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, and MainStay ESG Multi-Asset Allocation Fund)
Date of reporting period: October 31, 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, and MainStay ESG
Multi-Asset Allocation Fund, each a
series of the Registrant.
Item 1. Reports to Stockholders.
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
![](https://capedge.com/proxy/N-CSRS/0001193125-24-002810/g467143imgb95c33ba1.jpg)
![](https://capedge.com/proxy/N-CSRS/0001193125-24-002810/g467143img03d1e4792.jpg)
President
![](https://capedge.com/proxy/N-CSRS/0001193125-24-002810/g467143imgc83e367b3.jpg)
Average Annual Total Returns for the Period-Ended October 31, 2023 | ||||||||
Class | Sales Charge | Inception Date1 | Six Months2 | One Year | Five Years | Ten Years or Since Inception | Gross Expense Ratio3 | |
Class A Shares4 | Maximum 5.50% Initial Sales Charge | With sales charges | 10/16/2013 | -18.05% | -8.65% | 3.26% | 4.91% | 1.27% |
Excluding sales charges | -13.28 | -3.33 | 4.49 | 5.53 | 1.27 | |||
Investor Class Shares5 | Maximum 5.00% Initial Sales Charge | With sales charges | 2/24/2020 | -17.71 | -8.19 | N/A | -3.18 | 1.29 |
Excluding sales charges | -13.37 | -3.36 | N/A | -1.68 | 1.29 | |||
Class C Shares4 | Maximum 1.00% CDSC | With sales charges | 2/28/2019 | -14.49 | -4.98 | N/A | 1.95 | 2.04 |
if Redeemed Within One Year of Purchase | Excluding sales charges | -13.63 | -4.04 | N/A | 1.95 | 2.04 | ||
Class I Shares4 | No Sales Charge | 6/28/2013 | -13.13 | -3.02 | 4.79 | 5.84 | 1.02 | |
Class R6 Shares | No Sales Charge | 2/24/2020 | -13.16 | -2.95 | N/A | -1.26 | 0.89 |
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. | Not annualized. |
3. | 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. |
4. | 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. |
5. | 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* | Six Months1 | One Year | Five Years | Ten Years |
FTSE Global Core Infrastructure 50/50 Index (Net)2 | -11.78% | -4.44% | 3.36% | 4.59% |
Morningstar Infrastructure Category Average3 | -12.21 | -4.30 | 4.13 | 4.32 |
* | 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. | Not annualized. |
2. | 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. |
3. | 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 5/1/23 | Ending Account Value (Based on Actual Returns and Expenses) 10/31/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 10/31/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Class A Shares | $1,000.00 | $867.20 | $6.05 | $1,018.65 | $ 6.55 | 1.29% |
Investor Class Shares | $1,000.00 | $866.30 | $6.24 | $1,018.45 | $ 6.75 | 1.33% |
Class C Shares | $1,000.00 | $863.70 | $9.74 | $1,014.68 | $10.53 | 2.08% |
Class I Shares | $1,000.00 | $868.70 | $4.56 | $1,020.26 | $ 4.93 | 0.97% |
Class R6 Shares | $1,000.00 | $868.40 | $4.23 | $1,020.61 | $ 4.57 | 0.90% |
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 366 and multiplied by 184 (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 | 58.0% |
Australia | 7.1 |
Spain | 6.6 |
Canada | 6.4 |
France | 6.0 |
Japan | 5.6 |
United Kingdom | 3.3 |
Italy | 3.0 |
Portugal | 2.0% |
China | 1.6 |
Mexico | 1.3 |
Hong Kong | 0.6 |
Other Assets, Less Liabilities | –1.5 |
100.0% |
1. | American Tower Corp. |
2. | NextEra Energy, Inc. |
3. | WEC Energy Group, Inc. |
4. | Vinci SA |
5. | Aena SME SA |
6. | Transurban Group |
7. | Targa Resources Corp. |
8. | CSX Corp. |
9. | Sempra |
10. | Central Japan Railway Co. |
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 101.3% | ||
Australia 7.1% | ||
Atlas Arteria Ltd. (Transportation) | 10,280,153 | $ 34,627,652 |
NEXTDC Ltd. (Communications) (a) | 1,026,775 | 7,653,183 |
Transurban Group (Transportation) | 5,122,344 | 38,407,422 |
80,688,257 | ||
Canada 6.4% | ||
Canadian National Railway Co. (Transportation) | 138,647 | 14,670,037 |
Enbridge, Inc. (Midstream / Pipelines) | 915,251 | 29,330,272 |
Pembina Pipeline Corp. (Midstream / Pipelines) | 934,215 | 28,752,332 |
72,752,641 | ||
China 1.6% | ||
China Resources Gas Group Ltd. (Utilities) | 2,998,000 | 8,869,199 |
Guangdong Investment Ltd. (Utilities) | 13,226,253 | 9,025,679 |
17,894,878 | ||
France 6.0% | ||
Eiffage SA (Transportation) | 301,003 | 27,294,702 |
Vinci SA (Transportation) | 365,924 | 40,453,004 |
67,747,706 | ||
Hong Kong 0.6% | ||
CK Infrastructure Holdings Ltd. (Utilities) | 1,479,360 | 6,853,046 |
Italy 3.0% | ||
Enel SpA (Utilities) | 5,261,448 | 33,336,023 |
Japan 5.6% | ||
Central Japan Railway Co. (Transportation) | 1,651,165 | 36,993,939 |
West Japan Railway Co. (Transportation) | 705,813 | 26,756,401 |
63,750,340 | ||
Mexico 1.3% | ||
Grupo Aeroportuario del Pacifico SAB de CV, Class B (Transportation) | 1,230,501 | 14,353,911 |
Portugal 2.0% | ||
EDP - Energias de Portugal SA (Utilities) | 5,401,366 | 22,689,286 |
Spain 6.6% | ||
Aena SME SA (Transportation) | 271,313 | 39,257,682 |
Shares | Value | |
Spain (continued) | ||
Cellnex Telecom SA (Communications) | 1,211,434 | $ 35,532,004 |
74,789,686 | ||
United Kingdom 3.3% | ||
National Grid plc (Utilities) | 2,267,259 | 26,967,671 |
Pennon Group plc (Utilities) | 1,108,398 | 9,787,425 |
36,755,096 | ||
United States 57.8% | ||
AES Corp. (The) (Utilities) | 1,472,284 | 21,937,031 |
ALLETE, Inc. (Utilities) (b) | 141,834 | 7,593,792 |
Ameren Corp. (Utilities) | 400,094 | 30,291,117 |
American Electric Power Co., Inc. (Utilities) | 54,768 | 4,137,175 |
American Tower Corp. (Communications) | 342,833 | 61,089,412 |
Cheniere Energy, Inc. (Midstream / Pipelines) | 218,729 | 36,400,880 |
CMS Energy Corp. (Utilities) | 476,504 | 25,893,227 |
Constellation Energy Corp. (Utilities) | 95,276 | 10,758,566 |
Crown Castle, Inc. (Communications) | 129,417 | 12,033,193 |
CSX Corp. (Transportation) | 1,262,202 | 37,676,730 |
Equinix, Inc. (Communications) | 30,044 | 21,921,304 |
Kinder Morgan, Inc. (Midstream / Pipelines) | 1,671,770 | 27,082,674 |
NextEra Energy Partners LP (Utilities) (b) | 196,340 | 5,314,924 |
NextEra Energy, Inc. (Utilities) | 1,006,864 | 58,700,170 |
NiSource, Inc. (Utilities) | 499,400 | 12,564,904 |
OGE Energy Corp. (Utilities) | 486,224 | 16,628,861 |
PG&E Corp. (Utilities) (a) | 1,224,926 | 19,966,294 |
PPL Corp. (Utilities) | 1,365,358 | 33,546,846 |
Revenir Energy Inc. (Midstream / Pipelines) (a)(c)(d) | 5,055 | 16,884 |
Revenir Energy Inc. (Midstream / Pipelines) (a)(c)(d) | 27,942 | 93,326 |
SBA Communications Corp. (Communications) | 72,254 | 15,074,352 |
Sempra (Utilities) | 528,456 | 37,007,774 |
Southern Co. (The) (Utilities) | 481,519 | 32,406,229 |
Targa Resources Corp. (Midstream / Pipelines) | 457,006 | 38,210,272 |
Union Pacific Corp. (Transportation) | 112,133 | 23,279,932 |
WEC Energy Group, Inc. (Utilities) | 517,115 | 42,087,990 |
Xcel Energy, Inc. (Utilities) | 346,952 | 20,563,845 |
652,277,704 | ||
Total Common Stocks (Cost $1,261,199,146) | 1,143,888,574 |
Shares | Value | ||
Short-Term Investment 0.2% | |||
Unaffiliated Investment Company 0.2% | |||
United States 0.2% | |||
Invesco Government & Agency Portfolio, 5.357% (e)(f) | 1,624,750 | $ 1,624,750 | |
Total Short-Term Investment (Cost $1,624,750) | 1,624,750 | ||
Total Investments (Cost $1,262,823,896) | 101.5% | 1,145,513,324 | |
Other Assets, Less Liabilities | (1.5) | (16,634,113) | |
Net Assets | 100.0% | $ 1,128,879,211 |
† | Percentages indicated are based on Fund net assets. |
^ | Industry and country 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 October 31, 2023, the aggregate market value of securities on loan was $1,592,344. The Fund received cash collateral with a value of $1,624,750. (See Note 2(I)) |
(c) | Illiquid security—As of October 31, 2023, the total market value deemed illiquid under procedures approved by the Board of Trustees was $110,210, which represented less than one-tenth of a percent of the Fund’s net assets. |
(d) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
(e) | Current yield as of October 31, 2023. |
(f) | Represents a security purchased with cash collateral received for securities on loan. |
Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
MainStay U.S. Government Liquidity Fund | $ 8,287 | $ 139,108 | $ (147,395) | $ — | $ — | $ — | $ 153 | $ — | — |
12 | MainStay CBRE Global Infrastructure 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) | |||||||
Common Stocks | $ 1,143,778,364 | $ — | $ 110,210 | $ 1,143,888,574 | |||
Short-Term Investment | |||||||
Unaffiliated Investment Company | 1,624,750 | — | — | 1,624,750 | |||
Total Investments in Securities | $ 1,145,403,114 | $ — | $ 110,210 | $ 1,145,513,324 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
Value | Percent † ^ | ||
Utilities | $ 496,927,074 | 44.2% | |
Transportation | 333,771,412 | 29.5 | |
Midstream / Pipelines | 159,886,640 | 14.1 | |
Communications | 153,303,448 | 13.5 | |
1,143,888,574 | 101.3 | ||
Short-Term Investment | 1,624,750 | 0.2 | |
Other Assets, Less Liabilities | (16,634,113) | (1.5) | |
Net Assets | $1,128,879,211 | 100.0% |
† | Percentages indicated are based on Fund net assets. |
^ | Industry and country classifications may be different than those used for compliance monitoring purposes. |
Assets | |
Investment in securities, at value (identified cost $1,262,823,896) including securities on loan of $1,592,344 | $1,145,513,324 |
Cash denominated in foreign currencies (identified cost $125) | 125 |
Receivables: | |
Investment securities sold | 19,959,080 |
Dividends | 2,120,554 |
Fund shares sold | 1,363,268 |
Securities lending | 332 |
Other assets | 57,915 |
Total assets | 1,169,014,598 |
Liabilities | |
Cash collateral received for securities on loan | 1,624,750 |
Due to custodian | 16,578,501 |
Payables: | |
Fund shares redeemed | 18,583,248 |
Investment securities purchased | 1,998,277 |
Manager (See Note 3) | 729,507 |
Transfer agent (See Note 3) | 454,919 |
Professional fees | 60,589 |
Custodian | 41,526 |
NYLIFE Distributors (See Note 3) | 30,589 |
Shareholder communication | 28,757 |
Trustees | 4,652 |
Accrued expenses | 72 |
Total liabilities | 40,135,387 |
Net assets | $1,128,879,211 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 103,102 |
Additional paid-in-capital | 1,558,087,170 |
1,558,190,272 | |
Total distributable earnings (loss) | (429,311,061) |
Net assets | $1,128,879,211 |
Class A | |
Net assets applicable to outstanding shares | $ 80,081,528 |
Shares of beneficial interest outstanding | 7,320,561 |
Net asset value per share outstanding | $ 10.94 |
Maximum sales charge (5.50% of offering price) | 0.64 |
Maximum offering price per share outstanding | $ 11.58 |
Investor Class | |
Net assets applicable to outstanding shares | $ 1,902,745 |
Shares of beneficial interest outstanding | 174,013 |
Net asset value per share outstanding | $ 10.93 |
Maximum sales charge (5.00% of offering price) | 0.58 |
Maximum offering price per share outstanding | $ 11.51 |
Class C | |
Net assets applicable to outstanding shares | $ 15,329,169 |
Shares of beneficial interest outstanding | 1,408,129 |
Net asset value and offering price per share outstanding | $ 10.89 |
Class I | |
Net assets applicable to outstanding shares | $1,030,925,863 |
Shares of beneficial interest outstanding | 94,141,268 |
Net asset value and offering price per share outstanding | $ 10.95 |
Class R6 | |
Net assets applicable to outstanding shares | $ 639,906 |
Shares of beneficial interest outstanding | 58,429 |
Net asset value and offering price per share outstanding | $ 10.95 |
14 | MainStay CBRE Global Infrastructure Fund |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated (net of foreign tax withholding of $1,621,396) | $ 32,705,809 |
Securities lending, net | 159,789 |
Dividends-affiliated | 153,202 |
Total income | 33,018,800 |
Expenses | |
Manager (See Note 3) | 6,882,271 |
Transfer agent (See Note 3) | 1,159,787 |
Distribution/Service—Class A (See Note 3) | 116,839 |
Distribution/Service—Investor Class (See Note 3) | 2,657 |
Distribution/Service—Class C (See Note 3) | 90,631 |
Professional fees | 83,508 |
Custodian | 75,579 |
Registration | 59,911 |
Shareholder communication | 48,291 |
Interest expense | 45,194 |
Trustees | 25,970 |
Miscellaneous | 53,400 |
Total expenses before waiver/reimbursement | 8,644,038 |
Expense waiver/reimbursement from Manager (See Note 3) | (491,548) |
Net expenses | 8,152,490 |
Net investment income (loss) | 24,866,310 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | (40,860,052) |
Foreign currency transactions | (416,501) |
Net realized gain (loss) | (41,276,553) |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | (204,734,551) |
Translation of other assets and liabilities in foreign currencies | (39,538) |
Net change in unrealized appreciation (depreciation) | (204,774,089) |
Net realized and unrealized gain (loss) | (246,050,642) |
Net increase (decrease) in net assets resulting from operations | $(221,184,332) |
for the six months ended October 31, 2023 (Unaudited) and the year ended April 30, 2023
Six months ended October 31, 2023 | Year ended April 30, 2023 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 24,866,310 | $ 33,878,395 |
Net realized gain (loss) | (41,276,553) | (54,492,022) |
Net change in unrealized appreciation (depreciation) | (204,774,089) | 37,646,073 |
Net increase (decrease) in net assets resulting from operations | (221,184,332) | 17,032,446 |
Distributions to shareholders: | ||
Class A | (1,347,758) | (2,556,120) |
Investor Class | (30,154) | (62,277) |
Class C | (189,328) | (402,553) |
Class I | (23,086,922) | (53,898,639) |
Class R6 | (11,999) | (278,160) |
Total distributions to shareholders | (24,666,161) | (57,197,749) |
Capital share transactions: | ||
Net proceeds from sales of shares | 219,378,650 | 1,009,200,139 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 18,753,369 | 39,221,114 |
Cost of shares redeemed | (971,665,270) | (553,345,710) |
Increase (decrease) in net assets derived from capital share transactions | (733,533,251) | 495,075,543 |
Net increase (decrease) in net assets | (979,383,744) | 454,910,240 |
Net Assets | ||
Beginning of period | 2,108,262,955 | 1,653,352,715 |
End of period | $1,128,879,211 | $2,108,262,955 |
16 | MainStay CBRE Global Infrastructure Fund |
Six months ended October 31, | Year Ended April 30, | November 1, 2019 through April 30, | Year Ended October 31, | ||||||||||
Class A | 2023 * | 2023 | 2022 | 2021 | 2020 # | 2019 | 2018 | ||||||
Net asset value at beginning of period | $ 12.80 | $ 13.11 | $ 12.81 | $ 10.39 | $ 11.99 | $ 10.04 | $ 11.40 | ||||||
Net investment income (loss) | 0.16(a) | 0.19(a) | 0.23(a) | 0.16(a) | 0.07(a) | 0.16 | 0.19 | ||||||
Net realized and unrealized gain (loss) | (1.85) | (0.17) | 0.26 | 2.42 | (1.30) | 2.12 | (0.51) | ||||||
Total from investment operations | (1.69) | 0.02 | 0.49 | 2.58 | (1.23) | 2.28 | (0.32) | ||||||
Less distributions: | |||||||||||||
From net investment income | (0.17) | (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 | (0.17) | (0.33) | (0.19) | (0.16) | (0.37) | (0.33) | (1.04) | ||||||
Net asset value at end of period | $ 10.94 | $ 12.80 | $ 13.11 | $ 12.81 | $ 10.39 | $ 11.99 | $ 10.04 | ||||||
Total investment return (b) | (13.28)% | 0.33% | 3.91% | 25.04% | (10.57)% | 23.24% | (3.16)% | ||||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||||
Net investment income (loss) | 2.64%†† | 1.50% | 1.75% | 1.35% | 1.32%†† | 1.51% | 1.89% | ||||||
Net expenses | 1.29%†† (c)(d) | 1.27%(d) | 1.26%(d) | 1.29%(d) | 1.32%†† (d)(e) | 1.35% | 1.35% | ||||||
Expenses (before waiver/reimbursement) | 1.29%†† (c)(d) | 1.27%(d) | 1.26%(d) | 1.35%(d) | 1.54%†† (d)(e) | 1.56% | 1.83% | ||||||
Portfolio turnover rate | 18% | 43% | 32% | 51% | 49% | 53% | 61% | ||||||
Net assets at end of period (in 000's) | $ 80,082 | $ 102,258 | $ 88,715 | $ 45,642 | $ 11,237 | $ 11,700 | $ 1,787 |
* | Unaudited. |
# | 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) | Net of interest expense of 0.01%. (See Note 6) |
(d) | 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. |
(e) | Net of interest expense of less than 0.01%. (See Note 6) |
Six months ended October 31, | Year Ended April 30, | February 24, 2020^ through April 30, | |||||||
Investor Class | 2023 * | 2023 | 2022 | 2021 | 2020 | ||||
Net asset value at beginning of period | $ 12.80 | $ 13.11 | $ 12.80 | $ 10.38 | $ 12.50 | ||||
Net investment income (loss) (a) | 0.16 | 0.19 | 0.23 | 0.13 | (0.00)‡ | ||||
Net realized and unrealized gain (loss) | (1.86) | (0.17) | 0.26 | 2.43 | (2.08) | ||||
Total from investment operations | (1.70) | 0.02 | 0.49 | 2.56 | (2.08) | ||||
Less distributions: | |||||||||
From net investment income | (0.17) | (0.21) | (0.18) | (0.14) | (0.03) | ||||
From net realized gain on investments | — | (0.12) | — | — | — | ||||
Return of capital | — | — | — | — | (0.01) | ||||
Total distributions | (0.17) | (0.33) | (0.18) | (0.14) | (0.04) | ||||
Net asset value at end of period | $ 10.93 | $ 12.80 | $ 13.11 | $ 12.80 | $ 10.38 | ||||
Total investment return (b) | (13.37)% | 0.34% | 3.85% | 24.87% | (16.66)% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.60%†† | 1.49% | 1.77% | 1.11% | (0.12)%†† | ||||
Net expenses (c) | 1.33%††(d) | 1.29% | 1.31% | 1.45% | 1.45%†† | ||||
Expenses (before waiver/reimbursement) (c) | 1.33%††(d) | 1.29% | 1.31% | 1.76% | 1.67%†† | ||||
Portfolio turnover rate | 18% | 43% | 32% | 51% | 49% | ||||
Net assets at end of period (in 000's) | $ 1,903 | $ 2,338 | $ 2,430 | $ 2,159 | $ 106 |
* | Unaudited. |
^ | 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. |
(d) | Net of interest expense of 0.01%. (See Note 6) |
18 | MainStay CBRE Global Infrastructure Fund |
Six months ended October 31, | Year Ended April 30, | November 1, 2019 through April 30, 2020# | February 28, 2019^ through October 31, | ||||||||
Class C | 2023 * | 2023 | 2022 | 2021 | 2019 | ||||||
Net asset value at beginning of period | $ 12.74 | $ 13.04 | $ 12.75 | $ 10.37 | $ 11.96 | $ 10.82 | |||||
Net investment income (loss) (a) | 0.11 | 0.09 | 0.12 | 0.06 | 0.03 | 0.04 | |||||
Net realized and unrealized gain (loss) | (1.84) | (0.16) | 0.27 | 2.42 | (1.29) | 1.22 | |||||
Total from investment operations | (1.73) | (0.07) | 0.39 | 2.48 | (1.26) | 1.26 | |||||
Less distributions: | |||||||||||
From net investment income | (0.12) | (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 | (0.12) | (0.23) | (0.10) | (0.10) | (0.33) | (0.12) | |||||
Net asset value at end of period | $ 10.89 | $ 12.74 | $ 13.04 | $ 12.75 | $ 10.37 | $ 11.96 | |||||
Total investment return (b) | (13.63)% | (0.42)% | 3.11% | 24.04% | (10.89)% | 11.67% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 1.86%†† | 0.74% | 0.89% | 0.52% | 0.58%†† | 0.46%†† | |||||
Net expenses | 2.08%†† (c)(d) | 2.04%(d) | 2.06%(d) | 2.08%(d) | 2.09%†† (d)(e) | 2.10%†† | |||||
Expenses (before waiver/reimbursement) | 2.08%†† (c)(d) | 2.04%(d) | 2.06%(d) | 2.51%(d) | 2.36%†† (d)(e) | 2.31%†† | |||||
Portfolio turnover rate | 18% | 43% | 32% | 51% | 49% | 53% | |||||
Net assets at end of period (in 000’s) | $ 15,329 | $ 20,401 | $ 24,119 | $ 11,522 | $ 992 | $ 1,048 |
* | Unaudited. |
# | 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) | Net of interest expense of 0.01%. (See Note 6) |
(d) | 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. |
(e) | Net of interest expense of less than 0.01%. (See Note 6) |
Six months ended October 31, | Year Ended April 30, | November 1, 2019 through April 30, 2020# | Year Ended October 31, | ||||||||||
Class I | 2023 * | 2023 | 2022 | 2021 | 2019 | 2018 | |||||||
Net asset value at beginning of period | $ 12.81 | $ 13.12 | $ 12.82 | $ 10.39 | $ 11.99 | $ 10.04 | $ 11.40 | ||||||
Net investment income (loss) | 0.19(a) | 0.22(a) | 0.27(a) | 0.21(a) | 0.09(a) | 0.20 | 0.23 | ||||||
Net realized and unrealized gain (loss) | (1.86) | (0.16) | 0.26 | 2.41 | (1.30) | 2.11 | (0.52) | ||||||
Total from investment operations | (1.67) | 0.06 | 0.53 | 2.62 | (1.21) | 2.31 | (0.29) | ||||||
Less distributions: | |||||||||||||
From net investment income | (0.19) | (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 | (0.19) | (0.37) | (0.23) | (0.19) | (0.39) | (0.36) | (1.07) | ||||||
Net asset value at end of period | $ 10.95 | $ 12.81 | $ 13.12 | $ 12.82 | $ 10.39 | $ 11.99 | $ 10.04 | ||||||
Total investment return (b) | (13.13)% | 0.63% | 4.19% | 25.46% | (10.46)% | 23.52% | (2.88)% | ||||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||||
Net investment income (loss) | 3.11%†† | 1.79% | 2.09% | 1.78% | 1.59%†† | 1.83% | 2.14% | ||||||
Net expenses | 0.97%†† (c)(d) | 0.97%(d) | 0.97%(d) | 0.97%(d) | 1.05%†† (d)(e) | 1.10% | 1.10% | ||||||
Expenses (before waiver/reimbursement) | 1.04%†† (c)(d) | 1.02%(d) | 1.01%(d) | 1.10%(d) | 1.18%†† (d)(e) | 1.14% | 1.41% | ||||||
Portfolio turnover rate | 18% | 43% | 32% | 51% | 49% | 53% | 61% | ||||||
Net assets at end of period (in 000's) | $ 1,030,926 | $ 1,982,388 | $ 1,527,548 | $ 465,299 | $ 208,291 | $ 225,176 | $ 71,919 |
* | Unaudited. |
# | 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) | Net of interest expense of 0.01%. (See Note 6) |
(d) | 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. |
(e) | Net of interest expense of less than 0.01%. (See Note 6) |
20 | MainStay CBRE Global Infrastructure Fund |
Six months ended October 31, | Year Ended April 30, | February 24, 2020^ through April 30, | |||||||
Class R6 | 2023 * | 2023 | 2022 | 2021 | 2020 | ||||
Net asset value at beginning of period | $ 12.82 | $ 13.12 | $ 12.82 | $ 10.39 | $ 12.51 | ||||
Net investment income (loss) (a) | 0.19 | 0.23 | 0.35 | 0.17 | 0.02 | ||||
Net realized and unrealized gain (loss) | (1.86) | (0.15) | 0.19 | 2.45 | (2.11) | ||||
Total from investment operations | (1.67) | 0.08 | 0.54 | 2.62 | (2.09) | ||||
Less distributions: | |||||||||
From net investment income | (0.20) | (0.26) | (0.24) | (0.19) | (0.02) | ||||
From net realized gain on investments | — | (0.12) | — | — | — | ||||
Return of capital | — | — | — | — | (0.01) | ||||
Total distributions | (0.20) | (0.38) | (0.24) | (0.19) | (0.03) | ||||
Net asset value at end of period | $ 10.95 | $ 12.82 | $ 13.12 | $ 12.82 | $ 10.39 | ||||
Total investment return (b) | (13.16)% | 0.78% | 4.23% | 25.50% | (16.65)% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 3.08%†† | 1.80% | 2.63% | 1.47% | 0.85%†† | ||||
Net expenses (c) | 0.90%††(d) | 0.89% | 0.91% | 0.95% | 0.95%†† | ||||
Expenses (before waiver/reimbursement) (c) | 0.90%††(d) | 0.89% | 0.91% | 1.02% | 1.13%†† | ||||
Portfolio turnover rate | 18% | 43% | 32% | 51% | 49% | ||||
Net assets at end of period (in 000's) | $ 640 | $ 878 | $ 10,541 | $ 350 | $ 21 |
* | Unaudited. |
^ | 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. |
(d) | Net of interest expense of 0.01%. (See Note 6) |
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 |
22 | MainStay CBRE Global Infrastructure Fund |
• | 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 | $ 68,084 | $— |
Investor Class | 1,962 | — |
Class C | 16,711 | — |
Class I | 1,073,015 | — |
Class R6 | 15 | — |
Class R6 | $23,859 | 3.7% |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $1,283,505,365 | $15,250,438 | $(153,242,479) | $(137,992,041) |
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 | |
Distributions paid from: | |
Ordinary Income | $43,678,063 |
Long-Term Capital Gains | 13,519,686 |
Total | $57,197,749 |
Class A | Shares | Amount |
Six-month period ended October 31, 2023: | ||
Shares sold | 645,576 | $ 7,796,093 |
Shares issued to shareholders in reinvestment of distributions | 108,788 | 1,289,606 |
Shares redeemed | (1,370,865) | (16,145,646) |
Net increase (decrease) in shares outstanding before conversion | (616,501) | (7,059,947) |
Shares converted into Class A (See Note 1) | 8,127 | 99,141 |
Shares converted from Class A (See Note 1) | (59,667) | (740,093) |
Net increase (decrease) | (668,041) | $ (7,700,899) |
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 |
Investor Class | Shares | Amount |
Six-month period ended October 31, 2023: | ||
Shares sold | 3,469 | $ 41,579 |
Shares issued to shareholders in reinvestment of distributions | 2,484 | 29,426 |
Shares redeemed | (14,400) | (173,772) |
Net increase (decrease) in shares outstanding before conversion | (8,447) | (102,767) |
Shares converted into Investor Class (See Note 1) | 5,229 | 63,585 |
Shares converted from Investor Class (See Note 1) | (5,489) | (66,568) |
Net increase (decrease) | (8,707) | $ (105,750) |
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) |
28 | MainStay CBRE Global Infrastructure Fund |
Class C | Shares | Amount |
Six-month period ended October 31, 2023: | ||
Shares sold | 70,240 | $ 849,407 |
Shares issued to shareholders in reinvestment of distributions | 15,690 | 186,658 |
Shares redeemed | (274,332) | (3,255,555) |
Net increase (decrease) in shares outstanding before conversion | (188,402) | (2,219,490) |
Shares converted from Class C (See Note 1) | (5,259) | (63,585) |
Net increase (decrease) | (193,661) | $ (2,283,075) |
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) |
Class I | Shares | Amount |
Six-month period ended October 31, 2023: | ||
Shares sold | 17,545,392 | $ 210,637,362 |
Shares issued to shareholders in reinvestment of distributions | 1,455,466 | 17,236,696 |
Shares redeemed | (79,615,946) | (951,901,703) |
Net increase (decrease) in shares outstanding before conversion | (60,615,088) | (724,027,645) |
Shares converted into Class I (See Note 1) | 59,571 | 740,093 |
Shares converted from Class I (See Note 1) | (2,640) | (32,573) |
Net increase (decrease) | (60,558,157) | $(723,320,125) |
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 |
Class R6 | Shares | Amount |
Six-month period ended October 31, 2023: | ||
Shares sold | 4,737 | $ 54,209 |
Shares issued to shareholders in reinvestment of distributions | 926 | 10,983 |
Shares redeemed | (15,715) | (188,594) |
Net increase (decrease) | (10,052) | $ (123,402) |
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) |
30 | 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. |
5013764MS139-23 | MSCBGI10-12/23 |
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
![](https://capedge.com/proxy/N-CSRS/0001193125-24-002810/g467147img1afdadfd1.jpg)
![](https://capedge.com/proxy/N-CSRS/0001193125-24-002810/g467147img873d92142.jpg)
President
![](https://capedge.com/proxy/N-CSRS/0001193125-24-002810/g467147img8330967f3.jpg)
Average Annual Total Returns for the Period-Ended October 31, 2023 | ||||||||
Class | Sales Charge | Inception Date1 | Six Months2 | One Year | Five Years | Ten Years or Since Inception | Gross Expense Ratio3 | |
Class A Shares4 | Maximum 5.50% Initial Sales Charge | With sales charges | 12/20/2002 | -16.71% | -14.17% | 1.47% | 3.67% | 1.35% |
Excluding sales charges | -11.86 | -9.18 | 2.68 | 4.28 | 1.35 | |||
Investor Class Shares5 | Maximum 5.00% Initial Sales Charge | With sales charges | 2/24/2020 | -16.30 | -13.77 | N/A | -5.01 | 1.29 |
Excluding sales charges | -11.90 | -9.23 | N/A | -3.55 | 1.29 | |||
Class C Shares4 | Maximum 1.00% CDSC | With sales charges | 1/17/2003 | -12.95 | -10.47 | 1.93 | 3.47 | 2.04 |
If Redeemed Within One Year of Purchase | Excluding sales charges | -12.07 | -9.79 | 1.93 | 3.47 | 2.04 | ||
Class I Shares4 | No Sales Charge | 12/31/1996 | -11.60 | -8.77 | 3.06 | 4.61 | 1.10 | |
Class R3 Shares4, 6 | No Sales Charge | 8/5/2011 | -11.86 | -9.27 | 2.45 | 4.04 | 1.70 | |
Class R6 Shares4 | No Sales Charge | 7/3/2014 | -11.65 | -8.69 | 3.14 | 3.73 | 0.82 |
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. | Not annualized. |
3. | 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. |
4. | 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. |
5. | 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. |
6. | As of October 31, 2023, Class R3 shares are closed to new investors and, upon the close of business on December 29, 2023, Class R3 shares are closed to additional investments by existing shareholders. Additionally, Class R3 shares will be liquidated on or about February 28, 2024 (the "Liquidation Date"). It is expected that the Fund will distribute to remaining shareholders invested in Class R3 shares, on or promptly after the Liquidation Date, a liquidating distribution in cash or cash equivalents equal to the net asset value of such shares. |
Benchmark Performance* | Six Months1 | One Year | Five Years | Ten Years |
FTSE NAREIT All Equity REITs Index2 | -10.39% | -7.89% | 2.69% | 5.38% |
CBRE Real Estate Tiered Index3 | -10.39 | -7.89 | 1.63 | 4.55 |
MSCI U.S. REIT® Index4 | -9.46 | -5.92 | 2.51 | 5.00 |
Morningstar Real Estate Category Average5 | -9.82 | -6.52 | 2.05 | 4.42 |
* | 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. | Not annualized. |
2. | 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. |
3. | The Fund has selected a tiered benchmark as its secondary benchmark. The returns for the CBRE Real Estate Tiered Index 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. |
4. | The Fund has also selected the MSCI U.S. REIT® Index as an additional benchmark. 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. |
5. | 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 5/1/23 | Ending Account Value (Based on Actual Returns and Expenses) 10/31/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 10/31/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Class A Shares | $1,000.00 | $881.40 | $5.58 | $1,019.20 | $5.99 | 1.18% |
Investor Class Shares | $1,000.00 | $881.00 | $5.96 | $1,018.80 | $6.39 | 1.26% |
Class C Shares | $1,000.00 | $879.30 | $9.12 | $1,015.43 | $9.78 | 1.93% |
Class I Shares | $1,000.00 | $884.00 | $3.93 | $1,020.96 | $4.22 | 0.83% |
Class R3 Shares | $1,000.00 | $881.40 | $6.76 | $1,017.95 | $7.25 | 1.43% |
Class R6 Shares | $1,000.00 | $883.50 | $3.50 | $1,021.42 | $3.76 | 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 366 and multiplied by 184 (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. |
Technology Towers | 16.2% |
Residential | 14.8 |
Self Storage Property | 10.1 |
Net Lease Properties | 10.1 |
Healthcare Facilities | 10.1 |
Industrial Properties | 8.9 |
Technology Datacenters | 8.1 |
Enclosed Malls | 5.7 |
Community Shopping Centers | 5.5% |
Hotels | 5.1 |
Office Buildings | 3.5 |
Timber | 1.7 |
Short–Term Investments | 0.3 |
Other Assets, Less Liabilities | –0.1 |
100.0% |
1. | American Tower Corp. |
2. | Equinix, Inc. |
3. | Public Storage |
4. | Prologis, Inc. |
5. | Welltower, Inc. |
6. | Simon Property Group, Inc. |
7. | SBA Communications Corp. |
8. | Invitation Homes, Inc. |
9. | Rexford Industrial Realty, Inc. |
10. | Alexandria Real Estate Equities, 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 99.8% | ||
Community Shopping Centers 5.5% | ||
Brixmor Property Group, Inc. | 261,742 | $ 5,441,616 |
Kite Realty Group Trust | 113,893 | 2,428,199 |
Regency Centers Corp. | 42,980 | 2,589,975 |
Retail Opportunity Investments Corp. | 178,719 | 2,098,161 |
SITE Centers Corp. | 106,826 | 1,245,591 |
13,803,542 | ||
Enclosed Malls 5.7% | ||
Macerich Co. (The) | 282,770 | 2,748,524 |
Simon Property Group, Inc. | 106,604 | 11,714,714 |
14,463,238 | ||
Healthcare Facilities 10.1% | ||
Alexandria Real Estate Equities, Inc. | 86,725 | 8,076,699 |
Healthpeak Properties, Inc. | 144,324 | 2,244,238 |
Ventas, Inc. | 43,912 | 1,864,504 |
Welltower, Inc. | 158,645 | 13,264,308 |
25,449,749 | ||
Hotels 5.1% | ||
Hilton Worldwide Holdings, Inc. | 21,246 | 3,219,406 |
Park Hotels & Resorts, Inc. | 271,928 | 3,135,330 |
Ryman Hospitality Properties, Inc. | 34,431 | 2,947,294 |
Sunstone Hotel Investors, Inc. | 381,809 | 3,550,824 |
12,852,854 | ||
Industrial Properties 8.9% | ||
Prologis, Inc. | 133,474 | 13,447,505 |
Rexford Industrial Realty, Inc. | 208,816 | 9,029,204 |
22,476,709 | ||
Net Lease Properties 10.1% | ||
Agree Realty Corp. | 47,458 | 2,654,801 |
Broadstone Net Lease, Inc. | 202,055 | 2,859,078 |
Essential Properties Realty Trust, Inc. | 122,179 | 2,681,829 |
Four Corners Property Trust, Inc. | 117,307 | 2,498,639 |
Realty Income Corp. | 84,299 | 3,994,087 |
Spirit Realty Capital, Inc. | 167,681 | 6,034,839 |
VICI Properties, Inc. | 171,982 | 4,798,298 |
25,521,571 | ||
Office Buildings 3.5% | ||
Empire State Realty Trust, Inc., Class A | 230,632 | 1,865,813 |
Highwoods Properties, Inc. | 137,900 | 2,467,031 |
Kilroy Realty Corp. | 91,196 | 2,606,382 |
Vornado Realty Trust | 106,761 | 2,049,811 |
8,989,037 |
Shares | Value | ||
Residential 14.8% | |||
Apartment Income REIT Corp. | 190,376 | $ 5,560,883 | |
AvalonBay Communities, Inc. | 15,750 | 2,610,405 | |
Camden Property Trust | 87,092 | 7,392,369 | |
Essex Property Trust, Inc. | 32,082 | 6,862,981 | |
Invitation Homes, Inc. | 305,074 | 9,057,647 | |
Sun Communities, Inc. | 28,077 | 3,123,286 | |
Tricon Residential, Inc. | 426,086 | 2,824,950 | |
37,432,521 | |||
Self Storage Property 10.1% | |||
CubeSmart | 220,139 | 7,504,539 | |
Public Storage | 76,150 | 18,177,766 | |
25,682,305 | |||
Technology Datacenters 8.1% | |||
Equinix, Inc. | 28,205 | 20,579,496 | |
Technology Towers 16.2% | |||
American Tower Corp. | 126,251 | 22,496,665 | |
Crown Castle, Inc. | 83,964 | 7,806,973 | |
SBA Communications Corp. | 51,598 | 10,764,891 | |
41,068,529 | |||
Timber 1.7% | |||
Weyerhaeuser Co. | 148,782 | 4,268,556 | |
Total Common Stocks (Cost $262,722,662) | 252,588,107 | ||
Short-Term Investment 0.3% | |||
Affiliated Investment Company 0.3% | |||
MainStay U.S. Government Liquidity Fund, 5.275% (a) | 704,563 | 704,563 | |
Total Short-Term Investment (Cost $704,563) | 704,563 | ||
Total Investments (Cost $263,427,225) | 100.1% | 253,292,670 | |
Other Assets, Less Liabilities | (0.1) | (156,722) | |
Net Assets | 100.0% | $ 253,135,948 |
† | Percentages indicated are based on Fund net assets. |
^ | Industry classifications may be different than those used for compliance monitoring purposes. |
(a) | Current yield as of October 31, 2023. |
10 | MainStay CBRE Real Estate Fund |
Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
MainStay U.S. Government Liquidity Fund | $ 474 | $ 23,841 | $ (23,610) | $ — | $ — | $ 705 | $ 35 | $ — | 705 |
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 | $ 252,588,107 | $ — | $ — | $ 252,588,107 | |||
Short-Term Investment | |||||||
Affiliated Investment Company | 704,563 | — | — | 704,563 | |||
Total Investments in Securities | $ 253,292,670 | $ — | $ — | $ 253,292,670 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
Assets | |
Investment in unaffiliated securities, at value (identified cost $262,722,662) | $252,588,107 |
Investment in affiliated investment companies, at value (identified cost $704,563) | 704,563 |
Receivables: | |
Investment securities sold | 1,467,002 |
Dividends | 175,940 |
Fund shares sold | 174,472 |
Securities lending | 76 |
Other assets | 42,127 |
Total assets | 255,152,287 |
Liabilities | |
Foreign currency due to custodian, at value | 22,038 |
Payables: | |
Investment securities purchased | 1,260,230 |
Fund shares redeemed | 340,620 |
Transfer agent (See Note 3) | 134,789 |
Manager (See Note 3) | 101,071 |
Shareholder communication | 75,014 |
Professional fees | 43,266 |
NYLIFE Distributors (See Note 3) | 27,698 |
Custodian | 7,340 |
Trustees | 479 |
Accrued expenses | 3,794 |
Total liabilities | 2,016,339 |
Net assets | $253,135,948 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 32,877 |
Additional paid-in-capital | 298,689,856 |
298,722,733 | |
Total distributable earnings (loss) | (45,586,785) |
Net assets | $253,135,948 |
Class A | |
Net assets applicable to outstanding shares | $113,741,614 |
Shares of beneficial interest outstanding | 16,666,326 |
Net asset value per share outstanding | $ 6.82 |
Maximum sales charge (5.50% of offering price) | 0.40 |
Maximum offering price per share outstanding | $ 7.22 |
Investor Class | |
Net assets applicable to outstanding shares | $ 178,332 |
Shares of beneficial interest outstanding | 26,171 |
Net asset value per share outstanding | $ 6.81 |
Maximum sales charge (5.00% of offering price) | 0.36 |
Maximum offering price per share outstanding | $ 7.17 |
Class C | |
Net assets applicable to outstanding shares | $ 2,965,464 |
Shares of beneficial interest outstanding | 367,684 |
Net asset value and offering price per share outstanding | $ 8.07 |
Class I | |
Net assets applicable to outstanding shares | $120,349,325 |
Shares of beneficial interest outstanding | 13,936,802 |
Net asset value and offering price per share outstanding | $ 8.64 |
Class R3 | |
Net assets applicable to outstanding shares | $ 1,196,612 |
Shares of beneficial interest outstanding | 177,664 |
Net asset value and offering price per share outstanding | $ 6.74 |
Class R6 | |
Net assets applicable to outstanding shares | $ 14,704,601 |
Shares of beneficial interest outstanding | 1,702,642 |
Net asset value and offering price per share outstanding | $ 8.64 |
12 | MainStay CBRE Real Estate Fund |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated (net of foreign tax withholding of $33,517) | $ 5,575,674 |
Dividends-affiliated | 35,079 |
Securities lending, net | 611 |
Total income | 5,611,364 |
Expenses | |
Manager (See Note 3) | 1,079,802 |
Transfer agent (See Note 3) | 442,486 |
Distribution/Service—Class A (See Note 3) | 162,381 |
Distribution/Service—Investor Class (See Note 3) | 248 |
Distribution/Service—Class C (See Note 3) | 17,578 |
Distribution/Service—Class R3 (See Note 3) | 3,564 |
Registration | 51,288 |
Professional fees | 47,036 |
Custodian | 12,381 |
Trustees | 4,079 |
Shareholder service (See Note 3) | 713 |
Miscellaneous | 5,423 |
Total expenses before waiver/reimbursement | 1,826,979 |
Expense waiver/reimbursement from Manager (See Note 3) | (387,973) |
Net expenses | 1,439,006 |
Net investment income (loss) | 4,172,358 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | (7,145,060) |
Foreign currency transactions | (3,390) |
Net realized gain (loss) | (7,148,450) |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | (31,468,162) |
Translation of other assets and liabilities in foreign currencies | 202 |
Net change in unrealized appreciation (depreciation) | (31,467,960) |
Net realized and unrealized gain (loss) | (38,616,410) |
Net increase (decrease) in net assets resulting from operations | $(34,444,052) |
for the six months ended October 31, 2023 (Unaudited) and the year ended April 30, 2023
Six months ended October 31, 2023 | Year ended April 30, 2023 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 4,172,358 | $ 7,106,413 |
Net realized gain (loss) | (7,148,450) | (28,590,861) |
Net change in unrealized appreciation (depreciation) | (31,467,960) | (56,029,421) |
Net increase (decrease) in net assets resulting from operations | (34,444,052) | (77,513,869) |
Distributions to shareholders: | ||
Class A | (1,151,718) | (44,659,487) |
Investor Class | (1,733) | (58,405) |
Class C | (10,673) | (1,221,063) |
Class I | (1,120,161) | (43,591,182) |
Class R3 | (11,116) | (562,871) |
Class R6 | (146,387) | (4,440,769) |
(2,441,788) | (94,533,777) | |
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 | (2,441,788) | (96,380,190) |
Capital share transactions: | ||
Net proceeds from sales of shares | 23,795,108 | 48,489,555 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 2,260,995 | 90,519,704 |
Cost of shares redeemed | (44,743,204) | (123,743,106) |
Increase (decrease) in net assets derived from capital share transactions | (18,687,101) | 15,266,153 |
Net increase (decrease) in net assets | (55,572,941) | (158,627,906) |
Net Assets | ||
Beginning of period | 308,708,889 | 467,336,795 |
End of period | $253,135,948 | $ 308,708,889 |
14 | MainStay CBRE Real Estate Fund |
Six months ended October 31, 2023* | 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 | $ 7.81 | $ 13.38 | $ 12.20 | $ 8.97 | $ 12.32 | $ 14.43 | $ 17.81 | ||||||
Net investment income (loss) (a) | 0.10 | 0.18 | 0.13 | 0.16 | 0.18 | 0.21 | 0.28 | ||||||
Net realized and unrealized gain (loss) | (1.02) | (2.45) | 1.47 | 3.59 | (1.52) | 1.29 | (0.07) | ||||||
Total from investment operations | (0.92) | (2.27) | 1.60 | 3.75 | (1.34) | 1.50 | 0.21 | ||||||
Less distributions: | |||||||||||||
From net investment income | (0.07) | (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 | (0.07) | (3.30) | (0.42) | (0.52) | (2.01) | (3.61) | (3.59) | ||||||
Net asset value at end of period | $ 6.82 | $ 7.81 | $ 13.38 | $ 12.20 | $ 8.97 | $ 12.32 | $ 14.43 | ||||||
Total investment return (b) | (11.86)% | (16.94)% | 13.06% | 42.72% | (13.80)% | 12.73% | 0.23% | ||||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||||
Net investment income (loss) | 2.73%†† | 1.79% | 0.96% | 1.64% | 1.69%†† | 1.58% | 1.69% | ||||||
Net expenses | 1.18%††(c) | 1.18%(c) | 1.18%(c) | 1.18%(c) | 1.17%†† (c)(d) | 1.24% | 1.29% | ||||||
Expenses (before waiver/reimbursement) | 1.41%††(c) | 1.35%(c) | 1.30%(c) | 1.45%(c) | 1.36%†† (c)(d) | 1.31% | 1.31% | ||||||
Portfolio turnover rate | 40% | 65% | 70% | 93% | 88% | 82% | 102% | ||||||
Net assets at end of period (in 000's) | $ 113,742 | $ 137,276 | $ 193,441 | $ 177,328 | $ 149,970 | $ 89,037 | $ 81,475 |
* | Unaudited. |
# | 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%. |
Six months ended October 31, 2023* | Year Ended April 30, | February 24, 2020^ through April 30, 2020 | |||||||
Investor Class | 2023 | 2022 | 2021 | ||||||
Net asset value at beginning of period | $ 7.80 | $ 13.39 | $ 12.19 | $ 8.97 | $ 12.17 | ||||
Net investment income (loss) (a) | 0.10 | 0.18 | 0.13 | 0.15 | (0.04) | ||||
Net realized and unrealized gain (loss) | (1.02) | (2.46) | 1.48 | 3.58 | (3.10) | ||||
Total from investment operations | (0.92) | (2.28) | 1.61 | 3.73 | (3.14) | ||||
Less distributions: | |||||||||
From net investment income | (0.07) | (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 | (0.07) | (3.31) | (0.41) | (0.51) | (0.06) | ||||
Net asset value at end of period | $ 6.81 | $ 7.80 | $ 13.39 | $ 12.19 | $ 8.97 | ||||
Total investment return (b) | (11.90)% | (17.00)% | 13.15% | 42.41% | (25.74)% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.68%†† | 1.82% | 0.98% | 1.53% | (2.55)%†† | ||||
Net expenses (c) | 1.26%†† | 1.21% | 1.15% | 1.26% | 1.35%†† | ||||
Expenses (before waiver/reimbursement) (c) | 1.35%†† | 1.29% | 1.26% | 1.34% | 1.56%†† | ||||
Portfolio turnover rate | 40% | 65% | 70% | 93% | 88% | ||||
Net assets at end of period (in 000's) | $ 178 | $ 195 | $ 227 | $ 157 | $ 103 |
* | Unaudited. |
^ | 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 |
Six months ended October 31, 2023* | 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 | $ 9.21 | $ 15.05 | $ 13.66 | $ 9.96 | $ 13.47 | $ 15.44 | $ 18.80 | ||||||
Net investment income (loss) | 0.09(a) | 0.12(a) | 0.03(a) | 0.07(a) | 0.11(a) | 0.11 | 0.16(a) | ||||||
Net realized and unrealized gain (loss) | (1.20) | (2.76) | 1.66 | 4.02 | (1.71) | 1.42 | (0.08) | ||||||
Total from investment operations | (1.11) | (2.64) | 1.69 | 4.09 | (1.60) | 1.53 | 0.08 | ||||||
Less distributions: | |||||||||||||
From net investment income | (0.03) | (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 | (0.03) | (3.20) | (0.30) | (0.39) | (1.91) | (3.50) | (3.44) | ||||||
Net asset value at end of period | $ 8.07 | $ 9.21 | $ 15.05 | $ 13.66 | $ 9.96 | $ 13.47 | $ 15.44 | ||||||
Total investment return (b) | (12.07)% | (17.58)% | 12.27% | 41.65% | (14.44)% | 11.90% | (0.50)% | ||||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||||
Net investment income (loss) | 1.97%†† | 1.04% | 0.22% | 0.66% | 1.00%†† | 0.85% | 0.90% | ||||||
Net expenses | 1.93%††(c) | 1.93%(c) | 1.91%(c) | 1.93%(c) | 1.92%†† (c)(d) | 1.99% | 2.04% | ||||||
Expenses (before waiver/reimbursement) | 2.10%††(c) | 2.04%(c) | 2.01%(c) | 2.09%(c) | 2.13%†† (c)(d) | 2.06% | 2.06% | ||||||
Portfolio turnover rate | 40% | 65% | 70% | 93% | 88% | 82% | 102% | ||||||
Net assets at end of period (in 000's) | $ 2,965 | $ 3,963 | $ 7,220 | $ 10,202 | $ 20,942 | $ 11,216 | $ 13,449 |
* | Unaudited. |
# | 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%. |
Six months ended October 31, 2023* | 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 | $ 9.86 | $ 15.85 | $ 14.37 | $ 10.49 | $ 14.08 | $ 15.99 | $ 19.36 | ||||||
Net investment income (loss) (a) | 0.15 | 0.26 | 0.21 | 0.22 | 0.24 | 0.30 | 0.37 | ||||||
Net realized and unrealized gain (loss) | (1.29) | (2.91) | 1.74 | 4.22 | (1.79) | 1.45 | (0.09) | ||||||
Total from investment operations | (1.14) | (2.65) | 1.95 | 4.44 | (1.55) | 1.75 | 0.28 | ||||||
Less distributions: | |||||||||||||
From net investment income | (0.08) | (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 | (0.08) | (3.34) | (0.47) | (0.56) | (2.04) | (3.66) | (3.65) | ||||||
Net asset value at end of period | $ 8.64 | $ 9.86 | $ 15.85 | $ 14.37 | $ 10.49 | $ 14.08 | $ 15.99 | ||||||
Total investment return (b) | (11.60)% | (16.68)% | 13.51% | 43.19% | (13.54)% | 13.08% | 0.63% | ||||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||||
Net investment income (loss) | 3.05%†† | 2.13% | 1.32% | 1.92% | 2.01%†† | 1.95% | 2.02% | ||||||
Net expenses | 0.83%††(c) | 0.83%(c) | 0.83%(c) | 0.83%(c) | 0.84%†† (c)(d) | 0.91% | 0.91% | ||||||
Expenses (before waiver/reimbursement) | 1.16%††(c) | 1.10%(c) | 1.05%(c) | 1.20%(c) | 1.04%†† (c)(d) | 0.97% | 0.92% | ||||||
Portfolio turnover rate | 40% | 65% | 70% | 93% | 88% | 82% | 102% | ||||||
Net assets at end of period (in 000's) | $ 120,349 | $ 148,962 | $ 241,719 | $ 202,597 | $ 232,730 | $ 166,056 | $ 311,814 |
* | Unaudited. |
# | 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 |
Six months ended October 31, 2023* | 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 | $ 7.71 | $ 13.26 | $ 12.09 | $ 8.89 | $ 12.23 | $ 14.35 | $ 17.73 | ||||||
Net investment income (loss) | 0.09(a) | 0.15(a) | 0.10(a) | 0.11(a) | 0.15(a) | 0.18 | 0.23(a) | ||||||
Net realized and unrealized gain (loss) | (1.00) | (2.43) | 1.46 | 3.59 | (1.51) | 1.28 | (0.06) | ||||||
Total from investment operations | (0.91) | (2.28) | 1.56 | 3.70 | (1.36) | 1.46 | 0.17 | ||||||
Less distributions: | |||||||||||||
From net investment income | (0.06) | (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 | (0.06) | (3.27) | (0.39) | (0.50) | (1.98) | (3.58) | (3.55) | ||||||
Net asset value at end of period | $ 6.74 | $ 7.71 | $ 13.26 | $ 12.09 | $ 8.89 | $ 12.23 | $ 14.35 | ||||||
Total investment return (b) | (11.86)% | (17.18)% | 12.83% | 42.47% | (14.04)% | 12.43% | —% | ||||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||||
Net investment income (loss) | 2.49%†† | 1.56% | 0.72% | 1.14% | 1.42%†† | 1.36% | 1.43% | ||||||
Net expenses | 1.43%††(c) | 1.43%(c) | 1.43%(c) | 1.43%(c) | 1.42%†† (c)(d) | 1.49% | 1.54% | ||||||
Expenses (before waiver/reimbursement) | 1.76%††(c) | 1.70%(c) | 1.65%(c) | 1.80%(c) | 1.61%†† (c)(d) | 1.56% | 1.56% | ||||||
Portfolio turnover rate | 40% | 65% | 70% | 93% | 88% | 82% | 102% | ||||||
Net assets at end of period (in 000's) | $ 1,197 | $ 1,510 | $ 2,672 | $ 2,298 | $ 2,527 | $ 2,454 | $ 2,965 |
* | Unaudited. |
# | 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%. |
Six months ended October 31, 2023* | 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 | $ 9.87 | $ 15.85 | $ 14.37 | $ 10.49 | $ 14.09 | $ 15.99 | $ 19.36 | ||||||
Net investment income (loss) | 0.15(a) | 0.27(a) | 0.22(a) | 0.09(a) | 0.26(a) | 0.32 | 0.37(a) | ||||||
Net realized and unrealized gain (loss) | (1.29) | (2.90) | 1.74 | 4.36 | (1.80) | 1.45 | (0.08) | ||||||
Total from investment operations | (1.14) | (2.63) | 1.96 | 4.45 | (1.54) | 1.77 | 0.29 | ||||||
Less distributions: | |||||||||||||
From net investment income | (0.09) | (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 | (0.09) | (3.35) | (0.48) | (0.57) | (2.06) | (3.67) | (3.66) | ||||||
Net asset value at end of period | $ 8.64 | $ 9.87 | $ 15.85 | $ 14.37 | $ 10.49 | $ 14.09 | $ 15.99 | ||||||
Total investment return (b) | (11.65)% | (16.52)% | 13.61% | 43.35% | (13.53)% | 13.24% | 0.69% | ||||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||||
Net investment income (loss) | 3.17%†† | 2.23% | 1.40% | 0.80% | 2.06%†† | 2.05% | 2.12% | ||||||
Net expenses | 0.74%††(c) | 0.74%(c) | 0.74%(c) | 0.74%(c) | 0.76%†† (c)(d) | 0.83% | 0.86% | ||||||
Expenses (before waiver/reimbursement) | 0.84%††(c) | 0.82%(c) | 0.84%(c) | 0.84%(c) | 0.88%†† (c)(d) | 0.89% | 0.86% | ||||||
Portfolio turnover rate | 40% | 65% | 70% | 93% | 88% | 82% | 102% | ||||||
Net assets at end of period (in 000's) | $ 14,705 | $ 16,802 | $ 22,058 | $ 15,574 | $ 56,250 | $ 79,327 | $ 79,646 |
* | Unaudited. |
# | 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 |
* | As of October 31, 2023, Class R3 shares are closed to new investors and, upon the close of business on December 29, 2023, Class R3 shares are closed to additional investments by existing shareholders. Additionally, Class R3 shares will be liquidated on or about February 28, 2024 (the "Liquidation Date"). It is expected that the Fund will distribute to remaining shareholders invested in Class R3 shares, on or promptly after the Liquidation Date, a liquidating distribution in cash or cash equivalents equal to the net asset value of such shares. |
• | 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 | $713 |
Class | Expense | Waived |
Class A | $211,995 | $— |
Investor Class | 267 | — |
Class C | 4,722 | — |
Class I | 222,849 | — |
Class R3 | 2,326 | — |
Class R6 | 327 | — |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $269,449,994 | $23,035,470 | $(39,192,794) | $(16,157,324) |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $18,441 | $5,470 |
2023 | |
Distributions paid from: | |
Ordinary Income | $25,991,405 |
Long-Term Capital Gains | 68,542,372 |
Return of Capital | 1,846,413 |
Total | $96,380,190 |
26 | MainStay CBRE Real Estate Fund |
Class A | Shares | Amount |
Six-month period ended October 31, 2023: | ||
Shares sold | 826,517 | $ 6,254,792 |
Shares issued to shareholders in reinvestment of distributions | 147,231 | 1,070,354 |
Shares redeemed | (1,870,786) | (14,079,601) |
Net increase (decrease) in shares outstanding before conversion | (897,038) | (6,754,455) |
Shares converted into Class A (See Note 1) | 4,947 | 35,849 |
Shares converted from Class A (See Note 1) | (10,932) | (81,980) |
Net increase (decrease) | (903,023) | $ (6,800,586) |
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 |
Investor Class | Shares | Amount |
Six-month period ended October 31, 2023: | ||
Shares sold | 5,047 | $ 37,981 |
Shares issued to shareholders in reinvestment of distributions | 239 | 1,733 |
Shares redeemed | (4,574) | (34,688) |
Net increase (decrease) in shares outstanding before conversion | 712 | 5,026 |
Shares converted into Investor Class (See Note 1) | 635 | 4,950 |
Shares converted from Investor Class (See Note 1) | (215) | (1,535) |
Net increase (decrease) | 1,132 | $ 8,441 |
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 |
Class C | Shares | Amount |
Six-month period ended October 31, 2023: | ||
Shares sold | 43,375 | $ 384,298 |
Shares issued to shareholders in reinvestment of distributions | 1,253 | 10,492 |
Shares redeemed | (104,052) | (928,636) |
Net increase (decrease) in shares outstanding before conversion | (59,424) | (533,846) |
Shares converted from Class C (See Note 1) | (3,017) | (27,282) |
Net increase (decrease) | (62,441) | $ (561,128) |
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) |
Class I | Shares | Amount |
Six-month period ended October 31, 2023: | ||
Shares sold | 1,604,131 | $ 15,350,920 |
Shares issued to shareholders in reinvestment of distributions | 113,256 | 1,042,725 |
Shares redeemed | (2,889,685) | (27,665,601) |
Net increase (decrease) in shares outstanding before conversion | (1,172,298) | (11,271,956) |
Shares converted into Class I (See Note 1) | 8,942 | 84,754 |
Shares converted from Class I (See Note 1) | (1,716) | (14,756) |
Net increase (decrease) | (1,165,072) | $(11,201,958) |
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) |
Class R3 | Shares | Amount |
Six-month period ended October 31, 2023: | ||
Shares sold | 8,483 | $ 63,530 |
Shares issued to shareholders in reinvestment of distributions | 1,449 | 10,373 |
Shares redeemed | (28,019) | (203,883) |
Net increase (decrease) | (18,087) | $ (129,980) |
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) |
Class R6 | Shares | Amount |
Six-month period ended October 31, 2023: | ||
Shares sold | 176,812 | $ 1,703,587 |
Shares issued to shareholders in reinvestment of distributions | 13,592 | 125,318 |
Shares redeemed | (190,979) | (1,830,795) |
Net increase (decrease) | (575) | $ (1,890) |
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 |
28 | 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. |
5013903MS139-23 | MSCBRE10-12/23 |
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 |
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
![](https://capedge.com/proxy/N-CSRS/0001193125-24-002810/g467183img8b31ee1c1.jpg)
![](https://capedge.com/proxy/N-CSRS/0001193125-24-002810/g467183imgec7d66792.jpg)
President
![](https://capedge.com/proxy/N-CSRS/0001193125-24-002810/g467183img336314dc3.jpg)
Average Annual Total Returns for the Period-Ended October 31, 2023* | |||||||
Class | Sales Charge | Inception Date | Six Months1 | One Year | Since Inception | Gross Expense Ratio2 | |
Class A Shares | Maximum 3.00% Initial Sales Charge | With sales charges | 6/30/2020 | -7.18% | -1.90% | -2.42% | 2.12% |
Excluding sales charges | -4.30 | 1.14 | -1.53 | 2.12 | |||
Class C Shares | Maximum 1.00% CDSC | With sales charges | 6/30/2020 | -5.61 | -0.58 | -2.26 | 2.97 |
if redeemed Within One Year of Purchase | Excluding sales charges | -4.67 | 0.39 | -2.26 | 2.97 | ||
Class I Shares | No Sales Charge | 6/30/2020 | -4.18 | 1.51 | -1.26 | 1.87 | |
Class R3 Shares3 | No Sales Charge | 6/30/2020 | -4.38 | 0.90 | -1.85 | 2.49 | |
SIMPLE Class Shares | No Sales Charge | 8/31/2020 | -4.44 | 0.86 | -2.66 | 2.46 |
* | The Fund will be liquidated on or about February 28, 2024 (the "Liquidation Date"). It is expected that the Fund will distribute to remaining shareholders, on or promptly after the Liquidation Date, a liquidating distribution in cash, cash equivalents, or portfolio securities equal to the shareholder’s proportionate interest in the net assets of the Fund. |
1. | Not annualized. |
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. | As of October 31, 2023, Class R3 shares are closed to new investors and, upon the close of business on December 29, 2023, Class R3 shares are closed to additional investments by existing shareholders. |
Benchmark Performance* | Six Months1 | One Year | Since Inception |
Bloomberg U.S. Aggregate Bond Index2 | -6.13% | 0.36% | -4.98% |
S&P 500® Index3 | 1.39 | 10.14 | 11.21 |
MSCI EAFE® Index (Net)4 | -7.88 | 14.40 | 5.34 |
Defensive Allocation Composite Index5 | -5.08 | 2.54 | -2.03 |
Morningstar Conservative Allocation Category Average6 | -3.58 | 1.81 | 0.10 |
* | 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. | Not annualized. |
2. | 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. |
3. | 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. |
4. | 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. |
5. | 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 (Net) and the Bloomberg U.S. Aggregate Bond Index weighted 15%, 5% and 80%, respectively. |
6. | 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 5/1/23 | Ending Account Value (Based on Actual Returns and Expenses) 10/31/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 10/31/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Class A Shares | $1,000.00 | $957.00 | $3.94 | $1,021.12 | $4.06 | 0.80% |
Class C Shares | $1,000.00 | $953.30 | $7.61 | $1,017.34 | $7.86 | 1.55% |
Class I Shares | $1,000.00 | $958.20 | $2.71 | $1,022.37 | $2.80 | 0.55% |
Class R3 Shares | $1,000.00 | $956.20 | $5.65 | $1,019.36 | $5.84 | 1.15% |
SIMPLE Class Shares | $1,000.00 | $955.60 | $5.16 | $1,019.86 | $5.33 | 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 366 and multiplied by 184 (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 | 20.4 % |
Fixed Income Funds | 78.1 |
Short-Term Investments | 31.6 |
Other Assets, Less Liabilities | (30.1) |
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 Bloomberg Magnificent 7 Total Return Index is an equal-dollar weighted equity benchmark consisting of a fixed basket of 7 widely-traded companies classified in the United States and representing the Communications, Consumer Discretionary and Technology sectors as defined by Bloomberg Industry Classification System (BICS). An investment cannot be made directly in an index. |
3. | The S&P 500® Equal Weight Index (“EWI”) is the equal-weight version of the widely-used S&P 500® Index. The S&P 500® EWI includes the same constituents as the capitalization weighted S&P 500® Index, but each company in the S&P 500® EWI is allocated a fixed weight, or 0.2% of the Index total at each quarterly rebalance. An investment cannot be made directly in an index. |
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. | The S&P Mid Cap 400® Index measures the performance of the mid-cap segment of the U.S. market. The Index is composed of 400 constituent companies. An investment cannot be made directly in an index. |
10 | MainStay Defensive ETF Allocation Fund |
6. | The terms “spread” and “yield spread” may refer to the difference in yield between a security or type of security and comparable U.S. Treasury issues. The terms may also refer to the difference in yield between two specific securities or types of securities at a given time. The term “credit spread” typically refers to the difference in yield between corporate or municipal bonds (or a specific category of these bonds) and comparable U.S. Treasury issues. |
Shares | Value | ||
Investment Companies 98.5% | |||
Equity Funds 20.4% | |||
Global X Uranium ETF (a) | 4,191 | $ 112,486 | |
Health Care Select Sector SPDR Fund | 829 | 103,244 | |
Invesco S&P 500 Equal Weight ETF (a) | 3,046 | 413,738 | |
Invesco S&P 500 Low Volatility ETF (a) | 1,752 | 102,282 | |
iShares Core MSCI EAFE ETF | 1,650 | 102,894 | |
iShares Core S&P Mid-Cap ETF | 755 | 178,180 | |
iShares Core S&P Small-Cap ETF | 2,841 | 252,536 | |
iShares MSCI Japan ETF | 5,279 | 311,250 | |
Materials Select Sector SPDR Fund | 1,343 | 102,149 | |
Schwab U.S. Mid-Cap ETF | 707 | 45,262 | |
Utilities Select Sector SPDR Fund | 1,754 | 104,696 | |
Vanguard Mega Cap ETF | 1,056 | 157,619 | |
Vanguard Mid-Cap ETF | 886 | 175,791 | |
Total Equity Funds (Cost $2,221,839) | 2,162,127 | ||
Fixed Income Funds 78.1% | |||
Invesco Senior Loan ETF (a) | 40,948 | 851,718 | |
iShares 0-5 Year High Yield Corporate Bond ETF (a) | 17,086 | 692,495 | |
iShares 20+ Year Treasury Bond ETF | 6,776 | 566,338 | |
iShares Broad USD High Yield Corporate Bond ETF (a) | 10,846 | 370,825 | |
iShares Broad USD Investment Grade Corporate Bond ETF | 23,667 | 1,113,296 | |
iShares Core U.S. Aggregate Bond ETF (a) | 24,061 | 2,221,072 | |
Schwab U.S. Aggregate Bond ETF | 51,207 | 2,222,896 | |
Vanguard Short-Term Bond ETF | 2,889 | 216,733 | |
Total Fixed Income Funds (Cost $9,303,203) | 8,255,373 | ||
Total Investment Companies (Cost $11,525,042) | 10,417,500 | ||
Short-Term Investments 31.6% | |||
Affiliated Investment Company 1.2% | |||
MainStay U.S. Government Liquidity Fund, 5.275% (b) | 128,554 | 128,554 | |
Unaffiliated Investment Company 30.4% | |||
Invesco Government & Agency Portfolio, 5.357% (b)(c) | 3,208,445 | 3,208,445 | |
Total Short-Term Investments (Cost $3,336,999) | 3,336,999 | ||
Total Investments (Cost $14,862,041) | 130.1% | 13,754,499 | |
Other Assets, Less Liabilities | (30.1) | (3,179,414) | |
Net Assets | 100.0% | $ 10,575,085 |
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 October 31, 2023, the aggregate market value of securities on loan was $3,170,346; the total market value of collateral held by the Fund was $3,232,307. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $23,862. The Fund received cash collateral with a value of $3,208,445. (See Note 2(G)) |
(b) | Current yield as of October 31, 2023. |
(c) | Represents a security purchased with cash collateral received for securities on loan. |
Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
MainStay U.S. Government Liquidity Fund | $ 935 | $ 1,946 | $ (2,752) | $ — | $ — | $ 129 | $ 15 | $ — | 129 |
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 | $ 2,162,127 | $ — | $ — | $ 2,162,127 | |||
Fixed Income Funds | 8,255,373 | — | — | 8,255,373 | |||
Total Investment Companies | 10,417,500 | — | — | 10,417,500 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 128,554 | — | — | 128,554 | |||
Unaffiliated Investment Company | 3,208,445 | — | — | 3,208,445 | |||
Total Short-Term Investments | 3,336,999 | — | — | 3,336,999 | |||
Total Investments in Securities | $ 13,754,499 | $ — | $ — | $ 13,754,499 |
(a) | For a complete listing of investments, see the Portfolio of Investments. |
Assets | |
Investment in unaffiliated securities, at value (identified cost $14,733,487) including securities on loan of $3,170,346 | $13,625,945 |
Investment in affiliated investment companies, at value (identified cost $128,554) | 128,554 |
Receivables: | |
Manager (See Note 3) | 7,087 |
Fund shares sold | 3,263 |
Securities lending | 3,108 |
Dividends | 934 |
Other assets | 44,663 |
Total assets | 13,813,554 |
Liabilities | |
Cash collateral received for securities on loan | 3,208,445 |
Payables: | |
Professional fees | 15,074 |
Custodian | 5,215 |
Shareholder communication | 4,963 |
NYLIFE Distributors (See Note 3) | 2,586 |
Transfer agent (See Note 3) | 1,810 |
Trustees | 27 |
Accrued expenses | 349 |
Total liabilities | 3,238,469 |
Net assets | $10,575,085 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 1,217 |
Additional paid-in-capital | 12,176,875 |
12,178,092 | |
Total distributable earnings (loss) | (1,603,007) |
Net assets | $10,575,085 |
Class A | |
Net assets applicable to outstanding shares | $9,358,234 |
Shares of beneficial interest outstanding | 1,077,018 |
Net asset value per share outstanding | $ 8.69 |
Maximum sales charge (3.00% of offering price) | 0.27 |
Maximum offering price per share outstanding | $ 8.96 |
Class C | |
Net assets applicable to outstanding shares | $ 212,235 |
Shares of beneficial interest outstanding | 24,442 |
Net asset value and offering price per share outstanding | $ 8.68 |
Class I | |
Net assets applicable to outstanding shares | $ 39,409 |
Shares of beneficial interest outstanding | 4,535 |
Net asset value and offering price per share outstanding | $ 8.69 |
Class R3 | |
Net assets applicable to outstanding shares | $ 72,370 |
Shares of beneficial interest outstanding | 8,331 |
Net asset value and offering price per share outstanding | $ 8.69 |
SIMPLE Class | |
Net assets applicable to outstanding shares | $ 892,837 |
Shares of beneficial interest outstanding | 102,724 |
Net asset value and offering price per share outstanding | $ 8.69 |
14 | MainStay Defensive ETF Allocation Fund |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated | $ 199,559 |
Dividends-affiliated | 15,086 |
Securities lending, net | 10,798 |
Total income | 225,443 |
Expenses | |
Manager (See Note 3) | 10,882 |
Registration | 33,677 |
Professional fees | 18,058 |
Distribution/Service—Class A (See Note 3) | 12,155 |
Distribution/Service—Class C (See Note 3) | 1,133 |
Distribution/Service—Class R3 (See Note 3) | 188 |
Distribution/Service—SIMPLE Class (See Note 3) | 2,036 |
Custodian | 7,857 |
Transfer agent (See Note 3) | 4,752 |
Trustees | 128 |
Shareholder service (See Note 3) | 38 |
Miscellaneous | 2,116 |
Total expenses before waiver/reimbursement | 93,020 |
Expense waiver/reimbursement from Manager (See Note 3) | (47,544) |
Net expenses | 45,476 |
Net investment income (loss) | 179,967 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on unaffiliated investments | (63,720) |
Net change in unrealized appreciation (depreciation) on unaffiliated investments | (583,073) |
Net realized and unrealized gain (loss) | (646,793) |
Net increase (decrease) in net assets resulting from operations | $(466,826) |
for the six months ended October 31, 2023 (Unaudited) and the year ended April 30, 2023
Six months ended October 31, 2023 | Year ended April 30, 2023 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 179,967 | $ 295,424 |
Net realized gain (loss) | (63,720) | (350,565) |
Net change in unrealized appreciation (depreciation) | (583,073) | 138,487 |
Net increase (decrease) in net assets resulting from operations | (466,826) | 83,346 |
Distributions to shareholders: | ||
Class A | (158,459) | (337,870) |
Class C | (2,780) | (5,491) |
Class I | (713) | (1,493) |
Class R3 | (1,076) | (1,517) |
SIMPLE Class | (12,349) | (16,132) |
Total distributions to shareholders | (175,377) | (362,503) |
Capital share transactions: | ||
Net proceeds from sales of shares | 1,793,549 | 3,467,813 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 174,702 | 361,248 |
Cost of shares redeemed | (1,162,571) | (2,959,484) |
Increase (decrease) in net assets derived from capital share transactions | 805,680 | 869,577 |
Net increase (decrease) in net assets | 163,477 | 590,420 |
Net Assets | ||
Beginning of period | 10,411,608 | 9,821,188 |
End of period | $10,575,085 | $10,411,608 |
16 | MainStay Defensive ETF Allocation Fund |
Six months ended October 31, 2023* | Year Ended April 30, | June 30, 2020^ through April 30, | |||||
Class A | 2023 | 2022 | 2021 | ||||
Net asset value at beginning of period | $ 9.23 | $ 9.50 | $ 10.44 | $ 10.00 | |||
Net investment income (loss) (a) | 0.15 | 0.27 | 0.18 | 0.13 | |||
Net realized and unrealized gain (loss) | (0.54) | (0.21) | (0.84) | 0.41 | |||
Total from investment operations | (0.39) | 0.06 | (0.66) | 0.54 | |||
Less distributions: | |||||||
From net investment income | (0.15) | (0.26) | (0.19) | (0.10) | |||
From net realized gain on investments | — | (0.07) | (0.09) | — | |||
Total distributions | (0.15) | (0.33) | (0.28) | (0.10) | |||
Net asset value at end of period | $ 8.69 | $ 9.23 | $ 9.50 | $ 10.44 | |||
Total investment return (b) | (4.30)% | 0.74% | (6.49)% | 5.38% | |||
Ratios (to average net assets)/Supplemental Data: | |||||||
Net investment income (loss) | 3.35%†† | 2.96% | 1.79% | 1.45%†† | |||
Net expenses (c) | 0.80%†† | 0.80% | 0.80% | 0.80%†† | |||
Expenses (before waiver/reimbursement) (c) | 1.67%†† | 1.98% | 1.75% | 2.36%†† | |||
Portfolio turnover rate | 15% | 64% | 79% | 69% | |||
Net assets at end of period (in 000’s) | $ 9,358 | $ 9,400 | $ 9,366 | $ 8,572 |
* | Unaudited. |
^ | 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. |
Six months ended October 31, 2023* | Year Ended April 30, | June 30, 2020^ through April 30, | |||||
Class C | 2023 | 2022 | 2021 | ||||
Net asset value at beginning of period | $ 9.22 | $ 9.49 | $ 10.44 | $ 10.00 | |||
Net investment income (loss) (a) | 0.12 | 0.21 | 0.11 | 0.06 | |||
Net realized and unrealized gain (loss) | (0.55) | (0.22) | (0.85) | 0.43 | |||
Total from investment operations | (0.43) | (0.01) | (0.74) | 0.49 | |||
Less distributions: | |||||||
From net investment income | (0.11) | (0.19) | (0.12) | (0.05) | |||
From net realized gain on investments | — | (0.07) | (0.09) | — | |||
Total distributions | (0.11) | (0.26) | (0.21) | (0.05) | |||
Net asset value at end of period | $ 8.68 | $ 9.22 | $ 9.49 | $ 10.44 | |||
Total investment return (b) | (4.67)% | (0.02)% | (7.28)% | 4.85% | |||
Ratios (to average net assets)/Supplemental Data: | |||||||
Net investment income (loss) | 2.60%†† | 2.32% | 1.07% | 0.74%†† | |||
Net expenses (c) | 1.55%†† | 1.55% | 1.55% | 1.55%†† | |||
Expenses (before waiver/reimbursement) (c) | 2.48%†† | 2.83% | 2.60% | 3.13%†† | |||
Portfolio turnover rate | 15% | 64% | 79% | 69% | |||
Net assets at end of period (in 000’s) | $ 212 | $ 229 | $ 117 | $ 162 |
* | Unaudited. |
^ | 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. |
18 | MainStay Defensive ETF Allocation Fund |
Six months ended October 31, 2023* | Year Ended April 30, | June 30, 2020^ through April 30, | |||||
Class I | 2023 | 2022 | 2021 | ||||
Net asset value at beginning of period | $ 9.23 | $ 9.50 | $ 10.44 | $ 10.00 | |||
Net investment income (loss) (a) | 0.17 | 0.30 | 0.24 | 0.16 | |||
Net realized and unrealized gain (loss) | (0.55) | (0.22) | (0.87) | 0.40 | |||
Total from investment operations | (0.38) | 0.08 | (0.63) | 0.56 | |||
Less distributions: | |||||||
From net investment income | (0.16) | (0.28) | (0.22) | (0.12) | |||
From net realized gain on investments | — | (0.07) | (0.09) | — | |||
Total distributions | (0.16) | (0.35) | (0.31) | (0.12) | |||
Net asset value at end of period | $ 8.69 | $ 9.23 | $ 9.50 | $ 10.44 | |||
Total investment return (b) | (4.18)% | 1.00% | (6.25)% | 5.65% | |||
Ratios (to average net assets)/Supplemental Data: | |||||||
Net investment income (loss) | 3.70%†† | 3.24% | 2.33% | 1.82%†† | |||
Net expenses (c) | 0.55%†† | 0.55% | 0.55% | 0.55%†† | |||
Expenses (before waiver/reimbursement) (c) | 1.41%†† | 1.73% | 1.50% | 2.11%†† | |||
Portfolio turnover rate | 15% | 64% | 79% | 69% | |||
Net assets at end of period (in 000’s) | $ 39 | $ 41 | $ 35 | $ 2,040 |
* | Unaudited. |
^ | 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. |
Six months ended October 31, 2023* | Year Ended April 30, | June 30, 2020^ through April 30, | |||||
Class R3 | 2023 | 2022 | 2021 | ||||
Net asset value at beginning of period | $ 9.22 | $ 9.49 | $ 10.44 | $ 10.00 | |||
Net investment income (loss) (a) | 0.14 | 0.24 | 0.15 | 0.11 | |||
Net realized and unrealized gain (loss) | (0.54) | (0.22) | (0.85) | 0.41 | |||
Total from investment operations | (0.40) | 0.02 | (0.70) | 0.52 | |||
Less distributions: | |||||||
From net investment income | (0.13) | (0.22) | (0.16) | (0.08) | |||
From net realized gain on investments | — | (0.07) | (0.09) | — | |||
Total distributions | (0.13) | (0.29) | (0.25) | (0.08) | |||
Net asset value at end of period | $ 8.69 | $ 9.22 | $ 9.49 | $ 10.44 | |||
Total investment return (b) | (4.38)% | 0.36% | (6.91)% | 5.18% | |||
Ratios (to average net assets)/Supplemental Data: | |||||||
Net investment income (loss) | 3.00%†† | 2.58% | 1.45% | 1.22%†† | |||
Net expenses (c) | 1.15%†† | 1.15% | 1.15% | 1.15%†† | |||
Expenses (before waiver/reimbursement) (c) | 2.02%†† | 2.35% | 2.10% | 2.71%†† | |||
Portfolio turnover rate | 15% | 64% | 79% | 69% | |||
Net assets at end of period (in 000’s) | $ 72 | $ 76 | $ 32 | $ 26 |
* | Unaudited. |
^ | 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. |
20 | MainStay Defensive ETF Allocation Fund |
Six months ended October 31, 2023* | Year Ended April 30, | August 31, 2020^ through April 30, | |||||
SIMPLE Class | 2023 | 2022 | 2021 | ||||
Net asset value at beginning of period | $ 9.23 | $ 9.50 | $ 10.44 | $ 10.26 | |||
Net investment income (loss) (a) | 0.14 | 0.25 | 0.15 | 0.10 | |||
Net realized and unrealized gain (loss) | (0.55) | (0.22) | (0.83) | 0.16 | |||
Total from investment operations | (0.41) | 0.03 | (0.68) | 0.26 | |||
Less distributions: | |||||||
From net investment income | (0.13) | (0.23) | (0.17) | (0.08) | |||
From net realized gain on investments | — | (0.07) | (0.09) | — | |||
Total distributions | (0.13) | (0.30) | (0.26) | (0.08) | |||
Net asset value at end of period | $ 8.69 | $ 9.23 | $ 9.50 | $ 10.44 | |||
Total investment return (b) | (4.44)% | 0.47% | (6.74)% | 2.56% | |||
Ratios (to average net assets)/Supplemental Data: | |||||||
Net investment income (loss) | 3.06%†† | 2.68% | 1.45% | 1.13%†† | |||
Net expenses (c) | 1.05%†† | 1.05% | 1.05% | 1.05%†† | |||
Expenses (before waiver/reimbursement) (c) | 1.98%†† | 2.32% | 2.10% | 2.63%†† | |||
Portfolio turnover rate | 15% | 64% | 79% | 69% | |||
Net assets at end of period (in 000’s) | $ 893 | $ 666 | $ 271 | $ 80 |
* | Unaudited. |
^ | 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. |
![](https://capedge.com/proxy/N-CSRS/0001193125-24-002810/g467183img40d21dd14.jpg)
Average Annual Total Returns for the Period-Ended October 31, 2023 | |||||||
Class | Sales Charge | Inception Date | Six Months1 | One Year | Since Inception | Gross Expense Ratio2 | |
Class A Shares | Maximum 3.00% Initial Sales Charge | With sales charges | 6/30/2020 | -6.80% | -0.90% | -0.22% | 1.09% |
Excluding sales charges | -3.92 | 2.17 | 0.69 | 1.09 | |||
Class C Shares | Maximum 1.00% CDSC | With sales charges | 6/30/2020 | -5.16 | 0.51 | -0.05 | 1.89 |
if redeemed Within One Year of Purchase | Excluding sales charges | -4.21 | 1.50 | -0.05 | 1.89 | ||
Class I Shares | No Sales Charge | 6/30/2020 | -3.80 | 2.54 | 0.95 | 0.84 | |
Class R3 Shares | No Sales Charge | 6/30/2020 | -4.09 | 1.82 | 0.33 | 1.44 | |
SIMPLE Class Shares | No Sales Charge | 8/31/2020 | -4.04 | 1.94 | -0.94 | 1.40 |
1. | Not annualized. |
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. |
22 | MainStay Conservative ETF Allocation Fund |
Benchmark Performance* | Six Months1 | One Year | Since Inception |
Bloomberg U.S. Aggregate Bond Index2 | -6.13% | 0.36% | -4.98% |
S&P 500® Index3 | 1.39 | 10.14 | 11.21 |
MSCI EAFE® Index (Net)4 | -7.88 | 14.40 | 5.34 |
Conservative Allocation Composite Index5 | -4.04 | 4.72 | 0.93 |
Morningstar Moderately Conservative Allocation Category Average6 | -3.57 | 2.73 | 1.60 |
* | 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. | Not annualized. |
2. | 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. |
3. | 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. |
4. | 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. |
5. | 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. |
6. | 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. |
Share Class | Beginning Account Value 5/1/23 | Ending Account Value (Based on Actual Returns and Expenses) 10/31/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 10/31/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Class A Shares | $1,000.00 | $960.80 | $3.94 | $1,021.12 | $4.06 | 0.80% |
Class C Shares | $1,000.00 | $957.90 | $7.63 | $1,017.34 | $7.86 | 1.55% |
Class I Shares | $1,000.00 | $962.00 | $2.71 | $1,022.37 | $2.80 | 0.55% |
Class R3 Shares | $1,000.00 | $959.10 | $5.66 | $1,019.36 | $5.84 | 1.15% |
SIMPLE Class Shares | $1,000.00 | $959.60 | $5.17 | $1,019.86 | $5.33 | 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 366 and multiplied by 184 (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. |
24 | MainStay Conservative ETF Allocation Fund |
Equity Funds | 40.5 % |
Fixed Income Funds | 58.7 |
Short-Term Investments | 23.5 |
Other Assets, Less Liabilities | (22.7) |
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. |
2. | The Bloomberg Magnificent 7 Total Return Index is an equal-dollar weighted equity benchmark consisting of a fixed basket of 7 widely-traded companies classified in the United States and representing the Communications, Consumer Discretionary and Technology sectors as defined by Bloomberg Industry Classification System (BICS). An investment cannot be made directly in an index. |
3. | The S&P 500® Equal Weight Index (“EWI”) is the equal-weight version of the widely-used S&P 500® Index. The S&P 500® EWI includes the same constituents as the capitalization weighted S&P 500® Index, but each company in the S&P 500® EWI is allocated a fixed weight, or 0.2% of the Index total at each quarterly rebalance. An investment cannot be made directly in an index. |
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. |
26 | MainStay Conservative ETF Allocation Fund |
5. | The S&P Mid Cap 400® Index measures the performance of the mid-cap segment of the U.S. market. The Index is composed of 400 constituent companies. An investment cannot be made directly in an index. |
6. | The terms “spread” and “yield spread” may refer to the difference in yield between a security or type of security and comparable U.S. Treasury issues. The terms may also refer to the difference in yield between two specific securities or types of securities at a given time. The term “credit spread” typically refers to the difference in yield between corporate or municipal bonds (or a specific category of these bonds) and comparable U.S. Treasury issues. |
28 | MainStay Conservative ETF Allocation Fund |
Shares | Value | ||
Investment Companies 99.2% | |||
Equity Funds 40.5% | |||
Global X Uranium ETF | 14,622 | $ 392,454 | |
Health Care Select Sector SPDR Fund (a) | 2,880 | 358,675 | |
Invesco S&P 500 Equal Weight ETF (a) | 12,054 | 1,637,295 | |
Invesco S&P 500 Low Volatility ETF | 6,375 | 372,172 | |
iShares Core MSCI EAFE ETF | 29,486 | 1,838,747 | |
iShares Core MSCI Emerging Markets ETF | 7,984 | 366,785 | |
iShares Core S&P Mid-Cap ETF | 3,925 | 926,300 | |
iShares Core S&P Small-Cap ETF | 20,230 | 1,798,245 | |
iShares MSCI Japan ETF | 19,024 | 1,121,655 | |
Materials Select Sector SPDR Fund (a) | 4,819 | 366,533 | |
Schwab U.S. Mid-Cap ETF | 5,440 | 348,269 | |
Utilities Select Sector SPDR Fund | 6,307 | 376,465 | |
Vanguard Mega Cap ETF (a) | 22,123 | 3,302,079 | |
Vanguard Mega Cap Value ETF | 5,559 | 550,674 | |
Vanguard Mid-Cap ETF (a) | 6,260 | 1,242,047 | |
Total Equity Funds (Cost $14,631,962) | 14,998,395 | ||
Fixed Income Funds 58.7% | |||
Invesco Senior Loan ETF (a) | 97,544 | 2,028,915 | |
iShares 0-5 Year High Yield Corporate Bond ETF (a) | 41,648 | 1,687,994 | |
iShares 20+ Year Treasury Bond ETF | 24,110 | 2,015,114 | |
iShares Broad USD High Yield Corporate Bond ETF (a) | 33,117 | 1,132,270 | |
iShares Broad USD Investment Grade Corporate Bond ETF | 59,985 | 2,821,694 | |
iShares Core U.S. Aggregate Bond ETF (a) | 60,975 | 5,628,602 | |
Schwab U.S. Aggregate Bond ETF (a) | 129,644 | 5,627,846 | |
Vanguard Short-Term Bond ETF | 10,079 | 756,127 | |
Total Fixed Income Funds (Cost $24,431,317) | 21,698,562 | ||
Total Investment Companies (Cost $39,063,279) | 36,696,957 | ||
Short-Term Investments 23.5% | |||
Affiliated Investment Company 0.8% | |||
MainStay U.S. Government Liquidity Fund, 5.275% (b) | 292,108 | 292,108 | |
Unaffiliated Investment Company 22.7% | |||
Invesco Government & Agency Portfolio, 5.357% (b)(c) | 8,397,104 | 8,397,104 | |
Total Short-Term Investments (Cost $8,689,212) | 8,689,212 | ||
Total Investments (Cost $47,752,491) | 122.7% | 45,386,169 | |
Other Assets, Less Liabilities | (22.7) | (8,408,608) | |
Net Assets | 100.0% | $ 36,977,561 |
† | 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 October 31, 2023, the aggregate market value of securities on loan was $10,167,089; the total market value of collateral held by the Fund was $10,361,941. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $1,964,837. The Fund received cash collateral with a value of $8,397,104. (See Note 2(G)) |
(b) | Current yield as of October 31, 2023. |
(c) | Represents a security purchased with cash collateral received for securities on loan. |
Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
MainStay U.S. Government Liquidity Fund | $ 3,634 | $ 5,582 | $ (8,924) | $ — | $ — | $ 292 | $ 53 | $ — | 292 |
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 | $ 14,998,395 | $ — | $ — | $ 14,998,395 | |||
Fixed Income Funds | 21,698,562 | — | — | 21,698,562 | |||
Total Investment Companies | 36,696,957 | — | — | 36,696,957 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 292,108 | — | — | 292,108 | |||
Unaffiliated Investment Company | 8,397,104 | — | — | 8,397,104 | |||
Total Short-Term Investments | 8,689,212 | — | — | 8,689,212 | |||
Total Investments in Securities | $ 45,386,169 | $ — | $ — | $ 45,386,169 |
(a) | For a complete listing of investments, see the Portfolio of Investments. |
30 | MainStay Conservative ETF Allocation Fund |
Assets | |
Investment in unaffiliated securities, at value (identified cost $47,460,383) including securities on loan of $10,167,089 | $45,094,061 |
Investment in affiliated investment companies, at value (identified cost $292,108) | 292,108 |
Cash | 130 |
Receivables: | |
Fund shares sold | 27,617 |
Securities lending | 8,454 |
Dividends | 2,448 |
Other assets | 46,548 |
Total assets | 45,471,366 |
Liabilities | |
Cash collateral received for securities on loan | 8,397,104 |
Payables: | |
Fund shares redeemed | 45,754 |
Professional fees | 15,294 |
Investment securities purchased | 9,938 |
NYLIFE Distributors (See Note 3) | 8,826 |
Transfer agent (See Note 3) | 6,515 |
Custodian | 5,425 |
Manager (See Note 3) | 2,715 |
Shareholder communication | 2,202 |
Accrued expenses | 32 |
Total liabilities | 8,493,805 |
Net assets | $36,977,561 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 3,891 |
Additional paid-in-capital | 41,309,654 |
41,313,545 | |
Total distributable earnings (loss) | (4,335,984) |
Net assets | $36,977,561 |
Class A | |
Net assets applicable to outstanding shares | $33,502,928 |
Shares of beneficial interest outstanding | 3,525,272 |
Net asset value per share outstanding | $ 9.50 |
Maximum sales charge (3.00% of offering price) | 0.29 |
Maximum offering price per share outstanding | $ 9.79 |
Class C | |
Net assets applicable to outstanding shares | $ 219,810 |
Shares of beneficial interest outstanding | 23,149 |
Net asset value and offering price per share outstanding | $ 9.50 |
Class I | |
Net assets applicable to outstanding shares | $ 32,487 |
Shares of beneficial interest outstanding | 3,424 |
Net asset value and offering price per share outstanding | $ 9.49 |
Class R3 | |
Net assets applicable to outstanding shares | $ 431,950 |
Shares of beneficial interest outstanding | 45,518 |
Net asset value and offering price per share outstanding | $ 9.49 |
SIMPLE Class | |
Net assets applicable to outstanding shares | $ 2,790,386 |
Shares of beneficial interest outstanding | 294,002 |
Net asset value and offering price per share outstanding | $ 9.49 |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated | $ 626,149 |
Dividends-affiliated | 52,515 |
Securities lending, net | 30,879 |
Total income | 709,543 |
Expenses | |
Manager (See Note 3) | 39,278 |
Distribution/Service—Class A (See Note 3) | 44,813 |
Distribution/Service—Class C (See Note 3) | 1,307 |
Distribution/Service—Class R3 (See Note 3) | 1,110 |
Distribution/Service—SIMPLE Class (See Note 3) | 6,720 |
Registration | 34,177 |
Professional fees | 18,886 |
Transfer agent (See Note 3) | 17,979 |
Custodian | 8,333 |
Trustees | 540 |
Shareholder service (See Note 3) | 222 |
Miscellaneous | 2,700 |
Total expenses before waiver/reimbursement | 176,065 |
Expense waiver/reimbursement from Manager (See Note 3) | (13,882) |
Net expenses | 162,183 |
Net investment income (loss) | 547,360 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on unaffiliated investments | (86,762) |
Net change in unrealized appreciation (depreciation) on unaffiliated investments | (1,995,639) |
Net realized and unrealized gain (loss) | (2,082,401) |
Net increase (decrease) in net assets resulting from operations | $(1,535,041) |
32 | MainStay Conservative ETF Allocation Fund |
for the six months ended October 31, 2023 (Unaudited) and the year ended April 30, 2023
Six months ended October 31, 2023 | Year ended April 30, 2023 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 547,360 | $ 900,372 |
Net realized gain (loss) | (86,762) | (1,445,003) |
Net change in unrealized appreciation (depreciation) | (1,995,639) | 985,170 |
Net increase (decrease) in net assets resulting from operations | (1,535,041) | 440,539 |
Distributions to shareholders: | ||
Class A | (475,927) | (961,007) |
Class C | (1,860) | (7,847) |
Class I | (489) | (1,028) |
Class R3 | (5,083) | (9,791) |
SIMPLE Class | (32,714) | (45,805) |
Total distributions to shareholders | (516,073) | (1,025,478) |
Capital share transactions: | ||
Net proceeds from sales of shares | 4,968,513 | 10,453,424 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 510,949 | 1,017,247 |
Cost of shares redeemed | (5,133,641) | (6,741,449) |
Increase (decrease) in net assets derived from capital share transactions | 345,821 | 4,729,222 |
Net increase (decrease) in net assets | (1,705,293) | 4,144,283 |
Net Assets | ||
Beginning of period | 38,682,854 | 34,538,571 |
End of period | $36,977,561 | $38,682,854 |
Six months ended October 31, 2023* | Year Ended April 30, | June 30, 2020^ through April 30, | |||||
Class A | 2023 | 2022 | 2021 | ||||
Net asset value at beginning of period | $ 10.02 | $ 10.22 | $ 11.13 | $ 10.00 | |||
Net investment income (loss) (a) | 0.14 | 0.25 | 0.18 | 0.11 | |||
Net realized and unrealized gain (loss) | (0.53) | (0.16) | (0.84) | 1.12 | |||
Total from investment operations | (0.39) | 0.09 | (0.66) | 1.23 | |||
Less distributions: | |||||||
From net investment income | (0.13) | (0.25) | (0.18) | (0.09) | |||
From net realized gain on investments | — | (0.04) | (0.07) | (0.01) | |||
Total distributions | (0.13) | (0.29) | (0.25) | (0.10) | |||
Net asset value at end of period | $ 9.50 | $ 10.02 | $ 10.22 | $ 11.13 | |||
Total investment return (b) | (3.92)% | 0.96% | (6.09)% | 12.33% | |||
Ratios (to average net assets)/Supplemental Data: | |||||||
Net investment income (loss) | 2.81%†† | 2.56% | 1.63% | 1.25%†† | |||
Net expenses (c) | 0.80%†† | 0.80% | 0.80% | 0.80%†† | |||
Expenses (before waiver/reimbursement) (c) | 0.87%†† | 0.96% | 0.91% | 1.49%†† | |||
Portfolio turnover rate | 20% | 65% | 62% | 56% | |||
Net assets at end of period (in 000’s) | $ 33,503 | $ 35,481 | $ 32,925 | $ 23,951 |
* | Unaudited. |
^ | 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. |
34 | MainStay Conservative ETF Allocation Fund |
Six months ended October 31, 2023* | Year Ended April 30, | June 30, 2020^ through April 30, | |||||
Class C | 2023 | 2022 | 2021 | ||||
Net asset value at beginning of period | $ 10.00 | $ 10.19 | $ 11.10 | $ 10.00 | |||
Net investment income (loss) (a) | 0.11 | 0.18 | 0.10 | 0.05 | |||
Net realized and unrealized gain (loss) | (0.53) | (0.16) | (0.85) | 1.10 | |||
Total from investment operations | (0.42) | 0.02 | (0.75) | 1.15 | |||
Less distributions: | |||||||
From net investment income | (0.08) | (0.17) | (0.09) | (0.04) | |||
From net realized gain on investments | — | (0.04) | (0.07) | (0.01) | |||
Total distributions | (0.08) | (0.21) | (0.16) | (0.05) | |||
Net asset value at end of period | $ 9.50 | $ 10.00 | $ 10.19 | $ 11.10 | |||
Total investment return (b) | (4.21)% | 0.29% | (6.81)% | 11.51% | |||
Ratios (to average net assets)/Supplemental Data: | |||||||
Net investment income (loss) | 2.21%†† | 1.81% | 0.90% | 0.58%†† | |||
Net expenses (c) | 1.55%†† | 1.55% | 1.55% | 1.55%†† | |||
Expenses (before waiver/reimbursement) (c) | 1.67%†† | 1.76% | 1.73% | 2.24%†† | |||
Portfolio turnover rate | 20% | 65% | 62% | 56% | |||
Net assets at end of period (in 000’s) | $ 220 | $ 369 | $ 413 | $ 472 |
* | Unaudited. |
^ | 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. |
Six months ended October 31, 2023* | Year Ended April 30, | June 30, 2020^ through April 30, | |||||
Class I | 2023 | 2022 | 2021 | ||||
Net asset value at beginning of period | $ 10.01 | $ 10.20 | $ 11.13 | $ 10.00 | |||
Net investment income (loss) (a) | 0.15 | 0.28 | 0.21 | 0.15 | |||
Net realized and unrealized gain (loss) | (0.53) | (0.16) | (0.85) | 1.10 | |||
Total from investment operations | (0.38) | 0.12 | (0.64) | 1.25 | |||
Less distributions: | |||||||
From net investment income | (0.14) | (0.27) | (0.22) | (0.11) | |||
From net realized gain on investments | — | (0.04) | (0.07) | (0.01) | |||
Total distributions | (0.14) | (0.31) | (0.29) | (0.12) | |||
Net asset value at end of period | $ 9.49 | $ 10.01 | $ 10.20 | $ 11.13 | |||
Total investment return (b) | (3.80)% | 1.32% | (5.86)% | 12.47% | |||
Ratios (to average net assets)/Supplemental Data: | |||||||
Net investment income (loss) | 3.06%†† | 2.81% | 1.89% | 1.71%†† | |||
Net expenses (c) | 0.55%†† | 0.55% | 0.55% | 0.55%†† | |||
Expenses (before waiver/reimbursement) (c) | 0.62%†† | 0.71% | 0.66% | 1.24%†† | |||
Portfolio turnover rate | 20% | 65% | 62% | 56% | |||
Net assets at end of period (in 000’s) | $ 32 | $ 34 | $ 33 | $ 61 |
* | Unaudited. |
^ | 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. |
36 | MainStay Conservative ETF Allocation Fund |
Six months ended October 31, 2023* | Year Ended April 30, | June 30, 2020^ through April 30, | |||||
Class R3 | 2023 | 2022 | 2021 | ||||
Net asset value at beginning of period | $ 10.01 | $ 10.21 | $ 11.12 | $ 10.00 | |||
Net investment income (loss) (a) | 0.12 | 0.21 | 0.14 | 0.07 | |||
Net realized and unrealized gain (loss) | (0.53) | (0.16) | (0.84) | 1.12 | |||
Total from investment operations | (0.41) | 0.05 | (0.70) | 1.19 | |||
Less distributions: | |||||||
From net investment income | (0.11) | (0.21) | (0.14) | (0.06) | |||
From net realized gain on investments | — | (0.04) | (0.07) | (0.01) | |||
Total distributions | (0.11) | (0.25) | (0.21) | (0.07) | |||
Net asset value at end of period | $ 9.49 | $ 10.01 | $ 10.21 | $ 11.12 | |||
Total investment return (b) | (4.09)% | 0.60% | (6.42)% | 11.96% | |||
Ratios (to average net assets)/Supplemental Data: | |||||||
Net investment income (loss) | 2.44%†† | 2.13% | 1.29% | 0.79%†† | |||
Net expenses (c) | 1.15%†† | 1.15% | 1.15% | 1.15%†† | |||
Expenses (before waiver/reimbursement) (c) | 1.22%†† | 1.31% | 1.26% | 1.84%†† | |||
Portfolio turnover rate | 20% | 65% | 62% | 56% | |||
Net assets at end of period (in 000’s) | $ 432 | $ 433 | $ 90 | $ 68 |
* | Unaudited. |
^ | 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. |
Six months ended October 31, 2023* | Year Ended April 30, | August 31, 2020^ through April 30, | |||||
SIMPLE Class | 2023 | 2022 | 2021 | ||||
Net asset value at beginning of period | $ 10.01 | $ 10.21 | $ 11.12 | $ 10.46 | |||
Net investment income (loss) (a) | 0.13 | 0.22 | 0.14 | 0.08 | |||
Net realized and unrealized gain (loss) | (0.53) | (0.15) | (0.82) | 0.66 | |||
Total from investment operations | (0.40) | 0.07 | (0.68) | 0.74 | |||
Less distributions: | |||||||
From net investment income | (0.12) | (0.23) | (0.16) | (0.07) | |||
From net realized gain on investments | — | (0.04) | (0.07) | (0.01) | |||
Total distributions | (0.12) | (0.27) | (0.23) | (0.08) | |||
Net asset value at end of period | $ 9.49 | $ 10.01 | $ 10.21 | $ 11.12 | |||
Total investment return (b) | (4.04)% | 0.72% | (6.29)% | 7.13% | |||
Ratios (to average net assets)/Supplemental Data: | |||||||
Net investment income (loss) | 2.53%†† | 2.27% | 1.30% | 0.92%†† | |||
Net expenses (c) | 1.05%†† | 1.05% | 1.05% | 1.05%†† | |||
Expenses (before waiver/reimbursement) (c) | 1.17%†† | 1.27% | 1.23% | 1.74%†† | |||
Portfolio turnover rate | 20% | 65% | 62% | 56% | |||
Net assets at end of period (in 000’s) | $ 2,790 | $ 2,367 | $ 1,077 | $ 195 |
* | Unaudited. |
^ | 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. |
38 | MainStay Conservative ETF Allocation Fund |
![](https://capedge.com/proxy/N-CSRS/0001193125-24-002810/g467183imgf43830895.jpg)
Average Annual Total Returns for the Period-Ended October 31, 2023 | |||||||
Class | Sales Charge | Inception Date | Six Months1 | One Year | Since Inception | Gross Expense Ratio2 | |
Class A Shares | Maximum 3.00% Initial Sales Charge | With sales charges | 6/30/2020 | -6.26% | 0.49% | 2.08% | 0.82% |
Excluding sales charges | -3.36 | 3.60 | 3.02 | 0.82 | |||
Class C Shares | Maximum 1.00% CDSC | With sales charges | 6/30/2020 | -4.71 | 1.79 | 2.20 | 1.64 |
if redeemed Within One Year of Purchase | Excluding sales charges | -3.74 | 2.79 | 2.20 | 1.64 | ||
Class I Shares | No Sales Charge | 6/30/2020 | -3.27 | 3.87 | 3.30 | 0.57 | |
Class R3 Shares | No Sales Charge | 6/30/2020 | -3.55 | 3.25 | 2.67 | 1.17 | |
SIMPLE Class Shares | No Sales Charge | 8/31/2020 | -3.56 | 3.28 | 0.76 | 1.14 |
1. | Not annualized. |
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. |
Benchmark Performance* | Six Months1 | One Year | Since Inception |
S&P 500® Index2 | 1.39% | 10.14% | 11.21% |
MSCI EAFE® Index (Net)3 | -7.88 | 14.40 | 5.34 |
Bloomberg U.S. Aggregate Bond Index4 | -6.13 | 0.36 | -4.98 |
Moderate Allocation Composite Index5 | -3.01 | 6.91 | 3.89 |
Morningstar Moderate Allocation Category Average6 | -2.36 | 4.16 | 4.61 |
* | 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. | Not annualized. |
2. | 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. |
3. | 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. |
4. | 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. |
5. | 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. |
6. | 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. |
40 | MainStay Moderate ETF Allocation Fund |
Share Class | Beginning Account Value 5/1/23 | Ending Account Value (Based on Actual Returns and Expenses) 10/31/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 10/31/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Class A Shares | $1,000.00 | $966.40 | $3.31 | $1,021.77 | $3.40 | 0.67% |
Class C Shares | $1,000.00 | $962.60 | $7.25 | $1,017.75 | $7.46 | 1.47% |
Class I Shares | $1,000.00 | $967.30 | $2.08 | $1,023.03 | $2.14 | 0.42% |
Class R3 Shares | $1,000.00 | $964.50 | $5.04 | $1,020.01 | $5.18 | 1.02% |
SIMPLE Class Shares | $1,000.00 | $964.40 | $4.79 | $1,020.26 | $4.93 | 0.97% |
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 366 and multiplied by 184 (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 | 60.6 % |
Fixed Income Funds | 38.6 |
Short-Term Investments | 26.0 |
Other Assets, Less Liabilities | (25.2) |
42 | 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 Bloomberg Magnificent 7 Total Return Index is an equal-dollar weighted equity benchmark consisting of a fixed basket of 7 widely-traded companies classified in the United States and representing the Communications, Consumer Discretionary and Technology sectors as defined by Bloomberg Industry Classification System (BICS). An investment cannot be made directly in an index. |
3. | The S&P 500® Equal Weight Index (“EWI”) is the equal-weight version of the widely-used S&P 500® Index. The S&P 500® EWI includes the same constituents as the capitalization weighted S&P 500® Index, but each company in the S&P 500® EWI is allocated a fixed weight, or 0.2% of the Index total at each quarterly rebalance. An investment cannot be made directly in an index. |
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. | The S&P Mid Cap 400® Index measures the performance of the mid-cap segment of the U.S. market. The Index is composed of 400 constituent companies. An investment cannot be made directly in an index. |
44 | MainStay Moderate ETF Allocation Fund |
6. | The terms “spread” and “yield spread” may refer to the difference in yield between a security or type of security and comparable U.S. Treasury issues. The terms may also refer to the difference in yield between two specific securities or types of securities at a given time. The term “credit spread” typically refers to the difference in yield between corporate or municipal bonds (or a specific category of these bonds) and comparable U.S. Treasury issues. |
Shares | Value | |
Investment Companies 99.2% | ||
Equity Funds 60.6% | ||
Global X Uranium ETF | 42,743 | $ 1,147,222 |
Health Care Select Sector SPDR Fund | 8,539 | 1,063,447 |
Invesco S&P 500 Equal Weight ETF (a) | 35,635 | 4,840,302 |
Invesco S&P 500 Low Volatility ETF | 18,936 | 1,105,484 |
iShares Core MSCI EAFE ETF | 157,534 | 9,823,820 |
iShares Core MSCI Emerging Markets ETF | 46,798 | 2,149,900 |
iShares Core S&P Mid-Cap ETF | 14,341 | 3,384,476 |
iShares Core S&P Small-Cap ETF | 59,957 | 5,329,578 |
iShares MSCI Japan ETF | 56,139 | 3,309,955 |
Materials Select Sector SPDR Fund (a) | 14,190 | 1,079,291 |
Schwab U.S. Mid-Cap ETF (a) | 32,006 | 2,049,024 |
Utilities Select Sector SPDR Fund | 19,107 | 1,140,497 |
Vanguard Mega Cap ETF (a) | 137,933 | 20,587,880 |
Vanguard Mega Cap Value ETF | 16,558 | 1,640,236 |
Vanguard Mid-Cap ETF (a) | 37,706 | 7,481,248 |
Total Equity Funds (Cost $64,118,482) | 66,132,360 | |
Fixed Income Funds 38.6% | ||
Invesco Senior Loan ETF (a) | 160,058 | 3,329,206 |
iShares 0-5 Year High Yield Corporate Bond ETF (a) | 68,644 | 2,782,141 |
iShares 20+ Year Treasury Bond ETF | 71,188 | 5,949,893 |
iShares Broad USD High Yield Corporate Bond ETF (a) | 81,268 | 2,778,553 |
iShares Broad USD Investment Grade Corporate Bond ETF | 106,456 | 5,007,690 |
iShares Core U.S. Aggregate Bond ETF (a) | 108,412 | 10,007,512 |
Schwab U.S. Aggregate Bond ETF (a) | 230,631 | 10,011,692 |
Vanguard Short-Term Bond ETF | 29,796 | 2,235,296 |
Total Fixed Income Funds (Cost $46,881,262) | 42,101,983 | |
Total Investment Companies (Cost $110,999,744) | 108,234,343 | |
Short-Term Investments 26.0% | ||
Affiliated Investment Company 0.9% | ||
MainStay U.S. Government Liquidity Fund, 5.275% (b) | 938,140 | 938,140 |
Unaffiliated Investment Companies 25.1% | ||
BlackRock Liquidity FedFund, 5.349% (b)(c) | 8,000,000 | 8,000,000 |
Dreyfus Treasury Obligations Cash Management Fund, 5.376% (b)(c) | 5,000,000 | 5,000,000 |
Goldman Sachs Financial Square Government Fund, 5.356% (b)(c) | 5,000,000 | 5,000,000 |
46 | MainStay Moderate ETF Allocation Fund |
Shares | Value | ||
Short-Term Investments (continued) | |||
Unaffiliated Investment Companies (continued) | |||
Invesco Government & Agency Portfolio, 5.357% (b)(c) | 9,419,848 | $ 9,419,848 | |
27,419,848 | |||
Total Short-Term Investments (Cost $28,357,988) | 28,357,988 | ||
Total Investments (Cost $139,357,732) | 125.2% | 136,592,331 | |
Other Assets, Less Liabilities | (25.2) | (27,500,081) | |
Net Assets | 100.0% | $ 109,092,250 |
† | 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 October 31, 2023, the aggregate market value of securities on loan was $28,099,886; the total market value of collateral held by the Fund was $28,607,796. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $1,187,948. The Fund received cash collateral with a value of $27,419,848. (See Note 2(G)) |
(b) | Current yield as of October 31, 2023. |
(c) | Represents a security purchased with cash collateral received for securities on loan. |
Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
MainStay U.S. Government Liquidity Fund | $ 9,771 | $ 8,098 | $ (16,931) | $ — | $ — | $ 938 | $ 149 | $ — | 938 |
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 | $ 66,132,360 | $ — | $ — | $ 66,132,360 | |||
Fixed Income Funds | 42,101,983 | — | — | 42,101,983 | |||
Total Investment Companies | 108,234,343 | — | — | 108,234,343 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 938,140 | — | — | 938,140 | |||
Unaffiliated Investment Companies | 27,419,848 | — | — | 27,419,848 | |||
Total Short-Term Investments | 28,357,988 | — | — | 28,357,988 | |||
Total Investments in Securities | $ 136,592,331 | $ — | $ — | $ 136,592,331 |
(a) | For a complete listing of investments, see the Portfolio of Investments. |
48 | MainStay Moderate ETF Allocation Fund |
Assets | |
Investment in unaffiliated securities, at value (identified cost $138,419,592) including securities on loan of $28,099,886 | $135,654,191 |
Investment in affiliated investment companies, at value (identified cost $938,140) | 938,140 |
Receivables: | |
Fund shares sold | 141,514 |
Securities lending | 17,005 |
Dividends | 8,684 |
Other assets | 49,368 |
Total assets | 136,808,902 |
Liabilities | |
Cash collateral received for securities on loan | 27,419,848 |
Payables: | |
Fund shares redeemed | 202,477 |
NYLIFE Distributors (See Note 3) | 26,252 |
Manager (See Note 3) | 18,669 |
Transfer agent (See Note 3) | 18,261 |
Professional fees | 15,688 |
Investment securities purchased | 9,790 |
Custodian | 5,667 |
Total liabilities | 27,716,652 |
Net assets | $109,092,250 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 10,272 |
Additional paid-in-capital | 115,709,567 |
115,719,839 | |
Total distributable earnings (loss) | (6,627,589) |
Net assets | $109,092,250 |
Class A | |
Net assets applicable to outstanding shares | $96,534,317 |
Shares of beneficial interest outstanding | 9,085,070 |
Net asset value per share outstanding | $ 10.63 |
Maximum sales charge (3.00% of offering price) | 0.33 |
Maximum offering price per share outstanding | $ 10.96 |
Class C | |
Net assets applicable to outstanding shares | $ 340,182 |
Shares of beneficial interest outstanding | 32,283 |
Net asset value and offering price per share outstanding | $ 10.54 |
Class I | |
Net assets applicable to outstanding shares | $ 78,155 |
Shares of beneficial interest outstanding | 7,340 |
Net asset value and offering price per share outstanding | $ 10.65 |
Class R3 | |
Net assets applicable to outstanding shares | $ 1,957,452 |
Shares of beneficial interest outstanding | 184,828 |
Net asset value and offering price per share outstanding | $ 10.59 |
SIMPLE Class | |
Net assets applicable to outstanding shares | $10,182,144 |
Shares of beneficial interest outstanding | 962,044 |
Net asset value and offering price per share outstanding | $ 10.58 |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated | $ 1,477,323 |
Dividends-affiliated | 148,504 |
Securities lending, net | 67,184 |
Total income | 1,693,011 |
Expenses | |
Manager (See Note 3) | 111,261 |
Distribution/Service—Class A (See Note 3) | 124,646 |
Distribution/Service—Class C (See Note 3) | 1,762 |
Distribution/Service—Class R3 (See Note 3) | 4,262 |
Distribution/Service—SIMPLE Class (See Note 3) | 23,525 |
Transfer agent (See Note 3) | 52,277 |
Registration | 35,329 |
Professional fees | 20,879 |
Custodian | 8,746 |
Shareholder communication | 2,570 |
Trustees | 1,491 |
Shareholder service (See Note 3) | 852 |
Miscellaneous | 3,798 |
Total expenses | 391,398 |
Net investment income (loss) | 1,301,613 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on unaffiliated investments | 278,705 |
Net change in unrealized appreciation (depreciation) on unaffiliated investments | (5,482,209) |
Net realized and unrealized gain (loss) | (5,203,504) |
Net increase (decrease) in net assets resulting from operations | $(3,901,891) |
50 | MainStay Moderate ETF Allocation Fund |
for the six months ended October 31, 2023 (Unaudited) and the year ended April 30, 2023
Six months ended October 31, 2023 | Year ended April 30, 2023 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 1,301,613 | $ 2,030,182 |
Net realized gain (loss) | 278,705 | (5,100,556) |
Net change in unrealized appreciation (depreciation) | (5,482,209) | 4,653,294 |
Net increase (decrease) in net assets resulting from operations | (3,901,891) | 1,582,920 |
Distributions to shareholders: | ||
Class A | — | (1,597,645) |
Class C | — | (3,083) |
Class I | — | (1,463) |
Class R3 | — | (20,458) |
SIMPLE Class | — | (88,538) |
Total distributions to shareholders | — | (1,711,187) |
Capital share transactions: | ||
Net proceeds from sales of shares | 16,457,983 | 26,632,045 |
Net asset value of shares issued to shareholders in reinvestment of distributions | — | 1,708,293 |
Cost of shares redeemed | (8,715,386) | (13,571,395) |
Increase (decrease) in net assets derived from capital share transactions | 7,742,597 | 14,768,943 |
Net increase (decrease) in net assets | 3,840,706 | 14,640,676 |
Net Assets | ||
Beginning of period | 105,251,544 | 90,610,868 |
End of period | $109,092,250 | $105,251,544 |
Six months ended October 31, 2023* | Year Ended April 30, | June 30, 2020^ through April 30, | |||||
Class A | 2023 | 2022 | 2021 | ||||
Net asset value at beginning of period | $ 11.00 | $ 11.06 | $ 11.88 | $ 10.00 | |||
Net investment income (loss) (a) | 0.13 | 0.23 | 0.18 | 0.10 | |||
Net realized and unrealized gain (loss) | (0.50) | (0.10) | (0.83) | 1.85 | |||
Total from investment operations | (0.37) | 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 period | $ 10.63 | $ 11.00 | $ 11.06 | $ 11.88 | |||
Total investment return (b) | (3.36)% | 1.30% | (5.60)% | 19.50% | |||
Ratios (to average net assets)/Supplemental Data: | |||||||
Net investment income (loss) | 2.38%†† | 2.17% | 1.53% | 1.02%†† | |||
Net expenses (c) | 0.67%†† | 0.71% | 0.70% | 0.80%†† | |||
Expenses (before waiver/reimbursement) (c) | 0.67%†† | 0.71% | 0.70% | 1.04%†† | |||
Portfolio turnover rate | 15% | 63% | 58% | 45% | |||
Net assets at end of period (in 000’s) | $ 96,534 | $ 95,456 | $ 86,128 | $ 54,345 |
* | Unaudited. |
^ | 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. |
52 | MainStay Moderate ETF Allocation Fund |
Six months ended October 31, 2023* | Year Ended April 30, | June 30, 2020^ through April 30, | |||||
Class C | 2023 | 2022 | 2021 | ||||
Net asset value at beginning of period | $ 10.95 | $ 11.00 | $ 11.83 | $ 10.00 | |||
Net investment income (loss) (a) | 0.09 | 0.15 | 0.08 | 0.03 | |||
Net realized and unrealized gain (loss) | (0.50) | (0.10) | (0.83) | 1.85 | |||
Total from investment operations | (0.41) | 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 period | $ 10.54 | $ 10.95 | $ 11.00 | $ 11.83 | |||
Total investment return (b) | (3.74)% | 0.48% | (6.44)% | 18.82% | |||
Ratios (to average net assets)/Supplemental Data: | |||||||
Net investment income (loss) | 1.59%†† | 1.37% | 0.70% | 0.29%†† | |||
Net expenses (c) | 1.47%†† | 1.53% | 1.54% | 1.55%†† | |||
Expenses (before waiver/reimbursement) (c) | 1.47%†† | 1.53% | 1.54% | 1.77%†† | |||
Portfolio turnover rate | 15% | 63% | 58% | 45% | |||
Net assets at end of period (in 000’s) | $ 340 | $ 341 | $ 389 | $ 506 |
* | Unaudited. |
^ | 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. |
Six months ended October 31, 2023* | Year Ended April 30, | June 30, 2020^ through April 30, | |||||
Class I | 2023 | 2022 | 2021 | ||||
Net asset value at beginning of period | $ 11.01 | $ 11.07 | $ 11.87 | $ 10.00 | |||
Net investment income (loss) (a) | 0.15 | 0.27 | 0.22 | 0.13 | |||
Net realized and unrealized gain (loss) | (0.51) | (0.11) | (0.83) | 1.84 | |||
Total from investment operations | (0.36) | 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 period | $ 10.65 | $ 11.01 | $ 11.07 | $ 11.87 | |||
Total investment return (b) | (3.27)% | 1.56% | (5.31)% | 19.79% | |||
Ratios (to average net assets)/Supplemental Data: | |||||||
Net investment income (loss) | 2.62%†† | 2.52% | 1.83% | 1.40%†† | |||
Net expenses (c) | 0.42%†† | 0.46% | 0.45% | 0.55%†† | |||
Expenses (before waiver/reimbursement) (c) | 0.42%†† | 0.46% | 0.45% | 0.79%†† | |||
Portfolio turnover rate | 15% | 63% | 58% | 45% | |||
Net assets at end of period (in 000’s) | $ 78 | $ 74 | $ 73 | $ 52 |
* | Unaudited. |
^ | 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. |
54 | MainStay Moderate ETF Allocation Fund |
Six months ended October 31, 2023* | Year Ended April 30, | June 30, 2020^ through April 30, | |||||
Class R3 | 2023 | 2022 | 2021 | ||||
Net asset value at beginning of period | $ 10.98 | $ 11.04 | $ 11.86 | $ 10.00 | |||
Net investment income (loss) (a) | 0.11 | 0.20 | 0.15 | 0.07 | |||
Net realized and unrealized gain (loss) | (0.50) | (0.10) | (0.84) | 1.85 | |||
Total from investment operations | (0.39) | 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 period | $ 10.59 | $ 10.98 | $ 11.04 | $ 11.86 | |||
Total investment return (b) | (3.55)% | 0.94% | (5.92)% | 19.22% | |||
Ratios (to average net assets)/Supplemental Data: | |||||||
Net investment income (loss) | 2.02%†† | 1.83% | 1.22% | 0.76%†† | |||
Net expenses (c) | 1.02%†† | 1.06% | 1.05% | 1.15%†† | |||
Expenses (before waiver/reimbursement) (c) | 1.02%†† | 1.06% | 1.05% | 1.39%†† | |||
Portfolio turnover rate | 15% | 63% | 58% | 45% | |||
Net assets at end of period (in 000’s) | $ 1,957 | $ 1,240 | $ 854 | $ 403 |
* | Unaudited. |
^ | 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. |
Six months ended October 31, 2023* | Year Ended April 30, | August 31, 2020^ through April 30, | |||||
SIMPLE Class | 2023 | 2022 | 2021 | ||||
Net asset value at beginning of period | $ 10.97 | $ 11.03 | $ 11.85 | $ 10.66 | |||
Net investment income (loss) (a) | 0.11 | 0.19 | 0.13 | 0.06 | |||
Net realized and unrealized gain (loss) | (0.50) | (0.09) | (0.81) | 1.19 | |||
Total from investment operations | (0.39) | 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 period | $ 10.58 | $ 10.97 | $ 11.03 | $ 11.85 | |||
Total investment return (b) | (3.56)% | 0.97% | (5.89)% | 11.75% | |||
Ratios (to average net assets)/Supplemental Data: | |||||||
Net investment income (loss) | 2.03%†† | 1.78% | 1.07% | 0.62%†† | |||
Net expenses (c) | 0.97%†† | 1.03% | 1.05% | 1.05%†† | |||
Expenses (before waiver/reimbursement) (c) | 0.97%†† | 1.03% | 1.05% | 1.27%†† | |||
Portfolio turnover rate | 15% | 63% | 58% | 45% | |||
Net assets at end of period (in 000’s) | $ 10,182 | $ 8,140 | $ 3,167 | $ 475 |
* | Unaudited. |
^ | 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. |
56 | MainStay Moderate ETF Allocation Fund |
![](https://capedge.com/proxy/N-CSRS/0001193125-24-002810/g467183img6d57b3cf6.jpg)
Average Annual Total Returns for the Period-Ended October 31, 2023 | |||||||
Class | Sales Charge | Inception Date | Six Months1 | One Year | Since Inception | Gross Expense Ratio2 | |
Class A Shares | Maximum 3.00% Initial Sales Charge | With sales charges | 6/30/2020 | -5.77% | 1.16% | 4.48% | 0.94% |
Excluding sales charges | -2.86 | 4.28 | 5.44 | 0.94 | |||
Class C Shares | Maximum 1.00% CDSC | With sales charges | 6/30/2020 | -4.18 | 2.41 | 4.64 | 1.72 |
if redeemed Within One Year of Purchase | Excluding sales charges | -3.21 | 3.41 | 4.64 | 1.72 | ||
Class I Shares | No Sales Charge | 6/30/2020 | -2.78 | 4.46 | 5.69 | 0.69 | |
Class R3 Shares | No Sales Charge | 6/30/2020 | -3.03 | 3.83 | 5.06 | 1.29 | |
SIMPLE Class Shares | No Sales Charge | 8/31/2020 | -2.95 | 4.02 | 2.75 | 1.22 |
1. | Not annualized. |
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. |
Benchmark Performance* | Six Months1 | One Year | Since Inception |
S&P 500® Index2 | 1.39% | 10.14% | 11.21% |
MSCI EAFE® Index (Net)3 | -7.88 | 14.40 | 5.34 |
Bloomberg U.S. Aggregate Bond Index4 | -6.13 | 0.36 | -4.98 |
Growth Allocation Composite Index5 | -1.99 | 9.11 | 6.84 |
Morningstar Moderately Aggressive Allocation Category Average6 | -2.60 | 4.49 | 5.74 |
* | 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. | Not annualized. |
2. | 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. |
3. | 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. |
4. | 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. |
5. | 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 (Net) and the Bloomberg U.S. Aggregate Bond Index weighted 60%, 20% and 20%, respectively. |
6. | 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. |
58 | MainStay Growth ETF Allocation Fund |
Share Class | Beginning Account Value 5/1/23 | Ending Account Value (Based on Actual Returns and Expenses) 10/31/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 10/31/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Class A Shares | $1,000.00 | $971.40 | $3.62 | $1,021.47 | $3.71 | 0.73% |
Class C Shares | $1,000.00 | $967.90 | $7.42 | $1,017.60 | $7.61 | 1.50% |
Class I Shares | $1,000.00 | $972.20 | $2.38 | $1,022.72 | $2.44 | 0.48% |
Class R3 Shares | $1,000.00 | $969.70 | $5.35 | $1,019.71 | $5.48 | 1.08% |
SIMPLE Class Shares | $1,000.00 | $970.50 | $4.95 | $1,020.11 | $5.08 | 1.00% |
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 366 and multiplied by 184 (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 | 80.3 % |
Fixed Income Funds | 18.5 |
Short-Term Investments | 17.5 |
Other Assets, Less Liabilities | (16.3) |
60 | MainStay Growth 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 Bloomberg Magnificent 7 Total Return Index is an equal-dollar weighted equity benchmark consisting of a fixed basket of 7 widely-traded companies classified in the United States and representing the Communications, Consumer Discretionary and Technology sectors as defined by Bloomberg Industry Classification System (BICS). An investment cannot be made directly in an index. |
3. | The S&P 500® Equal Weight Index (“EWI”) is the equal-weight version of the widely-used S&P 500® Index. The S&P 500® EWI includes the same constituents as the capitalization weighted S&P 500® Index, but each company in the S&P 500® EWI is allocated a fixed weight, or 0.2% of the Index total at each quarterly rebalance. An investment cannot be made directly in an index. |
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. | The S&P Mid Cap 400® Index measures the performance of the mid-cap segment of the U.S. market. The Index is composed of 400 constituent companies. An investment cannot be made directly in an index. |
62 | MainStay Growth ETF Allocation Fund |
6. | The terms “spread” and “yield spread” may refer to the difference in yield between a security or type of security and comparable U.S. Treasury issues. The terms may also refer to the difference in yield between two specific securities or types of securities at a given time. The term “credit spread” typically refers to the difference in yield between corporate or municipal bonds (or a specific category of these bonds) and comparable U.S. Treasury issues. |
Shares | Value | |
Investment Companies 98.8% | ||
Equity Funds 80.3% | ||
Global X Uranium ETF | 33,641 | $ 902,924 |
Health Care Select Sector SPDR Fund | 6,759 | 841,766 |
Invesco S&P 500 Equal Weight ETF (a) | 27,916 | 3,791,830 |
Invesco S&P 500 Low Volatility ETF | 14,904 | 870,096 |
iShares Core MSCI EAFE ETF | 179,483 | 11,192,560 |
iShares Core MSCI Emerging Markets ETF | 55,924 | 2,569,149 |
iShares Core S&P Mid-Cap ETF | 13,339 | 3,148,004 |
iShares Core S&P Small-Cap ETF | 54,211 | 4,818,816 |
iShares MSCI Japan ETF | 44,511 | 2,624,369 |
Materials Select Sector SPDR Fund | 11,168 | 849,438 |
Schwab U.S. Mid-Cap ETF | 37,995 | 2,432,440 |
Schwab U.S. Small-Cap ETF | 93,694 | 3,631,579 |
Utilities Select Sector SPDR Fund | 15,038 | 897,618 |
Vanguard Mega Cap ETF (a) | 137,813 | 20,569,968 |
Vanguard Mega Cap Value ETF (a) | 13,032 | 1,290,950 |
Vanguard Mid-Cap ETF | 45,034 | ��8,935,196 |
Total Equity Funds (Cost $68,416,207) | 69,366,703 | |
Fixed Income Funds 18.5% | ||
Invesco Senior Loan ETF (a) | 125,973 | 2,620,238 |
iShares 0-5 Year High Yield Corporate Bond ETF (a) | 48,976 | 1,984,997 |
iShares 20+ Year Treasury Bond ETF | 56,991 | 4,763,308 |
iShares Broad USD High Yield Corporate Bond ETF (a) | 64,467 | 2,204,127 |
iShares Broad USD Investment Grade Corporate Bond ETF | 11,073 | 520,874 |
iShares Core U.S. Aggregate Bond ETF (a) | 11,375 | 1,050,026 |
Schwab U.S. Aggregate Bond ETF | 24,201 | 1,050,565 |
Vanguard Short-Term Bond ETF | 23,427 | 1,757,494 |
Total Fixed Income Funds (Cost $17,043,078) | 15,951,629 | |
Total Investment Companies (Cost $85,459,285) | 85,318,332 | |
Short-Term Investments 17.5% | ||
Affiliated Investment Company 1.0% | ||
MainStay U.S. Government Liquidity Fund, 5.275% (b) | 909,399 | 909,399 |
Unaffiliated Investment Companies 16.5% | ||
Invesco Government & Agency Portfolio, 5.357% (b)(c) | 11,231,954 | 11,231,954 |
RBC U.S. Government Money Market Fund, 5.399% (b)(c) | 1,000,000 | 1,000,000 |
64 | MainStay Growth ETF Allocation Fund |
Shares | Value | ||
Short-Term Investments (continued) | |||
Unaffiliated Investment Companies (continued) | |||
State Street Institutional U.S. Government Money Market Fund, 5.358% (b)(c) | 2,000,000 | $ 2,000,000 | |
14,231,954 | |||
Total Short-Term Investments (Cost $15,141,353) | 15,141,353 | ||
Total Investments (Cost $100,600,638) | 116.3% | 100,459,685 | |
Other Assets, Less Liabilities | (16.3) | (14,092,646) | |
Net Assets | 100.0% | $ 86,367,039 |
† | 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 October 31, 2023, the aggregate market value of securities on loan was $14,069,623; the total market value of collateral held by the Fund was $14,302,765. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $70,811. The Fund received cash collateral with a value of $14,231,954. (See Note 2(G)) |
(b) | Current yield as of October 31, 2023. |
(c) | Represents a security purchased with cash collateral received for securities on loan. |
Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
MainStay U.S. Government Liquidity Fund | $ 7,400 | $ 5,731 | $ (12,222) | $ — | $ — | $ 909 | $ 115 | $ — | 909 |
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 | $ 69,366,703 | $ — | $ — | $ 69,366,703 | |||
Fixed Income Funds | 15,951,629 | — | — | 15,951,629 | |||
Total Investment Companies | 85,318,332 | — | — | 85,318,332 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 909,399 | — | — | 909,399 | |||
Unaffiliated Investment Companies | 14,231,954 | — | — | 14,231,954 | |||
Total Short-Term Investments | 15,141,353 | — | — | 15,141,353 | |||
Total Investments in Securities | $ 100,459,685 | $ — | $ — | $ 100,459,685 |
(a) | For a complete listing of investments, see the Portfolio of Investments. |
66 | MainStay Growth ETF Allocation Fund |
Assets | |
Investment in unaffiliated securities, at value (identified cost $99,691,239) including securities on loan of $14,069,623 | $ 99,550,286 |
Investment in affiliated investment companies, at value (identified cost $909,399) | 909,399 |
Receivables: | |
Fund shares sold | 463,487 |
Securities lending | 13,022 |
Dividends | 7,092 |
Other assets | 48,999 |
Total assets | 100,992,285 |
Liabilities | |
Cash collateral received for securities on loan | 14,231,954 |
Payables: | |
Fund shares redeemed | 181,096 |
Investment securities purchased | 137,371 |
NYLIFE Distributors (See Note 3) | 21,293 |
Transfer agent (See Note 3) | 17,637 |
Professional fees | 15,267 |
Manager (See Note 3) | 14,691 |
Custodian | 5,676 |
Shareholder communication | 204 |
Accrued expenses | 57 |
Total liabilities | 14,625,246 |
Net assets | $ 86,367,039 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 7,481 |
Additional paid-in-capital | 89,475,981 |
89,483,462 | |
Total distributable earnings (loss) | (3,116,423) |
Net assets | $ 86,367,039 |
Class A | |
Net assets applicable to outstanding shares | $73,050,467 |
Shares of beneficial interest outstanding | 6,325,227 |
Net asset value per share outstanding | $ 11.55 |
Maximum sales charge (3.00% of offering price) | 0.36 |
Maximum offering price per share outstanding | $ 11.91 |
Class C | |
Net assets applicable to outstanding shares | $ 285,266 |
Shares of beneficial interest outstanding | 24,911 |
Net asset value and offering price per share outstanding | $ 11.45 |
Class I | |
Net assets applicable to outstanding shares | $ 103,968 |
Shares of beneficial interest outstanding | 9,016 |
Net asset value and offering price per share outstanding | $ 11.53 |
Class R3 | |
Net assets applicable to outstanding shares | $ 811,481 |
Shares of beneficial interest outstanding | 70,492 |
Net asset value and offering price per share outstanding | $ 11.51 |
SIMPLE Class | |
Net assets applicable to outstanding shares | $12,115,857 |
Shares of beneficial interest outstanding | 1,051,166 |
Net asset value and offering price per share outstanding | $ 11.53 |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated | $ 1,012,134 |
Dividends-affiliated | 115,336 |
Securities lending, net | 70,760 |
Total income | 1,198,230 |
Expenses | |
Manager (See Note 3) | 86,247 |
Distribution/Service—Class A (See Note 3) | 92,397 |
Distribution/Service—Class C (See Note 3) | 1,530 |
Distribution/Service—Class R3 (See Note 3) | 1,964 |
Distribution/Service—SIMPLE Class (See Note 3) | 27,822 |
Transfer agent (See Note 3) | 50,694 |
Registration | 35,967 |
Professional fees | 20,021 |
Custodian | 8,885 |
Shareholder communication | 1,833 |
Trustees | 1,121 |
Shareholder service (See Note 3) | 393 |
Miscellaneous | 3,234 |
Total expenses | 332,108 |
Net investment income (loss) | 866,122 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on unaffiliated investments | (226,904) |
Net change in unrealized appreciation (depreciation) on unaffiliated investments | (3,389,971) |
Net realized and unrealized gain (loss) | (3,616,875) |
Net increase (decrease) in net assets resulting from operations | $(2,750,753) |
68 | MainStay Growth ETF Allocation Fund |
for the six months ended October 31, 2023 (Unaudited) and the year ended April 30, 2023
Six months ended October 31, 2023 | Year ended April 30, 2023 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 866,122 | $ 1,189,736 |
Net realized gain (loss) | (226,904) | (3,507,501) |
Net change in unrealized appreciation (depreciation) | (3,389,971) | 3,790,020 |
Net increase (decrease) in net assets resulting from operations | (2,750,753) | 1,472,255 |
Distributions to shareholders: | ||
Class A | — | (904,515) |
Class C | — | (2,440) |
Class I | — | (1,696) |
Class R3 | — | (7,027) |
SIMPLE Class | — | (91,952) |
Total distributions to shareholders | — | (1,007,630) |
Capital share transactions: | ||
Net proceeds from sales of shares | 15,719,039 | 29,043,850 |
Net asset value of shares issued to shareholders in reinvestment of distributions | — | 1,007,165 |
Cost of shares redeemed | (6,034,045) | (8,232,844) |
Increase (decrease) in net assets derived from capital share transactions | 9,684,994 | 21,818,171 |
Net increase (decrease) in net assets | 6,934,241 | 22,282,796 |
Net Assets | ||
Beginning of period | 79,432,798 | 57,150,002 |
End of period | $86,367,039 | $79,432,798 |
Six months ended October 31, 2023* | Year Ended April 30, | June 30, 2020^ through April 30, | |||||
Class A | 2023 | 2022 | 2021 | ||||
Net asset value at beginning of period | $ 11.89 | $ 11.92 | $ 12.79 | $ 10.00 | |||
Net investment income (loss) (a) | 0.13 | 0.22 | 0.18 | 0.09 | |||
Net realized and unrealized gain (loss) | (0.47) | (0.07) | (0.89) | 2.76 | |||
Total from investment operations | (0.34) | 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 | $ 11.55 | $ 11.89 | $ 11.92 | $ 12.79 | |||
Total investment return (b) | (2.86)% | 1.32% | (5.69)% | 28.56% | |||
Ratios (to average net assets)/Supplemental Data: | |||||||
Net investment income (loss) | 2.05%†† | 1.88% | 1.41% | 0.90%†† | |||
Net expenses (c) | 0.73%†† | 0.80% | 0.80% | 0.80%†† | |||
Expenses (before waiver/reimbursement) (c) | 0.73%†† | 0.82% | 0.85% | 1.41%†† | |||
Portfolio turnover rate | 15% | 57% | 54% | 47% | |||
Net assets at end of period (in 000’s) | $ 73,050 | $ 68,880 | $ 52,475 | $ 29,705 |
* | Unaudited. |
^ | 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. |
70 | MainStay Growth ETF Allocation Fund |
Six months ended October 31, 2023* | Year Ended April 30, | June 30, 2020^ through April 30, | |||||
Class C | 2023 | 2022 | 2021 | ||||
Net asset value at beginning of period | $ 11.83 | $ 11.86 | $ 12.73 | $ 10.00 | |||
Net investment income (loss) (a) | 0.08 | 0.13 | 0.09 | 0.03 | |||
Net realized and unrealized gain (loss) | (0.46) | (0.07) | (0.90) | 2.74 | |||
Total from investment operations | (0.38) | 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 | $ 11.45 | $ 11.83 | $ 11.86 | $ 12.73 | |||
Total investment return (b) | (3.21)% | 0.54% | (6.40)% | 27.72% | |||
Ratios (to average net assets)/Supplemental Data: | |||||||
Net investment income (loss) | 1.31%†† | 1.15% | 0.67% | 0.28%†† | |||
Net expenses (c) | 1.50%†† | 1.55% | 1.55% | 1.55%†† | |||
Expenses (before waiver/reimbursement) (c) | 1.50%†† | 1.60% | 1.64% | 2.12%†† | |||
Portfolio turnover rate | 15% | 57% | 54% | 47% | |||
Net assets at end of period (in 000’s) | $ 285 | $ 314 | $ 310 | $ 288 |
* | Unaudited. |
^ | 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. |
Six months ended October 31, 2023* | Year Ended April 30, | June 30, 2020^ through April 30, | |||||
Class I | 2023 | 2022 | 2021 | ||||
Net asset value at beginning of period | $ 11.86 | $ 11.89 | $ 12.75 | $ 10.00 | |||
Net investment income (loss) (a) | 0.14 | 0.22 | 0.22 | 0.12 | |||
Net realized and unrealized gain (loss) | (0.47) | (0.05) | (0.89) | 2.75 | |||
Total from investment operations | (0.33) | 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 | $ 11.53 | $ 11.86 | $ 11.89 | $ 12.75 | |||
Total investment return (b) | (2.78)% | 1.58% | (5.41)% | 28.79% | |||
Ratios (to average net assets)/Supplemental Data: | |||||||
Net investment income (loss) | 2.32%†† | 1.95% | 1.70% | 1.23%†† | |||
Net expenses (c) | 0.48%†† | 0.55% | 0.55% | 0.55%†† | |||
Expenses (before waiver/reimbursement) (c) | 0.48%†† | 0.57% | 0.60% | 1.16%†† | |||
Portfolio turnover rate | 15% | 57% | 54% | 47% | |||
Net assets at end of period (in 000’s) | $ 104 | $ 107 | $ 40 | $ 40 |
* | Unaudited. |
^ | 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. |
72 | MainStay Growth ETF Allocation Fund |
Six months ended October 31, 2023* | Year Ended April 30, | June 30, 2020^ through April 30, | |||||
Class R3 | 2023 | 2022 | 2021 | ||||
Net asset value at beginning of period | $ 11.87 | $ 11.90 | $ 12.77 | $ 10.00 | |||
Net investment income (loss) (a) | 0.10 | 0.18 | 0.11 | 0.05 | |||
Net realized and unrealized gain (loss) | (0.46) | (0.08) | (0.87) | 2.76 | |||
Total from investment operations | (0.36) | 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 | $ 11.51 | $ 11.87 | $ 11.90 | $ 12.77 | |||
Total investment return (b) | (3.03)% | 0.96% | (6.01)% | 28.16% | |||
Ratios (to average net assets)/Supplemental Data: | |||||||
Net investment income (loss) | 1.66%†† | 1.54% | 0.83% | 0.48%†† | |||
Net expenses (c) | 1.08%†† | 1.15% | 1.15% | 1.15%†† | |||
Expenses (before waiver/reimbursement) (c) | 1.08%†† | 1.17% | 1.20% | 1.76%†† | |||
Portfolio turnover rate | 15% | 57% | 54% | 47% | |||
Net assets at end of period (in 000’s) | $ 811 | $ 685 | $ 486 | $ 158 |
* | Unaudited. |
^ | 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. |
Six months ended October 31, 2023* | Year Ended April 30, | August 31, 2020^ through April 30, | |||||
SIMPLE Class | 2023 | 2022 | 2021 | ||||
Net asset value at beginning of period | $ 11.88 | $ 11.91 | $ 12.78 | $ 10.86 | |||
Net investment income (loss) (a) | 0.11 | 0.18 | 0.14 | 0.07 | |||
Net realized and unrealized gain (loss) | (0.46) | (0.06) | (0.89) | 1.90 | |||
Total from investment operations | (0.35) | 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 | $ 11.53 | $ 11.88 | $ 11.91 | $ 12.78 | |||
Total investment return (b) | (2.95)% | 1.06% | (5.92)% | 18.11% | |||
Ratios (to average net assets)/Supplemental Data: | |||||||
Net investment income (loss) | 1.75%†† | 1.57% | 1.11% | 0.71%†† | |||
Net expenses (c) | 1.00%†† | 1.05% | 1.05% | 1.05%†† | |||
Expenses (before waiver/reimbursement) (c) | 1.00%†† | 1.10% | 1.14% | 1.62%†† | |||
Portfolio turnover rate | 15% | 57% | 54% | 47% | |||
Net assets at end of period (in 000’s) | $ 12,116 | $ 9,447 | $ 3,838 | $ 962 |
* | Unaudited. |
^ | 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. |
74 | MainStay Growth ETF Allocation Fund |
![](https://capedge.com/proxy/N-CSRS/0001193125-24-002810/g467183img6c1344477.jpg)
Average Annual Total Returns for the Period-Ended October 31, 2023 | |||||||
Class | Sales Charge | Inception Date | Six Months1 | One Year | Since Inception | Gross Expense Ratio2 | |
Class A Shares | Maximum 3.00% Initial Sales Charge | With sales charges | 6/30/2020 | -5.49% | 1.93% | 5.83% | 0.99% |
Excluding sales charges | -2.56 | 5.09 | 6.80 | 0.99 | |||
Class C Shares | Maximum 1.00% CDSC | With sales charges | 6/30/2020 | -3.95 | 3.31 | 5.99 | 1.79 |
if redeemed Within One Year of Purchase | Excluding sales charges | -2.98 | 4.31 | 5.99 | 1.79 | ||
Class I Shares | No Sales Charge | 6/30/2020 | -2.42 | 5.39 | 7.06 | 0.74 | |
Class R3 Shares | No Sales Charge | 6/30/2020 | -2.81 | 4.73 | 6.42 | 1.34 | |
SIMPLE Class Shares | No Sales Charge | 8/31/2020 | -2.73 | 4.83 | 3.47 | 1.29 |
1. | Not annualized. |
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. |
Benchmark Performance* | Six Months1 | One Year | Since Inception |
S&P 500® Index2 | 1.39% | 10.14% | 11.21% |
MSCI EAFE® Index (Net)3 | -7.88 | 14.40 | 5.34 |
Equity Allocation Composite Index4 | -0.98 | 11.30 | 9.79 |
Morningstar Aggressive Allocation Category Average5 | -2.85 | 4.49 | 5.94 |
* | 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. | Not annualized. |
2. | 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. |
3. | 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. |
4. | 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 (Net) weighted 75% and 25%, respectively. |
5. | 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. |
76 | MainStay Equity ETF Allocation Fund |
Share Class | Beginning Account Value 5/1/23 | Ending Account Value (Based on Actual Returns and Expenses) 10/31/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 10/31/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Class A Shares | $1,000.00 | $974.40 | $3.87 | $1,021.22 | $3.96 | 0.78% |
Class C Shares | $1,000.00 | $970.20 | $7.68 | $1,017.34 | $7.86 | 1.55% |
Class I Shares | $1,000.00 | $975.80 | $2.63 | $1,022.47 | $2.69 | 0.53% |
Class R3 Shares | $1,000.00 | $971.90 | $5.60 | $1,019.46 | $5.74 | 1.13% |
SIMPLE Class Shares | $1,000.00 | $972.70 | $5.21 | $1,019.86 | $5.33 | 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 366 and multiplied by 184 (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 | 99.5 % |
Short-Term Investments | 5.5 |
Other Assets, Less Liabilities | (5.0) |
78 | MainStay Equity 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 Bloomberg Magnificent 7 Total Return Index is an equal-dollar weighted equity benchmark consisting of a fixed basket of 7 widely-traded companies classified in the United States and representing the Communications, Consumer Discretionary and Technology sectors as defined by Bloomberg Industry Classification System (BICS). An investment cannot be made directly in an index. |
3. | The S&P 500® Equal Weight Index (“EWI”) is the equal-weight version of the widely-used S&P 500® Index. The S&P 500® EWI includes the same constituents as the capitalization weighted S&P 500® Index, but each company in the S&P 500® EWI is allocated a fixed weight, or 0.2% of the Index total at each quarterly rebalance. An investment cannot be made directly in an index. |
4. | The S&P Mid Cap 400® Index measures the performance of the mid-cap segment of the U.S. market. The Index is composed of 400 constituent companies. An investment cannot be made directly in an index. |
80 | MainStay Equity ETF Allocation Fund |
5. | The terms “spread” and “yield spread” may refer to the difference in yield between a security or type of security and comparable U.S. Treasury issues. The terms may also refer to the difference in yield between two specific securities or types of securities at a given time. The term “credit spread” typically refers to the difference in yield between corporate or municipal bonds (or a specific category of these bonds) and comparable U.S. Treasury issues. |
Shares | Value | ||
Investment Companies 99.5% | |||
Equity Funds 99.5% | |||
Global X Uranium ETF | 24,816 | $ 666,061 | |
Health Care Select Sector SPDR Fund | 4,965 | 618,341 | |
Invesco S&P 500 Equal Weight ETF (a) | 20,674 | 2,808,149 | |
Invesco S&P 500 Low Volatility ETF (a) | 10,994 | 641,830 | |
iShares Core MSCI EAFE ETF | 167,687 | 10,456,961 | |
iShares Core MSCI Emerging Markets ETF | 61,856 | 2,841,665 | |
iShares Core S&P Mid-Cap ETF | 9,886 | 2,333,096 | |
iShares Core S&P Small-Cap ETF | 45,204 | 4,018,184 | |
iShares MSCI Japan ETF | 32,789 | 1,933,240 | |
Materials Select Sector SPDR Fund | 8,238 | 626,582 | |
Schwab U.S. Mid-Cap ETF | 28,261 | 1,809,269 | |
Schwab U.S. Small-Cap ETF | 139,924 | 5,423,454 | |
Utilities Select Sector SPDR Fund | 11,093 | 662,141 | |
Vanguard Mega Cap ETF | 138,253 | 20,635,643 | |
Vanguard Mega Cap Value ETF | 9,613 | 952,264 | |
Vanguard Mid-Cap ETF | 33,144 | 6,576,101 | |
Total Investment Companies (Cost $63,029,639) | 63,002,981 | ||
Short-Term Investments 5.5% | |||
Affiliated Investment Company 0.5% | |||
MainStay U.S. Government Liquidity Fund, 5.275% (b) | 309,266 | 309,266 | |
Unaffiliated Investment Companies 5.0% | |||
Goldman Sachs Financial Square Government Fund, 5.356% (b)(c) | 500,000 | 500,000 | |
Invesco Government & Agency Portfolio, 5.357% (b)(c) | 2,675,423 | 2,675,423 | |
3,175,423 | |||
Total Short-Term Investments (Cost $3,484,689) | 3,484,689 | ||
Total Investments (Cost $66,514,328) | 105.0% | 66,487,670 | |
Other Assets, Less Liabilities | (5.0) | (3,157,130) | |
Net Assets | 100.0% | $ 63,330,540 |
† | 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 October 31, 2023, the aggregate market value of securities on loan was $3,110,023. The Fund received cash collateral with a value of $3,175,423. (See Note 2(G)) |
(b) | Current yield as of October 31, 2023. |
(c) | Represents a security purchased with cash collateral received for securities on loan. |
82 | MainStay Equity ETF Allocation Fund |
Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
MainStay U.S. Government Liquidity Fund | $ 1,199 | $ 4,828 | $ (5,718) | $ — | $ — | $ 309 | $ 21 | $ — | 309 |
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 | $ 63,002,981 | $ — | $ — | $ 63,002,981 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 309,266 | — | — | 309,266 | |||
Unaffiliated Investment Companies | 3,175,423 | — | — | 3,175,423 | |||
Total Short-Term Investments | 3,484,689 | — | — | 3,484,689 | |||
Total Investments in Securities | $ 66,487,670 | $ — | $ — | $ 66,487,670 |
(a) | For a complete listing of investments, see the Portfolio of Investments. |
Assets | |
Investment in unaffiliated securities, at value (identified cost $66,205,062) including securities on loan of $3,110,023 | $66,178,404 |
Investment in affiliated investment companies, at value (identified cost $309,266) | 309,266 |
Receivables: | |
Fund shares sold | 173,408 |
Securities lending | 4,966 |
Dividends | 1,274 |
Other assets | 48,698 |
Total assets | 66,716,016 |
Liabilities | |
Cash collateral received for securities on loan | 3,175,423 |
Payables: | |
Investment securities purchased | 106,151 |
Fund shares redeemed | 43,344 |
NYLIFE Distributors (See Note 3) | 15,581 |
Professional fees | 15,299 |
Transfer agent (See Note 3) | 12,660 |
Manager (See Note 3) | 10,669 |
Custodian | 5,427 |
Shareholder communication | 922 |
Total liabilities | 3,385,476 |
Net assets | $63,330,540 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 5,213 |
Additional paid-in-capital | 66,161,816 |
66,167,029 | |
Total distributable earnings (loss) | (2,836,489) |
Net assets | $63,330,540 |
Class A | |
Net assets applicable to outstanding shares | $53,725,218 |
Shares of beneficial interest outstanding | 4,419,605 |
Net asset value per share outstanding | $ 12.16 |
Maximum sales charge (3.00% of offering price) | 0.38 |
Maximum offering price per share outstanding | $ 12.54 |
Class C | |
Net assets applicable to outstanding shares | $ 153,926 |
Shares of beneficial interest outstanding | 12,786 |
Net asset value and offering price per share outstanding | $ 12.04 |
Class I | |
Net assets applicable to outstanding shares | $ 110,668 |
Shares of beneficial interest outstanding | 9,148 |
Net asset value and offering price per share outstanding | $ 12.10 |
Class R3 | |
Net assets applicable to outstanding shares | $ 424,548 |
Shares of beneficial interest outstanding | 35,077 |
Net asset value and offering price per share outstanding | $ 12.10 |
SIMPLE Class | |
Net assets applicable to outstanding shares | $ 8,916,180 |
Shares of beneficial interest outstanding | 736,310 |
Net asset value and offering price per share outstanding | $ 12.11 |
84 | MainStay Equity ETF Allocation Fund |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated | $ 593,478 |
Securities lending, net | 30,947 |
Dividends-affiliated | 21,430 |
Total income | 645,855 |
Expenses | |
Manager (See Note 3) | 63,162 |
Distribution/Service—Class A (See Note 3) | 67,702 |
Distribution/Service—Class C (See Note 3) | 827 |
Distribution/Service—Class R3 (See Note 3) | 945 |
Distribution/Service—SIMPLE Class (See Note 3) | 20,850 |
Transfer agent (See Note 3) | 38,035 |
Registration | 35,516 |
Professional fees | 19,013 |
Custodian | 8,567 |
Trustees | 817 |
Shareholder communication | 688 |
Shareholder service (See Note 3) | 189 |
Miscellaneous | 2,931 |
Total expenses before waiver/reimbursement | 259,242 |
Expense waiver/reimbursement from Manager (See Note 3) | (305) |
Net expenses | 258,937 |
Net investment income (loss) | 386,918 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on unaffiliated investments | (335,170) |
Net change in unrealized appreciation (depreciation) on unaffiliated investments | (1,970,636) |
Net realized and unrealized gain (loss) | (2,305,806) |
Net increase (decrease) in net assets resulting from operations | $(1,918,888) |
for the six months ended October 31, 2023 (Unaudited) and the year ended April 30, 2023
Six months ended October 31, 2023 | Year ended April 30, 2023 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 386,918 | $ 501,773 |
Net realized gain (loss) | (335,170) | (2,533,214) |
Net change in unrealized appreciation (depreciation) | (1,970,636) | 2,796,287 |
Net increase (decrease) in net assets resulting from operations | (1,918,888) | 764,846 |
Distributions to shareholders: | ||
Class A | — | (428,787) |
Class C | — | (386) |
Class I | — | (1,373) |
Class R3 | — | (3,242) |
SIMPLE Class | — | (41,309) |
Total distributions to shareholders | — | (475,097) |
Capital share transactions: | ||
Net proceeds from sales of shares | 12,655,957 | 21,075,269 |
Net asset value of shares issued to shareholders in reinvestment of distributions | — | 470,614 |
Cost of shares redeemed | (4,195,610) | (6,921,340) |
Increase (decrease) in net assets derived from capital share transactions | 8,460,347 | 14,624,543 |
Net increase (decrease) in net assets | 6,541,459 | 14,914,292 |
Net Assets | ||
Beginning of period | 56,789,081 | 41,874,789 |
End of period | $63,330,540 | $56,789,081 |
86 | MainStay Equity ETF Allocation Fund |
Six months ended October 31, 2023* | Year Ended April 30, | June 30, 2020^ through April 30, | |||||
Class A | 2023 | 2022 | 2021 | ||||
Net asset value at beginning of period | $ 12.48 | $ 12.54 | $ 13.64 | $ 10.00 | |||
Net investment income (loss) (a) | 0.08 | 0.13 | 0.15 | 0.07 | |||
Net realized and unrealized gain (loss) | (0.40) | (0.07) | (1.10) | 3.62 | |||
Total from investment operations | (0.32) | 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 | $ 12.16 | $ 12.48 | $ 12.54 | $ 13.64 | |||
Total investment return (b) | (2.56)% | 0.54% | (7.21)% | 37.04% | |||
Ratios (to average net assets)/Supplemental Data: | |||||||
Net investment income (loss) | 1.27%†† | 1.10% | 1.08% | 0.63%†† | |||
Net expenses (c) | 0.78%†† | 0.80% | 0.80% | 0.80%†† | |||
Expenses (before waiver/reimbursement) (c) | 0.78%†† | 0.92% | 0.92% | 1.90%†† | |||
Portfolio turnover rate | 13% | 35% | 43% | 24% | |||
Net assets at end of period (in 000’s) | $ 53,725 | $ 48,992 | $ 38,162 | $ 20,221 |
* | Unaudited. |
^ | 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. |
Six months ended October 31, 2023* | Year Ended April 30, | June 30, 2020^ through April 30, | |||||
Class C | 2023 | 2022 | 2021 | ||||
Net asset value at beginning of period | $ 12.41 | $ 12.46 | $ 13.57 | $ 10.00 | |||
Net investment income (loss) (a) | 0.04 | 0.05 | 0.05 | (0.02) | |||
Net realized and unrealized gain (loss) | (0.41) | (0.07) | (1.11) | 3.63 | |||
Total from investment operations | (0.37) | (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 | $ 12.04 | $ 12.41 | $ 12.46 | $ 13.57 | |||
Total investment return (b) | (2.98)% | (0.16)% | (7.92)% | 36.13% | |||
Ratios (to average net assets)/Supplemental Data: | |||||||
Net investment income (loss) | 0.60%†† | 0.39% | 0.38% | (0.20)%†† | |||
Net expenses (c) | 1.55%†† | 1.55% | 1.55% | 1.55%†† | |||
Expenses (before waiver/reimbursement) (c) | 1.56%†† | 1.72% | 1.75% | 2.61%†† | |||
Portfolio turnover rate | 13% | 35% | 43% | 24% | |||
Net assets at end of period (in 000’s) | $ 154 | $ 172 | $ 177 | $ 175 |
* | Unaudited. |
^ | 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. |
88 | MainStay Equity ETF Allocation Fund |
Six months ended October 31, 2023* | Year Ended April 30, | June 30, 2020^ through April 30, | |||||
Class I | 2023 | 2022 | 2021 | ||||
Net asset value at beginning of period | $ 12.40 | $ 12.47 | $ 13.56 | $ 10.00 | |||
Net investment income (loss) (a) | 0.10 | 0.17 | 0.07 | 0.08 | |||
Net realized and unrealized gain (loss) | (0.40) | (0.09) | (0.98) | 3.62 | |||
Total from investment operations | (0.30) | 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 | $ 12.10 | $ 12.40 | $ 12.47 | $ 13.56 | |||
Total investment return (b) | (2.42)% | 0.73% | (6.96)% | 37.30% | |||
Ratios (to average net assets)/Supplemental Data: | |||||||
Net investment income (loss) | 1.54%†† | 1.42% | 0.49% | 0.80%†† | |||
Net expenses (c) | 0.53%†† | 0.55% | 0.48% | 0.55%†† | |||
Expenses (before waiver/reimbursement) (c) | 0.53%†† | 0.67% | 0.60% | 1.65%†† | |||
Portfolio turnover rate | 13% | 35% | 43% | 24% | |||
Net assets at end of period (in 000’s) | $ 111 | $ 113 | $ 152 | $ 2,684 |
* | Unaudited. |
^ | 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. |
Six months ended October 31, 2023* | Year Ended April 30, | June 30, 2020^ through April 30, | |||||
Class R3 | 2023 | 2022 | 2021 | ||||
Net asset value at beginning of period | $ 12.45 | $ 12.51 | $ 13.61 | $ 10.00 | |||
Net investment income (loss) (a) | 0.06 | 0.09 | 0.10 | 0.04 | |||
Net realized and unrealized gain (loss) | (0.41) | (0.07) | (1.10) | 3.62 | |||
Total from investment operations | (0.35) | 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 | $ 12.10 | $ 12.45 | $ 12.51 | $ 13.61 | |||
Total investment return (b) | (2.81)% | 0.18% | (7.47)% | 36.62% | |||
Ratios (to average net assets)/Supplemental Data: | |||||||
Net investment income (loss) | 0.92%†† | 0.78% | 0.74% | 0.39%†† | |||
Net expenses (c) | 1.13%†† | 1.15% | 1.15% | 1.15%†† | |||
Expenses (before waiver/reimbursement) (c) | 1.13%†† | 1.27% | 1.27% | 2.25%†† | |||
Portfolio turnover rate | 13% | 35% | 43% | 24% | |||
Net assets at end of period (in 000’s) | $ 425 | $ 334 | $ 472 | $ 445 |
* | Unaudited. |
^ | 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. |
90 | MainStay Equity ETF Allocation Fund |
Six months ended October 31, 2023* | Year Ended April 30, | August 31, 2020^ through April 30, | |||||
SIMPLE Class | 2023 | 2022 | 2021 | ||||
Net asset value at beginning of period | $ 12.45 | $ 12.51 | $ 13.61 | $ 11.08 | |||
Net investment income (loss) (a) | 0.06 | 0.09 | 0.11 | 0.06 | |||
Net realized and unrealized gain (loss) | (0.40) | (0.06) | (1.10) | 2.52 | |||
Total from investment operations | (0.34) | 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 | $ 12.11 | $ 12.45 | $ 12.51 | $ 13.61 | |||
Total investment return (b) | (2.73)% | 0.28% | (7.38)% | 23.32% | |||
Ratios (to average net assets)/Supplemental Data: | |||||||
Net investment income (loss) | 0.97%†† | 0.77% | 0.78% | 0.51%†† | |||
Net expenses (c) | 1.05%†† | 1.05% | 1.05% | 1.05%†† | |||
Expenses (before waiver/reimbursement) (c) | 1.06%†† | 1.22% | 1.25% | 2.11%†† | |||
Portfolio turnover rate | 13% | 35% | 43% | 24% | |||
Net assets at end of period (in 000’s) | $ 8,916 | $ 7,178 | $ 2,911 | $ 811 |
* | Unaudited. |
^ | 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. |
![](https://capedge.com/proxy/N-CSRS/0001193125-24-002810/g467183img58de812f8.jpg)
Average Annual Total Returns for the Period-Ended October 31, 2023* | |||||||
Class | Sales Charge | Inception Date | Six Months1 | One Year | Since Inception | Gross Expense Ratio2 | |
Class A Shares | Maximum 3.00% Initial Sales Charge | With sales charges | 9/30/2021 | -7.04% | -0.04% | -6.96% | 2.00% |
Excluding sales charges | -4.16 | 3.05 | -5.59 | 2.00 | |||
Class C Shares | Maximum 1.00% CDSC | With sales charges | 9/30/2021 | -5.46 | 1.27 | -6.29 | 2.88 |
if redeemed Within One Year of Purchase | Excluding sales charges | -4.51 | 2.27 | -6.29 | 2.88 | ||
Class I Shares | No Sales Charge | 9/30/2021 | -4.05 | 3.21 | -5.39 | 1.77 | |
Class R3 Shares3 | No Sales Charge | 9/30/2021 | -4.28 | 2.69 | -5.90 | 2.38 | |
SIMPLE Class Shares | No Sales Charge | 9/30/2021 | -4.28 | 2.66 | -5.85 | 2.38 |
* | The Fund will be liquidated on or about February 28, 2024 (the "Liquidation Date"). It is expected that the Fund will distribute to remaining shareholders, on or promptly after the Liquidation Date, a liquidating distribution in cash, cash equivalents, or portfolio securities equal to the shareholder’s proportionate interest in the net assets of the Fund. |
1. | Not annualized. |
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. | As of October 31, 2023, Class R3 shares are closed to new investors and, upon the close of business on December 29, 2023, Class R3 shares are closed to additional investments by existing shareholders. |
92 | MainStay ESG Multi-Asset Allocation Fund |
Benchmark Performance* | Six Months1 | One Year | Since Inception |
S&P 500® Index2 | 1.39% | 10.14% | 0.31% |
MSCI EAFE® Index (Net)3 | -7.88 | 14.40 | -4.80 |
Bloomberg U.S. Aggregate Bond Index4 | -6.13 | 0.36 | -7.72 |
Multi-Asset Allocation Composite Index5 | -3.01 | 6.91 | -3.47 |
Morningstar Moderate Allocation Category Average6 | -2.36 | 4.16 | -3.71 |
* | 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. | Not annualized. |
2. | 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. |
3. | 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. |
4. | 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. |
5. | 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. |
6. | 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 5/1/23 | Ending Account Value (Based on Actual Returns and Expenses) 10/31/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 10/31/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Class A Shares | $1,000.00 | $958.40 | $3.94 | $1,021.12 | $4.06 | 0.80% |
Class C Shares | $1,000.00 | $954.90 | $7.62 | $1,017.34 | $7.86 | 1.55% |
Class I Shares | $1,000.00 | $959.50 | $2.71 | $1,022.37 | $2.80 | 0.55% |
Class R3 Shares | $1,000.00 | $957.20 | $5.66 | $1,019.36 | $5.84 | 1.15% |
SIMPLE Class Shares | $1,000.00 | $957.20 | $5.17 | $1,019.86 | $5.33 | 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 366 and multiplied by 184 (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. |
94 | MainStay ESG Multi-Asset Allocation Fund |
Unaffiliated Investment Companies | 91.8 % |
Affiliated Investment Companies | 7.5 |
Short-Term Investments | 6.5 |
Other Assets, Less Liabilities | (5.8) |
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 500® Equal Weight Index (“EWI”) is the equal-weight version of the widely-used S&P 500® Index. The S&P 500® EWI includes the same constituents as the capitalization weighted S&P 500® Index, but each company in the S&P 500® EWI is allocated a fixed weight, or 0.2% of the Index total at each quarterly rebalance. An investment cannot be made directly in an index. |
3. | The Bloomberg Magnificent 7 Total Return Index is an equal-dollar weighted equity benchmark consisting of a fixed basket of 7 widely-traded companies classified in the United States and representing the Communications, Consumer Discretionary and Technology sectors as defined by Bloomberg Industry Classification System (BICS). An investment cannot be made directly in an index. |
96 | MainStay ESG Multi-Asset Allocation Fund |
4. | The S&P Mid Cap 400® Index measures the performance of the mid-cap segment of the U.S. market. The Index is composed of 400 constituent companies. An investment cannot be made directly in an index. |
5. | 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. |
6. | The terms “spread” and “yield spread” may refer to the difference in yield between a security or type of security and comparable U.S. Treasury issues. The terms may also refer to the difference in yield between two specific securities or types of securities at a given time. The term “credit spread” typically refers to the difference in yield between corporate or municipal bonds (or a specific category of these bonds) and comparable U.S. Treasury issues. |
98 | MainStay ESG Multi-Asset Allocation Fund |
Shares | Value | ||
Affiliated Investment Companies 7.5% | |||
Equity Funds 7.5% | |||
IQ Candriam International Equity ETF (a) | 12,532 | $ 312,405 | |
IQ Candriam U.S. Mid Cap Equity ETF | 23,761 | 593,792 | |
Total Affiliated Investment Companies (Cost $951,603) | 906,197 | ||
Unaffiliated Investment Companies 91.8% | |||
Equity Funds 53.1% | |||
Invesco ESG S&P 500 Equal Weight ETF (a) | 25,629 | 535,095 | |
iShares ESG Advanced MSCI EM ETF (a) | 1,447 | 47,852 | |
iShares ESG Aware MSCI EAFE ETF | 18,531 | 1,240,280 | |
iShares ESG Aware MSCI EM ETF | 6,519 | 191,463 | |
iShares ESG Aware MSCI USA Small-Cap ETF | 14,842 | 466,781 | |
iShares ESG Screened S&P 500 ETF (a) | 33,396 | 1,059,989 | |
Nuveen ESG Large-Cap Value ETF (a) | 10,963 | 357,284 | |
Nuveen ESG Mid-Cap Growth ETF | 10,649 | 366,858 | |
Nuveen ESG Mid-Cap Value ETF (a) | 16,483 | 442,404 | |
Nuveen ESG Small-Cap ETF (a) | 3,601 | 116,672 | |
Xtrackers MSCI USA ESG Leaders Equity ETF | 2,305 | 89,204 | |
Xtrackers S&P 500 ESG ETF (a) | 38,835 | 1,493,206 | |
Total Equity Funds (Cost $6,703,491) | 6,407,088 | ||
Fixed Income Funds 38.7% | |||
iShares ESG Advanced High Yield Corporate Bond ETF (a) | 6,199 | 263,165 | |
iShares ESG Advanced Total USD Bond Market ETF | 28,385 | 1,143,064 | |
iShares ESG Aware 1-5 Year USD Corporate Bond ETF (a) | 7,060 | 167,322 | |
iShares ESG Aware U.S. Aggregate Bond ETF (a) | 39,849 | 1,772,085 | |
Nuveen ESG High Yield Corporate Bond ETF (a) | 27,908 | 549,788 | |
Vanguard ESG U.S. Corporate Bond ETF (a) | 13,360 | 777,953 | |
Total Fixed Income Funds (Cost $4,878,932) | 4,673,377 | ||
Total Unaffiliated Investment Companies (Cost $11,582,423) | 11,080,465 | ||
Short-Term Investments 6.5% | |||
Affiliated Investment Company 0.4% | |||
MainStay U.S. Government Liquidity Fund, 5.275% (b) | 54,729 | 54,729 | |
Unaffiliated Investment Company 6.1% | |||
Invesco Government & Agency Portfolio, 5.357% (b)(c) | 731,900 | 731,900 | |
Total Short-Term Investments (Cost $786,629) | 6.5% | 786,629 | |
Total Investments (Cost $13,320,655) | 105.8% | 12,773,291 | |
Other Assets, Less Liabilities | (5.8) | (701,616) | |
Net Assets | 100.0% | $ 12,071,675 |
† | 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 October 31, 2023, the aggregate market value of securities on loan was $735,606; the total market value of collateral held by the Fund was $754,292. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $22,392. The Fund received cash collateral with a value of $731,900. (See Note 2(G)) |
(b) | Current yield as of October 31, 2023. |
(c) | Represents a security purchased with cash collateral received for securities on loan. |
Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
IQ Candriam International Equity ETF (a) | $ 369 | $ 126 | $ (149) | $ (4) | $ (30) | $ 312 | $ 6 | $ — | 13 |
IQ Candriam U.S. Large Cap Equity ETF (b) | 350 | 175 | (533) | 40 | (32) | — | 2 | — | — |
IQ Candriam U.S. Mid Cap Equity ETF | — | 636 | — | — | (42) | 594 | — | — | 24 |
MainStay U.S. Government Liquidity Fund | 1,099 | 1,048 | (2,092) | — | — | 55 | 6 | — | 55 |
$1,818 | $1,985 | $(2,774) | $ 36 | $ (104) | $ 961 | $ 14 | $ — |
(a) | Prior to August 31, 2023, known as IQ Candriam ESG International Equity ETF |
(b) | Prior to August 31, 2023, known as IQ Candriam ESG U.S. Large Cap Equity ETF. |
Abbreviation(s): |
EAFE—Europe, Australasia and Far East |
EM—Emerging Markets |
ETF—Exchange-Traded Fund |
MSCI—Morgan Stanley Capital International |
USD—United States Dollar |
100 | 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 | $ 906,197 | $ — | $ — | $ 906,197 | |||
Unaffiliated Investment Companies | |||||||
Equity Funds | 6,407,088 | — | — | 6,407,088 | |||
Fixed Income Funds | 4,673,377 | — | — | 4,673,377 | |||
Total Unaffiliated Investment Companies | 11,080,465 | — | — | 11,080,465 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 54,729 | — | — | 54,729 | |||
Unaffiliated Investment Company | 731,900 | — | — | 731,900 | |||
Total Short-Term Investments | 786,629 | — | — | 786,629 | |||
Total Investments in Securities | $ 12,773,291 | $ — | $ — | $ 12,773,291 |
(a) | For a complete listing of investments, see the Portfolio of Investments. |
Assets | |
Investment in unaffiliated securities, at value (identified cost $12,314,323) including securities on loan of $735,606 | $11,812,365 |
Investment in affiliated investment companies, at value (identified cost $1,006,332) | 960,926 |
Receivables: | |
Manager (See Note 3) | 6,056 |
Securities lending | 5,663 |
Fund shares sold | 1,414 |
Dividends | 204 |
Other assets | 55,651 |
Total assets | 12,842,279 |
Liabilities | |
Cash collateral received for securities on loan | 731,900 |
Due to custodian | 108 |
Payables: | |
Professional fees | 15,534 |
Transfer agent (See Note 3) | 12,077 |
Custodian | 5,742 |
Shareholder communication | 4,397 |
NYLIFE Distributors (See Note 3) | 800 |
Accrued expenses | 46 |
Total liabilities | 770,604 |
Net assets | $12,071,675 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 1,415 |
Additional paid-in-capital | 13,814,519 |
13,815,934 | |
Total distributable earnings (loss) | (1,744,259) |
Net assets | $12,071,675 |
Class A | |
Net assets applicable to outstanding shares | $2,771,664 |
Shares of beneficial interest outstanding | 325,322 |
Net asset value per share outstanding | $ 8.52 |
Maximum sales charge (3.00% of offering price) | 0.26 |
Maximum offering price per share outstanding | $ 8.78 |
Class C | |
Net assets applicable to outstanding shares | $ 21,826 |
Shares of beneficial interest outstanding | 2,577 |
Net asset value and offering price per share outstanding | $ 8.47 |
Class I | |
Net assets applicable to outstanding shares | $8,836,448 |
Shares of beneficial interest outstanding | 1,035,317 |
Net asset value and offering price per share outstanding | $ 8.54 |
Class R3 | |
Net assets applicable to outstanding shares | $ 61,559 |
Shares of beneficial interest outstanding | 7,245 |
Net asset value and offering price per share outstanding | $ 8.50 |
SIMPLE Class | |
Net assets applicable to outstanding shares | $ 380,178 |
Shares of beneficial interest outstanding | 44,726 |
Net asset value and offering price per share outstanding | $ 8.50 |
102 | MainStay ESG Multi-Asset Allocation Fund |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated | $ 138,752 |
Securities lending, net | 34,740 |
Dividends-affiliated | 13,841 |
Total income | 187,333 |
Expenses | |
Manager (See Note 3) | 12,608 |
Registration | 40,319 |
Professional fees | 17,428 |
Custodian | 7,831 |
Distribution/Service—Class A (See Note 3) | 3,584 |
Distribution/Service—Class C (See Note 3) | 115 |
Distribution/Service—Class R3 (See Note 3) | 163 |
Distribution/Service—SIMPLE Class (See Note 3) | 849 |
Transfer agent (See Note 3) | 427 |
Trustees | 172 |
Shareholder service (See Note 3) | 32 |
Miscellaneous | 2,453 |
Total expenses before waiver/reimbursement | 85,981 |
Expense waiver/reimbursement from Manager (See Note 3) | (46,564) |
Net expenses | 39,417 |
Net investment income (loss) | 147,916 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investments | (291,167) |
Affiliated investments | 35,874 |
Net realized gain (loss) | (255,293) |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | (310,110) |
Affiliated investments | (103,749) |
Net change in unrealized appreciation (depreciation) | (413,859) |
Net realized and unrealized gain (loss) | (669,152) |
Net increase (decrease) in net assets resulting from operations | $(521,236) |
for the six months ended October 31, 2023 (Unaudited) and the year ended April 30, 2023
Six months ended October 31, 2023 | Year ended April 30, 2023 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 147,916 | $ 240,145 |
Net realized gain (loss) | (255,293) | (872,100) |
Net change in unrealized appreciation (depreciation) | (413,859) | 781,170 |
Net increase (decrease) in net assets resulting from operations | (521,236) | 149,215 |
Distributions to shareholders: | ||
Class A | — | (33,195) |
Class C | — | (152) |
Class I | — | (151,197) |
Class R3 | — | (423) |
SIMPLE Class | — | (2,415) |
Total distributions to shareholders | — | (187,382) |
Capital share transactions: | ||
Net proceeds from sales of shares | 475,836 | 1,918,429 |
Net asset value of shares issued to shareholders in reinvestment of distributions | — | 187,382 |
Cost of shares redeemed | (199,421) | (183,624) |
Increase (decrease) in net assets derived from capital share transactions | 276,415 | 1,922,187 |
Net increase (decrease) in net assets | (244,821) | 1,884,020 |
Net Assets | ||
Beginning of period | 12,316,496 | 10,432,476 |
End of period | $12,071,675 | $12,316,496 |
104 | MainStay ESG Multi-Asset Allocation Fund |
Six months ended October 31, 2023* | Year Ended April 30, | September 30, 2021^ through April 30, | |||
Class A | 2023 | 2022 | |||
Net asset value at beginning of period | $ 8.89 | $ 8.97 | $ 10.00 | ||
Net investment income (loss) (a) | 0.10 | 0.18 | 0.05 | ||
Net realized and unrealized gain (loss) | (0.47) | (0.13) | (0.82) | ||
Total from investment operations | (0.37) | 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 | $ 8.52 | $ 8.89 | $ 8.97 | ||
Total investment return (b) | (4.16)% | 0.58% | (7.99)% | ||
Ratios (to average net assets)/Supplemental Data: | |||||
Net investment income (loss) | 2.15%†† | 2.06% | 0.93%†† | ||
Net expenses (c) | 0.80%†† | 0.77% | 0.80%†† | ||
Expenses (before waiver/reimbursement) (c) | 1.53%†† | 1.82% | 2.40%†† | ||
Portfolio turnover rate | 71% | 142% | 70% | ||
Net assets at end of period (in 000’s) | $ 2,772 | $ 2,747 | $ 1,161 |
* | Unaudited. |
^ | 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. |
Six months ended October 31, 2023* | Year Ended April 30, | September 30, 2021^ through April 30, | |||
Class C | 2023 | 2022 | |||
Net asset value at beginning of period | $ 8.87 | $ 8.95 | $ 10.00 | ||
Net investment income (loss) (a) | 0.06 | 0.10 | 0.02 | ||
Net realized and unrealized gain (loss) | (0.46) | (0.12) | (0.83) | ||
Total from investment operations | (0.40) | (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 | $ 8.47 | $ 8.87 | $ 8.95 | ||
Total investment return (b) | (4.51)% | (0.20)% | (8.37)% | ||
Ratios (to average net assets)/Supplemental Data: | |||||
Net investment income (loss) | 1.43%†† | 1.20% | 0.36%†† | ||
Net expenses (c) | 1.55%†† | 1.55% | 1.55%†† | ||
Expenses (before waiver/reimbursement) (c) | 2.44%†† | 2.70% | 3.15%†† | ||
Portfolio turnover rate | 71% | 142% | 70% | ||
Net assets at end of period (in 000’s) | $ 22 | $ 23 | $ 23 |
* | Unaudited. |
^ | 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. |
Six months ended October 31, 2023* | Year Ended April 30, | September 30, 2021^ through April 30, | |||
Class I | 2023 | 2022 | |||
Net asset value at beginning of period | $ 8.90 | $ 8.98 | $ 10.00 | ||
Net investment income (loss) (a) | 0.11 | 0.19 | 0.08 | ||
Net realized and unrealized gain (loss) | (0.47) | (0.12) | (0.84) | ||
Total from investment operations | (0.36) | 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 | $ 8.54 | $ 8.90 | $ 8.98 | ||
Total investment return (b) | (4.04)%(c) | 0.73% | (7.83)% | ||
Ratios (to average net assets)/Supplemental Data: | |||||
Net investment income (loss) | 2.43%†† | 2.19% | 1.36%†† | ||
Net expenses (d) | 0.55%†† | 0.55% | 0.55%†† | ||
Expenses (before waiver/reimbursement) (d) | 1.28%†† | 1.59% | 2.15%†† | ||
Portfolio turnover rate | 71% | 142% | 70% | ||
Net assets at end of period (in 000’s) | $ 8,836 | $ 9,209 | $ 9,135 |
* | Unaudited. |
^ | 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) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | 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. |
106 | MainStay ESG Multi-Asset Allocation Fund |
Six months ended October 31, 2023* | Year Ended April 30, | September 30, 2021^ through April 30, | |||
Class R3 | 2023 | 2022 | |||
Net asset value at beginning of period | $ 8.88 | $ 8.96 | $ 10.00 | ||
Net investment income (loss) (a) | 0.08 | 0.14 | 0.03 | ||
Net realized and unrealized gain (loss) | (0.46) | (0.12) | (0.82) | ||
Total from investment operations | (0.38) | 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 | $ 8.50 | $ 8.88 | $ 8.96 | ||
Total investment return (b) | (4.28)% | 0.22% | (8.17)% | ||
Ratios (to average net assets)/Supplemental Data: | |||||
Net investment income (loss) | 1.83%†† | 1.58% | 0.52%†† | ||
Net expenses (c) | 1.15%†† | 1.15% | 1.15%†† | ||
Expenses (before waiver/reimbursement) (c) | 1.88%†† | 2.20% | 2.75%†† | ||
Portfolio turnover rate | 71% | 142% | 70% | ||
Net assets at end of period (in 000’s) | $ 62 | $ 64 | $ 40 |
* | Unaudited. |
^ | 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. |
Six months ended October 31, 2023* | Year Ended April 30, | September 30, 2021^ through April 30, | |||
SIMPLE Class | 2023 | 2022 | |||
Net asset value at beginning of period | $ 8.88 | $ 8.96 | $ 10.00 | ||
Net investment income (loss) (a) | 0.08 | 0.15 | 0.03 | ||
Net realized and unrealized gain (loss) | (0.46) | (0.13) | (0.82) | ||
Total from investment operations | (0.38) | 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 | $ 8.50 | $ 8.88 | $ 8.96 | ||
Total investment return (b) | (4.28)% | 0.31% | (8.15)% | ||
Ratios (to average net assets)/Supplemental Data: | |||||
Net investment income (loss) | 1.85%†† | 1.75% | 0.57%†† | ||
Net expenses (c) | 1.05%†† | 1.05% | 1.05%†† | ||
Expenses (before waiver/reimbursement) (c) | 1.94%†† | 2.20% | 2.65%†† | ||
Portfolio turnover rate | 71% | 142% | 70% | ||
Net assets at end of period (in 000’s) | $ 380 | $ 273 | $ 74 |
* | Unaudited. |
^ | 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. |
108 | MainStay ESG Multi-Asset Allocation Fund |
Fund | Share Classes Commenced Operations |
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 |
• | 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) |
110 | Mainstay ETF Asset Allocation Funds |
112 | 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 | $ 10,882 | $(47,544) |
MainStay Conservative ETF Allocation Fund | 39,278 | (13,882) |
MainStay Moderate ETF Allocation Fund | 111,261 | — |
MainStay Growth ETF Allocation Fund | 86,247 | — |
MainStay Equity ETF Allocation Fund | 63,162 | (305) |
MainStay ESG Multi-Asset Allocation Fund | 12,608 | (46,564) |
MainStay Defensive ETF Allocation Fund | |
Class R3 | $ 38 |
MainStay Conservative ETF Allocation Fund | |
Class R3 | $222 |
MainStay Moderate ETF Allocation Fund | |
Class R3 | $852 |
MainStay Growth ETF Allocation Fund | |
Class R3 | $393 |
MainStay Equity ETF Allocation Fund | |
Class R3 | $189 |
MainStay ESG Multi-Asset Allocation Fund | |
Class R3 | $ 32 |
MainStay Defensive ETF Allocation Fund | |
Class A | $ 2,210 |
MainStay Conservative ETF Allocation Fund | |
Class A | $ 6,312 |
MainStay Moderate ETF Allocation Fund | |
Class A | $ 23,198 |
MainStay Growth ETF Allocation Fund | |
Class A | $ 21,837 |
MainStay Equity ETF Allocation Fund | |
Class A | $ 19,092 |
MainStay ESG Multi-Asset Allocation Fund | |
Class A | $ 318 |
MainStay Defensive ETF Allocation Fund | |
Class A | $ 129 |
MainStay Conservative ETF Allocation Fund | |
Class A | $ 3,225 |
MainStay Moderate ETF Allocation Fund | |
Class A | $ 255 |
Class C | 2 |
MainStay Growth ETF Allocation Fund | |
Class A | $ 577 |
MainStay Equity ETF Allocation Fund | |
Class C | $ 22 |
MainStay ESG Multi-Asset Allocation Fund | |
Class A | $ 193 |
MainStay Defensive ETF Allocation Fund | Expense | Waived |
Class A | $ 3,971 | $ — |
Class C | 160 | — |
Class I | 17 | — |
Class R3 | 31 | — |
SIMPLE Class | 573 | — |
MainStay Conservative ETF Allocation Fund | Expense | Waived |
Class A | $ 15,742 | $ — |
Class C | 181 | — |
Class I | 15 | — |
Class R3 | 195 | — |
SIMPLE Class | 1,846 | — |
114 | Mainstay ETF Asset Allocation Funds |
MainStay Moderate ETF Allocation Fund | Expense | Waived |
Class A | $ 44,506 | $ — |
Class C | 252 | — |
Class I | 35 | — |
Class R3 | 759 | — |
SIMPLE Class | 6,725 | — |
MainStay Growth ETF Allocation Fund | Expense | Waived |
Class A | $ 42,473 | $ — |
Class C | 208 | — |
Class I | 63 | — |
Class R3 | 450 | — |
SIMPLE Class | 7,500 | — |
MainStay Equity ETF Allocation Fund | Expense | Waived |
Class A | $ 31,664 | $ — |
Class C | 119 | — |
Class I | 69 | — |
Class R3 | 221 | — |
SIMPLE Class | 5,962 | — |
MainStay ESG Multi-Asset Allocation Fund | Expense | Waived |
Class A | $ 31 | $ — |
Class C | 19 | — |
Class I | 104 | — |
Class R3 | 1 | — |
SIMPLE Class | 272 | — |
MainStay Defensive ETF Allocation Fund | ||
Class C | $ 23,163 | 10.9% |
Class I | 23,693 | 60.1 |
Class R3 | 23,466 | 32.4 |
MainStay Conservative ETF Allocation Fund | ||
Class C | $ 24,956 | 11.4% |
Class I | 32,487 | 100.0 |
Class R3 | 25,253 | 5.8 |
MainStay Moderate ETF Allocation Fund | ||
Class I | $ 28,655 | 36.7% |
Class R3 | 27,300 | 1.4 |
MainStay Growth ETF Allocation Fund | ||
Class C | $ 29,082 | 10.2% |
Class I | 28,907 | 27.8 |
Class R3 | 29,479 | 3.6 |
MainStay Equity ETF Allocation Fund | ||
Class C | $ 30,353 | 19.7% |
Class I | 16,922 | 15.3 |
Class R3 | 30,770 | 7.2 |
MainStay ESG Multi-Asset Allocation Fund | ||
Class A | $ 22,172 | 0.8% |
Class C | 21,826 | 100.0 |
Class I | 8,819,682 | 99.8 |
Class R3 | 22,022 | 35.8 |
SIMPLE Class | 22,049 | 5.8 |
MainStay Defensive ETF Allocation Fund | ||||
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $15,234,888 | $16,909 | $(1,497,298) | $(1,480,389) |
MainStay Conservative ETF Allocation Fund | ||||
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $48,889,499 | $885,938 | $(4,389,268) | $(3,503,330) |
MainStay Moderate ETF Allocation Fund | ||||
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $142,614,877 | $570,601 | $(6,593,147) | $(6,022,546) |
MainStay Growth ETF Allocation Fund | ||||
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $103,023,771 | $529,901 | $(3,093,987) | $(2,564,086) |
MainStay Equity ETF Allocation Fund | ||||
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $68,512,679 | $173,070 | $(2,198,079) | $(2,025,009) |
MainStay ESG Multi-Asset Allocation Fund | ||||
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $13,661,685 | $27,984 | $(916,378) | $(888,394) |
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 |
116 | Mainstay ETF Asset Allocation Funds |
2023 | |||
Fund | Ordinary Income | Long-Term Capital Gains | Total |
MainStay Defensive ETF Allocation Fund | $ 292,414 | $ 70,089 | $ 362,503 |
MainStay Conservative ETF Allocation Fund | 911,176 | 114,302 | 1,025,478 |
MainStay Moderate ETF Allocation Fund | 1,538,434 | 172,753 | 1,711,187 |
MainStay Growth ETF Allocation Fund | 990,454 | 17,176 | 1,007,630 |
MainStay Equity ETF Allocation Fund | 470,068 | 5,029 | 475,097 |
MainStay ESG Multi-Asset Allocation Fund | 187,382 | — | 187,382 |
Fund | Purchases | Sales |
MainStay Defensive ETF Allocation Fund | $ 3,123 | $ 1,515 |
MainStay Conservative ETF Allocation Fund | 11,264 | 7,545 |
MainStay Moderate ETF Allocation Fund | 33,688 | 15,684 |
MainStay Growth ETF Allocation Fund | 28,900 | 11,923 |
MainStay Equity ETF Allocation Fund | 17,616 | 7,839 |
MainStay ESG Multi-Asset Allocation Fund | 10,122 | 8,653 |
Class A | Shares | Amount |
Six-month period ended October 31, 2023: | ||
Shares sold | 162,583 | $ 1,484,483 |
Shares issued to shareholders in reinvestment of distributions | 17,519 | 157,784 |
Shares redeemed | (122,857) | (1,121,383) |
Net increase (decrease) in shares outstanding before conversion | 57,245 | 520,884 |
Shares converted into Class A (See Note 1) | 972 | 8,887 |
Net increase (decrease) | 58,217 | $ 529,771 |
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 |
Class C | Shares | Amount |
Six-month period ended October 31, 2023: | ||
Shares sold | 320 | $ 2,920 |
Shares issued to shareholders in reinvestment of distributions | 309 | 2,780 |
Shares redeemed | (166) | (1,499) |
Net increase (decrease) in shares outstanding before conversion | 463 | 4,201 |
Shares converted from Class C (See Note 1) | (832) | (7,551) |
Net increase (decrease) | (369) | $ (3,350) |
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 |
Class I | Shares | Amount |
Six-month period ended October 31, 2023: | ||
Shares sold | 1,099 | $ 10,000 |
Shares issued to shareholders in reinvestment of distributions | 79 | 713 |
Shares redeemed | (1,099) | (10,066) |
Net increase (decrease) | 79 | $ 647 |
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 |
Class R3 | Shares | Amount |
Six-month period ended October 31, 2023: | ||
Shares issued to shareholders in reinvestment of distributions | 119 | $ 1,076 |
Net increase (decrease) | 119 | $ 1,076 |
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 |
SIMPLE Class | Shares | Amount |
Six-month period ended October 31, 2023: | ||
Shares sold | 32,611 | $ 296,146 |
Shares issued to shareholders in reinvestment of distributions | 1,371 | 12,349 |
Shares redeemed | (3,252) | (29,623) |
Net increase (decrease) in shares outstanding before conversion | 30,730 | 278,872 |
Shares converted from SIMPLE Class (See Note 1) | (145) | (1,336) |
Net increase (decrease) | 30,585 | $ 277,536 |
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 |
Class A | Shares | Amount |
Six-month period ended October 31, 2023: | ||
Shares sold | 417,047 | $ 4,156,296 |
Shares issued to shareholders in reinvestment of distributions | 47,532 | 470,808 |
Shares redeemed | (491,123) | (4,861,091) |
Net increase (decrease) in shares outstanding before conversion | (26,544) | (233,987) |
Shares converted into Class A (See Note 1) | 12,097 | 122,038 |
Net increase (decrease) | (14,447) | $ (111,949) |
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 |
118 | Mainstay ETF Asset Allocation Funds |
Class C | Shares | Amount |
Six-month period ended October 31, 2023: | ||
Shares sold | 1,179 | $ 11,700 |
Shares issued to shareholders in reinvestment of distributions | 188 | 1,855 |
Shares redeemed | (3,125) | (31,278) |
Net increase (decrease) in shares outstanding before conversion | (1,758) | (17,723) |
Shares converted from Class C (See Note 1) | (11,958) | (120,137) |
Net increase (decrease) | (13,716) | $ (137,860) |
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) |
Class I | Shares | Amount |
Six-month period ended October 31, 2023: | ||
Shares issued to shareholders in reinvestment of distributions | 49 | $ 489 |
Net increase (decrease) | 49 | $ 489 |
Year ended April 30, 2023: | ||
Shares issued to shareholders in reinvestment of distributions | 107 | $ 1,028 |
Net increase (decrease) | 107 | $ 1,028 |
Class R3 | Shares | Amount |
Six-month period ended October 31, 2023: | ||
Shares sold | 3,997 | $ 39,940 |
Shares issued to shareholders in reinvestment of distributions | 514 | 5,083 |
Shares redeemed | (2,245) | (22,654) |
Net increase (decrease) | 2,266 | $ 22,369 |
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 |
SIMPLE Class | Shares | Amount |
Six-month period ended October 31, 2023: | ||
Shares sold | 76,496 | $ 760,577 |
Shares issued to shareholders in reinvestment of distributions | 3,308 | 32,714 |
Shares redeemed | (22,003) | (218,618) |
Net increase (decrease) in shares outstanding before conversion | 57,801 | 574,673 |
Shares converted from SIMPLE Class (See Note 1) | (191) | (1,901) |
Net increase (decrease) | 57,610 | $ 572,772 |
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 |
Class A | Shares | Amount |
Six-month period ended October 31, 2023: | ||
Shares sold | 1,149,281 | $ 12,745,458 |
Shares redeemed | (746,613) | (8,274,493) |
Net increase (decrease) in shares outstanding before conversion | 402,668 | 4,470,965 |
Shares converted into Class A (See Note 1) | 2,699 | 30,367 |
Shares converted from Class A (See Note 1) | (208) | (2,282) |
Net increase (decrease) | 405,159 | $ 4,499,050 |
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 |
Class C | Shares | Amount |
Six-month period ended October 31, 2023: | ||
Shares sold | 2,516 | $ 27,577 |
Shares redeemed | (496) | (5,554) |
Net increase (decrease) in shares outstanding before conversion | 2,020 | 22,023 |
Shares converted from Class C (See Note 1) | (863) | (9,590) |
Net increase (decrease) | 1,157 | $ 12,433 |
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) |
Class I | Shares | Amount |
Six-month period ended October 31, 2023: | ||
Shares sold | 631 | $ 7,000 |
Net increase (decrease) | 631 | $ 7,000 |
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 |
Class R3 | Shares | Amount |
Six-month period ended October 31, 2023: | ||
Shares sold | 71,866 | $ 792,050 |
Net increase (decrease) | 71,866 | $ 792,050 |
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 |
SIMPLE Class | Shares | Amount |
Six-month period ended October 31, 2023: | ||
Shares sold | 261,095 | $ 2,885,898 |
Shares redeemed | (39,338) | (435,339) |
Net increase (decrease) in shares outstanding before conversion | 221,757 | 2,450,559 |
Shares converted into SIMPLE Class (See Note 1) | 209 | 2,282 |
Shares converted from SIMPLE Class (See Note 1) | (1,903) | (20,777) |
Net increase (decrease) | 220,063 | $ 2,432,064 |
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 |
Class A | Shares | Amount |
Six-month period ended October 31, 2023: | ||
Shares sold | 997,977 | $12,089,971 |
Shares redeemed | (468,858) | (5,667,498) |
Net increase (decrease) in shares outstanding before conversion | 529,119 | 6,422,473 |
Shares converted into Class A (See Note 1) | 2,897 | 35,644 |
Net increase (decrease) | 532,016 | $ 6,458,117 |
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 |
120 | Mainstay ETF Asset Allocation Funds |
Class C | Shares | Amount |
Six-month period ended October 31, 2023: | ||
Shares sold | 1,320 | $ 16,269 |
Shares redeemed | (681) | (8,221) |
Net increase (decrease) in shares outstanding before conversion | 639 | 8,048 |
Shares converted from Class C (See Note 1) | (2,228) | (27,098) |
Net increase (decrease) | (1,589) | $ (19,050) |
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 |
Class I(a) | 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 |
Class R3 | Shares | Amount |
Six-month period ended October 31, 2023: | ||
Shares sold | 12,792 | $ 155,405 |
Shares redeemed | (13) | (154) |
Net increase (decrease) | 12,779 | $ 155,251 |
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 |
SIMPLE Class | Shares | Amount |
Six-month period ended October 31, 2023: | ||
Shares sold | 286,324 | $ 3,457,394 |
Shares redeemed | (29,454) | (358,172) |
Net increase (decrease) in shares outstanding before conversion | 256,870 | 3,099,222 |
Shares converted from SIMPLE Class (See Note 1) | (704) | (8,546) |
Net increase (decrease) | 256,166 | $ 3,090,676 |
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 |
(a) | No activity during the six-month period ended October 31, 2023. |
Class A | Shares | Amount |
Six-month period ended October 31, 2023: | ||
Shares sold | 779,953 | $ 9,992,251 |
Shares redeemed | (287,271) | (3,681,870) |
Net increase (decrease) in shares outstanding before conversion | 492,682 | 6,310,381 |
Shares converted into Class A (See Note 1) | 1,319 | 17,445 |
Net increase (decrease) | 494,001 | $ 6,327,826 |
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 |
Class C | Shares | Amount |
Six-month period ended October 31, 2023: | ||
Shares sold | 1,097 | $ 14,071 |
Shares redeemed | (1,748) | (22,643) |
Net increase (decrease) in shares outstanding before conversion | (651) | (8,572) |
Shares converted from Class C (See Note 1) | (388) | (4,991) |
Net increase (decrease) | (1,039) | $ (13,563) |
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) |
Class I(a) | 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) |
Class R3 | Shares | Amount |
Six-month period ended October 31, 2023: | ||
Shares sold | 9,647 | $ 121,689 |
Shares redeemed | (1,411) | (18,527) |
Net increase (decrease) | 8,236 | $ 103,162 |
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) |
SIMPLE Class | Shares | Amount |
Six-month period ended October 31, 2023: | ||
Shares sold | 198,039 | $ 2,527,946 |
Shares redeemed | (37,320) | (472,570) |
Net increase (decrease) in shares outstanding before conversion | 160,719 | 2,055,376 |
Shares converted from SIMPLE Class (See Note 1) | (966) | (12,454) |
Net increase (decrease) | 159,753 | $ 2,042,922 |
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 |
(a) | No activity during the six-month period ended October 31, 2023. |
Class A | Shares | Amount |
Six-month period ended October 31, 2023: | ||
Shares sold | 37,872 | $ 343,881 |
Shares redeemed | (21,543) | (192,049) |
Net increase (decrease) | 16,329 | $ 151,832 |
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 |
Class C(a) | Shares | Amount |
Year ended April 30, 2023: | ||
Shares issued to shareholders in reinvestment of distributions | 17 | $ 152 |
Net increase (decrease) | 17 | $ 152 |
Class I(a) | 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 |
Class R3(a) | 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 |
122 | Mainstay ETF Asset Allocation Funds |
SIMPLE Class | Shares | Amount |
Six-month period ended October 31, 2023: | ||
Shares sold | 14,826 | $ 131,955 |
Shares redeemed | (842) | (7,372) |
Net increase (decrease) | 13,984 | $ 124,583 |
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 |
(a) | No activity during the six-month period ended October 31, 2023. |
124 | Mainstay ETF Asset Allocation Funds |
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. |
5013904MS139-23 | MSAAETF10-12/23 |
Item 2. Code of Ethics.
Not applicable.
Item 3. | Audit Committee Financial Expert. |
Not applicable.
Item 4. | Principal Accountant Fees and Services. |
Not applicable.
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) Section 302 Certifications are attached.
(b) Section 906 Certifications are attached.
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: | January 5, 2024 |
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: | January 5, 2024 | |
By: | /s/ Jack R. Benintende | |
Jack R. Benintende Treasurer and Principal Financial and Accounting Officer | ||
Date: | January 5, 2024 |