) | (0.79) | |||||
Return of capital | — | — | — | (0.02) | — | — | |||||
Total distributions | (0.37) | (0.23) | (0.19) | (0.39) | (0.36) | (1.07) | |||||
Net asset value at end of period | $ 12.81 | $ 13.12 | $ 12.82 | $ 10.39 | $ 11.99 | $ 10.04 | |||||
Total investment return (b) | 0.63% | 4.19% | 25.46% | (10.46)% | 23.52% | (2.88)% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 1.79% | 2.09% | 1.78% | 1.59%†† | 1.83% | 2.14% | |||||
Net expenses | 0.97%(c) | 0.97%(c) | 0.97%(c) | 1.05%†† (c)(d) | 1.10% | 1.10% | |||||
Expenses (before waiver/reimbursement) | 1.02%(c) | 1.01%(c) | 1.10%(c) | 1.18%†† (c)(d) | 1.14% | 1.41% | |||||
Portfolio turnover rate | 43% | 32% | 51% | 49% | 53% | 61% | |||||
Net assets at end of period (in 000's) | $ 1,982,388 | $ 1,527,548 | $ 465,299 | $ 208,291 | $ 225,176 | $ 71,919 |
# | The Fund changed its fiscal year end from October 31 to April 30. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | Net of interest expense of less than 0.01%. |
Year Ended April 30, | February 24, 2020^ through April 30, | ||||||
Class R6 | 2023 | 2022 | 2021 | 2020 | |||
Net asset value at beginning of period | $ 13.12 | $ 12.82 | $ 10.39 | $ 12.51 | |||
Net investment income (loss) (a) | 0.23 | 0.35 | 0.17 | 0.02 | |||
Net realized and unrealized gain (loss) | (0.15) | 0.19 | 2.45 | (2.11) | |||
Total from investment operations | 0.08 | 0.54 | 2.62 | (2.09) | |||
Less distributions: | |||||||
From net investment income | (0.26) | (0.24) | (0.19) | (0.02) | |||
From net realized gain on investments | (0.12) | — | — | — | |||
Return of capital | — | — | — | (0.01) | |||
Total distributions | (0.38) | (0.24) | (0.19) | (0.03) | |||
Net asset value at end of period | $ 12.82 | $ 13.12 | $ 12.82 | $ 10.39 | |||
Total investment return (b) | 0.78% | 4.23% | 25.50% | (16.65)% | |||
Ratios (to average net assets)/Supplemental Data: | |||||||
Net investment income (loss) | 1.80% | 2.63% | 1.47% | 0.85%†† | |||
Net expenses (c) | 0.89% | 0.91% | 0.95% | 0.95%†† | |||
Expenses (before waiver/reimbursement) (c) | 0.89% | 0.91% | 1.02% | 1.13%†† | |||
Portfolio turnover rate | 43% | 32% | 51% | 49% | |||
Net assets at end of period (in 000's) | $ 878 | $ 10,541 | $ 350 | $ 21 |
^ | Inception date. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R6 shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
22 | MainStay CBRE Global Infrastructure Fund |
Class | Commenced Operations |
Class A | October 16, 2013 |
Investor Class | February 24, 2020 |
Class C | February 28, 2019 |
Class I | June 28, 2013 |
Class R6 | February 24, 2020 |
SIMPLE Class | N/A* |
* | SIMPLE Class shares were registered for sale effective as of August 31, 2020 but have not yet commenced operations. |
• | Level 1—quoted prices (unadjusted) in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Fund's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• Broker/dealer quotes | • Benchmark securities |
• Two-sided markets | • Reference data (corporate actions or material event notices) |
• Bids/offers | • Monthly payment information |
• Industry and economic events | • Reported trades |
24 | MainStay CBRE Global Infrastructure Fund |
26 | MainStay CBRE Global Infrastructure Fund |
Class | Expense | Waived |
Class A | $ 120,456 | $— |
Investor Class | 3,453 | — |
Class C | 32,275 | — |
Class I | 2,266,752 | — |
Class R6 | 318 | — |
Class R6 | $27,474 | 3.1% |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $2,108,710,144 | $121,299,418 | $(54,556,908) | $66,742,510 |
Ordinary Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$1,319,642 | $(251,512,781) | $(5,344) | $66,737,915 | $(183,460,568) |
Total Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $156,815 | $94,698 |
2023 | 2022 | |
Distributions paid from: | ||
Ordinary Income | $43,678,063 | $14,816,842 |
Long-Term Capital Gains | 13,519,686 | — |
Total | $57,197,749 | $14,816,842 |
28 | MainStay CBRE Global Infrastructure Fund |
Class A | Shares | Amount |
Year ended April 30, 2023: | ||
Shares sold | 2,929,490 | $ 37,054,021 |
Shares issued to shareholders in reinvestment of distributions | 201,420 | 2,470,392 |
Shares redeemed | (1,847,772) | (22,767,505) |
Net increase (decrease) in shares outstanding before conversion | 1,283,138 | 16,756,908 |
Shares converted into Class A (See Note 1) | 13,183 | 168,235 |
Shares converted from Class A (See Note 1) | (73,115) | (935,517) |
Net increase (decrease) | 1,223,206 | $ 15,989,626 |
Year ended April 30, 2022: | ||
Shares sold | 4,411,145 | $ 57,605,328 |
Shares issued to shareholders in reinvestment of distributions | 75,944 | 975,716 |
Shares redeemed | (1,226,961) | (16,049,703) |
Net increase (decrease) in shares outstanding before conversion | 3,260,128 | 42,531,341 |
Shares converted into Class A (See Note 1) | 21,293 | 278,101 |
Shares converted from Class A (See Note 1) | (78,805) | (1,050,609) |
Net increase (decrease) | 3,202,616 | $ 41,758,833 |
Investor Class | Shares | Amount |
Year ended April 30, 2023: | ||
Shares sold | 27,154 | $ 345,340 |
Shares issued to shareholders in reinvestment of distributions | 4,981 | 61,132 |
Shares redeemed | (33,754) | (421,376) |
Net increase (decrease) in shares outstanding before conversion | (1,619) | (14,904) |
Shares converted into Investor Class (See Note 1) | 7,674 | 95,996 |
Shares converted from Investor Class (See Note 1) | (8,634) | (110,489) |
Net increase (decrease) | (2,579) | $ (29,397) |
Year ended April 30, 2022: | ||
Shares sold | 50,651 | $ 678,517 |
Shares issued to shareholders in reinvestment of distributions | 2,248 | 28,825 |
Shares redeemed | (22,119) | (288,283) |
Net increase (decrease) in shares outstanding before conversion | 30,780 | 419,059 |
Shares converted into Investor Class (See Note 1) | 3,078 | 40,150 |
Shares converted from Investor Class (See Note 1) | (17,270) | (225,640) |
Net increase (decrease) | 16,588 | $ 233,569 |
Class C | Shares | Amount |
Year ended April 30, 2023: | ||
Shares sold | 277,436 | $ 3,481,910 |
Shares issued to shareholders in reinvestment of distributions | 32,416 | 398,277 |
Shares redeemed | (547,298) | (6,677,519) |
Net increase (decrease) in shares outstanding before conversion | (237,446) | (2,797,332) |
Shares converted from Class C (See Note 1) | (10,193) | (127,321) |
Net increase (decrease) | (247,639) | $ (2,924,653) |
Year ended April 30, 2022: | ||
Shares sold | 1,163,935 | $ 15,167,647 |
Shares issued to shareholders in reinvestment of distributions | 11,316 | 142,471 |
Shares redeemed | (222,223) | (2,883,848) |
Net increase (decrease) in shares outstanding before conversion | 953,028 | 12,426,270 |
Shares converted from Class C (See Note 1) | (7,157) | (92,611) |
Net increase (decrease) | 945,871 | $ 12,333,659 |
Class I | Shares | Amount |
Year ended April 30, 2023: | ||
Shares sold | 76,586,421 | $ 967,256,332 |
Shares issued to shareholders in reinvestment of distributions | 2,936,803 | 36,014,942 |
Shares redeemed | (41,280,583) | (512,768,856) |
Net increase (decrease) in shares outstanding before conversion | 38,242,641 | 490,502,418 |
Shares converted into Class I (See Note 1) | 73,057 | 935,517 |
Shares converted from Class I (See Note 1) | (2,086) | (26,421) |
Net increase (decrease) | 38,313,612 | $ 491,411,514 |
Year ended April 30, 2022: | ||
Shares sold | 90,600,814 | $1,191,344,996 |
Shares issued to shareholders in reinvestment of distributions | 936,782 | 12,096,707 |
Shares redeemed | (11,518,740) | (151,517,719) |
Net increase (decrease) in shares outstanding before conversion | 80,018,856 | 1,051,923,984 |
Shares converted into Class I (See Note 1) | 78,742 | 1,050,609 |
Net increase (decrease) | 80,097,598 | $1,052,974,593 |
Class R6 | Shares | Amount |
Year ended April 30, 2023: | ||
Shares sold | 83,285 | $ 1,062,536 |
Shares issued to shareholders in reinvestment of distributions | 22,623 | 276,371 |
Shares redeemed | (840,682) | (10,710,454) |
Net increase (decrease) | (734,774) | $ (9,371,547) |
Year ended April 30, 2022: | ||
Shares sold | 790,403 | $ 10,101,975 |
Shares issued to shareholders in reinvestment of distributions | 2,801 | 38,065 |
Shares redeemed | (17,275) | (228,218) |
Net increase (decrease) | 775,929 | $ 9,911,822 |
30 | MainStay CBRE Global Infrastructure Fund |
MainStay Funds Trust:
June 23, 2023
32 | MainStay CBRE Global Infrastructure Fund |
34 | MainStay CBRE Global Infrastructure Fund |
36 | MainStay CBRE Global Infrastructure Fund |
38 | MainStay CBRE Global Infrastructure Fund |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Naïm Abou-Jaoudé* 1966 | MainStay Funds: Trustee since June 2023; MainStay Funds Trust: Trustee since June 2023 | Chief Executive Officer of New York Life Investment Management LLC since 2023. Previously, Abou-Jaoudé was the Chief Executive Officer of Candriam (an affiliate of New York Life Investment Management LLC) from 2007 to 2023. | 79 | MainStay VP Funds Trust: Trustee since June 2023 (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since June 2023; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2023; and New York Life Investment Management International: Chair since 2015 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of his affiliation with New York Life Insurance Company, New York Life Investment Management LLC, Candriam, IndexIQ Advisors LLC, MacKay Shields LLC, NYL Investors LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015);MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC (since 1999) | 79 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; VanEck Vectors Group of Exchange-Traded Funds: Trustee since 2006 and Independent Chairman of the Board of Trustees from 2008 to 2022 (57 portfolios); Berea College of Kentucky: Trustee since 2009, Chair of the Investment Committee since 2018 | |
Karen Hammond 1956 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021);MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 79 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Susan B. Kerley 1951 | MainStay Funds: Chairman since January 2017 and Trustee since 2007;MainStay Funds Trust: Chairman since January 2017 and Trustee since 1990** | President, Strategic Management Advisors LLC (since 1990) | 79 | MainStay VP Funds Trust: Chairman since January 2017 and Trustee since 2007 (31 portfolios)*; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since January 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) | |
Alan R. Latshaw 1951 | MainStay Funds: Trusteesince 2006;MainStay Funds Trust: Trustee since 2007** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 79 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)*; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
40 | MainStay CBRE Global Infrastructure Fund |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Jacques P. Perold 1958 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015to December 2015);MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 79 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay Funds: Trustee since 1994;MainStay Funds Trust: Trustee since 2007** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) (since 2004); Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 79 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)*; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
* | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay Funds, MainStay Funds Trust (since 2017) | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since January 2018); President, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust (since 2017); Senior Managing Director, Global Product Development (2015-2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay Funds (since 2007), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2007)**; and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay Funds and MainStay Funds Trust (since 2010) | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2010)** | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay Funds (since 2005), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2005)** | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay Funds and MainStay Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ Trust, IndexIQ ETF Trust and Index IQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Fund, MainStay VP Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012-2022) |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, New York Life Insurance Company, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
42 | MainStay CBRE Global Infrastructure Fund |
1.
2. | This Fund is registered for sale in CA, CT, DE, FL, MA, NJ, NY and VT. |
3. | An affiliate of New York Life Investment Management LLC. |
5022125MS043-23 | MSCBGI11-06/23 |
please log in to newyorklifeinvestments.com/accounts.
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended April 30, 2023 | |||||||
Class | Sales Charge | Inception Date1 | One Year | Five Years | Ten Years or Since Inception | Gross Expense Ratio2 | |
Class A Shares3 | Maximum 5.50% Initial Sales Charge | With sales charges | 12/20/2002 | -21.51% | 4.65% | 4.31% | 1.30% |
Excluding sales charges | -16.94 | 5.90 | 4.93 | 1.30 | |||
Investor Class Shares4 | Maximum 5.00% Initial Sales Charge | With sales charges | 2/24/2020 | -21.15 | N/A | -1.97 | 1.26 |
Excluding sales charges | -17.00 | N/A | -0.21 | 1.26 | |||
Class C Shares3 | Maximum 1.00% CDSC | With sales charges | 1/17/2003 | -18.20 | 5.11 | 4.10 | 2.01 |
If Redeemed Within One Year of Purchase | Excluding sales charges | -17.58 | 5.11 | 4.10 | 2.01 | ||
Class I Shares3 | No Sales Charge | 12/31/1996 | -16.68 | 6.27 | 5.24 | 1.05 | |
Class R3 Shares3 | No Sales Charge | 8/5/2011 | -17.18 | 5.64 | 4.67 | 1.65 | |
Class R6 Shares3 | No Sales Charge | 7/3/2014 | -16.52 | 6.37 | 5.41 | 0.84 |
1. | Effective at the close of business on February 21, 2020, the Fund changed its fiscal and tax year end from October 31 to April 30. |
2. | The gross expense ratios presented reflect the Fund’s “Total Annual Fund Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report. |
3. | Performance figures for Class A shares, Class C shares, Class I shares, Class R3 shares and Class R6 shares, reflect the historical performance of the then-existing Class A shares, Class C shares, Class I shares, Class R and Class R6 shares of the Voya Real Estate Fund (the predecessor to the Fund, which was subject to a different fee structure) for periods prior to February 21, 2020. |
4. | Prior to June 30, 2020, the maximum initial sales charge for Investor Class shares was 5.50%, which is reflected in the average annual total return figures shown. |
Benchmark Performance* | One Year | Five Years | Ten Years |
FTSE NAREIT All Equity REITs Index1 | -16.09% | 6.20% | 5.83% |
CBRE Real Estate Tiered Index2 | -16.09 | 5.20 | 4.99 |
MSCI U.S. REIT® Index3 | -14.70 | 5.89 | 5.34 |
Morningstar Real Estate Category Average4 | -15.73 | 4.81 | 4.76 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | The Fund has selected the FTSE NAREIT All Equity REITs Index as its primary benchmark. The FTSE NAREIT All Equity REITs Index is a free-float adjusted, market capitalization-weighted index of U.S. equity REITs. Constituents of the index include all tax-qualified REITs with more than 50 percent of total assets in qualifying real estate assets other than mortgages secured by real property. |
2. | The Fund has selected a tiered benchmark as its secondary benchmark. The returns for the tiered benchmark represent the returns of the MSCI U.S. REIT® Index prior to January 1, 2021 and the returns of the FTSE NAREIT All Equity REITs Index thereafter. |
3. | The MSCI U.S. REIT® Index is a free float-adjusted market capitalization weighted index that is comprised of equity REITs. The MSCI U.S. REIT® Index is based on the MSCI USA Investable Market Index, its parent index, which captures the large, mid and small cap segments of the U.S. market. |
4. | The Morningstar Real Estate Category Average is representative of funds that invest primarily in real estate investment trusts of various types. REITs are companies that develop and manage real estate properties. There are several different types of REITs, including apartment, factory-outlet, healthcare, hotel, industrial, mortgage, office, and shopping center REITs. Some funds in this category also invest in real estate operating companies. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
6 | MainStay CBRE Real Estate Fund |
Share Class | Beginning Account Value 11/1/22 | Ending Account Value (Based on Actual Returns and Expenses) 4/30/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 4/30/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Class A Shares | $1,000.00 | $1,030.40 | $5.94 | $1,018.94 | $5.91 | 1.18% |
Investor Class Shares | $1,000.00 | $1,030.20 | $6.14 | $1,018.75 | $6.11 | 1.22% |
Class C Shares | $1,000.00 | $1,025.90 | $9.69 | $1,015.22 | $9.64 | 1.93% |
Class I Shares | $1,000.00 | $1,032.00 | $4.18 | $1,020.68 | $4.16 | 0.83% |
Class R3 Shares | $1,000.00 | $1,029.40 | $7.20 | $1,017.70 | $7.15 | 1.43% |
Class R6 Shares | $1,000.00 | $1,033.50 | $3.73 | $1,021.13 | $3.71 | 0.74% |
1. | Expenses are equal to the Fund’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Fund's annualized expense ratio to reflect the six-month period. |
Residential | 19.3% |
Industrial Properties | 12.8 |
Technology Towers | 12.7 |
Healthcare Facilities | 11.8 |
Self Storage Property | 11.1 |
Technology Datacenters | 10.1 |
Net Lease Properties | 9.1 |
Enclosed Malls | 5.3% |
Hotels | 4.2 |
Community Shopping Centers | 3.1 |
Short–Term Investments | 0.2 |
Other Assets, Less Liabilities | 0.3 |
100.0% |
1. | Prologis, Inc. |
2. | Equinix, Inc. |
3. | American Tower Corp. |
4. | Crown Castle, Inc. |
5. | Simon Property Group, Inc. |
6. | Sun Communities, Inc. |
7. | Welltower, Inc. |
8. | CubeSmart |
9. | Alexandria Real Estate Equities, Inc. |
10. | Life Storage, Inc. |
8 | MainStay CBRE Real Estate Fund |
1. | See "Investment and Performance Comparison" for other share class returns, which may be higher or lower than Class I share returns, and for more information on benchmark and peer group returns. |
Shares | Value | |
Common Stocks 99.5% | ||
Community Shopping Centers 3.1% | ||
Brixmor Property Group, Inc. | 114,568 | $ 2,443,736 |
Kite Realty Group Trust | 78,710 | 1,630,871 |
Regency Centers Corp. | 59,416 | 3,649,925 |
Retail Opportunity Investments Corp. | 129,768 | 1,690,877 |
9,415,409 | ||
Enclosed Malls 5.3% | ||
Macerich Co. (The) | 207,283 | 2,070,757 |
Simon Property Group, Inc. | 126,826 | 14,371,922 |
16,442,679 | ||
Healthcare Facilities 11.8% | ||
Alexandria Real Estate Equities, Inc. | 94,839 | 11,777,107 |
Healthpeak Properties, Inc. | 342,642 | 7,527,845 |
Ventas, Inc. | 86,876 | 4,174,392 |
Welltower, Inc. | 162,798 | 12,896,857 |
36,376,201 | ||
Hotels 4.2% | ||
DiamondRock Hospitality Co. | 420,020 | 3,406,362 |
Hilton Worldwide Holdings, Inc. | 21,241 | 3,059,129 |
Park Hotels & Resorts, Inc. | 314,986 | 3,795,581 |
Sunstone Hotel Investors, Inc. | 289,886 | 2,762,614 |
13,023,686 | ||
Industrial Properties 12.8% | ||
Americold Realty Trust, Inc. | 137,999 | 4,083,390 |
Prologis, Inc. | 214,685 | 26,889,296 |
Rexford Industrial Realty, Inc. | 151,663 | 8,458,246 |
39,430,932 | ||
Net Lease Properties 9.1% | ||
Broadstone Net Lease, Inc. | 284,804 | 4,605,281 |
EPR Properties | 69,002 | 2,895,324 |
Four Corners Property Trust, Inc. | 117,307 | 2,992,502 |
NETSTREIT Corp. | 246,241 | 4,486,511 |
Spirit Realty Capital, Inc. | 113,286 | 4,356,979 |
VICI Properties, Inc. | 260,878 | 8,854,199 |
28,190,796 | ||
Residential 19.3% | ||
Apartment Income REIT Corp. | 179,269 | 6,629,368 |
Camden Property Trust | 70,009 | 7,704,490 |
Essex Property Trust, Inc. | 27,005 | 5,933,809 |
Independence Realty Trust, Inc. | 248,821 | 4,142,870 |
Shares | Value | ||
Residential (continued) | |||
Invitation Homes, Inc. | 220,819 | $ 7,368,730 | |
NexPoint Residential Trust, Inc. | 46,585 | 1,999,894 | |
Sun Communities, Inc. | 95,099 | 13,212,104 | |
Tricon Residential, Inc. | 462,476 | 3,713,682 | |
UDR, Inc. | 161,611 | 6,679,383 | |
Veris Residential, Inc. (a) | 138,844 | 2,270,099 | |
59,654,429 | |||
Self Storage Property 11.1% | |||
CubeSmart | 279,787 | 12,727,510 | |
Life Storage, Inc. | 79,734 | 10,714,655 | |
Public Storage | 36,237 | 10,683,755 | |
34,125,920 | |||
Technology Datacenters 10.1% | |||
Digital Realty Trust, Inc. | 57,040 | 5,655,516 | |
Equinix, Inc. | 35,348 | 25,594,780 | |
31,250,296 | |||
Technology Towers 12.7% | |||
American Tower Corp. | 98,906 | 20,215,397 | |
Crown Castle, Inc. | 154,639 | 19,034,515 | |
39,249,912 | |||
Total Common Stocks (Cost $285,826,653) | 307,160,260 | ||
Short-Term Investment 0.2% | |||
Affiliated Investment Company 0.2% | |||
MainStay U.S. Government Liquidity Fund, 3.98% (b) | 474,344 | 474,344 | |
Total Short-Term Investment (Cost $474,344) | 474,344 | ||
Total Investments (Cost $286,300,997) | 99.7% | 307,634,604 | |
Other Assets, Less Liabilities | 0.3 | 1,074,285 | |
Net Assets | 100.0% | $ 308,708,889 |
† | Percentages indicated are based on Fund net assets. |
^ | Industry classifications may be different than those used for compliance monitoring purposes. |
(a) | Non-income producing security. |
(b) | Current yield as of April 30, 2023. |
10 | MainStay CBRE Real Estate Fund |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay U.S. Government Liquidity Fund | $ 2,238 | $ 67,185 | $ (68,949) | $ — | $ — | $ 474 | $ 39 | $ — | 474 |
Abbreviation(s): |
REIT—Real Estate Investment Trust |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Common Stocks | $ 307,160,260 | $ — | $ — | $ 307,160,260 | |||
Short-Term Investment | |||||||
Affiliated Investment Company | 474,344 | — | — | 474,344 | |||
Total Investments in Securities | $ 307,634,604 | $ — | $ — | $ 307,634,604 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
Assets | |
Investment in unaffiliated securities, at value (identified cost $285,826,653) | $307,160,260 |
Investment in affiliated investment companies, at value (identified cost $474,344) | 474,344 |
Receivables: | |
Investment securities sold | 1,051,318 |
Dividends | 271,856 |
Fund shares sold | 198,802 |
Other assets | 65,280 |
Total assets | 309,221,860 |
Liabilities | |
Payables: | |
Manager (See Note 3) | 163,009 |
Transfer agent (See Note 3) | 141,757 |
Shareholder communication | 95,407 |
Fund shares redeemed | 63,084 |
NYLIFE Distributors (See Note 3) | 32,187 |
Professional fees | 5,923 |
Custodian | 5,138 |
Trustees | 186 |
Securities lending | 26 |
Accrued expenses | 6,254 |
Total liabilities | 512,971 |
Net assets | $308,708,889 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 35,025 |
Additional paid-in-capital | 317,374,809 |
317,409,834 | |
Total distributable earnings (loss) | (8,700,945) |
Net assets | $308,708,889 |
Class A | |
Net assets applicable to outstanding shares | $137,275,931 |
Shares of beneficial interest outstanding | 17,569,349 |
Net asset value per share outstanding | $ 7.81 |
Maximum sales charge (5.50% of offering price) | 0.45 |
Maximum offering price per share outstanding | $ 8.26 |
Investor Class | |
Net assets applicable to outstanding shares | $ 195,374 |
Shares of beneficial interest outstanding | 25,039 |
Net asset value per share outstanding | $ 7.80 |
Maximum sales charge (5.00% of offering price) | 0.41 |
Maximum offering price per share outstanding | $ 8.21 |
Class C | |
Net assets applicable to outstanding shares | $ 3,963,486 |
Shares of beneficial interest outstanding | 430,125 |
Net asset value and offering price per share outstanding | $ 9.21 |
Class I | |
Net assets applicable to outstanding shares | $148,962,020 |
Shares of beneficial interest outstanding | 15,101,874 |
Net asset value and offering price per share outstanding | $ 9.86 |
Class R3 | |
Net assets applicable to outstanding shares | $ 1,509,597 |
Shares of beneficial interest outstanding | 195,751 |
Net asset value and offering price per share outstanding | $ 7.71 |
Class R6 | |
Net assets applicable to outstanding shares | $ 16,802,481 |
Shares of beneficial interest outstanding | 1,703,217 |
Net asset value and offering price per share outstanding | $ 9.87 |
12 | MainStay CBRE Real Estate Fund |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated (net of foreign tax withholding of $10,173) | $ 10,642,998 |
Dividends-affiliated | 39,075 |
Securities lending, net | 1,640 |
Total income | 10,683,713 |
Expenses | |
Manager (See Note 3) | 2,699,863 |
Transfer agent (See Note 3) | 958,382 |
Distribution/Service—Class A (See Note 3) | 383,801 |
Distribution/Service—Investor Class (See Note 3) | 484 |
Distribution/Service—Class C (See Note 3) | 51,564 |
Distribution/Service—Class R3 (See Note 3) | 9,679 |
Registration | 92,762 |
Shareholder communication | 70,625 |
Professional fees | 39,895 |
Custodian | 17,798 |
Trustees | 8,618 |
Shareholder service (See Note 3) | 1,936 |
Miscellaneous | 11,432 |
Total expenses before waiver/reimbursement | 4,346,839 |
Expense waiver/reimbursement from Manager (See Note 3) | (768,869) |
Reimbursement from prior custodian(a) | (670) |
Net expenses | 3,577,300 |
Net investment income (loss) | 7,106,413 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | (28,589,054) |
Foreign currency transactions | (1,807) |
Net realized gain (loss) | (28,590,861) |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | (56,030,101) |
Translation of other assets and liabilities in foreign currencies | 680 |
Net change in unrealized appreciation (depreciation) | (56,029,421) |
Net realized and unrealized gain (loss) | (84,620,282) |
Net increase (decrease) in net assets resulting from operations | $(77,513,869) |
(a) | Represents a refund for overbilling of custody fees. |
for the years ended April 30, 2023 and April 30, 2022
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 7,106,413 | $ 5,229,744 |
Net realized gain (loss) | (28,590,861) | 111,598,258 |
Net change in unrealized appreciation (depreciation) | (56,029,421) | (62,634,172) |
Net increase (decrease) in net assets resulting from operations | (77,513,869) | 54,193,830 |
Distributions to shareholders: | ||
Class A | (44,659,487) | (5,974,725) |
Investor Class | (58,405) | (6,177) |
Class C | (1,221,063) | (157,619) |
Class I | (43,591,182) | (6,879,898) |
Class R3 | (562,871) | (77,566) |
Class R6 | (4,440,769) | (612,169) |
(94,533,777) | (13,708,154) | |
Distributions to shareholders from return of capital: | ||
Class A | (872,279) | — |
Investor Class | (1,141) | — |
Class C | (23,850) | — |
Class I | (851,413) | — |
Class R3 | (10,994) | — |
Class R6 | (86,736) | — |
(1,846,413) | — | |
Total distributions to shareholders | (96,380,190) | (13,708,154) |
Capital share transactions: | ||
Net proceeds from sales of shares | 48,489,555 | 107,349,432 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 90,519,704 | 12,708,131 |
Cost of shares redeemed | (123,743,106) | (101,363,518) |
Increase (decrease) in net assets derived from capital share transactions | 15,266,153 | 18,694,045 |
Net increase (decrease) in net assets | (158,627,906) | 59,179,721 |
Net Assets | ||
Beginning of year | 467,336,795 | 408,157,074 |
End of year | $ 308,708,889 | $ 467,336,795 |
14 | MainStay CBRE Real Estate Fund |
Year Ended April 30, | June 1, 2019 through April 30, 2020# | Year Ended May 31, | |||||||||
Class A | 2023 | 2022 | 2021 | 2019 | 2018 | ||||||
Net asset value at beginning of period | $ 13.38 | $ 12.20 | $ 8.97 | $ 12.32 | $ 14.43 | $ 17.81 | |||||
Net investment income (loss) (a) | 0.18 | 0.13 | 0.16 | 0.18 | 0.21 | 0.28 | |||||
Net realized and unrealized gain (loss) | (2.45) | 1.47 | 3.59 | (1.52) | 1.29 | (0.07) | |||||
Total from investment operations | (2.27) | 1.60 | 3.75 | (1.34) | 1.50 | 0.21 | |||||
Less distributions: | |||||||||||
From net investment income | (0.39) | (0.24) | (0.20) | (0.26) | (0.21) | (0.28) | |||||
From net realized gain on investments | (2.85) | (0.18) | — | (1.32) | (3.40) | (3.31) | |||||
Return of capital | (0.06) | — | (0.32) | (0.43) | — | — | |||||
Total distributions | (3.30) | (0.42) | (0.52) | (2.01) | (3.61) | (3.59) | |||||
Net asset value at end of period | $ 7.81 | $ 13.38 | $ 12.20 | $ 8.97 | $ 12.32 | $ 14.43 | |||||
Total investment return (b) | (16.94)% | 13.06% | 42.72% | (13.80)% | 12.73% | 0.23% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 1.79% | 0.96% | 1.64% | 1.69%†† | 1.58% | 1.69% | |||||
Net expenses | 1.18%(c) | 1.18%(c) | 1.18%(c) | 1.17%†† (c)(d) | 1.24% | 1.29% | |||||
Expenses (before waiver/reimbursement) | 1.35%(c) | 1.30%(c) | 1.45%(c) | 1.36%†† (c)(d) | 1.31% | 1.31% | |||||
Portfolio turnover rate | 65% | 70% | 93% | 88% | 82% | 102% | |||||
Net assets at end of period (in 000's) | $ 137,276 | $ 193,441 | $ 177,328 | $ 149,970 | $ 89,037 | $ 81,475 |
# | The Fund changed its fiscal year end from May 31 to April 30. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | Net of interest expense of less than 0.01%. |
Year Ended April 30, | February 24, 2020^ through April 30, 2020 | ||||||
Investor Class | 2023 | 2022 | 2021 | ||||
Net asset value at beginning of period | $ 13.39 | $ 12.19 | $ 8.97 | $ 12.17 | |||
Net investment income (loss) (a) | 0.18 | 0.13 | 0.15 | (0.04) | |||
Net realized and unrealized gain (loss) | (2.46) | 1.48 | 3.58 | (3.10) | |||
Total from investment operations | (2.28) | 1.61 | 3.73 | (3.14) | |||
Less distributions: | |||||||
From net investment income | (0.40) | (0.23) | (0.20) | (0.06) | |||
From net realized gain on investments | (2.85) | (0.18) | — | — | |||
Return of capital | (0.06) | — | (0.31) | — | |||
Total distributions | (3.31) | (0.41) | (0.51) | (0.06) | |||
Net asset value at end of period | $ 7.80 | $ 13.39 | $ 12.19 | $ 8.97 | |||
Total investment return (b) | (17.00)% | 13.15% | 42.41% | (25.74)% | |||
Ratios (to average net assets)/Supplemental Data: | |||||||
Net investment income (loss) | 1.82% | 0.98% | 1.53% | (2.55)%†† | |||
Net expenses (c) | 1.21% | 1.15% | 1.26% | 1.35%†† | |||
Expenses (before waiver/reimbursement) (c) | 1.29% | 1.26% | 1.34% | 1.56%†† | |||
Portfolio turnover rate | 65% | 70% | 93% | 88% | |||
Net assets at end of period (in 000's) | $ 195 | $ 227 | $ 157 | $ 103 |
^ | Inception date. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
16 | MainStay CBRE Real Estate Fund |
Year Ended April 30, | June 1, 2019 through April 30, 2020# | Year Ended May 31, | |||||||||
Class C | 2023 | 2022 | 2021 | 2019 | 2018 | ||||||
Net asset value at beginning of period | $ 15.05 | $ 13.66 | $ 9.96 | $ 13.47 | $ 15.44 | $ 18.80 | |||||
Net investment income (loss) | 0.12(a) | 0.03(a) | 0.07(a) | 0.11(a) | 0.11 | 0.16(a) | |||||
Net realized and unrealized gain (loss) | (2.76) | 1.66 | 4.02 | (1.71) | 1.42 | (0.08) | |||||
Total from investment operations | (2.64) | 1.69 | 4.09 | (1.60) | 1.53 | 0.08 | |||||
Less distributions: | |||||||||||
From net investment income | (0.30) | (0.12) | (0.15) | (0.18) | (0.10) | (0.13) | |||||
From net realized gain on investments | (2.85) | (0.18) | — | (1.32) | (3.40) | (3.31) | |||||
Return of capital | (0.05) | — | (0.24) | (0.41) | — | — | |||||
Total distributions | (3.20) | (0.30) | (0.39) | (1.91) | (3.50) | (3.44) | |||||
Net asset value at end of period | $ 9.21 | $ 15.05 | $ 13.66 | $ 9.96 | $ 13.47 | $ 15.44 | |||||
Total investment return (b) | (17.58)% | 12.27% | 41.65% | (14.44)% | 11.90% | (0.50)% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 1.04% | 0.22% | 0.66% | 1.00%†† | 0.85% | 0.90% | |||||
Net expenses | 1.93%(c) | 1.91%(c) | 1.93%(c) | 1.92%†† (c)(d) | 1.99% | 2.04% | |||||
Expenses (before waiver/reimbursement) | 2.04%(c) | 2.01%(c) | 2.09%(c) | 2.13%†† (c)(d) | 2.06% | 2.06% | |||||
Portfolio turnover rate | 65% | 70% | 93% | 88% | 82% | 102% | |||||
Net assets at end of period (in 000's) | $ 3,963 | $ 7,220 | $ 10,202 | $ 20,942 | $ 11,216 | $ 13,449 |
# | The Fund changed its fiscal year end from May 31 to April 30. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | Net of interest expense of less than 0.01%. |
Year Ended April 30, | June 1, 2019 through April 30, 2020# | Year Ended May 31, | |||||||||
Class I | 2023 | 2022 | 2021 | 2019 | 2018 | ||||||
Net asset value at beginning of period | $ 15.85 | $ 14.37 | $ 10.49 | $ 14.08 | $ 15.99 | $ 19.36 | |||||
Net investment income (loss) (a) | 0.26 | 0.21 | 0.22 | 0.24 | 0.30 | 0.37 | |||||
Net realized and unrealized gain (loss) | (2.91) | 1.74 | 4.22 | (1.79) | 1.45 | (0.09) | |||||
Total from investment operations | (2.65) | 1.95 | 4.44 | (1.55) | 1.75 | 0.28 | |||||
Less distributions: | |||||||||||
From net investment income | (0.43) | (0.29) | (0.22) | (0.28) | (0.26) | (0.34) | |||||
From net realized gain on investments | (2.85) | (0.18) | — | (1.32) | (3.40) | (3.31) | |||||
Return of capital | (0.06) | — | (0.34) | (0.44) | — | — | |||||
Total distributions | (3.34) | (0.47) | (0.56) | (2.04) | (3.66) | (3.65) | |||||
Net asset value at end of period | $ 9.86 | $ 15.85 | $ 14.37 | $ 10.49 | $ 14.08 | $ 15.99 | |||||
Total investment return (b) | (16.68)% | 13.51% | 43.19% | (13.54)% | 13.08% | 0.63% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 2.13% | 1.32% | 1.92% | 2.01%†† | 1.95% | 2.02% | |||||
Net expenses | 0.83%(c) | 0.83%(c) | 0.83%(c) | 0.84%†† (c)(d) | 0.91% | 0.91% | |||||
Expenses (before waiver/reimbursement) | 1.10%(c) | 1.05%(c) | 1.20%(c) | 1.04%†† (c)(d) | 0.97% | 0.92% | |||||
Portfolio turnover rate | 65% | 70% | 93% | 88% | 82% | 102% | |||||
Net assets at end of period (in 000's) | $ 148,962 | $ 241,719 | $ 202,597 | $ 232,730 | $ 166,056 | $ 311,814 |
# | The Fund changed its fiscal year end from May 31 to April 30. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | Net of interest expense of less than 0.01%. |
18 | MainStay CBRE Real Estate Fund |
Year Ended April 30, | June 1, 2019 through April 30, 2020# | Year Ended May 31, | |||||||||
Class R3 | 2023 | 2022 | 2021 | 2019 | 2018 | ||||||
Net asset value at beginning of period | $ 13.26 | $ 12.09 | $ 8.89 | $ 12.23 | $ 14.35 | $ 17.73 | |||||
Net investment income (loss) | 0.15(a) | 0.10(a) | 0.11(a) | 0.15(a) | 0.18 | 0.23(a) | |||||
Net realized and unrealized gain (loss) | (2.43) | 1.46 | 3.59 | (1.51) | 1.28 | (0.06) | |||||
Total from investment operations | (2.28) | 1.56 | 3.70 | (1.36) | 1.46 | 0.17 | |||||
Less distributions: | |||||||||||
From net investment income | (0.36) | (0.21) | (0.19) | (0.23) | (0.18) | (0.24) | |||||
From net realized gain on investments | (2.85) | (0.18) | — | (1.32) | (3.40) | (3.31) | |||||
Return of capital | (0.06) | — | (0.31) | (0.43) | — | — | |||||
Total distributions | (3.27) | (0.39) | (0.50) | (1.98) | (3.58) | (3.55) | |||||
Net asset value at end of period | $ 7.71 | $ 13.26 | $ 12.09 | $ 8.89 | $ 12.23 | $ 14.35 | |||||
Total investment return (b) | (17.18)% | 12.83% | 42.47% | (14.04)% | 12.43% | —% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 1.56% | 0.72% | 1.14% | 1.42%†† | 1.36% | 1.43% | |||||
Net expenses | 1.43%(c) | 1.43%(c) | 1.43%(c) | 1.42%†† (c)(d) | 1.49% | 1.54% | |||||
Expenses (before waiver/reimbursement) | 1.70%(c) | 1.65%(c) | 1.80%(c) | 1.61%†† (c)(d) | 1.56% | 1.56% | |||||
Portfolio turnover rate | 65% | 70% | 93% | 88% | 82% | 102% | |||||
Net assets at end of period (in 000's) | $ 1,510 | $ 2,672 | $ 2,298 | $ 2,527 | $ 2,454 | $ 2,965 |
# | The Fund changed its fiscal year end from May 31 to April 30. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R3 shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | Net of interest expense of less than 0.01%. |
Year Ended April 30, | June 1, 2019 through April 30, 2020# | Year Ended May 31, | |||||||||
Class R6 | 2023 | 2022 | 2021 | 2019 | 2018 | ||||||
Net asset value at beginning of period | $ 15.85 | $ 14.37 | $ 10.49 | $ 14.09 | $ 15.99 | $ 19.36 | |||||
Net investment income (loss) | 0.27(a) | 0.22(a) | 0.09(a) | 0.26(a) | 0.32 | 0.37(a) | |||||
Net realized and unrealized gain (loss) | (2.90) | 1.74 | 4.36 | (1.80) | 1.45 | (0.08) | |||||
Total from investment operations | (2.63) | 1.96 | 4.45 | (1.54) | 1.77 | 0.29 | |||||
Less distributions: | |||||||||||
From net investment income | (0.44) | (0.30) | (0.22) | (0.30) | (0.27) | (0.35) | |||||
From net realized gain on investments | (2.85) | (0.18) | — | (1.32) | (3.40) | (3.31) | |||||
Return of capital | (0.06) | — | (0.35) | (0.44) | — | — | |||||
Total distributions | (3.35) | (0.48) | (0.57) | (2.06) | (3.67) | (3.66) | |||||
Net asset value at end of period | $ 9.87 | $ 15.85 | $ 14.37 | $ 10.49 | $ 14.09 | $ 15.99 | |||||
Total investment return (b) | (16.52)% | 13.61% | 43.35% | (13.53)% | 13.24% | 0.69% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 2.23% | 1.40% | 0.80% | 2.06%†† | 2.05% | 2.12% | |||||
Net expenses | 0.74%(c) | 0.74%(c) | 0.74%(c) | 0.76%†† (c)(d) | 0.83% | 0.86% | |||||
Expenses (before waiver/reimbursement) | 0.82%(c) | 0.84%(c) | 0.84%(c) | 0.88%†† (c)(d) | 0.89% | 0.86% | |||||
Portfolio turnover rate | 65% | 70% | 93% | 88% | 82% | 102% | |||||
Net assets at end of period (in 000's) | $ 16,802 | $ 22,058 | $ 15,574 | $ 56,250 | $ 79,327 | $ 79,646 |
# | The Fund changed its fiscal year end from May 31 to April 30. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R6 shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | Net of interest expense of less than 0.01%. |
20 | MainStay CBRE Real Estate Fund |
Class | Commenced Operations |
Class A | December 20, 2002 |
Investor Class | February 24, 2020 |
Class C | January 17, 2003 |
Class I | December 31, 1996 |
Class R3 | August 5, 2011 |
Class R6 | July 3, 2014 |
SIMPLE Class | N/A* |
* | SIMPLE Class shares were registered for sale effective as of August 31, 2020 but have not yet commenced operations. |
• | Level 1—quoted prices (unadjusted) in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Fund's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• Broker/dealer quotes | • Benchmark securities |
• Two-sided markets | • Reference data (corporate actions or material event notices) |
• Bids/offers | • Monthly payment information |
• Industry and economic events | • Reported trades |
22 | MainStay CBRE Real Estate Fund |
24 | MainStay CBRE Real Estate Fund |
Class R3 | $1,936 |
Class | Expense | Waived |
Class A | $433,390 | $— |
Investor Class | 426 | — |
Class C | 11,290 | — |
Class I | 507,131 | — |
Class R3 | 5,425 | — |
Class R6 | 720 | — |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $292,323,766 | $44,516,958 | $(29,206,120) | $15,310,838 |
Ordinary Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$— | $(23,910,636) | $(88,515) | $15,298,206 | $(8,700,945) |
Total Distributable Earnings (Loss) | Additional Paid-In Capital | |
$(9,673,038) | $9,673,038 |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $18,441 | $5,470 |
2023 | 2022 | |
Distributions paid from: | ||
Ordinary Income | $25,991,405 | $ 8,176,041 |
Long-Term Capital Gains | 68,542,372 | 5,532,113 |
Return of Capital | 1,846,413 | — |
Total | $96,380,190 | $13,708,154 |
26 | MainStay CBRE Real Estate Fund |
Class A | Shares | Amount |
Year ended April 30, 2023: | ||
Shares sold | 1,243,603 | $ 11,821,300 |
Shares issued to shareholders in reinvestment of distributions | 5,289,781 | 42,857,119 |
Shares redeemed | (3,425,488) | (33,264,137) |
Net increase (decrease) in shares outstanding before conversion | 3,107,896 | 21,414,282 |
Shares converted into Class A (See Note 1) | 9,732 | 79,856 |
Shares converted from Class A (See Note 1) | (2,339) | (25,965) |
Net increase (decrease) | 3,115,289 | $ 21,468,173 |
Year ended April 30, 2022: | ||
Shares sold | 2,474,614 | $ 33,342,180 |
Shares issued to shareholders in reinvestment of distributions | 407,302 | 5,603,692 |
Shares redeemed | (2,975,753) | (39,795,668) |
Net increase (decrease) in shares outstanding before conversion | (93,837) | (849,796) |
Shares converted into Class A (See Note 1) | 11,379 | 146,928 |
Shares converted from Class A (See Note 1) | (4,131) | (53,907) |
Net increase (decrease) | (86,589) | $ (756,775) |
Investor Class | Shares | Amount |
Year ended April 30, 2023: | ||
Shares sold | 6,325 | $ 57,457 |
Shares issued to shareholders in reinvestment of distributions | 7,375 | 59,541 |
Shares redeemed | (4,721) | (46,914) |
Net increase (decrease) in shares outstanding before conversion | 8,979 | 70,084 |
Shares converted into Investor Class (See Note 1) | 2,617 | 25,834 |
Shares converted from Investor Class (See Note 1) | (3,550) | (27,928) |
Net increase (decrease) | 8,046 | $ 67,990 |
Year ended April 30, 2022: | ||
Shares sold | 4,933 | $ 66,875 |
Shares issued to shareholders in reinvestment of distributions | 448 | 6,176 |
Shares redeemed | (1,138) | (15,703) |
Net increase (decrease) in shares outstanding before conversion | 4,243 | 57,348 |
Shares converted into Investor Class (See Note 1) | 973 | 12,962 |
Shares converted from Investor Class (See Note 1) | (1,093) | (13,822) |
Net increase (decrease) | 4,123 | $ 56,488 |
Class C | Shares | Amount |
Year ended April 30, 2023: | ||
Shares sold | 20,628 | $ 222,355 |
Shares issued to shareholders in reinvestment of distributions | 130,422 | 1,240,539 |
Shares redeemed | (195,491) | (2,175,862) |
Net increase (decrease) in shares outstanding before conversion | (44,441) | (712,968) |
Shares converted from Class C (See Note 1) | (5,149) | (55,087) |
Net increase (decrease) | (49,590) | $ (768,055) |
Year ended April 30, 2022: | ||
Shares sold | 51,919 | $ 789,439 |
Shares issued to shareholders in reinvestment of distributions | 10,012 | 156,795 |
Shares redeemed | (319,942) | (4,760,464) |
Net increase (decrease) in shares outstanding before conversion | (258,011) | (3,814,230) |
Shares converted from Class C (See Note 1) | (9,305) | (134,919) |
Net increase (decrease) | (267,316) | $ (3,949,149) |
Class I | Shares | Amount |
Year ended April 30, 2023: | ||
Shares sold | 2,603,780 | $ 31,441,943 |
Shares issued to shareholders in reinvestment of distributions | 4,118,909 | 41,999,850 |
Shares redeemed | (6,874,637) | (81,717,143) |
Net increase (decrease) in shares outstanding before conversion | (151,948) | (8,275,350) |
Shares converted into Class I (See Note 1) | 1,964 | 25,965 |
Shares converted from Class I (See Note 1) | (1,470) | (14,318) |
Net increase (decrease) | (151,454) | $ (8,263,703) |
Year ended April 30, 2022: | ||
Shares sold | 4,016,150 | $ 64,133,515 |
Shares issued to shareholders in reinvestment of distributions | 390,452 | 6,333,075 |
Shares redeemed | (3,151,388) | (50,417,941) |
Net increase (decrease) in shares outstanding before conversion | 1,255,214 | 20,048,649 |
Shares converted into Class I (See Note 1) | 3,502 | 53,907 |
Shares converted from Class I (See Note 1) | (107,874) | (1,682,829) |
Net increase (decrease) | 1,150,842 | $ 18,419,727 |
Class R3 | Shares | Amount |
Year ended April 30, 2023: | ||
Shares sold | 28,387 | $ 272,231 |
Shares issued to shareholders in reinvestment of distributions | 67,696 | 542,324 |
Shares redeemed | (100,863) | (989,931) |
Net increase (decrease) in shares outstanding before conversion | (4,780) | (175,376) |
Shares converted from Class R3 (See Note 1) | (997) | (8,357) |
Net increase (decrease) | (5,777) | $ (183,733) |
Year ended April 30, 2022: | ||
Shares sold | 53,893 | $ 721,265 |
Shares issued to shareholders in reinvestment of distributions | 5,408 | 73,969 |
Shares redeemed | (47,089) | (640,654) |
Net increase (decrease) in shares outstanding before conversion | 12,212 | 154,580 |
Shares converted from Class R3 (See Note 1) | (850) | (11,149) |
Net increase (decrease) | 11,362 | $ 143,431 |
Class R6 | Shares | Amount |
Year ended April 30, 2023: | ||
Shares sold | 400,769 | $ 4,674,269 |
Shares issued to shareholders in reinvestment of distributions | 375,674 | 3,820,331 |
Shares redeemed | (464,903) | (5,549,119) |
Net increase (decrease) | 311,540 | $ 2,945,481 |
Year ended April 30, 2022: | ||
Shares sold | 522,511 | $ 8,296,158 |
Shares issued to shareholders in reinvestment of distributions | 32,944 | 534,424 |
Shares redeemed | (355,617) | (5,733,088) |
Net increase (decrease) in shares outstanding before conversion | 199,838 | 3,097,494 |
Shares converted into Class R6 (See Note 1) | 107,874 | 1,682,829 |
Net increase (decrease) | 307,712 | $ 4,780,323 |
28 | MainStay CBRE Real Estate Fund |
MainStay Funds Trust:
June 23, 2023
30 | MainStay CBRE Real Estate Fund |
32 | MainStay CBRE Real Estate Fund |
34 | MainStay CBRE Real Estate Fund |
36 | MainStay CBRE Real Estate Fund |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Naïm Abou-Jaoudé* 1966 | MainStay Funds: Trustee since June 2023; MainStay Funds Trust: Trustee since June 2023 | Chief Executive Officer of New York Life Investment Management LLC since 2023. Previously, Abou-Jaoudé was the Chief Executive Officer of Candriam (an affiliate of New York Life Investment Management LLC) from 2007 to 2023. | 79 | MainStay VP Funds Trust: Trustee since June 2023 (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since June 2023; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2023; and New York Life Investment Management International: Chair since 2015 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of his affiliation with New York Life Insurance Company, New York Life Investment Management LLC, Candriam, IndexIQ Advisors LLC, MacKay Shields LLC, NYL Investors LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015);MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC (since 1999) | 79 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; VanEck Vectors Group of Exchange-Traded Funds: Trustee since 2006 and Independent Chairman of the Board of Trustees from 2008 to 2022 (57 portfolios); Berea College of Kentucky: Trustee since 2009, Chair of the Investment Committee since 2018 | |
Karen Hammond 1956 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021);MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 79 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Susan B. Kerley 1951 | MainStay Funds: Chairman since January 2017 and Trustee since 2007;MainStay Funds Trust: Chairman since January 2017 and Trustee since 1990** | President, Strategic Management Advisors LLC (since 1990) | 79 | MainStay VP Funds Trust: Chairman since January 2017 and Trustee since 2007 (31 portfolios)*; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since January 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) | |
Alan R. Latshaw 1951 | MainStay Funds: Trusteesince 2006;MainStay Funds Trust: Trustee since 2007** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 79 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)*; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
38 | MainStay CBRE Real Estate Fund |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Jacques P. Perold 1958 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015to December 2015);MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 79 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay Funds: Trustee since 1994;MainStay Funds Trust: Trustee since 2007** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) (since 2004); Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 79 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)*; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
* | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay Funds, MainStay Funds Trust (since 2017) | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since January 2018); President, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust (since 2017); Senior Managing Director, Global Product Development (2015-2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay Funds (since 2007), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2007)**; and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay Funds and MainStay Funds Trust (since 2010) | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2010)** | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay Funds (since 2005), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2005)** | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay Funds and MainStay Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ Trust, IndexIQ ETF Trust and Index IQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Fund, MainStay VP Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012-2022) |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, New York Life Insurance Company, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
40 | MainStay CBRE Real Estate Fund |
1.
2. | This Fund is registered for sale in CA, CT, DE, FL, MA, NJ, NY and VT. |
3. | An affiliate of New York Life Investment Management LLC. |
5022127MS043-23 | MSCBRE11-06/23 |
please log in to newyorklifeinvestments.com/accounts.
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended April 30, 2023 | |||||||
Class | Sales Charge | Inception Date1 | One Year | Five Years | Ten Years or Since Inception | Gross Expense Ratio2 | |
Class A Shares | Maximum 1.00% Initial Sales Charge | With sales charges | 1/2/2004 | 0.31% | 0.44% | 0.27% | 0.67% |
Excluding sales charges | 1.32 | 0.64 | 0.58 | 0.67 | |||
Class A2 Shares | Maximum 2.00% Initial Sales Charge | With sales charges | 9/30/2020 | -0.71 | N/A | -1.46 | 0.67 |
Excluding sales charges | 1.32 | N/A | -0.69 | 0.67 | |||
Investor Class Shares3, 4 | Maximum 0.50% Initial Sales Charge | With sales charges | 2/28/2008 | 0.48 | 0.09 | -0.11 | 1.24 |
Excluding sales charges | 0.99 | 0.29 | 0.20 | 1.24 | |||
Class I Shares | No Sales Charge | 1/2/1991 | 1.60 | 0.94 | 0.85 | 0.42 | |
Class R6 Shares | No Sales Charge | 5/2/2022 | N/A | N/A | 1.60 | 0.40 |
1. | Effective June 1, 2015, the Fund changed, among other things, its investment objective and principal investment strategies. Effective May 22, 2018, the Fund made further changes to, among other things, its principal investment strategies. Effective February 28, 2019, the Fund further changed its investment objective. The performance information shown in this report reflects the Fund’s prior investment objectives and principal investment strategies, as applicable. |
2. | The gross expense ratios presented reflect the Fund’s “Total Annual Fund Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report. |
3. | Prior to June 1, 2015, the maximum initial sales charge was 3.00%, which is reflected in the average annual total return figures shown. |
4. | From June 1, 2015 to June 30, 2020, the maximum initial sales charge was 1.00%, which is reflected in the applicable average annual total return figures shown. |
Benchmark Performance* | One Year | Five Years | Ten Years |
Bloomberg 3-Year Municipal Bond Index1 | 2.06% | 1.26% | 1.07% |
Morningstar Muni National Short Category Average2 | 1.86 | 1.05 | 0.82 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | The Bloomberg 3-Year Municipal Bond Index is the Fund's primary broad-based securities-market index for comparison purposes. The Bloomberg 3-Year Municipal Bond Index is considered representative of the broad market for investment grade, tax-exempt bonds with a maturity range of 2-4 years. |
2. | The Morningstar Muni National Short Category Average is representative of funds that invest in bonds issued by state and local governments to fund public projects. The income from these bonds is generally free from federal taxes and/or from state taxes in the issuing state. To lower risk, some of these funds spread their assets across many states and sectors. Other funds buy bonds from only one state in order to get the state-tax benefit. These funds have durations of less than 4.5 years. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
6 | MainStay MacKay Short Term Municipal Fund |
Share Class | Beginning Account Value 11/1/22 | Ending Account Value (Based on Actual Returns and Expenses) 4/30/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 4/30/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Class A Shares | $1,000.00 | $1,029.30 | $3.47 | $1,021.37 | $3.46 | 0.69% |
Class A2 Shares | $1,000.00 | $1,028.20 | $3.47 | $1,021.37 | $3.46 | 0.69% |
Investor Class Shares | $1,000.00 | $1,026.50 | $5.07 | $1,019.79 | $5.06 | 1.01% |
Class I Shares | $1,000.00 | $1,030.80 | $2.01 | $1,022.81 | $2.01 | 0.40% |
Class R6 Shares | $1,000.00 | $1,029.70 | $2.01 | $1,022.81 | $2.01 | 0.40% |
1. | Expenses are equal to the Fund’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Fund's annualized expense ratio to reflect the six-month period. |
1. | Black Belt Energy Gas District, 4.00%-5.50%, due 12/1/23–11/1/53 |
2. | State of Illinois, 5.00%-6.00%, due 10/1/23–11/1/29 |
3. | City of Chicago, (zero coupon)-5.25%, due 1/1/24–1/1/30 |
4. | Matching Fund Special Purpose Securitization Corp., 5.00%, due 10/1/25–10/1/26 |
5. | New Jersey Transportation Trust Fund Authority, (zero coupon)-5.00%, due 6/15/24–6/15/30 |
6. | Louisiana Stadium & Exposition District, 1.872%-5.00%, due 7/3/23 |
7. | Arizona Health Facilities Authority, 4.11%-5.00%, due 12/1/26–1/1/46 |
8. | County of King, 0.625%-4.09%, due 12/1/29–1/1/40 |
9. | Texas Municipal Gas Acquisition & Supply Corp. II, 3.902%, due 9/15/27 |
10. | Louisiana Local Government Environmental Facilities & Community Development Authority, 3.615%-5.081%, due 2/1/29–6/1/31 |
8 | MainStay MacKay Short Term Municipal Fund |
1. | See "Investment and Performance Comparison" for other share class returns, which may be higher or lower than Class I share returns, and for more information on benchmark and peer group returns. |
2. | An obligation rated ‘AA’ by Standard & Poor’s (“S&P”) is deemed by S&P to differ from the highest-rated obligations only to a small degree. In the opinion of S&P, the obligor's capacity to meet its financial commitment on the obligation is very strong. When applied to Fund holdings, ratings are based solely on the creditworthiness of the bonds in the portfolio and are not meant to represent the security or safety of the Fund. |
3. | The yield curve is a line that plots the yields of various securities of similar quality—typically U.S. Treasury issues—across a range of maturities. The U.S. Treasury yield curve serves as a benchmark for other debt and is used in economic forecasting. |
4. | Duration is a measure of the price sensitivity of a fixed-income investment to changes in interest rates. Duration is expressed as a number of years and is considered a more accurate sensitivity gauge than average maturity. |
5. | Modified duration is inversely related to the approximate percentage change in price for a given change in yield. Duration to worst is the duration of a bond computed using the bond’s nearest call date or maturity, whichever comes first. This measure ignores future cash flow fluctuations due to embedded optionality. |
6. | An obligation rated `AAA' has the highest rating assigned by S&P, and in the opinion of S&P, the obligor's capacity to meet its financial commitment on the obligation is extremely strong. When applied to Fund holdings, ratings are based solely on the creditworthiness of the bonds in the portfolio and are not meant to represent the security or safety of the Fund. |
7. | An obligation rated `A' by S&P is deemed by S&P to be somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. In the opinion of S&P, however, the obligor's capacity to meet its financial commitment on the obligation is still strong. When applied to Fund holdings, ratings are based solely on the creditworthiness of the bonds in the portfolio and are not meant to represent the security or safety of the Fund. |
10 | MainStay MacKay Short Term Municipal Fund |
Principal Amount | Value | |
Municipal Bonds 99.3% | ||
Long-Term Municipal Bonds 78.1% | ||
Alabama 4.4% | ||
Black Belt Energy Gas District, Gas Project No.6, Revenue Bonds | ||
Series B | ||
4.00%, due 10/1/52 (a) | $ 13,500,000 | $ 13,465,337 |
Black Belt Energy Gas District, Revenue Bonds | ||
Series B-1 | ||
4.00%, due 4/1/53 (a) | 3,920,000 | 3,905,704 |
Series C-1 | ||
5.25%, due 12/1/23 | 530,000 | 533,447 |
Series C-1 | ||
5.25%, due 6/1/25 | 615,000 | 630,685 |
Series C-1 | ||
5.25%, due 12/1/25 | 880,000 | 908,103 |
Series F | ||
5.50%, due 11/1/53 (a) | 10,000,000 | 10,650,905 |
Southeast Alabama Gas Supply District, Project No. 1, Revenue Bonds | ||
Series A | ||
5.00%, due 4/1/24 | 1,500,000 | 1,516,487 |
Southeast Energy Authority, A Cooperative District, Project No. 4, Revenue Bonds | ||
Series B-1 | ||
5.00%, due 5/1/53 (a) | 1,870,000 | 1,949,476 |
Southeast Energy Authority, A Cooperative District, Project No. 3, Revenue Bonds | ||
Series A-1 | ||
5.50%, due 1/1/53 (a) | 10,000,000 | 10,809,566 |
State of Alabama, Unlimited General Obligation | ||
Series A | ||
3.00%, due 8/1/26 | 5,000,000 | 5,006,470 |
49,376,180 | ||
Alaska 0.9% | ||
Northern Tobacco Securitization Corp., Tobacco Settlement Asset-Backed, Revenue Bonds, Senior Lien | ||
Series B1, Class 2 | ||
0.50%, due 6/1/31 | 105,000 | 104,763 |
Principal Amount | Value | |
Alaska (continued) | ||
State of Alaska, International Airports System, Revenue Bonds (b) | ||
Series C | ||
5.00%, due 10/1/27 | $ 3,030,000 | $ 3,238,277 |
Series C | ||
5.00%, due 10/1/30 | 5,570,000 | 6,186,431 |
9,529,471 | ||
Arizona 0.6% | ||
Arizona Health Facilities Authority, Scottsdale Lincoln Hospital Project, Revenue Bonds | ||
Series A | ||
5.00%, due 12/1/26 | 2,590,000 | 2,665,323 |
City of Phoenix Civic Improvement Corp., Airport, Revenue Bonds, Junior Lien | ||
Series B | ||
5.00%, due 7/1/26 (b) | 3,500,000 | 3,681,293 |
6,346,616 | ||
Arkansas 0.1% | ||
City of Fort Smith, Water & Sewer, Revenue Bonds | ||
3.00%, due 10/1/25 | 1,400,000 | 1,396,704 |
California 4.0% | ||
Antelope Valley Community College District, Unlimited General Obligation | ||
(zero coupon), due 8/1/33 | 2,250,000 | 1,486,648 |
(zero coupon), due 8/1/35 | 3,990,000 | 2,405,755 |
Chula Vista Elementary School District, Revenue Bonds | ||
(zero coupon), due 8/1/23 | 4,140,000 | 4,105,665 |
Compton Community College District, Election of 2002, Unlimited General Obligation | ||
Series D, Insured: BAM | ||
(zero coupon), due 8/1/36 | 2,825,000 | 1,182,302 |
Los Angeles Unified School District, Unlimited General Obligation | ||
Series C | ||
5.00%, due 7/1/23 | 2,000,000 | 2,006,012 |
Pasadena Unified School District, Unlimited General Obligation | ||
Series B | ||
2.00%, due 8/1/25 | 1,490,000 | 1,451,854 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
California (continued) | ||
Regents of the University of California Medical Center, Revenue Bonds | ||
Series J | ||
5.00%, due 5/15/43 | $ 2,435,000 | $ 2,436,547 |
San Diego Public Facilities Financing Authority, Water Utility, Revenue Bonds | ||
Series B | ||
1.903%, due 8/1/26 | 4,640,000 | 4,319,032 |
San Diego Unified School District, Unlimited General Obligation | ||
Series G | ||
(zero coupon), due 7/1/33 | 4,235,000 | 2,509,407 |
San Joaquin Hills Transportation Corridor Agency, Revenue Bonds, Junior Lien | ||
(zero coupon), due 1/1/24 | 1,515,000 | 1,482,478 |
Santa Maria Joint Union High School District, Unlimited General Obligation | ||
(zero coupon), due 8/1/37 | 2,350,000 | 1,113,355 |
State of California, Various Purpose, Unlimited General Obligation | ||
1.75%, due 11/1/30 | 1,375,000 | 1,156,493 |
5.00%, due 10/1/26 | 4,850,000 | 5,227,790 |
Tobacco Securitization Authority of Southern California, San Diego County Tobacco Asset Securitization Corp., Asset-Backed, Revenue Bonds | ||
Series A, Class 1 | ||
5.00%, due 6/1/24 | 1,710,000 | 1,739,540 |
Torrance Unified School District, Election of 2008, Unlimited General Obligation | ||
(zero coupon), due 8/1/27 | 2,500,000 | 2,084,366 |
(zero coupon), due 8/1/28 | 2,500,000 | 1,981,687 |
(zero coupon), due 8/1/29 | 4,500,000 | 3,380,575 |
(zero coupon), due 8/1/30 | 1,500,000 | 1,065,563 |
Victor Valley Union High School District, Unlimited General Obligation | ||
Series B | ||
(zero coupon), due 8/1/49 | 14,715,000 | 3,266,505 |
44,401,574 |
Principal Amount | Value | |
Colorado 0.6% | ||
Adams 12 Five Star Schools, Unlimited General Obligation | ||
Series B, Insured: State Aid Withholding | ||
5.00%, due 12/15/30 | $ 1,675,000 | $ 1,799,548 |
Colorado Bridge Enterprise, Colorado High Performance Transportation Enterprise, Revenue Bonds | ||
4.00%, due 12/31/26 (b) | 3,950,000 | 4,010,994 |
Colorado Health Facilities Authority, United Community and Housing Development Corp., Revenue Bonds | ||
Series B | ||
(zero coupon), due 7/15/24 | 1,050,000 | 1,009,101 |
6,819,643 | ||
Connecticut 1.1% | ||
City of Hartford, Unlimited General Obligation | ||
Series B, Insured: AGM State Guaranteed | ||
5.00%, due 10/1/24 | 1,380,000 | 1,417,014 |
State of Connecticut, Unlimited General Obligation | ||
Series A | ||
0.508%, due 6/1/24 | 1,000,000 | 955,378 |
Series D | ||
5.00%, due 8/15/24 | 5,120,000 | 5,249,095 |
Series A | ||
5.73%, due 3/15/24 | 5,000,000 | 5,021,574 |
12,643,061 | ||
Delaware 0.1% | ||
State of Delaware, Unlimited General Obligation | ||
Series B | ||
5.00%, due 7/1/26 | 1,205,000 | 1,233,560 |
District of Columbia 1.1% | ||
District of Columbia, Gallery Place Project, Tax Allocation | ||
5.00%, due 6/1/27 | 1,720,000 | 1,720,881 |
Metropolitan Washington Airports Authority, Revenue Bonds (b) | ||
Series A | ||
5.00%, due 10/1/27 | 2,160,000 | 2,325,948 |
12 | MainStay MacKay Short Term Municipal Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
District of Columbia (continued) | ||
Metropolitan Washington Airports Authority, Revenue Bonds (b) (continued) | ||
Series A | ||
5.00%, due 10/1/28 | $ 1,020,000 | $ 1,114,233 |
Metropolitan Washington Airports Authority Aviation, Revenue Bonds (b) | ||
Series A | ||
5.00%, due 10/1/25 | 2,000,000 | 2,009,566 |
Series A | ||
5.00%, due 10/1/27 | 2,700,000 | 2,907,435 |
Washington Metropolitan Area Transit Authority Dedicated, Revenue Bonds | ||
Series A | ||
5.00%, due 7/15/24 | 750,000 | 766,587 |
Series A | ||
5.00%, due 7/15/25 | 1,055,000 | 1,104,416 |
11,949,066 | ||
Florida 3.3% | ||
City of Hialeah, Revenue Bonds | ||
Series B, Insured: AGM | ||
5.00%, due 12/1/31 | 1,340,000 | 1,395,366 |
City of Tampa, Water & Wastewater System, Revenue Bonds | ||
Series B | ||
1.141%, due 10/1/27 | 4,000,000 | 3,517,963 |
County of Broward, Port Facilities, Revenue Bonds | ||
5.00%, due 9/1/26 | 835,000 | 878,829 |
5.00%, due 9/1/27 | 1,995,000 | 2,129,970 |
County of Monroe, Airport, Revenue Bonds | ||
Series 202 | ||
5.00%, due 10/1/27 (b) | 200,000 | 211,641 |
County of Pasco, State of Florida Cigarette Tax Revenue, Revenue Bonds | ||
Series A, Insured: AGM | ||
5.25%, due 9/1/25 | 1,680,000 | 1,760,840 |
Series A, Insured: AGM | ||
5.25%, due 9/1/26 | 1,875,000 | 2,006,416 |
Series A, Insured: AGM | ||
5.25%, due 9/1/27 | 2,000,000 | 2,180,613 |
Principal Amount | Value | |
Florida (continued) | ||
Greater Orlando Aviation Authority, Airport Facilities, Revenue Bonds | ||
Series A | ||
5.00%, due 10/1/23 (b) | $ 8,895,000 | $ 8,939,628 |
Greater Orlando Aviation Authority, Revenue Bonds | ||
Series A | ||
5.00%, due 10/1/26 (b) | 4,225,000 | 4,464,774 |
Miami-Dade County Expressway Authority, Revenue Bonds | ||
Series B, Insured: BAM | ||
5.00%, due 7/1/26 | 5,000,000 | 5,089,125 |
Tampa Bay Water, Revenue Bonds | ||
Series A | ||
5.00%, due 10/1/27 | 2,250,000 | 2,357,203 |
Village Community Development District No. 12, Special Assessment | ||
3.25%, due 5/1/26 | 1,435,000 | 1,415,576 |
36,347,944 | ||
Georgia 0.3% | ||
Main Street Natural Gas, Inc., Revenue Bonds | ||
Series A | ||
4.00%, due 4/1/48 (a) | 2,500,000 | 2,501,940 |
Municipal Electric Authority of Georgia, Project One Subordinated Bonds, Revenue Bonds | ||
Series A | ||
5.00%, due 1/1/26 | 970,000 | 1,013,630 |
3,515,570 | ||
Guam 0.4% | ||
Antonio B Won Pat International Airport Authority, Revenue Bonds | ||
Series C | ||
6.25%, due 10/1/34 (b) | 395,000 | 399,200 |
Guam Government Waterworks Authority, Water and Wastewater System, Revenue Bonds | ||
5.00%, due 7/1/24 | 400,000 | 403,935 |
Guam Power Authority, Revenue Bonds | ||
Series A | ||
5.00%, due 10/1/23 | 1,000,000 | 1,003,292 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Guam (continued) | ||
Guam Power Authority, Revenue Bonds (continued) | ||
Series A | ||
5.00%, due 10/1/25 | $ 2,500,000 | $ 2,571,998 |
4,378,425 | ||
Hawaii 0.5% | ||
State of Hawaii, Unlimited General Obligation | ||
Series EY | ||
5.00%, due 10/1/27 | 4,155,000 | 4,375,811 |
State of Hawaii, Airports System, Revenue Bonds | ||
Series A | ||
5.00%, due 7/1/28 (b) | 1,000,000 | 1,082,228 |
5,458,039 | ||
Illinois 7.6% | ||
Chicago O'Hare International Airport, Passenger Facility Charge, Revenue Bonds | ||
5.00%, due 1/1/25 (b) | 835,000 | 835,877 |
Chicago O'Hare International Airport, General, Revenue Bonds, Senior Lien | ||
Series C | ||
5.00%, due 1/1/25 (b) | 1,000,000 | 1,023,662 |
Chicago O'Hare International Airport, Revenue Bonds | ||
Series A | ||
5.00%, due 1/1/28 (b) | 1,525,000 | 1,555,576 |
City of Calumet City, Unlimited General Obligation | ||
Series A, Insured: AGM | ||
5.50%, due 3/1/26 | 610,000 | 649,046 |
Series A, Insured: AGM | ||
5.50%, due 3/1/27 | 640,000 | 694,647 |
Series A, Insured: AGM | ||
5.50%, due 3/1/28 | 675,000 | 746,510 |
City of Chicago, Wastewater Transmission Project, Revenue Bonds | ||
Series A, Insured: NATL-RE | ||
(zero coupon), due 1/1/26 | 2,090,000 | 1,900,366 |
Series A, Insured: NATL-RE | ||
(zero coupon), due 1/1/27 | 12,120,000 | 10,647,053 |
Principal Amount | Value | |
Illinois (continued) | ||
City of Chicago, Wastewater Transmission Project, Revenue Bonds, Second Lien | ||
5.00%, due 1/1/26 | $ 1,130,000 | $ 1,134,027 |
City of Chicago, Neighbourhoods Alive 21 Program, Unlimited General Obligation | ||
Series 2002B | ||
5.00%, due 1/1/24 | 150,000 | 151,289 |
Series 2002B | ||
5.00%, due 1/1/26 | 170,000 | 173,271 |
Series 2002B | ||
5.25%, due 1/1/28 | 150,000 | 153,330 |
City of Chicago, Unlimited General Obligation | ||
Series C | ||
5.00%, due 1/1/24 | 3,520,000 | 3,550,254 |
Series A | ||
5.00%, due 1/1/26 | 405,000 | 407,579 |
Series A | ||
5.00%, due 1/1/30 | 1,000,000 | 1,079,533 |
5.25%, due 1/1/28 | 925,000 | 945,537 |
Series A | ||
5.25%, due 1/1/30 | 500,000 | 502,928 |
City of Chicago, Waterworks, Revenue Bonds, Second Lien | ||
5.00%, due 11/1/24 | 250,000 | 250,286 |
Insured: AGM-CR | ||
5.00%, due 11/1/25 | 400,000 | 408,924 |
Cook County Township High School District No. 225, Unlimited General Obligation | ||
5.00%, due 12/1/26 | 1,180,000 | 1,272,485 |
Illinois Finance Authority, Clean Water Program, Revenue Bonds | ||
4.00%, due 7/1/26 | 2,100,000 | 2,164,622 |
Illinois Housing Development Authority, Revenue Bonds | ||
Series G, Insured: GNMA / FNMA / FHLMC | ||
5.50%, due 4/1/24 | 555,000 | 566,231 |
Series G, Insured: GNMA / FNMA / FHLMC | ||
5.50%, due 10/1/26 | 275,000 | 296,772 |
Series G, Insured: GNMA / FNMA / FHLMC | ||
5.50%, due 4/1/27 | 275,000 | 300,353 |
14 | MainStay MacKay Short Term Municipal Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Illinois (continued) | ||
Illinois Housing Development Authority, Revenue Bonds (continued) | ||
Series G, Insured: GNMA / FNMA / FHLMC | ||
5.50%, due 10/1/27 | $ 285,000 | $ 314,460 |
Illinois State University, Auxiliary Facilities System, Revenue Bonds | ||
Insured: AGM | ||
5.00%, due 4/1/24 | 2,360,000 | 2,391,890 |
Kane & DeKalb Counties Community Unit School District No. 302, Unlimited General Obligation | ||
Series B, Insured: AGC | ||
(zero coupon), due 2/1/27 | 475,000 | 416,822 |
Metropolitan Pier & Exposition Authority, McCormick Place Expansion Project, Revenue Bonds | ||
Insured: NATL-RE | ||
(zero coupon), due 12/15/23 | 175,000 | 170,808 |
Regional Transportation Authority, Revenue Bonds | ||
Series A, Insured: NATL-RE | ||
6.00%, due 7/1/23 | 1,145,000 | 1,149,352 |
Sales Tax Securitization Corp., Revenue Bonds | ||
Series A | ||
5.00%, due 1/1/24 | 2,000,000 | 2,021,588 |
Southern Illinois University, Housing & Auxiliary Facilities System, Revenue Bonds | ||
Series B, Insured: BAM | ||
5.00%, due 4/1/26 | 1,175,000 | 1,209,842 |
State of Illinois, Unlimited General Obligation | ||
Series D | ||
5.00%, due 11/1/24 | 10,000,000 | 10,209,734 |
Series D | ||
5.00%, due 11/1/25 | 5,000,000 | 5,186,100 |
Series A | ||
5.00%, due 12/1/26 | 1,980,000 | 2,092,226 |
Series A | ||
5.00%, due 3/1/27 | 525,000 | 557,132 |
Series A | ||
5.00%, due 3/1/29 | 3,745,000 | 4,092,220 |
5.00%, due 10/1/29 | 800,000 | 880,348 |
Principal Amount | Value | |
Illinois (continued) | ||
State of Illinois, Unlimited General Obligation (continued) | ||
Series C | ||
5.00%, due 11/1/29 | $ 5,920,000 | $ 6,338,959 |
Series A | ||
5.25%, due 10/1/23 | 10,000,000 | 9,994,921 |
State of Illinois, Unlimited General Obligation, First Series | ||
Insured: NATL-RE | ||
6.00%, due 11/1/26 | 4,115,000 | 4,334,383 |
Upper Illinois River Valley Development Authority, Morris Hospital Obligated Group, Revenue Bonds | ||
5.00%, due 12/1/27 | 1,145,000 | 1,208,179 |
Village of Lakewood, Unlimited General Obligation | ||
Insured: AMBAC | ||
5.50%, due 12/1/26 | 915,000 | 948,802 |
84,927,924 | ||
Indiana 1.5% | ||
Avon Community School Building Corp., Limited General Obligation | ||
Insured: State Intercept | ||
4.00%, due 7/15/23 | 1,230,000 | 1,230,364 |
Insured: State Intercept | ||
4.00%, due 1/15/24 | 2,635,000 | 2,639,570 |
Center Grove Community School Corp., Limited General Obligation | ||
Insured: State Intercept | ||
5.00%, due 7/1/23 | 2,830,000 | 2,834,278 |
Greater Clark Building Corp., Revenue Bonds | ||
Insured: State Intercept | ||
5.00%, due 7/15/26 | 1,190,000 | 1,262,226 |
Indiana Finance Authority, Indianapolis Power & Light Co., Revenue Bonds | ||
Series A | ||
1.40%, due 8/1/29 (a) | 4,095,000 | 3,615,908 |
Indiana Finance Authority, BHI Senior Living, Inc., Revenue Bonds | ||
Series B | ||
2.45%, due 11/15/25 | 355,000 | 331,634 |
Series B | ||
2.52%, due 11/15/26 | 515,000 | 471,108 |
Series B | ||
2.92%, due 11/15/27 | 655,000 | 594,971 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Indiana (continued) | ||
Indianapolis Local Public Improvement Bond Bank, Revenue Bonds (b) | ||
Series D | ||
5.00%, due 1/1/26 | $ 2,495,000 | $ 2,587,823 |
Series D | ||
5.00%, due 1/1/29 | 1,480,000 | 1,491,208 |
17,059,090 | ||
Iowa 0.4% | ||
Cedar Falls Community School District, Unlimited General Obligation | ||
Insured: AGM | ||
4.00%, due 6/1/25 | 2,540,000 | 2,592,243 |
Iowa Finance Authority, Renewable Natural Gas Project, Green Bond, Revenue Bonds | ||
1.50%, due 1/1/42 (a)(b) | 2,000,000 | 1,961,122 |
4,553,365 | ||
Kentucky 1.3% | ||
Kentucky Economic Development Finance Authority, Next Generation Information Highway Project, Revenue Bonds, Senior Lien | ||
Series A | ||
5.00%, due 7/1/27 | 4,245,000 | 4,304,934 |
Kentucky Public Energy Authority, Gas Supply, Revenue Bonds (a) | ||
Series A | ||
4.00%, due 4/1/48 | 6,500,000 | 6,506,353 |
Series C | ||
4.00%, due 2/1/50 | 1,190,000 | 1,191,754 |
Rural Water Financing Agency, Public Projects, Revenue Notes | ||
Series A | ||
0.40%, due 5/1/23 | 2,000,000 | 2,000,000 |
14,003,041 | ||
Louisiana 3.6% | ||
Jefferson Sales Tax District, Revenue Bonds | ||
Series A, Insured: AGM | ||
5.00%, due 12/1/26 | 1,500,000 | 1,607,490 |
Principal Amount | Value | |
Louisiana (continued) | ||
Louisiana Local Government Environmental Facilities & Community Development Authority, Utilities Restoration Corp. Project, Revenue Bonds | ||
Series A | ||
3.615%, due 2/1/29 | $ 3,784,644 | $ 3,705,878 |
5.081%, due 6/1/31 | 11,500,000 | 11,605,433 |
Louisiana Stadium & Exposition District, Revenue Notes | ||
Series A | ||
1.872%, due 7/3/23 (c) | 7,000,000 | 6,943,111 |
Louisiana Stadium & Exposition District, Revenue Bonds | ||
5.00%, due 7/3/23 | 10,500,000 | 10,511,254 |
State of Louisiana, Unlimited General Obligation | ||
Series A | ||
4.00%, due 5/1/33 | 3,920,000 | 3,999,280 |
Tobacco Settlement Financing Corp., Revenue Bonds | ||
Series A | ||
5.00%, due 5/15/23 | 2,000,000 | 2,001,323 |
40,373,769 | ||
Maine 0.1% | ||
Finance Authority of Maine, Supplemental Education Loan Program, Revenue Bonds | ||
Series A-1, Insured: AGM | ||
5.00%, due 12/1/28 (b) | 1,000,000 | 1,073,991 |
Maine Health & Higher Educational Facilities Authority, Northern Light Health Obligated Group, Revenue Bonds | ||
Series C, Insured: AGM State Aid Withholding | ||
5.00%, due 7/1/26 | 200,000 | 212,215 |
Series C, Insured: AGM State Aid Withholding | ||
5.00%, due 7/1/27 | 200,000 | 216,744 |
1,502,950 | ||
Maryland 1.2% | ||
City of Baltimore, Wastewater Project, Revenue Bonds | ||
Series A | ||
1.338%, due 7/1/27 | 1,850,000 | 1,639,137 |
16 | MainStay MacKay Short Term Municipal Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Maryland (continued) | ||
County of Baltimore, Unlimited General Obligation | ||
3.50%, due 8/1/28 | $ 9,575,000 | $ 9,679,828 |
County of Harford, Unlimited General Obligation | ||
Series A | ||
3.00%, due 2/1/28 | 1,160,000 | 1,159,151 |
Maryland Economic Development Corp., Terminal Project, Revenue Bonds | ||
3.70%, due 6/1/25 | 1,000,000 | 961,783 |
13,439,899 | ||
Massachusetts 1.2% | ||
Commonwealth of Massachusetts, COVID-19 Recovery Assessment, Revenue Bonds | ||
Series A | ||
3.68%, due 1/15/27 | 7,000,000 | 6,873,757 |
Commonwealth of Massachusetts, Revenue Bonds | ||
Insured: NATL-RE | ||
5.50%, due 1/1/25 | 1,439,000 | 1,490,716 |
Massachusetts Educational Financing Authority, Revenue Bonds | ||
5.00%, due 1/1/27 (b) | 3,000,000 | 3,058,802 |
Massachusetts Housing Finance Agency, Revenue Bonds | ||
Series B-2 | ||
0.80%, due 12/1/25 | 1,820,000 | 1,661,585 |
13,084,860 | ||
Michigan 1.0% | ||
Allen Park Public School District, Unlimited General Obligation | ||
Insured: Q-SBLF | ||
5.00%, due 5/1/24 | 630,000 | 640,665 |
Great Lakes Water Authority, Water Supply System, Revenue Bonds, Second Lien | ||
Series A | ||
5.00%, due 7/1/24 | 2,425,000 | 2,470,732 |
Michigan Finance Authority, Revenue Bonds, Senior Lien | ||
Series A-1 | ||
2.326%, due 6/1/30 | 3,982,286 | 3,814,524 |
Principal Amount | Value | |
Michigan (continued) | ||
Michigan State Housing Development Authority, Revenue Bonds | ||
Series A | ||
3.25%, due 6/1/29 | $ 1,000,000 | $ 994,205 |
Series A | ||
3.30%, due 12/1/29 | 1,000,000 | 994,449 |
Series A | ||
3.35%, due 6/1/30 | 1,780,000 | 1,770,680 |
10,685,255 | ||
Minnesota 2.5% | ||
Centennial Independent School District No. 12, Unlimited General Obligation | ||
Series A, Insured: SD CRED PROG | ||
(zero coupon), due 2/1/33 | 1,500,000 | 1,032,899 |
City of St. Paul, Unlimited General Obligation | ||
Series B | ||
0.50%, due 3/1/24 | 3,850,000 | 3,725,310 |
Metropolitan Council, Unlimited General Obligation | ||
Series C | ||
3.50%, due 3/1/30 | 5,000,000 | 5,041,941 |
Shakopee Independent School District No. 720, Unlimited General Obligation | ||
Series C, Insured: SD CRED PROG | ||
(zero coupon), due 2/1/29 | 5,155,000 | 4,225,245 |
Southern Minnesota Municipal Power Agency, Capital Appreciation, Revenue Bonds | ||
Series A, Insured: NATL-RE | ||
(zero coupon), due 1/1/25 | 2,250,000 | 2,124,810 |
State of Minnesota, Unlimited General Obligation | ||
Series D | ||
5.00%, due 10/1/25 | 4,810,000 | 5,059,857 |
Series A | ||
5.00%, due 8/1/26 | 5,520,000 | 5,654,893 |
Watertown-Mayer Independent School District No. 111, Unlimited General Obligation | ||
Series A, Insured: SD CRED PROG | ||
(zero coupon), due 2/1/29 | 1,000,000 | 828,020 |
27,692,975 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Missouri 0.1% | ||
City of Kansas City, Main Streetcar Extension Project, Revenue Bonds | ||
Series C | ||
5.00%, due 9/1/28 | $ 675,000 | $ 744,656 |
Nebraska 0.7% | ||
Central Plains Energy Project, Revenue Bonds | ||
2.50%, due 12/1/49 (a) | 1,550,000 | 1,497,073 |
Gretna Public Schools, Unlimited General Obligation | ||
Series B | ||
5.00%, due 12/15/27 | 6,000,000 | 6,320,234 |
7,817,307 | ||
Nevada 0.8% | ||
Clark County School District, Limited General Obligation | ||
Series D | ||
5.00%, due 6/15/23 | 1,355,000 | 1,357,689 |
Series A, Insured: AGM | ||
5.00%, due 6/15/25 | 3,780,000 | 3,949,620 |
County of Clark, Department of Aviation, Revenue Bonds, Sub. Lien | ||
Series A-1 | ||
5.00%, due 7/1/24 (b) | 2,250,000 | 2,286,238 |
Las Vegas Convention & Visitors Authority, Revenue Bonds | ||
Series C | ||
5.00%, due 7/1/25 | 1,050,000 | 1,092,591 |
8,686,138 | ||
New Jersey 7.8% | ||
Borough of Ringwood, Unlimited General Obligation | ||
5.75%, due 4/5/24 | 6,871,000 | 7,006,517 |
City of Jersey City, Unlimited General Obligation | ||
Series A | ||
5.00%, due 10/26/23 | 13,500,000 | 13,607,931 |
City of Millville, Unlimited General Obligation | ||
Insured: AGM | ||
3.00%, due 11/1/23 | 250,000 | 249,869 |
County of Morris, Unlimited General Obligation | ||
2.00%, due 2/1/25 | 2,830,000 | 2,760,131 |
Principal Amount | Value | |
New Jersey (continued) | ||
Essex County Improvement Authority, North Star Academy Charter School of Newark, Inc., Revenue Bonds | ||
3.00%, due 8/1/25 (c) | $ 700,000 | $ 648,838 |
Hanover Park Regional High School District, Unlimited General Obligation | ||
Insured: SCH BD RES FD | ||
3.00%, due 3/15/26 | 1,660,000 | 1,669,694 |
New Jersey Economic Development Authority, Revenue Bonds | ||
Series RRR | ||
5.00%, due 3/1/28 | 5,000,000 | 5,439,474 |
New Jersey Economic Development Authority, State of New Jersey Motor Vehicle Surcharge, Revenue Bonds | ||
Series A, Insured: BAM | ||
5.00%, due 7/1/28 | 6,885,000 | 7,446,263 |
New Jersey Educational Facilities Authority, Trustees of Princeton University (The), Revenue Bonds | ||
Series A | ||
5.00%, due 7/1/26 | 8,220,000 | 8,411,023 |
New Jersey Higher Education Student Assistance Authority, Revenue Bonds, Senior Lien | ||
Series B | ||
5.00%, due 12/1/24 (b) | 1,210,000 | 1,232,118 |
New Jersey Housing & Mortgage Finance Agency, Amity Heights Apartments, Revenue Bonds | ||
Series A, Insured: HUD Sector 8 | ||
3.50%, due 7/1/25 (a) | 10,067,000 | 10,001,949 |
New Jersey Transportation Trust Fund Authority, Transportation System, Revenue Bonds | ||
Series C, Insured: AMBAC | ||
(zero coupon), due 12/15/24 | 1,130,000 | 1,068,710 |
Insured: AMBAC | ||
(zero coupon), due 12/15/26 | 1,000,000 | 887,223 |
Series A | ||
5.00%, due 6/15/24 | 1,100,000 | 1,118,121 |
Series D | ||
5.00%, due 12/15/24 | 960,000 | 984,986 |
18 | MainStay MacKay Short Term Municipal Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
New Jersey (continued) | ||
New Jersey Transportation Trust Fund Authority, Revenue Bonds | ||
Series A-1 | ||
5.00%, due 6/15/27 | $ 10,000,000 | $ 10,564,831 |
New Jersey Transportation Trust Fund Authority, Highway Reimbursement Notes, Revenue Bonds | ||
Series A | ||
5.00%, due 6/15/30 | 4,610,000 | 4,870,665 |
Sayreville School District, Unlimited General Obligation | ||
Insured: BAM SCH BD RES FD | ||
3.00%, due 1/15/25 | 1,365,000 | 1,362,305 |
State of New Jersey, Unlimited General Obligation | ||
2.00%, due 6/1/25 | 3,000,000 | 2,901,032 |
5.00%, due 6/1/26 | 1,000,000 | 1,046,564 |
Tobacco Settlement Financing Corp., Revenue Bonds | ||
Series A | ||
5.00%, due 6/1/23 | 2,945,000 | 2,948,957 |
86,227,201 | ||
New Mexico 0.9% | ||
New Mexico Municipal Energy Acquisition Authority, Revenue Bonds | ||
Series A | ||
5.00%, due 11/1/39 (a) | 9,490,000 | 9,723,502 |
New York 5.2% | ||
City of New York, Unlimited General Obligation | ||
Series B-2 | ||
2.90%, due 10/1/27 | 8,600,000 | 8,107,954 |
Series D | ||
5.00%, due 8/1/25 | 3,000,000 | 3,139,014 |
East Islip Union Free School District, Limited General Obligation | ||
Insured: State Aid Withholding | ||
5.00%, due 6/29/23 | 10,500,000 | 10,521,418 |
East Ramapo Central School District, Unlimited General Obligation | ||
Series A, Insured: State Aid Withholding | ||
3.00%, due 5/31/23 | 6,660,000 | 6,657,313 |
Principal Amount | Value | |
New York (continued) | ||
Metropolitan Transportation Authority, Green Bond, Revenue Bonds | ||
Series B | ||
5.00%, due 11/15/23 | $ 1,245,000 | $ 1,252,967 |
New York City Industrial Development Agency, Yankee Stadium Project, Revenue Bonds | ||
Insured: NATL-RE | ||
6.896%, due 3/1/24 (d) | 500,000 | 508,957 |
New York State Energy Research & Development Authority, New York State Electric & Gas Corp., Revenue Bonds | ||
Series D | ||
3.50%, due 10/1/29 | 4,400,000 | 4,329,090 |
New York State Housing Finance Agency, Revenue Bonds | ||
Series A, Insured: SONYMA HUD Sector 8 | ||
0.75%, due 11/1/25 | 960,000 | 878,039 |
Series E | ||
0.95%, due 5/1/25 | 5,050,000 | 4,729,374 |
New York State Urban Development Corp., Personal Income Tax, Revenue Bonds | ||
Series B | ||
3.32%, due 3/15/29 | 3,000,000 | 2,826,643 |
New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project, Revenue Bonds (b) | ||
Insured: AGM-CR | ||
5.00%, due 12/1/26 | 5,000,000 | 5,338,969 |
Insured: AGM-CR | ||
5.00%, due 12/1/29 | 4,000,000 | 4,407,998 |
5.00%, due 12/1/30 | 1,000,000 | 1,091,810 |
Suffolk Tobacco Asset Securitization Corp., Tobacco Settlement, Asset Backed, Revenue Bonds | ||
Series B-1 | ||
0.45%, due 6/1/31 | 425,000 | 422,107 |
Town of Oyster Bay, Limited General Obligation | ||
Insured: AGM | ||
4.00%, due 3/1/25 | 2,295,000 | 2,339,971 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
New York (continued) | ||
Village of Johnson City, Limited General Obligation | ||
Series C | ||
5.25%, due 9/29/23 | $ 1,550,000 | $ 1,550,748 |
58,102,372 | ||
North Carolina 1.9% | ||
County of Guilford, Unlimited General Obligation | ||
5.00%, due 3/1/26 | 500,000 | 532,554 |
Greater Asheville Regional Airport Authority, Revenue Bonds | ||
Insured: AGM | ||
5.00%, due 7/1/28 | 1,000,000 | 1,070,930 |
Insured: AGM | ||
5.00%, due 7/1/29 | 1,165,000 | 1,264,852 |
Insured: AGM | ||
5.00%, due 7/1/30 | 1,100,000 | 1,208,031 |
North Carolina Turnpike Authority, Triangle Expressway System, Revenue Bonds, Senior Lien | ||
5.00%, due 2/1/24 | 10,000,000 | 10,136,085 |
Raleigh Durham Airport Authority, Revenue Bonds | ||
Series A | ||
5.00%, due 5/1/28 (b) | 1,205,000 | 1,306,966 |
State of North Carolina, Unlimited General Obligation | ||
Series B | ||
4.00%, due 6/1/29 | 5,000,000 | 5,221,591 |
20,741,009 | ||
Ohio 3.0% | ||
American Municipal Power, Inc., Prairie State Energy Campus Project, Revenue Bonds | ||
Series B | ||
5.00%, due 2/15/25 | 5,710,000 | 5,904,701 |
City of Dayton, Airport, Revenue Bonds | ||
Series A, Insured: AGM | ||
5.00%, due 12/1/23 (b) | 1,155,000 | 1,155,994 |
County of Lorain, Limited General Obligation | ||
4.125%, due 5/2/24 | 4,450,000 | 4,460,314 |
County of Lucas, Revenue Notes | ||
5.25%, due 10/13/23 | 12,130,000 | 12,106,354 |
Principal Amount | Value | |
Ohio (continued) | ||
Ohio Air Quality Development Authority, Ohio Valley Electric Corp. Project, Revenue Bonds | ||
Series A | ||
2.875%, due 2/1/26 | $ 1,000,000 | $ 946,272 |
Ohio Turnpike & Infrastructure Commission, Revenue Bonds, Junior Lien | ||
Series A | ||
5.00%, due 2/15/26 | 2,000,000 | 2,122,375 |
State of Ohio, Unlimited General Obligation | ||
Series B | ||
5.00%, due 8/1/24 | 4,000,000 | 4,099,730 |
Series A | ||
5.00%, due 5/1/25 | 1,665,000 | 1,738,262 |
Series A | ||
5.00%, due 5/1/26 | 1,000,000 | 1,067,178 |
33,601,180 | ||
Oregon 1.2% | ||
Port of Morrow, Bonneville Cooperation Project, Revenue Bonds | ||
2.179%, due 9/1/24 | 5,770,000 | 5,564,464 |
Salem-Keizer School District No. 24J, Unlimited General Obligation | ||
Series B, Insured: School Bond Guaranty | ||
(zero coupon), due 6/15/25 | 6,300,000 | 5,908,153 |
Series B, Insured: School Bond Guaranty | ||
(zero coupon), due 6/15/26 | 2,335,000 | 2,130,659 |
13,603,276 | ||
Pennsylvania 2.1% | ||
Chichester School District, Unlimited General Obligation | ||
Insured: NATL-RE State Aid Withholding | ||
(zero coupon), due 3/1/27 | 1,000,000 | 882,611 |
City of Philadelphia, Airport, Revenue Bonds | ||
5.00%, due 7/1/25 (b) | 1,750,000 | 1,797,658 |
Coatesville School District, Limited General Obligation | ||
Insured: AGM State Aid Withholding | ||
5.00%, due 8/1/24 | 625,000 | 639,268 |
20 | MainStay MacKay Short Term Municipal Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Pennsylvania (continued) | ||
Commonwealth of Pennsylvania, Certificate of Participation | ||
Insured: AGM | ||
5.00%, due 11/1/24 | $ 1,660,000 | $ 1,706,521 |
Geisinger Authority, Geisinger Health System Obligated Group, Revenue Bonds | ||
Series B | ||
5.00%, due 4/1/43 (a) | 1,625,000 | 1,706,340 |
Indiana County Industrial Development Authority, Foundation for Indiana University of Pennsylvania (The), Revenue Bonds | ||
Insured: BAM | ||
5.00%, due 5/1/23 | 110,000 | 110,000 |
Insured: BAM | ||
5.00%, due 5/1/24 | 110,000 | 111,311 |
Montgomery County Industrial Development Authority, Albert Einstein Healthcare Network, Revenue Bonds | ||
Series A | ||
5.25%, due 1/15/45 | 11,385,000 | 11,796,938 |
Reading School District, Limited General Obligation | ||
Series C, Insured: BAM State Aid Withholding | ||
5.00%, due 4/1/24 | 3,325,000 | 3,371,130 |
Sports & Exhibition Authority of Pittsburgh and Allegheny County, Revenue Bonds | ||
Insured: AGM | ||
4.00%, due 2/1/25 | 1,630,000 | 1,647,235 |
23,769,012 | ||
Puerto Rico 0.1% | ||
Puerto Rico Housing Finance Authority, El Mirador LLC, Revenue Bonds | ||
Series B, Insured: HUD Sector 8 | ||
5.00%, due 3/1/27 (a) | 1,500,000 | 1,570,457 |
Principal Amount | Value | |
Rhode Island 0.3% | ||
Rhode Island Health and Educational Building Corp., City of Providence, Revenue Bonds | ||
Series D, Insured: BAM State Aid Withholding | ||
5.00%, due 5/15/26 | $ 1,100,000 | $ 1,171,665 |
Rhode Island Housing and Mortgage Finance Corp., Revenue Bonds | ||
Series 77A | ||
5.00%, due 4/1/26 | 1,000,000 | 1,052,931 |
Series 77A | ||
5.00%, due 10/1/26 | 1,180,000 | 1,255,217 |
3,479,813 | ||
South Carolina 0.4% | ||
City of Anderson, Water & Sewer, Revenue Bonds | ||
5.00%, due 7/1/26 | 1,325,000 | 1,416,687 |
Greenville Housing Authority, Gordon Street Affordable LP, Revenue Bonds | ||
Insured: FHA 221(D4) | ||
5.00%, due 10/1/26 (a) | 1,000,000 | 1,029,498 |
South Carolina Public Service Authority, Revenue Bonds | ||
Series A, Insured: AGM-CR | ||
5.00%, due 12/1/27 | 1,670,000 | 1,765,055 |
4,211,240 | ||
Tennessee 0.9% | ||
County of Knox, Unlimited General Obligation | ||
Series B | ||
2.375%, due 6/1/29 | 1,000,000 | 945,084 |
State of Tennessee, Unlimited General Obligation | ||
Series B | ||
1.725%, due 11/1/32 | 1,400,000 | 1,139,377 |
Tennessee Energy Acquisition Corp., Revenue Bonds | ||
4.00%, due 11/1/49 (a) | 7,650,000 | 7,652,751 |
9,737,212 | ||
Texas 6.6% | ||
Alamito Public Facility Corp., EP WH Cien Palmas LLC, Revenue Bonds | ||
Insured: HUD Sector 8 FHA 221(D4) | ||
3.50%, due 9/1/25 (a) | 3,500,000 | 3,478,725 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Texas (continued) | ||
Central Texas Regional Mobility Authority, Revenue Bonds, Sub. Lien | ||
5.00%, due 1/1/27 | $ 10,655,000 | $ 11,208,004 |
Central Texas Turnpike System, Revenue Bonds | ||
Series C | ||
5.00%, due 8/15/24 | 775,000 | 788,539 |
City of Austin, Airport System, Revenue Bonds | ||
5.00%, due 11/15/25 (b) | 1,630,000 | 1,691,180 |
City of Austin, Water & Wastewater System, Revenue Bonds | ||
5.00%, due 11/15/26 | 3,000,000 | 3,240,241 |
City of Dallas Housing Finance Corp. Multi-family Housing, Highpoint at Wynnewood, Revenue Bonds | ||
3.50%, due 2/1/44 (a) | 2,900,000 | 2,880,349 |
City of Houston, Hotel Occupancy Tax & Special Tax, Revenue Bonds | ||
5.00%, due 9/1/23 | 1,005,000 | 1,010,107 |
5.00%, due 9/1/24 | 3,180,000 | 3,248,809 |
5.00%, due 9/1/25 | 1,000,000 | 1,016,409 |
5.00%, due 9/1/25 | 1,520,000 | 1,586,755 |
City of Houston, Combined Utility System, Revenue Bonds, First Lien | ||
Series B | ||
5.00%, due 11/15/26 | 2,000,000 | 2,149,648 |
City of San Antonio, Electric & Gas Systems, Revenue Bonds | ||
5.00%, due 2/1/26 | 2,000,000 | 2,116,007 |
Cypress-Fairbanks Independent School District, Unlimited General Obligation | ||
Series A, Insured: PSF-GTD | ||
5.00%, due 2/15/26 | 1,000,000 | 1,058,150 |
Dallas Area Rapid Transit, Revenue Bonds | ||
Series A | ||
5.00%, due 12/1/26 | 2,500,000 | 2,575,567 |
Dallas College, Unlimited General Obligation | ||
3.00%, due 2/15/28 | 4,150,000 | 4,181,946 |
Decatur Hospital Authority, Wise Health System, Revenue Bonds | ||
Series B | ||
5.00%, due 9/1/28 | 845,000 | 836,151 |
Principal Amount | Value | |
Texas (continued) | ||
Decatur Hospital Authority, Wise Health System, Revenue Bonds (continued) | ||
Series B | ||
5.00%, due 9/1/29 | $ 1,070,000 | $ 1,056,512 |
Ennis Independent School District, Unlimited General Obligation | ||
Insured: PSF-GTD | ||
(zero coupon), due 8/15/26 | 1,385,000 | 1,245,526 |
Insured: PSF-GTD | ||
(zero coupon), due 8/25/30 | 800,000 | 633,422 |
Fort Bend County Municipal Utility District No. 134B, Unlimited General Obligation | ||
Insured: AGM | ||
6.50%, due 3/1/27 | 390,000 | 437,427 |
Harris County Municipal Utility District No. 171, Unlimited General Obligation | ||
Insured: BAM | ||
7.00%, due 12/1/26 | 930,000 | 1,046,326 |
Insured: BAM | ||
7.00%, due 12/1/27 | 800,000 | 927,830 |
Harris County Municipal Utility District No. 489, Unlimited General Obligation | ||
Insured: BAM | ||
6.00%, due 9/1/24 | 680,000 | 704,388 |
Insured: BAM | ||
6.00%, due 9/1/25 | 980,000 | 1,041,736 |
Insured: BAM | ||
6.00%, due 9/1/26 | 980,000 | 1,068,230 |
Harris County Water Control & Improvement District No. 158, Unlimited General Obligation | ||
Insured: BAM | ||
7.00%, due 9/1/25 | 310,000 | 334,623 |
Insured: BAM | ||
7.00%, due 9/1/26 | 325,000 | 362,497 |
McKinney Independent School District, Unlimited General Obligation | ||
Insured: PSF-GTD | ||
3.75%, due 2/15/29 | 2,840,000 | 2,872,821 |
North Harris County Regional Water Authority, Revenue Bonds, Senior Lien | ||
5.00%, due 12/15/26 | 1,315,000 | 1,416,068 |
22 | MainStay MacKay Short Term Municipal Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Texas (continued) | ||
Pasadena Independent School District, Unlimited General Obligation | ||
Insured: PSF-GTD | ||
5.00%, due 2/15/25 | $ 3,120,000 | $ 3,239,090 |
San Antonio Housing Trust Public Facility Corp., Country Club Village LP, Revenue Bonds | ||
4.00%, due 8/1/26 (a) | 2,500,000 | 2,525,903 |
State of Texas, Unlimited General Obligation | ||
2.326%, due 10/1/29 | 3,000,000 | 2,676,534 |
Texas Natural Gas Securitization Finance Corp., Revenue Bonds | ||
Series A-1 | ||
5.102%, due 4/1/35 | 5,000,000 | 5,254,389 |
Texas Public Finance Authority, Financing System-Texas Southern University, Revenue Bonds | ||
Insured: BAM | ||
5.00%, due 5/1/24 | 1,055,000 | 1,069,229 |
Texas Water Development Board, State Water Implementation Revenue Fund for Texas, Revenue Bonds | ||
5.00%, due 4/15/27 | 2,680,000 | 2,878,680 |
73,857,818 | ||
U.S. Virgin Islands 1.8% | ||
Matching Fund Special Purpose Securitization Corp., Revenue Bonds | ||
Series A | ||
5.00%, due 10/1/25 | 3,850,000 | 3,911,024 |
Series A | ||
5.00%, due 10/1/26 | 15,430,000 | 15,731,289 |
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan, Revenue Bonds | ||
Insured: NATL-RE | ||
5.00%, due 10/1/24 | 395,000 | 399,136 |
20,041,449 |
Principal Amount | Value | |
Utah 0.4% | ||
State of Utah, Build America Bonds, Unlimited General Obligation | ||
Series B | ||
3.539%, due 7/1/25 | $ 2,855,519 | $ 2,821,244 |
Utah Infrastructure Agency, Telecommunication, Revenue Bonds | ||
5.00%, due 10/15/26 | 1,265,000 | 1,292,092 |
Utah Telecommunication Open Infrastructure Agency, Revenue Bonds | ||
5.00%, due 6/1/23 | 250,000 | 250,306 |
5.00%, due 6/1/24 | 300,000 | 305,216 |
4,668,858 | ||
Virginia 0.6% | ||
City of Suffolk, Unlimited General Obligation | ||
Insured: State Aid Withholding | ||
4.00%, due 2/1/36 | 5,085,000 | 5,120,361 |
Virginia College Building Authority, Revenue Bonds | ||
Series A, Insured: State Intercept | ||
3.00%, due 9/1/25 | 1,365,000 | 1,361,247 |
6,481,608 | ||
Washington 3.0% | ||
City of Seattle, Drainage & Wastewater, Revenue Bonds | ||
5.00%, due 5/1/27 | 2,540,000 | 2,588,015 |
County of King, Limited General Obligation | ||
Series A | ||
4.00%, due 12/1/29 | 1,000,000 | 1,031,811 |
King County School District No. 405, Bellevue, Unlimited General Obligation | ||
Insured: School Bond Guaranty | ||
4.00%, due 12/1/32 | 4,000,000 | 4,083,749 |
King County School District No. 411, Unlimited General Obligation | ||
Insured: School Bond Guaranty | ||
3.00%, due 12/1/30 | 1,800,000 | 1,812,935 |
Port of Seattle, Revenue Bonds | ||
Series C | ||
5.00%, due 4/1/24 (b) | 3,360,000 | 3,397,838 |
Series B | ||
5.00%, due 3/1/25 | 1,500,000 | 1,537,393 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Washington (continued) | ||
Port of Seattle, Revenue Bonds, First Lien | ||
Series B | ||
5.00%, due 10/1/25 (b) | $ 4,000,000 | $ 4,146,087 |
Seattle Housing Authority, Revenue Bonds | ||
1.00%, due 6/1/26 | 895,000 | 821,248 |
State of Washington, Unlimited General Obligation | ||
Series F, Insured: AMBAC | ||
(zero coupon), due 12/1/26 | 2,000,000 | 1,796,554 |
State of Washington, Various Purpose, Unlimited General Obligation | ||
Series R-2015A | ||
5.00%, due 7/1/24 | 2,000,000 | 2,043,936 |
Series R-2015A | ||
5.00%, due 7/1/25 | 10,000,000 | 10,217,372 |
33,476,938 | ||
Wisconsin 2.4% | ||
City of Milwaukee, Unlimited General Obligation | ||
Series N-3, Insured: BAM | ||
5.00%, due 4/1/27 | 5,840,000 | 6,249,000 |
Series N-4, Insured: BAM | ||
5.00%, due 4/1/27 | 815,000 | 872,078 |
Series N-3, Insured: BAM | ||
5.00%, due 4/1/30 | 1,000,000 | 1,127,769 |
County of Waushara, Revenue Notes | ||
Series A | ||
4.75%, due 12/1/23 | 3,600,000 | 3,611,303 |
Public Finance Authority, Northwest Nazarene University, Revenue Bonds | ||
5.00%, due 10/1/25 | 500,000 | 511,151 |
Racine Unified School District, Revenue Bonds | ||
Series B | ||
4.125%, due 4/1/25 (e) | 4,500,000 | 4,510,271 |
State of Wisconsin, Unlimited General Obligation | ||
Series 1 | ||
5.00%, due 11/1/30 | 6,860,000 | 7,515,528 |
Principal Amount | Value | |
Wisconsin (continued) | ||
Village of Mount Pleasant, Revenue Bonds | ||
Series A, Insured: BAM | ||
3.00%, due 3/1/27 | $ 2,450,000 | $ 2,435,910 |
26,833,010 | ||
Wyoming 0.1% | ||
Consolidated Municipalities Electric Power Systems, Joint Powers Board, Revenue Bonds | ||
5.00%, due 6/1/23 | 500,000 | 500,620 |
Total Long-Term Municipal Bonds (Cost $866,142,961) | 868,593,657 | |
Short-Term Municipal Notes 21.2% | ||
Alabama 1.8% | ||
Alabama Housing Finance Authority, Capstone at Kinsey Cove LP, Revenue Bonds | ||
Series A | ||
3.875%, due 12/1/23 (f) | 1,000,000 | 999,101 |
Black Belt Energy Gas District, Gas Project No.7, Revenue Bonds | ||
Series C-2 | ||
4.21%, due 10/1/52 (f) | 16,500,000 | 15,907,738 |
Southeast Alabama Gas Supply District (The), Project No. 1, Revenue Bonds | ||
Series C | ||
4.51%, due 4/1/49 (f) | 3,000,000 | 2,990,851 |
19,897,690 | ||
Arizona 1.3% | ||
Arizona Health Facilities Authority, Banner Health, Revenue Bonds | ||
Series B | ||
4.11%, due 1/1/46 (f) | 15,000,000 | 14,692,206 |
California 1.8% | ||
California Infrastructure & Economic Development Bank, Brightline West Passenger Rail Project, Revenue Bonds | ||
Series A | ||
3.65%, due 1/1/50 (b)(c)(f) | 10,000,000 | 9,978,623 |
24 | MainStay MacKay Short Term Municipal Fund |
Principal Amount | Value | |
Short-Term Municipal Notes (continued) | ||
California (continued) | ||
California Municipal Finance Authority, Waste Management, Inc., Revenue Bonds | ||
Series A | ||
4.125%, due 10/1/41 (b)(f) | $ 5,000,000 | $ 5,036,371 |
California Pollution Control Financing Authority, Waste Management Project, Revenue Bonds | ||
Series A | ||
2.50%, due 11/1/38 (f) | 5,500,000 | 5,448,145 |
20,463,139 | ||
Connecticut 0.6% | ||
Connecticut State Health & Educational Facilities Authority, Yale University, Revenue Bonds | ||
Series A | ||
0.375%, due 7/1/35 (f) | 7,125,000 | 6,852,166 |
District of Columbia 0.4% | ||
District of Columbia Housing Finance Agency, Cascade Park Apartments II Project, Revenue Bonds | ||
0.70%, due 8/1/42 (f) | 4,500,000 | 4,289,801 |
Georgia 0.3% | ||
Bartow County Development Authority, Georgia Power Company Plant Bowen Project, Revenue Bonds | ||
1.80%, due 9/1/29 (f) | 2,800,000 | 2,377,009 |
Development Authority of Burke County (The), Georgia Power Co. Vogtle Project, Revenue Bonds | ||
2.15%, due 10/1/32 (f) | 1,000,000 | 977,740 |
3,354,749 | ||
Illinois 0.3% | ||
Illinois Finance Authority, American Water Capital Corp., Revenue Bonds | ||
2.45%, due 10/1/39 (f) | 2,250,000 | 2,047,862 |
Principal Amount | Value | |
Illinois (continued) | ||
Illinois Finance Authority, Presbyterian Homes Obligated Group, Revenue Bonds | ||
Series B | ||
4.56%, due 5/1/42 (f) | $ 1,125,000 | $ 1,095,849 |
3,143,711 | ||
Indiana 0.6% | ||
Indiana Finance Authority, Republic Services, Inc., Revenue Bonds (f) | ||
Series B | ||
3.65%, due 5/1/28 | 2,500,000 | 2,499,700 |
Series A | ||
4.00%, due 5/1/34 (b) | 2,500,000 | 2,499,690 |
Indiana Finance Authority, Deaconess Health System, Revenue Bonds | ||
Series B | ||
4.16%, due 3/1/39 (f) | 1,845,000 | 1,802,457 |
6,801,847 | ||
Kansas 0.9% | ||
City of Wichita, Wichita Senior Housing, Revenue Bonds | ||
Series IV, Insured: FHA 221(D4) | ||
0.51%, due 11/1/25 (f) | 10,300,000 | 9,708,434 |
Louisiana 0.3% | ||
Parish of St. John the Baptist LA, Marathon Oil Corp. Project, Revenue Bonds | ||
Series B-2 | ||
2.375%, due 6/1/37 (f) | 3,525,000 | 3,336,158 |
Michigan 1.1% | ||
City of Detroit, Water Sewage Disposal System, Revenue Bonds | ||
Series D, Insured: AGM | ||
4.068%, due 7/1/32 (f) | 13,500,000 | 12,584,042 |
New Jersey 0.5% | ||
New Jersey Turnpike Authority, Revenue Bonds (f) | ||
Series C-4 | ||
4.093%, due 1/1/24 | 3,200,000 | 3,198,376 |
Series D-1 | ||
4.093%, due 1/1/24 | 2,600,000 | 2,598,680 |
5,797,056 |
Principal Amount | Value | |
Short-Term Municipal Notes (continued) | ||
New York 2.0% | ||
Metropolitan Transportation Authority, Revenue Bonds | ||
Series D-2A-2, Insured: AGM | ||
4.016%, due 11/1/32 (f) | $ 10,875,000 | $ 10,616,350 |
New York City Transitional Finance Authority, Future Tax Secured, Revenue Bonds | ||
Series A4 | ||
3.75%, due 11/1/29 (f) | 7,000,000 | 7,000,000 |
Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels, Revenue Bonds | ||
Series B-4A | ||
3.596%, due 1/1/32 (f) | 4,405,000 | 4,367,909 |
21,984,259 | ||
North Carolina 0.3% | ||
Charlotte-Mecklenburg Hospital Authority (The), Atrium Health Obligated Group, Revenue Bonds | ||
Series G | ||
3.80%, due 1/15/48 (f) | 3,000,000 | 3,000,000 |
Ohio 1.0% | ||
Ohio Air Quality Development Authority, American Electric Power Co. Project, Revenue Bonds (b)(f) | ||
Series C | ||
2.10%, due 12/1/27 | 2,210,000 | 2,131,788 |
2.10%, due 7/1/28 | 5,000,000 | 4,823,050 |
Ohio Higher Educational Facility Commission, Case Western Reserve University, Revenue Bonds | ||
Series B | ||
4.09%, due 12/1/42 (f) | 3,995,000 | 3,839,976 |
State of Ohio, Cleveland Clinic Health System Obligated Group, Revenue Bonds | ||
4.26%, due 1/1/52 (f) | 120,000 | 119,995 |
10,914,809 | ||
Pennsylvania 2.3% | ||
Lehigh County General Purpose Authority, Muhlenberg College Project, Revenue Bonds | ||
4.44%, due 11/1/37 (f) | 12,445,000 | 12,431,750 |
Principal Amount | Value | |
Pennsylvania (continued) | ||
Pennsylvania Economic Development Financing Authority, Waste Management, Inc., Revenue Bonds | ||
Series A | ||
4.26%, due 6/1/41 (b)(f) | $ 9,000,000 | $ 8,810,677 |
Pennsylvania Higher Educational Facilities Authority, Indiana University, Revenue Bonds | ||
Series A, Insured: AGC | ||
4.068%, due 7/1/27 (f) | 2,230,000 | 2,193,863 |
University of Pittsburgh-of the Commonwealth System of Higher Education, Revenue Bonds | ||
4.22%, due 2/15/24 (f) | 2,000,000 | 2,000,168 |
25,436,458 | ||
South Carolina 1.5% | ||
Patriots Energy Group Financing Agency, Revenue Bonds | ||
Series B | ||
4.108%, due 10/1/48 (f) | 2,180,000 | 2,183,792 |
South Carolina Jobs-Economic Development Authority, Holcim US, Inc., Revenue Bonds | ||
4.85%, due 12/1/33 (f) | 15,000,000 | 15,000,000 |
17,183,792 | ||
Texas 2.7% | ||
Alamito Public Facility Corp., EP Jackie Robinson LP, Revenue Bonds | ||
Insured: HUD Sector 8 | ||
4.375%, due 3/1/41 (f) | 2,000,000 | 1,999,965 |
Capital Area Housing Finance Corp., Grand Avenue Flats Ltd., Revenue Bonds | ||
0.29%, due 8/1/39 (f) | 13,000,000 | 12,328,936 |
Texas Municipal Gas Acquisition & Supply Corp. II, Revenue Bonds | ||
Series C | ||
3.902%, due 9/15/27 (f) | 15,775,000 | 15,553,306 |
29,882,207 | ||
Washington 1.4% | ||
County of King, Sewer, Revenue Bonds, Junior Lien (f) | ||
Series A | ||
0.625%, due 1/1/32 | 5,845,000 | 5,717,888 |
26 | MainStay MacKay Short Term Municipal Fund |
Principal Amount | Value | ||
Short-Term Municipal Notes (continued) | |||
Washington (continued) | |||
County of King, Sewer, Revenue Bonds, Junior Lien (f) (continued) | |||
Series A | |||
4.09%, due 1/1/40 | $ 10,000,000 | $ 9,742,917 | |
15,460,805 | |||
Wisconsin 0.1% | |||
Wisconsin Housing & Economic Development Authority, Revenue Bonds | |||
Series B, Insured: HUD Sector 8 | |||
0.50%, due 11/1/50 (f) | 750,000 | 706,817 | |
Total Short-Term Municipal Notes (Cost $238,720,488) | 235,490,146 | ||
Total Municipal Bonds (Cost $1,104,863,449) | 1,104,083,803 | ||
Long-Term Bonds 0.4% | |||
Corporate Bond 0.4% | |||
Commercial Services 0.4% | |||
J Paul Getty Trust (The) | |||
Series 2021 | |||
0.391%, due 1/1/24 | 5,000,000 | 4,847,964 | |
Total Long-Term Bonds (Cost $4,851,349) | 4,847,964 | ||
Total Investments (Cost $1,109,714,798) | 99.7% | 1,108,931,767 | |
Other Assets, Less Liabilities | 0.3 | 3,119,244 | |
Net Assets | 100.0% | $ 1,112,051,011 |
† | Percentages indicated are based on Fund net assets. |
^ | Industry classifications may be different than those used for compliance monitoring purposes. |
(a) | Coupon rate may change based on changes of the underlying collateral or prepayments of principal. Rate shown was the rate in effect as of April 30, 2023. |
(b) | Interest on these securities was subject to alternative minimum tax. |
(c) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
(d) | Floating rate—Rate shown was the rate in effect as of April 30, 2023. |
(e) | Delayed delivery security. |
(f) | Variable-rate demand notes (VRDNs)—Provide the right to sell the security at face value on either that day or within the rate-reset period. VRDNs will normally trade as if the maturity is the earlier put date, even though stated maturity is longer. The interest rate is reset on the put date at a stipulated daily, weekly, monthly, quarterly, or other specified time interval to reflect current market conditions. These securities do not indicate a reference rate and spread in their description. The maturity date shown is the final maturity. |
Abbreviation(s): |
AGC—Assured Guaranty Corp. |
AGM—Assured Guaranty Municipal Corp. |
AMBAC—Ambac Assurance Corp. |
BAM—Build America Mutual Assurance Co. |
CR—Custodial Receipts |
FHA—Federal Housing Administration |
FHLMC—Federal Home Loan Mortgage Corp. |
FNMA—Federal National Mortgage Association |
GNMA—Government National Mortgage Association |
HUD—Housing and Urban Development |
NATL-RE—National Public Finance Guarantee Corp. |
PSF-GTD—Permanent School Fund Guaranteed |
Q-SBLF—Qualified School Board Loan Fund |
SD CRED PROG—School District Credit Enhancement Program |
SONYMA—State of New York Mortgage Agency |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Municipal Bonds | |||||||
Long-Term Municipal Bonds | $ — | $ 868,593,657 | $ — | $ 868,593,657 | |||
Short-Term Municipal Notes | — | 235,490,146 | — | 235,490,146 | |||
Total Municipal Bonds | — | 1,104,083,803 | — | 1,104,083,803 | |||
Long-Term Bonds | |||||||
Corporate Bond | — | 4,847,964 | — | 4,847,964 | |||
Total Investments in Securities | $ — | $ 1,108,931,767 | $ — | $ 1,108,931,767 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
28 | MainStay MacKay Short Term Municipal Fund |
Assets | |
Investment in securities, at value (identified cost $1,109,714,798) | $1,108,931,767 |
Cash | 9,954,233 |
Receivables: | |
Interest | 11,000,304 |
Fund shares sold | 1,904,998 |
Investment securities sold | 1,814,632 |
Other assets | 15,190 |
Total assets | 1,133,621,124 |
Liabilities | |
Payables: | |
Investment securities purchased | 16,380,573 |
Fund shares redeemed | 3,479,795 |
Manager (See Note 3) | 301,600 |
Custodian | 107,345 |
NYLIFE Distributors (See Note 3) | 75,997 |
Transfer agent (See Note 3) | 69,241 |
Shareholder communication | 31,782 |
Professional fees | 13,482 |
Trustees | 1,149 |
Accrued expenses | 12,013 |
Distributions payable | 1,097,136 |
Total liabilities | 21,570,113 |
Net assets | $1,112,051,011 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 120,107 |
Additional paid-in-capital | 1,189,110,658 |
1,189,230,765 | |
Total distributable earnings (loss) | (77,179,754) |
Net assets | $1,112,051,011 |
Class A | |
Net assets applicable to outstanding shares | $306,828,276 |
Shares of beneficial interest outstanding | 33,138,172 |
Net asset value per share outstanding | $ 9.26 |
Maximum sales charge (1.00% of offering price) | 0.09 |
Maximum offering price per share outstanding | $ 9.35 |
Class A2 | |
Net assets applicable to outstanding shares | $ 54,325,768 |
Shares of beneficial interest outstanding | 5,860,037 |
Net asset value per share outstanding | $ 9.27 |
Maximum sales charge (2.00% of offering price) | 0.19 |
Maximum offering price per share outstanding | $ 9.46 |
Investor Class | |
Net assets applicable to outstanding shares | $ 2,511,193 |
Shares of beneficial interest outstanding | 270,471 |
Net asset value per share outstanding | $ 9.28 |
Maximum sales charge (0.50% of offering price) | 0.05 |
Maximum offering price per share outstanding | $ 9.33 |
Class I | |
Net assets applicable to outstanding shares | $663,174,882 |
Shares of beneficial interest outstanding | 71,627,988 |
Net asset value and offering price per share outstanding | $ 9.26 |
Class R6 | |
Net assets applicable to outstanding shares | $ 85,210,892 |
Shares of beneficial interest outstanding | 9,209,949 |
Net asset value and offering price per share outstanding | $ 9.25 |
Investment Income (Loss) | |
Income | |
Interest | $ 32,193,048 |
Expenses | |
Manager (See Note 3) | 4,799,723 |
Distribution/Service—Class A (See Note 3) | 935,547 |
Distribution/Service—Class A2 (See Note 3) | 190,927 |
Distribution/Service—Investor Class (See Note 3) | 6,840 |
Transfer agent (See Note 3) | 423,800 |
Custodian | 330,841 |
Registration | 154,870 |
Professional fees | 152,217 |
Shareholder communication | 48,693 |
Trustees | 34,625 |
Miscellaneous | 56,357 |
Total expenses before waiver/reimbursement | 7,134,440 |
Expense waiver/reimbursement from Manager (See Note 3) | (272,071) |
Reimbursement from prior custodian(a) | (2,332) |
Net expenses | 6,860,037 |
Net investment income (loss) | 25,333,011 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on investments | (59,327,437) |
Net change in unrealized appreciation (depreciation) on investments | 51,945,156 |
Net realized and unrealized gain (loss) | (7,382,281) |
Net increase (decrease) in net assets resulting from operations | $ 17,950,730 |
(a) | Represents a refund for overbilling of custody fees. |
30 | MainStay MacKay Short Term Municipal Fund |
for the years ended April 30, 2023 and April 30, 2022
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 25,333,011 | $ 11,016,224 |
Net realized gain (loss) | (59,327,437) | (9,580,898) |
Net change in unrealized appreciation (depreciation) | 51,945,156 | (72,063,429) |
Net increase (decrease) in net assets resulting from operations | 17,950,730 | (70,628,103) |
Distributions to shareholders: | ||
Class A | (6,648,263) | (2,489,358) |
Class A2 | (1,288,784) | (604,316) |
Investor Class | (40,583) | (7,453) |
Class I | (17,108,080) | (11,061,272) |
Class R6 | (1,910,732) | — |
Total distributions to shareholders | (26,996,442) | (14,162,399) |
Capital share transactions: | ||
Net proceeds from sales of shares | 876,229,496 | 1,461,111,895 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 16,530,565 | 9,157,948 |
Cost of shares redeemed | (1,409,052,393) | (1,744,044,217) |
Increase (decrease) in net assets derived from capital share transactions | (516,292,332) | (273,774,374) |
Net increase (decrease) in net assets | (525,338,044) | (358,564,876) |
Net Assets | ||
Beginning of year | 1,637,389,055 | 1,995,953,931 |
End of year | $ 1,112,051,011 | $ 1,637,389,055 |
Year Ended April 30, | |||||||||
Class A | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 9.31 | $ 9.73 | $ 9.54 | $ 9.58 | $ 9.51 | ||||
Net investment income (loss) (a) | 0.15 | 0.04 | 0.06 | 0.13 | 0.12 | ||||
Net realized and unrealized gain (loss) | (0.03) | (0.41) | 0.21 | (0.03) | 0.07 | ||||
Total from investment operations | 0.12 | (0.37) | 0.27 | 0.10 | 0.19 | ||||
Less distributions: | |||||||||
From net investment income | (0.17) | (0.05) | (0.08) | (0.14) | (0.12) | ||||
Net asset value at end of year | $ 9.26 | $ 9.31 | $ 9.73 | $ 9.54 | $ 9.58 | ||||
Total investment return (b) | 1.32% | (3.81)% | 2.85% | 1.05% | 2.04%(c) | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.66% | 0.36% | 0.63% | 1.30% | 1.28% | ||||
Net expenses | 0.68% | 0.67% | 0.65% | 0.69% | 0.71% | ||||
Expenses (before waiver/reimbursement) | 0.68% | 0.67% | 0.65% | 0.70% | 0.71% | ||||
Portfolio turnover rate | 99%(d) | 62%(d) | 28%(d) | 94%(d) | 96% | ||||
Net assets at end of year (in 000’s) | $ 306,828 | $ 409,722 | $ 503,769 | $ 152,614 | $ 113,023 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | The portfolio turnover rate includes variable rate demand notes. |
Year Ended April 30, | September 30, 2020^ through April 30, 2021 | ||||
Class A2 | 2023 | 2022 | |||
Net asset value at beginning of period | $ 9.32 | $ 9.75 | $ 9.70** | ||
Net investment income (loss) (a) | 0.15 | 0.03 | 0.02 | ||
Net realized and unrealized gain (loss) | (0.03) | (0.41) | 0.07 | ||
Total from investment operations | 0.12 | (0.38) | 0.09 | ||
Less distributions: | |||||
From net investment income | (0.17) | (0.05) | (0.04) | ||
Net asset value at end of period | $ 9.27 | $ 9.32 | $ 9.75 | ||
Total investment return (b) | 1.32% | (3.91)% | 0.90% | ||
Ratios (to average net assets)/Supplemental Data: | |||||
Net investment income (loss) | 1.57% | 0.36% | 0.40%†† | ||
Net expenses | 0.68% | 0.67% | 0.65%†† | ||
Portfolio turnover rate (c) | 99% | 62% | 28% | ||
Net assets at end of period (in 000's) | $ 54,326 | $ 98,890 | $ 88,248 |
** | Based on the net asset value of Class A as of September 30, 2020. |
^ | Inception date. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | The portfolio turnover rate includes variable rate demand notes. |
32 | MainStay MacKay Short Term Municipal Fund |
Year Ended April 30, | |||||||||
Investor Class | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 9.33 | $ 9.76 | $ 9.57 | $ 9.61 | $ 9.54 | ||||
Net investment income (loss) (a) | 0.13 | 0.01 | 0.04 | 0.09 | 0.08 | ||||
Net realized and unrealized gain (loss) | (0.04) | (0.42) | 0.20 | (0.02) | 0.07 | ||||
Total from investment operations | 0.09 | (0.41) | 0.24 | 0.07 | 0.15 | ||||
Less distributions: | |||||||||
From net investment income | (0.14) | (0.02) | (0.05) | (0.11) | (0.08) | ||||
Net asset value at end of year | $ 9.28 | $ 9.33 | $ 9.76 | $ 9.57 | $ 9.61 | ||||
Total investment return (b) | 0.99% | (4.19)% | 2.64% | 0.61% | 1.56% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.37% | 0.06% | 0.41% | 0.98% | 0.81% | ||||
Net expenses | 1.00% | 0.99% | 0.98% | 1.09% | 1.18% | ||||
Expenses (before waiver/reimbursement) | 1.30% | 1.24% | 1.25% | 1.28% | 1.30% | ||||
Portfolio turnover rate | 99%(c) | 62%(c) | 28%(c) | 94%(c) | 96% | ||||
Net assets at end of year (in 000's) | $ 2,511 | $ 2,884 | $ 3,608 | $ 4,158 | $ 3,834 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | The portfolio turnover rate includes variable rate demand notes. |
Year Ended April 30, | |||||||||
Class I | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 9.31 | $ 9.73 | $ 9.54 | $ 9.58 | $ 9.51 | ||||
Net investment income (loss) (a) | 0.18 | 0.06 | 0.09 | 0.15 | 0.15 | ||||
Net realized and unrealized gain (loss) | (0.03) | (0.40) | 0.21 | (0.02) | 0.07 | ||||
Total from investment operations | 0.15 | (0.34) | 0.30 | 0.13 | 0.22 | ||||
Less distributions: | |||||||||
From net investment income | (0.20) | (0.08) | (0.11) | (0.17) | (0.15) | ||||
Net asset value at end of year | $ 9.26 | $ 9.31 | $ 9.73 | $ 9.54 | $ 9.58 | ||||
Total investment return (b) | 1.60% | (3.55)% | 3.12% | 1.34% | 2.34% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.89% | 0.63% | 0.89% | 1.58% | 1.61% | ||||
Net expenses | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% | ||||
Expenses (before waiver/reimbursement) | 0.43% | 0.42% | 0.40% | 0.45% | 0.45% | ||||
Portfolio turnover rate | 99%(c) | 62%(c) | 28%(c) | 94%(c) | 96% | ||||
Net assets at end of year (in 000’s) | $ 663,175 | $ 1,125,893 | $ 1,400,328 | $ 412,193 | $ 337,116 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | The portfolio turnover rate includes variable rate demand notes. |
May 2, 2022^ through April 30, | |
Class R6 | 2023 |
Net asset value at beginning of period | $ 9.30** |
Net investment income (loss) (a) | 0.18 |
Net realized and unrealized gain (loss) | (0.03) |
Total from investment operations | 0.15 |
Less distributions: | |
From net investment income | (0.20) |
Net asset value at end of period | $ 9.25 |
Total investment return (b) | 1.60% |
Ratios (to average net assets)/Supplemental Data: | |
Net investment income (loss) | 2.00%†† |
Net expenses (c) | 0.40%†† |
Portfolio turnover rate (d) | 99% |
Net assets at end of period (in 000’s) | $ 85,211 |
** | Based on the net asset value of Class I as of May 2, 2022. |
^ | Inception date. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | Expense waiver/reimbursement less than 0.01%. |
(d) | The portfolio turnover rate includes variable rate demand notes. |
34 | MainStay MacKay Short Term Municipal Fund |
Class | Commenced Operations |
Class A | January 2, 2004 |
Class A2 | September 30, 2020 |
Investor Class | February 28, 2008 |
Class I | January 2, 1991 |
Class R6 | May 2, 2022 |
SIMPLE Class | N/A* |
* | SIMPLE Class shares were registered for sale effective as of August 31, 2020 but have not yet commenced operations. |
• | Level 1—quoted prices (unadjusted) in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Fund's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• Benchmark yields | • Reported trades |
• Broker/dealer quotes | • Issuer spreads |
• Two-sided markets | • Benchmark securities |
• Bids/offers | • Reference data (corporate actions or material event notices) |
• Industry and economic events | • Comparable bonds |
• Monthly payment information |
36 | MainStay MacKay Short Term Municipal Fund |
38 | MainStay MacKay Short Term Municipal Fund |
Class | Expense | Waived |
Class A | $116,321 | $ — |
Class A2 | 23,463 | — |
Investor Class | 17,806 | (8,165) |
Class I | 262,579 | — |
Class R6 | 3,631 | — |
Class A | $16,023,627 | 5.2% |
Class A2 | 24,500 | 0.0‡ |
Class R6 | 25,334 | 0.0‡ |
‡ | Less than one-tenth of a percent. |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $1,110,742,136 | $6,626,922 | $(8,437,291) | $(1,810,369) |
Ordinary Income | Undistributed Tax Exempt Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$— | $1,076,158 | $(75,348,407) | $(1,097,136) | $(1,810,369) | $(77,179,754) |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $29,217 | $46,131 |
2023 | 2022 | |
Distributions paid from: | ||
Ordinary Income | $ 2,442,564 | $ 1,474,609 |
Exempt Interest Dividends | 24,553,878 | 12,687,790 |
Total | $26,996,442 | $14,162,399 |
40 | MainStay MacKay Short Term Municipal Fund |
Class A | Shares | Amount |
Year ended April 30, 2023: | ||
Shares sold | 14,755,906 | $ 136,977,313 |
Shares issued to shareholders in reinvestment of distributions | 417,462 | 3,867,588 |
Shares redeemed | (26,092,382) | (241,951,367) |
Net increase (decrease) in shares outstanding before conversion | (10,919,014) | (101,106,466) |
Shares converted into Class A (See Note 1) | 112,523 | 1,047,020 |
Shares converted from Class A (See Note 1) | (66,834) | (614,825) |
Net increase (decrease) | (10,873,325) | $ (100,674,271) |
Year ended April 30, 2022: | ||
Shares sold | 25,468,868 | $ 246,761,379 |
Shares issued to shareholders in reinvestment of distributions | 157,184 | 1,513,215 |
Shares redeemed | (33,406,373) | (322,275,514) |
Net increase (decrease) in shares outstanding before conversion | (7,780,321) | (74,000,920) |
Shares converted into Class A (See Note 1) | 41,919 | 402,782 |
Shares converted from Class A (See Note 1) | (261) | (2,536) |
Net increase (decrease) | (7,738,663) | $ (73,600,674) |
Class A2 | Shares | Amount |
Year ended April 30, 2023: | ||
Shares sold | 1,728,867 | $ 16,042,719 |
Shares issued to shareholders in reinvestment of distributions | 138,904 | 1,288,714 |
Shares redeemed | (6,577,094) | (60,995,488) |
Net increase (decrease) in shares outstanding before conversion | (4,709,323) | (43,664,055) |
Shares converted from Class A2 (See Note 1) | (41,230) | (384,679) |
Net increase (decrease) | (4,750,553) | $ (44,048,734) |
Year ended April 30, 2022: | ||
Shares sold | 8,256,657 | $ 80,252,982 |
Shares issued to shareholders in reinvestment of distributions | 62,731 | 604,025 |
Shares redeemed | (6,763,650) | (64,920,522) |
Net increase (decrease) | 1,555,738 | $ 15,936,485 |
Investor Class | Shares | Amount |
Year ended April 30, 2023: | ||
Shares sold | 97,897 | $ 913,758 |
Shares issued to shareholders in reinvestment of distributions | 4,211 | 39,108 |
Shares redeemed | (104,885) | (974,735) |
Net increase (decrease) in shares outstanding before conversion | (2,777) | (21,869) |
Shares converted into Investor Class (See Note 1) | 114 | 1,056 |
Shares converted from Investor Class (See Note 1) | (35,836) | (333,994) |
Net increase (decrease) | (38,499) | $ (354,807) |
Year ended April 30, 2022: | ||
Shares sold | 125,760 | $ 1,214,335 |
Shares issued to shareholders in reinvestment of distributions | 750 | 7,255 |
Shares redeemed | (145,542) | (1,409,867) |
Net increase (decrease) in shares outstanding before conversion | (19,032) | (188,277) |
Shares converted into Investor Class (See Note 1) | 261 | 2,536 |
Shares converted from Investor Class (See Note 1) | (41,789) | (402,782) |
Net increase (decrease) | (60,560) | $ (588,523) |
Class I | Shares | Amount |
Year ended April 30, 2023: | ||
Shares sold | 70,614,891 | $ 654,927,375 |
Shares issued to shareholders in reinvestment of distributions | 1,213,482 | 11,244,993 |
Shares redeemed | (109,796,158) | (1,017,816,790) |
Net increase (decrease) in shares outstanding before conversion | (37,967,785) | (351,644,422) |
Shares converted into Class I (See Note 1) | 66,720 | 613,769 |
Shares converted from Class I (See Note 1) | (11,419,110) | (105,855,146) |
Net increase (decrease) | (49,320,175) | $ (456,885,799) |
Year ended April 30, 2022: | ||
Shares sold | 117,202,202 | $ 1,132,883,199 |
Shares issued to shareholders in reinvestment of distributions | 730,370 | 7,033,453 |
Shares redeemed | (140,847,545) | (1,355,438,314) |
Net increase (decrease) | (22,914,973) | $ (215,521,662) |
Class R6(a) | Shares | Amount |
Period ended April 30, 2023: | ||
Shares sold | 7,275,651 | $ 67,368,331 |
Shares issued to shareholders in reinvestment of distributions | 9,739 | 90,162 |
Shares redeemed | (9,471,562) | (87,314,013) |
Net increase (decrease) in shares outstanding before conversion | (2,186,172) | (19,855,520) |
Shares converted into Class R6 (See Note 1) | 11,431,231 | 105,853,196 |
Shares converted from Class R6 (See Note 1) | (35,110) | (326,397) |
Net increase (decrease) | 9,209,949 | $ 85,671,279 |
(a) | The inception of the class was May 2, 2022. |
42 | MainStay MacKay Short Term Municipal Fund |
MainStay Funds Trust:
June 23, 2023
44 | MainStay MacKay Short Term Municipal Fund |
46 | MainStay MacKay Short Term Municipal Fund |
48 | MainStay MacKay Short Term Municipal Fund |
50 | MainStay MacKay Short Term Municipal Fund |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Naïm Abou-Jaoudé* 1966 | MainStay Funds: Trustee since June 2023; MainStay Funds Trust: Trustee since June 2023 | Chief Executive Officer of New York Life Investment Management LLC since 2023. Previously, Abou-Jaoudé was the Chief Executive Officer of Candriam (an affiliate of New York Life Investment Management LLC) from 2007 to 2023. | 79 | MainStay VP Funds Trust: Trustee since June 2023 (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since June 2023; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2023; and New York Life Investment Management International: Chair since 2015 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of his affiliation with New York Life Insurance Company, New York Life Investment Management LLC, Candriam, IndexIQ Advisors LLC, MacKay Shields LLC, NYL Investors LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015);MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC (since 1999) | 79 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; VanEck Vectors Group of Exchange-Traded Funds: Trustee since 2006 and Independent Chairman of the Board of Trustees from 2008 to 2022 (57 portfolios); Berea College of Kentucky: Trustee since 2009, Chair of the Investment Committee since 2018 | |
Karen Hammond 1956 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021);MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 79 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Susan B. Kerley 1951 | MainStay Funds: Chairman since January 2017 and Trustee since 2007;MainStay Funds Trust: Chairman since January 2017 and Trustee since 1990** | President, Strategic Management Advisors LLC (since 1990) | 79 | MainStay VP Funds Trust: Chairman since January 2017 and Trustee since 2007 (31 portfolios)*; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since January 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) | |
Alan R. Latshaw 1951 | MainStay Funds: Trusteesince 2006;MainStay Funds Trust: Trustee since 2007** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 79 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)*; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
52 | MainStay MacKay Short Term Municipal Fund |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Jacques P. Perold 1958 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015to December 2015);MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 79 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay Funds: Trustee since 1994;MainStay Funds Trust: Trustee since 2007** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) (since 2004); Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 79 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)*; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
* | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay Funds, MainStay Funds Trust (since 2017) | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since January 2018); President, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust (since 2017); Senior Managing Director, Global Product Development (2015-2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay Funds (since 2007), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2007)**; and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay Funds and MainStay Funds Trust (since 2010) | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2010)** | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay Funds (since 2005), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2005)** | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay Funds and MainStay Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ Trust, IndexIQ ETF Trust and Index IQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Fund, MainStay VP Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012-2022) |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, New York Life Insurance Company, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
54 | MainStay MacKay Short Term Municipal Fund |
1.
2. | This Fund is registered for sale in CA, CT, DE, FL, MA, NJ, NY and VT. |
3. | An affiliate of New York Life Investment Management LLC. |
5022215MS043-23 | MSSTM11-06/23 |
please log in to newyorklifeinvestments.com/accounts.
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended April 30, 2023 | ||||||
Class | Sales Charge | Inception Date | One Year | Since Inception | Gross Expense Ratio1 | |
Class A Shares2 | Maximum 3.00% Initial Sales Charge | With sales charges | 6/28/2019 | -1.90% | -0.15% | 0.97% |
Excluding sales charges | 2.73 | 1.05 | 0.97 | |||
Investor Class Shares3, 4 | Maximum 2.50% Initial Sales Charge | With sales charges | 6/28/2019 | -1.53 | -0.35 | 1.17 |
Excluding sales charges | 2.58 | 0.85 | 1.17 | |||
Class C Shares | Maximum 1.00% CDSC | With sales charges | 6/28/2019 | 1.31 | 0.57 | 1.42 |
if Redeemed Within 18 months of Purchase | Excluding sales charges | 2.31 | 0.57 | 1.42 | ||
Class C2 Shares | Maximum 1.00% CDSC | With sales charges | 12/13/2022 | N/A | 0.29 | 1.57 |
if Redeemed Within One Year of Purchase | Excluding sales charges | N/A | 1.29 | 1.57 | ||
Class I Shares | No Sales Charge | 6/28/2019 | 2.99 | 1.24 | 0.71 | |
Class R6 Shares | No Sales Charge | 6/28/2019 | 3.01 | 1.26 | 0.70 |
1. | The gross expense ratios presented reflect the Fund’s “Total Annual Fund Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report. |
2. | Prior to August 10, 2022, the maximum initial sales charge was 4.50%, which is reflected in the applicable average annual total return figures shown. |
3. | Prior to June 30, 2020, the maximum initial sales charge was 4.50%, which is reflected in the applicable average annual total return figures shown. |
4. | Prior to August 10, 2022, the maximum initial sales charge was 4.00%, which is reflected in the applicable average annual total return figures shown. |
Benchmark Performance* | One Year | Since Inception |
Bloomberg Municipal Bond Index 1-15 Yr Blend1 | 3.50% | 0.85% |
Morningstar Muni National Intermediate Category Average2 | 2.23 | 0.39 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | The Bloomberg Municipal Bond Index 1-15 Yr Blend is the Fund's primary broad-based securities-market index for comparison purposes. The index has four main sectors: state and local general obligations, revenue bonds, and insured bonds. |
2. | The Morningstar Municipal National Intermediate Category Average is representative of funds that invest in bonds issued by various state and local governments to fund public projects. The income from these bonds is generally free from federal taxes. To lower risk, these funds spread their assets across many states and sectors. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
6 | MainStay MacKay Strategic Municipal Allocation Fund |
Share Class | Beginning Account Value 11/1/22 | Ending Account Value (Based on Actual Returns and Expenses) 4/30/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 4/30/23 | Expenses Paid During Period | Net Expense Ratio During Period2 |
Class A Shares | $1,000.00 | $1,066.20 | $3.94 | $1,020.98 | $3.86 | 0.77% |
Investor Class Shares | $1,000.00 | $1,065.50 | $4.76 | $1,020.18 | $4.66 | 0.93% |
Class C Shares | $1,000.00 | $1,064.20 | $6.04 | $1,018.94 | $5.91 | 1.18% |
Class C2 Shares 3, 4 | $1,000.00 | $1,012.90 | $5.10 | $1,013.84 | $5.10 | 1.34% |
Class I Shares | $1,000.00 | $1,066.50 | $2.66 | $1,022.22 | $2.61 | 0.52% |
Class R6 Shares | $1,000.00 | $1,067.80 | $2.56 | $1,022.32 | $2.51 | 0.50% |
1. | Expenses are equal to the Fund’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period) and 138 days for Class C2 (to reflect the since-inception period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Fund's annualized expense ratio to reflect the six-month period. |
3. | The inception date was December 13, 2022. |
4. | Expenses paid during the period reflect ongoing costs for the period from inception through April 30, 2023. Had these shares been offered for the full six-month period ended April 30, 2023, and had the Fund provided a hypothetical 5% annualized return, expenses paid during the period would have been $5.11 for Class C2 shares and the ending account value would have been $1,019.74 for Class C2 shares. |
New York | 11.2% |
Texas | 9.9 |
California | 9.8 |
Illinois | 8.4 |
Florida | 7.0 |
Alabama | 4.8 |
Colorado | 3.9 |
New Jersey | 3.9 |
Pennsylvania | 3.3 |
Georgia | 3.1 |
Connecticut | 2.6 |
Ohio | 2.6 |
Indiana | 2.2 |
Louisiana | 2.1 |
Utah | 2.0 |
Michigan | 2.0 |
Tennessee | 1.9 |
Wisconsin | 1.6 |
Guam | 1.4 |
Puerto Rico | 1.3 |
Kentucky | 1.2 |
Washington | 1.2 |
North Carolina | 1.2 |
Massachusetts | 1.0 |
Nebraska | 0.9 |
Missouri | 0.9% |
U.S. Virgin Islands | 0.8 |
Vermont | 0.8 |
Rhode Island | 0.6 |
South Carolina | 0.6 |
Arizona | 0.5 |
Maryland | 0.5 |
West Virginia | 0.5 |
Maine | 0.3 |
Virginia | 0.3 |
District of Columbia | 0.3 |
Oregon | 0.3 |
Mississippi | 0.2 |
New Mexico | 0.2 |
Montana | 0.2 |
South Dakota | 0.2 |
Idaho | 0.1 |
New Hampshire | 0.1 |
Alaska | 0.1 |
Minnesota | 0.1 |
North Dakota | 0.1 |
Hawaii | 0.0‡ |
Other Assets, Less Liabilities | 1.8 |
100.0% |
‡ | Less than one–tenth of a percent. |
1. | Black Belt Energy Gas District, 4.00%-5.50%, due 12/1/26–11/1/53 |
2. | New York City Transitional Finance Authority, 3.75%-5.00%, due 11/1/29–5/1/42 |
3. | New Jersey Economic Development Authority, 4.914%-5.625%, due 3/1/24–11/1/44 |
4. | Main Street Natural Gas, Inc., 4.00%, due 4/1/48–8/1/49 |
5. | State of Louisiana, 5.00%, due 5/1/40 |
6. | San Joaquin Hills Transportation Corridor Agency, 5.25%, due 1/15/44–1/15/49 |
7. | County of Miami-Dade, 5.00%, due 10/1/33 |
8. | County of Parker, 5.00%, due 2/15/42 |
9. | State of Connecticut, 2.00%-5.77%, due 7/1/23–3/15/25 |
10. | Metropolitan Transportation Authority, 5.00%, due 11/15/29–11/15/42 |
8 | MainStay MacKay Strategic Municipal Allocation Fund |
1. | See "Investment and Performance Comparison" for other share class returns, which may be higher or lower than Class I share returns, and for more information on benchmark and peer group returns. |
2. | The yield curve is a line that plots the yields of various securities of similar quality—typically U.S. Treasury issues—across a range of maturities. The U.S. Treasury yield curve serves as a benchmark for other debt and is used in economic forecasting. |
3. | Duration is a measure of the price sensitivity of a fixed-income investment to changes in interest rates. Duration is expressed as a number of years and is considered a more accurate sensitivity gauge than average maturity. |
4. | Modified duration is inversely related to the approximate percentage change in price for a given change in yield. Duration to worst is the duration of a bond computed using the bond’s nearest call date or maturity, whichever comes first. This measure ignores future cash flow fluctuations due to embedded optionality. |
5. | An obligation rated ‘AAA’ by Standard & Poor’s (“S&P”) has the highest rating assigned by S&P, and in the opinion of S&P, the obligor’s capacity to meet its financial commitment on the obligation is extremely strong. When applied to Fund holdings, ratings are based solely on the creditworthiness of the bonds in the portfolio and are not meant to represent the security or safety of the Fund. |
10 | MainStay MacKay Strategic Municipal Allocation Fund |
Principal Amount | Value | |
Municipal Bonds 98.2% | ||
Long-Term Municipal Bonds 93.8% | ||
Alabama 4.2% | ||
Alabama Housing Finance Authority, ECG Dry Creek LP, Revenue Bonds | ||
Series H | ||
5.00%, due 6/1/26 (a) | $ 500,000 | $ 511,686 |
Black Belt Energy Gas District, Gas Project No.4, Revenue Bonds | ||
Series A-1 | ||
4.00%, due 12/1/49 (a) | 1,480,000 | 1,482,311 |
Black Belt Energy Gas District, Gas Project No.6, Revenue Bonds | ||
Series B | ||
4.00%, due 10/1/52 (a) | 1,760,000 | 1,755,481 |
Black Belt Energy Gas District, Revenue Bonds | ||
Series B-1 | ||
4.00%, due 4/1/53 (a) | 640,000 | 637,666 |
Series C-1 | ||
5.25%, due 12/1/26 | 1,850,000 | 1,932,734 |
Series F | ||
5.50%, due 11/1/53 (a) | 1,600,000 | 1,704,145 |
County of Jefferson, Sewer, Revenue Bonds, Sub. Lien | ||
Series D | ||
6.00%, due 10/1/42 | 3,000,000 | 3,172,750 |
Prichard Water Works & Sewer Board, Revenue Bonds | ||
2.375%, due 11/1/28 | 205,000 | 115,124 |
Southeast Energy Authority, A Cooperative District, Project No. 4, Revenue Bonds | ||
Series B-1 | ||
5.00%, due 5/1/53 (a) | 760,000 | 792,300 |
Southeast Energy Authority, A Cooperative District, Project No. 3, Revenue Bonds | ||
Series A-1 | ||
5.50%, due 1/1/53 (a) | 1,600,000 | 1,729,531 |
State of Alabama, Unlimited General Obligation | ||
Series A | ||
3.00%, due 8/1/26 | 1,000,000 | 1,001,294 |
14,835,022 |
Principal Amount | Value | |
Alaska 0.1% | ||
Alaska Industrial Development & Export Authority, Interior Gas Utility Project, Revenue Bonds | ||
Series A | ||
5.00%, due 6/1/28 | $ 250,000 | $ 256,511 |
Arizona 0.5% | ||
Arizona Industrial Development Authority, Ball Charter Schools Projet, Revenue Bonds | ||
2.65%, due 7/1/26 | 90,000 | 86,208 |
City of Mesa, Utility System, Revenue Bonds | ||
Series A, Insured: BAM | ||
5.00%, due 7/1/30 | 1,050,000 | 1,206,032 |
Glendale Industrial Development Authority, Royal Oaks Life Care Community, Revenue Bonds | ||
4.00%, due 5/15/28 | 620,000 | 582,158 |
1,874,398 | ||
California 8.6% | ||
California Community Choice Financing Authority, Clean Energy Project, Revenue Bonds | ||
Series C | ||
5.25%, due 1/1/54 (a) | 1,225,000 | 1,279,713 |
California Municipal Finance Authority, LINXS APM Project, Revenue Bonds, Senior Lien | ||
Series A | ||
5.00%, due 12/31/31 (b) | 1,240,000 | 1,320,234 |
California Municipal Finance Authority, Palomar Health Obligated Group, Certificate of Participation | ||
Series A, Insured: AGM | ||
5.25%, due 11/1/36 | 1,300,000 | 1,452,491 |
California Public Finance Authority, Enso Village Project, Revenue Bonds | ||
Series B-3 | ||
2.125%, due 11/15/27 (c) | 250,000 | 237,717 |
California School Finance Authority, Classical Academies Oceanside Project, Revenue Bonds | ||
Series A | ||
4.00%, due 10/1/27 (c) | 500,000 | 503,293 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
California (continued) | ||
California School Finance Authority, Sonoma County Junior College District Project, Revenue Bonds | ||
Series A | ||
4.00%, due 11/1/41 (c) | $ 240,000 | $ 197,807 |
California Statewide Communities Development Authority, Community Infrastructure Program, Special Assessment | ||
Series A | ||
4.00%, due 9/2/26 | 260,000 | 258,466 |
City of Long Beach, Airport System, Revenue Bonds | ||
Series A, Insured: AGM | ||
5.00%, due 6/1/31 | 250,000 | 298,972 |
City of San Jose, Unlimited General Obligation | ||
Series A-1 | ||
5.00%, due 9/1/41 | 1,500,000 | 1,636,018 |
City of San Mateo, Community Facilities District No. 2008-1, Special Tax | ||
Insured: BAM | ||
5.25%, due 9/1/35 | 1,000,000 | 1,139,390 |
City of Vernon, Electric System, Revenue Bonds | ||
Series A | ||
5.00%, due 10/1/27 | 250,000 | 264,656 |
Compton Community College District, Election of 2002, Unlimited General Obligation | ||
Series D, Insured: BAM | ||
(zero coupon), due 8/1/38 | 1,000,000 | 362,775 |
Corona Community Facilities District, Community Facilities District No. 2018-2, Special Tax | ||
Series A | ||
5.00%, due 9/1/29 | 100,000 | 108,653 |
County of Los Angeles Community Facilities District No. 2021-01, Improvement Area No. 1, Special Tax | ||
5.00%, due 9/1/27 | 100,000 | 106,724 |
5.00%, due 9/1/30 | 175,000 | 190,018 |
5.00%, due 9/1/32 | 175,000 | 191,538 |
County of Sacramento, Airport System, Revenue Bonds | ||
5.00%, due 7/1/41 | 1,000,000 | 1,041,225 |
Principal Amount | Value | |
California (continued) | ||
Foothill-De Anza Community College District, Unlimited General Obligation | ||
Series B, Insured: NATL-RE FGIC | ||
(zero coupon), due 8/1/29 | $ 1,045,000 | $ 872,720 |
Hercules Redevelopment Agency Successor Agency, Tax Allocation | ||
Series A, Insured: AGM | ||
5.00%, due 8/1/37 | 500,000 | 565,136 |
Kern Community College District, Unlimited General Obligation | ||
Series D | ||
5.25%, due 8/1/37 | 1,500,000 | 1,762,833 |
Madera Unified School District, Unlimited General Obligation | ||
4.00%, due 8/1/44 | 100,000 | 100,068 |
Oakland Unified School District, Election of 2020, Unlimited General Obligation | ||
Series A, Insured: BAM | ||
4.00%, due 8/1/46 | 500,000 | 494,059 |
Sacramento City Financing Authority, Capital Appreciation, Tax Allocation | ||
Insured: NATL-RE | ||
(zero coupon), due 12/1/23 | 735,000 | 720,208 |
San Diego County Regional Airport Authority, Revenue Bonds | ||
Series B | ||
5.00%, due 7/1/33 (b) | 4,500,000 | 5,028,140 |
San Diego Unified School District, Unlimited General Obligation | ||
Series I | ||
5.00%, due 7/1/47 | 1,000,000 | 1,061,823 |
San Joaquin Hills Transportation Corridor Agency, Revenue Bonds, Junior Lien | ||
Series B | ||
5.25%, due 1/15/44 | 5,000,000 | 5,090,111 |
Series B | ||
5.25%, due 1/15/49 | 1,500,000 | 1,523,682 |
Southern California Public Power Authority, Southern Transmissional System Renewal Project, Revenue Bonds | ||
Series A-1 | ||
5.00%, due 7/1/40 (d) | 1,000,000 | 1,147,371 |
University of California, Revenue Bonds | ||
Series BN | ||
5.50%, due 5/15/40 | 1,400,000 | 1,687,888 |
30,643,729 |
12 | MainStay MacKay Strategic Municipal Allocation Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Colorado 3.9% | ||
Arapahoe County School District No. 6 Littleton, Unlimited General Obligation | ||
Insured: State Aid Withholding | ||
5.50%, due 12/1/43 | $ 750,000 | $ 839,545 |
Arkansas River Power Authority, Revenue Bonds | ||
Series A | ||
5.00%, due 10/1/38 | 2,000,000 | 2,035,637 |
City & County of Denver, Pledged Excise Tax, Revenue Bonds | ||
Series A | ||
5.00%, due 8/1/42 | 1,000,000 | 1,039,644 |
City & County of Denver, Airport System, Revenue Bonds | ||
Series D | ||
5.75%, due 11/15/41 (b) | 1,715,000 | 1,973,310 |
City of Colorado Springs, Utilities System, Revenue Bonds | ||
5.00%, due 11/15/40 | 3,000,000 | 3,105,219 |
Colorado Health Facilities Authority, Aberdeen Ridge, Inc. Obligated Group, Revenue Bonds | ||
Series B-3 | ||
2.125%, due 5/15/28 | 250,000 | 226,458 |
Colorado Health Facilities Authority, CommonSpirit Health, Revenue Bonds | ||
Series A-1 | ||
4.00%, due 8/1/44 | 250,000 | 235,319 |
Series A-1 | ||
5.00%, due 8/1/35 | 180,000 | 191,964 |
Series A | ||
5.25%, due 11/1/37 | 1,450,000 | 1,589,931 |
Fiddlers Business Improvement District, Unlimited General Obligation | ||
5.00%, due 12/1/32 (c) | 200,000 | 202,676 |
Ground Water Management Subdistrict of Central Colorado, Water Conservancy District, Limited General Obligation | ||
Insured: BAM | ||
4.00%, due 12/1/40 | 250,000 | 249,072 |
VDW Metropolitan District No. 2, Limited General Obligation | ||
Series A-2, Insured: BAM | ||
4.00%, due 12/1/45 | 580,000 | 555,443 |
Principal Amount | Value | |
Colorado (continued) | ||
Weld County School District No. RE-2, Unlimited General Obligation | ||
Insured: State Aid Withholding | ||
5.00%, due 12/1/36 | $ 1,425,000 | $ 1,591,344 |
13,835,562 | ||
Connecticut 2.6% | ||
Hartford Stadium Authority, Stadium Authority Lease, Revenue Bonds | ||
Series A | ||
5.00%, due 2/1/36 | 230,000 | 230,822 |
State of Connecticut, Unlimited General Obligation | ||
Series A | ||
2.00%, due 7/1/23 | 1,605,000 | 1,596,726 |
Series A | ||
3.13%, due 1/15/24 | 4,000,000 | 3,953,178 |
Series A | ||
5.77%, due 3/15/25 | 500,000 | 508,612 |
State of Connecticut, Special Tax, Revenue Bonds | ||
4.00%, due 5/1/36 | 1,040,000 | 1,085,543 |
State of Connecticut, Transportation Infrastructure, Revenue Bonds | ||
Series A | ||
5.25%, due 7/1/40 | 1,500,000 | 1,733,566 |
9,108,447 | ||
District of Columbia 0.3% | ||
District of Columbia, Unlimited General Obligation | ||
Series C | ||
5.00%, due 6/1/38 | 1,000,000 | 1,014,086 |
Florida 7.0% | ||
CFM Community Development District, Capital Improvement, Special Assessment | ||
2.875%, due 5/1/31 | 100,000 | 86,656 |
City of Gainesville, Utilities System, Revenue Bonds | ||
Series A | ||
5.00%, due 10/1/47 | 635,000 | 675,238 |
City of Palmetto, Renaissance Arts and Education, Inc., Revenue Bonds | ||
Series A | ||
4.25%, due 6/1/27 | 160,000 | 160,438 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Florida (continued) | ||
City of Palmetto, Renaissance Arts and Education, Inc., Revenue Bonds (continued) | ||
Series A | ||
5.00%, due 6/1/32 | $ 100,000 | $ 105,172 |
City of Pompano Beach, John Knox Village Projet, Revenue Bonds | ||
Series B-2 | ||
1.45%, due 1/1/27 | 250,000 | 220,001 |
City of West Palm Beach, Utility System, Revenue Bonds | ||
Series A | ||
5.00%, due 10/1/42 | 2,500,000 | 2,645,594 |
Cobblestone Community Development District, Assessment Area Two, Special Assessment | ||
Series 2 | ||
3.40%, due 5/1/27 (c) | 160,000 | 153,479 |
Collier County Educational Facilities Authority, Ave Maria University, Inc., Revenue Bonds | ||
5.00%, due 6/1/29 | 1,065,000 | 1,115,165 |
County of Miami-Dade, Aviation, Revenue Bonds | ||
Series A | ||
5.00%, due 10/1/33 (b) | 6,500,000 | 6,587,566 |
County of Miami-Dade, Transit System, Revenue Bonds | ||
5.00%, due 7/1/43 | 2,300,000 | 2,541,834 |
County of Pasco, State of Florida Cigarette Tax Revenue, Revenue Bonds | ||
Series A, Insured: AGM | ||
5.50%, due 9/1/37 | 2,040,000 | 2,341,011 |
Florida Development Finance Corp., Mater Academy Project, Revenue Bonds | ||
Series A | ||
5.00%, due 6/15/31 | 515,000 | 533,230 |
Fort Pierce Utilities Authority, Revenue Bonds | ||
Series A, Insured: AGM | ||
5.00%, due 10/1/30 | 350,000 | 401,870 |
Series A, Insured: AGM | ||
5.00%, due 10/1/32 | 150,000 | 175,852 |
Series A, Insured: AGM | ||
5.00%, due 10/1/34 | 325,000 | 378,600 |
Principal Amount | Value | |
Florida (continued) | ||
Harbor Bay Community Development District, Special Assessment | ||
Series A-1 | ||
3.10%, due 5/1/24 | $ 280,000 | $ 276,500 |
Series A-2 | ||
3.10%, due 5/1/24 | 185,000 | 182,688 |
Hilltop Point Community Development District, Assessment Area One, Special Assessment | ||
Series 1 | ||
4.60%, due 5/1/27 | 100,000 | 99,280 |
Hilltop Point Community Development District, Assessment Area Two, Special Assessment | ||
Series 2 | ||
4.75%, due 5/1/27 | 200,000 | 198,994 |
Laurel Road Community Development District, Special Assessment | ||
Series A2 | ||
3.125%, due 5/1/31 | 235,000 | 207,244 |
Palm Coast Park Community Development District, Spring Lake Tracts 2 and 3, Special Assessment | ||
2.40%, due 5/1/26 | 100,000 | 94,089 |
Palm Coast Park Community Development District, Sawmill Branch Phase 2, Special Assessment | ||
4.15%, due 5/1/27 | 400,000 | 396,731 |
Pinellas County Industrial Development Authority, Drs Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc. Project, Revenue Bonds | ||
5.00%, due 7/1/29 | 500,000 | 512,067 |
Preston Cove Community Development District, Special Assessment | ||
3.25%, due 5/1/27 | 170,000 | 162,149 |
Reunion East Community Development District, Series 2021 Project, Special Assessment | ||
2.85%, due 5/1/31 | 100,000 | 86,806 |
Reunion West Community Development District, Special Assessment | ||
3.00%, due 5/1/36 | 100,000 | 81,808 |
Rolling Hills Community Development District, Special Assessment | ||
Series A-2 | ||
3.65%, due 5/1/32 | 200,000 | 180,898 |
14 | MainStay MacKay Strategic Municipal Allocation Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Florida (continued) | ||
Seminole Improvement District, Revenue Bonds | ||
5.00%, due 10/1/32 | $ 250,000 | $ 250,775 |
Southshore Bay Community Development District, District Assessment Area One, Special Assessment | ||
3.00%, due 5/1/33 (c) | 395,000 | 333,120 |
Sunbridge Stewardship District, Weslyn Park Project Assessment, Special Assessment | ||
4.60%, due 5/1/32 | 460,000 | 448,749 |
Tampa Bay Water, Revenue Bonds | ||
5.00%, due 10/1/40 | 1,580,000 | 1,793,060 |
Verano No. 3 Community Development District, Special Assessment | ||
2.375%, due 5/1/26 | 40,000 | 37,764 |
Village Community Development District No. 13, Special Assessment | ||
2.85%, due 5/1/36 | 1,495,000 | 1,188,015 |
Watergrass Community Development District II, Special Assessment | ||
2.50%, due 5/1/31 | 100,000 | 84,200 |
Windward at Lakewood Ranch Community Development District, Phase 2 Project, Special Assessment | ||
3.625%, due 5/1/32 | 135,000 | 122,238 |
Wiregrass II Community Development District, Assessment Area Two, Special Assessment | ||
4.80%, due 5/1/32 | 100,000 | 98,751 |
24,957,632 | ||
Georgia 3.1% | ||
Atlanta Urban Redevelopment Agency, Atlanta BeltLine Special Service District, Revenue Bonds | ||
Insured: BAM | ||
2.875%, due 7/1/31 (c) | 500,000 | 468,537 |
City of Atlanta, Department of Aviation, Revenue Bonds | ||
Series B | ||
5.00%, due 7/1/34 (b) | 450,000 | 507,827 |
DeKalb Private Hospital Authority, Children's Healthcare of Atlanta, Revenue Bonds | ||
Series B | ||
4.00%, due 7/1/38 | 820,000 | 832,359 |
Principal Amount | Value | |
Georgia (continued) | ||
Main Street Natural Gas, Inc., Revenue Bonds (a) | ||
Series A | ||
4.00%, due 4/1/48 | $ 4,750,000 | $ 4,753,686 |
Series B | ||
4.00%, due 8/1/49 | 2,000,000 | 2,010,159 |
Municipal Electric Authority of Georgia, Revenue Bonds | ||
Series A | ||
5.00%, due 1/1/38 | 500,000 | 527,597 |
Walton County Water & Sewer Authority, Walton-Hard Labor Creek Reservoir Water Treatment Facility Project, Revenue Bonds | ||
5.25%, due 2/1/47 | 1,700,000 | 1,925,430 |
11,025,595 | ||
Guam 1.4% | ||
Guam Government Waterworks Authority, Water and Wastewater System, Revenue Bonds | ||
5.25%, due 7/1/24 | 590,000 | 591,093 |
Guam Power Authority, Revenue Bonds | ||
Series A | ||
5.00%, due 10/1/34 | 500,000 | 546,359 |
Territory of Guam, Business Privilege Tax, Revenue Bonds | ||
Series F | ||
4.00%, due 1/1/36 | 400,000 | 390,013 |
Series D | ||
5.00%, due 11/15/27 | 365,000 | 373,691 |
Territory of Guam, Revenue Bonds | ||
Series F | ||
4.00%, due 1/1/42 | 335,000 | 301,737 |
Territory of Guam, Section 30, Revenue Bonds | ||
Series A | ||
5.00%, due 12/1/32 | 1,000,000 | 1,037,819 |
Series A | ||
5.00%, due 12/1/34 | 1,750,000 | 1,806,175 |
5,046,887 | ||
Hawaii 0.0% ‡ | ||
Kauai County Community Facilities District, Kukui'ula Development Project, Special Tax | ||
4.00%, due 5/15/26 | 80,000 | 79,547 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Idaho 0.1% | ||
Idaho Health Facilities Authority, Madison Memorial Hospital, Revenue Bonds | ||
5.00%, due 9/1/37 | $ 370,000 | $ 372,392 |
Illinois 8.4% | ||
Chicago Board of Education, Unlimited General Obligation | ||
Series B | ||
5.00%, due 12/1/31 | 1,000,000 | 1,049,459 |
Series A | ||
5.00%, due 12/1/33 | 500,000 | 523,291 |
Series B | ||
5.00%, due 12/1/33 | 500,000 | 501,192 |
Series A | ||
5.00%, due 12/1/37 | 1,085,000 | 1,108,001 |
Series C | ||
5.25%, due 12/1/39 | 1,000,000 | 1,005,611 |
Chicago Board of Education, Dedicated Capital Improvement, Revenue Bonds | ||
6.00%, due 4/1/46 | 1,000,000 | 1,051,405 |
Chicago O'Hare International Airport, General, Revenue Bonds, Senior Lien | ||
Series D | ||
5.00%, due 1/1/36 | 1,000,000 | 1,138,739 |
Series D | ||
5.00%, due 1/1/37 | 1,000,000 | 1,124,743 |
Series B | ||
5.00%, due 1/1/39 | 1,350,000 | 1,452,417 |
City of Chicago, Unlimited General Obligation | ||
Series A | ||
4.00%, due 1/1/36 | 500,000 | 482,716 |
Series A | ||
5.00%, due 1/1/32 | 1,500,000 | 1,623,895 |
Series A | ||
6.00%, due 1/1/38 | 2,500,000 | 2,662,536 |
City of Chicago, Wastewater Transmission Project, Revenue Bonds, Second Lien | ||
Series A, Insured: AGM | ||
5.25%, due 1/1/42 | 450,000 | 465,530 |
City of Joliet, Rock Run Crossing Project, Unlimited General Obligation | ||
Insured: BAM | ||
5.50%, due 12/15/42 | 2,000,000 | 2,271,429 |
Principal Amount | Value | |
Illinois (continued) | ||
Illinois Finance Authority, Washington and Jane Smith Home (The), Revenue Bonds | ||
4.00%, due 10/15/23 | $ 205,000 | $ 204,174 |
4.00%, due 10/15/24 | 215,000 | 211,871 |
Illinois Finance Authority, Acero Charter Schools, Inc., Revenue Bonds | ||
4.00%, due 10/1/33 (c) | 250,000 | 227,606 |
Illinois Finance Authority, Carle Foundation, Revenue Bonds | ||
Series A | ||
5.00%, due 8/15/33 | 250,000 | 287,001 |
Illinois Municipal Electric Agency, Revenue Bonds | ||
Series A | ||
4.00%, due 2/1/34 | 1,500,000 | 1,518,906 |
Illinois Sports Facilities Authority (The), Revenue Bonds | ||
5.00%, due 6/15/30 | 1,000,000 | 1,025,949 |
Illinois State Toll Highway Authority, Revenue Bonds, Senior Lien | ||
Series B | ||
5.00%, due 1/1/37 | 400,000 | 404,227 |
Lake County Consolidated High School District No. 120 Mundelein, Limited General Obligation | ||
Series A | ||
5.50%, due 12/1/38 | 825,000 | 931,532 |
Metropolitan Pier & Exposition Authority, McCormick Place Expansion Project, Revenue Bonds | ||
Series B, Insured: NATL-RE | ||
5.70%, due 6/15/23 | 820,000 | 821,453 |
Sales Tax Securitization Corp., Revenue Bonds, Second Lien | ||
Series A, Insured: BAM | ||
5.00%, due 1/1/37 | 1,285,000 | 1,393,851 |
Sangamon & Morgan Counties Community Unit School District No. 16 New Berlin, Unlimited General Obligation | ||
Series A, Insured: AGM | ||
5.50%, due 12/1/36 | 350,000 | 402,058 |
State of Illinois, Unlimited General Obligation | ||
Series A | ||
5.00%, due 12/1/26 | 500,000 | 528,340 |
16 | MainStay MacKay Strategic Municipal Allocation Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Illinois (continued) | ||
State of Illinois, Unlimited General Obligation (continued) | ||
Series D | ||
5.00%, due 11/1/28 | $ 1,000,000 | $ 1,073,966 |
5.00%, due 2/1/39 | 1,370,000 | 1,376,176 |
5.50%, due 5/1/39 | 500,000 | 547,661 |
Village of Mundelein, Unlimited General Obligation | ||
Insured: AGM | ||
4.00%, due 12/15/39 | 250,000 | 252,825 |
Will County School District No. 114, Manhattan, Unlimited General Obligation | ||
Insured: BAM | ||
5.25%, due 1/1/39 | 175,000 | 197,767 |
Insured: BAM | ||
5.50%, due 1/1/43 | 1,825,000 | 2,075,509 |
29,941,836 | ||
Indiana 1.9% | ||
Center Grove Community School Corp., Limited General Obligation | ||
Insured: State Intercept | ||
5.00%, due 1/1/24 | 1,500,000 | 1,510,871 |
City of Bloomington, Waterworks, Revenue Bonds | ||
Insured: BAM | ||
5.00%, due 7/1/30 | 225,000 | 259,227 |
Insured: BAM | ||
5.00%, due 7/1/31 | 250,000 | 287,085 |
Insured: BAM | ||
5.00%, due 7/1/32 | 300,000 | 344,229 |
Insured: BAM | ||
5.00%, due 7/1/36 | 1,495,000 | 1,678,467 |
Indiana Finance Authority, Indianapolis Power & Light Co., Revenue Bonds | ||
Series A | ||
1.40%, due 8/1/29 (a) | 250,000 | 220,751 |
Indiana Finance Authority, CWA Authority, Inc., Revenue Bonds | ||
Series A | ||
5.00%, due 10/1/41 | 1,000,000 | 1,045,875 |
Principal Amount | Value | |
Indiana (continued) | ||
Indiana Housing & Community Development Authority, Revenue Bonds | ||
Insured: FHA 223(F) | ||
5.00%, due 10/1/26 (a) | $ 1,500,000 | $ 1,537,621 |
6,884,126 | ||
Kentucky 1.2% | ||
Kentucky Bond Development Corp., Revenue Bonds | ||
Insured: BAM | ||
5.00%, due 9/1/38 | 1,000,000 | 1,098,455 |
Kentucky Economic Development Finance Authority, Next Generation Information Highway Project, Revenue Bonds, Senior Lien | ||
Series A | ||
5.00%, due 1/1/45 | 535,000 | 529,529 |
Kentucky Public Energy Authority, Gas Supply, Revenue Bonds | ||
Series C | ||
4.00%, due 2/1/50 (a) | 2,600,000 | 2,603,833 |
4,231,817 | ||
Louisiana 2.1% | ||
Jefferson Parish Consolidated Sewerage District No. 1, Revenue Bonds | ||
Insured: BAM | ||
4.00%, due 2/1/42 | 260,000 | 257,898 |
State of Louisiana, Unlimited General Obligation | ||
Series A | ||
5.00%, due 3/1/38 | 390,000 | 441,925 |
State of Louisiana, Gasoline & Fuels Tax, Revenue Bonds, Second Lien | ||
5.00%, due 5/1/40 | 6,250,000 | 6,631,654 |
7,331,477 | ||
Maine 0.3% | ||
Maine Health & Higher Educational Facilities Authority, Northern Light Health Obligated Group, Revenue Bonds | ||
Series C, Insured: AGM State Aid Withholding | ||
5.50%, due 7/1/38 | 1,000,000 | 1,143,500 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Maryland 0.5% | ||
City of Baltimore, Harbor Point Project, Revenue Bonds | ||
4.50%, due 6/1/33 | $ 100,000 | $ 98,406 |
Maryland Community Development Administration, Revenue Bonds | ||
Series A, Insured: GNMA / FNMA / FHLMC | ||
5.00%, due 9/1/42 | 1,000,000 | 1,039,208 |
Maryland Economic Development Corp., Morgan View & Thurgood Marshall Student Housing, Revenue Bonds | ||
Series A | ||
5.25%, due 7/1/32 | 465,000 | 514,088 |
State of Maryland, Unlimited General Obligation | ||
Series A | ||
5.00%, due 3/15/32 | 225,000 | 261,592 |
1,913,294 | ||
Massachusetts 1.0% | ||
Commonwealth of Massachusetts, COVID-19 Recovery Assessment, Revenue Bonds | ||
Series A | ||
3.564%, due 7/15/23 | 2,000,000 | 1,994,801 |
Massachusetts Development Finance Agency, Provident Commonwealth Education Resources, Inc., Revenue Bonds | ||
5.00%, due 10/1/30 | 1,200,000 | 1,225,595 |
5.00%, due 10/1/34 | 500,000 | 507,821 |
3,728,217 | ||
Michigan 2.0% | ||
Calhoun County Hospital Finance Authority, Oaklawn Hospital, Revenue Bonds | ||
5.00%, due 2/15/28 | 240,000 | 249,773 |
City of Detroit, Unlimited General Obligation | ||
5.00%, due 4/1/34 | 275,000 | 289,215 |
Great Lakes Water Authority, Sewage Disposal System, Revenue Bonds, Second Lien | ||
Series C | ||
5.00%, due 7/1/36 | 1,000,000 | 1,051,019 |
Principal Amount | Value | |
Michigan (continued) | ||
Michigan Finance Authority, Tobacco Settlement Asset-Backed, Revenue Bonds, Senior Lien | ||
Series A, Class 1 | ||
4.00%, due 6/1/34 | $ 500,000 | $ 509,724 |
Michigan Finance Authority, BHSH System Obligated Group, Revenue Bonds | ||
5.00%, due 4/15/29 | 1,000,000 | 1,122,273 |
Michigan Finance Authority, Public Lighting Authority Local Project, Revenue Bonds | ||
5.00%, due 7/1/31 | 100,000 | 101,158 |
Michigan Finance Authority, Beaumont Health Obligated Group, Revenue Bonds | ||
5.00%, due 11/1/44 | 1,000,000 | 1,016,905 |
Michigan Finance Authority, Universal Learning Academy, Revenue Bonds | ||
6.00%, due 11/1/32 | 500,000 | 516,743 |
Richmond Community Schools, School Building and Site, Unlimited General Obligation | ||
Series I, Insured: Q-SBLF | ||
4.00%, due 5/1/36 | 750,000 | 781,816 |
State of Michigan, Unlimited General Obligation | ||
Series A | ||
3.625%, due 5/15/24 | 1,000,000 | 985,038 |
Summit Academy North, Michigan Public School Academy, Revenue Bonds | ||
2.25%, due 11/1/26 | 205,000 | 187,671 |
Wyoming Public Schools, Unlimited General Obligation | ||
Series III, Insured: AGM | ||
4.00%, due 5/1/41 | 500,000 | 497,825 |
7,309,160 | ||
Minnesota 0.1% | ||
City of Independence, Global Academy Project, Revenue Bonds | ||
Series A | ||
4.00%, due 7/1/41 | 280,000 | 227,549 |
18 | MainStay MacKay Strategic Municipal Allocation Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Mississippi 0.2% | ||
Mississippi Hospital Equipment & Facilities Authority, Forrest County General Hospital Project, Revenue Bonds | ||
5.00%, due 1/1/34 | $ 810,000 | $ 884,087 |
Missouri 0.9% | ||
Hickman Mills C-1 School District, Unlimited General Obligation | ||
Series C-1, Insured: BAM | ||
5.75%, due 3/1/42 | 2,000,000 | 2,271,798 |
Wright City R-II School District, Unlimited General Obligation | ||
Insured: AGM | ||
6.00%, due 3/1/30 | 350,000 | 421,255 |
Insured: AGM | ||
6.00%, due 3/1/32 | 415,000 | 520,997 |
3,214,050 | ||
Montana 0.2% | ||
County of Gallatin, Bozeman Fiber Project, Revenue Bonds (c) | ||
Series A | ||
4.00%, due 10/15/32 | 300,000 | 280,933 |
Series A | ||
4.00%, due 10/15/36 | 300,000 | 265,099 |
546,032 | ||
Nebraska 0.9% | ||
Central Plains Energy, Nebraska Gas Project No. 4, Revenue Bonds | ||
Series A | ||
5.00%, due 3/1/50 (a) | 1,500,000 | 1,511,078 |
Omaha Public Power District Nebraska City Station Unit 2, Revenue Bonds | ||
Series A | ||
5.25%, due 2/1/42 | 1,500,000 | 1,532,635 |
3,043,713 | ||
New Hampshire 0.1% | ||
New Hampshire Business Finance Authority, Pennichuck Water Works, Inc. Project, Revenue Bonds | ||
Series A | ||
4.00%, due 4/1/30 (b) | 495,000 | 508,347 |
Principal Amount | Value | |
New Jersey 3.9% | ||
Essex County Improvement Authority, North Star Academy Charter School of Newark, Inc., Revenue Bonds | ||
4.00%, due 7/15/30 (c) | $ 250,000 | $ 251,173 |
New Jersey Economic Development Authority, Revenue Bonds | ||
Series A | ||
4.914%, due 3/1/24 | 1,000,000 | 996,021 |
New Jersey Economic Development Authority, School Facilities Construction, Revenue Bonds | ||
Series UU | ||
5.00%, due 6/15/40 | 470,000 | 479,809 |
Series WW | ||
5.25%, due 6/15/33 | 2,500,000 | 2,628,321 |
New Jersey Economic Development Authority, New Jersey Transit Transportation Project, Revenue Bonds | ||
5.00%, due 11/1/44 | 3,000,000 | 3,168,581 |
New Jersey Economic Development Authority, Continental Airlines, Inc. Project, Revenue Bonds | ||
Series B | ||
5.625%, due 11/15/30 (b) | 250,000 | 253,726 |
New Jersey Housing & Mortgage Finance Agency, Amity Heights Apartments, Revenue Bonds | ||
Series A, Insured: HUD Sector 8 | ||
3.50%, due 7/1/25 (a) | 2,000,000 | 1,987,076 |
New Jersey Transportation Trust Fund Authority, Revenue Bonds | ||
Series CC | ||
5.25%, due 6/15/32 | 2,000,000 | 2,334,093 |
New Jersey Turnpike Authority, Revenue Bonds | ||
Series B | ||
5.00%, due 1/1/42 | 1,000,000 | 1,120,156 |
State of New Jersey, Unlimited General Obligation | ||
5.00%, due 6/1/39 | 500,000 | 547,408 |
13,766,364 | ||
New Mexico 0.2% | ||
New Mexico Hospital Equipment Loan Council, La Vida Expansion Project, Revenue Bonds | ||
Series C | ||
2.25%, due 7/1/23 | 555,000 | 551,951 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
New York 9.2% | ||
Albany Capital Resource Corp., Albany Leadership Charter High School For Girls Project, Revenue Bonds | ||
4.00%, due 6/1/29 | $ 360,000 | $ 342,037 |
Build NYC Resource Corp., New York Law School, Revenue Bonds | ||
5.00%, due 7/1/23 | 500,000 | 500,350 |
City of New York, Unlimited General Obligation | ||
Series F-1 | ||
5.00%, due 6/1/35 | 1,000,000 | 1,037,581 |
Series B-1 | ||
5.25%, due 10/1/47 | 1,500,000 | 1,685,369 |
County of Nassau, Limited General Obligation | ||
Series A, Insured: AGM-CR | ||
5.00%, due 1/1/26 | 1,000,000 | 1,062,340 |
Hudson Yards Infrastructure Corp., Second Indenture, Revenue Bonds | ||
Series A, Insured: AGM | ||
4.00%, due 2/15/47 | 540,000 | 528,272 |
Long Island Power Authority, Electric System, Revenue Bonds | ||
Series A | ||
5.00%, due 9/1/39 | 1,000,000 | 1,013,289 |
Metropolitan Transportation Authority, Green Bond, Revenue Bonds | ||
Series A1 | ||
5.00%, due 11/15/29 | 500,000 | 518,925 |
Series A-1 | ||
5.00%, due 11/15/32 | 1,295,000 | 1,338,889 |
Metropolitan Transportation Authority, Dedicated Tax Fund, Revenue Bonds | ||
Series B-1 | ||
5.00%, due 11/15/36 | 3,000,000 | 3,175,264 |
Metropolitan Transportation Authority, Revenue Bonds | ||
Series C | ||
5.00%, due 11/15/38 | 250,000 | 250,472 |
Series C | ||
5.00%, due 11/15/42 | 500,000 | 500,943 |
New York City Municipal Water Finance Authority, Water & Sewer System Second General Resolution, Revenue Bonds | ||
5.00%, due 6/15/39 | 1,000,000 | 1,030,285 |
5.00%, due 6/15/49 | 305,000 | 323,842 |
Principal Amount | Value | |
New York (continued) | ||
New York City Transitional Finance Authority, Future Tax Secured, Revenue Bonds | ||
Series F-1 | ||
5.00%, due 5/1/42 | $ 750,000 | $ 794,448 |
New York Liberty Development Corp., Bank of America Tower at One Bryant Park Project, Revenue Bonds | ||
2.45%, due 9/15/69 | 500,000 | 452,303 |
New York Liberty Development Corp., Green Bond, Revenue Bonds | ||
Series A, Insured: AGM-CR | ||
2.75%, due 11/15/41 | 370,000 | 288,212 |
New York Liberty Development Corp., 1 World Trade Center, Revenue Bonds | ||
Insured: BAM | ||
4.00%, due 2/15/43 | 1,500,000 | 1,485,473 |
New York Liberty Development Corp., 3 World Trade Center LLC, Revenue Bonds | ||
Class 1 | ||
5.00%, due 11/15/44 (c) | 1,250,000 | 1,214,657 |
New York State Dormitory Authority, State Personal Income Tax, Revenue Bonds | ||
Series E | ||
3.00%, due 3/15/41 | 250,000 | 210,742 |
Series E | ||
4.00%, due 3/15/45 | 1,950,000 | 1,925,283 |
New York State Dormitory Authority, Personal Income Tax, Revenue Bonds | ||
Series C | ||
5.00%, due 3/15/41 | 750,000 | 758,464 |
New York State Dormitory Authority, Sales tax, Revenue Bonds | ||
Series E-3 | ||
5.00%, due 3/15/41 | 1,500,000 | 1,620,044 |
New York State Thruway Authority, Revenue Bonds, Junior Lien | ||
Series A | ||
5.00%, due 1/1/41 | 1,000,000 | 1,035,657 |
New York State Urban Development Corp., Personal Income Tax, Revenue Bonds | ||
Series A | ||
4.00%, due 3/15/38 | 250,000 | 253,446 |
20 | MainStay MacKay Strategic Municipal Allocation Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
New York (continued) | ||
New York Transportation Development Corp., John F. kennedy International Airport Project, Revenue Bonds | ||
5.00%, due 12/1/25 (b) | $ 1,400,000 | $ 1,439,666 |
New York Transportation Development Corp., LaGuardia Airport Terminal B Redevelopment Project, Revenue Bonds | ||
5.00%, due 7/1/46 (b) | 3,000,000 | 2,980,680 |
Port Authority of New York & New Jersey, Consolidated 218th, Revenue Bonds | ||
Series 218 | ||
4.00%, due 11/1/37 (b) | 380,000 | 378,442 |
Port Authority of New York & New Jersey, Consolidated 234th, Revenue Bonds | ||
Series 234 | ||
5.00%, due 8/1/38 (b) | 3,500,000 | 3,840,926 |
Triborough Bridge & Tunnel Authority, Payroll Mobility Tax, Revenue Bonds, Senior Lien | ||
Series A-2, Insured: AGM-CR | ||
2.00%, due 5/15/45 (a) | 250,000 | 231,573 |
Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels, Revenue Bonds | ||
Series B-3 | ||
5.00%, due 11/15/38 | 640,000 | 666,235 |
32,884,109 | ||
North Carolina 1.2% | ||
Greater Asheville Regional Airport Authority, Revenue Bonds | ||
Series A, Insured: AGM | ||
5.00%, due 7/1/30 (b) | 1,500,000 | 1,648,012 |
Insured: AGM | ||
5.25%, due 7/1/40 | 500,000 | 548,105 |
Insured: AGM | ||
5.25%, due 7/1/43 | 500,000 | 541,640 |
North Carolina Turnpike Authority, Triangle Expressway System, Revenue Bonds, Senior Lien | ||
Insured: AGM | ||
5.00%, due 1/1/36 | 1,545,000 | 1,664,165 |
4,401,922 |
Principal Amount | Value | |
North Dakota 0.1% | ||
City of Grand Forks, Altru Health System, Revenue Bonds | ||
4.00%, due 12/1/37 | $ 310,000 | $ 285,002 |
Ohio 2.6% | ||
American Municipal Power, Inc., Hydroelectric Projects, Revenue Bonds | ||
Series A | ||
5.00%, due 2/15/41 | 3,000,000 | 3,075,489 |
City of Toledo, Various Purpose Improvement, Limited General Obligation | ||
Insured: AGM | ||
5.25%, due 12/1/35 | 1,000,000 | 1,159,556 |
Insured: AGM | ||
5.25%, due 12/1/37 | 750,000 | 854,480 |
City of Upper Arlington, Various Purpose, Limited General Obligation | ||
5.75%, due 12/1/38 | 700,000 | 742,337 |
Cloverleaf Local School District, Certificate of Participation | ||
Insured: BAM | ||
5.375%, due 12/1/37 | 750,000 | 817,384 |
Euclid City School District, Unlimited General Obligation | ||
Series A, Insured: SD CRED PROG | ||
5.25%, due 1/15/44 | 2,000,000 | 2,062,455 |
Forest Hills Local School District, Unlimited General Obligation | ||
5.00%, due 12/1/44 | 490,000 | 496,851 |
Ohio Air Quality Development Authority, Ohio Valley Electric Corp. Project, Revenue Bonds | ||
2.875%, due 2/1/26 | 250,000 | 236,568 |
9,445,120 | ||
Oregon 0.3% | ||
State of Oregon, Unlimited General Obligation | ||
Series F | ||
5.00%, due 5/1/35 | 1,195,000 | 1,234,856 |
Pennsylvania 3.3% | ||
Allentown Neighborhood Improvement Zone Development Authority, Revenue Bonds | ||
6.00%, due 5/1/42 (c) | 500,000 | 510,169 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Pennsylvania (continued) | ||
Bucks County Industrial Development Authority, Grand View Hospital Project, Revenue Bonds | ||
5.00%, due 7/1/34 | $ 300,000 | $ 292,255 |
5.00%, due 7/1/35 | 300,000 | 290,643 |
Chester County Industrial Development Authority, Collegium Charter School, Revenue Bonds | ||
5.00%, due 10/15/32 (c) | 250,000 | 246,296 |
Dauphin County General Authority, Harrisburg University Science Technology Project (The), Revenue Bonds (c) | ||
4.25%, due 10/15/26 | 100,000 | 96,846 |
5.00%, due 10/15/30 | 1,000,000 | 976,293 |
Indiana County Industrial Development Authority, Foundation for Indiana University of Pennsylvania (The), Revenue Bonds | ||
Insured: BAM | ||
5.00%, due 5/1/29 | 250,000 | 273,294 |
Lancaster Industrial Development Authority, Landis Homes Retirement Community, Revenue Bonds | ||
4.00%, due 7/1/37 | 100,000 | 84,577 |
Pennsylvania Economic Development Financing Authority, Penndot Major Bridges Project, Revenue Bonds (b) | ||
5.25%, due 6/30/35 | 1,800,000 | 2,000,893 |
5.50%, due 6/30/37 | 250,000 | 278,406 |
5.50%, due 6/30/38 | 500,000 | 554,529 |
Pennsylvania Housing Finance Agency, Revenue Bonds | ||
Series A-141 | ||
5.75%, due 10/1/53 | 660,000 | 713,388 |
Pennsylvania Turnpike Commission, Revenue Bonds | ||
Series B | ||
4.00%, due 12/1/42 | 250,000 | 245,602 |
Series A-1 | ||
5.00%, due 12/1/41 | 1,000,000 | 1,040,808 |
Series A | ||
5.50%, due 12/1/46 | 1,155,000 | 1,209,202 |
Principal Amount | Value | |
Pennsylvania (continued) | ||
Philadelphia Authority for Industrial Development, Philadelphia Performing Arts Charter School Project, Revenue Bonds | ||
5.00%, due 6/15/30 (c) | $ 435,000 | $ 452,080 |
Pittsburgh Water & Sewer Authority, Revenue Bonds, First Lien | ||
Series A, Insured: AGM | ||
5.00%, due 9/1/35 | 1,200,000 | 1,375,454 |
West Shore School District, Limited General Obligation | ||
Insured: State Aid Withholding | ||
5.00%, due 11/15/43 | 1,000,000 | 1,047,940 |
11,688,675 | ||
Puerto Rico 1.3% | ||
Commonwealth of Puerto Rico | ||
(zero coupon), due 11/1/43 | 98,097 | 46,228 |
Commonwealth of Puerto Rico, Unlimited General Obligation | ||
Series A-1 | ||
4.00%, due 7/1/35 | 518,717 | 465,261 |
Series A-1 | ||
5.625%, due 7/1/27 | 625,000 | 652,109 |
Series A-1 | ||
5.75%, due 7/1/31 | 265,000 | 284,224 |
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds | ||
Series B | ||
5.00%, due 7/1/28 (c) | 1,000,000 | 1,017,219 |
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds, Senior Lien | ||
Series A | ||
5.00%, due 7/1/33 (c) | 1,000,000 | 1,003,456 |
Puerto Rico Housing Finance Authority, El Mirador LLC, Revenue Bonds | ||
Series B, Insured: HUD Sector 8 | ||
5.00%, due 3/1/27 (a) | 750,000 | 785,228 |
Puerto Rico Sales Tax Financing Corp., Revenue Bonds | ||
Series A-2 | ||
4.329%, due 7/1/40 | 500,000 | 466,154 |
4,719,879 |
22 | MainStay MacKay Strategic Municipal Allocation Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Rhode Island 0.6% | ||
Rhode Island Health and Educational Building Corp., Public Schools Financing Program, Revenue Bonds | ||
Series F | ||
5.50%, due 5/15/47 | $ 1,500,000 | $ 1,679,564 |
Rhode Island Housing and Mortgage Finance Corp., Revenue Bonds | ||
Series 77A | ||
5.00%, due 4/1/27 | 555,000 | 594,504 |
2,274,068 | ||
South Carolina 0.6% | ||
City of Spartanburg, Water System, Revenue Bonds | ||
Series A | ||
5.00%, due 12/1/34 | 1,000,000 | 1,052,917 |
Greenville Housing Authority, Gordon Street Affordable LP, Revenue Bonds | ||
Insured: FHA 221(D4) | ||
5.00%, due 10/1/26 (a) | 1,000,000 | 1,029,498 |
2,082,415 | ||
South Dakota 0.2% | ||
Baltic School District No. 49-1, Unlimited General Obligation | ||
Insured: AGM | ||
4.50%, due 12/1/40 | 575,000 | 599,535 |
Tennessee 1.9% | ||
Health Educational and Housing Facility Board of the City of Memphis (The), Strategies LP, Revenue Bonds | ||
Insured: HUD Sector 8 FHA 221(D4) | ||
5.00%, due 7/1/27 (a) | 500,000 | 518,880 |
Health Educational and Housing Facility Board of the City of Memphis (The), Strategies II LP, Revenue Bonds | ||
Insured: HUD Sector 8 FHA 221(D4) | ||
5.00%, due 7/1/27 (a) | 500,000 | 519,031 |
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, 619 at Old Stone Bridge Crossings LP, Revenue Bonds | ||
Series B | ||
4.00%, due 4/1/26 (a) | 1,511,000 | 1,518,839 |
Principal Amount | Value | |
Tennessee (continued) | ||
Metropolitan Nashville Airport Authority (The), Revenue Bonds | ||
Series B | ||
5.00%, due 7/1/36 (b) | $ 3,500,000 | $ 3,766,201 |
Tennessee Energy Acquisition Corp., Revenue Bonds | ||
Series B | ||
5.625%, due 9/1/26 | 500,000 | 518,896 |
6,841,847 | ||
Texas 9.8% | ||
Alamito Public Facility Corp., EP WH Mesa Franklin LLC, Revenue Bonds | ||
Insured: FHA 221(D4) | ||
3.50%, due 9/1/25 (a) | 1,003,000 | 996,903 |
Alamito Public Facility Corp., EP WH Cien Palmas LLC, Revenue Bonds | ||
Insured: HUD Sector 8 FHA 221(D4) | ||
3.50%, due 9/1/25 (a) | 1,008,000 | 1,001,873 |
Allen Independent School District, Unlimited General Obligation | ||
Insured: PSF-GTD | ||
5.00%, due 2/15/35 | 2,000,000 | 2,105,857 |
Barbers Hill Independent School District, Unlimited General Obligation | ||
Insured: PSF-GTD | ||
4.00%, due 2/15/41 | 1,000,000 | 1,004,957 |
Belmont Fresh Water Supply District No. 1, Unlimited General Obligation | ||
Insured: BAM | ||
5.00%, due 3/1/30 | 440,000 | 482,325 |
Central Texas Regional Mobility Authority, Revenue Bonds | ||
(zero coupon), due 1/1/27 | 1,900,000 | 1,666,092 |
City of Arlington, Special Tax, Special Tax, Senior Lien | ||
Series A, Insured: AGM | ||
5.00%, due 2/15/43 | 250,000 | 262,670 |
City of Georgetown, Utility System, Revenue Bonds | ||
Insured: AGM | ||
5.00%, due 8/15/28 | 1,035,000 | 1,148,336 |
City of Houston, Hotel Occupancy Tax & Special Tax, Revenue Bonds | ||
5.00%, due 9/1/28 | 365,000 | 402,476 |
County of Parker, Unlimited General Obligation | ||
5.00%, due 2/15/42 | 6,000,000 | 6,276,835 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Texas (continued) | ||
Dallas Fort Worth International Airport, Revenue Bonds | ||
Series A | ||
4.00%, due 11/1/46 | $ 250,000 | $ 244,885 |
Series B | ||
5.00%, due 11/1/36 | 1,000,000 | 1,144,726 |
Dallas Independent School District, Unlimited General Obligation | ||
Insured: PSF-GTD | ||
5.00%, due 2/15/48 | 845,000 | 931,575 |
Forney Independent School District, Unlimited General Obligation | ||
Insured: BAM | ||
(zero coupon), due 8/15/41 | 255,000 | 83,120 |
Harris County Municipal Utility District No. 423, Unlimited General Obligation | ||
Series A, Insured: BAM | ||
7.25%, due 4/1/26 | 300,000 | 332,779 |
Series A, Insured: BAM | ||
7.25%, due 4/1/27 | 300,000 | 344,401 |
Harris County Toll Road, Revenue Bonds, Senior Lien | ||
5.00%, due 8/15/43 | 2,290,000 | 2,421,451 |
Houston Higher Education Finance Corp., KIPP, Inc., Revenue Bonds | ||
Series A, Insured: PSF-GTD | ||
4.00%, due 2/15/39 | 1,000,000 | 974,824 |
Midlothian Independent School District, Unlimited General Obligation | ||
Insured: PSF-GTD | ||
5.00%, due 2/15/43 | 3,460,000 | 3,644,913 |
New Hope Cultural Education Facilities Finance Corp., Jubilee Academic Center, Inc., Revenue Bonds | ||
4.00%, due 8/15/29 (c) | 795,000 | 749,239 |
New Hope Cultural Education Facilities Finance Corp., Outlook at Windhaven Forefront Living, Revenue Bonds | ||
Series B-3 | ||
4.25%, due 10/1/26 | 1,100,000 | 1,081,117 |
North Texas Tollway Authority, Revenue Bonds | ||
Series B | ||
5.00%, due 1/1/45 | 1,000,000 | 1,018,344 |
Principal Amount | Value | |
Texas (continued) | ||
North Texas Tollway Authority, Revenue Bonds, First Tier | ||
Series A | ||
5.25%, due 1/1/38 | $ 1,000,000 | $ 1,134,298 |
Sabine-Neches Navigation District, Waterway Project, Limited General Obligation | ||
5.25%, due 2/15/39 | 1,500,000 | 1,688,314 |
State of Texas, Unlimited General Obligation | ||
Series A | ||
5.00%, due 10/1/32 | 1,500,000 | 1,569,683 |
Series A | ||
5.00%, due 4/1/37 | 750,000 | 781,400 |
Texas Department of Housing & Community Affairs, Revenue Bonds | ||
Series A, Insured: GNMA | ||
3.50%, due 7/1/52 | 635,000 | 625,968 |
Texas Private Activity Bond Surface Transportation Corp., Blueridge Transportation Group LLC, Revenue Bonds, Senior Lien | ||
5.00%, due 12/31/45 (b) | 1,000,000 | 1,003,443 |
35,122,804 | ||
U.S. Virgin Islands 0.8% | ||
Matching Fund Special Purpose Securitization Corp., Revenue Bonds | ||
Series A | ||
5.00%, due 10/1/26 | 860,000 | 876,793 |
Series A | ||
5.00%, due 10/1/30 | 2,000,000 | 2,035,860 |
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan, Revenue Bonds | ||
Series C, Insured: AGM-CR | ||
5.00%, due 10/1/30 | 100,000 | 100,072 |
3,012,725 | ||
Utah 2.0% | ||
Central Utah Water Conservancy District, Revenue Bonds | ||
Series B | ||
4.00%, due 10/1/39 | 1,000,000 | 1,011,260 |
Intermountain Power Agency, Revenue Bonds | ||
Series A | ||
5.00%, due 7/1/41 | 880,000 | 979,077 |
24 | MainStay MacKay Strategic Municipal Allocation Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Utah (continued) | ||
State of Utah, Build America Bonds, Unlimited General Obligation | ||
Series B | ||
3.539%, due 7/1/25 | $ 3,138,135 | $ 3,100,467 |
UIPA Crossroads Public Infrastructure District, Tax Allocation | ||
4.125%, due 6/1/41 (c) | 500,000 | 434,818 |
Utah Charter School Finance Authority, Spectrum Academy Project, Revenue Bonds | ||
Insured: BAM UT CSCE | ||
4.00%, due 4/15/40 | 250,000 | 239,001 |
Utah Charter School Finance Authority, Summit Academy, Inc. Project, Revenue Bonds | ||
Insured: UT CSCE | ||
5.00%, due 4/15/28 | 200,000 | 214,852 |
Insured: UT CSCE | ||
5.00%, due 4/15/29 | 185,000 | 201,365 |
Utah Infrastructure Agency, Revenue Bonds | ||
4.00%, due 10/15/35 | 700,000 | 647,634 |
Series A | ||
5.00%, due 10/15/28 | 460,000 | 473,880 |
7,302,354 | ||
Vermont 0.8% | ||
University of Vermont and State Agricultural College, Revenue Bonds | ||
5.00%, due 10/1/40 | 1,500,000 | 1,535,535 |
Vermont Student Assistance Corp., Revenue Bonds | ||
Series A | ||
5.00%, due 6/15/23 (b) | 1,250,000 | 1,251,222 |
2,786,757 | ||
Virginia 0.3% | ||
James City County Economic Development Authority, Blaine Landing Phase II LP, Revenue Bonds | ||
Insured: FHA 221(D4) | ||
5.00%, due 2/1/26 (a) | 1,000,000 | 1,018,595 |
Principal Amount | Value | |
Washington 1.0% | ||
State of Washington, Unlimited General Obligation | ||
Series D | ||
5.00%, due 2/1/35 | $ 500,000 | $ 506,211 |
Series A | ||
5.00%, due 6/1/38 | 1,000,000 | 1,119,709 |
Series A | ||
5.00%, due 8/1/42 | 655,000 | 716,525 |
Washington State Convention Center Public Facilities District, Lodging Tax, Revenue Bonds | ||
Series B | ||
4.00%, due 7/1/36 | 1,000,000 | 959,585 |
Washington State Housing Finance Commission, Eliseo Project, Revenue Bonds | ||
Series B-2 | ||
2.125%, due 7/1/27 (c) | 250,000 | 224,409 |
3,526,439 | ||
West Virginia 0.5% | ||
State of West Virginia, Unlimited General Obligation | ||
Series A | ||
5.00%, due 12/1/35 | 470,000 | 527,319 |
West Virginia Hospital Finance Authority, Charleston Area Medical Center, Inc. Obligated Group, Revenue Bonds | ||
Series A | ||
5.00%, due 9/1/39 | 1,125,000 | 1,143,817 |
1,671,136 | ||
Wisconsin 1.6% | ||
County of Waushara, Revenue Notes | ||
Series A | ||
4.75%, due 12/1/23 | 1,000,000 | 1,003,140 |
Public Finance Authority, Revenue Bonds | ||
4.00%, due 4/1/32 (c) | 215,000 | 204,738 |
Public Finance Authority, University of Kansas, Revenue Bonds | ||
5.00%, due 3/1/41 | 3,400,000 | 3,476,423 |
Racine Unified School District, Revenue Notes | ||
4.00%, due 8/9/23 | 1,000,000 | 1,000,122 |
5,684,423 | ||
Total Long-Term Municipal Bonds (Cost $330,071,741) | 334,857,989 |
Principal Amount | Value | |
Short-Term Municipal Notes 4.4% | ||
Alabama 0.6% | ||
Alabama Housing Finance Authority, Capstone at Kinsey Cove LP, Revenue Bonds | ||
Series A | ||
3.875%, due 12/1/23 (e) | $ 1,500,000 | $ 1,498,652 |
Black Belt Energy Gas District, Gas Project No.7, Revenue Bonds | ||
Series C-2 | ||
4.21%, due 10/1/52 (e) | 700,000 | 674,874 |
2,173,526 | ||
California 1.2% | ||
Bay Area Toll Authority, Revenue Bonds | ||
Series A | ||
3.10%, due 4/1/55 (e) | 2,200,000 | 2,200,000 |
California Municipal Finance Authority, Waste Management, Inc., Revenue Bonds | ||
Series A | ||
4.125%, due 10/1/41 (b)(e) | 1,500,000 | 1,510,911 |
Metropolitan Water District of Southern California, Waterworks, Revenue Bonds | ||
Series E | ||
4.00%, due 7/1/37 (e) | 500,000 | 498,332 |
4,209,243 | ||
Indiana 0.3% | ||
Indiana Finance Authority, Republic Services, Inc., Revenue Bonds | ||
Series B | ||
3.65%, due 5/1/28 (e) | 1,000,000 | 999,880 |
New York 2.0% | ||
New York City Housing Development Corp., Multi-Family Housing, Sustainable Neighborhood, Revenue Bonds | ||
Series F-2A, Insured: FHA 542(C) | ||
3.40%, due 11/1/62 (e) | 500,000 | 499,289 |
New York City Transitional Finance Authority, Future Tax Secured, Revenue Bonds (e) | ||
Series A4 | ||
3.75%, due 11/1/29 | 6,000,000 | 6,000,000 |
Principal Amount | Value | ||
New York (continued) | |||
New York City Transitional Finance Authority, Future Tax Secured, Revenue Bonds (e) (continued) | |||
Series A-4 | |||
3.75%, due 8/1/39 | $ 800,000 | $ 800,000 | |
7,299,289 | |||
Texas 0.1% | |||
Alamito Public Facility Corp., EP Jackie Robinson LP, Revenue Bonds | |||
Insured: HUD Sector 8 | |||
4.375%, due 3/1/41 (e) | 500,000 | 499,991 | |
Washington 0.2% | |||
County of King, Sewer, Revenue Bonds, Junior Lien | |||
Series A | |||
4.09%, due 1/1/40 (e) | 655,000 | 638,161 | |
Total Short-Term Municipal Notes (Cost $15,855,000) | 15,820,090 | ||
Total Investments (Cost $345,926,741) | 98.2% | 350,678,079 | |
Other Assets, Less Liabilities | 1.8 | 6,402,362 | |
Net Assets | 100.0% | $ 357,080,441 |
† | Percentages indicated are based on Fund net assets. |
^ | Industry classifications may be different than those used for compliance monitoring purposes. |
‡ | Less than one-tenth of a percent. |
(a) | Coupon rate may change based on changes of the underlying collateral or prepayments of principal. Rate shown was the rate in effect as of April 30, 2023. |
(b) | Interest on these securities was subject to alternative minimum tax. |
(c) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
(d) | Delayed delivery security. |
(e) | Variable-rate demand notes (VRDNs)—Provide the right to sell the security at face value on either that day or within the rate-reset period. VRDNs will normally trade as if the maturity is the earlier put date, even though stated maturity is longer. The interest rate is reset on the put date at a stipulated daily, weekly, monthly, quarterly, or other specified time interval to reflect current market conditions. These securities do not indicate a reference rate and spread in their description. The maturity date shown is the final maturity. |
26 | MainStay MacKay Strategic Municipal Allocation Fund |
Type | Number of Contracts | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)2 |
Short Contracts | |||||
U.S. Treasury 10 Year Ultra Bonds | (290) | June 2023 | $ (33,920,270) | $ (35,221,406) | $ (1,301,136) |
1. | As of April 30, 2023, cash in the amount of $899,000 was on deposit with a broker or futures commission merchant for futures transactions. |
2. | Represents the difference between the value of the contracts at the time they were opened and the value as of April 30, 2023. |
Abbreviation(s): |
AGM—Assured Guaranty Municipal Corp. |
BAM—Build America Mutual Assurance Co. |
CR—Custodial Receipts |
FGIC—Financial Guaranty Insurance Company |
FHA—Federal Housing Administration |
FHLMC—Federal Home Loan Mortgage Corp. |
FNMA—Federal National Mortgage Association |
GNMA—Government National Mortgage Association |
HUD—Housing and Urban Development |
NATL-RE—National Public Finance Guarantee Corp. |
PSF-GTD—Permanent School Fund Guaranteed |
Q-SBLF—Qualified School Board Loan Fund |
SD CRED PROG—School District Credit Enhancement Program |
UT CSCE—Utah Charter School Credit Enhancement Program |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Municipal Bonds | |||||||
Long-Term Municipal Bonds | $ — | $ 334,857,989 | $ — | $ 334,857,989 | |||
Short-Term Municipal Notes | — | 15,820,090 | — | 15,820,090 | |||
Total Municipal Bonds | — | 350,678,079 | — | 350,678,079 | |||
Total Investments in Securities | $ — | $ 350,678,079 | $ — | $ 350,678,079 | |||
Liability Valuation Inputs | |||||||
Other Financial Instruments | |||||||
Futures Contracts (b) | $ (1,301,136) | $ — | $ — | $ (1,301,136) |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
(b) | The value listed for these securities reflects unrealized appreciation (depreciation) as shown on the Portfolio of Investments. |
Assets | |
Investment in securities, at value (identified cost $345,926,741) | $350,678,079 |
Cash | 2,254,936 |
Cash collateral on deposit at broker for futures contracts | 899,000 |
Receivables: | |
Interest | 4,590,083 |
Fund shares sold | 1,372,824 |
Investment securities sold | 991,280 |
Other assets | 98,038 |
Total assets | 360,884,240 |
Liabilities | |
Payables: | |
Investment securities purchased | 2,747,630 |
Fund shares redeemed | 673,912 |
Variation margin on futures contracts | 217,499 |
Manager (See Note 3) | 93,624 |
Custodian | 23,997 |
Transfer agent (See Note 3) | 18,784 |
Shareholder communication | 15,732 |
NYLIFE Distributors (See Note 3) | 9,693 |
Professional fees | 459 |
Accrued expenses | 2,286 |
Distributions payable | 183 |
Total liabilities | 3,803,799 |
Net assets | $357,080,441 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 37,767 |
Additional paid-in-capital | 361,159,620 |
361,197,387 | |
Total distributable earnings (loss) | (4,116,946) |
Net assets | $357,080,441 |
Class A | |
Net assets applicable to outstanding shares | $ 43,202,809 |
Shares of beneficial interest outstanding | 4,562,843 |
Net asset value per share outstanding | $ 9.47 |
Maximum sales charge (3.00% of offering price) | 0.29 |
Maximum offering price per share outstanding | $ 9.76 |
Investor Class | |
Net assets applicable to outstanding shares | $ 99,511 |
Shares of beneficial interest outstanding | 10,521 |
Net asset value per share outstanding | $ 9.46 |
Maximum sales charge (2.50% of offering price) | 0.24 |
Maximum offering price per share outstanding | $ 9.70 |
Class C | |
Net assets applicable to outstanding shares | $ 3,291,493 |
Shares of beneficial interest outstanding | 348,251 |
Net asset value and offering price per share outstanding | $ 9.45 |
Class C2 | |
Net assets applicable to outstanding shares | $ 214,212 |
Shares of beneficial interest outstanding | 22,657 |
Net asset value and offering price per share outstanding | $ 9.45 |
Class I | |
Net assets applicable to outstanding shares | $310,246,184 |
Shares of beneficial interest outstanding | 32,819,459 |
Net asset value and offering price per share outstanding | $ 9.45 |
Class R6 | |
Net assets applicable to outstanding shares | $ 26,232 |
Shares of beneficial interest outstanding | 2,775 |
Net asset value and offering price per share outstanding | $ 9.45 |
28 | MainStay MacKay Strategic Municipal Allocation Fund |
Investment Income (Loss) | |
Income | |
Interest | $ 7,200,859 |
Expenses | |
Manager (See Note 3) | 839,511 |
Registration | 125,861 |
Transfer agent (See Note 3) | 103,820 |
Professional fees | 76,071 |
Custodian | 67,847 |
Distribution/Service—Class A (See Note 3) | 47,557 |
Distribution/Service—Investor Class (See Note 3) | 322 |
Distribution/Service—Class C (See Note 3) | 8,620 |
Distribution/Service—Class C2 (See Note 3) | 348 |
Shareholder communication | 17,528 |
Trustees | 4,259 |
Miscellaneous | 9,660 |
Total expenses before waiver/reimbursement | 1,301,404 |
Expense waiver/reimbursement from Manager (See Note 3) | (153,643) |
Reimbursement from prior custodian(a) | (597) |
Net expenses | 1,147,164 |
Net investment income (loss) | 6,053,695 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | (8,103,792) |
Futures transactions | 2,229,229 |
Net realized gain (loss) | (5,874,563) |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | 9,869,490 |
Futures contracts | (1,835,660) |
Net change in unrealized appreciation (depreciation) | 8,033,830 |
Net realized and unrealized gain (loss) | 2,159,267 |
Net increase (decrease) in net assets resulting from operations | $ 8,212,962 |
(a) | Represents a refund for overbilling of custody fees. |
for the years ended April 30, 2023 and April 30, 2022
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 6,053,695 | $ 1,039,155 |
Net realized gain (loss) | (5,874,563) | 417,800 |
Net change in unrealized appreciation (depreciation) | 8,033,830 | (7,062,471) |
Net increase (decrease) in net assets resulting from operations | 8,212,962 | (5,605,516) |
Distributions to shareholders: | ||
Class A | (630,063) | (32,170) |
Investor Class | (3,510) | (1,324) |
Class C | (50,794) | (5,882) |
Class C2 | (1,515) | — |
Class I | (6,462,197) | (1,888,346) |
Class R6 | (842) | (768) |
Total distributions to shareholders | (7,148,921) | (1,928,490) |
Capital share transactions: | ||
Net proceeds from sales of shares | 434,866,901 | 58,605,291 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 7,136,822 | 1,927,984 |
Cost of shares redeemed | (183,989,524) | (16,807,791) |
Increase (decrease) in net assets derived from capital share transactions | 258,014,199 | 43,725,484 |
Net increase (decrease) in net assets | 259,078,240 | 36,191,478 |
Net Assets | ||
Beginning of year | 98,002,201 | 61,810,723 |
End of year | $ 357,080,441 | $ 98,002,201 |
30 | MainStay MacKay Strategic Municipal Allocation Fund |
Year Ended April 30, | June 28, 2019^ through April 30, | ||||||
Class A | 2023 | 2022 | 2021 | 2020 | |||
Net asset value at beginning of period | $ 9.50 | $ 10.43 | $ 9.65 | $ 10.00 | |||
Net investment income (loss) | 0.26(a) | 0.12(a) | 0.15(a) | 0.14 | |||
Net realized and unrealized gain (loss) | (0.01) | (0.78) | 0.82 | (0.29) | |||
Total from investment operations | 0.25 | (0.66) | 0.97 | (0.15) | |||
Less distributions: | |||||||
From net investment income | (0.26) | (0.17) | (0.19) | (0.14) | |||
From net realized gain on investments | (0.02) | (0.10) | — | (0.06) | |||
Total distributions | (0.28) | (0.27) | (0.19) | (0.20) | |||
Net asset value at end of period | $ 9.47 | $ 9.50 | $ 10.43 | $ 9.65 | |||
Total investment return (b) | 2.73% | (6.54)% | 10.02% | (1.44)% | |||
Ratios (to average net assets)/Supplemental Data: | |||||||
Net investment income (loss) | 2.78% | 1.22% | 1.47% | 1.39%†† | |||
Net expenses | 0.77% | 0.77% | 0.72% | 0.77%†† | |||
Expenses (before waiver/reimbursement) | 0.84% | 0.97% | 0.98% | 1.12%†† | |||
Portfolio turnover rate (c) | 81% | 32% | 66% | 108% | |||
Net assets at end of period (in 000’s) | $ 43,203 | $ 5,246 | $ 454 | $ 136 |
^ | Inception date. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | The portfolio turnover rate includes variable rate demand notes. |
Year Ended April 30, | June 28, 2019^ through April 30, | ||||||
Investor Class | 2023 | 2022 | 2021 | 2020 | |||
Net asset value at beginning of period | $ 9.49 | $ 10.41 | $ 9.65 | $ 10.00 | |||
Net investment income (loss) | 0.21(a) | 0.11(a) | 0.13(a) | 0.14 | |||
Net realized and unrealized gain (loss) | 0.03 | (0.79) | 0.80 | (0.29) | |||
Total from investment operations | 0.24 | (0.68) | 0.93 | (0.15) | |||
Less distributions: | |||||||
From net investment income | (0.25) | (0.14) | (0.17) | (0.14) | |||
From net realized gain on investments | (0.02) | (0.10) | — | (0.06) | |||
Total distributions | (0.27) | (0.24) | (0.17) | (0.20) | |||
Net asset value at end of period | $ 9.46 | $ 9.49 | $ 10.41 | $ 9.65 | |||
Total investment return (b) | 2.58% | (6.69)% | 9.65% | (1.56)% | |||
Ratios (to average net assets)/Supplemental Data: | |||||||
Net investment income (loss) | 2.23% | 1.04% | 1.23% | 1.30%†† | |||
Net expenses | 0.92% | 0.97% | 0.98% | 0.79%†† | |||
Expenses (before waiver/reimbursement) | 0.99% | 1.17% | 1.24% | 1.14%†† | |||
Portfolio turnover rate (c) | 81% | 32% | 66% | 108% | |||
Net assets at end of period (in 000's) | $ 100 | $ 46 | $ 33 | $ 34 |
^ | Inception date. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | The portfolio turnover rate includes variable rate demand notes. |
Year Ended April 30, | June 28, 2019^ through April 30, | ||||||
Class C | 2023 | 2022 | 2021 | 2020 | |||
Net asset value at beginning of period | $ 9.48 | $ 10.42 | $ 9.65 | $ 10.00 | |||
Net investment income (loss) | 0.22(a) | 0.08(a) | 0.10(a) | 0.12 | |||
Net realized and unrealized gain (loss) | (0.01) | (0.80) | 0.81 | (0.29) | |||
Total from investment operations | 0.21 | (0.72) | 0.91 | (0.17) | |||
Less distributions: | |||||||
From net investment income | (0.22) | (0.12) | (0.14) | (0.12) | |||
From net realized gain on investments | (0.02) | (0.10) | — | (0.06) | |||
Total distributions | (0.24) | (0.22) | (0.14) | (0.18) | |||
Net asset value at end of period | $ 9.45 | $ 9.48 | $ 10.42 | $ 9.65 | |||
Total investment return (b) | 2.31% | (7.12)% | 9.49% | (1.76)% | |||
Ratios (to average net assets)/Supplemental Data: | |||||||
Net investment income (loss) | 2.34% | 0.76% | 0.97% | 1.11%†† | |||
Net expenses | 1.18% | 1.22% | 1.23% | 1.03%†† | |||
Expenses (before waiver/reimbursement) | 1.25% | 1.42% | 1.49% | 1.38%†† | |||
Portfolio turnover rate (c) | 81% | 32% | 66% | 108% | |||
Net assets at end of period (in 000’s) | $ 3,291 | $ 558 | $ 113 | $ 79 |
^ | Inception date. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | The portfolio turnover rate includes variable rate demand notes. |
December 13, 2022^ through April 30, | |
Class C2 | 2023 |
Net asset value at beginning of period | $ 9.43* |
Net investment income (loss) (a) | 0.09 |
Net realized and unrealized gain (loss) | 0.03 |
Total from investment operations | 0.12 |
Less distributions: | |
From net investment income | (0.10) |
Net asset value at end of period | $ 9.45 |
Total investment return (b) | 1.29% |
Ratios (to average net assets)/Supplemental Data: | |
Net investment income (loss) | 2.49%†† |
Net expenses | 1.34%†† |
Expenses (before waiver/reimbursement) | 1.41%†† |
Portfolio turnover rate (c) | 81% |
Net assets at end of period (in 000’s) | $ 214 |
* | Based on the net asset value of Class C as of December 13, 2022. |
^ | Inception date. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | The portfolio turnover rate includes variable rate demand notes. |
32 | MainStay MacKay Strategic Municipal Allocation Fund |
Year Ended April 30, | June 28, 2019^ through April 30, | ||||||
Class I | 2023 | 2022 | 2021 | 2020 | |||
Net asset value at beginning of period | $ 9.48 | $ 10.42 | $ 9.65 | $ 10.00 | |||
Net investment income (loss) | 0.27(a) | 0.15(a) | 0.18(a) | 0.16 | |||
Net realized and unrealized gain (loss) | 0.00‡ | (0.80) | 0.81 | (0.29) | |||
Total from investment operations | 0.27 | (0.65) | 0.99 | (0.13) | |||
Less distributions: | |||||||
From net investment income | (0.28) | (0.19) | (0.22) | (0.16) | |||
From net realized gain on investments | (0.02) | (0.10) | — | (0.06) | |||
Total distributions | (0.30) | (0.29) | (0.22) | (0.22) | |||
Net asset value at end of period | $ 9.45 | $ 9.48 | $ 10.42 | $ 9.65 | |||
Total investment return (b) | 2.99% | (6.43)% | 10.28% | (1.35)% | |||
Ratios (to average net assets)/Supplemental Data: | |||||||
Net investment income (loss) | 2.90% | 1.49% | 1.72% | 1.57%†† | |||
Net expenses | 0.52% | 0.51% | 0.50% | 0.53%†† | |||
Expenses (before waiver/reimbursement) | 0.59% | 0.71% | 0.76% | 0.88%†† | |||
Portfolio turnover rate (c) | 81% | 32% | 66% | 108% | |||
Net assets at end of period (in 000’s) | $ 310,246 | $ 92,126 | $ 61,183 | $ 51,059 |
^ | Inception date. |
‡ | Less than one cent per share. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | The portfolio turnover rate includes variable rate demand notes. |
Year Ended April 30, | June 28, 2019^ through April 30, | ||||||
Class R6 | 2023 | 2022 | 2021 | 2020 | |||
Net asset value at beginning of period | $ 9.48 | $ 10.42 | $ 9.65 | $ 10.00 | |||
Net investment income (loss) | 0.26(a) | 0.16(a) | 0.18(a) | 0.17 | |||
Net realized and unrealized gain (loss) | 0.02 | (0.80) | 0.81 | (0.29) | |||
Total from investment operations | 0.28 | (0.64) | 0.99 | (0.12) | |||
Less distributions: | |||||||
From net investment income | (0.29) | (0.20) | (0.22) | (0.17) | |||
From net realized gain on investments | (0.02) | (0.10) | — | (0.06) | |||
Total distributions | (0.31) | (0.30) | (0.22) | (0.23) | |||
Net asset value at end of period | $ 9.45 | $ 9.48 | $ 10.42 | $ 9.65 | |||
Total investment return (b) | 3.01% | (6.41)% | 10.28% | (1.32)% | |||
Ratios (to average net assets)/Supplemental Data: | |||||||
Net investment income (loss) | 2.75% | 1.51% | 1.72% | 1.60%†† | |||
Net expenses | 0.50% | 0.50% | 0.50% | 0.50%†† | |||
Expenses (before waiver/reimbursement) | 0.55% | 0.70% | 0.77% | 0.86%†† | |||
Portfolio turnover rate (c) | 81% | 32% | 66% | 108% | |||
Net assets at end of period (in 000’s) | $ 26 | $ 25 | $ 27 | $ 25 |
^ | Inception date. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R6 shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | The portfolio turnover rate includes variable rate demand notes. |
34 | MainStay MacKay Strategic Municipal Allocation Fund |
Class | Commenced Operations |
Class A | June 28, 2019 |
Investor Class | June 28, 2019 |
Class C | June 28, 2019 |
Class C2 | December 13, 2022 |
Class I | June 28, 2019 |
Class R6 | June 28, 2019 |
SIMPLE Class | N/A* |
* | SIMPLE Class shares were registered for sale effective as of August 31, 2020 but have not yet commenced operations. |
• | Level 1—quoted prices (unadjusted) in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Fund's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• Benchmark yields | • Reported trades |
• Broker/dealer quotes | • Issuer spreads |
• Two-sided markets | • Benchmark securities |
• Bids/offers | • Reference data (corporate actions or material event notices) |
• Industry and economic events | • Comparable bonds |
• Monthly payment information |
36 | MainStay MacKay Strategic Municipal Allocation Fund |
38 | MainStay MacKay Strategic Municipal Allocation Fund |
Liability Derivatives | Interest Rate Contracts Risk | Total |
Futures Contracts - Net Assets—Net unrealized depreciation on futures contracts (a) | $(1,301,136) | $(1,301,136) |
Total Fair Value | $(1,301,136) | $(1,301,136) |
(a) | Includes cumulative appreciation (depreciation) of futures contracts as reported in the Portfolio of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Net Realized Gain (Loss) from: | Interest Rate Contracts Risk | Total |
Futures Contracts | $2,229,229 | $2,229,229 |
Total Net Realized Gain (Loss) | $2,229,229 | $2,229,229 |
Net Change in Unrealized Appreciation (Depreciation) | Interest Rate Contracts Risk | Total |
Futures Contracts | $(1,835,660) | $(1,835,660) |
Total Net Change in Unrealized Appreciation (Depreciation) | $(1,835,660) | $(1,835,660) |
Average Notional Amount | Total |
Futures Contracts Short | $(22,486,810) |
40 | MainStay MacKay Strategic Municipal Allocation Fund |
Class | Expense | Waived |
Class A | $ 9,676 | $— |
Investor Class | 251 | — |
Class C | 3,636 | — |
Class C2 | 119 | — |
Class I | 90,138 | — |
Class R6 | — | — |
Class A | $25,948 | 0.1% |
Investor Class | 25,760 | 25.9 |
Class C | 25,489 | 0.8 |
Class C2 | 25,262 | 11.8 |
Class R6 | 26,148 | 99.7 |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $346,621,794 | $6,876,603 | $(2,820,318) | $4,056,285 |
Ordinary Income | Undistributed Tax Exempt Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$— | $2,409 | $(8,175,457) | $(183) | $4,056,285 | $(4,116,946) |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $4,755 | $3,420 |
2023 | 2022 | |
Distributions paid from: | ||
Ordinary Income | $ 288,952 | $ 17,770 |
Long-Term Capital Gains | 365,818 | 594,960 |
Exempt Interest Dividends | 6,494,151 | 1,315,760 |
Total | $7,148,921 | $1,928,490 |
Class A | Shares | Amount |
Year ended April 30, 2023: | ||
Shares sold | 4,521,934 | $ 42,589,581 |
Shares issued to shareholders in reinvestment of distributions | 66,760 | 629,178 |
Shares redeemed | (595,824) | (5,610,827) |
Net increase (decrease) in shares outstanding before conversion | 3,992,870 | 37,607,932 |
Shares converted into Class A (See Note 1) | 17,915 | 166,839 |
Net increase (decrease) | 4,010,785 | $ 37,774,771 |
Year ended April 30, 2022: | ||
Shares sold | 627,789 | $ 6,160,870 |
Shares issued to shareholders in reinvestment of distributions | 3,108 | 31,706 |
Shares redeemed | (123,551) | (1,239,097) |
Net increase (decrease) in shares outstanding before conversion | 507,346 | 4,953,479 |
Shares converted into Class A (See Note 1) | 1,148 | 11,409 |
Net increase (decrease) | 508,494 | $ 4,964,888 |
Investor Class | Shares | Amount |
Year ended April 30, 2023: | ||
Shares sold | 51,856 | $ 492,143 |
Shares issued to shareholders in reinvestment of distributions | 345 | 3,235 |
Shares redeemed | (28,623) | (267,552) |
Net increase (decrease) in shares outstanding before conversion | 23,578 | 227,826 |
Shares converted from Investor Class (See Note 1) | (17,939) | (166,839) |
Net increase (decrease) | 5,639 | $ 60,987 |
Year ended April 30, 2022: | ||
Shares sold | 7,351 | $ 75,661 |
Shares issued to shareholders in reinvestment of distributions | 128 | 1,306 |
Shares redeemed | (5,527) | (54,397) |
Net increase (decrease) in shares outstanding before conversion | 1,952 | 22,570 |
Shares converted from Investor Class (See Note 1) | (269) | (2,812) |
Net increase (decrease) | 1,683 | $ 19,758 |
Class C | Shares | Amount |
Year ended April 30, 2023: | ||
Shares sold | 330,090 | $ 3,098,482 |
Shares issued to shareholders in reinvestment of distributions | 5,401 | 50,790 |
Shares redeemed | (46,116) | (431,464) |
Net increase (decrease) | 289,375 | $ 2,717,808 |
Year ended April 30, 2022: | ||
Shares sold | 67,637 | $ 681,825 |
Shares issued to shareholders in reinvestment of distributions | 577 | 5,875 |
Shares redeemed | (19,293) | (192,733) |
Net increase (decrease) in shares outstanding before conversion | 48,921 | 494,967 |
Shares converted from Class C (See Note 1) | (882) | (8,597) |
Net increase (decrease) | 48,039 | $ 486,370 |
Class C2(a) | Shares | Amount |
Period ended April 30, 2023: | ||
Shares sold | 22,951 | $ 215,964 |
Shares issued to shareholders in reinvestment of distributions | 160 | 1,515 |
Shares redeemed | (454) | (4,320) |
Net increase (decrease) | 22,657 | $ 213,159 |
42 | MainStay MacKay Strategic Municipal Allocation Fund |
Class I | Shares | Amount |
Year ended April 30, 2023: | ||
Shares sold | 41,397,550 | $ 388,470,731 |
Shares issued to shareholders in reinvestment of distributions | 686,149 | 6,451,262 |
Shares redeemed | (18,977,575) | (177,675,361) |
Net increase (decrease) | 23,106,124 | $ 217,246,632 |
Year ended April 30, 2022: | ||
Shares sold | 5,207,450 | $ 51,686,935 |
Shares issued to shareholders in reinvestment of distributions | 184,680 | 1,888,329 |
Shares redeemed | (1,552,936) | (15,321,564) |
Net increase (decrease) | 3,839,194 | $ 38,253,700 |
Class R6 | Shares | Amount |
Year ended April 30, 2023: | ||
Shares issued to shareholders in reinvestment of distributions | 89 | $ 842 |
Net increase (decrease) | 89 | $ 842 |
Year ended April 30, 2022: | ||
Shares issued to shareholders in reinvestment of distributions | 75 | $ 768 |
Net increase (decrease) | 75 | $ 768 |
(a) | The inception of the class was December 13, 2023. |
MainStay Funds Trust:
June 23, 2023
44 | MainStay MacKay Strategic Municipal Allocation Fund |
46 | MainStay MacKay Strategic Municipal Allocation Fund |
48 | MainStay MacKay Strategic Municipal Allocation Fund |
50 | MainStay MacKay Strategic Municipal Allocation Fund |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Naïm Abou-Jaoudé* 1966 | MainStay Funds: Trustee since June 2023; MainStay Funds Trust: Trustee since June 2023 | Chief Executive Officer of New York Life Investment Management LLC since 2023. Previously, Abou-Jaoudé was the Chief Executive Officer of Candriam (an affiliate of New York Life Investment Management LLC) from 2007 to 2023. | 79 | MainStay VP Funds Trust: Trustee since June 2023 (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since June 2023; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2023; and New York Life Investment Management International: Chair since 2015 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of his affiliation with New York Life Insurance Company, New York Life Investment Management LLC, Candriam, IndexIQ Advisors LLC, MacKay Shields LLC, NYL Investors LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
52 | MainStay MacKay Strategic Municipal Allocation Fund |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015);MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC (since 1999) | 79 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; VanEck Vectors Group of Exchange-Traded Funds: Trustee since 2006 and Independent Chairman of the Board of Trustees from 2008 to 2022 (57 portfolios); Berea College of Kentucky: Trustee since 2009, Chair of the Investment Committee since 2018 | |
Karen Hammond 1956 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021);MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 79 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Susan B. Kerley 1951 | MainStay Funds: Chairman since January 2017 and Trustee since 2007;MainStay Funds Trust: Chairman since January 2017 and Trustee since 1990** | President, Strategic Management Advisors LLC (since 1990) | 79 | MainStay VP Funds Trust: Chairman since January 2017 and Trustee since 2007 (31 portfolios)*; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since January 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) | |
Alan R. Latshaw 1951 | MainStay Funds: Trusteesince 2006;MainStay Funds Trust: Trustee since 2007** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 79 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)*; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Jacques P. Perold 1958 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015to December 2015);MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 79 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay Funds: Trustee since 1994;MainStay Funds Trust: Trustee since 2007** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) (since 2004); Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 79 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)*; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
* | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
54 | MainStay MacKay Strategic Municipal Allocation Fund |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay Funds, MainStay Funds Trust (since 2017) | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since January 2018); President, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust (since 2017); Senior Managing Director, Global Product Development (2015-2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay Funds (since 2007), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2007)**; and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay Funds and MainStay Funds Trust (since 2010) | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2010)** | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay Funds (since 2005), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2005)** | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay Funds and MainStay Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ Trust, IndexIQ ETF Trust and Index IQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Fund, MainStay VP Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012-2022) |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, New York Life Insurance Company, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
1.
2. | This Fund is registered for sale in CA, CT, DE, FL, MA, NJ, NY and VT. |
3. | An affiliate of New York Life Investment Management LLC. |
5022210MS043-23 | MSMSMA11-06/23 |
MainStay Defensive ETF Allocation Fund |
MainStay Conservative ETF Allocation Fund |
MainStay Moderate ETF Allocation Fund |
MainStay Growth ETF Allocation Fund |
MainStay Equity ETF Allocation Fund |
MainStay ESG Multi-Asset Allocation Fund |
please log in to newyorklifeinvestments.com/accounts.
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended April 30, 2023 | ||||||
Class | Sales Charge | Inception Date | One Year | Since Inception | Gross Expense Ratio1 | |
Class A Shares | Maximum 3.00% Initial Sales Charge | With sales charges | 6/30/2020 | -2.28% | -1.32% | 1.89% |
Excluding sales charges | 0.74 | -0.26 | 1.89 | |||
Class C Shares | Maximum 1.00% CDSC | With sales charges | 6/30/2020 | -1.00 | -1.00 | 2.74 |
if redeemed Within One Year of Purchase | Excluding sales charges | -0.02 | -1.00 | 2.74 | ||
Class I Shares | No Sales Charge | 6/30/2020 | 1.00 | 0.01 | 1.64 | |
Class R3 Shares | No Sales Charge | 6/30/2020 | 0.36 | -0.62 | 2.24 | |
SIMPLE Class Shares | No Sales Charge | 8/31/2020 | 0.47 | -1.48 | 2.24 |
1. | The gross expense ratios presented reflect the Fund’s “Total Annual Fund Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | One Year | Since Inception |
Bloomberg U.S. Aggregate Bond Index1 | -0.43% | -3.70% |
S&P 500® Index2 | 2.66 | 12.77 |
MSCI EAFE® Index (Net)3 | 8.42 | 9.43 |
Defensive Allocation Composite Index4 | 0.66 | -0.57 |
Morningstar Conservative Allocation Category Average5 | -0.27 | 1.41 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | The Fund has selected the Bloomberg U.S. Aggregate Bond Index as the primary broad-based securities market index for comparison purposes. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities. |
2. | The S&P 500® Index is the Fund's secondary benchmark. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance. |
3. | The Fund has selected the MSCI EAFE® Index (Net) as an additional benchmark. The MSCI EAFE® Index (Net) consists of international stocks representing the developed world outside of North America. |
4. | The Fund has selected the Defensive Allocation Composite Index as an additional benchmark. The Defensive Allocation Index consists of the S&P 500® Index, the MSCI EAFE® Index and the Bloomberg U.S. Aggregate Bond Index weighted 15%, 5% and 80%, respectively. |
5. | The Morningstar Conservative Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These conservative strategies prioritize preservation of capital over appreciation. They typically expect volatility similar to a strategic equity exposure between 15% and 30%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
6 | MainStay Defensive ETF Allocation Fund |
Share Class | Beginning Account Value 11/1/22 | Ending Account Value (Based on Actual Returns and Expenses) 4/30/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 4/30/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Class A Shares | $1,000.00 | $1,056.90 | $4.08 | $1,020.83 | $4.01 | 0.80% |
Class C Shares | $1,000.00 | $1,053.10 | $7.89 | $1,017.11 | $7.75 | 1.55% |
Class I Shares | $1,000.00 | $1,059.40 | $2.81 | $1,022.07 | $2.76 | 0.55% |
Class R3 Shares | $1,000.00 | $1,055.20 | $5.86 | $1,019.09 | $5.76 | 1.15% |
SIMPLE Class Shares | $1,000.00 | $1,055.50 | $5.35 | $1,019.59 | $5.26 | 1.05% |
1. | Expenses are equal to the Fund’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Fund's annualized expense ratio to reflect the six-month period. |
Equity Funds | 18.0 % |
Fixed Income Funds | 72.8 |
Short-Term Investments | 25.9 |
Other Assets, Less Liabilities | (16.7) |
8 | MainStay Defensive ETF Allocation Fund |
1. | See "Investment and Performance Comparison" for other share class returns, which may be higher or lower than Class I share returns, and for more information on benchmark and peer group returns. |
2. | The S&P SmallCap 600™ Index covers roughly the small-cap range of American stocks, using a capitalization-weighted index. Capitalization range is from $850 million to $3.7 billion. |
3. | Duration is a measure of the price sensitivity of a fixed-income investment to changes in interest rates. Duration is expressed as a number of years and is considered a more accurate sensitivity gauge than average maturity. |
4. | The yield curve is a line that plots the yields of various securities of similar quality—typically U.S. Treasury issues—across a range of maturities. The U.S. Treasury yield curve serves as a benchmark for other debt and is used in economic forecasting. |
10 | MainStay Defensive ETF Allocation Fund |
Shares | Value | ||
Investment Companies 90.8% | |||
Equity Funds 18.0% | |||
Health Care Select Sector SPDR Fund | 771 | $ 102,952 | |
Invesco S&P 500 Low Volatility ETF | 1,616 | 103,327 | |
iShares Core MSCI EAFE ETF | 2,260 | 155,420 | |
iShares Core S&P Mid-Cap ETF | 771 | 191,362 | |
iShares Core S&P Small-Cap ETF | 5,008 | 470,752 | |
iShares MSCI Japan ETF | 1,783 | 104,912 | |
Materials Select Sector SPDR Fund | 1,265 | 101,896 | |
Schwab U.S. Mid-Cap ETF | 680 | 45,839 | |
SPDR S&P Oil & Gas Exploration & Production ETF (a) | 833 | 105,883 | |
VanEck Oil Services ETF (a) | 179 | 49,069 | |
Vanguard Mega Cap ETF (a) | 1,092 | 159,246 | |
Vanguard Mega Cap Value ETF | 994 | 102,302 | |
Vanguard Mid-Cap ETF | 860 | 179,989 | |
Total Equity Funds (Cost $1,843,029) | 1,872,949 | ||
Fixed Income Funds 72.8% | |||
Invesco Senior Loan ETF (a) | 44,560 | 930,413 | |
iShares 0-5 Year High Yield Corporate Bond ETF (a) | 16,289 | 676,808 | |
iShares Broad USD High Yield Corporate Bond ETF | 10,403 | 368,682 | |
iShares Broad USD Investment Grade Corporate Bond ETF | 21,712 | 1,104,924 | |
iShares Core U.S. Aggregate Bond ETF | 21,995 | 2,198,620 | |
Schwab U.S. Aggregate Bond ETF | 46,741 | 2,199,632 | |
Vanguard Short-Term Bond ETF | 1,366 | 104,690 | |
Total Fixed Income Funds (Cost $8,138,158) | 7,583,769 | ||
Total Investment Companies (Cost $9,981,187) | 9,456,718 | ||
Short-Term Investments 25.9% | |||
Affiliated Investment Company 9.0% | |||
MainStay U.S. Government Liquidity Fund, 3.98% (b) | 935,146 | 935,146 | |
Unaffiliated Investment Company 16.9% | |||
Invesco Government & Agency Portfolio, 4.857% (b)(c) | 1,754,877 | 1,754,877 | |
Total Short-Term Investments (Cost $2,690,023) | 2,690,023 | ||
Total Investments (Cost $12,671,210) | 116.7% | 12,146,741 | |
Other Assets, Less Liabilities | (16.7) | (1,735,133) | |
Net Assets | 100.0% | $ 10,411,608 |
12 | MainStay Defensive ETF Allocation Fund |
† | Percentages indicated are based on Fund net assets. |
^ | Industry classifications may be different than those used for compliance monitoring purposes. |
(a) | All or a portion of this security was held on loan. As of April 30, 2023, the aggregate market value of securities on loan was $1,717,982. The Fund received cash collateral with a value of $1,754,877. (See Note 2(G)) |
(b) | Current yield as of April 30, 2023. |
(c) | Represents a security purchased with cash collateral received for securities on loan. |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay U.S. Government Liquidity Fund | $ 274 | $ 5,714 | $ (5,053) | $ — | $ — | $ 935 | $ 18 | $ — | 935 |
Abbreviation(s): |
EAFE—Europe, Australasia and Far East |
ETF—Exchange-Traded Fund |
MSCI—Morgan Stanley Capital International |
SPDR—Standard & Poor’s Depositary Receipt |
USD—United States Dollar |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Investment Companies | |||||||
Equity Funds | $ 1,872,949 | $ — | $ — | $ 1,872,949 | |||
Fixed Income Funds | 7,583,769 | — | — | 7,583,769 | |||
Total Investment Companies | 9,456,718 | — | — | 9,456,718 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 935,146 | — | — | 935,146 | |||
Unaffiliated Investment Company | 1,754,877 | — | — | 1,754,877 | |||
Total Short-Term Investments | 2,690,023 | — | — | 2,690,023 | |||
Total Investments in Securities | $ 12,146,741 | $ — | $ — | $ 12,146,741 |
(a) | For a complete listing of investments, see the Portfolio of Investments. |
Assets | |
Investment in unaffiliated securities, at value (identified cost $11,736,064) including securities on loan of $1,717,982 | $11,211,595 |
Investment in affiliated investment companies, at value (identified cost $935,146) | 935,146 |
Receivables: | |
Manager (See Note 3) | 9,517 |
Fund shares sold | 5,119 |
Securities lending | 3,128 |
Dividends | 2,972 |
Other assets | 16,853 |
Total assets | 12,184,330 |
Liabilities | |
Cash collateral received for securities on loan | 1,754,877 |
Payables: | |
Shareholder communication | 5,892 |
Custodian | 5,267 |
NYLIFE Distributors (See Note 3) | 2,436 |
Fund shares redeemed | 2,000 |
Transfer agent (See Note 3) | 1,710 |
Professional fees | 78 |
Trustees | 47 |
Accrued expenses | 415 |
Total liabilities | 1,772,722 |
Net assets | $10,411,608 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 1,128 |
Additional paid-in-capital | 11,371,284 |
11,372,412 | |
Total distributable earnings (loss) | (960,804) |
Net assets | $10,411,608 |
Class A | |
Net assets applicable to outstanding shares | $9,400,293 |
Shares of beneficial interest outstanding | 1,018,801 |
Net asset value per share outstanding | $ 9.23 |
Maximum sales charge (3.00% of offering price) | 0.29 |
Maximum offering price per share outstanding | $ 9.52 |
Class C | |
Net assets applicable to outstanding shares | $ 228,760 |
Shares of beneficial interest outstanding | 24,811 |
Net asset value and offering price per share outstanding | $ 9.22 |
Class I | |
Net assets applicable to outstanding shares | $ 41,118 |
Shares of beneficial interest outstanding | 4,456 |
Net asset value and offering price per share outstanding | $ 9.23 |
Class R3 | |
Net assets applicable to outstanding shares | $ 75,734 |
Shares of beneficial interest outstanding | 8,212 |
Net asset value and offering price per share outstanding | $ 9.22 |
SIMPLE Class | |
Net assets applicable to outstanding shares | $ 665,703 |
Shares of beneficial interest outstanding | 72,139 |
Net asset value and offering price per share outstanding | $ 9.23 |
14 | MainStay Defensive ETF Allocation Fund |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated | $ 320,465 |
Securities lending, net | 40,066 |
Dividends-affiliated | 17,794 |
Total income | 378,325 |
Expenses | |
Registration | 89,683 |
Professional fees | 31,247 |
Distribution/Service—Class A (See Note 3) | 23,433 |
Distribution/Service—Class C (See Note 3) | 1,600 |
Distribution/Service—Class R3 (See Note 3) | 220 |
Distribution/Service—SIMPLE Class (See Note 3) | 2,255 |
Manager (See Note 3) | 20,134 |
Custodian | 17,358 |
Transfer agent (See Note 3) | 8,330 |
Shareholder communication | 3,673 |
Trustees | 48 |
Shareholder service (See Note 3) | 44 |
Miscellaneous | 4,311 |
Total expenses before waiver/reimbursement | 202,336 |
Expense waiver/reimbursement from Manager (See Note 3) | (119,414) |
Reimbursement from prior custodian(a) | (21) |
Net expenses | 82,901 |
Net investment income (loss) | 295,424 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on unaffiliated investments | (350,565) |
Net change in unrealized appreciation (depreciation) on unaffiliated investments | 138,487 |
Net realized and unrealized gain (loss) | (212,078) |
Net increase (decrease) in net assets resulting from operations | $ 83,346 |
(a) | Represents a refund for overbilling of custody fees. |
for the years ended April 30, 2023 and April 30, 2022
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 295,424 | $ 169,523 |
Net realized gain (loss) | (350,565) | 29,411 |
Net change in unrealized appreciation (depreciation) | 138,487 | (878,389) |
Net increase (decrease) in net assets resulting from operations | 83,346 | (679,455) |
Distributions to shareholders: | ||
Class A | (337,870) | (248,280) |
Class C | (5,491) | (2,845) |
Class I | (1,493) | (1,116) |
Class R3 | (1,517) | (758) |
SIMPLE Class | (16,132) | (3,645) |
Total distributions to shareholders | (362,503) | (256,644) |
Capital share transactions: | ||
Net proceeds from sales of shares | 3,467,813 | 5,073,474 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 361,248 | 254,651 |
Cost of shares redeemed | (2,959,484) | (5,451,399) |
Increase (decrease) in net assets derived from capital share transactions | 869,577 | (123,274) |
Net increase (decrease) in net assets | 590,420 | (1,059,373) |
Net Assets | ||
Beginning of year | 9,821,188 | 10,880,561 |
End of year | $10,411,608 | $ 9,821,188 |
16 | MainStay Defensive ETF Allocation Fund |
Year Ended April 30, | June 30, 2020^ through April 30, | ||||
Class A | 2023 | 2022 | 2021 | ||
Net asset value at beginning of year | $ 9.50 | $ 10.44 | $ 10.00 | ||
Net investment income (loss) (a) | 0.27 | 0.18 | 0.13 | ||
Net realized and unrealized gain (loss) | (0.21) | (0.84) | 0.41 | ||
Total from investment operations | 0.06 | (0.66) | 0.54 | ||
Less distributions: | |||||
From net investment income | (0.26) | (0.19) | (0.10) | ||
From net realized gain on investments | (0.07) | (0.09) | — | ||
Total distributions | (0.33) | (0.28) | (0.10) | ||
Net asset value at end of year | $ 9.23 | $ 9.50 | $ 10.44 | ||
Total investment return (b) | 0.74% | (6.49)% | 5.38% | ||
Ratios (to average net assets)/Supplemental Data: | |||||
Net investment income (loss) | 2.96% | 1.79% | 1.45%†† | ||
Net expenses (c) | 0.80% | 0.80% | 0.80%†† | ||
Expenses (before waiver/reimbursement) (c) | 1.98% | 1.75% | 2.36%†† | ||
Portfolio turnover rate | 64% | 79% | 69% | ||
Net assets at end of year (in 000’s) | $ 9,400 | $ 9,366 | $ 8,572 |
^ | Inception date. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended April 30, | June 30, 2020^ through April 30, | ||||
Class C | 2023 | 2022 | 2021 | ||
Net asset value at beginning of year | $ 9.49 | $ 10.44 | $ 10.00 | ||
Net investment income (loss) (a) | 0.21 | 0.11 | 0.06 | ||
Net realized and unrealized gain (loss) | (0.22) | (0.85) | 0.43 | ||
Total from investment operations | (0.01) | (0.74) | 0.49 | ||
Less distributions: | |||||
From net investment income | (0.19) | (0.12) | (0.05) | ||
From net realized gain on investments | (0.07) | (0.09) | — | ||
Total distributions | (0.26) | (0.21) | (0.05) | ||
Net asset value at end of year | $ 9.22 | $ 9.49 | $ 10.44 | ||
Total investment return (b) | (0.02)% | (7.28)% | 4.85% | ||
Ratios (to average net assets)/Supplemental Data: | |||||
Net investment income (loss) | 2.32% | 1.07% | 0.74%†† | ||
Net expenses (c) | 1.55% | 1.55% | 1.55%†† | ||
Expenses (before waiver/reimbursement) (c) | 2.83% | 2.60% | 3.13%†† | ||
Portfolio turnover rate | 64% | 79% | 69% | ||
Net assets at end of year (in 000’s) | $ 229 | $ 117 | $ 162 |
^ | Inception date. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended April 30, | June 30, 2020^ through April 30, | ||||
Class I | 2023 | 2022 | 2021 | ||
Net asset value at beginning of year | $ 9.50 | $ 10.44 | $ 10.00 | ||
Net investment income (loss) (a) | 0.30 | 0.24 | 0.16 | ||
Net realized and unrealized gain (loss) | (0.22) | (0.87) | 0.40 | ||
Total from investment operations | 0.08 | (0.63) | 0.56 | ||
Less distributions: | |||||
From net investment income | (0.28) | (0.22) | (0.12) | ||
From net realized gain on investments | (0.07) | (0.09) | — | ||
Total distributions | (0.35) | (0.31) | (0.12) | ||
Net asset value at end of year | $ 9.23 | $ 9.50 | $ 10.44 | ||
Total investment return (b) | 1.00% | (6.25)% | 5.65% | ||
Ratios (to average net assets)/Supplemental Data: | |||||
Net investment income (loss) | 3.24% | 2.33% | 1.82%†† | ||
Net expenses (c) | 0.55% | 0.55% | 0.55%†† | ||
Expenses (before waiver/reimbursement) (c) | 1.73% | 1.50% | 2.11%†† | ||
Portfolio turnover rate | 64% | 79% | 69% | ||
Net assets at end of year (in 000’s) | $ 41 | $ 35 | $ 2,040 |
^ | Inception date. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
18 | MainStay Defensive ETF Allocation Fund |
Year Ended April 30, | June 30, 2020^ through April 30, | ||||
Class R3 | 2023 | 2022 | 2021 | ||
Net asset value at beginning of year | $ 9.49 | $ 10.44 | $ 10.00 | ||
Net investment income (loss) (a) | 0.24 | 0.15 | 0.11 | ||
Net realized and unrealized gain (loss) | (0.22) | (0.85) | 0.41 | ||
Total from investment operations | 0.02 | (0.70) | 0.52 | ||
Less distributions: | |||||
From net investment income | (0.22) | (0.16) | (0.08) | ||
From net realized gain on investments | (0.07) | (0.09) | — | ||
Total distributions | (0.29) | (0.25) | (0.08) | ||
Net asset value at end of year | $ 9.22 | $ 9.49 | $ 10.44 | ||
Total investment return (b) | 0.36% | (6.91)% | 5.18% | ||
Ratios (to average net assets)/Supplemental Data: | |||||
Net investment income (loss) | 2.58% | 1.45% | 1.22%†† | ||
Net expenses (c) | 1.15% | 1.15% | 1.15%†† | ||
Expenses (before waiver/reimbursement) (c) | 2.35% | 2.10% | 2.71%†† | ||
Portfolio turnover rate | 64% | 79% | 69% | ||
Net assets at end of year (in 000’s) | $ 76 | $ 32 | $ 26 |
^ | Inception date. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R3 shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended April 30, | August 31, 2020^ through April 30, | ||||
SIMPLE Class | 2023 | 2022 | 2021 | ||
Net asset value at beginning of year | $ 9.50 | $ 10.44 | $ 10.26 | ||
Net investment income (loss) (a) | 0.25 | 0.15 | 0.10 | ||
Net realized and unrealized gain (loss) | (0.22) | (0.83) | 0.16 | ||
Total from investment operations | 0.03 | (0.68) | 0.26 | ||
Less distributions: | |||||
From net investment income | (0.23) | (0.17) | (0.08) | ||
From net realized gain on investments | (0.07) | (0.09) | — | ||
Total distributions | (0.30) | (0.26) | (0.08) | ||
Net asset value at end of year | $ 9.23 | $ 9.50 | $ 10.44 | ||
Total investment return (b) | 0.47% | (6.74)% | 2.56% | ||
Ratios (to average net assets)/Supplemental Data: | |||||
Net investment income (loss) | 2.68% | 1.45% | 1.13%†† | ||
Net expenses (c) | 1.05% | 1.05% | 1.05%†† | ||
Expenses (before waiver/reimbursement) (c) | 2.32% | 2.10% | 2.63%†† | ||
Portfolio turnover rate | 64% | 79% | 69% | ||
Net assets at end of year (in 000’s) | $ 666 | $ 271 | $ 80 |
^ | Inception date. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. SIMPLE Class shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
20 | MainStay Defensive ETF Allocation Fund |
Average Annual Total Returns for the Year-Ended April 30, 2023 | ||||||
Class | Sales Charge | Inception Date | One Year | Since Inception | Gross Expense Ratio1 | |
Class A Shares | Maximum 3.00% Initial Sales Charge | With sales charges | 6/30/2020 | -2.07% | 1.15% | 1.03% |
Excluding sales charges | 0.96 | 2.25 | 1.03 | |||
Class C Shares | Maximum 1.00% CDSC | With sales charges | 6/30/2020 | -0.69 | 1.47 | 1.85 |
if redeemed Within One Year of Purchase | Excluding sales charges | 0.29 | 1.47 | 1.85 | ||
Class I Shares | No Sales Charge | 6/30/2020 | 1.32 | 2.51 | 0.78 | |
Class R3 Shares | No Sales Charge | 6/30/2020 | 0.60 | 1.87 | 1.38 | |
SIMPLE Class Shares | No Sales Charge | 8/31/2020 | 0.72 | 0.42 | 1.35 |
1. | The gross expense ratios presented reflect the Fund’s “Total Annual Fund Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | One Year | Since Inception |
Bloomberg U.S. Aggregate Bond Index1 | -0.43% | -3.70% |
S&P 500® Index2 | 2.66 | 12.77 |
MSCI EAFE® Index (Net)3 | 8.42 | 9.43 |
Conservative Allocation Composite Index4 | 1.66 | 2.58 |
Morningstar Moderately Conservative Allocation Category Average5 | -0.35 | 3.20 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | The Fund has selected the Bloomberg U.S. Aggregate Bond Index as the primary broad-based securities market index for comparison purposes. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities. |
2. | The S&P 500® Index is the Fund's secondary benchmark. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance. |
3. | The Fund has selected the MSCI EAFE® Index (Net) as an additional benchmark. The MSCI EAFE® Index (Net) consists of international stocks representing the developed world outside of North America. |
4. | The Fund has selected the Conservative Allocation Composite Index as an additional benchmark. The Conservative Allocation Composite Index consists of the S&P 500® Index, the MSCI EAFE® Index (Net) and the Bloomberg U.S. Aggregate Bond Index weighted 30%, 10% and 60%, respectively. |
5. | The Morningstar Moderately Conservative Allocation Category Average is a representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderately conservative strategies prioritize preservation of capital over appreciation. They typically expect volatility similar to a strategic equity exposure between 30% and 50%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
22 | MainStay Conservative ETF Allocation Fund |
Share Class | Beginning Account Value 11/1/22 | Ending Account Value (Based on Actual Returns and Expenses) 4/30/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 4/30/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Class A Shares | $1,000.00 | $1,063.40 | $4.09 | $1,020.83 | $4.01 | 0.80% |
Class C Shares | $1,000.00 | $1,059.60 | $7.92 | $1,017.11 | $7.75 | 1.55% |
Class I Shares | $1,000.00 | $1,065.90 | $2.82 | $1,022.07 | $2.76 | 0.55% |
Class R3 Shares | $1,000.00 | $1,061.70 | $5.88 | $1,019.09 | $5.76 | 1.15% |
SIMPLE Class Shares | $1,000.00 | $1,062.20 | $5.37 | $1,019.59 | $5.26 | 1.05% |
1. | Expenses are equal to the Fund’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Fund's annualized expense ratio to reflect the six-month period. |
Equity Funds | 37.9 % |
Fixed Income Funds | 52.7 |
Short-Term Investments | 20.8 |
Other Assets, Less Liabilities | (11.4) |
24 | MainStay Conservative ETF Allocation Fund |
1. | See "Investment and Performance Comparison" for other share class returns, which may be higher or lower than Class I share returns, and for more information on benchmark and peer group returns. |
2. | The S&P SmallCap 600™ Index covers roughly the small-cap range of American stocks, using a capitalization-weighted index. Capitalization range is from $850 million to $3.7 billion. |
3. | Duration is a measure of the price sensitivity of a fixed-income investment to changes in interest rates. Duration is expressed as a number of years and is considered a more accurate sensitivity gauge than average maturity. |
4. | The yield curve is a line that plots the yields of various securities of similar quality—typically U.S. Treasury issues—across a range of maturities. The U.S. Treasury yield curve serves as a benchmark for other debt and is used in economic forecasting. |
26 | MainStay Conservative ETF Allocation Fund |
Shares | Value | ||
Investment Companies 90.6% | |||
Equity Funds 37.9% | |||
Health Care Select Sector SPDR Fund | 2,829 | $ 377,756 | |
Invesco S&P 500 Low Volatility ETF | 6,026 | 385,302 | |
iShares Core MSCI EAFE ETF | 33,589 | 2,309,916 | |
iShares Core S&P Mid-Cap ETF | 4,140 | 1,027,548 | |
iShares Core S&P Small-Cap ETF | 20,507 | 1,927,658 | |
iShares MSCI Japan ETF | 6,492 | 381,989 | |
Materials Select Sector SPDR Fund (a) | 4,709 | 379,310 | |
Schwab U.S. Mid-Cap ETF | 4,933 | 332,534 | |
Schwab U.S. Small-Cap ETF | 18,508 | 762,160 | |
SPDR S&P Oil & Gas Exploration & Production ETF (a) | 3,024 | 384,381 | |
VanEck Oil Services ETF (a) | 667 | 182,845 | |
Vanguard Mega Cap ETF | 26,886 | 3,920,785 | |
Vanguard Mega Cap Value ETF | 9,385 | 965,904 | |
Vanguard Mid-Cap ETF | 6,359 | 1,330,875 | |
Total Equity Funds (Cost $13,573,448) | 14,668,963 | ||
Fixed Income Funds 52.7% | |||
Invesco Senior Loan ETF (a) | 119,995 | 2,505,496 | |
iShares 0-5 Year High Yield Corporate Bond ETF (a) | 41,788 | 1,736,291 | |
iShares Broad USD High Yield Corporate Bond ETF | 32,696 | 1,158,746 | |
iShares Broad USD Investment Grade Corporate Bond ETF (a) | 57,400 | 2,921,086 | |
iShares Core U.S. Aggregate Bond ETF | 58,438 | 5,841,462 | |
Schwab U.S. Aggregate Bond ETF | 124,133 | 5,841,699 | |
Vanguard Short-Term Bond ETF (a) | 5,038 | 386,112 | |
Total Fixed Income Funds (Cost $21,857,090) | 20,390,892 | ||
Total Investment Companies (Cost $35,430,538) | 35,059,855 | ||
Short-Term Investments 20.8% | |||
Affiliated Investment Company 9.4% | |||
MainStay U.S. Government Liquidity Fund, 3.98% (b) | 3,634,122 | 3,634,122 | |
Unaffiliated Investment Company 11.4% | |||
Invesco Government & Agency Portfolio, 4.857% (b)(c) | 4,396,289 | 4,396,289 | |
Total Short-Term Investments (Cost $8,030,411) | 8,030,411 | ||
Total Investments (Cost $43,460,949) | 111.4% | 43,090,266 | |
Other Assets, Less Liabilities | (11.4) | (4,407,412) | |
Net Assets | 100.0% | $ 38,682,854 |
28 | MainStay Conservative ETF Allocation Fund |
† | Percentages indicated are based on Fund net assets. |
^ | Industry classifications may be different than those used for compliance monitoring purposes. |
(a) | All or a portion of this security was held on loan. As of April 30, 2023, the aggregate market value of securities on loan was $4,309,641. The Fund received cash collateral with a value of $4,396,289. (See Note 2(G)) |
(b) | Current yield as of April 30, 2023. |
(c) | Represents a security purchased with cash collateral received for securities on loan. |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay U.S. Government Liquidity Fund | $ 919 | $ 15,281 | $ (12,566) | $ — | $ — | $ 3,634 | $ 62 | $ — | 3,634 |
Abbreviation(s): |
EAFE—Europe, Australasia and Far East |
ETF—Exchange-Traded Fund |
MSCI—Morgan Stanley Capital International |
SPDR—Standard & Poor’s Depositary Receipt |
USD—United States Dollar |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Investment Companies | |||||||
Equity Funds | $ 14,668,963 | $ — | $ — | $ 14,668,963 | |||
Fixed Income Funds | 20,390,892 | — | — | 20,390,892 | |||
Total Investment Companies | 35,059,855 | — | — | 35,059,855 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 3,634,122 | — | — | 3,634,122 | |||
Unaffiliated Investment Company | 4,396,289 | — | — | 4,396,289 | |||
Total Short-Term Investments | 8,030,411 | — | — | 8,030,411 | |||
Total Investments in Securities | $ 43,090,266 | $ — | $ — | $ 43,090,266 |
(a) | For a complete listing of investments, see the Portfolio of Investments. |
Assets | |
Investment in unaffiliated securities, at value (identified cost $39,826,827) including securities on loan of $4,309,641 | $39,456,144 |
Investment in affiliated investment companies, at value (identified cost $3,634,122) | 3,634,122 |
Receivables: | |
Fund shares sold | 25,660 |
Dividends | 10,910 |
Securities lending | 8,186 |
Manager (See Note 3) | 131 |
Other assets | 17,131 |
Total assets | 43,152,284 |
Liabilities | |
Cash collateral received for securities on loan | 4,396,289 |
Due to custodian | 72 |
Payables: | |
Investment securities purchased | 30,983 |
Fund shares redeemed | 16,799 |
NYLIFE Distributors (See Note 3) | 8,614 |
Transfer agent (See Note 3) | 6,248 |
Custodian | 5,540 |
Shareholder communication | 4,579 |
Professional fees | 276 |
Accrued expenses | 30 |
Total liabilities | 4,469,430 |
Net assets | $38,682,854 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 3,860 |
Additional paid-in-capital | 40,963,864 |
40,967,724 | |
Total distributable earnings (loss) | (2,284,870) |
Net assets | $38,682,854 |
Class A | |
Net assets applicable to outstanding shares | $35,480,956 |
Shares of beneficial interest outstanding | 3,539,719 |
Net asset value per share outstanding | $ 10.02 |
Maximum sales charge (3.00% of offering price) | 0.31 |
Maximum offering price per share outstanding | $ 10.33 |
Class C | |
Net assets applicable to outstanding shares | $ 368,667 |
Shares of beneficial interest outstanding | 36,865 |
Net asset value and offering price per share outstanding | $ 10.00 |
Class I | |
Net assets applicable to outstanding shares | $ 33,769 |
Shares of beneficial interest outstanding | 3,375 |
Net asset value and offering price per share outstanding | $ 10.01 |
Class R3 | |
Net assets applicable to outstanding shares | $ 432,904 |
Shares of beneficial interest outstanding | 43,252 |
Net asset value and offering price per share outstanding | $ 10.01 |
SIMPLE Class | |
Net assets applicable to outstanding shares | $ 2,366,558 |
Shares of beneficial interest outstanding | 236,392 |
Net asset value and offering price per share outstanding | $ 10.01 |
30 | MainStay Conservative ETF Allocation Fund |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated | $ 1,007,843 |
Securities lending, net | 122,510 |
Dividends-affiliated | 62,216 |
Total income | 1,192,569 |
Expenses | |
Distribution/Service—Class A (See Note 3) | 82,957 |
Distribution/Service—Class C (See Note 3) | 3,803 |
Distribution/Service—Class R3 (See Note 3) | 1,698 |
Distribution/Service—SIMPLE Class (See Note 3) | 8,012 |
Registration | 89,154 |
Manager (See Note 3) | 71,076 |
Professional fees | 33,005 |
Transfer agent (See Note 3) | 29,956 |
Custodian | 18,225 |
Shareholder communication | 6,716 |
Trustees | 856 |
Shareholder service (See Note 3) | 340 |
Miscellaneous | 4,890 |
Total expenses before waiver/reimbursement | 350,688 |
Expense waiver/reimbursement from Manager (See Note 3) | (58,419) |
Reimbursement from prior custodian(a) | (72) |
Net expenses | 292,197 |
Net investment income (loss) | 900,372 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on unaffiliated investments | (1,445,003) |
Net change in unrealized appreciation (depreciation) on unaffiliated investments | 985,170 |
Net realized and unrealized gain (loss) | (459,833) |
Net increase (decrease) in net assets resulting from operations | $ 440,539 |
(a) | Represents a refund for overbilling of custody fees. |
for the years ended April 30, 2023 and April 30, 2022
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 900,372 | $ 513,281 |
Net realized gain (loss) | (1,445,003) | (90,363) |
Net change in unrealized appreciation (depreciation) | 985,170 | (2,811,868) |
Net increase (decrease) in net assets resulting from operations | 440,539 | (2,388,950) |
Distributions to shareholders: | ||
Class A | (961,007) | (713,856) |
Class C | (7,847) | (6,834) |
Class I | (1,028) | (1,541) |
Class R3 | (9,791) | (1,667) |
SIMPLE Class | (45,805) | (13,388) |
Total distributions to shareholders | (1,025,478) | (737,286) |
Capital share transactions: | ||
Net proceeds from sales of shares | 10,453,424 | 19,899,906 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 1,017,247 | 727,750 |
Cost of shares redeemed | (6,741,449) | (7,710,201) |
Increase (decrease) in net assets derived from capital share transactions | 4,729,222 | 12,917,455 |
Net increase (decrease) in net assets | 4,144,283 | 9,791,219 |
Net Assets | ||
Beginning of year | 34,538,571 | 24,747,352 |
End of year | $38,682,854 | $34,538,571 |
32 | MainStay Conservative ETF Allocation Fund |
Year Ended April 30, | June 30, 2020^ through April 30, | ||||
Class A | 2023 | 2022 | 2021 | ||
Net asset value at beginning of year | $ 10.22 | $ 11.13 | $ 10.00 | ||
Net investment income (loss) (a) | 0.25 | 0.18 | 0.11 | ||
Net realized and unrealized gain (loss) | (0.16) | (0.84) | 1.12 | ||
Total from investment operations | 0.09 | (0.66) | 1.23 | ||
Less distributions: | |||||
From net investment income | (0.25) | (0.18) | (0.09) | ||
From net realized gain on investments | (0.04) | (0.07) | (0.01) | ||
Total distributions | (0.29) | (0.25) | (0.10) | ||
Net asset value at end of year | $ 10.02 | $ 10.22 | $ 11.13 | ||
Total investment return (b) | 0.96% | (6.09)% | 12.33% | ||
Ratios (to average net assets)/Supplemental Data: | |||||
Net investment income (loss) | 2.56% | 1.63% | 1.25%†† | ||
Net expenses (c) | 0.80% | 0.80% | 0.80%†† | ||
Expenses (before waiver/reimbursement) (c) | 0.96% | 0.91% | 1.49%†† | ||
Portfolio turnover rate | 65% | 62% | 56% | ||
Net assets at end of year (in 000’s) | $ 35,481 | $ 32,925 | $ 23,951 |
^ | Inception date. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended April 30, | June 30, 2020^ through April 30, | ||||
Class C | 2023 | 2022 | 2021 | ||
Net asset value at beginning of year | $ 10.19 | $ 11.10 | $ 10.00 | ||
Net investment income (loss) (a) | 0.18 | 0.10 | 0.05 | ||
Net realized and unrealized gain (loss) | (0.16) | (0.85) | 1.10 | ||
Total from investment operations | 0.02 | (0.75) | 1.15 | ||
Less distributions: | |||||
From net investment income | (0.17) | (0.09) | (0.04) | ||
From net realized gain on investments | (0.04) | (0.07) | (0.01) | ||
Total distributions | (0.21) | (0.16) | (0.05) | ||
Net asset value at end of year | $ 10.00 | $ 10.19 | $ 11.10 | ||
Total investment return (b) | 0.29% | (6.81)% | 11.51% | ||
Ratios (to average net assets)/Supplemental Data: | |||||
Net investment income (loss) | 1.81% | 0.90% | 0.58%†† | ||
Net expenses (c) | 1.55% | 1.55% | 1.55%†† | ||
Expenses (before waiver/reimbursement) (c) | 1.76% | 1.73% | 2.24%†† | ||
Portfolio turnover rate | 65% | 62% | 56% | ||
Net assets at end of year (in 000’s) | $ 369 | $ 413 | $ 472 |
^ | Inception date. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended April 30, | June 30, 2020^ through April 30, | ||||
Class I | 2023 | 2022 | 2021 | ||
Net asset value at beginning of year | $ 10.20 | $ 11.13 | $ 10.00 | ||
Net investment income (loss) (a) | 0.28 | 0.21 | 0.15 | ||
Net realized and unrealized gain (loss) | (0.16) | (0.85) | 1.10 | ||
Total from investment operations | 0.12 | (0.64) | 1.25 | ||
Less distributions: | |||||
From net investment income | (0.27) | (0.22) | (0.11) | ||
From net realized gain on investments | (0.04) | (0.07) | (0.01) | ||
Total distributions | (0.31) | (0.29) | (0.12) | ||
Net asset value at end of year | $ 10.01 | $ 10.20 | $ 11.13 | ||
Total investment return (b) | 1.32% | (5.86)% | 12.47% | ||
Ratios (to average net assets)/Supplemental Data: | |||||
Net investment income (loss) | 2.81% | 1.89% | 1.71%†† | ||
Net expenses (c) | 0.55% | 0.55% | 0.55%†† | ||
Expenses (before waiver/reimbursement) (c) | 0.71% | 0.66% | 1.24%†† | ||
Portfolio turnover rate | 65% | 62% | 56% | ||
Net assets at end of year (in 000’s) | $ 34 | $ 33 | $ 61 |
^ | Inception date. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
34 | MainStay Conservative ETF Allocation Fund |
Year Ended April 30, | June 30, 2020^ through April 30, | ||||
Class R3 | 2023 | 2022 | 2021 | ||
Net asset value at beginning of year | $ 10.21 | $ 11.12 | $ 10.00 | ||
Net investment income (loss) (a) | 0.21 | 0.14 | 0.07 | ||
Net realized and unrealized gain (loss) | (0.16) | (0.84) | 1.12 | ||
Total from investment operations | 0.05 | (0.70) | 1.19 | ||
Less distributions: | |||||
From net investment income | (0.21) | (0.14) | (0.06) | ||
From net realized gain on investments | (0.04) | (0.07) | (0.01) | ||
Total distributions | (0.25) | (0.21) | (0.07) | ||
Net asset value at end of year | $ 10.01 | $ 10.21 | $ 11.12 | ||
Total investment return (b) | 0.60% | (6.42)% | 11.96% | ||
Ratios (to average net assets)/Supplemental Data: | |||||
Net investment income (loss) | 2.13% | 1.29% | 0.79%†† | ||
Net expenses (c) | 1.15% | 1.15% | 1.15%†† | ||
Expenses (before waiver/reimbursement) (c) | 1.31% | 1.26% | 1.84%†† | ||
Portfolio turnover rate | 65% | 62% | 56% | ||
Net assets at end of year (in 000’s) | $ 433 | $ 90 | $ 68 |
^ | Inception date. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R3 shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended April 30, | August 31, 2020^ through April 30, | ||||
SIMPLE Class | 2023 | 2022 | 2021 | ||
Net asset value at beginning of year | $ 10.21 | $ 11.12 | $ 10.46 | ||
Net investment income (loss) (a) | 0.22 | 0.14 | 0.08 | ||
Net realized and unrealized gain (loss) | (0.15) | (0.82) | 0.66 | ||
Total from investment operations | 0.07 | (0.68) | 0.74 | ||
Less distributions: | |||||
From net investment income | (0.23) | (0.16) | (0.07) | ||
From net realized gain on investments | (0.04) | (0.07) | (0.01) | ||
Total distributions | (0.27) | (0.23) | (0.08) | ||
Net asset value at end of year | $ 10.01 | $ 10.21 | $ 11.12 | ||
Total investment return (b) | 0.72% | (6.29)% | 7.13% | ||
Ratios (to average net assets)/Supplemental Data: | |||||
Net investment income (loss) | 2.27% | 1.30% | 0.92%†† | ||
Net expenses (c) | 1.05% | 1.05% | 1.05%†† | ||
Expenses (before waiver/reimbursement) (c) | 1.27% | 1.23% | 1.74%†† | ||
Portfolio turnover rate | 65% | 62% | 56% | ||
Net assets at end of year (in 000’s) | $ 2,367 | $ 1,077 | $ 195 |
^ | Inception date. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. SIMPLE Class shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
36 | MainStay Conservative ETF Allocation Fund |
Average Annual Total Returns for the Year-Ended April 30, 2023 | ||||||
Class | Sales Charge | Inception Date | One Year | Since Inception | Gross Expense Ratio1 | |
Class A Shares | Maximum 3.00% Initial Sales Charge | With sales charges | 6/30/2020 | -1.74% | 3.70% | 0.81% |
Excluding sales charges | 1.30 | 4.82 | 0.81 | |||
Class C Shares | Maximum 1.00% CDSC | With sales charges | 6/30/2020 | -0.52 | 3.98 | 1.66 |
if redeemed Within One Year of Purchase | Excluding sales charges | 0.48 | 3.98 | 1.66 | ||
Class I Shares | No Sales Charge | 6/30/2020 | 1.56 | 5.12 | 0.56 | |
Class R3 Shares | No Sales Charge | 6/30/2020 | 0.94 | 4.48 | 1.16 | |
SIMPLE Class Shares | No Sales Charge | 8/31/2020 | 0.97 | 2.28 | 1.16 |
1. | The gross expense ratios presented reflect the Fund’s “Total Annual Fund Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | One Year | Since Inception |
S&P 500® Index1 | 2.66% | 12.77% |
MSCI EAFE® Index (Net)2 | 8.42 | 9.43 |
Bloomberg U.S. Aggregate Bond Index3 | -0.43 | -3.70 |
Moderate Allocation Composite Index4 | 2.58 | 5.72 |
Morningstar Moderate Allocation Category Average5 | -0.20 | 6.24 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | The S&P 500® Index is the Fund’s primary broad-based securities market index for comparison purposes. S&P 500® is a trademark of The McGraw-Hill Companies, Inc. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance. |
2. | The MSCI EAFE® Index (Net) is the Fund's secondary benchmark. The MSCI EAFE® Index (Net) consists of international stocks representing the developed world outside of North America. |
3. | The Fund has selected the Bloomberg U.S. Aggregate Bond Index as an additional benchmark. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. |
4. | The Fund has selected the Moderate Allocation Composite Index as an additional benchmark. The Moderate Allocation Composite Index consists of the S&P 500® Index, the MSCI EAFE® Index (Net) and the Bloomberg U.S. Aggregate Bond Index weighted 45%, 15% and 40%, respectively. |
5. | The Morningstar Moderate Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderate strategies seek to balance preservation of capital with appreciation. They typically expect volatility similar to a strategic equity exposure between 50% and 70%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
38 | MainStay Moderate ETF Allocation Fund |
Share Class | Beginning Account Value 11/1/22 | Ending Account Value (Based on Actual Returns and Expenses) 4/30/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 4/30/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Class A Shares | $1,000.00 | $1,072.10 | $3.65 | $1,021.27 | $3.56 | 0.71% |
Class C Shares | $1,000.00 | $1,067.90 | $7.84 | $1,017.21 | $7.65 | 1.53% |
Class I Shares | $1,000.00 | $1,073.80 | $2.37 | $1,022.51 | $2.31 | 0.46% |
Class R3 Shares | $1,000.00 | $1,070.50 | $5.44 | $1,019.54 | $5.31 | 1.06% |
SIMPLE Class Shares | $1,000.00 | $1,070.90 | $5.34 | $1,019.64 | $5.21 | 1.04% |
1. | Expenses are equal to the Fund’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Fund's annualized expense ratio to reflect the six-month period. |
Equity Funds | 57.9 % |
Fixed Income Funds | 32.8 |
Short-Term Investments | 19.9 |
Other Assets, Less Liabilities | (10.6) |
40 | MainStay Moderate ETF Allocation Fund |
1. | See "Investment and Performance Comparison" for other share class returns, which may be higher or lower than Class I share returns, and for more information on benchmark and peer group returns. |
2. | The S&P SmallCap 600™ Index covers roughly the small-cap range of American stocks, using a capitalization-weighted index. Capitalization range is from $850 million to $3.7 billion. |
3. | Duration is a measure of the price sensitivity of a fixed-income investment to changes in interest rates. Duration is expressed as a number of years and is considered a more accurate sensitivity gauge than average maturity. |
4. | The yield curve is a line that plots the yields of various securities of similar quality—typically U.S. Treasury issues—across a range of maturities. The U.S. Treasury yield curve serves as a benchmark for other debt and is used in economic forecasting. |
42 | MainStay Moderate ETF Allocation Fund |
Shares | Value | |
Investment Companies 90.7% | ||
Equity Funds 57.9% | ||
Health Care Select Sector SPDR Fund (a) | 7,760 | $ 1,036,193 |
Invesco S&P 500 Low Volatility ETF | 16,277 | 1,040,751 |
iShares Core MSCI EAFE ETF | 153,109 | 10,529,306 |
iShares Core MSCI Emerging Markets ETF | 21,412 | 1,040,195 |
iShares Core S&P Mid-Cap ETF | 14,024 | 3,480,757 |
iShares Core S&P Small-Cap ETF | 55,166 | 5,185,604 |
iShares MSCI Japan ETF | 17,820 | 1,048,529 |
Materials Select Sector SPDR Fund | 12,914 | 1,040,223 |
Schwab U.S. Mid-Cap ETF | 27,070 | 1,824,789 |
Schwab U.S. Small-Cap ETF | 50,228 | 2,068,389 |
SPDR S&P Oil & Gas Exploration & Production ETF (a) | 8,212 | 1,043,827 |
VanEck Oil Services ETF (a) | 1,866 | 511,526 |
Vanguard Mega Cap ETF | 145,424 | 21,207,182 |
Vanguard Mega Cap Value ETF | 25,412 | 2,615,403 |
Vanguard Mid-Cap ETF | 34,505 | 7,221,551 |
Total Equity Funds (Cost $56,263,608) | 60,894,225 | |
Fixed Income Funds 32.8% | ||
Invesco Senior Loan ETF (a) | 199,574 | 4,167,105 |
iShares 0-5 Year High Yield Corporate Bond ETF (a) | 63,363 | 2,632,733 |
iShares Broad USD High Yield Corporate Bond ETF (a) | 74,443 | 2,638,260 |
iShares Broad USD Investment Grade Corporate Bond ETF (a) | 94,713 | 4,819,945 |
iShares Core U.S. Aggregate Bond ETF | 96,171 | 9,613,253 |
Schwab U.S. Aggregate Bond ETF | 204,400 | 9,619,064 |
Vanguard Short-Term Bond ETF | 13,691 | 1,049,278 |
Total Fixed Income Funds (Cost $36,453,447) | 34,539,638 | |
Total Investment Companies (Cost $92,717,055) | 95,433,863 | |
Short-Term Investments 19.9% | ||
Affiliated Investment Company 9.3% | ||
MainStay U.S. Government Liquidity Fund, 3.98% (b) | 9,770,512 | 9,770,512 |
Unaffiliated Investment Companies 10.6% | ||
Goldman Sachs Financial Square Government Fund, 4.865% (b)(c) | 5,000,000 | 5,000,000 |
44 | MainStay Moderate ETF Allocation Fund |
Shares | Value | ||
Short-Term Investments (continued) | |||
Unaffiliated Investment Companies (continued) | |||
Invesco Government & Agency Portfolio, 4.857% (b)(c) | 6,243,074 | $ 6,243,074 | |
Total Unaffiliated Investment Companies (Cost $11,243,074) | 11,243,074 | ||
Total Short-Term Investments (Cost $21,013,586) | 21,013,586 | ||
Total Investments (Cost $113,730,641) | 110.6% | 116,447,449 | |
Other Assets, Less Liabilities | (10.6) | (11,195,905) | |
Net Assets | 100.0% | $ 105,251,544 |
† | Percentages indicated are based on Fund net assets. |
^ | Industry classifications may be different than those used for compliance monitoring purposes. |
(a) | All or a portion of this security was held on loan. As of April 30, 2023, the aggregate market value of securities on loan was $11,034,450. The Fund received cash collateral with a value of $11,243,074. (See Note 2(G)) |
(b) | Current yield as of April 30, 2023. |
(c) | Represents a security purchased with cash collateral received for securities on loan. |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay U.S. Government Liquidity Fund | $ 2,260 | $ 33,773 | $ (26,262) | $ — | $ — | $ 9,771 | $ 170 | $ — | 9,771 |
Abbreviation(s): |
EAFE—Europe, Australasia and Far East |
ETF—Exchange-Traded Fund |
MSCI—Morgan Stanley Capital International |
SPDR—Standard & Poor’s Depositary Receipt |
USD—United States Dollar |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Investment Companies | |||||||
Equity Funds | $ 60,894,225 | $ — | $ — | $ 60,894,225 | |||
Fixed Income Funds | 34,539,638 | — | — | 34,539,638 | |||
Total Investment Companies | 95,433,863 | — | — | 95,433,863 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 9,770,512 | — | — | 9,770,512 | |||
Unaffiliated Investment Companies | 11,243,074 | — | — | 11,243,074 | |||
Total Short-Term Investments | 21,013,586 | — | — | 21,013,586 | |||
Total Investments in Securities | $ 116,447,449 | $ — | $ — | $ 116,447,449 |
(a) | For a complete listing of investments, see the Portfolio of Investments. |
46 | MainStay Moderate ETF Allocation Fund |
Assets | |
Investment in unaffiliated securities, at value (identified cost $103,960,129) including securities on loan of $11,034,450 | $106,676,937 |
Investment in affiliated investment companies, at value (identified cost $9,770,512) | 9,770,512 |
Receivables: | |
Fund shares sold | 165,058 |
Dividends | 29,858 |
Securities lending | 15,415 |
Other assets | 18,649 |
Total assets | 116,676,429 |
Liabilities | |
Cash collateral received for securities on loan | 11,243,074 |
Payables: | |
Fund shares redeemed | 73,614 |
Investment securities purchased | 40,915 |
NYLIFE Distributors (See Note 3) | 23,489 |
Transfer agent (See Note 3) | 17,401 |
Manager (See Note 3) | 17,055 |
Custodian | 5,854 |
Shareholder communication | 2,765 |
Professional fees | 718 |
Total liabilities | 11,424,885 |
Net assets | $105,251,544 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 9,573 |
Additional paid-in-capital | 107,967,669 |
107,977,242 | |
Total distributable earnings (loss) | (2,725,698) |
Net assets | $105,251,544 |
Class A | |
Net assets applicable to outstanding shares | $95,456,355 |
Shares of beneficial interest outstanding | 8,679,911 |
Net asset value per share outstanding | $ 11.00 |
Maximum sales charge (3.00% of offering price) | 0.34 |
Maximum offering price per share outstanding | $ 11.34 |
Class C | |
Net assets applicable to outstanding shares | $ 340,862 |
Shares of beneficial interest outstanding | 31,126 |
Net asset value and offering price per share outstanding | $ 10.95 |
Class I | |
Net assets applicable to outstanding shares | $ 73,843 |
Shares of beneficial interest outstanding | 6,709 |
Net asset value and offering price per share outstanding | $ 11.01 |
Class R3 | |
Net assets applicable to outstanding shares | $ 1,240,325 |
Shares of beneficial interest outstanding | 112,962 |
Net asset value and offering price per share outstanding | $ 10.98 |
SIMPLE Class | |
Net assets applicable to outstanding shares | $ 8,140,159 |
Shares of beneficial interest outstanding | 741,981 |
Net asset value and offering price per share outstanding | $ 10.97 |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated | $ 2,344,184 |
Securities lending, net | 210,732 |
Dividends-affiliated | 170,067 |
Total income | 2,724,983 |
Expenses | |
Distribution/Service—Class A (See Note 3) | 219,395 |
Distribution/Service—Class C (See Note 3) | 3,499 |
Distribution/Service—Class R3 (See Note 3) | 6,053 |
Distribution/Service—SIMPLE Class (See Note 3) | 26,081 |
Manager (See Note 3) | 189,214 |
Registration | 92,390 |
Transfer agent (See Note 3) | 82,817 |
Professional fees | 36,502 |
Custodian | 19,096 |
Shareholder communication | 10,119 |
Trustees | 2,215 |
Shareholder service (See Note 3) | 1,211 |
Miscellaneous | 6,405 |
Total expenses before waiver/reimbursement | 694,997 |
Reimbursement from prior custodian(a) | (196) |
Net expenses | 694,801 |
Net investment income (loss) | 2,030,182 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on unaffiliated investments | (5,100,556) |
Net change in unrealized appreciation (depreciation) on unaffiliated investments | 4,653,294 |
Net realized and unrealized gain (loss) | (447,262) |
Net increase (decrease) in net assets resulting from operations | $ 1,582,920 |
(a) | Represents a refund for overbilling of custody fees. |
48 | MainStay Moderate ETF Allocation Fund |
for the years ended April 30, 2023 and April 30, 2022
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 2,030,182 | $ 1,203,799 |
Net realized gain (loss) | (5,100,556) | (597,640) |
Net change in unrealized appreciation (depreciation) | 4,653,294 | (6,742,990) |
Net increase (decrease) in net assets resulting from operations | 1,582,920 | (6,136,831) |
Distributions to shareholders: | ||
Class A | (1,597,645) | (1,190,376) |
Class C | (3,083) | (3,546) |
Class I | (1,463) | (1,128) |
Class R3 | (20,458) | (9,056) |
SIMPLE Class | (88,538) | (22,031) |
Total distributions to shareholders | (1,711,187) | (1,226,137) |
Capital share transactions: | ||
Net proceeds from sales of shares | 26,632,045 | 54,296,195 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 1,708,293 | 1,224,058 |
Cost of shares redeemed | (13,571,395) | (13,327,228) |
Increase (decrease) in net assets derived from capital share transactions | 14,768,943 | 42,193,025 |
Net increase (decrease) in net assets | 14,640,676 | 34,830,057 |
Net Assets | ||
Beginning of year | 90,610,868 | 55,780,811 |
End of year | $105,251,544 | $ 90,610,868 |
Year Ended April 30, | June 30, 2020^ through April 30, | ||||
Class A | 2023 | 2022 | 2021 | ||
Net asset value at beginning of year | $ 11.06 | $ 11.88 | $ 10.00 | ||
Net investment income (loss) (a) | 0.23 | 0.18 | 0.10 | ||
Net realized and unrealized gain (loss) | (0.10) | (0.83) | 1.85 | ||
Total from investment operations | 0.13 | (0.65) | 1.95 | ||
Less distributions: | |||||
From net investment income | (0.17) | (0.15) | (0.06) | ||
From net realized gain on investments | (0.02) | (0.02) | (0.01) | ||
Total distributions | (0.19) | (0.17) | (0.07) | ||
Net asset value at end of year | $ 11.00 | $ 11.06 | $ 11.88 | ||
Total investment return (b) | 1.30% | (5.60)% | 19.50% | ||
Ratios (to average net assets)/Supplemental Data: | |||||
Net investment income (loss) | 2.17% | 1.53% | 1.02%†† | ||
Net expenses (c) | 0.71% | 0.70% | 0.80%†† | ||
Expenses (before waiver/reimbursement) (c) | 0.71% | 0.70% | 1.04%†† | ||
Portfolio turnover rate | 63% | 58% | 45% | ||
Net assets at end of year (in 000’s) | $ 95,456 | $ 86,128 | $ 54,345 |
^ | Inception date. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended April 30, | June 30, 2020^ through April 30, | ||||
Class C | 2023 | 2022 | 2021 | ||
Net asset value at beginning of year | $ 11.00 | $ 11.83 | $ 10.00 | ||
Net investment income (loss) (a) | 0.15 | 0.08 | 0.03 | ||
Net realized and unrealized gain (loss) | (0.10) | (0.83) | 1.85 | ||
Total from investment operations | 0.05 | (0.75) | 1.88 | ||
Less distributions: | |||||
From net investment income | (0.08) | (0.06) | (0.04) | ||
From net realized gain on investments | (0.02) | (0.02) | (0.01) | ||
Total distributions | (0.10) | (0.08) | (0.05) | ||
Net asset value at end of year | $ 10.95 | $ 11.00 | $ 11.83 | ||
Total investment return (b) | 0.48% | (6.44)% | 18.82% | ||
Ratios (to average net assets)/Supplemental Data: | |||||
Net investment income (loss) | 1.37% | 0.70% | 0.29%†† | ||
Net expenses (c) | 1.53% | 1.54% | 1.55%†† | ||
Expenses (before waiver/reimbursement) (c) | 1.53% | 1.54% | 1.77%†† | ||
Portfolio turnover rate | 63% | 58% | 45% | ||
Net assets at end of year (in 000’s) | $ 341 | $ 389 | $ 506 |
^ | Inception date. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
50 | MainStay Moderate ETF Allocation Fund |
Year Ended April 30, | June 30, 2020^ through April 30, | ||||
Class I | 2023 | 2022 | 2021 | ||
Net asset value at beginning of year | $ 11.07 | $ 11.87 | $ 10.00 | ||
Net investment income (loss) (a) | 0.27 | 0.22 | 0.13 | ||
Net realized and unrealized gain (loss) | (0.11) | (0.83) | 1.84 | ||
Total from investment operations | 0.16 | (0.61) | 1.97 | ||
Less distributions: | |||||
From net investment income | (0.20) | (0.17) | (0.09) | ||
From net realized gain on investments | (0.02) | (0.02) | (0.01) | ||
Total distributions | (0.22) | (0.19) | (0.10) | ||
Net asset value at end of year | $ 11.01 | $ 11.07 | $ 11.87 | ||
Total investment return (b) | 1.56% | (5.31)% | 19.79% | ||
Ratios (to average net assets)/Supplemental Data: | |||||
Net investment income (loss) | 2.52% | 1.83% | 1.40%†† | ||
Net expenses (c) | 0.46% | 0.45% | 0.55%†† | ||
Expenses (before waiver/reimbursement) (c) | 0.46% | 0.45% | 0.79%†† | ||
Portfolio turnover rate | 63% | 58% | 45% | ||
Net assets at end of year (in 000’s) | $ 74 | $ 73 | $ 52 |
^ | Inception date. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended April 30, | June 30, 2020^ through April 30, | ||||
Class R3 | 2023 | 2022 | 2021 | ||
Net asset value at beginning of year | $ 11.04 | $ 11.86 | $ 10.00 | ||
Net investment income (loss) (a) | 0.20 | 0.15 | 0.07 | ||
Net realized and unrealized gain (loss) | (0.10) | (0.84) | 1.85 | ||
Total from investment operations | 0.10 | (0.69) | 1.92 | ||
Less distributions: | |||||
From net investment income | (0.14) | (0.11) | (0.05) | ||
From net realized gain on investments | (0.02) | (0.02) | (0.01) | ||
Total distributions | (0.16) | (0.13) | (0.06) | ||
Net asset value at end of year | $ 10.98 | $ 11.04 | $ 11.86 | ||
Total investment return (b) | 0.94% | (5.92)% | 19.22% | ||
Ratios (to average net assets)/Supplemental Data: | |||||
Net investment income (loss) | 1.83% | 1.22% | 0.76%†† | ||
Net expenses (c) | 1.06% | 1.05% | 1.15%†† | ||
Expenses (before waiver/reimbursement) (c) | 1.06% | 1.05% | 1.39%†† | ||
Portfolio turnover rate | 63% | 58% | 45% | ||
Net assets at end of year (in 000’s) | $ 1,240 | $ 854 | $ 403 |
^ | Inception date. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R3 shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
52 | MainStay Moderate ETF Allocation Fund |
Year Ended April 30, | August 31, 2020^ through April 30, | ||||
SIMPLE Class | 2023 | 2022 | 2021 | ||
Net asset value at beginning of year | $ 11.03 | $ 11.85 | $ 10.66 | ||
Net investment income (loss) (a) | 0.19 | 0.13 | 0.06 | ||
Net realized and unrealized gain (loss) | (0.09) | (0.81) | 1.19 | ||
Total from investment operations | 0.10 | (0.68) | 1.25 | ||
Less distributions: | |||||
From net investment income | (0.14) | (0.12) | (0.05) | ||
From net realized gain on investments | (0.02) | (0.02) | (0.01) | ||
Total distributions | (0.16) | (0.14) | (0.06) | ||
Net asset value at end of year | $ 10.97 | $ 11.03 | $ 11.85 | ||
Total investment return (b) | 0.97% | (5.89)% | 11.75% | ||
Ratios (to average net assets)/Supplemental Data: | |||||
Net investment income (loss) | 1.78% | 1.07% | 0.62%†† | ||
Net expenses (c) | 1.03% | 1.05% | 1.05%†† | ||
Expenses (before waiver/reimbursement) (c) | 1.03% | 1.05% | 1.27%†† | ||
Portfolio turnover rate | 63% | 58% | 45% | ||
Net assets at end of year (in 000’s) | $ 8,140 | $ 3,167 | $ 475 |
^ | Inception date. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. SIMPLE Class shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Average Annual Total Returns for the Year-Ended April 30, 2023 | ||||||
Class | Sales Charge | Inception Date | One Year | Since Inception | Gross Expense Ratio1 | |
Class A Shares | Maximum 3.00% Initial Sales Charge | With sales charges | 6/30/2020 | -1.72% | 6.39% | 0.96% |
Excluding sales charges | 1.32 | 7.54 | 0.96 | |||
Class C Shares | Maximum 1.00% CDSC | With sales charges | 6/30/2020 | -0.46 | 6.71 | 1.75 |
if redeemed Within One Year of Purchase | Excluding sales charges | 0.54 | 6.71 | 1.75 | ||
Class I Shares | No Sales Charge | 6/30/2020 | 1.58 | 7.81 | 0.71 | |
Class R3 Shares | No Sales Charge | 6/30/2020 | 0.96 | 7.15 | 1.31 | |
SIMPLE Class Shares | No Sales Charge | 8/31/2020 | 1.06 | 4.45 | 1.25 |
1. | The gross expense ratios presented reflect the Fund’s “Total Annual Fund Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report. |
54 | MainStay Growth ETF Allocation Fund |
Benchmark Performance* | One Year | Since Inception |
S&P 500® Index1 | 2.66% | 12.77% |
MSCI EAFE® Index (Net)2 | 8.42 | 9.43 |
Bloomberg U.S. Aggregate Bond Index3 | -0.43 | -3.70 |
Growth Allocation Composite Index4 | 3.42 | 8.87 |
Morningstar Moderately Aggressive Allocation Category Average5 | 0.44 | 7.78 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | The S&P 500® Index is the Fund’s primary broad-based securities market index for comparison purposes. S&P 500® is a trademark of The McGraw-Hill Companies, Inc. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance. |
2. | The MSCI EAFE® Index (Net) is the Fund's secondary benchmark. The MSCI EAFE® Index (Net) consists of international stocks representing the developed world outside of North America. |
3. | The Fund has selected the Bloomberg U.S. Aggregate Bond Index as an additional benchmark. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. |
4. | The Fund has selected the Growth Allocation Composite Index as an additional benchmark. The Growth Allocation Composite Index consists of the S&P 500® Index, the MSCI EAFE® Index and the Bloomberg U.S. Aggregate Bond Index weighted 60%, 20% and 20%, respectively. |
5. | The Morningstar Moderately Aggressive Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderately aggressive strategies prioritize capital appreciation over preservation. They typically expect volatility similar to a strategic equity exposure between 70% and 85%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 11/1/22 | Ending Account Value (Based on Actual Returns and Expenses) 4/30/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 4/30/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Class A Shares | $1,000.00 | $1,073.50 | $4.11 | $1,020.83 | $4.01 | 0.80% |
Class C Shares | $1,000.00 | $1,068.50 | $7.95 | $1,017.11 | $7.75 | 1.55% |
Class I Shares | $1,000.00 | $1,074.50 | $2.83 | $1,022.07 | $2.76 | 0.55% |
Class R3 Shares | $1,000.00 | $1,070.70 | $5.90 | $1,019.09 | $5.76 | 1.15% |
SIMPLE Class Shares | $1,000.00 | $1,071.80 | $5.39 | $1,019.59 | $5.26 | 1.05% |
1. | Expenses are equal to the Fund’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Fund's annualized expense ratio to reflect the six-month period. |
56 | MainStay Growth ETF Allocation Fund |
Equity Funds | 77.9 % |
Fixed Income Funds | 12.7 |
Short-Term Investments | 17.4 |
Other Assets, Less Liabilities | (8.0) |
1. | See "Investment and Performance Comparison" for other share class returns, which may be higher or lower than Class I share returns, and for more information on benchmark and peer group returns. |
2. | The S&P SmallCap 600™ Index covers roughly the small-cap range of American stocks, using a capitalization-weighted index. Capitalization range is from $850 million to $3.7 billion. |
3. | Duration is a measure of the price sensitivity of a fixed-income investment to changes in interest rates. Duration is expressed as a number of years and is considered a more accurate sensitivity gauge than average maturity. |
58 | MainStay Growth ETF Allocation Fund |
4. | The yield curve is a line that plots the yields of various securities of similar quality—typically U.S. Treasury issues—across a range of maturities. The U.S. Treasury yield curve serves as a benchmark for other debt and is used in economic forecasting. |
60 | MainStay Growth ETF Allocation Fund |
Shares | Value | |
Investment Companies 90.6% | ||
Equity Funds 77.9% | ||
Health Care Select Sector SPDR Fund (a) | 5,885 | $ 785,824 |
Invesco S&P 500 Low Volatility ETF | 12,432 | 794,902 |
iShares Core MSCI EAFE ETF | 161,793 | 11,126,505 |
iShares Core MSCI Emerging Markets ETF | 31,983 | 1,553,734 |
iShares Core S&P Mid-Cap ETF | 12,731 | 3,159,834 |
iShares Core S&P Small-Cap ETF | 41,883 | 3,937,002 |
iShares MSCI Japan ETF | 13,448 | 791,280 |
Materials Select Sector SPDR Fund | 9,720 | 782,946 |
Schwab U.S. Mid-Cap ETF | 30,639 | 2,065,375 |
Schwab U.S. Small-Cap ETF | 134,277 | 5,529,527 |
SPDR S&P Oil & Gas Exploration & Production ETF (a) | 6,073 | 771,939 |
VanEck Oil Services ETF (a) | 1,366 | 374,462 |
Vanguard Mega Cap ETF | 137,093 | 19,992,272 |
Vanguard Mega Cap Value ETF | 19,110 | 1,966,801 |
Vanguard Mid-Cap ETF (a) | 39,226 | 8,209,610 |
Total Equity Funds (Cost $58,467,407) | 61,842,013 | |
Fixed Income Funds 12.7% | ||
Invesco Senior Loan ETF (a) | 150,663 | 3,145,844 |
iShares 0-5 Year High Yield Corporate Bond ETF (a) | 43,029 | 1,787,855 |
iShares Broad USD High Yield Corporate Bond ETF | 56,095 | 1,988,007 |
iShares Broad USD Investment Grade Corporate Bond ETF | 9,424 | 479,587 |
iShares Core U.S. Aggregate Bond ETF | 9,600 | 959,616 |
Schwab U.S. Aggregate Bond ETF (a) | 20,403 | 960,165 |
Vanguard Short-Term Bond ETF | 10,380 | 795,523 |
Total Fixed Income Funds (Cost $10,242,185) | 10,116,597 | |
Total Investment Companies (Cost $68,709,592) | 71,958,610 | |
Short-Term Investments 17.4% | ||
Affiliated Investment Company 9.3% | ||
MainStay U.S. Government Liquidity Fund, 3.98% (b) | 7,400,311 | 7,400,311 |
Unaffiliated Investment Companies 8.1% | ||
Goldman Sachs Financial Square Government Fund, 4.865% (b)(c) | 2,000,000 | 2,000,000 |
Shares | Value | ||
Short-Term Investments (continued) | |||
Unaffiliated Investment Companies (continued) | |||
Invesco Government & Agency Portfolio, 4.857% (b)(c) | 4,401,824 | $ 4,401,824 | |
Total Unaffiliated Investment Companies (Cost $6,401,824) | 6,401,824 | ||
Total Short-Term Investments (Cost $13,802,135) | 13,802,135 | ||
Total Investments (Cost $82,511,727) | 108.0% | 85,760,745 | |
Other Assets, Less Liabilities | (8.0) | (6,327,947) | |
Net Assets | 100.0% | $ 79,432,798 |
† | Percentages indicated are based on Fund net assets. |
^ | Industry classifications may be different than those used for compliance monitoring purposes. |
(a) | All or a portion of this security was held on loan. As of April 30, 2023, the aggregate market value of securities on loan was $6,655,125; the total market value of collateral held by the Fund was $6,764,188. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $362,364. The Fund received cash collateral with a value of $6,401,824. (See Note 2(G)) |
(b) | Current yield as of April 30, 2023. |
(c) | Represents a security purchased with cash collateral received for securities on loan. |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay U.S. Government Liquidity Fund | $ 1,514 | $ 24,891 | $ (19,005) | $ — | $ — | $ 7,400 | $ 121 | $ — | 7,400 |
Abbreviation(s): |
EAFE—Europe, Australasia and Far East |
ETF—Exchange-Traded Fund |
MSCI—Morgan Stanley Capital International |
SPDR—Standard & Poor’s Depositary Receipt |
USD—United States Dollar |
62 | MainStay Growth ETF Allocation Fund |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Investment Companies | |||||||
Equity Funds | $ 61,842,013 | $ — | $ — | $ 61,842,013 | |||
Fixed Income Funds | 10,116,597 | — | — | 10,116,597 | |||
Total Investment Companies | 71,958,610 | — | — | 71,958,610 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 7,400,311 | — | — | 7,400,311 | |||
Unaffiliated Investment Companies | 6,401,824 | — | — | 6,401,824 | |||
Total Short-Term Investments | 13,802,135 | — | — | 13,802,135 | |||
Total Investments in Securities | $ 85,760,745 | $ — | $ — | $ 85,760,745 |
(a) | For a complete listing of investments, see the Portfolio of Investments. |
Assets | |
Investment in unaffiliated securities, at value (identified cost $75,111,416) including securities on loan of $6,655,125 | $78,360,434 |
Investment in affiliated investment companies, at value (identified cost $7,400,311) | 7,400,311 |
Due from custodian | 20,860 |
Receivables: | |
Fund shares sold | 147,031 |
Dividends | 22,697 |
Securities lending | 11,986 |
Other assets | 19,807 |
Total assets | 85,983,126 |
Liabilities | |
Cash collateral received for securities on loan | 6,401,824 |
Payables: | |
Investment securities purchased | 90,381 |
NYLIFE Distributors (See Note 3) | 17,975 |
Transfer agent (See Note 3) | 16,579 |
Manager (See Note 3) | 10,461 |
Custodian | 5,785 |
Fund shares redeemed | 3,567 |
Shareholder communication | 3,300 |
Professional fees | 443 |
Accrued expenses | 13 |
Total liabilities | 6,550,328 |
Net assets | $79,432,798 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 6,681 |
Additional paid-in-capital | 79,791,787 |
79,798,468 | |
Total distributable earnings (loss) | (365,670) |
Net assets | $79,432,798 |
Class A | |
Net assets applicable to outstanding shares | $68,880,279 |
Shares of beneficial interest outstanding | 5,793,211 |
Net asset value per share outstanding | $ 11.89 |
Maximum sales charge (3.00% of offering price) | 0.37 |
Maximum offering price per share outstanding | $ 12.26 |
Class C | |
Net assets applicable to outstanding shares | $ 313,624 |
Shares of beneficial interest outstanding | 26,500 |
Net asset value and offering price per share outstanding | $ 11.83 |
Class I | |
Net assets applicable to outstanding shares | $ 106,902 |
Shares of beneficial interest outstanding | 9,016 |
Net asset value and offering price per share outstanding | $ 11.86 |
Class R3 | |
Net assets applicable to outstanding shares | $ 685,176 |
Shares of beneficial interest outstanding | 57,713 |
Net asset value and offering price per share outstanding | $ 11.87 |
SIMPLE Class | |
Net assets applicable to outstanding shares | $ 9,446,817 |
Shares of beneficial interest outstanding | 795,000 |
Net asset value and offering price per share outstanding | $ 11.88 |
64 | MainStay Growth ETF Allocation Fund |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated | $ 1,453,203 |
Securities lending, net | 151,174 |
Dividends-affiliated | 120,639 |
Total income | 1,725,016 |
Expenses | |
Distribution/Service—Class A (See Note 3) | 142,949 |
Distribution/Service—Class C (See Note 3) | 3,097 |
Distribution/Service—Class R3 (See Note 3) | 2,771 |
Distribution/Service—SIMPLE Class (See Note 3) | 31,615 |
Manager (See Note 3) | 128,885 |
Registration | 93,875 |
Transfer agent (See Note 3) | 76,845 |
Professional fees | 34,715 |
Custodian | 19,086 |
Shareholder communication | 8,805 |
Trustees | 1,497 |
Shareholder service (See Note 3) | 554 |
Miscellaneous | 5,516 |
Total expenses before waiver/reimbursement | 550,210 |
Expense waiver/reimbursement from Manager (See Note 3) | (14,790) |
Reimbursement from prior custodian(a) | (140) |
Net expenses | 535,280 |
Net investment income (loss) | 1,189,736 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on unaffiliated investments | (3,507,501) |
Net change in unrealized appreciation (depreciation) on unaffiliated investments | 3,790,020 |
Net realized and unrealized gain (loss) | 282,519 |
Net increase (decrease) in net assets resulting from operations | $ 1,472,255 |
(a) | Represents a refund for overbilling of custody fees. |
for the years ended April 30, 2023 and April 30, 2022
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 1,189,736 | $ 656,387 |
Net realized gain (loss) | (3,507,501) | (352,275) |
Net change in unrealized appreciation (depreciation) | 3,790,020 | (4,308,393) |
Net increase (decrease) in net assets resulting from operations | 1,472,255 | (4,004,281) |
Distributions to shareholders: | ||
Class A | (904,515) | (591,463) |
Class C | (2,440) | (1,516) |
Class I | (1,696) | (635) |
Class R3 | (7,027) | (2,146) |
SIMPLE Class | (91,952) | (28,130) |
Total distributions to shareholders | (1,007,630) | (623,890) |
Capital share transactions: | ||
Net proceeds from sales of shares | 29,043,850 | 36,077,108 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 1,007,165 | 623,525 |
Cost of shares redeemed | (8,232,844) | (6,073,472) |
Increase (decrease) in net assets derived from capital share transactions | 21,818,171 | 30,627,161 |
Net increase (decrease) in net assets | 22,282,796 | 25,998,990 |
Net Assets | ||
Beginning of year | 57,150,002 | 31,151,012 |
End of year | $79,432,798 | $57,150,002 |
66 | MainStay Growth ETF Allocation Fund |
Year Ended April 30, | June 30, 2020^ through April 30, | ||||
Class A | 2023 | 2022 | 2021 | ||
Net asset value at beginning of period | $ 11.92 | $ 12.79 | $ 10.00 | ||
Net investment income (loss) (a) | 0.22 | 0.18 | 0.09 | ||
Net realized and unrealized gain (loss) | (0.07) | (0.89) | 2.76 | ||
Total from investment operations | 0.15 | (0.71) | 2.85 | ||
Less distributions: | |||||
From net investment income | (0.18) | (0.15) | (0.05) | ||
From net realized gain on investments | (0.00)‡ | (0.01) | (0.01) | ||
Total distributions | (0.18) | (0.16) | (0.06) | ||
Net asset value at end of period | $ 11.89 | $ 11.92 | $ 12.79 | ||
Total investment return (b) | 1.32% | (5.69)% | 28.56% | ||
Ratios (to average net assets)/Supplemental Data: | |||||
Net investment income (loss) | 1.88% | 1.41% | 0.90%†† | ||
Net expenses (c) | 0.80% | 0.80% | 0.80%†† | ||
Expenses (before waiver/reimbursement) (c) | 0.82% | 0.85% | 1.41%†† | ||
Portfolio turnover rate | 57% | 54% | 47% | ||
Net assets at end of period (in 000’s) | $ 68,880 | $ 52,475 | $ 29,705 |
^ | Inception date. |
‡ | Less than one cent per share. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended April 30, | June 30, 2020^ through April 30, | ||||
Class C | 2023 | 2022 | 2021 | ||
Net asset value at beginning of period | $ 11.86 | $ 12.73 | $ 10.00 | ||
Net investment income (loss) (a) | 0.13 | 0.09 | 0.03 | ||
Net realized and unrealized gain (loss) | (0.07) | (0.90) | 2.74 | ||
Total from investment operations | 0.06 | (0.81) | 2.77 | ||
Less distributions: | |||||
From net investment income | (0.09) | (0.05) | (0.03) | ||
From net realized gain on investments | (0.00)‡ | (0.01) | (0.01) | ||
Total distributions | (0.09) | (0.06) | (0.04) | ||
Net asset value at end of period | $ 11.83 | $ 11.86 | $ 12.73 | ||
Total investment return (b) | 0.54% | (6.40)% | 27.72% | ||
Ratios (to average net assets)/Supplemental Data: | |||||
Net investment income (loss) | 1.15% | 0.67% | 0.28%†† | ||
Net expenses (c) | 1.55% | 1.55% | 1.55%†† | ||
Expenses (before waiver/reimbursement) (c) | 1.60% | 1.64% | 2.12%†† | ||
Portfolio turnover rate | 57% | 54% | 47% | ||
Net assets at end of period (in 000’s) | $ 314 | $ 310 | $ 288 |
^ | Inception date. |
‡ | Less than one cent per share. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
68 | MainStay Growth ETF Allocation Fund |
Year Ended April 30, | June 30, 2020^ through April 30, | ||||
Class I | 2023 | 2022 | 2021 | ||
Net asset value at beginning of period | $ 11.89 | $ 12.75 | $ 10.00 | ||
Net investment income (loss) (a) | 0.22 | 0.22 | 0.12 | ||
Net realized and unrealized gain (loss) | (0.05) | (0.89) | 2.75 | ||
Total from investment operations | 0.17 | (0.67) | 2.87 | ||
Less distributions: | |||||
From net investment income | (0.20) | (0.18) | (0.11) | ||
From net realized gain on investments | (0.00)‡ | (0.01) | (0.01) | ||
Total distributions | (0.20) | (0.19) | (0.12) | ||
Net asset value at end of period | $ 11.86 | $ 11.89 | $ 12.75 | ||
Total investment return (b) | 1.58% | (5.41)% | 28.79% | ||
Ratios (to average net assets)/Supplemental Data: | |||||
Net investment income (loss) | 1.95% | 1.70% | 1.23%†† | ||
Net expenses (c) | 0.55% | 0.55% | 0.55%†† | ||
Expenses (before waiver/reimbursement) (c) | 0.57% | 0.60% | 1.16%†† | ||
Portfolio turnover rate | 57% | 54% | 47% | ||
Net assets at end of period (in 000’s) | $ 107 | $ 40 | $ 40 |
^ | Inception date. |
‡ | Less than one cent per share. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended April 30, | June 30, 2020^ through April 30, | ||||
Class R3 | 2023 | 2022 | 2021 | ||
Net asset value at beginning of period | $ 11.90 | $ 12.77 | $ 10.00 | ||
Net investment income (loss) (a) | 0.18 | 0.11 | 0.05 | ||
Net realized and unrealized gain (loss) | (0.08) | (0.87) | 2.76 | ||
Total from investment operations | 0.10 | (0.76) | 2.81 | ||
Less distributions: | |||||
From net investment income | (0.13) | (0.10) | (0.03) | ||
From net realized gain on investments | (0.00)‡ | (0.01) | (0.01) | ||
Total distributions | (0.13) | (0.11) | (0.04) | ||
Net asset value at end of period | $ 11.87 | $ 11.90 | $ 12.77 | ||
Total investment return (b) | 0.96% | (6.01)% | 28.16% | ||
Ratios (to average net assets)/Supplemental Data: | |||||
Net investment income (loss) | 1.54% | 0.83% | 0.48%†† | ||
Net expenses (c) | 1.15% | 1.15% | 1.15%†† | ||
Expenses (before waiver/reimbursement) (c) | 1.17% | 1.20% | 1.76%†† | ||
Portfolio turnover rate | 57% | 54% | 47% | ||
Net assets at end of period (in 000’s) | $ 685 | $ 486 | $ 158 |
^ | Inception date. |
‡ | Less than one cent per share. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R3 shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
70 | MainStay Growth ETF Allocation Fund |
Year Ended April 30, | August 31, 2020^ through April 30, | ||||
SIMPLE Class | 2023 | 2022 | 2021 | ||
Net asset value at beginning of period | $ 11.91 | $ 12.78 | $ 10.86 | ||
Net investment income (loss) (a) | 0.18 | 0.14 | 0.07 | ||
Net realized and unrealized gain (loss) | (0.06) | (0.89) | 1.90 | ||
Total from investment operations | 0.12 | (0.75) | 1.97 | ||
Less distributions: | |||||
From net investment income | (0.15) | (0.11) | (0.04) | ||
From net realized gain on investments | (0.00)‡ | (0.01) | (0.01) | ||
Total distributions | (0.15) | (0.12) | (0.05) | ||
Net asset value at end of period | $ 11.88 | $ 11.91 | $ 12.78 | ||
Total investment return (b) | 1.06% | (5.92)% | 18.11% | ||
Ratios (to average net assets)/Supplemental Data: | |||||
Net investment income (loss) | 1.57% | 1.11% | 0.71%†† | ||
Net expenses (c) | 1.05% | 1.05% | 1.05%†† | ||
Expenses (before waiver/reimbursement) (c) | 1.10% | 1.14% | 1.62%†† | ||
Portfolio turnover rate | 57% | 54% | 47% | ||
Net assets at end of period (in 000’s) | $ 9,447 | $ 3,838 | $ 962 |
^ | Inception date. |
‡ | Less than one cent per share. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. SIMPLE Class shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Average Annual Total Returns for the Year-Ended April 30, 2023 | ||||||
Class | Sales Charge | Inception Date | One Year | Since Inception | Gross Expense Ratio1 | |
Class A Shares | Maximum 3.00% Initial Sales Charge | With sales charges | 6/30/2020 | -2.47% | 7.89% | 0.99% |
Excluding sales charges | 0.54 | 9.06 | 0.99 | |||
Class C Shares | Maximum 1.00% CDSC | With sales charges | 6/30/2020 | -1.16 | 8.24 | 1.82 |
if redeemed Within One Year of Purchase | Excluding sales charges | -0.16 | 8.24 | 1.82 | ||
Class I Shares | No Sales Charge | 6/30/2020 | 0.73 | 9.31 | 0.71 | |
Class R3 Shares | No Sales Charge | 6/30/2020 | 0.18 | 8.69 | 1.34 | |
SIMPLE Class Shares | No Sales Charge | 8/31/2020 | 0.28 | 5.23 | 1.32 |
1. | The gross expense ratios presented reflect the Fund’s “Total Annual Fund Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report. |
72 | MainStay Equity ETF Allocation Fund |
Benchmark Performance* | One Year | Since Inception |
S&P 500® Index1 | 2.66% | 12.77% |
MSCI EAFE® Index (Net)2 | 8.42 | 9.43 |
Equity Allocation Composite Index3 | 4.17 | 12.01 |
Morningstar Aggressive Allocation Category Average4 | -0.50 | 8.10 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | The S&P 500® Index is the Fund’s primary broad-based securities market index for comparison purposes. S&P 500® is a trademark of The McGraw-Hill Companies, Inc. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance. |
2. | The MSCI EAFE® Index (Net) is the Fund's secondary benchmark. The MSCI EAFE® Index (Net) consists of international stocks representing the developed world outside of North America. |
3. | The Fund has selected the Equity Allocation Composite Index as an additional benchmark. The Equity Allocation Composite Index consists of the S&P 500® Index and the MSCI EAFE® Index weighted 75% and 25%, respectively. |
4. | The Morningstar Aggressive Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These aggressive strategies typically allocate at least 10% to equities of foreign companies and prioritize capital appreciation over preservation. They typically expect volatility similar to a strategic equity exposure of more than 85%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 11/1/22 | Ending Account Value (Based on Actual Returns and Expenses) 4/30/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 4/30/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Class A Shares | $1,000.00 | $1,078.50 | $4.12 | $1,020.83 | $4.01 | 0.80% |
Class C Shares | $1,000.00 | $1,075.20 | $7.98 | $1,017.11 | $7.75 | 1.55% |
Class I Shares | $1,000.00 | $1,080.00 | $2.84 | $1,022.07 | $2.76 | 0.55% |
Class R3 Shares | $1,000.00 | $1,077.60 | $5.92 | $1,019.09 | $5.76 | 1.15% |
SIMPLE Class Shares | $1,000.00 | $1,077.80 | $5.41 | $1,019.59 | $5.26 | 1.05% |
1. | Expenses are equal to the Fund’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Fund's annualized expense ratio to reflect the six-month period. |
74 | MainStay Equity ETF Allocation Fund |
Equity Funds | 97.8 % |
Short-Term Investments | 5.4 |
Other Assets, Less Liabilities | (3.2) |
1. | See "Investment and Performance Comparison" for other share class returns, which may be higher or lower than Class I share returns, and for more information on benchmark and peer group returns. |
2. | The S&P SmallCap 600™ Index covers roughly the small-cap range of American stocks, using a capitalization-weighted index. Capitalization range is from $850 million to $3.7 billion. |
3. | Duration is a measure of the price sensitivity of a fixed-income investment to changes in interest rates. Duration is expressed as a number of years and is considered a more accurate sensitivity gauge than average maturity. |
76 | MainStay Equity ETF Allocation Fund |
4. | The yield curve is a line that plots the yields of various securities of similar quality—typically U.S. Treasury issues—across a range of maturities. The U.S. Treasury yield curve serves as a benchmark for other debt and is used in economic forecasting. |
Shares | Value | ||
Investment Companies 97.8% | |||
Equity Funds 97.8% | |||
Health Care Select Sector SPDR Fund (a) | 4,200 | $ 560,826 | |
Invesco S&P 500 Low Volatility ETF | 8,886 | 568,171 | |
iShares Core MSCI EAFE ETF | 144,183 | 9,915,465 | |
iShares Core MSCI Emerging Markets ETF | 40,473 | 1,966,178 | |
iShares Core S&P Mid-Cap ETF | 9,078 | 2,253,160 | |
iShares Core S&P Small-Cap ETF | 29,724 | 2,794,056 | |
iShares MSCI Japan ETF (a) | 9,623 | 566,217 | |
Materials Select Sector SPDR Fund (a) | 6,900 | 555,795 | |
Schwab U.S. Mid-Cap ETF | 21,873 | 1,474,459 | |
Schwab U.S. Small-Cap ETF | 164,496 | 6,773,945 | |
SPDR S&P Oil & Gas Exploration & Production ETF (a) | 4,419 | 561,699 | |
VanEck Oil Services ETF (a) | 1,000 | 274,130 | |
Vanguard Mega Cap ETF | 137,283 | 20,019,981 | |
Vanguard Mega Cap Value ETF (a) | 13,712 | 1,411,239 | |
Vanguard Mid-Cap ETF | 27,887 | 5,836,470 | |
Total Investment Companies (Cost $53,587,813) | 55,531,791 | ||
Short-Term Investments 5.4% | |||
Affiliated Investment Company 2.1% | |||
MainStay U.S. Government Liquidity Fund, 3.98% (b) | 1,198,896 | 1,198,896 | |
Unaffiliated Investment Company 3.3% | |||
Invesco Government & Agency Portfolio, 4.857% (b)(c) | 1,898,485 | 1,898,485 | |
Total Short-Term Investments (Cost $3,097,381) | 3,097,381 | ||
Total Investments (Cost $56,685,194) | 103.2% | 58,629,172 | |
Other Assets, Less Liabilities | (3.2) | (1,840,091) | |
Net Assets | 100.0% | $ 56,789,081 |
† | Percentages indicated are based on Fund net assets. |
^ | Industry classifications may be different than those used for compliance monitoring purposes. |
(a) | All or a portion of this security was held on loan. As of April 30, 2023, the aggregate market value of securities on loan was $1,860,604. The Fund received cash collateral with a value of $1,898,485. (See Note 2(G)) |
(b) | Current yield as of April 30, 2023. |
(c) | Represents a security purchased with cash collateral received for securities on loan. |
78 | MainStay Equity ETF Allocation Fund |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay U.S. Government Liquidity Fund | $ 342 | $ 9,342 | $ (8,485) | $ — | $ — | $ 1,199 | $ 12 | $ — | 1,199 |
Abbreviation(s): |
EAFE—Europe, Australasia and Far East |
ETF—Exchange-Traded Fund |
MSCI—Morgan Stanley Capital International |
SPDR—Standard & Poor’s Depositary Receipt |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Investment Companies | |||||||
Equity Funds | $ 55,531,791 | $ — | $ — | $ 55,531,791 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 1,198,896 | — | — | 1,198,896 | |||
Unaffiliated Investment Company | 1,898,485 | — | — | 1,898,485 | |||
Total Short-Term Investments | 3,097,381 | — | — | 3,097,381 | |||
Total Investments in Securities | $ 58,629,172 | $ — | $ — | $ 58,629,172 |
(a) | For a complete listing of investments, see the Portfolio of Investments. |
Assets | |
Investment in unaffiliated securities, at value (identified cost $55,486,298) including securities on loan of $1,860,604 | $57,430,276 |
Investment in affiliated investment companies, at value (identified cost $1,198,896) | 1,198,896 |
Receivables: | |
Fund shares sold | 113,383 |
Dividends | 3,957 |
Securities lending | 704 |
Other assets | 18,368 |
Total assets | 58,765,584 |
Liabilities | |
Cash collateral received for securities on loan | 1,898,485 |
Payables: | |
Investment securities purchased | 40,309 |
NYLIFE Distributors (See Note 3) | 13,084 |
Transfer agent (See Note 3) | 11,844 |
Custodian | 5,523 |
Shareholder communication | 4,002 |
Manager (See Note 3) | 2,666 |
Professional fees | 326 |
Fund shares redeemed | 264 |
Total liabilities | 1,976,503 |
Net assets | $56,789,081 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 4,552 |
Additional paid-in-capital | 57,702,130 |
57,706,682 | |
Total distributable earnings (loss) | (917,601) |
Net assets | $56,789,081 |
Class A | |
Net assets applicable to outstanding shares | $48,992,195 |
Shares of beneficial interest outstanding | 3,925,604 |
Net asset value per share outstanding | $ 12.48 |
Maximum sales charge (3.00% of offering price) | 0.39 |
Maximum offering price per share outstanding | $ 12.87 |
Class C | |
Net assets applicable to outstanding shares | $ 171,532 |
Shares of beneficial interest outstanding | 13,825 |
Net asset value and offering price per share outstanding | $ 12.41 |
Class I | |
Net assets applicable to outstanding shares | $ 113,480 |
Shares of beneficial interest outstanding | 9,148 |
Net asset value and offering price per share outstanding | $ 12.40 |
Class R3 | |
Net assets applicable to outstanding shares | $ 334,134 |
Shares of beneficial interest outstanding | 26,841 |
Net asset value and offering price per share outstanding | $ 12.45 |
SIMPLE Class | |
Net assets applicable to outstanding shares | $ 7,177,740 |
Shares of beneficial interest outstanding | 576,557 |
Net asset value and offering price per share outstanding | $ 12.45 |
80 | MainStay Equity ETF Allocation Fund |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated | $ 861,209 |
Securities lending, net | 21,187 |
Dividends-affiliated | 12,177 |
Total income | 894,573 |
Expenses | |
Distribution/Service—Class A (See Note 3) | 104,292 |
Distribution/Service—Class C (See Note 3) | 1,672 |
Distribution/Service—Class R3 (See Note 3) | 2,252 |
Distribution/Service—SIMPLE Class (See Note 3) | 24,140 |
Registration | 104,708 |
Manager (See Note 3) | 94,581 |
Transfer agent (See Note 3) | 55,665 |
Professional fees | 33,740 |
Custodian | 18,179 |
Shareholder communication | 8,104 |
Trustees | 1,103 |
Shareholder service (See Note 3) | 450 |
Miscellaneous | 5,101 |
Total expenses before waiver/reimbursement | 453,987 |
Expense waiver/reimbursement from Manager (See Note 3) | (61,084) |
Reimbursement from prior custodian(a) | (103) |
Net expenses | 392,800 |
Net investment income (loss) | 501,773 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on unaffiliated investments | (2,533,214) |
Net change in unrealized appreciation (depreciation) on unaffiliated investments | 2,796,287 |
Net realized and unrealized gain (loss) | 263,073 |
Net increase (decrease) in net assets resulting from operations | $ 764,846 |
(a) | Represents a refund for overbilling of custody fees. |
for the years ended April 30, 2023 and April 30, 2022
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 501,773 | $ 363,970 |
Net realized gain (loss) | (2,533,214) | (332,770) |
Net change in unrealized appreciation (depreciation) | 2,796,287 | (3,768,943) |
Net increase (decrease) in net assets resulting from operations | 764,846 | (3,737,743) |
Distributions to shareholders: | ||
Class A | (428,787) | (362,336) |
Class C | (386) | (590) |
Class I | (1,373) | (2,163) |
Class R3 | (3,242) | (3,445) |
SIMPLE Class | (41,309) | (17,161) |
Total distributions to shareholders | (475,097) | (385,695) |
Capital share transactions: | ||
Net proceeds from sales of shares | 21,075,269 | 29,127,682 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 470,614 | 381,517 |
Cost of shares redeemed | (6,921,340) | (7,847,877) |
Increase (decrease) in net assets derived from capital share transactions | 14,624,543 | 21,661,322 |
Net increase (decrease) in net assets | 14,914,292 | 17,537,884 |
Net Assets | ||
Beginning of year | 41,874,789 | 24,336,905 |
End of year | $56,789,081 | $41,874,789 |
82 | MainStay Equity ETF Allocation Fund |
Year Ended April 30, | June 30, 2020^ through April 30, | ||||
Class A | 2023 | 2022 | 2021 | ||
Net asset value at beginning of period | $ 12.54 | $ 13.64 | $ 10.00 | ||
Net investment income (loss) (a) | 0.13 | 0.15 | 0.07 | ||
Net realized and unrealized gain (loss) | (0.07) | (1.10) | 3.62 | ||
Total from investment operations | 0.06 | (0.95) | 3.69 | ||
Less distributions: | |||||
From net investment income | (0.12) | (0.14) | (0.04) | ||
From net realized gain on investments | (0.00)‡ | (0.01) | (0.01) | ||
Total distributions | (0.12) | (0.15) | (0.05) | ||
Net asset value at end of period | $ 12.48 | $ 12.54 | $ 13.64 | ||
Total investment return (b) | 0.54% | (7.21)% | 37.04% | ||
Ratios (to average net assets)/Supplemental Data: | |||||
Net investment income (loss) | 1.10% | 1.08% | 0.63%†† | ||
Net expenses (c) | 0.80% | 0.80% | 0.80%†† | ||
Expenses (before waiver/reimbursement) (c) | 0.92% | 0.92% | 1.90%†† | ||
Portfolio turnover rate | 35% | 43% | 24% | ||
Net assets at end of period (in 000’s) | $ 48,992 | $ 38,162 | $ 20,221 |
^ | Inception date. |
‡ | Less than one cent per share. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended April 30, | June 30, 2020^ through April 30, | ||||
Class C | 2023 | 2022 | 2021 | ||
Net asset value at beginning of period | $ 12.46 | $ 13.57 | $ 10.00 | ||
Net investment income (loss) (a) | 0.05 | 0.05 | (0.02) | ||
Net realized and unrealized gain (loss) | (0.07) | (1.11) | 3.63 | ||
Total from investment operations | (0.02) | (1.06) | 3.61 | ||
Less distributions: | |||||
From net investment income | (0.03) | (0.04) | (0.03) | ||
From net realized gain on investments | (0.00)‡ | (0.01) | (0.01) | ||
Total distributions | (0.03) | (0.05) | (0.04) | ||
Net asset value at end of period | $ 12.41 | $ 12.46 | $ 13.57 | ||
Total investment return (b) | (0.16)% | (7.92)% | 36.13% | ||
Ratios (to average net assets)/Supplemental Data: | |||||
Net investment income (loss) | 0.39% | 0.38% | (0.20)%†† | ||
Net expenses (c) | 1.55% | 1.55% | 1.55%†† | ||
Expenses (before waiver/reimbursement) (c) | 1.72% | 1.75% | 2.61%†† | ||
Portfolio turnover rate | 35% | 43% | 24% | ||
Net assets at end of period (in 000’s) | $ 172 | $ 177 | $ 175 |
^ | Inception date. |
‡ | Less than one cent per share. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
84 | MainStay Equity ETF Allocation Fund |
Year Ended April 30, | June 30, 2020^ through April 30, | ||||
Class I | 2023 | 2022 | 2021 | ||
Net asset value at beginning of period | $ 12.47 | $ 13.56 | $ 10.00 | ||
Net investment income (loss) (a) | 0.17 | 0.07 | 0.08 | ||
Net realized and unrealized gain (loss) | (0.09) | (0.98) | 3.62 | ||
Total from investment operations | 0.08 | (0.91) | 3.70 | ||
Less distributions: | |||||
From net investment income | (0.15) | (0.17) | (0.13) | ||
From net realized gain on investments | (0.00)‡ | (0.01) | (0.01) | ||
Total distributions | (0.15) | (0.18) | (0.14) | ||
Net asset value at end of period | $ 12.40 | $ 12.47 | $ 13.56 | ||
Total investment return (b) | 0.73% | (6.96)% | 37.30% | ||
Ratios (to average net assets)/Supplemental Data: | |||||
Net investment income (loss) | 1.42% | 0.49% | 0.80%†† | ||
Net expenses (c) | 0.55% | 0.48% | 0.55%†† | ||
Expenses (before waiver/reimbursement) (c) | 0.67% | 0.60% | 1.65%†† | ||
Portfolio turnover rate | 35% | 43% | 24% | ||
Net assets at end of period (in 000’s) | $ 113 | $ 152 | $ 2,684 |
^ | Inception date. |
‡ | Less than one cent per share. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended April 30, | June 30, 2020^ through April 30, | ||||
Class R3 | 2023 | 2022 | 2021 | ||
Net asset value at beginning of period | $ 12.51 | $ 13.61 | $ 10.00 | ||
Net investment income (loss) (a) | 0.09 | 0.10 | 0.04 | ||
Net realized and unrealized gain (loss) | (0.07) | (1.10) | 3.62 | ||
Total from investment operations | 0.02 | (1.00) | 3.66 | ||
Less distributions: | |||||
From net investment income | (0.08) | (0.09) | (0.04) | ||
From net realized gain on investments | (0.00)‡ | (0.01) | (0.01) | ||
Total distributions | (0.08) | (0.10) | (0.05) | ||
Net asset value at end of period | $ 12.45 | $ 12.51 | $ 13.61 | ||
Total investment return (b) | 0.18% | (7.47)% | 36.62% | ||
Ratios (to average net assets)/Supplemental Data: | |||||
Net investment income (loss) | 0.78% | 0.74% | 0.39%†† | ||
Net expenses (c) | 1.15% | 1.15% | 1.15%†† | ||
Expenses (before waiver/reimbursement) (c) | 1.27% | 1.27% | 2.25%†† | ||
Portfolio turnover rate | 35% | 43% | 24% | ||
Net assets at end of period (in 000’s) | $ 334 | $ 472 | $ 445 |
^ | Inception date. |
‡ | Less than one cent per share. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R3 shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
86 | MainStay Equity ETF Allocation Fund |
Year Ended April 30, | August 31, 2020^ through April 30, | ||||
SIMPLE Class | 2023 | 2022 | 2021 | ||
Net asset value at beginning of period | $ 12.51 | $ 13.61 | $ 11.08 | ||
Net investment income (loss) (a) | 0.09 | 0.11 | 0.06 | ||
Net realized and unrealized gain (loss) | (0.06) | (1.10) | 2.52 | ||
Total from investment operations | 0.03 | (0.99) | 2.58 | ||
Less distributions: | |||||
From net investment income | (0.09) | (0.10) | (0.04) | ||
From net realized gain on investments | (0.00)‡ | (0.01) | (0.01) | ||
Total distributions | (0.09) | (0.11) | (0.05) | ||
Net asset value at end of period | $ 12.45 | $ 12.51 | $ 13.61 | ||
Total investment return (b) | 0.28% | (7.38)% | 23.32% | ||
Ratios (to average net assets)/Supplemental Data: | |||||
Net investment income (loss) | 0.77% | 0.78% | 0.51%†† | ||
Net expenses (c) | 1.05% | 1.05% | 1.05%†† | ||
Expenses (before waiver/reimbursement) (c) | 1.22% | 1.25% | 2.11%†† | ||
Portfolio turnover rate | 35% | 43% | 24% | ||
Net assets at end of period (in 000’s) | $ 7,178 | $ 2,911 | $ 811 |
^ | Inception date. |
‡ | Less than one cent per share. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. SIMPLE Class shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Average Annual Total Returns for the Year-Ended April 30, 2023 | ||||||
Class | Sales Charge | Inception Date | One Year | Since Inception | Gross Expense Ratio1 | |
Class A Shares | Maximum 3.00% Initial Sales Charge | With sales charges | 9/30/2021 | -2.44% | -6.60% | 2.53% |
Excluding sales charges | 0.58 | -4.79 | 2.53 | |||
Class C Shares | Maximum 1.00% CDSC | With sales charges | 9/30/2021 | -1.19 | -5.50 | 3.28 |
if redeemed Within One Year of Purchase | Excluding sales charges | -0.20 | -5.50 | 3.28 | ||
Class I Shares | No Sales Charge | 9/30/2021 | 0.73 | -4.59 | 2.28 | |
Class R3 Shares | No Sales Charge | 9/30/2021 | 0.22 | -5.12 | 2.88 | |
SIMPLE Class Shares | No Sales Charge | 9/30/2021 | 0.31 | -5.05 | 2.78 |
1. | The gross expense ratios presented reflect the Fund’s “Total Annual Fund Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report. |
88 | MainStay ESG Multi-Asset Allocation Fund |
Benchmark Performance* | One Year | Since Inception |
S&P 500® Index1 | 2.66% | -0.47% |
MSCI EAFE® Index (Net)2 | 8.42 | -1.28 |
Bloomberg U.S. Aggregate Bond Index3 | -0.43 | -6.36 |
Multi-Asset Allocation Composite Index4 | 2.58 | -2.68 |
Morningstar Moderate Allocation Category Average5 | -0.20 | -3.56 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | The S&P 500® Index is the Fund’s primary broad-based securities market index for comparison purposes. S&P 500® is a trademark of The McGraw-Hill Companies, Inc. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance. |
2. | The MSCI EAFE® Index (Net) is the Fund's secondary benchmark. The MSCI EAFE® Index (Net) consists of international stocks representing the developed world outside of North America. |
3. | The Fund has selected the Bloomberg U.S. Aggregate Bond Index as an additional benchmark. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. |
4. | The Fund has selected the Multi-Asset Allocation Composite Index as an additional benchmark. The Multi-Asset Allocation Composite Index consists of the S&P 500® Index, the MSCI EAFE® Index (Net) and the Bloomberg U.S. Aggregate Bond Index weighted 45%, 15% and 40%, respectively. |
5. | The Morningstar Moderate Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderate strategies seek to balance preservation of capital with appreciation. They typically expect volatility similar to a strategic equity exposure between 50% and 70%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 11/1/22 | Ending Account Value (Based on Actual Returns and Expenses) 4/30/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 4/30/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Class A Shares | $1,000.00 | $1,075.30 | $3.91 | $1,021.03 | $3.81 | 0.76% |
Class C Shares | $1,000.00 | $1,071.00 | $7.96 | $1,017.11 | $7.75 | 1.55% |
Class I Shares | $1,000.00 | $1,075.60 | $2.83 | $1,022.07 | $2.76 | 0.55% |
Class R3 Shares | $1,000.00 | $1,072.80 | $5.91 | $1,019.09 | $5.76 | 1.15% |
SIMPLE Class Shares | $1,000.00 | $1,072.50 | $5.40 | $1,019.59 | $5.26 | 1.05% |
1. | Expenses are equal to the Fund’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Fund's annualized expense ratio to reflect the six-month period. |
90 | MainStay ESG Multi-Asset Allocation Fund |
Unaffiliated Investment Companies | 85.0 % |
Affiliated Investment Companies | 5.9 |
Short-Term Investments | 21.8 |
Other Assets, Less Liabilities | (12.7) |
1. | See "Investment and Performance Comparison" for other share class returns, which may be higher or lower than Class I share returns, and for more information on benchmark and peer group returns. |
92 | MainStay ESG Multi-Asset Allocation Fund |
2. | Duration is a measure of the price sensitivity of a fixed-income investment to changes in interest rates. Duration is expressed as a number of years and is considered a more accurate sensitivity gauge than average maturity. |
3. | The yield curve is a line that plots the yields of various securities of similar quality—typically U.S. Treasury issues—across a range of maturities. The U.S. Treasury yield curve serves as a benchmark for other debt and is used in economic forecasting. |
94 | MainStay ESG Multi-Asset Allocation Fund |
Shares | Value | |
Affiliated Investment Companies 5.9% | ||
Equity Funds 5.9% | ||
IQ Candriam ESG International Equity ETF (a) | 13,468 | $ 369,293 |
IQ Candriam ESG U.S. Large Cap Equity ETF (a) | 9,821 | 350,241 |
Total Affiliated Investment Companies (Cost $661,191) | 719,534 | |
Unaffiliated Investment Companies 85.0% | ||
Equity Funds 52.0% | ||
American Century Sustainable Equity ETF | 8,966 | 464,410 |
iShares ESG Advanced MSCI EM ETF (a) | 692 | 24,023 |
iShares ESG Aware MSCI EAFE ETF (a) | 13,430 | 991,000 |
iShares ESG Aware MSCI EM ETF | 3,018 | 93,890 |
iShares ESG Aware MSCI USA Small-Cap ETF | 5,753 | 192,725 |
iShares ESG Screened S&P 500 ETF | 14,951 | 468,005 |
Nuveen ESG Large-Cap Value ETF (a) | 14,212 | 487,898 |
Nuveen ESG Mid-Cap Growth ETF | 12,735 | 464,700 |
Nuveen ESG Mid-Cap Value ETF | 34,797 | 1,002,850 |
Nuveen ESG Small-Cap ETF (a) | 18,693 | 655,377 |
SPDR S&P 500 ESG ETF (a) | 38,850 | 1,562,935 |
Total Equity Funds (Cost $6,507,749) | 6,407,813 | |
Fixed Income Funds 33.0% | ||
iShares ESG Advanced High Yield Corporate Bond ETF (a) | 13,727 | 608,106 |
iShares ESG Advanced Total USD Bond Market ETF (a) | 37,214 | 1,612,483 |
iShares ESG Aware 1-5 Year USD Corporate Bond ETF | 19,155 | 462,976 |
Nuveen ESG High Yield Corporate Bond ETF (a) | 13,297 | 275,713 |
Nuveen ESG U.S. Aggregate Bond ETF (a) | 24,948 | 558,960 |
Vanguard ESG U.S. Corporate Bond ETF | 8,618 | 541,393 |
Total Fixed Income Funds (Cost $4,151,543) | 4,059,631 | |
Total Unaffiliated Investment Companies (Cost $10,659,292) | 10,467,444 | |
Short-Term Investments 21.8% | ||
Affiliated Investment Company 8.9% | ||
MainStay U.S. Government Liquidity Fund, 3.98% (b) | 1,098,637 | 1,098,637 |
Unaffiliated Investment Companies 12.9% | ||
Invesco Government & Agency Portfolio, 4.857% (b)(c) | 1,067,645 | 1,067,645 |
Shares | Value | ||
Short-Term Investments (continued) | |||
Unaffiliated Investment Companies (continued) | |||
RBC U.S. Government Money Market Fund, 4.829% (b)(c) | 523,600 | $ 523,600 | |
Total Unaffiliated Investment Companies (Cost $1,591,245) | 1,591,245 | ||
Total Short-Term Investments (Cost $2,689,882) | 21.8% | 2,689,882 | |
Total Investments (Cost $14,010,365) | 112.7% | 13,876,860 | |
Other Assets, Less Liabilities | (12.7) | (1,560,364) | |
Net Assets | 100.0% | $ 12,316,496 |
† | Percentages indicated are based on Fund net assets. |
^ | Industry classifications may be different than those used for compliance monitoring purposes. |
(a) | All or a portion of this security was held on loan. As of April 30, 2023, the aggregate market value of securities on loan was $1,585,213; the total market value of collateral held by the Fund was $1,610,479. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $19,234. The Fund received cash collateral with a value of $1,591,245. (See Note 2(G)) |
(b) | Current yield as of April 30, 2023. |
(c) | Represents a security purchased with cash collateral received for securities on loan. |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
IQ Candriam ESG International Equity ETF | $ 152 | $ 342 | $ (147) | $ (19) | $ 41 | $ 369 | $ 2 | $ — | 13 |
IQ Candriam ESG U.S. Large Cap Equity ETF (a) | 73 | 1,767 | (1,536) | 9 | 37 | 350 | 11 | — | 10 |
MainStay U.S. Government Liquidity Fund | 362 | 7,119 | (6,382) | — | — | 1,099 | 20 | — | 1,099 |
$ 587 | $9,228 | $(8,065) | $ (10) | $ 78 | $1,818 | $ 33 | $ — |
(a) | Prior to August 31, 2022, known as IQ Candriam ESG U.S. Equity ETF. |
Abbreviation(s): |
EAFE—Europe, Australasia and Far East |
EM—Emerging Markets |
ETF—Exchange-Traded Fund |
MSCI—Morgan Stanley Capital International |
SPDR—Standard & Poor’s Depositary Receipt |
USD—United States Dollar |
96 | MainStay ESG Multi-Asset Allocation Fund |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Affiliated Investment Companies | |||||||
Equity Funds | $ 719,534 | $ — | $ — | $ 719,534 | |||
Unaffiliated Investment Companies | |||||||
Equity Funds | 6,407,813 | — | — | 6,407,813 | |||
Fixed Income Funds | 4,059,631 | — | — | 4,059,631 | |||
Total Unaffiliated Investment Companies | 10,467,444 | — | — | 10,467,444 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 1,098,637 | — | — | 1,098,637 | |||
Unaffiliated Investment Companies | 1,591,245 | — | — | 1,591,245 | |||
Total Short-Term Investments | 2,689,882 | — | — | 2,689,882 | |||
Total Investments in Securities | $ 13,876,860 | $ — | $ — | $ 13,876,860 |
(a) | For a complete listing of investments, see the Portfolio of Investments. |
Assets | |
Investment in unaffiliated securities, at value (identified cost $12,250,537) including securities on loan of $1,585,213 | $12,058,689 |
Investment in affiliated investment companies, at value (identified cost $1,759,828) | 1,818,171 |
Receivables: | |
Manager (See Note 3) | 14,496 |
Securities lending | 6,301 |
Dividends | 3,358 |
Fund shares sold | 550 |
Other assets | 31,127 |
Total assets | 13,932,692 |
Liabilities | |
Cash collateral received for securities on loan | 1,591,245 |
Payables: | |
Transfer agent (See Note 3) | 13,025 |
Custodian | 5,622 |
Shareholder communication | 5,307 |
NYLIFE Distributors (See Note 3) | 704 |
Professional fees | 293 |
Total liabilities | 1,616,196 |
Net assets | $12,316,496 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 1,385 |
Additional paid-in-capital | 13,538,134 |
13,539,519 | |
Total distributable earnings (loss) | (1,223,023) |
Net assets | $12,316,496 |
Class A | |
Net assets applicable to outstanding shares | $2,747,011 |
Shares of beneficial interest outstanding | 308,993 |
Net asset value per share outstanding | $ 8.89 |
Maximum sales charge (3.00% of offering price) | 0.27 |
Maximum offering price per share outstanding | $ 9.16 |
Class C | |
Net assets applicable to outstanding shares | $ 22,861 |
Shares of beneficial interest outstanding | 2,577 |
Net asset value and offering price per share outstanding | $ 8.87 |
Class I | |
Net assets applicable to outstanding shares | $9,209,183 |
Shares of beneficial interest outstanding | 1,035,317 |
Net asset value and offering price per share outstanding | $ 8.90 |
Class R3 | |
Net assets applicable to outstanding shares | $ 64,350 |
Shares of beneficial interest outstanding | 7,245 |
Net asset value and offering price per share outstanding | $ 8.88 |
SIMPLE Class | |
Net assets applicable to outstanding shares | $ 273,091 |
Shares of beneficial interest outstanding | 30,742 |
Net asset value and offering price per share outstanding | $ 8.88 |
98 | MainStay ESG Multi-Asset Allocation Fund |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated | $ 225,289 |
Securities lending, net | 48,817 |
Dividends-affiliated | 32,926 |
Total income | 307,032 |
Expenses | |
Registration | 51,828 |
Offering (See Note 2) | 44,673 |
Professional fees | 30,139 |
Manager (See Note 3) | 22,238 |
Custodian | 15,645 |
Distribution/Service—Class A (See Note 3) | 5,018 |
Distribution/Service—Class C (See Note 3) | 222 |
Distribution/Service—Class R3 (See Note 3) | 195 |
Distribution/Service—SIMPLE Class (See Note 3) | 807 |
Shareholder communication | 6,180 |
Transfer agent (See Note 3) | 2,361 |
Trustees | 103 |
Shareholder service (See Note 3) | 39 |
Miscellaneous | 3,706 |
Total expenses before waiver/reimbursement | 183,154 |
Expense waiver/reimbursement from Manager (See Note 3) | (116,244) |
Reimbursement from prior custodian(a) | (23) |
Net expenses | 66,887 |
Net investment income (loss) | 240,145 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investments | (861,974) |
Affiliated investments | (10,126) |
Net realized gain (loss) | (872,100) |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | 703,557 |
Affiliated investments | 77,613 |
Net change in unrealized appreciation (depreciation) | 781,170 |
Net realized and unrealized gain (loss) | (90,930) |
Net increase (decrease) in net assets resulting from operations | $ 149,215 |
(a) | Represents a refund for overbilling of custody fees. |
for the year ended April 30, 2023 and the period September 30, 2021 (inception date) through April 30, 2022
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 240,145 | $ 82,549 |
Net realized gain (loss) | (872,100) | (66,802) |
Net change in unrealized appreciation (depreciation) | 781,170 | (914,675) |
Net increase (decrease) in net assets resulting from operations | 149,215 | (898,928) |
Distributions to shareholders: | ||
Class A | (33,195) | (18,787) |
Class C | (152) | (605) |
Class I | (151,197) | (265,161) |
Class R3 | (423) | (1,096) |
SIMPLE Class | (2,415) | (637) |
Total distributions to shareholders | (187,382) | (286,286) |
Capital share transactions: | ||
Net proceeds from sales of shares | 1,918,429 | 11,393,208 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 187,382 | 286,286 |
Cost of shares redeemed | (183,624) | (61,804) |
Increase (decrease) in net assets derived from capital share transactions | 1,922,187 | 11,617,690 |
Net increase (decrease) in net assets | 1,884,020 | 10,432,476 |
Net Assets | ||
Beginning of year | 10,432,476 | — |
End of year | $12,316,496 | $10,432,476 |
100 | MainStay ESG Multi-Asset Allocation Fund |
Year Ended April 30, | September 30, 2021^ through April 30, | ||
Class A | 2023 | 2022 | |
Net asset value at beginning of period | $ 8.97 | $ 10.00 | |
Net investment income (loss) (a) | 0.18 | 0.05 | |
Net realized and unrealized gain (loss) | (0.13) | (0.82) | |
Total from investment operations | 0.05 | (0.77) | |
Less distributions: | |||
From net investment income | (0.13) | (0.26) | |
From net realized gain on investments | — | (0.00)‡ | |
Net asset value at end of period | $ 8.89 | $ 8.97 | |
Total investment return (b) | 0.58% | (7.99)% | |
Ratios (to average net assets)/Supplemental Data: | |||
Net investment income (loss) | 2.06% | 0.93%†† | |
Net expenses (c) | 0.77% | 0.80%†† | |
Expenses (before waiver/reimbursement) (c) | 1.82% | 2.40%†† | |
Portfolio turnover rate | 142% | 70% | |
Net assets at end of period (in 000’s) | $ 2,747 | $ 1,161 |
^ | Inception date. |
‡ | Less than one cent per share. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended April 30, | September 30, 2021^ through April 30, | ||
Class C | 2023 | 2022 | |
Net asset value at beginning of period | $ 8.95 | $ 10.00 | |
Net investment income (loss) (a) | 0.10 | 0.02 | |
Net realized and unrealized gain (loss) | (0.12) | (0.83) | |
Total from investment operations | (0.02) | (0.81) | |
Less distributions: | |||
From net investment income | (0.06) | (0.24) | |
From net realized gain on investments | — | (0.00)‡ | |
Net asset value at end of period | $ 8.87 | $ 8.95 | |
Total investment return (b) | (0.20)% | (8.37)% | |
Ratios (to average net assets)/Supplemental Data: | |||
Net investment income (loss) | 1.20% | 0.36%†† | |
Net expenses (c) | 1.55% | 1.55%†† | |
Expenses (before waiver/reimbursement) (c) | 2.70% | 3.15%†† | |
Portfolio turnover rate | 142% | 70% | |
Net assets at end of period (in 000’s) | $ 23 | $ 23 |
^ | Inception date. |
‡ | Less than one cent per share. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended April 30, | September 30, 2021^ through April 30, | ||
Class I | 2023 | 2022 | |
Net asset value at beginning of period | $ 8.98 | $ 10.00 | |
Net investment income (loss) (a) | 0.19 | 0.08 | |
Net realized and unrealized gain (loss) | (0.12) | (0.84) | |
Total from investment operations | 0.07 | (0.76) | |
Less distributions: | |||
From net investment income | (0.15) | (0.26) | |
From net realized gain on investments | — | (0.00)‡ | |
Net asset value at end of period | $ 8.90 | $ 8.98 | |
Total investment return (b) | 0.73% | (7.83)% | |
Ratios (to average net assets)/Supplemental Data: | |||
Net investment income (loss) | 2.19% | 1.36%†† | |
Net expenses (c) | 0.55% | 0.55%†† | |
Expenses (before waiver/reimbursement) (c) | 1.59% | 2.15%†† | |
Portfolio turnover rate | 142% | 70% | |
Net assets at end of period (in 000’s) | $ 9,209 | $ 9,135 |
^ | Inception date. |
‡ | Less than one cent per share. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended April 30, | September 30, 2021^ through April 30, | ||
Class R3 | 2023 | 2022 | |
Net asset value at beginning of period | $ 8.96 | $ 10.00 | |
Net investment income (loss) (a) | 0.14 | 0.03 | |
Net realized and unrealized gain (loss) | (0.12) | (0.82) | |
Total from investment operations | 0.02 | (0.79) | |
Less distributions: | |||
From net investment income | (0.10) | (0.25) | |
From net realized gain on investments | — | (0.00)‡ | |
Net asset value at end of period | $ 8.88 | $ 8.96 | |
Total investment return (b) | 0.22% | (8.17)% | |
Ratios (to average net assets)/Supplemental Data: | |||
Net investment income (loss) | 1.58% | 0.52%†† | |
Net expenses (c) | 1.15% | 1.15%†† | |
Expenses (before waiver/reimbursement) (c) | 2.20% | 2.75%†† | |
Portfolio turnover rate | 142% | 70% | |
Net assets at end of period (in 000’s) | $ 64 | $ 40 |
^ | Inception date. |
‡ | Less than one cent per share. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R3 shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
102 | MainStay ESG Multi-Asset Allocation Fund |
Year Ended April 30, | September 30, 2021^ through April 30, | ||
SIMPLE Class | 2023 | 2022 | |
Net asset value at beginning of period | $ 8.96 | $ 10.00 | |
Net investment income (loss) (a) | 0.15 | 0.03 | |
Net realized and unrealized gain (loss) | (0.13) | (0.82) | |
Total from investment operations | 0.02 | (0.79) | |
Less distributions: | |||
From net investment income | (0.10) | (0.25) | |
From net realized gain on investments | — | (0.00)‡ | |
Net asset value at end of period | $ 8.88 | $ 8.96 | |
Total investment return (b) | 0.31% | (8.15)% | |
Ratios (to average net assets)/Supplemental Data: | |||
Net investment income (loss) | 1.75% | 0.57%†† | |
Net expenses (c) | 1.05% | 1.05%†† | |
Expenses (before waiver/reimbursement) (c) | 2.20% | 2.65%†† | |
Portfolio turnover rate | 142% | 70% | |
Net assets at end of period (in 000’s) | $ 273 | $ 74 |
^ | Inception date. |
‡ | Less than one cent per share. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. SIMPLE Class shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Fund | Share Classes Commenced Operations1 |
MainStay Defensive ETF Allocation Fund | Class A, Class C, Class I, Class R3, SIMPLE Class |
MainStay Conservative ETF Allocation Fund | Class A, Class C, Class I, Class R3, SIMPLE Class |
MainStay Moderate ETF Allocation Fund | Class A, Class C, Class I, Class R3, SIMPLE Class |
MainStay Growth ETF Allocation Fund | Class A, Class C, Class I, Class R3, SIMPLE Class |
MainStay Equity ETF Allocation Fund | Class A, Class C, Class I, Class R3, SIMPLE Class |
MainStay ESG Multi-Asset Allocation Fund | Class A, Class C, Class I, Class R3, SIMPLE Class |
1. | For each ETF Allocation Fund, other than MainStay ESG Multi-Asset Allocation Fund, Investor Class and Class R6 shares were registered for sale as of June 30, 2020, but as of April 30, 2023 were not yet offered for sale. For MainStay ESG Multi-Asset Allocation Fund, Investor Class and Class R6 shares were registered for sale as of September 30, 2021, but as of April 30, 2023 were not yet offered for sale. |
104 | Mainstay ETF Asset Allocation Funds |
• | Level 1—quoted prices (unadjusted) in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including each ETF Allocation Fund's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
106 | Mainstay ETF Asset Allocation Funds |
Fund | Class A | Class C | Class I | Class R3 | SIMPLE Class |
MainStay Defensive ETF Allocation Fund | 0.80% | 1.55% | 0.55% | 1.15% | 1.05% |
MainStay Conservative ETF Allocation Fund | 0.80 | 1.55 | 0.55 | 1.15 | 1.05 |
MainStay Moderate ETF Allocation Fund | 0.80 | 1.55 | 0.55 | 1.15 | 1.05 |
MainStay Growth ETF Allocation Fund | 0.80 | 1.55 | 0.55 | 1.15 | 1.05 |
MainStay Equity ETF Allocation Fund | 0.80 | 1.55 | 0.55 | 1.15 | 1.05 |
MainStay ESG Multi-Asset Allocation Fund | 0.80 | 1.55 | 0.55 | 1.15 | 1.05 |
Fund | Earned | Waived/Reimbursed |
MainStay Defensive ETF Allocation Fund | $ 20,134 | $(119,414) |
MainStay Conservative ETF Allocation Fund | 71,076 | (58,419) |
MainStay Moderate ETF Allocation Fund | 189,214 | — |
MainStay Growth ETF Allocation Fund | 128,885 | (14,790) |
MainStay Equity ETF Allocation Fund | 94,581 | (61,084) |
MainStay ESG Multi-Asset Allocation Fund | 22,238 | (116,244) |
MainStay Defensive ETF Allocation Fund | |
Class R3 | $ 44 |
MainStay Conservative ETF Allocation Fund | |
Class R3 | $ 340 |
108 | Mainstay ETF Asset Allocation Funds |
MainStay Moderate ETF Allocation Fund | |
Class R3 | $1,211 |
MainStay Growth ETF Allocation Fund | |
Class R3 | $ 554 |
MainStay Equity ETF Allocation Fund | |
Class R3 | $ 450 |
MainStay ESG Multi-Asset Allocation Fund | |
Class R3 | $ 39 |
MainStay Defensive ETF Allocation Fund | |
Class A | $ 4,275 |
MainStay Conservative ETF Allocation Fund | |
Class A | $ 14,206 |
MainStay Moderate ETF Allocation Fund | |
Class A | $ 42,266 |
MainStay Growth ETF Allocation Fund | |
Class A | $ 41,451 |
MainStay Equity ETF Allocation Fund | |
Class A | $ 34,627 |
MainStay ESG Multi-Asset Allocation Fund | |
Class A | $ 1,150 |
MainStay Defensive ETF Allocation Fund | |
Class A | $ 673 |
MainStay Conservative ETF Allocation Fund | |
Class A | $ 450 |
MainStay Moderate ETF Allocation Fund | |
Class A | $ 3,611 |
MainStay Growth ETF Allocation Fund | |
Class A | $ 2,625 |
Class C | 17 |
MainStay Equity ETF Allocation Fund | |
Class A | $ 1,139 |
Class C | 11 |
MainStay Defensive ETF Allocation Fund | Expense | Waived |
Class A | $ 7,347 | $ — |
Class C | 242 | — |
Class I | 31 | — |
Class R3 | 36 | — |
SIMPLE Class | 674 | — |
MainStay Conservative ETF Allocation Fund | Expense | Waived |
Class A | $ 26,969 | $ — |
Class C | 509 | — |
Class I | 27 | — |
Class R3 | 272 | — |
SIMPLE Class | 2,179 | — |
MainStay Moderate ETF Allocation Fund | Expense | Waived |
Class A | $ 73,251 | $ — |
Class C | 526 | — |
Class I | 61 | — |
Class R3 | 1,007 | — |
SIMPLE Class | 7,972 | — |
MainStay Growth ETF Allocation Fund | Expense | Waived |
Class A | $ 66,188 | $ — |
Class C | 462 | — |
Class I | 88 | — |
Class R3 | 643 | — |
SIMPLE Class | 9,464 | — |
MainStay Equity ETF Allocation Fund | Expense | Waived |
Class A | $ 47,115 | $ — |
Class C | 266 | — |
Class I | 143 | — |
Class R3 | 505 | — |
SIMPLE Class | 7,636 | — |
MainStay ESG Multi-Asset Allocation Fund | Expense | Waived |
Class A | $ 269 | $ — |
Class C | 27 | — |
Class I | 1,833 | — |
Class R3 | 8 | — |
SIMPLE Class | 224 | — |
MainStay Defensive ETF Allocation Fund | ||
Class C | $ 24,297 | 10.6% |
Class I | 24,726 | 60.1 |
Class R3 | 24,540 | 32.4 |
MainStay Conservative ETF Allocation Fund | ||
Class C | $ 26,052 | 7.1% |
Class I | 33,769 | 100.0 |
Class R3 | 26,330 | 6.1 |
MainStay Moderate ETF Allocation Fund | ||
Class I | $ 29,623 | 40.1% |
Class R3 | 28,305 | 2.3 |
MainStay Growth ETF Allocation Fund | ||
Class C | $ 30,048 | 9.6% |
Class I | 29,734 | 27.8 |
Class R3 | 30,401 | 4.4 |
MainStay Equity ETF Allocation Fund | ||
Class C | $ 31,285 | 18.2% |
Class I | 17,342 | 15.3 |
Class R3 | 31,660 | 9.5 |
MainStay ESG Multi-Asset Allocation Fund | ||
Class A | $ 23,135 | 0.8% |
Class C | 22,861 | 100.0 |
Class I | 9,191,908 | 99.8 |
Class R3 | 23,007 | 35.8 |
SIMPLE Class | 23,034 | 8.4 |
MainStay Defensive ETF Allocation Fund | ||||
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $13,044,057 | $65,869 | $(963,185) | $(897,316) |
MainStay Conservative ETF Allocation Fund | ||||
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $44,597,957 | $1,285,191 | $(2,792,882) | $(1,507,691) |
MainStay Moderate ETF Allocation Fund | ||||
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $116,987,786 | $1,986,114 | $(2,526,451) | $(540,337) |
110 | Mainstay ETF Asset Allocation Funds |
MainStay Growth ETF Allocation Fund | ||||
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $84,934,860 | $1,592,534 | $(766,649) | $825,885 |
MainStay Equity ETF Allocation Fund | ||||
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $58,683,545 | $2,470,581 | $(2,524,954) | $(54,373) |
MainStay ESG Multi-Asset Allocation Fund | ||||
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $14,351,395 | $246,376 | $(720,911) | $(474,535) |
Fund | Ordinary Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
MainStay Defensive ETF Allocation Fund | $ 23,136 | $ (86,624) | $ — | $ (897,316) | $ (960,804) |
MainStay Conservative ETF Allocation Fund | 33,938 | (811,117) | — | (1,507,691) | (2,284,870) |
MainStay Moderate ETF Allocation Fund | 719,918 | (2,905,279) | — | (540,337) | (2,725,698) |
MainStay Growth ETF Allocation Fund | 312,594 | (1,504,149) | — | 825,885 | (365,670) |
MainStay Equity ETF Allocation Fund | 31,711 | (894,939) | — | (54,373) | (917,601) |
MainStay ESG Multi-Asset Allocation Fund | 55,324 | (718,337) | (85,475) | (474,535) | (1,223,023) |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $49 | $37 |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $402 | $409 |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $1,467 | $1,438 |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $870 | $634 |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $474 | $421 |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $492 | $226 |
2023 | 2022 | ||||||
Fund | Ordinary Income | Long-Term Capital Gains | Total | Ordinary Income | Long-Term Capital Gains | Total | |
MainStay Defensive ETF Allocation Fund | $ 292,414 | $ 70,089 | $ 362,503 | $ 255,743 | $ 901 | $ 256,644 | |
MainStay Conservative ETF Allocation Fund | 911,176 | 114,302 | 1,025,478 | 737,286 | — | 737,286 | |
MainStay Moderate ETF Allocation Fund | 1,538,434 | 172,753 | 1,711,187 | 1,226,137 | — | 1,226,137 | |
MainStay Growth ETF Allocation Fund | 990,454 | 17,176 | 1,007,630 | 623,890 | — | 623,890 | |
MainStay Equity ETF Allocation Fund | 470,068 | 5,029 | 475,097 | 384,052 | 1,643 | 385,695 | |
MainStay ESG Multi-Asset Allocation Fund | 187,382 | — | 187,382 | 286,286 | — | 286,286 |
112 | Mainstay ETF Asset Allocation Funds |
Fund | Purchases | Sales |
MainStay Defensive ETF Allocation Fund | $ 6,093 | $ 6,038 |
MainStay Conservative ETF Allocation Fund | 23,326 | 21,743 |
MainStay Moderate ETF Allocation Fund | 62,920 | 56,260 |
MainStay Growth ETF Allocation Fund | 50,556 | 35,034 |
MainStay Equity ETF Allocation Fund | 30,083 | 16,387 |
MainStay ESG Multi-Asset Allocation Fund | 16,094 | 14,919 |
Class A | Shares | Amount |
Year ended April 30, 2023: | ||
Shares sold | 310,910 | $ 2,857,044 |
Shares issued to shareholders in reinvestment of distributions | 37,215 | 336,689 |
Shares redeemed | (315,645) | (2,899,248) |
Net increase (decrease) in shares outstanding before conversion | 32,480 | 294,485 |
Shares converted into Class A (See Note 1) | 702 | 6,430 |
Net increase (decrease) | 33,182 | $ 300,915 |
Year ended April 30, 2022: | ||
Shares sold | 467,406 | $ 4,822,274 |
Shares issued to shareholders in reinvestment of distributions | 23,782 | 246,509 |
Shares redeemed | (328,586) | (3,404,083) |
Net increase (decrease) in shares outstanding before conversion | 162,602 | 1,664,700 |
Shares converted into Class A (See Note 1) | 2,196 | 22,510 |
Net increase (decrease) | 164,798 | $ 1,687,210 |
Class C | Shares | Amount |
Year ended April 30, 2023: | ||
Shares sold | 16,427 | $ 150,140 |
Shares issued to shareholders in reinvestment of distributions | 596 | 5,417 |
Shares redeemed | (3,878) | (35,650) |
Net increase (decrease) in shares outstanding before conversion | 13,145 | 119,907 |
Shares converted from Class C (See Note 1) | (703) | (6,430) |
Net increase (decrease) | 12,442 | $ 113,477 |
Year ended April 30, 2022: | ||
Shares sold | 115 | $ 1,200 |
Shares issued to shareholders in reinvestment of distributions | 252 | 2,623 |
Shares redeemed | (1,322) | (13,767) |
Net increase (decrease) in shares outstanding before conversion | (955) | (9,944) |
Shares converted from Class C (See Note 1) | (2,198) | (22,510) |
Net increase (decrease) | (3,153) | $ (32,454) |
Class I | Shares | Amount |
Year ended April 30, 2023: | ||
Shares sold | 623 | $ 5,793 |
Shares issued to shareholders in reinvestment of distributions | 165 | 1,493 |
Net increase (decrease) | 788 | $ 7,286 |
Year ended April 30, 2022: | ||
Shares issued to shareholders in reinvestment of distributions | 108 | $ 1,116 |
Shares redeemed | (191,795) | (2,002,016) |
Net increase (decrease) | (191,687) | $(2,000,900) |
Class R3 | Shares | Amount |
Year ended April 30, 2023: | ||
Shares sold | 4,693 | $ 43,058 |
Shares issued to shareholders in reinvestment of distributions | 168 | 1,517 |
Net increase (decrease) | 4,861 | $ 44,575 |
Year ended April 30, 2022: | ||
Shares sold | 762 | $ 8,000 |
Shares issued to shareholders in reinvestment of distributions | 73 | 758 |
Shares redeemed | — | (1) |
Net increase (decrease) | 835 | $ 8,757 |
SIMPLE Class | Shares | Amount |
Year ended April 30, 2023: | ||
Shares sold | 44,509 | $ 411,778 |
Shares issued to shareholders in reinvestment of distributions | 1,779 | 16,132 |
Shares redeemed | (2,700) | (24,586) |
Net increase (decrease) | 43,588 | $ 403,324 |
Year ended April 30, 2022: | ||
Shares sold | 23,576 | $ 242,000 |
Shares issued to shareholders in reinvestment of distributions | 353 | 3,645 |
Shares redeemed | (3,023) | (31,532) |
Net increase (decrease) | 20,906 | $ 214,113 |
Class A | Shares | Amount |
Year ended April 30, 2023: | ||
Shares sold | 873,450 | $ 8,657,169 |
Shares issued to shareholders in reinvestment of distributions | 98,111 | 952,780 |
Shares redeemed | (660,115) | (6,526,437) |
Net increase (decrease) in shares outstanding before conversion | 311,446 | 3,083,512 |
Shares converted into Class A (See Note 1) | 5,356 | 53,415 |
Net increase (decrease) | 316,802 | $ 3,136,927 |
Year ended April 30, 2022: | ||
Shares sold | 1,692,280 | $18,824,810 |
Shares issued to shareholders in reinvestment of distributions | 62,856 | 704,321 |
Shares redeemed | (685,361) | (7,574,739) |
Net increase (decrease) in shares outstanding before conversion | 1,069,775 | 11,954,392 |
Shares converted into Class A (See Note 1) | 408 | 4,556 |
Net increase (decrease) | 1,070,183 | $11,958,948 |
Class C | Shares | Amount |
Year ended April 30, 2023: | ||
Shares sold | 2,612 | $ 26,020 |
Shares issued to shareholders in reinvestment of distributions | 809 | 7,847 |
Shares redeemed | (2,009) | (19,773) |
Net increase (decrease) in shares outstanding before conversion | 1,412 | 14,094 |
Shares converted from Class C (See Note 1) | (5,042) | (50,072) |
Net increase (decrease) | (3,630) | $ (35,978) |
Year ended April 30, 2022: | ||
Shares sold | 2,366 | $ 26,521 |
Shares issued to shareholders in reinvestment of distributions | 608 | 6,833 |
Shares redeemed | (4,591) | (51,480) |
Net increase (decrease) in shares outstanding before conversion | (1,617) | (18,126) |
Shares converted from Class C (See Note 1) | (409) | (4,556) |
Net increase (decrease) | (2,026) | $ (22,682) |
Class I | Shares | Amount |
Year ended April 30, 2023: | ||
Shares issued to shareholders in reinvestment of distributions | 107 | $ 1,028 |
Net increase (decrease) | 107 | $ 1,028 |
Year ended April 30, 2022: | ||
Shares issued to shareholders in reinvestment of distributions | 137 | $ 1,541 |
Shares redeemed | (2,385) | (25,619) |
Net increase (decrease) | (2,248) | $ (24,078) |
Class R3 | Shares | Amount |
Year ended April 30, 2023: | ||
Shares sold | 33,419 | $ 324,331 |
Shares issued to shareholders in reinvestment of distributions | 1,008 | 9,791 |
Net increase (decrease) | 34,427 | $ 334,122 |
Year ended April 30, 2022: | ||
Shares sold | 2,565 | $ 28,919 |
Shares issued to shareholders in reinvestment of distributions | 149 | 1,667 |
Net increase (decrease) | 2,714 | $ 30,586 |
114 | Mainstay ETF Asset Allocation Funds |
SIMPLE Class | Shares | Amount |
Year ended April 30, 2023: | ||
Shares sold | 146,265 | $ 1,445,904 |
Shares issued to shareholders in reinvestment of distributions | 4,700 | 45,801 |
Shares redeemed | (19,775) | (195,239) |
Net increase (decrease) in shares outstanding before conversion | 131,190 | 1,296,466 |
Shares converted from SIMPLE Class (See Note 1) | (336) | (3,343) |
Net increase (decrease) | 130,854 | $ 1,293,123 |
Year ended April 30, 2022: | ||
Shares sold | 92,080 | $ 1,019,656 |
Shares issued to shareholders in reinvestment of distributions | 1,200 | 13,388 |
Shares redeemed | (5,244) | (58,363) |
Net increase (decrease) | 88,036 | $ 974,681 |
Class A | Shares | Amount |
Year ended April 30, 2023: | ||
Shares sold | 1,931,302 | $ 20,758,714 |
Shares issued to shareholders in reinvestment of distributions | 151,908 | 1,594,972 |
Shares redeemed | (1,196,225) | (12,811,527) |
Net increase (decrease) in shares outstanding before conversion | 886,985 | 9,542,159 |
Shares converted into Class A (See Note 1) | 4,114 | 43,271 |
Net increase (decrease) | 891,099 | $ 9,585,430 |
Year ended April 30, 2022: | ||
Shares sold | 4,186,889 | $ 50,473,072 |
Shares issued to shareholders in reinvestment of distributions | 96,219 | 1,188,297 |
Shares redeemed | (1,080,298) | (13,019,569) |
Net increase (decrease) in shares outstanding before conversion | 3,202,810 | 38,641,800 |
Shares converted into Class A (See Note 1) | 11,038 | 130,131 |
Net increase (decrease) | 3,213,848 | $ 38,771,931 |
Class C | Shares | Amount |
Year ended April 30, 2023: | ||
Shares sold | 3,362 | $ 35,869 |
Shares issued to shareholders in reinvestment of distributions | 294 | 3,083 |
Shares redeemed | (3,751) | (39,764) |
Net increase (decrease) in shares outstanding before conversion | (95) | (812) |
Shares converted from Class C (See Note 1) | (4,140) | (43,271) |
Net increase (decrease) | (4,235) | $ (44,083) |
Year ended April 30, 2022: | ||
Shares sold | 14,807 | $ 177,884 |
Shares issued to shareholders in reinvestment of distributions | 288 | 3,546 |
Shares redeemed | (11,428) | (135,584) |
Net increase (decrease) in shares outstanding before conversion | 3,667 | 45,846 |
Shares converted from Class C (See Note 1) | (11,079) | (130,131) |
Net increase (decrease) | (7,412) | $ (84,285) |
Class I | Shares | Amount |
Year ended April 30, 2023: | ||
Shares sold | 2,321 | $ 25,321 |
Shares issued to shareholders in reinvestment of distributions | 139 | 1,463 |
Shares redeemed | (2,354) | (25,251) |
Net increase (decrease) | 106 | $ 1,533 |
Year ended April 30, 2022: | ||
Shares sold | 2,979 | $ 36,029 |
Shares issued to shareholders in reinvestment of distributions | 91 | 1,128 |
Shares redeemed | (850) | (10,430) |
Net increase (decrease) | 2,220 | $ 26,727 |
Class R3 | Shares | Amount |
Year ended April 30, 2023: | ||
Shares sold | 67,966 | $ 715,346 |
Shares issued to shareholders in reinvestment of distributions | 1,930 | 20,241 |
Shares redeemed | (34,261) | (373,494) |
Net increase (decrease) | 35,635 | $ 362,093 |
Year ended April 30, 2022: | ||
Shares sold | 42,794 | $ 519,787 |
Shares issued to shareholders in reinvestment of distributions | 733 | 9,056 |
Shares redeemed | (141) | (1,748) |
Net increase (decrease) | 43,386 | $ 527,095 |
SIMPLE Class | Shares | Amount |
Year ended April 30, 2023: | ||
Shares sold | 476,351 | $ 5,096,795 |
Shares issued to shareholders in reinvestment of distributions | 8,448 | 88,534 |
Shares redeemed | (29,925) | (321,359) |
Net increase (decrease) | 454,874 | $ 4,863,970 |
Year ended April 30, 2022: | ||
Shares sold | 258,797 | $ 3,089,423 |
Shares issued to shareholders in reinvestment of distributions | 1,785 | 22,031 |
Shares redeemed | (13,574) | (159,897) |
Net increase (decrease) | 247,008 | $ 2,951,557 |
Class A | Shares | Amount |
Year ended April 30, 2023: | ||
Shares sold | 1,965,632 | $22,781,235 |
Shares issued to shareholders in reinvestment of distributions | 79,943 | 904,151 |
Shares redeemed | (656,085) | (7,574,788) |
Net increase (decrease) in shares outstanding before conversion | 1,389,490 | 16,110,598 |
Shares converted into Class A (See Note 1) | 1,891 | 21,668 |
Net increase (decrease) | 1,391,381 | $16,132,266 |
Year ended April 30, 2022: | ||
Shares sold | 2,481,741 | $32,173,386 |
Shares issued to shareholders in reinvestment of distributions | 43,915 | 591,099 |
Shares redeemed | (446,604) | (5,771,438) |
Net increase (decrease) in shares outstanding before conversion | 2,079,052 | 26,993,047 |
Shares converted into Class A (See Note 1) | 339 | 4,447 |
Shares converted from Class A (See Note 1) | (283) | (3,802) |
Net increase (decrease) | 2,079,108 | $26,993,692 |
Class C | Shares | Amount |
Year ended April 30, 2023: | ||
Shares sold | 2,576 | $ 29,341 |
Shares issued to shareholders in reinvestment of distributions | 216 | 2,440 |
Shares redeemed | (561) | (6,530) |
Net increase (decrease) in shares outstanding before conversion | 2,231 | 25,251 |
Shares converted from Class C (See Note 1) | (1,900) | (21,668) |
Net increase (decrease) | 331 | $ 3,583 |
Year ended April 30, 2022: | ||
Shares sold | 5,581 | $ 72,514 |
Shares issued to shareholders in reinvestment of distributions | 113 | 1,516 |
Shares redeemed | (1,785) | (23,688) |
Net increase (decrease) in shares outstanding before conversion | 3,909 | 50,342 |
Shares converted from Class C (See Note 1) | (342) | (4,447) |
Net increase (decrease) | 3,567 | $ 45,895 |
Class I | Shares | Amount |
Year ended April 30, 2023: | ||
Shares sold | 5,656 | $ 64,602 |
Shares issued to shareholders in reinvestment of distributions | 151 | 1,696 |
Shares redeemed | (196) | (2,291) |
Net increase (decrease) | 5,611 | $ 64,007 |
Year ended April 30, 2022: | ||
Shares sold | 249 | $ 3,250 |
Shares issued to shareholders in reinvestment of distributions | 47 | 635 |
Net increase (decrease) | 296 | $ 3,885 |
Class R3 | Shares | Amount |
Year ended April 30, 2023: | ||
Shares sold | 21,476 | $ 247,926 |
Shares issued to shareholders in reinvestment of distributions | 622 | 7,027 |
Shares redeemed | (5,214) | (60,043) |
Net increase (decrease) | 16,884 | $ 194,910 |
Year ended April 30, 2022: | ||
Shares sold | 28,331 | $ 367,189 |
Shares issued to shareholders in reinvestment of distributions | 160 | 2,146 |
Net increase (decrease) | 28,491 | $ 369,335 |
116 | Mainstay ETF Asset Allocation Funds |
SIMPLE Class | Shares | Amount |
Year ended April 30, 2023: | ||
Shares sold | 514,843 | $ 5,920,746 |
Shares issued to shareholders in reinvestment of distributions | 8,121 | 91,851 |
Shares redeemed | (50,203) | (589,192) |
Net increase (decrease) | 472,761 | $ 5,423,405 |
Year ended April 30, 2022: | ||
Shares sold | 266,287 | $ 3,460,769 |
Shares issued to shareholders in reinvestment of distributions | 2,090 | 28,129 |
Shares redeemed | (21,687) | (278,346) |
Net increase (decrease) in shares outstanding before conversion | 246,690 | 3,210,552 |
Shares converted into SIMPLE Class (See Note 1) | 283 | 3,802 |
Net increase (decrease) | 246,973 | $ 3,214,354 |
Class A | Shares | Amount |
Year ended April 30, 2023: | ||
Shares sold | 1,356,954 | $16,425,863 |
Shares issued to shareholders in reinvestment of distributions | 36,098 | 425,944 |
Shares redeemed | (512,629) | (6,190,399) |
Net increase (decrease) in shares outstanding before conversion | 880,423 | 10,661,408 |
Shares converted into Class A (See Note 1) | 1,808 | 21,760 |
Net increase (decrease) | 882,231 | $10,683,168 |
Year ended April 30, 2022: | ||
Shares sold | 1,900,803 | $26,331,795 |
Shares issued to shareholders in reinvestment of distributions | 24,833 | 360,078 |
Shares redeemed | (366,165) | (5,060,167) |
Net increase (decrease) in shares outstanding before conversion | 1,559,471 | 21,631,706 |
Shares converted into Class A (See Note 1) | 1,883 | 25,918 |
Net increase (decrease) | 1,561,354 | $21,657,624 |
Class C | Shares | Amount |
Year ended April 30, 2023: | ||
Shares sold | 2,381 | $ 28,448 |
Shares issued to shareholders in reinvestment of distributions | 33 | 386 |
Shares redeemed | (998) | (11,796) |
Net increase (decrease) in shares outstanding before conversion | 1,416 | 17,038 |
Shares converted from Class C (See Note 1) | (1,824) | (21,760) |
Net increase (decrease) | (408) | $ (4,722) |
Year ended April 30, 2022: | ||
Shares sold | 4,078 | $ 56,581 |
Shares issued to shareholders in reinvestment of distributions | 41 | 590 |
Shares redeemed | (904) | (12,511) |
Net increase (decrease) in shares outstanding before conversion | 3,215 | 44,660 |
Shares converted from Class C (See Note 1) | (1,894) | (25,918) |
Net increase (decrease) | 1,321 | $ 18,742 |
Class I | Shares | Amount |
Year ended April 30, 2023: | ||
Shares sold | 389 | $ 4,804 |
Shares issued to shareholders in reinvestment of distributions | 117 | 1,373 |
Shares redeemed | (3,552) | (40,820) |
Net increase (decrease) | (3,046) | $ (34,643) |
Year ended April 30, 2022: | ||
Shares sold | 7,559 | $ 104,738 |
Shares issued to shareholders in reinvestment of distributions | 150 | 2,163 |
Shares redeemed | (193,413) | (2,596,830) |
Net increase (decrease) | (185,704) | $ (2,489,929) |
Class R3 | Shares | Amount |
Year ended April 30, 2023: | ||
Shares sold | 7,075 | $ 85,264 |
Shares issued to shareholders in reinvestment of distributions | 141 | 1,664 |
Shares redeemed | (18,147) | (223,350) |
Net increase (decrease) | (10,931) | $ (136,422) |
Year ended April 30, 2022: | ||
Shares sold | 4,977 | $ 70,234 |
Shares issued to shareholders in reinvestment of distributions | 106 | 1,525 |
Shares redeemed | — | (13) |
Net increase (decrease) | 5,083 | $ 71,746 |
SIMPLE Class | Shares | Amount |
Year ended April 30, 2023: | ||
Shares sold | 377,568 | $ 4,530,890 |
Shares issued to shareholders in reinvestment of distributions | 3,502 | 41,247 |
Shares redeemed | (37,224) | (454,975) |
Net increase (decrease) | 343,846 | $ 4,117,162 |
Year ended April 30, 2022: | ||
Shares sold | 184,935 | $ 2,564,334 |
Shares issued to shareholders in reinvestment of distributions | 1,185 | 17,161 |
Shares redeemed | (13,008) | (178,356) |
Net increase (decrease) | 173,112 | $ 2,403,139 |
Class A | Shares | Amount |
Year ended April 30, 2023: | ||
Shares sold | 195,321 | $ 1,692,800 |
Shares issued to shareholders in reinvestment of distributions | 3,919 | 33,195 |
Shares redeemed | (19,676) | (173,318) |
Net increase (decrease) | 179,564 | $ 1,552,677 |
Year ended April 30, 2022:(a) | ||
Shares sold | 134,088 | $ 1,332,493 |
Shares issued to shareholders in reinvestment of distributions | 1,853 | 18,787 |
Shares redeemed | (6,512) | (61,804) |
Net increase (decrease) | 129,429 | $ 1,289,476 |
Class C | Shares | Amount |
Year ended April 30, 2023: | ||
Shares issued to shareholders in reinvestment of distributions | 17 | $ 152 |
Net increase (decrease) | 17 | $ 152 |
Year ended April 30, 2022:(a) | ||
Shares sold | 2,501 | $ 24,999 |
Shares issued to shareholders in reinvestment of distributions | 59 | 605 |
Net increase (decrease) | 2,560 | $ 25,604 |
Class I | Shares | Amount |
Year ended April 30, 2023: | ||
Shares issued to shareholders in reinvestment of distributions | 17,851 | $ 151,197 |
Net increase (decrease) | 17,851 | $ 151,197 |
Year ended April 30, 2022:(a) | ||
Shares sold | 991,316 | $ 9,913,000 |
Shares issued to shareholders in reinvestment of distributions | 26,150 | 265,161 |
Net increase (decrease) | 1,017,466 | $10,178,161 |
Class R3 | Shares | Amount |
Year ended April 30, 2023: | ||
Shares sold | 2,737 | $ 23,980 |
Shares issued to shareholders in reinvestment of distributions | 50 | 423 |
Net increase (decrease) | 2,787 | $ 24,403 |
Year ended April 30, 2022:(a) | ||
Shares sold | 4,350 | $ 43,898 |
Shares issued to shareholders in reinvestment of distributions | 108 | 1,096 |
Net increase (decrease) | 4,458 | $ 44,994 |
SIMPLE Class | Shares | Amount |
Year ended April 30, 2023: | ||
Shares sold | 23,250 | $ 201,649 |
Shares issued to shareholders in reinvestment of distributions | 285 | 2,415 |
Shares redeemed | (1,080) | (10,306) |
Net increase (decrease) | 22,455 | $ 193,758 |
Year ended April 30, 2022:(a) | ||
Shares sold | 8,224 | $ 78,818 |
Shares issued to shareholders in reinvestment of distributions | 63 | 637 |
Net increase (decrease) | 8,287 | $ 79,455 |
(a) | The inception date of the class was September 30, 2021. |
118 | Mainstay ETF Asset Allocation Funds |
MainStay Funds Trust:
June 23, 2023
120 | Mainstay ETF Asset Allocation Funds |
122 | Mainstay ETF Asset Allocation Funds |
124 | Mainstay ETF Asset Allocation Funds |
MainStay Defensive ETF Allocation Fund | $ 70,089 |
MainStay Conservative ETF Allocation Fund | 114,316 |
MainStay Moderate ETF Allocation Fund | 172,797 |
MainStay Growth ETF Allocation Fund | 17,176 |
MainStay Equity ETF Allocation Fund | 5,043 |
MainStay ESG Multi-Asset Allocation Fund | 0 |
QDI$ | |
MainStay Defensive ETF Allocation Fund | $ 29,670 |
MainStay Conservative ETF Allocation Fund | 188,525 |
MainStay Moderate ETF Allocation Fund | 405,869 |
MainStay Growth ETF Allocation Fund | 580,888 |
MainStay Equity ETF Allocation Fund | 470,068 |
MainStay ESG Multi-Asset Allocation Fund | 56,664 |
DRD% | |
MainStay Defensive ETF Allocation Fund | 4.21% |
MainStay Conservative ETF Allocation Fund | 5.79% |
MainStay Moderate ETF Allocation Fund | 7.79% |
MainStay Growth ETF Allocation Fund | 14.42% |
MainStay Equity ETF Allocation Fund | 24.36% |
MainStay ESG Multi-Asset Allocation Fund | 23.37% |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Naïm Abou-Jaoudé* 1966 | MainStay Funds: Trustee since June 2023; MainStay Funds Trust: Trustee since June 2023 | Chief Executive Officer of New York Life Investment Management LLC since 2023. Previously, Abou-Jaoudé was the Chief Executive Officer of Candriam (an affiliate of New York Life Investment Management LLC) from 2007 to 2023. | 79 | MainStay VP Funds Trust: Trustee since June 2023 (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since June 2023; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2023; and New York Life Investment Management International: Chair since 2015 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of his affiliation with New York Life Insurance Company, New York Life Investment Management LLC, Candriam, IndexIQ Advisors LLC, MacKay Shields LLC, NYL Investors LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
126 | Mainstay ETF Asset Allocation Funds |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015);MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC (since 1999) | 79 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; VanEck Vectors Group of Exchange-Traded Funds: Trustee since 2006 and Independent Chairman of the Board of Trustees from 2008 to 2022 (57 portfolios); Berea College of Kentucky: Trustee since 2009, Chair of the Investment Committee since 2018 | |
Karen Hammond 1956 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021);MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 79 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Susan B. Kerley 1951 | MainStay Funds: Chairman since January 2017 and Trustee since 2007;MainStay Funds Trust: Chairman since January 2017 and Trustee since 1990** | President, Strategic Management Advisors LLC (since 1990) | 79 | MainStay VP Funds Trust: Chairman since January 2017 and Trustee since 2007 (31 portfolios)*; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since January 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) | |
Alan R. Latshaw 1951 | MainStay Funds: Trusteesince 2006;MainStay Funds Trust: Trustee since 2007** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 79 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)*; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Jacques P. Perold 1958 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015to December 2015);MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 79 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay Funds: Trustee since 1994;MainStay Funds Trust: Trustee since 2007** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) (since 2004); Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 79 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)*; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
* | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
128 | Mainstay ETF Asset Allocation Funds |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay Funds, MainStay Funds Trust (since 2017) | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since January 2018); President, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust (since 2017); Senior Managing Director, Global Product Development (2015-2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay Funds (since 2007), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2007)**; and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay Funds and MainStay Funds Trust (since 2010) | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2010)** | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay Funds (since 2005), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2005)** | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay Funds and MainStay Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ Trust, IndexIQ ETF Trust and Index IQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Fund, MainStay VP Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012-2022) |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, New York Life Insurance Company, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
1.
2. | This Fund is registered for sale in CA, CT, DE, FL, MA, NJ, NY and VT. |
3. | An affiliate of New York Life Investment Management LLC. |
5022157MS043-23 | MSAAETF11-06/23 |
Item 2. Code of Ethics.
As of the end of the period covered by this report, the Registrant has adopted a code of ethics (the “Code”) that applies to the Registrant’s principal executive officer (“PEO”) and principal financial officer (“PFO”). During the period covered by this report, no amendments were made to the provisions of the Code. The Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code to the PEO or PFO during the period covered by this report. A copy of the Code is filed herewith.
Item 3. | Audit Committee Financial Expert. |
The Board of Trustees has determined that the Registrant has “three audit committee financial experts” (as defined by Item 3 of Form N-CSR) serving on its Audit Committee. The Audit Committee financial experts are Alan R. Latshaw, Karen Hammond and Susan B. Kerley. Mr. Latshaw, Ms. Hammond and Ms. Kerley are “independent” as defined by Item 3 of Form N-CSR.
Item 4. | Principal Accountant Fees and Services. |
(a) Audit Fees
The aggregate fees billed for the fiscal year ended April 30, 2023 for professional services rendered by KPMG LLP (“KPMG”) for the audit of the Registrant’s annual financial statements or services that are normally provided by KPMG in connection with statutory and regulatory filings or engagements for that fiscal year were $405,200.
The aggregate fees billed for the fiscal year ended April 30, 2022 for professional services rendered by KPMG LLP (“KPMG”) for the audit of the Registrant’s annual financial statements or services that are normally provided by KPMG in connection with statutory and regulatory filings or engagements for that fiscal year were $370,400.
(b) Audit-Related Fees
The aggregate fees billed for assurance and related services by KPMG that are reasonably related to the performance of the audit of the Registrant’s financial statements and are not reported under paragraph (a) of this Item were (i) $0 for the fiscal year ended April 30, 2023; and (ii) $0 for the fiscal year ended April 30, 2022.
(c) Tax Fees
The aggregate fees billed for professional services rendered by KPMG for tax compliance, tax advice, and tax planning were (i) $0 during the fiscal year ended April 30, 2023; and (ii) $0 during the fiscal year ended April 30, 2022. These services primarily included preparation of federal, state and local income tax returns and excise tax returns, as well as services relating to excise tax distribution requirements.
(d) All Other Fees
The aggregate fees billed for products and services provided by KPMG, other than the services reported in paragraphs (a) through (c) of this Item were (i) $0 during the fiscal year ended April 30, 2023; and (ii) $0 during the fiscal year ended April 30, 2022.
(e) Pre-Approval Policies and Procedures
(1) | The Registrant’s Audit Committee has adopted pre-approval policies and procedures (the “Procedures”) to govern the Committee’s pre-approval of (i) all audit services and permissible non-audit services to be provided to the Registrant by its independent accountant, and (ii) all permissible non-audit services to be provided by such independent accountant to the Registrant’s investment adviser and to any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the Registrant (collectively, the “Service Affiliates”) if the services directly relate to the Registrant’s operations and financial reporting. In accordance with the Procedures, the Audit Committee is responsible for the engagement of the independent accountant to certify the Registrant’s financial statements for each fiscal year. With respect to the pre-approval of non-audit services provided to the Registrant and its Service Affiliates, the Procedures provide that the Audit Committee may annually pre-approve a list of the types of services that may be provided to the Registrant or its Service Affiliates, or the Audit Committee may pre-approve such services on a project-by-project basis as they arise. Unless a type of service has received general pre-approval, it will require specific pre-approval by the Audit Committee if it is to be provided by the independent accountant. The Procedures also permit the Audit Committee to delegate authority to one or more of its members to pre-approve any proposed non-audit services that have not been previously pre-approved by the Audit Committee, subject to the ratification by the full Audit Committee no later than its next scheduled meeting. To date, the Audit Committee has not delegated such authority. |
(2) | With respect to the services described in paragraphs (b) through (d) of this Item 4, no amount was approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. |
(f) There were no hours expended on KPMG’s engagement to audit the Registrant’s financial statements for the most recent fiscal year was attributable to work performed by persons other than KPMG’s full-time, permanent employees.
(g) All non-audit fees billed by KPMG for services rendered to the Registrant for the fiscal years ended April 30, 2023 and April 30, 2022 are disclosed in 4(b)-(d) above.
The aggregate non-audit fees billed by KPMG for services rendered to the Registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant were approximately (i) $369,972 for the fiscal year ended April 30, 2023; and (ii) $32,255 for the fiscal year ended April 30, 2022.
(h) The Registrant’s Audit Committee has determined that the non-audit services rendered by KPMG for the fiscal year ended April 30, 2023 to the Registrant’s investment adviser and any entity controlling, controlled by, or under common control with the Registrant’s investment adviser that provides ongoing services to the Registrant that were not required to be pre-approved by the Audit Committee because they did not relate directly to the operations and financial reporting of the registrant were compatible with maintaining the respective independence of KPMG during the relevant time period.
Item 5. | Audit Committee of Listed Registrants. |
Not applicable.
Item 6. | Investments. |
The Schedule of Investments is included as part of Item 1 of this report.
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable.
Item 8. | Portfolio Managers of Closed-End Management Investment Companies. |
Not applicable.
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Not applicable.
Item 10. | Submission of Matters to a Vote of Security Holders. |
Since the Registrant’s last response to this Item, there have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.
Item 11. | Controls and Procedures. |
(a) Based on an evaluation of the Registrant’s Disclosure Controls and Procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) (the “Disclosure Controls”), as of a date within 90 days prior to the filing date (the “Filing Date”) of this Form N-CSR (the “Report”), the Registrant’s principal executive officer and principal financial officer have concluded that the Disclosure Controls are reasonably designed to ensure that information required to be disclosed by the Registrant in the Report is recorded, processed, summarized and reported by the Filing Date, including ensuring that information required to be disclosed in the Report is accumulated and communicated to the Registrant’s management, including the Registrant’s principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.
(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d)) under the Investment Company Act of 1940 that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
Item 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. |
Not applicable.
Item 13. | Exhibits. |
(a)(1) |
(a)(2) |
(b) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
MAINSTAY FUNDS TRUST
By: | /s/ Kirk C. Lehneis | |
Kirk C. Lehneis President and Principal Executive Officer | ||
Date: | July 6, 2023 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By: | /s/ Kirk C. Lehneis | |
Kirk C. Lehneis President and Principal Executive Officer | ||
Date: | July 6, 2023 | |
By: | /s/ Jack Benintende | |
Jack R. Benintende Treasurer and Principal Financial and Accounting Officer | ||
Date: | July 6, 2023 |