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: October 31
Date of reporting period: October 31, 2023 (excluding MainStay Fiera SMID Growth, MainStay PineStone Global Equity Fund, MainStay PineStone International Equity Fund, and MainStay PineStone U.S. Equity Fund
FORM N-CSR
Item 1. Reports to Stockholders.
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended October 31, 2023 | |||||||
Class | Sales Charge | Inception Date1 | One Year | Five Years | Ten Years or Since Inception | Gross Expense Ratio2 | |
Class A Shares3 | Maximum 3.00% Initial Sales Charge | With sales charges | 1/2/2004 | -3.83% | 3.71% | 4.49% | 1.07% |
Excluding sales charges | -0.86 | 4.89 | 5.08 | 1.07 | |||
Investor Class Shares4 | Maximum 2.50% Initial Sales Charge | With sales charges | 2/28/2008 | -3.55 | 3.45 | 4.27 | 1.35 |
Excluding sales charges | -1.08 | 4.62 | 4.86 | 1.35 | |||
Class B Shares5 | Maximum 5.00% CDSC | With sales charges | 1/2/2004 | -6.68 | 3.54 | 4.08 | 2.10 |
if Redeemed Within the First Six Years of Purchase | Excluding sales charges | -1.83 | 3.84 | 4.08 | 2.10 | ||
Class C Shares | Maximum 1.00% CDSC | With sales charges | 12/30/2002 | -2.84 | 3.84 | 4.08 | 2.10 |
if Redeemed Within One Year of Purchase | Excluding sales charges | -1.87 | 3.84 | 4.08 | 2.10 | ||
Class I Shares | No Sales Charge | 5/1/1989 | -0.61 | 5.15 | 5.35 | 0.82 | |
Class R1 Shares6 | No Sales Charge | 1/2/2004 | -0.70 | 5.04 | 5.24 | 0.92 | |
Class R2 Shares6 | No Sales Charge | 1/2/2004 | -0.94 | 4.79 | 4.99 | 1.17 | |
Class R3 Shares6 | No Sales Charge | 4/28/2006 | -1.20 | 4.51 | 4.71 | 1.42 | |
Class R6 Shares | No Sales Charge | 12/15/2017 | -0.51 | 5.24 | 4.17 | 0.74 |
1. | Effective March 5, 2021, the Fund replaced the subadvisor to the equity portion of the Fund and modified its principal investment strategies. The past performance in the graph and table prior to that date reflects the Fund’s prior subadvisor and principal investment strategies for the equity portion of the Fund. |
2. | The gross expense ratios presented reflect the Fund’s “Total Annual Fund Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report. |
3. | Prior to November 4, 2019, the maximum initial sales charge was 5.50%, which is reflected in the applicable average annual total return figures shown. |
4. | Prior to June 30, 2020, the maximum initial sales charge was 3.00%, which is reflected in the applicable average annual total return figures shown. |
5. | Class B shares are closed to all new purchases as well as additional investments by existing Class B shareholders. |
6. | As of October 31, 2023, Class R1, Class R2 and Class R3 shares are closed to new investors and, upon the close of business on December 29, 2023, Class R1, Class R2 and Class R3 shares are closed to additional investments by existing shareholders. Additionally, Class R1, Class R2 and 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 R1, Class R2 or 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* | One Year | Five Years | Ten Years |
Russell 1000® Value Index1 | 0.13% | 6.60% | 7.60% |
Bloomberg U.S. Intermediate Government/Credit Bond Index2 | 2.18 | 0.95 | 1.16 |
Balanced Composite Index3 | 1.13 | 4.74 | 5.27 |
Morningstar Moderate Allocation Category Average4 | 4.16 | 5.08 | 5.22 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | The Fund has selected the Russell 1000® Value Index as its primary benchmark. The Russell 1000® Value Index measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000® Index companies with lower price-to-book ratios and lower expected growth values. |
2. | The Fund has selected the Bloomberg U.S. Intermediate Government/Credit Bond Index as a secondary benchmark. The Bloomberg U.S. Intermediate Government/Credit Bond Index measures the performance of U.S. dollar denominated U.S. treasuries, government related and investment grade U.S. corporate securities that have a remaining maturity of greater than one year and less than ten years. |
3. | The Fund has selected the Balanced Composite Index as an additional benchmark. The Balanced Composite Index consists of the Russell 1000® Value Index and the Bloomberg U.S. Intermediate Government/Credit Bond Index weighted 60%/40%, respectively. |
4. | 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. |
6 | MainStay Balanced 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 | $967.20 | $ 5.31 | $1,019.81 | $ 5.45 | 1.07% |
Investor Class Shares | $1,000.00 | $965.90 | $ 6.49 | $1,018.60 | $ 6.67 | 1.31% |
Class B Shares | $1,000.00 | $962.10 | $10.19 | $1,014.82 | $10.46 | 2.06% |
Class C Shares | $1,000.00 | $961.80 | $10.19 | $1,014.82 | $10.46 | 2.06% |
Class I Shares | $1,000.00 | $968.20 | $ 4.07 | $1,021.07 | $ 4.18 | 0.82% |
Class R1 Shares | $1,000.00 | $967.70 | $ 4.56 | $1,020.57 | $ 4.69 | 0.92% |
Class R2 Shares | $1,000.00 | $966.70 | $ 5.80 | $1,019.31 | $ 5.96 | 1.17% |
Class R3 Shares | $1,000.00 | $965.10 | $ 7.03 | $1,018.05 | $ 7.22 | 1.42% |
Class R6 Shares | $1,000.00 | $968.70 | $ 3.57 | $1,021.58 | $ 3.67 | 0.72% |
1. | Expenses are equal to the Fund’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 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. |
1. | U.S. Treasury Notes, 2.50%-5.00%, due 12/31/23–8/15/33 |
2. | iShares Russell 1000 Value ETF |
3. | JPMorgan Chase & Co. |
4. | Vanguard Russell 1000 Value |
5. | Cisco Systems, Inc. |
6. | iShares Intermediate Government/Credit Bond ETF |
7. | Merck & Co., Inc. |
8. | Pfizer, Inc. |
9. | ConocoPhillips |
10. | PNC Financial Services Group, Inc. (The) |
8 | MainStay Balanced 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 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. |
3. | An obligation rated ‘AAA’ has the highest rating assigned by Standard & Poor’s (“S&P”), and in the opinion of S&P, the obligor’s capacity to meet its financial commitment on the obligation is extremely strong. An obligation rated ‘AA’ by S&P is deemed by S&P to differ from the highest-rated obligations only to a small degree. In the opinion of S&P, the obligor's capacity to meet its financial commitment on the obligation is very strong. When applied to Fund holdings, ratings are based solely on the creditworthiness of the bonds in the portfolio and are not meant to represent the security or safety of the Fund. |
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 yield curve is a line that plots the yields of various securities of similar quality—typically U.S. Treasury issues—across a range of maturities. The U.S. Treasury yield curve serves as a benchmark for other debt and is used in economic forecasting. |
10 | MainStay Balanced Fund |
6. | Convexity is a mathematical measure of the sensitivity of an interest-bearing bond to changes in interest rates. |
Principal Amount | Value | |
Long-Term Bonds 35.2% | ||
Asset-Backed Securities 1.0% | ||
Other Asset-Backed Securities 1.0% | ||
Apidos CLO XXX | ||
Series XXXA, Class A2 | ||
7.257% (3 Month SOFR + 1.862%), due 10/18/31 (a)(b) | $ 600,000 | $ 591,451 |
ARES XXXVIII CLO Ltd. | ||
Series 2015-38A, Class BR | ||
7.077% (3 Month SOFR + 1.662%), due 4/20/30 (a)(b) | 600,000 | 585,783 |
Ballyrock CLO 23 Ltd. | ||
Series 2023-23A, Class A1 | ||
7.358% (3 Month SOFR + 1.98%), due 4/25/36 (a)(b) | 750,000 | 750,302 |
Benefit Street Partners CLO XXX Ltd. | ||
Series 2023-30A, Class A | ||
7.478% (3 Month SOFR + 2.10%), due 4/25/36 (a)(b) | 700,000 | 702,464 |
Carlyle Global Market Strategies CLO Ltd. | ||
Series 2013-3A, Class A2R | ||
7.055% (3 Month SOFR + 1.662%), due 10/15/30 (a)(b) | 1,100,000 | 1,081,210 |
Palmer Square CLO Ltd. | ||
Series 2015-2A, Class A2R2 | ||
7.227% (3 Month SOFR + 1.812%), due 7/20/30 (a)(b) | 250,000 | 247,067 |
STORE Master Funding I-VII XIV XIX XX | ||
Series 2021-1A, Class A1 | ||
2.12%, due 6/20/51 (a) | 305,148 | 250,023 |
Total Asset-Backed Securities (Cost $4,299,029) | 4,208,300 | |
Corporate Bonds 12.6% | ||
Aerospace & Defense 0.1% | ||
Boeing Co. (The) | ||
5.15%, due 5/1/30 | 290,000 | 271,716 |
5.805%, due 5/1/50 | 120,000 | 103,308 |
HEICO Corp. | ||
5.35%, due 8/1/33 | 210,000 | 192,749 |
567,773 | ||
Auto Manufacturers 0.4% | ||
Ford Motor Co. | ||
3.25%, due 2/12/32 | 205,000 | 154,724 |
Ford Motor Credit Co. LLC | ||
6.80%, due 5/12/28 | 400,000 | 398,857 |
Principal Amount | Value | |
Auto Manufacturers (continued) | ||
General Motors Financial Co., Inc. | ||
6.05%, due 10/10/25 | $ 595,000 | $ 592,552 |
Hyundai Capital America | ||
5.68%, due 6/26/28 (a) | 580,000 | 561,148 |
1,707,281 | ||
Auto Parts & Equipment 0.1% | ||
Aptiv plc | ||
3.25%, due 3/1/32 | 320,000 | 256,457 |
Banks 5.2% | ||
ABN AMRO Bank NV | ||
6.339% (1 Year Treasury Constant Maturity Rate + 1.65%), due 9/18/27 (a)(b) | 400,000 | 395,618 |
Bank of America Corp. (c) | ||
1.734%, due 7/22/27 | 1,040,000 | 917,811 |
1.922%, due 10/24/31 | 153,000 | 112,827 |
2.087%, due 6/14/29 | 865,000 | 714,183 |
5.202%, due 4/25/29 | 660,000 | 627,505 |
Bank of New York Mellon Corp. (The) | ||
6.474%, due 10/25/34 (c) | 175,000 | 175,585 |
Barclays plc | ||
5.829%, due 5/9/27 (c) | 980,000 | 957,608 |
7.385% (1 Year Treasury Constant Maturity Rate + 3.30%), due 11/2/28 (b) | 405,000 | 409,437 |
Citigroup, Inc. (c) | ||
2.014%, due 1/25/26 | 875,000 | 826,176 |
5.61%, due 9/29/26 | 1,050,000 | 1,036,517 |
6.174%, due 5/25/34 | 410,000 | 381,109 |
Citizens Bank NA | ||
6.064%, due 10/24/25 (c) | 380,000 | 363,383 |
Credit Suisse AG | ||
7.95%, due 1/9/25 | 1,000,000 | 1,014,263 |
Danske Bank A/S | ||
6.466% (1 Year Treasury Constant Maturity Rate + 2.10%), due 1/9/26 (a)(b) | 850,000 | 846,497 |
Deutsche Bank AG | ||
7.079%, due 2/10/34 (c) | 270,000 | 237,847 |
Fifth Third Bancorp | ||
6.361%, due 10/27/28 (c) | 395,000 | 384,450 |
Goldman Sachs Group, Inc. (The) | ||
5.70%, due 11/1/24 | 850,000 | 846,797 |
HSBC Holdings plc (c) | ||
6.547%, due 6/20/34 | 330,000 | 306,685 |
7.39%, due 11/3/28 | 470,000 | 482,126 |
12 | MainStay Balanced Fund |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Banks (continued) | ||
Huntington National Bank (The) | ||
5.65%, due 1/10/30 | $ 565,000 | $ 517,633 |
JPMorgan Chase & Co. (c) | ||
1.578%, due 4/22/27 | 1,010,000 | 901,056 |
4.565%, due 6/14/30 | 500,000 | 458,883 |
5.546%, due 12/15/25 | 730,000 | 724,515 |
KeyBank NA | ||
5.85%, due 11/15/27 | 790,000 | 731,623 |
Manufacturers & Traders Trust Co. | ||
4.70%, due 1/27/28 | 430,000 | 389,656 |
Mitsubishi UFJ Financial Group, Inc. | ||
5.406% (1 Year Treasury Constant Maturity Rate + 1.97%), due 4/19/34 (b) | 215,000 | 199,781 |
Morgan Stanley (c) | ||
4.679%, due 7/17/26 | 1,314,000 | 1,276,760 |
5.123%, due 2/1/29 | 150,000 | 142,814 |
6.296%, due 10/18/28 | 160,000 | 159,712 |
Morgan Stanley Bank NA | ||
4.754%, due 4/21/26 | 425,000 | 413,969 |
National Securities Clearing Corp. | ||
5.00%, due 5/30/28 (a) | 375,000 | 364,067 |
PNC Financial Services Group, Inc. (The) (c) | ||
5.582%, due 6/12/29 | 195,000 | 186,704 |
5.812%, due 6/12/26 | 415,000 | 409,497 |
6.615%, due 10/20/27 | 545,000 | 546,354 |
Royal Bank of Canada | ||
5.66%, due 10/25/24 | 605,000 | 603,019 |
Truist Financial Corp. (c) | ||
5.122%, due 1/26/34 | 160,000 | 137,283 |
7.161%, due 10/30/29 | 135,000 | 135,796 |
U.S. Bancorp (c) | ||
2.677%, due 1/27/33 | 245,000 | 179,603 |
5.775%, due 6/12/29 | 495,000 | 475,973 |
5.836%, due 6/12/34 | 210,000 | 193,424 |
6.787%, due 10/26/27 | 385,000 | 387,880 |
UBS Group AG (a) | ||
6.327% (1 Year Treasury Constant Maturity Rate + 1.60%), due 12/22/27 (b) | 560,000 | 554,358 |
6.442%, due 8/11/28 (c) | 550,000 | 544,272 |
Wells Fargo & Co. (c) | ||
5.389%, due 4/24/34 | 425,000 | 384,733 |
6.303%, due 10/23/29 | 625,000 | 619,832 |
22,675,621 |
Principal Amount | Value | |
Beverages 0.1% | ||
Constellation Brands, Inc. | ||
4.90%, due 5/1/33 | $ 345,000 | $ 311,495 |
Keurig Dr Pepper, Inc. | ||
4.05%, due 4/15/32 | 105,000 | 90,324 |
401,819 | ||
Biotechnology 0.2% | ||
Amgen, Inc. | ||
4.05%, due 8/18/29 | 590,000 | 539,658 |
5.15%, due 3/2/28 | 300,000 | 292,794 |
5.25%, due 3/2/30 | 200,000 | 191,999 |
1,024,451 | ||
Chemicals 0.3% | ||
Celanese US Holdings LLC | ||
6.33%, due 7/15/29 | 420,000 | 404,853 |
6.55%, due 11/15/30 | 230,000 | 221,226 |
RPM International, Inc. | ||
2.95%, due 1/15/32 | 575,000 | 436,985 |
1,063,064 | ||
Commercial Services 0.1% | ||
Global Payments, Inc. | ||
2.15%, due 1/15/27 | 400,000 | 351,510 |
Computers 0.0% ‡ | ||
Dell International LLC | ||
5.75%, due 2/1/33 | 155,000 | 146,563 |
Diversified Financial Services 0.8% | ||
AerCap Ireland Capital DAC | ||
3.00%, due 10/29/28 | 550,000 | 463,234 |
Air Lease Corp. | ||
0.70%, due 2/15/24 | 1,425,000 | 1,401,741 |
American Express Co. | ||
6.489%, due 10/30/31 (c) | 390,000 | 390,586 |
Blackstone Holdings Finance Co. LLC | ||
5.90%, due 11/3/27 (a) | 605,000 | 599,220 |
Intercontinental Exchange, Inc. | ||
4.35%, due 6/15/29 | 720,000 | 663,838 |
3,518,619 | ||
Electric 1.5% | ||
AEP Texas, Inc. | ||
4.70%, due 5/15/32 | 40,000 | 35,503 |
American Electric Power Co., Inc. | ||
5.625%, due 3/1/33 | 220,000 | 206,497 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Electric (continued) | ||
Appalachian Power Co. | ||
Series BB | ||
4.50%, due 8/1/32 | $ 45,000 | $ 39,281 |
Arizona Public Service Co. | ||
5.55%, due 8/1/33 | 415,000 | 389,866 |
Commonwealth Edison Co. | ||
3.10%, due 11/1/24 | 290,000 | 282,288 |
Duke Energy Carolinas LLC | ||
4.95%, due 1/15/33 | 195,000 | 180,093 |
Duke Energy Corp. | ||
2.45%, due 6/1/30 | 240,000 | 191,257 |
4.50%, due 8/15/32 | 140,000 | 122,285 |
Duke Energy Ohio, Inc. | ||
5.25%, due 4/1/33 | 70,000 | 65,776 |
Enel Finance America LLC | ||
7.10%, due 10/14/27 (a) | 420,000 | 429,460 |
Entergy Arkansas LLC | ||
5.15%, due 1/15/33 | 220,000 | 204,778 |
Florida Power & Light Co. | ||
5.05%, due 4/1/28 | 640,000 | 626,183 |
Georgia Power Co. | ||
4.65%, due 5/16/28 | 755,000 | 721,263 |
National Rural Utilities Cooperative Finance Corp. | ||
5.05%, due 9/15/28 | 330,000 | 320,515 |
NextEra Energy Capital Holdings, Inc. | ||
6.051%, due 3/1/25 | 280,000 | 279,840 |
Pacific Gas and Electric Co. | ||
5.45%, due 6/15/27 | 400,000 | 382,191 |
6.10%, due 1/15/29 | 240,000 | 230,914 |
6.15%, due 1/15/33 | 450,000 | 414,161 |
6.40%, due 6/15/33 | 110,000 | 103,229 |
PECO Energy Co. | ||
4.90%, due 6/15/33 | 310,000 | 286,829 |
Southern California Edison Co. | ||
5.30%, due 3/1/28 | 380,000 | 371,512 |
5.95%, due 11/1/32 | 175,000 | 170,905 |
Southern Co. (The) | ||
5.15%, due 10/6/25 | 220,000 | 217,388 |
5.70%, due 10/15/32 | 100,000 | 95,806 |
6,367,820 | ||
Entertainment 0.1% | ||
Warnermedia Holdings, Inc. | ||
4.054%, due 3/15/29 | 224,000 | 198,211 |
Principal Amount | Value | |
Environmental Control 0.1% | ||
Waste Connections, Inc. | ||
2.60%, due 2/1/30 | $ 445,000 | $ 368,297 |
Food 0.0% ‡ | ||
Kraft Heinz Foods Co. | ||
3.75%, due 4/1/30 | 130,000 | 113,829 |
Gas 0.2% | ||
CenterPoint Energy Resources Corp. | ||
1.75%, due 10/1/30 | 550,000 | 414,131 |
Southwest Gas Corp. | ||
5.45%, due 3/23/28 | 220,000 | 214,814 |
628,945 | ||
Healthcare-Products 0.1% | ||
Baxter International, Inc. | ||
3.95%, due 4/1/30 | 610,000 | 530,160 |
Healthcare-Services 0.1% | ||
HCA, Inc. | ||
3.625%, due 3/15/32 | 115,000 | 92,376 |
5.50%, due 6/1/33 | 430,000 | 392,296 |
484,672 | ||
Insurance 0.2% | ||
Corebridge Financial, Inc. | ||
3.85%, due 4/5/29 | 325,000 | 287,226 |
Reinsurance Group of America, Inc. | ||
6.00%, due 9/15/33 | 420,000 | 395,040 |
682,266 | ||
Internet 0.2% | ||
Amazon.com, Inc. | ||
2.10%, due 5/12/31 | 430,000 | 338,957 |
Meta Platforms, Inc. | ||
3.85%, due 8/15/32 | 440,000 | 382,417 |
721,374 | ||
Investment Companies 0.1% | ||
Blackstone Private Credit Fund | ||
7.05%, due 9/29/25 | 420,000 | 418,396 |
Media 0.1% | ||
Charter Communications Operating LLC | ||
2.80%, due 4/1/31 | 210,000 | 160,594 |
14 | MainStay Balanced Fund |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Media (continued) | ||
Paramount Global | ||
4.20%, due 5/19/32 | $ 605,000 | $ 467,115 |
627,709 | ||
Miscellaneous—Manufacturing 0.0% ‡ | ||
3M Co. | ||
3.05%, due 4/15/30 | 209,000 | 176,492 |
Oil & Gas 0.1% | ||
Phillips 66 Co. | ||
3.15%, due 12/15/29 | 535,000 | 456,880 |
Pharmaceuticals 0.2% | ||
AbbVie, Inc. | ||
2.95%, due 11/21/26 | 240,000 | 222,279 |
CVS Health Corp. | ||
3.75%, due 4/1/30 | 170,000 | 147,902 |
5.30%, due 6/1/33 | 65,000 | 60,030 |
Merck & Co., Inc. | ||
2.15%, due 12/10/31 | 415,000 | 319,883 |
Pfizer Investment Enterprises Pte. Ltd. | ||
4.75%, due 5/19/33 | 210,000 | 192,991 |
943,085 | ||
Pipelines 0.4% | ||
Columbia Pipelines Operating Co. LLC | ||
5.927%, due 8/15/30 (a) | 270,000 | 260,705 |
Energy Transfer LP | ||
3.75%, due 5/15/30 | 185,000 | 158,116 |
5.75%, due 2/15/33 | 205,000 | 192,177 |
Enterprise Products Operating LLC | ||
5.35%, due 1/31/33 | 430,000 | 409,855 |
MPLX LP | ||
4.95%, due 9/1/32 | 178,000 | 158,021 |
Targa Resources Partners LP | ||
5.50%, due 3/1/30 | 755,000 | 695,748 |
1,874,622 | ||
Real Estate Investment Trusts 0.3% | ||
American Tower Corp. | ||
2.10%, due 6/15/30 | 660,000 | 502,702 |
CubeSmart LP | ||
2.25%, due 12/15/28 | 340,000 | 280,873 |
Simon Property Group LP | ||
1.75%, due 2/1/28 | 425,000 | 356,771 |
Principal Amount | Value | |
Real Estate Investment Trusts (continued) | ||
Sun Communities Operating LP | ||
2.70%, due 7/15/31 | $ 435,000 | $ 324,652 |
1,464,998 | ||
Retail 0.3% | ||
AutoZone, Inc. | ||
5.20%, due 8/1/33 | 415,000 | 376,405 |
Home Depot, Inc. (The) | ||
1.875%, due 9/15/31 | 385,000 | 290,600 |
Lowe's Cos., Inc. | ||
4.80%, due 4/1/26 | 310,000 | 303,629 |
5.00%, due 4/15/33 | 205,000 | 186,498 |
5.15%, due 7/1/33 | 105,000 | 96,098 |
1,253,230 | ||
Semiconductors 0.4% | ||
Broadcom, Inc. | ||
2.45%, due 2/15/31 (a) | 385,000 | 295,455 |
Intel Corp. | ||
5.125%, due 2/10/30 | 290,000 | 280,619 |
5.20%, due 2/10/33 | 215,000 | 202,975 |
Micron Technology, Inc. | ||
5.375%, due 4/15/28 | 380,000 | 364,765 |
5.875%, due 9/15/33 | 215,000 | 198,492 |
QUALCOMM, Inc. | ||
2.15%, due 5/20/30 | 490,000 | 396,350 |
1,738,656 | ||
Software 0.1% | ||
Microsoft Corp. | ||
2.525%, due 6/1/50 | 220,000 | 125,933 |
Oracle Corp. | ||
4.50%, due 5/6/28 | 220,000 | 208,159 |
6.15%, due 11/9/29 | 170,000 | 170,614 |
504,706 | ||
Telecommunications 0.6% | ||
AT&T, Inc. | ||
4.35%, due 3/1/29 | 955,000 | 879,160 |
5.40%, due 2/15/34 | 305,000 | 280,243 |
T-Mobile USA, Inc. | ||
2.625%, due 4/15/26 | 675,000 | 623,853 |
2.625%, due 2/15/29 | 135,000 | 113,178 |
5.75%, due 1/15/34 | 405,000 | 384,242 |
Verizon Communications, Inc. | ||
2.10%, due 3/22/28 | 340,000 | 290,020 |
3.376%, due 2/15/25 | 8,000 | 7,757 |
2,578,453 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Transportation 0.1% | ||
Norfolk Southern Corp. | ||
3.00%, due 3/15/32 | $ 250,000 | $ 200,951 |
Union Pacific Corp. | ||
2.80%, due 2/14/32 | 245,000 | 196,142 |
United Parcel Service, Inc. | ||
4.45%, due 4/1/30 | 220,000 | 206,364 |
603,457 | ||
Trucking & Leasing 0.1% | ||
Penske Truck Leasing Co. LP (a) | ||
5.75%, due 5/24/26 | 230,000 | 226,245 |
6.05%, due 8/1/28 | 165,000 | 161,879 |
388,124 | ||
Total Corporate Bonds (Cost $57,608,288) | 54,837,540 | |
Mortgage-Backed Securities 0.5% | ||
Agency (Collateralized Mortgage Obligation) 0.1% | ||
FNMA | ||
REMIC, Series 2021-3, Class TI | ||
2.50%, due 2/25/51 (d) | 2,586,258 | 414,521 |
Commercial Mortgage Loans (Collateralized Mortgage Obligation) 0.2% | ||
Citigroup Commercial Mortgage Trust | ||
Series 2020-GC46, Class A5 | ||
2.717%, due 2/15/53 | 1,000,000 | 807,742 |
Whole Loan (Collateralized Mortgage Obligation) 0.2% | ||
A&D Mortgage Trust | ||
Series 2023-NQM3, Class A1 | ||
6.733%, due 7/25/68 (a)(e) | 786,010 | 780,773 |
Total Mortgage-Backed Securities (Cost $2,232,849) | 2,003,036 | |
U.S. Government & Federal Agencies 21.1% | ||
United States Treasury Bonds 0.1% | ||
U.S. Treasury Bonds | ||
4.375%, due 8/15/43 | 450,000 | 401,343 |
United States Treasury Notes 21.0% | ||
U.S. Treasury Notes | ||
2.50%, due 5/15/24 | 8,725,000 | 8,586,286 |
2.625%, due 12/31/23 | 1,300,000 | 1,293,904 |
3.875%, due 8/15/33 | 5,837,000 | 5,372,776 |
Principal Amount | Value | |
United States Treasury Notes (continued) | ||
U.S. Treasury Notes (continued) | ||
4.625%, due 10/15/26 | $ 18,525,000 | $ 18,387,510 |
4.875%, due 10/31/28 | 15,075,000 | 15,106,799 |
4.875%, due 10/31/30 | 16,250,000 | 16,216,992 |
5.00%, due 10/31/25 | 26,615,000 | 26,582,771 |
91,547,038 | ||
Total U.S. Government & Federal Agencies (Cost $92,275,609) | 91,948,381 | |
Total Long-Term Bonds (Cost $156,415,775) | 152,997,257 | |
Shares | ||
Common Stocks 54.6% | ||
Aerospace & Defense 1.7% | ||
General Dynamics Corp. | 17,251 | 4,162,839 |
L3Harris Technologies, Inc. | 18,918 | 3,394,078 |
7,556,917 | ||
Air Freight & Logistics 0.7% | ||
United Parcel Service, Inc., Class B | 22,929 | 3,238,721 |
Automobile Components 0.8% | ||
Gentex Corp. | 124,508 | 3,570,889 |
Banks 4.7% | ||
JPMorgan Chase & Co. | 61,019 | 8,485,302 |
M&T Bank Corp. | 37,304 | 4,206,026 |
New York Community Bancorp, Inc. | 358,121 | 3,394,987 |
PNC Financial Services Group, Inc. (The) | 36,719 | 4,203,224 |
20,289,539 | ||
Beverages 1.4% | ||
Keurig Dr Pepper, Inc. | 109,480 | 3,320,528 |
Pernod Ricard SA, Sponsored ADR | 74,850 | 2,658,747 |
5,979,275 | ||
Biotechnology 0.9% | ||
Gilead Sciences, Inc. | 50,179 | 3,941,059 |
Building Products 1.3% | ||
Fortune Brands Innovations, Inc. | 40,762 | 2,274,520 |
Johnson Controls International plc | 70,349 | 3,448,508 |
5,723,028 |
16 | MainStay Balanced Fund |
Shares | Value | |
Common Stocks (continued) | ||
Capital Markets 4.1% | ||
Ares Management Corp. | 32,073 | $ 3,162,077 |
Blackstone, Inc. | 22,705 | 2,096,807 |
Intercontinental Exchange, Inc. | 31,526 | 3,387,153 |
LPL Financial Holdings, Inc. | 10,830 | 2,431,552 |
Morgan Stanley | 46,160 | 3,269,051 |
Raymond James Financial, Inc. | 38,296 | 3,654,970 |
18,001,610 | ||
Chemicals 0.6% | ||
Axalta Coating Systems Ltd. (f) | 99,958 | 2,621,898 |
Communications Equipment 2.4% | ||
Cisco Systems, Inc. | 135,276 | 7,051,938 |
F5, Inc. (f) | 23,387 | 3,545,235 |
10,597,173 | ||
Containers & Packaging 0.5% | ||
Sealed Air Corp. | 63,976 | 1,969,821 |
Distributors 0.7% | ||
LKQ Corp. | 72,679 | 3,192,062 |
Diversified Consumer Services 0.8% | ||
H&R Block, Inc. | 85,235 | 3,498,897 |
Electric Utilities 0.8% | ||
Exelon Corp. | 83,785 | 3,262,588 |
Electrical Equipment 0.9% | ||
Emerson Electric Co. | 42,933 | 3,819,749 |
Electronic Equipment, Instruments & Components 0.8% | ||
Corning, Inc. | 123,948 | 3,316,849 |
Entertainment 0.8% | ||
Electronic Arts, Inc. | 28,513 | 3,529,624 |
Financial Services 0.6% | ||
Global Payments, Inc. | 26,092 | 2,771,492 |
Food Products 0.8% | ||
Archer-Daniels-Midland Co. | 49,891 | 3,570,699 |
Shares | Value | |
Gas Utilities 0.8% | ||
Atmos Energy Corp. | 31,185 | $ 3,357,377 |
Ground Transportation 0.6% | ||
Knight-Swift Transportation Holdings, Inc. | 56,070 | 2,741,262 |
Health Care Equipment & Supplies 1.8% | ||
Becton Dickinson & Co. | 16,037 | 4,053,833 |
Boston Scientific Corp. (f) | 70,205 | 3,593,794 |
7,647,627 | ||
Health Care Providers & Services 3.4% | ||
Centene Corp. (f) | 67,344 | 4,645,389 |
Elevance Health, Inc. | 11,352 | 5,109,422 |
UnitedHealth Group, Inc. | 9,345 | 5,004,808 |
14,759,619 | ||
Health Care REITs 0.9% | ||
Welltower, Inc. | 47,692 | 3,987,528 |
Hotel & Resort REITs 0.7% | ||
Host Hotels & Resorts, Inc. | 190,324 | 2,946,216 |
Household Durables 0.6% | ||
Lennar Corp., Class A | 22,702 | 2,421,849 |
Insurance 3.0% | ||
American International Group, Inc. | 70,611 | 4,329,160 |
Chubb Ltd. | 21,100 | 4,528,482 |
MetLife, Inc. | 71,677 | 4,301,337 |
13,158,979 | ||
Interactive Media & Services 0.7% | ||
Alphabet, Inc., Class C (f) | 25,299 | 3,169,965 |
IT Services 0.7% | ||
Amdocs Ltd. | 35,154 | 2,817,945 |
Machinery 0.6% | ||
Middleby Corp. (The) (f) | 22,092 | 2,493,524 |
Media 0.7% | ||
Omnicom Group, Inc. | 40,744 | 3,052,133 |
Multi-Utilities 0.8% | ||
Sempra | 52,403 | 3,669,782 |
Shares | Value | |
Common Stocks (continued) | ||
Oil, Gas & Consumable Fuels 5.1% | ||
ConocoPhillips | 49,392 | $ 5,867,769 |
Coterra Energy, Inc. | 139,666 | 3,840,815 |
Diamondback Energy, Inc. | 24,622 | 3,947,399 |
EOG Resources, Inc. | 30,823 | 3,891,404 |
Phillips 66 | 40,043 | 4,567,705 |
22,115,092 | ||
Personal Care Products 0.7% | ||
Unilever plc, Sponsored ADR | 68,430 | 3,240,161 |
Pharmaceuticals 4.1% | ||
AstraZeneca plc, Sponsored ADR | 48,580 | 3,071,714 |
Merck & Co., Inc. | 60,147 | 6,177,097 |
Pfizer, Inc. | 201,950 | 6,171,592 |
Roche Holding AG | 8,819 | 2,267,161 |
17,687,564 | ||
Real Estate Management & Development 0.7% | ||
CBRE Group, Inc., Class A (f) | 43,570 | 3,021,144 |
Semiconductors & Semiconductor Equipment 2.2% | ||
Analog Devices, Inc. | 19,741 | 3,105,852 |
NXP Semiconductors NV | 17,891 | 3,084,945 |
QUALCOMM, Inc. | 31,248 | 3,405,719 |
9,596,516 | ||
Specialized REITs 0.9% | ||
Gaming and Leisure Properties, Inc. | 81,482 | 3,698,467 |
Specialty Retail 0.3% | ||
Victoria's Secret & Co. (f) | 77,943 | 1,393,621 |
Total Common Stocks (Cost $224,225,497) | 237,428,261 | |
Exchange-Traded Funds 8.5% | ||
iShares Intermediate Government/Credit Bond ETF | 69,118 | 6,949,124 |
iShares Russell 1000 Value ETF | 136,706 | 20,016,492 |
Vanguard Intermediate-Term Treasury ETF | 38,979 | 2,203,093 |
Vanguard Russell 1000 Value (g) | 123,521 | 7,939,930 |
Total Exchange-Traded Funds (Cost $37,983,850) | 37,108,639 |
Shares | Value | ||
Short-Term Investments 1.2% | |||
Affiliated Investment Company 0.5% | |||
MainStay U.S. Government Liquidity Fund, 5.275% (h) | 2,082,692 | $ 2,082,692 | |
Unaffiliated Investment Company 0.7% | |||
Invesco Government & Agency Portfolio, 5.357% (h)(i) | 3,236,935 | 3,236,935 | |
Total Short-Term Investments (Cost $5,319,627) | 5,319,627 | ||
Total Investments (Cost $423,944,749) | 99.5% | 432,853,784 | |
Other Assets, Less Liabilities | 0.5 | 2,263,467 | |
Net Assets | 100.0% | $ 435,117,251 |
† | Percentages indicated are based on Fund net assets. |
^ | Industry classifications may be different than those used for compliance monitoring purposes. |
‡ | Less than one-tenth of a percent. |
(a) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
(b) | Floating rate—Rate shown was the rate in effect as of October 31, 2023. |
(c) | Fixed to floating rate—Rate shown was the rate in effect as of October 31, 2023. |
(d) | Collateralized Mortgage Obligation Interest Only Strip—Pays a fixed or variable rate of interest based on mortgage loans or mortgage pass-through securities. The principal amount of the underlying pool represents the notional amount on which the current interest was calculated. The value of these stripped securities may be particularly sensitive to changes in prevailing interest rates and are typically more sensitive to changes in prepayment rates than traditional mortgage-backed securities. |
(e) | Step coupon—Rate shown was the rate in effect as of October 31, 2023. |
(f) | Non-income producing security. |
(g) | 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 $3,172,196. The Fund received cash collateral with a value of $3,236,935. (See Note 2(I)) |
(h) | Current yield as of October 31, 2023. |
(i) | Represents a security purchased with cash collateral received for securities on loan. |
18 | MainStay Balanced Fund |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay U.S. Government Liquidity Fund | $ 10,985 | $ 39,525 | $ (48,427) | $ — | $ — | $ 2,083 | $ 156 | $ — | 2,083 |
Type | Number of Contracts | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)2 |
Long Contracts | |||||
U.S. Treasury 5 Year Notes | 172 | December 2023 | $ 18,322,600 | $ 17,969,969 | $ (352,631) |
U.S. Treasury 10 Year Notes | 2 | December 2023 | 222,098 | 212,344 | (9,754) |
Total Long Contracts | (362,385) | ||||
Short Contracts | |||||
U.S. Treasury 2 Year Notes | (9) | December 2023 | (1,832,540) | (1,821,797) | 10,743 |
U.S. Treasury 10 Year Ultra Bonds | (18) | December 2023 | (2,071,656) | (1,958,907) | 112,749 |
U.S. Treasury Long Bonds | (4) | December 2023 | (481,242) | (437,750) | 43,492 |
U.S. Treasury Ultra Bonds | (2) | December 2023 | (255,246) | (225,125) | 30,121 |
Total Short Contracts | 197,105 | ||||
Net Unrealized Depreciation | $ (165,280) |
1. | As of October 31, 2023, cash in the amount of $181,875 was on deposit with a broker or futures commission merchant for futures transactions. |
2. | Represents the difference between the value of the contracts at the time they were opened and the value as of October 31, 2023. |
Abbreviation(s): |
ADR—American Depositary Receipt |
CLO—Collateralized Loan Obligation |
ETF—Exchange-Traded Fund |
FNMA—Federal National Mortgage Association |
REIT—Real Estate Investment Trust |
REMIC—Real Estate Mortgage Investment Conduit |
SOFR—Secured Overnight Financing Rate |
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) | |||||||
Long-Term Bonds | |||||||
Asset-Backed Securities | $ — | $ 4,208,300 | $ — | $ 4,208,300 | |||
Corporate Bonds | — | 54,837,540 | — | 54,837,540 | |||
Mortgage-Backed Securities | — | 2,003,036 | — | 2,003,036 | |||
U.S. Government & Federal Agencies | — | 91,948,381 | — | 91,948,381 | |||
Total Long-Term Bonds | — | 152,997,257 | — | 152,997,257 | |||
Common Stocks | 237,428,261 | — | — | 237,428,261 | |||
Exchange-Traded Funds | 37,108,639 | — | — | 37,108,639 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 2,082,692 | — | — | 2,082,692 | |||
Unaffiliated Investment Company | 3,236,935 | — | — | 3,236,935 | |||
Total Short-Term Investments | 5,319,627 | — | — | 5,319,627 | |||
Total Investments in Securities | 279,856,527 | 152,997,257 | — | 432,853,784 | |||
Other Financial Instruments | |||||||
Futures Contracts (b) | 197,105 | — | — | 197,105 | |||
Total Investments in Securities and Other Financial Instruments | $ 280,053,632 | $ 152,997,257 | $ — | $ 433,050,889 | |||
Liability Valuation Inputs | |||||||
Other Financial Instruments | |||||||
Futures Contracts (b) | $ (362,385) | $ — | $ — | $ (362,385) |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
(b) | The value listed for these securities reflects unrealized appreciation (depreciation) as shown on the Portfolio of Investments. |
20 | MainStay Balanced Fund |
Assets | |
Investment in unaffiliated securities, at value (identified cost $421,862,057) including securities on loan of $3,172,196 | $430,771,092 |
Investment in affiliated investment companies, at value (identified cost $2,082,692) | 2,082,692 |
Cash | 6,060,517 |
Cash collateral on deposit at broker for futures contracts | 181,875 |
Receivables: | |
Investment securities sold | 2,386,186 |
Dividends and interest | 1,111,949 |
Fund shares sold | 426,422 |
Securities lending | 8,524 |
Other assets | 42,399 |
Total assets | 443,071,656 |
Liabilities | |
Cash collateral received for securities on loan | 3,236,935 |
Payables: | |
Investment securities purchased | 3,559,271 |
Fund shares redeemed | 656,090 |
Manager (See Note 3) | 245,230 |
Transfer agent (See Note 3) | 110,122 |
NYLIFE Distributors (See Note 3) | 92,578 |
Professional fees | 16,453 |
Variation margin on futures contracts | 13,656 |
Custodian | 11,724 |
Shareholder communication | 11,425 |
Accrued expenses | 921 |
Total liabilities | 7,954,405 |
Net assets | $435,117,251 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 15,917 |
Additional paid-in-capital | 428,964,510 |
428,980,427 | |
Total distributable earnings (loss) | 6,136,824 |
Net assets | $435,117,251 |
Class A | |
Net assets applicable to outstanding shares | $328,664,503 |
Shares of beneficial interest outstanding | 12,022,814 |
Net asset value per share outstanding | $ 27.34 |
Maximum sales charge (3.00% of offering price) | 0.85 |
Maximum offering price per share outstanding | $ 28.19 |
Investor Class | |
Net assets applicable to outstanding shares | $ 36,675,052 |
Shares of beneficial interest outstanding | 1,341,683 |
Net asset value per share outstanding | $ 27.34 |
Maximum sales charge (2.50% of offering price) | 0.70 |
Maximum offering price per share outstanding | $ 28.04 |
Class B | |
Net assets applicable to outstanding shares | $ 2,998,885 |
Shares of beneficial interest outstanding | 111,214 |
Net asset value and offering price per share outstanding(a) | $ 26.97 |
Class C | |
Net assets applicable to outstanding shares | $ 11,121,276 |
Shares of beneficial interest outstanding | 412,603 |
Net asset value and offering price per share outstanding | $ 26.95 |
Class I | |
Net assets applicable to outstanding shares | $ 53,112,876 |
Shares of beneficial interest outstanding | 1,935,889 |
Net asset value and offering price per share outstanding | $ 27.44 |
Class R1 | |
Net assets applicable to outstanding shares | $ 154,016 |
Shares of beneficial interest outstanding | 5,624 |
Net asset value and offering price per share outstanding(a) | $ 27.38 |
Class R2 | |
Net assets applicable to outstanding shares | $ 467,080 |
Shares of beneficial interest outstanding | 17,049 |
Net asset value and offering price per share outstanding | $ 27.40 |
Class R3 | |
Net assets applicable to outstanding shares | $ 1,871,361 |
Shares of beneficial interest outstanding | 68,671 |
Net asset value and offering price per share outstanding | $ 27.25 |
Class R6 | |
Net assets applicable to outstanding shares | $ 52,202 |
Shares of beneficial interest outstanding | 1,900 |
Net asset value and offering price per share outstanding | $ 27.47 |
(a) | The difference between the calculated and stated NAV was caused by rounding. |
Investment Income (Loss) | |
Income | |
Interest | $ 7,288,047 |
Dividends-unaffiliated (net of foreign tax withholding of $25,596) | 7,206,529 |
Dividends-affiliated | 155,508 |
Securities lending, net | 34,977 |
Total income | 14,685,061 |
Expenses | |
Manager (See Note 3) | 3,061,694 |
Distribution/Service—Class A (See Note 3) | 875,187 |
Distribution/Service—Investor Class (See Note 3) | 99,238 |
Distribution/Service—Class B (See Note 3) | 44,172 |
Distribution/Service—Class C (See Note 3) | 141,614 |
Distribution/Service—Class R2 (See Note 3) | 1,530 |
Distribution/Service—Class R3 (See Note 3) | 9,852 |
Transfer agent (See Note 3) | 665,382 |
Registration | 122,399 |
Professional fees | 105,376 |
Custodian | 33,709 |
Trustees | 12,127 |
Shareholder communication | 11,068 |
Shareholder service (See Note 3) | 2,774 |
Miscellaneous | 18,790 |
Total expenses before waiver/reimbursement | 5,204,912 |
Expense waiver/reimbursement from Manager (See Note 3) | (57,114) |
Reimbursement from prior custodian(a) | (955) |
Net expenses | 5,146,843 |
Net investment income (loss) | 9,538,218 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | 157,437 |
Futures transactions | (642,945) |
Foreign currency transactions | 411 |
Net realized gain (loss) | (485,097) |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | (12,417,142) |
Futures contracts | 66,362 |
Translation of other assets and liabilities in foreign currencies | 2,183 |
Net change in unrealized appreciation (depreciation) | (12,348,597) |
Net realized and unrealized gain (loss) | (12,833,694) |
Net increase (decrease) in net assets resulting from operations | $ (3,295,476) |
(a) | Represents a refund for overbilling of custody fees. |
22 | MainStay Balanced Fund |
for the years ended October 31, 2023 and October 31, 2022
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 9,538,218 | $ 5,633,375 |
Net realized gain (loss) | (485,097) | (1,157,514) |
Net change in unrealized appreciation (depreciation) | (12,348,597) | (31,897,318) |
Net increase (decrease) in net assets resulting from operations | (3,295,476) | (27,421,457) |
Distributions to shareholders: | ||
Class A | (7,916,075) | (68,171,865) |
Investor Class | (791,702) | (9,028,686) |
Class B | (50,948) | (1,805,691) |
Class C | (167,807) | (4,789,167) |
Class I | (1,495,744) | (12,813,121) |
Class R1 | (4,769) | (22,059) |
Class R2 | (12,812) | (194,564) |
Class R3 | (38,396) | (443,499) |
Class R6 | (1,952) | (12,112) |
Total distributions to shareholders | (10,480,205) | (97,280,764) |
Capital share transactions: | ||
Net proceeds from sales of shares | 61,966,081 | 85,070,719 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 10,314,554 | 95,556,872 |
Cost of shares redeemed | (92,500,140) | (88,508,384) |
Increase (decrease) in net assets derived from capital share transactions | (20,219,505) | 92,119,207 |
Net increase (decrease) in net assets | (33,995,186) | (32,583,014) |
Net Assets | ||
Beginning of year | 469,112,437 | 501,695,451 |
End of year | $435,117,251 | $469,112,437 |
Year Ended October 31, | |||||||||
Class A | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 28.21 | $ 37.09 | $ 29.72 | $ 30.98 | $ 31.49 | ||||
Net investment income (loss) (a) | 0.59 | 0.36 | 0.27 | 0.36 | 0.44 | ||||
Net realized and unrealized gain (loss) | (0.82) | (2.03) | 7.70 | (0.54) | 1.58 | ||||
Total from investment operations | (0.23) | (1.67) | 7.97 | (0.18) | 2.02 | ||||
Less distributions: | |||||||||
From net investment income | (0.61) | (0.33) | (0.28) | (0.41) | (0.46) | ||||
From net realized gain on investments | (0.03) | (6.88) | (0.32) | (0.67) | (2.07) | ||||
Total distributions | (0.64) | (7.21) | (0.60) | (1.08) | (2.53) | ||||
Net asset value at end of year | $ 27.34 | $ 28.21 | $ 37.09 | $ 29.72 | $ 30.98 | ||||
Total investment return (b) | (0.86)% | (5.35)% | 27.03% | (0.53)% | 7.07% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.06% | 1.22% | 0.78% | 1.21% | 1.47% | ||||
Net expenses (c) | 1.06% | 1.06% | 1.08% | 1.13% | 1.12% | ||||
Portfolio turnover rate | 313% | 290% | 182% | 217% | 194% | ||||
Net assets at end of year (in 000’s) | $ 328,665 | $ 345,376 | $ 343,224 | $ 252,574 | $ 279,636 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | |||||||||
Investor Class | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 28.20 | $ 37.10 | $ 29.75 | $ 31.01 | $ 31.51 | ||||
Net investment income (loss) (a) | 0.51 | 0.28 | 0.19 | 0.29 | 0.38 | ||||
Net realized and unrealized gain (loss) | (0.80) | (2.03) | 7.69 | (0.55) | 1.58 | ||||
Total from investment operations | (0.29) | (1.75) | 7.88 | (0.26) | 1.96 | ||||
Less distributions: | |||||||||
From net investment income | (0.54) | (0.27) | (0.21) | (0.33) | (0.39) | ||||
From net realized gain on investments | (0.03) | (6.88) | (0.32) | (0.67) | (2.07) | ||||
Total distributions | (0.57) | (7.15) | (0.53) | (1.00) | (2.46) | ||||
Net asset value at end of year | $ 27.34 | $ 28.20 | $ 37.10 | $ 29.75 | $ 31.01 | ||||
Total investment return (b) | (1.08)% | (5.62)% | 26.68% | (0.75)% | 6.79% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.81% | 0.95% | 0.54% | 0.97% | 1.26% | ||||
Net expenses (c) | 1.31% | 1.32% | 1.35% | 1.38% | 1.33% | ||||
Expenses (before waiver/reimbursement) (c) | 1.41% | 1.34% | 1.37% | 1.40% | 1.35% | ||||
Portfolio turnover rate | 313% | 290% | 182% | 217% | 194% | ||||
Net assets at end of year (in 000's) | $ 36,675 | $ 40,341 | $ 46,706 | $ 47,358 | $ 53,006 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | 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. |
24 | MainStay Balanced Fund |
Year Ended October 31, | |||||||||
Class B | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 27.81 | $ 36.72 | $ 29.56 | $ 30.82 | $ 31.35 | ||||
Net investment income (loss) (a) | 0.30 | 0.05 | (0.07) | 0.07 | 0.16 | ||||
Net realized and unrealized gain (loss) | (0.80) | (1.99) | 7.63 | (0.54) | 1.54 | ||||
Total from investment operations | (0.50) | (1.94) | 7.56 | (0.47) | 1.70 | ||||
Less distributions: | |||||||||
From net investment income | (0.31) | (0.09) | (0.08) | (0.12) | (0.16) | ||||
From net realized gain on investments | (0.03) | (6.88) | (0.32) | (0.67) | (2.07) | ||||
Total distributions | (0.34) | (6.97) | (0.40) | (0.79) | (2.23) | ||||
Net asset value at end of year | $ 26.97 | $ 27.81 | $ 36.72 | $ 29.56 | $ 30.82 | ||||
Total investment return (b) | (1.83)% | (6.30)% | 25.74% | (1.51)% | 6.00% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.06% | 0.18% | (0.21)% | 0.23% | 0.54% | ||||
Net expenses (c) | 2.07% | 2.07% | 2.10% | 2.13% | 2.08% | ||||
Expenses (before waiver/reimbursement) (c) | 2.16% | 2.09% | 2.12% | 2.15% | 2.10% | ||||
Portfolio turnover rate | 313% | 290% | 182% | 217% | 194% | ||||
Net assets at end of year (in 000’s) | $ 2,999 | $ 5,798 | $ 9,645 | $ 10,671 | $ 15,049 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | |||||||||
Class C | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 27.80 | $ 36.71 | $ 29.55 | $ 30.81 | $ 31.33 | ||||
Net investment income (loss) (a) | 0.30 | 0.06 | (0.07) | 0.07 | 0.18 | ||||
Net realized and unrealized gain (loss) | (0.81) | (2.00) | 7.63 | (0.54) | 1.53 | ||||
Total from investment operations | (0.51) | (1.94) | 7.56 | (0.47) | 1.71 | ||||
Less distributions: | |||||||||
From net investment income | (0.31) | (0.09) | (0.08) | (0.12) | (0.16) | ||||
From net realized gain on investments | (0.03) | (6.88) | (0.32) | (0.67) | (2.07) | ||||
Total distributions | (0.34) | (6.97) | (0.40) | (0.79) | (2.23) | ||||
Net asset value at end of year | $ 26.95 | $ 27.80 | $ 36.71 | $ 29.55 | $ 30.81 | ||||
Total investment return (b) | (1.87)% | (6.30)% | 25.75% | (1.51)% | 6.03% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.06% | 0.19% | (0.20)% | 0.23% | 0.59% | ||||
Net expenses (c) | 2.07% | 2.07% | 2.10% | 2.13% | 2.08% | ||||
Expenses (before waiver/reimbursement) (c) | 2.16% | 2.09% | 2.12% | 2.15% | 2.10% | ||||
Portfolio turnover rate | 313% | 290% | 182% | 217% | 194% | ||||
Net assets at end of year (in 000’s) | $ 11,121 | $ 17,020 | $ 26,050 | $ 30,769 | $ 45,437 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | |||||||||
Class I | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 28.31 | $ 37.19 | $ 29.80 | $ 31.06 | $ 31.56 | ||||
Net investment income (loss) (a) | 0.66 | 0.44 | 0.37 | 0.44 | 0.53 | ||||
Net realized and unrealized gain (loss) | (0.81) | (2.03) | 7.70 | (0.55) | 1.57 | ||||
Total from investment operations | (0.15) | (1.59) | 8.07 | (0.11) | 2.10 | ||||
Less distributions: | |||||||||
From net investment income | (0.69) | (0.41) | (0.36) | (0.48) | (0.53) | ||||
From net realized gain on investments | (0.03) | (6.88) | (0.32) | (0.67) | (2.07) | ||||
Total distributions | (0.72) | (7.29) | (0.68) | (1.15) | (2.60) | ||||
Net asset value at end of year | $ 27.44 | $ 28.31 | $ 37.19 | $ 29.80 | $ 31.06 | ||||
Total investment return (b) | (0.61)% | (5.09)% | 27.32% | (0.27)% | 7.32% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.30% | 1.47% | 1.08% | 1.47% | 1.75% | ||||
Net expenses (c) | 0.81% | 0.81% | 0.84% | 0.88% | 0.87% | ||||
Portfolio turnover rate | 313% | 290% | 182% | 217% | 194% | ||||
Net assets at end of year (in 000’s) | $ 53,113 | $ 57,772 | $ 72,481 | $ 152,036 | $ 177,076 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | |||||||||
Class R1 | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 28.26 | $ 37.14 | $ 29.76 | $ 31.02 | $ 31.52 | ||||
Net investment income (loss) (a) | 0.63 | 0.41 | 0.33 | 0.49 | 0.50 | ||||
Net realized and unrealized gain (loss) | (0.82) | (2.03) | 7.70 | (0.63) | 1.57 | ||||
Total from investment operations | (0.19) | (1.62) | 8.03 | (0.14) | 2.07 | ||||
Less distributions: | |||||||||
From net investment income | (0.66) | (0.38) | (0.33) | (0.45) | (0.50) | ||||
From net realized gain on investments | (0.03) | (6.88) | (0.32) | (0.67) | (2.07) | ||||
Total distributions | (0.69) | (7.26) | (0.65) | (1.12) | (2.57) | ||||
Net asset value at end of year | $ 27.38 | $ 28.26 | $ 37.14 | $ 29.76 | $ 31.02 | ||||
Total investment return (b) | (0.70)% | (5.23)% | 27.20% | (0.38)% | 7.22% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.22% | 1.37% | 0.93% | 1.60% | 1.67% | ||||
Net expenses (c) | 0.91% | 0.91% | 0.94% | 0.98% | 0.97% | ||||
Portfolio turnover rate | 313% | 290% | 182% | 217% | 194% | ||||
Net assets at end of year (in 000’s) | $ 154 | $ 176 | $ 110 | $ 78 | $ 1,286 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R1 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. |
26 | MainStay Balanced Fund |
Year Ended October 31, | |||||||||
Class R2 | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 28.26 | $ 37.13 | $ 29.77 | $ 31.02 | $ 31.53 | ||||
Net investment income (loss) (a) | 0.56 | 0.33 | 0.24 | 0.34 | 0.42 | ||||
Net realized and unrealized gain (loss) | (0.81) | (2.02) | 7.69 | (0.55) | 1.56 | ||||
Total from investment operations | (0.25) | (1.69) | 7.93 | (0.21) | 1.98 | ||||
Less distributions: | |||||||||
From net investment income | (0.58) | (0.30) | (0.25) | (0.37) | (0.42) | ||||
From net realized gain on investments | (0.03) | (6.88) | (0.32) | (0.67) | (2.07) | ||||
Total distributions | (0.61) | (7.18) | (0.57) | (1.04) | (2.49) | ||||
Net asset value at end of year | $ 27.40 | $ 28.26 | $ 37.13 | $ 29.77 | $ 31.02 | ||||
Total investment return (b) | (0.94)% | (5.45)% | 26.89% | (0.60)% | 6.95% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.97% | 1.09% | 0.69% | 1.14% | 1.40% | ||||
Net expenses (c) | 1.16% | 1.16% | 1.19% | 1.23% | 1.22% | ||||
Portfolio turnover rate | 313% | 290% | 182% | 217% | 194% | ||||
Net assets at end of year (in 000’s) | $ 467 | $ 651 | $ 1,128 | $ 1,693 | $ 2,882 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R2 shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | |||||||||
Class R3 | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 28.12 | $ 37.03 | $ 29.70 | $ 30.95 | $ 31.45 | ||||
Net investment income (loss) (a) | 0.48 | 0.26 | 0.16 | 0.26 | 0.35 | ||||
Net realized and unrealized gain (loss) | (0.80) | (2.04) | 7.68 | (0.55) | 1.56 | ||||
Total from investment operations | (0.32) | (1.78) | 7.84 | (0.29) | 1.91 | ||||
Less distributions: | |||||||||
From net investment income | (0.52) | (0.25) | (0.19) | (0.29) | (0.34) | ||||
From net realized gain on investments | (0.03) | (6.88) | (0.32) | (0.67) | (2.07) | ||||
Total distributions | (0.55) | (7.13) | (0.51) | (0.96) | (2.41) | ||||
Net asset value at end of year | $ 27.25 | $ 28.12 | $ 37.03 | $ 29.70 | $ 30.95 | ||||
Total investment return (b) | (1.20)% | (5.72)% | 26.59% | (0.88)% | 6.68% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.71% | 0.87% | 0.45% | 0.86% | 1.15% | ||||
Net expenses (c) | 1.41% | 1.41% | 1.44% | 1.48% | 1.47% | ||||
Portfolio turnover rate | 313% | 290% | 182% | 217% | 194% | ||||
Net assets at end of year (in 000’s) | $ 1,871 | $ 1,925 | $ 2,290 | $ 2,252 | $ 3,048 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R3 shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | |||||||||
Class R6 | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 28.35 | $ 37.23 | $ 29.83 | $ 31.06 | $ 31.57 | ||||
Net investment income (loss) (a) | 0.69 | 0.46 | 0.39 | 0.61 | 0.53 | ||||
Net realized and unrealized gain (loss) | (0.83) | (2.03) | 7.73 | (0.69) | 1.59 | ||||
Total from investment operations | (0.14) | (1.57) | 8.12 | (0.08) | 2.12 | ||||
Less distributions: | |||||||||
From net investment income | (0.71) | (0.43) | (0.40) | (0.48) | (0.56) | ||||
From net realized gain on investments | (0.03) | (6.88) | (0.32) | (0.67) | (2.07) | ||||
Total distributions | (0.74) | (7.31) | (0.72) | (1.15) | (2.63) | ||||
Net asset value at end of year | $ 27.47 | $ 28.35 | $ 37.23 | $ 29.83 | $ 31.06 | ||||
Total investment return (b) | (0.51)% | (5.04)% | 27.45% | (0.17)% | 7.40% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.40% | 1.55% | 1.12% | 1.94% | 1.75% | ||||
Net expenses (c) | 0.72% | 0.73% | 0.74% | 0.78% | 0.77% | ||||
Portfolio turnover rate | 313% | 290% | 182% | 217% | 194% | ||||
Net assets at end of year (in 000’s) | $ 52 | $ 53 | $ 61 | $ 49 | $ 14,697 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. 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. |
28 | MainStay Balanced Fund |
Class | Commenced Operations |
Class A | January 2, 2004 |
Investor Class | February 28, 2008 |
Class B | January 2, 2004 |
Class C | December 30, 2002 |
Class I | May 1, 1989 |
Class R1* | January 2, 2004 |
Class R2* | January 2, 2004 |
Class R3* | April 28, 2006 |
Class R6 | December 15, 2017 |
* | As of October 31, 2023, Class R1, Class R2 and Class R3 shares are closed to new investors and, upon the close of business on December 29, 2023, Class R1, Class R2 and Class R3 shares are closed to additional investments by existing shareholders. Additionally, Class R1, Class R2 and 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 R1, Class R2 or 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) |
• Benchmark yields | • Reported trades |
• Broker/dealer quotes | • Issuer spreads |
• Two-sided markets | • Benchmark securities |
• Bids/offers | • Reference data (corporate actions or material event notices) |
• Industry and economic events | • Comparable bonds |
• Monthly payment information |
30 | MainStay Balanced Fund |
32 | MainStay Balanced Fund |
Asset Derivatives | Interest Rate Contracts Risk | Total |
Futures Contracts - Net Assets—Net unrealized appreciation on futures contracts (a) | $197,105 | $197,105 |
Total Fair Value | $197,105 | $197,105 |
(a) | Includes cumulative appreciation (depreciation) of futures contracts as reported in the Portfolio of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Liability Derivatives | Interest Rate Contracts Risk | Total |
Futures Contracts - Net Assets—Net unrealized depreciation on futures contracts (a) | $(362,385) | $(362,385) |
Total Fair Value | $(362,385) | $(362,385) |
(a) | Includes cumulative appreciation (depreciation) of futures contracts as reported in the Portfolio of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Net Realized Gain (Loss) from: | Interest Rate Contracts Risk | Total |
Futures Transactions | $(642,945) | $(642,945) |
Total Net Realized Gain (Loss) | $(642,945) | $(642,945) |
Net Change in Unrealized Appreciation (Depreciation) | Interest Rate Contracts Risk | Total |
Futures Contracts | $66,362 | $66,362 |
Total Net Change in Unrealized Appreciation (Depreciation) | $66,362 | $66,362 |
Average Notional Amount | Total |
Futures Contracts Long | $18,993,751 |
Futures Contracts Short | $ (6,886,988) |
34 | MainStay Balanced Fund |
Class R1 | $ 192 |
Class R2 | 612 |
Class R3 | 1,970 |
Class | Expense | Waived |
Class A | $342,996 | $ — |
Investor Class | 177,954 | (39,019) |
Class B | 19,766 | (4,306) |
Class C | 63,355 | (13,789) |
Class I | 58,589 | — |
Class R1 | 188 | — |
Class R2 | 599 | — |
Class R3 | 1,931 | — |
Class R6 | 4 | — |
Class R6 | $31,796 | 60.9% |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $426,542,928 | $24,890,235 | $(18,579,379) | $6,310,856 |
Ordinary Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$490,844 | $(665,768) | $— | $6,311,748 | $6,136,824 |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $666 | $— |
2023 | 2022 | |
Distributions paid from: | ||
Ordinary Income | $ 9,944,673 | $64,088,486 |
Long-Term Capital Gains | 535,532 | 33,192,278 |
Total | $10,480,205 | $97,280,764 |
36 | MainStay Balanced Fund |
Sales (000's) | Realized Gain / (Loss) (000's) |
$375 | $69 |
Class A | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 1,548,082 | $ 44,180,228 |
Shares issued to shareholders in reinvestment of distributions | 274,607 | 7,784,603 |
Shares redeemed | (2,164,362) | (61,622,715) |
Net increase (decrease) in shares outstanding before conversion | (341,673) | (9,657,884) |
Shares converted into Class A (See Note 1) | 133,110 | 3,781,693 |
Shares converted from Class A (See Note 1) | (13,254) | (377,528) |
Net increase (decrease) | (221,817) | $ (6,253,719) |
Year ended October 31, 2022: | ||
Shares sold | 2,360,165 | $ 70,853,579 |
Shares issued to shareholders in reinvestment of distributions | 2,244,761 | 66,915,052 |
Shares redeemed | (1,808,327) | (53,389,436) |
Net increase (decrease) in shares outstanding before conversion | 2,796,599 | 84,379,195 |
Shares converted into Class A (See Note 1) | 195,265 | 5,809,937 |
Shares converted from Class A (See Note 1) | (2,017) | (57,537) |
Net increase (decrease) | 2,989,847 | $ 90,131,595 |
Investor Class | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 64,061 | $ 1,827,161 |
Shares issued to shareholders in reinvestment of distributions | 27,830 | 789,111 |
Shares redeemed | (130,944) | (3,733,182) |
Net increase (decrease) in shares outstanding before conversion | (39,053) | (1,116,910) |
Shares converted into Investor Class (See Note 1) | 36,922 | 1,060,041 |
Shares converted from Investor Class (See Note 1) | (86,523) | (2,454,105) |
Net increase (decrease) | (88,654) | $ (2,510,974) |
Year ended October 31, 2022: | ||
Shares sold | 93,127 | $ 2,823,914 |
Shares issued to shareholders in reinvestment of distributions | 302,372 | 9,025,295 |
Shares redeemed | (120,603) | (3,615,118) |
Net increase (decrease) in shares outstanding before conversion | 274,896 | 8,234,091 |
Shares converted into Investor Class (See Note 1) | 30,476 | 895,730 |
Shares converted from Investor Class (See Note 1) | (134,021) | (4,026,279) |
Net increase (decrease) | 171,351 | $ 5,103,542 |
Class B | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 2,287 | $ 64,388 |
Shares issued to shareholders in reinvestment of distributions | 1,744 | 48,820 |
Shares redeemed | (47,813) | (1,340,758) |
Net increase (decrease) in shares outstanding before conversion | (43,782) | (1,227,550) |
Shares converted from Class B (See Note 1) | (53,489) | (1,507,157) |
Net increase (decrease) | (97,271) | $ (2,734,707) |
Year ended October 31, 2022: | ||
Shares sold | 8,150 | $ 241,370 |
Shares issued to shareholders in reinvestment of distributions | 56,056 | 1,653,945 |
Shares redeemed | (64,900) | (1,895,859) |
Net increase (decrease) in shares outstanding before conversion | (694) | (544) |
Shares converted from Class B (See Note 1) | (53,480) | (1,538,713) |
Net increase (decrease) | (54,174) | $ (1,539,257) |
Class C | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 42,430 | $ 1,204,480 |
Shares issued to shareholders in reinvestment of distributions | 5,996 | 167,716 |
Shares redeemed | (218,174) | (6,111,194) |
Net increase (decrease) in shares outstanding before conversion | (169,748) | (4,738,998) |
Shares converted from Class C (See Note 1) | (29,912) | (841,362) |
Net increase (decrease) | (199,660) | $ (5,580,360) |
Year ended October 31, 2022: | ||
Shares sold | 68,601 | $ 2,020,751 |
Shares issued to shareholders in reinvestment of distributions | 162,107 | 4,781,182 |
Shares redeemed | (288,775) | (8,590,050) |
Net increase (decrease) in shares outstanding before conversion | (58,067) | (1,788,117) |
Shares converted from Class C (See Note 1) | (39,389) | (1,131,929) |
Net increase (decrease) | (97,456) | $ (2,920,046) |
Class I | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 491,436 | $ 14,118,732 |
Shares issued to shareholders in reinvestment of distributions | 51,766 | 1,472,892 |
Shares redeemed | (660,021) | (18,893,780) |
Net increase (decrease) in shares outstanding before conversion | (116,819) | (3,302,156) |
Shares converted into Class I (See Note 1) | 12,813 | 366,508 |
Shares converted from Class I (See Note 1) | (969) | (28,090) |
Net increase (decrease) | (104,975) | $ (2,963,738) |
Year ended October 31, 2022: | ||
Shares sold | 290,133 | $ 8,591,839 |
Shares issued to shareholders in reinvestment of distributions | 421,036 | 12,591,346 |
Shares redeemed | (620,781) | (19,940,257) |
Net increase (decrease) in shares outstanding before conversion | 90,388 | 1,242,928 |
Shares converted into Class I (See Note 1) | 1,718 | 48,791 |
Net increase (decrease) | 92,106 | $ 1,291,719 |
Class R1 | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 1,365 | $ 38,947 |
Shares issued to shareholders in reinvestment of distributions | 168 | 4,769 |
Shares redeemed | (2,149) | (59,921) |
Net increase (decrease) | (616) | $ (16,205) |
Year ended October 31, 2022: | ||
Shares sold | 2,606 | $ 72,308 |
Shares issued to shareholders in reinvestment of distributions | 739 | 22,059 |
Shares redeemed | (62) | (1,828) |
Net increase (decrease) | 3,283 | $ 92,539 |
Class R2 | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 828 | $ 23,643 |
Shares issued to shareholders in reinvestment of distributions | 296 | 8,404 |
Shares redeemed | (7,102) | (198,535) |
Net increase (decrease) | (5,978) | $ (166,488) |
Year ended October 31, 2022: | ||
Shares sold | 3,483 | $ 103,858 |
Shares issued to shareholders in reinvestment of distributions | 4,437 | 132,743 |
Shares redeemed | (15,258) | (476,966) |
Net increase (decrease) | (7,338) | $ (240,365) |
Class R3 | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 16,350 | $ 466,567 |
Shares issued to shareholders in reinvestment of distributions | 1,284 | 36,287 |
Shares redeemed | (17,400) | (496,225) |
Net increase (decrease) | 234 | $ 6,629 |
Year ended October 31, 2022: | ||
Shares sold | 12,338 | $ 363,100 |
Shares issued to shareholders in reinvestment of distributions | 14,211 | 423,138 |
Shares redeemed | (19,963) | (593,453) |
Net increase (decrease) | 6,586 | $ 192,785 |
38 | MainStay Balanced Fund |
Class R6 | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 1,497 | $ 41,935 |
Shares issued to shareholders in reinvestment of distributions | 69 | 1,952 |
Shares redeemed | (1,534) | (43,830) |
Net increase (decrease) | 32 | $ 57 |
Year ended October 31, 2022: | ||
Shares issued to shareholders in reinvestment of distributions | 405 | $ 12,112 |
Shares redeemed | (182) | (5,417) |
Net increase (decrease) | 223 | $ 6,695 |
MainStay Funds Trust:
40 | MainStay Balanced Fund |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Naïm Abou-Jaoudé* 1966 | MainStay Funds: Trustee since 2023 MainStay Funds Trust: Trustee since 2023 | Chief Executive Officer of New York Life Investment Management LLC (since 2023). Chief Executive Officer of Candriam (an affiliate of New York Life Investment Management LLC) (2007 to 2023). | 81 | MainStay VP Funds Trust: Trustee since 2023 (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2023; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2023; and New York Life Investment Management International (Chair) since 2015 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of his affiliation with New York Life Investment Management LLC and Candriam, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
42 | MainStay Balanced Fund |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015);MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC (since 1999) | 81 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2021; VanEck Vectors Group of Exchange-Traded Funds: Trustee since 2006 and Independent Chairman of the Board of Trustees from 2008 to 2022 (57 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Investment Committee since 2018 | |
Karen Hammond 1956 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021);MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 81 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Susan B. Kerley 1951 | MainStay Funds: Chair since January 2017 and Trustee since 2007;MainStay Funds Trust: Chair since January 2017 and Trustee since 1990*** | President, Strategic Management Advisors LLC (since 1990) | 81 | MainStay VP Funds Trust: Chair since January 2017 and Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chair since January 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Alan R. Latshaw 1951 | MainStay Funds: Trusteesince 2006;MainStay Funds Trust: Trustee since 2007*** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 81 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 | |
Jacques P. Perold 1958 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015to December 2015);MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 81 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay Funds: Trustee since 1994;MainStay Funds Trust: Trustee since 2007*** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) (since 2004); Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 81 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 |
** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
*** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
44 | MainStay Balanced Fund |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay Funds, MainStay Funds Trust (since 2017) | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since 2018); President, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust (since 2017)**; Senior Managing Director, Global Product Development (2015 to 2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay Funds (since 2007), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2007)**; and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay Funds and MainStay Funds Trust (since 2010) | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2010)** | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay Funds and MainStay Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ Trust, IndexIQ ETF Trust and Index IQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund, MainStay VP Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012 to 2022) | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay Funds (since 2005), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2005)** |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, New York Life Insurance Company, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
1.
2. | This Fund is registered for sale in CA, CT, DE, FL, MA, NJ, NY and VT. |
3. | An affiliate of New York Life Investment Management LLC. |
5013770MS139-23 | MSBL11-12/23 |
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended October 31, 2023 | |||||||
Class | Sales Charge | Inception Date | One Year | Five Years | Since Inception | Gross Expense Ratio1 | |
Class A Shares | Maximum 5.50% Initial Sales Charge | With sales charges | 11/15/2017 | -3.04% | 0.65% | -3.19% | 1.77% |
Excluding sales charges | 2.60 | 1.80 | -2.27 | 1.77 | |||
Investor Class Shares2 | Maximum 5.00% Initial Sales Charge | With sales charges | 11/15/2017 | -2.79 | 0.53 | -3.33 | 1.88 |
Excluding sales charges | 2.33 | 1.67 | -2.41 | 1.88 | |||
Class C Shares | Maximum 1.00% CDSC | With sales charges | 11/15/2017 | 0.61 | 0.92 | -3.11 | 2.64 |
if Redeemed Within One Year of Purchase | Excluding sales charges | 1.61 | 0.92 | -3.11 | 2.64 | ||
Class I Shares | No Sales Charge | 11/15/2017 | 2.87 | 2.14 | -1.95 | 1.54 | |
Class R6 Shares | No Sales Charge | 11/15/2017 | 2.82 | 2.13 | -1.93 | 1.40 |
1. | The gross expense ratios presented reflect the Fund’s “Total Annual Fund Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report. |
2. | Prior to June 30, 2020, the maximum initial sales charge was 5.50%, which is reflected in the applicable average annual total return figures shown. |
Benchmark Performance* | One Year | Five Years | Since Inception |
MSCI Emerging Markets Index (Net)1 | 10.80% | 1.59% | -0.80% |
Morningstar Diversified Emerging Markets Category Average2 | 11.15 | 2.52 | -0.57 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | The MSCI Emerging Markets Index (Net) is the Fund's primary benchmark. The MSCI Emerging Markets Index (Net) is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets. |
2. | The Morningstar Diversified Emerging Markets Category Average is representative of funds that tend to divide their assets among 20 or more nations, although they tend to focus on the emerging markets of Asia and Latin America rather than on those of the Middle East, Africa, or Europe. These funds invest predominantly in emerging market equities, but some funds also invest in both equities and fixed income investments from emerging markets. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
6 | MainStay Candriam Emerging Markets Equity 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 | $949.10 | $ 6.44 | $1,018.60 | $ 6.67 | 1.31% |
Investor Class Shares | $1,000.00 | $947.80 | $ 7.27 | $1,017.74 | $ 7.53 | 1.48% |
Class C Shares | $1,000.00 | $944.60 | $10.93 | $1,013.96 | $11.32 | 2.23% |
Class I Shares | $1,000.00 | $949.60 | $ 4.96 | $1,020.11 | $ 5.14 | 1.01% |
Class R6 Shares | $1,000.00 | $950.30 | $ 4.96 | $1,020.11 | $ 5.14 | 1.01% |
1. | Expenses are equal to the Fund’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 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. |
China | 30.7% |
India | 17.4 |
Taiwan | 15.8 |
Republic of Korea | 12.1 |
Brazil | 6.9 |
South Africa | 4.3 |
Mexico | 4.2 |
Indonesia | 3.3 |
Thailand | 2.3 |
Turkey | 1.6% |
Poland | 0.8 |
Malaysia | 0.8 |
Peru | 0.3 |
Russia | 0.0‡ |
Other Assets, Less Liabilities | –0.5 |
100.0% |
‡ | Less than one–tenth of a percent. |
1. | Taiwan Semiconductor Manufacturing Co. Ltd. |
2. | Alibaba Group Holding Ltd. |
3. | Tencent Holdings Ltd. |
4. | SK Hynix, Inc. |
5. | Reliance Industries Ltd. |
6. | Bharti Airtel Ltd. |
7. | Samsung Electronics Co. Ltd. |
8. | Ping An Insurance Group Co. of China Ltd., Class H |
9. | KB Financial Group, Inc. |
10. | Axis Bank Ltd. |
8 | MainStay Candriam Emerging Markets Equity 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. | Beta is a measure of volatility in relation to the market as a whole. A beta higher than 1 indicates that a security or portfolio will tend to exhibit higher volatility than the market. A beta lower than 1 indicates that a security or portfolio will tend to exhibit lower volatility than the market. |
10 | MainStay Candriam Emerging Markets Equity Fund |
Shares | Value | |
Common Stocks 99.3% | ||
Brazil 5.7% | ||
Banco do Brasil SA (Banks) | 168,000 | $ 1,611,107 |
Localiza Rent a Car SA (Ground Transportation) | 108,000 | 1,089,693 |
MercadoLibre, Inc. (Broadline Retail) (a) | 860 | 1,067,037 |
NU Holdings Ltd., Class A (Banks) (a) | 128,000 | 1,049,600 |
PRIO SA (Oil, Gas & Consumable Fuels) (a) | 184,000 | 1,740,824 |
Raia Drogasil SA (Consumer Staples Distribution & Retail) | 220,000 | 1,125,800 |
WEG SA (Electrical Equipment) | 116,000 | 759,490 |
8,443,551 | ||
China 30.7% | ||
Aier Eye Hospital Group Co. Ltd., Class A (Health Care Providers & Services) | 250,756 | 627,395 |
Airtac International Group (Machinery) | 23,000 | 751,657 |
Alibaba Group Holding Ltd. (Broadline Retail) (a) | 486,000 | 4,971,637 |
Anhui Huaheng Biotechnology Co. Ltd., Class A (Chemicals) | 55,044 | 763,445 |
ANTA Sports Products Ltd. (Textiles, Apparel & Luxury Goods) | 52,000 | 587,099 |
Baidu, Inc., Class A (Interactive Media & Services) (a) | 78,000 | 1,023,686 |
Bank of Jiangsu Co. Ltd., Class A (Banks) | 2,099,960 | 1,979,984 |
Beijing Compass Technology Development Co. Ltd., Class A (Capital Markets) (a) | 84,990 | 683,581 |
BYD Co. Ltd., Class H (Automobiles) | 46,981 | 1,425,295 |
BYD Electronic International Co. Ltd. (Communications Equipment) | 310,000 | 1,291,460 |
China Merchants Bank Co. Ltd., Class H (Banks) | 310,000 | 1,180,537 |
China Resources Land Ltd. (Real Estate Management & Development) | 357,902 | 1,340,089 |
CMOC Group Ltd., Class H (Metals & Mining) | 2,189,239 | 1,303,710 |
Contemporary Amperex Technology Co. Ltd., Class A (Electrical Equipment) | 21,082 | 534,677 |
Flat Glass Group Co. Ltd., Class H (Semiconductors & Semiconductor Equipment) (a) | 180,000 | 322,495 |
JD.com, Inc., Class A (Broadline Retail) | 46,000 | 586,665 |
Kanzhun Ltd., ADR (Interactive Media & Services) (a) | 20,000 | 296,000 |
Kingsoft Corp. Ltd. (Entertainment) | 44,000 | 153,503 |
Kuaishou Technology (Interactive Media & Services) (a)(b) | 148,000 | 952,276 |
Li Auto, Inc., Class A (Automobiles) (a) | 58,000 | 990,972 |
Shares | Value | |
China (continued) | ||
Longshine Technology Group Co. Ltd., Class A (Software) | 162,971 | $ 415,996 |
Luzhou Laojiao Co. Ltd., Class A (Beverages) | 26,000 | 762,474 |
Meituan (Hotels, Restaurants & Leisure) (a)(b) | 164,000 | 2,317,932 |
NARI Technology Co. Ltd., Class A (Electrical Equipment) | 224,394 | 691,448 |
NetEase, Inc. (Entertainment) | 80,000 | 1,720,584 |
Ningbo Deye Technology Co. Ltd., Class A (Machinery) | 33,164 | 313,236 |
Nongfu Spring Co. Ltd., Class H (Beverages) (b) | 250,000 | 1,423,277 |
PDD Holdings, Inc., ADR (Broadline Retail) (a) | 23,000 | 2,332,660 |
PetroChina Co. Ltd., Class H (Oil, Gas & Consumable Fuels) | 3,180,000 | 2,072,522 |
Ping An Insurance Group Co. of China Ltd., Class H (Insurance) | 478,000 | 2,449,481 |
Proya Cosmetics Co. Ltd., Class A (Personal Care Products) | 55,076 | 781,650 |
Shandong Gold Mining Co. Ltd., Class H (Metals & Mining) (b) | 540,000 | 1,017,169 |
Shanghai Baosight Software Co. Ltd., Class A (Software) | 108,081 | 630,193 |
Shenzhen Inovance Technology Co. Ltd., Class A (Machinery) | 79,926 | 660,107 |
Shenzhen Transsion Holdings Co. Ltd., Class A (Technology Hardware, Storage & Peripherals) | 40,000 | 733,305 |
Tencent Holdings Ltd. (Interactive Media & Services) | 132,000 | 4,878,362 |
Yadea Group Holdings Ltd. (Automobiles) (b) | 350,000 | 639,596 |
45,606,155 | ||
India 17.4% | ||
ABB India Ltd. (Electrical Equipment) | 29,000 | 1,431,317 |
APL Apollo Tubes Ltd. (Metals & Mining) | 70,000 | 1,316,030 |
Apollo Hospitals Enterprise Ltd. (Health Care Providers & Services) | 19,000 | 1,099,922 |
Axis Bank Ltd. (Banks) | 204,000 | 2,405,722 |
Bajaj Finance Ltd. (Consumer Finance) | 20,000 | 1,799,847 |
Bharti Airtel Ltd. (Wireless Telecommunication Services) | 244,000 | 2,679,762 |
HDFC Bank Ltd. (Banks) | 72,000 | 1,276,839 |
ICICI Bank Ltd. (Banks) | 132,000 | 1,451,213 |
Indraprastha Gas Ltd. (Gas Utilities) | 210,000 | 964,385 |
Shares | Value | |
Common Stocks (continued) | ||
India (continued) | ||
KPIT Technologies Ltd. (Software) | 62,000 | $ 906,669 |
Mahindra & Mahindra Ltd. (Automobiles) | 70,000 | 1,226,322 |
Reliance Industries Ltd. (Oil, Gas & Consumable Fuels) | 120,000 | 3,297,527 |
SBI Cards & Payment Services Ltd. (Consumer Finance) | 110,000 | 985,800 |
Tata Elxsi Ltd. (Software) | 8,000 | 732,675 |
Tata Motors Ltd. (Automobiles) | 156,000 | 1,177,887 |
Torrent Pharmaceuticals Ltd. (Pharmaceuticals) | 56,000 | 1,294,254 |
Varun Beverages Ltd. (Beverages) | 169,000 | 1,844,697 |
25,890,868 | ||
Indonesia 3.3% | ||
Aneka Tambang Tbk. (Metals & Mining) | 5,000,000 | 536,670 |
Bank Central Asia Tbk. PT (Banks) | 3,100,000 | 1,707,586 |
Bank Mandiri Persero Tbk. PT (Banks) | 3,400,000 | 1,214,668 |
Merdeka Copper Gold Tbk. PT (Metals & Mining) (a) | 3,800,000 | 533,459 |
Sumber Alfaria Trijaya Tbk. PT (Consumer Staples Distribution & Retail) | 5,300,000 | 964,243 |
4,956,626 | ||
Malaysia 0.8% | ||
Press Metal Aluminium Holdings Bhd. (Metals & Mining) | 1,140,000 | 1,177,206 |
Mexico 4.2% | ||
America Movil SAB de CV (Wireless Telecommunication Services) | 2,200,000 | 1,816,961 |
Cemex SAB de CV (Construction Materials) (a) | 1,200,000 | 720,839 |
Gruma SAB de CV, Class B (Food Products) | 81,000 | 1,409,514 |
Grupo Aeroportuario del Pacifico SAB de CV, Class B (Transportation Infrastructure) | 30,000 | 349,953 |
Grupo Financiero Banorte SAB de CV, Class O (Banks) | 244,000 | 1,980,258 |
6,277,525 | ||
Peru 0.3% | ||
Credicorp Ltd. (Banks) | 3,200 | 399,872 |
Poland 0.8% | ||
Dino Polska SA (Consumer Staples Distribution & Retail) (a)(b) | 13,200 | 1,248,845 |
Shares | Value | |
Republic of Korea 12.1% | ||
Coupang, Inc. (Broadline Retail) (a) | 44,000 | $ 748,000 |
Daejoo Electronic Materials Co. Ltd. (Electronic Equipment, Instruments & Components) | 7,800 | 398,504 |
DB Insurance Co. Ltd. (Insurance) | 31,000 | 2,017,622 |
JYP Entertainment Corp. (Entertainment) | 12,400 | 942,016 |
KB Financial Group, Inc. (Banks) | 64,000 | 2,440,487 |
LG Chem Ltd. (Chemicals) | 3,800 | 1,238,014 |
Samsung Biologics Co. Ltd. (Life Sciences Tools & Services) (a)(b) | 2,000 | 1,049,943 |
Samsung Electronics Co. Ltd. (Technology Hardware, Storage & Peripherals) | 53,000 | 2,625,375 |
Samsung Engineering Co. Ltd. (Construction & Engineering) (a) | 82,000 | 1,442,005 |
Samsung SDI Co. Ltd. (Electronic Equipment, Instruments & Components) | 800 | 252,046 |
SK Hynix, Inc. (Semiconductors & Semiconductor Equipment) | 56,000 | 4,822,332 |
17,976,344 | ||
Russia 0.0% ‡ | ||
Magnit PJSC (Consumer Staples Distribution & Retail) (c)(d) | 6,769 | — |
South Africa 4.3% | ||
Capitec Bank Holdings Ltd. (Banks) | 13,800 | 1,225,351 |
FirstRand Ltd. (Financial Services) | 500,000 | 1,648,290 |
Gold Fields Ltd. (Metals & Mining) | 124,000 | 1,653,134 |
Naspers Ltd., Class N (Broadline Retail) (a) | 11,600 | 1,810,770 |
6,337,545 | ||
Taiwan 15.8% | ||
Accton Technology Corp. (Communications Equipment) | 152,000 | 2,336,118 |
Alchip Technologies Ltd. (Semiconductors & Semiconductor Equipment) | 19,000 | 1,537,691 |
Chailease Holding Co. Ltd. (Financial Services) | 256,000 | 1,385,170 |
CTBC Financial Holding Co. Ltd. (Banks) | 2,380,000 | 1,786,743 |
Delta Electronics, Inc. (Electronic Equipment, Instruments & Components) | 194,000 | 1,737,537 |
E Ink Holdings, Inc. (Electronic Equipment, Instruments & Components) | 92,000 | 476,522 |
Quanta Computer, Inc. (Technology Hardware, Storage & Peripherals) | 136,000 | 792,477 |
Realtek Semiconductor Corp. (Semiconductors & Semiconductor Equipment) | 54,000 | 668,445 |
12 | MainStay Candriam Emerging Markets Equity Fund |
Shares | Value | ||
Common Stocks (continued) | |||
Taiwan (continued) | |||
Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment) | 750,000 | $ 12,232,157 | |
Voltronic Power Technology Corp. (Electrical Equipment) | 15,000 | 598,890 | |
23,551,750 | |||
Thailand 2.3% | |||
Airports of Thailand PCL, NVDR (Transportation Infrastructure) (a) | 860,000 | 1,597,134 | |
Bangkok Dusit Medical Services PCL, NVDR (Health Care Providers & Services) | 1,000,000 | 737,289 | |
CP ALL PCL, NVDR (Consumer Staples Distribution & Retail) | 320,000 | 491,897 | |
Kasikornbank PCL, NVDR (Banks) | 180,000 | 658,552 | |
3,484,872 | |||
Turkey 1.6% | |||
BIM Birlesik Magazalar A/S (Consumer Staples Distribution & Retail) | 194,000 | 1,863,326 | |
Turkiye Garanti Bankasi A/S (Banks) | 270,000 | 448,105 | |
2,311,431 | |||
Total Common Stocks (Cost $150,532,227) | 147,662,590 | ||
Preferred Stock 1.2% | |||
Brazil 1.2% | |||
Itau Unibanco Holding SA (Banks) | 338,000 | 1,798,019 | |
Total Preferred Stock (Cost $1,619,265) | 1,798,019 | ||
Total Investments (Cost $152,151,492) | 100.5% | 149,460,609 | |
Other Assets, Less Liabilities | (0.5) | (722,469) | |
Net Assets | 100.0% | $ 148,738,140 |
† | Percentages indicated are based on Fund net assets. |
^ | Industry and country classifications may be different than those used for compliance monitoring purposes. |
‡ | Less than one-tenth of a percent. |
(a) | Non-income producing security. |
(b) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
(c) | Illiquid security—As of October 31, 2023, the total market value deemed illiquid under procedures approved by the Board of Trustees was $0, which represented less than one-tenth of a percent of the Fund’s net assets. (Unaudited) |
(d) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
Abbreviation(s): |
ADR—American Depositary Receipt |
NVDR—Non-Voting Depositary Receipt |
PCL—Provision for Credit Losses |
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 | $ 147,662,590 | $ — | $ — | $ 147,662,590 | |||
Preferred Stock | 1,798,019 | — | — | 1,798,019 | |||
Total Investments in Securities | $ 149,460,609 | $ — | $ — | $ 149,460,609 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
14 | MainStay Candriam Emerging Markets Equity Fund |
Value | Percent †^ | ||
Automobiles | $ 5,460,072 | 3.7% | |
Banks | 24,614,643 | 16.6 | |
Beverages | 4,030,448 | 2.7 | |
Broadline Retail | 11,516,769 | 7.7 | |
Capital Markets | 683,581 | 0.5 | |
Chemicals | 2,001,459 | 1.3 | |
Communications Equipment | 3,627,578 | 2.4 | |
Construction & Engineering | 1,442,005 | 1.0 | |
Construction Materials | 720,839 | 0.5 | |
Consumer Finance | 2,785,647 | 1.9 | |
Consumer Staples Distribution & Retail | 5,694,111 | 3.8 | |
Electrical Equipment | 4,015,822 | 2.7 | |
Electronic Equipment, Instruments & Components | 2,864,609 | 1.9 | |
Entertainment | 2,816,103 | 1.9 | |
Financial Services | 3,033,460 | 2.0 | |
Food Products | 1,409,514 | 0.9 | |
Gas Utilities | 964,385 | 0.6 | |
Ground Transportation | 1,089,693 | 0.7 | |
Health Care Providers & Services | 2,464,606 | 1.7 | |
Hotels, Restaurants & Leisure | 2,317,932 | 1.6 | |
Insurance | 4,467,103 | 3.0 | |
Interactive Media & Services | 7,150,324 | 4.8 | |
Life Sciences Tools & Services | 1,049,943 | 0.7 | |
Machinery | 1,725,000 | 1.2 | |
Metals & Mining | 7,537,378 | 5.1 | |
Oil, Gas & Consumable Fuels | 7,110,873 | 4.8 | |
Personal Care Products | 781,650 | 0.5 | |
Pharmaceuticals | 1,294,254 | 0.9 | |
Real Estate Management & Development | 1,340,089 | 0.9 | |
Semiconductors & Semiconductor Equipment | 19,583,120 | 13.2 | |
Software | 2,685,533 | 1.8 | |
Technology Hardware, Storage & Peripherals | 4,151,157 | 2.8 | |
Textiles, Apparel & Luxury Goods | 587,099 | 0.4 | |
Transportation Infrastructure | 1,947,087 | 1.3 | |
Wireless Telecommunication Services | 4,496,723 | 3.0 | |
149,460,609 | 100.5 | ||
Other Assets, Less Liabilities | (722,469) | (0.5) | |
Net Assets | $148,738,140 | 100.0% |
† | Percentages indicated are based on Fund net assets. |
^ | Industry classifications may be different than those used for compliance monitoring purposes. |
Assets | |
Investment in securities, at value (identified cost $152,151,492) | $149,460,609 |
Cash | 2,014,896 |
Cash denominated in foreign currencies (identified cost $210,944) | 211,081 |
Receivables: | |
Investment securities sold | 682,758 |
Fund shares sold | 217,611 |
Dividends | 73,369 |
Securities lending | 1,580 |
Other assets | 60,671 |
Total assets | 152,722,575 |
Liabilities | |
Payables: | |
Fund shares redeemed | 3,387,265 |
Foreign capital gains tax (See Note 2) | 295,269 |
Investment securities purchased | 123,875 |
Manager (See Note 3) | 118,710 |
Custodian | 47,154 |
Professional fees | 6,529 |
Transfer agent (See Note 3) | 3,816 |
Shareholder communication | 628 |
NYLIFE Distributors (See Note 3) | 521 |
Trustees | 5 |
Accrued expenses | 663 |
Total liabilities | 3,984,435 |
Net assets | $148,738,140 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 17,646 |
Additional paid-in-capital | 180,370,602 |
180,388,248 | |
Total distributable earnings (loss) | (31,650,108) |
Net assets | $148,738,140 |
Class A | |
Net assets applicable to outstanding shares | $ 1,909,527 |
Shares of beneficial interest outstanding | 227,703 |
Net asset value per share outstanding | $ 8.39 |
Maximum sales charge (5.50% of offering price) | 0.49 |
Maximum offering price per share outstanding | $ 8.88 |
Investor Class | |
Net assets applicable to outstanding shares | $ 197,589 |
Shares of beneficial interest outstanding | 23,629 |
Net asset value per share outstanding | $ 8.36 |
Maximum sales charge (5.00% of offering price) | 0.44 |
Maximum offering price per share outstanding | $ 8.80 |
Class C | |
Net assets applicable to outstanding shares | $ 70,575 |
Shares of beneficial interest outstanding | 8,629 |
Net asset value and offering price per share outstanding | $ 8.18 |
Class I | |
Net assets applicable to outstanding shares | $ 20,400,695 |
Shares of beneficial interest outstanding | 2,404,811 |
Net asset value and offering price per share outstanding | $ 8.48 |
Class R6 | |
Net assets applicable to outstanding shares | $126,159,754 |
Shares of beneficial interest outstanding | 14,981,596 |
Net asset value and offering price per share outstanding | $ 8.42 |
16 | MainStay Candriam Emerging Markets Equity Fund |
Investment Income (Loss) | |
Income | |
Dividends (net of foreign tax withholding of $365,403) | $ 3,344,740 |
Securities lending, net | 4,511 |
Other | 43,526 |
Total income | 3,392,777 |
Expenses | |
Manager (See Note 3) | 1,504,198 |
Custodian | 144,330 |
Professional fees | 102,829 |
Registration | 71,791 |
Transfer agent (See Note 3) | 22,677 |
Shareholder communication | 9,922 |
Distribution/Service—Class A (See Note 3) | 5,511 |
Distribution/Service—Investor Class (See Note 3) | 631 |
Distribution/Service—Class C (See Note 3) | 978 |
Trustees | 3,881 |
Miscellaneous | 8,314 |
Total expenses before waiver/reimbursement | 1,875,062 |
Expense waiver/reimbursement from Manager (See Note 3) | (346,253) |
Reimbursement from prior custodian(a) | (266) |
Net expenses | 1,528,543 |
Net investment income (loss) | 1,864,234 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions(b) | (12,058,313) |
Foreign currency transactions | (192,760) |
Net realized gain (loss) | (12,251,073) |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments(c) | 9,332,687 |
Translation of other assets and liabilities in foreign currencies | 330 |
Net change in unrealized appreciation (depreciation) | 9,333,017 |
Net realized and unrealized gain (loss) | (2,918,056) |
Net increase (decrease) in net assets resulting from operations | $ (1,053,822) |
(a) | Represents a refund for overbilling of custody fees. |
(b) | Realized gain (loss) on security transactions recorded net of foreign capital gains tax in the amount of $(70,937). |
(c) | Net change in unrealized appreciation (depreciation) on investments recorded net of foreign capital gains tax in the amount of $(142,871). |
for the years ended October 31, 2023 and October 31, 2022
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 1,864,234 | $ 1,623,183 |
Net realized gain (loss) | (12,251,073) | (17,148,783) |
Net change in unrealized appreciation (depreciation) | 9,333,017 | (28,313,998) |
Net increase (decrease) in net assets resulting from operations | (1,053,822) | (43,839,598) |
Distributions to shareholders: | ||
Class A | (17,148) | (13,154) |
Investor Class | (1,668) | (2,228) |
Class I | (145,979) | (35,091) |
Class R6 | (1,134,919) | (751,850) |
Total distributions to shareholders | (1,299,714) | (802,323) |
Capital share transactions: | ||
Net proceeds from sales of shares | 60,890,791 | 69,723,839 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 1,018,121 | 792,715 |
Cost of shares redeemed | (19,933,822) | (8,846,223) |
Increase (decrease) in net assets derived from capital share transactions | 41,975,090 | 61,670,331 |
Net increase (decrease) in net assets | 39,621,554 | 17,028,410 |
Net Assets | ||
Beginning of year | 109,116,586 | 92,088,176 |
End of year | $148,738,140 | $109,116,586 |
18 | MainStay Candriam Emerging Markets Equity Fund |
Year Ended October 31, | |||||||||
Class A | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 8.24 | $ 12.73 | $ 10.66 | $ 8.97 | $ 7.98 | ||||
Net investment income (loss) (a) | 0.08 | 0.13 | 0.04 | 0.02 | 0.10 | ||||
Net realized and unrealized gain (loss) | 0.14 | (4.56) | 2.06 | 1.85 | 0.93 | ||||
Total from investment operations | 0.22 | (4.43) | 2.10 | 1.87 | 1.03 | ||||
Less distributions: | |||||||||
From net investment income | (0.07) | (0.06) | (0.03) | (0.18) | (0.04) | ||||
Net asset value at end of year | $ 8.39 | $ 8.24 | $ 12.73 | $ 10.66 | $ 8.97 | ||||
Total investment return (b) | 2.60% | (34.95)% | 19.68% | 21.14% | 12.96% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.84% | 1.25% | 0.30% | 0.22% | 1.18% | ||||
Net expenses (c) | 1.33% | 1.44% | 1.47% | 1.50% | 1.50% | ||||
Expenses (before waiver/reimbursement) (c) | 1.55% | 1.77% | 1.75% | 2.00% | 1.77% | ||||
Portfolio turnover rate | 60% | 105% | 74% | 122% | 107% | ||||
Net assets at end of year (in 000’s) | $ 1,910 | $ 2,144 | $ 2,921 | $ 1,111 | $ 77 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | |||||||||
Investor Class | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 8.22 | $ 12.70 | $ 10.65 | $ 8.95 | $ 7.97 | ||||
Net investment income (loss) (a) | 0.06 | 0.12 | 0.02 | 0.02 | 0.07 | ||||
Net realized and unrealized gain (loss) | 0.13 | (4.55) | 2.05 | 1.84 | 0.94 | ||||
Total from investment operations | 0.19 | (4.43) | 2.07 | 1.86 | 1.01 | ||||
Less distributions: | |||||||||
From net investment income | (0.05) | (0.05) | (0.02) | (0.16) | (0.03) | ||||
Net asset value at end of year | $ 8.36 | $ 8.22 | $ 12.70 | $ 10.65 | $ 8.95 | ||||
Total investment return (b) | 2.33% | (34.99)% | 19.49% | 21.11%(c) | 12.71%(c) | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.68% | 1.09% | 0.15% | 0.17% | 0.76% | ||||
Net expenses (d) | 1.50% | 1.57% | 1.52% | 1.52% | 1.66% | ||||
Expenses (before waiver/reimbursement) (d) | 1.72% | 1.88% | 1.81% | 2.03% | 1.92% | ||||
Portfolio turnover rate | 60% | 105% | 74% | 122% | 107% | ||||
Net assets at end of year (in 000's) | $ 198 | $ 256 | $ 507 | $ 360 | $ 121 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | |||||||||
Class C | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 8.05 | $ 12.48 | $ 10.52 | $ 8.85 | $ 7.91 | ||||
Net investment income (loss) (a) | (0.02) | 0.04 | (0.08) | (0.05) | (0.01) | ||||
Net realized and unrealized gain (loss) | 0.15 | (4.47) | 2.04 | 1.83 | 0.95 | ||||
Total from investment operations | 0.13 | (4.43) | 1.96 | 1.78 | 0.94 | ||||
Less distributions: | |||||||||
From net investment income | — | — | — | (0.11) | — | ||||
Net asset value at end of year | $ 8.18 | $ 8.05 | $ 12.48 | $ 10.52 | $ 8.85 | ||||
Total investment return (b) | 1.61% | (35.50)% | 18.63%(c) | 20.23% | 11.88% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | (0.18)% | 0.36% | (0.63)% | (0.52)% | (0.13)% | ||||
Net expenses (d) | 2.25% | 2.31% | 2.27% | 2.27% | 2.40% | ||||
Expenses (before waiver/reimbursement) (d) | 2.48% | 2.64% | 2.57% | 2.78% | 2.67% | ||||
Portfolio turnover rate | 60% | 105% | 74% | 122% | 107% | ||||
Net assets at end of year (in 000’s) | $ 71 | $ 141 | $ 212 | $ 217 | $ 56 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | |||||||||
Class I | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 8.33 | $ 12.85 | $ 10.77 | $ 8.99 | $ 8.00 | ||||
Net investment income (loss) (a) | 0.12 | 0.16 | 0.05 | 0.05 | (0.02) | ||||
Net realized and unrealized gain (loss) | 0.12 | (4.58) | 2.11 | 1.87 | 1.07 | ||||
Total from investment operations | 0.24 | (4.42) | 2.16 | 1.92 | 1.05 | ||||
Less distributions: | |||||||||
From net investment income | (0.09) | (0.10) | (0.08) | (0.14) | (0.06) | ||||
Net asset value at end of year | $ 8.48 | $ 8.33 | $ 12.85 | $ 10.77 | $ 8.99 | ||||
Total investment return (b) | 2.87% | (34.65)% | 20.05% | 21.60% | 13.28% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.28% | 1.65% | 0.38% | 0.55% | (0.26)% | ||||
Net expenses (c) | 1.01% | 1.06% | 1.07% | 1.15% | 1.15% | ||||
Expenses (before waiver/reimbursement) (c) | 1.29% | 1.54% | 1.52% | 1.79% | 1.52% | ||||
Portfolio turnover rate | 60% | 105% | 74% | 122% | 107% | ||||
Net assets at end of year (in 000’s) | $ 20,401 | $ 12,977 | $ 4,532 | $ 30 | $ 40 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. 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. |
20 | MainStay Candriam Emerging Markets Equity Fund |
Year Ended October 31, | |||||||||
Class R6 | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 8.28 | $ 12.79 | $ 10.71 | $ 9.00 | $ 8.01 | ||||
Net investment income (loss) (a) | 0.11 | 0.17 | 0.08 | 0.05 | 0.10 | ||||
Net realized and unrealized gain (loss) | 0.13 | (4.57) | 2.06 | 1.86 | 0.95 | ||||
Total from investment operations | 0.24 | (4.40) | 2.14 | 1.91 | 1.05 | ||||
Less distributions: | |||||||||
From net investment income | (0.10) | (0.11) | (0.06) | (0.20) | (0.06) | ||||
Net asset value at end of year | $ 8.42 | $ 8.28 | $ 12.79 | $ 10.71 | $ 9.00 | ||||
Total investment return (b) | 2.82% | (34.65)% | 20.05% | 21.61% | 13.29% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.24% | 1.63% | 0.58% | 0.51% | 1.11% | ||||
Net expenses (c) | 1.01% | 1.06% | 1.07% | 1.15% | 1.15% | ||||
Expenses (before waiver/reimbursement) (c) | 1.23% | 1.40% | 1.32% | 1.53% | 1.42% | ||||
Portfolio turnover rate | 60% | 105% | 74% | 122% | 107% | ||||
Net assets at end of year (in 000’s) | $ 126,160 | $ 93,598 | $ 83,916 | $ 83,230 | $ 49,111 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. 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. |
Class | Commenced Operations |
Class A | November 15, 2017 |
Investor Class | November 15, 2017 |
Class C | November 15, 2017 |
Class I | November 15, 2017 |
Class R6 | November 15, 2017 |
22 | MainStay Candriam Emerging Markets Equity 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 Candriam Emerging Markets Equity Fund |
26 | MainStay Candriam Emerging Markets Equity Fund |
Class | Expense | Waived |
Class A | $ 1,535 | $— |
Investor Class | 599 | — |
Class C | 233 | — |
Class I | 15,363 | — |
Class R6 | 4,947 | — |
Class I | $24,345 | 0.1% |
Class R6 | 24,334 | 0.0‡ |
‡ | Less than one-tenth of a percent. |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $157,681,526 | $11,841,742 | $(20,062,482) | $(8,220,740) |
Ordinary Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$1,815,873 | $(24,908,932) | $— | $(8,557,049) | $(31,650,108) |
Total Distributable Earnings (Loss) | Additional Paid-In Capital | |
$3,065 | $(3,065) |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $22,758 | $2,151 |
2023 | 2022 | |
Distributions paid from: | ||
Ordinary Income | $1,299,714 | $802,323 |
Class A | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 16,378 | $ 149,198 |
Shares issued to shareholders in reinvestment of distributions | 1,938 | 17,148 |
Shares redeemed | (57,528) | (516,759) |
Net increase (decrease) in shares outstanding before conversion | (39,212) | (350,413) |
Shares converted into Class A (See Note 1) | 6,792 | 60,925 |
Net increase (decrease) | (32,420) | $ (289,488) |
Year ended October 31, 2022: | ||
Shares sold | 103,556 | $ 1,141,430 |
Shares issued to shareholders in reinvestment of distributions | 1,080 | 13,154 |
Shares redeemed | (78,458) | (865,939) |
Net increase (decrease) in shares outstanding before conversion | 26,178 | 288,645 |
Shares converted into Class A (See Note 1) | 4,437 | 49,329 |
Net increase (decrease) | 30,615 | $ 337,974 |
Investor Class | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 4,509 | $ 40,548 |
Shares issued to shareholders in reinvestment of distributions | 189 | 1,668 |
Shares redeemed | (11,260) | (101,809) |
Net increase (decrease) in shares outstanding before conversion | (6,562) | (59,593) |
Shares converted into Investor Class (See Note 1) | 1,179 | 10,594 |
Shares converted from Investor Class (See Note 1) | (2,161) | (19,757) |
Net increase (decrease) | (7,544) | $ (68,756) |
Year ended October 31, 2022: | ||
Shares sold | 5,012 | $ 55,702 |
Shares issued to shareholders in reinvestment of distributions | 183 | 2,228 |
Shares redeemed | (10,689) | (111,295) |
Net increase (decrease) in shares outstanding before conversion | (5,494) | (53,365) |
Shares converted into Investor Class (See Note 1) | 182 | 1,857 |
Shares converted from Investor Class (See Note 1) | (3,454) | (40,618) |
Net increase (decrease) | (8,766) | $ (92,126) |
28 | MainStay Candriam Emerging Markets Equity Fund |
Class C | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 703 | $ 6,000 |
Shares redeemed | (7,078) | (61,830) |
Net increase (decrease) in shares outstanding before conversion | (6,375) | (55,830) |
Shares converted from Class C (See Note 1) | (2,527) | (22,213) |
Net increase (decrease) | (8,902) | $ (78,043) |
Year ended October 31, 2022: | ||
Shares sold | 2,570 | $ 28,268 |
Shares redeemed | (1,811) | (18,804) |
Net increase (decrease) in shares outstanding before conversion | 759 | 9,464 |
Shares converted from Class C (See Note 1) | (186) | (1,857) |
Net increase (decrease) | 573 | $ 7,607 |
Class I | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 1,673,240 | $ 15,800,238 |
Shares issued to shareholders in reinvestment of distributions | 14,494 | 129,432 |
Shares redeemed | (840,143) | (7,263,043) |
Net increase (decrease) | 847,591 | $ 8,666,627 |
Year ended October 31, 2022: | ||
Shares sold | 1,475,630 | $ 15,043,035 |
Shares issued to shareholders in reinvestment of distributions | 2,077 | 25,483 |
Shares redeemed | (273,007) | (2,590,693) |
Net increase (decrease) | 1,204,700 | $ 12,477,825 |
Class R6 | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 4,914,202 | $ 44,894,807 |
Shares issued to shareholders in reinvestment of distributions | 98,069 | 869,873 |
Shares redeemed | (1,334,945) | (11,990,381) |
Net increase (decrease) in shares outstanding before conversion | 3,677,326 | 33,774,299 |
Shares converted from Class R6 (See Note 1) | (3,328) | (29,549) |
Net increase (decrease) | 3,673,998 | $ 33,744,750 |
Year ended October 31, 2022: | ||
Shares sold | 5,207,580 | $ 53,455,404 |
Shares issued to shareholders in reinvestment of distributions | 61,678 | 751,850 |
Shares redeemed | (521,083) | (5,259,492) |
Net increase (decrease) in shares outstanding before conversion | 4,748,175 | 48,947,762 |
Shares converted from Class R6 (See Note 1) | (988) | (8,711) |
Net increase (decrease) | 4,747,187 | $ 48,939,051 |
MainStay Funds Trust:
30 | MainStay Candriam Emerging Markets Equity Fund |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Naïm Abou-Jaoudé* 1966 | MainStay Funds: Trustee since 2023 MainStay Funds Trust: Trustee since 2023 | Chief Executive Officer of New York Life Investment Management LLC (since 2023). Chief Executive Officer of Candriam (an affiliate of New York Life Investment Management LLC) (2007 to 2023). | 81 | MainStay VP Funds Trust: Trustee since 2023 (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2023; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2023; and New York Life Investment Management International (Chair) since 2015 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of his affiliation with New York Life Investment Management LLC and Candriam, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
32 | MainStay Candriam Emerging Markets Equity Fund |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015);MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC (since 1999) | 81 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2021; VanEck Vectors Group of Exchange-Traded Funds: Trustee since 2006 and Independent Chairman of the Board of Trustees from 2008 to 2022 (57 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Investment Committee since 2018 | |
Karen Hammond 1956 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021);MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 81 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Susan B. Kerley 1951 | MainStay Funds: Chair since January 2017 and Trustee since 2007;MainStay Funds Trust: Chair since January 2017 and Trustee since 1990*** | President, Strategic Management Advisors LLC (since 1990) | 81 | MainStay VP Funds Trust: Chair since January 2017 and Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chair since January 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Alan R. Latshaw 1951 | MainStay Funds: Trusteesince 2006;MainStay Funds Trust: Trustee since 2007*** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 81 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 | |
Jacques P. Perold 1958 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015to December 2015);MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 81 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay Funds: Trustee since 1994;MainStay Funds Trust: Trustee since 2007*** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) (since 2004); Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 81 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 |
** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
*** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
34 | MainStay Candriam Emerging Markets Equity Fund |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay Funds, MainStay Funds Trust (since 2017) | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since 2018); President, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust (since 2017)**; Senior Managing Director, Global Product Development (2015 to 2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay Funds (since 2007), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2007)**; and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay Funds and MainStay Funds Trust (since 2010) | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2010)** | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay Funds and MainStay Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ Trust, IndexIQ ETF Trust and Index IQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund, MainStay VP Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012 to 2022) | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay Funds (since 2005), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2005)** |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, New York Life Insurance Company, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
1.
2. | This Fund is registered for sale in CA, CT, DE, FL, MA, NJ, NY and VT. |
3. | An affiliate of New York Life Investment Management LLC. |
5013883MS139-23 | MSCEME11-12/23 |
MainStay Conservative Allocation Fund |
MainStay Moderate Allocation Fund |
MainStay Growth Allocation Fund |
MainStay Equity Allocation Fund |
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended October 31, 2023 | |||||||
Class | Sales Charge | Inception Date | One Year | Five Years | Ten Years or Since Inception | Gross Expense Ratio1 | |
Class A Shares2 | Maximum 3.00% Initial Sales Charge | With sales charges | 4/4/2005 | -0.66% | 1.83% | 2.44% | 0.86% |
Excluding sales charges | 2.41 | 2.99 | 3.02 | 0.86 | |||
Investor Class Shares2, 3 | Maximum 2.50% Initial Sales Charge | With sales charges | 2/28/2008 | -0.33 | 1.66 | 2.28 | 1.08 |
Excluding sales charges | 2.22 | 2.82 | 2.86 | 1.08 | |||
Class B Shares4 | Maximum 5.00% CDSC | With sales charges | 4/4/2005 | -3.53 | 1.70 | 2.09 | 1.83 |
if Redeemed Within the First Six Years of Purchase | Excluding sales charges | 1.36 | 2.03 | 2.09 | 1.83 | ||
Class C Shares | Maximum 1.00% CDSC | With sales charges | 4/4/2005 | 0.48 | 2.03 | 2.09 | 1.83 |
if Redeemed Within One Year of Purchase | Excluding sales charges | 1.45 | 2.03 | 2.09 | 1.83 | ||
Class I Shares | No Sales Charge | 4/4/2005 | 2.63 | 3.27 | 3.30 | 0.61 | |
Class R2 Shares5 | No Sales Charge | 6/14/2019 | 2.31 | N/A | 2.20 | 0.96 | |
Class R3 Shares5 | No Sales Charge | 2/29/2016 | 1.99 | 2.62 | 3.54 | 1.21 | |
SIMPLE Class Shares | No Sales Charge | 8/31/2020 | 2.04 | N/A | -0.77 | 1.26 |
1. | The gross expense ratios presented reflect the Fund’s “Total Annual Fund Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report. |
2. | Prior to July 22, 2019, the maximum initial sales charge applicable was 5.50%, which is reflected in the applicable average annual total return figures shown. |
3. | Prior to June 30, 2020, the maximum initial sales charge was 3.00%, which is reflected in the applicable average annual total return figures shown. |
4. | Class B shares are closed to all new purchases as well as additional investments by existing Class B shareholders. |
5. | As of October 31, 2023, Class R2 and Class R3 shares are closed to new investors and, upon the close of business on December 29, 2023, Class R2 and Class R3 shares are closed to additional investments by existing shareholders. Additionally, Class R2 and 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 R2 or 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* | One Year | Five Years | Ten Years |
Bloomberg U.S. Aggregate Bond Index1 | 0.36% | -0.06% | 0.88% |
S&P 500® Index2 | 10.14 | 11.01 | 11.18 |
MSCI EAFE® Index (Net)3 | 14.40 | 4.10 | 3.05 |
Conservative Allocation Composite Index4 | 4.72 | 3.93 | 4.37 |
Morningstar Moderately Conservative Allocation Category Average5 | 2.73 | 2.95 | 3.30 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | The Bloomberg U.S. Aggregate Bond Index is the Fund's primary 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. |
2. | The S&P 500® Index is the Fund's secondary benchmark. 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 Fund has selected the MSCI EAFE® Index (Net) as an additional benchmark. The MSCI EAFE® Index (Net) consists of international stocks representing the developed world outside of North America. |
4. | The Fund has selected the Conservative Allocation Composite Index as an additional benchmark. Effective February 28, 2014, the Conservative Allocation Composite Index consists of the S&P 500® Index, the MSCI EAFE® Index and the Bloomberg U.S. Aggregate Bond Index weighted 30%, 10% and 60%, respectively. Prior to February 28, 2014, the Conservative Allocation Composite Index consisted of S&P 500® Index, the MSCI EAFE® Index and the Bloomberg U.S. Aggregate Bond Index weighted 35%, 5%, and 60%, respectively. |
5. | The Morningstar Moderately Conservative Allocation Category Average is a representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderately conservative strategies prioritize preservation of capital over appreciation. They typically expect volatility similar to a strategic equity exposure between 30% and 50%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
6 | MainStay Conservative 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 | $965.80 | $1.88 | $1,023.29 | $1.94 | 0.38% |
Investor Class Shares | $1,000.00 | $964.90 | $2.72 | $1,022.43 | $2.80 | 0.55% |
Class B Shares | $1,000.00 | $960.30 | $6.42 | $1,018.65 | $6.61 | 1.30% |
Class C Shares | $1,000.00 | $961.20 | $6.43 | $1,018.65 | $6.61 | 1.30% |
Class I Shares | $1,000.00 | $966.60 | $0.64 | $1,024.55 | $0.66 | 0.13% |
Class R2 Shares | $1,000.00 | $965.40 | $2.38 | $1,022.79 | $2.45 | 0.48% |
Class R3 Shares | $1,000.00 | $963.20 | $3.61 | $1,021.53 | $3.72 | 0.73% |
SIMPLE Class Shares | $1,000.00 | $964.20 | $3.37 | $1,021.78 | $3.47 | 0.68% |
1. | Expenses are equal to the Fund’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 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 | 35.3% |
Fixed Income Funds | 53.5 |
Short-Term Investment | 10.9 |
Other Assets, Less Liabilities | 0.3 |
8 | MainStay Conservative 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. |
10 | MainStay Conservative Allocation Fund |
5. | The yield curve is a line that plots the yields of various securities of similar quality—typically U.S. Treasury issues—across a range of maturities. The U.S. Treasury yield curve serves as a benchmark for other debt and is used in economic forecasting. |
6. | The S&P Small Cap 600™ Index covers roughly the small-cap range of American stocks, using a capitalization-weighted index. Capitalization range is from $850 million to $3.7 billion. An investment cannot be made directly in an index. |
7. | 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) comparable to U.S. Treasury issues. |
12 | MainStay Conservative Allocation Fund |
Shares | Value | |
Affiliated Investment Companies 88.8% | ||
Equity Funds 35.3% | ||
IQ 500 International ETF | 208,359 | $ 6,173,490 |
IQ Candriam International Equity ETF | 244,100 | 6,085,071 |
IQ Candriam U.S. Large Cap Equity ETF | 278,280 | 10,201,801 |
IQ Candriam U.S. Mid Cap Equity ETF | 245,130 | 6,125,848 |
IQ FTSE International Equity Currency Neutral ETF | 326,633 | 7,362,308 |
IQ U.S. Large Cap ETF | 240,817 | 7,594,188 |
IQ U.S. Small Cap ETF | 131,349 | 3,873,456 |
IQ Winslow Large Cap Growth ETF (a) | 41,013 | 1,256,745 |
MainStay Candriam Emerging Markets Equity Fund Class R6 | 644,127 | 5,424,132 |
MainStay Epoch Capital Growth Fund Class I | 106,039 | 1,276,728 |
MainStay Epoch International Choice Fund Class I | 102,921 | 3,621,407 |
MainStay Epoch U.S. Equity Yield Fund Class R6 (a) | 419,447 | 7,755,697 |
MainStay Fiera SMID Growth Fund Class R6 | 429,083 | 6,061,136 |
MainStay PineStone International Equity Fund Class R6 | 267,483 | 3,634,689 |
MainStay PineStone U.S. Equity Fund Class R6 (a) | 469,881 | 7,316,895 |
MainStay S&P 500 Index Fund Class I | 113,229 | 5,599,451 |
MainStay Winslow Large Cap Growth Fund Class R6 | 973,046 | 9,729,872 |
MainStay WMC Enduring Capital Fund Class R6 | 232,848 | 7,008,754 |
MainStay WMC Growth Fund Class R6 (a) | 283,870 | 10,236,768 |
MainStay WMC International Research Equity Fund Class I | 554,016 | 3,641,159 |
MainStay WMC Small Companies Fund Class I | 220,372 | 4,133,416 |
MainStay WMC Value Fund Class R6 | 248,772 | 6,971,485 |
Total Equity Funds (Cost $115,876,934) | 131,084,496 | |
Fixed Income Funds 53.5% | ||
IQ MacKay ESG Core Plus Bond ETF (a) | 3,627,377 | 71,017,512 |
IQ Mackay ESG High Income ETF (a) | 247,832 | 6,204,474 |
MainStay Floating Rate Fund Class R6 (a) | 2,365,396 | 20,709,511 |
MainStay MacKay High Yield Corporate Bond Fund Class R6 | 1,271,887 | 6,223,723 |
MainStay MacKay Short Duration High Yield Fund Class I | 1,727,100 | 15,854,436 |
MainStay MacKay Total Return Bond Fund Class R6 (a) | 8,521,338 | 71,122,495 |
Shares | Value | ||
Fixed Income Funds (continued) | |||
MainStay Short Term Bond Fund Class I (a) | 840,491 | $ 7,525,591 | |
Total Fixed Income Funds (Cost $226,299,234) | 198,657,742 | ||
Total Affiliated Investment Companies (Cost $342,176,168) | 329,742,238 | ||
Short-Term Investment 10.9% | |||
Affiliated Investment Company 10.9% | |||
MainStay U.S. Government Liquidity Fund, 5.275% (b) | 40,309,308 | 40,309,308 | |
Total Short-Term Investment (Cost $40,309,308) | 10.9% | 40,309,308 | |
Total Investments (Cost $382,485,476) | 99.7% | 370,051,546 | |
Other Assets, Less Liabilities | 0.3 | 1,063,491 | |
Net Assets | 100.0% | $ 371,115,037 |
† | Percentages indicated are based on Fund net assets. |
^ | Industry classifications may be different than those used for compliance monitoring purposes. |
(a) | As of October 31, 2023, the Fund's ownership exceeds 5% of the outstanding shares of the Underlying Fund's share class. |
(b) | Current yield as of October 31, 2023. |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
IQ 500 International ETF | $ 6,936 | $ 204 | $ (1,952) | $ 73 | $ 912 | $ 6,173 | $ 248 | $ — | 208 |
IQ Candriam International Equity ETF | 6,872 | 196 | (1,801) | 255 | 563 | 6,085 | 202 | — | 244 |
IQ Candriam U.S. Large Cap Equity ETF | 13,661 | 293 | (5,448) | 1,190 | 506 | 10,202 | 180 | — | 278 |
IQ Candriam U.S. Mid Cap Equity ETF | — | 7,775 | (840) | (26) | (783) | 6,126 | 22 | — | 245 |
IQ FTSE International Equity Currency Neutral ETF | 8,250 | 84 | (1,856) | 202 | 683 | 7,363 | 178 | 151 | 327 |
IQ MacKay ESG Core Plus Bond ETF | 70,570 | 9,676 | (6,815) | (1,012) | (1,401) | 71,018 | 3,438 | — | 3,627 |
IQ Mackay ESG High Income ETF | — | 6,577 | (194) | (1) | (177) | 6,205 | 185 | — | 248 |
IQ U.S. Large Cap ETF | 11,039 | 63 | (3,778) | 149 | 121 | 7,594 | 164 | — | 241 |
IQ U.S. Small Cap ETF | 8,332 | 1,480 | (5,544) | 847 | (1,242) | 3,873 | 106 | — | 131 |
IQ Winslow Large Cap Growth ETF | 727 | 338 | (13) | — | 205 | 1,257 | —(a) | — | 41 |
MainStay Candriam Emerging Markets Equity Fund Class R6 | 5,739 | 175 | (636) | (239) | 385 | 5,424 | 68 | — | 644 |
MainStay Epoch Capital Growth Fund Class I | 1,458 | 21 | (418) | (53) | 269 | 1,277 | 6 | 14 | 106 |
MainStay Epoch International Choice Fund Class I | 4,148 | 104 | (1,176) | 218 | 327 | 3,621 | 54 | — | 103 |
MainStay Epoch U.S. Equity Yield Fund Class R6 | 11,410 | 471 | (4,015) | 679 | (789) | 7,756 | 243 | 164 | 419 |
MainStay Fiera SMID Growth Fund Class R6 | — | 6,702 | (35) | (1) | (605) | 6,061 | — | — | 429 |
MainStay Floating Rate Fund Class R6 | 30,201 | 2,693 | (12,865) | (606) | 1,287 | 20,710 | 2,124 | — | 2,365 |
MainStay MacKay High Yield Corporate Bond Fund Class R6 | 13,338 | 764 | (8,106) | (467) | 695 | 6,224 | 585 | — | 1,272 |
MainStay MacKay International Equity Fund Class R6 | 3,985 | 143 | (4,280) | (990) | 1,142 | — | 36 | — | — |
MainStay MacKay Short Duration High Yield Fund Class I | 16,996 | 1,395 | (2,719) | (150) | 332 | 15,854 | 972 | — | 1,727 |
MainStay MacKay Total Return Bond Fund Class R6 | 79,386 | 5,013 | (11,674) | (2,517) | 914 | 71,122 | 3,412 | — | 8,521 |
MainStay PineStone International Equity Fund Class R6 (b) | — | 3,886 | — | — | (251) | 3,635 | — | — | 267 |
MainStay PineStone U.S. Equity Fund Class R6 | — | 7,662 | — | — | (345) | 7,317 | — | — | 470 |
MainStay S&P 500 Index Fund Class I | 6,225 | 656 | (1,332) | 260 | (210) | 5,599 | 86 | 487 | 113 |
MainStay Short Term Bond Fund Class I | — | 8,186 | (513) | (7) | (140) | 7,526 | 196 | — | 840 |
MainStay U.S. Government Liquidity Fund | 41,566 | 71,676 | (72,933) | — | — | 40,309 | 1,869 | — | 40,309 |
MainStay Winslow Large Cap Growth Fund Class R6 | 12,631 | 1,438 | (5,354) | 256 | 759 | 9,730 | 29 | 1,391 | 973 |
MainStay WMC Enduring Capital Fund Class R6 | 10,570 | 709 | (4,417) | (634) | 781 | 7,009 | 61 | 376 | 233 |
MainStay WMC Growth Fund Class R6 | 13,337 | 646 | (5,959) | (2,068) | 4,281 | 10,237 | — | — | 284 |
MainStay WMC International Research Equity Fund Class I | 4,070 | 144 | (1,030) | (101) | 558 | 3,641 | 84 | — | 554 |
MainStay WMC Small Companies Fund Class I | 8,623 | 1,580 | (5,156) | (539) | (375) | 4,133 | 185 | — | 220 |
MainStay WMC Value Fund Class R6 | 11,002 | 785 | (4,244) | (71) | (501) | 6,971 | 178 | 403 | 249 |
$401,072 | $141,535 | $(175,103) | $(5,353) | $ 7,901 | $370,052 | $14,911 | $2,986 |
(a) | Less than $500. |
(b) | As of September 8, 2023, the Fund exchanged in a nontaxable transfer of all shares of the MainStay MacKay International Equity Fund Class R6 into the newly launched MainStay PineStone International Equity Fund Class R6. |
14 | MainStay Conservative Allocation Fund |
Swap Counterparty | Reference Obligation | Floating Rate2 | Termination Date(s) | Payment Frequency Paid/ Received | Notional Amount Long/ (Short) (000)3 | Unrealized Appreciation/ (Depreciation)4 |
Citibank NA | Citi Leveraged Loan Basket | 1 day FEDF minus 0.20% | 12/4/23 | Daily | (3,920) | $ — |
Citibank NA | Citi Zombie Company Basket | 1 day FEDF minus 0.50% | 12/4/23 | Daily | (3,527) | — |
JPMorgan Chase Bank NA | Global X Uranium ETF | 1 day FEDF plus 0.50% | 10/8/24 - 10/15/24 | Daily | 4,003 | — |
Citibank NA | Invesco S&P 500 Low Volatility ETF | 1 day FEDF plus 0.45% | 12/4/23 | Daily | 3,736 | — |
Citibank NA | iShares 20+ Year Treasury Bond ETF | 1 day FEDF plus 0.38% | 12/4/23 | Daily | 20,336 | — |
Citibank NA | iShares MSCI EAFE ETF | 1 day FEDF minus 1.25% | 12/4/23 | Daily | (9,298) | — |
Citibank NA | iShares MSCI Emerging Markets ETF | 1 day FEDF minus 0.54% | 12/4/23 | Daily | (2,010) | — |
JPMorgan Chase Bank NA | iShares MSCI Japan ETF | 1 day FEDF plus 0.15% | 4/24/24 - 5/7/24 | Daily | 11,127 | — |
JPMorgan Chase Bank NA | Materials Select Sector SPDR Fund | 1 day FEDF plus 0.18% | 2/5/24 | Daily | 3,664 | — |
Citibank NA | Russell 1000 Growth Total Return Index | 1 day FEDF minus 0.20% | 12/4/23 | Daily | (5,442) | — |
JPMorgan Chase Bank NA | Russell 2000 Total Return Index | 1 day FEDF minus 0.15% - plus 0.02% | 4/9/24 - 5/7/24 | Daily | (15,498) | — |
JPMorgan Chase Bank NA | S&P 500 Equal Weight | 1 day FEDF plus 0.30% - 0.51% | 5/7/24 | Daily | 16,324 | — |
Citibank NA | S&P 500 Health Care Sector | 1 day FEDF plus 0.45% | 12/4/23 | Daily | 3,817 | — |
Citibank NA | S&P 500 Total Return Index | 1 day FEDF plus 0.05% | 12/4/23 | Daily | (10,184) | — |
Citibank NA | S&P 500 Utilities Total Return | 1 day FEDF plus 0.50% | 12/4/23 | Daily | 3,840 | — |
Citibank NA | S&P 600 Total Return | 1 day FEDF plus 0.41% | 12/4/23 | Daily | 17,880 | — |
Citibank NA | S&P Midcap 400 Total Return Index | 1 day FEDF plus 0.31% | 12/4/23 | Daily | 9,435 | — |
Citibank NA | Vanguard FTSE Europe ETF | 1 day FEDF minus 5.00% | 12/4/23 | Daily | (3,692) | — |
$ — |
Security Description | Shares | Notional Value | Unrealized Appreciation/ Depreciation | Percent of Basket Net Assets |
AerCap Holdings NV | (1,907) | (184,451) | — | 4.71 |
Apollo Commercial Real Estate Finance, Inc. | (358) | (34,637) | — | 0.88 |
Atlantica Sustainable Infrastructure plc | (225) | (21,793) | — | 0.56 |
Brandywine Realty Trust | (324) | (31,311) | — | 0.80 |
Carnival Corp. | (4,784) | (462,659) | — | 11.80 |
Chart Industries, Inc. | (1,839) | (177,838) | — | 4.54 |
Coherent Corp. | (765) | (73,977) | — | 1.89 |
CommScope Holding Co, Inc. | (71) | (6,856) | — | 0.17 |
Crane NXT Co | (1,414) | (136,702) | — | 3.49 |
Cushman & Wakefield plc | (359) | (34,751) | — | 0.89 |
Delta Air Lines, Inc. | (3,807) | (368,095) | — | 9.39 |
Designer Brands, Inc. | (398) | (38,455) | — | 0.98 |
DigitalBridge Group, Inc. | (627) | (60,588) | — | 1.55 |
Elanco Animal Health, Inc. | (1,566) | (151,410) | — | 3.86 |
Entegris, Inc. | (2,488) | (240,614) | — | 6.14 |
Fidelity National Information Services, Inc. | (3,746) | (362,255) | — | 9.24 |
Hanesbrands, Inc. | (1,015) | (98,137) | — | 2.50 |
JetBlue Airways Corp. | (535) | (51,763) | — | 1.32 |
Lumen Technologies, Inc. | (1,102) | (106,569) | — | 2.72 |
MKS Instruments, Inc. | (734) | (70,965) | — | 1.81 |
Oatly Group AB | (44) | (4,295) | — | 0.11 |
Opendoor Technologies, Inc. | (762) | (73,708) | — | 1.88 |
Security Description | Shares | Notional Value | Unrealized Appreciation/ Depreciation | Percent of Basket Net Assets |
Par Pacific Holdings, Inc. | (583) | (56,352) | — | 1.44 |
PureCycle Technologies, Inc. | (231) | (22,312) | — | 0.57 |
Scorpio Tankers, Inc. | (1,322) | (127,867) | — | 3.26 |
Topgolf Callaway Brands Corp. | (386) | (37,317) | — | 0.95 |
Uber Technologies, Inc. | (5,829) | (563,713) | — | 14.38 |
United Airlines Holdings, Inc. | (3,311) | (320,186) | — | 8.17 |
1. | As of October 31, 2023, cash in the amount $2,200,000 was pledged to brokers for OTC swap contracts. |
2. | Fund pays the floating rate and receives the total return of the reference entity. |
3. | Notional amounts reflected as a positive value indicate a long position held by the Fund or Index and a negative value indicates a short position. |
4. | Reflects the value at reset date as of October 31, 2023. |
Abbreviation(s): |
EAFE—Europe, Australasia and Far East |
ETF—Exchange-Traded Fund |
FEDF—Federal Funds Rate |
FTSE—Financial Times Stock Exchange |
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) | |||||||
Affiliated Investment Companies | |||||||
Equity Funds | $ 131,084,496 | $ — | $ — | $ 131,084,496 | |||
Fixed Income Funds | 198,657,742 | — | — | 198,657,742 | |||
Total Affiliated Investment Companies | 329,742,238 | — | — | 329,742,238 | |||
Short-Term Investment | |||||||
Affiliated Investment Company | 40,309,308 | — | — | 40,309,308 | |||
Total Investments in Securities | $ 370,051,546 | $ — | $ — | $ 370,051,546 |
(a) | For a complete listing of investments, see the Portfolio of Investments. |
16 | MainStay Conservative Allocation Fund |
Assets | |
Investment in affiliated investment companies, at value (identified cost $382,485,476) | $370,051,546 |
Cash | 90,890 |
Cash collateral on deposit at broker for swap contracts | 2,200,000 |
Receivables: | |
Dividends and interest | 173,722 |
Fund shares sold | 52,889 |
Prepaid expenses | 16 |
Other assets | 43,726 |
Total assets | 372,612,789 |
Liabilities | |
Payables: | |
Dividends and interest on OTC swaps contracts | 1,009,109 |
Fund shares redeemed | 264,433 |
NYLIFE Distributors (See Note 3) | 89,451 |
Transfer agent (See Note 3) | 74,382 |
Shareholder communication | 34,486 |
Custodian | 12,603 |
Professional fees | 12,043 |
Manager (See Note 3) | 331 |
Trustees | 24 |
Accrued expenses | 890 |
Total liabilities | 1,497,752 |
Net assets | $371,115,037 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 35,298 |
Additional paid-in-capital | 389,644,614 |
389,679,912 | |
Total distributable earnings (loss) | (18,564,875) |
Net assets | $371,115,037 |
Class A | |
Net assets applicable to outstanding shares | $312,385,347 |
Shares of beneficial interest outstanding | 29,693,101 |
Net asset value per share outstanding | $ 10.52 |
Maximum sales charge (3.00% of offering price) | 0.33 |
Maximum offering price per share outstanding | $ 10.85 |
Investor Class | |
Net assets applicable to outstanding shares | $ 31,064,760 |
Shares of beneficial interest outstanding | 2,953,661 |
Net asset value per share outstanding | $ 10.52 |
Maximum sales charge (2.50% of offering price) | 0.27 |
Maximum offering price per share outstanding | $ 10.79 |
Class B | |
Net assets applicable to outstanding shares | $ 3,153,220 |
Shares of beneficial interest outstanding | 305,427 |
Net asset value and offering price per share outstanding | $ 10.32 |
Class C | |
Net assets applicable to outstanding shares | $ 12,276,330 |
Shares of beneficial interest outstanding | 1,189,314 |
Net asset value and offering price per share outstanding | $ 10.32 |
Class I | |
Net assets applicable to outstanding shares | $ 7,384,689 |
Shares of beneficial interest outstanding | 693,414 |
Net asset value and offering price per share outstanding | $ 10.65 |
Class R2 | |
Net assets applicable to outstanding shares | $ 156,577 |
Shares of beneficial interest outstanding | 14,889 |
Net asset value and offering price per share outstanding | $ 10.52 |
Class R3 | |
Net assets applicable to outstanding shares | $ 2,577,270 |
Shares of beneficial interest outstanding | 246,306 |
Net asset value and offering price per share outstanding | $ 10.46 |
SIMPLE Class | |
Net assets applicable to outstanding shares | $ 2,116,844 |
Shares of beneficial interest outstanding | 201,758 |
Net asset value and offering price per share outstanding | $ 10.49 |
Investment Income (Loss) | |
Income | |
Dividend distributions from affiliated investment companies | $ 14,910,973 |
Expenses | |
Distribution/Service—Class A (See Note 3) | 839,049 |
Distribution/Service—Investor Class (See Note 3) | 84,183 |
Distribution/Service—Class B (See Note 3) | 45,545 |
Distribution/Service—Class C (See Note 3) | 156,611 |
Distribution/Service—Class R2 (See Note 3) | 381 |
Distribution/Service—Class R3 (See Note 3) | 12,395 |
Distribution/Service—SIMPLE Class (See Note 3) | 9,065 |
Transfer agent (See Note 3) | 405,611 |
Registration | 109,902 |
Professional fees | 74,133 |
Custodian | 37,386 |
Trustees | 10,307 |
Shareholder service (See Note 3) | 2,631 |
Miscellaneous | 13,121 |
Total expenses before waiver/reimbursement | 1,800,320 |
Expense waiver/reimbursement from Manager (See Note 3) | (67,060) |
Reimbursement from prior custodian(a) | (811) |
Net expenses | 1,732,449 |
Net investment income (loss) | 13,178,524 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Affiliated investment company transactions | (5,353,226) |
Realized capital gain distributions from affiliated investment companies | 2,986,337 |
Swap transactions | (8,222,111) |
Net realized gain (loss) | (10,589,000) |
Net change in unrealized appreciation (depreciation) on: Affiliated investments companies | 7,901,408 |
Net realized and unrealized gain (loss) | (2,687,592) |
Net increase (decrease) in net assets resulting from operations | $ 10,490,932 |
(a) | Represents a refund for overbilling of custody fees. |
18 | MainStay Conservative Allocation Fund |
for the years ended October 31, 2023 and October 31, 2022
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 13,178,524 | $ 9,307,734 |
Net realized gain (loss) | (10,589,000) | 7,852,353 |
Net change in unrealized appreciation (depreciation) | 7,901,408 | (88,020,370) |
Net increase (decrease) in net assets resulting from operations | 10,490,932 | (70,860,283) |
Distributions to shareholders: | ||
Class A | (9,330,355) | (32,054,607) |
Investor Class | (887,959) | (2,979,304) |
Class B | (103,952) | (720,688) |
Class C | (354,812) | (1,918,125) |
Class I | (221,882) | (665,424) |
Class R2 | (4,078) | (10,998) |
Class R3 | (62,481) | (140,771) |
SIMPLE Class | (43,011) | (41,601) |
(11,008,530) | (38,531,518) | |
Distributions to shareholders from return of capital: | ||
Class A | (5,483,513) | — |
Investor Class | (521,859) | — |
Class B | (61,094) | — |
Class C | (208,526) | — |
Class I | (130,401) | — |
Class R2 | (2,396) | — |
Class R3 | (36,720) | — |
SIMPLE Class | (25,278) | — |
(6,469,787) | — | |
Total distributions to shareholders | (17,478,317) | (38,531,518) |
Capital share transactions: | ||
Net proceeds from sales of shares | 28,523,895 | 48,044,098 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 17,304,759 | 38,086,216 |
Cost of shares redeemed | (71,998,268) | (85,734,187) |
Increase (decrease) in net assets derived from capital share transactions | (26,169,614) | 396,127 |
Net increase (decrease) in net assets | (33,156,999) | (108,995,674) |
Net Assets | ||
Beginning of year | 404,272,036 | 513,267,710 |
End of year | $371,115,037 | $ 404,272,036 |
Year Ended October 31, | |||||||||
Class A | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 10.74 | $ 13.53 | $ 12.23 | $ 11.96 | $ 11.69 | ||||
Net investment income (loss) (a) | 0.37 | 0.25 | 0.22 | 0.25 | 0.24 | ||||
Net realized and unrealized gain (loss) | (0.10) | (2.02) | 1.64 | 0.33 | 0.69 | ||||
Total from investment operations | 0.27 | (1.77) | 1.86 | 0.58 | 0.93 | ||||
Less distributions: | |||||||||
From net investment income | (0.12) | (0.44) | (0.19) | (0.26) | (0.28) | ||||
From net realized gain on investments | (0.19) | (0.58) | (0.37) | (0.05) | (0.38) | ||||
Return of capital | (0.18) | — | — | — | — | ||||
Total distributions | (0.49) | (1.02) | (0.56) | (0.31) | (0.66) | ||||
Net asset value at end of year | $ 10.52 | $ 10.74 | $ 13.53 | $ 12.23 | $ 11.96 | ||||
Total investment return (b) | 2.41% | (14.05)% | 15.51% | 5.00% | 8.54% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 3.34% | 2.09% | 1.67% | 2.10% | 2.11% | ||||
Net expenses (c) | 0.37% | 0.35% | 0.37% | 0.37% | 0.38% | ||||
Portfolio turnover rate | 19% | 38% | 25% | 70% | 46% | ||||
Net assets at end of year (in 000’s) | $ 312,385 | $ 336,711 | $ 419,554 | $ 355,167 | $ 334,242 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | |||||||||
Investor Class | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 10.74 | $ 13.53 | $ 12.23 | $ 11.97 | $ 11.69 | ||||
Net investment income (loss) (a) | 0.35 | 0.22 | 0.20 | 0.23 | 0.22 | ||||
Net realized and unrealized gain (loss) | (0.11) | (2.01) | 1.64 | 0.33 | 0.70 | ||||
Total from investment operations | 0.24 | (1.79) | 1.84 | 0.56 | 0.92 | ||||
Less distributions: | |||||||||
From net investment income | (0.10) | (0.42) | (0.17) | (0.25) | (0.26) | ||||
From net realized gain on investments | (0.19) | (0.58) | (0.37) | (0.05) | (0.38) | ||||
Return of capital | (0.17) | — | — | — | — | ||||
Total distributions | (0.46) | (1.00) | (0.54) | (0.30) | (0.64) | ||||
Net asset value at end of year | $ 10.52 | $ 10.74 | $ 13.53 | $ 12.23 | $ 11.97 | ||||
Total investment return (b) | 2.22% | (14.22)% | 15.33% | 4.80% | 8.43% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 3.16% | 1.90% | 1.49% | 1.93% | 1.92% | ||||
Net expenses (c) | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% | ||||
Expenses (before waiver/reimbursement) (c) | 0.67% | 0.57% | 0.64% | 0.61% | 0.59% | ||||
Portfolio turnover rate | 19% | 38% | 25% | 70% | 46% | ||||
Net assets at end of year (in 000's) | $ 31,065 | $ 33,625 | $ 41,154 | $ 41,762 | $ 44,934 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | 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 Conservative Allocation Fund |
Year Ended October 31, | |||||||||
Class B | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 10.55 | $ 13.30 | $ 12.07 | $ 11.84 | $ 11.64 | ||||
Net investment income (loss) (a) | 0.26 | 0.13 | 0.09 | 0.15 | 0.14 | ||||
Net realized and unrealized gain (loss) | (0.11) | (1.97) | 1.63 | 0.31 | 0.69 | ||||
Total from investment operations | 0.15 | (1.84) | 1.72 | 0.46 | 0.83 | ||||
Less distributions: | |||||||||
From net investment income | (0.05) | (0.33) | (0.12) | (0.18) | (0.25) | ||||
From net realized gain on investments | (0.19) | (0.58) | (0.37) | (0.05) | (0.38) | ||||
Return of capital | (0.14) | — | — | — | — | ||||
Total distributions | (0.38) | (0.91) | (0.49) | (0.23) | (0.63) | ||||
Net asset value at end of year | $ 10.32 | $ 10.55 | $ 13.30 | $ 12.07 | $ 11.84 | ||||
Total investment return (b) | 1.36% | (14.86)% | 14.49% | 3.99% | 7.61% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.41% | 1.13% | 0.72% | 1.23% | 1.22% | ||||
Net expenses (c) | 1.30% | 1.30% | 1.30% | 1.30% | 1.30% | ||||
Expenses (before waiver/reimbursement) (c) | 1.43% | 1.32% | 1.39% | 1.36% | 1.34% | ||||
Portfolio turnover rate | 19% | 38% | 25% | 70% | 46% | ||||
Net assets at end of year (in 000’s) | $ 3,153 | $ 5,787 | $ 11,550 | $ 13,236 | $ 17,273 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | |||||||||
Class C | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 10.54 | $ 13.29 | $ 12.07 | $ 11.84 | $ 11.64 | ||||
Net investment income (loss) (a) | 0.26 | 0.13 | 0.09 | 0.14 | 0.14 | ||||
Net realized and unrealized gain (loss) | (0.10) | (1.97) | 1.62 | 0.32 | 0.69 | ||||
Total from investment operations | 0.16 | (1.84) | 1.71 | 0.46 | 0.83 | ||||
Less distributions: | |||||||||
From net investment income | (0.05) | (0.33) | (0.12) | (0.18) | (0.25) | ||||
From net realized gain on investments | (0.19) | (0.58) | (0.37) | (0.05) | (0.38) | ||||
Return of capital | (0.14) | — | — | — | — | ||||
Total distributions | (0.38) | (0.91) | (0.49) | (0.23) | (0.63) | ||||
Net asset value at end of year | $ 10.32 | $ 10.54 | $ 13.29 | $ 12.07 | $ 11.84 | ||||
Total investment return (b) | 1.45% | (14.87)% | 14.41% | 3.99% | 7.61% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.41% | 1.13% | 0.73% | 1.21% | 1.24% | ||||
Net expenses (c) | 1.30% | 1.30% | 1.30% | 1.30% | 1.30% | ||||
Expenses (before waiver/reimbursement) (c) | 1.43% | 1.32% | 1.39% | 1.36% | 1.34% | ||||
Portfolio turnover rate | 19% | 38% | 25% | 70% | 46% | ||||
Net assets at end of year (in 000’s) | $ 12,276 | $ 18,099 | $ 29,825 | $ 36,802 | $ 44,222 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | |||||||||
Class I | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 10.87 | $ 13.68 | $ 12.36 | $ 12.08 | $ 11.80 | ||||
Net investment income (loss) (a) | 0.40 | 0.28 | 0.25 | 0.29 | 0.28 | ||||
Net realized and unrealized gain (loss) | (0.11) | (2.04) | 1.66 | 0.33 | 0.69 | ||||
Total from investment operations | 0.29 | (1.76) | 1.91 | 0.62 | 0.97 | ||||
Less distributions: | |||||||||
From net investment income | (0.14) | (0.47) | (0.22) | (0.29) | (0.31) | ||||
From net realized gain on investments | (0.19) | (0.58) | (0.37) | (0.05) | (0.38) | ||||
Return of capital | (0.18) | — | — | — | — | ||||
Total distributions | (0.51) | (1.05) | (0.59) | (0.34) | (0.69) | ||||
Net asset value at end of year | $ 10.65 | $ 10.87 | $ 13.68 | $ 12.36 | $ 12.08 | ||||
Total investment return (b) | 2.63% | (13.82)% | 15.79% | 5.30% | 8.91% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 3.58% | 2.33% | 1.91% | 2.40% | 2.38% | ||||
Net expenses (c) | 0.12% | 0.10% | 0.12% | 0.12% | 0.13% | ||||
Portfolio turnover rate | 19% | 38% | 25% | 70% | 46% | ||||
Net assets at end of year (in 000’s) | $ 7,385 | $ 6,412 | $ 8,909 | $ 7,878 | $ 9,272 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | June 14, 2019^ through October 31, 2019 | ||||||||
Class R2 | 2023 | 2022 | 2021 | 2020 | |||||
Net asset value at beginning of period | $ 10.74 | $ 13.53 | $ 12.23 | $ 11.96 | $ 11.61 | ||||
Net investment income (loss) (a) | 0.36 | 0.24 | 0.21 | 0.24 | 0.08 | ||||
Net realized and unrealized gain (loss) | (0.11) | (2.02) | 1.64 | 0.34 | 0.32 | ||||
Total from investment operations | 0.25 | (1.78) | 1.85 | 0.58 | 0.40 | ||||
Less distributions: | |||||||||
From net investment income | (0.11) | (0.43) | (0.18) | (0.26) | (0.05) | ||||
From net realized gain on investments | (0.19) | (0.58) | (0.37) | (0.05) | — | ||||
Return of capital | (0.17) | — | — | — | — | ||||
Total distributions | (0.47) | (1.01) | (0.55) | (0.31) | (0.05) | ||||
Net asset value at end of period | $ 10.52 | $ 10.74 | $ 13.53 | $ 12.23 | $ 11.96 | ||||
Total investment return (b) | 2.31% | (14.14)% | 15.40% | 4.93% | 3.44% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 3.24% | 2.01% | 1.56% | 2.00% | 1.83%†† | ||||
Net expenses (c) | 0.47% | 0.45% | 0.47% | 0.47% | 0.49%†† | ||||
Portfolio turnover rate | 19% | 38% | 25% | 70% | 46% | ||||
Net assets at end of period (in 000’s) | $ 157 | $ 142 | $ 141 | $ 109 | $ 100 |
^ | 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 R2 shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
22 | MainStay Conservative Allocation Fund |
Year Ended October 31, | |||||||||
Class R3 | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 10.69 | $ 13.47 | $ 12.19 | $ 11.94 | $ 11.67 | ||||
Net investment income (loss) (a) | 0.33 | 0.21 | 0.17 | 0.20 | 0.19 | ||||
Net realized and unrealized gain (loss) | (0.11) | (2.01) | 1.64 | 0.34 | 0.70 | ||||
Total from investment operations | 0.22 | (1.80) | 1.81 | 0.54 | 0.89 | ||||
Less distributions: | |||||||||
From net investment income | (0.10) | (0.40) | (0.16) | (0.24) | (0.24) | ||||
From net realized gain on investments | (0.19) | (0.58) | (0.37) | (0.05) | (0.38) | ||||
Return of capital | (0.16) | — | — | — | — | ||||
Total distributions | (0.45) | (0.98) | (0.53) | (0.29) | (0.62) | ||||
Net asset value at end of year | $ 10.46 | $ 10.69 | $ 13.47 | $ 12.19 | $ 11.94 | ||||
Total investment return (b) | 1.99% | (14.34)% | 15.12% | 4.59% | 8.20% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 3.01% | 1.80% | 1.32% | 1.66% | 1.68% | ||||
Net expenses (c) | 0.72% | 0.70% | 0.72% | 0.73% | 0.73% | ||||
Portfolio turnover rate | 19% | 38% | 25% | 70% | 46% | ||||
Net assets at end of year (in 000’s) | $ 2,577 | $ 2,196 | $ 1,831 | $ 1,249 | $ 739 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R3 shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | August 31, 2020^ through October 31, | ||||||
SIMPLE Class | 2023 | 2022 | 2021 | 2020 | |||
Net asset value at beginning of period | $ 10.71 | $ 13.50 | $ 12.23 | $ 12.58* | |||
Net investment income (loss) (a) | 0.33 | 0.20 | 0.17 | 0.03 | |||
Net realized and unrealized gain (loss) | (0.11) | (2.02) | 1.63 | (0.38) | |||
Total from investment operations | 0.22 | (1.82) | 1.80 | (0.35) | |||
Less distributions: | |||||||
From net investment income | (0.10) | (0.39) | (0.16) | — | |||
From net realized gain on investments | (0.19) | (0.58) | (0.37) | — | |||
Return of capital | (0.15) | — | — | — | |||
Total distributions | (0.44) | (0.97) | (0.53) | — | |||
Net asset value at end of period | $ 10.49 | $ 10.71 | $ 13.50 | $ 12.23 | |||
Total investment return (b) | 2.04% | (14.45)% | 14.98% | (2.78)% | |||
Ratios (to average net assets)/Supplemental Data: | |||||||
Net investment income (loss) | 2.97% | 1.74% | 1.27% | 1.25%†† | |||
Net expenses (c) | 0.72% | 0.80% | 0.80% | 0.80%†† | |||
Expenses (before waiver/reimbursement) (c) | 0.72% | 0.80% | 0.89% | 0.88%†† | |||
Portfolio turnover rate | 19% | 38% | 25% | 70% | |||
Net assets at end of period (in 000’s) | $ 2,117 | $ 1,301 | $ 304 | $ 27 |
^ | Inception date. |
* | Based on the net asset value of Investor Class as of August 31, 2020. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. SIMPLE Class shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Average Annual Total Returns for the Year-Ended October 31, 2023 | |||||||
Class | Sales Charge | Inception Date | One Year | Five Years | Ten Years or Since Inception | Gross Expense Ratio1 | |
Class A Shares2 | Maximum 3.00% Initial Sales Charge | With sales charges | 4/4/2005 | 0.14% | 3.17% | 3.65% | 0.85% |
Excluding sales charges | 3.24 | 4.34 | 4.24 | 0.85 | |||
Investor Class Shares2, 3 | Maximum 2.50% Initial Sales Charge | With sales charges | 2/28/2008 | 0.34 | 2.95 | 3.46 | 1.12 |
Excluding sales charges | 2.92 | 4.12 | 4.04 | 1.12 | |||
Class B Shares4 | Maximum 5.00% CDSC | With sales charges | 4/4/2005 | -2.68 | 3.02 | 3.27 | 1.87 |
if Redeemed Within the First Six Years of Purchase | Excluding sales charges | 2.21 | 3.34 | 3.27 | 1.87 | ||
Class C Shares | Maximum 1.00% CDSC | With sales charges | 4/4/2005 | 1.23 | 3.36 | 3.27 | 1.87 |
if Redeemed Within One Year of Purchase | Excluding sales charges | 2.21 | 3.36 | 3.27 | 1.87 | ||
Class I Shares | No Sales Charge | 4/4/2005 | 3.49 | 4.59 | 4.49 | 0.60 | |
Class R2 Shares5 | No Sales Charge | 6/14/2019 | 3.04 | N/A | 3.73 | 0.95 | |
Class R3 Shares5 | No Sales Charge | 2/29/2016 | 2.86 | 3.98 | 5.16 | 1.20 | |
SIMPLE Class Shares | No Sales Charge | 8/31/2020 | 2.81 | N/A | 0.84 | 1.25 |
1. | The gross expense ratios presented reflect the Fund’s “Total Annual Fund Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report. |
2. | Prior to July 22, 2019, the maximum initial sales charge applicable was 5.50%, which is reflected in the applicable average annual total return figures shown. |
3. | Prior to June 30, 2020, the maximum initial sales charge was 3.00%, which is reflected in the applicable average annual total return figures shown. |
4. | Class B shares are closed to all new purchases as well as additional investments by existing Class B shareholders. |
5. | As of October 31, 2023, Class R2 and Class R3 shares are closed to new investors and, upon the close of business on December 29, 2023, Class R2 and Class R3 shares are closed to additional investments by existing shareholders. Additionally, Class R2 and 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 R2 or 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. |
24 | MainStay Moderate Allocation Fund |
Benchmark Performance* | One Year | Five Years | Ten Years |
S&P 500® Index1 | 10.14% | 11.01% | 11.18% |
MSCI EAFE® Index (Net)2 | 14.40 | 4.10 | 3.05 |
Bloomberg U.S. Aggregate Bond Index3 | 0.36 | -0.06 | 0.88 |
Moderate Allocation Composite Index4 | 6.91 | 5.81 | 6.03 |
Morningstar Moderate Allocation Category Average5 | 4.16 | 5.08 | 5.22 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | The S&P 500® Index is the Fund's primary benchmark. S&P 500® is a trademark of The McGraw-Hill Companies, Inc. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance. |
2. | The MSCI EAFE® Index (Net) is the Fund's secondary benchmark. The MSCI EAFE® Index (Net) consists of international stocks representing the developed world outside of North America. |
3. | The Fund has selected the Bloomberg U.S. Aggregate Bond Index as an additional benchmark. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. |
4. | The Fund has selected the Moderate Allocation Composite Index as an additional benchmark. The Moderate Allocation Composite Index consists of the S&P 500® Index, the MSCI EAFE® Index (Net) and the Bloomberg U.S. Aggregate Bond Index weighted 45%, 15% and 40%, respectively. Prior to February 28, 2014, the Moderate Allocation Composite Index consisted of the S&P 500® Index, the MSCI EAFE® Index and the Bloomberg U.S. Aggregate Bond Index weighted 50%, 10%, and 40%, respectively. |
5. | The Morningstar Moderate Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderate strategies seek to balance preservation of capital with appreciation. They typically expect volatility similar to a strategic equity exposure between 50% and 70%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 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 | $969.70 | $1.74 | $1,023.44 | $1.79 | 0.35% |
Investor Class Shares | $1,000.00 | $967.40 | $2.73 | $1,022.43 | $2.80 | 0.55% |
Class B Shares | $1,000.00 | $964.50 | $6.44 | $1,018.65 | $6.61 | 1.30% |
Class C Shares | $1,000.00 | $964.50 | $6.44 | $1,018.65 | $6.61 | 1.30% |
Class I Shares | $1,000.00 | $970.00 | $0.50 | $1,024.70 | $0.51 | 0.10% |
Class R2 Shares | $1,000.00 | $968.10 | $2.23 | $1,022.94 | $2.29 | 0.45% |
Class R3 Shares | $1,000.00 | $967.20 | $3.47 | $1,021.68 | $3.57 | 0.70% |
SIMPLE Class Shares | $1,000.00 | $967.40 | $3.37 | $1,021.78 | $3.47 | 0.68% |
1. | Expenses are equal to the Fund’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 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. |
26 | MainStay Moderate Allocation Fund |
Equity Funds | 55.3% |
Fixed Income Funds | 33.4 |
Short-Term Investment | 11.1 |
Other Assets, Less Liabilities | 0.2 |
1. | See "Investment and Performance Comparison" for other share class returns, which may be higher or lower than Class I share returns, and for more information on benchmark and peer group returns. |
2. | The 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. |
28 | MainStay Moderate Allocation Fund |
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 yield curve is a line that plots the yields of various securities of similar quality—typically U.S. Treasury issues—across a range of maturities. The U.S. Treasury yield curve serves as a benchmark for other debt and is used in economic forecasting. |
6. | The S&P Small Cap 600™ Index covers roughly the small-cap range of American stocks, using a capitalization-weighted index. Capitalization range is from $850 million to $3.7 billion. An investment cannot be made directly in an index. |
30 | MainStay Moderate Allocation Fund |
7. | 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) comparable to U.S. Treasury issues. |
Shares | Value | |
Affiliated Investment Companies 88.7% | ||
Equity Funds 55.3% | ||
IQ 500 International ETF (a) | 597,263 | $ 17,696,365 |
IQ Candriam International Equity ETF (a) | 699,722 | 17,443,090 |
IQ Candriam U.S. Large Cap Equity ETF (a) | 915,285 | 33,554,531 |
IQ Candriam U.S. Mid Cap Equity ETF (a) | 687,032 | 17,169,067 |
IQ FTSE International Equity Currency Neutral ETF | 632,543 | 14,257,519 |
IQ U.S. Large Cap ETF (a) | 856,735 | 27,017,224 |
IQ U.S. Small Cap ETF (a) | 301,913 | 8,903,354 |
IQ Winslow Large Cap Growth ETF (a) | 127,854 | 3,917,779 |
MainStay Candriam Emerging Markets Equity Fund Class R6 (a) | 2,078,548 | 17,503,244 |
MainStay Epoch Capital Growth Fund Class I | 205,506 | 2,474,335 |
MainStay Epoch International Choice Fund Class I (a) | 358,892 | 12,628,101 |
MainStay Epoch U.S. Equity Yield Fund Class R6 (a) | 1,496,592 | 27,672,434 |
MainStay Fiera SMID Growth Fund Class R6 (a) | 1,197,732 | 16,918,929 |
MainStay PineStone International Equity Fund Class R6 (a) | 935,839 | 12,716,650 |
MainStay PineStone U.S. Equity Fund Class R6 (a) | 909,698 | 14,165,630 |
MainStay S&P 500 Index Fund Class I | 223,941 | 11,074,380 |
MainStay Winslow Large Cap Growth Fund Class R6 | 3,386,605 | 33,864,016 |
MainStay WMC Enduring Capital Fund Class R6 (a) | 819,493 | 24,666,816 |
MainStay WMC Growth Fund Class R6 (a) | 965,745 | 34,826,200 |
MainStay WMC International Research Equity Fund Class I (a) | 1,932,015 | 12,697,781 |
MainStay WMC Small Companies Fund Class I (a) | 553,489 | 10,381,519 |
MainStay WMC Value Fund Class R6 (a) | 876,011 | 24,548,978 |
Total Equity Funds (Cost $354,161,902) | 396,097,942 | |
Fixed Income Funds 33.4% | ||
IQ MacKay ESG Core Plus Bond ETF (a) | 4,251,901 | 83,244,568 |
IQ Mackay ESG High Income ETF (a) | 334,516 | 8,374,608 |
MainStay Floating Rate Fund Class R6 (a) | 2,498,669 | 21,876,347 |
MainStay MacKay High Yield Corporate Bond Fund Class R6 | 1,716,751 | 8,400,579 |
MainStay MacKay Short Duration High Yield Fund Class I | 2,150,194 | 19,738,349 |
Shares | Value | ||
Fixed Income Funds (continued) | |||
MainStay MacKay Total Return Bond Fund Class R6 (a) | 9,988,379 | $ 83,367,006 | |
MainStay Short Term Bond Fund Class I (a) | 1,627,720 | 14,574,279 | |
Total Fixed Income Funds (Cost $269,356,324) | 239,575,736 | ||
Total Affiliated Investment Companies (Cost $623,518,226) | 635,673,678 | ||
Short-Term Investment 11.1% | |||
Affiliated Investment Company 11.1% | |||
MainStay U.S. Government Liquidity Fund, 5.275% (a)(b) | 79,196,903 | 79,196,903 | |
Total Short-Term Investment (Cost $79,196,903) | 11.1% | 79,196,903 | |
Total Investments (Cost $702,715,129) | 99.8% | 714,870,581 | |
Other Assets, Less Liabilities | 0.2 | 1,341,891 | |
Net Assets | 100.0% | $ 716,212,472 |
† | Percentages indicated are based on Fund net assets. |
^ | Industry classifications may be different than those used for compliance monitoring purposes. |
(a) | As of October 31, 2023, the Fund's ownership exceeds 5% of the outstanding shares of the Underlying Fund's share class. |
(b) | Current yield as of October 31, 2023. |
32 | MainStay Moderate Allocation Fund |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
IQ 500 International ETF | $ 18,459 | $ 778 | $ (4,137) | $ 130 | $ 2,466 | $ 17,696 | $ 693 | $ — | 597 |
IQ Candriam International Equity ETF | 18,290 | 758 | (3,719) | (135) | 2,249 | 17,443 | 563 | — | 700 |
IQ Candriam U.S. Large Cap Equity ETF | 40,833 | 1,079 | (13,520) | 1,743 | 3,420 | 33,555 | 565 | — | 915 |
IQ Candriam U.S. Mid Cap Equity ETF | — | 19,469 | (178) | (11) | (2,111) | 17,169 | 64 | — | 687 |
IQ FTSE International Equity Currency Neutral ETF | 14,831 | 270 | (2,414) | 208 | 1,363 | 14,258 | 335 | 276 | 633 |
IQ MacKay ESG Core Plus Bond ETF | 81,518 | 11,987 | (7,347) | (1,090) | (1,823) | 83,245 | 3,918 | — | 4,252 |
IQ Mackay ESG High Income ETF | — | 8,823 | (206) | (3) | (239) | 8,375 | 247 | — | 335 |
IQ U.S. Large Cap ETF | 33,636 | 166 | (7,448) | 1,163 | (500) | 27,017 | 537 | — | 857 |
IQ U.S. Small Cap ETF | 19,364 | 3,731 | (13,290) | 1,602 | (2,504) | 8,903 | 248 | — | 302 |
IQ Winslow Large Cap Growth ETF | 2,048 | 1,236 | — | — | 634 | 3,918 | 1 | — | 128 |
MainStay Candriam Emerging Markets Equity Fund Class R6 | 17,194 | 1,136 | (1,167) | (508) | 848 | 17,503 | 208 | — | 2,079 |
MainStay Epoch Capital Growth Fund Class I | 2,620 | 38 | (571) | (74) | 461 | 2,474 | 12 | 27 | 206 |
MainStay Epoch International Choice Fund Class I | 13,434 | 625 | (3,151) | 405 | 1,315 | 12,628 | 178 | — | 359 |
MainStay Epoch U.S. Equity Yield Fund Class R6 | 34,910 | 2,145 | (8,816) | (104) | (463) | 27,672 | 794 | 513 | 1,497 |
MainStay Fiera SMID Growth Fund Class R6 | — | 18,500 | — | — | (1,581) | 16,919 | — | — | 1,198 |
MainStay Floating Rate Fund Class R6 | 36,092 | 4,420 | (19,423) | (946) | 1,733 | 21,876 | 2,443 | — | 2,499 |
MainStay MacKay High Yield Corporate Bond Fund Class R6 | 16,707 | 1,705 | (10,330) | (666) | 985 | 8,401 | 722 | — | 1,717 |
MainStay MacKay International Equity Fund Class R6 | 12,908 | 872 | (14,197) | (2,561) | 2,978 | — | 123 | — | — |
MainStay MacKay Short Duration High Yield Fund Class I | 19,637 | 2,564 | (2,674) | (132) | 343 | 19,738 | 1,166 | — | 2,150 |
MainStay MacKay Total Return Bond Fund Class R6 | 81,542 | 12,891 | (8,980) | (1,768) | (318) | 83,367 | 3,794 | — | 9,988 |
MainStay PineStone International Equity Fund Class R6 (a) | — | 13,597 | — | — | (880) | 12,717 | — | — | 936 |
MainStay PineStone U.S. Equity Fund Class R6 | — | 14,834 | — | — | (668) | 14,166 | — | — | 910 |
MainStay S&P 500 Index Fund Class I | 11,189 | 1,219 | (1,403) | 68 | 1 | 11,074 | 157 | 890 | 224 |
MainStay Short Term Bond Fund Class I | — | 15,738 | (881) | (13) | (270) | 14,574 | 375 | — | 1,628 |
MainStay U.S. Government Liquidity Fund | 78,208 | 97,640 | (96,651) | — | — | 79,197 | 3,599 | — | 79,197 |
MainStay Winslow Large Cap Growth Fund Class R6 | 37,582 | 4,332 | (11,112) | (1,353) | 4,415 | 33,864 | 88 | 4,202 | 3,387 |
MainStay WMC Enduring Capital Fund Class R6 | 31,970 | 2,385 | (9,973) | (518) | 803 | 24,667 | 188 | 1,158 | 819 |
MainStay WMC Growth Fund Class R6 | 39,737 | 2,045 | (13,563) | (5,443) | 12,050 | 34,826 | — | — | 966 |
MainStay WMC International Research Equity Fund Class I | 13,180 | 651 | (2,563) | (214) | 1,644 | 12,698 | 278 | — | 1,932 |
MainStay WMC Small Companies Fund Class I | 20,587 | 4,967 | (12,924) | (234) | (2,014) | 10,382 | 450 | — | 553 |
MainStay WMC Value Fund Class R6 | 33,414 | 2,407 | (9,319) | (173) | (1,780) | 24,549 | 551 | 1,247 | 876 |
$ 729,890 | $253,008 | $(279,957) | $(10,627) | $ 22,557 | $ 714,871 | $22,297 | $8,313 |
(a) | As of September 8, 2023, the Fund exchanged in a nontaxable transfer of all shares of the MainStay MacKay International Equity Fund Class R6 into the newly launched MainStay PineStone International Equity Fund Class R6. |
Swap Counterparty | Reference Obligation | Floating Rate2 | Termination Date(s) | Payment Frequency Paid/ Received | Notional Amount Long/ (Short) (000)3 | Unrealized Appreciation/ (Depreciation)4 |
Citibank NA | Citi Leveraged Loan Basket | 1 day FEDF minus 0.20% | 12/4/23 | Daily | (7,386) | $ — |
Citibank NA | Citi Zombie Company Basket | 1 day FEDF minus 0.50% | 12/4/23 | Daily | (6,736) | — |
JPMorgan Chase Bank NA | Global X Uranium ETF | 1 day FEDF plus 0.50% | 10/8/24- 10/15/24 | Daily | 7,733 | — |
Citibank NA | Invesco S&P 500 Low Volatility ETF | 1 day FEDF plus 0.45% | 12/4/23 | Daily | 6,985 | — |
Citibank NA | iShares 20+ Year Treasury Bond ETF | 1 day FEDF plus 0.38% | 12/4/23 | Daily | 39,381 | — |
Citibank NA | iShares MSCI EAFE ETF | 1 day FEDF minus 1.25% | 12/4/23 | Daily | (17,796) | — |
Citibank NA | iShares MSCI Emerging Markets ETF | 1 day FEDF minus 0.54% | 12/4/23 | Daily | (3,577) | — |
JPMorgan Chase Bank NA | iShares MSCI Japan ETF | 1 day FEDF plus 0.15% | 4/24/24- 5/7/24 | Daily | 21,536 | — |
JPMorgan Chase Bank NA | Materials Select Sector SPDR Fund | 1 day FEDF plus 0.18% | 2/5/24 | Daily | 7,092 | — |
Citibank NA | Russell 1000 Growth Total Return Index | 1 day FEDF minus 0.20% | 12/4/23 | Daily | (10,542) | — |
JPMorgan Chase Bank NA | Russell 2000 Total Return Index | 1 day FEDF minus 0.15% - plus 0.02% | 4/9/24- 5/7/24 | Daily | (31,552) | — |
JPMorgan Chase Bank NA | S&P 500 Equal Weight | 1 day FEDF plus 0.30% - 0.51% | 5/7/24 | Daily | 31,370 | — |
Citibank NA | S&P 500 Health Care Sector | 1 day FEDF plus 0.45% | 12/4/23 | Daily | 7,140 | — |
Citibank NA | S&P 500 Total Return Index | 1 day FEDF plus 0.05% | 12/4/23 | Daily | (19,453) | — |
Citibank NA | S&P 500 Utilities Total Return | 1 day FEDF plus 0.50% | 12/4/23 | Daily | 7,437 | — |
Citibank NA | S&P 600 Total Return | 1 day FEDF plus 0.41% | 12/4/23 | Daily | 34,606 | — |
Citibank NA | S&P Midcap 400 Total Return Index | 1 day FEDF plus 0.31% | 12/4/23 | Daily | 19,754 | — |
Citibank NA | Vanguard FTSE Europe ETF | 1 day FEDF minus 5.00% | 12/4/23 | Daily | (7,144) | — |
$ — |
Security Description | Shares | Notional Value | Unrealized Appreciation/ Depreciation | Percent of Basket Net Assets |
AerCap Holdings NV | (3,594) | (347,574) | — | 4.71 |
Apollo Commercial Real Estate Finance, Inc. | (675) | (65,269) | — | 0.88 |
Atlantica Sustainable Infrastructure plc | (425) | (41,066) | — | 0.56 |
Brandywine Realty Trust | (610) | (59,001) | — | 0.80 |
Carnival Corp. | (9,016) | (871,819) | — | 11.80 |
Chart Industries, Inc. | (3,465) | (335,112) | — | 4.54 |
Coherent Corp. | (1,442) | (139,399) | — | 1.89 |
CommScope Holding Co, Inc. | (134) | (12,918) | — | 0.17 |
Crane NXT Co | (2,664) | (257,596) | — | 3.49 |
Cushman & Wakefield plc | (677) | (65,484) | — | 0.89 |
Delta Air Lines, Inc. | (7,173) | (693,626) | — | 9.39 |
Designer Brands, Inc. | (749) | (72,463) | — | 0.98 |
DigitalBridge Group, Inc. | (1,181) | (114,170) | — | 1.55 |
Elanco Animal Health, Inc. | (2,950) | (285,311) | — | 3.86 |
Entegris, Inc. | (4,689) | (453,404) | — | 6.14 |
Fidelity National Information Services, Inc. | (7,059) | (682,622) | — | 9.24 |
Hanesbrands, Inc. | (1,912) | (184,927) | — | 2.50 |
JetBlue Airways Corp. | (1,009) | (97,540) | — | 1.32 |
Lumen Technologies, Inc. | (2,077) | (200,816) | — | 2.72 |
MKS Instruments, Inc. | (1,383) | (133,724) | — | 1.81 |
Oatly Group AB | (84) | (8,093) | — | 0.11 |
Opendoor Technologies, Inc. | (1,436) | (138,893) | — | 1.88 |
Par Pacific Holdings, Inc. | (1,098) | (106,188) | — | 1.44 |
PureCycle Technologies, Inc. | (435) | (42,044) | — | 0.57 |
Scorpio Tankers, Inc. | (2,492) | (240,949) | — | 3.26 |
Topgolf Callaway Brands Corp. | (727) | (70,319) | — | 0.95 |
Uber Technologies, Inc. | (10,985) | (1,062,241) | — | 14.38 |
34 | MainStay Moderate Allocation Fund |
Security Description | Shares | Notional Value | Unrealized Appreciation/ Depreciation | Percent of Basket Net Assets |
United Airlines Holdings, Inc. | (6,239) | (603,347) | — | 8.17 |
1. | As of October 31, 2023, cash in the amount $3,450,000 was pledged to brokers for OTC swap contracts. |
2. | Fund pays the floating rate and receives the total return of the reference entity. |
3. | Notional amounts reflected as a positive value indicate a long position held by the Fund or Index and a negative value indicates a short position. |
4. | Reflects the value at reset date as of October 31, 2023. |
Abbreviation(s): |
EAFE—Europe, Australasia and Far East |
ETF—Exchange-Traded Fund |
FEDF—Federal Funds Rate |
FTSE—Financial Times Stock Exchange |
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) | |||||||
Affiliated Investment Companies | |||||||
Equity Funds | $ 396,097,942 | $ — | $ — | $ 396,097,942 | |||
Fixed Income Funds | 239,575,736 | — | — | 239,575,736 | |||
Total Affiliated Investment Companies | 635,673,678 | — | — | 635,673,678 | |||
Short-Term Investment | |||||||
Affiliated Investment Company | 79,196,903 | — | — | 79,196,903 | |||
Total Investments in Securities | $ 714,870,581 | $ — | $ — | $ 714,870,581 |
(a) | For a complete listing of investments, see the Portfolio of Investments. |
Assets | |
Investment in affiliated investment companies, at value (identified cost $702,715,129) | $714,870,581 |
Cash | 174,361 |
Cash collateral on deposit at broker for swap contracts | 3,450,000 |
Receivables: | |
Dividends and interest | 340,711 |
Fund shares sold | 328,024 |
Other assets | 47,518 |
Total assets | 719,211,195 |
Liabilities | |
Payables: | |
Dividends and interest on OTC swaps contracts | 2,025,462 |
Fund shares redeemed | 573,384 |
NYLIFE Distributors (See Note 3) | 169,140 |
Transfer agent (See Note 3) | 153,651 |
Shareholder communication | 39,717 |
Professional fees | 16,219 |
Custodian | 15,798 |
Manager (See Note 3) | 4,482 |
Accrued expenses | 870 |
Total liabilities | 2,998,723 |
Net assets | $716,212,472 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 60,422 |
Additional paid-in-capital | 715,777,612 |
715,838,034 | |
Total distributable earnings (loss) | 374,438 |
Net assets | $716,212,472 |
Class A | |
Net assets applicable to outstanding shares | $599,018,876 |
Shares of beneficial interest outstanding | 50,525,626 |
Net asset value per share outstanding | $ 11.86 |
Maximum sales charge (3.00% of offering price) | 0.37 |
Maximum offering price per share outstanding | $ 12.23 |
Investor Class | |
Net assets applicable to outstanding shares | $ 78,971,777 |
Shares of beneficial interest outstanding | 6,650,326 |
Net asset value per share outstanding | $ 11.87 |
Maximum sales charge (2.50% of offering price) | 0.30 |
Maximum offering price per share outstanding | $ 12.17 |
Class B | |
Net assets applicable to outstanding shares | $ 7,875,392 |
Shares of beneficial interest outstanding | 674,132 |
Net asset value and offering price per share outstanding | $ 11.68 |
Class C | |
Net assets applicable to outstanding shares | $ 14,104,503 |
Shares of beneficial interest outstanding | 1,207,863 |
Net asset value and offering price per share outstanding | $ 11.68 |
Class I | |
Net assets applicable to outstanding shares | $ 7,595,374 |
Shares of beneficial interest outstanding | 634,491 |
Net asset value and offering price per share outstanding | $ 11.97 |
Class R2 | |
Net assets applicable to outstanding shares | $ 160,010 |
Shares of beneficial interest outstanding | 13,509 |
Net asset value and offering price per share outstanding | $ 11.84 |
Class R3 | |
Net assets applicable to outstanding shares | $ 1,752,328 |
Shares of beneficial interest outstanding | 148,400 |
Net asset value and offering price per share outstanding | $ 11.81 |
SIMPLE Class | |
Net assets applicable to outstanding shares | $ 6,734,212 |
Shares of beneficial interest outstanding | 567,827 |
Net asset value and offering price per share outstanding | $ 11.86 |
36 | MainStay Moderate Allocation Fund |
Investment Income (Loss) | |
Income | |
Dividend distributions from affiliated investment companies | $ 22,297,192 |
Expenses | |
Distribution/Service—Class A (See Note 3) | 1,570,457 |
Distribution/Service—Investor Class (See Note 3) | 212,953 |
Distribution/Service—Class B (See Note 3) | 117,449 |
Distribution/Service—Class C (See Note 3) | 174,885 |
Distribution/Service—Class R2 (See Note 3) | 409 |
Distribution/Service—Class R3 (See Note 3) | 8,852 |
Distribution/Service—SIMPLE Class (See Note 3) | 25,500 |
Transfer agent (See Note 3) | 832,538 |
Registration | 115,087 |
Professional fees | 96,248 |
Custodian | 48,400 |
Trustees | 19,464 |
Shareholder service (See Note 3) | 1,934 |
Shareholder communication | 1,548 |
Miscellaneous | 20,672 |
Total expenses before waiver/reimbursement | 3,246,396 |
Expense waiver/reimbursement from Manager (See Note 3) | (158,001) |
Reimbursement from prior custodian(a) | (1,503) |
Net expenses | 3,086,892 |
Net investment income (loss) | 19,210,300 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Affiliated investment company transactions | (10,626,781) |
Realized capital gain distributions from affiliated investment companies | 8,313,419 |
Swap transactions | (15,171,783) |
Net realized gain (loss) | (17,485,145) |
Net change in unrealized appreciation (depreciation) on: Affiliated investments companies | 22,557,022 |
Net realized and unrealized gain (loss) | 5,071,877 |
Net increase (decrease) in net assets resulting from operations | $ 24,282,177 |
(a) | Represents a refund for overbilling of custody fees. |
for the years ended October 31, 2023 and October 31, 2022
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 19,210,300 | $ 12,867,285 |
Net realized gain (loss) | (17,485,145) | 34,686,243 |
Net change in unrealized appreciation (depreciation) | 22,557,022 | (181,325,599) |
Net increase (decrease) in net assets resulting from operations | 24,282,177 | (133,772,071) |
Distributions to shareholders: | ||
Class A | (33,143,840) | (64,034,427) |
Investor Class | (4,344,071) | (8,433,971) |
Class B | (609,120) | (1,976,049) |
Class C | (828,328) | (2,293,600) |
Class I | (476,779) | (1,040,013) |
Class R2 | (8,356) | (15,531) |
Class R3 | (80,138) | (139,179) |
SIMPLE Class | (179,559) | (100,741) |
Total distributions to shareholders | (39,670,191) | (78,033,511) |
Capital share transactions: | ||
Net proceeds from sales of shares | 56,971,120 | 79,637,492 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 39,401,094 | 77,450,338 |
Cost of shares redeemed | (102,134,619) | (101,599,989) |
Increase (decrease) in net assets derived from capital share transactions | (5,762,405) | 55,487,841 |
Net increase (decrease) in net assets | (21,150,419) | (156,317,741) |
Net Assets | ||
Beginning of year | 737,362,891 | 893,680,632 |
End of year | $ 716,212,472 | $ 737,362,891 |
38 | MainStay Moderate Allocation Fund |
Year Ended October 31, | |||||||||
Class A | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 12.14 | $ 15.64 | $ 13.41 | $ 13.28 | $ 13.14 | ||||
Net investment income (loss) (a) | 0.32 | 0.22 | 0.20 | 0.24 | 0.23 | ||||
Net realized and unrealized gain (loss) | 0.07 | (2.35) | 2.83 | 0.41 | 0.81 | ||||
Total from investment operations | 0.39 | (2.13) | 3.03 | 0.65 | 1.04 | ||||
Less distributions: | |||||||||
From net investment income | (0.13) | (0.53) | (0.23) | (0.26) | (0.27) | ||||
From net realized gain on investments | (0.54) | (0.84) | (0.57) | (0.26) | (0.63) | ||||
Total distributions | (0.67) | (1.37) | (0.80) | (0.52) | (0.90) | ||||
Net asset value at end of year | $ 11.86 | $ 12.14 | $ 15.64 | $ 13.41 | $ 13.28 | ||||
Total investment return (b) | 3.24% | (14.97)% | 23.28% | 4.96% | 8.88% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.59% | 1.65% | 1.32% | 1.87% | 1.82% | ||||
Net expenses (c) | 0.35% | 0.34% | 0.35% | 0.36% | 0.36% | ||||
Portfolio turnover rate | 23% | 32% | 29% | 59% | 45% | ||||
Net assets at end of year (in 000’s) | $ 599,019 | $ 605,511 | $ 721,363 | $ 568,079 | $ 553,530 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | |||||||||
Investor Class | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 12.16 | $ 15.65 | $ 13.42 | $ 13.28 | $ 13.14 | ||||
Net investment income (loss) (a) | 0.29 | 0.19 | 0.17 | 0.22 | 0.21 | ||||
Net realized and unrealized gain (loss) | 0.06 | (2.34) | 2.82 | 0.41 | 0.81 | ||||
Total from investment operations | 0.35 | (2.15) | 2.99 | 0.63 | 1.02 | ||||
Less distributions: | |||||||||
From net investment income | (0.10) | (0.50) | (0.19) | (0.23) | (0.25) | ||||
From net realized gain on investments | (0.54) | (0.84) | (0.57) | (0.26) | (0.63) | ||||
Total distributions | (0.64) | (1.34) | (0.76) | (0.49) | (0.88) | ||||
Net asset value at end of year | $ 11.87 | $ 12.16 | $ 15.65 | $ 13.42 | $ 13.28 | ||||
Total investment return (b) | 2.92% | (15.08)% | 22.97% | 4.83% | 8.64% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.40% | 1.45% | 1.12% | 1.68% | 1.60% | ||||
Net expenses (c) | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% | ||||
Expenses (before waiver/reimbursement) (c) | 0.69% | 0.61% | 0.67% | 0.66% | 0.64% | ||||
Portfolio turnover rate | 23% | 32% | 29% | 59% | 45% | ||||
Net assets at end of year (in 000's) | $ 78,972 | $ 84,180 | $ 101,233 | $ 101,831 | $ 104,946 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | |||||||||
Class B | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 11.96 | $ 15.42 | $ 13.23 | $ 13.09 | $ 12.94 | ||||
Net investment income (loss) (a) | 0.20 | 0.09 | 0.06 | 0.13 | 0.12 | ||||
Net realized and unrealized gain (loss) | 0.07 | (2.32) | 2.79 | 0.39 | 0.79 | ||||
Total from investment operations | 0.27 | (2.23) | 2.85 | 0.52 | 0.91 | ||||
Less distributions: | |||||||||
From net investment income | (0.01) | (0.39) | (0.09) | (0.12) | (0.13) | ||||
From net realized gain on investments | (0.54) | (0.84) | (0.57) | (0.26) | (0.63) | ||||
Total distributions | (0.55) | (1.23) | (0.66) | (0.38) | (0.76) | ||||
Net asset value at end of year | $ 11.68 | $ 11.96 | $ 15.42 | $ 13.23 | $ 13.09 | ||||
Total investment return (b) | 2.21% | (15.77)% | 22.04% | 4.03% | 7.82% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.67% | 0.70% | 0.43% | 1.00% | 0.96% | ||||
Net expenses (c) | 1.30% | 1.30% | 1.30% | 1.30% | 1.30% | ||||
Expenses (before waiver/reimbursement) (c) | 1.44% | 1.36% | 1.42% | 1.40% | 1.38% | ||||
Portfolio turnover rate | 23% | 32% | 29% | 59% | 45% | ||||
Net assets at end of year (in 000’s) | $ 7,875 | $ 14,890 | $ 27,037 | $ 31,682 | $ 40,817 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | |||||||||
Class C | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 11.96 | $ 15.42 | $ 13.23 | $ 13.08 | $ 12.93 | ||||
Net investment income (loss) (a) | 0.20 | 0.09 | 0.06 | 0.13 | 0.13 | ||||
Net realized and unrealized gain (loss) | 0.07 | (2.32) | 2.79 | 0.40 | 0.78 | ||||
Total from investment operations | 0.27 | (2.23) | 2.85 | 0.53 | 0.91 | ||||
Less distributions: | |||||||||
From net investment income | (0.01) | (0.39) | (0.09) | (0.12) | (0.13) | ||||
From net realized gain on investments | (0.54) | (0.84) | (0.57) | (0.26) | (0.63) | ||||
Total distributions | (0.55) | (1.23) | (0.66) | (0.38) | (0.76) | ||||
Net asset value at end of year | $ 11.68 | $ 11.96 | $ 15.42 | $ 13.23 | $ 13.08 | ||||
Total investment return (b) | 2.21% | (15.76)% | 22.05% | 4.11% | 7.83% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.66% | 0.70% | 0.40% | 0.99% | 1.00% | ||||
Net expenses (c) | 1.30% | 1.30% | 1.30% | 1.30% | 1.30% | ||||
Expenses (before waiver/reimbursement) (c) | 1.44% | 1.36% | 1.42% | 1.40% | 1.38% | ||||
Portfolio turnover rate | 23% | 32% | 29% | 59% | 45% | ||||
Net assets at end of year (in 000’s) | $ 14,105 | $ 19,531 | $ 30,309 | $ 35,483 | $ 43,681 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | 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. |
40 | MainStay Moderate Allocation Fund |
Year Ended October 31, | |||||||||
Class I | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 12.25 | $ 15.77 | $ 13.52 | $ 13.37 | $ 13.24 | ||||
Net investment income (loss) (a) | 0.35 | 0.26 | 0.23 | 0.30 | 0.28 | ||||
Net realized and unrealized gain (loss) | 0.07 | (2.37) | 2.85 | 0.40 | 0.79 | ||||
Total from investment operations | 0.42 | (2.11) | 3.08 | 0.70 | 1.07 | ||||
Less distributions: | |||||||||
From net investment income | (0.16) | (0.57) | (0.26) | (0.29) | (0.31) | ||||
From net realized gain on investments | (0.54) | (0.84) | (0.57) | (0.26) | (0.63) | ||||
Total distributions | (0.70) | (1.41) | (0.83) | (0.55) | (0.94) | ||||
Net asset value at end of year | $ 11.97 | $ 12.25 | $ 15.77 | $ 13.52 | $ 13.37 | ||||
Total investment return (b) | 3.49% | (14.76)% | 23.52% | 5.33% | 9.04% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.85% | 1.91% | 1.55% | 2.31% | 2.15% | ||||
Net expenses (c) | 0.10% | 0.09% | 0.10% | 0.11% | 0.11% | ||||
Portfolio turnover rate | 23% | 32% | 29% | 59% | 45% | ||||
Net assets at end of year (in 000’s) | $ 7,595 | $ 8,483 | $ 11,150 | $ 8,586 | $ 11,687 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | June 14, 2019^ through October 31, 2019 | ||||||||
Class R2 | 2023 | 2022 | 2021 | 2020 | |||||
Net asset value at beginning of period | $ 12.13 | $ 15.62 | $ 13.40 | $ 13.27 | $ 12.78 | ||||
Net investment income (loss) (a) | 0.31 | 0.21 | 0.18 | 0.24 | 0.06 | ||||
Net realized and unrealized gain (loss) | 0.06 | (2.34) | 2.82 | 0.40 | 0.43 | ||||
Total from investment operations | 0.37 | (2.13) | 3.00 | 0.64 | 0.49 | ||||
Less distributions: | |||||||||
From net investment income | (0.12) | (0.52) | (0.21) | (0.25) | — | ||||
From net realized gain on investments | (0.54) | (0.84) | (0.57) | (0.26) | — | ||||
Total distributions | (0.66) | (1.36) | (0.78) | (0.51) | — | ||||
Net asset value at end of period | $ 11.84 | $ 12.13 | $ 15.62 | $ 13.40 | $ 13.27 | ||||
Total investment return (b) | 3.04% | (15.01)% | 23.10% | 4.89% | 3.83% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.49% | 1.56% | 1.22% | 1.81% | 1.13%†† | ||||
Net expenses (c) | 0.45% | 0.44% | 0.45% | 0.46% | 0.47%†† | ||||
Portfolio turnover rate | 23% | 32% | 29% | 59% | 45% | ||||
Net assets at end of period (in 000’s) | $ 160 | $ 155 | $ 177 | $ 141 | $ 147 |
^ | 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 R2 shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | |||||||||
Class R3 | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 12.09 | $ 15.58 | $ 13.37 | $ 13.24 | $ 13.09 | ||||
Net investment income (loss) (a) | 0.27 | 0.17 | 0.14 | 0.20 | 0.17 | ||||
Net realized and unrealized gain (loss) | 0.07 | (2.34) | 2.82 | 0.42 | 0.82 | ||||
Total from investment operations | 0.34 | (2.17) | 2.96 | 0.62 | 0.99 | ||||
Less distributions: | |||||||||
From net investment income | (0.08) | (0.48) | (0.18) | (0.23) | (0.21) | ||||
From net realized gain on investments | (0.54) | (0.84) | (0.57) | (0.26) | (0.63) | ||||
Total distributions | (0.62) | (1.32) | (0.75) | (0.49) | (0.84) | ||||
Net asset value at end of year | $ 11.81 | $ 12.09 | $ 15.58 | $ 13.37 | $ 13.24 | ||||
Total investment return (b) | 2.86% | (15.27)% | 22.79% | 4.70% | 8.46% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.21% | 1.30% | 0.96% | 1.54% | 1.32% | ||||
Net expenses (c) | 0.70% | 0.69% | 0.70% | 0.71% | 0.71% | ||||
Portfolio turnover rate | 23% | 32% | 29% | 59% | 45% | ||||
Net assets at end of year (in 000’s) | $ 1,752 | $ 1,601 | $ 1,557 | $ 964 | $ 1,004 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R3 shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | August 31, 2020^ through October 31, | ||||||
SIMPLE Class | 2023 | 2022 | 2021 | 2020 | |||
Net asset value at beginning of period | $ 12.13 | $ 15.62 | $ 13.42 | $ 13.95* | |||
Net investment income (loss) (a) | 0.27 | 0.15 | 0.11 | 0.02 | |||
Net realized and unrealized gain (loss) | 0.07 | (2.34) | 2.84 | (0.55) | |||
Total from investment operations | 0.34 | (2.19) | 2.95 | (0.53) | |||
Less distributions: | |||||||
From net investment income | (0.07) | (0.46) | (0.18) | — | |||
From net realized gain on investments | (0.54) | (0.84) | (0.57) | — | |||
Total distributions | (0.61) | (1.30) | (0.75) | — | |||
Net asset value at end of period | $ 11.86 | $ 12.13 | $ 15.62 | $ 13.42 | |||
Total investment return (b) | 2.81% | (15.33)% | 22.61% | (3.80)% | |||
Ratios (to average net assets)/Supplemental Data: | |||||||
Net investment income (loss) | 2.16% | 1.19% | 0.75% | 0.95%†† | |||
Net expenses (c) | 0.72% | 0.80% | 0.80% | 0.80%†† | |||
Expenses (before waiver/reimbursement) (c) | 0.72% | 0.86% | 0.92% | 0.93%†† | |||
Portfolio turnover rate | 23% | 32% | 29% | 59% | |||
Net assets at end of period (in 000’s) | $ 6,734 | $ 3,013 | $ 853 | $ 38 |
^ | Inception date. |
* | Based on the net asset value of Investor Class as of August 31, 2020. |
†† | 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. |
42 | MainStay Moderate Allocation Fund |
Average Annual Total Returns for the Year-Ended October 31, 2023 | |||||||
Class | Sales Charge | Inception Date | One Year | Five Years | Ten Years or Since Inception | Gross Expense Ratio1 | |
Class A Shares2 | Maximum 3.00% Initial Sales Charge | With sales charges | 4/4/2005 | 0.10% | 4.16% | 4.51% | 0.88% |
Excluding sales charges | 3.20 | 5.34 | 5.10 | 0.88 | |||
Investor Class Shares2, 3 | Maximum 2.50% Initial Sales Charge | With sales charges | 2/28/2008 | 0.40 | 3.97 | 4.33 | 1.13 |
Excluding sales charges | 2.97 | 5.15 | 4.92 | 1.13 | |||
Class B Shares4 | Maximum 5.00% CDSC | With sales charges | 4/4/2005 | -2.60 | 4.06 | 4.13 | 1.88 |
if Redeemed Within the First Six Years of Purchase | Excluding sales charges | 2.20 | 4.36 | 4.13 | 1.88 | ||
Class C Shares | Maximum 1.00% CDSC | With sales charges | 4/4/2005 | 1.23 | 4.36 | 4.13 | 1.88 |
if Redeemed Within One Year of Purchase | Excluding sales charges | 2.19 | 4.36 | 4.13 | 1.88 | ||
Class I Shares | No Sales Charge | 4/4/2005 | 3.42 | 5.60 | 5.37 | 0.63 | |
Class R2 Shares5 | No Sales Charge | 6/14/2019 | 3.08 | N/A | 5.11 | 0.98 | |
Class R3 Shares5 | No Sales Charge | 2/29/2016 | 2.82 | 4.98 | 6.46 | 1.23 | |
SIMPLE Class Shares | No Sales Charge | 8/31/2020 | 2.84 | N/A | 2.68 | 1.27 |
1. | The gross expense ratios presented reflect the Fund’s “Total Annual Fund Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report. |
2. | Prior to July 22, 2019, the maximum initial sales charge applicable was 5.50%, which is reflected in the applicable average annual total return figures shown. |
3. | Prior to June 30, 2020, the maximum initial sales charge was 3.00%, which is reflected in the applicable average annual total return figures shown. |
4. | Class B shares are closed to all new purchases as well as additional investments by existing Class B shareholders. |
5. | As of October 31, 2023, Class R2 and Class R3 shares are closed to new investors and, upon the close of business on December 29, 2023, Class R2 and Class R3 shares are closed to additional investments by existing shareholders. Additionally, Class R2 and 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 R2 or 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* | One Year | Five Years | Ten Years |
S&P 500® Index1 | 10.14% | 11.01% | 11.18% |
MSCI EAFE® Index (Net)2 | 14.40 | 4.10 | 3.05 |
Bloomberg U.S. Aggregate Bond Index3 | 0.36 | -0.06 | 0.88 |
Growth Allocation Composite Index4 | 9.11 | 7.61 | 7.63 |
Morningstar Moderately Aggressive Allocation Category Average5 | 4.49 | 5.40 | 5.58 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | The S&P 500® Index is the Fund's primary benchmark. S&P 500® is a trademark of The McGraw-Hill Companies, Inc. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance. |
2. | The MSCI EAFE® Index (Net) is the Fund's secondary benchmark. The MSCI EAFE® Index (Net) consists of international stocks representing the developed world outside of North America. |
3. | The Fund has selected the Bloomberg U.S. Aggregate Bond Index as an additional benchmark. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. |
4. | The Fund has selected the Growth Allocation Composite Index as an additional benchmark. The Growth Allocation Composite Index consists of the S&P 500® Index, the MSCI EAFE® Index and the Bloomberg U.S. Aggregate Bond Index weighted 60%, 20% and 20%, respectively. Prior to February 28, 2014, the Growth Allocation Composite Index consisted of the S&P 500® Index, the MSCI EAFE® Index and the Bloomberg U.S. Aggregate Bond Index weighted 65%, 15%, and 20%, respectively. |
5. | The Morningstar Moderately Aggressive Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderately aggressive strategies prioritize capital appreciation over preservation. They typically expect volatility similar to a strategic equity exposure between 70% and 85%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
44 | MainStay Growth 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 | $972.70 | $1.74 | $1,023.44 | $1.79 | 0.35% |
Investor Class Shares | $1,000.00 | $972.00 | $2.73 | $1,022.43 | $2.80 | 0.55% |
Class B Shares | $1,000.00 | $968.50 | $6.45 | $1,018.65 | $6.61 | 1.30% |
Class C Shares | $1,000.00 | $967.80 | $6.45 | $1,018.65 | $6.61 | 1.30% |
Class I Shares | $1,000.00 | $973.80 | $0.50 | $1,024.70 | $0.51 | 0.10% |
Class R2 Shares | $1,000.00 | $971.90 | $2.24 | $1,022.94 | $2.29 | 0.45% |
Class R3 Shares | $1,000.00 | $971.00 | $3.48 | $1,021.68 | $3.57 | 0.70% |
SIMPLE Class Shares | $1,000.00 | $971.30 | $3.08 | $1,022.08 | $3.16 | 0.62% |
1. | Expenses are equal to the Fund’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 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 | 75.3% |
Fixed Income Funds | 13.3 |
Short-Term Investment | 11.2 |
Other Assets, Less Liabilities | 0.2 |
46 | MainStay Growth 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. |
48 | MainStay Growth Allocation Fund |
5. | The yield curve is a line that plots the yields of various securities of similar quality—typically U.S. Treasury issues—across a range of maturities. The U.S. Treasury yield curve serves as a benchmark for other debt and is used in economic forecasting. |
6. | The S&P Small Cap 600™ Index covers roughly the small-cap range of American stocks, using a capitalization-weighted index. Capitalization range is from $850 million to $3.7 billion. An investment cannot be made directly in an index. |
7. | 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) comparable to U.S. Treasury issues. |
50 | MainStay Growth Allocation Fund |
Shares | Value | |
Affiliated Investment Companies 88.6% | ||
Equity Funds 75.3% | ||
IQ 500 International ETF (a) | 815,836 | $ 24,172,486 |
IQ Candriam International Equity ETF (a) | 955,742 | 23,825,310 |
IQ Candriam U.S. Large Cap Equity ETF (a) | 1,097,744 | 40,243,515 |
IQ Candriam U.S. Mid Cap Equity ETF (a) | 1,148,028 | 28,689,449 |
IQ FTSE International Equity Currency Neutral ETF | 652,372 | 14,704,465 |
IQ U.S. Large Cap ETF (a) | 1,198,878 | 37,806,738 |
IQ U.S. Small Cap ETF (a) | 885,526 | 26,113,985 |
IQ Winslow Large Cap Growth ETF (a) | 169,801 | 5,203,144 |
MainStay Candriam Emerging Markets Equity Fund Class R6 (a) | 3,000,728 | 25,268,828 |
MainStay Epoch Capital Growth Fund Class I | 212,293 | 2,556,055 |
MainStay Epoch International Choice Fund Class I (a) | 534,706 | 18,814,369 |
MainStay Epoch U.S. Equity Yield Fund Class R6 (a) | 2,067,840 | 38,234,988 |
MainStay Fiera SMID Growth Fund Class R6 (a) | 1,510,159 | 21,332,201 |
MainStay PineStone International Equity Fund Class R6 (a) | 1,395,070 | 18,956,913 |
MainStay PineStone U.S. Equity Fund Class R6 (a) | 938,669 | 14,616,765 |
MainStay S&P 500 Index Fund Class I | 234,616 | 11,602,296 |
MainStay Winslow Large Cap Growth Fund Class R6 | 4,066,414 | 40,661,699 |
MainStay WMC Enduring Capital Fund Class R6 (a) | 1,194,987 | 35,969,232 |
MainStay WMC Growth Fund Class R6 (a) | 1,197,545 | 43,185,259 |
MainStay WMC International Research Equity Fund Class I (a) | 2,878,459 | 18,918,097 |
MainStay WMC Small Companies Fund Class I (a) | 1,404,712 | 26,347,474 |
MainStay WMC Value Fund Class R6 (a) | 1,282,674 | 35,945,137 |
Total Equity Funds (Cost $499,551,358) | 553,168,405 | |
Fixed Income Funds 13.3% | ||
IQ MacKay ESG Core Plus Bond ETF | 571,913 | 11,197,027 |
IQ Mackay ESG High Income ETF (a) | 389,959 | 9,762,624 |
MainStay Floating Rate Fund Class R6 (a) | 2,576,684 | 22,559,386 |
MainStay MacKay High Yield Corporate Bond Fund Class R6 | 2,001,286 | 9,792,894 |
MainStay MacKay Short Duration High Yield Fund Class I | 1,970,970 | 18,093,110 |
Shares | Value | ||
Fixed Income Funds (continued) | |||
MainStay MacKay Total Return Bond Fund Class R6 | 1,343,540 | $ 11,213,724 | |
MainStay Short Term Bond Fund Class I (a) | 1,678,541 | 15,029,320 | |
Total Fixed Income Funds (Cost $99,156,193) | 97,648,085 | ||
Total Affiliated Investment Companies (Cost $598,707,551) | 650,816,490 | ||
Short-Term Investment 11.2% | |||
Affiliated Investment Company 11.2% | |||
MainStay U.S. Government Liquidity Fund, 5.275% (a)(b) | 82,408,556 | 82,408,556 | |
Total Short-Term Investment (Cost $82,408,556) | 11.2% | 82,408,556 | |
Total Investments (Cost $681,116,107) | 99.8% | 733,225,046 | |
Other Assets, Less Liabilities | 0.2 | 1,400,204 | |
Net Assets | 100.0% | $ 734,625,250 |
† | Percentages indicated are based on Fund net assets. |
^ | Industry classifications may be different than those used for compliance monitoring purposes. |
(a) | As of October 31, 2023, the Fund's ownership exceeds 5% of the outstanding shares of the Underlying Fund's share class. |
(b) | Current yield as of October 31, 2023. |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
IQ 500 International ETF | $ 24,570 | $ 1,306 | $ (5,165) | $ 186 | $ 3,275 | $ 24,172 | $ 940 | $ — | 816 |
IQ Candriam International Equity ETF | 24,441 | 1,269 | (4,698) | (675) | 3,488 | 23,825 | 765 | — | 956 |
IQ Candriam U.S. Large Cap Equity ETF | 48,849 | 1,944 | (16,832) | 2,431 | 3,852 | 40,244 | 687 | — | 1,098 |
IQ Candriam U.S. Mid Cap Equity ETF | — | 32,312 | — | — | (3,622) | 28,690 | 89 | — | 1,148 |
IQ FTSE International Equity Currency Neutral ETF | 14,911 | 414 | (2,199) | 182 | 1,396 | 14,704 | 344 | 281 | 652 |
IQ MacKay ESG Core Plus Bond ETF | 12,493 | 1,437 | (2,362) | (215) | (156) | 11,197 | 530 | — | 572 |
IQ Mackay ESG High Income ETF | — | 10,322 | (276) | (4) | (279) | 9,763 | 287 | — | 390 |
IQ U.S. Large Cap ETF | 44,996 | 413 | (8,404) | 1,800 | (998) | 37,807 | 738 | — | 1,199 |
IQ U.S. Small Cap ETF | 42,744 | 6,237 | (20,333) | 2,430 | (4,964) | 26,114 | 600 | — | 886 |
IQ Winslow Large Cap Growth ETF | 2,679 | 1,694 | — | — | 830 | 5,203 | 2 | — | 170 |
MainStay Candriam Emerging Markets Equity Fund Class R6 | 24,289 | 2,323 | (1,783) | (631) | 1,071 | 25,269 | 298 | — | 3,001 |
MainStay Epoch Capital Growth Fund Class I | 2,643 | 39 | (516) | (68) | 458 | 2,556 | 12 | 27 | 212 |
MainStay Epoch International Choice Fund Class I | 19,587 | 1,096 | (4,365) | 750 | 1,746 | 18,814 | 263 | — | 535 |
MainStay Epoch U.S. Equity Yield Fund Class R6 | 46,071 | 3,643 | (10,628) | (88) | (763) | 38,235 | 1,079 | 685 | 2,068 |
MainStay Fiera SMID Growth Fund Class R6 | — | 23,225 | — | — | (1,893) | 21,332 | — | — | 1,510 |
MainStay Floating Rate Fund Class R6 | 36,031 | 6,218 | (20,484) | (988) | 1,782 | 22,559 | 2,502 | — | 2,577 |
MainStay MacKay High Yield Corporate Bond Fund Class R6 | 15,292 | 6,446 | (12,239) | (772) | 1,066 | 9,793 | 886 | — | 2,001 |
MainStay MacKay International Equity Fund Class R6 | 18,824 | 1,648 | (21,042) | (308) | 878 | — | 182 | — | — |
MainStay MacKay Short Duration High Yield Fund Class I | 17,427 | 3,238 | (2,750) | (103) | 281 | 18,093 | 1,076 | — | 1,971 |
MainStay MacKay Total Return Bond Fund Class R6 | 12,539 | 1,627 | (2,687) | (413) | 148 | 11,214 | 522 | — | 1,344 |
MainStay PineStone International Equity Fund Class R6 (a) | — | 20,268 | — | — | (1,311) | 18,957 | — | — | 1,395 |
MainStay PineStone U.S. Equity Fund Class R6 | — | 15,306 | — | — | (689) | 14,617 | — | — | 939 |
MainStay S&P 500 Index Fund Class I | 11,250 | 1,325 | (1,038) | 44 | 21 | 11,602 | 159 | 904 | 235 |
MainStay Short Term Bond Fund Class I | — | 16,287 | (966) | (14) | (277) | 15,030 | 386 | — | 1,679 |
MainStay U.S. Government Liquidity Fund | 81,000 | 96,817 | (95,408) | — | — | 82,409 | 3,694 | — | 82,409 |
MainStay Winslow Large Cap Growth Fund Class R6 | 45,738 | 5,271 | (14,136) | (303) | 4,092 | 40,662 | 107 | 5,114 | 4,066 |
MainStay WMC Enduring Capital Fund Class R6 | 43,829 | 3,256 | (11,442) | (580) | 906 | 35,969 | 260 | 1,604 | 1,195 |
MainStay WMC Growth Fund Class R6 | 47,923 | 3,235 | (16,014) | (5,906) | 13,947 | 43,185 | — | — | 1,198 |
MainStay WMC International Research Equity Fund Class I | 19,198 | 1,118 | (3,459) | (28) | 2,089 | 18,918 | 410 | — | 2,878 |
MainStay WMC Small Companies Fund Class I | 42,955 | 8,743 | (20,083) | (1,441) | (3,827) | 26,347 | 941 | — | 1,405 |
MainStay WMC Value Fund Class R6 | 45,228 | 3,713 | (10,186) | (200) | (2,610) | 35,945 | 757 | 1,713 | 1,283 |
$ 745,507 | $282,190 | $(309,495) | $(4,914) | $ 19,937 | $ 733,225 | $18,516 | $10,328 |
(a) | As of September 8, 2023, the Fund exchanged in a nontaxable transfer of all shares of the MainStay MacKay International Equity Fund Class R6 into the newly launched MainStay PineStone International Equity Fund Class R6. |
52 | MainStay Growth Allocation Fund |
Swap Counterparty | Reference Obligation | Floating Rate2 | Termination Date(s) | Payment Frequency Paid/ Received | Notional Amount Long/ (Short) (000)3 | Unrealized Appreciation/ (Depreciation)4 |
Citibank NA | Citi Leveraged Loan Basket | 1 day FEDF minus 0.20% | 12/4/23 | Daily | (7,547) | $ — |
Citibank NA | Citi Zombie Company Basket | 1 day FEDF minus 0.50% | 12/4/23 | Daily | (6,916) | — |
JPMorgan Chase Bank NA | Global X Uranium ETF | 1 day FEDF plus 0.50% | 10/8/24- 10/15/24 | Daily | 7,957 | — |
Citibank NA | Invesco S&P 500 Low Volatility ETF | 1 day FEDF plus 0.45% | 12/4/23 | Daily | 7,128 | — |
Citibank NA | iShares 20+ Year Treasury Bond ETF | 1 day FEDF plus 0.38% | 12/4/23 | Daily | 40,612 | — |
Citibank NA | iShares MSCI EAFE ETF | 1 day FEDF minus 1.25% | 12/4/23 | Daily | (18,306) | — |
Citibank NA | iShares MSCI Emerging Markets ETF | 1 day FEDF minus 0.54% | 12/4/23 | Daily | (3,563) | — |
JPMorgan Chase Bank NA | iShares MSCI Japan ETF | 1 day FEDF plus 0.15% | 4/24/24- 5/7/24 | Daily | 22,247 | — |
JPMorgan Chase Bank NA | J.P. Morgan IDEX Pure Size Short | 1 day FEDF plus 0.02% | 6/20/24 | Daily | (3,282) | — |
JPMorgan Chase Bank NA | Materials Select Sector SPDR Fund | 1 day FEDF plus 0.18% | 2/5/24 | Daily | 7,313 | — |
Citibank NA | Russell 1000 Growth Total Return Index | 1 day FEDF minus 0.20% | 12/4/23 | Daily | (10,869) | — |
JPMorgan Chase Bank NA | Russell 2000 Total Return Index | 1 day FEDF minus 0.15% - plus 0.02% | 4/9/24- 5/7/24 | Daily | (30,951) | — |
JPMorgan Chase Bank NA | S&P 500 Equal Weight | 1 day FEDF plus 0.30% - 0.51% | 5/7/24 | Daily | 32,389 | — |
Citibank NA | S&P 500 Financials Index | 1 day FEDF plus 0.10% | 12/4/23 | Daily | (1,072) | — |
Citibank NA | S&P 500 Health Care Sector | 1 day FEDF plus 0.45% | 12/4/23 | Daily | 7,284 | — |
Citibank NA | S&P 500 Total Return Index | 1 day FEDF plus 0.05% | 12/4/23 | Daily | (22,305) | — |
Citibank NA | S&P 500 Utilities Total Return | 1 day FEDF plus 0.50% | 12/4/23 | Daily | 7,690 | — |
Citibank NA | S&P 600 Total Return | 1 day FEDF plus 0.41% | 12/4/23 | Daily | 35,748 | — |
Citibank NA | S&P Midcap 400 Total Return Index | 1 day FEDF plus 0.31% | 12/4/23 | Daily | 21,228 | — |
Citibank NA | Vanguard FTSE Europe ETF | 1 day FEDF minus 5.00% | 12/4/23 | Daily | (7,379) | — |
$ — |
Security Description | Shares | Notional Value | Unrealized Appreciation/ Depreciation | Percent of Basket Net Assets |
AerCap Holdings NV | (3,673) | (355,173) | — | 4.71 |
Apollo Commercial Real Estate Finance, Inc. | (690) | (66,697) | — | 0.88 |
Atlantica Sustainable Infrastructure plc | (434) | (41,964) | — | 0.56 |
Brandywine Realty Trust | (623) | (60,291) | — | 0.80 |
Carnival Corp. | (9,213) | (890,881) | — | 11.80 |
Chart Industries, Inc. | (3,541) | (342,439) | — | 4.54 |
Coherent Corp. | (1,473) | (142,447) | — | 1.89 |
CommScope Holding Co, Inc. | (137) | (13,201) | — | 0.17 |
Crane NXT Co | (2,722) | (263,228) | — | 3.49 |
Cushman & Wakefield plc | (692) | (66,916) | — | 0.89 |
Delta Air Lines, Inc. | (7,330) | (708,792) | — | 9.39 |
Designer Brands, Inc. | (766) | (74,048) | — | 0.98 |
DigitalBridge Group, Inc. | (1,206) | (116,666) | — | 1.55 |
Elanco Animal Health, Inc. | (3,015) | (291,550) | — | 3.86 |
Entegris, Inc. | (4,791) | (463,318) | — | 6.14 |
Fidelity National Information Services, Inc. | (7,213) | (697,547) | — | 9.24 |
Hanesbrands, Inc. | (1,954) | (188,970) | — | 2.50 |
JetBlue Airways Corp. | (1,031) | (99,672) | — | 1.32 |
Lumen Technologies, Inc. | (2,122) | (205,207) | — | 2.72 |
MKS Instruments, Inc. | (1,413) | (136,648) | — | 1.81 |
Oatly Group AB | (86) | (8,270) | — | 0.11 |
Opendoor Technologies, Inc. | (1,468) | (141,930) | — | 1.88 |
Par Pacific Holdings, Inc. | (1,122) | (108,509) | — | 1.44 |
PureCycle Technologies, Inc. | (444) | (42,963) | — | 0.57 |
Scorpio Tankers, Inc. | (2,546) | (246,217) | — | 3.26 |
Security Description | Shares | Notional Value | Unrealized Appreciation/ Depreciation | Percent of Basket Net Assets |
Topgolf Callaway Brands Corp. | (743) | (71,856) | — | 0.95 |
Uber Technologies, Inc. | (11,225) | (1,085,466) | — | 14.38 |
United Airlines Holdings, Inc. | (6,376) | (616,539) | — | 8.17 |
1. | As of October 31, 2023, cash in the amount $3,450,000 was pledged to brokers for OTC swap contracts. |
2. | Fund pays the floating rate and receives the total return of the reference entity. |
3. | Notional amounts reflected as a positive value indicate a long position held by the Fund or Index and a negative value indicates a short position. |
4. | Reflects the value at reset date as of October 31, 2023. |
Abbreviation(s): |
EAFE—Europe, Australasia and Far East |
ETF—Exchange-Traded Fund |
FEDF—Federal Funds Rate |
FTSE—Financial Times Stock Exchange |
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) | |||||||
Affiliated Investment Companies | |||||||
Equity Funds | $ 553,168,405 | $ — | $ — | $ 553,168,405 | |||
Fixed Income Funds | 97,648,085 | — | — | 97,648,085 | |||
Total Affiliated Investment Companies | 650,816,490 | — | — | 650,816,490 | |||
Short-Term Investment | |||||||
Affiliated Investment Company | 82,408,556 | — | — | 82,408,556 | |||
Total Investments in Securities | $ 733,225,046 | $ — | $ — | $ 733,225,046 |
(a) | For a complete listing of investments, see the Portfolio of Investments. |
54 | MainStay Growth Allocation Fund |
Assets | |
Investment in affiliated investment companies, at value (identified cost $681,116,107) | $733,225,046 |
Cash collateral on deposit at broker for swap contracts | 3,450,000 |
Receivables: | |
Dividends and interest | 516,301 |
Fund shares sold | 190,233 |
Other assets | 50,065 |
Total assets | 737,431,645 |
Liabilities | |
Payables: | |
Dividends and interest on OTC swaps contracts | 2,085,229 |
Fund shares redeemed | 276,258 |
Transfer agent (See Note 3) | 174,963 |
NYLIFE Distributors (See Note 3) | 173,989 |
Shareholder communication | 61,454 |
Custodian | 16,102 |
Professional fees | 15,113 |
Manager (See Note 3) | 3,262 |
Accrued expenses | 25 |
Total liabilities | 2,806,395 |
Net assets | $734,625,250 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 55,783 |
Additional paid-in-capital | 695,753,124 |
695,808,907 | |
Total distributable earnings (loss) | 38,816,343 |
Net assets | $734,625,250 |
Class A | |
Net assets applicable to outstanding shares | $603,145,952 |
Shares of beneficial interest outstanding | 45,785,577 |
Net asset value per share outstanding | $ 13.17 |
Maximum sales charge (3.00% of offering price) | 0.41 |
Maximum offering price per share outstanding | $ 13.58 |
Investor Class | |
Net assets applicable to outstanding shares | $ 92,320,915 |
Shares of beneficial interest outstanding | 6,999,850 |
Net asset value per share outstanding | $ 13.19 |
Maximum sales charge (2.50% of offering price) | 0.34 |
Maximum offering price per share outstanding | $ 13.53 |
Class B | |
Net assets applicable to outstanding shares | $ 9,586,894 |
Shares of beneficial interest outstanding | 742,145 |
Net asset value and offering price per share outstanding | $ 12.92 |
Class C | |
Net assets applicable to outstanding shares | $ 14,669,454 |
Shares of beneficial interest outstanding | 1,135,244 |
Net asset value and offering price per share outstanding | $ 12.92 |
Class I | |
Net assets applicable to outstanding shares | $ 9,104,440 |
Shares of beneficial interest outstanding | 679,812 |
Net asset value and offering price per share outstanding | $ 13.39 |
Class R2 | |
Net assets applicable to outstanding shares | $ 61,002 |
Shares of beneficial interest outstanding | 4,634 |
Net asset value and offering price per share outstanding | $ 13.16 |
Class R3 | |
Net assets applicable to outstanding shares | $ 914,338 |
Shares of beneficial interest outstanding | 69,917 |
Net asset value and offering price per share outstanding | $ 13.08 |
SIMPLE Class | |
Net assets applicable to outstanding shares | $ 4,822,255 |
Shares of beneficial interest outstanding | 365,665 |
Net asset value and offering price per share outstanding | $ 13.19 |
Investment Income (Loss) | |
Income | |
Dividend distributions from affiliated investment companies | $ 18,516,039 |
Expenses | |
Distribution/Service—Class A (See Note 3) | 1,578,306 |
Distribution/Service—Investor Class (See Note 3) | 251,791 |
Distribution/Service—Class B (See Note 3) | 136,024 |
Distribution/Service—Class C (See Note 3) | 183,038 |
Distribution/Service—Class R2 (See Note 3) | 177 |
Distribution/Service—Class R3 (See Note 3) | 5,171 |
Distribution/Service—SIMPLE Class (See Note 3) | 20,550 |
Transfer agent (See Note 3) | 953,159 |
Registration | 115,775 |
Professional fees | 94,922 |
Custodian | 44,828 |
Trustees | 19,954 |
Shareholder communication | 1,875 |
Shareholder service (See Note 3) | 1,105 |
Miscellaneous | 20,666 |
Total expenses before waiver/reimbursement | 3,427,341 |
Expense waiver/reimbursement from Manager (See Note 3) | (184,110) |
Reimbursement from prior custodian(a) | (1,548) |
Net expenses | 3,241,683 |
Net investment income (loss) | 15,274,356 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Affiliated investment company transactions | (4,913,732) |
Realized capital gain distributions from affiliated investment companies | 10,327,809 |
Swap transactions | (15,924,167) |
Net realized gain (loss) | (10,510,090) |
Net change in unrealized appreciation (depreciation) on: Affiliated investments companies | 19,937,039 |
Net realized and unrealized gain (loss) | 9,426,949 |
Net increase (decrease) in net assets resulting from operations | $ 24,701,305 |
(a) | Represents a refund for overbilling of custody fees. |
56 | MainStay Growth Allocation Fund |
for the years ended October 31, 2023 and October 31, 2022
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 15,274,356 | $ 10,104,458 |
Net realized gain (loss) | (10,510,090) | 60,089,271 |
Net change in unrealized appreciation (depreciation) | 19,937,039 | (205,823,448) |
Net increase (decrease) in net assets resulting from operations | 24,701,305 | (135,629,719) |
Distributions to shareholders: | ||
Class A | (42,482,199) | (73,904,222) |
Investor Class | (6,720,364) | (11,530,594) |
Class B | (930,924) | (2,637,375) |
Class C | (1,187,696) | (2,609,494) |
Class I | (631,052) | (800,931) |
Class R1 | — | (6,054) |
Class R2 | (5,399) | (9,226) |
Class R3 | (68,391) | (167,463) |
SIMPLE Class | (223,140) | (191,425) |
Total distributions to shareholders | (52,249,165) | (91,856,784) |
Capital share transactions: | ||
Net proceeds from sales of shares | 58,830,977 | 65,486,668 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 52,068,829 | 91,464,910 |
Cost of shares redeemed | (101,020,230) | (102,221,841) |
Increase (decrease) in net assets derived from capital share transactions | 9,879,576 | 54,729,737 |
Net increase (decrease) in net assets | (17,668,284) | (172,756,766) |
Net Assets | ||
Beginning of year | 752,293,534 | 925,050,300 |
End of year | $ 734,625,250 | $ 752,293,534 |
Year Ended October 31, | |||||||||
Class A | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 13.71 | $ 17.89 | $ 14.33 | $ 14.40 | $ 14.76 | ||||
Net investment income (loss) (a) | 0.28 | 0.19 | 0.16 | 0.24 | 0.22 | ||||
Net realized and unrealized gain (loss) | 0.14 | (2.56) | 4.22 | 0.32 | 0.77 | ||||
Total from investment operations | 0.42 | (2.37) | 4.38 | 0.56 | 0.99 | ||||
Less distributions: | |||||||||
From net investment income | (0.13) | (0.66) | (0.17) | (0.26) | (0.28) | ||||
From net realized gain on investments | (0.83) | (1.15) | (0.65) | (0.37) | (1.07) | ||||
Total distributions | (0.96) | (1.81) | (0.82) | (0.63) | (1.35) | ||||
Net asset value at end of year | $ 13.17 | $ 13.71 | $ 17.89 | $ 14.33 | $ 14.40 | ||||
Total investment return (b) | 3.20% | (14.90)% | 31.45% | 3.89% | 8.17% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.02% | 1.30% | 0.98% | 1.69% | 1.55% | ||||
Net expenses (c) | 0.35% | 0.35% | 0.35% | 0.37% | 0.37% | ||||
Portfolio turnover rate | 27% | 25% | 29% | 47% | 42% | ||||
Net assets at end of year (in 000’s) | $ 603,146 | $ 603,691 | $ 728,402 | $ 542,938 | $ 545,586 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | |||||||||
Investor Class | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 13.73 | $ 17.91 | $ 14.33 | $ 14.40 | $ 14.76 | ||||
Net investment income (loss) (a) | 0.25 | 0.17 | 0.14 | 0.21 | 0.18 | ||||
Net realized and unrealized gain (loss) | 0.15 | (2.58) | 4.22 | 0.32 | 0.79 | ||||
Total from investment operations | 0.40 | (2.41) | 4.36 | 0.53 | 0.97 | ||||
Less distributions: | |||||||||
From net investment income | (0.11) | (0.62) | (0.13) | (0.23) | (0.26) | ||||
From net realized gain on investments | (0.83) | (1.15) | (0.65) | (0.37) | (1.07) | ||||
Total distributions | (0.94) | (1.77) | (0.78) | (0.60) | (1.33) | ||||
Net asset value at end of year | $ 13.19 | $ 13.73 | $ 17.91 | $ 14.33 | $ 14.40 | ||||
Total investment return (b) | 2.97% | (15.05)% | 31.27% | 3.70% | 7.94% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.84% | 1.11% | 0.82% | 1.54% | 1.32% | ||||
Net expenses (c) | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% | ||||
Expenses (before waiver/reimbursement) (c) | 0.69% | 0.60% | 0.68% | 0.67% | 0.68% | ||||
Portfolio turnover rate | 27% | 25% | 29% | 47% | 42% | ||||
Net assets at end of year (in 000's) | $ 92,321 | $ 99,449 | $ 122,265 | $ 126,514 | $ 139,892 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | 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. |
58 | MainStay Growth Allocation Fund |
Year Ended October 31, | |||||||||
Class B | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 13.46 | $ 17.59 | $ 14.10 | $ 14.16 | $ 14.50 | ||||
Net investment income (loss) (a) | 0.15 | 0.06 | 0.02 | 0.12 | 0.10 | ||||
Net realized and unrealized gain (loss) | 0.14 | (2.54) | 4.14 | 0.30 | 0.76 | ||||
Total from investment operations | 0.29 | (2.48) | 4.16 | 0.42 | 0.86 | ||||
Less distributions: | |||||||||
From net investment income | — | (0.50) | (0.02) | (0.11) | (0.13) | ||||
From net realized gain on investments | (0.83) | (1.15) | (0.65) | (0.37) | (1.07) | ||||
Total distributions | (0.83) | (1.65) | (0.67) | (0.48) | (1.20) | ||||
Net asset value at end of year | $ 12.92 | $ 13.46 | $ 17.59 | $ 14.10 | $ 14.16 | ||||
Total investment return (b) | 2.20% | (15.70)% | 30.24% | 2.97% | 7.14% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.13% | 0.37% | 0.11% | 0.87% | 0.73% | ||||
Net expenses (c) | 1.30% | 1.30% | 1.30% | 1.30% | 1.30% | ||||
Expenses (before waiver/reimbursement) (c) | 1.44% | 1.35% | 1.43% | 1.42% | 1.42% | ||||
Portfolio turnover rate | 27% | 25% | 29% | 47% | 42% | ||||
Net assets at end of year (in 000’s) | $ 9,587 | $ 16,753 | $ 30,461 | $ 32,739 | $ 43,800 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | |||||||||
Class C | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 13.46 | $ 17.59 | $ 14.10 | $ 14.16 | $ 14.50 | ||||
Net investment income (loss) (a) | 0.15 | 0.05 | 0.02 | 0.11 | 0.10 | ||||
Net realized and unrealized gain (loss) | 0.14 | (2.53) | 4.14 | 0.31 | 0.76 | ||||
Total from investment operations | 0.29 | (2.48) | 4.16 | 0.42 | 0.86 | ||||
Less distributions: | |||||||||
From net investment income | — | (0.50) | (0.02) | (0.11) | (0.13) | ||||
From net realized gain on investments | (0.83) | (1.15) | (0.65) | (0.37) | (1.07) | ||||
Total distributions | (0.83) | (1.65) | (0.67) | (0.48) | (1.20) | ||||
Net asset value at end of year | $ 12.92 | $ 13.46 | $ 17.59 | $ 14.10 | $ 14.16 | ||||
Total investment return (b) | 2.19% | (15.70)% | 30.23% | 2.97% | 7.14% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.11% | 0.36% | 0.09% | 0.81% | 0.76% | ||||
Net expenses (c) | 1.30% | 1.30% | 1.30% | 1.30% | 1.30% | ||||
Expenses (before waiver/reimbursement) (c) | 1.44% | 1.35% | 1.43% | 1.42% | 1.42% | ||||
Portfolio turnover rate | 27% | 25% | 29% | 47% | 42% | ||||
Net assets at end of year (in 000’s) | $ 14,669 | $ 20,272 | $ 29,440 | $ 31,564 | $ 36,721 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | |||||||||
Class I | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 13.93 | $ 18.15 | $ 14.52 | $ 14.58 | $ 14.94 | ||||
Net investment income (loss) (a) | 0.32 | 0.23 | 0.21 | 0.31 | 0.25 | ||||
Net realized and unrealized gain (loss) | 0.14 | (2.60) | 4.27 | 0.30 | 0.78 | ||||
Total from investment operations | 0.46 | (2.37) | 4.48 | 0.61 | 1.03 | ||||
Less distributions: | |||||||||
From net investment income | (0.17) | (0.70) | (0.20) | (0.30) | (0.32) | ||||
From net realized gain on investments | (0.83) | (1.15) | (0.65) | (0.37) | (1.07) | ||||
Total distributions | (1.00) | (1.85) | (0.85) | (0.67) | (1.39) | ||||
Net asset value at end of year | $ 13.39 | $ 13.93 | $ 18.15 | $ 14.52 | $ 14.58 | ||||
Total investment return (b) | 3.42% | (14.68)% | 31.82% | 4.16% | 8.40% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.33% | 1.51% | 1.23% | 2.18% | 1.74% | ||||
Net expenses (c) | 0.10% | 0.10% | 0.10% | 0.11% | 0.13% | ||||
Portfolio turnover rate | 27% | 25% | 29% | 47% | 42% | ||||
Net assets at end of year (in 000’s) | $ 9,104 | $ 7,974 | $ 11,142 | $ 8,063 | $ 11,037 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | June 14, 2019^ through October 31, 2019 | ||||||||
Class R2 | 2023 | 2022 | 2021 | 2020 | |||||
Net asset value at beginning of period | $ 13.70 | $ 17.88 | $ 14.32 | $ 14.40 | $ 13.82 | ||||
Net investment income (loss) (a) | 0.27 | 0.18 | 0.15 | 0.25 | 0.04 | ||||
Net realized and unrealized gain (loss) | 0.14 | (2.57) | 4.21 | 0.29 | 0.54 | ||||
Total from investment operations | 0.41 | (2.39) | 4.36 | 0.54 | 0.58 | ||||
Less distributions: | |||||||||
From net investment income | (0.12) | (0.64) | (0.15) | (0.25) | — | ||||
From net realized gain on investments | (0.83) | (1.15) | (0.65) | (0.37) | — | ||||
Total distributions | (0.95) | (1.79) | (0.80) | (0.62) | — | ||||
Net asset value at end of period | $ 13.16 | $ 13.70 | $ 17.88 | $ 14.32 | $ 14.40 | ||||
Total investment return (b) | 3.08% | (14.99)% | 31.34% | 3.75% | 4.20% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.96% | 1.20% | 0.90% | 1.79% | 0.68%†† | ||||
Net expenses (c) | 0.45% | 0.45% | 0.45% | 0.47% | 0.49%†† | ||||
Portfolio turnover rate | 27% | 25% | 29% | 47% | 42% | ||||
Net assets at end of period (in 000’s) | $ 61 | $ 78 | $ 92 | $ 89 | $ 130 |
^ | 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 R2 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. |
60 | MainStay Growth Allocation Fund |
Year Ended October 31, | |||||||||
Class R3 | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 13.62 | $ 17.78 | $ 14.24 | $ 14.33 | $ 14.68 | ||||
Net investment income (loss) (a) | 0.23 | 0.15 | 0.10 | 0.20 | 0.12 | ||||
Net realized and unrealized gain (loss) | 0.14 | (2.56) | 4.20 | 0.31 | 0.83 | ||||
Total from investment operations | 0.37 | (2.41) | 4.30 | 0.51 | 0.95 | ||||
Less distributions: | |||||||||
From net investment income | (0.08) | (0.60) | (0.11) | (0.23) | (0.23) | ||||
From net realized gain on investments | (0.83) | (1.15) | (0.65) | (0.37) | (1.07) | ||||
Total distributions | (0.91) | (1.75) | (0.76) | (0.60) | (1.30) | ||||
Net asset value at end of year | $ 13.08 | $ 13.62 | $ 17.78 | $ 14.24 | $ 14.33 | ||||
Total investment return (b) | 2.82% | (15.18)% | 30.99% | 3.53% | 7.81% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.68% | 1.00% | 0.60% | 1.43% | 0.90% | ||||
Net expenses (c) | 0.70% | 0.70% | 0.70% | 0.72% | 0.73% | ||||
Portfolio turnover rate | 27% | 25% | 29% | 47% | 42% | ||||
Net assets at end of year (in 000’s) | $ 914 | $ 1,004 | $ 1,622 | $ 1,084 | $ 1,262 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R3 shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | August 31, 2020^ through October 31, | ||||||
SIMPLE Class | 2023 | 2022 | 2021 | 2020 | |||
Net asset value at beginning of period | $ 13.71 | $ 17.89 | $ 14.33 | $ 15.03* | |||
Net investment income (loss) (a) | 0.22 | 0.12 | 0.06 | 0.02 | |||
Net realized and unrealized gain (loss) | 0.16 | (2.57) | 4.25 | (0.72) | |||
Total from investment operations | 0.38 | (2.45) | 4.31 | (0.70) | |||
Less distributions: | |||||||
From net investment income | (0.07) | (0.58) | (0.10) | — | |||
From net realized gain on investments | (0.83) | (1.15) | (0.65) | — | |||
Total distributions | (0.90) | (1.73) | (0.75) | — | |||
Net asset value at end of period | $ 13.19 | $ 13.71 | $ 17.89 | $ 14.33 | |||
Total investment return (b) | 2.84% | (15.29)% | 30.89% | (4.66)% | |||
Ratios (to average net assets)/Supplemental Data: | |||||||
Net investment income (loss) | 1.62% | 0.79% | 0.37% | 0.80%†† | |||
Net expenses (c) | 0.70% | 0.80% | 0.80% | 0.80%†† | |||
Expenses (before waiver/reimbursement) (c) | 0.70% | 0.85% | 0.93% | 0.95%†† | |||
Portfolio turnover rate | 27% | 25% | 29% | 47% | |||
Net assets at end of period (in 000’s) | $ 4,822 | $ 3,072 | $ 1,567 | $ 180 |
^ | Inception date. |
* | Based on the net asset value of Investor Class as of August 31, 2020. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. SIMPLE Class shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Average Annual Total Returns for the Year-Ended October 31, 2023 | |||||||
Class | Sales Charge | Inception Date | One Year | Five Years | Ten Years or Since Inception | Gross Expense Ratio1 | |
Class A Shares2 | Maximum 3.00% Initial Sales Charge | With sales charges | 4/4/2005 | 0.49% | 4.92% | 5.11% | 0.92% |
Excluding sales charges | 3.60 | 6.11 | 5.71 | 0.92 | |||
Investor Class Shares2, 3 | Maximum 2.50% Initial Sales Charge | With sales charges | 2/28/2008 | 0.82 | 4.74 | 4.93 | 1.18 |
Excluding sales charges | 3.41 | 5.93 | 5.53 | 1.18 | |||
Class B Shares4 | Maximum 5.00% CDSC | With sales charges | 4/4/2005 | -2.01 | 4.86 | 4.75 | 1.93 |
if Redeemed Within the First Six Years of Purchase | Excluding sales charges | 2.65 | 5.14 | 4.75 | 1.93 | ||
Class C Shares | Maximum 1.00% CDSC | With sales charges | 4/4/2005 | 1.71 | 5.15 | 4.75 | 1.93 |
if Redeemed Within One Year of Purchase | Excluding sales charges | 2.64 | 5.15 | 4.75 | 1.93 | ||
Class I Shares | No Sales Charge | 4/4/2005 | 3.80 | 6.37 | 5.97 | 0.67 | |
Class R3 Shares5 | No Sales Charge | 2/29/2016 | 3.30 | 5.74 | 7.41 | 1.27 | |
SIMPLE Class Shares | No Sales Charge | 8/31/2020 | 3.19 | N/A | 3.47 | 1.31 |
1. | The gross expense ratios presented reflect the Fund’s “Total Annual Fund Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report. |
2. | Prior to July 22, 2019, the maximum initial sales charge applicable was 5.50%, which is reflected in the applicable average annual total return figures shown. |
3. | Prior to June 30, 2020, the maximum initial sales charge was 3.00%, which is reflected in the applicable average annual total return figures shown. |
4. | Class B shares are closed to all new purchases as well as additional investments by existing Class B shareholders. |
5. | 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. |
62 | MainStay Equity Allocation Fund |
Benchmark Performance* | One Year | Five Years | Ten Years |
S&P 500® Index1 | 10.14% | 11.01% | 11.18% |
MSCI EAFE® Index (Net)2 | 14.40 | 4.10 | 3.05 |
Equity Allocation Composite Index3 | 11.30 | 9.31 | 9.16 |
Morningstar Aggressive Allocation Category Average4 | 4.49 | 5.93 | 6.20 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | The S&P 500® Index is the Fund's primary benchmark. S&P 500® is a trademark of The McGraw-Hill Companies, Inc. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance. |
2. | The MSCI EAFE® Index (Net) is the Fund's secondary benchmark. The MSCI EAFE® Index (Net) consists of international stocks representing the developed world outside of North America. |
3. | The Fund has selected the Equity Allocation Composite Index as an additional benchmark. Effective February 28, 2014, the Equity Allocation Composite Index consists of the S&P 500®Index and the MSCI EAFE® Index weighted 75% and 25%, respectively. Prior to February 28, 2014, the Equity Allocation Composite Index consisted of the S&P 500® Index and the MSCI EAFE® Index weighted 80% and 20%, respectively. |
4. | The Morningstar Aggressive Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These aggressive strategies typically allocate at least 10% to equities of foreign companies and prioritize capital appreciation over preservation. They typically expect volatility similar to a strategic equity exposure of more than 85%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 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 | $974.80 | $1.94 | $1,023.24 | $1.99 | 0.39% |
Investor Class Shares | $1,000.00 | $973.40 | $2.74 | $1,022.43 | $2.80 | 0.55% |
Class B Shares | $1,000.00 | $970.00 | $6.46 | $1,018.65 | $6.61 | 1.30% |
Class C Shares | $1,000.00 | $969.40 | $6.45 | $1,018.65 | $6.61 | 1.30% |
Class I Shares | $1,000.00 | $975.40 | $0.70 | $1,024.50 | $0.71 | 0.14% |
Class R3 Shares | $1,000.00 | $973.10 | $3.68 | $1,021.47 | $3.77 | 0.74% |
SIMPLE Class Shares | $1,000.00 | $971.90 | $3.88 | $1,021.27 | $3.97 | 0.78% |
1. | Expenses are equal to the Fund’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 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. |
64 | MainStay Equity Allocation Fund |
Equity Funds | 95.9% |
Short-Term Investment | 3.8 |
Other Assets, Less Liabilities | 0.3 |
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. |
66 | MainStay Equity Allocation Fund |
4. | The yield curve is a line that plots the yields of various securities of similar quality—typically U.S. Treasury issues—across a range of maturities. The U.S. Treasury yield curve serves as a benchmark for other debt and is used in economic forecasting. |
5. | The S&P Small Cap 600™ Index covers roughly the small-cap range of American stocks, using a capitalization-weighted index. Capitalization range is from $850 million to $3.7 billion. 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) comparable to U.S. Treasury issues. |
68 | MainStay Equity Allocation Fund |
Shares | Value | |
Affiliated Investment Companies 95.9% | ||
Equity Funds 95.9% | ||
IQ 500 International ETF (a) | 529,632 | $ 15,692,519 |
IQ Candriam International Equity ETF (a) | 620,407 | 15,465,878 |
IQ Candriam U.S. Large Cap Equity ETF (a) | 732,720 | 26,861,662 |
IQ Candriam U.S. Mid Cap Equity ETF (a) | 788,229 | 19,698,000 |
IQ FTSE International Equity Currency Neutral ETF | 349,015 | 7,866,798 |
IQ U.S. Large Cap ETF (a) | 841,689 | 26,542,747 |
IQ U.S. Small Cap ETF (a) | 650,831 | 19,192,876 |
IQ Winslow Large Cap Growth ETF (a) | 98,661 | 3,023,230 |
MainStay Candriam Emerging Markets Equity Fund Class R6 (a) | 2,291,100 | 19,293,121 |
MainStay Epoch Capital Growth Fund Class I | 116,916 | 1,407,693 |
MainStay Epoch International Choice Fund Class I (a) | 362,836 | 12,766,908 |
MainStay Epoch U.S. Equity Yield Fund Class R6 (a) | 1,450,590 | 26,821,852 |
MainStay Fiera SMID Growth Fund Class R6 (a) | 807,645 | 11,408,627 |
MainStay PineStone International Equity Fund Class R6 (a) | 941,040 | 12,787,321 |
MainStay PineStone U.S. Equity Fund Class R6 (a) | 500,821 | 7,798,679 |
MainStay S&P 500 Index Fund Class I | 126,673 | 6,264,278 |
MainStay Winslow Large Cap Growth Fund Class R6 | 2,802,172 | 28,020,035 |
MainStay WMC Enduring Capital Fund Class R6 (a) | 840,474 | 25,298,363 |
Shares | Value | ||
Equity Funds (continued) | |||
MainStay WMC Growth Fund Class R6 (a) | 819,443 | $ 29,550,346 | |
MainStay WMC International Research Equity Fund Class I (a) | 1,953,031 | 12,835,905 | |
MainStay WMC Small Companies Fund Class I (a) | 1,022,233 | 19,173,518 | |
MainStay WMC Value Fund Class R6 (a) | 903,996 | 25,333,220 | |
Total Affiliated Investment Companies (Cost $345,261,240) | 373,103,576 | ||
Short-Term Investment 3.8% | |||
Affiliated Investment Company 3.8% | |||
MainStay U.S. Government Liquidity Fund, 5.275% (b) | 14,633,575 | 14,633,575 | |
Total Short-Term Investment (Cost $14,633,575) | 3.8% | 14,633,575 | |
Total Investments (Cost $359,894,815) | 99.7% | 387,737,151 | |
Other Assets, Less Liabilities | 0.3 | 1,133,107 | |
Net Assets | 100.0% | $ 388,870,258 |
† | Percentages indicated are based on Fund net assets. |
^ | Industry classifications may be different than those used for compliance monitoring purposes. |
(a) | As of October 31, 2023, the Fund's ownership exceeds 5% of the outstanding shares of the Underlying Fund's share class. |
(b) | Current yield as of October 31, 2023. |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
IQ 500 International ETF | $ 15,454 | $ 1,171 | $ (3,086) | $ 185 | $ 1,969 | $ 15,693 | $ 601 | $ — | 530 |
IQ Candriam International Equity ETF | 15,410 | 1,135 | (2,818) | (327) | 2,066 | 15,466 | 487 | — | 620 |
IQ Candriam U.S. Large Cap Equity ETF | 31,827 | 1,665 | (10,735) | 1,805 | 2,299 | 26,861 | 450 | — | 733 |
IQ Candriam U.S. Mid Cap Equity ETF | — | 21,923 | — | — | (2,225) | 19,698 | 67 | — | 788 |
IQ FTSE International Equity Currency Neutral ETF | 7,751 | 416 | (1,110) | 61 | 749 | 7,867 | 181 | 147 | 349 |
IQ U.S. Large Cap ETF | 29,891 | 794 | (4,613) | (187) | 658 | 26,543 | 499 | — | 842 |
IQ U.S. Small Cap ETF | 28,988 | 3,766 | (11,508) | (664) | (1,389) | 19,193 | 411 | — | 651 |
IQ Winslow Large Cap Growth ETF | 1,389 | 1,163 | — | — | 471 | 3,023 | 1 | — | 99 |
MainStay Candriam Emerging Markets Equity Fund Class R6 | 18,022 | 2,122 | (1,122) | (420) | 691 | 19,293 | 219 | — | 2,291 |
MainStay Epoch Capital Growth Fund Class I | 1,366 | 25 | (182) | (27) | 226 | 1,408 | 6 | 14 | 117 |
MainStay Epoch International Choice Fund Class I | 12,913 | 983 | (2,744) | 406 | 1,209 | 12,767 | 173 | — | 363 |
MainStay Epoch U.S. Equity Yield Fund Class R6 | 30,622 | 3,104 | (6,269) | 172 | (807) | 26,822 | 728 | 455 | 1,451 |
MainStay Fiera SMID Growth Fund Class R6 | — | 12,421 | — | — | (1,012) | 11,409 | — | — | 808 |
MainStay MacKay International Equity Fund Class R6 | 12,410 | 1,343 | (14,087) | (1,133) | 1,467 | — | 121 | — | — |
MainStay PineStone International Equity Fund Class R6 (a) | — | 13,671 | — | — | (884) | 12,787 | — | — | 941 |
MainStay PineStone U.S. Equity Fund Class R6 | — | 8,167 | — | — | (368) | 7,799 | — | — | 501 |
MainStay S&P 500 Index Fund Class I | 5,864 | 694 | (324) | 13 | 17 | 6,264 | 82 | 467 | 127 |
MainStay U.S. Government Liquidity Fund | 14,588 | 43,480 | (43,435) | — | — | 14,633 | 664 | — | 14,634 |
MainStay Winslow Large Cap Growth Fund Class R6 | 30,182 | 3,533 | (8,150) | (253) | 2,708 | 28,020 | 70 | 3,372 | 2,802 |
MainStay WMC Enduring Capital Fund Class R6 | 29,202 | 1,836 | (5,886) | (642) | 788 | 25,298 | 172 | 1,063 | 840 |
MainStay WMC Growth Fund Class R6 | 31,218 | 2,638 | (9,502) | (4,140) | 9,336 | 29,550 | — | — | 819 |
MainStay WMC International Research Equity Fund Class I | 12,657 | 1,100 | (2,250) | (194) | 1,523 | 12,836 | 271 | — | 1,953 |
MainStay WMC Small Companies Fund Class I | 29,059 | 5,077 | (11,012) | (2,585) | (1,365) | 19,174 | 635 | — | 1,022 |
MainStay WMC Value Fund Class R6 | 30,075 | 2,842 | (5,632) | (121) | (1,831) | 25,333 | 504 | 1,142 | 904 |
$ 388,888 | $135,069 | $(144,465) | $(8,051) | $ 16,296 | $ 387,737 | $6,342 | $6,660 |
(a) | As of September 8, 2023, the Fund exchanged in a nontaxable transfer of all shares of the MainStay MacKay International Equity Fund Class R6 into the newly launched MainStay PineStone International Equity Fund Class R6. |
70 | MainStay Equity Allocation Fund |
Swap Counterparty | Reference Obligation | Floating Rate2 | Termination Date(s) | Payment Frequency Paid/ Received | Notional Amount Long/ (Short) (000)3 | Unrealized Appreciation/ (Depreciation)4 |
Citibank NA | Citi Leveraged Loan Basket | 1 day FEDF minus 0.20% | 12/4/23 | Daily | (3,948) | $ — |
Citibank NA | Citi Zombie Company Basket | 1 day FEDF minus 0.50% | 12/4/23 | Daily | (3,646) | — |
JPMorgan Chase Bank NA | Global X Uranium ETF | 1 day FEDF plus 0.50% | 10/8/24- 10/15/24 | Daily | 4,225 | — |
Citibank NA | Invesco S&P 500 Low Volatility ETF | 1 day FEDF plus 0.45% | 12/4/23 | Daily | 3,724 | — |
Citibank NA | iShares MSCI EAFE ETF | 1 day FEDF minus 1.25% | 12/4/23 | Daily | (9,682) | — |
Citibank NA | iShares MSCI Emerging Markets ETF | 1 day FEDF minus 0.54% | 12/4/23 | Daily | (1,802) | — |
JPMorgan Chase Bank NA | iShares MSCI Japan ETF | 1 day FEDF plus 0.15% | 4/24/24- 5/7/24 | Daily | 11,830 | — |
JPMorgan Chase Bank NA | J.P. Morgan IDEX Pure Size Short | 1 day FEDF plus 0.02% | 6/20/24 | Daily | (2,941) | — |
JPMorgan Chase Bank NA | Materials Select Sector SPDR Fund | 1 day FEDF plus 0.18% | 2/5/24 | Daily | 3,906 | — |
Citibank NA | Russell 1000 Growth Total Return Index | 1 day FEDF minus 0.20% | 12/4/23 | Daily | (5,807) | — |
JPMorgan Chase Bank NA | Russell 2000 Total Return Index | 1 day FEDF minus 0.15% - plus 0.02% | 4/9/24- 5/7/24 | Daily | (16,028) | — |
JPMorgan Chase Bank NA | S&P 500 Equal Weight | 1 day FEDF plus 0.30% - 0.51% | 5/7/24 | Daily | 17,171 | — |
Citibank NA | S&P 500 Financials Index | 1 day FEDF plus 0.10% | 12/4/23 | Daily | (1,024) | — |
Citibank NA | S&P 500 Health Care Sector | 1 day FEDF plus 0.45% | 12/4/23 | Daily | 3,805 | — |
Citibank NA | S&P 500 Industrial Sector | 1 day FEDF plus 0.10% | 12/4/23 | Daily | (1,029) | — |
Citibank NA | S&P 500 Total Return Index | 1 day FEDF plus 0.05% | 12/4/23 | Daily | (12,854) | — |
Citibank NA | S&P 500 Utilities Total Return | 1 day FEDF plus 0.50% | 12/4/23 | Daily | 4,091 | — |
Citibank NA | S&P 600 Total Return | 1 day FEDF plus 0.40% | 12/4/23 | Daily | 19,010 | — |
Citibank NA | S&P Midcap 400 Total Return Index | 1 day FEDF plus 0.31% | 12/4/23 | Daily | 10,560 | — |
Citibank NA | Vanguard FTSE Europe ETF | 1 day FEDF minus 5.00% | 12/4/23 | Daily | (3,923) | — |
$ — |
Security Description | Shares | Notional Value | Unrealized Appreciation/ Depreciation | Percent of Basket Net Assets |
AerCap Holdings NV | (1,921) | (185,798) | — | 4.71 |
Apollo Commercial Real Estate Finance, Inc. | (361) | (34,890) | — | 0.88 |
Atlantica Sustainable Infrastructure plc | (227) | (21,952) | — | 0.56 |
Brandywine Realty Trust | (326) | (31,540) | — | 0.80 |
Carnival Corp. | (4,819) | (466,038) | — | 11.80 |
Chart Industries, Inc. | (1,852) | (179,137) | — | 4.54 |
Coherent Corp. | (771) | (74,517) | — | 1.89 |
CommScope Holding Co, Inc. | (71) | (6,906) | — | 0.17 |
Crane NXT Co | (1,424) | (137,700) | — | 3.49 |
Cushman & Wakefield plc | (362) | (35,005) | — | 0.89 |
Delta Air Lines, Inc. | (3,834) | (370,783) | — | 9.39 |
Designer Brands, Inc. | (401) | (38,736) | — | 0.98 |
DigitalBridge Group, Inc. | (631) | (61,030) | — | 1.55 |
Elanco Animal Health, Inc. | (1,577) | (152,516) | — | 3.86 |
Entegris, Inc. | (2,506) | (242,371) | — | 6.14 |
Fidelity National Information Services, Inc. | (3,774) | (364,901) | — | 9.24 |
Hanesbrands, Inc. | (1,022) | (98,854) | — | 2.50 |
JetBlue Airways Corp. | (539) | (52,141) | — | 1.32 |
Lumen Technologies, Inc. | (1,110) | (107,348) | — | 2.72 |
MKS Instruments, Inc. | (739) | (71,483) | — | 1.81 |
Oatly Group AB | (45) | (4,326) | — | 0.11 |
Opendoor Technologies, Inc. | (768) | (74,246) | — | 1.88 |
Par Pacific Holdings, Inc. | (587) | (56,763) | — | 1.44 |
PureCycle Technologies, Inc. | (232) | (22,475) | — | 0.57 |
Scorpio Tankers, Inc. | (1,332) | (128,801) | — | 3.26 |
Security Description | Shares | Notional Value | Unrealized Appreciation/ Depreciation | Percent of Basket Net Assets |
Topgolf Callaway Brands Corp. | (389) | (37,589) | — | 0.95 |
Uber Technologies, Inc. | (5,872) | (567,829) | — | 14.38 |
United Airlines Holdings, Inc. | (3,335) | (322,524) | — | 8.17 |
1. | As of October 31, 2023, cash in the amount $800,000 was pledged to brokers for OTC swap contracts. |
2. | Fund pays the floating rate and receives the total return of the reference entity. |
3. | Notional amounts reflected as a positive value indicate a long position held by the Fund or Index and a negative value indicates a short position. |
4. | Reflects the value at reset date as of October 31, 2023. |
Abbreviation(s): |
EAFE—Europe, Australasia and Far East |
ETF—Exchange-Traded Fund |
FEDF—Federal Funds Rate |
FTSE—Financial Times Stock Exchange |
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) | |||||||
Affiliated Investment Companies | |||||||
Equity Funds | $ 373,103,576 | $ — | $ — | $ 373,103,576 | |||
Short-Term Investment | |||||||
Affiliated Investment Company | 14,633,575 | — | — | 14,633,575 | |||
Total Investments in Securities | $ 387,737,151 | $ — | $ — | $ 387,737,151 |
(a) | For a complete listing of investments, see the Portfolio of Investments. |
72 | MainStay Equity Allocation Fund |
Assets | |
Investment in affiliated investment companies, at value (identified cost $359,894,815) | $387,737,151 |
Cash collateral on deposit at broker for swap contracts | 800,000 |
Receivables: | |
Dividends and interest on OTC swaps contracts | 488,662 |
Fund shares sold | 90,718 |
Interest | 63,124 |
Manager (See Note 3) | 404 |
Other assets | 43,028 |
Total assets | 389,223,087 |
Liabilities | |
Payables: | |
Fund shares redeemed | 108,433 |
Transfer agent (See Note 3) | 102,346 |
NYLIFE Distributors (See Note 3) | 93,197 |
Shareholder communication | 23,562 |
Custodian | 12,376 |
Professional fees | 10,396 |
Accrued expenses | 2,519 |
Total liabilities | 352,829 |
Net assets | $388,870,258 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 28,769 |
Additional paid-in-capital | 369,653,160 |
369,681,929 | |
Total distributable earnings (loss) | 19,188,329 |
Net assets | $388,870,258 |
Class A | |
Net assets applicable to outstanding shares | $311,491,179 |
Shares of beneficial interest outstanding | 23,011,653 |
Net asset value per share outstanding | $ 13.54 |
Maximum sales charge (3.00% of offering price) | 0.42 |
Maximum offering price per share outstanding | $ 13.96 |
Investor Class | |
Net assets applicable to outstanding shares | $ 54,090,599 |
Shares of beneficial interest outstanding | 3,999,568 |
Net asset value per share outstanding | $ 13.52 |
Maximum sales charge (2.50% of offering price) | 0.35 |
Maximum offering price per share outstanding | $ 13.87 |
Class B | |
Net assets applicable to outstanding shares | $ 5,789,823 |
Shares of beneficial interest outstanding | 447,356 |
Net asset value and offering price per share outstanding | $ 12.94 |
Class C | |
Net assets applicable to outstanding shares | $ 7,960,962 |
Shares of beneficial interest outstanding | 613,706 |
Net asset value and offering price per share outstanding | $ 12.97 |
Class I | |
Net assets applicable to outstanding shares | $ 4,967,677 |
Shares of beneficial interest outstanding | 357,799 |
Net asset value and offering price per share outstanding | $ 13.88 |
Class R3 | |
Net assets applicable to outstanding shares | $ 1,827,635 |
Shares of beneficial interest outstanding | 136,437 |
Net asset value and offering price per share outstanding | $ 13.40 |
SIMPLE Class | |
Net assets applicable to outstanding shares | $ 2,742,383 |
Shares of beneficial interest outstanding | 202,928 |
Net asset value and offering price per share outstanding | $ 13.51 |
Investment Income (Loss) | |
Income | |
Dividend distributions from affiliated investment companies | $ 6,341,575 |
Expenses | |
Distribution/Service—Class A (See Note 3) | 804,646 |
Distribution/Service—Investor Class (See Note 3) | 148,516 |
Distribution/Service—Class B (See Note 3) | 84,434 |
Distribution/Service—Class C (See Note 3) | 97,755 |
Distribution/Service—Class R3 (See Note 3) | 9,841 |
Distribution/Service—SIMPLE Class (See Note 3) | 10,792 |
Transfer agent (See Note 3) | 556,957 |
Registration | 109,059 |
Professional fees | 73,778 |
Custodian | 35,289 |
Shareholder communication | 24,767 |
Trustees | 10,463 |
Shareholder service (See Note 3) | 1,968 |
Miscellaneous | 8,985 |
Total expenses before waiver/reimbursement | 1,977,250 |
Expense waiver/reimbursement from Manager (See Note 3) | (132,318) |
Reimbursement from prior custodian(a) | (812) |
Net expenses | 1,844,120 |
Net investment income (loss) | 4,497,455 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Affiliated investment company transactions | (8,050,561) |
Realized capital gain distributions from affiliated investment companies | 6,660,277 |
Swap transactions | (5,101,478) |
Net realized gain (loss) | (6,491,762) |
Net change in unrealized appreciation (depreciation) on: Affiliated investments companies | 16,295,583 |
Net realized and unrealized gain (loss) | 9,803,821 |
Net increase (decrease) in net assets resulting from operations | $14,301,276 |
(a) | Represents a refund for overbilling of custody fees. |
74 | MainStay Equity Allocation Fund |
for the years ended October 31, 2023 and October 31, 2022
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 4,497,455 | $ 3,525,120 |
Net realized gain (loss) | (6,491,762) | 46,649,617 |
Net change in unrealized appreciation (depreciation) | 16,295,583 | (135,519,813) |
Net increase (decrease) in net assets resulting from operations | 14,301,276 | (85,345,076) |
Distributions to shareholders: | ||
Class A | (30,476,962) | (42,722,083) |
Investor Class | (5,716,602) | (7,837,705) |
Class B | (890,193) | (1,882,929) |
Class C | (968,429) | (1,657,436) |
Class I | (534,380) | (777,037) |
Class R3 | (192,570) | (237,105) |
SIMPLE Class | (153,058) | (69,622) |
Total distributions to shareholders | (38,932,194) | (55,183,917) |
Capital share transactions: | ||
Net proceeds from sales of shares | 34,925,137 | 39,138,627 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 38,698,435 | 54,836,059 |
Cost of shares redeemed | (51,020,915) | (52,534,541) |
Increase (decrease) in net assets derived from capital share transactions | 22,602,657 | 41,440,145 |
Net increase (decrease) in net assets | (2,028,261) | (99,088,848) |
Net Assets | ||
Beginning of year | 390,898,519 | 489,987,367 |
End of year | $388,870,258 | $ 390,898,519 |
Year Ended October 31, | |||||||||
Class A | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 14.50 | $ 19.80 | $ 14.86 | $ 15.10 | $ 15.60 | ||||
Net investment income (loss) (a) | 0.16 | 0.14 | 0.11 | 0.19 | 0.15 | ||||
Net realized and unrealized gain (loss) | 0.34 | (3.19) | 5.64 | 0.38 | 0.93 | ||||
Total from investment operations | 0.50 | (3.05) | 5.75 | 0.57 | 1.08 | ||||
Less distributions: | |||||||||
From net investment income | (0.18) | (0.86) | (0.08) | (0.28) | (0.18) | ||||
From net realized gain on investments | (1.28) | (1.39) | (0.73) | (0.53) | (1.40) | ||||
Total distributions | (1.46) | (2.25) | (0.81) | (0.81) | (1.58) | ||||
Net asset value at end of year | $ 13.54 | $ 14.50 | $ 19.80 | $ 14.86 | $ 15.10 | ||||
Total investment return (b) | 3.60% | (17.56)% | 39.73% | 3.70% | 8.72% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.16% | 0.89% | 0.60% | 1.29% | 1.06% | ||||
Net expenses (c) | 0.39% | 0.37% | 0.38% | 0.41% | 0.43% | ||||
Portfolio turnover rate | 23% | 17% | 27% | 36% | 35% | ||||
Net assets at end of year (in 000’s) | $ 311,491 | $ 302,559 | $ 372,926 | $ 258,743 | $ 248,068 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | |||||||||
Investor Class | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 14.48 | $ 19.78 | $ 14.84 | $ 15.08 | $ 15.58 | ||||
Net investment income (loss) (a) | 0.14 | 0.12 | 0.09 | 0.17 | 0.13 | ||||
Net realized and unrealized gain (loss) | 0.33 | (3.20) | 5.62 | 0.38 | 0.93 | ||||
Total from investment operations | 0.47 | (3.08) | 5.71 | 0.55 | 1.06 | ||||
Less distributions: | |||||||||
From net investment income | (0.15) | (0.83) | (0.04) | (0.26) | (0.16) | ||||
From net realized gain on investments | (1.28) | (1.39) | (0.73) | (0.53) | (1.40) | ||||
Total distributions | (1.43) | (2.22) | (0.77) | (0.79) | (1.56) | ||||
Net asset value at end of year | $ 13.52 | $ 14.48 | $ 19.78 | $ 14.84 | $ 15.08 | ||||
Total investment return (b) | 3.41% | (17.72)% | 39.50% | 3.55% | 8.52% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.02% | 0.73% | 0.48% | 1.18% | 0.89% | ||||
Net expenses (c) | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% | ||||
Expenses (before waiver/reimbursement) (c) | 0.72% | 0.63% | 0.71% | 0.72% | 0.72% | ||||
Portfolio turnover rate | 23% | 17% | 27% | 36% | 35% | ||||
Net assets at end of year (in 000's) | $ 54,091 | $ 58,318 | $ 73,138 | $ 73,492 | $ 75,913 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | 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. |
76 | MainStay Equity Allocation Fund |
Year Ended October 31, | |||||||||
Class B | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 13.90 | $ 19.07 | $ 14.40 | $ 14.64 | $ 15.13 | ||||
Net investment income (loss) (a) | 0.05 | 0.00‡ | (0.03) | 0.08 | 0.04 | ||||
Net realized and unrealized gain (loss) | 0.30 | (3.09) | 5.43 | 0.34 | 0.89 | ||||
Total from investment operations | 0.35 | (3.09) | 5.40 | 0.42 | 0.93 | ||||
Less distributions: | |||||||||
From net investment income | (0.03) | (0.69) | — | (0.13) | (0.02) | ||||
From net realized gain on investments | (1.28) | (1.39) | (0.73) | (0.53) | (1.40) | ||||
Total distributions | (1.31) | (2.08) | (0.73) | (0.66) | (1.42) | ||||
Net asset value at end of year | $ 12.94 | $ 13.90 | $ 19.07 | $ 14.40 | $ 14.64 | ||||
Total investment return (b) | 2.65% | (18.36)% | 38.44% | 2.80% | 7.73% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.34% | 0.02% | (0.19)% | 0.55% | 0.28% | ||||
Net expenses (c) | 1.30% | 1.30% | 1.30% | 1.30% | 1.30% | ||||
Expenses (before waiver/reimbursement) (c) | 1.48% | 1.38% | 1.46% | 1.47% | 1.47% | ||||
Portfolio turnover rate | 23% | 17% | 27% | 36% | 35% | ||||
Net assets at end of year (in 000’s) | $ 5,790 | $ 10,468 | $ 18,670 | $ 19,651 | $ 25,905 |
‡ | Less than one cent per share. |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | |||||||||
Class C | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 13.93 | $ 19.11 | $ 14.42 | $ 14.66 | $ 15.15 | ||||
Net investment income (loss) (a) | 0.04 | (0.00)‡ | (0.04) | 0.07 | 0.05 | ||||
Net realized and unrealized gain (loss) | 0.31 | (3.10) | 5.46 | 0.35 | 0.88 | ||||
Total from investment operations | 0.35 | (3.10) | 5.42 | 0.42 | 0.93 | ||||
Less distributions: | |||||||||
From net investment income | (0.03) | (0.69) | — | (0.13) | (0.02) | ||||
From net realized gain on investments | (1.28) | (1.39) | (0.73) | (0.53) | (1.40) | ||||
Total distributions | (1.31) | (2.08) | (0.73) | (0.66) | (1.42) | ||||
Net asset value at end of year | $ 12.97 | $ 13.93 | $ 19.11 | $ 14.42 | $ 14.66 | ||||
Total investment return (b) | 2.64% | (18.37)% | 38.53% | 2.79% | 7.72% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.30% | (0.00)%‡ | (0.25)% | 0.49% | 0.33% | ||||
Net expenses (c) | 1.30% | 1.30% | 1.30% | 1.30% | 1.30% | ||||
Expenses (before waiver/reimbursement) (c) | 1.47% | 1.38% | 1.46% | 1.47% | 1.47% | ||||
Portfolio turnover rate | 23% | 17% | 27% | 36% | 35% | ||||
Net assets at end of year (in 000’s) | $ 7,961 | $ 10,763 | $ 16,001 | $ 15,805 | $ 18,411 |
‡ | Less than one cent per share. |
‡ | Less than one-tenth of a percent. |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | |||||||||
Class I | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 14.84 | $ 20.21 | $ 15.15 | $ 15.37 | $ 15.86 | ||||
Net investment income (loss) (a) | 0.21 | 0.19 | 0.16 | 0.24 | 0.21 | ||||
Net realized and unrealized gain (loss) | 0.32 | (3.27) | 5.74 | 0.39 | 0.93 | ||||
Total from investment operations | 0.53 | (3.08) | 5.90 | 0.63 | 1.14 | ||||
Less distributions: | |||||||||
From net investment income | (0.21) | (0.90) | (0.11) | (0.32) | (0.23) | ||||
From net realized gain on investments | (1.28) | (1.39) | (0.73) | (0.53) | (1.40) | ||||
Total distributions | (1.49) | (2.29) | (0.84) | (0.85) | (1.63) | ||||
Net asset value at end of year | $ 13.88 | $ 14.84 | $ 20.21 | $ 15.15 | $ 15.37 | ||||
Total investment return (b) | 3.80% | (17.35)% | 40.05% | 4.02% | 8.97% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.43% | 1.16% | 0.86% | 1.60% | 1.40% | ||||
Net expenses (c) | 0.14% | 0.12% | 0.13% | 0.16% | 0.16% | ||||
Portfolio turnover rate | 23% | 17% | 27% | 36% | 35% | ||||
Net assets at end of year (in 000’s) | $ 4,968 | $ 5,463 | $ 6,649 | $ 4,727 | $ 4,894 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | |||||||||
Class R3 | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 14.35 | $ 19.63 | $ 14.74 | $ 15.00 | $ 15.51 | ||||
Net investment income (loss) (a) | 0.12 | 0.08 | 0.04 | 0.11 | 0.06 | ||||
Net realized and unrealized gain (loss) | 0.33 | (3.18) | 5.61 | 0.40 | 0.97 | ||||
Total from investment operations | 0.45 | (3.10) | 5.65 | 0.51 | 1.03 | ||||
Less distributions: | |||||||||
From net investment income | (0.12) | (0.79) | (0.03) | (0.24) | (0.14) | ||||
From net realized gain on investments | (1.28) | (1.39) | (0.73) | (0.53) | (1.40) | ||||
Total distributions | (1.40) | (2.18) | (0.76) | (0.77) | (1.54) | ||||
Net asset value at end of year | $ 13.40 | $ 14.35 | $ 19.63 | $ 14.74 | $ 15.00 | ||||
Total investment return (b) | 3.30% | (17.91)% | 39.29% | 3.30% | 8.34% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.85% | 0.52% | 0.23% | 0.78% | 0.40% | ||||
Net expenses (c) | 0.74% | 0.72% | 0.73% | 0.76% | 0.77% | ||||
Portfolio turnover rate | 23% | 17% | 27% | 36% | 35% | ||||
Net assets at end of year (in 000’s) | $ 1,828 | $ 1,945 | $ 2,140 | $ 1,375 | $ 1,060 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. 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. |
78 | MainStay Equity Allocation Fund |
Year Ended October 31, | August 31, 2020^ through October 31, | ||||||
SIMPLE Class | 2023 | 2022 | 2021 | 2020 | |||
Net asset value at beginning of period | $ 14.46 | $ 19.75 | $ 14.84 | $ 15.70* | |||
Net investment income (loss) (a) | 0.09 | 0.05 | (0.01) | (0.01) | |||
Net realized and unrealized gain (loss) | 0.35 | (3.17) | 5.68 | (0.85) | |||
Total from investment operations | 0.44 | (3.12) | 5.67 | (0.86) | |||
Less distributions: | |||||||
From net investment income | (0.11) | (0.78) | (0.03) | — | |||
From net realized gain on investments | (1.28) | (1.39) | (0.73) | — | |||
Total distributions | (1.39) | (2.17) | (0.76) | — | |||
Net asset value at end of period | $ 13.51 | $ 14.46 | $ 19.75 | $ 14.84 | |||
Total investment return (b) | 3.19% | (17.91)% | 39.15% | (5.48)% | |||
Ratios (to average net assets)/Supplemental Data: | |||||||
Net investment income (loss) | 0.62% | 0.30% | (0.07)% | (0.27)%†† | |||
Net expenses (c) | 0.79% | 0.80% | 0.80% | 0.80%†† | |||
Expenses (before waiver/reimbursement) (c) | 0.79% | 0.88% | 0.96% | 0.97%†† | |||
Portfolio turnover rate | 23% | 17% | 27% | 36% | |||
Net assets at end of period (in 000’s) | $ 2,742 | $ 1,383 | $ 463 | $ 24 |
^ | Inception date. |
* | Based on the net asset value of Investor Class as of August 31, 2020. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. SIMPLE Class shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Fund | Share Classes Commenced Operations |
MainStay Conservative Allocation Fund | Class A, Investor Class, Class B, Class C, Class I, Class R2*, Class R3* and SIMPLE Class |
MainStay Moderate Allocation Fund | Class A, Investor Class, Class B, Class C, Class I, Class R2*, Class R3* and SIMPLE Class |
MainStay Growth Allocation Fund | Class A, Investor Class, Class B, Class C, Class I, Class R2*, Class R3* and SIMPLE Class |
MainStay Equity Allocation Fund | Class A, Investor Class, Class B, Class C, Class I, Class R3** and SIMPLE Class |
80 | MainStay Asset Allocation Funds |
• | Level 1—quoted prices (unadjusted) in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including each Allocation Fund's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
82 | MainStay Asset Allocation Funds |
84 | MainStay Asset Allocation Funds |
Net Realized Gain (Loss) from: | Equity Contracts Risk | Total |
Swap Transactions | $(8,222,111) | $(8,222,111) |
Total Net Realized Gain (Loss) | $(8,222,111) | $(8,222,111) |
Average Notional Amount | Total |
Swap Contracts Long | $ 72,046,294 |
Swap Contracts Short | $(51,902,947) |
Net Realized Gain (Loss) from: | Equity Contracts Risk | Total |
Swap Transactions | $(15,171,783) | $(15,171,783) |
Total Net Realized Gain (Loss) | $(15,171,783) | $(15,171,783) |
Average Notional Amount | Total |
Swap Contracts Long | $134,486,279 |
Swap Contracts Short | $ (96,470,083) |
Net Realized Gain (Loss) from: | Equity Contracts Risk | Total |
Swap Transactions | $(15,924,167) | $(15,924,167) |
Total Net Realized Gain (Loss) | $(15,924,167) | $(15,924,167) |
Average Notional Amount | Total |
Swap Contracts Long | $138,520,198 |
Swap Contracts Short | $ (99,753,429) |
Net Realized Gain (Loss) from: | Equity Contracts Risk | Total |
Swap Transactions | $(5,101,478) | $(5,101,478) |
Total Net Realized Gain (Loss) | $(5,101,478) | $(5,101,478) |
Average Notional Amount | Total |
Swap Contracts Long | $ 64,115,139 |
Swap Contracts Short | $(52,405,544) |
Fund | Class A | Investor Class | Class B | Class C | Class I | Class R2 | Class R3 | SIMPLE Class |
MainStay Conservative Allocation Fund | 0.50% | 0.55% | 1.30% | 1.30% | 0.25% | 0.60% | 0.85% | 0.80% |
MainStay Moderate Allocation Fund | 0.50 | 0.55 | 1.30 | 1.30 | 0.25 | 0.60 | 0.85 | 0.80 |
MainStay Growth Allocation Fund | 0.50 | 0.55 | 1.30 | 1.30 | 0.25 | 0.60 | 0.85 | 0.80 |
MainStay Equity Allocation Fund | 0.50 | 0.55 | 1.30 | 1.30 | 0.25 | N/A | 0.85 | 0.80 |
Fund | Total |
MainStay Conservative Allocation Fund | $ 67,060 |
MainStay Moderate Allocation Fund | 158,001 |
MainStay Growth Allocation Fund | 184,110 |
MainStay Equity Allocation Fund | 132,318 |
MainStay Conservative Allocation Fund | |
Class R2 | $ 152 |
Class R3 | 2,479 |
MainStay Moderate Allocation Fund | |
Class R2 | $ 164 |
Class R3 | 1,770 |
MainStay Growth Allocation Fund | |
Class R2 | $ 71 |
Class R3 | 1,034 |
86 | MainStay Asset Allocation Funds |
MainStay Equity Allocation Fund | |
Class R3 | $1,968 |
MainStay Conservative Allocation Fund | |
Class A | $ 23,888 |
Investor Class | 7,421 |
MainStay Moderate Allocation Fund | |
Class A | $ 57,835 |
Investor Class | 24,614 |
MainStay Growth Allocation Fund | |
Class A | $ 69,583 |
Investor Class | 25,011 |
MainStay Equity Allocation Fund | |
Class A | $ 38,762 |
Investor Class | 14,794 |
MainStay Conservative Allocation Fund | |
Class A | $ 15,281 |
Class B | 34 |
Class C | 878 |
MainStay Moderate Allocation Fund | |
Class A | $ 7,353 |
Investor Class | 32 |
Class B | 95 |
Class C | 1,918 |
MainStay Growth Allocation Fund | |
Class A | $ 3,719 |
Investor Class | 63 |
Class B | 77 |
Class C | 1,544 |
MainStay Equity Allocation Fund | |
Class A | $ 2,790 |
Class B | 112 |
Class C | 677 |
MainStay Conservative Allocation Fund | Expense | Waived |
Class A | $ 200,430 | $ — |
Investor Class | 122,050 | — |
Class B | 16,719 | — |
Class C | 57,197 | — |
Class I | 4,715 | — |
Class R2 | 91 | — |
Class R3 | 1,487 | — |
SIMPLE Class | 2,922 | — |
MainStay Moderate Allocation Fund | Expense | Waived |
Class A | $ 361,697 | $ — |
Investor Class | 338,279 | — |
Class B | 47,479 | — |
Class C | 69,986 | — |
Class I | 4,770 | — |
Class R2 | 95 | — |
Class R3 | 1,022 | — |
SIMPLE Class | 9,210 | — |
MainStay Growth Allocation Fund | Expense | Waived |
Class A | $ 408,724 | $ — |
Investor Class | 402,418 | — |
Class B | 55,112 | — |
Class C | 73,660 | — |
Class I | 5,969 | — |
Class R2 | 46 | — |
Class R3 | 670 | — |
SIMPLE Class | 6,560 | — |
MainStay Equity Allocation Fund | Expense | Waived |
Class A | $ 231,230 | $ — |
Investor Class | 240,795 | — |
Class B | 34,813 | — |
Class C | 39,918 | — |
Class I | 4,000 | — |
Class R3 | 1,417 | — |
SIMPLE Class | 4,784 | — |
MainStay Conservative Allocation Fund | ||
SIMPLE Class | $24,393 | 1.2% |
MainStay Moderate Allocation Fund | ||
SIMPLE Class | $25,672 | 0.4% |
MainStay Growth Allocation Fund | ||
SIMPLE Class | $27,180 | 0.6% |
MainStay Equity Allocation Fund | ||
SIMPLE Class | $27,853 | 1.0% |
MainStay Conservative Allocation Fund | ||||
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $386,777,953 | $12,266,375 | $(30,511,775) | $(18,245,400) |
MainStay Moderate Allocation Fund | ||||
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $712,000,010 | $39,811,844 | $(39,437,406) | $374,438 |
MainStay Growth Allocation Fund | ||||
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $692,710,725 | $52,239,980 | $(14,596,562) | $37,643,418 |
MainStay Equity Allocation Fund | ||||
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $365,175,698 | $35,025,208 | $(13,644,040) | $21,381,168 |
88 | MainStay Asset Allocation Funds |
Fund | Ordinary Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
MainStay Conservative Allocation Fund | $ — | $(1,838,248) | $— | $(16,726,627) | $(18,564,875) |
MainStay Moderate Allocation Fund | — | (2,495,745) | — | 2,870,183 | 374,438 |
MainStay Growth Allocation Fund | 1,172,925 | (2,872,537) | — | 40,515,955 | 38,816,343 |
MainStay Equity Allocation Fund | — | (3,374,805) | — | 22,563,134 | 19,188,329 |
Fund | Total Distributable Earnings (Loss) | Additional Paid-In Capital |
MainStay Conservative Allocation Fund | $ — | $ — |
MainStay Moderate Allocation Fund | 3,111,632 | (3,111,632) |
MainStay Growth Allocation Fund | — | — |
MainStay Equity Allocation Fund | 2,965,073 | (2,965,073) |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $— | $319 |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $14 | $2,179 |
2023 | 2022 | |||||||
Fund | Ordinary Income | Long-Term Capital Gains | Return of Capital | Total | Ordinary Income | Long-Term Capital Gains | Total | |
MainStay Conservative Allocation Fund | $ 4,038,761 | $ 6,969,769 | $6,469,787 | $17,478,317 | $19,955,173 | $18,576,345 | $38,531,518 | |
MainStay Moderate Allocation Fund | 10,715,476 | 28,954,715 | — | 39,670,191 | 35,112,571 | 42,920,940 | 78,033,511 | |
MainStay Growth Allocation Fund | 9,642,885 | 42,606,280 | — | 52,249,165 | 34,790,239 | 57,066,545 | 91,856,784 | |
MainStay Equity Allocation Fund | 7,684,587 | 31,247,607 | — | 38,932,194 | 24,711,549 | 30,472,368 | 55,183,917 |
Fund | Purchases | Sales |
MainStay Conservative Allocation Fund | $ 69,860 | $102,173 |
MainStay Moderate Allocation Fund | 155,394 | 183,179 |
MainStay Growth Allocation Fund | 185,370 | 214,086 |
MainStay Equity Allocation Fund | 91,591 | 101,032 |
Class A | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 1,825,511 | $ 20,067,573 |
Shares issued to shareholders in reinvestment of distributions | 1,355,130 | 14,650,400 |
Shares redeemed | (5,502,780) | (60,483,372) |
Net increase (decrease) in shares outstanding before conversion | (2,322,139) | (25,765,399) |
Shares converted into Class A (See Note 1) | 675,316 | 7,437,427 |
Shares converted from Class A (See Note 1) | (1,028) | (11,375) |
Net increase (decrease) | (1,647,851) | $(18,339,347) |
Year ended October 31, 2022: | ||
Shares sold | 3,241,218 | $ 39,327,539 |
Shares issued to shareholders in reinvestment of distributions | 2,539,638 | 31,663,367 |
Shares redeemed | (6,009,934) | (70,234,602) |
Net increase (decrease) in shares outstanding before conversion | (229,078) | 756,304 |
Shares converted into Class A (See Note 1) | 565,960 | 6,874,220 |
Net increase (decrease) | 336,882 | $ 7,630,524 |
Investor Class | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 303,166 | $ 3,331,191 |
Shares issued to shareholders in reinvestment of distributions | 130,090 | 1,405,692 |
Shares redeemed | (383,584) | (4,216,738) |
Net increase (decrease) in shares outstanding before conversion | 49,672 | 520,145 |
Shares converted into Investor Class (See Note 1) | 150,061 | 1,663,424 |
Shares converted from Investor Class (See Note 1) | (376,864) | (4,137,768) |
Net increase (decrease) | (177,131) | $ (1,954,199) |
Year ended October 31, 2022: | ||
Shares sold | 372,325 | $ 4,417,522 |
Shares issued to shareholders in reinvestment of distributions | 237,886 | 2,970,897 |
Shares redeemed | (405,256) | (4,754,108) |
Net increase (decrease) in shares outstanding before conversion | 204,955 | 2,634,311 |
Shares converted into Investor Class (See Note 1) | 136,945 | 1,618,308 |
Shares converted from Investor Class (See Note 1) | (253,600) | (3,165,856) |
Net increase (decrease) | 88,300 | $ 1,086,763 |
90 | MainStay Asset Allocation Funds |
Class B | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 6,867 | $ 74,042 |
Shares issued to shareholders in reinvestment of distributions | 15,529 | 164,406 |
Shares redeemed | (78,848) | (851,118) |
Net increase (decrease) in shares outstanding before conversion | (56,452) | (612,670) |
Shares converted from Class B (See Note 1) | (186,807) | (2,026,564) |
Net increase (decrease) | (243,259) | $ (2,639,234) |
Year ended October 31, 2022: | ||
Shares sold | 14,547 | $ 166,793 |
Shares issued to shareholders in reinvestment of distributions | 56,288 | 699,015 |
Shares redeemed | (177,255) | (2,097,364) |
Net increase (decrease) in shares outstanding before conversion | (106,420) | (1,231,556) |
Shares converted from Class B (See Note 1) | (213,538) | (2,488,526) |
Net increase (decrease) | (319,958) | $ (3,720,082) |
Class C | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 75,687 | $ 818,520 |
Shares issued to shareholders in reinvestment of distributions | 53,130 | 562,670 |
Shares redeemed | (386,212) | (4,156,690) |
Net increase (decrease) in shares outstanding before conversion | (257,395) | (2,775,500) |
Shares converted from Class C (See Note 1) | (269,755) | (2,925,144) |
Net increase (decrease) | (527,150) | $ (5,700,644) |
Year ended October 31, 2022: | ||
Shares sold | 129,326 | $ 1,517,177 |
Shares issued to shareholders in reinvestment of distributions | 153,626 | 1,904,640 |
Shares redeemed | (565,296) | (6,511,415) |
Net increase (decrease) in shares outstanding before conversion | (282,344) | (3,089,598) |
Shares converted from Class C (See Note 1) | (244,856) | (2,838,146) |
Net increase (decrease) | (527,200) | $ (5,927,744) |
Class I | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 230,488 | $ 2,544,900 |
Shares issued to shareholders in reinvestment of distributions | 32,042 | 350,884 |
Shares redeemed | (159,046) | (1,769,430) |
Net increase (decrease) | 103,484 | $ 1,126,354 |
Year ended October 31, 2022: | ||
Shares sold | 53,975 | $ 650,165 |
Shares issued to shareholders in reinvestment of distributions | 52,596 | 662,856 |
Shares redeemed | (167,870) | (2,011,174) |
Net increase (decrease) | (61,299) | $ (698,153) |
Class R2 | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 1,194 | $ 13,165 |
Shares issued to shareholders in reinvestment of distributions | 599 | 6,474 |
Shares redeemed | (92) | (997) |
Net increase (decrease) | 1,701 | $ 18,642 |
Year ended October 31, 2022: | ||
Shares sold | 1,981 | $ 22,863 |
Shares issued to shareholders in reinvestment of distributions | 883 | 10,998 |
Shares redeemed | (85) | (960) |
Net increase (decrease) | 2,779 | $ 32,901 |
Class R3 | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 46,586 | $ 506,417 |
Shares issued to shareholders in reinvestment of distributions | 8,920 | 95,982 |
Shares redeemed | (14,617) | (160,100) |
Net increase (decrease) | 40,889 | $ 442,299 |
Year ended October 31, 2022: | ||
Shares sold | 59,563 | $ 695,614 |
Shares issued to shareholders in reinvestment of distributions | 10,741 | 132,994 |
Shares redeemed | (782) | (10,227) |
Net increase (decrease) | 69,522 | $ 818,381 |
SIMPLE Class | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 106,697 | $ 1,168,087 |
Shares issued to shareholders in reinvestment of distributions | 6,326 | 68,251 |
Shares redeemed | (32,717) | (359,823) |
Net increase (decrease) | 80,306 | $ 876,515 |
Year ended October 31, 2022: | ||
Shares sold | 105,252 | $ 1,246,425 |
Shares issued to shareholders in reinvestment of distributions | 3,382 | 41,449 |
Shares redeemed | (9,713) | (114,337) |
Net increase (decrease) | 98,921 | $ 1,173,537 |
Class A | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 3,202,261 | $ 39,321,541 |
Shares issued to shareholders in reinvestment of distributions | 2,799,172 | 32,890,277 |
Shares redeemed | (6,828,277) | (83,781,863) |
Net increase (decrease) in shares outstanding before conversion | (826,844) | (11,570,045) |
Shares converted into Class A (See Note 1) | 1,476,474 | 18,127,191 |
Net increase (decrease) | 649,630 | $ 6,557,146 |
Year ended October 31, 2022: | ||
Shares sold | 4,310,609 | $ 58,632,973 |
Shares issued to shareholders in reinvestment of distributions | 4,409,392 | 63,495,168 |
Shares redeemed | (6,087,255) | (80,493,181) |
Net increase (decrease) in shares outstanding before conversion | 2,632,746 | 41,634,960 |
Shares converted into Class A (See Note 1) | 1,138,271 | 15,841,670 |
Shares converted from Class A (See Note 1) | (25,139) | (377,349) |
Net increase (decrease) | 3,745,878 | $ 57,099,281 |
Investor Class | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 827,461 | $ 10,171,397 |
Shares issued to shareholders in reinvestment of distributions | 368,313 | 4,338,731 |
Shares redeemed | (776,785) | (9,543,046) |
Net increase (decrease) in shares outstanding before conversion | 418,989 | 4,967,082 |
Shares converted into Investor Class (See Note 1) | 274,894 | 3,416,373 |
Shares converted from Investor Class (See Note 1) | (968,458) | (11,897,082) |
Net increase (decrease) | (274,575) | $ (3,513,627) |
Year ended October 31, 2022: | ||
Shares sold | 1,047,643 | $ 14,035,989 |
Shares issued to shareholders in reinvestment of distributions | 583,028 | 8,424,747 |
Shares redeemed | (762,705) | (10,139,771) |
Net increase (decrease) in shares outstanding before conversion | 867,966 | 12,320,965 |
Shares converted into Investor Class (See Note 1) | 233,726 | 3,120,077 |
Shares converted from Investor Class (See Note 1) | (644,002) | (9,178,421) |
Net increase (decrease) | 457,690 | $ 6,262,621 |
Class B | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 3,497 | $ 42,158 |
Shares issued to shareholders in reinvestment of distributions | 51,681 | 603,118 |
Shares redeemed | (133,386) | (1,615,872) |
Net increase (decrease) in shares outstanding before conversion | (78,208) | (970,596) |
Shares converted from Class B (See Note 1) | (492,641) | (6,001,797) |
Net increase (decrease) | (570,849) | $ (6,972,393) |
Year ended October 31, 2022: | ||
Shares sold | 17,417 | $ 223,363 |
Shares issued to shareholders in reinvestment of distributions | 137,033 | 1,960,943 |
Shares redeemed | (191,411) | (2,531,471) |
Net increase (decrease) in shares outstanding before conversion | (36,961) | (347,165) |
Shares converted from Class B (See Note 1) | (471,190) | (6,252,362) |
Net increase (decrease) | (508,151) | $ (6,599,527) |
Class C | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 125,907 | $ 1,523,284 |
Shares issued to shareholders in reinvestment of distributions | 71,032 | 828,236 |
Shares redeemed | (324,580) | (3,922,879) |
Net increase (decrease) in shares outstanding before conversion | (127,641) | (1,571,359) |
Shares converted from Class C (See Note 1) | (298,033) | (3,640,901) |
Net increase (decrease) | (425,674) | $ (5,212,260) |
Year ended October 31, 2022: | ||
Shares sold | 151,925 | $ 2,001,192 |
Shares issued to shareholders in reinvestment of distributions | 160,147 | 2,290,108 |
Shares redeemed | (379,909) | (5,012,594) |
Net increase (decrease) in shares outstanding before conversion | (67,837) | (721,294) |
Shares converted from Class C (See Note 1) | (264,665) | (3,523,021) |
Net increase (decrease) | (332,502) | $ (4,244,315) |
92 | MainStay Asset Allocation Funds |
Class I | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 89,272 | $ 1,090,784 |
Shares issued to shareholders in reinvestment of distributions | 39,985 | 473,021 |
Shares redeemed | (187,074) | (2,289,886) |
Net increase (decrease) | (57,817) | $ (726,081) |
Year ended October 31, 2022: | ||
Shares sold | 129,798 | $ 1,768,839 |
Shares issued to shareholders in reinvestment of distributions | 70,570 | 1,023,972 |
Shares redeemed | (239,452) | (3,218,447) |
Net increase (decrease) in shares outstanding before conversion | (39,084) | (425,636) |
Shares converted into Class I (See Note 1) | 24,366 | 369,406 |
Net increase (decrease) | (14,718) | $ (56,230) |
Class R2 | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 279 | $ 3,452 |
Shares issued to shareholders in reinvestment of distributions | 712 | 8,356 |
Shares redeemed | (256) | (3,139) |
Net increase (decrease) | 735 | $ 8,669 |
Year ended October 31, 2022: | ||
Shares sold | 559 | $ 7,338 |
Shares issued to shareholders in reinvestment of distributions | 1,079 | 15,531 |
Shares redeemed | (186) | (2,189) |
Net increase (decrease) | 1,452 | $ 20,680 |
Class R3 | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 61,228 | $ 754,197 |
Shares issued to shareholders in reinvestment of distributions | 6,808 | 79,853 |
Shares redeemed | (52,021) | (645,674) |
Net increase (decrease) | 16,015 | $ 188,376 |
Year ended October 31, 2022: | ||
Shares sold | 27,980 | $ 376,716 |
Shares issued to shareholders in reinvestment of distributions | 9,668 | 139,128 |
Shares redeemed | (5,243) | (71,327) |
Net increase (decrease) | 32,405 | $ 444,517 |
SIMPLE Class | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 331,562 | $ 4,064,307 |
Shares issued to shareholders in reinvestment of distributions | 15,225 | 179,502 |
Shares redeemed | (26,988) | (332,260) |
Net increase (decrease) in shares outstanding before conversion | 319,799 | 3,911,549 |
Shares converted from SIMPLE Class (See Note 1) | (311) | (3,784) |
Net increase (decrease) | 319,488 | $ 3,907,765 |
Year ended October 31, 2022: | ||
Shares sold | 196,586 | $ 2,591,082 |
Shares issued to shareholders in reinvestment of distributions | 6,972 | 100,741 |
Shares redeemed | (9,826) | (131,009) |
Net increase (decrease) | 193,732 | $ 2,560,814 |
Class A | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 3,011,551 | $ 41,173,419 |
Shares issued to shareholders in reinvestment of distributions | 3,252,977 | 42,321,240 |
Shares redeemed | (5,905,220) | (80,731,428) |
Net increase (decrease) in shares outstanding before conversion | 359,308 | 2,763,231 |
Shares converted into Class A (See Note 1) | 1,417,769 | 19,378,397 |
Shares converted from Class A (See Note 1) | (9,590) | (134,191) |
Net increase (decrease) | 1,767,487 | $ 22,007,437 |
Year ended October 31, 2022: | ||
Shares sold | 2,998,767 | $ 45,352,741 |
Shares issued to shareholders in reinvestment of distributions | 4,508,464 | 73,578,134 |
Shares redeemed | (5,294,349) | (79,259,848) |
Net increase (decrease) in shares outstanding before conversion | 2,212,882 | 39,671,027 |
Shares converted into Class A (See Note 1) | 1,097,499 | 17,558,142 |
Shares converted from Class A (See Note 1) | (699) | (10,390) |
Net increase (decrease) | 3,309,682 | $ 57,218,779 |
Investor Class | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 734,117 | $ 10,055,235 |
Shares issued to shareholders in reinvestment of distributions | 514,529 | 6,714,607 |
Shares redeemed | (751,519) | (10,314,971) |
Net increase (decrease) in shares outstanding before conversion | 497,127 | 6,454,871 |
Shares converted into Investor Class (See Note 1) | 254,922 | 3,542,500 |
Shares converted from Investor Class (See Note 1) | (997,180) | (13,604,376) |
Net increase (decrease) | (245,131) | $ (3,607,005) |
Year ended October 31, 2022: | ||
Shares sold | 853,832 | $ 12,862,862 |
Shares issued to shareholders in reinvestment of distributions | 704,025 | 11,517,853 |
Shares redeemed | (677,404) | (10,185,045) |
Net increase (decrease) in shares outstanding before conversion | 880,453 | 14,195,670 |
Shares converted into Investor Class (See Note 1) | 226,568 | 3,404,061 |
Shares converted from Investor Class (See Note 1) | (690,453) | (11,396,445) |
Net increase (decrease) | 416,568 | $ 6,203,286 |
Class B | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 2,367 | $ 31,717 |
Shares issued to shareholders in reinvestment of distributions | 72,241 | 929,021 |
Shares redeemed | (113,744) | (1,529,107) |
Net increase (decrease) in shares outstanding before conversion | (39,136) | (568,369) |
Shares converted from Class B (See Note 1) | (463,828) | (6,298,856) |
Net increase (decrease) | (502,964) | $ (6,867,225) |
Year ended October 31, 2022: | ||
Shares sold | 4,043 | $ 58,430 |
Shares issued to shareholders in reinvestment of distributions | 163,164 | 2,633,473 |
Shares redeemed | (177,997) | (2,635,721) |
Net increase (decrease) in shares outstanding before conversion | (10,790) | 56,182 |
Shares converted from Class B (See Note 1) | (476,327) | (7,059,122) |
Net increase (decrease) | (487,117) | $ (7,002,940) |
Class C | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 94,402 | $ 1,271,273 |
Shares issued to shareholders in reinvestment of distributions | 92,277 | 1,187,605 |
Shares redeemed | (336,393) | (4,514,659) |
Net increase (decrease) in shares outstanding before conversion | (149,714) | (2,055,781) |
Shares converted from Class C (See Note 1) | (221,194) | (3,009,905) |
Net increase (decrease) | (370,908) | $ (5,065,686) |
Year ended October 31, 2022: | ||
Shares sold | 125,156 | $ 1,855,227 |
Shares issued to shareholders in reinvestment of distributions | 161,426 | 2,607,023 |
Shares redeemed | (289,182) | (4,330,282) |
Net increase (decrease) in shares outstanding before conversion | (2,600) | 131,968 |
Shares converted from Class C (See Note 1) | (165,079) | (2,480,095) |
Net increase (decrease) | (167,679) | $ (2,348,127) |
Class I | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 250,066 | $ 3,535,573 |
Shares issued to shareholders in reinvestment of distributions | 46,977 | 620,096 |
Shares redeemed | (198,492) | (2,738,948) |
Net increase (decrease) in shares outstanding before conversion | 98,551 | 1,416,721 |
Shares converted into Class I (See Note 1) | 8,866 | 126,431 |
Net increase (decrease) | 107,417 | $ 1,543,152 |
Year ended October 31, 2022: | ||
Shares sold | 205,566 | $ 2,969,610 |
Shares issued to shareholders in reinvestment of distributions | 46,454 | 768,348 |
Shares redeemed | (293,545) | (4,850,249) |
Net increase (decrease) | (41,525) | $ (1,112,291) |
Class R1 | Shares | Amount |
Year ended October 31, 2022:(a) | ||
Shares sold | 217 | $ 3,599 |
Shares issued to shareholders in reinvestment of distributions | 366 | 6,054 |
Shares redeemed | (3,812) | (57,535) |
Net increase (decrease) | (3,229) | $ (47,882) |
94 | MainStay Asset Allocation Funds |
Class R2 | Shares | Amount |
Year ended October 31, 2023: | ||
Shares issued to shareholders in reinvestment of distributions | 415 | $ 5,399 |
Shares redeemed | (1,451) | (19,532) |
Net increase (decrease) | (1,036) | $ (14,133) |
Year ended October 31, 2022: | ||
Shares issued to shareholders in reinvestment of distributions | 565 | $ 9,226 |
Shares redeemed | (60) | (814) |
Net increase (decrease) | 505 | $ 8,412 |
Class R3 | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 13,691 | $ 185,219 |
Shares issued to shareholders in reinvestment of distributions | 5,226 | 67,736 |
Shares redeemed | (22,726) | (303,999) |
Net increase (decrease) | (3,809) | $ (51,044) |
Year ended October 31, 2022: | ||
Shares sold | 20,556 | $ 321,992 |
Shares issued to shareholders in reinvestment of distributions | 9,438 | 153,374 |
Shares redeemed | (46,301) | (705,174) |
Net increase (decrease) in shares outstanding before conversion | (16,307) | (229,808) |
Shares converted from Class R3 (See Note 1) | (1,210) | (16,151) |
Net increase (decrease) | (17,517) | $ (245,959) |
SIMPLE Class | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 188,294 | $ 2,578,541 |
Shares issued to shareholders in reinvestment of distributions | 17,071 | 223,125 |
Shares redeemed | (63,741) | (867,586) |
Net increase (decrease) | 141,624 | $ 1,934,080 |
Year ended October 31, 2022: | ||
Shares sold | 137,751 | $ 2,062,207 |
Shares issued to shareholders in reinvestment of distributions | 11,687 | 191,425 |
Shares redeemed | (13,003) | (197,173) |
Net increase (decrease) | 136,435 | $ 2,056,459 |
(a) | Class R1 liquidated and no longer offered for sale as of April 28, 2022. |
Class A | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 1,778,515 | $ 25,173,338 |
Shares issued to shareholders in reinvestment of distributions | 2,272,820 | 30,273,962 |
Shares redeemed | (2,748,476) | (38,870,329) |
Net increase (decrease) in shares outstanding before conversion | 1,302,859 | 16,576,971 |
Shares converted into Class A (See Note 1) | 837,211 | 11,822,136 |
Shares converted from Class A (See Note 1) | (87) | (1,202) |
Net increase (decrease) | 2,139,983 | $ 28,397,905 |
Year ended October 31, 2022: | ||
Shares sold | 1,692,419 | $ 27,586,671 |
Shares issued to shareholders in reinvestment of distributions | 2,377,051 | 42,430,363 |
Shares redeemed | (2,572,629) | (41,487,935) |
Net increase (decrease) in shares outstanding before conversion | 1,496,841 | 28,529,099 |
Shares converted into Class A (See Note 1) | 540,027 | 9,463,094 |
Shares converted from Class A (See Note 1) | (34) | (569) |
Net increase (decrease) | 2,036,834 | $ 37,991,624 |
Investor Class | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 474,160 | $ 6,710,903 |
Shares issued to shareholders in reinvestment of distributions | 428,984 | 5,714,066 |
Shares redeemed | (476,362) | (6,732,595) |
Net increase (decrease) in shares outstanding before conversion | 426,782 | 5,692,374 |
Shares converted into Investor Class (See Note 1) | 129,559 | 1,864,152 |
Shares converted from Investor Class (See Note 1) | (583,935) | (8,226,270) |
Net increase (decrease) | (27,594) | $ (669,744) |
Year ended October 31, 2022: | ||
Shares sold | 502,859 | $ 8,114,965 |
Shares issued to shareholders in reinvestment of distributions | 438,877 | 7,833,960 |
Shares redeemed | (374,514) | (6,052,697) |
Net increase (decrease) in shares outstanding before conversion | 567,222 | 9,896,228 |
Shares converted into Investor Class (See Note 1) | 108,545 | 1,770,436 |
Shares converted from Investor Class (See Note 1) | (345,839) | (6,278,887) |
Net increase (decrease) | 329,928 | $ 5,387,777 |
Class B | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 389 | $ 5,230 |
Shares issued to shareholders in reinvestment of distributions | 69,384 | 890,193 |
Shares redeemed | (92,560) | (1,262,149) |
Net increase (decrease) in shares outstanding before conversion | (22,787) | (366,726) |
Shares converted from Class B (See Note 1) | (282,868) | (3,873,248) |
Net increase (decrease) | (305,655) | $ (4,239,974) |
Year ended October 31, 2022: | ||
Shares sold | 2,093 | $ 35,116 |
Shares issued to shareholders in reinvestment of distributions | 108,219 | 1,866,768 |
Shares redeemed | (100,442) | (1,573,542) |
Net increase (decrease) in shares outstanding before conversion | 9,870 | 328,342 |
Shares converted from Class B (See Note 1) | (235,669) | (3,698,337) |
Net increase (decrease) | (225,799) | $ (3,369,995) |
Class C | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 50,468 | $ 683,433 |
Shares issued to shareholders in reinvestment of distributions | 75,273 | 968,019 |
Shares redeemed | (168,666) | (2,278,811) |
Net increase (decrease) in shares outstanding before conversion | (42,925) | (627,359) |
Shares converted from Class C (See Note 1) | (116,014) | (1,585,568) |
Net increase (decrease) | (158,939) | $ (2,212,927) |
Year ended October 31, 2022: | ||
Shares sold | 59,338 | $ 910,154 |
Shares issued to shareholders in reinvestment of distributions | 95,825 | 1,656,787 |
Shares redeemed | (142,326) | (2,243,135) |
Net increase (decrease) in shares outstanding before conversion | 12,837 | 323,806 |
Shares converted from Class C (See Note 1) | (77,670) | (1,239,389) |
Net increase (decrease) | (64,833) | $ (915,583) |
Class I | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 26,561 | $ 377,541 |
Shares issued to shareholders in reinvestment of distributions | 38,925 | 530,552 |
Shares redeemed | (75,901) | (1,100,828) |
Net increase (decrease) | (10,415) | $ (192,735) |
Year ended October 31, 2022: | ||
Shares sold | 60,046 | $ 1,056,549 |
Shares issued to shareholders in reinvestment of distributions | 42,339 | 771,834 |
Shares redeemed | (63,110) | (1,064,905) |
Net increase (decrease) | 39,275 | $ 763,478 |
Class R3 | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 20,292 | $ 284,024 |
Shares issued to shareholders in reinvestment of distributions | 12,754 | 168,606 |
Shares redeemed | (32,098) | (442,365) |
Net increase (decrease) | 948 | $ 10,265 |
Year ended October 31, 2022: | ||
Shares sold | 19,970 | $ 324,343 |
Shares issued to shareholders in reinvestment of distributions | 11,666 | 206,725 |
Shares redeemed | (4,037) | (71,215) |
Net increase (decrease) in shares outstanding before conversion | 27,599 | 459,853 |
Shares converted from Class R3 (See Note 1) | (1,163) | (16,348) |
Net increase (decrease) | 26,436 | $ 443,505 |
SIMPLE Class | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 119,470 | $ 1,690,668 |
Shares issued to shareholders in reinvestment of distributions | 11,472 | 153,037 |
Shares redeemed | (23,660) | (333,838) |
Net increase (decrease) | 107,282 | $ 1,509,867 |
Year ended October 31, 2022: | ||
Shares sold | 70,829 | $ 1,110,829 |
Shares issued to shareholders in reinvestment of distributions | 3,896 | 69,622 |
Shares redeemed | (2,539) | (41,112) |
Net increase (decrease) | 72,186 | $ 1,139,339 |
96 | MainStay Asset Allocation Funds |
MainStay Funds Trust:
98 | MainStay Asset Allocation Funds |
MainStay Conservative Allocation Fund | $ 7,034,395 |
MainStay Moderate Allocation Fund | 28,954,715 |
MainStay Growth Allocation Fund | 42,606,280 |
MainStay Equity Allocation Fund | 31,247,607 |
QDI$ | |
MainStay Conservative Allocation Fund | $5,339,065 |
MainStay Moderate Allocation Fund | 7,461,682 |
MainStay Growth Allocation Fund | 4,433,988 |
MainStay Equity Allocation Fund | 4,603,642 |
DRD% | |
MainStay Conservative Allocation Fund | 30.72% |
MainStay Moderate Allocation Fund | 63.25% |
MainStay Growth Allocation Fund | 34.64% |
MainStay Equity Allocation Fund | 50.64% |
FTC$ | |
MainStay Conservative Allocation Fund | $ 70,601 |
MainStay Moderate Allocation Fund | 207,843 |
MainStay Growth Allocation Fund | 287,753 |
MainStay Equity Allocation Fund | 202,728 |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Naïm Abou-Jaoudé* 1966 | MainStay Funds: Trustee since 2023 MainStay Funds Trust: Trustee since 2023 | Chief Executive Officer of New York Life Investment Management LLC (since 2023). Chief Executive Officer of Candriam (an affiliate of New York Life Investment Management LLC) (2007 to 2023). | 81 | MainStay VP Funds Trust: Trustee since 2023 (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2023; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2023; and New York Life Investment Management International (Chair) since 2015 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of his affiliation with New York Life Investment Management LLC and Candriam, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
100 | MainStay Asset Allocation Funds |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015);MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC (since 1999) | 81 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2021; VanEck Vectors Group of Exchange-Traded Funds: Trustee since 2006 and Independent Chairman of the Board of Trustees from 2008 to 2022 (57 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Investment Committee since 2018 | |
Karen Hammond 1956 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021);MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 81 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Susan B. Kerley 1951 | MainStay Funds: Chair since January 2017 and Trustee since 2007;MainStay Funds Trust: Chair since January 2017 and Trustee since 1990*** | President, Strategic Management Advisors LLC (since 1990) | 81 | MainStay VP Funds Trust: Chair since January 2017 and Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chair since January 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Alan R. Latshaw 1951 | MainStay Funds: Trusteesince 2006;MainStay Funds Trust: Trustee since 2007*** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 81 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 | |
Jacques P. Perold 1958 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015to December 2015);MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 81 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay Funds: Trustee since 1994;MainStay Funds Trust: Trustee since 2007*** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) (since 2004); Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 81 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 |
** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
*** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
102 | MainStay Asset Allocation Funds |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay Funds, MainStay Funds Trust (since 2017) | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since 2018); President, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust (since 2017)**; Senior Managing Director, Global Product Development (2015 to 2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay Funds (since 2007), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2007)**; and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay Funds and MainStay Funds Trust (since 2010) | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2010)** | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay Funds and MainStay Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ Trust, IndexIQ ETF Trust and Index IQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund, MainStay VP Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012 to 2022) | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay Funds (since 2005), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2005)** |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, New York Life Insurance Company, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
1.
2. | This Fund is registered for sale in CA, CT, DE, FL, MA, NJ, NY and VT. |
3. | An affiliate of New York Life Investment Management LLC. |
5013729MS139-23 | MSAA11-12/23 |
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended October 31, 2023 | |||||||
Class | Sales Charge | Inception Date | One Year | Five Years | Since Inception | Gross Expense Ratio1 | |
Class A Shares | Maximum 5.50% Initial Sales Charge | With sales charges | 6/30/2016 | 9.70% | 10.79% | 10.73% | 1.25% |
Excluding sales charges | 16.09 | 12.05 | 11.59 | 1.25 | |||
Investor Class Shares2 | Maximum 5.00% Initial Sales Charge | With sales charges | 6/30/2016 | 10.02 | 10.47 | 10.47 | 1.44 |
Excluding sales charges | 15.81 | 11.73 | 11.32 | 1.44 | |||
Class C Shares | Maximum 1.00% CDSC | With sales charges | 6/30/2016 | 13.97 | 10.94 | 10.51 | 2.20 |
if Redeemed Within One Year of Purchase | Excluding sales charges | 14.97 | 10.94 | 10.51 | 2.20 | ||
Class I Shares | No Sales Charge | 6/30/2016 | 16.39 | 12.32 | 11.85 | 1.00 |
1. | The gross expense ratios presented reflect the Fund’s “Total Annual Fund Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report. |
2. | Prior to June 30, 2020, the maximum initial sales charge was 5.50%, which is reflected in the applicable average annual total return figures shown. |
Benchmark Performance* | One Year | Five Years | Since Inception |
MSCI World Index (Net)1 | 10.48% | 8.27% | 9.15% |
Morningstar Global Large Stock Growth Category Average2 | 9.54 | 7.61 | 8.53 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | The MSCI World Index (Net) is the Fund's primary broad-based securities market index for comparison purposes. The MSCI World Index (Net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. |
2. | The Morningstar Global Large Stock Growth Category Average is a representative of funds that invest in a variety of international stocks and typically skew towards large caps that are more expensive or projected to grow faster than other global large-cap stocks. World large stock growth portfolios have few geographical limitations. It is common for these portfolios to invest the majority of their assets in developed markets, with the remainder divided among the globe's emerging markets. These funds are not significantly overweight U.S. equity exposure relative to the Morningstar Global Market Index and maintain at least a 20% absolute U.S. exposure. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
6 | MainStay Epoch Capital Growth 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 | $986.80 | $ 5.76 | $1,019.41 | $ 5.85 | 1.15% |
Investor Class Shares | $1,000.00 | $985.10 | $ 7.16 | $1,018.00 | $ 7.27 | 1.43% |
Class C Shares | $1,000.00 | $981.60 | $10.84 | $1,014.27 | $11.02 | 2.17% |
Class I Shares | $1,000.00 | $987.70 | $ 4.51 | $1,020.67 | $ 4.58 | 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 365 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 | 67.4% |
Switzerland | 4.0 |
United Kingdom | 3.1 |
China | 2.8 |
Canada | 2.4 |
Netherlands | 2.3 |
Spain | 2.1 |
France | 1.9 |
Japan | 1.8 |
Sweden | 1.7 |
Denmark | 1.6 |
Taiwan | 1.3 |
Germany | 1.2% |
Australia | 1.1 |
Jordan | 1.1 |
Malta | 0.8 |
Singapore | 0.8 |
Italy | 0.7 |
South Africa | 0.7 |
Indonesia | 0.5 |
Mexico | 0.4 |
Other Assets, Less Liabilities | 0.3 |
100.0% |
1. | UnitedHealth Group, Inc. |
2. | Alimentation Couche-Tard, Inc. |
3. | Deckers Outdoor Corp. |
4. | Costco Wholesale Corp. |
5. | Ameriprise Financial, Inc. |
6. | Eli Lilly & Co. |
7. | Alphabet, Inc., Class A |
8. | Industria de Diseno Textil SA |
9. | BE Semiconductor Industries NV |
10. | Fastenal Co. |
8 | MainStay Epoch Capital Growth Fund |
1. | Effective on or about March 31, 2024, William W. Priest will no longer serve as a portfolio manager for the Fund. |
2. | 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 Epoch Capital Growth Fund |
Shares | Value | |
Common Stocks 98.8% | ||
Australia 1.1% | ||
Aristocrat Leisure Ltd. (Hotels, Restaurants & Leisure) | 59,234 | $ 1,447,768 |
Canada 2.4% | ||
Alimentation Couche-Tard, Inc. (Consumer Staples Distribution & Retail) | 40,405 | 2,199,512 |
Constellation Software, Inc. (Software) | 459 | 920,155 |
3,119,667 | ||
China 2.8% | ||
BYD Co. Ltd., Class H (Automobiles) | 34,500 | 1,046,650 |
Chongqing Brewery Co. Ltd., Class A (Beverages) | 82,974 | 890,048 |
SITC International Holdings Co. Ltd. (Marine Transportation) | 527,000 | 810,847 |
Yadea Group Holdings Ltd. (Automobiles) (a) | 446,000 | 815,028 |
3,562,573 | ||
Denmark 1.6% | ||
Coloplast A/S, Class B (Health Care Equipment & Supplies) | 6,188 | 644,789 |
Novo Nordisk A/S, Class B (Pharmaceuticals) | 14,065 | 1,349,921 |
1,994,710 | ||
France 1.9% | ||
Edenred SE (Financial Services) | 19,850 | 1,055,205 |
Hermes International SCA (Textiles, Apparel & Luxury Goods) | 216 | 402,156 |
Sartorius Stedim Biotech (Life Sciences Tools & Services) | 5,274 | 985,223 |
2,442,584 | ||
Germany 1.2% | ||
Merck KGaA (Pharmaceuticals) | 10,087 | 1,519,309 |
Indonesia 0.5% | ||
Bank Central Asia Tbk. PT (Banks) | 1,064,900 | 586,583 |
Italy 0.7% | ||
Recordati Industria Chimica e Farmaceutica SpA (Pharmaceuticals) | 19,457 | 897,613 |
Shares | Value | |
Japan 1.8% | ||
Goldwin, Inc. (Textiles, Apparel & Luxury Goods) | 8,900 | $ 555,109 |
Hoya Corp. (Health Care Equipment & Supplies) | 8,200 | 775,504 |
ZOZO, Inc. (Specialty Retail) (b) | 54,500 | 1,027,077 |
2,357,690 | ||
Jordan 1.1% | ||
Hikma Pharmaceuticals plc (Pharmaceuticals) | 58,330 | 1,348,110 |
Malta 0.8% | ||
Kindred Group plc, SDR (Hotels, Restaurants & Leisure) | 121,248 | 991,278 |
Mexico 0.4% | ||
Grupo Aeroportuario del Pacifico SAB de CV, Class B (Transportation Infrastructure) | 47,880 | 558,525 |
Netherlands 2.3% | ||
ASML Holding NV (Semiconductors & Semiconductor Equipment) | 1,483 | 887,047 |
BE Semiconductor Industries NV (Semiconductors & Semiconductor Equipment) | 19,555 | 2,013,249 |
2,900,296 | ||
Singapore 0.8% | ||
Singapore Exchange Ltd. (Capital Markets) | 139,700 | 966,263 |
South Africa 0.7% | ||
FirstRand Ltd. (Financial Services) | 260,539 | 858,888 |
Spain 2.1% | ||
Amadeus IT Group SA (Hotels, Restaurants & Leisure) | 11,187 | 637,065 |
Industria de Diseno Textil SA (Specialty Retail) (b) | 58,527 | 2,015,738 |
2,652,803 | ||
Sweden 1.7% | ||
Atlas Copco AB, Class B (Machinery) | 58,046 | 650,274 |
Epiroc AB, Class B (Machinery) | 43,854 | 607,771 |
Evolution AB (Hotels, Restaurants & Leisure) (a) | 10,165 | 903,266 |
2,161,311 |
Shares | Value | |
Common Stocks (continued) | ||
Switzerland 4.0% | ||
EMS-Chemie Holding AG (Registered) (Chemicals) | 1,208 | $ 823,350 |
Kuehne + Nagel International AG (Registered) (Marine Transportation) | 5,530 | 1,486,379 |
Logitech International SA (Registered) (Technology Hardware, Storage & Peripherals) | 16,206 | 1,267,761 |
Partners Group Holding AG (Capital Markets) | 1,513 | 1,591,424 |
5,168,914 | ||
Taiwan 1.3% | ||
Eclat Textile Co. Ltd. (Textiles, Apparel & Luxury Goods) | 79,000 | 1,251,919 |
Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment) | 25,000 | 407,739 |
1,659,658 | ||
United Kingdom 3.1% | ||
Auto Trader Group plc (Interactive Media & Services) (a) | 170,465 | 1,287,075 |
Diageo plc (Beverages) | 25,566 | 965,475 |
Games Workshop Group plc (Leisure Products) | 5,366 | 644,058 |
Howden Joinery Group plc (Trading Companies & Distributors) | 144,879 | 1,122,770 |
4,019,378 | ||
United States 66.5% | ||
Accenture plc, Class A (IT Services) | 3,811 | 1,132,210 |
Adobe, Inc. (Software) (c) | 2,475 | 1,316,848 |
Alphabet, Inc., Class A (Interactive Media & Services) (c) | 16,779 | 2,081,938 |
Ameriprise Financial, Inc. (Capital Markets) | 6,777 | 2,131,840 |
Apple, Inc. (Technology Hardware, Storage & Peripherals) | 7,359 | 1,256,696 |
Applied Materials, Inc. (Semiconductors & Semiconductor Equipment) | 9,423 | 1,247,134 |
Arista Networks, Inc. (Communications Equipment) (c) | 9,056 | 1,814,551 |
Automatic Data Processing, Inc. (Professional Services) | 5,284 | 1,153,074 |
Chemed Corp. (Health Care Providers & Services) | 3,123 | 1,757,156 |
Costco Wholesale Corp. (Consumer Staples Distribution & Retail) | 3,889 | 2,148,439 |
CSL Ltd. (Biotechnology) | 9,164 | 1,350,693 |
Shares | Value | |
United States (continued) | ||
Deckers Outdoor Corp. (Textiles, Apparel & Luxury Goods) (c) | 3,634 | $ 2,169,716 |
Domino's Pizza, Inc. (Hotels, Restaurants & Leisure) | 5,088 | 1,724,781 |
Donaldson Co., Inc. (Machinery) | 18,995 | 1,095,252 |
Eagle Materials, Inc. (Construction Materials) | 9,782 | 1,505,548 |
Edwards Lifesciences Corp. (Health Care Equipment & Supplies) (c) | 10,873 | 692,828 |
Electronic Arts, Inc. (Entertainment) | 6,207 | 768,365 |
Eli Lilly & Co. (Pharmaceuticals) | 3,816 | 2,113,797 |
Encompass Health Corp. (Health Care Providers & Services) | 20,547 | 1,285,420 |
Etsy, Inc. (Broadline Retail) (c) | 10,460 | 651,658 |
Expeditors International of Washington, Inc. (Air Freight & Logistics) | 8,348 | 912,019 |
Fastenal Co. (Trading Companies & Distributors) | 33,168 | 1,935,021 |
Ferguson plc (Trading Companies & Distributors) | 8,368 | 1,254,070 |
Fortinet, Inc. (Software) (c) | 19,133 | 1,093,834 |
Gentex Corp. (Automobile Components) | 40,897 | 1,172,926 |
Graco, Inc. (Machinery) | 11,865 | 882,163 |
Hamilton Lane, Inc., Class A (Capital Markets) | 11,167 | 939,368 |
HCA Healthcare, Inc. (Health Care Providers & Services) | 3,891 | 879,911 |
Hess Midstream LP, Class A (Oil, Gas & Consumable Fuels) | 34,631 | 1,038,930 |
Home Depot, Inc. (The) (Specialty Retail) | 4,145 | 1,180,040 |
IDEXX Laboratories, Inc. (Health Care Equipment & Supplies) (c) | 2,063 | 824,107 |
KLA Corp. (Semiconductors & Semiconductor Equipment) | 2,735 | 1,284,629 |
Lam Research Corp. (Semiconductors & Semiconductor Equipment) | 2,629 | 1,546,430 |
LPL Financial Holdings, Inc. (Capital Markets) | 7,867 | 1,766,299 |
Manhattan Associates, Inc. (Software) (c) | 4,980 | 971,000 |
Mastercard, Inc., Class A (Financial Services) | 4,911 | 1,848,255 |
Medpace Holdings, Inc. (Life Sciences Tools & Services) (c) | 6,502 | 1,577,840 |
Meta Platforms, Inc., Class A (Interactive Media & Services) (c) | 6,092 | 1,835,337 |
Mettler-Toledo International, Inc. (Life Sciences Tools & Services) (c) | 992 | 977,318 |
Microsoft Corp. (Software) | 5,578 | 1,885,978 |
12 | MainStay Epoch Capital Growth Fund |
Shares | Value | |
Common Stocks (continued) | ||
United States (continued) | ||
Monster Beverage Corp. (Beverages) (c) | 37,794 | $ 1,931,273 |
NetApp, Inc. (Technology Hardware, Storage & Peripherals) | 14,074 | 1,024,306 |
Paychex, Inc. (Professional Services) | 15,990 | 1,775,689 |
Pioneer Natural Resources Co. (Oil, Gas & Consumable Fuels) | 4,508 | 1,077,412 |
Pool Corp. (Distributors) | 1,974 | 623,330 |
QUALCOMM, Inc. (Semiconductors & Semiconductor Equipment) | 10,116 | 1,102,543 |
Rollins, Inc. (Commercial Services & Supplies) | 24,770 | 931,600 |
Starbucks Corp. (Hotels, Restaurants & Leisure) | 12,179 | 1,123,391 |
Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment) | 7,759 | 1,101,856 |
Thermo Fisher Scientific, Inc. (Life Sciences Tools & Services) | 1,778 | 790,801 |
TJX Cos., Inc. (The) (Specialty Retail) | 16,441 | 1,447,959 |
TKO Group Holdings, Inc. (Entertainment) | 13,092 | 1,073,282 |
Ulta Beauty, Inc. (Specialty Retail) (c) | 3,428 | 1,307,131 |
Union Pacific Corp. (Ground Transportation) | 5,107 | 1,060,264 |
UnitedHealth Group, Inc. (Health Care Providers & Services) | 4,351 | 2,330,222 |
Veeva Systems, Inc., Class A (Health Care Technology) (c) | 6,590 | 1,269,959 |
Vertex Pharmaceuticals, Inc. (Biotechnology) (c) | 2,740 | 992,181 |
Visa, Inc., Class A (Financial Services) | 7,906 | 1,858,701 |
VMware, Inc., Class A (Software) (c) | 9,531 | 1,388,190 |
Waters Corp. (Life Sciences Tools & Services) (c) | 3,310 | 789,534 |
West Pharmaceutical Services, Inc. (Life Sciences Tools & Services) | 4,007 | 1,275,388 |
Yum! Brands, Inc. (Hotels, Restaurants & Leisure) | 13,279 | 1,604,900 |
Zoetis, Inc. (Pharmaceuticals) | 11,079 | 1,739,403 |
84,822,734 | ||
Total Common Stocks (Cost $111,851,086) | 126,036,655 | |
Number of Warrants | Value | ||
Warrants 0.0% ‡ | |||
Canada 0.0% ‡ | |||
Constellation Software, Inc. (Software) | |||
Expires 3/31/40 (c)(d)(e) | 721 | $ — | |
Total Warrants (Cost $0) | — | ||
Shares | |||
Short-Term Investment 0.9% | |||
Affiliated Investment Company 0.9% | |||
United States 0.9% | |||
MainStay U.S. Government Liquidity Fund, 5.275% (f) | 1,118,956 | 1,118,956 | |
Total Short-Term Investment (Cost $1,118,956) | 1,118,956 | ||
Total Investments (Cost $112,970,042) | 99.7% | 127,155,611 | |
Other Assets, Less Liabilities | 0.3 | 329,368 | |
Net Assets | 100.0% | $ 127,484,979 |
† | Percentages indicated are based on Fund net assets. |
^ | Industry and country classifications may be different than those used for compliance monitoring purposes. |
‡ | Less than one-tenth of a percent. |
(a) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
(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 $2,078,810. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $2,255,437. (See Note 2(I)) |
(c) | Non-income producing security. |
(d) | Illiquid security—As of October 31, 2023, the total market value deemed illiquid under procedures approved by the Board of Trustees was $0, which represented less than one-tenth of a percent of the Fund’s net assets. (Unaudited) |
(e) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
(f) | Current yield as of October 31, 2023. |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay U.S. Government Liquidity Fund | $ 644 | $ 55,779 | $ (55,304) | $ — | $ — | $ 1,119 | $ 83 | $ — | 1,119 |
Abbreviation(s): |
SDR—Special Drawing Right |
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 | $ 126,036,655 | $ — | $ — | $ 126,036,655 | |||
Warrants | — | — | — | — | |||
Short-Term Investment | |||||||
Affiliated Investment Company | 1,118,956 | — | — | 1,118,956 | |||
Total Investments in Securities | $ 127,155,611 | $ — | $ — | $ 127,155,611 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
14 | MainStay Epoch Capital Growth Fund |
Value | Percent †^ | ||
Air Freight & Logistics | $ 912,019 | 0.7% | |
Automobile Components | 1,172,926 | 0.9 | |
Automobiles | 1,861,678 | 1.5 | |
Banks | 586,583 | 0.5 | |
Beverages | 3,786,796 | 3.0 | |
Biotechnology | 2,342,874 | 1.8 | |
Broadline Retail | 651,658 | 0.5 | |
Capital Markets | 7,395,194 | 5.8 | |
Chemicals | 823,350 | 0.7 | |
Commercial Services & Supplies | 931,600 | 0.7 | |
Communications Equipment | 1,814,551 | 1.4 | |
Construction Materials | 1,505,548 | 1.2 | |
Consumer Staples Distribution & Retail | 4,347,951 | 3.4 | |
Distributors | 623,330 | 0.5 | |
Entertainment | 1,841,647 | 1.5 | |
Financial Services | 5,621,049 | 4.4 | |
Ground Transportation | 1,060,264 | 0.8 | |
Health Care Equipment & Supplies | 2,937,228 | 2.3 | |
Health Care Providers & Services | 6,252,709 | 4.9 | |
Health Care Technology | 1,269,959 | 1.0 | |
Hotels, Restaurants & Leisure | 8,432,449 | 6.6 | |
Interactive Media & Services | 5,204,350 | 4.1 | |
IT Services | 1,132,210 | 0.9 | |
Leisure Products | 644,058 | 0.5 | |
Life Sciences Tools & Services | 6,396,104 | 5.0 | |
Machinery | 3,235,460 | 2.5 | |
Marine Transportation | 2,297,226 | 1.8 | |
Oil, Gas & Consumable Fuels | 2,116,342 | 1.7 | |
Pharmaceuticals | 8,968,153 | 7.0 | |
Professional Services | 2,928,763 | 2.3 | |
Semiconductors & Semiconductor Equipment | 9,590,627 | 7.5 | |
Software | 7,576,005 | 5.9 | |
Specialty Retail | 6,977,945 | 5.5 | |
Technology Hardware, Storage & Peripherals | 3,548,763 | 2.8 | |
Textiles, Apparel & Luxury Goods | 4,378,900 | 3.4 | |
Trading Companies & Distributors | 4,311,861 | 3.4 | |
Transportation Infrastructure | 558,525 | 0.4 | |
126,036,655 | 98.8 | ||
Short-Term Investment | 1,118,956 | 0.9 | |
Other Assets, Less Liabilities | 329,368 | 0.3 | |
Net Assets | $127,484,979 | 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 unaffiliated securities, at value (identified cost $111,851,086) including securities on loan of $2,078,810 | $126,036,655 |
Investment in affiliated investment companies, at value (identified cost $1,118,956) | 1,118,956 |
Cash denominated in foreign currencies (identified cost $106) | 106 |
Receivables: | |
Investment securities sold | 971,396 |
Fund shares sold | 300,268 |
Dividends | 185,057 |
Securities lending | 862 |
Other assets | 148,364 |
Total assets | 128,761,664 |
Liabilities | |
Due to custodian | 1,280 |
Payables: | |
Investment securities purchased | 1,071,334 |
Fund shares redeemed | 98,187 |
Manager (See Note 3) | 57,559 |
Custodian | 21,335 |
Transfer agent (See Note 3) | 9,907 |
NYLIFE Distributors (See Note 3) | 9,894 |
Professional fees | 6,587 |
Shareholder communication | 190 |
Accrued expenses | 412 |
Total liabilities | 1,276,685 |
Net assets | $127,484,979 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 10,616 |
Additional paid-in-capital | 113,609,453 |
113,620,069 | |
Total distributable earnings (loss) | 13,864,910 |
Net assets | $127,484,979 |
Class A | |
Net assets applicable to outstanding shares | $38,827,529 |
Shares of beneficial interest outstanding | 3,241,760 |
Net asset value per share outstanding | $ 11.98 |
Maximum sales charge (5.50% of offering price) | 0.70 |
Maximum offering price per share outstanding | $ 12.68 |
Investor Class | |
Net assets applicable to outstanding shares | $ 3,194,568 |
Shares of beneficial interest outstanding | 269,133 |
Net asset value per share outstanding | $ 11.87 |
Maximum sales charge (5.00% of offering price) | 0.62 |
Maximum offering price per share outstanding | $ 12.49 |
Class C | |
Net assets applicable to outstanding shares | $ 1,091,457 |
Shares of beneficial interest outstanding | 97,279 |
Net asset value and offering price per share outstanding | $ 11.22 |
Class I | |
Net assets applicable to outstanding shares | $84,371,425 |
Shares of beneficial interest outstanding | 7,007,414 |
Net asset value and offering price per share outstanding | $ 12.04 |
16 | MainStay Epoch Capital Growth Fund |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated (net of foreign tax withholding of $83,600) | $1,460,966 |
Dividends-affiliated | 83,019 |
Securities lending, net | 3,633 |
Total income | 1,547,618 |
Expenses | |
Manager (See Note 3) | 700,294 |
Distribution/Service—Class A (See Note 3) | 74,609 |
Distribution/Service—Investor Class (See Note 3) | 3,744 |
Distribution/Service—Class C (See Note 3) | 10,761 |
Transfer agent (See Note 3) | 61,912 |
Professional fees | 61,912 |
Registration | 58,780 |
Custodian | 55,174 |
Trustees | 2,294 |
Shareholder communication | 1,582 |
Miscellaneous | 2,929 |
Total expenses before waiver/reimbursement | 1,033,991 |
Expense waiver/reimbursement from Manager (See Note 3) | (97,243) |
Reimbursement from prior custodian(a) | (141) |
Net expenses | 936,607 |
Net investment income (loss) | 611,011 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | (366,536) |
Foreign currency transactions | (24,762) |
Net realized gain (loss) | (391,298) |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | 8,702,566 |
Translation of other assets and liabilities in foreign currencies | 2,970 |
Net change in unrealized appreciation (depreciation) | 8,705,536 |
Net realized and unrealized gain (loss) | 8,314,238 |
Net increase (decrease) in net assets resulting from operations | $8,925,249 |
(a) | Represents a refund for overbilling of custody fees. |
for the years ended October 31, 2023 and October 31, 2022
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 611,011 | $ 303,802 |
Net realized gain (loss) | (391,298) | 315,127 |
Net change in unrealized appreciation (depreciation) | 8,705,536 | (16,922,312) |
Net increase (decrease) in net assets resulting from operations | 8,925,249 | (16,303,383) |
Distributions to shareholders: | ||
Class A | (257,794) | (4,992,940) |
Investor Class | (11,851) | (363,357) |
Class C | (8,497) | (298,992) |
Class I | (609,460) | (12,067,689) |
Total distributions to shareholders | (887,602) | (17,722,978) |
Capital share transactions: | ||
Net proceeds from sales of shares | 78,496,435 | 14,278,356 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 880,683 | 17,496,640 |
Cost of shares redeemed | (24,019,094) | (12,307,173) |
Increase (decrease) in net assets derived from capital share transactions | 55,358,024 | 19,467,823 |
Net increase (decrease) in net assets | 63,395,671 | (14,558,538) |
Net Assets | ||
Beginning of year | 64,089,308 | 78,647,846 |
End of year | $127,484,979 | $ 64,089,308 |
18 | MainStay Epoch Capital Growth Fund |
Year Ended October 31, | |||||||||
Class A | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 10.44 | $ 17.09 | $ 14.43 | $ 13.20 | $ 12.21 | ||||
Net investment income (loss) (a) | 0.06 | 0.03 | (0.01) | 0.00‡ | 0.07 | ||||
Net realized and unrealized gain (loss) | 1.61 | (2.86) | 5.43 | 1.92 | 1.81 | ||||
Total from investment operations | 1.67 | (2.83) | 5.42 | 1.92 | 1.88 | ||||
Less distributions: | |||||||||
From net investment income | (0.02) | — | (0.03) | (0.07) | (0.08) | ||||
From net realized gain on investments | (0.11) | (3.82) | (2.73) | (0.62) | (0.81) | ||||
Total distributions | (0.13) | (3.82) | (2.76) | (0.69) | (0.89) | ||||
Net asset value at end of year | $ 11.98 | $ 10.44 | $ 17.09 | $ 14.43 | $ 13.20 | ||||
Total investment return (b) | 16.09% | (20.79)% | 42.61% | 15.31% | 16.82% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.51% | 0.30% | (0.08)% | 0.01% | 0.58% | ||||
Net expenses (c) | 1.15% | 1.15% | 1.15% | 1.13% | 1.15% | ||||
Expenses (before waiver/reimbursement) (c) | 1.26% | 1.25% | 1.36% | 1.16% | 1.27% | ||||
Portfolio turnover rate | 30% | 31% | 80% | 43% | 46% | ||||
Net assets at end of year (in 000’s) | $ 38,828 | $ 20,880 | $ 21,767 | $ 6,733 | $ 4,041 |
‡ | Less than one cent per share. |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | |||||||||
Investor Class | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 10.35 | $ 17.02 | $ 14.40 | $ 13.16 | $ 12.18 | ||||
Net investment income (loss) (a) | 0.03 | 0.01 | (0.05) | (0.02) | 0.04 | ||||
Net realized and unrealized gain (loss) | 1.60 | (2.86) | 5.40 | 1.92 | 1.80 | ||||
Total from investment operations | 1.63 | (2.85) | 5.35 | 1.90 | 1.84 | ||||
Less distributions: | |||||||||
From net investment income | — | — | (0.00)‡ | (0.04) | (0.05) | ||||
From net realized gain on investments | (0.11) | (3.82) | (2.73) | (0.62) | (0.81) | ||||
Total distributions | (0.11) | (3.82) | (2.73) | (0.66) | (0.86) | ||||
Net asset value at end of year | $ 11.87 | $ 10.35 | $ 17.02 | $ 14.40 | $ 13.16 | ||||
Total investment return (b) | 15.81% | (21.04)% | 42.05% | 15.14% | 16.42% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.26% | 0.05% | (0.31)% | (0.17)% | 0.30% | ||||
Net expenses (c) | 1.41% | 1.39% | 1.42% | 1.34% | 1.43% | ||||
Expenses (before waiver/reimbursement) (c) | 1.46% | 1.44% | 1.59% | 1.36% | 1.54% | ||||
Portfolio turnover rate | 30% | 31% | 80% | 43% | 46% | ||||
Net assets at end of year (in 000's) | $ 3,195 | $ 1,134 | $ 1,648 | $ 1,416 | $ 1,177 |
‡ | Less than one cent per share. |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | |||||||||
Class C | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 9.86 | $ 16.49 | $ 14.10 | $ 12.97 | $ 12.04 | ||||
Net investment income (loss) (a) | (0.05) | (0.08) | (0.16) | (0.12) | (0.06) | ||||
Net realized and unrealized gain (loss) | 1.52 | (2.73) | 5.28 | 1.87 | 1.80 | ||||
Total from investment operations | 1.47 | (2.81) | 5.12 | 1.75 | 1.74 | ||||
Less distributions: | |||||||||
From net investment income | — | — | — | (0.62) | (0.81) | ||||
From net realized gain on investments | (0.11) | (3.82) | (2.73) | — | — | ||||
Total distributions | (0.11) | (3.82) | (2.73) | (0.62) | (0.81) | ||||
Net asset value at end of year | $ 11.22 | $ 9.86 | $ 16.49 | $ 14.10 | $ 12.97 | ||||
Total investment return (b) | 14.97% | (21.60)% | 41.17% | 14.24% | 15.59% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | (0.43)% | (0.71)% | (1.09)% | (0.92)% | (0.46)% | ||||
Net expenses (c) | 2.15% | 2.14% | 2.17% | 2.09% | 2.17% | ||||
Expenses (before waiver/reimbursement) (c) | 2.20% | 2.20% | 2.34% | 2.11% | 2.27% | ||||
Portfolio turnover rate | 30% | 31% | 80% | 43% | 46% | ||||
Net assets at end of year (in 000’s) | $ 1,091 | $ 794 | $ 1,288 | $ 1,152 | $ 1,236 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | |||||||||
Class I | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 10.49 | $ 17.15 | $ 14.47 | $ 13.23 | $ 12.24 | ||||
Net investment income (loss) (a) | 0.09 | 0.06 | 0.03 | 0.04 | 0.08 | ||||
Net realized and unrealized gain (loss) | 1.62 | (2.88) | 5.45 | 1.92 | 1.83 | ||||
Total from investment operations | 1.71 | (2.82) | 5.48 | 1.96 | 1.91 | ||||
Less distributions: | |||||||||
From net investment income | (0.05) | (0.02) | (0.07) | (0.10) | (0.11) | ||||
From net realized gain on investments | (0.11) | (3.82) | (2.73) | (0.62) | (0.81) | ||||
Total distributions | (0.16) | (3.84) | (2.80) | (0.72) | (0.92) | ||||
Net asset value at end of year | $ 12.04 | $ 10.49 | $ 17.15 | $ 14.47 | $ 13.23 | ||||
Total investment return (b) | 16.39% | (20.63)% | 42.99% | 15.58% | 17.11% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.75% | 0.54% | 0.21% | 0.29% | 0.66% | ||||
Net expenses (c) | 0.90% | 0.90% | 0.90% | 0.90% | 0.90% | ||||
Expenses (before waiver/reimbursement) (c) | 1.01% | 1.00% | 1.10% | 0.93% | 1.00% | ||||
Portfolio turnover rate | 30% | 31% | 80% | 43% | 46% | ||||
Net assets at end of year (in 000’s) | $ 84,371 | $ 41,282 | $ 53,944 | $ 56,502 | $ 119,464 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. 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. |
20 | MainStay Epoch Capital Growth Fund |
Class | Commenced Operations |
Class A | June 30, 2016 |
Investor Class | June 30, 2016 |
Class C | June 30, 2016 |
Class I | June 30, 2016 |
• | 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 Epoch Capital Growth Fund |
24 | MainStay Epoch Capital Growth Fund |
Class | Expense | Waived |
Class A | $18,095 | $— |
Investor Class | 3,803 | — |
Class C | 2,679 | — |
Class I | 37,335 | — |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $113,965,366 | $18,029,853 | $(4,839,608) | $13,190,245 |
Ordinary Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$675,868 | $38,631 | $(35,996) | $13,186,407 | $13,864,910 |
2023 | 2022 | |
Distributions paid from: | ||
Ordinary Income | $223,315 | $ 3,330,996 |
Long-Term Capital Gains | 664,287 | 14,391,982 |
Total | $887,602 | $17,722,978 |
26 | MainStay Epoch Capital Growth Fund |
Class A | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 1,628,163 | $ 19,874,450 |
Shares issued to shareholders in reinvestment of distributions | 23,071 | 256,316 |
Shares redeemed | (430,284) | (5,125,878) |
Net increase (decrease) in shares outstanding before conversion | 1,220,950 | 15,004,888 |
Shares converted into Class A (See Note 1) | 19,946 | 241,280 |
Net increase (decrease) | 1,240,896 | $ 15,246,168 |
Year ended October 31, 2022: | ||
Shares sold | 709,982 | $ 8,625,981 |
Shares issued to shareholders in reinvestment of distributions | 384,632 | 4,954,057 |
Shares redeemed | (391,322) | (4,603,433) |
Net increase (decrease) in shares outstanding before conversion | 703,292 | 8,976,605 |
Shares converted into Class A (See Note 1) | 23,937 | 303,739 |
Net increase (decrease) | 727,229 | $ 9,280,344 |
Investor Class | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 182,305 | $ 2,235,615 |
Shares issued to shareholders in reinvestment of distributions | 1,067 | 11,776 |
Shares redeemed | (9,749) | (116,399) |
Net increase (decrease) in shares outstanding before conversion | 173,623 | 2,130,992 |
Shares converted into Investor Class (See Note 1) | 1,556 | 19,187 |
Shares converted from Investor Class (See Note 1) | (15,543) | (186,386) |
Net increase (decrease) | 159,636 | $ 1,963,793 |
Year ended October 31, 2022: | ||
Shares sold | 14,650 | $ 181,933 |
Shares issued to shareholders in reinvestment of distributions | 28,387 | 363,357 |
Shares redeemed | (14,009) | (161,742) |
Net increase (decrease) in shares outstanding before conversion | 29,028 | 383,548 |
Shares converted into Investor Class (See Note 1) | 1,563 | 17,080 |
Shares converted from Investor Class (See Note 1) | (17,935) | (235,284) |
Net increase (decrease) | 12,656 | $ 165,344 |
Class C | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 175,065 | $ 1,997,848 |
Shares issued to shareholders in reinvestment of distributions | 809 | 8,497 |
Shares redeemed | (152,718) | (1,745,171) |
Net increase (decrease) in shares outstanding before conversion | 23,156 | 261,174 |
Shares converted from Class C (See Note 1) | (6,440) | (74,081) |
Net increase (decrease) | 16,716 | $ 187,093 |
Year ended October 31, 2022: | ||
Shares sold | 28,990 | $ 303,526 |
Shares issued to shareholders in reinvestment of distributions | 23,870 | 293,121 |
Shares redeemed | (42,311) | (462,532) |
Net increase (decrease) in shares outstanding before conversion | 10,549 | 134,115 |
Shares converted from Class C (See Note 1) | (8,094) | (85,535) |
Net increase (decrease) | 2,455 | $ 48,580 |
Class I | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 4,429,760 | $ 54,388,522 |
Shares issued to shareholders in reinvestment of distributions | 54,227 | 604,094 |
Shares redeemed | (1,412,291) | (17,031,646) |
Net increase (decrease) | 3,071,696 | $ 37,960,970 |
Year ended October 31, 2022: | ||
Shares sold | 461,566 | $ 5,166,916 |
Shares issued to shareholders in reinvestment of distributions | 920,690 | 11,886,105 |
Shares redeemed | (591,942) | (7,079,466) |
Net increase (decrease) | 790,314 | $ 9,973,555 |
28 | MainStay Epoch Capital Growth Fund |
MainStay Funds Trust:
30 | MainStay Epoch Capital Growth Fund |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Naïm Abou-Jaoudé* 1966 | MainStay Funds: Trustee since 2023 MainStay Funds Trust: Trustee since 2023 | Chief Executive Officer of New York Life Investment Management LLC (since 2023). Chief Executive Officer of Candriam (an affiliate of New York Life Investment Management LLC) (2007 to 2023). | 81 | MainStay VP Funds Trust: Trustee since 2023 (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2023; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2023; and New York Life Investment Management International (Chair) since 2015 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of his affiliation with New York Life Investment Management LLC and Candriam, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015);MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC (since 1999) | 81 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2021; VanEck Vectors Group of Exchange-Traded Funds: Trustee since 2006 and Independent Chairman of the Board of Trustees from 2008 to 2022 (57 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Investment Committee since 2018 | |
Karen Hammond 1956 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021);MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 81 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Susan B. Kerley 1951 | MainStay Funds: Chair since January 2017 and Trustee since 2007;MainStay Funds Trust: Chair since January 2017 and Trustee since 1990*** | President, Strategic Management Advisors LLC (since 1990) | 81 | MainStay VP Funds Trust: Chair since January 2017 and Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chair since January 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) |
32 | MainStay Epoch Capital Growth Fund |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Alan R. Latshaw 1951 | MainStay Funds: Trusteesince 2006;MainStay Funds Trust: Trustee since 2007*** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 81 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 | |
Jacques P. Perold 1958 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015to December 2015);MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 81 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay Funds: Trustee since 1994;MainStay Funds Trust: Trustee since 2007*** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) (since 2004); Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 81 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 |
** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
*** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay Funds, MainStay Funds Trust (since 2017) | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since 2018); President, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust (since 2017)**; Senior Managing Director, Global Product Development (2015 to 2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay Funds (since 2007), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2007)**; and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay Funds and MainStay Funds Trust (since 2010) | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2010)** | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay Funds and MainStay Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ Trust, IndexIQ ETF Trust and Index IQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund, MainStay VP Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012 to 2022) | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay Funds (since 2005), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2005)** |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, New York Life Insurance Company, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
34 | MainStay Epoch Capital Growth 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. |
5013738MS139-23 | MSECG11-12/23 |
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended October 31, 2023 | |||||||
Class | Sales Charge | Inception Date | One Year | Five Years | Ten Years or Since Inception | Gross Expense Ratio1 | |
Class A Shares | Maximum 5.50% Initial Sales Charge | With sales charges | 8/2/2006 | -0.35% | 3.63% | 3.71% | 1.16% |
Excluding sales charges | 5.45 | 4.81 | 4.30 | 1.16 | |||
Investor Class Shares2 | Maximum 5.00% Initial Sales Charge | With sales charges | 11/16/2009 | 0.12 | 3.58 | 3.69 | 1.16 |
Excluding sales charges | 5.39 | 4.76 | 4.28 | 1.16 | |||
Class C Shares | Maximum 1.00% CDSC | With sales charges | 11/16/2009 | 3.67 | 4.03 | 3.52 | 1.91 |
if Redeemed Within One Year of Purchase | Excluding sales charges | 4.67 | 4.03 | 3.52 | 1.91 | ||
Class I Shares | No Sales Charge | 12/27/2005 | 5.73 | 5.09 | 4.56 | 0.91 | |
Class R2 Shares3 | No Sales Charge | 2/28/2014 | 5.28 | 4.65 | 3.95 | 1.26 | |
Class R3 Shares3 | No Sales Charge | 2/29/2016 | 5.03 | 4.39 | 5.00 | 1.51 | |
Class R6 Shares | No Sales Charge | 6/17/2013 | 5.82 | 4.92 | 4.55 | 0.75 |
1. | The gross expense ratios presented reflect the Fund’s “Total Annual Fund Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report. |
2. | Prior to June 30, 2020, the maximum initial sales charge was 5.50%, which is reflected in the applicable average annual total return figures shown. |
3. | As of October 31, 2023, Class R2 and Class R3 shares are closed to new investors and, upon the close of business on December 29, 2023, Class R2 and Class R3 shares are closed to additional investments by existing shareholders. Additionally, Class R2 and 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 R2 or 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* | One Year | Five Years | Ten Years |
MSCI World Index (Net)1 | 10.48% | 8.27% | 7.53% |
Global Equity Yield Composite Index2 | 4.05 | 4.92 | 5.58 |
Morningstar Global Large Stock Value Category Average3 | 8.57 | 5.67 | 5.13 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | The MSCI World Index (Net) is the Fund's primary broad-based securities market index for comparison purposes. The MSCI World Index (Net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. |
2. | The Fund has selected the Global Equity Yield Composite Index as its secondary benchmark. The Global Equity Yield Composite Index consists of the MSCI World High Dividend Yield Index and the MSCI World Minimum Volatility (USD) Index weighted at 60% and 40%, respectively. The MSCI World High Dividend Yield Index is based on the MSCI World Index and is designed to reflect the performance of equities in the MSCI World Index (excluding real estate investment trusts) with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. The MSCI World Minimum Volatility (USD) Index aims to reflect the performance characteristics of a minimum variance strategy applied to the MSCI large and mid-cap equity universe across 23 developed markets countries. The MSCI World Minimum Volatility (USD) Index is calculated by optimizing the MSCI World Index for the lowest absolute risk (within a given set of constraints). |
3. | Morningstar Global Large Stock Value Category Average portfolios invest in a variety of international stocks and typically skew towards large caps that are less expensive or growing more slowly than other global large-cap stocks. Global large stock value portfolios have few geographical limitations. It is common for these funds to invest the majority of their assets in developed markets, with the remainder divided among the globe’s emerging markets. These funds are not significantly overweight U.S. equity exposure relative to the Morningstar Global Market Index and maintain at least a 20% absolute U.S. exposure. |
6 | MainStay Epoch Global Equity Yield 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 | $955.60 | $5.37 | $1,019.71 | $5.55 | 1.09% |
Investor Class Shares | $1,000.00 | $955.00 | $5.81 | $1,019.26 | $6.01 | 1.18% |
Class C Shares | $1,000.00 | $951.80 | $9.05 | $1,015.93 | $9.35 | 1.84% |
Class I Shares | $1,000.00 | $957.20 | $4.14 | $1,020.97 | $4.28 | 0.84% |
Class R2 Shares | $1,000.00 | $954.80 | $6.01 | $1,019.05 | $6.21 | 1.22% |
Class R3 Shares | $1,000.00 | $953.90 | $7.24 | $1,017.79 | $7.48 | 1.47% |
Class R6 Shares | $1,000.00 | $957.10 | $3.65 | $1,021.47 | $3.77 | 0.74% |
1. | Expenses are equal to the Fund’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 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 | 70.2% |
United Kingdom | 6.5 |
Canada | 5.2 |
Germany | 5.2 |
France | 4.4 |
Republic of Korea | 2.3 |
Japan | 2.0 |
Switzerland | 1.5 |
Taiwan | 1.2% |
Norway | 0.6 |
Italy | 0.6 |
Austria | 0.5 |
Other Assets, Less Liabilities | –0.2 |
100.0% |
1. | Microsoft Corp. |
2. | Broadcom, Inc. |
3. | Analog Devices, Inc. |
4. | International Business Machines Corp. |
5. | Cisco Systems, Inc. |
6. | Apple, Inc. |
7. | Coca-Cola Europacific Partners plc |
8. | TotalEnergies SE |
9. | Walmart, Inc. |
10. | KLA Corp. |
8 | MainStay Epoch Global Equity Yield Fund |
1. | Effective on or about March 31, 2024, William W. Priest will no longer serve as a portfolio manager for the Fund. |
2. | 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. |
3. | Beta is a measure of volatility in relation to the market as a whole. A beta higher than 1 indicates that a security or portfolio will tend to exhibit higher volatility than the market. A beta lower than 1 indicates that a security or portfolio will tend to exhibit lower volatility than the market. |
10 | MainStay Epoch Global Equity Yield Fund |
Shares | Value | |
Common Stocks 99.1% | ||
Austria 0.5% | ||
BAWAG Group AG (Banks) (a) | 85,929 | $ 3,813,247 |
Canada 5.2% | ||
BCE, Inc. (Diversified Telecommunication Services) | 108,439 | 4,025,556 |
Manulife Financial Corp. (Insurance) | 341,759 | 5,949,207 |
Nutrien Ltd. (Chemicals) | 87,543 | 4,701,059 |
Restaurant Brands International, Inc. (Hotels, Restaurants & Leisure) (b) | 160,984 | 10,818,125 |
Rogers Communications, Inc., Class B (Wireless Telecommunication Services) | 105,700 | 3,916,255 |
Royal Bank of Canada (Banks) | 43,726 | 3,492,404 |
TELUS Corp. (Diversified Telecommunication Services) | 237,290 | 3,826,071 |
36,728,677 | ||
France 4.4% | ||
AXA SA (Insurance) | 180,031 | 5,325,170 |
Cie Generale des Etablissements Michelin SCA (Automobile Components) | 134,291 | 3,981,455 |
Orange SA (Diversified Telecommunication Services) | 477,674 | 5,615,292 |
TotalEnergies SE (Oil, Gas & Consumable Fuels) | 181,272 | 12,122,007 |
Vinci SA (Construction & Engineering) | 37,355 | 4,129,606 |
31,173,530 | ||
Germany 5.2% | ||
Allianz SE (Registered) (Insurance) | 18,512 | 4,326,889 |
Bayer AG (Registered) (Pharmaceuticals) | 81,320 | 3,498,577 |
Deutsche Post AG (Air Freight & Logistics) | 179,341 | 6,975,604 |
Deutsche Telekom AG (Registered) (Diversified Telecommunication Services) | 500,337 | 10,839,600 |
Muenchener Rueckversicherungs-Gesellschaft AG (Registered) (Insurance) | 12,699 | 5,085,833 |
Siemens AG (Registered) (Industrial Conglomerates) | 44,458 | 5,878,245 |
36,604,748 | ||
Italy 0.6% | ||
Snam SpA (Gas Utilities) | 840,086 | 3,848,915 |
Japan 2.0% | ||
Astellas Pharma, Inc. (Pharmaceuticals) | 431,900 | 5,413,887 |
NET One Systems Co. Ltd. (IT Services) | 245,800 | 3,723,284 |
Shares | Value | |
Japan (continued) | ||
Toyota Motor Corp. (Automobiles) | 296,600 | $ 5,068,079 |
14,205,250 | ||
Norway 0.6% | ||
Orkla ASA (Food Products) | 622,699 | 4,288,844 |
Republic of Korea 2.3% | ||
Hyundai Glovis Co. Ltd. (Air Freight & Logistics) | 34,938 | 4,426,265 |
Samsung Electronics Co. Ltd., GDR (Technology Hardware, Storage & Peripherals) | 5,973 | 7,442,358 |
SK Telecom Co. Ltd. (Wireless Telecommunication Services) | 125,433 | 4,564,830 |
16,433,453 | ||
Switzerland 1.5% | ||
Novartis AG (Registered) (Pharmaceuticals) | 109,966 | 10,219,893 |
Taiwan 1.2% | ||
Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR (Semiconductors & Semiconductor Equipment) | 99,858 | 8,618,744 |
United Kingdom 6.5% | ||
AstraZeneca plc, Sponsored ADR (Pharmaceuticals) | 176,023 | 11,129,934 |
BAE Systems plc (Aerospace & Defense) | 516,647 | 6,932,663 |
British American Tobacco plc (Tobacco) | 127,899 | 3,814,862 |
Coca-Cola Europacific Partners plc (Beverages) | 214,730 | 12,563,852 |
Imperial Brands plc (Tobacco) | 180,747 | 3,846,753 |
Schroders plc (Capital Markets) | 802,610 | 3,602,641 |
Unilever plc (Personal Care Products) | 80,073 | 3,784,959 |
45,675,664 | ||
United States 69.1% | ||
AbbVie, Inc. (Biotechnology) | 66,999 | 9,458,919 |
Air Products and Chemicals, Inc. (Chemicals) | 17,751 | 5,013,592 |
American Electric Power Co., Inc. (Electric Utilities) | 100,619 | 7,600,759 |
Analog Devices, Inc. (Semiconductors & Semiconductor Equipment) | 89,121 | 14,021,407 |
Apple, Inc. (Technology Hardware, Storage & Peripherals) | 76,783 | 13,112,233 |
Bank of America Corp. (Banks) | 250,105 | 6,587,766 |
Best Buy Co., Inc. (Specialty Retail) | 58,134 | 3,884,514 |
Shares | Value | |
Common Stocks (continued) | ||
United States (continued) | ||
BlackRock, Inc. (Capital Markets) | 6,047 | $ 3,702,457 |
Bristol-Myers Squibb Co. (Pharmaceuticals) | 62,738 | 3,232,889 |
Broadcom, Inc. (Semiconductors & Semiconductor Equipment) | 19,605 | 16,495,059 |
Chevron Corp. (Oil, Gas & Consumable Fuels) | 30,388 | 4,428,443 |
Cisco Systems, Inc. (Communications Equipment) | 261,578 | 13,636,061 |
Coca-Cola Co. (The) (Beverages) | 96,013 | 5,423,774 |
Columbia Banking System, Inc. (Banks) | 202,764 | 3,988,368 |
Comcast Corp., Class A (Media) | 157,243 | 6,492,563 |
Cummins, Inc. (Machinery) | 35,600 | 7,700,280 |
CVS Health Corp. (Health Care Providers & Services) | 58,869 | 4,062,550 |
Dell Technologies, Inc., Class C (Technology Hardware, Storage & Peripherals) | 83,554 | 5,590,598 |
Dow, Inc. (Chemicals) | 98,343 | 4,753,901 |
Duke Energy Corp. (Electric Utilities) | 44,367 | 3,943,783 |
Eaton Corp. plc (Electrical Equipment) | 35,474 | 7,375,399 |
Eli Lilly & Co. (Pharmaceuticals) | 18,688 | 10,351,844 |
Emerson Electric Co. (Electrical Equipment) | 77,796 | 6,921,510 |
Entergy Corp. (Electric Utilities) | 44,620 | 4,265,226 |
Enterprise Products Partners LP (Oil, Gas & Consumable Fuels) | 143,278 | 3,730,959 |
Evergy, Inc. (Electric Utilities) | 79,023 | 3,883,190 |
Garmin Ltd. (Household Durables) | 37,771 | 3,872,661 |
General Dynamics Corp. (Aerospace & Defense) | 19,012 | 4,587,786 |
GSK plc (Pharmaceuticals) | 221,177 | 3,917,922 |
Hasbro, Inc. (Leisure Products) | 88,141 | 3,979,566 |
Home Depot, Inc. (The) (Specialty Retail) | 17,751 | 5,053,532 |
Honeywell International, Inc. (Industrial Conglomerates) | 20,608 | 3,776,622 |
International Business Machines Corp. (IT Services) | 96,330 | 13,933,171 |
Iron Mountain, Inc. (Specialized REITs) | 162,035 | 9,571,407 |
Johnson & Johnson (Pharmaceuticals) | 33,571 | 4,979,922 |
JPMorgan Chase & Co. (Banks) | 71,103 | 9,887,583 |
KLA Corp. (Semiconductors & Semiconductor Equipment) | 24,051 | 11,296,755 |
Lazard Ltd., Class A (Capital Markets) | 146,135 | 4,058,169 |
Linde plc (Chemicals) | 25,718 | 9,828,391 |
Lockheed Martin Corp. (Aerospace & Defense) | 12,629 | 5,741,649 |
Shares | Value | |
United States (continued) | ||
LyondellBasell Industries NV, Class A (Chemicals) | 60,095 | $ 5,422,973 |
McDonald's Corp. (Hotels, Restaurants & Leisure) | 21,110 | 5,534,409 |
Medtronic plc (Health Care Equipment & Supplies) | 97,387 | 6,871,627 |
Merck & Co., Inc. (Pharmaceuticals) | 72,515 | 7,447,290 |
MetLife, Inc. (Insurance) | 132,368 | 7,943,404 |
Microsoft Corp. (Software) | 50,075 | 16,930,857 |
MPLX LP (Oil, Gas & Consumable Fuels) | 106,071 | 3,822,799 |
MSC Industrial Direct Co., Inc., Class A (Trading Companies & Distributors) | 99,005 | 9,380,724 |
Nestle SA (Registered) (Food Products) | 46,347 | 4,996,193 |
NetApp, Inc. (Technology Hardware, Storage & Peripherals) | 76,599 | 5,574,875 |
NextEra Energy, Inc. (Electric Utilities) | 114,108 | 6,652,496 |
NiSource, Inc. (Multi-Utilities) | 153,434 | 3,860,399 |
Omnicom Group, Inc. (Media) | 53,409 | 4,000,868 |
Paychex, Inc. (Professional Services) | 42,854 | 4,758,937 |
PepsiCo, Inc. (Beverages) | 33,425 | 5,457,634 |
Pfizer, Inc. (Pharmaceuticals) | 132,114 | 4,037,404 |
Philip Morris International, Inc. (Tobacco) | 100,731 | 8,981,176 |
Pinnacle West Capital Corp. (Electric Utilities) | 50,131 | 3,718,718 |
PNC Financial Services Group, Inc. (The) (Banks) | 32,316 | 3,699,212 |
Realty Income Corp. (Retail REITs) | 88,721 | 4,203,601 |
Regions Financial Corp. (Banks) | 226,773 | 3,295,012 |
Roche Holding AG (Pharmaceuticals) | 14,398 | 3,701,393 |
RTX Corp. (Aerospace & Defense) | 70,693 | 5,753,703 |
Sanofi SA (Pharmaceuticals) | 105,639 | 9,579,257 |
Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment) | 47,975 | 6,812,930 |
Travelers Cos., Inc. (The) (Insurance) | 21,775 | 3,646,006 |
Truist Financial Corp. (Banks) | 128,315 | 3,639,013 |
U.S. Bancorp (Banks) | 120,945 | 3,855,727 |
United Parcel Service, Inc., Class B (Air Freight & Logistics) | 23,691 | 3,346,354 |
UnitedHealth Group, Inc. (Health Care Providers & Services) | 20,669 | 11,069,490 |
Vail Resorts, Inc. (Hotels, Restaurants & Leisure) | 30,999 | 6,579,538 |
Verizon Communications, Inc. (Diversified Telecommunication Services) | 111,121 | 3,903,681 |
VICI Properties, Inc. (Specialized REITs) | 151,822 | 4,235,834 |
Walmart, Inc. (Consumer Staples Distribution & Retail) | 69,827 | 11,410,430 |
WEC Energy Group, Inc. (Multi-Utilities) | 47,998 | 3,906,557 |
12 | MainStay Epoch Global Equity Yield Fund |
Shares | Value | ||
Common Stocks (continued) | |||
United States (continued) | |||
Williams Cos., Inc. (The) (Oil, Gas & Consumable Fuels) | 118,176 | $ 4,065,254 | |
486,238,955 | |||
Total Common Stocks (Cost $573,705,102) | 697,849,920 | ||
Short-Term Investments 1.1% | |||
Affiliated Investment Company 0.6% | |||
United States 0.6% | |||
MainStay U.S. Government Liquidity Fund, 5.275% (c) | 3,959,709 | 3,959,709 | |
Unaffiliated Investment Company 0.5% | |||
United States 0.5% | |||
Invesco Government & Agency Portfolio, 5.357% (c)(d) | 3,516,225 | 3,516,225 | |
Total Short-Term Investments (Cost $7,475,934) | 7,475,934 | ||
Total Investments (Cost $581,181,036) | 100.2% | 705,325,854 | |
Other Assets, Less Liabilities | (0.2) | (1,466,493) | |
Net Assets | 100.0% | $ 703,859,361 |
† | Percentages indicated are based on Fund net assets. |
^ | Industry and country classifications may be different than those used for compliance monitoring purposes. |
(a) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
(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 $3,447,198. The Fund received cash collateral with a value of $3,516,225. (See Note 2(I)) |
(c) | Current yield as of October 31, 2023. |
(d) | Represents a security purchased with cash collateral received for securities on loan. |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay U.S. Government Liquidity Fund | $ 18,620 | $ 211,528 | $ (226,188) | $ — | $ — | $ 3,960 | $ 347 | $ — | 3,960 |
Abbreviation(s): |
ADR—American Depositary Receipt |
GDR—Global Depositary Receipt |
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 | $ 697,849,920 | $ — | $ — | $ 697,849,920 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 3,959,709 | — | — | 3,959,709 | |||
Unaffiliated Investment Company | 3,516,225 | — | — | 3,516,225 | |||
Total Short-Term Investments | 7,475,934 | — | — | 7,475,934 | |||
Total Investments in Securities | $ 705,325,854 | $ — | $ — | $ 705,325,854 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
14 | MainStay Epoch Global Equity Yield Fund |
Value | Percent †^ | ||
Aerospace & Defense | $ 23,015,801 | 3.3% | |
Air Freight & Logistics | 14,748,223 | 2.1 | |
Automobile Components | 3,981,455 | 0.6 | |
Automobiles | 5,068,079 | 0.7 | |
Banks | 42,258,332 | 6.0 | |
Beverages | 23,445,260 | 3.3 | |
Biotechnology | 9,458,919 | 1.3 | |
Capital Markets | 11,363,267 | 1.6 | |
Chemicals | 29,719,916 | 4.2 | |
Communications Equipment | 13,636,061 | 1.9 | |
Construction & Engineering | 4,129,606 | 0.6 | |
Consumer Staples Distribution & Retail | 11,410,430 | 1.6 | |
Diversified Telecommunication Services | 28,210,200 | 4.0 | |
Electric Utilities | 30,064,172 | 4.3 | |
Electrical Equipment | 14,296,909 | 2.0 | |
Food Products | 9,285,037 | 1.3 | |
Gas Utilities | 3,848,915 | 0.5 | |
Health Care Equipment & Supplies | 6,871,627 | 1.0 | |
Health Care Providers & Services | 15,132,040 | 2.1 | |
Hotels, Restaurants & Leisure | 22,932,072 | 3.3 | |
Household Durables | 3,872,661 | 0.6 | |
Industrial Conglomerates | 9,654,867 | 1.4 | |
Insurance | 32,276,509 | 4.6 | |
IT Services | 17,656,455 | 2.5 | |
Leisure Products | 3,979,566 | 0.6 | |
Machinery | 7,700,280 | 1.1 | |
Media | 10,493,431 | 1.5 | |
Multi-Utilities | 7,766,956 | 1.1 | |
Oil, Gas & Consumable Fuels | 28,169,462 | 4.0 | |
Personal Care Products | 3,784,959 | 0.5 | |
Pharmaceuticals | 77,510,212 | 11.0 | |
Professional Services | 4,758,937 | 0.7 | |
Retail REITs | 4,203,601 | 0.6 | |
Semiconductors & Semiconductor Equipment | 57,244,895 | 8.1 | |
Software | 16,930,857 | 2.4 | |
Specialized REITs | 13,807,241 | 2.0 | |
Specialty Retail | 8,938,046 | 1.3 | |
Technology Hardware, Storage & Peripherals | 31,720,064 | 4.5 | |
Tobacco | 16,642,791 | 2.4 | |
Trading Companies & Distributors | 9,380,724 | 1.3 | |
Wireless Telecommunication Services | 8,481,085 | 1.2 | |
697,849,920 | 99.1 |
Value | Percent †^ | ||
Short-Term Investments | $ 7,475,934 | 1.1% | |
Other Assets, Less Liabilities | (1,466,493) | (0.2) | |
Net Assets | $703,859,361 | 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 unaffiliated securities, at value (identified cost $577,221,327) including securities on loan of $3,447,198 | $701,366,145 |
Investment in affiliated investment companies, at value (identified cost $3,959,709) | 3,959,709 |
Cash denominated in foreign currencies (identified cost $1,406,182) | 1,408,404 |
Receivables: | |
Dividends | 3,755,519 |
Fund shares sold | 368,762 |
Securities lending | 923 |
Other assets | 67,225 |
Total assets | 710,926,687 |
Liabilities | |
Cash collateral received for securities on loan | 3,516,225 |
Due to custodian | 8,859 |
Payables: | |
Fund shares redeemed | 2,725,902 |
Manager (See Note 3) | 470,132 |
Transfer agent (See Note 3) | 212,281 |
Shareholder communication | 53,795 |
NYLIFE Distributors (See Note 3) | 34,724 |
Custodian | 22,538 |
Professional fees | 21,854 |
Trustees | 142 |
Accrued expenses | 874 |
Total liabilities | 7,067,326 |
Net assets | $703,859,361 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 37,614 |
Additional paid-in-capital | 613,675,036 |
613,712,650 | |
Total distributable earnings (loss) | 90,146,711 |
Net assets | $703,859,361 |
Class A | |
Net assets applicable to outstanding shares | $111,149,238 |
Shares of beneficial interest outstanding | 5,926,578 |
Net asset value per share outstanding | $ 18.75 |
Maximum sales charge (5.50% of offering price) | 1.09 |
Maximum offering price per share outstanding | $ 19.84 |
Investor Class | |
Net assets applicable to outstanding shares | $ 7,787,548 |
Shares of beneficial interest outstanding | 416,194 |
Net asset value per share outstanding | $ 18.71 |
Maximum sales charge (5.00% of offering price) | 0.98 |
Maximum offering price per share outstanding | $ 19.69 |
Class C | |
Net assets applicable to outstanding shares | $ 9,215,468 |
Shares of beneficial interest outstanding | 493,514 |
Net asset value and offering price per share outstanding | $ 18.67 |
Class I | |
Net assets applicable to outstanding shares | $573,786,172 |
Shares of beneficial interest outstanding | 30,674,776 |
Net asset value and offering price per share outstanding | $ 18.71 |
Class R2 | |
Net assets applicable to outstanding shares | $ 205,609 |
Shares of beneficial interest outstanding | 10,951 |
Net asset value and offering price per share outstanding(a) | $ 18.77 |
Class R3 | |
Net assets applicable to outstanding shares | $ 720,601 |
Shares of beneficial interest outstanding | 38,449 |
Net asset value and offering price per share outstanding | $ 18.74 |
Class R6 | |
Net assets applicable to outstanding shares | $ 994,725 |
Shares of beneficial interest outstanding | 53,901 |
Net asset value and offering price per share outstanding | $ 18.45 |
(a) | The difference between the calculated and stated NAV was caused by rounding. |
16 | MainStay Epoch Global Equity Yield Fund |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated (net of foreign tax withholding of $1,435,284) | $30,793,563 |
Dividends-affiliated | 346,836 |
Securities lending, net | 87,634 |
Total income | 31,228,033 |
Expenses | |
Manager (See Note 3) | 6,351,357 |
Transfer agent (See Note 3) | 1,492,406 |
Distribution/Service—Class A (See Note 3) | 305,097 |
Distribution/Service—Investor Class (See Note 3) | 21,454 |
Distribution/Service—Class C (See Note 3) | 132,722 |
Distribution/Service—Class R2 (See Note 3) | 570 |
Distribution/Service—Class R3 (See Note 3) | 3,515 |
Professional fees | 160,662 |
Registration | 118,497 |
Custodian | 65,703 |
Interest expense | 52,765 |
Trustees | 23,100 |
Shareholder communication | 5,809 |
Shareholder service (See Note 3) | 931 |
Miscellaneous | 41,198 |
Total expenses before waiver/reimbursement | 8,775,786 |
Expense waiver/reimbursement from Manager (See Note 3) | (639,408) |
Reimbursement from prior custodian(a) | (2,205) |
Net expenses | 8,134,173 |
Net investment income (loss) | 23,093,860 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | 27,124,256 |
Foreign currency transactions | (86,645) |
Net realized gain (loss) | 27,037,611 |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | 25,437,567 |
Translation of other assets and liabilities in foreign currencies | 205,725 |
Net change in unrealized appreciation (depreciation) | 25,643,292 |
Net realized and unrealized gain (loss) | 52,680,903 |
Net increase (decrease) in net assets resulting from operations | $75,774,763 |
(a) | Represents a refund for overbilling of custody fees. |
for the years ended October 31, 2023 and October 31, 2022
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 23,093,860 | $ 25,786,976 |
Net realized gain (loss) | 27,037,611 | 30,541,553 |
Net change in unrealized appreciation (depreciation) | 25,643,292 | (138,936,348) |
Net increase (decrease) in net assets resulting from operations | 75,774,763 | (82,607,819) |
Distributions to shareholders: | ||
Class A | (3,322,177) | (2,921,191) |
Investor Class | (228,072) | (188,229) |
Class C | (244,643) | (296,524) |
Class I | (21,686,277) | (24,118,312) |
Class R2 | (5,881) | (4,681) |
Class R3 | (16,055) | (11,174) |
Class R6 | (168,086) | (73,763) |
Total distributions to shareholders | (25,671,191) | (27,613,874) |
Capital share transactions: | ||
Net proceeds from sales of shares | 110,349,315 | 199,939,434 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 22,237,098 | 24,854,003 |
Cost of shares redeemed | (540,645,216) | (229,910,828) |
Increase (decrease) in net assets derived from capital share transactions | (408,058,803) | (5,117,391) |
Net increase (decrease) in net assets | (357,955,231) | (115,339,084) |
Net Assets | ||
Beginning of year | 1,061,814,592 | 1,177,153,676 |
End of year | $ 703,859,361 | $1,061,814,592 |
18 | MainStay Epoch Global Equity Yield Fund |
Year Ended October 31, | |||||||||
Class A | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 18.28 | $ 20.18 | $ 15.83 | $ 18.75 | $ 18.38 | ||||
Net investment income (loss) (a) | 0.46 | 0.41 | 0.45 | 0.46 | 0.57 | ||||
Net realized and unrealized gain (loss) | 0.55 | (1.87) | 4.43 | (2.59) | 1.42 | ||||
Total from investment operations | 1.01 | (1.46) | 4.88 | (2.13) | 1.99 | ||||
Less distributions: | |||||||||
From net investment income | (0.54) | (0.44) | (0.53) | (0.45) | (0.59) | ||||
From net realized gain on investments | — | — | — | (0.34) | (1.03) | ||||
Total distributions | (0.54) | (0.44) | (0.53) | (0.79) | (1.62) | ||||
Net asset value at end of year | $ 18.75 | $ 18.28 | $ 20.18 | $ 15.83 | $ 18.75 | ||||
Total investment return (b) | 5.45% | (7.36)% | 30.98% | (11.48)% | 11.66% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.36% | 2.08% | 2.32% | 2.74% | 3.17% | ||||
Net expenses (c) | 1.09%(d) | 1.09% | 1.09%(e) | 1.09%(e) | 1.10%(e) | ||||
Expenses (before waiver/reimbursement) (c) | 1.16%(d) | 1.16% | 1.16%(e) | 1.14%(e) | 1.14%(e) | ||||
Portfolio turnover rate | 30% | 50% | 27% | 40% | 24% | ||||
Net assets at end of year (in 000’s) | $ 111,149 | $ 120,648 | $ 134,982 | $ 103,166 | $ 125,791 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | 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) |
(e) | Net of interest expense of less than 0.01%. (See Note 6) |
Year Ended October 31, | |||||||||
Investor Class | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 18.24 | $ 20.14 | $ 15.80 | $ 18.72 | $ 18.35 | ||||
Net investment income (loss) (a) | 0.45 | 0.39 | 0.44 | 0.46 | 0.57 | ||||
Net realized and unrealized gain (loss) | 0.54 | (1.86) | 4.42 | (2.59) | 1.42 | ||||
Total from investment operations | 0.99 | (1.47) | 4.86 | (2.13) | 1.99 | ||||
Less distributions: | |||||||||
From net investment income | (0.52) | (0.43) | (0.52) | (0.45) | (0.59) | ||||
From net realized gain on investments | — | — | — | (0.34) | (1.03) | ||||
Total distributions | (0.52) | (0.43) | (0.52) | (0.79) | (1.62) | ||||
Net asset value at end of year | $ 18.71 | $ 18.24 | $ 20.14 | $ 15.80 | $ 18.72 | ||||
Total investment return (b) | 5.39% | (7.42)% | 30.91% | (11.53)% | 11.67% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.28% | 2.02% | 2.29% | 2.70% | 3.15% | ||||
Net expenses (c) | 1.18%(d) | 1.15% | 1.15%(e) | 1.13%(e) | 1.11%(e) | ||||
Expenses (before waiver/reimbursement) (c) | 1.19%(d) | 1.16% | 1.16%(e) | 1.13%(e) | 1.11%(e) | ||||
Portfolio turnover rate | 30% | 50% | 27% | 40% | 24% | ||||
Net assets at end of year (in 000's) | $ 7,788 | $ 7,976 | $ 9,081 | $ 7,897 | $ 10,067 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | 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) |
(e) | Net of interest expense of less than 0.01%. (See Note 6) |
Year Ended October 31, | |||||||||
Class C | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 18.19 | $ 20.07 | $ 15.73 | $ 18.62 | $ 18.25 | ||||
Net investment income (loss) (a) | 0.32 | 0.26 | 0.30 | 0.34 | 0.44 | ||||
Net realized and unrealized gain (loss) | 0.53 | (1.86) | 4.40 | (2.57) | 1.41 | ||||
Total from investment operations | 0.85 | (1.60) | 4.70 | (2.23) | 1.85 | ||||
Less distributions: | |||||||||
From net investment income | (0.37) | (0.28) | (0.36) | (0.32) | (0.45) | ||||
From net realized gain on investments | — | — | — | (0.34) | (1.03) | ||||
Total distributions | (0.37) | (0.28) | (0.36) | (0.66) | (1.48) | ||||
Net asset value at end of year | $ 18.67 | $ 18.19 | $ 20.07 | $ 15.73 | $ 18.62 | ||||
Total investment return (b) | 4.67% | (8.07)% | 30.00% | (12.14)% | 10.88% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.65% | 1.34% | 1.59% | 2.00% | 2.47% | ||||
Net expenses (c) | 1.84%(d) | 1.84% | 1.84%(e) | 1.84%(e) | 1.85%(e) | ||||
Expenses (before waiver/reimbursement) (c) | 1.94%(d) | 1.91% | 1.91%(e) | 1.88%(e) | 1.87%(e) | ||||
Portfolio turnover rate | 30% | 50% | 27% | 40% | 24% | ||||
Net assets at end of year (in 000’s) | $ 9,215 | $ 15,801 | $ 27,874 | $ 42,298 | $ 97,872 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | 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) |
(e) | Net of interest expense of less than 0.01%. (See Note 6) |
Year Ended October 31, | |||||||||
Class I | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 18.23 | $ 20.13 | $ 15.79 | $ 18.72 | $ 18.34 | ||||
Net investment income (loss) (a) | 0.51 | 0.45 | 0.50 | 0.50 | 0.62 | ||||
Net realized and unrealized gain (loss) | 0.55 | (1.86) | 4.42 | (2.59) | 1.43 | ||||
Total from investment operations | 1.06 | (1.41) | 4.92 | (2.09) | 2.05 | ||||
Less distributions: | |||||||||
From net investment income | (0.58) | (0.49) | (0.58) | (0.50) | (0.64) | ||||
From net realized gain on investments | — | — | — | (0.34) | (1.03) | ||||
Total distributions | (0.58) | (0.49) | (0.58) | (0.84) | (1.67) | ||||
Net asset value at end of year | $ 18.71 | $ 18.23 | $ 20.13 | $ 15.79 | $ 18.72 | ||||
Total investment return (b) | 5.73% | (7.08)% | 31.32% | (11.31)% | 12.03% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.59% | 2.33% | 2.59% | 2.98% | 3.44% | ||||
Net expenses (c) | 0.84%(d) | 0.84% | 0.84%(e) | 0.84%(e) | 0.85%(e) | ||||
Expenses (before waiver/reimbursement) (c) | 0.91%(d) | 0.91% | 0.91%(e) | 0.89%(e) | 0.89%(e) | ||||
Portfolio turnover rate | 30% | 50% | 27% | 40% | 24% | ||||
Net assets at end of year (in 000’s) | $ 573,786 | $ 910,693 | $ 1,003,575 | $ 1,106,793 | $ 1,657,341 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. 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 0.01%. (See Note 6) |
(e) | Net of interest expense of less than 0.01%. (See Note 6) |
20 | MainStay Epoch Global Equity Yield Fund |
Year Ended October 31, | |||||||||
Class R2 | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 18.30 | $ 20.20 | $ 15.84 | $ 18.77 | $ 18.39 | ||||
Net investment income (loss) (a) | 0.43 | 0.38 | 0.45 | 0.44 | 0.55 | ||||
Net realized and unrealized gain (loss) | 0.54 | (1.87) | 4.40 | (2.60) | 1.42 | ||||
Total from investment operations | 0.97 | (1.49) | 4.85 | (2.16) | 1.97 | ||||
Less distributions: | |||||||||
From net investment income | (0.50) | (0.41) | (0.49) | (0.43) | (0.56) | ||||
From net realized gain on investments | — | — | — | (0.34) | (1.03) | ||||
Total distributions | (0.50) | (0.41) | (0.49) | (0.77) | (1.59) | ||||
Net asset value at end of year | $ 18.77 | $ 18.30 | $ 20.20 | $ 15.84 | $ 18.77 | ||||
Total investment return (b) | 5.28% | (7.49)% | 30.76% | (11.66)% | 11.55% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.20% | 1.92% | 2.35% | 2.59% | 3.02% | ||||
Net expenses (c) | 1.25%(d) | 1.25% | 1.26%(e) | 1.24%(e) | 1.24%(e) | ||||
Expenses (before waiver/reimbursement) (c) | 1.26%(d) | 1.26% | 1.28%(e) | 1.24%(e) | 1.24%(e) | ||||
Portfolio turnover rate | 30% | 50% | 27% | 40% | 24% | ||||
Net assets at end of year (in 000’s) | $ 206 | $ 211 | $ 228 | $ 459 | $ 632 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R2 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) |
(e) | Net of interest expense of less than 0.01%. (See Note 6) |
Year Ended October 31, | |||||||||
Class R3 | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 18.26 | $ 20.16 | $ 15.82 | $ 18.74 | $ 18.36 | ||||
Net investment income (loss) (a) | 0.38 | 0.32 | 0.37 | 0.40 | 0.53 | ||||
Net realized and unrealized gain (loss) | 0.56 | (1.86) | 4.42 | (2.60) | 1.40 | ||||
Total from investment operations | 0.94 | (1.54) | 4.79 | (2.20) | 1.93 | ||||
Less distributions: | |||||||||
From net investment income | (0.46) | (0.36) | (0.45) | (0.38) | (0.52) | ||||
From net realized gain on investments | — | — | — | (0.34) | (1.03) | ||||
Total distributions | (0.46) | (0.36) | (0.45) | (0.72) | (1.55) | ||||
Net asset value at end of year | $ 18.74 | $ 18.26 | $ 20.16 | $ 15.82 | $ 18.74 | ||||
Total investment return (b) | 5.03% | (7.70)% | 30.42% | (11.87)% | 11.28% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.96% | 1.66% | 1.90% | 2.33% | 2.92% | ||||
Net expenses (c) | 1.50%(d) | 1.50% | 1.50%(e) | 1.49%(e) | 1.49%(e) | ||||
Expenses (before waiver/reimbursement) (c) | 1.51%(d) | 1.51% | 1.51%(e) | 1.49%(e) | 1.49%(e) | ||||
Portfolio turnover rate | 30% | 50% | 27% | 40% | 24% | ||||
Net assets at end of year (in 000’s) | $ 721 | $ 634 | $ 643 | $ 446 | $ 568 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. 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 0.01%. (See Note 6) |
(e) | Net of interest expense of less than 0.01%. (See Note 6) |
Year Ended October 31, | |||||||||
Class R6 | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 18.00 | $ 19.88 | $ 15.60 | $ 18.73 | $ 18.35 | ||||
Net investment income (loss) (a) | 0.55 | 0.44 | 0.54 | 0.54 | 0.63 | ||||
Net realized and unrealized gain (loss) | 0.51 | (1.81) | 4.34 | (2.81) | 1.43 | ||||
Total from investment operations | 1.06 | (1.37) | 4.88 | (2.27) | 2.06 | ||||
Less distributions: | |||||||||
From net investment income | (0.61) | (0.51) | (0.60) | (0.52) | (0.65) | ||||
From net realized gain on investments | — | — | — | (0.34) | (1.03) | ||||
Total distributions | (0.61) | (0.51) | (0.60) | (0.86) | (1.68) | ||||
Net asset value at end of year | $ 18.45 | $ 18.00 | $ 19.88 | $ 15.60 | $ 18.73 | ||||
Total investment return (b) | 5.82% | (7.02)% | 31.45% | (12.32)% | 12.14% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.85% | 2.33% | 2.81% | 3.18% | 3.50% | ||||
Net expenses (c) | 0.74%(d) | 0.74% | 0.74%(e) | 0.74%(e) | 0.75%(e) | ||||
Expenses (before waiver/reimbursement) (c) | 0.75%(d) | 0.75% | 0.75%(e) | 0.76%(e) | 0.75%(e) | ||||
Portfolio turnover rate | 30% | 50% | 27% | 40% | 24% | ||||
Net assets at end of year (in 000’s) | $ 995 | $ 5,851 | $ 769 | $ 325 | $ 67,054 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. 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) |
(e) | Net of interest expense of less than 0.01%. (See Note 6) |
22 | MainStay Epoch Global Equity Yield Fund |
Class | Commenced Operations |
Class A | August 2, 2006 |
Investor Class | November 16, 2009 |
Class C | November 16, 2009 |
Class I | December 27, 2005 |
Class R2* | February 28, 2014 |
Class R3* | February 29, 2016 |
Class R6 | June 17, 2013 |
* | As of October 31, 2023, Class R2 and Class R3 shares are closed to new investors and, upon the close of business on December 29, 2023, Class R2 and Class R3 shares are closed to additional investments by existing shareholders. Additionally, Class R2 and 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 R2 or 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 |
24 | MainStay Epoch Global Equity Yield Fund |
26 | MainStay Epoch Global Equity Yield Fund |
Class R2 | $228 |
Class R3 | 703 |
Class | Expense | Waived |
Class A | $ 197,486 | $— |
Investor Class | 16,376 | — |
Class C | 25,410 | — |
Class I | 1,251,423 | — |
Class R2 | 368 | — |
Class R3 | 1,128 | — |
Class R6 | 215 | — |
Class R2 | $36,374 | 17.7% |
Class R3 | 36,350 | 5.0 |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $612,656,429 | $127,351,863 | $(34,682,438) | $92,669,425 |
Ordinary Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$2,183,257 | $(4,494,086) | $— | $92,457,540 | $90,146,711 |
28 | MainStay Epoch Global Equity Yield Fund |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $4,494 | $— |
2023 | 2022 | |
Distributions paid from: | ||
Ordinary Income | $25,671,191 | $27,613,874 |
Class A | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 751,565 | $ 14,677,121 |
Shares issued to shareholders in reinvestment of distributions | 135,691 | 2,666,106 |
Shares redeemed | (1,536,885) | (30,173,346) |
Net increase (decrease) in shares outstanding before conversion | (649,629) | (12,830,119) |
Shares converted into Class A (See Note 1) | 24,709 | 482,972 |
Shares converted from Class A (See Note 1) | (49,895) | (971,102) |
Net increase (decrease) | (674,815) | $ (13,318,249) |
Year ended October 31, 2022: | ||
Shares sold | 859,251 | $ 16,801,816 |
Shares issued to shareholders in reinvestment of distributions | 125,489 | 2,385,618 |
Shares redeemed | (1,090,606) | (21,146,458) |
Net increase (decrease) in shares outstanding before conversion | (105,866) | (1,959,024) |
Shares converted into Class A (See Note 1) | 29,554 | 588,529 |
Shares converted from Class A (See Note 1) | (11,185) | (221,782) |
Net increase (decrease) | (87,497) | $ (1,592,277) |
Investor Class | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 31,310 | $ 606,554 |
Shares issued to shareholders in reinvestment of distributions | 11,539 | 226,195 |
Shares redeemed | (56,797) | (1,110,126) |
Net increase (decrease) in shares outstanding before conversion | (13,948) | (277,377) |
Shares converted into Investor Class (See Note 1) | 7,968 | 157,444 |
Shares converted from Investor Class (See Note 1) | (15,164) | (296,241) |
Net increase (decrease) | (21,144) | $ (416,174) |
Year ended October 31, 2022: | ||
Shares sold | 38,014 | $ 744,939 |
Shares issued to shareholders in reinvestment of distributions | 9,889 | 187,826 |
Shares redeemed | (48,380) | (945,633) |
Net increase (decrease) in shares outstanding before conversion | (477) | (12,868) |
Shares converted into Investor Class (See Note 1) | 8,890 | 173,952 |
Shares converted from Investor Class (See Note 1) | (21,960) | (440,271) |
Net increase (decrease) | (13,547) | $ (279,187) |
Class C | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 34,518 | $ 670,163 |
Shares issued to shareholders in reinvestment of distributions | 11,357 | 222,244 |
Shares redeemed | (405,654) | (7,904,116) |
Net increase (decrease) in shares outstanding before conversion | (359,779) | (7,011,709) |
Shares converted from Class C (See Note 1) | (15,575) | (305,574) |
Net increase (decrease) | (375,354) | $ (7,317,283) |
Year ended October 31, 2022: | ||
Shares sold | 39,389 | $ 772,835 |
Shares issued to shareholders in reinvestment of distributions | 14,494 | 276,826 |
Shares redeemed | (556,835) | (10,852,716) |
Net increase (decrease) in shares outstanding before conversion | (502,952) | (9,803,055) |
Shares converted from Class C (See Note 1) | (17,249) | (334,287) |
Net increase (decrease) | (520,201) | $ (10,137,342) |
Class I | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 4,785,433 | $ 93,311,010 |
Shares issued to shareholders in reinvestment of distributions | 967,417 | 18,937,586 |
Shares redeemed | (25,084,792) | (494,922,086) |
Net increase (decrease) in shares outstanding before conversion | (19,331,942) | (382,673,490) |
Shares converted into Class I (See Note 1) | 51,300 | 996,452 |
Shares converted from Class I (See Note 1) | (3,327) | (63,951) |
Net increase (decrease) | (19,283,969) | $(381,740,989) |
Year ended October 31, 2022: | ||
Shares sold | 9,092,022 | $ 175,816,550 |
Shares issued to shareholders in reinvestment of distributions | 1,156,561 | 21,916,216 |
Shares redeemed | (10,151,265) | (196,585,259) |
Net increase (decrease) in shares outstanding before conversion | 97,318 | 1,147,507 |
Shares converted into Class I (See Note 1) | 11,840 | 233,859 |
Net increase (decrease) | 109,158 | $ 1,381,366 |
30 | MainStay Epoch Global Equity Yield Fund |
Class R2 | Shares | Amount |
Year ended October 31, 2023: | ||
Shares issued to shareholders in reinvestment of distributions | 299 | $ 5,881 |
Shares redeemed | (896) | (17,100) |
Net increase (decrease) | (597) | $ (11,219) |
Year ended October 31, 2022: | ||
Shares issued to shareholders in reinvestment of distributions | 245 | $ 4,681 |
Shares redeemed | (5) | (100) |
Net increase (decrease) | 240 | $ 4,581 |
Class R3 | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 10,400 | $ 205,116 |
Shares issued to shareholders in reinvestment of distributions | 790 | 15,494 |
Shares redeemed | (7,480) | (146,993) |
Net increase (decrease) | 3,710 | $ 73,617 |
Year ended October 31, 2022: | ||
Shares sold | 7,812 | $ 153,343 |
Shares issued to shareholders in reinvestment of distributions | 584 | 11,074 |
Shares redeemed | (5,566) | (107,411) |
Net increase (decrease) | 2,830 | $ 57,006 |
Class R6 | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 45,710 | $ 879,351 |
Shares issued to shareholders in reinvestment of distributions | 8,444 | 163,592 |
Shares redeemed | (325,406) | (6,371,449) |
Net increase (decrease) | (271,252) | $ (5,328,506) |
Year ended October 31, 2022: | ||
Shares sold | 296,515 | $ 5,649,951 |
Shares issued to shareholders in reinvestment of distributions | 3,985 | 71,762 |
Shares redeemed | (14,048) | (273,251) |
Net increase (decrease) | 286,452 | $ 5,448,462 |
MainStay Funds Trust:
32 | MainStay Epoch Global Equity Yield Fund |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Naïm Abou-Jaoudé* 1966 | MainStay Funds: Trustee since 2023 MainStay Funds Trust: Trustee since 2023 | Chief Executive Officer of New York Life Investment Management LLC (since 2023). Chief Executive Officer of Candriam (an affiliate of New York Life Investment Management LLC) (2007 to 2023). | 81 | MainStay VP Funds Trust: Trustee since 2023 (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2023; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2023; and New York Life Investment Management International (Chair) since 2015 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of his affiliation with New York Life Investment Management LLC and Candriam, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
34 | MainStay Epoch Global Equity Yield Fund |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015);MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC (since 1999) | 81 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2021; VanEck Vectors Group of Exchange-Traded Funds: Trustee since 2006 and Independent Chairman of the Board of Trustees from 2008 to 2022 (57 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Investment Committee since 2018 | |
Karen Hammond 1956 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021);MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 81 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Susan B. Kerley 1951 | MainStay Funds: Chair since January 2017 and Trustee since 2007;MainStay Funds Trust: Chair since January 2017 and Trustee since 1990*** | President, Strategic Management Advisors LLC (since 1990) | 81 | MainStay VP Funds Trust: Chair since January 2017 and Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chair since January 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Alan R. Latshaw 1951 | MainStay Funds: Trusteesince 2006;MainStay Funds Trust: Trustee since 2007*** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 81 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 | |
Jacques P. Perold 1958 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015to December 2015);MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 81 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay Funds: Trustee since 1994;MainStay Funds Trust: Trustee since 2007*** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) (since 2004); Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 81 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 |
** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
*** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
36 | MainStay Epoch Global Equity Yield Fund |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay Funds, MainStay Funds Trust (since 2017) | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since 2018); President, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust (since 2017)**; Senior Managing Director, Global Product Development (2015 to 2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay Funds (since 2007), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2007)**; and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay Funds and MainStay Funds Trust (since 2010) | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2010)** | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay Funds and MainStay Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ Trust, IndexIQ ETF Trust and Index IQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund, MainStay VP Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012 to 2022) | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay Funds (since 2005), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2005)** |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, New York Life Insurance Company, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
1.
2. | This Fund is registered for sale in CA, CT, DE, FL, MA, NJ, NY and VT. |
3. | An affiliate of New York Life Investment Management LLC. |
5013736MS139-23 | MSEGE11-12/23 |
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended October 31, 2023 | |||||||
Class | Sales Charge | Inception Date | One Year | Five Years | Ten Years or Since Inception | Gross Expense Ratio1 | |
Class A Shares | Maximum 5.50% Initial Sales Charge | With sales charges | 9/1/2006 | 7.28% | 1.51% | 1.13% | 1.23% |
Excluding sales charges | 13.52 | 2.67 | 1.70 | 1.23 | |||
Investor Class Shares2 | Maximum 5.00% Initial Sales Charge | With sales charges | 4/29/2008 | 7.53 | 1.24 | 0.91 | 1.63 |
Excluding sales charges | 13.19 | 2.39 | 1.49 | 1.63 | |||
Class C Shares | Maximum 1.00% CDSC | With sales charges | 9/1/2006 | 11.33 | 1.63 | 0.70 | 2.38 |
if Redeemed Within One Year of Purchase | Excluding sales charges | 12.33 | 1.63 | 0.70 | 2.38 | ||
Class I Shares | No Sales Charge | 12/31/1997 | 13.84 | 2.94 | 1.97 | 0.98 | |
Class R1 Shares3 | No Sales Charge | 9/1/2006 | 13.73 | 2.83 | 1.87 | 1.08 | |
Class R2 Shares3 | No Sales Charge | 9/1/2006 | 13.41 | 2.58 | 1.62 | 1.33 | |
Class R3 Shares3 | No Sales Charge | 9/1/2006 | 13.13 | 2.30 | 1.35 | 1.58 | |
SIMPLE Class Shares | No Sales Charge | 8/31/2020 | 13.10 | N/A | 0.01 | 1.62 |
1. | The gross expense ratios presented reflect the Fund’s “Total Annual Fund Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report. |
2. | Prior to June 30, 2020, the maximum initial sales charge was 5.50%, which is reflected in the applicable average annual total return figures shown. |
3. | As of October 31, 2023, Class R1, Class R2 and Class R3 shares are closed to new investors and, upon the close of business on December 29, 2023, Class R1, Class R2 and Class R3 shares are closed to additional investments by existing shareholders. Additionally, Class R1, Class R2 and 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 R1, Class R2 or 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* | One Year | Five Years | Ten Years |
MSCI EAFE® Index (Net)1 | 14.40% | 4.10% | 3.05% |
Morningstar Foreign Large Blend Category Average2 | 13.03 | 3.87 | 2.92 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | The MSCI EAFE® Index (Net) is the Fund's primary broad-based securities market index for comparison purposes. The MSCI EAFE® Index (Net) consists of international stocks representing the developed world outside of North America. |
2. | The Morningstar Foreign Large Blend Category Average is representative of funds that invest in a variety of big international stocks. Most of these funds divide their assets among a dozen or more developed markets, including Japan, Britain, France, and Germany. These funds primarily invest in stocks that have market caps in the top 70% of each economically integrated market (such as Europe or Asia ex-Japan). The blend style is assigned to funds where neither growth nor value characteristics predominate. These funds typically will have less than 20% of assets invested in U.S. stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
6 | MainStay Epoch International Choice 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 | $904.30 | $ 5.86 | $1,019.05 | $ 6.21 | 1.22% |
Investor Class Shares | $1,000.00 | $903.00 | $ 7.24 | $1,017.59 | $ 7.68 | 1.51% |
Class C Shares | $1,000.00 | $899.50 | $10.82 | $1,013.81 | $11.47 | 2.26% |
Class I Shares | $1,000.00 | $905.60 | $ 4.56 | $1,020.42 | $ 4.84 | 0.95% |
Class R1 Shares | $1,000.00 | $905.20 | $ 5.04 | $1,019.91 | $ 5.35 | 1.05% |
Class R2 Shares | $1,000.00 | $903.90 | $ 6.24 | $1,018.65 | $ 6.61 | 1.30% |
Class R3 Shares | $1,000.00 | $902.80 | $ 7.53 | $1,017.29 | $ 7.98 | 1.57% |
SIMPLE Class Shares | $1,000.00 | $903.20 | $ 7.05 | $1,017.79 | $ 7.48 | 1.47% |
1. | Expenses are equal to the Fund’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 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 Kingdom | 23.6% |
France | 18.5 |
United States | 16.1 |
Japan | 15.8 |
Germany | 6.1 |
Netherlands | 4.5 |
Republic of Korea | 3.7 |
Spain | 3.5% |
Finland | 3.0 |
Singapore | 2.0 |
Sweden | 1.5 |
Other Assets, Less Liabilities | 1.7 |
100.0% |
1. | Keyence Corp. |
2. | Sony Group Corp. |
3. | Coca-Cola Europacific Partners plc |
4. | AstraZeneca plc, Sponsored ADR |
5. | Compass Group plc |
6. | Linde plc |
7. | Asahi Group Holdings Ltd. |
8. | Roche Holding AG |
9. | Samsung Electronics Co. Ltd. |
10. | TotalEnergies SE |
8 | MainStay Epoch International Choice 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 Epoch International Choice Fund |
Shares | Value | |
Common Stocks 97.1% | ||
Finland 3.0% | ||
Nordea Bank Abp (Banks) | 551,884 | $ 5,799,443 |
France 18.5% | ||
Airbus SE (Aerospace & Defense) | 49,824 | 6,657,327 |
AXA SA (Insurance) | 179,355 | 5,305,175 |
BNP Paribas SA (Banks) | 96,345 | 5,534,466 |
Edenred SE (Financial Services) | 59,407 | 3,158,013 |
LVMH Moet Hennessy Louis Vuitton SE (Textiles, Apparel & Luxury Goods) | 6,203 | 4,427,009 |
Pernod Ricard SA (Beverages) | 22,751 | 4,032,200 |
TotalEnergies SE (Oil, Gas & Consumable Fuels) | 108,182 | 7,234,338 |
36,348,528 | ||
Germany 6.1% | ||
Deutsche Telekom AG (Registered) (Diversified Telecommunication Services) | 312,808 | 6,776,859 |
Vonovia SE (Real Estate Management & Development) | 225,806 | 5,184,680 |
11,961,539 | ||
Japan 15.8% | ||
Asahi Group Holdings Ltd. (Beverages) | 216,600 | 7,768,020 |
Hoya Corp. (Health Care Equipment & Supplies) | 55,000 | 5,201,550 |
Keyence Corp. (Electronic Equipment, Instruments & Components) | 24,000 | 9,207,323 |
Sony Group Corp. (Household Durables) | 108,000 | 8,853,043 |
31,029,936 | ||
Netherlands 4.5% | ||
ASML Holding NV (Semiconductors & Semiconductor Equipment) | 8,636 | 5,165,571 |
NN Group NV (Insurance) | 115,653 | 3,702,990 |
8,868,561 | ||
Republic of Korea 3.7% | ||
Samsung Electronics Co. Ltd., GDR (Technology Hardware, Storage & Peripherals) | 5,900 | 7,351,400 |
Singapore 2.0% | ||
STMicroelectronics NV (Semiconductors & Semiconductor Equipment) | 100,829 | 3,838,604 |
Shares | Value | ||
Spain 3.5% | |||
Amadeus IT Group SA (Hotels, Restaurants & Leisure) | 74,063 | $ 4,217,661 | |
Industria de Diseno Textil SA (Specialty Retail) (a) | 74,171 | 2,554,535 | |
6,772,196 | |||
Sweden 1.5% | |||
Epiroc AB, Class A (Machinery) | 174,577 | 2,869,879 | |
United Kingdom 23.6% | |||
AstraZeneca plc, Sponsored ADR (Pharmaceuticals) | 136,900 | 8,656,187 | |
BP plc (Oil, Gas & Consumable Fuels) | 828,885 | 5,063,536 | |
Coca-Cola Europacific Partners plc (Beverages) | 148,387 | 8,682,123 | |
Compass Group plc (Hotels, Restaurants & Leisure) | 328,542 | 8,278,036 | |
Lloyds Banking Group plc (Banks) | 13,666,826 | 6,634,571 | |
Rentokil Initial plc (Commercial Services & Supplies) | 582,194 | 2,949,392 | |
Unilever plc (Personal Care Products) | 124,672 | 5,893,102 | |
46,156,947 | |||
United States 14.9% | |||
CSL Ltd. (Biotechnology) | 29,761 | 4,386,510 | |
Ferguson plc (Trading Companies & Distributors) | 30,262 | 4,535,214 | |
Linde plc (Chemicals) | 21,607 | 8,257,331 | |
Roche Holding AG (Pharmaceuticals) | 29,758 | 7,650,096 | |
Schneider Electric SE (Electrical Equipment) | 28,998 | 4,448,390 | |
29,277,541 | |||
Total Common Stocks (Cost $193,024,886) | 190,274,574 | ||
Short-Term Investment 1.2% | |||
Affiliated Investment Company 1.2% | |||
United States 1.2% | |||
MainStay U.S. Government Liquidity Fund, 5.275% (b) | 2,331,774 | 2,331,774 | |
Total Short-Term Investment (Cost $2,331,774) | 2,331,774 | ||
Total Investments (Cost $195,356,660) | 98.3% | 192,606,348 | |
Other Assets, Less Liabilities | 1.7 | 3,362,233 | |
Net Assets | 100.0% | $ 195,968,581 |
† | Percentages indicated are based on Fund net assets. |
^ | Industry and country 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 $2,554,500. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $2,771,324. (See Note 2(I)) |
(b) | Current yield as of October 31, 2023. |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay U.S. Government Liquidity Fund | $ 4,246 | $ 66,568 | $ (68,482) | $ — | $ — | $ 2,332 | $ 156 | $ — | 2,332 |
Abbreviation(s): |
ADR—American Depositary Receipt |
GDR—Global 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) | |||||||
Common Stocks | $ 190,274,574 | $ — | $ — | $ 190,274,574 | |||
Short-Term Investment | |||||||
Affiliated Investment Company | 2,331,774 | — | — | 2,331,774 | |||
Total Investments in Securities | $ 192,606,348 | $ — | $ — | $ 192,606,348 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
12 | MainStay Epoch International Choice Fund |
Value | Percent †^ | ||
Aerospace & Defense | $ 6,657,327 | 3.4% | |
Banks | 17,968,480 | 9.2 | |
Beverages | 20,482,343 | 10.4 | |
Biotechnology | 4,386,510 | 2.2 | |
Chemicals | 8,257,331 | 4.2 | |
Commercial Services & Supplies | 2,949,392 | 1.5 | |
Diversified Telecommunication Services | 6,776,859 | 3.5 | |
Electrical Equipment | 4,448,390 | 2.3 | |
Electronic Equipment, Instruments & Components | 9,207,323 | 4.7 | |
Financial Services | 3,158,013 | 1.6 | |
Health Care Equipment & Supplies | 5,201,550 | 2.7 | |
Hotels, Restaurants & Leisure | 12,495,697 | 6.4 | |
Household Durables | 8,853,043 | 4.5 | |
Insurance | 9,008,165 | 4.6 | |
Machinery | 2,869,879 | 1.5 | |
Oil, Gas & Consumable Fuels | 12,297,874 | 6.3 | |
Personal Care Products | 5,893,102 | 3.0 | |
Pharmaceuticals | 16,306,283 | 8.3 | |
Real Estate Management & Development | 5,184,680 | 2.6 | |
Semiconductors & Semiconductor Equipment | 9,004,175 | 4.6 | |
Specialty Retail | 2,554,535 | 1.3 | |
Technology Hardware, Storage & Peripherals | 7,351,400 | 3.7 | |
Textiles, Apparel & Luxury Goods | 4,427,009 | 2.3 | |
Trading Companies & Distributors | 4,535,214 | 2.3 | |
190,274,574 | 97.1 | ||
Short-Term Investment | 2,331,774 | 1.2 | |
Other Assets, Less Liabilities | 3,362,233 | 1.7 | |
Net Assets | $195,968,581 | 100.0% |
† | Percentages indicated are based on Fund net assets. |
^ | Industry classifications may be different than those used for compliance monitoring purposes. |
Assets | |
Investment in unaffiliated securities, at value (identified cost $193,024,886) including securities on loan of $2,554,500 | $190,274,574 |
Investment in affiliated investment companies, at value (identified cost $2,331,774) | 2,331,774 |
Cash denominated in foreign currencies (identified cost $1,055,496) | 1,055,701 |
Receivables: | |
Dividends | 2,515,123 |
Fund shares sold | 6,991 |
Securities lending | 149 |
Other assets | 47,072 |
Total assets | 196,231,384 |
Liabilities | |
Due to custodian | 2,645 |
Payables: | |
Manager (See Note 3) | 133,374 |
Fund shares redeemed | 58,982 |
Transfer agent (See Note 3) | 25,389 |
Custodian | 13,777 |
Professional fees | 11,142 |
NYLIFE Distributors (See Note 3) | 9,673 |
Shareholder communication | 6,965 |
Trustees | 24 |
Accrued expenses | 832 |
Total liabilities | 262,803 |
Net assets | $195,968,581 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 5,571 |
Additional paid-in-capital | 262,292,945 |
262,298,516 | |
Total distributable earnings (loss) | (66,329,935) |
Net assets | $195,968,581 |
Class A | |
Net assets applicable to outstanding shares | $ 26,164,402 |
Shares of beneficial interest outstanding | 744,019 |
Net asset value per share outstanding | $ 35.17 |
Maximum sales charge (5.50% of offering price) | 2.05 |
Maximum offering price per share outstanding | $ 37.22 |
Investor Class | |
Net assets applicable to outstanding shares | $ 3,892,369 |
Shares of beneficial interest outstanding | 110,951 |
Net asset value per share outstanding | $ 35.08 |
Maximum sales charge (5.00% of offering price) | 1.85 |
Maximum offering price per share outstanding | $ 36.93 |
Class C | |
Net assets applicable to outstanding shares | $ 206,826 |
Shares of beneficial interest outstanding | 6,005 |
Net asset value and offering price per share outstanding | $ 34.44 |
Class I | |
Net assets applicable to outstanding shares | $157,911,063 |
Shares of beneficial interest outstanding | 4,487,830 |
Net asset value and offering price per share outstanding | $ 35.19 |
Class R1 | |
Net assets applicable to outstanding shares | $ 130,539 |
Shares of beneficial interest outstanding | 3,716 |
Net asset value and offering price per share outstanding | $ 35.13 |
Class R2 | |
Net assets applicable to outstanding shares | $ 5,205,778 |
Shares of beneficial interest outstanding | 148,054 |
Net asset value and offering price per share outstanding | $ 35.16 |
Class R3 | |
Net assets applicable to outstanding shares | $ 2,420,761 |
Shares of beneficial interest outstanding | 69,306 |
Net asset value and offering price per share outstanding | $ 34.93 |
SIMPLE Class | |
Net assets applicable to outstanding shares | $ 36,843 |
Shares of beneficial interest outstanding | 1,050 |
Net asset value and offering price per share outstanding(a) | $ 35.07 |
(a) | The difference between the calculated and stated NAV was caused by rounding. |
14 | MainStay Epoch International Choice Fund |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated (net of foreign tax withholding of $586,509) | $ 5,576,200 |
Dividends-affiliated | 156,129 |
Securities lending, net | 3,157 |
Total income | 5,735,486 |
Expenses | |
Manager (See Note 3) | 1,748,223 |
Transfer agent (See Note 3) | 150,755 |
Distribution/Service—Class A (See Note 3) | 68,518 |
Distribution/Service—Investor Class (See Note 3) | 10,807 |
Distribution/Service—Class C (See Note 3) | 3,065 |
Distribution/Service—Class R2 (See Note 3) | 15,191 |
Distribution/Service—Class R3 (See Note 3) | 13,985 |
Distribution/Service—SIMPLE Class (See Note 3) | 179 |
Registration | 103,855 |
Professional fees | 86,664 |
Custodian | 40,384 |
Shareholder service (See Note 3) | 8,974 |
Trustees | 5,534 |
Shareholder communication | 4,934 |
Miscellaneous | 7,449 |
Total expenses before waiver/reimbursement | 2,268,517 |
Expense waiver/reimbursement from Manager (See Note 3) | (50,666) |
Reimbursement from prior custodian(a) | (444) |
Net expenses | 2,217,407 |
Net investment income (loss) | 3,518,079 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | 11,290,611 |
Foreign currency transactions | (58,009) |
Net realized gain (loss) | 11,232,602 |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | 14,485,472 |
Translation of other assets and liabilities in foreign currencies | 278,652 |
Net change in unrealized appreciation (depreciation) | 14,764,124 |
Net realized and unrealized gain (loss) | 25,996,726 |
Net increase (decrease) in net assets resulting from operations | $29,514,805 |
(a) | Represents a refund for overbilling of custody fees. |
for the years ended October 31, 2023 and October 31, 2022
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 3,518,079 | $ 2,920,802 |
Net realized gain (loss) | 11,232,602 | 1,022,038 |
Net change in unrealized appreciation (depreciation) | 14,764,124 | (65,685,573) |
Net increase (decrease) in net assets resulting from operations | 29,514,805 | (61,742,733) |
Distributions to shareholders: | ||
Class A | (204,408) | (609,561) |
Investor Class | (28,190) | (106,243) |
Class C | — | (4,372) |
Class I | (2,313,006) | (6,137,693) |
Class R1 | (374) | (3,987) |
Class R2 | (52,601) | (192,553) |
Class R3 | (14,715) | (78,119) |
SIMPLE Class | (155) | (630) |
Total distributions to shareholders | (2,613,449) | (7,133,158) |
Capital share transactions: | ||
Net proceeds from sales of shares | 14,480,791 | 16,723,170 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 2,592,955 | 7,075,921 |
Cost of shares redeemed | (52,917,475) | (37,319,851) |
Increase (decrease) in net assets derived from capital share transactions | (35,843,729) | (13,520,760) |
Net increase (decrease) in net assets | (8,942,373) | (82,396,651) |
Net Assets | ||
Beginning of year | 204,910,954 | 287,307,605 |
End of year | $195,968,581 | $204,910,954 |
16 | MainStay Epoch International Choice Fund |
Year Ended October 31, | |||||||||
Class A | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 31.28 | $ 41.50 | $ 33.68 | $ 35.57 | $ 33.37 | ||||
Net investment income (loss) (a) | 0.54 | 0.35 | 0.34 | 0.17 | 0.74 | ||||
Net realized and unrealized gain (loss) | 3.68 | (9.61) | 7.66 | (1.14) | 1.96 | ||||
Total from investment operations | 4.22 | (9.26) | 8.00 | (0.97) | 2.70 | ||||
Less distributions: | |||||||||
From net investment income | (0.33) | (0.96) | (0.18) | (0.92) | (0.50) | ||||
Net asset value at end of year | $ 35.17 | $ 31.28 | $ 41.50 | $ 33.68 | $ 35.57 | ||||
Total investment return (b) | 13.52% | (22.84)%(c) | 23.80% | (2.87)% | 8.30% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.44% | 0.97% | 0.83% | 0.48% | 2.19% | ||||
Net expenses (d) | 1.22% | 1.23% | 1.21% | 1.20%(e) | 1.19%(e) | ||||
Portfolio turnover rate | 34% | 49% | 43% | 52% | 47% | ||||
Net assets at end of year (in 000’s) | $ 26,164 | $ 19,445 | $ 26,613 | $ 20,108 | $ 23,114 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In 2022, the Fund’s total investment return includes impact of payments from affiliates due to a trade communications error. Excluding these items, total return would have been (22.89)%. |
(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%. |
Year Ended October 31, | |||||||||
Investor Class | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 31.20 | $ 41.39 | $ 33.60 | $ 35.49 | $ 33.30 | ||||
Net investment income (loss) (a) | 0.42 | 0.24 | 0.20 | 0.08 | 0.66 | ||||
Net realized and unrealized gain (loss) | 3.69 | (9.60) | 7.68 | (1.13) | 1.95 | ||||
Total from investment operations | 4.11 | (9.36) | 7.88 | (1.05) | 2.61 | ||||
Less distributions: | |||||||||
From net investment income | (0.23) | (0.83) | (0.09) | (0.84) | (0.42) | ||||
Net asset value at end of year | $ 35.08 | $ 31.20 | $ 41.39 | $ 33.60 | $ 35.49 | ||||
Total investment return (b) | 13.19% | (23.07)%(c) | 23.48% | (3.10)% | 8.02% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.13% | 0.67% | 0.50% | 0.23% | 1.97% | ||||
Net expenses (d) | 1.51% | 1.52% | 1.50% | 1.46%(e) | 1.41%(e) | ||||
Expenses (before waiver/reimbursement) (d) | 1.68% | 1.63% | 1.59% | 1.46%(e) | 1.42%(e) | ||||
Portfolio turnover rate | 34% | 49% | 43% | 52% | 47% | ||||
Net assets at end of year (in 000's) | $ 3,892 | $ 3,795 | $ 5,341 | $ 5,308 | $ 6,306 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In 2022, the Fund’s total investment return includes impact of payments from affiliates due to a trade communications error. Excluding these items, total return would have been (23.12)%. |
(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%. |
Year Ended October 31, | |||||||||
Class C | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 30.66 | $ 40.33 | $ 32.90 | $ 34.73 | $ 32.54 | ||||
Net investment income (loss) (a) | 0.14 | (0.01) | (0.28) | (0.17) | 0.42 | ||||
Net realized and unrealized gain (loss) | 3.64 | (9.49) | 7.71 | (1.13) | 1.92 | ||||
Total from investment operations | 3.78 | (9.50) | 7.43 | (1.30) | 2.34 | ||||
Less distributions: | |||||||||
From net investment income | — | (0.17) | — | (0.53) | (0.15) | ||||
Net asset value at end of year | $ 34.44 | $ 30.66 | $ 40.33 | $ 32.90 | $ 34.73 | ||||
Total investment return (b) | 12.33% | (23.66)%(c) | 22.55% | (3.81)% | 7.25% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.38% | (0.02)% | (0.71)% | (0.51)% | 1.27% | ||||
Net expenses (d) | 2.26% | 2.27% | 2.25% | 2.21%(e) | 2.16%(e) | ||||
Expenses (before waiver/reimbursement) (d) | 2.43% | 2.38% | 2.28% | 2.21%(e) | 2.17%(e) | ||||
Portfolio turnover rate | 34% | 49% | 43% | 52% | 47% | ||||
Net assets at end of year (in 000’s) | $ 207 | $ 339 | $ 1,081 | $ 4,740 | $ 6,416 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In 2022, the Fund’s total investment return includes impact of payments from affiliates due to a trade communications error. Excluding these items, total return would have been (23.71)%. |
(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%. |
Year Ended October 31, | |||||||||
Class I | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 31.30 | $ 41.52 | $ 33.69 | $ 35.58 | $ 33.40 | ||||
Net investment income (loss) (a) | 0.62 | 0.45 | 0.40 | 0.26 | 0.80 | ||||
Net realized and unrealized gain (loss) | 3.71 | (9.61) | 7.70 | (1.14) | 1.98 | ||||
Total from investment operations | 4.33 | (9.16) | 8.10 | (0.88) | 2.78 | ||||
Less distributions: | |||||||||
From net investment income | (0.44) | (1.06) | (0.27) | (1.01) | (0.60) | ||||
Net asset value at end of year | $ 35.19 | $ 31.30 | $ 41.52 | $ 33.69 | $ 35.58 | ||||
Total investment return (b) | 13.84% | (22.63)%(c) | 24.11% | (2.61)% | 8.57% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.67% | 1.27% | 0.99% | 0.76% | 2.40% | ||||
Net expenses (d) | 0.95% | 0.95% | 0.95% | 0.95%(e) | 0.94%(e) | ||||
Expenses (before waiver/reimbursement) (d) | 0.97% | 0.98% | 0.96% | 0.96%(e) | 0.94%(e) | ||||
Portfolio turnover rate | 34% | 49% | 43% | 52% | 47% | ||||
Net assets at end of year (in 000’s) | $ 157,911 | $ 173,142 | $ 241,084 | $ 252,974 | $ 355,348 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In 2022, the Fund’s total investment return includes impact of payments from affiliates due to a trade communications error. Excluding these items, total return would have been (22.68)%. |
(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%. |
18 | MainStay Epoch International Choice Fund |
Year Ended October 31, | |||||||||
Class R1 | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 31.20 | $ 41.39 | $ 33.60 | $ 35.48 | $ 33.30 | ||||
Net investment income (loss) (a) | 0.74 | 0.48 | 0.36 | 0.21 | 0.81 | ||||
Net realized and unrealized gain (loss) | 3.55 | (9.67) | 7.68 | (1.12) | 1.93 | ||||
Total from investment operations | 4.29 | (9.19) | 8.04 | (0.91) | 2.74 | ||||
Less distributions: | |||||||||
From net investment income | (0.36) | (1.00) | (0.25) | (0.97) | (0.56) | ||||
Net asset value at end of year | $ 35.13 | $ 31.20 | $ 41.39 | $ 33.60 | $ 35.48 | ||||
Total investment return (b) | 13.73% | (22.73)%(c) | 24.00% | (2.69)% | 8.45% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.95% | 1.29% | 0.88% | 0.63% | 2.43% | ||||
Net expenses (d) | 1.05% | 1.05% | 1.05% | 1.05%(e) | 1.04%(e) | ||||
Expenses (before waiver/reimbursement) (d) | 1.07% | 1.08% | 1.06% | 1.06%(e) | 1.04%(e) | ||||
Portfolio turnover rate | 34% | 49% | 43% | 52% | 47% | ||||
Net assets at end of year (in 000’s) | $ 131 | $ 32 | $ 164 | $ 201 | $ 230 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R1 shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In 2022, the Fund’s total investment return includes impact of payments from affiliates due to a trade communications error. Excluding these items, total return would have been (22.78)%. |
(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%. |
Year Ended October 31, | |||||||||
Class R2 | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 31.26 | $ 41.47 | $ 33.65 | $ 35.54 | $ 33.33 | ||||
Net investment income (loss) (a) | 0.48 | 0.33 | 0.27 | 0.13 | 0.71 | ||||
Net realized and unrealized gain (loss) | 3.72 | (9.63) | 7.69 | (1.14) | 1.96 | ||||
Total from investment operations | 4.20 | (9.30) | 7.96 | (1.01) | 2.67 | ||||
Less distributions: | |||||||||
From net investment income | (0.30) | (0.91) | (0.14) | (0.88) | (0.46) | ||||
Net asset value at end of year | $ 35.16 | $ 31.26 | $ 41.47 | $ 33.65 | $ 35.54 | ||||
Total investment return (b) | 13.41% | (22.89)%(c) | 23.69% | (2.94)% | 8.17% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.30% | 0.93% | 0.67% | 0.39% | 2.12% | ||||
Net expenses (d) | 1.30% | 1.30% | 1.30% | 1.30%(e) | 1.29%(e) | ||||
Expenses (before waiver/reimbursement) (d) | 1.32% | 1.33% | 1.31% | 1.31%(e) | 1.29%(e) | ||||
Portfolio turnover rate | 34% | 49% | 43% | 52% | 47% | ||||
Net assets at end of year (in 000’s) | $ 5,206 | $ 5,657 | $ 8,886 | $ 7,827 | $ 10,884 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R2 shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In 2022, the Fund’s total investment return includes impact of payments from affiliates due to a trade communications error. Excluding these items, total return would have been (22.94)%. |
(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%. |
Year Ended October 31, | |||||||||
Class R3 | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 31.04 | $ 41.18 | $ 33.43 | $ 35.31 | $ 33.10 | ||||
Net investment income (loss) (a) | 0.39 | 0.24 | 0.17 | 0.04 | 0.62 | ||||
Net realized and unrealized gain (loss) | 3.69 | (9.58) | 7.64 | (1.13) | 1.95 | ||||
Total from investment operations | 4.08 | (9.34) | 7.81 | (1.09) | 2.57 | ||||
Less distributions: | |||||||||
From net investment income | (0.19) | (0.80) | (0.06) | (0.79) | (0.36) | ||||
Net asset value at end of year | $ 34.93 | $ 31.04 | $ 41.18 | $ 33.43 | $ 35.31 | ||||
Total investment return (b) | 13.13% | (23.13)%(c) | 23.37% | (3.21)% | 7.90% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.07% | 0.67% | 0.41% | 0.12% | 1.85% | ||||
Net expenses (d) | 1.57% | 1.58% | 1.55% | 1.55%(e) | 1.54%(e) | ||||
Portfolio turnover rate | 34% | 49% | 43% | 52% | 47% | ||||
Net assets at end of year (in 000’s) | $ 2,421 | $ 2,473 | $ 4,104 | $ 4,447 | $ 5,134 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R3 shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In 2022, the Fund’s total investment return includes impact of payments from affiliates due to a trade communications error. Excluding these items, total return would have been (23.18)%. |
(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%. |
Year Ended October 31, | August 31, 2020^ through October 31, | ||||||
SIMPLE Class | 2023 | 2022 | 2021 | 2020 | |||
Net asset value at beginning of period | $ 31.16 | $ 41.39 | $ 33.59 | $ 35.90* | |||
Net investment income (loss) (a) | 0.38 | 0.14 | 0.11 | (0.02) | |||
Net realized and unrealized gain (loss) | 3.70 | (9.60) | 7.69 | (2.29) | |||
Total from investment operations | 4.08 | (9.46) | 7.80 | (2.31) | |||
Less distributions: | |||||||
From net investment income | (0.17) | (0.77) | — | — | |||
Net asset value at end of period | $ 35.07 | $ 31.16 | $ 41.39 | $ 33.59 | |||
Total investment return (b) | 13.10% | (23.26)%(c) | 23.19% | (6.43)% | |||
Ratios (to average net assets)/Supplemental Data: | |||||||
Net investment income (loss) | 1.03% | 0.40% | 0.27% | (0.29)% | |||
Net expenses (d) | 1.58% | 1.77% | 1.74% | 1.69%(e) | |||
Expenses (before waiver/reimbursement) (d) | 1.58% | 1.88% | 1.86% | 1.69%(e) | |||
Portfolio turnover rate | 34% | 49% | 43% | 52% | |||
Net assets at end of period (in 000’s) | $ 37 | $ 28 | $ 34 | $ 23 |
^ | Inception date. |
* | Based on the net asset value of Investor Class as of August 31, 2020. |
(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 2022, the Fund’s total investment return includes impact of payments from affiliates due to a trade communications error. Excluding these items, total return would have been (23.31)%. |
(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%. |
20 | MainStay Epoch International Choice Fund |
Class | Commenced Operations |
Class A | September 1, 2006 |
Investor Class | April 29, 2008 |
Class C | September 1, 2006 |
Class I | December 31, 1997 |
Class R1* | September 1, 2006 |
Class R2* | September 1, 2006 |
Class R3* | September 1, 2006 |
SIMPLE Class | August 31, 2020 |
* | As of October 31, 2023, Class R1, Class R2 and Class R3 shares are closed to new investors and, upon the close of business on December 29, 2023, Class R1, Class R2 and Class R3 shares are closed to additional investments by existing shareholders. Additionally, Class R1, Class R2 and 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 R1, Class R2 or 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 Epoch International Choice Fund |
24 | MainStay Epoch International Choice Fund |
Class R1 | $ 101 |
Class R2 | 6,076 |
Class R3 | 2,797 |
Class | Expense | Waived |
Class A | $ 16,137 | $ — |
Investor Class | 22,404 | (7,453) |
Class C | 1,595 | (532) |
Class I | 105,242 | — |
Class R1 | 58 | — |
Class R2 | 3,603 | — |
Class R3 | 1,656 | — |
SIMPLE Class | 60 | — |
SIMPLE Class | $25,009 | 67.9% |
26 | MainStay Epoch International Choice Fund |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $195,390,677 | $16,616,826 | $(19,401,155) | $(2,784,329) |
Ordinary Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$3,553,295 | $(67,223,910) | $— | $(2,659,320) | $(66,329,935) |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $67,224 | $— |
2023 | 2022 | |
Distributions paid from: | ||
Ordinary Income | $2,613,449 | $7,133,158 |
Class A | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 216,462 | $ 7,624,665 |
Shares issued to shareholders in reinvestment of distributions | 5,801 | 201,594 |
Shares redeemed | (104,849) | (3,898,138) |
Net increase (decrease) in shares outstanding before conversion | 117,414 | 3,928,121 |
Shares converted into Class A (See Note 1) | 4,881 | 185,534 |
Net increase (decrease) | 122,295 | $ 4,113,655 |
Year ended October 31, 2022: | ||
Shares sold | 38,134 | $ 1,358,832 |
Shares issued to shareholders in reinvestment of distributions | 14,871 | 600,059 |
Shares redeemed | (74,618) | (2,638,760) |
Net increase (decrease) in shares outstanding before conversion | (21,613) | (679,869) |
Shares converted into Class A (See Note 1) | 2,019 | 72,879 |
Net increase (decrease) | (19,594) | $ (606,990) |
Investor Class | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 3,972 | $ 149,834 |
Shares issued to shareholders in reinvestment of distributions | 810 | 28,159 |
Shares redeemed | (11,345) | (420,451) |
Net increase (decrease) in shares outstanding before conversion | (6,563) | (242,458) |
Shares converted into Investor Class (See Note 1) | 450 | 16,840 |
Shares converted from Investor Class (See Note 1) | (4,577) | (174,139) |
Net increase (decrease) | (10,690) | $ (399,757) |
Year ended October 31, 2022: | ||
Shares sold | 7,166 | $ 247,942 |
Shares issued to shareholders in reinvestment of distributions | 2,628 | 106,090 |
Shares redeemed | (16,541) | (586,739) |
Net increase (decrease) in shares outstanding before conversion | (6,747) | (232,707) |
Shares converted into Investor Class (See Note 1) | 964 | 36,562 |
Shares converted from Investor Class (See Note 1) | (1,616) | (58,562) |
Net increase (decrease) | (7,399) | $ (254,707) |
Class C | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 3,748 | $ 136,472 |
Shares redeemed | (8,028) | (296,006) |
Net increase (decrease) in shares outstanding before conversion | (4,280) | (159,534) |
Shares converted from Class C (See Note 1) | (770) | (28,235) |
Net increase (decrease) | (5,050) | $ (187,769) |
Year ended October 31, 2022: | ||
Shares sold | 111 | $ 3,989 |
Shares issued to shareholders in reinvestment of distributions | 109 | 4,352 |
Shares redeemed | (14,594) | (484,423) |
Net increase (decrease) in shares outstanding before conversion | (14,374) | (476,082) |
Shares converted from Class C (See Note 1) | (1,386) | (50,879) |
Net increase (decrease) | (15,760) | $ (526,961) |
Class I | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 131,195 | $ 5,036,280 |
Shares issued to shareholders in reinvestment of distributions | 66,235 | 2,297,693 |
Shares redeemed | (1,241,537) | (45,229,500) |
Net increase (decrease) | (1,044,107) | $(37,895,527) |
Year ended October 31, 2022: | ||
Shares sold | 403,328 | $ 13,510,548 |
Shares issued to shareholders in reinvestment of distributions | 151,372 | 6,097,248 |
Shares redeemed | (829,534) | (29,840,473) |
Net increase (decrease) | (274,834) | $(10,232,677) |
Class R1 | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 2,833 | $ 102,178 |
Shares issued to shareholders in reinvestment of distributions | 11 | 374 |
Shares redeemed | (167) | (6,248) |
Net increase (decrease) | 2,677 | $ 96,304 |
Year ended October 31, 2022: | ||
Shares sold | 600 | $ 23,070 |
Shares issued to shareholders in reinvestment of distributions | 99 | 3,987 |
Shares redeemed | (3,623) | (131,374) |
Net increase (decrease) | (2,924) | $ (104,317) |
28 | MainStay Epoch International Choice Fund |
Class R2 | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 26,339 | $ 991,406 |
Shares issued to shareholders in reinvestment of distributions | 1,454 | 50,560 |
Shares redeemed | (60,673) | (2,239,388) |
Net increase (decrease) | (32,880) | $ (1,197,422) |
Year ended October 31, 2022: | ||
Shares sold | 28,186 | $ 1,009,844 |
Shares issued to shareholders in reinvestment of distributions | 4,626 | 186,691 |
Shares redeemed | (66,159) | (2,329,954) |
Net increase (decrease) | (33,347) | $ (1,133,419) |
Class R3 | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 11,642 | $ 434,488 |
Shares issued to shareholders in reinvestment of distributions | 417 | 14,420 |
Shares redeemed | (22,419) | (827,724) |
Net increase (decrease) | (10,360) | $ (378,816) |
Year ended October 31, 2022: | ||
Shares sold | 15,362 | $ 566,824 |
Shares issued to shareholders in reinvestment of distributions | 1,913 | 76,864 |
Shares redeemed | (37,287) | (1,308,128) |
Net increase (decrease) | (20,012) | $ (664,440) |
SIMPLE Class | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 146 | $ 5,468 |
Shares issued to shareholders in reinvestment of distributions | 5 | 155 |
Shares redeemed | (1) | (20) |
Net increase (decrease) | 150 | $ 5,603 |
Year ended October 31, 2022: | ||
Shares sold | 65 | $ 2,121 |
Shares issued to shareholders in reinvestment of distributions | 16 | 630 |
Net increase (decrease) | 81 | $ 2,751 |
MainStay Funds Trust:
30 | MainStay Epoch International Choice Fund |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Naïm Abou-Jaoudé* 1966 | MainStay Funds: Trustee since 2023 MainStay Funds Trust: Trustee since 2023 | Chief Executive Officer of New York Life Investment Management LLC (since 2023). Chief Executive Officer of Candriam (an affiliate of New York Life Investment Management LLC) (2007 to 2023). | 81 | MainStay VP Funds Trust: Trustee since 2023 (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2023; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2023; and New York Life Investment Management International (Chair) since 2015 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of his affiliation with New York Life Investment Management LLC and Candriam, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
32 | MainStay Epoch International Choice Fund |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015);MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC (since 1999) | 81 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2021; VanEck Vectors Group of Exchange-Traded Funds: Trustee since 2006 and Independent Chairman of the Board of Trustees from 2008 to 2022 (57 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Investment Committee since 2018 | |
Karen Hammond 1956 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021);MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 81 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Susan B. Kerley 1951 | MainStay Funds: Chair since January 2017 and Trustee since 2007;MainStay Funds Trust: Chair since January 2017 and Trustee since 1990*** | President, Strategic Management Advisors LLC (since 1990) | 81 | MainStay VP Funds Trust: Chair since January 2017 and Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chair since January 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Alan R. Latshaw 1951 | MainStay Funds: Trusteesince 2006;MainStay Funds Trust: Trustee since 2007*** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 81 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 | |
Jacques P. Perold 1958 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015to December 2015);MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 81 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay Funds: Trustee since 1994;MainStay Funds Trust: Trustee since 2007*** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) (since 2004); Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 81 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 |
** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
*** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
34 | MainStay Epoch International Choice Fund |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay Funds, MainStay Funds Trust (since 2017) | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since 2018); President, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust (since 2017)**; Senior Managing Director, Global Product Development (2015 to 2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay Funds (since 2007), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2007)**; and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay Funds and MainStay Funds Trust (since 2010) | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2010)** | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay Funds and MainStay Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ Trust, IndexIQ ETF Trust and Index IQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund, MainStay VP Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012 to 2022) | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay Funds (since 2005), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2005)** |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, New York Life Insurance Company, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
1.
2. | This Fund is registered for sale in CA, CT, DE, FL, MA, NJ, NY and VT. |
3. | An affiliate of New York Life Investment Management LLC. |
5013734MS139-23 | MSEIC11-12/23 |
Yield Fund
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended October 31, 2023 | |||||||
Class | Sales Charge | Inception Date | One Year | Five Years | Ten Years or Since Inception | Gross Expense Ratio1 | |
Class A Shares | Maximum 5.50% Initial Sales Charge | With sales charges | 2/3/2009 | -4.68% | 5.37% | 6.94% | 1.05% |
Excluding sales charges | 0.87 | 6.57 | 7.54 | 1.05 | |||
Investor Class Shares2 | Maximum 5.00% Initial Sales Charge | With sales charges | 11/16/2009 | -4.43 | 5.11 | 6.71 | 1.30 |
Excluding sales charges | 0.60 | 6.31 | 7.31 | 1.30 | |||
Class B Shares3 | Maximum 5.00% CDSC | With sales charges | 5/8/2017 | -5.02 | 5.18 | 5.28 | 2.06 |
if Redeemed Within the First Six Years of Purchase | Excluding sales charges | -0.16 | 5.51 | 5.28 | 2.06 | ||
Class C Shares | Maximum 1.00% CDSC | With sales charges | 11/16/2009 | -1.13 | 5.52 | 6.52 | 2.06 |
if Redeemed Within One Year of Purchase | Excluding sales charges | -0.16 | 5.52 | 6.52 | 2.06 | ||
Class I Shares | No Sales Charge | 12/3/2008 | 1.18 | 6.90 | 7.84 | 0.80 | |
Class R1 Shares4 | No Sales Charge | 5/8/2017 | 1.01 | 6.74 | 6.48 | 0.90 | |
Class R2 Shares4 | No Sales Charge | 5/8/2017 | 0.77 | 6.48 | 6.21 | 1.15 | |
Class R3 Shares4 | No Sales Charge | 5/8/2017 | 0.46 | 6.20 | 5.94 | 1.40 | |
Class R6 Shares | No Sales Charge | 5/8/2017 | 1.19 | 6.94 | 6.69 | 0.73 | |
SIMPLE Class Shares | No Sales Charge | 8/31/2020 | 0.55 | N/A | 7.15 | 1.42 |
1. | The gross expense ratios presented reflect the Fund’s “Total Annual Fund Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report. |
2. | Prior to June 30, 2020, the maximum initial sales charge was 5.50%, which is reflected in the applicable average annual total return figures shown. |
3. | Class B shares are closed to all new purchases as well as additional investments by existing Class B shareholders. |
4. | As of October 31, 2023, Class R1, Class R2 and Class R3 shares are closed to new investors and, upon the close of business on December 29, 2023, Class R1, Class R2 and Class R3 shares are closed to additional investments by existing shareholders. Additionally, Class R1, Class R2 and 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 R1, Class R2 or 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* | One Year | Five Years | Ten Years |
Russell 1000® Value Index1 | 0.13% | 6.60% | 7.60% |
U.S. Equity Yield Composite Index2 | -0.20 | 5.78 | 8.18 |
Morningstar Large Value Category Average3 | 0.68 | 7.10 | 7.62 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | The Fund has selected the Russell 1000® Value Index as its primary benchmark. The Russell 1000® Value Index measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000® Index companies with lower price-to-book ratios and lower expected growth values. |
2. | The Fund has selected the U.S. Equity Yield Composite Index as its secondary benchmark. The U.S. Equity Yield Composite Index consists of the MSCI USA High Dividend Yield Index and the MSCI USA Minimum Volatility (USD) Index weighted at 60% and 40%, respectively. The MSCI USA High Dividend Yield Index is based on the MSCI USA Index and includes large- and mid-cap stocks. The MSCI USA High Dividend Yield Index is designed to reflect the performance of equities in the MSCI USA Index (excluding real estate investment trusts) with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. The MSCI USA Minimum Volatility (USD) Index aims to reflect the performance characteristics of a minimum variance strategy applied to the large- and mid-cap U.S. equity universe. The MSCI USA Minimum Volatility (USD) Index is calculated by optimizing the MSCI USA Index in U.S. dollars for the lowest absolute risk (within a given set of constraints). |
3. | The Morningstar Large Value Category Average is representative of funds that invest primarily in big U.S. companies that are less expensive or growing more slowly than other large-cap stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
6 | MainStay Epoch U.S. Equity Yield 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 | $969.70 | $ 5.31 | $1,019.81 | $ 5.45 | 1.07% |
Investor Class Shares | $1,000.00 | $968.80 | $ 6.60 | $1,018.50 | $ 6.77 | 1.33% |
Class B Shares | $1,000.00 | $965.00 | $10.30 | $1,014.72 | $10.56 | 2.08% |
Class C Shares | $1,000.00 | $965.00 | $10.30 | $1,014.72 | $10.56 | 2.08% |
Class I Shares | $1,000.00 | $971.70 | $ 3.63 | $1,021.53 | $ 3.72 | 0.73% |
Class R1 Shares | $1,000.00 | $970.80 | $ 4.57 | $1,020.57 | $ 4.69 | 0.92% |
Class R2 Shares | $1,000.00 | $969.80 | $ 5.81 | $1,019.31 | $ 5.96 | 1.17% |
Class R3 Shares | $1,000.00 | $968.00 | $ 7.04 | $1,018.05 | $ 7.22 | 1.42% |
Class R6 Shares | $1,000.00 | $971.70 | $ 3.63 | $1,021.53 | $ 3.72 | 0.73% |
SIMPLE Class Shares | $1,000.00 | $968.30 | $ 6.45 | $1,018.65 | $ 6.61 | 1.30% |
1. | Expenses are equal to the Fund’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 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. |
Banks | 7.7% |
Pharmaceuticals | 7.4 |
Oil, Gas & Consumable Fuels | 6.2 |
Semiconductors & Semiconductor Equipment | 5.9 |
Electric Utilities | 5.7 |
Insurance | 5.7 |
Chemicals | 5.1 |
Electrical Equipment | 3.5 |
Health Care Providers & Services | 3.4 |
Aerospace & Defense | 3.0 |
Biotechnology | 2.7 |
Specialized REITs | 2.7 |
Capital Markets | 2.6 |
Beverages | 2.5 |
Multi–Utilities | 2.5 |
Technology Hardware, Storage & Peripherals | 2.4 |
Household Products | 2.4 |
Media | 2.3 |
Hotels, Restaurants & Leisure | 1.9 |
Consumer Staples Distribution & Retail | 1.8 |
Tobacco | 1.8 |
Diversified Telecommunication Services | 1.8% |
Software | 1.8 |
Machinery | 1.7 |
Specialty Retail | 1.5 |
Communications Equipment | 1.5 |
Health Care Equipment & Supplies | 1.4 |
IT Services | 1.4 |
Trading Companies & Distributors | 1.3 |
Commercial Services & Supplies | 1.2 |
Professional Services | 1.2 |
Industrial Conglomerates | 1.0 |
Air Freight & Logistics | 0.9 |
Leisure Products | 0.8 |
Health Care REITs | 0.6 |
Household Durables | 0.5 |
Containers & Packaging | 0.5 |
Industrial REITs | 0.5 |
Retail REITs | 0.5 |
Other Assets, Less Liabilities | 0.7 |
100.0% |
1. | Broadcom, Inc. |
2. | JPMorgan Chase & Co. |
3. | Eli Lilly & Co. |
4. | UnitedHealth Group, Inc. |
5. | MetLife, Inc. |
6. | AbbVie, Inc. |
7. | Chevron Corp. |
8. | Merck & Co., Inc. |
9. | Walmart, Inc. |
10. | Microsoft Corp. |
8 | MainStay Epoch U.S. Equity Yield Fund |
1. | Effective on or about March 31, 2024, William W. Priest will no longer serve as a portfolio manager for the Fund. |
2. | 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 Epoch U.S. Equity Yield Fund |
Shares | Value | |
Common Stocks 99.3% | ||
Aerospace & Defense 3.0% | ||
General Dynamics Corp. | 41,234 | $ 9,950,176 |
Lockheed Martin Corp. | 19,739 | 8,974,139 |
RTX Corp. | 100,097 | 8,146,895 |
27,071,210 | ||
Air Freight & Logistics 0.9% | ||
United Parcel Service, Inc., Class B | 54,088 | 7,639,930 |
Banks 7.7% | ||
Bank of America Corp. | 573,495 | 15,105,858 |
Columbia Banking System, Inc. | 342,965 | 6,746,122 |
JPMorgan Chase & Co. | 150,933 | 20,988,743 |
PNC Financial Services Group, Inc. (The) | 50,275 | 5,754,979 |
Regions Financial Corp. | 368,542 | 5,354,915 |
Truist Financial Corp. | 160,019 | 4,538,139 |
U.S. Bancorp | 331,551 | 10,569,846 |
69,058,602 | ||
Beverages 2.5% | ||
Coca-Cola Co. (The) | 129,084 | 7,291,955 |
Coca-Cola Europacific Partners plc | 149,674 | 8,757,426 |
PepsiCo, Inc. | 39,676 | 6,478,297 |
22,527,678 | ||
Biotechnology 2.7% | ||
AbbVie, Inc. | 124,736 | 17,610,228 |
Amgen, Inc. | 27,067 | 6,921,032 |
24,531,260 | ||
Capital Markets 2.6% | ||
BlackRock, Inc. | 16,088 | 9,850,360 |
CME Group, Inc. | 33,737 | 7,201,500 |
Lazard Ltd., Class A | 222,532 | 6,179,714 |
23,231,574 | ||
Chemicals 5.1% | ||
Air Products and Chemicals, Inc. | 27,157 | 7,670,223 |
Dow, Inc. | 147,672 | 7,138,464 |
Linde plc | 31,669 | 12,102,625 |
LyondellBasell Industries NV, Class A | 79,407 | 7,165,688 |
Nutrien Ltd. | 108,856 | 5,845,567 |
PPG Industries, Inc. | 47,675 | 5,853,060 |
45,775,627 | ||
Commercial Services & Supplies 1.2% | ||
Republic Services, Inc. | 34,613 | 5,139,684 |
Waste Management, Inc. | 33,272 | 5,467,588 |
10,607,272 |
Shares | Value | |
Communications Equipment 1.5% | ||
Cisco Systems, Inc. | 257,688 | $ 13,433,276 |
Consumer Staples Distribution & Retail 1.8% | ||
Walmart, Inc. | 100,731 | 16,460,453 |
Containers & Packaging 0.5% | ||
Amcor plc | 550,287 | 4,892,051 |
Diversified Telecommunication Services 1.8% | ||
AT&T, Inc. | 439,402 | 6,766,791 |
Verizon Communications, Inc. | 261,683 | 9,192,924 |
15,959,715 | ||
Electric Utilities 5.7% | ||
Alliant Energy Corp. | 126,765 | 6,184,864 |
American Electric Power Co., Inc. | 166,088 | 12,546,288 |
Duke Energy Corp. | 51,679 | 4,593,746 |
Entergy Corp. | 81,083 | 7,750,724 |
Evergy, Inc. | 118,286 | 5,812,574 |
NextEra Energy, Inc. | 157,827 | 9,201,314 |
Pinnacle West Capital Corp. | 69,289 | 5,139,858 |
51,229,368 | ||
Electrical Equipment 3.5% | ||
Eaton Corp. plc | 56,353 | 11,716,352 |
Emerson Electric Co. | 139,139 | 12,379,197 |
Hubbell, Inc. | 25,708 | 6,943,731 |
31,039,280 | ||
Health Care Equipment & Supplies 1.4% | ||
Medtronic plc | 182,574 | 12,882,420 |
Health Care Providers & Services 3.4% | ||
CVS Health Corp. | 161,849 | 11,169,200 |
UnitedHealth Group, Inc. | 37,031 | 19,832,322 |
31,001,522 | ||
Health Care REITs 0.6% | ||
Welltower, Inc. | 62,477 | 5,223,702 |
Hotels, Restaurants & Leisure 1.9% | ||
McDonald's Corp. | 38,272 | 10,033,770 |
Vail Resorts, Inc. | 32,946 | 6,992,789 |
17,026,559 | ||
Household Durables 0.5% | ||
Garmin Ltd. | 47,800 | 4,900,934 |
Shares | Value | |
Common Stocks (continued) | ||
Household Products 2.4% | ||
Colgate-Palmolive Co. | 80,748 | $ 6,065,790 |
Kimberly-Clark Corp. | 39,323 | 4,704,604 |
Procter & Gamble Co. (The) | 71,381 | 10,709,291 |
21,479,685 | ||
Industrial Conglomerates 1.0% | ||
Honeywell International, Inc. | 50,746 | 9,299,712 |
Industrial REITs 0.5% | ||
Prologis, Inc. | 47,829 | 4,818,772 |
Insurance 5.7% | ||
Arthur J. Gallagher & Co. | 44,178 | 10,403,477 |
Marsh & McLennan Cos., Inc. | 52,856 | 10,024,141 |
MetLife, Inc. | 313,833 | 18,833,118 |
Travelers Cos., Inc. (The) | 69,886 | 11,701,712 |
50,962,448 | ||
IT Services 1.4% | ||
International Business Machines Corp. | 84,126 | 12,167,985 |
Leisure Products 0.8% | ||
Hasbro, Inc. | 166,287 | 7,507,858 |
Machinery 1.7% | ||
Cummins, Inc. | 72,604 | 15,704,245 |
Media 2.3% | ||
Comcast Corp., Class A | 351,643 | 14,519,340 |
Omnicom Group, Inc. | 84,896 | 6,359,559 |
20,878,899 | ||
Multi-Utilities 2.5% | ||
Ameren Corp. | 65,602 | 4,966,727 |
CMS Energy Corp. | 123,794 | 6,726,966 |
NiSource, Inc. | 232,260 | 5,843,662 |
WEC Energy Group, Inc. | 56,652 | 4,610,906 |
22,148,261 | ||
Oil, Gas & Consumable Fuels 6.2% | ||
Chevron Corp. | 113,648 | 16,561,923 |
Enterprise Products Partners LP | 482,022 | 12,551,853 |
MPLX LP | 293,179 | 10,566,171 |
TotalEnergies SE, Sponsored ADR | 108,177 | 7,204,588 |
Williams Cos., Inc. (The) | 260,831 | 8,972,587 |
55,857,122 |
Shares | Value | |
Pharmaceuticals 7.4% | ||
Bristol-Myers Squibb Co. | 106,003 | $ 5,462,334 |
Eli Lilly & Co. | 37,231 | 20,623,368 |
Johnson & Johnson | 105,704 | 15,680,131 |
Merck & Co., Inc. | 160,354 | 16,468,356 |
Pfizer, Inc. | 266,964 | 8,158,420 |
66,392,609 | ||
Professional Services 1.2% | ||
Automatic Data Processing, Inc. | 24,114 | 5,262,157 |
Paychex, Inc. | 46,253 | 5,136,396 |
10,398,553 | ||
Retail REITs 0.5% | ||
Realty Income Corp. | 85,974 | 4,073,448 |
Semiconductors & Semiconductor Equipment 5.9% | ||
Analog Devices, Inc. | 89,362 | 14,059,324 |
Broadcom, Inc. | 25,500 | 21,454,935 |
KLA Corp. | 25,300 | 11,883,410 |
Texas Instruments, Inc. | 42,811 | 6,079,590 |
53,477,259 | ||
Software 1.8% | ||
Microsoft Corp. | 47,041 | 15,905,033 |
Specialized REITs 2.7% | ||
American Tower Corp. | 30,582 | 5,449,407 |
Iron Mountain, Inc. | 226,988 | 13,408,181 |
VICI Properties, Inc. | 200,827 | 5,603,073 |
24,460,661 | ||
Specialty Retail 1.5% | ||
Best Buy Co., Inc. | 73,570 | 4,915,947 |
Home Depot, Inc. (The) | 30,029 | 8,548,956 |
13,464,903 | ||
Technology Hardware, Storage & Peripherals 2.4% | ||
Apple, Inc. | 43,417 | 7,414,321 |
Dell Technologies, Inc., Class C | 108,748 | 7,276,329 |
NetApp, Inc. | 100,332 | 7,302,163 |
21,992,813 | ||
Tobacco 1.8% | ||
British American Tobacco plc, Sponsored ADR | 148,578 | 4,436,539 |
Philip Morris International, Inc. | 130,977 | 11,677,909 |
16,114,448 |
12 | MainStay Epoch U.S. Equity Yield Fund |
Shares | Value | ||
Common Stocks (continued) | |||
Trading Companies & Distributors 1.3% | |||
MSC Industrial Direct Co., Inc., Class A | 119,708 | $ 11,342,333 | |
Total Investments (Cost $700,342,996) | 99.3% | 892,939,480 | |
Other Assets, Less Liabilities | 0.7 | 6,723,144 | |
Net Assets | 100.0% | $ 899,662,624 |
† | Percentages indicated are based on Fund net assets. |
^ | Industry classifications may be different than those used for compliance monitoring purposes. |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay U.S. Government Liquidity Fund | $ 15,212 | $ 188,533 | $ (203,745) | $ — | $ — | $ — | $ 461 | $ — | — |
Abbreviation(s): |
ADR—American Depositary Receipt |
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 | $ 892,939,480 | $ — | $ — | $ 892,939,480 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
Assets | |
Investment in securities, at value (identified cost $700,342,996) | $892,939,480 |
Receivables: | |
Investment securities sold | 8,769,990 |
Dividends | 2,109,718 |
Fund shares sold | 26,824 |
Securities lending | 181 |
Other assets | 99,135 |
Total assets | 903,945,328 |
Liabilities | |
Due to custodian | 650,464 |
Payables: | |
Fund shares redeemed | 2,777,340 |
Manager (See Note 3) | 518,030 |
Transfer agent (See Note 3) | 177,747 |
NYLIFE Distributors (See Note 3) | 120,959 |
Professional fees | 23,333 |
Custodian | 10,348 |
Shareholder communication | 3,045 |
Trustees | 248 |
Accrued expenses | 1,190 |
Total liabilities | 4,282,704 |
Net assets | $899,662,624 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 49,023 |
Additional paid-in-capital | 680,543,618 |
680,592,641 | |
Total distributable earnings (loss) | 219,069,983 |
Net assets | $899,662,624 |
Class A | |
Net assets applicable to outstanding shares | $442,341,042 |
Shares of beneficial interest outstanding | 24,198,795 |
Net asset value per share outstanding | $ 18.28 |
Maximum sales charge (5.50% of offering price) | 1.06 |
Maximum offering price per share outstanding | $ 19.34 |
Investor Class | |
Net assets applicable to outstanding shares | $ 67,157,054 |
Shares of beneficial interest outstanding | 3,692,112 |
Net asset value per share outstanding | $ 18.19 |
Maximum sales charge (5.00% of offering price) | 0.96 |
Maximum offering price per share outstanding | $ 19.15 |
Class B | |
Net assets applicable to outstanding shares | $ 2,654,274 |
Shares of beneficial interest outstanding | 150,727 |
Net asset value and offering price per share outstanding | $ 17.61 |
Class C | |
Net assets applicable to outstanding shares | $ 7,953,926 |
Shares of beneficial interest outstanding | 451,631 |
Net asset value and offering price per share outstanding | $ 17.61 |
Class I | |
Net assets applicable to outstanding shares | $262,298,591 |
Shares of beneficial interest outstanding | 14,185,791 |
Net asset value and offering price per share outstanding | $ 18.49 |
Class R1 | |
Net assets applicable to outstanding shares | $ 721,215 |
Shares of beneficial interest outstanding | 39,033 |
Net asset value and offering price per share outstanding | $ 18.48 |
Class R2 | |
Net assets applicable to outstanding shares | $ 1,199,973 |
Shares of beneficial interest outstanding | 65,658 |
Net asset value and offering price per share outstanding | $ 18.28 |
Class R3 | |
Net assets applicable to outstanding shares | $ 2,471,021 |
Shares of beneficial interest outstanding | 135,145 |
Net asset value and offering price per share outstanding | $ 18.28 |
Class R6 | |
Net assets applicable to outstanding shares | $112,772,562 |
Shares of beneficial interest outstanding | 6,098,985 |
Net asset value and offering price per share outstanding | $ 18.49 |
SIMPLE Class | |
Net assets applicable to outstanding shares | $ 92,966 |
Shares of beneficial interest outstanding | 5,103 |
Net asset value and offering price per share outstanding | $ 18.22 |
14 | MainStay Epoch U.S. Equity Yield Fund |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated (net of foreign tax withholding of $186,088) | $ 33,403,725 |
Dividends-affiliated | 460,999 |
Securities lending, net | 21,400 |
Total income | 33,886,124 |
Expenses | |
Manager (See Note 3) | 7,109,229 |
Distribution/Service—Class A (See Note 3) | 1,201,935 |
Distribution/Service—Investor Class (See Note 3) | 181,935 |
Distribution/Service—Class B (See Note 3) | 38,550 |
Distribution/Service—Class C (See Note 3) | 99,070 |
Distribution/Service—Class R2 (See Note 3) | 3,212 |
Distribution/Service—Class R3 (See Note 3) | 13,431 |
Distribution/Service—SIMPLE Class (See Note 3) | 434 |
Transfer agent (See Note 3) | 1,016,505 |
Registration | 161,714 |
Professional fees | 136,073 |
Custodian | 28,293 |
Trustees | 26,860 |
Shareholder communication | 8,806 |
Shareholder service (See Note 3) | 4,748 |
Miscellaneous | 35,598 |
Total expenses before waiver/reimbursement | 10,066,393 |
Expense waiver/reimbursement from Manager (See Note 3) | (309,459) |
Reimbursement from prior custodian(a) | (2,118) |
Net expenses | 9,754,816 |
Net investment income (loss) | 24,131,308 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | 23,833,492 |
Foreign currency transactions | (1,085) |
Net realized gain (loss) | 23,832,407 |
Net change in unrealized appreciation (depreciation) on investments | (30,639,605) |
Net realized and unrealized gain (loss) | (6,807,198) |
Net increase (decrease) in net assets resulting from operations | $ 17,324,110 |
(a) | Represents a refund for overbilling of custody fees. |
for the years ended October 31, 2023 and October 31, 2022
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 24,131,308 | $ 22,929,099 |
Net realized gain (loss) | 23,832,407 | 31,113,371 |
Net change in unrealized appreciation (depreciation) | (30,639,605) | (83,353,644) |
Net increase (decrease) in net assets resulting from operations | 17,324,110 | (29,311,174) |
Distributions to shareholders: | ||
Class A | (17,376,305) | (9,203,234) |
Investor Class | (2,460,343) | (1,240,229) |
Class B | (116,821) | (52,088) |
Class C | (282,010) | (106,742) |
Class I | (13,109,171) | (7,426,431) |
Class R1 | (28,460) | (14,511) |
Class R2 | (45,789) | (24,522) |
Class R3 | (84,878) | (44,187) |
Class R6 | (5,163,424) | (3,012,144) |
SIMPLE Class | (2,799) | (929) |
Total distributions to shareholders | (38,670,000) | (21,125,017) |
Capital share transactions: | ||
Net proceeds from sales of shares | 53,734,944 | 139,051,648 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 38,183,715 | 20,858,991 |
Cost of shares redeemed | (234,806,995) | (169,519,523) |
Increase (decrease) in net assets derived from capital share transactions | (142,888,336) | (9,608,884) |
Net increase (decrease) in net assets | (164,234,226) | (60,045,075) |
Net Assets | ||
Beginning of year | 1,063,896,850 | 1,123,941,925 |
End of year | $ 899,662,624 | $1,063,896,850 |
16 | MainStay Epoch U.S. Equity Yield Fund |
Year Ended October 31, | |||||||||
Class A | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 18.78 | $ 19.70 | $ 14.96 | $ 17.07 | $ 15.70 | ||||
Net investment income (loss) (a) | 0.42 | 0.39 | 0.32 | 0.36 | 0.36 | ||||
Net realized and unrealized gain (loss) | (0.23) | (0.95) | 4.78 | (1.83) | 1.84 | ||||
Total from investment operations | 0.19 | (0.56) | 5.10 | (1.47) | 2.20 | ||||
Less distributions: | |||||||||
From net investment income | (0.40) | (0.36) | (0.36) | (0.34) | (0.37) | ||||
From net realized gain on investments | (0.29) | — | — | (0.30) | (0.46) | ||||
Total distributions | (0.69) | (0.36) | (0.36) | (0.64) | (0.83) | ||||
Net asset value at end of year | $ 18.28 | $ 18.78 | $ 19.70 | $ 14.96 | $ 17.07 | ||||
Total investment return (b) | 0.87% | (2.85)% | 34.30% | (8.77)% | 14.49% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.22% | 2.00% | 1.76% | 2.31% | 2.21% | ||||
Net expenses (c) | 1.06% | 1.05% | 1.07% | 1.08%(d) | 1.08% | ||||
Expenses (before waiver/reimbursement) (c) | 1.06% | 1.05% | 1.07% | 1.09% | 1.08% | ||||
Portfolio turnover rate | 19% | 25% | 16% | 29% | 18% | ||||
Net assets at end of year (in 000’s) | $ 442,341 | $ 483,936 | $ 508,888 | $ 379,695 | $ 450,979 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | Net of interest expense of less than 0.01%. |
Year Ended October 31, | |||||||||
Investor Class | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 18.69 | $ 19.61 | $ 14.89 | $ 16.99 | $ 15.63 | ||||
Net investment income (loss) (a) | 0.37 | 0.34 | 0.28 | 0.32 | 0.32 | ||||
Net realized and unrealized gain (loss) | (0.23) | (0.95) | 4.75 | (1.82) | 1.83 | ||||
Total from investment operations | 0.14 | (0.61) | 5.03 | (1.50) | 2.15 | ||||
Less distributions: | |||||||||
From net investment income | (0.35) | (0.31) | (0.31) | (0.30) | (0.33) | ||||
From net realized gain on investments | (0.29) | — | — | (0.30) | (0.46) | ||||
Total distributions | (0.64) | (0.31) | (0.31) | (0.60) | (0.79) | ||||
Net asset value at end of year | $ 18.19 | $ 18.69 | $ 19.61 | $ 14.89 | $ 16.99 | ||||
Total investment return (b) | 0.60% | (3.12)% | 33.96% | (8.99)% | 14.25% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.95% | 1.75% | 1.53% | 2.07% | 2.01% | ||||
Net expenses (c) | 1.33% | 1.30% | 1.33% | 1.33%(d) | 1.30% | ||||
Expenses (before waiver/reimbursement) (c) | 1.39% | 1.30% | 1.39% | 1.38% | 1.35% | ||||
Portfolio turnover rate | 19% | 25% | 16% | 29% | 18% | ||||
Net assets at end of year (in 000's) | $ 67,157 | $ 73,132 | $ 86,155 | $ 81,365 | $ 100,602 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | Net of interest expense of less than 0.01%. |
Year Ended October 31, | |||||||||
Class B | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 18.11 | $ 19.00 | $ 14.43 | $ 16.48 | $ 15.18 | ||||
Net investment income (loss) (a) | 0.23 | 0.19 | 0.14 | 0.21 | 0.20 | ||||
Net realized and unrealized gain (loss) | (0.24) | (0.92) | 4.60 | (1.78) | 1.77 | ||||
Total from investment operations | (0.01) | (0.73) | 4.74 | (1.57) | 1.97 | ||||
Less distributions: | |||||||||
From net investment income | (0.20) | (0.16) | (0.17) | (0.18) | (0.21) | ||||
From net realized gain on investments | (0.29) | — | — | (0.30) | (0.46) | ||||
Total distributions | (0.49) | (0.16) | (0.17) | (0.48) | (0.67) | ||||
Net asset value at end of year | $ 17.61 | $ 18.11 | $ 19.00 | $ 14.43 | $ 16.48 | ||||
Total investment return (b) | (0.16)% | (3.82)% | 32.98% | (9.71)% | 13.40% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.24% | 1.01% | 0.80% | 1.36% | 1.29% | ||||
Net expenses (c) | 2.08% | 2.06% | 2.08% | 2.08%(d) | 2.05% | ||||
Expenses (before waiver/reimbursement) (c) | 2.14% | 2.06% | 2.14% | 2.13% | 2.10% | ||||
Portfolio turnover rate | 19% | 25% | 16% | 29% | 18% | ||||
Net assets at end of year (in 000’s) | $ 2,654 | $ 4,827 | $ 7,840 | $ 8,894 | $ 14,579 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | Net of interest expense of less than 0.01%. |
Year Ended October 31, | |||||||||
Class C | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 18.11 | $ 19.00 | $ 14.43 | $ 16.47 | $ 15.17 | ||||
Net investment income (loss) (a) | 0.22 | 0.19 | 0.14 | 0.20 | 0.20 | ||||
Net realized and unrealized gain (loss) | (0.23) | (0.92) | 4.60 | (1.76) | 1.77 | ||||
Total from investment operations | (0.01) | (0.73) | 4.74 | (1.56) | 1.97 | ||||
Less distributions: | |||||||||
From net investment income | (0.20) | (0.16) | (0.17) | (0.18) | (0.21) | ||||
From net realized gain on investments | (0.29) | — | — | (0.30) | (0.46) | ||||
Total distributions | (0.49) | (0.16) | (0.17) | (0.48) | (0.67) | ||||
Net asset value at end of year | $ 17.61 | $ 18.11 | $ 19.00 | $ 14.43 | $ 16.47 | ||||
Total investment return (b) | (0.16)% | (3.82)% | 32.98% | (9.66)% | 13.41% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.22% | 1.00% | 0.81% | 1.35% | 1.30% | ||||
Net expenses (c) | 2.08% | 2.06% | 2.08% | 2.08%(d) | 2.05% | ||||
Expenses (before waiver/reimbursement) (c) | 2.14% | 2.06% | 2.14% | 2.13% | 2.10% | ||||
Portfolio turnover rate | 19% | 25% | 16% | 29% | 18% | ||||
Net assets at end of year (in 000’s) | $ 7,954 | $ 10,961 | $ 14,435 | $ 17,920 | $ 30,663 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | 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 Epoch U.S. Equity Yield Fund |
Year Ended October 31, | |||||||||
Class I | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 18.99 | $ 19.91 | $ 15.11 | $ 17.24 | $ 15.85 | ||||
Net investment income (loss) (a) | 0.49 | 0.45 | 0.39 | 0.41 | 0.40 | ||||
Net realized and unrealized gain (loss) | (0.24) | (0.95) | 4.82 | (1.85) | 1.86 | ||||
Total from investment operations | 0.25 | (0.50) | 5.21 | (1.44) | 2.26 | ||||
Less distributions: | |||||||||
From net investment income | (0.46) | (0.42) | (0.41) | (0.39) | (0.41) | ||||
From net realized gain on investments | (0.29) | — | — | (0.30) | (0.46) | ||||
Total distributions | (0.75) | (0.42) | (0.41) | (0.69) | (0.87) | ||||
Net asset value at end of year | $ 18.49 | $ 18.99 | $ 19.91 | $ 15.11 | $ 17.24 | ||||
Total investment return (b) | 1.18% | (2.50)% | 34.78% | (8.50)% | 14.76% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.56% | 2.32% | 2.10% | 2.63% | 2.46% | ||||
Net expenses (c) | 0.73% | 0.73% | 0.73% | 0.76%(d) | 0.83% | ||||
Expenses (before waiver/reimbursement) (c) | 0.81% | 0.80% | 0.82% | 0.84% | 0.83% | ||||
Portfolio turnover rate | 19% | 25% | 16% | 29% | 18% | ||||
Net assets at end of year (in 000’s) | $ 262,299 | $ 351,106 | $ 357,565 | $ 269,100 | $ 313,261 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | Net of interest expense of less than 0.01%. |
Year Ended October 31, | |||||||||
Class R1 | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 18.98 | $ 19.90 | $ 15.11 | $ 17.24 | $ 15.84 | ||||
Net investment income (loss) (a) | 0.46 | 0.42 | 0.35 | 0.41 | 0.38 | ||||
Net realized and unrealized gain (loss) | (0.24) | (0.95) | 4.82 | (1.88) | 1.87 | ||||
Total from investment operations | 0.22 | (0.53) | 5.17 | (1.47) | 2.25 | ||||
Less distributions: | |||||||||
From net investment income | (0.43) | (0.39) | (0.38) | (0.36) | (0.39) | ||||
From net realized gain on investments | (0.29) | — | — | (0.30) | (0.46) | ||||
Total distributions | (0.72) | (0.39) | (0.38) | (0.66) | (0.85) | ||||
Net asset value at end of year | $ 18.48 | $ 18.98 | $ 19.90 | $ 15.11 | $ 17.24 | ||||
Total investment return (b) | 1.01% | (2.66)% | 34.50% | (8.66)% | 14.73% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.37% | 2.13% | 1.91% | 2.54% | 2.32% | ||||
Net expenses (c) | 0.91% | 0.90% | 0.92% | 0.93%(d) | 0.93% | ||||
Expenses (before waiver/reimbursement) (c) | 0.91% | 0.90% | 0.92% | 0.94% | 0.93% | ||||
Portfolio turnover rate | 19% | 25% | 16% | 29% | 18% | ||||
Net assets at end of year (in 000’s) | $ 721 | $ 751 | $ 719 | $ 530 | $ 1,009 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R1 shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | Net of interest expense of less than 0.01%. |
Year Ended October 31, | |||||||||
Class R2 | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 18.78 | $ 19.69 | $ 14.95 | $ 17.06 | $ 15.69 | ||||
Net investment income (loss) (a) | 0.40 | 0.37 | 0.32 | 0.35 | 0.34 | ||||
Net realized and unrealized gain (loss) | (0.23) | (0.95) | 4.76 | (1.84) | 1.84 | ||||
Total from investment operations | 0.17 | (0.58) | 5.08 | (1.49) | 2.18 | ||||
Less distributions: | |||||||||
From net investment income | (0.38) | (0.33) | (0.34) | (0.32) | (0.35) | ||||
From net realized gain on investments | (0.29) | — | — | (0.30) | (0.46) | ||||
Total distributions | (0.67) | (0.33) | (0.34) | (0.62) | (0.81) | ||||
Net asset value at end of year | $ 18.28 | $ 18.78 | $ 19.69 | $ 14.95 | $ 17.06 | ||||
Total investment return (b) | 0.77% | (2.91)% | 34.20% | (8.87)% | 14.39% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.12% | 1.90% | 1.76% | 2.23% | 2.12% | ||||
Net expenses (c) | 1.16% | 1.15% | 1.17% | 1.18%(d) | 1.18% | ||||
Expenses (before waiver/reimbursement) (c) | 1.16% | 1.15% | 1.17% | 1.19% | 1.18% | ||||
Portfolio turnover rate | 19% | 25% | 16% | 29% | 18% | ||||
Net assets at end of year (in 000’s) | $ 1,200 | $ 1,315 | $ 1,609 | $ 2,135 | $ 2,812 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R2 shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | Net of interest expense of less than 0.01%. |
Year Ended October 31, | |||||||||
Class R3 | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 18.79 | $ 19.70 | $ 14.96 | $ 17.06 | $ 15.69 | ||||
Net investment income (loss) (a) | 0.36 | 0.32 | 0.26 | 0.31 | 0.30 | ||||
Net realized and unrealized gain (loss) | (0.25) | (0.95) | 4.77 | (1.83) | 1.84 | ||||
Total from investment operations | 0.11 | (0.63) | 5.03 | (1.52) | 2.14 | ||||
Less distributions: | |||||||||
From net investment income | (0.33) | (0.28) | (0.29) | (0.28) | (0.31) | ||||
From net realized gain on investments | (0.29) | — | — | (0.30) | (0.46) | ||||
Total distributions | (0.62) | (0.28) | (0.29) | (0.58) | (0.77) | ||||
Net asset value at end of year | $ 18.28 | $ 18.79 | $ 19.70 | $ 14.96 | $ 17.06 | ||||
Total investment return (b) | 0.46% | (3.17)% | 33.83% | (9.06)% | 14.11% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.86% | 1.66% | 1.45% | 1.96% | 1.86% | ||||
Net expenses (c) | 1.41% | 1.40% | 1.42% | 1.43%(d) | 1.43% | ||||
Expenses (before waiver/reimbursement) (c) | 1.41% | 1.40% | 1.42% | 1.44% | 1.43% | ||||
Portfolio turnover rate | 19% | 25% | 16% | 29% | 18% | ||||
Net assets at end of year (in 000’s) | $ 2,471 | $ 2,602 | $ 3,252 | $ 3,184 | $ 4,339 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. 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%. |
20 | MainStay Epoch U.S. Equity Yield Fund |
Year Ended October 31, | |||||||||
Class R6 | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 18.99 | $ 19.92 | $ 15.12 | $ 17.25 | $ 15.85 | ||||
Net investment income (loss) (a) | 0.49 | 0.46 | 0.39 | 0.42 | 0.42 | ||||
Net realized and unrealized gain (loss) | (0.24) | (0.97) | 4.83 | (1.86) | 1.86 | ||||
Total from investment operations | 0.25 | (0.51) | 5.22 | (1.44) | 2.28 | ||||
Less distributions: | |||||||||
From net investment income | (0.46) | (0.42) | (0.42) | (0.39) | (0.42) | ||||
From net realized gain on investments | (0.29) | — | — | (0.30) | (0.46) | ||||
Total distributions | (0.75) | (0.42) | (0.42) | (0.69) | (0.88) | ||||
Net asset value at end of year | $ 18.49 | $ 18.99 | $ 19.92 | $ 15.12 | $ 17.25 | ||||
Total investment return (b) | 1.19% | (2.54)% | 34.78% | (8.46)% | 14.94% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.56% | 2.32% | 2.11% | 2.68% | 2.60% | ||||
Net expenses (c) | 0.73%(d) | 0.73% | 0.73% | 0.73%(e) | 0.73% | ||||
Expenses (before waiver/reimbursement) (c) | 0.73% | 0.73% | 0.73% | 0.74% | 0.73% | ||||
Portfolio turnover rate | 19% | 25% | 16% | 29% | 18% | ||||
Net assets at end of year (in 000’s) | $ 112,773 | $ 135,192 | $ 143,436 | $ 107,887 | $ 165,999 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. 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) | Expense waiver/reimbursement less than 0.01%. |
(e) | Net of interest expense of less than 0.01%. |
Year Ended October 31, | August 31, 2020^ through October 31, | ||||||
SIMPLE Class | 2023 | 2022 | 2021 | 2020 | |||
Net asset value at beginning of period | $ 18.74 | $ 19.65 | $ 14.89 | $ 15.57* | |||
Net investment income (loss) (a) | 0.36 | 0.28 | 0.22 | 0.03 | |||
Net realized and unrealized gain (loss) | (0.24) | (0.93) | 4.76 | (0.68) | |||
Total from investment operations | 0.12 | (0.65) | 4.98 | (0.65) | |||
Less distributions: | |||||||
From net investment income | (0.35) | (0.26) | (0.22) | (0.03) | |||
From net realized gain on investments | (0.29) | — | — | — | |||
Total distributions | (0.64) | (0.26) | (0.22) | (0.03) | |||
Net asset value at end of period | $ 18.22 | $ 18.74 | $ 19.65 | $ 14.89 | |||
Total investment return (b) | 0.55% | (3.34)% | 33.61% | (4.16)% | |||
Ratios (to average net assets)/Supplemental Data: | |||||||
Net investment income (loss) | 1.88% | 1.48% | 1.20% | 0.98%†† | |||
Net expenses (c) | 1.38% | 1.55% | 1.58% | 1.57%††(d) | |||
Expenses (before waiver/reimbursement) (c) | 1.38% | 1.55% | 1.65% | 1.63%†† | |||
Portfolio turnover rate | 19% | 25% | 16% | 29% | |||
Net assets at end of period (in 000’s) | $ 93 | $ 77 | $ 43 | $ 24 |
^ | Inception date. |
* | Based on the net asset value of Investor Class as of August 31, 2020. |
†† | 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. |
(d) | Net of interest expense of less than 0.01%. |
22 | MainStay Epoch U.S. Equity Yield Fund |
Class | Commenced Operations |
Class A | February 3, 2009 |
Investor Class | November 16, 2009 |
Class B | May 8, 2017 |
Class C | November 16, 2009 |
Class I | December 3, 2008 |
Class R1* | May 8, 2017 |
Class R2* | May 8, 2017 |
Class R3* | May 8, 2017 |
Class R6 | May 8, 2017 |
SIMPLE Class | August 31, 2020 |
* | As of October 31, 2023, Class R1, Class R2 and Class R3 shares are closed to new investors and, upon the close of business on December 29, 2023, Class R1, Class R2 and Class R3 shares are closed to additional investments by existing shareholders. Additionally, Class R1, Class R2 and 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 R1, Class R2 or 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 |
24 | MainStay Epoch U.S. Equity Yield Fund |
26 | MainStay Epoch U.S. Equity Yield Fund |
Class R1 | $ 777 |
Class R2 | 1,285 |
Class R3 | 2,686 |
Class | Expense | Waived |
Class A | $388,762 | $ — |
Investor Class | 297,925 | (44,230) |
Class B | 15,907 | (2,455) |
Class C | 40,710 | (6,156) |
Class I | 263,897 | — |
Class R1 | 629 | — |
Class R2 | 1,039 | — |
Class R3 | 2,172 | — |
Class R6 | 5,328 | — |
SIMPLE Class | 136 | — |
SIMPLE Class | $31,116 | 33.5% |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $696,083,205 | $243,075,067 | $(46,218,792) | $196,856,275 |
Ordinary Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$2,435,478 | $29,693,267 | $— | $186,941,238 | $219,069,983 |
Total Distributable Earnings (Loss) | Additional Paid-In Capital | |
$4,241 | $(4,241) |
2023 | 2022 | |
Distributions paid from: | ||
Ordinary Income | $22,404,190 | $21,125,017 |
Long-Term Capital Gains | 16,265,810 | — |
Total | $38,670,000 | $21,125,017 |
28 | MainStay Epoch U.S. Equity Yield Fund |
Class A | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 973,771 | $ 18,604,666 |
Shares issued to shareholders in reinvestment of distributions | 885,565 | 17,036,428 |
Shares redeemed | (3,625,920) | (69,451,735) |
Net increase (decrease) in shares outstanding before conversion | (1,766,584) | (33,810,641) |
Shares converted into Class A (See Note 1) | 226,614 | 4,297,248 |
Shares converted from Class A (See Note 1) | (25,712) | (498,356) |
Net increase (decrease) | (1,565,682) | $ (30,011,749) |
Year ended October 31, 2022: | ||
Shares sold | 2,023,734 | $ 39,515,886 |
Shares issued to shareholders in reinvestment of distributions | 480,909 | 9,018,052 |
Shares redeemed | (3,068,447) | (59,210,657) |
Net increase (decrease) in shares outstanding before conversion | (563,804) | (10,676,719) |
Shares converted into Class A (See Note 1) | 497,544 | 9,884,122 |
Shares converted from Class A (See Note 1) | (1,519) | (30,097) |
Net increase (decrease) | (67,779) | $ (822,694) |
Investor Class | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 63,894 | $ 1,214,662 |
Shares issued to shareholders in reinvestment of distributions | 127,791 | 2,449,156 |
Shares redeemed | (311,398) | (5,917,493) |
Net increase (decrease) in shares outstanding before conversion | (119,713) | (2,253,675) |
Shares converted into Investor Class (See Note 1) | 41,278 | 793,765 |
Shares converted from Investor Class (See Note 1) | (141,499) | (2,664,862) |
Net increase (decrease) | (219,934) | $ (4,124,772) |
Year ended October 31, 2022: | ||
Shares sold | 133,288 | $ 2,595,443 |
Shares issued to shareholders in reinvestment of distributions | 66,093 | 1,233,644 |
Shares redeemed | (319,282) | (6,151,698) |
Net increase (decrease) in shares outstanding before conversion | (119,901) | (2,322,611) |
Shares converted into Investor Class (See Note 1) | 52,662 | 1,021,358 |
Shares converted from Investor Class (See Note 1) | (414,979) | (8,255,610) |
Net increase (decrease) | (482,218) | $ (9,556,863) |
Class B | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 834 | $ 15,521 |
Shares issued to shareholders in reinvestment of distributions | 6,217 | 116,032 |
Shares redeemed | (29,897) | (547,694) |
Net increase (decrease) in shares outstanding before conversion | (22,846) | (416,141) |
Shares converted from Class B (See Note 1) | (92,917) | (1,713,976) |
Net increase (decrease) | (115,763) | $ (2,130,117) |
Year ended October 31, 2022: | ||
Shares sold | 4,380 | $ 83,831 |
Shares issued to shareholders in reinvestment of distributions | 2,863 | 51,913 |
Shares redeemed | (45,406) | (854,600) |
Net increase (decrease) in shares outstanding before conversion | (38,163) | (718,856) |
Shares converted from Class B (See Note 1) | (107,981) | (2,013,472) |
Net increase (decrease) | (146,144) | $ (2,732,328) |
Class C | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 36,529 | $ 675,156 |
Shares issued to shareholders in reinvestment of distributions | 15,082 | 281,221 |
Shares redeemed | (175,742) | (3,221,325) |
Net increase (decrease) in shares outstanding before conversion | (124,131) | (2,264,948) |
Shares converted from Class C (See Note 1) | (29,423) | (543,346) |
Net increase (decrease) | (153,554) | $ (2,808,294) |
Year ended October 31, 2022: | ||
Shares sold | 87,124 | $ 1,633,926 |
Shares issued to shareholders in reinvestment of distributions | 5,893 | 106,407 |
Shares redeemed | (215,025) | (4,031,784) |
Net increase (decrease) in shares outstanding before conversion | (122,008) | (2,291,451) |
Shares converted from Class C (See Note 1) | (32,685) | (611,280) |
Net increase (decrease) | (154,693) | $ (2,902,731) |
Class I | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 1,292,727 | $ 24,919,097 |
Shares issued to shareholders in reinvestment of distributions | 667,328 | 12,979,243 |
Shares redeemed | (6,280,669) | (122,008,540) |
Net increase (decrease) in shares outstanding before conversion | (4,320,614) | (84,110,200) |
Shares converted into Class I (See Note 1) | 24,789 | 485,968 |
Shares converted from Class I (See Note 1) | (7,236) | (133,794) |
Net increase (decrease) | (4,303,061) | $ (83,758,026) |
Year ended October 31, 2022: | ||
Shares sold | 4,180,482 | $ 81,194,638 |
Shares issued to shareholders in reinvestment of distributions | 388,567 | 7,353,728 |
Shares redeemed | (4,038,116) | (79,778,322) |
Net increase (decrease) in shares outstanding before conversion | 530,933 | 8,770,044 |
Shares converted into Class I (See Note 1) | 1,502 | 30,097 |
Net increase (decrease) | 532,435 | $ 8,800,141 |
Class R1 | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 2,969 | $ 56,557 |
Shares issued to shareholders in reinvestment of distributions | 1,465 | 28,460 |
Shares redeemed | (4,954) | (96,705) |
Net increase (decrease) | (520) | $ (11,688) |
Year ended October 31, 2022: | ||
Shares sold | 9,871 | $ 187,910 |
Shares issued to shareholders in reinvestment of distributions | 767 | 14,511 |
Shares redeemed | (7,206) | (145,990) |
Net increase (decrease) | 3,432 | $ 56,431 |
Class R2 | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 6,639 | $ 126,811 |
Shares issued to shareholders in reinvestment of distributions | 2,289 | 44,058 |
Shares redeemed | (13,272) | (256,137) |
Net increase (decrease) | (4,344) | $ (85,268) |
Year ended October 31, 2022: | ||
Shares sold | 17,561 | $ 341,153 |
Shares issued to shareholders in reinvestment of distributions | 1,261 | 23,678 |
Shares redeemed | (30,527) | (590,639) |
Net increase (decrease) | (11,705) | $ (225,808) |
Class R3 | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 21,163 | $ 400,482 |
Shares issued to shareholders in reinvestment of distributions | 4,303 | 82,894 |
Shares redeemed | (28,792) | (550,277) |
Net increase (decrease) | (3,326) | $ (66,901) |
Year ended October 31, 2022: | ||
Shares sold | 31,718 | $ 610,972 |
Shares issued to shareholders in reinvestment of distributions | 2,333 | 43,986 |
Shares redeemed | (60,678) | (1,204,977) |
Net increase (decrease) | (26,627) | $ (550,019) |
30 | MainStay Epoch U.S. Equity Yield Fund |
Class R6 | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 399,650 | $ 7,703,241 |
Shares issued to shareholders in reinvestment of distributions | 265,704 | 5,163,424 |
Shares redeemed | (1,683,921) | (32,754,489) |
Net increase (decrease) in shares outstanding before conversion | (1,018,567) | (19,887,824) |
Shares converted from Class R6 (See Note 1) | (1,162) | (22,647) |
Net increase (decrease) | (1,019,729) | $ (19,910,471) |
Year ended October 31, 2022: | ||
Shares sold | 650,236 | $ 12,850,146 |
Shares issued to shareholders in reinvestment of distributions | 158,717 | 3,012,143 |
Shares redeemed | (891,227) | (17,550,643) |
Net increase (decrease) in shares outstanding before conversion | (82,274) | (1,688,354) |
Shares converted from Class R6 (See Note 1) | (1,267) | (25,118) |
Net increase (decrease) | (83,541) | $ (1,713,472) |
SIMPLE Class | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 986 | $ 18,751 |
Shares issued to shareholders in reinvestment of distributions | 146 | 2,799 |
Shares redeemed | (134) | (2,600) |
Net increase (decrease) | 998 | $ 18,950 |
Year ended October 31, 2022: | ||
Shares sold | 1,887 | $ 37,743 |
Shares issued to shareholders in reinvestment of distributions | 50 | 929 |
Shares redeemed | (10) | (213) |
Net increase (decrease) | 1,927 | $ 38,459 |
MainStay Funds Trust:
32 | MainStay Epoch U.S. Equity Yield Fund |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Naïm Abou-Jaoudé* 1966 | MainStay Funds: Trustee since 2023 MainStay Funds Trust: Trustee since 2023 | Chief Executive Officer of New York Life Investment Management LLC (since 2023). Chief Executive Officer of Candriam (an affiliate of New York Life Investment Management LLC) (2007 to 2023). | 81 | MainStay VP Funds Trust: Trustee since 2023 (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2023; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2023; and New York Life Investment Management International (Chair) since 2015 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of his affiliation with New York Life Investment Management LLC and Candriam, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
34 | MainStay Epoch U.S. Equity Yield Fund |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015);MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC (since 1999) | 81 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2021; VanEck Vectors Group of Exchange-Traded Funds: Trustee since 2006 and Independent Chairman of the Board of Trustees from 2008 to 2022 (57 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Investment Committee since 2018 | |
Karen Hammond 1956 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021);MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 81 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Susan B. Kerley 1951 | MainStay Funds: Chair since January 2017 and Trustee since 2007;MainStay Funds Trust: Chair since January 2017 and Trustee since 1990*** | President, Strategic Management Advisors LLC (since 1990) | 81 | MainStay VP Funds Trust: Chair since January 2017 and Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chair since January 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Alan R. Latshaw 1951 | MainStay Funds: Trusteesince 2006;MainStay Funds Trust: Trustee since 2007*** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 81 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 | |
Jacques P. Perold 1958 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015to December 2015);MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 81 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay Funds: Trustee since 1994;MainStay Funds Trust: Trustee since 2007*** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) (since 2004); Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 81 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 |
** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
*** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
36 | MainStay Epoch U.S. Equity Yield Fund |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay Funds, MainStay Funds Trust (since 2017) | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since 2018); President, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust (since 2017)**; Senior Managing Director, Global Product Development (2015 to 2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay Funds (since 2007), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2007)**; and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay Funds and MainStay Funds Trust (since 2010) | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2010)** | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay Funds and MainStay Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ Trust, IndexIQ ETF Trust and Index IQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund, MainStay VP Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012 to 2022) | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay Funds (since 2005), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2005)** |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, New York Life Insurance Company, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
1.
2. | This Fund is registered for sale in CA, CT, DE, FL, MA, NJ, NY and VT. |
3. | An affiliate of New York Life Investment Management LLC. |
5013893MS139-23 | MSEUE11-12/23 |
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended October 31, 2023 | |||||||
Class | Sales Charge | Inception Date | One Year | Five Years | Ten Years or Since Inception | Gross Expense Ratio1 | |
Class A Shares | Maximum 3.00% Initial Sales Charge | With sales charges | 5/3/2004 | 7.29% | 2.75% | 2.95% | 1.00% |
Excluding sales charges | 10.61 | 3.38 | 3.26 | 1.00 | |||
Investor Class Shares2 | Maximum 2.50% Initial Sales Charge | With sales charges | 2/28/2008 | 7.71 | 2.69 | 2.92 | 1.08 |
Excluding sales charges | 10.47 | 3.32 | 3.23 | 1.08 | |||
Class B Shares3 | Maximum 3.00% CDSC | With sales charges | 5/3/2004 | 6.77 | 2.54 | 2.46 | 1.83 |
if Redeemed Within the First Four Years of Purchase | Excluding sales charges | 9.77 | 2.54 | 2.46 | 1.83 | ||
Class C Shares | Maximum 1.00% CDSC | With sales charges | 5/3/2004 | 8.65 | 2.54 | 2.46 | 1.83 |
if Redeemed Within One Year of Purchase | Excluding sales charges | 9.65 | 2.54 | 2.46 | 1.83 | ||
Class I Shares | No Sales Charge | 5/3/2004 | 10.89 | 3.63 | 3.52 | 0.75 | |
Class R3 Shares4 | No Sales Charge | 2/29/2016 | 10.22 | 3.01 | 3.90 | 1.35 | |
Class R6 Shares | No Sales Charge | 2/28/2019 | 11.10 | N/A | 3.94 | 0.64 | |
SIMPLE Class Shares | No Sales Charge | 8/31/2020 | 10.33 | N/A | 4.11 | 1.33 |
1. | The gross expense ratios presented reflect the Fund’s “Total Annual Fund Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report. |
2. | Prior to June 30, 2020, the maximum initial sales charge was 3.00%, which is reflected in the applicable average annual total return figures shown. |
3. | Class B shares are closed to all new purchases as well as additional investments by existing Class B shareholders and will be converted into Class A or Investor Class shares based on shareholder eligibility on or about February 28, 2024. |
4. | 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* | One Year | Five Years | Ten Years |
Morningstar LSTA US Leveraged Loan Index1 | 11.92% | 4.46% | 4.22% |
Morningstar Bank Loan Category Average2 | 10.44 | 3.08 | 3.12 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | The Morningstar LSTA US Leveraged Loan Index is the Fund's primary broad-based securities market index for comparison purposes. The Morningstar LSTA US Leveraged Loan Index is a broad index designed to reflect the performance of U.S. dollar facilities in the leveraged loan market. |
2. | The Morningstar Bank Loan Category Average is representative of funds that invest in floating-rate bank loans instead of bonds. In exchange for their credit risk, these loans offer high interest payments that typically float above a common short-term benchmark. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
6 | MainStay Floating Rate 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 | $1,044.10 | $4.89 | $1,020.42 | $4.84 | 0.95% |
Investor Class Shares | $1,000.00 | $1,043.20 | $5.72 | $1,019.61 | $5.65 | 1.11% |
Class B Shares | $1,000.00 | $1,039.30 | $9.56 | $1,015.83 | $9.45 | 1.86% |
Class C Shares | $1,000.00 | $1,038.10 | $9.56 | $1,015.83 | $9.45 | 1.86% |
Class I Shares | $1,000.00 | $1,045.40 | $3.61 | $1,021.68 | $3.57 | 0.70% |
Class R3 Shares | $1,000.00 | $1,041.00 | $6.64 | $1,018.70 | $6.56 | 1.29% |
Class R6 Shares | $1,000.00 | $1,045.70 | $3.30 | $1,021.98 | $3.26 | 0.64% |
SIMPLE Class Shares | $1,000.00 | $1,042.80 | $6.08 | $1,019.26 | $6.01 | 1.18% |
1. | Expenses are equal to the Fund’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 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. |
Finance | 6.5% |
Electronics | 6.1 |
Services: Business | 5.4 |
Chemicals, Plastics & Rubber | 5.2 |
Other Asset-Backed Securities | 4.9 |
Healthcare, Education & Childcare | 4.8 |
Insurance | 4.0 |
Telecommunications | 3.5 |
Hotels, Motels, Inns & Gaming | 3.3 |
Software | 3.1 |
Containers, Packaging & Glass | 3.0 |
Aerospace & Defense | 2.9 |
Manufacturing | 2.9 |
Oil & Gas | 2.3 |
Diversified/Conglomerate Manufacturing | 2.2 |
Buildings & Real Estate | 2.2 |
Diversified/Conglomerate Service | 2.1 |
High Tech Industries | 2.0 |
Broadcasting & Entertainment | 1.9 |
Automobile | 1.9 |
Healthcare | 1.9 |
Utilities | 1.8 |
Media | 1.8 |
Personal & Nondurable Consumer Products | 1.6 |
Healthcare & Pharmaceuticals | 1.5 |
Beverage, Food & Tobacco | 1.4 |
Retail Store | 1.2 |
Personal, Food & Miscellaneous Services | 1.2 |
Leisure, Amusement, Motion Pictures & Entertainment | 1.1 |
Entertainment | 1.1 |
Printing & Publishing | 0.8 |
Banking | 0.8 |
Mining, Steel, Iron & Non-Precious Metals | 0.7 |
Personal & Nondurable Consumer Products (Manufacturing Only) | 0.7 |
Machinery (Non-Agriculture, Non-Construct & Non-Electronic) | 0.6 |
Chemicals | 0.6 |
Retail | 0.5 |
Hotel, Gaming & Leisure | 0.5 |
Commercial Services | 0.5 |
Affiliated Investment Company | 0.4 |
Capital Equipment | 0.4 |
Pharmaceuticals | 0.3 |
Real Estate | 0.3% |
Packaging | 0.3 |
Energy (Electricity) | 0.3 |
Packaging & Containers | 0.3 |
Cargo Transport | 0.2 |
Water | 0.2 |
Consumer Durables | 0.2 |
Animal Food | 0.2 |
Ecological | 0.2 |
Personal Transportation | 0.2 |
Environmental Control | 0.2 |
Auto Manufacturers | 0.2 |
Diversified Financial Services | 0.2 |
Electric | 0.1 |
Lodging | 0.1 |
Healthcare-Services | 0.1 |
Machinery-Diversified | 0.1 |
Building Materials | 0.1 |
Real Estate Investment Trusts | 0.1 |
Airlines | 0.1 |
Internet | 0.1 |
Engineering & Construction | 0.1 |
Services: Consumer | 0.0‡ |
Iron & Steel | 0.0‡ |
Distribution & Wholesale | 0.0‡ |
Food | 0.0‡ |
Oil & Gas Services | 0.0‡ |
Healthcare-Products | 0.0‡ |
Communications Equipment | 0.0‡ |
Technology Hardware, Storage & Peripherals | 0.0‡ |
Machinery | 0.0‡ |
Health Care Equipment & Supplies | 0.0‡ |
Specialty Retail | 0.0‡ |
Independent Power and Renewable Electricity Producers | 0.0‡ |
Automobile Components | 0.0‡ |
Household Durables | 0.0‡ |
Commercial Services & Supplies | 0.0‡ |
Capital Markets | 0.0‡ |
Short-Term Investments | 5.3 |
Other Assets, Less Liabilities | -0.8 |
100.0% |
‡ | Less than one-tenth of a percent. |
8 | MainStay Floating Rate Fund |
1. | Asurion LLC, 8.689%-10.689%, due 12/23/26–1/20/29 |
2. | Palmer Square CLO Ltd., 7.305%-13.246%, due 7/20/34–10/15/34 |
3. | Univision Communications, Inc., 6.625%-9.64%, due 6/1/27–6/24/29 |
4. | Allied Universal Holdco LLC, 9.174%-10.074%, due 5/12/28 |
5. | UKG, Inc., 8.764%-10.764%, due 5/4/26–5/3/27 |
6. | Agiliti Health, Inc., 8.395%, due 5/1/30 |
7. | Nouryon Finance BV, 9.419%-9.434%, due 4/3/28 |
8. | UFC Holdings LLC, 8.399%, due 4/29/26 |
9. | Connect Finco SARL, 8.824%, due 12/11/26 |
10. | Epicor Software Corp., 8.689%-9.074%, due 7/30/27 |
1. | See "Investment and Performance Comparison" for other share class returns, which may be higher or lower than Class I share returns, and for more information on benchmark and peer group returns. |
2. | An obligation rated ‘BB’ by Standard & Poor’s (“S&P”) is deemed by S&P to be less vulnerable to nonpayment than other speculative issues. In the opinion of S&P, however, the obligor faces major ongoing uncertainties or exposure to adverse business, financial or economic conditions which could lead to the obligor’s inadequate capacity to meet its financial commitment on the obligation. An obligation rated ‘CCC’ by S&P is deemed by S&P to be currently vulnerable to nonpayment and is dependent upon favorable business, financial and economic conditions for the obligor to meet its financial commitment on the obligation. It is the opinion of S&P that in the event of adverse business, financial or economic conditions, the obligor is not likely to have the capacity to meet its financial commitment on the obligation. When applied to Fund holdings, ratings are based solely on the creditworthiness of the bonds in the portfolio and are not meant to represent the security or safety of the Fund. |
3. | Duration is a measure of the price sensitivity of a fixed-income investment to changes in interest rates. Duration is expressed as a number of years and is considered a more accurate sensitivity gauge than average maturity. |
4. | The 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. |
5. | The London InterBank Offered Rate (LIBOR) is a composite of interest rates at which banks borrow from one another in the London market, and it is a benchmark for short-term interest rates. |
6. | The Secured Overnight Financing Rate (SOFR) is a secured, interbank overnight interest rate established as an alternative to LIBOR. |
10 | MainStay Floating Rate Fund |
7. | NR indicates that S&P has not assigned an obligation with a rating, or a rating is no longer assigned. |
8. | An obligation rated ‘BBB’ by S&P is deemed by S&P to exhibit adequate protection parameters. In the opinion of S&P, however, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation. An obligation rated ‘B’ by S&P is deemed by S&P to be more vulnerable to nonpayment than obligations rated ‘BB’, but in the opinion of S&P, the obligor currently has the capacity to meet its financial commitment on the obligation. It is the opinion of S&P that adverse business, financial, or economic conditions will likely impair the obligor's capacity or willingness to meet its financial commitment on the obligation. When applied to Fund holdings, ratings are based solely on the creditworthiness of the bonds in the portfolio and are not meant to represent the security or safety of the Fund. |
Principal Amount | Value | |
Long-Term Bonds 95.1% | ||
Asset-Backed Securities 4.9% | ||
Other Asset-Backed Securities 4.9% | ||
AGL CLO 20 Ltd. (a)(b) | ||
Series 2022-20A, Class B | ||
8.366% (3 Month SOFR + 2.95%), due 7/20/35 | $ 2,500,000 | $ 2,505,192 |
Series 2022-20A, Class E | ||
13.776% (3 Month SOFR + 8.36%), due 7/20/35 | 2,500,000 | 2,505,897 |
AIMCO CLO 16 Ltd. (a)(b) | ||
Series 2021-16A, Class B | ||
7.314% (3 Month SOFR + 1.912%), due 1/17/35 | 2,500,000 | 2,460,140 |
Series 2021-16A, Class E | ||
11.864% (3 Month SOFR + 6.462%), due 1/17/35 | 2,500,000 | 2,449,858 |
AIMCO CLO 20 Ltd. (a)(b)(c) | ||
Series 2023-20A, Class D | ||
7.565% (3 Month SOFR + 4.00%), due 10/16/36 | 1,276,785 | 1,276,341 |
Series 2023-20A, Class B1 | ||
9.356% (3 Month SOFR + 2.20%), due 10/16/36 | 1,500,000 | 1,499,478 |
Ballyrock CLO 21 Ltd. (a)(b) | ||
Series 2022-21A, Class A2A | ||
8.216% (3 Month SOFR + 2.80%), due 10/20/35 | 2,700,000 | 2,712,112 |
Series 2022-21A, Class C | ||
10.736% (3 Month SOFR + 5.32%), due 10/20/35 | 2,500,000 | 2,522,662 |
Carlyle U.S. CLO Ltd. (a)(b) | ||
Series 2022-2A, Class A2 | ||
7.416% (3 Month SOFR + 2.00%), due 4/20/35 | 2,500,000 | 2,457,735 |
Series 2022-2A, Class D | ||
12.816% (3 Month SOFR + 7.40%), due 4/20/35 | 2,500,000 | 2,370,485 |
Danby Park CLO Ltd. (a)(b) | ||
Series 2022-1A, Class B | ||
8.362% (3 Month SOFR + 2.95%), due 10/21/35 | 1,000,000 | 1,004,966 |
Series 2022-1A, Class D | ||
10.742% (3 Month SOFR + 5.33%), due 10/21/35 | 1,000,000 | 1,010,399 |
Elmwood CLO 16 Ltd. (a)(b) | ||
Series 2022-3A, Class B | ||
7.366% (3 Month SOFR + 1.95%), due 4/20/34 | 2,500,000 | 2,468,280 |
Principal Amount | Value | |
Other Asset-Backed Securities (continued) | ||
Elmwood CLO 16 Ltd. (a)(b) (continued) | ||
Series 2022-3A, Class E | ||
12.636% (3 Month SOFR + 7.22%), due 4/20/34 | $ 2,500,000 | $ 2,504,345 |
Elmwood CLO XII Ltd. (a)(b) | ||
Series 2021-5A, Class B | ||
7.377% (3 Month SOFR + 1.962%), due 1/20/35 | 2,500,000 | 2,460,602 |
Series 2021-5A, Class E | ||
12.027% (3 Month SOFR + 6.612%), due 1/20/35 | 2,500,000 | 2,420,478 |
Empower CLO Ltd. (a)(b) | ||
Series 2023-2A, Class B | ||
8.09% (3 Month SOFR + 2.75%), due 7/15/36 | 1,250,000 | 1,253,104 |
Series 2023-2A, Class D | ||
10.74% (3 Month SOFR + 5.40%), due 7/15/36 | 1,250,000 | 1,242,546 |
Galaxy 32 CLO Ltd. (a)(b) | ||
Series 2023-32A, Class B | ||
(zero coupon) (3 Month SOFR + 2.30%), due 10/20/36 | 1,500,000 | 1,500,000 |
Series 2023-32A, Class D | ||
7.674% (3 Month SOFR + 4.30%), due 10/20/36 | 1,500,000 | 1,500,000 |
Magnetite XXXI Ltd. (a)(b) | ||
Series 2021-31A, Class B | ||
7.305% (3 Month SOFR + 1.912%), due 7/15/34 | 2,500,000 | 2,456,892 |
Series 2021-31A, Class E | ||
11.655% (3 Month SOFR + 6.262%), due 7/15/34 | 2,500,000 | 2,350,535 |
Neuberger Berman Loan Advisers CLO 43 Ltd. (a)(b) | ||
Series 2021-43A, Class C | ||
7.614% (3 Month SOFR + 2.212%), due 7/17/35 | 2,500,000 | 2,430,375 |
Series 2021-43A, Class E | ||
11.664% (3 Month SOFR + 6.262%), due 7/17/35 | 2,500,000 | 2,349,608 |
Neuberger Berman Loan Advisers CLO 51 Ltd. (a)(b) | ||
Series 2022-51A, Class B | ||
8.462% (3 Month SOFR + 3.05%), due 10/23/35 | 1,250,000 | 1,256,810 |
Series 2022-51A, Class D | ||
11.112% (3 Month SOFR + 5.70%), due 10/23/35 | 1,250,000 | 1,262,446 |
12 | MainStay Floating Rate Fund |
Principal Amount | Value | |
Asset-Backed Securities (continued) | ||
Other Asset-Backed Securities (continued) | ||
Octagon Investment Partners 51 Ltd. (a)(b) | ||
Series 2021-1A, Class B | ||
7.377% (3 Month SOFR + 1.962%), due 7/20/34 | $ 2,500,000 | $ 2,451,670 |
Series 2021-1A, Class E | ||
12.427% (3 Month SOFR + 7.012%), due 7/20/34 | 2,500,000 | 2,307,780 |
OHA Credit Funding 16 Ltd. (a)(b) | ||
Series 2023-16A, Class B | ||
(zero coupon) (3 Month SOFR + 2.25%), due 10/20/36 | 1,500,000 | 1,499,489 |
Series 2023-16A, Class D | ||
7.606% (3 Month SOFR + 4.00%), due 10/20/36 | 1,500,000 | 1,499,489 |
Palmer Square CLO Ltd. (a)(b) | ||
Series 2021-4A, Class B | ||
7.305% (3 Month SOFR + 1.912%), due 10/15/34 | 2,500,000 | 2,450,058 |
Series 2022-2A, Class B | ||
7.616% (3 Month SOFR + 2.20%), due 7/20/34 | 2,500,000 | 2,494,265 |
Series 2021-4A, Class D | ||
8.605% (3 Month SOFR + 3.212%), due 10/15/34 | 1,500,000 | 1,424,765 |
Series 2021-4A, Class E | ||
11.705% (3 Month SOFR + 6.312%), due 10/15/34 | 2,500,000 | 2,360,378 |
Series 2022-2A, Class E | ||
13.246% (3 Month SOFR + 7.83%), due 7/20/34 | 2,500,000 | 2,505,590 |
Rockland Park CLO Ltd. (a)(b) | ||
Series 2021-1A, Class B | ||
7.327% (3 Month SOFR + 1.912%), due 4/20/34 | 2,500,000 | 2,456,122 |
Series 2021-1A, Class E | ||
11.927% (3 Month SOFR + 6.512%), due 4/20/34 | 2,500,000 | 2,291,165 |
Sixth Street CLO XXI Ltd. (a)(b) | ||
Series 2022-21A, Class B | ||
8.394% (3 Month SOFR + 3.00%), due 10/15/35 | 2,500,000 | 2,513,777 |
Series 2022-21A, Class D | ||
10.494% (3 Month SOFR + 5.10%), due 10/15/35 | 1,429,000 | 1,440,818 |
Total Asset-Backed Securities (Cost $81,156,996) | 79,926,652 |
Principal Amount | Value | |
Corporate Bonds 3.6% | ||
Aerospace & Defense 0.1% | ||
Spirit AeroSystems, Inc. (a) | ||
7.50%, due 4/15/25 | $ 2,100,000 | $ 2,094,821 |
9.375%, due 11/30/29 | 250,000 | 256,732 |
2,351,553 | ||
Airlines 0.1% | ||
United Airlines, Inc. | ||
4.375%, due 4/15/26 (a) | 800,000 | 742,092 |
Auto Manufacturers 0.2% | ||
Ford Motor Co. | ||
6.10%, due 8/19/32 | 1,900,000 | 1,757,403 |
Ford Motor Credit Co. LLC | ||
7.35%, due 11/4/27 | 2,000,000 | 2,024,346 |
3,781,749 | ||
Building Materials 0.1% | ||
JELD-WEN, Inc. (a) | ||
4.625%, due 12/15/25 | 294,000 | 277,462 |
4.875%, due 12/15/27 | 780,000 | 661,162 |
938,624 | ||
Chemicals 0.3% | ||
ASP Unifrax Holdings, Inc. | ||
5.25%, due 9/30/28 (a) | 730,000 | 493,076 |
Olympus Water US Holding Corp. | ||
9.75%, due 11/15/28 (a) | 3,500,000 | 3,418,454 |
SCIL IV LLC | ||
5.375%, due 11/1/26 (a) | 660,000 | 585,437 |
WR Grace Holdings LLC | ||
5.625%, due 8/15/29 (a) | 700,000 | 542,500 |
5,039,467 | ||
Commercial Services 0.2% | ||
Prime Security Services Borrower LLC | ||
6.25%, due 1/15/28 (a) | 1,000,000 | 927,303 |
Sotheby's | ||
5.875%, due 6/1/29 (a) | 2,100,000 | 1,674,519 |
2,601,822 | ||
Distribution & Wholesale 0.0% ‡ | ||
OPENLANE, Inc. | ||
5.125%, due 6/1/25 (a) | 400,000 | 385,854 |
Diversified Financial Services 0.2% | ||
GGAM Finance Ltd. | ||
7.75%, due 5/15/26 (a) | 2,625,000 | 2,604,052 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Diversified Financial Services (continued) | ||
NFP Corp. | ||
8.50%, due 10/1/31 (a) | $ 1,330,000 | $ 1,307,718 |
3,911,770 | ||
Electric 0.1% | ||
Vistra Operations Co. LLC | ||
5.00%, due 7/31/27 (a) | 1,500,000 | 1,372,180 |
Engineering & Construction 0.1% | ||
Brand Industrial Services, Inc. | ||
10.375%, due 8/1/30 (a) | 1,500,000 | 1,488,750 |
Entertainment 0.2% | ||
Caesars Entertainment, Inc. | ||
7.00%, due 2/15/30 (a) | 1,420,000 | 1,370,432 |
Caesars Resort Collection LLC | ||
5.75%, due 7/1/25 (a) | 500,000 | 492,009 |
Light & Wonder International, Inc. | ||
7.00%, due 5/15/28 (a) | 1,350,000 | 1,315,965 |
3,178,406 | ||
Environmental Control 0.2% | ||
GFL Environmental, Inc. (a) | ||
4.25%, due 6/1/25 | 1,200,000 | 1,153,510 |
4.75%, due 6/15/29 | 2,000,000 | 1,750,804 |
2,904,314 | ||
Food 0.0% ‡ | ||
Post Holdings, Inc. | ||
5.50%, due 12/15/29 (a) | 240,000 | 214,035 |
US Foods, Inc. | ||
7.25%, due 1/15/32 (a) | 500,000 | 490,819 |
704,854 | ||
Healthcare-Products 0.0% ‡ | ||
Medline Borrower LP | ||
5.25%, due 10/1/29 (a) | 470,000 | 400,074 |
Healthcare-Services 0.1% | ||
Acadia Healthcare Co., Inc. | ||
5.00%, due 4/15/29 (a) | 240,000 | 213,988 |
Fortrea Holdings, Inc. | ||
7.50%, due 7/1/30 (a) | 840,000 | 810,600 |
1,024,588 |
Principal Amount | Value | |
Insurance 0.1% | ||
GTCR AP Finance, Inc. | ||
8.00%, due 5/15/27 (a) | $ 900,000 | $ 876,335 |
Internet 0.1% | ||
Gen Digital, Inc. | ||
6.75%, due 9/30/27 (a) | 1,320,000 | 1,284,876 |
Iron & Steel 0.0% ‡ | ||
Carpenter Technology Corp. | ||
6.375%, due 7/15/28 | 630,000 | 599,250 |
Lodging 0.1% | ||
Hilton Domestic Operating Co., Inc. | ||
5.375%, due 5/1/25 (a) | 1,000,000 | 983,052 |
Machinery-Diversified 0.1% | ||
GrafTech Finance, Inc. | ||
4.625%, due 12/15/28 (a) | 430,000 | 315,207 |
GrafTech Global Enterprises, Inc. | ||
9.875%, due 12/15/28 (a) | 2,100,000 | 1,880,525 |
2,195,732 | ||
Media 0.3% | ||
Radiate Holdco LLC | ||
4.50%, due 9/15/26 (a) | 730,000 | 558,187 |
Univision Communications, Inc. (a) | ||
6.625%, due 6/1/27 | 1,400,000 | 1,278,755 |
8.00%, due 8/15/28 | 2,400,000 | 2,266,372 |
4,103,314 | ||
Oil & Gas 0.1% | ||
Civitas Resources, Inc. | ||
8.625%, due 11/1/30 (a) | 2,270,000 | 2,310,465 |
Oil & Gas Services 0.0% ‡ | ||
USA Compression Partners LP | ||
6.875%, due 4/1/26 | 640,000 | 621,506 |
Packaging & Containers 0.3% | ||
Ardagh Metal Packaging Finance USA LLC | ||
4.00%, due 9/1/29 (a) | 600,000 | 450,042 |
Ardagh Packaging Finance plc | ||
5.25%, due 4/30/25 (a) | 1,000,000 | 963,370 |
Clydesdale Acquisition Holdings, Inc. | ||
8.75%, due 4/15/30 (a) | 900,000 | 717,372 |
14 | MainStay Floating Rate Fund |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Packaging & Containers (continued) | ||
Mauser Packaging Solutions Holding Co. | ||
7.875%, due 8/15/26 (a) | $ 1,500,000 | $ 1,404,928 |
Trident TPI Holdings, Inc. | ||
12.75%, due 12/31/28 (a) | 1,180,000 | 1,205,818 |
4,741,530 | ||
Pharmaceuticals 0.1% | ||
Bausch Health Cos., Inc. | ||
5.50%, due 11/1/25 (a) | 700,000 | 603,750 |
Organon & Co. | ||
5.125%, due 4/30/31 (a) | 1,400,000 | 1,093,284 |
1,697,034 | ||
Real Estate 0.1% | ||
Realogy Group LLC | ||
5.75%, due 1/15/29 (a) | 1,670,000 | 1,052,423 |
Real Estate Investment Trusts 0.1% | ||
RHP Hotel Properties LP | ||
4.75%, due 10/15/27 | 300,000 | 272,580 |
7.25%, due 7/15/28 (a) | 2,100,000 | 2,035,653 |
2,308,233 | ||
Retail 0.1% | ||
IRB Holding Corp. | ||
7.00%, due 6/15/25 (a) | 580,000 | 575,667 |
LBM Acquisition LLC | ||
6.25%, due 1/15/29 (a) | 2,000,000 | 1,580,000 |
2,155,667 | ||
Software 0.1% | ||
Clarivate Science Holdings Corp. (a) | ||
3.875%, due 7/1/28 | 700,000 | 601,022 |
4.875%, due 7/1/29 | 700,000 | 590,370 |
1,191,392 | ||
Telecommunications 0.1% | ||
Level 3 Financing, Inc. | ||
10.50%, due 5/15/30 (a) | 731,000 | 731,573 |
Telesat Canada | ||
4.875%, due 6/1/27 (a) | 900,000 | 533,250 |
1,264,823 | ||
Total Corporate Bonds (Cost $63,666,499) | 58,211,729 |
Principal Amount | Value | |
Loan Assignments 86.6% | ||
Aerospace & Defense 2.8% | ||
Amentum Government Services Holdings LLC (b) | ||
First Lien Tranche 3 Term Loan | ||
9.335% (1 Month SOFR + 4.00%), due 2/15/29 | $ 4,032,292 | $ 3,935,267 |
First Lien Tranche Term Loan 1 | ||
9.439% (1 Month SOFR + 4.00%), due 1/29/27 | 1,998,937 | 1,961,457 |
Arcline FM Holdings LLC | ||
First Lien Initial Term Loan | ||
10.402% (3 Month SOFR + 4.75%), due 6/23/28 (b) | 3,118,305 | 3,077,377 |
Asplundh Tree Expert LLC | ||
Amendment No. 1 Term Loan | ||
7.174% (1 Month SOFR + 1.75%), due 9/7/27 (b) | 3,768,049 | 3,768,049 |
Barnes Group, Inc. | ||
Initial Term Loan | ||
8.424% (1 Month SOFR + 3.00%), due 9/3/30 (b) | 1,200,000 | 1,186,874 |
Cobham Ultra SeniorCo. SARL | ||
USD Facility Term Loan B | ||
9.363% (6 Month SOFR + 3.50%), due 8/3/29 (b) | 3,361,165 | 3,253,608 |
Dynasty Acquisition Co., Inc. (b) | ||
2023 Specified Refinancing Term Loan B1 | ||
9.324% (1 Month SOFR + 4.00%), due 8/24/28 | 3,989,541 | 3,940,917 |
2023 Specified Refinancing Term Loan B2 | ||
9.324% (1 Month SOFR + 4.00%), due 8/24/28 | 1,709,803 | 1,688,964 |
Russell Investments U.S. Institutional Holdco, Inc. | ||
2025 Term Loan | ||
8.924% (1 Month SOFR + 3.50%), due 5/30/25 (b) | 5,399,014 | 5,109,940 |
SkyMiles IP Ltd. | ||
Initial Term Loan | ||
9.166% (3 Month SOFR + 3.75%), due 10/20/27 (b) | 4,251,428 | 4,345,759 |
TransDigm, Inc. (b) | ||
Tranche Term Loan H | ||
8.64% (3 Month SOFR + 3.25%), due 2/22/27 | 1,959,810 | 1,957,530 |
Tranche Term Loan I | ||
8.64% (3 Month SOFR + 3.25%), due 8/24/28 | 5,003,581 | 4,994,875 |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Aerospace & Defense (continued) | ||
United AirLines, Inc. | ||
Term Loan B | ||
9.189% (1 Month SOFR + 3.75%), due 4/21/28 (b) | $ 3,259,286 | $ 3,265,058 |
WestJet Airlines Ltd. | ||
Term Loan | ||
8.424% (1 Month SOFR + 3.00%), due 12/11/26 (b) | 4,101,695 | 3,954,034 |
46,439,709 | ||
Animal Food 0.2% | ||
Alltech, Inc. | ||
Term Loan B | ||
9.439% (1 Month SOFR + 4.00%), due 10/13/28 (b) | 3,066,063 | 2,989,412 |
Automobile 1.9% | ||
American Auto Auction Group LLC | ||
First Lien Tranche Term Loan B | ||
10.54% (3 Month SOFR + 5.00%), due 12/30/27 (b) | 5,895,000 | 5,718,150 |
Autokiniton U.S. Holdings, Inc. | ||
Closing Date Term Loan B | ||
9.939% (1 Month SOFR + 4.50%), due 4/6/28 (b) | 4,043,792 | 3,957,862 |
Belron Finance 2019 LLC | ||
Dollar Second Incremental Term Loan | ||
7.902% (3 Month SOFR + 2.25%), due 10/30/26 (b) | 4,157,089 | 4,151,893 |
Belron Finance US LLC | ||
Dollar Fourth Incremental Term Loan | ||
8.245% (3 Month SOFR + 2.75%), due 4/18/29 (b) | 498,750 | 498,999 |
Belron Group SA | ||
Dollar Third Incremental Term Loan | ||
8.056% (3 Month SOFR + 2.425%), due 4/13/28 (b) | 4,298,095 | 4,292,723 |
Clarios Global LP | ||
First Lien 2023 Term Loan | ||
9.074% (1 Month SOFR + 3.75%), due 5/6/30 (b) | 6,428,572 | 6,412,500 |
First Brand Group LLC | ||
First Lien 2021 Term Loan | ||
10.881% (6 Month SOFR + 5.00%), due 3/30/27 (b) | 1,333,333 | 1,312,777 |
Principal Amount | Value | |
Automobile (continued) | ||
Wand Newco 3, Inc. | ||
First Lien Tranche Term Loan B1 | ||
8.174% (1 Month SOFR + 2.75%), due 2/5/26 (b) | $ 5,056,682 | $ 5,044,040 |
31,388,944 | ||
Banking 0.8% | ||
Apollo Commercial Real Estate Finance, Inc. (b) | ||
Initial Term Loan | ||
8.189% (1 Month SOFR + 2.75%), due 5/15/26 | 240,130 | 231,726 |
Term Loan B1 | ||
8.939% (1 Month SOFR + 3.50%), due 3/11/28 | 82,494 | 77,957 |
Edelman Financial Engines Center LLC (The) | ||
First Lien 2021 Initial Term Loan | ||
8.939% (1 Month SOFR + 3.50%), due 4/7/28 (b) | 5,583,171 | 5,479,647 |
Jane Street Group LLC | ||
Dollar Term Loan | ||
8.189% (1 Month SOFR + 2.75%), due 1/26/28 (b) | 6,684,154 | 6,661,876 |
12,451,206 | ||
Beverage, Food & Tobacco 1.4% | ||
8th Avenue Food & Provisions, Inc. | ||
First Lien Term Loan | ||
9.189% (1 Month SOFR + 3.75%), due 10/1/25 (b) | 2,226,616 | 2,098,029 |
CHG PPC Parent LLC | ||
First Lien 2021-1 U.S. Term Loan | ||
8.439% (1 Month SOFR + 3.00%), due 12/8/28 (b) | 4,250,929 | 4,187,165 |
Froneri International Ltd. | ||
First Lien Facility Term Loan B2 | ||
7.674% (1 Month SOFR + 2.25%), due 1/29/27 (b) | 2,917,012 | 2,893,615 |
H-Food Holdings LLC | ||
Initial Term Loan | ||
9.269% (3 Month SOFR + 3.688%), due 5/23/25 (b) | 2,453,582 | 2,064,417 |
Naked Juice LLC | ||
First Lien Initial Term Loan | ||
8.74% (3 Month SOFR + 3.25%), due 1/24/29 (b) | 887,200 | 814,338 |
Pegasus BidCo BV | ||
Initial Dollar Term Loan | ||
9.615% (3 Month SOFR + 4.25%), due 7/12/29 (b) | 4,367,000 | 4,326,968 |
16 | MainStay Floating Rate Fund |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Beverage, Food & Tobacco (continued) | ||
Sotheby's | ||
2021 Second Refinancing Term Loan | ||
10.155% (3 Month SOFR + 4.50%), due 1/15/27 (b) | $ 2,239,608 | $ 2,164,021 |
U.S. Foods, Inc. | ||
Incremental 2021 Term Loan B | ||
7.939% (1 Month SOFR + 2.50%), due 11/22/28 (b) | 3,982,294 | 3,986,125 |
United Natural Foods, Inc. | ||
Initial Term Loan | ||
8.689% (1 Month SOFR + 3.25%), due 10/22/25 (b) | 1,136,179 | 1,131,090 |
23,665,768 | ||
Broadcasting & Entertainment 1.9% | ||
Altice France SA | ||
USD Term Loan B14 | ||
10.894% (3 Month SOFR + 5.50%), due 8/15/28 (b) | 6,095,496 | 5,400,865 |
Charter Communications Operating LLC | ||
Term Loan B1 7.074% - 7.133% | ||
(1 Month SOFR + 1.75%, 3 Month SOFR + 1.75%), due 4/30/25 (b) | 6,456,496 | 6,455,005 |
Clear Channel Outdoor Holdings, Inc. | ||
Term Loan B 9.131% - 9.145% | ||
(3 Month SOFR + 3.50%), due 8/21/26 (b) | 4,134,249 | 3,966,295 |
CMG Media Corp. | ||
First Lien 2021 Term Loan B | ||
8.99% (3 Month SOFR + 3.50%), due 12/17/26 (b) | 5,186,784 | 4,662,919 |
Gray Television, Inc. (b) | ||
Term Loan E | ||
7.929% (1 Month SOFR + 2.50%), due 1/2/26 | 11,963 | 11,923 |
Term Loan D | ||
8.429% (1 Month SOFR + 3.00%), due 12/1/28 | 2,335,589 | 2,236,976 |
Nexstar Media, Inc. | ||
Term Loan B4 | ||
7.939% (1 Month SOFR + 2.50%), due 9/18/26 (b) | 2,916,699 | 2,913,963 |
Univision Communications, Inc. (b) | ||
First Lien Initial Term Loan | ||
8.689% (1 Month SOFR + 3.25%), due 1/31/29 | 4,437,313 | 4,359,660 |
Principal Amount | Value | |
Broadcasting & Entertainment (continued) | ||
Univision Communications, Inc. (b) (continued) | ||
First Lien 2022 Incremental Term Loan | ||
9.64% (3 Month SOFR + 4.25%), due 6/24/29 | $ 925,781 | $ 922,309 |
30,929,915 | ||
Buildings & Real Estate 2.2% | ||
Allspring Buyer LLC | ||
Initial Term Loan | �� | |
8.949% (3 Month SOFR + 3.25%), due 11/1/28 (b) | 3,664,982 | 3,559,614 |
Beacon Roofing Supply, Inc. | ||
2028 Term Loan | ||
7.689% (1 Month SOFR + 2.25%), due 5/19/28 (b) | 3,421,250 | 3,414,835 |
Core & Main LP | ||
Tranche Term Loan B 7.926% - 8.056% | ||
(1 Month SOFR + 2.50%, 6 Month SOFR + 2.50%), due 7/27/28 (b) | 5,341,958 | 5,320,590 |
Cornerstone Building Brands, Inc. | ||
Tranche Term Loan B | ||
8.685% (1 Month SOFR + 3.25%), due 4/12/28 (b) | 6,426,055 | 6,095,383 |
Cushman & Wakefield U.S. Borrower LLC (b) | ||
Replacement Term Loan | ||
8.189% (1 Month SOFR + 2.75%), due 8/21/25 | 32,502 | 32,400 |
2023-1 Refinancing Term Loan | ||
8.674% (1 Month SOFR + 3.25%), due 1/31/30 | 4,106,162 | 3,911,119 |
2023-2 Refinancing Term Loan | ||
9.324% (1 Month SOFR + 4.00%), due 1/31/30 | 208,333 | 197,917 |
SRS Distribution, Inc. (b) | ||
2022 Refinancing Term Loan | ||
8.924% (1 Month SOFR + 3.50%), due 6/2/28 | 1,375,500 | 1,343,864 |
2021 Refinancing Term Loan | ||
8.939% (1 Month SOFR + 3.50%), due 6/2/28 | 2,971,931 | 2,899,862 |
VC GB Holdings I Corp. | ||
First Lien Initial Term Loan | ||
8.652% (3 Month SOFR + 3.00%), due 7/21/28 (b) | 3,180,688 | 3,065,388 |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Buildings & Real Estate (continued) | ||
Wilsonart LLC | ||
Tranche Term Loan E | ||
8.74% (3 Month SOFR + 3.25%), due 12/31/26 (b) | $ 5,687,580 | $ 5,629,913 |
35,470,885 | ||
Capital Equipment 0.4% | ||
AZZ, Inc. | ||
Initial Term Loan | ||
9.074% (1 Month SOFR + 3.75%), due 5/13/29 (b) | 3,170,000 | 3,168,415 |
CPM Holdings, Inc. | ||
Initial Term Loan | ||
9.827% (1 Month SOFR + 4.50%), due 9/28/28 (b) | 3,000,000 | 2,995,314 |
6,163,729 | ||
Cargo Transport 0.2% | ||
Genesee & Wyoming, Inc. | ||
Initial Term Loan | ||
7.49% (3 Month SOFR + 2.00%), due 12/30/26 (b) | 3,839,641 | 3,835,947 |
Chemicals 0.3% | ||
ASP Unifrax Holdings, Inc. | ||
First Lien USD Term Loan | ||
9.29% (3 Month SOFR + 3.75%), due 12/12/25 (b) | 2,945,876 | 2,741,768 |
LSF11 A5 Holdco LLC (b) | ||
Term Loan | ||
8.939% (1 Month SOFR + 3.50%), due 10/15/28 | 2,288,384 | 2,224,309 |
Fourth Amendment Incremental Term Loan | ||
9.674% (1 Month SOFR + 4.25%), due 10/15/28 | 448,875 | 439,617 |
5,405,694 | ||
Chemicals, Plastics & Rubber 5.2% | ||
Aruba Investments Holdings LLC (b) | ||
First Lien Initial Dollar Term Loan | ||
9.424% (1 Month SOFR + 4.00%), due 11/24/27 | 1,285,095 | 1,259,393 |
First Lien 2022 Incremental Term Loan | ||
10.074% (1 Month SOFR + 4.75%), due 11/24/27 (d)(e) | 1,488,750 | 1,458,975 |
Principal Amount | Value | |
Chemicals, Plastics & Rubber (continued) | ||
Bakelite UK Intermediate Ltd. | ||
Term Loan | ||
9.54% (3 Month SOFR + 4.00%), due 5/29/29 (b) | $ 5,127,538 | $ 4,960,893 |
Clydesdale Acquisition Holdings, Inc. | ||
First Lien Term Loan B | ||
9.599% (1 Month SOFR + 4.175%), due 4/13/29 (b) | 4,922,625 | 4,752,091 |
Entegris, Inc. | ||
Tranche Term Loan B | ||
7.89% (3 Month SOFR + 2.50%), due 7/6/29 (b) | 4,041,534 | 4,045,324 |
Herens Holdco SARL | ||
USD Facility Term Loan B | ||
9.415% (3 Month SOFR + 3.925%), due 7/3/28 (b) | 1,812,652 | 1,525,650 |
Ineos Quattro Holdings U.K. Ltd. (b) | ||
2026 Tranche Dollar Term Loan B | ||
8.189% (1 Month SOFR + 2.75%), due 1/29/26 | 3,479,900 | 3,407,403 |
2030 Tranche Dollar Term Loan B | ||
9.174% (1 Month SOFR + 3.75%), due 3/14/30 | 1,496,250 | 1,464,455 |
Ineos U.S. Finance LLC (b) | ||
2030 Dollar Term Loan | ||
8.924% (1 Month SOFR + 3.50%), due 2/18/30 | 997,500 | 975,768 |
2027-II Dollar Term Loan | ||
9.174% (1 Month SOFR + 3.75%), due 11/8/27 | 2,351,349 | 2,319,018 |
Innophos Holdings, Inc. | ||
Initial Term Loan | ||
8.689% (1 Month SOFR + 3.25%), due 2/5/27 (b) | 5,336,733 | 5,271,358 |
Jazz Pharmaceuticals plc | ||
Initial Dollar Term Loan | ||
8.939% (1 Month SOFR + 3.50%), due 5/5/28 (b) | 7,175,304 | 7,172,312 |
Koppers, Inc. | ||
Term Loan B 8.91% - 8.95% | ||
(1 Month SOFR + 3.50%), due 4/10/30 (b) | 4,488,750 | 4,488,750 |
Nouryon Finance BV (b) | ||
2023 Term Loan | ||
9.419% (1 Month SOFR + 4.00%), due 4/3/28 | 1,246,875 | 1,215,703 |
18 | MainStay Floating Rate Fund |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Chemicals, Plastics & Rubber (continued) | ||
Nouryon Finance BV (b) (continued) | ||
Extended Dollar Term Loan | ||
9.434% (1 Month SOFR + 4.00%), due 4/3/28 | $ 6,430,030 | $ 6,274,102 |
Olympus Water U.S. Holding Corp. | ||
Initial Dollar Term Loan | ||
9.402% (3 Month SOFR + 3.75%), due 11/9/28 (b) | 2,677,102 | 2,606,828 |
Oxea Holding Vier GmbH | ||
Tranche Term Loan B2 | ||
9.014% (3 Month SOFR + 3.50%), due 10/14/24 (b) | 3,410,007 | 3,339,676 |
PMHC II, Inc. | ||
Initial Term Loan | ||
9.807% (3 Month SOFR + 4.25%), due 4/23/29 (b) | 5,940,000 | 5,388,697 |
SCIH Salt Holdings, Inc. | ||
First Lien Incremental Term Loan B1 | ||
9.439% (1 Month SOFR + 4.00%), due 3/16/27 (b) | 6,247,581 | 6,153,867 |
Sparta U.S. Holdco LLC | ||
First Lien Initial Term Loan | ||
8.679% (1 Month SOFR + 3.25%), due 8/2/28 (b) | 2,063,250 | 2,042,617 |
Tricorbraun Holdings, Inc. | ||
First Lien Closing Date Initial Term Loan | ||
8.689% (1 Month SOFR + 3.25%), due 3/3/28 (b) | 5,821,120 | 5,641,637 |
Tronox Finance LLC | ||
First Lien 2022 Incremental Term Loan | ||
8.64% (3 Month SOFR + 3.25%), due 4/4/29 (b) | 2,540,630 | 2,496,169 |
W. R. Grace Holdings LLC | ||
Initial Term Loan | ||
9.402% (3 Month SOFR + 3.75%), due 9/22/28 (b) | 3,438,750 | 3,369,975 |
Windsor Holdings III LLC | ||
Dollar Term Loan B | ||
9.815% (1 Month SOFR + 4.50%), due 8/1/30 (b) | 4,000,000 | 3,982,500 |
85,613,161 | ||
Commercial Services 0.3% | ||
Prime Security Services Borrower LLC | ||
First Lien 2023 Refinancing Term Loan B1 | ||
7.832% (1 Month SOFR + 2.50%), due 10/13/30 (b) | 5,000,000 | 4,985,715 |
Principal Amount | Value | |
Consumer Durables 0.2% | ||
SWF Holdings I Corp. | ||
First Lien Initial Term Loan | ||
9.439% (1 Month SOFR + 4.00%), due 10/6/28 (b) | $ 4,811,613 | $ 3,929,486 |
Containers, Packaging & Glass 3.0% | ||
Alliance Laundry Systems LLC | ||
Initial Term Loan B 8.932% - 8.994% | ||
(1 Month SOFR + 3.50%, 3 Month SOFR + 3.50%), due 10/8/27 (b) | 4,913,177 | 4,900,211 |
Altium Packaging LLC | ||
First Lien 2021 Term Loan | ||
8.189% (1 Month SOFR + 2.75%), due 2/3/28 (b) | 3,007,979 | 2,952,653 |
Anchor Glass Container Corp. | ||
First Lien August 2023 Extended Term Loan 10.628% - 10.896% | ||
(3 Month SOFR + 5.00%, 6 Month SOFR + 5.00%), due 12/7/25 (b) | 2,637,165 | 2,149,290 |
Berlin Packaging LLC (b) | ||
Tranche Initial Term Loan B4 8.566% - 8.77% | ||
(1 Month SOFR + 3.25%, 3 Month SOFR + 3.25%), due 3/11/28 | 3,900,014 | 3,767,171 |
Tranche Term Loan B5 9.179% - 9.402% | ||
(1 Month SOFR + 3.75%, 3 Month SOFR + 3.75%), due 3/11/28 | 1,058,400 | 1,032,129 |
Charter Next Generation, Inc. | ||
First Lien 2021 Initial Term Loan | ||
9.189% (1 Month SOFR + 3.75%), due 12/1/27 (b) | 6,004,178 | 5,837,190 |
Flint Group Packaging Inks North America Holdings LLC (b) | ||
USD PIK Holdco Term Loan | ||
5.71% (3 Month SOFR + 0.10%), due 12/31/27 | 399,924 | 282,946 |
Second Lien USD PIK Holdco Term Loan | ||
5.71% (3 Month SOFR + 0.10%), due 12/31/27 | 533,320 | 86,664 |
USD Facility Term Loan B | ||
9.856% (3 Month SOFR + 4.25%), due 12/31/26 | 844,489 | 784,674 |
Graham Packaging Co., Inc. | ||
2021 Initial Term Loan | ||
8.439% (1 Month SOFR + 3.00%), due 8/4/27 (b) | 5,814,429 | 5,749,744 |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Containers, Packaging & Glass (continued) | ||
Mauser Packaging Solutions Holding Co. | ||
Initial Term Loan | ||
9.319% (1 Month SOFR + 4.00%), due 8/14/26 (b) | $ 182,417 | $ 176,574 |
Pactiv Evergreen, Inc. (b) | ||
Tranche U.S. Term Loan B2 | ||
8.689% (1 Month SOFR + 3.25%), due 2/5/26 | 1,779,299 | 1,773,616 |
Tranche U.S. Term Loan B3 | ||
8.689% (1 Month SOFR + 3.25%), due 9/24/28 | 980,000 | 974,181 |
Pretium PKG Holdings, Inc. (b) | ||
First Lien Initial Term Loan 9.441% - 9.53% | ||
(1 Month SOFR + 4.00%, 3 Month SOFR + 4.00%), due 10/2/28 | 3,615,600 | 2,693,622 |
Second Lien Initial Term Loan 12.195% - 12.206% | ||
(1 Month SOFR + 6.75%), due 10/1/29 (d) | 1,750,000 | 745,937 |
First Lien Third Amendment Tranche Term Loan A | ||
10.395% (3 Month SOFR + 5.00%), due 10/2/28 | 2,073,106 | 2,029,917 |
ProAmpac PG Borrower LLC | ||
2023-1 Term Loan 9.887% - 12.00% | ||
(3 Month SOFR + 3.50%, 3 Month SOFR + 4.50%), due 9/15/28 (b) | 3,166,667 | 3,123,125 |
Reynolds Consumer Products LLC | ||
Initial Term Loan | ||
7.174% (1 Month SOFR + 1.75%), due 2/4/27 (b) | 126,925 | 126,343 |
RLG Holdings LLC | ||
First Lien Closing Date Initial Term Loan | ||
9.689% (1 Month SOFR + 4.25%), due 7/7/28 (b) | 4,912,500 | 4,525,641 |
Trident TPI Holdings, Inc. (b) | ||
Tranche Initial Term Loan B3 | ||
9.652% (3 Month SOFR + 4.00%), due 9/15/28 | 3,698,360 | 3,646,739 |
Tranche Initial Term Loan B5 | ||
9.89% (3 Month SOFR + 4.50%), due 9/15/28 | 970,555 | 965,433 |
Tranche Initial Term Loan B4 | ||
10.64% (3 Month SOFR + 5.25%), due 9/15/28 | 397,000 | 394,353 |
48,718,153 |
Principal Amount | Value | |
Diversified/Conglomerate Manufacturing 2.2% | ||
Allied Universal Holdco LLC (b) | ||
Initial U.S. Dollar Term Loan | ||
9.174% (1 Month SOFR + 3.75%), due 5/12/28 | $ 5,976,608 | $ 5,662,836 |
Amendment No. 3 Term Loan | ||
10.074% (1 Month SOFR + 4.75%), due 5/12/28 | 3,000,000 | 2,902,968 |
Filtration Group Corp. (b) | ||
2021 Incremental Term Loan | ||
8.939% (1 Month SOFR + 3.50%), due 10/21/28 | 2,954,774 | 2,930,766 |
2023 Extended Dollar Term Loan | ||
9.689% (1 Month SOFR + 4.25%), due 10/21/28 | 2,756,958 | 2,755,481 |
Gardner Denver, Inc. | ||
2020 GDI Tranche Dollar Term Loan B2 | ||
7.174% (1 Month SOFR + 1.75%), due 3/1/27 (b) | 3,308,796 | 3,311,692 |
GYP Holdings III Corp. | ||
First Lien 2023 Refinancing Term Loan | ||
8.324% (1 Month SOFR + 3.00%), due 5/12/30 (b) | 570,787 | 571,679 |
Ingersoll-Rand Services Co. | ||
2020 Spinco Tranche Dollar Term Loan B1 | ||
7.174% (1 Month SOFR + 1.75%), due 3/1/27 (b) | 162,026 | 162,168 |
Iron Mountain Information Management LLC | ||
Incremental Term Loan B | ||
7.189% (1 Month LIBOR + 1.75%), due 1/2/26 (b) | 3,177,413 | 3,166,489 |
LTI Holdings, Inc. (b) | ||
First Lien Initial Term Loan | ||
8.939% (1 Month SOFR + 3.50%), due 9/6/25 | 1,282,465 | 1,219,624 |
First Lien First Amendment Additional Term Loan | ||
10.189% (1 Month LIBOR + 4.75%), due 7/24/26 | 1,719,211 | 1,640,414 |
QUIKRETE Holdings, Inc. | ||
First Lien Fourth Amendment Term Loan | ||
8.189% (1 Month SOFR + 2.75%), due 3/19/29 (b) | 5,417,500 | 5,412,418 |
Red Ventures LLC | ||
First Lien Term Loan B4 | ||
8.324% (1 Month SOFR + 3.00%), due 3/3/30 (b) | 4,136,748 | 4,091,244 |
20 | MainStay Floating Rate Fund |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Diversified/Conglomerate Manufacturing (continued) | ||
WP CPP Holdings LLC | ||
First Lien Initial Term Loan | ||
9.29% (3 Month SOFR + 3.75%), due 4/30/25 (b) | $ 2,938,549 | $ 2,804,845 |
36,632,624 | ||
Diversified/Conglomerate Service 2.1% | ||
Applied Systems, Inc. (b) | ||
First Lien 2026 Term Loan | ||
9.89% (3 Month SOFR + 4.50%), due 9/18/26 | 3,446,479 | 3,451,404 |
Second Lien 2021 Term Loan | ||
12.14% (3 Month SOFR + 6.75%), due 9/17/27 | 1,982,109 | 1,988,923 |
Blackhawk Network Holdings, Inc. | ||
First Lien Term Loan | ||
8.172% (3 Month SOFR + 2.75%), due 6/15/25 (b) | 3,778,627 | 3,743,988 |
Brightview Landscapes LLC | ||
2022 Initial Term Loan | ||
8.633% (3 Month SOFR + 3.25%), due 4/20/29 (b) | 880,595 | 878,668 |
Element Materials Technology Group U.S. Holdings, Inc. (b) | ||
Initial USD Term Loan B | ||
9.74% (3 Month SOFR + 4.25%), due 6/22/29 | 1,901,421 | 1,834,871 |
First Lien Delayed Draw Term Loan B | ||
9.74% (3 Month SOFR + 4.25%), due 6/22/29 | 877,579 | 846,864 |
Genesys Cloud Services Holdings I LLC | ||
2020 Initial Dollar Term Loan | ||
9.439% (1 Month SOFR + 4.00%), due 12/1/27 (b) | 5,764,508 | 5,757,303 |
MKS Instruments, Inc. | ||
2023-1 Dollar Term Loan B | ||
7.819% (1 Month SOFR + 2.50%), due 8/17/29 (b) | 6,791,244 | 6,721,634 |
TruGreen LP | ||
First Lien Second Refinancing Term Loan | ||
9.424% (1 Month SOFR + 4.00%), due 11/2/27 (b) | 6,317,688 | 5,913,356 |
Verscend Holding Corp. | ||
Term Loan B1 | ||
9.439% (1 Month SOFR + 4.00%), due 8/27/25 (b) | 4,036,277 | 4,029,339 |
35,166,350 |
Principal Amount | Value | |
Ecological 0.2% | ||
GFL Environmental, Inc. | ||
2023 Refinancing Term Loan A | ||
7.912% (3 Month SOFR + 2.50%), due 5/31/27 (b) | $ 3,019,667 | $ 3,018,912 |
Electronics 6.1% | ||
Camelot U.S. Acquisition LLC (b) | ||
Initial Term Loan | ||
8.439% (1 Month SOFR + 3.00%), due 10/30/26 | 2,686,593 | 2,681,795 |
Amendment No. 2 Incremental Term Loan | ||
8.439% (1 Month SOFR + 3.00%), due 10/30/26 | 2,814,736 | 2,809,208 |
Castle U.S. Holding Corp. (b) | ||
Initial Dollar Term Loan | ||
9.434% (3 Month SOFR + 3.75%), due 1/29/27 | 219,046 | 158,926 |
Dollar Term Loan B2 | ||
9.684% (3 Month SOFR + 4.00%), due 1/29/27 | 4,895,833 | 3,598,437 |
Commscope, Inc. | ||
Initial Term Loan | ||
8.689% (1 Month SOFR + 3.25%), due 4/6/26 (b) | 6,123,151 | 5,258,256 |
CoreLogic, Inc. | ||
First Lien Initial Term Loan | ||
8.939% (1 Month SOFR + 3.50%), due 6/2/28 (b) | 6,414,526 | 5,807,821 |
DCert Buyer, Inc. | ||
First Lien Initial Term Loan | ||
9.324% (1 Month SOFR + 4.00%), due 10/16/26 (b) | 5,347,829 | 5,245,113 |
ECi Macola/MAX Holding LLC | ||
First Lien Initial Term Loan | ||
9.402% (3 Month SOFR + 3.75%), due 11/9/27 (b) | 3,403,750 | 3,383,539 |
Epicor Software Corp. (b) | ||
Term Loan C | ||
8.689% (1 Month SOFR + 3.25%), due 7/30/27 | 6,107,378 | 6,072,389 |
Term Loan D | ||
9.074% (1 Month SOFR + 3.75%), due 7/30/27 | 1,250,000 | 1,250,625 |
Flexera Software LLC | ||
First Lien Term Loan B1 | ||
9.189% (1 Month SOFR + 3.75%), due 3/3/28 (b) | 3,653,013 | 3,604,307 |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Electronics (continued) | ||
Gainwell Acquisition Corp. | ||
First Lien Term Loan B | ||
9.49% (3 Month SOFR + 4.00%), due 10/1/27 (b) | $ 5,532,793 | $ 5,279,208 |
Go Daddy Operating Co. LLC | ||
Amendment No. 6 Term Loan | ||
7.824% (1 Month SOFR + 2.50%), due 11/9/29 (b) | 2,131,646 | 2,132,089 |
Helios Software Holdings, Inc. | ||
2021 Initial Dollar Term Loan | ||
9.29% (3 Month SOFR + 3.75%), due 3/11/28 (b) | 1,403,009 | 1,368,810 |
ION Trading Finance Ltd. | ||
2021 Initial Dollar Term Loan | ||
10.24% (3 Month SOFR + 4.75%), due 4/1/28 (b) | 3,910,000 | 3,775,246 |
MH Sub I LLC | ||
First Lien 2023 May Incremental Term Loan | ||
9.574% (1 Month SOFR + 4.25%), due 5/3/28 (b) | 6,751,352 | 6,443,659 |
Project Alpha Intermediate Holding, Inc. | ||
Initial Term Loan | ||
10.075% (1 Month SOFR + 4.75%), due 10/28/30 (b) | 6,500,000 | 6,299,196 |
Proofpoint, Inc. | ||
First Lien Initial Term Loan | ||
8.689% (1 Month SOFR + 3.25%), due 8/31/28 (b) | 5,472,302 | 5,374,562 |
Rocket Software, Inc. | ||
Extended Dollar Term Loan | ||
10.074% (1 Month SOFR + 4.75%), due 11/28/28 (b) | 5,171,464 | 5,057,691 |
Sharp Services LLC (b) | ||
First Lien Initial Term Loan | ||
9.49% (3 Month SOFR + 4.00%), due 12/31/28 | 4,117,101 | 4,096,516 |
First Lien Tranche Term Loan B | ||
9.896% (3 Month SOFR + 4.50%), due 12/31/28 | 1,000,000 | 991,250 |
SS&C Technologies Holdings, Inc. (b) | ||
Term Loan B6 | ||
7.674% (1 Month SOFR + 2.25%), due 3/22/29 | 2,032,522 | 2,030,176 |
Term Loan B7 | ||
7.674% (1 Month SOFR + 2.25%), due 3/22/29 | 3,219,693 | 3,215,978 |
Principal Amount | Value | |
Electronics (continued) | ||
Surf Holdings SARL | ||
First Lien Dollar Tranche Term Loan | ||
8.956% (1 Month SOFR + 3.50%), due 3/5/27 (b) | $ 2,957,246 | $ 2,935,889 |
Vertiv Group Corp. | ||
Term Loan B | ||
8.179% (1 Month SOFR + 2.75%), due 3/2/27 (b) | 5,793,071 | 5,776,978 |
VS Buyer LLC | ||
Initial Term Loan | ||
8.674% (1 Month SOFR + 3.25%), due 2/28/27 (b) | 1,447,500 | 1,432,573 |
WEX, Inc. | ||
Term Loan B | ||
7.689% (1 Month SOFR + 2.25%), due 3/31/28 (b) | 3,900,000 | 3,895,667 |
99,975,904 | ||
Energy (Electricity) 0.3% | ||
Covanta Holding Corp. (b) | ||
Initial Term Loan B | ||
7.824% (1 Month SOFR + 2.50%), due 11/30/28 | 4,031,979 | 3,976,540 |
Initial Term Loan C | ||
7.824% (1 Month SOFR + 2.50%), due 11/30/28 | 306,620 | 302,404 |
4,278,944 | ||
Entertainment 0.9% | ||
Alterra Mountain Co. (b) | ||
Term Loan B2 | ||
8.939% (1 Month SOFR + 3.50%), due 8/17/28 | 4,742,829 | 4,745,793 |
Term Loan B3 | ||
9.174% (1 Month SOFR + 3.75%), due 5/31/30 | 498,750 | 498,750 |
Fertitta Entertainment LLC | ||
Initial Term Loan B | ||
9.324% (1 Month SOFR + 4.00%), due 1/27/29 (b) | 4,149,146 | 4,052,765 |
Formula One Management Ltd. | ||
First Lien Facility Term Loan B | ||
7.574% (1 Month SOFR + 2.25%), due 1/15/30 (b) | 984,615 | 982,359 |
22 | MainStay Floating Rate Fund |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Entertainment (continued) | ||
J&J Ventures Gaming LLC | ||
Initial Term Loan | ||
9.652% (3 Month SOFR + 4.00%), due 4/26/28 (b) | $ 5,370,202 | $ 5,094,979 |
15,374,646 | ||
Finance 6.5% | ||
AAdvantage Loyality IP Ltd. | ||
Initial Term Loan | ||
10.427% (3 Month SOFR + 4.75%), due 4/20/28 (b) | 5,580,000 | 5,648,483 |
Acuris Finance U.S., Inc. | ||
Initial Dollar Term Loan | ||
9.54% (3 Month SOFR + 4.00%), due 2/16/28 (b) | 5,647,135 | 5,555,369 |
ADMI Corp. (b) | ||
Amendment No.4 Refinancing Term Loan | ||
8.814% (1 Month SOFR + 3.375%), due 12/23/27 | 2,437,500 | 2,186,640 |
Amendment No. 5 Incremental Term Loan | ||
9.189% (1 Month SOFR + 3.75%), due 12/23/27 | 3,675,000 | 3,307,500 |
Ahlstrom-Munksjo Holding 3 Oy | ||
USD Facility Term Loan B | ||
9.652% (3 Month SOFR + 4.00%), due 2/4/28 (b) | 3,120,894 | 3,001,261 |
AlixPartners LLP | ||
Initial Dollar Term Loan | ||
8.189% (1 Month SOFR + 2.75%), due 2/4/28 (b) | 3,357,968 | 3,353,072 |
Blackstone Mortgage Trust, Inc. | ||
Term Loan B4 | ||
8.824% (1 Month SOFR + 3.50%), due 5/9/29 (b) | 316,585 | 300,756 |
Blue Tree Holdings, Inc. | ||
Term Loan | ||
8.152% (3 Month SOFR + 2.50%), due 3/4/28 (b) | 1,462,500 | 1,425,937 |
Boxer Parent Co., Inc. | ||
2021 Replacement Dollar Term Loan | ||
9.189% (1 Month SOFR + 3.75%), due 10/2/25 (b) | 3,852,448 | 3,846,739 |
Covia Holdings LLC | ||
Initial Term Loan | ||
9.676% (3 Month SOFR + 4.00%), due 7/31/26 (b) | 837,917 | 831,633 |
Principal Amount | Value | |
Finance (continued) | ||
CPC Acquisition Corp. | ||
First Lien Initial Term Loan | ||
9.402% (3 Month SOFR + 3.75%), due 12/29/27 (b) | $ 3,770,462 | $ 2,948,030 |
Deerfield Dakota Holding LLC | ||
First Lien Initial Dollar Term Loan | ||
9.14% (3 Month SOFR + 3.75%), due 4/9/27 (b) | 5,296,412 | 5,111,038 |
Endurance International Group Holdings, Inc. | ||
Initial Term Loan | ||
9.422% (6 Month SOFR + 3.50%), due 2/10/28 (b) | 5,617,612 | 5,201,561 |
GTCR W. Merger Sub LLC | ||
USD Term Loan B | ||
TBD, due 9/20/30 | 5,000,000 | 4,958,035 |
LBM Acquisition LLC | ||
First Lien Initial Term Loan | ||
9.174% (1 Month LIBOR + 3.75%), due 12/17/27 (b) | 4,470,767 | 4,250,022 |
LSF11 Trinity Bidco, Inc. | ||
Initial Term Loan | ||
9.835% (1 Month SOFR + 4.50%), due 6/14/30 (b) | 3,740,625 | 3,726,598 |
Minimax Viking GmbH | ||
Facility Term Loan B1C | ||
7.931% (1 Month SOFR + 2.50%), due 7/31/25 (b) | 4,043,004 | 4,038,961 |
Onex TSG Intermediate Corp. | ||
Initial Term Loan | ||
10.395% (3 Month SOFR + 4.75%), due 2/28/28 (b) | 2,912,551 | 2,675,906 |
Park River Holdings, Inc. | ||
First Lien Initial Term Loan | ||
8.907% (3 Month SOFR + 3.25%), due 12/28/27 (b) | 4,529,911 | 4,271,869 |
Peraton Corp. | ||
First Lien Term Loan B | ||
9.174% (1 Month SOFR + 3.75%), due 2/1/28 (b) | 4,968,856 | 4,863,268 |
Pluto Acquisition I, Inc. | ||
First Lien 2021 Term Loan | ||
9.684% (3 Month SOFR + 4.00%), due 6/22/26 (b) | 3,747,505 | 3,147,904 |
Potters Industries LLC | ||
Initial Term Loan | ||
9.49% (3 Month SOFR + 4.00%), due 12/14/27 (b) | 1,170,000 | 1,170,975 |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Finance (continued) | ||
RealPage, Inc. | ||
First Lien Initial Term Loan | ||
8.439% (1 Month SOFR + 3.00%), due 4/24/28 (b) | $ 4,789,423 | $ 4,672,408 |
RealTruck Group, Inc. | ||
Initial Term Loan | ||
9.189% (1 Month SOFR + 3.75%), due 1/31/28 (b) | 5,884,236 | 5,592,783 |
Triton Water Holdings, Inc. | ||
First Lien Initial Term Loan | ||
8.902% (3 Month SOFR + 3.25%), due 3/31/28 (b) | 3,801,622 | 3,599,661 |
WCG Purchaser Corp. | ||
First Lien Initial Term Loan | ||
9.439% (1 Month SOFR + 4.00%), due 1/8/27 (b) | 6,417,795 | 6,323,133 |
WildBrain Ltd. | ||
Initial Term Loan | ||
9.689% (1 Month SOFR + 4.25%), due 3/24/28 (b) | 5,469,305 | 5,291,552 |
WIN Waste Innovations Holdings, Inc. | ||
Initial Term Loan | ||
8.189% (1 Month SOFR + 2.75%), due 3/24/28 (b) | 6,284,727 | 5,588,171 |
106,889,265 | ||
Healthcare 1.9% | ||
AHP Health Partners, Inc. | ||
Initial Term Loan | ||
8.939% (1 Month SOFR + 3.50%), due 8/24/28 (b) | 1,960,000 | 1,957,550 |
Chariot Buyer LLC | ||
First Lien Initial Term Loan | ||
8.674% (1 Month SOFR + 3.25%), due 11/3/28 (b) | 5,069,428 | 4,916,554 |
CHG Healthcare Services, Inc. | ||
First Lien Initial Term Loan | ||
8.689% (1 Month SOFR + 3.25%), due 9/29/28 (b) | 6,083,368 | 6,012,077 |
ICU Medical, Inc. | ||
Tranche Term Loan B | ||
8.04% (3 Month SOFR + 2.50%), due 1/8/29 (b) | 4,304,151 | 4,284,426 |
LSCS Holdings, Inc. | ||
First Lien Initial Term Loan | ||
9.939% (1 Month SOFR + 4.50%), due 12/16/28 (b) | 4,716,000 | 4,615,785 |
Principal Amount | Value | |
Healthcare (continued) | ||
Medical Solutions Holdings, Inc. | ||
First Lien Initial Term Loan | ||
8.772% (3 Month SOFR + 3.25%), due 11/1/28 (b) | $ 2,027,917 | $ 1,885,117 |
Medline Borrower LP | ||
Initial Dollar Term Loan | ||
8.689% (1 Month SOFR + 3.25%), due 10/23/28 (b) | 5,284,239 | 5,245,210 |
U.S. Anesthesia Partners, Inc. | ||
First Lien Initial Term Loan | ||
9.679% (1 Month SOFR + 4.25%), due 10/1/28 (b) | 1,900,303 | 1,644,290 |
30,561,009 | ||
Healthcare & Pharmaceuticals 1.5% | ||
Bausch & Lomb Corp. | ||
Initial Term Loan | ||
8.755% (3 Month SOFR + 3.25%), due 5/10/27 (b) | 5,920,050 | 5,656,117 |
Bausch Health Cos., Inc. | ||
Second Amendment Term Loan | ||
10.689% (1 Month SOFR + 5.25%), due 2/1/27 (b) | 2,667,321 | 2,071,937 |
Embecta Corp. | ||
First Lien Initial Term Loan | ||
8.337% (6 Month SOFR + 3.00%), due 3/30/29 (b) | 6,327,554 | 6,112,867 |
Envision Healthcare Corp. (f)(g) | ||
First Out Term Loan | ||
TBD (3 Month SOFR + 7.875%), due 3/31/27 (b) | 522,312 | 616,329 |
Second Out Term Loan | ||
TBD, due 3/31/27 (d)(e) | 3,076,502 | 461,475 |
2018 Third Out Term Loan | ||
8.992% (3 Month SOFR + 3.75%), due 3/31/27 (b)(d) | 1,444,155 | 7,221 |
Owens & Minor, Inc. | ||
Term Loan B1 9.174% - 9.24% | ||
(1 Month SOFR + 3.75%, 3 Month SOFR + 3.75%), due 3/29/29 (b) | 3,590,000 | 3,585,512 |
Pediatric Associates Holding Co. LLC | ||
Amendment No. 1 Incremental Term Loan | ||
8.689% (1 Month SOFR + 3.25%), due 12/29/28 (b) | 3,325,282 | 3,187,282 |
24 | MainStay Floating Rate Fund |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Healthcare & Pharmaceuticals (continued) | ||
Physician Partners LLC | ||
Initial Term Loan | ||
9.533% (3 Month SOFR + 4.00%), due 12/23/28 (b) | $ 2,570,776 | $ 2,419,743 |
24,118,483 | ||
Healthcare, Education & Childcare 4.8% | ||
Agiliti Health, Inc. | ||
Term Loan | ||
8.395% (3 Month SOFR + 3.00%), due 5/1/30 (b) | 7,879,279 | 7,761,090 |
Alvogen Pharma U.S., Inc. | ||
January 2020 Term Loan | ||
10.79% (3 Month SOFR + 5.25%), due 12/31/23 (b) | 462,501 | 453,251 |
Amneal Pharmaceuticals LLC | ||
Initial Term Loan | ||
8.939% (1 Month SOFR + 3.50%), due 5/4/25 (b) | 6,888,268 | 6,739,743 |
athenahealth Group, Inc. | ||
Initial Term Loan | ||
8.577% (1 Month SOFR + 3.25%), due 2/15/29 (b) | 4,822,815 | 4,654,017 |
Carestream Dental Technology Parent Ltd. (b) | ||
First Lien Initial Term Loan | ||
8.981% (3 Month LIBOR + 3.25%), due 9/1/24 | 1,382,762 | 1,151,149 |
First Lien Tranche Term Loan B | ||
10.231% (6 Month SOFR + 4.50%), due 9/1/24 | 1,834,678 | 1,531,956 |
Carestream Health, Inc. | ||
Term Loan | ||
12.99% (3 Month SOFR + 7.50%), due 9/30/27 (b) | 2,498,325 | 1,830,023 |
Ecovyst Catalyst Technologies LLC | ||
Initial Term Loan | ||
7.983% (3 Month SOFR + 2.50%), due 6/9/28 (b) | 5,450,250 | 5,410,507 |
Elanco Animal Health, Inc. | ||
Term Loan | ||
7.165% (1 Month SOFR + 1.75%), due 8/1/27 (b) | 2,610,827 | 2,546,744 |
eResearchTechnology, Inc. | ||
First Lien Initial Term Loan | ||
9.939% (1 Month SOFR + 4.50%), due 2/4/27 (b) | 1,328,470 | 1,280,867 |
Principal Amount | Value | |
Healthcare, Education & Childcare (continued) | ||
FC Compassus LLC | ||
Term Loan B1 | ||
9.895% (3 Month SOFR + 4.25%), due 12/31/26 (b)(d) | $ 5,266,698 | $ 5,072,488 |
Grifols Worldwide Operations Ltd. | ||
Dollar Tranche Term Loan B | ||
7.424% (1 Month SOFR + 2.00%), due 11/15/27 (b) | 3,730,270 | 3,624,774 |
Insulet Corp. | ||
Term Loan B | ||
8.689% (1 Month SOFR + 3.25%), due 5/4/28 (b) | 5,459,002 | 5,433,983 |
Journey Personal Care Corp. | ||
Initial Term Loan | ||
9.981% (3 Month LIBOR + 4.25%), due 3/1/28 (b) | 3,890,051 | 3,717,430 |
Mallinckrodt International Finance SA | ||
2017 Replacement Term Loan | ||
12.703% (1 Month SOFR + 7.25%), due 9/30/27 (b)(f) | 1,935,237 | 1,461,104 |
National Mentor Holdings, Inc. (b) | ||
First Lien Initial Term Loan 9.174% - 9.24% | ||
(1 Month SOFR + 3.75%, 3 Month SOFR + 3.75%), due 3/2/28 | 2,142,388 | 1,863,878 |
First Lien Initial Term Loan C | ||
9.24% (3 Month SOFR + 3.75%), due 3/2/28 | 79,651 | 69,296 |
Organon & Co. | ||
Dollar Term Loan | ||
8.45% (1 Month SOFR + 3.00%), due 6/2/28 (b) | 5,594,676 | 5,566,703 |
Petco Health and Wellness Co., Inc. | ||
First Lien Initial Term Loan | ||
8.902% (3 Month SOFR + 3.25%), due 3/3/28 (b) | 6,534,215 | 6,373,584 |
Raptor Acquisition Corp. | ||
First Lien Term Loan B | ||
9.658% (3 Month SOFR + 4.00%), due 11/1/26 (b) | 4,196,875 | 4,190,580 |
Select Medical Corp. | ||
Tranche Term Loan B1 | ||
8.324% (1 Month SOFR + 3.00%), due 3/6/27 (b) | 2,348,958 | 2,339,417 |
Sound Inpatient Physicians, Inc. | ||
First Lien Initial Term Loan | ||
8.645% (3 Month SOFR + 3.00%), due 6/27/25 (b)(d) | 1,895,000 | 555,709 |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Healthcare, Education & Childcare (continued) | ||
Sunshine Luxembourg VII SARL | ||
Facility Term Loan B3 | ||
9.24% (3 Month LIBOR + 3.75%), due 10/1/26 (b) | $ 5,628,840 | $ 5,619,457 |
79,247,750 | ||
High Tech Industries 2.0% | ||
Altar BidCo, Inc. | ||
First Lien Initial Term Loan 7.993% - 8.262% | ||
(1 Year SOFR + 3.10%, 3 Month SOFR + 3.10%), due 2/1/29 (b) | 4,062,244 | 4,019,444 |
AP Gaming I LLC | ||
Term Loan B | ||
9.54% (3 Month SOFR + 4.00%), due 2/15/29 (b) | 5,745,834 | 5,717,104 |
Central Parent LLC | ||
First Lien 2023 Refinancing Term Loan | ||
9.406% (3 Month SOFR + 4.00%), due 7/6/29 (b) | 2,000,000 | 1,987,272 |
Hanesbands, Inc. | ||
Tranche Initial Term Loan B | ||
9.074% (1 Month SOFR + 3.75%), due 3/8/30 (b) | 3,482,500 | 3,434,615 |
NAB Holdings LLC | ||
Initial Term Loan | ||
8.54% (3 Month SOFR + 3.00%), due 11/23/28 (b) | 1,426,704 | 1,415,494 |
Nielsen Consumer, Inc. | ||
Fifth Amendment Dollar Incremental Term Loan | ||
11.574% (1 Month SOFR + 6.25%), due 3/6/28 (b) | 1,828,750 | 1,767,030 |
Open Text Corp. | ||
2023 Replacement Term Loan | ||
8.174% (1 Month SOFR + 2.75%), due 1/31/30 (b) | 4,441,506 | 4,439,126 |
Scientific Games Holdings LP | ||
First Lien Initial Dollar Term Loan | ||
8.914% (3 Month SOFR + 3.50%), due 4/4/29 (b) | 4,302,692 | 4,228,738 |
Star Parent, Inc. | ||
Term Loan | ||
9.386% (3 Month SOFR + 4.00%), due 9/27/30 (b) | 4,500,000 | 4,287,654 |
Principal Amount | Value | |
High Tech Industries (continued) | ||
Trans Union LLC | ||
2021 Incremental Term Loan B6 | ||
7.689% (1 Month SOFR + 2.25%), due 12/1/28 (b) | $ 1,720,692 | $ 1,717,053 |
33,013,530 | ||
Hotel, Gaming & Leisure 0.5% | ||
Flutter Entertainment plc | ||
2028 Third Amendment Term Loan B | ||
8.902% (3 Month SOFR + 3.25%), due 7/22/28 (b) | 7,215,131 | 7,215,131 |
Ontario Gaming GTA LP | ||
First Lien Term Loan B | ||
9.64% (3 Month SOFR + 4.25%), due 8/1/30 (b) | 1,000,000 | 998,750 |
8,213,881 | ||
Hotels, Motels, Inns & Gaming 3.3% | ||
Aimbridge Acquisition Co., Inc. | ||
First Lien 2019 Initial Term Loan | ||
9.189% (1 Month SOFR + 3.75%), due 2/2/26 (b) | 3,307,435 | 3,154,466 |
Caesars Entertainment, Inc. | ||
2023 Incremental Term Loan B | ||
8.674% (1 Month SOFR + 3.25%), due 2/6/30 (b) | 2,089,500 | 2,078,727 |
Entain plc (b) | ||
USD Facility Term Loan B | ||
7.99% (3 Month SOFR + 2.50%), due 3/29/27 | 4,713,035 | 4,705,966 |
USD Facility Term Loan B2 | ||
8.99% (3 Month SOFR + 3.50%), due 10/31/29 | 1,588,004 | 1,585,622 |
Everi Holdings, Inc. | ||
Term Loan B | ||
7.939% (1 Month LIBOR + 2.50%), due 8/3/28 (b) | 4,038,730 | 4,030,879 |
Four Seasons Holdings, Inc. | ||
First Lien 2023 Repricing Term Loan | ||
7.924% (1 Month SOFR + 2.50%), due 11/30/29 (b) | 1,426,992 | 1,426,199 |
Golden Entertainment, Inc. | ||
First Lien 2023 Refinancing Facility Term Loan B1 | ||
8.176% (1 Month SOFR + 2.75%), due 5/28/30 (b) | 872,813 | 870,266 |
Hilton Worldwide Finance LLC | ||
Refinanced Term Loan B2 | ||
7.174% (1 Month SOFR + 1.75%), due 6/22/26 (b) | 1,720,157 | 1,718,237 |
26 | MainStay Floating Rate Fund |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Hotels, Motels, Inns & Gaming (continued) | ||
Light and Wonder International, Inc. | ||
Initial Term Loan B | ||
8.435% (1 Month SOFR + 3.00%), due 4/14/29 (b) | $ 5,917,575 | $ 5,896,443 |
Oceankey U.S. II Corp. | ||
Initial Term Loan | ||
8.924% (1 Month SOFR + 3.50%), due 12/15/28 (b) | 3,551,441 | 3,345,013 |
PCI Gaming Authority | ||
Facility Term Loan B | ||
7.939% (1 Month SOFR + 2.50%), due 5/29/26 (b) | 1,370,300 | 1,368,015 |
Penn Entertainment, Inc. | ||
Facility Term Loan B | ||
8.17% (1 Month SOFR + 2.75%), due 5/3/29 (b) | 1,975,000 | 1,970,511 |
Station Casinos LLC | ||
Facility Term Loan B1 | ||
7.674% (1 Month SOFR + 2.25%), due 2/8/27 (b) | 1,875,210 | 1,863,021 |
Travel + Leisure Co. | ||
Term Loan B | ||
7.895% (3 Month SOFR + 2.25%), due 5/30/25 (b) | 3,800,000 | 3,792,875 |
UFC Holdings LLC | ||
First Lien Term Loan B3 | ||
8.399% (3 Month SOFR + 2.75%), due 4/29/26 (b) | 7,413,789 | 7,403,136 |
Whatabrands LLC | ||
Initial Term Loan B | ||
8.439% (1 Month SOFR + 3.00%), due 8/3/28 (b) | 5,885,150 | 5,823,027 |
Wyndham Hotels & Resorts, Inc. | ||
2023 Term Loan B | ||
7.674% (1 Month SOFR + 2.25%), due 5/24/30 (b) | 2,496,244 | 2,498,116 |
53,530,519 | ||
Insurance 3.9% | ||
Acrisure LLC | ||
First Lien 2021-2 Additional Term Loan | ||
9.689% (1 Month LIBOR + 4.25%), due 2/15/27 (b) | 4,863,375 | 4,832,979 |
Alliant Holdings Intermediate LLC | ||
New Term Loan B4 | ||
8.939% (1 Month LIBOR + 3.50%), due 11/5/27 (b) | 3,920,000 | 3,905,088 |
Principal Amount | Value | |
Insurance (continued) | ||
AmWINS Group, Inc. | ||
Term Loan | ||
7.689% (1 Month SOFR + 2.25%), due 2/19/28 (b) | $ 7,300,537 | $ 7,231,182 |
AssuredPartners Capital, Inc. | ||
2022 Term Loan | ||
8.824% (1 Month SOFR + 3.50%), due 2/12/27 (b) | 2,955,000 | 2,926,928 |
AssuredPartners, Inc. | ||
2020 February Refinancing Term Loan | ||
8.939% (1 Month SOFR + 3.50%), due 2/12/27 (b) | 3,886,405 | 3,850,778 |
Asurion LLC (b) | ||
New Term Loan B8 | ||
8.689% (1 Month SOFR + 3.25%), due 12/23/26 | 3,000,000 | 2,895,000 |
New Term Loan B11 | ||
9.674% (1 Month SOFR + 4.25%), due 8/19/28 | 3,277,520 | 3,125,934 |
Second Lien New Term Loan B3 | ||
10.689% (1 Month SOFR + 5.25%), due 1/31/28 | 4,200,000 | 3,640,001 |
Second Lien New Term Loan B4 | ||
10.689% (1 Month SOFR + 5.25%), due 1/20/29 | 4,500,000 | 3,836,250 |
Broadstreet Partners, Inc. (b) | ||
2020 Initial Term Loan | ||
8.439% (1 Month SOFR + 3.00%), due 1/27/27 | 4,208,017 | 4,160,677 |
Tranche Term Loan B2 | ||
8.689% (1 Month SOFR + 3.25%), due 1/27/27 | 1,143,333 | 1,130,590 |
Initial Term Loan B | ||
9.324% (1 Month SOFR + 4.00%), due 1/27/29 | 498,750 | 497,018 |
Hub International Ltd. (b) | ||
2022 Incremental Term Loan | ||
9.365% (3 Month SOFR + 4.00%), due 11/10/29 | 357,300 | 356,608 |
2023 Refinancing Term Loan | ||
9.662% (3 Month SOFR + 4.25%), due 6/20/30 | 3,600,000 | 3,597,541 |
NFP Corp. | ||
Closing Date Term Loan | ||
8.689% (1 Month SOFR + 3.25%), due 2/16/27 (b) | 3,312,417 | 3,245,248 |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Insurance (continued) | ||
Ryan Specialty Group LLC | ||
Initial Term Loan | ||
8.424% (1 Month SOFR + 3.00%), due 9/1/27 (b) | $ 3,916,835 | $ 3,907,858 |
Sedgwick Claims Management Services, Inc. | ||
2023 Term Loan | ||
9.074% (1 Month SOFR + 3.75%), due 2/24/28 (b) | 6,185,326 | 6,158,618 |
USI, Inc. | ||
2022 Incremental Term Loan | ||
9.14% (3 Month SOFR + 3.75%), due 11/22/29 (b) | 5,199,757 | 5,187,569 |
64,485,867 | ||
Leisure, Amusement, Motion Pictures & Entertainment 1.1% | ||
Bombardier Recreational Products, Inc. | ||
2020 Replacement Term Loan | ||
7.424% (1 Month SOFR + 2.00%), due 5/24/27 (b) | 4,176,571 | 4,134,805 |
Creative Artists Agency LLC | ||
Term Loan B | ||
8.824% (1 Month SOFR + 3.50%), due 11/27/28 (b) | 5,799,436 | 5,772,858 |
Lions Gate Capital Holdings LLC | ||
Term Loan B | ||
7.674% (1 Month SOFR + 2.25%), due 3/24/25 (b) | 1,322,424 | 1,318,646 |
Marriott Ownership Resorts, Inc. | ||
2019 Refinancing Term Loan | ||
7.174% (1 Month SOFR + 1.75%), due 8/29/25 (b) | 2,910,432 | 2,900,731 |
William Morris Endeavor Entertainment LLC | ||
First Lien Term Loan B1 | ||
8.189% (1 Month SOFR + 2.75%), due 5/18/25 (b) | 3,644,077 | 3,635,878 |
17,762,918 | ||
Machinery (Non-Agriculture, Non-Construct & Non-Electronic) 0.6% | ||
Advanced Drainage Systems, Inc. | ||
Initial Term Loan | ||
7.665% (1 Month SOFR + 2.25%), due 7/31/26 (b) | 452,143 | 455,157 |
Columbus McKinnon Corp. | ||
Initial Term Loan | ||
8.422% (3 Month SOFR + 2.75%), due 5/14/28 (b) | 5,567,342 | 5,560,383 |
Principal Amount | Value | |
Machinery (Non-Agriculture, Non-Construct & Non-Electronic) (continued) | ||
Husky Injection Molding Systems Ltd. | ||
Initial Term Loan | ||
8.731% (3 Month SOFR + 3.00%), due 3/28/25 (b) | $ 3,397,604 | $ 3,341,034 |
9,356,574 | ||
Manufacturing 2.9% | ||
ASP Blade Holdings, Inc. | ||
Initial Term Loan | ||
9.652% (3 Month SOFR + 4.00%), due 10/13/28 (b) | 5,908,135 | 5,154,848 |
Chart Industries, Inc. | ||
Amendment No. 5 Term Loan | ||
8.665% (1 Month SOFR + 3.25%), due 3/15/30 (b) | 3,129,639 | 3,117,903 |
Clark Equipment Co. | ||
Tranche Term Loan B | ||
7.99% (3 Month SOFR + 2.50%), due 4/20/29 (b) | 433,676 | 433,568 |
Coherent Corp. | ||
Initial Term Loan B | ||
8.189% (1 Month SOFR + 2.75%), due 7/2/29 (b) | 5,790,206 | 5,766,686 |
CP Atlas Buyer, Inc. | ||
Term Loan B | ||
9.174% (1 Month SOFR + 3.75%), due 11/23/27 (b) | 5,345,966 | 4,931,654 |
CPG International LLC | ||
Closing Date Term Loan | ||
7.924% (1 Month SOFR + 2.50%), due 4/28/29 (b) | 3,712,500 | 3,702,291 |
EMRLD Borrower LP | ||
Initial Term Loan B | ||
8.324% (1 Month SOFR + 3.00%), due 5/31/30 (b) | 6,209,289 | 6,193,766 |
FCG Acquisitions, Inc. | ||
First Lien Initial Term Loan | ||
9.402% (3 Month LIBOR + 3.75%), due 3/31/28 (b) | 3,384,544 | 3,315,797 |
LSF12 Badger Bidco LLC | ||
Initial Term Loan | ||
11.324% (1 Month SOFR + 6.00%), due 8/30/30 (b) | 1,250,000 | 1,248,438 |
Madison IAQ LLC | ||
Term Loan | ||
8.703% (1 Month LIBOR + 3.25%), due 6/21/28 (b) | 2,749,585 | 2,646,967 |
28 | MainStay Floating Rate Fund |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Manufacturing (continued) | ||
Pro Mach Group, Inc. | ||
First Lien Closing Date Initial Term Loan | ||
9.439% (1 Month SOFR + 4.00%), due 8/31/28 (b) | $ 6,295,930 | $ 6,270,746 |
Standard Building Solutions, Inc. | ||
Initial Term Loan | ||
7.953% (1 Month SOFR + 2.50%), due 9/22/28 (b) | 2,428,725 | 2,430,243 |
Zurn LLC | ||
First Lien Term Loan B | ||
7.439% (1 Month SOFR + 2.00%), due 10/4/28 (b) | 1,877,830 | 1,879,170 |
47,092,077 | ||
Media 1.5% | ||
Apple Bidco LLC (b) | ||
First Lien Initial Term Loan | ||
8.189% (1 Month SOFR + 2.75%), due 9/22/28 | 5,408,352 | 5,295,961 |
First Lien Amendment No. 1 Term Loan | ||
9.324% (1 Month SOFR + 4.00%), due 9/22/28 | 1,736,875 | 1,731,809 |
Cogeco Communications Finance (USA) LP | ||
Amendment No. 5 Incremental Term Loan B | ||
7.931% (1 Month SOFR + 2.50%), due 9/1/28 (b) | 4,124,122 | 4,037,771 |
Diamond Sports Group LLC | ||
Second Lien Term Loan | ||
TBD (1 Month SOFR + 5.25%, 3 Month SOFR + 3.25%), due 8/24/26 (b)(f)(g) | 2,898,312 | 32,606 |
DIRECTV Financing LLC | ||
Closing Date Term Loan | ||
10.439% (1 Month SOFR + 5.00%), due 8/2/27 (b) | 2,502,618 | 2,430,891 |
Mission Broadcasting, Inc. | ||
Term Loan B4 | ||
7.939% (1 Month SOFR + 2.50%), due 6/2/28 (b) | 1,368,500 | 1,368,073 |
Radiate Holdco LLC | ||
Amendment No. 6 Term Loan B | ||
8.689% (1 Month SOFR + 3.25%), due 9/25/26 (b) | 4,541,060 | 3,745,666 |
Sinclair Television Group, Inc. | ||
Term Loan B4 | ||
9.174% (1 Month SOFR + 3.75%), due 4/21/29 (b) | 2,943,863 | 1,999,987 |
Principal Amount | Value | |
Media (continued) | ||
Virgin Media Bristol LLC | ||
Facility Term Loan Y | ||
8.79% (6 Month SOFR + 3.25%), due 3/31/31 (b) | $ 3,666,667 | $ 3,585,083 |
24,227,847 | ||
Mining, Steel, Iron & Non-Precious Metals 0.7% | ||
American Rock Salt Co. LLC | ||
First Lien Initial Term Loan | ||
9.439% (1 Month SOFR + 4.00%), due 6/9/28 (b) | 3,414,878 | 3,081,927 |
Arsenal AIC Parent LLC | ||
Term Loan B | ||
9.879% (3 Month SOFR + 4.50%), due 8/18/30 (b) | 2,571,429 | 2,563,928 |
Gates Global LLC | ||
Initial Dollar Term Loan B3 | ||
7.924% (1 Month SOFR + 2.50%), due 3/31/27 (b) | 3,796,264 | 3,786,379 |
MRC Global U.S., Inc. | ||
2018 Refinancing Term Loan | ||
8.439% (1 Month LIBOR + 3.00%), due 9/20/24 (b) | 2,283,164 | 2,260,332 |
11,692,566 | ||
Oil & Gas 2.2% | ||
Buckeye Partners LP | ||
2021 Tranche Term Loan B1 | ||
7.666% (1 Month SOFR + 2.25%), due 11/1/26 (b) | 312,721 | 312,330 |
ChampionX Corp. | ||
Term Loan B1 | ||
8.177% (1 Month SOFR + 2.75%), due 6/7/29 (b) | 4,455,000 | 4,466,138 |
DT Midstream, Inc. | ||
Initial Term Loan | ||
7.439% (1 Month SOFR + 2.00%), due 6/26/28 (b) | 1,277,850 | 1,278,329 |
Fleet Midco I Ltd. | ||
Facility Term Loan B | ||
8.439% (1 Month LIBOR + 3.00%), due 10/7/26 (b) | 3,164,194 | 3,160,239 |
GIP III Stetson I LP | ||
Initial Term Loan | ||
9.574% (1 Month SOFR + 4.25%), due 7/18/25 (b)(d) | 1,775,927 | 1,772,720 |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Oil & Gas (continued) | ||
GIP Pilot Acquisition Partners LP | ||
Initial Term Loan | ||
8.388% (3 Month SOFR + 3.00%), due 10/4/30 (b) | $ 1,363,636 | $ 1,360,227 |
Medallion Midland Acquisition LLC | ||
Initial Term Loan | ||
9.402% (3 Month SOFR + 3.75%), due 10/18/28 (b) | 3,751,237 | 3,748,892 |
Murphy Oil USA, Inc. | ||
Tranche Term Loan B | ||
7.179% (1 Month SOFR + 1.75%), due 1/31/28 (b) | 780,000 | 780,975 |
NorthRiver Midstream Finance LP | ||
First Lien Initial Term Loan B | ||
8.395% (3 Month SOFR + 3.00%), due 8/16/30 (b) | 1,562,402 | 1,556,760 |
Oryx Midstream Services Permian Basin LLC | ||
2023 Incremental Term Loan | ||
8.692% (1 Month SOFR + 3.25%), due 10/5/28 (b) | 3,891,841 | 3,883,084 |
PES Holdings LLC | ||
Tranche Term Loan C (zero coupon) - 13.00% | ||
(3.00% PIK) (1 Month LIBOR + 4.50%), due 12/31/23 (b)(d)(f)(g)(h) | 1,999,165 | 39,983 |
Prairie ECI Acquiror LP | ||
Initial Term Loan | ||
10.174% (1 Month SOFR + 4.75%), due 3/11/26 (b) | 3,250,723 | 3,238,533 |
TransMontaigne Operating Co. LP | ||
Tranche Term Loan B 8.939% - 8.941% | ||
(1 Month SOFR + 3.50%), due 11/17/28 (b) | 4,912,500 | 4,848,790 |
Traverse Midstream Partners LLC | ||
Advance Term Loan | ||
9.24% (3 Month SOFR + 3.75%), due 2/16/28 (b) | 2,890,791 | 2,881,156 |
Veritas U.S., Inc. | ||
2021 Dollar Term Loan B | ||
10.439% (1 Month SOFR + 5.00%), due 9/1/25 (b) | 2,736,683 | 2,302,804 |
35,630,960 |
Principal Amount | Value | |
Packaging 0.3% | ||
LABL, Inc. | ||
Initial Dollar Term Loan | ||
10.424% (1 Month SOFR + 5.00%), due 10/29/28 (b) | $ 2,652,750 | $ 2,491,264 |
Plastipak Holdings, Inc. | ||
2021 Tranche Term Loan B | ||
7.924% (1 Month SOFR + 2.50%), due 12/1/28 (b) | 1,906,177 | 1,897,326 |
4,388,590 | ||
Personal & Nondurable Consumer Products 1.6% | ||
ABG Intermediate Holdings 2 LLC | ||
First Lien Tranche Term Loan B1 | ||
8.924% (1 Month SOFR + 3.50%), due 12/21/28 (b) | 7,016,125 | 6,994,824 |
Foundation Building Materials, Inc. | ||
First Lien Initial Term Loan 8.689% - 8.895% | ||
(1 Month SOFR + 3.25%, 3 Month SOFR + 3.25%), due 1/31/28 (b) | 5,124,288 | 5,037,462 |
Hunter Douglas Holding BV | ||
Tranche Term Loan B1 | ||
8.891% (3 Month SOFR + 3.50%), due 2/26/29 (b) | 3,441,288 | 3,245,565 |
Leslie's Poolmart, Inc. | ||
Initial Term Loan | ||
8.189% (1 Month SOFR + 2.75%), due 3/9/28 (b) | 4,332,820 | 4,220,435 |
Michaels Cos., Inc. (The) | ||
Term Loan B | ||
9.902% (3 Month SOFR + 4.25%), due 4/15/28 (b) | 1,712,556 | 1,426,925 |
Perrigo Co. plc | ||
Initial Term Loan B | ||
7.674% (1 Month SOFR + 2.25%), due 4/20/29 (b) | 4,937,500 | 4,910,754 |
Prestige Brands, Inc. | ||
Term Loan B5 | ||
7.439% (1 Month SOFR + 2.00%), due 7/3/28 (b) | 892,500 | 890,408 |
26,726,373 | ||
Personal & Nondurable Consumer Products (Manufacturing Only) 0.7% | ||
American Builders & Contractors Supply Co., Inc. | ||
Restatement Effective Date Term Loan | ||
7.424% (1 Month SOFR + 2.00%), due 1/15/27 (b) | 2,640,000 | 2,633,674 |
30 | MainStay Floating Rate Fund |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Personal & Nondurable Consumer Products (Manufacturing Only) (continued) | ||
Hercules Achievement, Inc. | ||
First Lien Third Amendment Extended Term Loan | ||
10.439% (1 Month SOFR + 5.00%), due 12/15/26 (b) | $ 4,243,136 | $ 4,064,572 |
SRAM LLC | ||
Initial Term Loan | ||
8.189% (1 Month SOFR + 2.75%), due 5/18/28 (b) | 4,645,454 | 4,617,870 |
11,316,116 | ||
Personal Transportation 0.2% | ||
Uber Technologies, Inc. | ||
Term Loan B | ||
TBD, due 1/1/38 | 2,500,000 | 2,497,187 |
Personal, Food & Miscellaneous Services 1.2% | ||
1011778 B.C. Unlimited Liability Co. | ||
Term Loan B5 | ||
7.574% (1 Month SOFR + 2.25%), due 9/23/30 (b) | 5,004,160 | 4,964,127 |
Aramark Intermediate HoldCo Corp. | ||
U.S. Term Loan B5 | ||
7.939% (1 Month SOFR + 2.50%), due 4/6/28 (b) | 6,051,889 | 6,036,759 |
Hayward Industries, Inc. | ||
First Lien Refinancing Term Loan | ||
8.189% (1 Month SOFR + 2.75%), due 5/30/28 (b) | 1,594,619 | 1,564,222 |
Hillman Group, Inc. (The) | ||
Initial Term Loan | ||
8.189% (1 Month SOFR + 2.75%), due 7/14/28 (b) | 1,484,630 | 1,479,858 |
IRB Holding Corp. | ||
2022 Replacement Term Loan B | ||
8.424% (1 Month SOFR + 3.00%), due 12/15/27 (b) | 4,102,512 | 4,053,795 |
KFC Holding Co. | ||
2021 Term Loan B | ||
7.199% (1 Month SOFR + 1.75%), due 3/15/28 (b) | 2,161,658 | 2,156,929 |
20,255,690 |
Principal Amount | Value | |
Pharmaceuticals 0.2% | ||
Padagis LLC | ||
Term Loan B | ||
10.434% (3 Month SOFR + 4.75%), due 7/6/28 (b) | $ 4,011,765 | $ 3,520,323 |
Printing & Publishing 0.8% | ||
Getty Images, Inc. | ||
Initial Dollar Term Loan | ||
9.99% (3 Month SOFR + 4.50%), due 2/19/26 (b) | 2,559,611 | 2,561,211 |
Severin Acquisition LLC | ||
First Lien Initial Term Loan | ||
8.633% (3 Month SOFR + 3.25%), due 8/1/27 (b) | 4,318,042 | 4,308,788 |
Springer Nature Deutschland GmbH | ||
Initial Term Loan B18 | ||
8.652% (3 Month SOFR + 3.00%), due 8/14/26 (b) | 5,992,564 | 5,981,328 |
12,851,327 | ||
Real Estate 0.2% | ||
RHP Hotel Properties LP | ||
Tranche Term Loan B | ||
8.074% (1 Month SOFR + 2.75%), due 5/18/30 (b) | 2,653,333 | 2,652,007 |
Retail 0.4% | ||
Great Outdoors Group LLC | ||
Term Loan B2 | ||
9.402% (3 Month SOFR + 3.75%), due 3/6/28 (b) | 6,047,047 | 5,990,356 |
Retail Store 1.2% | ||
EG Group Ltd. (b) | ||
USD Facility Term Loan B | ||
9.164% (1 Month SOFR + 4.00%), due 2/7/25 | 1,206,435 | 1,203,419 |
USD Additional Facility Term Loan | ||
9.414% (1 Month SOFR + 4.00%), due 2/7/25 | 1,301,546 | 1,298,292 |
USD Additional Facility Term Loan | ||
9.664% (1 Month LIBOR + 4.25%), due 3/31/26 | 2,720,017 | 2,709,817 |
Harbor Freight Tools USA, Inc. | ||
2021 Initial Term Loan | ||
8.189% (1 Month SOFR + 2.75%), due 10/19/27 (b) | 2,870,742 | 2,831,628 |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Retail Store (continued) | ||
PetSmart LLC | ||
Initial Term Loan | ||
9.174% (1 Month SOFR + 3.75%), due 2/11/28 (b) | $ 6,411,760 | $ 6,329,325 |
White Cap Supply Holdings LLC | ||
Initial Closing Date Term Loan | ||
9.074% (1 Month SOFR + 3.75%), due 10/19/27 (b) | 5,812,506 | 5,767,592 |
20,140,073 | ||
Services: Business 5.4% | ||
Ascensus Group Holdings, Inc. | ||
First Lien Initial Term Loan | ||
8.939% (1 Month SOFR + 3.50%), due 8/2/28 (b) | 5,408,293 | 5,295,622 |
Avis Budget Car Rental LLC | ||
Tranche Term Loan C | ||
8.924% (1 Month SOFR + 3.50%), due 3/16/29 (b) | 4,925,000 | 4,920,075 |
Brown Group Holdings LLC (b) | ||
Facility Incremental Term Loan B2 9.074% - 9.172% | ||
(1 Month SOFR + 3.75%, 3 Month SOFR + 3.75%), due 7/2/29 | 1,200,603 | 1,197,227 |
Initial Term Loan | ||
8.174% (1 Month SOFR + 2.75%), due 6/7/28 | 4,853,975 | 4,761,230 |
Charlotte Buyer, Inc. | ||
First Lien Initial Term Loan B | ||
10.591% (1 Month SOFR + 5.25%), due 2/11/28 (b) | 2,524,333 | 2,494,041 |
ConnectWise LLC | ||
Initial Term Loan | ||
8.939% (1 Month SOFR + 3.50%), due 9/29/28 (b) | 3,537,000 | 3,433,101 |
Corporation Service Co. | ||
Term Loan B | ||
8.674% (1 Month SOFR + 3.25%), due 11/2/29 (b) | 1,290,750 | 1,289,943 |
Dun & Bradstreet Corp. (The) (b) | ||
Refinancing Term Loan | ||
8.176% (1 Month SOFR + 2.75%), due 2/6/26 | 4,859,856 | 4,852,911 |
2022 Incremental Term Loan B2 | ||
8.326% (1 Month SOFR + 3.00%), due 1/18/29 | 689,500 | 687,776 |
Principal Amount | Value | |
Services: Business (continued) | ||
Electron Bidco, Inc. | ||
First Lien Initial Term Loan | ||
8.439% (1 Month SOFR + 3.00%), due 11/1/28 (b) | $ 7,031,887 | $ 6,953,875 |
Fortrea Holdings, Inc. | ||
Initial Term Loan B | ||
9.074% (1 Month SOFR + 3.75%), due 7/1/30 (b) | 1,246,875 | 1,244,693 |
GIP II Blue Holding LP | ||
Initial Term Loan | ||
9.939% (1 Month SOFR + 4.50%), due 9/29/28 (b) | 4,265,427 | 4,263,427 |
Hunter Holdco 3 Ltd. | ||
First Lien Initial Dollar Term Loan | ||
9.74% (3 Month SOFR + 4.25%), due 8/19/28 (b) | 7,077,000 | 6,988,537 |
Icon plc (b) | ||
Lux Term Loan | ||
7.902% (3 Month SOFR + 2.25%), due 7/3/28 | 2,917,637 | 2,918,001 |
U.S. Term Loan | ||
7.902% (3 Month SOFR + 2.25%), due 7/3/28 | 726,931 | 727,022 |
Mitchell International, Inc. (b) | ||
First Lien Initial Term Loan | ||
9.189% (1 Month SOFR + 3.75%), due 10/15/28 | 3,283,333 | 3,199,756 |
Second Lien Initial Term Loan | ||
11.939% (1 Month SOFR + 6.50%), due 10/15/29 | 1,800,000 | 1,674,751 |
MPH Acquisition Holdings LLC | ||
Initial Term Loan | ||
9.916% (3 Month SOFR + 4.25%), due 9/1/28 (b) | 4,900,000 | 4,548,832 |
Nielsen Consumer, Inc. | ||
2021 Refinancing Dollar Term Loan | ||
9.074% (1 Month SOFR + 3.75%), due 3/6/28 (b) | 4,348,453 | 4,073,957 |
Orbit Private Holdings I Ltd. | ||
First Lien Initial Dollar Term Loan | ||
10.087% (6 Month SOFR + 4.50%), due 12/11/28 (b) | 3,607,425 | 3,607,425 |
Parexel International, Inc. | ||
First Lien Initial Term Loan | ||
8.689% (1 Month SOFR + 3.25%), due 11/15/28 (b) | 5,890,138 | 5,813,567 |
32 | MainStay Floating Rate Fund |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Services: Business (continued) | ||
PECF USS Intermediate Holding III Corp. | ||
Initial Term Loan 9.689% - 9.895% | ||
(1 Month SOFR + 4.25%, 3 Month SOFR + 4.25%), due 12/15/28 (b) | $ 2,905,304 | $ 2,186,241 |
Polaris Newco LLC | ||
First Lien Dollar Term Loan | ||
9.439% (1 Month SOFR + 4.00%), due 6/2/28 (b) | 4,407,432 | 4,155,657 |
Project Boost Purchaser LLC | ||
2021 Tranche Term Loan 2 | ||
8.939% (1 Month SOFR + 3.50%), due 5/30/26 (b) | 4,250,490 | 4,220,384 |
Prometric Holdings, Inc. | ||
First Lien Initial Term Loan | ||
10.695% (3 Month SOFR + 3.00%), due 1/31/28 (b) | 1,617,647 | 1,586,305 |
Vizient, Inc. | ||
Term Loan B7 | ||
7.677% (1 Month SOFR + 2.25%), due 5/16/29 (b) | 2,221,875 | 2,222,493 |
89,316,849 | ||
Services: Consumer 0.0% ‡ | ||
West Technology Group LLC | ||
Term Loan B3 | ||
9.633% (3 Month SOFR + 4.00%), due 4/10/27 (b) | 915,385 | 850,799 |
Software 3.0% | ||
AppLovin Corp. | ||
Amendment No. 6 New Term Loan | ||
8.424% (1 Month SOFR + 3.10%), due 10/25/28 (b) | 4,732,937 | 4,715,189 |
Cloud Software Group, Inc. | ||
First Lien Dollar Term Loan B | ||
9.99% (3 Month SOFR + 4.50%), due 3/30/29 (b) | 3,888,000 | 3,688,254 |
Cornerstone OnDemand, Inc. | ||
First Lien Initial Term Loan | ||
9.189% (1 Month SOFR + 3.75%), due 10/16/28 (b) | 2,578,182 | 2,431,548 |
Gen Digital, Inc. | ||
Tranche Initial Term Loan B | ||
7.424% (1 Month SOFR + 2.00%), due 9/12/29 (b) | 4,222,327 | 4,180,762 |
Principal Amount | Value | |
Software (continued) | ||
Informatica LLC | ||
Initial Term Loan | ||
8.189% (1 Month SOFR + 2.75%), due 10/27/28 (b) | $ 3,727,828 | $ 3,712,685 |
ISolved, Inc. | ||
Closing Date Term Loan | ||
9.484% (6 Month SOFR + 4.00%), due 10/14/30 (b) | 588,235 | 587,868 |
Magenta Buyer LLC | ||
First Lien Initial Term Loan | ||
10.645% (3 Month SOFR + 5.00%), due 7/27/28 (b) | 3,199,278 | 2,199,504 |
McAfee Corp. | ||
Tranche Term Loan B1 | ||
9.165% (1 Month SOFR + 3.75%), due 3/1/29 (b) | 2,930,226 | 2,788,599 |
Mitnick Corp. Purchaser, Inc. | ||
Initial Term Loan | ||
9.983% (3 Month SOFR + 4.50%), due 5/2/29 (b) | 3,465,000 | 3,231,979 |
Precisely Software, Inc. | ||
First Lien Third Incremental Term Loan | ||
9.64% (3 Month SOFR + 4.00%), due 4/24/28 (b) | 2,745,692 | 2,609,552 |
Quartz AcquireCo LLC | ||
Term Loan | ||
8.827% (1 Month SOFR + 3.50%), due 6/28/30 (b) | 1,250,000 | 1,246,875 |
Quest Software U.S. Holdings, Inc. | ||
First Lien Initial Term Loan | ||
9.783% (3 Month SOFR + 4.25%), due 2/1/29 (b) | 4,495,544 | 3,548,270 |
Sophia LP | ||
First Lien Term Loan B | ||
8.924% (1 Month SOFR + 3.50%), due 10/7/27 (b) | 2,823,514 | 2,782,572 |
Sovos Compliance LLC | ||
First Lien Initial Term Loan | ||
9.939% (1 Month SOFR + 4.50%), due 8/11/28 (b) | 2,932,153 | 2,866,587 |
UKG, Inc. (b) | ||
First Lien 2021-2 Incremental Term Loan | ||
8.764% (3 Month SOFR + 3.25%), due 5/4/26 | 2,100,314 | 2,087,975 |
First Lien Initial Term Loan | ||
9.233% (3 Month SOFR + 3.75%), due 5/4/26 | 4,873,846 | 4,859,376 |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Software (continued) | ||
UKG, Inc. (b) (continued) | ||
Second Lien 2021 Incremental Term Loan | ||
10.764% (3 Month SOFR + 5.25%), due 5/3/27 | $ 1,300,000 | $ 1,294,583 |
48,832,178 | ||
Telecommunications 3.4% | ||
Avaya, Inc. | ||
Initial Term Loan | ||
13.824% (7.00% PIK) (1 Month SOFR + 8.50%), due 8/1/28 (b)(h) | 408,225 | 353,625 |
Azalea TopCo, Inc. (b) | ||
First Lien Initial Term Loan | ||
9.184% (3 Month SOFR + 3.50%), due 7/24/26 | 907,772 | 860,114 |
First Lien 2022 Incremental Term Loan | ||
9.322% (3 Month SOFR + 3.75%), due 7/24/26 | 2,955,000 | 2,802,324 |
First Lien 2021 Term Loan | ||
9.434% (3 Month SOFR + 3.75%), due 7/24/26 | 1,955,000 | 1,857,250 |
Cablevision Lightpath LLC | ||
Initial Term Loan | ||
8.699% (1 Month SOFR + 3.25%), due 11/30/27 (b) | 4,011,881 | 3,962,567 |
Ciena Corp. | ||
2020 Refinancing Term Loan 7.089% - 9.25% | ||
(1 Month SOFR + 0.75%, 1 Month SOFR + 1.75%), due 10/24/30 (b) | 995,000 | 993,963 |
Connect Finco SARL | ||
Amendement No.1 Refinancing Term Loan | ||
8.824% (1 Month SOFR + 3.50%), due 12/11/26 (b) | 7,522,246 | 7,324,787 |
CSC Holdings LLC | ||
September 2019 Initial Term Loan | ||
7.949% (1 Month LIBOR + 2.50%), due 4/15/27 (b) | 6,428,618 | 5,784,753 |
Cyxtera DC Holdings, Inc. (b) | ||
First Lien Initial Term Loan | ||
10.50% (3 Month SOFR + 2.00%), due 5/1/24 (d)(f) | 1,413,750 | 804,070 |
Initial Term Loan | ||
13.95% (1 Month SOFR + 8.50%), due 12/7/23 | 2,000,000 | 2,000,624 |
Principal Amount | Value | |
Telecommunications (continued) | ||
Frontier Communications Holdings LLC | ||
Term Loan B | ||
9.189% (1 Month SOFR + 3.75%), due 10/8/27 (b) | $ 5,713,549 | $ 5,495,720 |
Gogo Intermediate Holdings LLC | ||
Initial Term Loan | ||
9.189% (1 Month SOFR + 3.75%), due 4/30/28 (b) | 5,433,646 | 5,423,458 |
Iridium Satellite LLC | ||
Term Loan B3 | ||
7.824% (1 Month SOFR + 2.50%), due 9/20/30 (b) | 500,000 | 499,107 |
Level 3 Financing, Inc. | ||
Tranche 2027 Term Loan B | ||
7.189% (1 Month SOFR + 1.75%), due 3/1/27 (b) | 1,937,389 | 1,812,999 |
Lumen Technologies, Inc. | ||
Term Loan B | ||
7.689% (1 Month SOFR + 2.25%), due 3/15/27 (b) | 3,479,518 | 2,595,505 |
Redstone HoldCo 2 LP | ||
First Lien Initial Term Loan | ||
10.189% (1 Month SOFR + 4.75%), due 4/27/28 (b) | 1,525,765 | 1,212,984 |
SBA Senior Finance II LLC | ||
Initial Term Loan | ||
7.18% (1 Month LIBOR + 1.75%), due 4/11/25 (b) | 6,184,789 | 6,180,064 |
Telesat Canada | ||
Term Loan B5 | ||
8.434% (3 Month SOFR + 2.75%), due 12/7/26 (b) | 2,034,078 | 1,390,166 |
Zayo Group Holdings, Inc. | ||
Initial Dollar Term Loan | ||
8.439% (1 Month SOFR + 3.00%), due 3/9/27 (b) | 5,075,110 | 4,266,264 |
55,620,344 | ||
Utilities 1.8% | ||
Astoria Energy LLC | ||
2020 Advance Term Loan B | ||
8.939% (1 Month SOFR + 3.50%), due 12/10/27 (b) | 868,982 | 867,352 |
Brookfield WEC Holdings, Inc. (b) | ||
First Lien 2021 Initial Term Loan | ||
8.189% (1 Month SOFR + 2.75%), due 8/1/25 | 2,241,461 | 2,237,188 |
34 | MainStay Floating Rate Fund |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Utilities (continued) | ||
Brookfield WEC Holdings, Inc. (b) (continued) | ||
Initial Term Loan | ||
9.074% (1 Month SOFR + 3.75%), due 8/1/25 | $ 1,732,500 | $ 1,732,717 |
Calpine Corp. | ||
2019 Term Loan | ||
7.439% (1 Month LIBOR + 2.00%), due 4/5/26 (b) | 2,010,750 | 2,008,236 |
Compass Power Generation LLC | ||
Tranche Term Loan B2 | ||
9.688% (1 Month SOFR + 4.25%), due 4/14/29 (b) | 1,742,559 | 1,730,941 |
Constellation Renewables LLC | ||
Term Loan | ||
8.184% (3 Month SOFR + 2.50%), due 12/15/27 (b) | 2,348,856 | 2,336,132 |
Edgewater Generation LLC | ||
Term Loan | ||
9.189% (1 Month SOFR + 3.75%), due 12/13/25 (b) | 4,591,135 | 4,498,491 |
Granite Generation LLC | ||
Term Loan | ||
9.189% (1 Month SOFR + 3.75%), due 11/9/26 (b) | 5,923,979 | 5,802,538 |
Hamilton Projects Acquiror LLC | ||
Term Loan | ||
9.939% (1 Month SOFR + 4.50%), due 6/17/27 (b) | 2,005,714 | 1,997,357 |
PG&E Corp. | ||
Term Loan | ||
8.439% (1 Month SOFR + 3.00%), due 6/23/25 (b) | 3,144,375 | 3,136,514 |
Vistra Operations Co. LLC | ||
2018 Incremental Term Loan | ||
7.189% (1 Month SOFR + 1.75%), due 12/31/25 (b) | 2,857,329 | 2,855,543 |
29,203,009 |
Principal Amount | Value | |
Water 0.2% | ||
Osmosis Buyer Ltd. | ||
2022 Refinanciang Term Loan B | ||
9.082% (1 Month SOFR + 3.75%), due 7/31/28 (b) | $ 4,005,976 | $ 3,922,519 |
Total Loan Assignments (Cost $1,468,118,483) | 1,420,342,090 | |
Total Long-Term Bonds (Cost $1,612,941,978) | 1,558,480,471 | |
Shares | ||
Affiliated Investment Company 0.4% | ||
Fixed Income Fund 0.4% | ||
MainStay MacKay High Yield Corporate Bond Fund Class I | 1,299,065 | 6,376,981 |
Total Affiliated Investment Company (Cost $7,308,299) | 6,376,981 | |
Common Stocks 0.0% ‡ | ||
Automobile Components 0.0% ‡ | ||
Millennium Corporate Trust (d)(e)(i) | 4,973 | — |
Millennium Lender Trust (d)(e)(i) | 5,298 | — |
— | ||
Commercial Services & Supplies 0.0% ‡ | ||
New Topco Shares, Class A (d)(e)(i) | 482,014 | — |
Communications Equipment 0.0% ‡ | ||
Avaya, Inc. (d)(e)(i) | 40,688 | 294,988 |
Health Care Equipment & Supplies 0.0% ‡ | ||
Carestream Equity (d)(e)(i) | 5,387 | 28,874 |
Household Durables 0.0% ‡ | ||
SSB Equipment Co., Inc. (d)(e)(i) | 1,277 | — |
Independent Power and Renewable Electricity Producers 0.0% ‡ | ||
Sempra Texas Holdings Corp. (d)(e)(i) | 175,418 | — |
Machinery 0.0% ‡ | ||
Ameriforge Group, Inc. (d)(e)(i) | 60,753 | 59,538 |
Specialty Retail 0.0% ‡ | ||
Serta Simmons Bedding, Inc. (d)(e)(i) | 1,277 | 17,878 |
Shares | Value | ||
Common Stocks (continued) ‡ | |||
Technology Hardware, Storage & Peripherals 0.0% ‡ | |||
Diebold Nixdorf, Inc. (i) | 11,878 | $ 225,445 | |
Total Common Stocks (Cost $3,119,934) | 626,723 | ||
Number of Rights | |||
Rights 0.0% ‡ | |||
Independent Power and Renewable Electricity Producers 0.0% ‡ | |||
Vistra Corp. Expires 12/31/46 (d)(e)(i) | 107,130 | 147,839 | |
Total Rights (Cost $87,846) | 147,839 | ||
Number of Warrants | |||
Warrants 0.0% ‡ | |||
Capital Markets 0.0% ‡ | |||
THAIHOT Investment Co. Ltd. | |||
Expires 10/13/27 (d)(e)(i)(j) | 26 | 0 | |
Total Warrants (Cost $0) | 0 | ||
Principal Amount | |||
Short-Term Investments 5.3% | |||
U.S. Treasury Debt 5.3% | |||
U.S. Treasury Bills (k) | |||
5.306%, due 11/28/23 | $ 17,047,000 | 16,979,366 | |
5.311%, due 11/21/23 | 26,784,000 | 26,705,229 | |
5.32%, due 11/7/23 | 44,079,000 | 44,040,211 | |
Total Short-Term Investments (Cost $87,724,781) | 87,724,806 | ||
Total Investments (Cost $1,711,182,838) | 100.8% | 1,653,356,820 | |
Other Assets, Less Liabilities | (0.8) | (13,795,720) | |
Net Assets | 100.0% | $ 1,639,561,100 |
† | Percentages indicated are based on Fund net assets. |
^ | Industry classifications may be different than those used for compliance monitoring purposes. |
‡ | Less than one-tenth of a percent. |
(a) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
(b) | Floating rate—Rate shown was the rate in effect as of October 31, 2023. |
(c) | Delayed delivery security. |
(d) | Illiquid security—As of October 31, 2023, the total market value deemed illiquid under procedures approved by the Board of Trustees was $11,467,695, which represented 0.7% of the Fund’s net assets. (Unaudited) |
(e) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
(f) | Issue in default. |
(g) | Issue in non-accrual status. |
(h) | PIK ("Payment-in-Kind")—issuer may pay interest or dividends with additional securities and/or in cash. |
(i) | Non-income producing security. |
(j) | Less than $1. |
(k) | Interest rate shown represents yield to maturity. |
36 | MainStay Floating Rate Fund |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay MacKay High Yield Corporate Bond Fund Class I | $ 6,342 | $ — | $ — | $ 19 | $ 16 | $ 6,377 | $ 331 | $ — | 1,299 |
Abbreviation(s): |
CLO—Collateralized Loan Obligation |
LIBOR—London Interbank Offered Rate |
SOFR—Secured Overnight Financing Rate |
TBD—To Be Determined |
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) | |||||||
Long-Term Bonds | |||||||
Asset-Backed Securities | $ — | $ 79,926,652 | $ — | $ 79,926,652 | |||
Corporate Bonds | — | 58,211,729 | — | 58,211,729 | |||
Loan Assignments | — | 1,418,421,640 | 1,920,450 | 1,420,342,090 | |||
Total Long-Term Bonds | — | 1,556,560,021 | 1,920,450 | 1,558,480,471 | |||
Affiliated Investment Company | |||||||
Fixed Income Fund | 6,376,981 | — | — | 6,376,981 | |||
Common Stocks | 225,445 | — | 401,278 | 626,723 | |||
Rights | — | — | 147,839 | 147,839 | |||
Warrants (b) | — | — | 0 | 0 | |||
Short-Term Investments | |||||||
U.S. Treasury Debt | — | 87,724,806 | — | 87,724,806 | |||
Total Investments in Securities | $ 6,602,426 | $ 1,644,284,827 | $ 2,469,567 | $ 1,653,356,820 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
(b) | Less than $1. |
Assets | |
Investment in unaffiliated securities, at value (identified cost $1,703,874,539) | $1,646,979,839 |
Investment in affiliated investment companies, at value (identified cost $7,308,299) | 6,376,981 |
Cash | 8,463,930 |
Receivables: | |
Investment securities sold | 13,911,568 |
Interest | 6,154,723 |
Fund shares sold | 1,975,762 |
Other assets | 113,688 |
Total assets | 1,683,976,491 |
Liabilities | |
Payables: | |
Investment securities purchased | 37,224,536 |
Fund shares redeemed | 4,049,797 |
Manager (See Note 3) | 825,048 |
Transfer agent (See Note 3) | 260,566 |
NYLIFE Distributors (See Note 3) | 174,475 |
Professional fees | 46,357 |
Custodian | 24,027 |
Shareholder communication | 5,185 |
Accrued expenses | 619 |
Distributions payable | 1,804,781 |
Total liabilities | 44,415,391 |
Net assets | $1,639,561,100 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 187,313 |
Additional paid-in-capital | 1,864,045,369 |
1,864,232,682 | |
Total distributable earnings (loss) | (224,671,582) |
Net assets | $1,639,561,100 |
Class A | |
Net assets applicable to outstanding shares | $617,219,939 |
Shares of beneficial interest outstanding | 70,524,565 |
Net asset value per share outstanding | $ 8.75 |
Maximum sales charge (3.00% of offering price) | 0.27 |
Maximum offering price per share outstanding | $ 9.02 |
Investor Class | |
Net assets applicable to outstanding shares | $ 18,015,674 |
Shares of beneficial interest outstanding | 2,058,356 |
Net asset value per share outstanding | $ 8.75 |
Maximum sales charge (2.50% of offering price) | 0.22 |
Maximum offering price per share outstanding | $ 8.97 |
Class B | |
Net assets applicable to outstanding shares | $ 414,979 |
Shares of beneficial interest outstanding | 47,379 |
Net asset value and offering price per share outstanding | $ 8.76 |
Class C | |
Net assets applicable to outstanding shares | $ 46,481,745 |
Shares of beneficial interest outstanding | 5,309,272 |
Net asset value and offering price per share outstanding | $ 8.75 |
Class I | |
Net assets applicable to outstanding shares | $743,846,254 |
Shares of beneficial interest outstanding | 84,979,153 |
Net asset value and offering price per share outstanding | $ 8.75 |
Class R3 | |
Net assets applicable to outstanding shares | $ 1,083,082 |
Shares of beneficial interest outstanding | 123,718 |
Net asset value and offering price per share outstanding | $ 8.75 |
Class R6 | |
Net assets applicable to outstanding shares | $212,357,102 |
Shares of beneficial interest outstanding | 24,254,098 |
Net asset value and offering price per share outstanding | $ 8.76 |
SIMPLE Class | |
Net assets applicable to outstanding shares | $ 142,325 |
Shares of beneficial interest outstanding | 16,261 |
Net asset value and offering price per share outstanding | $ 8.75 |
38 | MainStay Floating Rate Fund |
Investment Income (Loss) | |
Income | |
Interest | $160,426,066 |
Dividends-affiliated | 331,297 |
Total income | 160,757,363 |
Expenses | |
Manager (See Note 3) | 10,793,440 |
Distribution/Service—Class A (See Note 3) | 1,373,368 |
Distribution/Service—Investor Class (See Note 3) | 46,129 |
Distribution/Service—Class B (See Note 3) | 4,932 |
Distribution/Service—Class C (See Note 3) | 506,657 |
Distribution/Service—Class R3 (See Note 3) | 4,497 |
Distribution/Service—SIMPLE Class (See Note 3) | 417 |
Transfer agent (See Note 3) | 1,586,690 |
Professional fees | 249,251 |
Registration | 191,974 |
Shareholder communication | 113,604 |
Custodian | 75,562 |
Trustees | 45,503 |
Shareholder service (See Note 3) | 899 |
Miscellaneous | 96,505 |
Total expenses before waiver/reimbursement | 15,089,428 |
Reimbursement from prior custodian(a) | (3,871) |
Net expenses | 15,085,557 |
Net investment income (loss) | 145,671,806 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | (49,009,262) |
Affiliated investment company transactions | 19,459 |
Net realized gain (loss) | (48,989,803) |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | 94,823,156 |
Affiliated investments | 58,319 |
Unfunded commitments | 221,518 |
Net change in unrealized appreciation (depreciation) | 95,102,993 |
Net realized and unrealized gain (loss) | 46,113,190 |
Net increase (decrease) in net assets resulting from operations | $191,784,996 |
(a) | Represents a refund for overbilling of custody fees. |
for the years ended October 31, 2023 and October 31, 2022
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 145,671,806 | $ 93,556,460 |
Net realized gain (loss) | (48,989,803) | (28,663,269) |
Net change in unrealized appreciation (depreciation) | 95,102,993 | (142,915,138) |
Net increase (decrease) in net assets resulting from operations | 191,784,996 | (78,021,947) |
Distributions to shareholders: | ||
Class A | (42,905,590) | (18,650,038) |
Investor Class | (1,416,352) | (674,941) |
Class B | (34,075) | (19,904) |
Class C | (3,493,618) | (1,701,117) |
Class I | (75,206,717) | (56,965,680) |
Class R3 | (67,129) | (24,753) |
Class R6 | (21,775,159) | (15,202,101) |
SIMPLE Class | (6,483) | (887) |
Total distributions to shareholders | (144,905,123) | (93,239,421) |
Capital share transactions: | ||
Net proceeds from sales of shares | 722,369,202 | 1,632,823,205 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 122,065,730 | 78,654,636 |
Cost of shares redeemed | (1,460,955,196) | (1,354,635,928) |
Increase (decrease) in net assets derived from capital share transactions | (616,520,264) | 356,841,913 |
Net increase (decrease) in net assets | (569,640,391) | 185,580,545 |
Net Assets | ||
Beginning of year | 2,209,201,491 | 2,023,620,946 |
End of year | $ 1,639,561,100 | $ 2,209,201,491 |
40 | MainStay Floating Rate Fund |
Year Ended October 31, | |||||||||
Class A | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 8.55 | $ 9.13 | $ 8.84 | $ 9.02 | $ 9.28 | ||||
Net investment income (loss) (a) | 0.69 | 0.34 | 0.25 | 0.31 | 0.43 | ||||
Net realized and unrealized gain (loss) | 0.19 | (0.59) | 0.28 | (0.18) | (0.26) | ||||
Total from investment operations | 0.88 | (0.25) | 0.53 | 0.13 | 0.17 | ||||
Less distributions: | |||||||||
From net investment income | (0.68) | (0.33) | (0.24) | (0.31) | (0.43) | ||||
Net asset value at end of year | $ 8.75 | $ 8.55 | $ 9.13 | $ 8.84 | $ 9.02 | ||||
Total investment return (b) | 10.61% | (2.77)% | 6.05% | 1.55% | 1.94% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 7.85% | 3.82% | 2.78% | 3.56% | 4.76% | ||||
Net expenses (c) | 0.97% | 0.99% | 1.02% | 1.14% | 1.09% | ||||
Portfolio turnover rate | 11% | 27% | 22% | 22% | 19% | ||||
Net assets at end of year (in 000’s) | $ 617,220 | $ 513,558 | $ 397,101 | $ 279,188 | $ 338,392 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | |||||||||
Investor Class | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 8.55 | $ 9.13 | $ 8.84 | $ 9.02 | $ 9.28 | ||||
Net investment income (loss) (a) | 0.67 | 0.32 | 0.24 | 0.31 | 0.43 | ||||
Net realized and unrealized gain (loss) | 0.20 | (0.58) | 0.28 | (0.18) | (0.26) | ||||
Total from investment operations | 0.87 | (0.26) | 0.52 | 0.13 | 0.17 | ||||
Less distributions: | |||||||||
From net investment income | (0.67) | (0.32) | (0.23) | (0.31) | (0.43) | ||||
Net asset value at end of year | $ 8.75 | $ 8.55 | $ 9.13 | $ 8.84 | $ 9.02 | ||||
Total investment return (b) | 10.47% | (2.85)% | 5.96% | 1.55% | 1.95% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 7.72% | 3.64% | 2.67% | 3.55% | 4.77% | ||||
Net expenses (c) | 1.10% | 1.07% | 1.12% | 1.13% | 1.08% | ||||
Portfolio turnover rate | 11% | 27% | 22% | 22% | 19% | ||||
Net assets at end of year (in 000's) | $ 18,016 | $ 17,820 | $ 19,314 | $ 20,569 | $ 23,496 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | |||||||||
Class B | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 8.55 | $ 9.14 | $ 8.85 | $ 9.03 | $ 9.28 | ||||
Net investment income (loss) (a) | 0.61 | 0.25 | 0.17 | 0.25 | 0.37 | ||||
Net realized and unrealized gain (loss) | 0.20 | (0.58) | 0.28 | (0.18) | (0.25) | ||||
Total from investment operations | 0.81 | (0.33) | 0.45 | 0.07 | 0.12 | ||||
Less distributions: | |||||||||
From net investment income | (0.60) | (0.26) | (0.16) | (0.25) | (0.37) | ||||
Net asset value at end of year | $ 8.76 | $ 8.55 | $ 9.14 | $ 8.85 | $ 9.03 | ||||
Total investment return (b) | 9.77% | (3.69)% | 5.16% | 0.79% | 1.19% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 6.95% | 2.77% | 1.90% | 2.87% | 4.04% | ||||
Net expenses (c) | 1.85% | 1.82% | 1.88% | 1.88% | 1.83% | ||||
Portfolio turnover rate | 11% | 27% | 22% | 22% | 19% | ||||
Net assets at end of year (in 000’s) | $ 415 | $ 549 | $ 897 | $ 1,584 | $ 3,119 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | |||||||||
Class C | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 8.55 | $ 9.13 | $ 8.84 | $ 9.03 | $ 9.28 | ||||
Net investment income (loss) (a) | 0.61 | 0.26 | 0.17 | 0.25 | 0.37 | ||||
Net realized and unrealized gain (loss) | 0.19 | (0.58) | 0.28 | (0.19) | (0.25) | ||||
Total from investment operations | 0.80 | (0.32) | 0.45 | 0.06 | 0.12 | ||||
Less distributions: | |||||||||
From net investment income | (0.60) | (0.26) | (0.16) | (0.25) | (0.37) | ||||
Net asset value at end of year | $ 8.75 | $ 8.55 | $ 9.13 | $ 8.84 | $ 9.03 | ||||
Total investment return (b) | 9.65% | (3.58)% | 5.17% | 0.68% | 1.30% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 6.94% | 2.92% | 1.91% | 2.85% | 4.03% | ||||
Net expenses (c) | 1.85% | 1.82% | 1.88% | 1.88% | 1.83% | ||||
Portfolio turnover rate | 11% | 27% | 22% | 22% | 19% | ||||
Net assets at end of year (in 000’s) | $ 46,482 | $ 56,706 | $ 52,522 | $ 55,153 | $ 86,012 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | 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. |
42 | MainStay Floating Rate Fund |
Year Ended October 31, | |||||||||
Class I | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 8.55 | $ 9.13 | $ 8.84 | $ 9.03 | $ 9.28 | ||||
Net investment income (loss) (a) | 0.70 | 0.35 | 0.28 | 0.33 | 0.46 | ||||
Net realized and unrealized gain (loss) | 0.20 | (0.58) | 0.27 | (0.19) | (0.25) | ||||
Total from investment operations | 0.90 | (0.23) | 0.55 | 0.14 | 0.21 | ||||
Less distributions: | |||||||||
From net investment income | (0.70) | (0.35) | (0.26) | (0.33) | (0.46) | ||||
Net asset value at end of year | $ 8.75 | $ 8.55 | $ 9.13 | $ 8.84 | $ 9.03 | ||||
Total investment return (b) | 10.89% | (2.53)% | 6.31% | 1.69% | 2.31% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 8.01% | 3.98% | 3.04% | 3.85% | 5.02% | ||||
Net expenses (c) | 0.73% | 0.74% | 0.77% | 0.89% | 0.84% | ||||
Portfolio turnover rate | 11% | 27% | 22% | 22% | 19% | ||||
Net assets at end of year (in 000’s) | $ 743,846 | $ 1,287,716 | $ 1,186,421 | $ 445,468 | $ 716,692 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | |||||||||
Class R3 | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 8.55 | $ 9.13 | $ 8.84 | $ 9.03 | $ 9.28 | ||||
Net investment income (loss) (a) | 0.66 | 0.30 | 0.22 | 0.28 | 0.40 | ||||
Net realized and unrealized gain (loss) | 0.19 | (0.58) | 0.28 | (0.19) | (0.25) | ||||
Total from investment operations | 0.85 | (0.28) | 0.50 | 0.09 | 0.15 | ||||
Less distributions: | |||||||||
From net investment income | (0.65) | (0.30) | (0.21) | (0.28) | (0.40) | ||||
Net asset value at end of year | $ 8.75 | $ 8.55 | $ 9.13 | $ 8.84 | $ 9.03 | ||||
Total investment return (b) | 10.22% | (3.11)% | 5.68% | 1.08% | 1.69% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 7.51% | 3.41% | 2.43% | 3.14% | 4.37% | ||||
Net expenses (c) | 1.32% | 1.34% | 1.37% | 1.49% | 1.43% | ||||
Portfolio turnover rate | 11% | 27% | 22% | 22% | 19% | ||||
Net assets at end of year (in 000’s) | $ 1,083 | $ 745 | $ 620 | $ 523 | $ 436 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R3 shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | February 28, 2019^ through October 31, 2019 | ||||||||
Class R6 | 2023 | 2022 | 2021 | 2020 | |||||
Net asset value at beginning of period | $ 8.55 | $ 9.13 | $ 8.84 | $ 9.03 | $ 9.18 | ||||
Net investment income (loss) (a) | 0.71 | 0.36 | 0.30 | 0.35 | 0.32 | ||||
Net realized and unrealized gain (loss) | 0.21 | (0.58) | 0.27 | (0.19) | (0.15) | ||||
Total from investment operations | 0.92 | (0.22) | 0.57 | 0.16 | 0.17 | ||||
Less distributions: | |||||||||
From net investment income | (0.71) | (0.36) | (0.28) | (0.35) | (0.32) | ||||
Net asset value at end of period | $ 8.76 | $ 8.55 | $ 9.13 | $ 8.84 | $ 9.03 | ||||
Total investment return (b) | 11.10% | (2.42)% | 6.47% | 1.92% | 1.84% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 8.11% | 4.07% | 3.24% | 3.99% | 5.18%†† | ||||
Net expenses (c) | 0.64% | 0.63% | 0.62% | 0.67% | 0.64%†† | ||||
Portfolio turnover rate | 11% | 27% | 22% | 22% | 19% | ||||
Net assets at end of period (in 000’s) | $ 212,357 | $ 332,082 | $ 366,720 | $ 120,432 | $ 71,077 |
^ | 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. |
Year Ended October 31, | August 31, 2020^ through October 31, | ||||||
SIMPLE Class | 2023 | 2022 | 2021 | 2020 | |||
Net asset value at beginning of period | $ 8.55 | $ 9.13 | $ 8.84 | $ 8.83* | |||
Net investment income (loss) (a) | 0.68 | 0.30 | 0.22 | 0.04 | |||
Net realized and unrealized gain (loss) | 0.18 | (0.58) | 0.28 | 0.01 | |||
Total from investment operations | 0.86 | (0.28) | 0.50 | 0.05 | |||
Less distributions: | |||||||
From net investment income | (0.66) | (0.30) | (0.21) | (0.04) | |||
Net asset value at end of period | $ 8.75 | $ 8.55 | $ 9.13 | $ 8.84 | |||
Total investment return (b) | 10.33% | (3.09)% | 5.67% | 0.57% | |||
Ratios (to average net assets)/Supplemental Data: | |||||||
Net investment income (loss) | 7.82% | 3.41% | 2.42% | 2.72%†† | |||
Net expenses (c) | 1.20% | 1.32% | 1.38% | 1.37%†† | |||
Portfolio turnover rate | 11% | 27% | 22% | 22% | |||
Net assets at end of period (in 000’s) | $ 142 | $ 26 | $ 27 | $ 25 |
^ | Inception date. |
* | Based on the net asset value of Investor Class as of August 31, 2020. |
†† | 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. |
44 | MainStay Floating Rate Fund |
Class | Commenced Operations |
Class A | May 3, 2004 |
Investor Class | February 28, 2008 |
Class B^ | May 3, 2004 |
Class C | May 3, 2004 |
Class I | May 3, 2004 |
Class R3* | February 29, 2016 |
Class R6 | February 28, 2019 |
SIMPLE Class | August 31, 2020 |
^ | Class B shares are closed to all new purchases as well as additional investments by existing Class B shareholders and will be converted into Class A or Investor Class shares based on shareholder eligibility on or about February 28, 2024. |
* | 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) |
46 | MainStay Floating Rate Fund |
• Benchmark yields | • Reported trades |
• Broker/dealer quotes | • Issuer spreads |
• Two-sided markets | • Benchmark securities |
• Bids/offers | • Reference data (corporate actions or material event notices) |
• Industry and economic events | • Comparable bonds |
• Monthly payment information |
48 | MainStay Floating Rate Fund |
50 | MainStay Floating Rate Fund |
Class R3 | $899 |
Class | Expense | Waived |
Class A | $499,206 | $— |
Investor Class | 40,258 | — |
Class B | 1,074 | — |
Class C | 110,231 | — |
Class I | 924,256 | — |
Class R3 | 815 | — |
Class R6 | 10,793 | — |
SIMPLE Class | 57 | — |
Class R6 | $29,731 | 0.0%‡ |
SIMPLE Class | 28,216 | 19.8 |
‡ | Less than one-tenth of a percent. |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $1,711,313,594 | $3,263,711 | $(61,220,485) | $(57,956,774) |
Ordinary Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$3,548,720 | $(167,428,730) | $(2,834,798) | $(57,956,774) | $(224,671,582) |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $27,972 | $139,457 |
2023 | 2022 | |
Distributions paid from: | ||
Ordinary Income | $144,905,123 | $93,239,421 |
52 | MainStay Floating Rate Fund |
Class A | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 29,660,554 | $ 259,073,096 |
Shares issued to shareholders in reinvestment of distributions | 4,535,788 | 39,624,570 |
Shares redeemed | (24,335,648) | (212,100,606) |
Net increase (decrease) in shares outstanding before conversion | 9,860,694 | 86,597,060 |
Shares converted into Class A (See Note 1) | 653,220 | 5,709,218 |
Shares converted from Class A (See Note 1) | (76,460) | (666,225) |
Net increase (decrease) | 10,437,454 | $ 91,640,053 |
Year ended October 31, 2022: | ||
Shares sold | 35,322,150 | $ 315,191,998 |
Shares issued to shareholders in reinvestment of distributions | 1,953,269 | 17,079,210 |
Shares redeemed | (21,176,272) | (186,216,536) |
Net increase (decrease) in shares outstanding before conversion | 16,099,147 | 146,054,672 |
Shares converted into Class A (See Note 1) | 529,231 | 4,710,199 |
Shares converted from Class A (See Note 1) | (42,046) | (372,281) |
Net increase (decrease) | 16,586,332 | $ 150,392,590 |
Investor Class | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 366,136 | $ 3,196,355 |
Shares issued to shareholders in reinvestment of distributions | 158,344 | 1,382,777 |
Shares redeemed | (243,798) | (2,129,368) |
Net increase (decrease) in shares outstanding before conversion | 280,682 | 2,449,764 |
Shares converted into Investor Class (See Note 1) | 46,843 | 408,287 |
Shares converted from Investor Class (See Note 1) | (353,983) | (3,095,302) |
Net increase (decrease) | (26,458) | $ (237,251) |
Year ended October 31, 2022: | ||
Shares sold | 496,359 | $ 4,443,739 |
Shares issued to shareholders in reinvestment of distributions | 75,245 | 659,414 |
Shares redeemed | (329,433) | (2,911,023) |
Net increase (decrease) in shares outstanding before conversion | 242,171 | 2,192,130 |
Shares converted into Investor Class (See Note 1) | 64,918 | 575,033 |
Shares converted from Investor Class (See Note 1) | (337,925) | (3,027,893) |
Net increase (decrease) | (30,836) | $ (260,730) |
Class B | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 15,627 | $ 136,525 |
Shares issued to shareholders in reinvestment of distributions | 2,980 | 26,053 |
Shares redeemed | (18,403) | (160,726) |
Net increase (decrease) in shares outstanding before conversion | 204 | 1,852 |
Shares converted from Class B (See Note 1) | (16,990) | (148,518) |
Net increase (decrease) | (16,786) | $ (146,666) |
Year ended October 31, 2022: | ||
Shares sold | 15,256 | $ 135,583 |
Shares issued to shareholders in reinvestment of distributions | 1,635 | 14,353 |
Shares redeemed | (28,245) | (250,015) |
Net increase (decrease) in shares outstanding before conversion | (11,354) | (100,079) |
Shares converted from Class B (See Note 1) | (22,634) | (200,602) |
Net increase (decrease) | (33,988) | $ (300,681) |
Class C | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 1,027,146 | $ 8,965,639 |
Shares issued to shareholders in reinvestment of distributions | 382,406 | 3,340,107 |
Shares redeemed | (2,584,724) | (22,521,244) |
Net increase (decrease) in shares outstanding before conversion | (1,175,172) | (10,215,498) |
Shares converted from Class C (See Note 1) | (148,091) | (1,290,540) |
Net increase (decrease) | (1,323,263) | $ (11,506,038) |
Year ended October 31, 2022: | ||
Shares sold | 3,237,524 | $ 29,019,142 |
Shares issued to shareholders in reinvestment of distributions | 184,730 | 1,614,748 |
Shares redeemed | (2,369,536) | (20,786,152) |
Net increase (decrease) in shares outstanding before conversion | 1,052,718 | 9,847,738 |
Shares converted from Class C (See Note 1) | (171,884) | (1,522,009) |
Net increase (decrease) | 880,834 | $ 8,325,729 |
Class I | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 47,944,395 | $ 417,819,396 |
Shares issued to shareholders in reinvestment of distributions | 6,430,803 | 56,101,128 |
Shares redeemed | (119,984,501) | (1,042,874,690) |
Net increase (decrease) in shares outstanding before conversion | (65,609,303) | (568,954,166) |
Shares converted into Class I (See Note 1) | 74,860 | 652,282 |
Shares converted from Class I (See Note 1) | (134,653) | (1,184,095) |
Net increase (decrease) | (65,669,096) | $ (569,485,979) |
Year ended October 31, 2022: | ||
Shares sold | 130,993,383 | $ 1,172,562,445 |
Shares issued to shareholders in reinvestment of distributions | 5,028,139 | 44,069,454 |
Shares redeemed | (115,362,508) | (1,009,434,495) |
Net increase (decrease) in shares outstanding before conversion | 20,659,014 | 207,197,404 |
Shares converted into Class I (See Note 1) | 40,608 | 359,148 |
Shares converted from Class I (See Note 1) | (5,009) | (42,826) |
Net increase (decrease) | 20,694,613 | $ 207,513,726 |
Class R3 | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 54,334 | $ 474,247 |
Shares issued to shareholders in reinvestment of distributions | 3,966 | 34,653 |
Shares redeemed | (21,727) | (189,364) |
Net increase (decrease) | 36,573 | $ 319,536 |
Year ended October 31, 2022: | ||
Shares sold | 29,390 | $ 264,271 |
Shares issued to shareholders in reinvestment of distributions | 1,663 | 14,553 |
Shares redeemed | (11,770) | (103,249) |
Net increase (decrease) | 19,283 | $ 175,575 |
54 | MainStay Floating Rate Fund |
Class R6 | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 3,742,287 | $ 32,595,005 |
Shares issued to shareholders in reinvestment of distributions | 2,467,779 | 21,549,959 |
Shares redeemed | (20,748,220) | (180,979,198) |
Net increase (decrease) in shares outstanding before conversion | (14,538,154) | (126,834,234) |
Shares converted from Class R6 (See Note 1) | (44,493) | (385,107) |
Net increase (decrease) | (14,582,647) | $ (127,219,341) |
Year ended October 31, 2022: | ||
Shares sold | 12,396,571 | $ 111,206,027 |
Shares issued to shareholders in reinvestment of distributions | 1,732,416 | 15,202,017 |
Shares redeemed | (15,392,660) | (134,934,458) |
Net increase (decrease) in shares outstanding before conversion | (1,263,673) | (8,526,414) |
Shares converted from Class R6 (See Note 1) | (55,146) | (478,769) |
Net increase (decrease) | (1,318,819) | $ (9,005,183) |
SIMPLE Class | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 12,509 | $ 108,939 |
Shares issued to shareholders in reinvestment of distributions | 740 | 6,483 |
Net increase (decrease) | 13,249 | $ 115,422 |
Year ended October 31, 2022: | ||
Shares issued to shareholders in reinvestment of distributions | 102 | $ 887 |
Net increase (decrease) | 102 | $ 887 |
MainStay Funds Trust:
56 | MainStay Floating Rate Fund |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Naïm Abou-Jaoudé* 1966 | MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since June 2023 | Chief Executive Officer of New York Life Investment Management LLC since 2023. Previously, Abou-Jaoudé was the Chief Executive Officer of Candriam (an affiliate of New York Life Investment Management LLC) from 2007 to 2023. | 79 | MainStay Funds: Trustee since June 2023; MainStay Funds Trust: Trustee since June 2023; MainStay VP Funds Trust: Trustee since June 2023 (31 portfolios); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2023; and New York Life Investment Management International: Chair since 2015 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of his affiliation with New York Life Investment Management LLC and Candriam, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
58 | MainStay Floating Rate Fund |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015);MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC (since 1999) | 81 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2021; VanEck Vectors Group of Exchange-Traded Funds: Trustee since 2006 and Independent Chairman of the Board of Trustees from 2008 to 2022 (57 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Investment Committee since 2018 | |
Karen Hammond 1956 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021);MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 81 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Susan B. Kerley 1951 | MainStay Funds: Chair since January 2017 and Trustee since 2007;MainStay Funds Trust: Chair since January 2017 and Trustee since 1990*** | President, Strategic Management Advisors LLC (since 1990) | 81 | MainStay VP Funds Trust: Chair since January 2017 and Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chair since January 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Alan R. Latshaw 1951 | MainStay Funds: Trusteesince 2006;MainStay Funds Trust: Trustee since 2007*** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 81 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 | |
Jacques P. Perold 1958 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015to December 2015);MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 81 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay Funds: Trustee since 1994;MainStay Funds Trust: Trustee since 2007*** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) (since 2004); Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 81 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 |
** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
*** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
60 | MainStay Floating Rate Fund |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay Funds, MainStay Funds Trust (since 2017) | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since 2018); President, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust (since 2017)**; Senior Managing Director, Global Product Development (2015 to 2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay Funds (since 2007), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2007)**; and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay Funds and MainStay Funds Trust (since 2010) | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2010)** | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay Funds and MainStay Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ Trust, IndexIQ ETF Trust and Index IQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund, MainStay VP Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012 to 2022) | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay Funds (since 2005), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2005)** |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, New York Life Insurance Company, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
1.
2. | This Fund is registered for sale in CA, CT, DE, FL, MA, NJ, NY and VT. |
3. | An affiliate of New York Life Investment Management LLC. |
5013759MS139-23 | MSFR11-12/23 |
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended October 31, 2023 | |||||||
Class | Sales Charge | Inception Date | One Year | Five Years | Ten Years or Since Inception | Gross Expense Ratio1 | |
Class A Shares2 | Maximum 3.00% Initial Sales Charge | With sales charges | 2/28/2013 | 0.24% | -0.53% | 2.45% | 0.76% |
Excluding sales charges | 3.34 | 0.39 | 2.92 | 0.76 | |||
Investor Class Shares3, 4 | Maximum 2.50% Initial Sales Charge | With sales charges | 2/28/2013 | 0.73 | -0.55 | 2.41 | 0.78 |
Excluding sales charges | 3.31 | 0.37 | 2.89 | 0.78 | |||
Class C Shares | Maximum 1.00% CDSC | With sales charges | 2/28/2013 | 2.05 | 0.12 | 2.61 | 1.03 |
if Redeemed Within One Year of Purchase | Excluding sales charges | 3.05 | 0.12 | 2.61 | 1.03 | ||
Class C2 Shares | Maximum 1.00% CDSC | With sales charges | 8/31/2020 | 1.89 | N/A | -3.40 | 1.18 |
if Redeemed Within One Year of Purchase | Excluding sales charges | 2.89 | N/A | -3.40 | 1.18 | ||
Class I Shares | No Sales Charge | 2/28/2013 | 3.60 | 0.65 | 3.19 | 0.51 | |
Class R6 Shares | No Sales Charge | 11/1/2019 | 3.49 | N/A | -1.43 | 0.49 |
1. | The gross expense ratios presented reflect the Fund’s “Total Annual Fund Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report. |
2. | Prior to August 10, 2022, the maximum initial sales charge was 4.50%, which is reflected in the applicable average annual total return figures shown. |
3. | Prior to June 30, 2020, the maximum initial sales charge was 4.50%, which is reflected in the applicable average annual total return figures shown. |
4. | Prior to August 10, 2022, the maximum initial sales charge was 4.00%, which is reflected in the applicable average annual total return figures shown. |
Benchmark Performance* | One Year | Five Years | Ten Years |
Bloomberg California Municipal Bond Index1 | 2.72% | 1.03% | 2.24% |
Morningstar Muni California Long Category Average2 | 2.05 | 0.22 | 2.08 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | The Bloomberg California Municipal Bond Index is the Fund's primary broad-based securities market index for comparison purposes. The Bloomberg California Municipal Bond Index is a market value-weighted index of California investment grade tax exempt fixed-rate municipal bonds with maturities of one year or more. |
2. | The Morningstar Muni California Long Category Average is representative of funds that invest at least 80% of assets in California municipal debt. These funds have durations of more than 7.0 years. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
6 | MainStay MacKay California Tax Free Opportunities 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 | $952.70 | $3.69 | $1,021.42 | $3.82 | 0.75% |
Investor Class Shares | $1,000.00 | $951.60 | $3.84 | $1,021.27 | $3.97 | 0.78% |
Class C Shares | $1,000.00 | $950.40 | $5.06 | $1,020.01 | $5.24 | 1.03% |
Class C2 Shares | $1,000.00 | $949.60 | $5.80 | $1,019.26 | $6.01 | 1.18% |
Class I Shares | $1,000.00 | $953.90 | $2.46 | $1,022.68 | $2.55 | 0.50% |
Class R6 Shares | $1,000.00 | $953.00 | $2.36 | $1,022.79 | $2.45 | 0.48% |
1. | Expenses are equal to the Fund’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 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. |
General Obligation | 33.1% |
Other Revenue | 21.1 |
Transportation | 14.4 |
Water & Sewer | 8.7 |
Education | 4.5 |
General | 4.2 |
Hospital | 4.0 |
Utilities | 3.0% |
Housing | 1.8 |
Certificate of Participation/Lease | 1.4 |
Short–Term Investment | 4.0 |
Other Assets, Less Liabilities | –0.2 |
100.0% |
1. | State of California, 4.00%-5.25%, due 11/1/28–4/1/49 |
2. | California Municipal Finance Authority, 3.25%-5.25%, due 8/1/26–10/1/54 |
3. | City of Los Angeles, 3.00%-5.50%, due 5/15/29–5/15/48 |
4. | California Community Choice Financing Authority, 4.00%-5.50%, due 2/1/52–10/1/54 |
5. | Puerto Rico Commonwealth Aqueduct & Sewer Authority, 5.00%, due 7/1/33–7/1/47 |
6. | Commonwealth of Puerto Rico, 4.00%-5.75%, due 7/1/27–7/1/35 |
7. | California Infrastructure & Economic Development Bank, 3.00%-5.00%, due 10/1/40–1/1/56 |
8. | San Francisco City & County Airport Commission, 4.00%-5.75%, due 5/1/40–5/1/52 |
9. | Southern California Public Power Authority, 5.244%-5.25%, due 11/1/38–7/1/53 |
10. | Puerto Rico Sales Tax Financing Corp., (zero coupon)-5.00%, due 7/1/34–7/1/58 |
8 | MainStay MacKay California Tax Free Opportunities Fund |
1. | See "Investment and Performance Comparison" for other share class returns, which may be higher or lower than Class I share returns, and for more information on benchmark and peer group returns. |
2. | An obligation rated ‘AA’ by Standard & Poor’s (“S&P”) is deemed by S&P to differ from the highest-rated obligations only to a small degree. In the opinion of S&P, the obligor's capacity to meet its financial commitment on the obligation is very strong. When applied to Fund holdings, ratings are based solely on the creditworthiness of the bonds in the portfolio and are not meant to represent the security or safety of the Fund. |
3. | Duration is a measure of the price sensitivity of a fixed-income investment to changes in interest rates. Duration is expressed as a number of years and is considered a more accurate sensitivity gauge than average maturity. |
4. | Modified duration is inversely related to the approximate percentage change in price for a given change in yield. Duration to worst is the duration of a bond computed using the bond’s nearest call date or maturity. This measure ignores future cash flow fluctuations due to embedded optionality. |
5. | The yield curve is a line that plots the yields of various securities of similar quality—typically U.S. Treasury issues—across a range of maturities. The U.S. Treasury yield curve serves as a benchmark for other debt and is used in economic forecasting. |
6. | An obligation rated ‘AAA’ has the highest rating assigned by S&P, and in the opinion of S&P, the obligor’s capacity to meet its financial commitment on the obligation is extremely strong. When applied to Fund holdings, ratings are based solely on the creditworthiness of the bonds in the portfolio and are not meant to represent the security or safety of the Fund. |
10 | MainStay MacKay California Tax Free Opportunities Fund |
Principal Amount | Value | |
Municipal Bonds 96.2% | ||
Long-Term Municipal Bonds 96.2% | ||
Certificate of Participation/Lease 1.4% | ||
California Municipal Finance Authority, Palomar Health Obligated Group, Certificate of Participation | ||
Series A, Insured: AGM | ||
5.25%, due 11/1/52 | $ 6,380,000 | $ 6,467,030 |
Hayward Unified School District, Certificate of Participation | ||
5.25%, due 8/1/47 | 6,900,000 | 6,880,716 |
Oxnard School District, Property Acquisition and Improvement Project, Certificate of Participation | ||
Insured: BAM | ||
5.00%, due 8/1/45 (a) | 950,000 | 962,098 |
14,309,844 | ||
Education 4.5% | ||
California Educational Facilities Authority, Loyola Marymount University, Green Bond, Revenue Bonds | ||
Series B | ||
5.00%, due 10/1/31 | 525,000 | 539,531 |
California Infrastructure & Economic Development Bank, Equitable School Revolving Fund LLC Obligated Group, Revenue Bonds | ||
Series B | ||
5.00%, due 11/1/44 | 350,000 | 335,510 |
Series B | ||
5.00%, due 11/1/49 | 500,000 | 466,982 |
California Infrastructure & Economic Development Bank, WFCS Portfolio Projects, Revenue Bonds (b) | ||
Series A-1 | ||
5.00%, due 1/1/55 | 2,540,000 | 1,806,220 |
Series A-1 | ||
5.00%, due 1/1/56 | 840,000 | 594,576 |
California Municipal Finance Authority, Charter School, King Chavez Academy, Revenue Bonds (b) | ||
Series A | ||
5.00%, due 5/1/36 | 1,275,000 | 1,191,661 |
Series A | ||
5.00%, due 5/1/46 | 1,325,000 | 1,159,613 |
Principal Amount | Value | |
Education (continued) | ||
California Municipal Finance Authority, Charter School, Palmdale Aerospace Academy Projects (The), Revenue Bonds (b) | ||
Series A | ||
5.00%, due 7/1/36 | $ 1,300,000 | $ 1,222,469 |
Series A | ||
5.00%, due 7/1/46 | 795,000 | 677,053 |
California Municipal Finance Authority, Claremont Graduate University, Revenue Bonds | ||
Series B | ||
5.00%, due 10/1/54 (b) | 1,380,000 | 1,145,101 |
California Municipal Finance Authority, Creative Center Los Altos Project (The), Revenue Bonds (b) | ||
Series B | ||
4.00%, due 11/1/36 | 400,000 | 321,941 |
Series B | ||
4.50%, due 11/1/46 | 1,600,000 | 1,203,727 |
California Municipal Finance Authority, Southern California Institute of Architecture Project, Revenue Bonds | ||
5.00%, due 12/1/38 | 845,000 | 827,625 |
California Municipal Finance Authority, University of San Diego, Revenue Bonds | ||
Series A | ||
5.00%, due 10/1/44 | 3,065,000 | 3,075,758 |
Series A | ||
5.00%, due 10/1/49 | 4,440,000 | 4,395,613 |
California Public Finance Authority, California University of Science & Medicine Obligated Group, Revenue Bonds | ||
Series A | ||
6.25%, due 7/1/54 (b) | 1,000,000 | 1,021,360 |
California School Finance Authority, Aspire Public Schools Obligated Group, Revenue Bonds (b) | ||
5.00%, due 8/1/27 | 475,000 | 477,646 |
5.00%, due 8/1/28 | 650,000 | 653,760 |
5.00%, due 8/1/36 | 550,000 | 544,145 |
5.00%, due 8/1/41 | 700,000 | 662,339 |
5.00%, due 8/1/46 | 900,000 | 822,164 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Education (continued) | ||
California School Finance Authority, Classical Academies Project, Revenue Bonds | ||
Series A | ||
5.00%, due 10/1/37 (b) | $ 1,485,000 | $ 1,433,098 |
California School Finance Authority, Grimmway Schools Obligated Group, Revenue Bonds (b) | ||
Series A | ||
4.25%, due 7/1/28 | 1,240,000 | 1,193,728 |
Series A | ||
5.00%, due 7/1/46 | 750,000 | 662,749 |
California School Finance Authority, High Tech High Learning Project, Revenue Bonds (b) | ||
Series A | ||
5.00%, due 7/1/37 | 500,000 | 451,616 |
Series A | ||
5.00%, due 7/1/49 | 500,000 | 417,783 |
California School Finance Authority, Kipp Social Public Schools Project, Revenue Bonds | ||
Series A | ||
5.00%, due 7/1/34 (b) | 600,000 | 601,745 |
California School Finance Authority, Partnerships to Uplift Communities, Revenue Bonds | ||
5.50%, due 8/1/47 (b) | 525,000 | 481,401 |
California School Finance Authority, Teach Public Schools, Revenue Bonds (b) | ||
Series A | ||
5.00%, due 6/1/39 | 740,000 | 669,204 |
Series A | ||
5.00%, due 6/1/58 | 600,000 | 484,979 |
California School Finance Authority, Vista Charter Public Schools, Revenue Bonds | ||
Series A | ||
4.00%, due 6/1/51 (b) | 1,790,000 | 1,242,072 |
California Statewide Communities Development Authority, Lancer Plaza Project, Revenue Bonds | ||
5.875%, due 11/1/43 | 1,000,000 | 945,544 |
Principal Amount | Value | |
Education (continued) | ||
Irvine Unified School District, Community Facilities District No. 9, Special Tax | ||
Series A | ||
5.00%, due 9/1/36 | $ 545,000 | $ 555,275 |
Poway Unified School District, Community Facilities District No. 15, Special Tax | ||
Insured: BAM | ||
5.25%, due 9/1/52 | 1,750,000 | 1,747,448 |
University of California, Revenue Bonds | ||
Series AV | ||
5.25%, due 5/15/42 | 5,000,000 | 5,135,470 |
Series BN | ||
5.50%, due 5/15/40 | 5,700,000 | 6,289,928 |
45,456,834 | ||
General 4.2% | ||
California Statewide Communities Development Authority, Special Assessment | ||
Series A | ||
4.00%, due 9/2/50 | 1,000,000 | 742,663 |
Series D | ||
5.50%, due 9/2/53 | 1,000,000 | 900,104 |
California Statewide Communities Development Authority, Community Facilities District No. 2021-02, Special Tax | ||
5.00%, due 9/1/53 | 1,000,000 | 910,528 |
Cathedral City Redevelopment Agency Successor Agency, Merged Redevelopment Project Area, Tax Allocation | ||
Series A, Insured: AGM | ||
5.00%, due 8/1/34 | 1,000,000 | 1,004,281 |
City of Irvine, Community Facilities District No. 2013-3, Special Tax | ||
5.00%, due 9/1/49 | 1,385,000 | 1,310,157 |
City of Irvine, Community Facilities District No. 2013-3 Improvement Area No. 1, Special Tax | ||
Insured: BAM | ||
4.00%, due 9/1/58 | 2,750,000 | 2,282,063 |
Insured: BAM | ||
5.25%, due 9/1/53 | 3,000,000 | 3,123,367 |
12 | MainStay MacKay California Tax Free Opportunities Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
General (continued) | ||
City of Palm Desert, University Park, Special Tax | ||
3.00%, due 9/1/31 | $ 315,000 | $ 272,042 |
4.00%, due 9/1/41 | 450,000 | 365,594 |
City of Rocklin, Community Facilities District No. 10, Special Tax | ||
5.00%, due 9/1/39 | 1,125,000 | 1,109,500 |
City of San Mateo, Community Facilities District No. 2008-1, Special Tax | ||
Series 1, Insured: BAM | ||
5.25%, due 9/1/40 | 4,000,000 | 4,026,930 |
City of South San Francisco, Community Facilities District No. 2021-01, Special Tax | ||
4.00%, due 9/1/44 | 400,000 | 318,506 |
Irvine Facilities Financing Authority, Community Facilities District No. 2013-3, Special Tax | ||
Series A, Insured: BAM | ||
5.25%, due 9/1/53 | 12,000,000 | 12,474,317 |
Mountain View Shoreline Regional Park Community, Tax Allocation | ||
Series A, Insured: AGM | ||
5.00%, due 8/1/36 | 1,645,000 | 1,708,255 |
River Islands Public Financing Authority, Community Facilities District No. 2003-1, Special Tax | ||
Series A-1, Insured: AGM | ||
5.00%, due 9/1/42 | 1,500,000 | 1,537,740 |
Series A-1, Insured: AGM | ||
5.25%, due 9/1/52 | 1,000,000 | 1,025,676 |
Romoland School District, Community Facilities District No. 2017-1 Improvement Area 2, Special Tax | ||
5.00%, due 9/1/54 | 1,600,000 | 1,429,336 |
Sacramento Area Flood Control Agency, Consolidated Capital Assessment District No. 2, Special Assessment | ||
4.00%, due 10/1/47 | 3,700,000 | 3,236,805 |
San Francisco City & County Redevelopment Agency Successor Agency, Transbay Infrastructure Project, Tax Allocation, Third Lien | ||
Series B, Insured: AGM | ||
5.00%, due 8/1/48 | 1,500,000 | 1,516,721 |
Principal Amount | Value | |
General (continued) | ||
San Francisco City & County Redevelopment Agency Successor Agency, Transbay Infrastructure Project, Tax Allocation, Third Lien (continued) | ||
Series B, Insured: AGM | ||
5.25%, due 8/1/53 | $ 1,400,000 | $ 1,439,862 |
Tracy Community Facilities District, Special Tax | ||
5.75%, due 9/1/48 (c) | 1,000,000 | 976,671 |
41,711,118 | ||
General Obligation 33.1% | ||
Alhambra Unified School District, Unlimited General Obligation | ||
Series B | ||
4.25%, due 8/1/43 | 2,000,000 | 1,882,517 |
Series B | ||
5.25%, due 8/1/48 | 3,000,000 | 3,151,576 |
Cabrillo Unified School District, Election of 2018, Unlimited General Obligation | ||
Series B, Insured: AGM-CR | ||
5.00%, due 8/1/50 | 3,150,000 | 3,173,483 |
Ceres Unified School District, Unlimited General Obligation | ||
Insured: BAM | ||
(zero coupon), due 8/1/37 | 500,000 | 258,223 |
Chabot-Las Positas Community College District, Unlimited General Obligation | ||
Series C | ||
5.25%, due 8/1/48 | 1,250,000 | 1,312,071 |
City of Berkeley, Unlimited General Obligation | ||
2.00%, due 9/1/39 | 1,560,000 | 981,774 |
2.00%, due 9/1/40 | 1,590,000 | 974,294 |
Clovis Unified School District, Unlimited General Obligation | ||
Series B | ||
5.25%, due 8/1/41 | 1,100,000 | 1,145,282 |
Series B | ||
5.25%, due 8/1/42 | 1,000,000 | 1,037,772 |
Coalinga-Huron Joint Unified School District, Election of 2016, Unlimited General Obligation | ||
Series B, Insured: BAM | ||
5.00%, due 8/1/48 | 3,250,000 | 3,266,928 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
General Obligation (continued) | ||
Commonwealth of Puerto Rico, Unlimited General Obligation | ||
Series A-1 | ||
4.00%, due 7/1/33 | $ 10,000,000 | $ 8,715,635 |
Series A-1 | ||
4.00%, due 7/1/35 | 3,350,000 | 2,815,979 |
Series A-1 | ||
5.625%, due 7/1/27 | 8,000,000 | 8,144,816 |
Series A-1 | ||
5.625%, due 7/1/29 | 2,000,000 | 2,046,495 |
Series A-1 | ||
5.75%, due 7/1/31 | 1,800,000 | 1,854,898 |
Denair Unified School District, Election of 2007, Unlimited General Obligation | ||
Insured: AGM | ||
(zero coupon), due 8/1/41 | 4,260,000 | 1,649,852 |
El Rancho Unified School District, Election of 2016, Unlimited General Obligation | ||
Series A, Insured: BAM | ||
5.25%, due 8/1/46 | 2,745,000 | 2,775,199 |
El Segundo Unified School District, Election of 2018, Unlimited General Obligation | ||
Series C | ||
4.00%, due 8/1/50 | 500,000 | 433,706 |
Elk Grove Unified School District, Unlimited General Obligation | ||
2.00%, due 8/1/40 | 3,740,000 | 2,338,847 |
Etiwanda School District, Unlimited General Obligation | ||
Series C | ||
5.25%, due 8/1/52 | 5,675,000 | 5,840,298 |
Fort Bragg Unified School District, Election of 2020, Unlimited General Obligation | ||
Series B | ||
5.50%, due 8/1/52 | 1,000,000 | 1,022,133 |
Fremont Union High School District, Unlimited General Obligation | ||
Series B | ||
5.00%, due 8/1/32 | 3,260,000 | 3,437,278 |
Principal Amount | Value | |
General Obligation (continued) | ||
Glendale Community College District, Election of 2016, Unlimited General Obligation | ||
Series B | ||
3.00%, due 8/1/47 | $ 4,500,000 | $ 3,088,880 |
Hartnell Community College District, Unlimited General Obligation | ||
Series A | ||
(zero coupon), due 8/1/37 | 2,500,000 | 1,262,004 |
Healdsburg Unified School District, Unlimited General Obligation | ||
Series A | ||
4.60%, due 8/1/37 | 4,405,000 | 4,431,336 |
Inglewood Unified School District, Election of 2012, Unlimited General Obligation | ||
Series B, Insured: BAM | ||
5.00%, due 8/1/35 | 800,000 | 826,274 |
Inglewood Unified School District, Election of 2020, Unlimited General Obligation | ||
Series A, Insured: AGM | ||
4.00%, due 8/1/51 | 2,750,000 | 2,317,275 |
Jurupa Unified School District, Unlimited General Obligation | ||
Series B | ||
5.00%, due 8/1/37 | 1,000,000 | 1,028,691 |
Jurupa Unified School District, Election 2014, Unlimited General Obligation | ||
Series C | ||
5.25%, due 8/1/43 | 2,000,000 | 2,063,872 |
Kern Community College District, Election of 2016, Unlimited General Obligation | ||
Series C | ||
3.00%, due 8/1/46 | 5,000,000 | 3,473,868 |
Series C, Insured: BAM | ||
3.00%, due 8/1/46 | 5,500,000 | 3,853,118 |
Series D | ||
5.25%, due 8/1/33 | 1,000,000 | 1,129,787 |
Series D | ||
5.25%, due 8/1/34 | 700,000 | 787,537 |
Series D | ||
5.25%, due 8/1/38 | 2,000,000 | 2,181,895 |
Series D | ||
5.25%, due 8/1/39 | 1,400,000 | 1,520,439 |
14 | MainStay MacKay California Tax Free Opportunities Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
General Obligation (continued) | ||
Kern Community College District, Election of 2016, Unlimited General Obligation (continued) | ||
Series D | ||
5.25%, due 8/1/40 | $ 2,200,000 | $ 2,378,063 |
Kern Community College District, Safety Repair & Improvement, Unlimited General Obligation | ||
Series C | ||
5.75%, due 11/1/34 | 650,000 | 650,000 |
La Mesa-Spring Valley School District, Unlimited General Obligation | ||
Series B | ||
5.00%, due 8/1/47 | 1,100,000 | 1,109,752 |
Long Beach Community College District, Unlimited General Obligation | ||
Series C | ||
4.00%, due 8/1/49 | 3,000,000 | 2,609,020 |
Long Beach Unified School District, Unlimited General Obligation | ||
Series C | ||
4.00%, due 8/1/50 | 18,000,000 | 15,717,643 |
Los Angeles Community College District, Election of 2008, Unlimited General Obligation | ||
Series I | ||
4.00%, due 8/1/34 | 4,000,000 | 4,014,066 |
Los Angeles Community College District, Election of 2022, Unlimited General Obligation | ||
Series A-2 | ||
5.50%, due 8/1/24 | 3,000,000 | 2,997,561 |
Los Angeles Unified School District, Unlimited General Obligation | ||
Series A | ||
5.00%, due 7/1/25 | 1,250,000 | 1,276,301 |
Series A | ||
5.00%, due 7/1/32 | 1,500,000 | 1,625,906 |
Series A | ||
5.00%, due 7/1/33 | 1,000,000 | 1,080,577 |
Series QRR | ||
5.25%, due 7/1/40 | 3,500,000 | 3,782,004 |
Series QRR | ||
5.25%, due 7/1/47 | 7,500,000 | 7,878,994 |
Principal Amount | Value | |
General Obligation (continued) | ||
Los Banos Unified School District, Election of 2018, Unlimited General Obligation | ||
5.25%, due 8/1/49 | $ 2,500,000 | $ 2,594,572 |
Marysville Joint Unified School District, Election 2008, Unlimited General Obligation | ||
Insured: AGM | ||
(zero coupon), due 8/1/35 | 1,500,000 | 851,661 |
Insured: AGM | ||
(zero coupon), due 8/1/36 | 2,000,000 | 1,063,308 |
Insured: AGM | ||
(zero coupon), due 8/1/37 | 2,000,000 | 988,485 |
Montebello Unified School District, Unlimited General Obligation | ||
Series B, Insured: AGM | ||
5.50%, due 8/1/47 | 1,500,000 | 1,560,654 |
Mount San Antonio Community College District, Unlimited General Obligation | ||
Series A | ||
4.00%, due 8/1/49 | 2,000,000 | 1,772,108 |
Mount San Jacinto Community College District, Election 2014, Unlimited General Obligation | ||
Series B | ||
4.00%, due 8/1/38 | 1,985,000 | 1,875,367 |
Needles Unified School District, Capital Appreciation, Election 2008, Unlimited General Obligation | ||
Series B, Insured: AGM | ||
(zero coupon), due 8/1/45 | 1,250,000 | 890,190 |
North Orange County Community College District, Election of 2014, Unlimited General Obligation | ||
Series C | ||
4.00%, due 8/1/47 | 4,750,000 | 4,187,207 |
Norwalk-La Mirada Unified School District, Election of 2014, Unlimited General Obligation | ||
Series E | ||
3.00%, due 8/1/46 | 1,600,000 | 1,102,484 |
Ocean View School District of Orange County, Unlimited General Obligation | ||
Series C, Insured: AGM | ||
3.00%, due 8/1/47 | 3,040,000 | 2,035,076 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
General Obligation (continued) | ||
Ojai Unified School District, Unlimited General Obligation | ||
Series B, Insured: AGM | ||
5.25%, due 8/1/48 | $ 1,100,000 | $ 1,133,414 |
Series B, Insured: AGM | ||
5.50%, due 8/1/53 | 1,750,000 | 1,827,915 |
Ontario Montclair School District, Election of 2016, Unlimited General Obligation | ||
Series A | ||
5.00%, due 8/1/46 | 7,765,000 | 7,864,234 |
Series C | ||
5.25%, due 8/1/52 | 3,125,000 | 3,238,294 |
Palomar Community College District, Election of 2006, Unlimited General Obligation | ||
Series B | ||
(zero coupon), due 8/1/39 | 2,000,000 | 2,051,802 |
Series D | ||
5.25%, due 8/1/45 | 3,500,000 | 3,577,313 |
Ravenswood City School District, Election 2018, Unlimited General Obligation | ||
Insured: AGM | ||
5.25%, due 8/1/45 | 3,500,000 | 3,614,165 |
Redwood City School District, Election 2015, Unlimited General Obligation | ||
5.25%, due 8/1/44 | 2,000,000 | 2,067,382 |
Rio Hondo Community College District, Election 2004, Unlimited General Obligation | ||
Series C | ||
(zero coupon), due 8/1/42 | 2,000,000 | 2,230,342 |
Sacramento City Unified School District, Election of 2020, Unlimited General Obligation | ||
Series A, Insured: BAM | ||
5.50%, due 8/1/52 | 4,500,000 | 4,677,644 |
Salinas Union High School District, Unlimited General Obligation | ||
Series A | ||
4.00%, due 8/1/47 | 4,300,000 | 3,767,303 |
San Diego Unified School District, Election of 2012, Unlimited General Obligation | ||
Series R-2 | ||
(zero coupon), due 7/1/41 | 4,360,000 | 3,575,874 |
Principal Amount | Value | |
General Obligation (continued) | ||
San Diego Unified School District, Election of 2012, Unlimited General Obligation (continued) | ||
Series B-4 | ||
5.00%, due 7/1/40 | $ 2,690,000 | $ 2,863,067 |
San Diego Unified School District, Election of 2018, Unlimited General Obligation | ||
Series F-2 | ||
5.00%, due 7/1/40 | 3,020,000 | 3,193,469 |
San Diego Unified School District, Election of 2022, Unlimited General Obligation | ||
Series A-3 | ||
4.00%, due 7/1/53 | 6,640,000 | 5,650,036 |
Series A-3 | ||
5.00%, due 7/1/48 | 2,665,000 | 2,766,222 |
San Francisco Bay Area Rapid Transit District, Election of 2016, Unlimited General Obligation | ||
Series D-1 | ||
5.25%, due 8/1/47 | 6,750,000 | 7,109,305 |
San Jose Evergreen Community College District, Election of 2016, Unlimited General Obligation | ||
Series C-1 | ||
4.997%, due 9/1/25 | 1,250,000 | 1,244,016 |
Series C | ||
5.00%, due 9/1/39 | 3,000,000 | 3,169,465 |
Series C | ||
5.00%, due 9/1/40 | 2,575,000 | 2,703,749 |
San Juan Unified School District, Election 2016, Unlimited General Obligation | ||
5.00%, due 8/1/36 | 1,500,000 | 1,604,418 |
5.00%, due 8/1/38 | 1,800,000 | 1,893,852 |
San Juan Unified School District, Election of 2012, Unlimited General Obligation | ||
Series N | ||
4.00%, due 8/1/31 | 1,975,000 | 1,975,105 |
San Luis Obispo County Community College District, Unlimited General Obligation | ||
Series B | ||
4.00%, due 8/1/43 | 2,250,000 | 2,037,696 |
16 | MainStay MacKay California Tax Free Opportunities Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
General Obligation (continued) | ||
San Mateo Foster City School District, Unlimited General Obligation | ||
Series B | ||
5.00%, due 8/1/40 | $ 1,000,000 | $ 1,064,072 |
Series B | ||
5.00%, due 8/1/41 | 1,150,000 | 1,216,374 |
San Rafael City Elementary School District, Election of 2022, Unlimited General Obligation | ||
Series A | ||
5.25%, due 8/1/52 | 1,250,000 | 1,298,302 |
San Rafael City High School District, Election of 2022, Unlimited General Obligation | ||
Series A | ||
5.25%, due 8/1/52 | 4,250,000 | 4,401,751 |
San Ysidro School District, Unlimited General Obligation | ||
Insured: AGM | ||
(zero coupon), due 8/1/47 | 3,000,000 | 826,944 |
Santa Barbara Unified School District, Election of 2010, Unlimited General Obligation | ||
Series A | ||
7.00%, due 8/1/36 | 1,000,000 | 1,264,735 |
Santa Clarita Community College District, Election of 2016, Unlimited General Obligation | ||
5.25%, due 8/1/48 | 2,000,000 | 2,064,367 |
South San Francisco Unified School District, Unlimited General Obligation | ||
4.00%, due 9/1/52 | 15,000,000 | 13,027,711 |
State of California, Various Purpose, Unlimited General Obligation | ||
4.00%, due 9/1/34 | 3,500,000 | 3,463,976 |
4.00%, due 3/1/36 | 3,395,000 | 3,345,283 |
4.00%, due 10/1/36 | 4,150,000 | 4,052,262 |
4.00%, due 11/1/36 | 2,500,000 | 2,437,917 |
4.00%, due 10/1/37 | 4,000,000 | 3,835,696 |
4.00%, due 10/1/37 | 4,445,000 | 4,262,418 |
4.00%, due 11/1/38 | 4,775,000 | 4,534,012 |
4.00%, due 10/1/39 | 3,500,000 | 3,308,261 |
4.00%, due 3/1/40 | 5,000,000 | 4,665,336 |
4.00%, due 9/1/42 | 6,250,000 | 5,712,266 |
4.00%, due 4/1/49 | 1,895,000 | 1,653,496 |
5.00%, due 11/1/28 | 5,000,000 | 5,313,118 |
Principal Amount | Value | |
General Obligation (continued) | ||
State of California, Various Purpose, Unlimited General Obligation (continued) | ||
5.00%, due 11/1/30 | $ 4,500,000 | $ 4,869,221 |
5.00%, due 9/1/32 | 1,840,000 | 2,002,607 |
5.00%, due 4/1/38 | 5,000,000 | 5,001,028 |
5.00%, due 9/1/41 | 3,550,000 | 3,702,241 |
5.25%, due 9/1/47 | 4,000,000 | 4,280,678 |
Sunnyvale School District, Unlimited General Obligation | ||
Series B | ||
5.00%, due 9/1/48 | 2,820,000 | 2,912,751 |
Ukiah Unified School District, Election of 2020, Unlimited General Obligation | ||
Series B, Insured: AGM | ||
5.50%, due 8/1/53 | 2,500,000 | 2,571,700 |
Vista Unified School District, Election of 2018, Unlimited General Obligation | ||
Series B, Insured: BAM | ||
5.25%, due 8/1/48 | 1,385,000 | 1,427,577 |
Washington Township Health Care District, Unlimited General Obligation | ||
Series B, Insured: AGM | ||
4.25%, due 8/1/45 | 825,000 | 748,509 |
Series B, Insured: AGM | ||
4.50%, due 8/1/53 | 750,000 | 702,290 |
Series B | ||
5.25%, due 8/1/36 | 500,000 | 535,142 |
Series B | ||
5.25%, due 8/1/40 | 880,000 | 918,354 |
Series B | ||
5.25%, due 8/1/48 | 500,000 | 515,580 |
Series B | ||
5.50%, due 8/1/53 | 2,000,000 | 2,098,526 |
West Contra Costa Unified School District, Unlimited General Obligation | ||
Series A-1, Insured: AGM | ||
3.00%, due 8/1/51 | 2,230,000 | 1,464,233 |
331,599,847 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Hospital 4.0% | ||
California Health Facilities Financing Authority, Cedars-Sinai Health System, Revenue Bonds | ||
Series A | ||
4.00%, due 8/15/40 | $ 5,000,000 | $ 4,579,254 |
California Health Facilities Financing Authority, Children's Hospital Los Angeles Obligated Group, Revenue Bonds | ||
Series A | ||
5.00%, due 8/15/47 | 1,500,000 | 1,379,355 |
California Health Facilities Financing Authority, El Camino Hospital, Revenue Bonds | ||
5.00%, due 2/1/47 | 6,500,000 | 6,396,192 |
California Health Facilities Financing Authority, Lucile Salter Packard Children's Hospital at Stanford, Revenue Bonds | ||
Series A | ||
5.00%, due 11/15/56 | 1,000,000 | 954,714 |
California Municipal Finance Authority, Community Medical Centers, Revenue Bonds | ||
Series A | ||
5.00%, due 2/1/27 | 1,100,000 | 1,113,894 |
Series A | ||
5.00%, due 2/1/37 | 1,000,000 | 971,788 |
California Municipal Finance Authority, Healthright 360, Revenue Bonds | ||
Series A | ||
5.00%, due 11/1/39 (b) | 1,000,000 | 893,569 |
California Public Finance Authority, Hoag Memorial Hospital Presbyterian, Revenue Bonds | ||
Series A | ||
4.00%, due 7/15/51 | 6,925,000 | 6,028,863 |
Series A | ||
5.00%, due 7/15/46 | 1,515,000 | 1,543,690 |
California Statewide Communities Development Authority, Enloe Medical Center Obligated Group, Revenue Bonds | ||
Series A, Insured: AGM | ||
5.00%, due 8/15/42 | 1,000,000 | 1,020,421 |
Series A, Insured: AGM | ||
5.25%, due 8/15/52 | 3,000,000 | 3,063,399 |
Principal Amount | Value | |
Hospital (continued) | ||
California Statewide Communities Development Authority, Methodist Hospital of Southern California, Revenue Bonds | ||
5.00%, due 1/1/48 | $ 2,250,000 | $ 2,084,843 |
Regents of the University of California Medical Center, Pooled, Revenue Bonds | ||
Series P | ||
5.00%, due 5/15/47 | 7,400,000 | 7,541,498 |
Washington Township Health Care District, Revenue Bonds | ||
Series B | ||
4.00%, due 7/1/36 | 1,380,000 | 1,158,000 |
Series A | ||
5.00%, due 7/1/41 | 400,000 | 361,040 |
Series A | ||
5.00%, due 7/1/42 | 380,000 | 339,514 |
Series A | ||
5.00%, due 7/1/43 | 300,000 | 265,730 |
Series A | ||
5.75%, due 7/1/48 | 300,000 | 298,798 |
39,994,562 | ||
Housing 1.8% | ||
California Community College Financing Authority, Orange Coast College Project, Revenue Bonds | ||
5.00%, due 5/1/27 | 280,000 | 282,141 |
5.00%, due 5/1/28 | 250,000 | 252,705 |
5.00%, due 5/1/29 | 1,470,000 | 1,484,723 |
California Enterprise Development Authority, Provident Group-SDSU Properties LLC M@College Project, Revenue Bonds, First Tier | ||
Series A | ||
5.00%, due 8/1/55 | 1,000,000 | 916,855 |
California Municipal Finance Authority, Mobile Home Park Caritas Project, Revenue Bonds, Senior Lien | ||
Series A | ||
4.00%, due 8/15/42 | 1,540,000 | 1,304,782 |
California Municipal Finance Authority, P3 Claremont Holdings LLC, Claremont Colleges Project, Revenue Bonds | ||
Series A | ||
5.00%, due 7/1/40 (b) | 1,000,000 | 873,512 |
18 | MainStay MacKay California Tax Free Opportunities Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Housing (continued) | ||
California Municipal Finance Authority, Windsor Mobile Country Club, Revenue Bonds | ||
Series A | ||
4.00%, due 11/15/37 | $ 1,320,000 | $ 1,177,661 |
California School Finance Authority, Sonoma County Junior College Project, Revenue Bonds | ||
Series A | ||
4.00%, due 11/1/36 (b) | 2,000,000 | 1,724,004 |
California Statewide Communities Development Authority, CHF-Irvine LLC, Student Housing, Revenue Bonds | ||
5.00%, due 5/15/40 | 1,000,000 | 951,344 |
California Statewide Communities Development Authority, Irvine Campus Apartments, Revenue Bonds | ||
5.00%, due 5/15/50 | 3,500,000 | 3,171,256 |
California Statewide Communities Development Authority, Provident Group Pomona Properties LLC Project, Revenue Bonds | ||
Series A | ||
5.75%, due 1/15/45 (b) | 400,000 | 364,409 |
Hastings Campus Housing Finance Authority, Green Bond, Revenue Bonds, Senior Lien (b) | ||
Series A | ||
5.00%, due 7/1/45 | 3,150,000 | 2,607,808 |
Series A | ||
5.00%, due 7/1/61 | 3,850,000 | 2,958,649 |
18,069,849 | ||
Other Revenue 21.1% | ||
Alameda County Transportation Commission, Measure BB, Revenue Bonds, Senior Lien | ||
Series BB | ||
5.00%, due 3/1/45 | 2,500,000 | 2,606,714 |
California Community Choice Financing Authority, Clean Energy Project, Revenue Bonds | ||
Series A-1 | ||
5.00%, due 12/1/53 (d) | 5,500,000 | 5,466,679 |
Principal Amount | Value | |
Other Revenue (continued) | ||
California Community Choice Financing Authority, Clean Energy Project, Revenue Bonds (continued) | ||
Series E-2 | ||
5.228%, due 2/1/54 | $ 4,250,000 | $ 4,218,862 |
Series C | ||
5.25%, due 1/1/54 (d) | 12,325,000 | 12,065,910 |
Series F | ||
5.50%, due 10/1/54 (d) | 3,750,000 | 3,864,723 |
California Community Choice Financing Authority, Clean Energy Project, Green Bond, Revenue Bonds | ||
Series B-1 | ||
4.00%, due 2/1/52 (d) | 4,725,000 | 4,378,484 |
California Community Housing Agency, Essential Housing, Revenue Bonds, Senior Lien | ||
Series A-1 | ||
4.00%, due 2/1/56 (b) | 6,285,000 | 4,628,173 |
California Community Housing Agency, Fountains at Emerald, Revenue Bonds, Senior Lien | ||
Series A-1 | ||
3.00%, due 8/1/56 (b) | 2,700,000 | 1,607,591 |
California Community Housing Agency, Summit at Sausalito Apartments, Revenue Bonds | ||
Series A-1 | ||
3.00%, due 2/1/57 (b) | 500,000 | 297,662 |
California County Tobacco Securitization Agency, Golden Gate Tobacco Funding Corp., Asset-Backed, Revenue Bonds | ||
Series A | ||
5.00%, due 6/1/47 | 1,275,000 | 1,086,640 |
California County Tobacco Securitization Agency, Tobacco Settlement, Revenue Bonds, Senior Lien | ||
Series A | ||
4.00%, due 6/1/34 | 300,000 | 288,199 |
Series A | ||
4.00%, due 6/1/36 | 300,000 | 281,362 |
Series A | ||
4.00%, due 6/1/37 | 275,000 | 253,351 |
Series A | ||
4.00%, due 6/1/38 | 275,000 | 248,972 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Other Revenue (continued) | ||
California County Tobacco Securitization Agency, Tobacco Settlement, Revenue Bonds, Senior Lien (continued) | ||
Series A | ||
4.00%, due 6/1/39 | $ 350,000 | $ 313,298 |
Series A | ||
4.00%, due 6/1/49 | 2,500,000 | 2,035,514 |
California Health Facilities Financing Authority, Lundquist Institute For Biomedical Innovation, Revenue Bonds | ||
5.00%, due 9/1/30 | 1,300,000 | 1,311,599 |
5.00%, due 9/1/31 | 1,365,000 | 1,375,003 |
5.00%, due 9/1/32 | 1,435,000 | 1,442,266 |
5.00%, due 9/1/34 | 1,590,000 | 1,600,176 |
California Infrastructure & Economic Development Bank, Infrastructure State Revolving Fund, Revenue Bonds | ||
Series A | ||
5.00%, due 10/1/47 | 5,000,000 | 5,187,565 |
California Infrastructure & Economic Development Bank, Los Angeles County Museum of Natural History Foundation, Revenue Bonds | ||
3.00%, due 7/1/50 | 8,735,000 | 5,710,409 |
California Municipal Finance Authority, Orange County Civic Center Infrastructure Program, Revenue Bonds | ||
Series A | ||
5.00%, due 6/1/37 | 2,085,000 | 2,142,559 |
California Municipal Finance Authority, Rancho Colus LP, Revenue Bonds | ||
Series A, Insured: HUD Sector 8 | ||
5.00%, due 8/1/26 (d) | 3,360,000 | 3,378,721 |
California Municipal Finance Authority, Republic Services, Inc., Revenue Bonds (d)(e) | ||
Series B | ||
4.20%, due 7/1/51 | 5,000,000 | 4,988,082 |
Series A | ||
4.375%, due 9/1/53 | 7,500,000 | 7,122,201 |
Principal Amount | Value | |
Other Revenue (continued) | ||
California Municipal Finance Authority, United Airlines, Inc. Project, Revenue Bonds | ||
4.00%, due 7/15/29 (e) | $ 9,000,000 | $ 8,425,823 |
California State Public Works Board, Various Capital Projects, Revenue Bonds | ||
Series C | ||
5.00%, due 11/1/44 | 3,735,000 | 3,814,486 |
California Statewide Communities Development Authority, A Community of Seniors, Redwoods Project, Revenue Bonds | ||
Series A, Insured: California Mortgage Insurance | ||
5.375%, due 11/15/44 | 535,000 | 535,323 |
California Statewide Communities Development Authority, California Baptist University, Revenue Bonds | ||
Series A | ||
6.375%, due 11/1/43 (b) | 500,000 | 500,181 |
California Statewide Communities Development Authority, Front Porch Communities & Services Obligated Group, Revenue Bonds | ||
Series A | ||
4.00%, due 4/1/42 | 2,000,000 | 1,662,959 |
Children's Trust Fund, Asset-Backed, Revenue Bonds | ||
Series A | ||
(zero coupon), due 5/15/50 | 1,500,000 | 242,263 |
City of Victorville, Electric, Revenue Bonds | ||
Series A | ||
5.00%, due 5/1/38 | 1,115,000 | 1,140,612 |
CMFA Special Finance Agency VIII, Elan Huntington Beach, Revenue Bonds, Senior Lien | ||
Series A-1 | ||
3.00%, due 8/1/56 (b) | 2,000,000 | 1,186,814 |
CSCDA Community Improvement Authority, 1818 Platinum Triangle-Anaheim, Revenue Bonds, Senior Lien | ||
Series A-2 | ||
3.25%, due 4/1/57 (b) | 3,500,000 | 2,126,799 |
20 | MainStay MacKay California Tax Free Opportunities Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Other Revenue (continued) | ||
CSCDA Community Improvement Authority, Acacia on Santa Rosa Creek, Revenue Bonds, Senior Lien | ||
Series A | ||
4.00%, due 10/1/56 (b) | $ 2,000,000 | $ 1,485,428 |
CSCDA Community Improvement Authority, Dublin, Revenue Bonds, Senior Lien | ||
Series A-2 | ||
3.00%, due 2/1/57 (b) | 1,250,000 | 741,644 |
CSCDA Community Improvement Authority, Oceanaire Long Beach, Revenue Bonds | ||
Series A-2 | ||
4.00%, due 9/1/56 (b) | 7,000,000 | 4,630,011 |
CSCDA Community Improvement Authority, Pasadena Portfolio, Revenue Bonds, Senior Lien | ||
Series A-1 | ||
2.65%, due 12/1/46 (b) | 1,235,000 | 816,808 |
CSCDA Community Improvement Authority, Theo Pasadena, Revenue Bonds, Senior Lien | ||
Series A-2 | ||
3.25%, due 5/1/57 (b) | 4,500,000 | 2,713,350 |
Del Mar Race Track Authority, Revenue Bonds | ||
5.00%, due 10/1/30 | 1,000,000 | 954,364 |
Golden State Tobacco Securitization Corp., Tobacco Settlement, Revenue Bonds | ||
Series A-1 | ||
5.00%, due 6/1/51 | 7,165,000 | 7,164,700 |
Guam Economic Development & Commerce Authority, Tobacco Settlement Asset-Backed, Revenue Bonds | ||
Series A | ||
5.625%, due 6/1/47 | 1,025,000 | 914,154 |
Indio Finance Authority, Revenue Bonds | ||
Series A, Insured: BAM | ||
4.50%, due 11/1/52 | 2,000,000 | 1,847,934 |
Series A, Insured: BAM | ||
5.25%, due 11/1/42 | 1,500,000 | 1,559,679 |
Principal Amount | Value | |
Other Revenue (continued) | ||
Livermore Valley Water Financing Authority, Alameda County Flood Control & Water Conservation District Zone No. 7, Revenue Bonds | ||
Series A | ||
5.00%, due 7/1/47 | $ 3,945,000 | $ 4,002,977 |
Lodi Public Financing Authority, Electric System, Revenue Bonds | ||
Insured: AGM | ||
5.00%, due 9/1/32 | 1,650,000 | 1,730,143 |
Los Angeles County Metropolitan Transportation Authority, Sales Tax, Revenue Bonds | ||
Series A | ||
4.00%, due 6/1/38 | 6,245,000 | 5,952,126 |
Los Angeles Department of Water & Power, Water System, Revenue Bonds | ||
Series B | ||
5.00%, due 7/1/43 | 1,045,000 | 1,046,903 |
Matching Fund Special Purpose Securitization Corp., Revenue Bonds | ||
Series A | ||
5.00%, due 10/1/30 | 3,140,000 | 3,108,127 |
Series A | ||
5.00%, due 10/1/32 | 3,140,000 | 3,087,561 |
Series A | ||
5.00%, due 10/1/39 | 10,915,000 | 10,351,739 |
Modesto Irrigation District, Electric System, Revenue Bonds | ||
Series A | ||
5.25%, due 10/1/48 | 7,905,000 | 8,164,984 |
Montclair Financing Authority, Public Facilities Project, Revenue Bonds | ||
Insured: AGM | ||
5.00%, due 10/1/32 | 1,000,000 | 1,008,719 |
Peninsula Corridor Joint Powers Board, Green Bond, Revenue Bonds | ||
Series A | ||
5.00%, due 6/1/47 | 4,750,000 | 4,850,145 |
Puerto Rico Sales Tax Financing Corp., Revenue Bonds | ||
Series A-1 | ||
(zero coupon), due 7/1/46 | 12,530,000 | 3,121,553 |
Series A-1 | ||
(zero coupon), due 7/1/51 | 5,390,000 | 974,307 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Other Revenue (continued) | ||
Puerto Rico Sales Tax Financing Corp., Revenue Bonds (continued) | ||
Series A-2 | ||
4.329%, due 7/1/40 | $ 3,159,000 | $ 2,736,722 |
Series A-1 | ||
4.50%, due 7/1/34 | 1,500,000 | 1,432,522 |
Series A-2B | ||
4.55%, due 7/1/40 | 1,871,000 | 1,665,406 |
Series A-1 | ||
4.75%, due 7/1/53 | 4,366,000 | 3,698,529 |
Series A-2 | ||
4.784%, due 7/1/58 | 4,707,000 | 3,959,074 |
Series A-1 | ||
5.00%, due 7/1/58 | 2,991,078 | 2,618,712 |
Riverside County Transportation Commission, Sales Tax, Revenue Bonds | ||
Series B | ||
4.00%, due 6/1/36 | 5,000,000 | 4,864,274 |
San Bernardino County Financing Authority, Court House Facilities Project, Revenue Bonds | ||
Series C, Insured: NATL-RE | ||
5.50%, due 6/1/37 | 950,000 | 893,448 |
San Joaquin County Transportation Authority, Sales Tax Revenue, Revenue Bonds | ||
Series K | ||
5.00%, due 3/1/37 | 1,705,000 | 1,753,255 |
South Bayside Waste Management Authority, Green Bond, Revenue Bonds | ||
Series A, Insured: AGM | ||
5.00%, due 9/1/40 | 2,435,000 | 2,469,990 |
South San Francisco Public Facilities Financing Authority, Multiple Capital Projects at Orange Memorial Park, Revenue Bonds | ||
Series A | ||
5.00%, due 6/1/40 | 1,150,000 | 1,183,050 |
Southern California Public Power Authority, Southern Transmissional System Renewal Project, Revenue Bonds | ||
Series A | ||
5.244%, due 11/1/38 | 2,500,000 | 2,191,627 |
Principal Amount | Value | |
Other Revenue (continued) | ||
Stockton Public Financing Authority, Water Revenue, Green Bonds, Revenue Bonds | ||
Series A, Insured: BAM | ||
4.00%, due 10/1/37 | $ 2,500,000 | $ 2,272,480 |
Series A, Insured: BAM | ||
5.00%, due 10/1/32 | 1,275,000 | 1,345,991 |
Series A, Insured: BAM | ||
5.00%, due 10/1/34 | 1,500,000 | 1,579,175 |
Territory of Guam, Business Privilege Tax, Revenue Bonds | ||
Series D | ||
5.00%, due 11/15/27 | 2,000,000 | 1,993,370 |
Series D | ||
5.00%, due 11/15/33 | 2,300,000 | 2,232,401 |
Tobacco Securitization Authority of Northern California, Sacramento County Tobacco Securitization Corp., Revenue Bonds, Senior Lien | ||
Series A | ||
4.00%, due 6/1/49 | 3,000,000 | 2,468,018 |
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan, Revenue Bonds | ||
Series A | ||
5.00%, due 10/1/29 (b) | 1,500,000 | 1,379,475 |
Series A | ||
5.00%, due 10/1/32 | 1,150,000 | 1,020,883 |
211,521,733 | ||
Transportation 14.4% | ||
Alameda Corridor Transportation Authority, Revenue Bonds | ||
Series A, Insured: NATL-RE | ||
(zero coupon), due 10/1/36 | 3,000,000 | 1,604,481 |
Series C, Insured: AGM | ||
5.00%, due 10/1/52 | 3,500,000 | 3,500,233 |
Bay Area Toll Authority, Revenue Bonds | ||
Series S-7 | ||
4.00%, due 4/1/35 | 3,500,000 | 3,442,972 |
California Municipal Finance Authority, LINXS APM Project, Revenue Bonds, Senior Lien (e) | ||
Series A, Insured: AGM | ||
3.25%, due 12/31/32 | 1,000,000 | 854,983 |
Series A, Insured: AGM | ||
3.50%, due 12/31/35 | 1,310,000 | 1,094,358 |
22 | MainStay MacKay California Tax Free Opportunities Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Transportation (continued) | ||
California Municipal Finance Authority, LINXS APM Project, Revenue Bonds, Senior Lien (e) (continued) | ||
Series A | ||
5.00%, due 12/31/33 | $ 3,800,000 | $ 3,840,929 |
City of Long Beach, Airport System, Revenue Bonds | ||
Series A, Insured: AGM | ||
5.00%, due 6/1/33 | 550,000 | 604,001 |
Series A, Insured: AGM | ||
5.00%, due 6/1/34 | 410,000 | 449,279 |
Series B, Insured: AGM | ||
5.00%, due 6/1/35 | 310,000 | 337,561 |
Series A, Insured: AGM | ||
5.00%, due 6/1/36 | 800,000 | 863,064 |
Series A, Insured: AGM | ||
5.00%, due 6/1/37 | 750,000 | 798,814 |
Series A, Insured: AGM | ||
5.00%, due 6/1/38 | 750,000 | 788,526 |
Series A, Insured: AGM | ||
5.00%, due 6/1/39 | 500,000 | 523,506 |
Series B, Insured: AGM | ||
5.00%, due 6/1/40 | 750,000 | 782,222 |
City of Long Beach, Harbor, Revenue Bonds | ||
Series A | ||
5.00%, due 5/15/37 | 3,475,000 | 3,654,482 |
Series A | ||
5.00%, due 5/15/40 (e) | 4,915,000 | 4,945,307 |
City of Los Angeles, Department of Airports, Revenue Bonds (e) | ||
Series D | ||
3.00%, due 5/15/39 | 105,000 | 95,888 |
Series D | ||
5.00%, due 5/15/30 | 3,000,000 | 3,086,361 |
Series B | ||
5.00%, due 5/15/34 | 4,625,000 | 4,689,480 |
Series D | ||
5.00%, due 5/15/35 | 2,000,000 | 2,021,851 |
Series F | ||
5.00%, due 5/15/38 | 1,000,000 | 992,034 |
City of Los Angeles, Department of Airports, Revenue Bonds, Senior Lien | ||
Series G | ||
4.00%, due 5/15/47 (e) | 2,000,000 | 1,644,139 |
Principal Amount | Value | |
Transportation (continued) | ||
City of Los Angeles, Department of Airports, Revenue Bonds, Senior Lien (continued) | ||
Series C | ||
5.00%, due 5/15/29 (e) | $ 5,000,000 | $ 5,147,594 |
Series I | ||
5.00%, due 5/15/48 | 6,175,000 | 6,297,689 |
Series G | ||
5.50%, due 5/15/38 (e) | 1,000,000 | 1,042,276 |
Series G | ||
5.50%, due 5/15/39 (e) | 1,375,000 | 1,427,614 |
Series G | ||
5.50%, due 5/15/40 (e) | 4,000,000 | 4,146,182 |
Series H | ||
5.50%, due 5/15/47 (e) | 4,100,000 | 4,170,087 |
Foothill-Eastern Transportation Corridor Agency, Revenue Bonds | ||
Series A, Insured: AGM | ||
(zero coupon), due 1/15/31 | 2,795,000 | 3,025,753 |
Foothill-Eastern Transportation Corridor Agency, Revenue Bonds, Senior Lien | ||
Series A | ||
4.00%, due 1/15/46 | 5,270,000 | 4,423,325 |
Norman Y Mineta San Jose International Airport SJC, Revenue Bonds (e) | ||
Series A | ||
5.00%, due 3/1/30 | 1,855,000 | 1,904,776 |
Series A | ||
5.00%, due 3/1/47 | 6,890,000 | 6,520,849 |
Oklahoma Turnpike Authority, Revenue Bonds | ||
5.50%, due 1/1/53 | 10,000,000 | 10,507,893 |
Port of Oakland, Revenue Bonds | ||
Series H | ||
5.00%, due 5/1/29 (e) | 1,900,000 | 1,961,487 |
Puerto Rico Highway & Transportation Authority, Revenue Bonds | ||
Series B | ||
(zero coupon), due 7/1/32 | 7,000,000 | 4,471,250 |
San Diego County Regional Airport Authority, Revenue Bonds (e) | ||
Series B | ||
5.00%, due 7/1/33 | 2,000,000 | 2,054,042 |
Series B | ||
5.00%, due 7/1/49 | 2,325,000 | 2,190,507 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Transportation (continued) | ||
San Diego County Regional Airport Authority, Revenue Bonds, Senior Lien (e) | ||
Series B | ||
5.25%, due 7/1/36 | $ 3,370,000 | $ 3,482,891 |
Series B | ||
5.25%, due 7/1/58 | 6,000,000 | 5,885,510 |
San Francisco City & County Airport Commission, San Francisco International Airport, Revenue Bonds | ||
Series A | ||
5.00%, due 5/1/49 (e) | 3,460,000 | 3,320,685 |
San Francisco City & County Airport Commission, San Francisco International Airport, Revenue Bonds, Second Series | ||
Series B | ||
4.00%, due 5/1/52 | 2,000,000 | 1,722,537 |
Series A | ||
5.00%, due 5/1/40 (e) | 2,000,000 | 1,955,388 |
Series A | ||
5.00%, due 5/1/44 (e) | 2,500,000 | 2,394,864 |
Series C | ||
5.75%, due 5/1/48 (c)(e) | 10,800,000 | 11,231,025 |
San Joaquin Hills Transportation Corridor Agency, Revenue Bonds, Junior Lien | ||
Series B | ||
5.25%, due 1/15/44 | 9,750,000 | 9,780,737 |
Series B | ||
5.25%, due 1/15/49 | 1,915,000 | 1,918,613 |
San Joaquin Hills Transportation Corridor Agency, Revenue Bonds, Senior Lien | ||
Series A | ||
4.00%, due 1/15/50 | 2,948,000 | 2,484,028 |
144,082,073 | ||
Utilities 3.0% | ||
Guam Power Authority, Revenue Bonds | ||
Series A | ||
5.00%, due 10/1/27 | 1,230,000 | 1,247,900 |
Series A | ||
5.00%, due 10/1/33 | 1,000,000 | 1,005,611 |
Principal Amount | Value | |
Utilities (continued) | ||
Guam Power Authority, Revenue Bonds (continued) | ||
Series A | ||
5.00%, due 10/1/40 | $ 1,000,000 | $ 943,374 |
Modesto Irrigation District, Electric System, Revenue Bonds | ||
Series A | ||
5.00%, due 10/1/40 | 1,690,000 | 1,705,925 |
Puerto Rico Electric Power Authority, Revenue Bonds | ||
Series UU, Insured: AGC | ||
4.25%, due 7/1/27 | 460,000 | 446,475 |
Series UU, Insured: AGM | ||
5.00%, due 7/1/24 | 225,000 | 224,717 |
Series XX | ||
5.25%, due 7/1/40 (f)(g) | 1,000,000 | 252,500 |
Sacramento Municipal Utility District, Revenue Bonds | ||
Series H | ||
5.00%, due 8/15/38 | 4,340,000 | 4,569,127 |
San Francisco City & County Public Utilities Commission, Power, Revenue Bonds | ||
Series A | ||
4.00%, due 11/1/45 | 1,920,000 | 1,700,847 |
Southern California Public Power Authority, Southern Transmissional System Renewal Project, Revenue Bonds | ||
Series A-1 | ||
5.25%, due 7/1/53 | 17,500,000 | 18,348,470 |
30,444,946 | ||
Water & Sewer 8.7% | ||
California Infrastructure & Economic Development Bank, Clean Water and Drinking Water, Revenue Bonds | ||
4.00%, due 10/1/40 | 3,500,000 | 3,245,301 |
4.00%, due 10/1/42 | 1,250,000 | 1,145,187 |
4.00%, due 10/1/45 | 5,250,000 | 4,736,297 |
City of Oxnard, Wastewater, Revenue Bonds | ||
Insured: BAM | ||
4.00%, due 6/1/32 | 1,920,000 | 1,910,767 |
Insured: BAM | ||
4.00%, due 6/1/34 | 2,080,000 | 2,037,961 |
24 | MainStay MacKay California Tax Free Opportunities Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Water & Sewer (continued) | ||
City of Oxnard, Wastewater, Revenue Bonds (continued) | ||
Insured: BAM | ||
5.00%, due 6/1/30 | $ 1,340,000 | $ 1,411,594 |
City of San Francisco, Public Utilities Commission Water, Revenue Bonds | ||
Series B | ||
5.25%, due 11/1/48 | 3,945,000 | 4,168,093 |
Series B | ||
5.25%, due 11/1/52 | 2,500,000 | 2,629,186 |
City of Vernon, Water System, Revenue Bonds | ||
Series A, Insured: AGM | ||
3.375%, due 8/1/40 | 650,000 | 507,925 |
Series A, Insured: AGM | ||
5.00%, due 8/1/35 | 1,000,000 | 1,041,214 |
East Bay Municipal Utility District, Water System, Revenue Bonds | ||
Series A | ||
5.00%, due 6/1/49 | 3,500,000 | 3,576,486 |
East Bay Municipal Utility District Water System, Green Bonds, Revenue Bonds | ||
Series A | ||
5.00%, due 6/1/37 | 3,000,000 | 3,245,820 |
Series A | ||
5.00%, due 6/1/38 | 1,800,000 | 1,928,800 |
Eastern Municipal Water District, Water & Wastewater, Revenue Bonds | ||
Series A | ||
5.00%, due 7/1/45 | 2,850,000 | 2,885,426 |
Guam Government Waterworks Authority, Water and Wastewater System, Revenue Bonds | ||
5.00%, due 1/1/46 | 6,290,000 | 5,767,908 |
Series A | ||
5.00%, due 1/1/50 | 2,500,000 | 2,246,357 |
Los Angeles Department of Water & Power, Water System, Revenue Bonds | ||
Series C | ||
5.00%, due 7/1/40 | 2,000,000 | 2,091,687 |
Series C | ||
5.00%, due 7/1/41 | 1,035,000 | 1,088,638 |
Series B | ||
5.00%, due 7/1/46 | 1,575,000 | 1,616,718 |
Principal Amount | Value | |
Water & Sewer (continued) | ||
Los Angeles Department of Water & Power, Water System, Revenue Bonds (continued) | ||
Series A | ||
5.00%, due 7/1/47 | $ 1,250,000 | $ 1,280,049 |
Series A | ||
5.00%, due 7/1/49 | 1,000,000 | 1,030,121 |
Metropolitan Water District of Southern California, Waterworks, Revenue Bonds | ||
Series A | ||
5.00%, due 10/1/46 | 3,500,000 | 3,629,586 |
Oxnard Financing Authority, Waste Water, Revenue Bonds | ||
Insured: AGM | ||
5.00%, due 6/1/34 | 1,000,000 | 1,004,970 |
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds | ||
Series B | ||
5.00%, due 7/1/33 (b) | 1,330,000 | 1,302,982 |
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds, Senior Lien (b) | ||
Series 2020A | ||
5.00%, due 7/1/35 | 8,000,000 | 7,671,660 |
Series A | ||
5.00%, due 7/1/37 | 4,800,000 | 4,526,712 |
Series A | ||
5.00%, due 7/1/47 | 16,295,000 | 14,493,050 |
San Diego County Water Authority, Revenue Bonds | ||
Series A | ||
5.00%, due 5/1/52 | 2,065,000 | 2,119,087 |
Santa Margarita-Dana Point Authority, Water District Improvement, Revenue Bonds | ||
4.00%, due 8/1/36 | 2,025,000 | 1,965,966 |
Watereuse Finance Authority, Vallejo Sanitation And Flood Control District Refunding Program, Revenue Bonds | ||
Series A | ||
5.50%, due 5/1/36 | 500,000 | 503,103 |
86,808,651 | ||
Total Municipal Bonds (Cost $1,019,185,959) | 963,999,457 | |
Shares | Value | ||
Short-Term Investment 4.0% | |||
Unaffiliated Investment Company 4.0% | |||
BlackRock Liquidity Funds MuniCash, 3.821% (h) | 40,172,209 | $ 40,172,209 | |
Total Short-Term Investment (Cost $40,172,209) | 40,172,209 | ||
Total Investments (Cost $1,059,358,168) | 100.2% | 1,004,171,666 | |
Other Assets, Less Liabilities | (0.2) | (2,245,491) | |
Net Assets | 100.0% | $ 1,001,926,175 |
† | Percentages indicated are based on Fund net assets. |
^ | Industry classifications may be different than those used for compliance monitoring purposes. |
(a) | Step coupon—Rate shown was the rate in effect as of October 31, 2023. |
(b) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
(c) | Delayed delivery security. |
(d) | Coupon rate may change based on changes of the underlying collateral or prepayments of principal. Rate shown was the rate in effect as of October 31, 2023. |
(e) | Interest on these securities was subject to alternative minimum tax. |
(f) | Issue in default. |
(g) | Issue in non-accrual status. |
(h) | Current yield as of October 31, 2023. |
Type | Number of Contracts | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)2 |
Short Contracts | |||||
U.S. Treasury 10 Year Notes | (305) | December 2023 | $ (32,741,330) | $ (32,382,422) | $ 358,908 |
1. | As of October 31, 2023, cash in the amount of $610,000 was on deposit with a broker or futures commission merchant for futures transactions. |
2. | Represents the difference between the value of the contracts at the time they were opened and the value as of October 31, 2023. |
Abbreviation(s): |
AGC—Assured Guaranty Corp. |
AGM—Assured Guaranty Municipal Corp. |
BAM—Build America Mutual Assurance Co. |
CHF—Collegiate Housing Foundation |
26 | MainStay MacKay California Tax Free Opportunities Fund |
CR—Custodial Receipts |
HUD—Housing and Urban Development |
NATL-RE—National Public Finance Guarantee Corp. |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Municipal Bonds | |||||||
Long-Term Municipal Bonds | $ — | $ 963,999,457 | $ — | $ 963,999,457 | |||
Short-Term Investment | |||||||
Unaffiliated Investment Company | 40,172,209 | — | — | 40,172,209 | |||
Total Investments in Securities | 40,172,209 | 963,999,457 | — | 1,004,171,666 | |||
Other Financial Instruments | |||||||
Futures Contracts (b) | 358,908 | — | — | 358,908 | |||
Total Investments in Securities and Other Financial Instruments | $ 40,531,117 | $ 963,999,457 | $ — | $ 1,004,530,574 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
(b) | The value listed for these securities reflects unrealized appreciation (depreciation) as shown on the Portfolio of Investments. |
Assets | |
Investment in securities, at value (identified cost $1,059,358,168) | $1,004,171,666 |
Cash collateral on deposit at broker for futures contracts | 610,000 |
Due from custodian | 4,633,172 |
Receivables: | |
Interest | 12,261,284 |
Investment securities sold | 10,765,172 |
Fund shares sold | 8,026,050 |
Variation margin on futures contracts | 14,299 |
Other assets | 15,481 |
Total assets | 1,040,497,124 |
Liabilities | |
Payables: | |
Investment securities purchased | 31,945,391 |
Fund shares redeemed | 5,320,918 |
Manager (See Note 3) | 369,400 |
NYLIFE Distributors (See Note 3) | 97,809 |
Transfer agent (See Note 3) | 61,085 |
Custodian | 28,272 |
Professional fees | 22,125 |
Shareholder communication | 2,292 |
Trustees | 61 |
Accrued expenses | 267 |
Distributions payable | 723,329 |
Total liabilities | 38,570,949 |
Net assets | $1,001,926,175 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 111,372 |
Additional paid-in-capital | 1,187,529,610 |
1,187,640,982 | |
Total distributable earnings (loss) | (185,714,807) |
Net assets | $1,001,926,175 |
Class A | |
Net assets applicable to outstanding shares | $389,291,040 |
Shares of beneficial interest outstanding | 43,274,815 |
Net asset value per share outstanding | $ 9.00 |
Maximum sales charge (3.00% of offering price) | 0.28 |
Maximum offering price per share outstanding | $ 9.28 |
Investor Class | |
Net assets applicable to outstanding shares | $ 432,769 |
Shares of beneficial interest outstanding | 48,101 |
Net asset value per share outstanding | $ 9.00 |
Maximum sales charge (2.50% of offering price) | 0.23 |
Maximum offering price per share outstanding | $ 9.23 |
Class C | |
Net assets applicable to outstanding shares | $ 30,931,925 |
Shares of beneficial interest outstanding | 3,437,867 |
Net asset value and offering price per share outstanding | $ 9.00 |
Class C2 | |
Net assets applicable to outstanding shares | $ 2,167,677 |
Shares of beneficial interest outstanding | 240,893 |
Net asset value and offering price per share outstanding | $ 9.00 |
Class I | |
Net assets applicable to outstanding shares | $572,918,188 |
Shares of beneficial interest outstanding | 63,683,312 |
Net asset value and offering price per share outstanding | $ 9.00 |
Class R6 | |
Net assets applicable to outstanding shares | $ 6,184,576 |
Shares of beneficial interest outstanding | 686,824 |
Net asset value and offering price per share outstanding | $ 9.00 |
28 | MainStay MacKay California Tax Free Opportunities Fund |
Investment Income (Loss) | |
Income | |
Interest | $ 40,760,084 |
Expenses | |
Manager (See Note 3) | 4,682,691 |
Distribution/Service—Class A (See Note 3) | 1,016,444 |
Distribution/Service—Investor Class (See Note 3) | 1,217 |
Distribution/Service—Class C (See Note 3) | 172,072 |
Distribution/Service—Class C2 (See Note 3) | 11,120 |
Transfer agent (See Note 3) | 386,269 |
Professional fees | 137,186 |
Custodian | 84,447 |
Shareholder communication | 27,696 |
Trustees | 27,363 |
Registration | 19,042 |
Miscellaneous | 32,291 |
Total expenses before waiver/reimbursement | 6,597,838 |
Expense waiver/reimbursement from Manager (See Note 3) | (175,377) |
Reimbursement from prior custodian(a) | (2,014) |
Net expenses | 6,420,447 |
Net investment income (loss) | 34,339,637 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | (39,905,686) |
Futures transactions | 2,091,869 |
Net realized gain (loss) | (37,813,817) |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | 39,010,840 |
Futures contracts | (3,696,428) |
Net change in unrealized appreciation (depreciation) | 35,314,412 |
Net realized and unrealized gain (loss) | (2,499,405) |
Net increase (decrease) in net assets resulting from operations | $ 31,840,232 |
(a) | Represents a refund for overbilling of custody fees. |
for the years ended October 31, 2023 and October 31, 2022
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 34,339,637 | $ 26,875,576 |
Net realized gain (loss) | (37,813,817) | (57,240,026) |
Net change in unrealized appreciation (depreciation) | 35,314,412 | (155,274,497) |
Net increase (decrease) in net assets resulting from operations | 31,840,232 | (185,638,947) |
Distributions to shareholders: | ||
Class A | (14,220,240) | (10,778,314) |
Investor Class | (16,900) | (14,429) |
Class C | (1,108,306) | (1,136,043) |
Class C2 | (52,634) | (8,264) |
Class I | (22,219,696) | (20,503,436) |
Class R6 | (211,293) | (163,799) |
Total distributions to shareholders | (37,829,069) | (32,604,285) |
Capital share transactions: | ||
Net proceeds from sales of shares | 602,509,072 | 616,148,347 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 28,989,054 | 23,868,297 |
Cost of shares redeemed | (615,175,105) | (711,867,843) |
Increase (decrease) in net assets derived from capital share transactions | 16,323,021 | (71,851,199) |
Net increase (decrease) in net assets | 10,334,184 | (290,094,431) |
Net Assets | ||
Beginning of year | 991,591,991 | 1,281,686,422 |
End of year | $1,001,926,175 | $ 991,591,991 |
30 | MainStay MacKay California Tax Free Opportunities Fund |
Year Ended October 31, | |||||||||
Class A | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 9.02 | $ 10.94 | $ 10.75 | $ 10.76 | $ 10.12 | ||||
Net investment income (loss) | 0.30(a) | 0.23(a) | 0.20(a) | 0.23 | 0.28 | ||||
Net realized and unrealized gain (loss) | 0.01 | (1.87) | 0.23 | 0.03 | 0.64 | ||||
Total from investment operations | 0.31 | (1.64) | 0.43 | 0.26 | 0.92 | ||||
Less distributions: | |||||||||
From net investment income | (0.33) | (0.28) | (0.24) | (0.27) | (0.28) | ||||
Net asset value at end of year | $ 9.00 | $ 9.02 | $ 10.94 | $ 10.75 | $ 10.76 | ||||
Total investment return (b) | 3.34% | (15.22)% | 4.05% | 2.46% | 9.20% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 3.16% | 2.23% | 1.80% | 1.97% | 2.65% | ||||
Net expenses (c) | 0.75% | 0.75% | 0.74% | 0.75% | 0.75% | ||||
Expenses (before waiver/reimbursement) (c) | 0.77% | 0.76% | 0.76% | 0.80% | 0.81% | ||||
Portfolio turnover rate | 66% | 70%(d) | 17%(d) | 29%(d) | 47%(d) | ||||
Net assets at end of year (in 000’s) | $ 389,291 | $ 395,405 | $ 444,628 | $ 373,966 | $ 292,589 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | 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) | The portfolio turnover rate includes variable rate demand notes. |
Year Ended October 31, | |||||||||
Investor Class | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 9.02 | $ 10.94 | $ 10.76 | $ 10.76 | $ 10.12 | ||||
Net investment income (loss) | 0.30(a) | 0.22(a) | 0.18(a) | 0.23 | 0.28 | ||||
Net realized and unrealized gain (loss) | 0.01 | (1.86) | 0.24 | 0.04 | 0.64 | ||||
Total from investment operations | 0.31 | (1.64) | 0.42 | 0.27 | 0.92 | ||||
Less distributions: | |||||||||
From net investment income | (0.33) | (0.28) | (0.24) | (0.27) | (0.28) | ||||
Net asset value at end of year | $ 9.00 | $ 9.02 | $ 10.94 | $ 10.76 | $ 10.76 | ||||
Total investment return (b) | 3.31% | (15.24)% | 3.93% | 2.53% | 9.18% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 3.14% | 2.22% | 1.61% | 1.95% | 2.65% | ||||
Net expenses (c) | 0.78% | 0.77% | 0.76% | 0.77% | 0.77% | ||||
Expenses (before waiver/reimbursement) (c) | 0.80% | 0.78% | 0.78% | 0.82% | 0.83% | ||||
Portfolio turnover rate | 66% | 70%(d) | 17%(d) | 29%(d) | 47%(d) | ||||
Net assets at end of year (in 000's) | $ 433 | $ 493 | $ 554 | $ 672 | $ 506 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | 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) | The portfolio turnover rate includes variable rate demand notes. |
Year Ended October 31, | |||||||||
Class C | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 9.02 | $ 10.94 | $ 10.76 | $ 10.77 | $ 10.12 | ||||
Net investment income (loss) | 0.27(a) | 0.20(a) | 0.17(a) | 0.19 | 0.25 | ||||
Net realized and unrealized gain (loss) | 0.02 | (1.87) | 0.22 | 0.04 | 0.65 | ||||
Total from investment operations | 0.29 | (1.67) | 0.39 | 0.23 | 0.90 | ||||
Less distributions: | |||||||||
From net investment income | (0.31) | (0.25) | (0.21) | (0.24) | (0.25) | ||||
Net asset value at end of year | $ 9.00 | $ 9.02 | $ 10.94 | $ 10.76 | $ 10.77 | ||||
Total investment return (b) | 3.05% | (15.45)% | 3.67% | 2.18% | 9.01% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.89% | 1.93% | 1.54% | 1.70% | 2.38% | ||||
Net expenses (c) | 1.03% | 1.02% | 1.01% | 1.02% | 1.02% | ||||
Expenses (before waiver/reimbursement) (c) | 1.05% | 1.03% | 1.03% | 1.07% | 1.08% | ||||
Portfolio turnover rate | 66% | 70%(d) | 17%(d) | 29%(d) | 47%(d) | ||||
Net assets at end of year (in 000’s) | $ 30,932 | $ 34,742 | $ 58,263 | $ 61,662 | $ 52,964 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | 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) | The portfolio turnover rate includes variable rate demand notes. |
Year Ended October 31, | August 31, 2020^ through October 31, | ||||||
Class C2 | 2023 | 2022 | 2021 | 2020 | |||
Net asset value at beginning of period | $ 9.02 | $ 10.94 | $ 10.75 | $ 10.83 | |||
Net investment income (loss) | 0.26(a) | 0.19(a) | 0.28(a) | 0.03 | |||
Net realized and unrealized gain (loss) | 0.01 | (1.88) | 0.11 | (0.07) | |||
Total from investment operations | 0.27 | (1.69) | 0.39 | (0.04) | |||
Less distributions: | |||||||
From net investment income | (0.29) | (0.23) | (0.20) | (0.04) | |||
Net asset value at end of period | $ 9.00 | $ 9.02 | $ 10.94 | $ 10.75 | |||
Total investment return (b) | 2.89% | (15.58)% | 3.59% | (0.40)% | |||
Ratios (to average net assets)/Supplemental Data: | |||||||
Net investment income (loss) | 2.74% | 1.86% | 2.56% | 1.49%†† | |||
Net expenses (c) | 1.18% | 1.17% | 1.16% | 1.16%†† | |||
Expenses (before waiver/reimbursement) (c) | 1.20% | 1.18% | 1.18% | 1.22%†† | |||
Portfolio turnover rate | 66% | 70%(d) | 17%(d) | 29%(d) | |||
Net assets at end of period (in 000’s) | $ 2,168 | $ 361 | $ 275 | $ 25 |
^ | Inception date. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. 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) | The portfolio turnover rate includes variable rate demand notes. |
32 | MainStay MacKay California Tax Free Opportunities Fund |
Year Ended October 31, | |||||||||
Class I | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 9.02 | $ 10.94 | $ 10.76 | $ 10.76 | $ 10.12 | ||||
Net investment income (loss) | 0.32(a) | 0.25(a) | 0.23(a) | 0.28 | 0.31 | ||||
Net realized and unrealized gain (loss) | 0.02 | (1.87) | 0.22 | 0.02 | 0.64 | ||||
Total from investment operations | 0.34 | (1.62) | 0.45 | 0.30 | 0.95 | ||||
Less distributions: | |||||||||
From net investment income | (0.36) | (0.30) | (0.27) | (0.30) | (0.31) | ||||
Net asset value at end of year | $ 9.00 | $ 9.02 | $ 10.94 | $ 10.76 | $ 10.76 | ||||
Total investment return (b) | 3.60% | (15.01)% | 4.21% | 2.81% | 9.48% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 3.41% | 2.46% | 2.05% | 2.20% | 2.91% | ||||
Net expenses (c) | 0.50% | 0.50% | 0.49% | 0.50% | 0.50% | ||||
Expenses (before waiver/reimbursement) (c) | 0.52% | 0.51% | 0.51% | 0.55% | 0.56% | ||||
Portfolio turnover rate | 66% | 70%(d) | 17%(d) | 29%(d) | 47%(d) | ||||
Net assets at end of year (in 000’s) | $ 572,918 | $ 555,049 | $ 776,207 | $ 655,579 | $ 429,106 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. 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) | The portfolio turnover rate includes variable rate demand notes. |
Year Ended October 31, | November 1, 2019^ through October 31, | ||||||
Class R6 | 2023 | 2022 | 2021 | 2020 | |||
Net asset value at beginning of period | $ 9.03 | $ 10.94 | $ 10.76 | $ 10.77 | |||
Net investment income (loss) | 0.33(a) | 0.26(a) | 0.21(a) | 0.25 | |||
Net realized and unrealized gain (loss) | —‡ | (1.87) | 0.24 | 0.04 | |||
Total from investment operations | 0.33 | (1.61) | 0.45 | 0.29 | |||
Less distributions: | |||||||
From net investment income | (0.36) | (0.30) | (0.27) | (0.30) | |||
Net asset value at end of period | $ 9.00 | $ 9.03 | $ 10.94 | $ 10.76 | |||
Total investment return (b) | 3.49% | (14.90)% | 4.23% | 2.83% | |||
Ratios (to average net assets)/Supplemental Data: | |||||||
Net investment income (loss) | 3.43% | 2.57% | 1.86% | 2.25% | |||
Net expenses (c) | 0.48% | 0.49% | 0.47% | 0.48% | |||
Expenses (before waiver/reimbursement) (c) | 0.48% | 0.49% | 0.49% | 0.53% | |||
Portfolio turnover rate | 66% | 70%(d) | 17%(d) | 29%(d) | |||
Net assets at end of period (in 000’s) | $ 6,185 | $ 5,542 | $ 1,759 | $ 3,211 |
^ | Inception date. |
‡ | Less than one cent per share. |
(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) | The portfolio turnover rate includes variable rate demand notes. |
Class | Commenced Operations |
Class A | February 28, 2013 |
Investor Class | February 28, 2013 |
Class C | February 28, 2013 |
Class C2 | August 31, 2020 |
Class I | February 28, 2013 |
Class R6 | November 1, 2019 |
34 | MainStay MacKay California Tax Free Opportunities 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) |
• Benchmark yields | • Reported trades |
• Broker/dealer quotes | • Issuer spreads |
• Two-sided markets | • Benchmark securities |
• Bids/offers | • Reference data (corporate actions or material event notices) |
• Industry and economic events | • Comparable bonds |
• Monthly payment information |
36 | MainStay MacKay California Tax Free Opportunities Fund |
Asset Derivatives | Interest Rate Contracts Risk | Total |
Futures Contracts - Net Assets—Net unrealized appreciation on futures contracts (a) | $358,908 | $358,908 |
Total Fair Value | $358,908 | $358,908 |
(a) | Includes cumulative appreciation (depreciation) of futures contracts as reported in the Portfolio of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Net Realized Gain (Loss) from: | Interest Rate Contracts Risk | Total |
Futures Transactions | $2,091,869 | $2,091,869 |
Total Net Realized Gain (Loss) | $2,091,869 | $2,091,869 |
Net Change in Unrealized Appreciation (Depreciation) | Interest Rate Contracts Risk | Total |
Futures Contracts | $(3,696,428) | $(3,696,428) |
Total Net Change in Unrealized Appreciation (Depreciation) | $(3,696,428) | $(3,696,428) |
Average Notional Amount | Total |
Futures Contracts Short | $(67,320,781) |
38 | MainStay MacKay California Tax Free Opportunities Fund |
Class | Expense | Waived |
Class A | $147,097 | $— |
Investor Class | 309 | — |
Class C | 21,831 | — |
Class C2 | 1,111 | — |
Class I | 215,697 | — |
Class R6 | 224 | — |
Class C2 | $22,339 | 1.0% |
Class R6 | 23,488 | 0.4 |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $1,065,693,412 | $1,014,623 | $(62,536,369) | $(61,521,746) |
Ordinary Income | Undistributed Tax Exempt Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$— | $741,294 | $(124,211,026) | $(723,329) | $(61,521,746) | $(185,714,807) |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $57,535 | $66,676 |
2023 | 2022 | |
Distributions paid from: | ||
Ordinary Income | $ 977,265 | $ 805,072 |
Exempt Interest Dividends | 36,851,804 | 31,799,213 |
Total | $37,829,069 | $32,604,285 |
40 | MainStay MacKay California Tax Free Opportunities Fund |
Class A | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 17,324,094 | $ 162,169,098 |
Shares issued to shareholders in reinvestment of distributions | 1,334,292 | 12,668,620 |
Shares redeemed | (19,318,887) | (181,429,974) |
Shares converted into Class A (See Note 1) | 99,379 | 969,646 |
Shares converted from Class A (See Note 1) | (4,004) | (39,036) |
Net increase (decrease) | (565,126) | $ (5,661,646) |
Year ended October 31, 2022: | ||
Shares sold | 19,936,744 | $ 191,379,570 |
Shares issued to shareholders in reinvestment of distributions | 907,820 | 9,005,771 |
Shares redeemed | (17,665,075) | (174,189,542) |
Net increase (decrease) in shares outstanding before conversion | 3,179,489 | 26,195,799 |
Shares converted into Class A (See Note 1) | 1,974 | 19,505 |
Net increase (decrease) | 3,181,463 | $ 26,215,304 |
Investor Class | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 4,150 | $ 39,305 |
Shares issued to shareholders in reinvestment of distributions | 1,760 | 16,720 |
Shares redeemed | (9,497) | (90,292) |
Shares converted into Investor Class (See Note 1) | 1,035 | 9,872 |
Shares converted from Investor Class (See Note 1) | (4,037) | (38,998) |
Net increase (decrease) | (6,589) | $ (63,393) |
Year ended October 31, 2022: | ||
Shares sold | 6,891 | $ 69,084 |
Shares issued to shareholders in reinvestment of distributions | 1,450 | 14,374 |
Shares redeemed | (6,634) | (65,508) |
Net increase (decrease) in shares outstanding before conversion | 1,707 | 17,950 |
Shares converted into Investor Class (See Note 1) | 2,286 | 21,835 |
Net increase (decrease) | 3,993 | $ 39,785 |
Class C | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 532,534 | $ 5,079,110 |
Shares issued to shareholders in reinvestment of distributions | 95,332 | 905,763 |
Shares redeemed | (1,028,354) | (9,799,048) |
Shares converted from Class C (See Note 1) | (12,887) | (123,665) |
Net increase (decrease) | (413,375) | $ (3,937,840) |
Year ended October 31, 2022: | ||
Shares sold | 446,504 | $ 4,423,363 |
Shares issued to shareholders in reinvestment of distributions | 90,527 | 901,967 |
Shares redeemed | (2,008,512) | (20,002,452) |
Net increase (decrease) in shares outstanding before conversion | (1,471,481) | (14,677,122) |
Shares converted from Class C (See Note 1) | (4,259) | (41,340) |
Net increase (decrease) | (1,475,740) | $ (14,718,462) |
Class C2 | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 228,370 | $ 2,184,892 |
Shares issued to shareholders in reinvestment of distributions | 5,559 | 52,634 |
Shares redeemed | (33,076) | (316,300) |
Net increase (decrease) | 200,853 | $ 1,921,226 |
Year ended October 31, 2022: | ||
Shares sold | 14,587 | $ 154,974 |
Shares issued to shareholders in reinvestment of distributions | 840 | 8,264 |
Shares redeemed | (507) | (4,957) |
Net increase (decrease) | 14,920 | $ 158,281 |
Class I | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 44,846,864 | $ 426,734,056 |
Shares issued to shareholders in reinvestment of distributions | 1,596,133 | 15,152,514 |
Shares redeemed | (44,211,347) | (417,848,215) |
Shares converted into Class I (See Note 1) | 4,004 | 39,036 |
Shares converted from Class I (See Note 1) | (83,490) | (816,855) |
Net increase (decrease) | 2,152,164 | $ 23,260,536 |
Year ended October 31, 2022: | ||
Shares sold | 41,708,471 | $ 413,825,062 |
Shares issued to shareholders in reinvestment of distributions | 1,386,084 | 13,782,214 |
Shares redeemed | (52,515,982) | (515,773,797) |
Net increase (decrease) in shares outstanding before conversion | (9,421,427) | (88,166,521) |
Shares converted from Class I (See Note 1) | (20,024) | (206,845) |
Net increase (decrease) | (9,441,451) | $ (88,373,366) |
Class R6 | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 655,411 | $ 6,302,611 |
Shares issued to shareholders in reinvestment of distributions | 20,325 | 192,803 |
Shares redeemed | (602,761) | (5,691,276) |
Net increase (decrease) | 72,975 | $ 804,138 |
Year ended October 31, 2022: | ||
Shares sold | 606,143 | $ 6,296,294 |
Shares issued to shareholders in reinvestment of distributions | 15,818 | 155,707 |
Shares redeemed | (188,889) | (1,831,587) |
Net increase (decrease) in shares outstanding before conversion | 433,072 | 4,620,414 |
Shares converted into Class R6 (See Note 1) | 20,024 | 206,845 |
Net increase (decrease) | 453,096 | $ 4,827,259 |
42 | MainStay MacKay California Tax Free Opportunities Fund |
MainStay Funds Trust:
44 | MainStay MacKay California Tax Free Opportunities Fund |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Naïm Abou-Jaoudé* 1966 | MainStay Funds: Trustee since 2023 MainStay Funds Trust: Trustee since 2023 | Chief Executive Officer of New York Life Investment Management LLC (since 2023). Chief Executive Officer of Candriam (an affiliate of New York Life Investment Management LLC) (2007 to 2023). | 81 | MainStay VP Funds Trust: Trustee since 2023 (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2023; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2023; and New York Life Investment Management International (Chair) since 2015 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of his affiliation with New York Life Investment Management LLC and Candriam, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015);MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC (since 1999) | 81 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2021; VanEck Vectors Group of Exchange-Traded Funds: Trustee since 2006 and Independent Chairman of the Board of Trustees from 2008 to 2022 (57 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Investment Committee since 2018 | |
Karen Hammond 1956 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021);MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 81 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Susan B. Kerley 1951 | MainStay Funds: Chair since January 2017 and Trustee since 2007;MainStay Funds Trust: Chair since January 2017 and Trustee since 1990*** | President, Strategic Management Advisors LLC (since 1990) | 81 | MainStay VP Funds Trust: Chair since January 2017 and Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chair since January 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) |
46 | MainStay MacKay California Tax Free Opportunities Fund |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Alan R. Latshaw 1951 | MainStay Funds: Trusteesince 2006;MainStay Funds Trust: Trustee since 2007*** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 81 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 | |
Jacques P. Perold 1958 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015to December 2015);MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 81 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay Funds: Trustee since 1994;MainStay Funds Trust: Trustee since 2007*** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) (since 2004); Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 81 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 |
** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
*** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay Funds, MainStay Funds Trust (since 2017) | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since 2018); President, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust (since 2017)**; Senior Managing Director, Global Product Development (2015 to 2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay Funds (since 2007), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2007)**; and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay Funds and MainStay Funds Trust (since 2010) | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2010)** | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay Funds and MainStay Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ Trust, IndexIQ ETF Trust and Index IQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund, MainStay VP Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012 to 2022) | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay Funds (since 2005), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2005)** |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, New York Life Insurance Company, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
48 | MainStay MacKay California Tax Free Opportunities 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. |
5013750 MS139-23 | MSCTF11-12/23 |
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended October 31, 2023 | |||||||
Class | Sales Charge | Inception Date | One Year | Five Years | Ten Years or Since Inception | Gross Expense Ratio1 | |
Class A Shares2 | Maximum 3.00% Initial Sales Charge | With sales charges | 3/31/2010 | 0.69% | -0.46% | 3.14% | 0.87% |
Excluding sales charges | 3.81 | 0.46 | 3.62 | 0.87 | |||
Investor Class Shares3, 4 | Maximum 2.50% Initial Sales Charge | With sales charges | 3/31/2010 | 1.29 | -0.47 | 3.13 | 0.88 |
Excluding sales charges | 3.89 | 0.45 | 3.60 | 0.88 | |||
Class C Shares | Maximum 1.00% CDSC | With sales charges | 3/31/2010 | 2.12 | -0.28 | 2.84 | 1.63 |
if Redeemed Within One Year of Purchase | Excluding sales charges | 3.12 | -0.28 | 2.84 | 1.63 | ||
Class I Shares | No Sales Charge | 3/31/2010 | 4.16 | 0.72 | 3.89 | 0.61 | |
Class R6 Shares | No Sales Charge | 11/1/2019 | 4.13 | N/A | -1.33 | 0.56 |
1. | The gross expense ratios presented reflect the Fund’s “Total Annual Fund Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report. |
2. | Prior to August 10, 2022, the maximum initial sales charge was 4.50%, which is reflected in the applicable average annual total return figures shown. |
3. | Prior to June 30, 2020, the maximum initial sales charge was 4.50%, which is reflected in the applicable average annual total return figures shown. |
4. | Prior to August 10, 2022, the maximum initial sales charge was 4.00%, which is reflected in the applicable average annual total return figures shown. |
Benchmark Performance* | One Year | Five Years | Ten Years |
Bloomberg Municipal Bond Index1 | 2.64% | 1.00% | 2.12% |
Bloomberg High Yield Municipal Bond Index2 | 3.96 | 1.67 | 3.79 |
High Yield Municipal Bond Composite Index3 | 3.44 | 1.43 | 3.14 |
Morningstar High Yield Muni Category Average4 | 1.60 | 0.24 | 2.64 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | The Bloomberg Municipal Bond Index is the Fund's primary broad-based securities market index for comparison purposes. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded. |
2. | The Fund has selected the Bloomberg High Yield Municipal Bond Index as an additional benchmark. The Bloomberg Municipal High Yield Bond Index is a flagship measure of the non-investment grade and non-rated U.S. dollar-denominated tax-exempt bond market. |
3. | The High Yield Municipal Bond Composite Index is the Fund’s secondary benchmark. The High Yield Municipal Bond Composite Index consists of the Bloomberg High Yield Municipal Bond Index and the Bloomberg Municipal Bond Index weighted 60%/40%, respectively. |
4. | The Morningstar High Yield Muni Category Average is representative of funds that invest a substantial portion of assets in high-income municipal securities that are not rated or that are rated at the level of or below BBB by a major ratings agency such as Standard & Poor’s or Moody’s. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
6 | MainStay MacKay High Yield Municipal Bond 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 | $937.30 | $4.20 | $1,020.87 | $4.38 | 0.86% |
Investor Class Shares | $1,000.00 | $938.00 | $4.35 | $1,020.72 | $4.53 | 0.89% |
Class C Shares | $1,000.00 | $934.40 | $8.00 | $1,016.94 | $8.34 | 1.64% |
Class I Shares | $1,000.00 | $939.40 | $2.98 | $1,022.13 | $3.11 | 0.61% |
Class R6 Shares | $1,000.00 | $939.60 | $2.74 | $1,022.38 | $2.85 | 0.56% |
1. | Expenses are equal to the Fund’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 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. |
Illinois | 10.8% |
Puerto Rico | 9.5 |
New York | 9.1 |
California | 7.2 |
Texas | 5.1 |
New Jersey | 4.7 |
Ohio | 4.6 |
Pennsylvania | 4.0 |
Florida | 3.2 |
Colorado | 3.1 |
Michigan | 2.8 |
U.S. Virgin Islands | 2.8 |
Georgia | 2.6 |
Wisconsin | 2.5 |
District of Columbia | 2.4 |
Alabama | 2.2 |
Virginia | 2.0 |
Utah | 1.6 |
Arizona | 1.5 |
Washington | 1.4 |
Arkansas | 1.3 |
Massachusetts | 1.1 |
Maryland | 1.1 |
Iowa | 1.1 |
Minnesota | 1.1 |
Kentucky | 0.9 |
Indiana | 0.8 |
Missouri | 0.7 |
South Carolina | 0.7 |
Tennessee | 0.6% |
Hawaii | 0.6 |
North Carolina | 0.6 |
North Dakota | 0.5 |
Delaware | 0.5 |
Connecticut | 0.4 |
West Virginia | 0.4 |
Guam | 0.4 |
Multi–State | 0.3 |
Nevada | 0.3 |
Montana | 0.3 |
Rhode Island | 0.3 |
Kansas | 0.3 |
Alaska | 0.2 |
New Hampshire | 0.2 |
Wyoming | 0.2 |
Oregon | 0.1 |
Idaho | 0.1 |
Louisiana | 0.1 |
Oklahoma | 0.1 |
Vermont | 0.1 |
Maine | 0.0‡ |
Mississippi | 0.0‡ |
Nebraska | 0.0‡ |
Short–Term Investment | 0.2 |
Other Assets, Less Liabilities | 1.3 |
100.0% |
‡ | Less than one–tenth of a percent. |
1. | Metropolitan Pier & Exposition Authority, (zero coupon)-5.00%, due 6/15/30–12/15/56 |
2. | Chicago Board of Education, (zero coupon)-7.00%, due 12/1/27–4/1/48 |
3. | Puerto Rico Commonwealth Aqueduct & Sewer Authority, 3.50%-5.00%, due 7/1/26–7/1/47 |
4. | Public Finance Authority, (zero coupon)-9.00%, due 10/1/24–5/1/71 |
5. | New York Transportation Development Corp., 4.00%-5.375%, due 8/1/31–4/30/53 |
6. | Matching Fund Special Purpose Securitization Corp., 5.00%, due 10/1/30–10/1/39 |
7. | Commonwealth of Puerto Rico, (zero coupon)-4.00%, due 7/1/33–11/1/43 |
8. | Puerto Rico Sales Tax Financing Corp., (zero coupon)-5.00%, due 7/1/31–7/1/58 |
9. | Buckeye Tobacco Settlement Financing Authority, 4.00%-5.00%, due 6/1/48–6/1/55 |
10. | Metropolitan Transportation Authority, 4.00%-5.00%, due 11/15/27–11/15/52 |
8 | MainStay MacKay High Yield Municipal Bond Fund |
1. | See "Investment and Performance Comparison" for other share class returns, which may be higher or lower than Class I share returns, and for more information on benchmark and peer group returns. |
2. | An obligation rated ‘BBB’ by Standard & Poor’s (“S&P”) is deemed by S&P to exhibit adequate protection parameters. In the opinion of S&P, however, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation. When applied to Fund holdings, ratings are based solely on the creditworthiness of the bonds in the portfolio and are not meant to represent the security or safety of the Fund. |
3. | Duration is a measure of the price sensitivity of a fixed-income investment to changes in interest rates. Duration is expressed as a number of years and is considered a more accurate sensitivity gauge than average maturity. |
4. | Modified duration is inversely related to the approximate percentage change in price for a given change in yield. Duration to worst is the duration of a bond computed using the bond’s nearest call date or maturity. This measure ignores future cash flow fluctuations due to embedded optionality. |
5. | An obligation rated ‘AA’ by S&P is deemed by S&P to differ from the highest-rated obligations only to a small degree. In the opinion of S&P, the obligor's capacity to meet its financial commitment on the obligation is very strong. An obligation rated 'A' by S&P has strong capacity to meet its financial commitments but is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligors in higher-rated categories. When applied to Fund holdings, ratings are based solely on the creditworthiness of the bonds in the portfolio and are not meant to represent the security or safety of the Fund. |
6. | The yield curve is a line that plots the yields of various securities of similar quality—typically U.S. Treasury issues—across a range of maturities. The U.S. Treasury yield curve serves as a benchmark for other debt and is used in economic forecasting. |
7. | An obligation rated ‘AAA’ has the highest rating assigned by S&P, and in the opinion of S&P, the obligor’s capacity to meet its financial commitment on the obligation is extremely strong. When applied to Fund holdings, ratings are based solely on the creditworthiness of the bonds in the portfolio and are not meant to represent the security or safety of the Fund. |
10 | MainStay MacKay High Yield Municipal Bond Fund |
Principal Amount | Value | |
Municipal Bonds 97.8% | ||
Long-Term Municipal Bonds 94.8% | ||
Alabama 1.8% | ||
Alabama Special Care Facilities Financing Authority, Methodist Home for the Aging, Revenue Bonds | ||
Series 1 | ||
5.75%, due 6/1/45 | $ 1,250,000 | $ 980,064 |
Black Belt Energy Gas District, Gas Project No.7, Revenue Bonds | ||
Series C-2 | ||
4.44%, due 10/1/52 | 27,720,000 | 27,012,791 |
Cooper Green Mercy Health Services Authority, County of Jefferson Indigent Care Fund, Revenue Bonds | ||
Series A | ||
5.25%, due 9/1/42 | 4,950,000 | 4,919,343 |
County of Jefferson, Sewer, Revenue Bonds, Senior Lien | ||
Series A, Insured: AGM | ||
5.50%, due 10/1/53 | 11,560,000 | 11,577,779 |
County of Jefferson, Sewer, Revenue Bonds, Sub. Lien | ||
Series D | ||
6.00%, due 10/1/42 | 2,500,000 | 2,572,260 |
Series D | ||
6.50%, due 10/1/53 | 2,500,000 | 2,597,357 |
Hoover Industrial Development Board, United States Steel Corp., Green Bond, Revenue Bonds | ||
6.375%, due 11/1/50 (a)(b) | 3,140,000 | 3,264,564 |
Lower Alabama Gas District (The), Revenue Bonds | ||
Series A | ||
5.00%, due 9/1/46 | 17,360,000 | 16,170,833 |
Montgomery Educational Building Authority, Faulkner University, Revenue Bonds | ||
Series A | ||
5.00%, due 10/1/43 | 4,780,000 | 4,232,571 |
Prichard Water Works & Sewer Board, Revenue Bonds | ||
4.00%, due 11/1/49 | 6,000,000 | 3,894,818 |
Principal Amount | Value | |
Alabama (continued) | ||
Southeast Energy Authority, A Cooperative District, Project No. 2, Revenue Bonds | ||
Series B | ||
4.00%, due 12/1/51 (b) | $ 8,400,000 | $ 7,664,595 |
Tuscaloosa County Industrial Development Authority, Hunt Refining Project, Revenue Bonds (c) | ||
Series A | ||
4.50%, due 5/1/32 | 11,736,585 | 10,391,200 |
Series A | ||
5.25%, due 5/1/44 | 44,390,000 | 36,586,163 |
131,864,338 | ||
Alaska 0.2% | ||
Alaska Industrial Development & Export Authority, Dena' Nena' Henash, Revenue Bonds | ||
Series A | ||
4.00%, due 10/1/49 | 15,440,000 | 12,103,810 |
Alaska Industrial Development & Export Authority, Interior Gas Utility Project, Revenue Bonds | ||
Series A | ||
5.00%, due 6/1/40 | 1,795,000 | 1,559,769 |
Series A | ||
5.00%, due 6/1/50 | 3,485,000 | 2,852,240 |
16,515,819 | ||
Arizona 1.5% | ||
Arizona Industrial Development Authority, GreatHearts Arizona Project, Revenue Bonds | ||
Series A, Insured: SD CRED PROG | ||
3.00%, due 7/1/46 | 4,265,000 | 2,801,045 |
Series A, Insured: SD CRED PROG | ||
3.00%, due 7/1/52 | 9,525,000 | 5,791,953 |
Arizona Industrial Development Authority, Provident Group, NCCU Properties LLC, Central University Project, Revenue Bonds | ||
Series A, Insured: BAM | ||
4.00%, due 6/1/44 | 2,500,000 | 2,068,797 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Arizona (continued) | ||
Arizona Industrial Development Authority, Equitable School Revolving Fund LLC, Revenue Bonds | ||
Series A | ||
4.00%, due 11/1/45 | $ 5,470,000 | $ 4,391,203 |
Series A | ||
4.00%, due 11/1/46 | 1,000,000 | 794,359 |
Series A | ||
4.00%, due 11/1/51 | 3,405,000 | 2,589,122 |
Series A | ||
4.25%, due 11/1/52 | 2,000,000 | 1,581,589 |
Arizona Industrial Development Authority, University of Indianapolis, Health Pavilion Project, Revenue Bonds | ||
Series A | ||
4.00%, due 10/1/49 | 1,000,000 | 740,831 |
Series A | ||
5.00%, due 10/1/45 | 1,875,000 | 1,710,598 |
Arizona Industrial Development Authority, Equitable School Revolving Fund LLC Obligated Group, Revenue Bonds | ||
Series A | ||
4.00%, due 11/1/49 | 4,865,000 | 3,750,931 |
Arizona Industrial Development Authority, Macombs Facility Project, Revenue Bonds | ||
Series A | ||
4.00%, due 7/1/51 | 3,000,000 | 2,240,920 |
Series A | ||
4.00%, due 7/1/61 | 1,830,000 | 1,295,743 |
Arizona Industrial Development Authority, Jerome Facility Project, Revenue Bonds | ||
Series B | ||
4.00%, due 7/1/51 | 1,420,000 | 1,060,702 |
Series B | ||
4.00%, due 7/1/61 | 1,000,000 | 708,056 |
Arizona Industrial Development Authority, Odyssey Preparatory Academy, Inc. (The), Revenue Bonds (c) | ||
Series A | ||
4.75%, due 7/1/29 | 2,565,000 | 2,451,845 |
5.00%, due 7/1/54 | 2,000,000 | 1,592,128 |
Principal Amount | Value | |
Arizona (continued) | ||
Arizona Industrial Development Authority, Idaho State Tax Commission, Linder Village Project, Revenue Bonds | ||
5.00%, due 6/1/31 (c) | $ 3,700,000 | $ 3,545,440 |
Arizona Industrial Development Authority, Arizona Agribusiness and Equine Center, Inc., Revenue Bonds (c) | ||
Series B | ||
5.00%, due 3/1/37 | 3,030,000 | 2,718,393 |
Series B | ||
5.00%, due 3/1/42 | 3,185,000 | 2,704,505 |
Arizona Industrial Development Authority, Provident Group-NCCU Properties LLC, Revenue Bonds | ||
Series A, Insured: BAM | ||
5.00%, due 6/1/49 | 2,650,000 | 2,560,332 |
Series A, Insured: BAM | ||
5.00%, due 6/1/54 | 2,850,000 | 2,708,156 |
Arizona Industrial Development Authority, Somerset Academy of Las Vegas Lone Mountain Campus, Revenue Bonds | ||
Series A | ||
5.00%, due 12/15/49 (c) | 1,200,000 | 976,366 |
Arizona Industrial Development Authority, Mater Academy of Nevada, Bonanza Campus Project, Revenue Bonds | ||
Series A | ||
5.00%, due 12/15/50 (c) | 1,500,000 | 1,266,729 |
Arizona Industrial Development Authority, Provident Group, Eastern Michigan University Parking Project, Revenue Bonds | ||
5.00%, due 5/1/51 (d)(e) | 1,000,000 | 600,000 |
Arizona Industrial Development Authority, American Charter Schools Foundation, Revenue Bonds (c) | ||
6.00%, due 7/1/37 | 2,910,000 | 2,911,606 |
6.00%, due 7/1/47 | 7,010,000 | 6,686,207 |
City of Phoenix, Downtown Phoenix Student Housing LLC, Revenue Bonds | ||
Series A | ||
5.00%, due 7/1/37 | 1,000,000 | 971,021 |
12 | MainStay MacKay High Yield Municipal Bond Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Arizona (continued) | ||
City of Phoenix, Basis Schools Project, Revenue Bonds (c) | ||
Series A | ||
5.00%, due 7/1/45 | $ 1,000,000 | $ 849,486 |
Series A | ||
5.00%, due 7/1/46 | 3,820,000 | 3,216,576 |
City of Phoenix, Downtown Phoenix Student Housing II LLC, Revenue Bonds | ||
Series A | ||
5.00%, due 7/1/59 | 2,200,000 | 1,929,923 |
City of Phoenix, Espiritu Community Development Corp., Revenue Bonds | ||
Series A | ||
6.25%, due 7/1/36 | 820,000 | 729,651 |
Glendale Industrial Development Authority, Midwestern University Foundation, Revenue Bonds | ||
Series A | ||
2.125%, due 7/1/33 (a) | 2,000,000 | 1,474,098 |
Glendale Industrial Development Authority, People of Faith, Inc. Obligated Group, Revenue Bonds | ||
Series A | ||
5.00%, due 5/15/56 | 8,150,000 | 6,085,899 |
Industrial Development Authority of the County of Pima (The), American Leadership Academy Project, Revenue Bonds (c) | ||
4.00%, due 6/15/51 | 8,400,000 | 5,735,337 |
4.00%, due 6/15/57 | 1,000,000 | 652,137 |
5.625%, due 6/15/45 | 3,685,000 | 3,413,617 |
Industrial Development Authority of the County of Pima (The), Charter Schools Project, Revenue Bonds | ||
Series Q | ||
5.375%, due 7/1/31 | 1,060,000 | 994,889 |
Maricopa County Industrial Development Authority, Legacy Traditional School Project, Revenue Bonds | ||
Series A | ||
4.00%, due 7/1/51 (c) | 530,000 | 366,523 |
Principal Amount | Value | |
Arizona (continued) | ||
Maricopa County Industrial Development Authority, Legacy Traditional Schools Project, Revenue Bonds | ||
Series A | ||
4.00%, due 7/1/56 (c) | $ 1,220,000 | $ 818,415 |
Maricopa County Industrial Development Authority, Horizon Community Learning Center, Revenue Bonds | ||
5.00%, due 7/1/35 | 3,000,000 | 2,736,964 |
Maricopa County Pollution Control Corp., El Paso Electric Co. Project, Revenue Bonds | ||
Series B | ||
3.60%, due 4/1/40 | 8,650,000 | 6,789,998 |
Pinal County Industrial Development Authority, WOF SW GGP 1 LLC, Revenue Bonds (a) | ||
Series A | ||
5.50%, due 10/1/33 (c) | 7,673,000 | 6,925,619 |
Series B | ||
5.50%, due 10/1/33 | 2,000,000 | 1,805,192 |
107,742,901 | ||
Arkansas 1.1% | ||
Arkansas Development Finance Authority, Washington Regional Medical Center, Revenue Bonds | ||
4.00%, due 2/1/42 | 4,390,000 | 3,451,661 |
Arkansas Development Finance Authority, Baptist Health, Revenue Bonds | ||
4.00%, due 12/1/44 | 650,000 | 524,509 |
Arkansas Development Finance Authority, Big River Steel Project, Revenue Bonds (a)(c) | ||
4.50%, due 9/1/49 | 55,600,000 | 49,376,953 |
Series A | ||
4.75%, due 9/1/49 | 16,950,000 | 15,645,309 |
Arkansas Development Finance Authority, United States Steel Corp., Revenue Bonds | ||
5.70%, due 5/1/53 (a) | 7,900,000 | 7,209,486 |
76,207,918 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
California 7.0% | ||
Alameda Corridor Transportation Authority, Revenue Bonds | ||
Series A, Insured: NATL-RE | ||
(zero coupon), due 10/1/35 | $ 3,440,000 | $ 1,962,460 |
Bassett Unified School District, Capital Appreciation, Election 2004, Unlimited General Obligation | ||
Series C, Insured: NATL-RE | ||
(zero coupon), due 8/1/41 | 2,050,000 | 779,463 |
Series C, Insured: NATL-RE | ||
(zero coupon), due 8/1/42 | 2,000,000 | 716,405 |
California Community Choice Financing Authority, Clean Energy Project, Revenue Bonds | ||
Series C | ||
5.25%, due 1/1/54 (b) | 5,350,000 | 5,237,535 |
California Community Housing Agency, Summit at Sausalito Apartments, Revenue Bonds | ||
Series A-1 | ||
3.00%, due 2/1/57 (c) | 5,000,000 | 2,976,619 |
California Community Housing Agency, Essential Housing, Revenue Bonds, Senior Lien | ||
Series A-1 | ||
4.00%, due 2/1/56 (c) | 24,750,000 | 18,225,502 |
California Community Housing Agency, Annadel Apartments, Revenue Bonds | ||
Series A | ||
5.00%, due 4/1/49 (c) | 10,975,000 | 8,554,748 |
California Community Housing Agency, Essential Housing, Serenity at Larkspur Apartments, Revenue Bonds | ||
Series A | ||
5.00%, due 2/1/50 (c) | 4,795,000 | 3,571,683 |
California Health Facilities Financing Authority, CommonSpirit Health, Revenue Bonds | ||
Series A | ||
4.00%, due 4/1/49 | 7,255,000 | 5,750,824 |
Principal Amount | Value | |
California (continued) | ||
California Health Facilities Financing Authority, Children's Hospital Los Angeles Obligated Group, Revenue Bonds | ||
Series A | ||
5.00%, due 8/15/47 | $ 5,215,000 | $ 4,795,557 |
California Infrastructure & Economic Development Bank, Equitable School Revolving Fund LLC Obligated Group, Revenue Bonds | ||
Series B | ||
4.00%, due 11/1/46 | 3,060,000 | 2,464,614 |
California Infrastructure & Economic Development Bank, WFCS Portfolio Projects, Revenue Bonds | ||
Series A-1 | ||
5.00%, due 1/1/55 (c) | 3,225,000 | 2,293,331 |
California Municipal Finance Authority, Ochard Park Student Housing Project, Revenue Bonds | ||
Insured: BAM | ||
3.00%, due 5/15/51 | 3,095,000 | 2,070,609 |
Insured: BAM | ||
3.00%, due 5/15/54 | 1,500,000 | 972,278 |
California Municipal Finance Authority, LINXS APM Project, Revenue Bonds, Senior Lien (a) | ||
Series A, Insured: AGM | ||
3.25%, due 12/31/32 | 5,965,000 | 5,099,973 |
Series A, Insured: AGM | ||
4.00%, due 12/31/47 | 9,380,000 | 7,633,617 |
Series A | ||
5.00%, due 12/31/43 | 5,745,000 | 5,435,951 |
California Municipal Finance Authority, United Airlines, Inc. Project, Revenue Bonds | ||
4.00%, due 7/15/29 (a) | 18,575,000 | 17,389,963 |
California Municipal Finance Authority, HumanGood California Obligated Group, Revenue Bonds | ||
4.00%, due 10/1/49 | 1,785,000 | 1,384,779 |
California Municipal Finance Authority, Republic Services, Inc., Revenue Bonds (a)(b) | ||
Series B | ||
4.20%, due 7/1/51 | 15,000,000 | 14,964,246 |
Series A | ||
4.375%, due 9/1/53 | 3,750,000 | 3,561,100 |
14 | MainStay MacKay High Yield Municipal Bond Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
California (continued) | ||
California Municipal Finance Authority, William Jessup University, Revenue Bonds (c) | ||
5.00%, due 8/1/28 | $ 1,000,000 | $ 966,059 |
5.00%, due 8/1/48 | 2,675,000 | 2,131,575 |
California Municipal Finance Authority, Charter School, Palmdale Aerospace Academy Projects (The), Revenue Bonds | ||
Series A | ||
5.00%, due 7/1/46 (c) | 2,665,000 | 2,269,617 |
California Municipal Finance Authority, CHF-Davis I LLC, West Village Student Housing Project, Revenue Bonds | ||
5.00%, due 5/15/48 | 19,250,000 | 18,436,389 |
Insured: BAM | ||
5.00%, due 5/15/51 | 19,275,000 | 18,636,918 |
California Municipal Finance Authority, Healthright 360, Revenue Bonds | ||
Series A | ||
5.00%, due 11/1/49 (c) | 2,000,000 | 1,613,322 |
California Municipal Finance Authority, Baptist University, Revenue Bonds | ||
Series A | ||
5.375%, due 11/1/40 (c) | 3,000,000 | 2,823,206 |
California Public Finance Authority, Enso Village Project, Revenue Bonds | ||
Series B-2 | ||
2.375%, due 11/15/28 (c) | 1,500,000 | 1,408,110 |
California Public Finance Authority, Kendal at Sonoma Obligated Group, Revenue Bonds | ||
Series A | ||
5.00%, due 11/15/46 (c) | 750,000 | 619,660 |
California Public Finance Authority, California University of Science & Medicine Obligated Group, Revenue Bonds | ||
Series A | ||
6.25%, due 7/1/54 (c) | 5,265,000 | 5,377,458 |
Principal Amount | Value | |
California (continued) | ||
California Public Finance Authority, California University of Science & Medicine, Revenue Bonds | ||
Series B | ||
7.50%, due 7/1/36 (c) | $ 8,840,000 | $ 8,283,820 |
California School Finance Authority, Granada Hills Charter High School Obligated Group, Revenue Bonds | ||
Series A | ||
4.00%, due 7/1/48 (c) | 675,000 | 490,594 |
California School Finance Authority, Vista Charter Public Schools, Revenue Bonds (c) | ||
Series A | ||
4.00%, due 6/1/51 | 2,910,000 | 2,019,234 |
Series A | ||
4.00%, due 6/1/61 | 1,840,000 | 1,201,873 |
California School Finance Authority, Hawking STEAM Charter Schools, Inc., Revenue Bonds | ||
Series A | ||
5.00%, due 7/1/42 (c) | 1,360,000 | 1,223,939 |
California School Finance Authority, High Tech High Learning Project, Revenue Bonds | ||
Series A | ||
5.00%, due 7/1/49 (c) | 3,000,000 | 2,506,698 |
California School Finance Authority, Teach Public Schools, Revenue Bonds | ||
Series A | ||
5.00%, due 6/1/58 (c) | 2,000,000 | 1,616,597 |
California School Finance Authority, Aspire Public Schools, Revenue Bonds | ||
Series A | ||
5.00%, due 8/1/59 (c) | 1,800,000 | 1,571,252 |
California Statewide Communities Development Authority, Southern California Edison Co., Revenue Bonds | ||
Series A | ||
1.75%, due 9/1/29 | 7,200,000 | 5,669,816 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
California (continued) | ||
California Statewide Communities Development Authority, Community Infrastructure Program, Special Assessment | ||
Series 2021A | ||
4.00%, due 9/2/41 | $ 1,000,000 | $ 778,413 |
Series A | ||
4.00%, due 9/2/51 | 995,000 | 689,562 |
California Statewide Communities Development Authority, Methodist Hospital of Southern California, Revenue Bonds | ||
4.375%, due 1/1/48 | 2,185,000 | 1,830,186 |
5.00%, due 1/1/48 | 7,150,000 | 6,625,168 |
California Statewide Communities Development Authority, Lancer Educational Student Housing Project, Revenue Bonds (c) | ||
Series A | ||
5.00%, due 6/1/36 | 2,250,000 | 2,058,720 |
Series A | ||
5.00%, due 6/1/46 | 2,000,000 | 1,674,145 |
California Statewide Communities Development Authority, Loma Linda University Medical Center, Revenue Bonds (c) | ||
Series A | ||
5.00%, due 12/1/46 | 18,170,000 | 16,056,271 |
Series A | ||
5.25%, due 12/1/56 | 3,970,000 | 3,517,188 |
California Statewide Communities Development Authority, Irvine Campus Apartments, Revenue Bonds | ||
5.00%, due 5/15/50 | 2,000,000 | 1,812,146 |
California Statewide Communities Development Authority, Lancer Plaza Project, Revenue Bonds | ||
5.625%, due 11/1/33 | 680,000 | 675,131 |
5.875%, due 11/1/43 | 435,000 | 411,312 |
California Statewide Communities Development Authority, California Baptist University, Revenue Bonds | ||
Series A | ||
6.375%, due 11/1/43 (c) | 3,185,000 | 3,186,151 |
Principal Amount | Value | |
California (continued) | ||
Cathedral City Public Financing Authority, Capital Appreciation, Tax Allocation | ||
Series A, Insured: NATL-RE | ||
(zero coupon), due 8/1/26 | $ 1,085,000 | $ 955,725 |
City of Los Angeles, Department of Airports, Revenue Bonds, Senior Lien | ||
Series G | ||
5.00%, due 5/15/47 (a) | 6,000,000 | 5,793,586 |
City of South San Francisco, Community Facilities District No. 2021-01, Special Tax | ||
5.00%, due 9/1/52 | 1,500,000 | 1,354,194 |
CMFA Special Finance Agency XII, Allure Apartments, Revenue Bonds, Senior Lien | ||
Series A-1 | ||
3.25%, due 2/1/57 (c) | 5,500,000 | 3,409,051 |
CSCDA Community Improvement Authority, Pasadena Portfolio, Revenue Bonds, Senior Lien | ||
Series A-2 | ||
3.00%, due 12/1/56 (c) | 2,750,000 | 1,639,102 |
CSCDA Community Improvement Authority, Theo Pasadena, Revenue Bonds, Senior Lien | ||
Series A-2 | ||
3.25%, due 5/1/57 (c) | 11,100,000 | 6,692,930 |
CSCDA Community Improvement Authority, Oceanaire Long Beach, Revenue Bonds | ||
Series A-2 | ||
4.00%, due 9/1/56 (c) | 10,060,000 | 6,653,988 |
CSCDA Community Improvement Authority, Altana Glendale, Revenue Bonds | ||
Series A-2 | ||
4.00%, due 10/1/56 (c) | 9,100,000 | 6,107,076 |
CSCDA Community Improvement Authority, Escondido Portfolio, Revenue Bonds, Senior Lien | ||
Series A-2 | ||
4.00%, due 6/1/58 (c) | 4,750,000 | 3,263,348 |
Foothill-Eastern Transportation Corridor Agency, Revenue Bonds | ||
Series B-2, Insured: AGM-CR | ||
3.50%, due 1/15/53 | 13,265,000 | 9,813,860 |
16 | MainStay MacKay High Yield Municipal Bond Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
California (continued) | ||
Foothill-Eastern Transportation Corridor Agency, Revenue Bonds, Junior Lien | ||
Series C, Insured: AGM-CR | ||
4.00%, due 1/15/43 | $ 16,904,000 | $ 14,789,945 |
Foothill-Eastern Transportation Corridor Agency, Revenue Bonds, Senior Lien | ||
Series A | ||
4.00%, due 1/15/46 | 27,304,000 | 22,917,358 |
Series A, Insured: AGM-CR | ||
4.00%, due 1/15/46 | 27,795,000 | 23,986,026 |
Golden State Tobacco Securitization Corp., Asset-Backed, Revenue Bonds | ||
Series B-2 | ||
(zero coupon), due 6/1/66 (f) | 536,680,000 | 44,019,728 |
Golden State Tobacco Securitization Corp., Tobacco Settlement, Revenue Bonds | ||
Series B-1 | ||
3.85%, due 6/1/50 | 1,355,000 | 1,232,584 |
Hastings Campus Housing Finance Authority, Green Bond, Revenue Bonds, Senior Lien | ||
Series A | ||
5.00%, due 7/1/61 (c) | 51,500,000 | 39,576,730 |
Inland Empire Tobacco Securitization Corp., Revenue Bonds | ||
Series D | ||
(zero coupon), due 6/1/57 | 246,450,000 | 15,399,773 |
Northern California Gas Authority No. 1, Gas Project, Revenue Bonds | ||
Series B | ||
4.51%, due 7/1/27 | 21,900,000 | 21,641,803 |
Riverside County Transportation Commission, Revenue Bonds, Senior Lien | ||
Series B-1 | ||
3.00%, due 6/1/49 | 1,945,000 | 1,263,828 |
Rohnerville School District, Election 2010, Unlimited General Obligation | ||
Series B, Insured: AGM | ||
(zero coupon), due 8/1/42 | 1,000,000 | 377,634 |
Principal Amount | Value | |
California (continued) | ||
Rohnerville School District, Election 2010, Unlimited General Obligation (continued) | ||
Series B, Insured: AGM | ||
(zero coupon), due 8/1/47 | $ 1,000,000 | $ 281,941 |
San Diego County Regional Airport Authority, Revenue Bonds | ||
Series B | ||
4.00%, due 7/1/56 (a) | 11,160,000 | 8,575,701 |
San Francisco City & County Redevelopment Agency, Community Facilities District No. 6 Bay Public, Special Tax | ||
Series C | ||
(zero coupon), due 8/1/37 | 5,015,000 | 2,279,055 |
Series C | ||
(zero coupon), due 8/1/38 | 2,000,000 | 846,264 |
San Joaquin Hills Transportation Corridor Agency, Revenue Bonds, Senior Lien | ||
Series A | ||
4.00%, due 1/15/50 | 7,300,000 | 6,151,087 |
Santa Ana Unified School District, Capital Appreciation, Election 2008, Unlimited General Obligation | ||
Series B, Insured: AGC | ||
(zero coupon), due 8/1/47 | 24,400,000 | 6,227,505 |
Sierra Kings Health Care District, Unlimited General Obligation | ||
5.00%, due 8/1/37 | 2,465,000 | 2,387,228 |
Stockton Unified School District, Capital Appreciation, Election 2008, Unlimited General Obligation | ||
Series D, Insured: AGM | ||
(zero coupon), due 8/1/42 | 8,780,000 | 3,238,196 |
Sutter Union High School District, Election 2008, Unlimited General Obligation | ||
Series B | ||
(zero coupon), due 6/1/50 | 16,010,000 | 2,460,133 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
California (continued) | ||
Tobacco Securitization Authority of Southern California, San Diego County Tobacco Asset Securitization Corp., Asset-Backed, Revenue Bonds | ||
Series B-2 | ||
(zero coupon), due 6/1/54 | $ 18,500,000 | $ 3,181,789 |
West Contra Costa Healthcare District, Special Tax | ||
3.00%, due 7/1/42 | 5,620,000 | 4,036,333 |
504,575,288 | ||
Colorado 2.6% | ||
3rd and Havana Metropolitan District, Tax Supported, Limited General Obligation | ||
Series A | ||
5.25%, due 12/1/49 | 2,250,000 | 1,743,302 |
Allison Valley Metropolitan District No. 2, Limited General Obligation | ||
4.70%, due 12/1/47 | 2,500,000 | 1,874,911 |
Arkansas River Power Authority, Revenue Bonds | ||
Series A | ||
5.00%, due 10/1/38 | 6,900,000 | 6,600,410 |
Series A | ||
5.00%, due 10/1/43 | 7,025,000 | 6,560,847 |
Broadway Park North Metropolitan District No. 2, Limited General Obligation (c) | ||
5.00%, due 12/1/40 | 1,000,000 | 878,444 |
5.00%, due 12/1/49 | 1,000,000 | 835,642 |
Broadway Station Metropolitan District No. 2, Limited General Obligation | ||
Series A | ||
5.125%, due 12/1/48 | 3,000,000 | 2,188,505 |
Central Platte Valley Metropolitan District, Unlimited General Obligation | ||
Series A | ||
5.375%, due 12/1/33 | 1,500,000 | 1,501,534 |
Citadel on Colfax Business Improvement District, Revenue Bonds | ||
Series A | ||
5.35%, due 12/1/50 | 1,000,000 | 814,207 |
Principal Amount | Value | |
Colorado (continued) | ||
City & County of Denver, United Airlines, Inc., Project, Revenue Bonds | ||
5.00%, due 10/1/32 (a) | $ 6,800,000 | $ 6,375,608 |
City of Fruita Healthcare, Canyons Hospital & Medical Center Project, Revenue Bonds | ||
Series A | ||
5.50%, due 1/1/48 (c) | 9,650,000 | 7,608,328 |
Colorado Educational & Cultural Facilities Authority, Northeast Campus Project, Revenue Bonds | ||
Insured: Moral Obligation State Intercept | ||
3.00%, due 8/1/51 | 3,420,000 | 2,010,467 |
Colorado Educational & Cultural Facilities Authority, New Summit Academy, Revenue Bonds | ||
Series A | ||
4.00%, due 7/1/41 (c) | 1,850,000 | 1,413,379 |
Colorado Educational & Cultural Facilities Authority, New Vision Chater School, Revenue Bonds | ||
Series A, Insured: BAM Moral Obligation | ||
4.00%, due 6/1/42 | 2,635,000 | 2,210,383 |
Series A, Insured: BAM Moral Obligation | ||
4.00%, due 6/1/52 | 4,700,000 | 3,634,324 |
Series A, Insured: BAM Moral Obligation | ||
4.00%, due 6/1/56 | 6,255,000 | 4,709,421 |
Colorado Health Facilities Authority, CommonSpirit Health, Revenue Bonds | ||
Series A-2, Insured: BAM | ||
3.25%, due 8/1/49 | 11,600,000 | 7,804,565 |
Series A-1 | ||
4.00%, due 8/1/44 | 4,750,000 | 3,828,720 |
Series A-2 | ||
4.00%, due 8/1/49 | 21,105,000 | 16,326,205 |
Series A-2 | ||
5.00%, due 8/1/44 | 11,425,000 | 10,802,563 |
Colorado Health Facilities Authority, Covenant Retirement Communities, Revenue Bonds | ||
Series A | ||
5.00%, due 12/1/35 | 3,500,000 | 3,357,099 |
18 | MainStay MacKay High Yield Municipal Bond Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Colorado (continued) | ||
Colorado Health Facilities Authority, Covenant Retirement Communities, Revenue Bonds (continued) | ||
Series A | ||
5.00%, due 12/1/48 | $ 6,840,000 | $ 5,840,597 |
Colorado Health Facilities Authority, Mental Health Center of Denver Project, Revenue Bonds | ||
Series A | ||
5.75%, due 2/1/44 | 5,330,000 | 5,331,287 |
Copper Ridge Metropolitan District, Revenue Bonds | ||
5.00%, due 12/1/39 | 3,750,000 | 3,248,920 |
Denver Health & Hospital Authority, 550 Acoma, Inc., Certificate of Participation | ||
5.00%, due 12/1/48 | 1,755,000 | 1,477,288 |
Denver Health & Hospital Authority, Revenue Bonds | ||
Series A | ||
5.25%, due 12/1/45 | 4,250,000 | 4,085,687 |
E-470 Public Highway Authority, Revenue Bonds | ||
Series B, Insured: NATL-RE | ||
(zero coupon), due 9/1/25 | 245,000 | 226,529 |
Series B, Insured: NATL-RE | ||
(zero coupon), due 9/1/29 | 4,510,000 | 3,517,030 |
Series B, Insured: NATL-RE | ||
(zero coupon), due 9/1/30 | 500,000 | 372,177 |
Series B, Insured: NATL-RE | ||
(zero coupon), due 9/1/35 | 2,245,000 | 1,254,777 |
Series B, Insured: NATL-RE | ||
(zero coupon), due 9/1/37 | 1,170,000 | 586,086 |
Series A | ||
(zero coupon), due 9/1/39 | 1,800,000 | 780,650 |
Series B, Insured: NATL-RE | ||
(zero coupon), due 9/1/39 | 515,000 | 226,824 |
Series A | ||
(zero coupon), due 9/1/40 | 3,450,000 | 1,413,388 |
Series A | ||
(zero coupon), due 9/1/41 | 3,925,000 | 1,510,722 |
Eagle County Airport Terminal Corp., Revenue Bonds | ||
Series B | ||
5.00%, due 5/1/33 (a) | 1,980,000 | 1,954,222 |
Principal Amount | Value | |
Colorado (continued) | ||
Evan's Place Metropolitan District, Limited General Obligation | ||
Series A(3) | ||
5.00%, due 12/1/50 | $ 2,660,000 | $ 2,157,471 |
Green Gables Metropolitan District No. 2, Limited General Obligation | ||
Series A, Insured: BAM | ||
5.125%, due 12/1/53 | 675,000 | 645,447 |
Series A, Insured: BAM | ||
5.25%, due 12/1/58 | 575,000 | 550,889 |
Jefferson Center Metropolitan District No. 1, Revenue Bonds | ||
Series B | ||
5.75%, due 12/15/50 | 4,115,000 | 3,634,001 |
Johnstown Plaza Metropolitan District, Limited General Obligation | ||
4.25%, due 12/1/46 | 10,100,000 | 7,427,408 |
Jones District Community Authority Board, Revenue Bonds | ||
Series A | ||
(zero coupon), due 12/1/50 (g) | 4,550,000 | 3,557,977 |
Karl's Farm Metropolitan District No. 2, Limited General Obligation | ||
Series A(3) | ||
5.625%, due 12/1/50 (c) | 1,485,000 | 1,257,260 |
Mirabelle Metropolitan District No. 2, Limited General Obligation, Senior Lien | ||
Series A | ||
5.00%, due 12/1/39 | 700,000 | 623,690 |
Series A | ||
5.00%, due 12/1/49 | 1,250,000 | 1,025,767 |
North Range Metropolitan District No. 3, Limited General Obligation | ||
Series 2020A-3 | ||
5.25%, due 12/1/50 | 1,000,000 | 829,542 |
Park Creek Metropolitan District, Revenue Bonds, Senior Lien | ||
Series A, Insured: AGM | ||
4.00%, due 12/1/37 | 2,790,000 | 2,511,539 |
Series A, Insured: AGM | ||
4.00%, due 12/1/46 | 20,600,000 | 17,026,528 |
Park Creek Metropolitan District, Senior Ltd., Property, Revenue Bonds, Senior Lien | ||
Series A | ||
5.00%, due 12/1/45 | 4,000,000 | 3,855,451 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Colorado (continued) | ||
Raindance Metropolitan District No. 1 Non-Potable Water System, Revenue Bonds | ||
5.25%, due 12/1/50 | $ 1,500,000 | $ 1,232,970 |
Raindance Metropolitan District No. 2, Limited General Obligation | ||
Series A | ||
5.00%, due 12/1/49 | 2,500,000 | 2,056,030 |
Southglenn Metropolitan District, Special Revenue, Limited General Obligation | ||
5.00%, due 12/1/46 | 2,100,000 | 1,776,841 |
Sterling Ranch Community Authority Board, Colorado Limited Tax Supported and Special Revenue Senior Bonds, Revenue Bonds | ||
Series A | ||
4.25%, due 12/1/50 | 1,250,000 | 954,801 |
Village Metropolitan District (The), Special Revenue and Limited Property Tax, Limited General Obligation | ||
5.00%, due 12/1/40 | 750,000 | 668,734 |
Villages at Castle Rock Metropolitan District No. 6, Limited General Obligation | ||
Series A | ||
4.125%, due 12/1/51 (c) | 17,949,000 | 11,763,346 |
188,460,740 | ||
Connecticut 0.4% | ||
City of New Haven, Unlimited General Obligation | ||
Series A | ||
4.00%, due 8/1/40 | 2,000,000 | 1,644,315 |
City of West Haven, Unlimited General Obligation | ||
Insured: BAM | ||
4.00%, due 9/15/41 | 1,130,000 | 972,183 |
Connecticut State Health & Educational Facilities Authority, Yale University, Revenue Bonds | ||
Series A | ||
0.375%, due 7/1/35 (b) | 100,000 | 96,906 |
Principal Amount | Value | |
Connecticut (continued) | ||
Connecticut State Health & Educational Facilities Authority, University of Hartford (The), Revenue Bonds | ||
Series N | ||
4.00%, due 7/1/39 | $ 5,550,000 | $ 4,212,311 |
Series N | ||
4.00%, due 7/1/49 | 4,000,000 | 2,634,484 |
Series N | ||
5.00%, due 7/1/31 | 575,000 | 551,966 |
Series N | ||
5.00%, due 7/1/32 | 575,000 | 548,112 |
Series N | ||
5.00%, due 7/1/33 | 475,000 | 449,166 |
Series N | ||
5.00%, due 7/1/34 | 700,000 | 656,930 |
Connecticut State Health & Educational Facilities Authority, Jerome Home, Revenue Bonds | ||
Series E | ||
4.00%, due 7/1/51 | 1,250,000 | 835,664 |
Connecticut State Health & Educational Facilities Authority, Mary Wade Home Obligated Group, Revenue Bonds (c) | ||
Series A-1 | ||
4.50%, due 10/1/34 | 2,350,000 | 1,919,187 |
Series A-1 | ||
5.00%, due 10/1/39 | 1,000,000 | 790,309 |
Connecticut State Health & Educational Facilities Authority, McLean Issue, Revenue Bonds | ||
Series A | ||
5.00%, due 1/1/30 (c) | 500,000 | 471,517 |
Connecticut State Health & Educational Facilities Authority, University of New Haven, Inc., Revenue Bonds | ||
Series K-3 | ||
5.00%, due 7/1/48 | 3,445,000 | 2,872,774 |
Connecticut State Health & Educational Facilities Authority, Griffin Health Obligated Group, Revenue Bonds | ||
Series G-1 | ||
5.00%, due 7/1/50 (c) | 1,750,000 | 1,394,383 |
20 | MainStay MacKay High Yield Municipal Bond Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Connecticut (continued) | ||
Connecticut State Health & Educational Facilities Authority, Church Home of Hartford Obligated Group, Revenue Bonds | ||
Series A | ||
5.00%, due 9/1/53 (c) | $ 2,235,000 | $ 1,611,458 |
Connecticut State Higher Education Supplement Loan Authority, Chesla Loan Program, Revenue Bonds | ||
Series B, Insured: BAM | ||
3.25%, due 11/15/35 (a) | 5,300,000 | 4,358,987 |
Hartford Stadium Authority, Stadium Authority Lease, Revenue Bonds | ||
Series A | ||
5.00%, due 2/1/36 | 1,475,000 | 1,407,248 |
Steel Point Infrastructure Improvement District, Steelpointe Harbor Project, Tax Allocation (c) | ||
4.00%, due 4/1/31 | 700,000 | 638,343 |
4.00%, due 4/1/36 | 1,090,000 | 925,806 |
4.00%, due 4/1/41 | 1,785,000 | 1,423,915 |
4.00%, due 4/1/51 | 1,250,000 | 914,353 |
31,330,317 | ||
Delaware 0.5% | ||
County of Kent, Student Housing & Dining Facility, CHF-Dover LLC, Delaware State University Project, Revenue Bonds | ||
Series A | ||
5.00%, due 7/1/40 | 1,050,000 | 968,329 |
Series A | ||
5.00%, due 7/1/48 | 2,735,000 | 2,414,379 |
Series A | ||
5.00%, due 7/1/53 | 4,040,000 | 3,499,347 |
Series A | ||
5.00%, due 7/1/58 | 8,100,000 | 6,874,615 |
Delaware State Economic Development Authority, Newark Charter School, Inc., Revenue Bonds | ||
4.00%, due 9/1/51 | 1,600,000 | 1,206,631 |
Delaware State Health Facilities Authority, Beebe Medical Center, Revenue Bonds | ||
4.25%, due 6/1/38 | 2,235,000 | 1,893,966 |
Principal Amount | Value | |
Delaware (continued) | ||
Delaware State Health Facilities Authority, Beebe Medical Center, Revenue Bonds (continued) | ||
4.375%, due 6/1/48 | $ 9,300,000 | $ 7,456,569 |
5.00%, due 6/1/37 | 1,000,000 | 983,287 |
Delaware State Health Facilities Authority, Christiana Care Health System, Revenue Bonds | ||
Series A | ||
5.00%, due 10/1/45 | 7,950,000 | 7,862,416 |
Delaware State Health Facilities Authority, Beebe Medical Center, Inc., Revenue Bonds | ||
5.00%, due 6/1/48 | 4,700,000 | 4,250,348 |
37,409,887 | ||
District of Columbia 2.1% | ||
District of Columbia, Tobacco Settlement Financing Corp., Asset Backed, Revenue Bonds | ||
Series A | ||
(zero coupon), due 6/15/46 | 82,000,000 | 17,598,553 |
District of Columbia, KIPP DC Project, Revenue Bonds | ||
4.00%, due 7/1/49 | 1,750,000 | 1,365,212 |
District of Columbia, Provident Group-Howard Properties LLC, Revenue Bonds | ||
5.00%, due 10/1/30 | 1,500,000 | 1,438,959 |
5.00%, due 10/1/45 | 5,055,000 | 4,349,262 |
District of Columbia, Friendship Public Charter School, Revenue Bonds | ||
Series A | ||
5.00%, due 6/1/46 | 1,400,000 | 1,229,358 |
District of Columbia, International School Obligated Group, Revenue Bonds | ||
5.00%, due 7/1/54 | 2,550,000 | 2,232,251 |
District of Columbia, Revenue Bonds | ||
5.00%, due 6/1/55 | 4,110,000 | 3,268,143 |
District of Columbia, Methodist Home, Revenue Bonds | ||
Series A | ||
5.25%, due 1/1/39 | 1,015,000 | 817,182 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
District of Columbia (continued) | ||
Metropolitan Washington Airports Authority, Dulles Toll Road, Revenue Bonds, Senior Lien | ||
Series B | ||
(zero coupon), due 10/1/39 | $ 5,005,000 | $ 2,088,703 |
Metropolitan Washington Airports Authority, Dulles Toll Road, Revenue Bonds, Sub. Lien | ||
Series B | ||
4.00%, due 10/1/49 | 98,895,000 | 77,508,561 |
Metropolitan Washington Airports Authority, Dulles Toll Road, Metrorail & Capital Improvement Project, Revenue Bonds, Senior Lien | ||
Series A, Insured: AGM | ||
4.00%, due 10/1/52 | 4,000,000 | 3,319,688 |
Metropolitan Washington Airports Authority, Dulles Toll Road, Metrorail & Capital Improvement Project, Revenue Bonds, Sub. Lien | ||
Series B, Insured: AGM | ||
4.00%, due 10/1/53 | 12,950,000 | 10,701,911 |
Metropolitan Washington Airports Authority, Revenue Bonds (a) | ||
Series A | ||
5.00%, due 10/1/32 | 15,750,000 | 15,783,280 |
Series A | ||
5.00%, due 10/1/46 | 7,795,000 | 7,475,136 |
149,176,199 | ||
Florida 3.2% | ||
Capital Projects Finance Authority, Provident Group - Continuum Properties LLC, Revenue Bonds, Senior Lien | ||
Series A-1 | ||
5.00%, due 11/1/53 | 3,125,000 | 2,820,594 |
Capital Trust Agency, Inc., Wonderful Foundations Charter School, Revenue Bonds | ||
Series B | ||
(zero coupon), due 1/1/60 | 16,000,000 | 703,139 |
Series A-1 | ||
5.00%, due 1/1/55 (c) | 1,750,000 | 1,225,294 |
Principal Amount | Value | |
Florida (continued) | ||
Capital Trust Agency, Inc., Odyssey Charter School, Inc., Revenue Bonds | ||
Series A | ||
5.50%, due 7/1/47 (c) | $ 2,000,000 | $ 1,766,412 |
Celebration Community Development District, Assessment Area 1 Project, Special Assessment | ||
3.125%, due 5/1/41 | 590,000 | 402,808 |
4.00%, due 5/1/51 | 845,000 | 595,898 |
CFM Community Development District, Capital Improvement, Special Assessment | ||
3.35%, due 5/1/41 | 200,000 | 141,174 |
4.00%, due 5/1/51 | 290,000 | 204,289 |
City of Atlantic Beach, Fleet Landing Project, Revenue Bonds | ||
Series A | ||
5.00%, due 11/15/48 | 3,000,000 | 2,453,540 |
Series B | ||
5.625%, due 11/15/43 | 1,500,000 | 1,405,039 |
City of Fort Myers, Utility System, Revenue Bonds | ||
Series A | ||
4.00%, due 10/1/49 | 10,155,000 | 8,325,225 |
City of Pompano Beach, John Knox Village Project, Revenue Bonds | ||
Series A | ||
4.00%, due 9/1/51 | 650,000 | 435,917 |
Series A | ||
4.00%, due 9/1/56 | 4,915,000 | 3,180,051 |
City of Tallahassee, Tallahassee Memorial HealthCare, Inc., Revenue Bonds | ||
Series A | ||
5.00%, due 12/1/40 | 6,835,000 | 6,321,558 |
Collier County Health Facilities Authority, Moorings, Inc. Obligated Group (The), Revenue Bonds | ||
4.00%, due 5/1/52 | 7,900,000 | 6,129,803 |
Cordova Palms Community Development District, Special Assessment | ||
3.00%, due 5/1/41 | 1,215,000 | 818,352 |
22 | MainStay MacKay High Yield Municipal Bond Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Florida (continued) | ||
County of Osceola, Transportation, Revenue Bonds | ||
Series A-1 | ||
4.00%, due 10/1/54 | $ 4,345,000 | $ 3,241,617 |
Series A-1 | ||
5.00%, due 10/1/44 | 11,000,000 | 10,317,770 |
Cypress Ridge Community Development District, Assessment Area One Project, Special Assessment | ||
5.625%, due 5/1/43 | 1,250,000 | 1,156,020 |
5.875%, due 5/1/53 | 1,000,000 | 915,971 |
Elevation Pointe Community Development District, Special Assessment | ||
Series A-1 | ||
4.60%, due 5/1/52 | 1,090,000 | 849,006 |
Epperson North Community Development District, Assessment Area 3, Special Assessment | ||
Series A | ||
3.40%, due 11/1/41 | 2,050,000 | 1,439,722 |
Epperson North Community Development District, Assessment Area 2, Special Assessment | ||
3.50%, due 5/1/41 | 735,000 | 528,031 |
Escambia County Health Facilities Authority, Baptist Health Care Corp. Obligated Group, Revenue Bonds | ||
Series A | ||
4.00%, due 8/15/50 | 4,865,000 | 3,673,561 |
Florida Development Finance Corp., Mayflower Retirement Community Centre, Inc., Revenue Bonds | ||
Series B-1 | ||
2.375%, due 6/1/27 (c) | 100,000 | 99,980 |
Florida Development Finance Corp., UF Health Jacksonville Project, Revenue Bonds | ||
Series A, Insured: AGM-CR | ||
4.00%, due 2/1/52 | 14,005,000 | 11,194,846 |
Series A | ||
5.00%, due 2/1/40 | 2,600,000 | 2,213,630 |
Series A | ||
5.00%, due 2/1/52 | 6,350,000 | 5,056,293 |
Principal Amount | Value | |
Florida (continued) | ||
Florida Development Finance Corp., River City Education Obligated Group, Revenue Bonds | ||
Series A | ||
4.00%, due 7/1/55 | $ 1,000,000 | $ 689,005 |
Florida Development Finance Corp., Florida Charter Foundation, Inc. Project, Revenue Bonds | ||
Series A | ||
4.75%, due 7/15/36 (c) | 4,255,000 | 3,803,970 |
Florida Development Finance Corp., Mater Academy Project, Revenue Bonds | ||
Series A | ||
5.00%, due 6/15/47 | 1,700,000 | 1,543,139 |
Series A | ||
5.00%, due 6/15/50 | 3,000,000 | 2,685,902 |
Series A | ||
5.00%, due 6/15/52 | 1,275,000 | 1,133,397 |
Series A | ||
5.00%, due 6/15/55 | 5,550,000 | 4,886,875 |
Florida Higher Educational Facilities Financial Authority, Ringling College Project, Revenue Bonds | ||
4.00%, due 3/1/47 | 6,370,000 | 4,750,842 |
5.00%, due 3/1/47 | 4,750,000 | 4,186,341 |
Florida Higher Educational Facilities Financial Authority, Saint Leo University Project, Revenue Bonds | ||
5.00%, due 3/1/44 | 1,370,000 | 1,087,611 |
5.00%, due 3/1/49 | 1,630,000 | 1,250,371 |
Hillsborough County Industrial Development Authority, Tampa General Hospital Project, Revenue Bonds | ||
Series A | ||
4.00%, due 8/1/50 | 40,340,000 | 31,655,972 |
Series A | ||
4.00%, due 8/1/55 | 52,185,000 | 39,593,840 |
Lakewood Ranch Stewardship District, Star Farms at Lakewood Ranch Project Phase 1 and 2, Special Assessment | ||
3.00%, due 5/1/41 | 430,000 | 293,128 |
4.00%, due 5/1/52 | 675,000 | 476,828 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Florida (continued) | ||
Lee Memorial Health System, Revenue Bonds | ||
Series A-1 | ||
4.00%, due 4/1/49 | $ 4,015,000 | $ 3,234,054 |
Miami Beach Health Facilities Authority, Mt Sinai Medical Center, Revenue Bonds | ||
Series B | ||
3.00%, due 11/15/51 | 4,190,000 | 2,510,815 |
5.00%, due 11/15/39 | 2,230,000 | 2,121,790 |
Mid-Bay Bridge Authority, Revenue Bonds | ||
Series A | ||
5.00%, due 10/1/35 | 1,500,000 | 1,477,992 |
Series C | ||
5.00%, due 10/1/40 | 1,000,000 | 936,664 |
Mirada II Community Development District, Capital Improvement, Special Assessment | ||
3.125%, due 5/1/31 | 500,000 | 427,208 |
3.50%, due 5/1/41 | 1,000,000 | 728,280 |
4.00%, due 5/1/51 | 1,900,000 | 1,337,529 |
New Port Tampa Bay Community Development District, Special Assessment | ||
3.50%, due 5/1/31 | 310,000 | 270,239 |
4.125%, due 5/1/52 | 365,000 | 261,144 |
North Powerline Road Community Development District, Special Assessment | ||
3.625%, due 5/1/40 | 500,000 | 374,557 |
4.00%, due 5/1/51 | 1,075,000 | 758,095 |
Osceola County Expressway Authority, Poinciana Parkway Project, Revenue Bonds, Senior Lien | ||
Series B-2 | ||
(zero coupon), due 10/1/36 (g) | 3,700,000 | 3,969,330 |
Palm Beach County Health Facilities Authority, Toby & Leon Cooperman Sinai residencies of Boca Raton, Revenue Bonds | ||
4.00%, due 6/1/36 | 4,000,000 | 3,241,914 |
Principal Amount | Value | |
Florida (continued) | ||
Pinellas County Educational Facilities Authority, Pinellas Academy Math & Science Project, Revenue Bonds | ||
Series A | ||
5.00%, due 12/15/48 (c) | $ 3,030,000 | $ 2,618,103 |
Polk County Industrial Development Authority, Carpenter's Home Estates, Inc., Revenue Bonds | ||
Series A | ||
5.00%, due 1/1/39 | 1,750,000 | 1,534,380 |
Polk County Industrial Development Authority, Carpenter's Home Estates, Inc. Project, Revenue Bonds | ||
Series A | ||
5.00%, due 1/1/55 | 800,000 | 615,352 |
Preston Cove Community Development District, Special Assessment | ||
4.00%, due 5/1/42 | 1,825,000 | 1,413,508 |
Sawyers Landing Community Development District, Special Assessment | ||
3.75%, due 5/1/31 | 1,550,000 | 1,340,193 |
4.25%, due 5/1/53 | 3,000,000 | 2,109,914 |
Shingle Creek at Bronson Community Development District, Special Assessment | ||
3.50%, due 6/15/41 | 1,000,000 | 721,018 |
South Broward Hospital District, Revenue Bonds | ||
Series A | ||
3.00%, due 5/1/51 | 17,550,000 | 11,024,745 |
Stillwater Community Development District, 2021 Project, Special Assessment (c) | ||
3.00%, due 6/15/31 | 410,000 | 345,075 |
3.50%, due 6/15/41 | 1,000,000 | 724,189 |
Tradition Community Development District No. 9, Special Assessment | ||
3.00%, due 5/1/41 | 1,800,000 | 1,204,910 |
Two Rivers North Community Development District, Special Assessment | ||
5.25%, due 5/1/52 | 1,500,000 | 1,301,544 |
24 | MainStay MacKay High Yield Municipal Bond Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Florida (continued) | ||
V-Dana Community Development District, Special Assessment | ||
3.625%, due 5/1/41 | $ 1,040,000 | $ 774,436 |
Veranda Community Development District II, Special Assessment | ||
3.60%, due 5/1/41 (c) | 240,000 | 174,761 |
Viera Stewardship District, Village 2 Project, Special Assessment | ||
Series 2 | ||
5.30%, due 5/1/43 | 2,340,000 | 2,138,161 |
Series 2 | ||
5.50%, due 5/1/54 | 3,000,000 | 2,680,199 |
Village Community Development District No. 15, Special Assessment (c) | ||
5.00%, due 5/1/43 | 1,000,000 | 932,725 |
5.25%, due 5/1/54 | 1,800,000 | 1,659,156 |
Windward at Lakewood Ranch Community Development District, Phase 2 Project, Special Assessment | ||
4.00%, due 5/1/42 | 1,055,000 | 817,202 |
4.25%, due 5/1/52 | 1,350,000 | 989,171 |
232,421,114 | ||
Georgia 1.4% | ||
Atlanta Urban Redevelopment Agency, Atlanta BeltLine Special Service District, Revenue Bonds | ||
Insured: BAM | ||
3.625%, due 7/1/42 (c) | 5,355,000 | 4,271,299 |
Brookhaven Development Authority, Children's Healthcare of Atlanta, Revenue Bonds | ||
Series A | ||
4.00%, due 7/1/49 | 9,600,000 | 8,093,820 |
Columbia County Hospital Authority, WellStar Health System, Revenue Bonds | ||
Series A | ||
5.75%, due 4/1/53 | 10,500,000 | 10,969,241 |
Development Authority of Cobb County (The), Kennesaw State University, Revenue Bonds, Junior Lien | ||
Series C | ||
5.00%, due 7/15/38 | 85,000 | 86,575 |
Principal Amount | Value | |
Georgia (continued) | ||
Development Authority of Cobb County (The), Kennesaw State University, Revenue Bonds, Junior Lien (continued) | ||
Series C | ||
5.00%, due 7/15/38 | $ 2,305,000 | $ 2,189,635 |
Fulton County Residential Care Facilities for the Elderly Authority, Lenbrook Square Foundation, Inc., Revenue Bonds | ||
5.00%, due 7/1/36 | 3,500,000 | 3,274,857 |
Gainesville & Hall County Development Authority, Riverside Military Academy, Inc., Revenue Bonds | ||
5.125%, due 3/1/52 | 1,500,000 | 991,510 |
George L Smith II Congress Center Authority, Convention Centre Hotel, Revenue Bonds, First Tier | ||
Series A | ||
4.00%, due 1/1/54 | 4,750,000 | 3,559,289 |
George L Smith II Congress Center Authority, Convention Centre Hotel, Revenue Bonds, Second Tier | ||
Series B | ||
5.00%, due 1/1/54 (c) | 4,000,000 | 2,987,717 |
Main Street Natural Gas, Inc., Revenue Bonds | ||
Series A | ||
4.00%, due 5/15/39 | 6,550,000 | 5,558,438 |
Series A | ||
5.00%, due 5/15/38 | 3,500,000 | 3,340,502 |
Municipal Electric Authority of Georgia, Project One Subordinated Bonds, Revenue Bonds | ||
Series A, Insured: BAM | ||
4.00%, due 1/1/49 | 14,150,000 | 11,585,748 |
Municipal Electric Authority of Georgia, Plant Vogtle Units 3&4 Project, Revenue Bonds | ||
Series B, Insured: BAM | ||
4.00%, due 1/1/49 | 56,515,000 | 46,273,397 |
103,182,028 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Guam 0.4% | ||
Guam Department of Education, John F. Kennedy High School Refunding & Energy Efficiency Project, Certificate of Participation | ||
Series A | ||
4.25%, due 2/1/30 | $ 1,190,000 | $ 1,092,033 |
Series A | ||
5.00%, due 2/1/40 | 4,825,000 | 4,244,511 |
Guam Government Waterworks Authority, Water and Wastewater System, Revenue Bonds | ||
5.00%, due 7/1/40 | 230,000 | 214,299 |
Series A | ||
5.00%, due 1/1/50 | 5,890,000 | 5,292,418 |
Port Authority of Guam, Revenue Bonds | ||
Series A | ||
5.00%, due 7/1/48 | 4,850,000 | 4,475,248 |
Territory of Guam, Business Privilege Tax, Revenue Bonds | ||
Series F | ||
4.00%, due 1/1/36 | 5,820,000 | 5,235,901 |
Series D | ||
5.00%, due 11/15/32 | 2,000,000 | 1,961,486 |
Series D | ||
5.00%, due 11/15/34 | 4,580,000 | 4,414,506 |
Series D | ||
5.00%, due 11/15/35 | 5,600,000 | 5,341,745 |
32,272,147 | ||
Hawaii 0.6% | ||
Kauai County Community Facilities District, Kukui'ula Development Project, Special Tax | ||
4.375%, due 5/15/42 | 2,300,000 | 1,887,492 |
5.00%, due 5/15/49 | 4,250,000 | 3,831,140 |
5.00%, due 5/15/51 | 5,585,000 | 5,002,241 |
State of Hawaii Department of Budget & Finance, Hawaiian Electric Co., Inc., Revenue Bonds (a) | ||
Insured: AGM-CR | ||
3.50%, due 10/1/49 | 25,800,000 | 18,109,386 |
Series B | ||
4.00%, due 3/1/37 | 5,000,000 | 3,237,824 |
Principal Amount | Value | |
Hawaii (continued) | ||
State of Hawaii Department of Budget & Finance, Chaminade University of Honolulu, Revenue Bonds | ||
Series A | ||
5.00%, due 1/1/45 (c) | $ 1,500,000 | $ 1,175,347 |
State of Hawaii Department of Budget & Finance, Hawaii Pacific University, Revenue Bonds (c) | ||
Series A | ||
6.625%, due 7/1/33 | 2,085,000 | 2,085,852 |
Series A | ||
6.875%, due 7/1/43 | 4,240,000 | 4,239,693 |
39,568,975 | ||
Idaho 0.1% | ||
Idaho Health Facilities Authority, St Luke's Health System Project, Revenue Bonds | ||
Series A | ||
3.00%, due 3/1/51 | 8,750,000 | 5,437,317 |
Idaho Health Facilities Authority, Madison Memorial Hospital, Revenue Bonds | ||
5.00%, due 9/1/37 | 1,000,000 | 901,257 |
Idaho Housing & Finance Association, Gem Prep: Meridian Project, Revenue Bonds | ||
Series A, Insured: School Bond Guaranty | ||
4.00%, due 5/1/57 | 4,315,000 | 3,050,778 |
9,389,352 | ||
Illinois 10.8% | ||
Bridgeview Finance Corp., Sales Tax, Revenue Bonds | ||
Series A | ||
5.00%, due 12/1/42 | 7,150,000 | 6,350,671 |
Chicago Board of Education, Capital Appreciation, School Reform, Unlimited General Obligation | ||
Series A, Insured: NATL-RE | ||
(zero coupon), due 12/1/27 | 5,125,000 | 4,196,322 |
Series B-1, Insured: NATL-RE | ||
(zero coupon), due 12/1/30 | 12,900,000 | 9,024,105 |
Series A, Insured: NATL-RE | ||
(zero coupon), due 12/1/31 | 170,000 | 112,562 |
Series B-1, Insured: NATL-RE | ||
(zero coupon), due 12/1/31 | 1,095,000 | 725,030 |
26 | MainStay MacKay High Yield Municipal Bond Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Illinois (continued) | ||
Chicago Board of Education, Unlimited General Obligation | ||
Series B | ||
4.00%, due 12/1/38 | $ 3,750,000 | $ 3,092,325 |
Series A | ||
4.00%, due 12/1/42 | 2,965,000 | 2,310,166 |
Series A | ||
4.00%, due 12/1/43 | 4,000,000 | 3,085,294 |
Series A | ||
4.00%, due 12/1/47 | 43,945,000 | 32,647,655 |
Series A | ||
5.00%, due 12/1/30 | 3,500,000 | 3,460,862 |
Series B | ||
5.00%, due 12/1/31 | 4,650,000 | 4,586,061 |
Series A | ||
5.00%, due 12/1/37 | 13,405,000 | 12,603,157 |
Series A | ||
5.00%, due 12/1/38 | 5,150,000 | 4,788,277 |
Series G | ||
5.00%, due 12/1/44 | 2,785,000 | 2,487,523 |
Series D | ||
5.00%, due 12/1/46 | 11,100,000 | 9,770,086 |
Series A | ||
5.00%, due 12/1/47 | 30,695,000 | 26,928,014 |
Series C | ||
5.25%, due 12/1/39 | 1,405,000 | 1,301,277 |
Series A | ||
7.00%, due 12/1/44 | 10,975,000 | 11,216,441 |
Chicago Board of Education, Dedicated Capital Improvement, Unlimited General Obligation | ||
Series C | ||
5.00%, due 12/1/34 | 2,270,000 | 2,205,715 |
Series H | ||
5.00%, due 12/1/36 | 1,915,000 | 1,811,685 |
Series B | ||
7.00%, due 12/1/42 (c) | 9,600,000 | 10,015,176 |
Series A | ||
7.00%, due 12/1/46 (c) | 3,650,000 | 3,789,818 |
Chicago Board of Education, Dedicated Capital Improvement, Revenue Bonds | ||
5.00%, due 4/1/35 | 1,615,000 | 1,603,515 |
5.00%, due 4/1/36 | 1,270,000 | 1,247,472 |
5.00%, due 4/1/42 | 3,500,000 | 3,211,971 |
5.00%, due 4/1/46 | 4,650,000 | 4,151,623 |
5.75%, due 4/1/48 | 5,750,000 | 5,782,552 |
Principal Amount | Value | |
Illinois (continued) | ||
Chicago Board of Education, Dedicated Capital Improvement, Revenue Bonds (continued) | ||
6.00%, due 4/1/46 | $ 41,400,000 | $ 41,649,091 |
Chicago O'Hare International Airport, TRIPS Obligated Group, Revenue Bonds | ||
5.00%, due 7/1/38 (a) | 1,500,000 | 1,413,831 |
Chicago O'Hare International Airport, General, Revenue Bonds, Senior Lien | ||
Series A, Insured: AGM | ||
5.50%, due 1/1/53 (a) | 4,690,000 | 4,714,023 |
City of Chicago, City Colleges Capital Improvement Project, Unlimited General Obligation | ||
Insured: NATL-RE | ||
(zero coupon), due 1/1/34 | 300,000 | 174,927 |
City of Chicago, Waterworks, Revenue Bonds, Second Lien | ||
4.00%, due 11/1/37 | 3,145,000 | 2,764,154 |
City of Chicago, Unlimited General Obligation | ||
Series A | ||
5.00%, due 1/1/39 | 5,650,000 | 5,512,252 |
Series A | ||
5.00%, due 1/1/40 | 3,900,000 | 3,779,675 |
Series A | ||
5.00%, due 1/1/44 | 11,150,000 | 10,527,862 |
Series A | ||
5.50%, due 1/1/49 | 17,950,000 | 17,542,090 |
Series A | ||
6.00%, due 1/1/38 | 38,545,000 | 39,490,305 |
City of Chicago, Taxable Project, Unlimited General Obligation | ||
Series B | ||
5.50%, due 1/1/31 | 2,360,000 | 2,362,437 |
Series D | ||
5.50%, due 1/1/37 | 3,500,000 | 3,454,603 |
Series A | ||
5.75%, due 1/1/34 | 3,550,000 | 3,647,996 |
City of Galesburg, Knox College Project, Revenue Bonds | ||
Series A | ||
4.00%, due 10/1/46 | 6,700,000 | 5,041,751 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Illinois (continued) | ||
Illinois Finance Authority, Midwestern University Foundation, Revenue Bonds | ||
Series A | ||
2.25%, due 7/1/33 (a) | $ 500,000 | $ 373,870 |
Illinois Finance Authority, University of Illinois Health Services, Revenue Bonds | ||
4.00%, due 10/1/50 | 13,850,000 | 10,390,803 |
4.00%, due 10/1/55 | 5,365,000 | 3,912,376 |
Illinois Finance Authority, Bradley University, Revenue Bonds | ||
Series A | ||
4.00%, due 8/1/51 | 3,225,000 | 2,404,415 |
Illinois Finance Authority, Learn Charter School Project, Revenue Bonds | ||
4.00%, due 11/1/51 | 1,100,000 | 827,985 |
4.00%, due 11/1/56 | 750,000 | 548,259 |
Illinois Finance Authority, Rosalind Franklin University of Medicine & Science, Revenue Bonds | ||
Series C | ||
4.25%, due 8/1/42 | 2,900,000 | 2,436,275 |
Illinois Finance Authority, Columbia College Chicago, Revenue Bonds | ||
Series A | ||
5.00%, due 12/1/23 | 1,125,000 | 1,124,508 |
Series A | ||
5.00%, due 12/1/37 | 9,650,000 | 9,030,792 |
Illinois Finance Authority, Noble Network Charter Schools, Revenue Bonds | ||
5.00%, due 9/1/32 | 1,830,000 | 1,800,467 |
Illinois Finance Authority, Friendship Village Schaumburg, Revenue Bonds (d)(e)(g) | ||
5.00%, due 2/15/37 | 7,375,000 | 1,991,250 |
5.125%, due 2/15/45 | 5,715,000 | 1,543,050 |
Illinois Finance Authority, Christian Homes, Inc., Revenue Bonds | ||
5.00%, due 5/15/40 | 1,265,000 | 572,412 |
Illinois Finance Authority, Franciscan Communities, Inc., Revenue Bonds | ||
Series A | ||
5.00%, due 5/15/47 | 1,155,000 | 965,803 |
Principal Amount | Value | |
Illinois (continued) | ||
Illinois Finance Authority, Chicago International School Project, Revenue Bonds | ||
Series A | ||
5.00%, due 12/1/47 | $ 3,000,000 | $ 2,563,879 |
Illinois Finance Authority, Rosalind Franklin University of Medicine and Science, Revenue Bonds | ||
Series C | ||
5.00%, due 8/1/49 | 1,300,000 | 1,168,201 |
Illinois Finance Authority, Student Housing & Academic Facility, CHF-Chicago LLC, University of Illinois at Chicago Project, Revenue Bonds | ||
Series A | ||
5.00%, due 2/15/50 | 7,985,000 | 6,887,704 |
Illinois Finance Authority, Roosevelt University Project, Revenue Bonds | ||
5.50%, due 4/1/32 | 2,000,000 | 1,843,777 |
Illinois Finance Authority, Roosevelt University, Revenue Bonds (c) | ||
Series A | ||
6.00%, due 4/1/38 | 3,130,000 | 2,798,871 |
Series A | ||
6.125%, due 4/1/49 | 2,355,000 | 2,022,605 |
Macon County School District No. 61 Decatur, Unlimited General Obligation | ||
Series C, Insured: AGM | ||
4.00%, due 1/1/40 | 2,500,000 | 2,165,607 |
Series C, Insured: AGM | ||
4.00%, due 1/1/45 | 2,875,000 | 2,436,834 |
Metropolitan Pier & Exposition Authority, McCormick Place Expansion Project, Revenue Bonds | ||
Series A, Insured: AGM-CR | ||
(zero coupon), due 6/15/30 | 5,675,000 | 4,192,056 |
Series A, Insured: NATL-RE | ||
(zero coupon), due 12/15/32 | 37,700,000 | 24,371,862 |
Series A, Insured: NATL-RE | ||
(zero coupon), due 6/15/33 | 1,165,000 | 734,964 |
Series A, Insured: NATL-RE | ||
(zero coupon), due 12/15/33 | 2,250,000 | 1,384,549 |
Series A, Insured: NATL-RE | ||
(zero coupon), due 6/15/34 | 45,315,000 | 27,160,130 |
28 | MainStay MacKay High Yield Municipal Bond Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Illinois (continued) | ||
Metropolitan Pier & Exposition Authority, McCormick Place Expansion Project, Revenue Bonds (continued) | ||
Series A, Insured: NATL-RE | ||
(zero coupon), due 12/15/36 | $ 33,795,000 | $ 17,347,937 |
Series A, Insured: NATL-RE | ||
(zero coupon), due 6/15/37 | 6,000,000 | 2,974,808 |
Series A | ||
(zero coupon), due 6/15/37 | 3,000,000 | 1,448,457 |
Series A, Insured: NATL-RE | ||
(zero coupon), due 12/15/37 | 29,910,000 | 14,329,648 |
Series A, Insured: NATL-RE | ||
(zero coupon), due 6/15/38 | 14,365,000 | 6,640,744 |
Series A | ||
(zero coupon), due 12/15/39 | 3,500,000 | 1,435,206 |
Series A, Insured: AGM-CR NATL-RE | ||
(zero coupon), due 12/15/40 | 27,700,000 | 11,212,902 |
Series B-1, Insured: AGM | ||
(zero coupon), due 6/15/44 | 13,660,000 | 4,426,852 |
Series B-1, Insured: AGM | ||
(zero coupon), due 6/15/47 | 6,270,000 | 1,702,535 |
Series B | ||
(zero coupon), due 12/15/50 | 37,865,000 | 7,835,113 |
Series B | ||
(zero coupon), due 12/15/51 | 57,100,000 | 11,106,938 |
Series A, Insured: AGM | ||
(zero coupon), due 12/15/52 | 6,180,000 | 1,216,804 |
Series B, Insured: BAM | ||
(zero coupon), due 12/15/54 | 56,510,000 | 9,915,160 |
Series A, Insured: BAM | ||
(zero coupon), due 12/15/56 | 51,050,000 | 7,957,873 |
Series A, Insured: AGM-CR | ||
(zero coupon), due 12/15/56 | 22,250,000 | 3,468,417 |
Series B, Insured: AGM | ||
(zero coupon), due 12/15/56 | 10,000,000 | 1,558,839 |
Series A, Insured: BAM | ||
4.00%, due 12/15/42 | 2,500,000 | 2,142,296 |
Series A | ||
4.00%, due 6/15/50 | 23,900,000 | 18,605,000 |
Series A | ||
4.00%, due 6/15/52 | 27,500,000 | 21,183,877 |
Series B | ||
5.00%, due 6/15/42 | 1,430,000 | 1,382,414 |
Series A | ||
5.00%, due 6/15/50 | 1,000,000 | 929,902 |
Principal Amount | Value | |
Illinois (continued) | ||
Metropolitan Pier & Exposition Authority, Mccormick Place Expansion Project, Revenue Bonds | ||
Series A | ||
(zero coupon), due 12/15/38 | $ 3,750,000 | $ 1,639,448 |
Metropolitan Pier & Exposition Authority, McCormick Place Expansion Project, Capital Appreciation, Revenue Bonds | ||
Series B-1, Insured: AGM | ||
(zero coupon), due 6/15/43 | 32,130,000 | 11,077,264 |
Northern Illinois University, Revenue Bonds | ||
Insured: BAM | ||
4.00%, due 10/1/40 | 1,245,000 | 1,059,796 |
Insured: BAM | ||
4.00%, due 10/1/41 | 1,660,000 | 1,391,687 |
Richland Clark Etc Counties Community College District No. 529, Illinois Eastern | ||
5.00%, due 12/1/33 | 6,035,000 | 5,764,739 |
Sangamon County Water Reclamation District, Alternative Revenue Source, Unlimited General Obligation | ||
Series A, Insured: BAM | ||
4.00%, due 1/1/49 | 13,600,000 | 11,128,503 |
State of Illinois, Unlimited General Obligation | ||
Series A | ||
4.00%, due 3/1/40 | 1,360,000 | 1,159,163 |
Series C | ||
4.00%, due 10/1/40 | 1,500,000 | 1,267,944 |
Insured: BAM | ||
4.00%, due 6/1/41 | 27,720,000 | 23,900,469 |
Series C | ||
4.00%, due 10/1/41 | 7,550,000 | 6,334,786 |
Series C | ||
4.00%, due 10/1/42 | 8,650,000 | 7,199,239 |
Series C | ||
4.25%, due 10/1/45 | 23,200,000 | 19,258,039 |
Series A | ||
4.50%, due 12/1/41 | 6,425,000 | 5,712,910 |
Series A | ||
5.00%, due 12/1/27 | 2,315,000 | 2,373,619 |
Series B | ||
5.00%, due 12/1/27 | 8,915,000 | 9,140,738 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Illinois (continued) | ||
State of Illinois, Unlimited General Obligation (continued) | ||
5.00%, due 2/1/28 | $ 2,700,000 | $ 2,752,642 |
Series C | ||
5.00%, due 11/1/29 | 14,135,000 | 14,426,407 |
Series A | ||
5.00%, due 12/1/31 | 1,485,000 | 1,508,907 |
Series A | ||
5.00%, due 12/1/39 | 2,400,000 | 2,279,695 |
Series A | ||
5.00%, due 5/1/40 | 2,000,000 | 1,892,545 |
5.75%, due 5/1/45 | 16,820,000 | 17,164,369 |
State of Illinois, Rebuild Illinois Program, Unlimited General Obligation | ||
Series C | ||
4.00%, due 11/1/41 | 19,300,000 | 16,176,426 |
Upper Illinois River Valley Development Authority, Morris Hospital Obligated Group, Revenue Bonds | ||
5.00%, due 12/1/43 | 1,600,000 | 1,441,716 |
5.00%, due 12/1/48 | 13,055,000 | 11,390,670 |
Village of Bridgeview, Unlimited General Obligation | ||
Series A | ||
5.125%, due 12/1/44 | 100,000 | 81,090 |
Series A | ||
5.50%, due 12/1/43 | 1,545,000 | 1,327,857 |
Series A | ||
5.50%, due 12/1/43 | 1,260,000 | 1,082,913 |
Series A | ||
5.625%, due 12/1/41 | 3,940,000 | 3,500,717 |
Series A | ||
5.75%, due 12/1/35 | 2,705,000 | 2,607,819 |
Village of Oak Lawn, Corporate Purpose, Unlimited General Obligation | ||
Insured: NATL-RE | ||
4.40%, due 12/1/26 | 400,000 | 376,321 |
Insured: NATL-RE | ||
4.45%, due 12/1/28 | 430,000 | 392,598 |
Insured: NATL-RE | ||
4.50%, due 12/1/30 | 475,000 | 452,036 |
Insured: NATL-RE | ||
4.50%, due 12/1/32 | 520,000 | 453,788 |
Principal Amount | Value | |
Illinois (continued) | ||
Village of Oak Lawn, Corporate Purpose, Unlimited General Obligation (continued) | ||
Insured: NATL-RE | ||
4.50%, due 12/1/34 | $ 575,000 | $ 550,669 |
Village of Riverdale, Unlimited General Obligation | ||
8.00%, due 10/1/36 | 1,610,000 | 1,612,511 |
Village of Romeoville, Lewis University, Revenue Bonds | ||
Series B | ||
4.125%, due 10/1/46 | 3,600,000 | 2,727,923 |
Series B | ||
5.00%, due 10/1/36 | 1,000,000 | 958,761 |
Series B | ||
5.00%, due 10/1/39 | 1,275,000 | 1,177,669 |
775,799,771 | ||
Indiana 0.8% | ||
City of Mount Vernon, Southern Indiana Gas & Electric Co., Revenue Bonds | ||
4.25%, due 9/1/55 (a)(b) | 7,750,000 | 7,543,526 |
City of Valparaiso, Pratt Paper LLC Project, Revenue Bonds | ||
7.00%, due 1/1/44 (a) | 5,200,000 | 5,210,190 |
County of Warrick, Southern Indiana Gas & Electric Co., Revenue Bonds | ||
4.25%, due 9/1/55 (a)(b) | 7,350,000 | 7,154,183 |
Gary Chicago International Airport Authority, Revenue Bonds (a) | ||
5.00%, due 2/1/29 | 1,170,000 | 1,170,151 |
5.25%, due 2/1/34 | 750,000 | 750,686 |
Indiana Finance Authority, Marian University, Inc., Revenue Bonds | ||
Series A | ||
4.00%, due 9/15/44 | 1,090,000 | 829,196 |
Indiana Finance Authority, University of Indianapolis Education Facilities Project, Revenue Bonds | ||
5.00%, due 10/1/43 | 2,000,000 | 1,814,126 |
Indiana Finance Authority, BHI Senior Living, Inc., Revenue Bonds | ||
Series A | ||
5.00%, due 11/15/48 | 4,650,000 | 3,939,817 |
Series A | ||
5.00%, due 11/15/53 | 4,100,000 | 3,399,444 |
30 | MainStay MacKay High Yield Municipal Bond Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Indiana (continued) | ||
Indiana Finance Authority, United States Steel Corp., Revenue Bonds | ||
Series A | ||
6.75%, due 5/1/39 (a) | $ 1,250,000 | $ 1,314,574 |
Terre Haute Sanitary District, Revenue Bonds | ||
5.25%, due 9/28/28 | 20,250,000 | 19,887,632 |
Town of Upland, Taylor University Project, Revenue Bonds | ||
4.00%, due 9/1/46 | 3,000,000 | 2,312,535 |
55,326,060 | ||
Iowa 1.1% | ||
City of Coralville, Annual Appropriation, Revenue Bonds | ||
Series B | ||
4.25%, due 5/1/37 | 890,000 | 738,540 |
City of Coralville, Annual Appropriation, Tax Allocation | ||
Series C | ||
4.50%, due 5/1/47 | 2,930,000 | 2,396,331 |
City of Coralville, Revenue Bonds | ||
Series C | ||
5.00%, due 5/1/42 | 6,900,000 | 5,946,813 |
Iowa Finance Authority, Iowa Fertilizer Co. Project, Revenue Bonds | ||
5.00%, due 12/1/50 | 15,235,000 | 13,522,798 |
5.00%, due 12/1/50 (b) | 7,015,000 | 6,387,169 |
Iowa Higher Education Loan Authority, Des Moines University Project, Revenue Bonds | ||
4.00%, due 10/1/45 | 13,850,000 | 10,945,168 |
Iowa Tobacco Settlement Authority, Capital Appreciation, Revenue Bonds | ||
Series B-2, Class 2 | ||
(zero coupon), due 6/1/65 | 230,200,000 | 21,361,363 |
Iowa Tobacco Settlement Authority, Revenue Bonds | ||
Series A-2, Class 1 | ||
4.00%, due 6/1/49 | 8,905,000 | 7,293,452 |
Series B-1, Class 2 | ||
4.00%, due 6/1/49 | 3,820,000 | 3,408,628 |
Principal Amount | Value | |
Iowa (continued) | ||
State of Iowa Board of Regents, University of Iowa Hospitals & Clinics, Revenue Bonds | ||
Series B | ||
3.00%, due 9/1/61 | $ 8,700,000 | $ 5,068,885 |
77,069,147 | ||
Kansas 0.3% | ||
City of Manhattan, Meadowlark Hills Retirement Community, Revenue Bonds | ||
Series A | ||
4.00%, due 6/1/46 | 1,000,000 | 670,509 |
Wyandotte County-Kansas City Unified Government, Vacation Village Project Area 4 - Major Multi-Sport Athletic Complex Project, Revenue Bonds | ||
(zero coupon), due 9/1/34 (c) | 51,985,000 | 18,810,996 |
19,481,505 | ||
Kentucky 0.9% | ||
City of Campbellsville, Campbellsville University Project, Revenue Bonds | ||
5.00%, due 3/1/39 | 4,430,000 | 3,896,472 |
City of Columbia, Lindsey Wilson College Project, Revenue Bonds | ||
5.00%, due 12/1/33 | 3,555,000 | 3,338,878 |
City of Henderson, Pratt Paper LLC Project, Revenue Bonds (a)(c) | ||
Series A | ||
4.45%, due 1/1/42 | 7,950,000 | 7,040,050 |
Series B | ||
4.45%, due 1/1/42 | 8,950,000 | 7,925,591 |
Series A | ||
4.70%, due 1/1/52 | 12,155,000 | 10,520,577 |
Series B | ||
4.70%, due 1/1/52 | 4,350,000 | 3,765,077 |
Kentucky Economic Development Finance Authority, Owensboro Health, Revenue Bonds | ||
Series A | ||
5.00%, due 6/1/45 | 13,500,000 | 12,186,093 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Kentucky (continued) | ||
Kentucky Municipal Power Agency, Prairie State Project, Revenue Bonds | ||
Series A | ||
4.00%, due 9/1/45 | $ 20,695,000 | $ 16,114,435 |
64,787,173 | ||
Louisiana 0.1% | ||
Calcasieu Parish Memorial Hospital Service District, Lake Charles Memorial Hospital Project, Revenue Bonds | ||
5.00%, due 12/1/39 | 1,475,000 | 1,183,441 |
Louisiana Local Government Environmental Facilities & Community Development Authority, Peoples of Bastrop LLC Project, Revenue Bonds | ||
5.625%, due 6/15/51 (c) | 2,500,000 | 1,878,483 |
Louisiana Public Facilities Authority, Ochsner Clinic Foundation Obligated Group, Revenue Bonds | ||
5.00%, due 5/15/47 | 4,700,000 | 4,436,206 |
7,498,130 | ||
Maine 0.0% ‡ | ||
City of Portland, General Airport, Green Bond, Revenue Bonds | ||
4.00%, due 1/1/40 | 1,250,000 | 1,083,184 |
Maryland 1.1% | ||
County of Baltimore, Oak Crest Village, Inc. Facility, Revenue Bonds | ||
4.00%, due 1/1/45 | 4,000,000 | 3,163,360 |
County of Frederick, Oakdale Lake Linganore Project, Tax Allocation | ||
3.75%, due 7/1/39 | 1,410,000 | 1,122,119 |
County of Frederick, Technology Park Project TIF Development District, Tax Allocation | ||
Series B | ||
4.625%, due 7/1/43 (c) | 10,830,000 | 9,509,686 |
Principal Amount | Value | |
Maryland (continued) | ||
County of Frederick, Mount St Mary's University, Inc., Revenue Bonds (c) | ||
Series A | ||
5.00%, due 9/1/37 | $ 3,000,000 | $ 2,717,842 |
Series A | ||
5.00%, due 9/1/45 | 500,000 | 419,776 |
Maryland Economic Development Corp., Port Convington Project, Tax Allocation | ||
4.00%, due 9/1/50 | 6,750,000 | 4,981,716 |
Maryland Economic Development Corp., Purple Line Light Project, Green Bond, Revenue Bonds | ||
Series B | ||
5.25%, due 6/30/47 (a) | 34,650,000 | 32,480,311 |
Maryland Health & Higher Educational Facilities Authority, Stevenson University, Inc., Revenue Bonds | ||
Series A | ||
4.00%, due 6/1/46 | 750,000 | 607,057 |
Maryland Health & Higher Educational Facilities Authority, Adventist Healthcare, Revenue Bonds | ||
Series B | ||
4.00%, due 1/1/51 | 20,110,000 | 14,571,887 |
Maryland Health & Higher Educational Facilities Authority, Stevenson University, Inc. Project, Revenue Bonds | ||
Series A | ||
4.00%, due 6/1/55 | 900,000 | 684,370 |
Maryland Health & Higher Educational Facilities Authority, Broadmead Issue, Revenue Bonds | ||
Series A | ||
5.00%, due 7/1/38 | 1,000,000 | 954,887 |
Series A | ||
5.00%, due 7/1/48 | 3,000,000 | 2,672,583 |
Maryland Health & Higher Educational Facilities Authority, Meritus Medical Center Issue, Revenue Bonds | ||
5.00%, due 7/1/45 | 4,000,000 | 3,726,444 |
32 | MainStay MacKay High Yield Municipal Bond Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Maryland (continued) | ||
Maryland Health & Higher Educational Facilities Authority, Green Street Academy Inc., Revenue Bonds (c) | ||
Series A | ||
5.125%, due 7/1/37 | $ 1,260,000 | $ 1,149,289 |
Series A | ||
5.375%, due 7/1/52 | 1,530,000 | 1,303,878 |
Maryland Health & Higher Educational Facilities Authority, Edenwald Issue, Revenue Bonds | ||
5.25%, due 1/1/37 | 1,000,000 | 964,022 |
81,029,227 | ||
Massachusetts 1.0% | ||
Massachusetts Development Finance Agency, Wellforce Obligated Group, Revenue Bonds | ||
Series C, Insured: AGM | ||
4.00%, due 10/1/45 | 2,150,000 | 1,796,633 |
Massachusetts Development Finance Agency, Equitable School Revolving Fund LLC, Revenue Bonds | ||
Series C | ||
4.00%, due 11/1/46 | 1,500,000 | 1,194,834 |
Series C | ||
4.00%, due 11/1/51 | 20,000 | 15,391 |
Massachusetts Development Finance Agency, Linden Ponds, Inc., Revenue Bonds (c) | ||
5.00%, due 11/15/33 | 3,000,000 | 3,002,241 |
5.125%, due 11/15/46 | 5,600,000 | 5,263,898 |
Massachusetts Development Finance Agency, Milford Regional Medical Center, Revenue Bonds (c) | ||
Series G | ||
5.00%, due 7/15/35 | 270,000 | 237,592 |
Series G | ||
5.00%, due 7/15/36 | 235,000 | 204,672 |
Series G | ||
5.00%, due 7/15/37 | 245,000 | 211,177 |
Series G | ||
5.00%, due 7/15/46 | 1,100,000 | 882,065 |
Principal Amount | Value | |
Massachusetts (continued) | ||
Massachusetts Development Finance Agency, Provident Commonwealth Education Resources II, Inc., Revenue Bonds | ||
5.00%, due 10/1/38 | $ 1,215,000 | $ 1,086,795 |
Massachusetts Development Finance Agency, Western New England University, Revenue Bonds | ||
5.00%, due 9/1/40 | 1,325,000 | 1,191,796 |
5.00%, due 9/1/45 | 1,175,000 | 1,010,504 |
Massachusetts Development Finance Agency, Dexter Southfield, Revenue Bonds | ||
5.00%, due 5/1/41 | 2,700,000 | 2,639,335 |
Massachusetts Development Finance Agency, Ascentria Care Alliance Project, Revenue Bonds | ||
5.00%, due 7/1/41 (c) | 3,875,000 | 3,089,208 |
Massachusetts Development Finance Agency, UMass Dartmouth Student Housing Project, Revenue Bonds | ||
5.00%, due 10/1/43 | 2,000,000 | 1,718,264 |
5.00%, due 10/1/48 | 7,650,000 | 6,407,613 |
5.00%, due 10/1/54 | 15,400,000 | 12,563,727 |
Massachusetts Development Finance Agency, UMass Memorial Health Care Obligated Group, Revenue Bonds | ||
Series L | ||
5.00%, due 7/1/44 | 8,105,000 | 7,550,904 |
Series I | ||
5.00%, due 7/1/46 | 2,000,000 | 1,853,771 |
Massachusetts Development Finance Agency, UMass Boston Student Housing Project, Revenue Bonds | ||
5.00%, due 10/1/48 | 10,040,000 | 8,749,787 |
Massachusetts Educational Financing Authority, Educational Loan, Revenue Bonds (a) | ||
Series B | ||
2.00%, due 7/1/37 | 3,600,000 | 2,857,444 |
Series C | ||
3.00%, due 7/1/51 | 7,305,000 | 4,271,304 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Massachusetts (continued) | ||
Massachusetts Educational Financing Authority, Revenue Bonds, Senior Lien | ||
Series B | ||
3.00%, due 7/1/35 (a) | $ 490,000 | $ 488,489 |
Town of Stoneham, Limited General Obligation | ||
2.25%, due 1/15/40 | 4,030,000 | 2,649,285 |
70,936,729 | ||
Michigan 2.8% | ||
Calhoun County Hospital Finance Authority, Oaklawn Hospital, Revenue Bonds | ||
5.00%, due 2/15/41 | 3,260,000 | 2,849,245 |
5.00%, due 2/15/47 | 3,000,000 | 2,486,522 |
Chandler Park Academy, Revenue Bonds | ||
5.125%, due 11/1/30 | 1,050,000 | 998,113 |
5.125%, due 11/1/35 | 605,000 | 559,527 |
City of Detroit, Unlimited General Obligation | ||
Insured: AMBAC | ||
4.60%, due 4/1/24 | 20,150 | 19,936 |
5.00%, due 4/1/27 | 850,000 | 853,584 |
5.00%, due 4/1/31 | 1,000,000 | 1,001,393 |
5.00%, due 4/1/33 | 1,200,000 | 1,201,155 |
5.00%, due 4/1/35 | 1,000,000 | 994,608 |
5.00%, due 4/1/37 | 1,100,000 | 1,066,599 |
5.00%, due 4/1/38 | 850,000 | 810,643 |
Insured: AMBAC | ||
5.25%, due 4/1/24 | 45,725 | 45,359 |
5.50%, due 4/1/45 | 1,100,000 | 1,062,947 |
5.50%, due 4/1/50 | 2,070,000 | 1,977,228 |
City of Detroit, Water Supply System, Revenue Bonds, Second Lien | ||
Series B, Insured: NATL-RE | ||
5.00%, due 7/1/34 | 10,000 | 10,010 |
Detroit Service Learning Academy, Revenue Bonds | ||
4.00%, due 7/1/31 | 1,745,000 | 1,570,207 |
4.00%, due 7/1/41 | 3,600,000 | 2,693,420 |
Great Lakes Water Authority, Water Supply System, Revenue Bonds, Second Lien | ||
Series B | ||
5.00%, due 7/1/46 | 3,000,000 | 2,920,614 |
Principal Amount | Value | |
Michigan (continued) | ||
Kentwood Economic Development Corp., Holland Home Obligated Group, Revenue Bonds | ||
5.00%, due 11/15/41 | $ 2,085,000 | $ 1,759,493 |
Michigan Finance Authority, Tobacco Settlement Asset-Backed, Capital Appreciation, Revenue Bonds, Senior Lien | ||
Series B | ||
(zero coupon), due 6/1/45 | 48,300,000 | 10,633,250 |
Michigan Finance Authority, Tobacco Settlement Asset-Backed, Revenue Bonds, Senior Lien | ||
Series B-2, Class 2 | ||
(zero coupon), due 6/1/65 | 287,185,000 | 21,344,853 |
Michigan Finance Authority, Calvin University Obligated Group, Revenue Bonds | ||
4.00%, due 9/1/46 | 4,470,000 | 3,425,130 |
Michigan Finance Authority, Wayne County Criminal Justice Center Project, Revenue Bonds, Senior Lien | ||
4.00%, due 11/1/48 | 6,650,000 | 5,465,191 |
Michigan Finance Authority, Henry Ford Health System, Revenue Bonds | ||
Series A | ||
4.00%, due 11/15/50 | 4,945,000 | 3,875,363 |
Michigan Finance Authority, Great Lakes Water Authority Sewage Disposal System, Revenue Bonds | ||
Series C | ||
5.00%, due 7/1/34 | 1,000,000 | 1,007,363 |
Series C | ||
5.00%, due 7/1/35 | 2,000,000 | 2,016,640 |
Michigan Finance Authority, Local Government Loan Program, Revenue Bonds | ||
Series D-4 | ||
5.00%, due 7/1/34 | 1,000,000 | 991,724 |
Michigan Finance Authority, College for Creative Studies, Revenue Bonds | ||
5.00%, due 12/1/36 | 1,000,000 | 958,042 |
5.00%, due 12/1/40 | 1,700,000 | 1,546,347 |
5.00%, due 12/1/45 | 4,400,000 | 3,852,734 |
34 | MainStay MacKay High Yield Municipal Bond Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Michigan (continued) | ||
Michigan Finance Authority, Lawrence Technological University, Revenue Bonds | ||
5.00%, due 2/1/37 | $ 1,550,000 | $ 1,411,467 |
5.25%, due 2/1/32 | 3,350,000 | 3,260,534 |
Michigan Finance Authority, Local Government Loan Program, Public Lightning Local Project, Revenue Bonds | ||
Series B | ||
5.00%, due 7/1/44 | 4,000,000 | 3,551,167 |
Michigan Finance Authority, Landmark Academy, Revenue Bonds | ||
5.00%, due 6/1/45 | 2,920,000 | 2,346,305 |
Michigan Finance Authority, Presbyterian Villages of Michigan Obligated Group, Revenue Bonds | ||
5.50%, due 11/15/45 | 1,025,000 | 828,101 |
Michigan Finance Authority, Universal Learning Academy, Revenue Bonds | ||
5.75%, due 11/1/40 | 2,630,000 | 2,378,737 |
Michigan Finance Authority, Public School Academy-Voyageur, Revenue Bonds | ||
5.90%, due 7/15/46 (c) | 1,955,000 | 1,430,143 |
Michigan Municipal Bond Authority, Local Government Loan Program, Revenue Bonds | ||
Series A, Insured: AMBAC | ||
4.50%, due 5/1/31 | 305,000 | 280,993 |
Michigan Strategic Fund, Holland Home Obligated Group, Revenue Bonds | ||
5.00%, due 11/15/42 | 1,765,000 | 1,473,109 |
5.00%, due 11/15/43 | 2,220,000 | 1,836,861 |
Michigan Strategic Fund, State of Michigan Department of Transportation, Revenue Bonds | ||
5.00%, due 6/30/48 (a) | 18,680,000 | 17,004,200 |
Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed, Capital Appreciation, Revenue Bonds | ||
Series B | ||
(zero coupon), due 6/1/46 | 281,605,000 | 29,667,481 |
Principal Amount | Value | |
Michigan (continued) | ||
Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed, Capital Appreciation, Revenue Bonds (continued) | ||
Series B | ||
(zero coupon), due 6/1/52 | $ 23,170,000 | $ 2,267,266 |
Series C | ||
(zero coupon), due 6/1/58 | 407,380,000 | 18,401,843 |
Richfield Public School Academy, Revenue Bonds | ||
4.00%, due 9/1/30 | 750,000 | 668,471 |
State of Michigan, Trunk Line, Revenue Bonds | ||
5.50%, due 11/15/49 | 31,180,000 | 33,209,893 |
Summit Academy North, Michigan Public School Academy, Revenue Bonds | ||
4.00%, due 11/1/41 | 2,875,000 | 2,181,879 |
202,195,690 | ||
Minnesota 1.1% | ||
City of Crookston, Riverview Healthcare Project, Revenue Bonds | ||
5.00%, due 5/1/51 | 4,000,000 | 2,715,932 |
City of Forest Lake, Lakes International Language Academy Project, Revenue Bonds | ||
Series A | ||
5.375%, due 8/1/50 | 1,250,000 | 1,065,626 |
City of Ham Lake, Parnassus Preparatory School Project, Revenue Bonds | ||
Series A | ||
5.00%, due 11/1/47 | 3,250,000 | 2,706,232 |
City of Independence, Global Academy Project, Revenue Bonds | ||
Series A | ||
4.00%, due 7/1/51 | 1,400,000 | 942,524 |
Series A | ||
4.00%, due 7/1/56 | 1,080,000 | 703,421 |
City of Minneapolis, Twin Cities International School Project, Revenue Bonds | ||
Series A | ||
5.00%, due 12/1/47 (c) | 3,785,000 | 3,195,638 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Minnesota (continued) | ||
City of Rochester, Samaritan Bethany, Inc. Project, Revenue Bonds | ||
Series A | ||
5.00%, due 8/1/48 | $ 925,000 | $ 672,929 |
Duluth Economic Development Authority, Essentia Health Obligated Group, Revenue Bonds | ||
Series A | ||
5.00%, due 2/15/53 | 15,350,000 | 13,821,158 |
Series A | ||
5.25%, due 2/15/53 | 22,465,000 | 21,641,027 |
Series A | ||
5.25%, due 2/15/58 | 16,165,000 | 15,491,749 |
Duluth Economic Development Authority, St. Luke's Hospital of Duluth, Revenue Bonds | ||
Series B | ||
5.25%, due 6/15/42 | 4,000,000 | 3,667,900 |
Series B | ||
5.25%, due 6/15/47 | 3,000,000 | 2,695,995 |
Series B | ||
5.25%, due 6/15/52 | 4,750,000 | 4,158,146 |
Duluth Economic Development Authority, Cambia Hills of Bethel Project, Revenue Bonds | ||
5.625%, due 12/1/55 (d)(e)(f) | 3,871,624 | 2,168,110 |
75,646,387 | ||
Mississippi 0.0% ‡ | ||
Mississippi Business Finance Corp., System Energy Resources, Inc. Project, Revenue Bonds | ||
2.375%, due 6/1/44 | 6,700,000 | 3,557,762 |
Missouri 0.7% | ||
Branson Industrial Development Authority, Tax Increment, Branson Landing-Retail Project, Tax Allocation | ||
5.50%, due 6/1/29 | 2,690,000 | 2,455,597 |
Cape Girardeau County Industrial Development Authority, Southeast Health, Revenue Bonds | ||
4.00%, due 3/1/41 | 530,000 | 430,209 |
4.00%, due 3/1/46 | 1,695,000 | 1,318,896 |
Principal Amount | Value | |
Missouri (continued) | ||
City of Lees Summit, Department of Airports, Summit Fair Project, Tax Allocation | ||
4.875%, due 11/1/37 (c) | $ 3,045,000 | $ 2,572,809 |
Health & Educational Facilities Authority of the State of Missouri, Maryville University of St. Louis, Revenue Bonds | ||
Series A | ||
4.00%, due 6/15/41 | 3,300,000 | 2,650,596 |
Series A | ||
5.00%, due 6/15/45 | 3,270,000 | 2,907,144 |
Health & Educational Facilities Authority of the State of Missouri, Lutheran Senior Services Project, Revenue Bonds | ||
4.00%, due 2/1/42 | 3,750,000 | 2,945,875 |
Health & Educational Facilities Authority of the State of Missouri, AT Still University of Health Sciences, Revenue Bonds | ||
Series A | ||
4.00%, due 10/1/43 | 1,125,000 | 931,999 |
Health & Educational Facilities Authority of the State of Missouri, Lake Regional Health System, Revenue Bonds | ||
4.00%, due 2/15/51 | 2,125,000 | 1,553,374 |
Health & Educational Facilities Authority of the State of Missouri, Mercy Health, Revenue Bonds | ||
4.00%, due 6/1/53 | 6,915,000 | 5,478,568 |
5.00%, due 12/1/52 | 4,400,000 | 4,249,168 |
Health & Educational Facilities Authority of the State of Missouri, Capital Region Medical Center, Revenue Bonds | ||
5.00%, due 11/1/40 | 1,850,000 | 1,781,685 |
Kansas City Industrial Development Authority, Airport, Revenue Bonds | ||
Series A, Insured: AGM | ||
4.00%, due 3/1/57 (a) | 2,400,000 | 1,840,228 |
Kansas City Land Clearance Redevelopment Authority, Convention Center Hotel Project, Tax Allocation | ||
Series B | ||
5.00%, due 2/1/40 (c) | 4,700,000 | 3,537,847 |
36 | MainStay MacKay High Yield Municipal Bond Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Missouri (continued) | ||
Lees Summit Industrial Development Authority, Fair Community Improvement District, Special Assessment | ||
5.00%, due 5/1/35 | $ 785,000 | $ 676,915 |
6.00%, due 5/1/42 | 2,800,000 | 2,371,106 |
Maryland Heights Industrial Development Authority, St. Louis Community Ice Center Project, Revenue Bonds | ||
Series A | ||
5.00%, due 3/15/49 | 7,500,000 | 5,789,636 |
Springfield School District No. R-12, Unlimited General Obligation | ||
2.25%, due 3/1/40 | 2,000,000 | 1,281,447 |
St. Louis County Industrial Development Authority, Nazareth Living Center Project, Revenue Bonds | ||
Series A | ||
5.125%, due 8/15/45 | 1,900,000 | 1,478,813 |
St. Louis Land Clearance for Redevelopment Authority, Scottrade Center Project, Revenue Bonds | ||
Series A | ||
5.00%, due 4/1/48 | 2,000,000 | 1,855,378 |
48,107,290 | ||
Montana 0.3% | ||
City of Forsyth, NorthWestern Corp., Revenue Bonds | ||
3.875%, due 7/1/28 | 9,750,000 | 9,321,516 |
County of Gallatin, Bozeman Fiber Project, Revenue Bonds (c) | ||
Series A | ||
4.00%, due 10/15/41 | 500,000 | 362,008 |
Series A | ||
4.00%, due 10/15/46 | 2,500,000 | 1,678,984 |
Series A | ||
4.00%, due 10/15/51 | 3,750,000 | 2,404,469 |
Montana Facility Finance Authority, Kalispell Regional Medical Center, Revenue Bonds | ||
Series B | ||
5.00%, due 7/1/48 | 5,465,000 | 4,723,922 |
18,490,899 |
Principal Amount | Value | |
Nebraska 0.0% ‡ | ||
County of Douglas, Creighton University, Revenue Bonds | ||
Series A | ||
3.00%, due 7/1/51 | $ 2,500,000 | $ 1,535,985 |
Nevada 0.3% | ||
City of Reno, Sales Tax, Transportation Rail Access Corridor Project, Revenue Bonds | ||
Series C | ||
(zero coupon), due 7/1/58 (c) | 14,000,000 | 1,426,277 |
City of Reno, Sales Tax, Transportation Rail Access Corridor Project, Revenue Bonds, First Lien | ||
Series A | ||
4.00%, due 6/1/43 | 2,500,000 | 2,000,931 |
City of Reno, Sales Tax, Revenue Bonds | ||
Series D | ||
(zero coupon), due 7/1/58 (c) | 9,000,000 | 888,221 |
Las Vegas Redevelopment Agency, Tax Allocation | ||
5.00%, due 6/15/45 | 2,750,000 | 2,578,617 |
State of Nevada Department of Business & Industry, Somerset Academy of Las Vegas, Revenue Bonds | ||
Series A | ||
5.00%, due 12/15/48 (c) | 4,215,000 | 3,450,482 |
Tahoe-Douglas Visitors Authority, Revenue Bonds | ||
5.00%, due 7/1/30 | 2,755,000 | 2,716,713 |
5.00%, due 7/1/34 | 2,000,000 | 1,951,339 |
5.00%, due 7/1/45 | 5,050,000 | 4,427,532 |
19,440,112 | ||
New Hampshire 0.2% | ||
Manchester Housing and Redevelopment Authority, Inc., Revenue Bonds | ||
Series B, Insured: BAM | ||
(zero coupon), due 1/1/26 | 1,995,000 | 1,768,817 |
Series B, Insured: BAM | ||
(zero coupon), due 1/1/27 | 2,380,000 | 1,989,894 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
New Hampshire (continued) | ||
New Hampshire Business Finance Authority, Springpoint Senior Living Project, Revenue Bonds | ||
4.00%, due 1/1/41 | $ 3,175,000 | $ 2,415,381 |
4.00%, due 1/1/51 | 4,600,000 | 3,141,737 |
New Hampshire Business Finance Authority, Ascentria Care Alliance Project, Revenue Bonds (c) | ||
5.00%, due 7/1/51 | 2,000,000 | 1,427,231 |
5.00%, due 7/1/56 | 910,000 | 632,315 |
New Hampshire Business Finance Authority, The Vista Project, Revenue Bonds | ||
Series A | ||
5.75%, due 7/1/54 (c) | 1,500,000 | 1,227,561 |
New Hampshire Health and Education Facilities Authority Act, Kendal at Hanover, Revenue Bonds | ||
5.00%, due 10/1/46 | 1,800,000 | 1,547,323 |
14,150,259 | ||
New Jersey 4.7% | ||
Camden County Improvement Authority (The), Camden School Prep Project, Revenue Bonds | ||
5.00%, due 7/15/52 (c) | 2,000,000 | 1,713,186 |
Essex County Improvement Authority, North Star Academy Charter School of Newark, Inc., Revenue Bonds | ||
4.00%, due 7/15/50 (c) | 2,450,000 | 1,842,708 |
4.00%, due 6/15/51 | 1,100,000 | 855,564 |
4.00%, due 7/15/60 (c) | 8,155,000 | 5,800,436 |
Series A | ||
4.00%, due 8/1/60 (c) | 3,755,000 | 2,670,451 |
New Jersey Economic Development Authority, School Facilities Construction, Revenue Bonds | ||
Series LLL | ||
5.00%, due 6/15/36 | 5,200,000 | 5,320,036 |
Series LLL | ||
5.00%, due 6/15/44 | 1,000,000 | 991,520 |
Series LLL | ||
5.00%, due 6/15/49 | 6,790,000 | 6,638,726 |
Principal Amount | Value | |
New Jersey (continued) | ||
New Jersey Economic Development Authority, New Jersey Transit Transportation Project, Revenue Bonds | ||
Series A | ||
5.00%, due 11/1/36 | $ 3,500,000 | $ 3,575,482 |
New Jersey Economic Development Authority, Provident Group-Kean Properties LLC, Revenue Bonds | ||
Series A | ||
5.00%, due 7/1/37 | 2,650,000 | 2,446,912 |
Series A | ||
5.00%, due 7/1/47 | 3,095,000 | 2,633,546 |
New Jersey Economic Development Authority, State Government Buildings Project, Revenue Bonds | ||
Series C | ||
5.00%, due 6/15/42 | 8,860,000 | 8,788,859 |
New Jersey Economic Development Authority, Port Newark Container Terminal LLC, Revenue Bonds | ||
5.00%, due 10/1/47 (a) | 15,905,000 | 14,402,679 |
New Jersey Economic Development Authority, Provident Group-Rowan Properties LLC, Revenue Bonds | ||
Series A | ||
5.00%, due 1/1/48 | 11,985,000 | 10,037,348 |
New Jersey Economic Development Authority, The Goethals Bridge Replacement Project, Revenue Bonds (a) | ||
5.125%, due 1/1/34 | 3,000,000 | 3,001,496 |
Insured: AGM | ||
5.125%, due 7/1/42 | 1,705,000 | 1,704,846 |
5.375%, due 1/1/43 | 12,105,000 | 11,758,730 |
New Jersey Economic Development Authority, Continental Airlines, Inc. Project, Revenue Bonds | ||
Series B | ||
5.625%, due 11/15/30 (a) | 10,335,000 | 10,334,789 |
New Jersey Economic Development Authority, NYNJ Link Borrower LLC, Revenue Bonds | ||
5.625%, due 1/1/52 (a) | 16,695,000 | 16,696,184 |
New Jersey Economic Development Authority, Team Academy Charter School Project, Revenue Bonds | ||
6.00%, due 10/1/43 | 2,055,000 | 2,055,812 |
38 | MainStay MacKay High Yield Municipal Bond Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
New Jersey (continued) | ||
New Jersey Educational Facilities Authority, St Elizabeth University, Revenue Bonds | ||
Series D | ||
5.00%, due 7/1/46 | $ 2,190,000 | $ 1,785,178 |
New Jersey Transportation Trust Fund Authority, Transportation Program, Revenue Bonds | ||
Series AA | ||
4.00%, due 6/15/38 | 10,350,000 | 9,449,924 |
Series AA | ||
4.00%, due 6/15/40 | 11,250,000 | 9,995,471 |
Series A | ||
4.00%, due 6/15/41 | 3,000,000 | 2,643,766 |
Series BB | ||
4.00%, due 6/15/41 | 3,750,000 | 3,304,707 |
Series BB | ||
4.00%, due 6/15/44 | 14,890,000 | 12,752,886 |
Series AA | ||
4.00%, due 6/15/45 | 40,170,000 | 34,244,105 |
Series BB | ||
4.00%, due 6/15/46 | 6,140,000 | 5,235,588 |
Series AA | ||
4.00%, due 6/15/50 | 5,810,000 | 4,830,507 |
Series BB | ||
4.00%, due 6/15/50 | 22,105,000 | 18,378,373 |
Series AA | ||
4.25%, due 6/15/44 | 2,055,000 | 1,832,129 |
Series AA | ||
5.00%, due 6/15/50 | 6,910,000 | 6,736,533 |
New Jersey Turnpike Authority, Revenue Bonds | ||
Series D-1 | ||
4.50%, due 1/1/24 | 64,150,000 | 64,139,466 |
South Jersey Port Corp., Marine Terminal, Revenue Bonds | ||
Series B | ||
5.00%, due 1/1/48 (a) | 24,010,000 | 21,935,224 |
South Jersey Transportation Authority, Revenue Bonds | ||
Series A, Insured: AGM-CR | ||
4.00%, due 11/1/50 | 10,900,000 | 8,966,640 |
Series A | ||
5.00%, due 11/1/39 | 500,000 | 468,697 |
Series A, Insured: BAM | ||
5.00%, due 11/1/45 | 10,150,000 | 9,917,425 |
Principal Amount | Value | |
New Jersey (continued) | ||
Tobacco Settlement Financing Corp., Revenue Bonds | ||
Series A | ||
5.00%, due 6/1/46 | $ 5,125,000 | $ 4,808,289 |
334,694,218 | ||
New York 8.7% | ||
Brooklyn Arena Local Development Corp., Barclays Center Project, Revenue Bonds | ||
Series A, Insured: AGM | ||
3.00%, due 7/15/43 | 2,135,000 | 1,446,185 |
Build NYC Resource Corp., Pratt Paper, Inc. Project, Revenue Bonds | ||
5.00%, due 1/1/35 (a)(c) | 1,500,000 | 1,463,569 |
Build NYC Resource Corp., Metropolitan Lighthouse Charter School Project, Revenue Bonds | ||
Series A | ||
5.00%, due 6/1/47 (c) | 1,225,000 | 1,086,928 |
Build NYC Resource Corp., Hellenic Classical Charter Schools, Revenue Bonds | ||
Series A | ||
5.00%, due 12/1/51 (c) | 2,125,000 | 1,641,886 |
Dutchess County Local Development Corp., Bard College Project, Revenue Bonds | ||
Series A | ||
5.00%, due 7/1/45 | 6,600,000 | 6,062,910 |
Erie Tobacco Asset Securitization Corp., Tobacco Settlement, Asset-Backed, Revenue Bonds | ||
Series B | ||
(zero coupon), due 6/1/47 | 37,500,000 | 6,321,154 |
Genesee County Funding Corp. (The), Rochester Regional Health Obligated Group, Revenue Bonds | ||
Series A | ||
5.25%, due 12/1/52 | 6,750,000 | 6,394,528 |
Huntington Local Development Corp., Fountaingate Gardens Project, Revenue Bonds | ||
Series B | ||
4.00%, due 7/1/27 | 4,610,000 | 4,314,753 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
New York (continued) | ||
Jefferson County Civic Facility Development Corp., Samaritan Medical Center Project, Revenue Bonds | ||
Series A | ||
4.00%, due 11/1/42 | $ 2,075,000 | $ 1,374,231 |
Series A | ||
4.00%, due 11/1/47 | 1,530,000 | 946,577 |
Metropolitan Transportation Authority, Green Bond, Revenue Bonds | ||
Series A-1 | ||
4.00%, due 11/15/45 | 31,350,000 | 25,926,679 |
Series E | ||
4.00%, due 11/15/45 | 23,375,000 | 19,335,115 |
Series A-1 | ||
4.00%, due 11/15/46 | 21,195,000 | 17,364,612 |
Series A-1 | ||
4.00%, due 11/15/46 | 11,050,000 | 9,053,030 |
Series A-3, Insured: AGM | ||
4.00%, due 11/15/46 | 2,930,000 | 2,434,426 |
Series A-1 | ||
4.00%, due 11/15/48 | 6,440,000 | 5,201,364 |
Series A-1 | ||
4.00%, due 11/15/49 | 35,565,000 | 28,543,530 |
Series A-1, Insured: AGM | ||
4.00%, due 11/15/50 | 8,550,000 | 6,956,905 |
Series A-1 | ||
4.00%, due 11/15/50 | 800,000 | 639,431 |
Series D | ||
4.00%, due 11/15/50 | 7,730,000 | 6,218,548 |
Series A-1 | ||
4.00%, due 11/15/51 | 10,290,000 | 8,182,333 |
Series A-1 | ||
4.00%, due 11/15/52 | 3,340,000 | 2,643,529 |
Series A-2 | ||
5.00%, due 11/15/27 | 3,150,000 | 3,198,496 |
Series B | ||
5.00%, due 11/15/28 | 1,190,000 | 1,219,365 |
Metropolitan Transportation Authority, Climate Certified Green Bond, Revenue Bonds | ||
Series C, Insured: AGM | ||
4.00%, due 11/15/47 | 2,000,000 | 1,649,673 |
Principal Amount | Value | |
New York (continued) | ||
Metropolitan Transportation Authority, Revenue Bonds | ||
Series D | ||
5.00%, due 11/15/27 | $ 2,055,000 | $ 2,086,638 |
Monroe County Industrial Development Corp., St. Ann's Community Project, Revenue Bonds | ||
5.00%, due 1/1/50 | 1,000,000 | 745,170 |
Nassau County Tobacco Settlement Corp., Tobacco Settlement, Asset-Backed, Revenue Bonds | ||
Series A-3 | ||
5.00%, due 6/1/35 | 2,075,000 | 1,821,252 |
Series A-3 | ||
5.125%, due 6/1/46 | 12,605,000 | 10,672,071 |
New York City Industrial Development Agency, Queens Baseball Stadium Project, Revenue Bonds | ||
Series A, Insured: AGM | ||
3.00%, due 1/1/46 | 12,365,000 | 8,251,754 |
New York City Industrial Development Agency, Yankee Stadium Project, Revenue Bonds | ||
Series A, Insured: AGM | ||
3.00%, due 3/1/49 | 1,750,000 | 1,131,592 |
Series A, Insured: AGM-CR | ||
3.00%, due 3/1/49 | 17,600,000 | 11,380,581 |
New York City Transitional Finance Authority, Future Tax Secured, Revenue Bonds | ||
Series E-1 | ||
4.00%, due 2/1/49 | 49,060,000 | 41,412,493 |
New York Convention Center Development Corp., Hotel Unit Fee, Revenue Bonds, Senior Lien | ||
Series A | ||
(zero coupon), due 11/15/47 | 10,000,000 | 2,479,780 |
New York Counties Tobacco Trust V, Pass Through, Capital Appreciation, Revenue Bonds | ||
Series S-1 | ||
(zero coupon), due 6/1/38 | 2,500,000 | 943,221 |
40 | MainStay MacKay High Yield Municipal Bond Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
New York (continued) | ||
New York Liberty Development Corp., 1 World Trade Center, Revenue Bonds | ||
Insured: BAM | ||
2.75%, due 2/15/44 | $ 14,600,000 | $ 9,781,631 |
New York Liberty Development Corp., Green Bond, Revenue Bonds | ||
Series A, Insured: BAM | ||
3.00%, due 11/15/51 | 3,750,000 | 2,439,200 |
New York Liberty Development Corp., 7 World Trade Center Project, Revenue Bonds | ||
Series A | ||
3.125%, due 9/15/50 | 21,530,000 | 14,036,712 |
New York Liberty Development Corp., 3 World Trade Center LLC, Revenue Bonds | ||
Class 1 | ||
5.00%, due 11/15/44 (c) | 72,180,000 | 64,648,039 |
New York State Dormitory Authority, Montefiore Obligated Group, Revenue Bonds | ||
Series A | ||
4.00%, due 8/1/37 | 3,250,000 | 2,833,548 |
Series A | ||
4.00%, due 8/1/38 | 1,750,000 | 1,496,889 |
Series A | ||
4.00%, due 9/1/50 | 6,700,000 | 4,999,393 |
New York State Dormitory Authority, NYU Langone Hospitals Obligated Group, Revenue Bonds | ||
Series A | ||
4.00%, due 7/1/50 | 4,240,000 | 3,411,403 |
Series A | ||
4.00%, due 7/1/53 | 4,310,000 | 3,413,032 |
New York State Dormitory Authority, Orange Regional Medical Center Obligated Group, Revenue Bonds | ||
5.00%, due 12/1/30 (c) | 2,200,000 | 2,063,517 |
New York State Thruway Authority, State Personal Income Tax, Revenue Bonds | ||
Series A-1 | ||
3.00%, due 3/15/48 | 8,500,000 | 5,855,573 |
Series A-1 | ||
3.00%, due 3/15/51 | 33,195,000 | 22,215,986 |
Principal Amount | Value | |
New York (continued) | ||
New York State Thruway Authority, State Personal Income Tax, Revenue Bonds (continued) | ||
Series A-1 | ||
4.00%, due 3/15/53 | $ 14,875,000 | $ 12,449,075 |
New York State Thruway Authority, General Revenue Junior Indebtedness Obligation, Revenue Bonds | ||
Series B | ||
4.00%, due 1/1/50 | 10,135,000 | 8,243,053 |
New York State Urban Development Corp., Sales Tax, Revenue Bonds | ||
Series A | ||
3.00%, due 3/15/50 | 9,700,000 | 6,480,627 |
New York State Urban Development Corp., Personal Income Tax, Revenue Bonds | ||
Series E | ||
4.00%, due 3/15/43 | 6,150,000 | 5,372,289 |
New York Transportation Development Corp., New York State Thruway Service Areas Project, Revenue Bonds | ||
4.00%, due 4/30/53 (a) | 4,870,000 | 3,665,475 |
New York Transportation Development Corp., Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project, Revenue Bonds (a) | ||
4.375%, due 10/1/45 | 75,465,000 | 62,380,320 |
5.00%, due 10/1/35 | 6,110,000 | 5,810,141 |
New York Transportation Development Corp., Terminal 4 JFK International Airport Project, Revenue Bonds (a) | ||
5.00%, due 12/1/34 | 9,750,000 | 9,754,431 |
5.00%, due 12/1/36 | 5,000,000 | 4,979,701 |
5.00%, due 12/1/38 | 9,750,000 | 9,499,822 |
5.00%, due 12/1/39 | 13,805,000 | 13,363,586 |
5.00%, due 12/1/40 | 4,135,000 | 3,977,186 |
New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project, Revenue Bonds (a) | ||
Insured: AGM-CR | ||
5.00%, due 12/1/40 | 17,260,000 | 16,961,549 |
5.00%, due 12/1/42 | 3,375,000 | 3,187,476 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
New York (continued) | ||
New York Transportation Development Corp., LaGuardia Airport Terminal B Redevelopment Project, Revenue Bonds (a) | ||
Series A | ||
5.00%, due 7/1/41 | $ 17,960,000 | $ 17,055,098 |
Series A | ||
5.00%, due 7/1/46 | 12,125,000 | 11,165,322 |
New York Transportation Development Corp., American Airlines, Inc. John F. Kennedy International Airport Project, Revenue Bonds (a) | ||
5.25%, due 8/1/31 | 3,750,000 | 3,746,411 |
5.375%, due 8/1/36 | 3,445,000 | 3,338,139 |
Oneida County Local Development Corp., Mohawk Valley Health System Project, Revenue Bonds | ||
Series A, Insured: AGM | ||
3.00%, due 12/1/40 | 3,755,000 | 2,699,193 |
Series A, Insured: AGM | ||
3.00%, due 12/1/44 | 6,450,000 | 4,334,939 |
Orange County Funding Corp., Mount St. Mary College, Revenue Bonds | ||
Series A | ||
5.00%, due 7/1/42 | 1,430,000 | 1,288,064 |
Port Authority of New York & New Jersey, Revenue Bonds (a) | ||
Series 223 | ||
4.00%, due 7/15/46 | 9,520,000 | 7,685,971 |
Series 236 | ||
5.00%, due 1/15/52 | 4,285,000 | 4,056,032 |
Port Authority of New York & New Jersey, Consolidated 218th, Revenue Bonds | ||
Series 218 | ||
4.00%, due 11/1/47 (a) | 2,455,000 | 1,968,604 |
Riverhead Industrial Development Agency, Riverhead Charter School, Revenue Bonds | ||
Series A | ||
7.00%, due 8/1/43 | 1,500,000 | 1,501,955 |
Principal Amount | Value | |
New York (continued) | ||
Rockland Tobacco Asset Securitization Corp., Tobacco Settlement, Asset-Backed, Revenue Bonds | ||
Series B | ||
(zero coupon), due 8/15/50 (c) | $ 13,000,000 | $ 2,021,571 |
Southold Local Development Corp., Peconic Landing, Inc. Project, Revenue Bonds | ||
4.00%, due 12/1/45 | 815,000 | 589,975 |
Suffolk Tobacco Asset Securitization Corp., Tobacco Settlement, Asset Backed, Revenue Bonds | ||
Series B-2 | ||
(zero coupon), due 6/1/66 | 60,995,000 | 5,171,455 |
Tompkins County Development Corp., Kendal at Ithaca Project, Revenue Bonds | ||
Series 2014A | ||
5.00%, due 7/1/44 | 915,000 | 796,624 |
Westchester County Local Development Corp., Pace University, Revenue Bonds | ||
Series A | ||
5.50%, due 5/1/42 | 5,205,000 | 5,045,057 |
626,328,373 | ||
North Carolina 0.6% | ||
North Carolina Medical Care Commission, The Forest at Duke Project, Revenue Bonds | ||
4.00%, due 9/1/41 | 2,300,000 | 1,762,598 |
4.00%, due 9/1/51 | 1,405,000 | 969,286 |
North Carolina Medical Care Commission, Plantation Village, Inc., Revenue Bonds | ||
Series A | ||
4.00%, due 1/1/52 | 3,040,000 | 2,087,171 |
North Carolina Medical Care Commission, Pines at Davidson Project (The), Revenue Bonds | ||
Series A | ||
5.00%, due 1/1/49 | 3,525,000 | 2,997,156 |
North Carolina Turnpike Authority, Triangle Expressway System, Revenue Bonds, Senior Lien | ||
Insured: AGM | ||
3.00%, due 1/1/42 | 2,370,000 | 1,676,111 |
42 | MainStay MacKay High Yield Municipal Bond Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
North Carolina (continued) | ||
North Carolina Turnpike Authority, Triangle Expressway System, Revenue Bonds, Senior Lien (continued) | ||
Insured: AGM | ||
5.00%, due 1/1/49 | $ 4,750,000 | $ 4,676,522 |
Insured: AGM-CR | ||
5.00%, due 1/1/49 | 23,700,000 | 23,300,423 |
North Carolina Turnpike Authority, Monroe Expressway Toll, Revenue Bonds | ||
Series A | ||
5.00%, due 7/1/51 | 2,745,000 | 2,577,543 |
Series A | ||
5.00%, due 7/1/54 | 6,755,000 | 6,283,680 |
46,330,490 | ||
North Dakota 0.5% | ||
City of Grand Forks, Altru Health System, Revenue Bonds | ||
Insured: AGM-CR | ||
4.00%, due 12/1/46 | 3,955,000 | 3,118,478 |
Series A, Insured: AGM | ||
5.00%, due 12/1/48 | 2,950,000 | 2,875,797 |
Series A, Insured: AGM | ||
5.00%, due 12/1/53 | 2,800,000 | 2,665,596 |
County of Cass, Essentia Health Obligated Group, Revenue Bonds | ||
Series B | ||
5.25%, due 2/15/53 | 9,100,000 | 8,766,229 |
County of Ward, Trinity Health, Revenue Bonds | ||
Series C | ||
5.00%, due 6/1/48 | 26,890,000 | 19,113,657 |
Series C | ||
5.00%, due 6/1/53 | 725,000 | 499,721 |
37,039,478 | ||
Ohio 4.5% | ||
Akron Bath Copley Joint Township Hospital District, Summa Health System Obligated Group, Revenue Bonds | ||
5.25%, due 11/15/46 | 29,875,000 | 27,475,548 |
Principal Amount | Value | |
Ohio (continued) | ||
Buckeye Tobacco Settlement Financing Authority, Revenue Bonds, Senior Lien | ||
Series A-2, Class 1 | ||
4.00%, due 6/1/48 | $ 1,500,000 | $ 1,200,528 |
Series B-2, Class 2 | ||
5.00%, due 6/1/55 | 180,820,000 | 148,126,786 |
Cleveland-Cuyahoga County Port Authority, Euclid Avenue Development Corp. Project, Revenue Bonds | ||
4.00%, due 8/1/44 | 12,270,000 | 10,143,786 |
Series A | ||
5.50%, due 8/1/52 | 1,000,000 | 991,435 |
Cleveland-Cuyahoga County Port Authority, Centers for Dialysis Care Project, Revenue Bonds | ||
Series A | ||
5.00%, due 12/1/42 | 4,905,000 | 4,353,583 |
Series A | ||
5.00%, due 12/1/47 | 1,435,000 | 1,226,813 |
Cleveland-Cuyahoga County Port Authority, Starwood Wasserman University Heights Holding LLC, Revenue Bonds (d)(e)(f) | ||
Series A | ||
7.00%, due 12/1/18 | 710,000 | 184,600 |
Series A | ||
7.35%, due 12/1/31 | 6,000,000 | 1,560,000 |
County of Cuyahoga, MetroHealth System (The), Revenue Bonds | ||
4.75%, due 2/15/47 | 1,440,000 | 1,263,662 |
5.00%, due 2/15/37 | 5,050,000 | 4,924,296 |
5.00%, due 2/15/52 | 7,785,000 | 6,855,708 |
5.00%, due 2/15/57 | 8,260,000 | 7,158,209 |
5.50%, due 2/15/57 | 32,555,000 | 30,567,071 |
County of Cuyahoga, MetroHealth System, Revenue Bonds | ||
5.50%, due 2/15/52 | 550,000 | 522,073 |
County of Hamilton, Life Enriching Communities Project, Revenue Bonds | ||
5.00%, due 1/1/42 | 1,080,000 | 938,768 |
5.00%, due 1/1/46 | 2,090,000 | 1,756,657 |
County of Montgomery, Kettering Health Network Obligated Group, Revenue Bonds | ||
4.00%, due 8/1/51 | 3,265,000 | 2,512,725 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Ohio (continued) | ||
Franklin County Convention Facilities Authority, Greater Columbus Convention Center Hotel Expansion Project, Revenue Bonds | ||
5.00%, due 12/1/51 | $ 4,250,000 | $ 3,465,377 |
Ohio Air Quality Development Authority, Pratt Paper LLC Project, Revenue Bonds | ||
4.50%, due 1/15/48 (a)(c) | 2,450,000 | 2,092,105 |
Ohio Higher Educational Facility Commission, Tiffin University Project, Revenue Bonds | ||
4.00%, due 11/1/49 | 4,700,000 | 3,042,996 |
5.00%, due 11/1/44 | 750,000 | 605,951 |
Ohio Higher Educational Facility Commission, University of Findlay (The), Revenue Bonds | ||
5.00%, due 3/1/39 | 1,675,000 | 1,467,635 |
5.00%, due 3/1/44 | 9,260,000 | 7,777,806 |
Ohio Higher Educational Facility Commission, Menorah Park Obligated Group, Revenue Bonds | ||
5.25%, due 1/1/48 | 4,045,000 | 2,444,911 |
Ohio Higher Educational Facility Commission, Cleveland Institute of Art (The), Revenue Bonds | ||
5.25%, due 12/1/48 | 1,000,000 | 834,465 |
5.50%, due 12/1/53 | 1,215,000 | 1,030,035 |
State of Ohio, University Hospitals Health System, Inc., Revenue Bonds | ||
Series A | ||
4.00%, due 1/15/46 | 8,000,000 | 6,433,827 |
Series A, Insured: BAM | ||
4.00%, due 1/15/50 | 33,060,000 | 26,677,552 |
Toledo-Lucas County Port Authority, University of Toledo Parking Project, Revenue Bonds | ||
4.00%, due 1/1/57 | 6,150,000 | 4,210,394 |
Toledo-Lucas County Port Authority, University of Toledo Project, Revenue Bonds | ||
Series A | ||
5.00%, due 7/1/34 | 1,400,000 | 1,307,513 |
Series A | ||
5.00%, due 7/1/39 | 2,000,000 | 1,806,082 |
Principal Amount | Value | |
Ohio (continued) | ||
Toledo-Lucas County Port Authority, University of Toledo Project, Revenue Bonds (continued) | ||
Series A | ||
5.00%, due 7/1/46 | $ 9,440,000 | $ 8,090,469 |
323,049,366 | ||
Oklahoma 0.1% | ||
Norman Regional Hospital Authority, Norman Regional Hospital Authority Obligated Group, Revenue Bonds | ||
4.00%, due 9/1/45 | 2,500,000 | 1,828,540 |
5.00%, due 9/1/37 | 3,500,000 | 3,372,010 |
Oklahoma Development Finance Authority, Provident Oklahoma Education Resources, Inc. Cross Village Student Housing Project, Revenue Bonds (d)(e) | ||
Series A | ||
5.00%, due 8/1/47 | 6,525,171 | 6,525 |
Series A | ||
5.25%, due 8/1/57 | 8,192,966 | 8,193 |
Tulsa Authority for Economic Opportunity, Sante FE Square Project, Tax Allocation | ||
4.375%, due 12/1/41 (c) | 1,500,000 | 1,305,046 |
Tulsa County Industrial Authority, Montereau, Inc., Project, Revenue Bonds | ||
5.25%, due 11/15/45 | 1,250,000 | 1,115,188 |
7,635,502 | ||
Oregon 0.1% | ||
Astoria Hospital Facilities Authority, Columbia Memorial Hospital Obligated Group, Revenue Bonds | ||
3.50%, due 8/1/42 | 845,000 | 618,475 |
County of Yamhill, George Fox University Project, Revenue Bonds | ||
4.00%, due 12/1/51 | 3,150,000 | 2,357,786 |
Oregon State Facilities Authority, Samaritan Health, Revenue Bonds | ||
Series A | ||
5.00%, due 10/1/46 | 2,280,000 | 2,028,776 |
44 | MainStay MacKay High Yield Municipal Bond Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Oregon (continued) | ||
Oregon State Facilities Authority, College Housing Northwest Project, Revenue Bonds | ||
Series A | ||
5.00%, due 10/1/48 (c) | $ 1,560,000 | $ 1,279,674 |
6,284,711 | ||
Pennsylvania 4.0% | ||
Allegheny County Airport Authority, Revenue Bonds (a) | ||
Series A, Insured: AGM | ||
4.00%, due 1/1/46 | 7,970,000 | 6,572,220 |
Series A | ||
4.00%, due 1/1/56 | 7,500,000 | 5,663,975 |
Allegheny County Hospital Development Authority, Allegheny Health Network, Revenue Bonds | ||
Series A, Insured: AGM-CR | ||
4.00%, due 4/1/44 | 15,900,000 | 13,091,066 |
Allegheny County Industrial Development Authority, Urban Academy of Greater Pittsburgh Charter School, Revenue Bonds | ||
Series A | ||
4.00%, due 6/15/41 (c) | 1,895,000 | 1,410,292 |
Allegheny County Industrial Development Authority, Propel Charter School - Sunrise, Revenue Bonds | ||
6.00%, due 7/15/38 | 2,850,000 | 2,851,361 |
Allentown Neighborhood Improvement Zone Development Authority, City Center Project, Revenue Bonds (c) | ||
5.00%, due 5/1/42 | 14,750,000 | 13,484,569 |
5.00%, due 5/1/42 | 6,465,000 | 5,924,120 |
5.125%, due 5/1/32 | 4,250,000 | 4,187,086 |
5.25%, due 5/1/42 | 1,110,000 | 1,029,423 |
5.375%, due 5/1/42 | 4,225,000 | 3,990,529 |
Allentown Neighborhood Improvement Zone Development Authority, Revenue Bonds | ||
5.00%, due 5/1/42 | 3,500,000 | 3,176,605 |
6.00%, due 5/1/42 (c) | 4,350,000 | 4,245,683 |
Principal Amount | Value | |
Pennsylvania (continued) | ||
Bucks County Industrial Development Authority, Grand View Hospital Project, Revenue Bonds | ||
4.00%, due 7/1/46 | $ 2,900,000 | $ 1,930,191 |
4.00%, due 7/1/51 | 7,200,000 | 4,543,952 |
5.00%, due 7/1/40 | 655,000 | 535,450 |
5.00%, due 7/1/41 | 2,500,000 | 2,026,292 |
Cambria County General Financing Authority, St. Francis University, Revenue Bonds | ||
Series TT5 | ||
4.00%, due 4/1/46 | 2,035,000 | 1,490,380 |
Chambersburg Area Municipal Authority, Wilson College, Revenue Bonds | ||
5.50%, due 10/1/33 | 1,230,000 | 1,137,670 |
5.75%, due 10/1/38 | 3,200,000 | 2,863,105 |
5.75%, due 10/1/43 | 2,290,000 | 1,973,829 |
Chester County Industrial Development Authority, Renaissance Academy Charter School, Revenue Bonds | ||
5.00%, due 10/1/39 | 1,575,000 | 1,372,820 |
Chester County Industrial Development Authority, Woodlands at Greystone Project, Special Assessment | ||
5.125%, due 3/1/48 (c) | 760,000 | 647,351 |
City of Erie Higher Education Building Authority, Mercyhurst University Project, Revenue Bonds (c) | ||
5.00%, due 9/15/27 | 705,000 | 680,873 |
5.00%, due 9/15/28 | 740,000 | 708,731 |
5.00%, due 9/15/29 | 150,000 | 142,233 |
5.00%, due 9/15/37 | 640,000 | 655,661 |
5.00%, due 9/15/37 | 2,755,000 | 2,401,380 |
Commonwealth Financing Authority, Tobacco Master Settlement Payment, Revenue Bonds | ||
Insured: AGM | ||
4.00%, due 6/1/39 | 3,150,000 | 2,822,019 |
County of Lehigh, Lehigh Valley Health Network, Revenue Bonds | ||
Series A | ||
4.00%, due 7/1/49 | 1,660,000 | 1,324,888 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Pennsylvania (continued) | ||
Cumberland County Municipal Authority, Diakon Lutheran Social Ministries, Revenue Bonds | ||
Series A | ||
5.00%, due 1/1/39 | $ 195,000 | $ 205,651 |
Series A | ||
5.00%, due 1/1/39 | 290,000 | 267,061 |
Dauphin County General Authority, Harrisburg University Science Technology Project (The), Revenue Bonds (c) | ||
5.00%, due 10/15/34 | 5,535,000 | 4,535,106 |
5.125%, due 10/15/41 | 4,650,000 | 3,369,882 |
5.875%, due 10/15/40 | 3,700,000 | 2,976,990 |
6.25%, due 10/15/53 | 9,150,000 | 7,030,732 |
Delaware County Authority, Cabrini University, Revenue Bonds | ||
5.00%, due 7/1/42 | 1,205,000 | 1,072,872 |
Franklin County Industrial Development Authority, Menno-Haven, Inc. Project, Revenue Bonds | ||
5.00%, due 12/1/39 | 375,000 | 301,722 |
5.00%, due 12/1/49 | 1,020,000 | 737,018 |
General Authority of Southcentral Pennsylvania, York Academy Regional Charter School Project, Revenue Bonds (c) | ||
Series A | ||
6.00%, due 7/15/38 | 2,795,000 | 2,743,910 |
Series A | ||
6.50%, due 7/15/48 | 4,150,000 | 4,161,115 |
Huntingdon County General Authority, AICUP Financing Program, Revenue Bonds | ||
Series OO2 | ||
5.00%, due 5/1/46 | 3,955,000 | 3,386,994 |
Lancaster Higher Education Authority, Elizabethtown College Project, Revenue Bonds | ||
Series A | ||
5.00%, due 10/1/51 | 3,000,000 | 2,487,650 |
Lancaster Industrial Development Authority, Willow Valley Communities Project, Revenue Bonds | ||
4.00%, due 12/1/44 | 1,550,000 | 1,237,139 |
Principal Amount | Value | |
Pennsylvania (continued) | ||
Lancaster Industrial Development Authority, Willow Valley Communities Project, Revenue Bonds (continued) | ||
4.00%, due 12/1/49 | $ 1,900,000 | $ 1,445,220 |
5.00%, due 12/1/49 | 3,940,000 | 3,548,246 |
Lancaster Industrial Development Authority, Landis Homes Retirement Community, Revenue Bonds | ||
4.00%, due 7/1/51 | 2,750,000 | 1,823,128 |
Montgomery County Higher Education and Health Authority, Thomas Jefferson University Project, Revenue Bonds | ||
4.00%, due 9/1/44 | 3,000,000 | 2,516,887 |
4.00%, due 9/1/49 | 4,750,000 | 3,786,423 |
Insured: AGM-CR | ||
4.00%, due 9/1/49 | 15,610,000 | 12,740,879 |
Montgomery County Higher Education and Health Authority, Philadelphia Presbyterian Homes Project, Revenue Bonds | ||
4.00%, due 12/1/48 | 3,995,000 | 2,700,465 |
Montgomery County Industrial Development Authority, ACTS Retirement-Life Communities, Inc. Obligated Group, Revenue Bonds | ||
5.00%, due 11/15/36 | 4,650,000 | 4,481,635 |
New Wilmington Municipal Authority, Westminster College Project, Revenue Bonds | ||
Series PP-1 | ||
5.25%, due 5/1/46 | 2,595,000 | 2,347,115 |
Northeastern Pennsylvania Hospital and Education Authority, King's College Project, Revenue Bonds | ||
5.00%, due 5/1/44 | 1,000,000 | 843,399 |
5.00%, due 5/1/49 | 1,350,000 | 1,096,656 |
Pennsylvania Economic Development Financing Authority, Waste Management, Inc. Project, Revenue Bonds | ||
0.95%, due 12/1/33 (b) | 9,250,000 | 8,226,640 |
46 | MainStay MacKay High Yield Municipal Bond Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Pennsylvania (continued) | ||
Pennsylvania Economic Development Financing Authority, Rapid Bridge Replacement Project, Revenue Bonds | ||
4.125%, due 12/31/38 | $ 4,000,000 | $ 3,370,173 |
Pennsylvania Economic Development Financing Authority, Penndot Major Bridges Project, Revenue Bonds (a) | ||
Insured: AGM | ||
5.00%, due 12/31/57 | 7,900,000 | 7,599,413 |
5.25%, due 6/30/53 | 8,395,000 | 7,946,747 |
5.75%, due 6/30/48 | 6,560,000 | 6,685,722 |
Pennsylvania Turnpike Commission, Revenue Bonds | ||
Series B | ||
4.00%, due 12/1/46 | 6,770,000 | 5,613,182 |
Series A | ||
4.00%, due 12/1/50 | 7,650,000 | 6,212,182 |
Series A, Insured: BAM | ||
4.00%, due 12/1/50 | 46,265,000 | 37,631,595 |
Philadelphia Authority for Industrial Development, Mariana Bracetti Academy Charter School, Revenue Bonds | ||
Series B | ||
4.875%, due 12/15/35 (c) | 6,580,000 | 5,826,440 |
Philadelphia Authority for Industrial Development, Russell Byers Charter School, Revenue Bonds | ||
Series A | ||
5.00%, due 5/1/40 | 1,105,000 | 991,017 |
Series A | ||
5.00%, due 5/1/50 | 3,130,000 | 2,596,974 |
Philadelphia Authority for Industrial Development, MaST Charter School Project, Revenue Bonds | ||
Series A | ||
5.00%, due 8/1/40 | 600,000 | 541,029 |
Series A | ||
5.00%, due 8/1/50 | 1,050,000 | 883,447 |
Philadelphia Authority for Industrial Development, University of the Arts (The), Revenue Bonds (c) | ||
5.00%, due 3/15/45 | 300,000 | 315,696 |
5.00%, due 3/15/45 | 4,875,000 | 3,808,201 |
Principal Amount | Value | |
Pennsylvania (continued) | ||
Philadelphia Authority for Industrial Development, Philadelphia Performing Arts Charter School, Revenue Bonds | ||
Series A | ||
5.00%, due 6/15/50 (c) | $ 1,700,000 | $ 1,425,950 |
Philadelphia Authority for Industrial Development, International Education & Community Initiatives Project, Revenue Bonds (c) | ||
Series A | ||
5.125%, due 6/1/38 | 2,000,000 | 1,777,867 |
Series A | ||
5.25%, due 6/1/48 | 3,085,000 | 2,594,821 |
Philadelphia Authority for Industrial Development, Greater Philadelphia Health Action, Inc., Revenue Bonds | ||
Series A | ||
6.50%, due 6/1/45 | 2,200,000 | 2,016,715 |
Philadelphia Authority for Industrial Development, First Philadelphia Preparatory Charter School, Revenue Bonds | ||
Series A | ||
7.25%, due 6/15/43 | 4,150,000 | 4,203,896 |
Scranton Redevelopment Authority, Revenue Bonds | ||
Series A, Insured: MUN GOVT GTD | ||
5.00%, due 11/15/28 | 7,580,000 | 7,395,582 |
Scranton-Lackawanna Health and Welfare Authority, Marywood University Project, Revenue Bonds | ||
5.00%, due 6/1/36 | 1,000,000 | 884,171 |
5.00%, due 6/1/46 | 2,625,000 | 2,124,839 |
Wilkes-Barre Finance Authority, Wilkes University Project, Revenue Bonds | ||
4.00%, due 3/1/42 | 2,500,000 | 1,874,896 |
287,274,844 | ||
Puerto Rico 9.5% | ||
Children's Trust Fund, Asset-Backed, Revenue Bonds | ||
Series A | ||
(zero coupon), due 5/15/50 | 43,900,000 | 7,090,232 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Puerto Rico (continued) | ||
Children's Trust Fund, Asset-Backed, Revenue Bonds (continued) | ||
Series B | ||
(zero coupon), due 5/15/57 | $ 97,900,000 | $ 4,562,209 |
5.50%, due 5/15/39 | 1,295,000 | 1,297,928 |
5.625%, due 5/15/43 | 36,560,000 | 36,747,465 |
Commonwealth of Puerto Rico, Unlimited General Obligation | ||
Series A-1 | ||
(zero coupon), due 7/1/33 | 26,422,270 | 15,134,547 |
Series A-1 | ||
4.00%, due 7/1/33 | 9,350,206 | 8,149,298 |
Series A-1 | ||
4.00%, due 7/1/35 | 53,687,833 | 45,129,488 |
Series A-1 | ||
4.00%, due 7/1/37 | 33,524,000 | 27,302,117 |
Series A-1 | ||
4.00%, due 7/1/41 | 17,049,102 | 13,193,797 |
Commonwealth of Puerto Rico | ||
(zero coupon), due 11/1/43 | 97,809,855 | 48,782,665 |
GDB Debt Recovery Authority of Puerto Rico, Revenue Bonds | ||
7.50%, due 8/20/40 | 98,693,447 | 80,681,893 |
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds, Senior Lien (c) | ||
Series C | ||
3.50%, due 7/1/26 | 14,625,000 | 13,967,663 |
Series A | ||
5.00%, due 7/1/27 | 345,000 | 346,466 |
Series 2020A | ||
5.00%, due 7/1/30 | 4,135,000 | 4,111,598 |
Series 2020A | ||
5.00%, due 7/1/35 | 18,460,000 | 17,702,355 |
Series A | ||
5.00%, due 7/1/37 | 5,750,000 | 5,422,624 |
Series A | ||
5.00%, due 7/1/47 | 123,655,000 | 109,980,859 |
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds (c) | ||
Series B | ||
5.00%, due 7/1/33 | 5,300,000 | 5,192,335 |
Series B | ||
5.00%, due 7/1/37 | 20,695,000 | 19,516,921 |
Principal Amount | Value | |
Puerto Rico (continued) | ||
Puerto Rico Electric Power Authority, Revenue Bonds | ||
Series DDD | ||
3.30%, due 7/1/19 (d)(e)(f) | $ 1,015,000 | $ 253,750 |
Series ZZ | ||
4.25%, due 7/1/20 (d)(e)(f) | 1,355,000 | 338,750 |
Series CCC | ||
4.25%, due 7/1/23 (d)(e) | 1,150,000 | 287,500 |
Series UU, Insured: AGM | ||
4.31%, due 7/1/29 | 4,640,000 | 4,360,669 |
Series CCC | ||
4.375%, due 7/1/22 (d)(e)(f) | 115,000 | 28,750 |
Series CCC | ||
4.60%, due 7/1/24 (d)(e) | 200,000 | 50,500 |
Series CCC | ||
4.625%, due 7/1/25 (d)(e) | 1,085,000 | 273,963 |
Series XX | ||
4.75%, due 7/1/26 (d)(e) | 320,000 | 80,800 |
Series ZZ | ||
4.75%, due 7/1/27 (d)(e) | 405,000 | 102,263 |
Series A | ||
4.80%, due 7/1/29 (d)(e) | 690,000 | 174,225 |
Series DDD | ||
5.00%, due 7/1/20 (d)(e)(f) | 3,250,000 | 812,500 |
Series TT | ||
5.00%, due 7/1/20 (d)(e)(f) | 2,195,000 | 548,750 |
Series CCC | ||
5.00%, due 7/1/21 (d)(e)(f) | 470,000 | 117,500 |
Series DDD | ||
5.00%, due 7/1/21 (d)(e)(f) | 275,000 | 68,750 |
Series TT | ||
5.00%, due 7/1/21 (d)(e)(f) | 1,215,000 | 303,750 |
Series TT | ||
5.00%, due 7/1/23 (d)(e) | 365,000 | 91,250 |
Series CCC | ||
5.00%, due 7/1/24 (d)(e) | 1,845,000 | 465,863 |
Series RR, Insured: NATL-RE | ||
5.00%, due 7/1/24 | 115,000 | 115,018 |
Series TT | ||
5.00%, due 7/1/24 (d)(e) | 450,000 | 113,625 |
Series CCC | ||
5.00%, due 7/1/25 (d)(e) | 575,000 | 145,188 |
Series SS, Insured: NATL-RE | ||
5.00%, due 7/1/25 | 770,000 | 763,864 |
Series TT | ||
5.00%, due 7/1/25 (d)(e) | 1,030,000 | 260,075 |
Series TT | ||
5.00%, due 7/1/26 (d)(e) | 1,050,000 | 265,125 |
48 | MainStay MacKay High Yield Municipal Bond Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Puerto Rico (continued) | ||
Puerto Rico Electric Power Authority, Revenue Bonds (continued) | ||
Series TT, Insured: AGM-CR | ||
5.00%, due 7/1/27 | $ 150,000 | $ 149,000 |
Series TT | ||
5.00%, due 7/1/27 (d)(e) | 1,250,000 | 315,625 |
Series WW | ||
5.00%, due 7/1/28 (d)(e) | 380,000 | 95,950 |
Series TT | ||
5.00%, due 7/1/32 (d)(e) | 9,320,000 | 2,353,300 |
Series A | ||
5.00%, due 7/1/42 (d)(e) | 8,755,000 | 2,210,637 |
Series A | ||
5.05%, due 7/1/42 (d)(e) | 825,000 | 208,313 |
Series ZZ | ||
5.25%, due 7/1/20 (d)(e)(f) | 225,000 | 56,250 |
Series ZZ | ||
5.25%, due 7/1/23 (d)(e) | 620,000 | 155,000 |
Series AAA | ||
5.25%, due 7/1/24 (d)(e) | 3,000,000 | 757,500 |
Series WW | ||
5.25%, due 7/1/25 (d)(e) | 1,605,000 | 405,263 |
Series AAA | ||
5.25%, due 7/1/26 (d)(e) | 110,000 | 27,775 |
Series ZZ | ||
5.25%, due 7/1/26 (d)(e) | 3,520,000 | 888,800 |
Series VV, Insured: NATL-RE | ||
5.25%, due 7/1/29 | 630,000 | 624,062 |
Series AAA | ||
5.25%, due 7/1/30 (d)(e) | 985,000 | 248,713 |
Series VV, Insured: NATL-RE | ||
5.25%, due 7/1/30 | 3,850,000 | 3,810,959 |
Series VV, Insured: NATL-RE | ||
5.25%, due 7/1/32 | 345,000 | 340,399 |
Series WW | ||
5.25%, due 7/1/33 (d)(e) | 8,310,000 | 2,098,275 |
Series XX | ||
5.25%, due 7/1/35 (d)(e) | 2,265,000 | 571,913 |
Series XX | ||
5.25%, due 7/1/40 (d)(e) | 18,055,000 | 4,558,887 |
Series BBB | ||
5.40%, due 7/1/28 (d)(e) | 9,615,000 | 2,427,787 |
Series WW | ||
5.50%, due 7/1/38 (d)(e) | 11,595,000 | 2,927,737 |
Series XX | ||
5.75%, due 7/1/36 (d)(e) | 4,055,000 | 1,023,887 |
Principal Amount | Value | |
Puerto Rico (continued) | ||
Puerto Rico Electric Power Authority, Revenue Bonds (continued) | ||
Series A | ||
6.75%, due 7/1/36 (d)(e) | $ 11,550,000 | $ 2,916,375 |
Series A | ||
7.00%, due 7/1/33 (d)(e) | 1,500,000 | 378,750 |
Series A | ||
7.00%, due 7/1/43 (d)(e) | 4,750,000 | 1,199,375 |
Puerto Rico Electric Power Authority, Build America Bonds, Revenue Bonds (d)(e) | ||
Series EEE | ||
5.95%, due 7/1/30 | 25,585,000 | 6,460,212 |
Series EEE | ||
6.05%, due 7/1/32 | 12,265,000 | 3,096,912 |
Series YY | ||
6.125%, due 7/1/40 | 44,950,000 | 11,349,875 |
Series EEE | ||
6.25%, due 7/1/40 | 10,165,000 | 2,566,662 |
Puerto Rico Highway & Transportation Authority, Revenue Bonds | ||
Series B | ||
(zero coupon), due 7/1/32 | 8,244,000 | 5,265,855 |
Puerto Rico Municipal Finance Agency, Revenue Bonds | ||
Series A, Insured: AGM | ||
5.00%, due 8/1/27 | 1,705,000 | 1,716,197 |
Puerto Rico Sales Tax Financing Corp., Revenue Bonds | ||
Series A-1 | ||
(zero coupon), due 7/1/31 | 1,842,000 | 1,282,520 |
Series A-1 | ||
(zero coupon), due 7/1/46 | 141,058,000 | 35,141,258 |
Series A-1 | ||
(zero coupon), due 7/1/51 | 40,375,000 | 7,298,262 |
(zero coupon), due 8/1/54 | 516,302 | 93,325 |
Series A-2 | ||
4.329%, due 7/1/40 | 20,500,000 | 17,759,673 |
Series A-1 | ||
4.50%, due 7/1/34 | 725,000 | 692,386 |
Series A-1 | ||
4.75%, due 7/1/53 | 8,900,000 | 7,539,374 |
Series A-2 | ||
4.784%, due 7/1/58 | 19,809,000 | 16,661,419 |
Series A-1 | ||
5.00%, due 7/1/58 | 74,079,000 | 64,856,750 |
686,866,100 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Rhode Island 0.3% | ||
Providence Redevelopment Agency, Port Providence Lease, Certificate of Participation | ||
Series A, Insured: AGC | ||
(zero coupon), due 9/1/24 | $ 1,735,000 | $ 1,669,413 |
Series A, Insured: AGC | ||
(zero coupon), due 9/1/26 | 685,000 | 600,666 |
Series A, Insured: AGC | ||
(zero coupon), due 9/1/29 | 1,835,000 | 1,403,508 |
Series A, Insured: AGC | ||
(zero coupon), due 9/1/30 | 1,835,000 | 1,335,222 |
Series A, Insured: AGC | ||
(zero coupon), due 9/1/32 | 1,500,000 | 989,293 |
Series A, Insured: AGC | ||
(zero coupon), due 9/1/34 | 1,000,000 | 599,641 |
Series A, Insured: AGC | ||
(zero coupon), due 9/1/35 | 360,000 | 204,246 |
Series A, Insured: AGC | ||
(zero coupon), due 9/1/36 | 470,000 | 249,843 |
Tobacco Settlement Financing Corp., Revenue Bonds | ||
Series A | ||
(zero coupon), due 6/1/52 | 78,620,000 | 11,033,806 |
18,085,638 | ||
South Carolina 0.7% | ||
South Carolina Jobs-Economic Development Authority, Bishop Gadsden Episcopal Retirement Community, Revenue Bonds | ||
Series A | ||
4.00%, due 4/1/54 | 1,160,000 | 746,911 |
Series A | ||
5.00%, due 4/1/54 | 3,000,000 | 2,396,497 |
South Carolina Jobs-Economic Development Authority, Green Charter School Project, Revenue Bonds | ||
Series A | ||
4.00%, due 6/1/56 (c) | 3,530,000 | 2,076,943 |
South Carolina Jobs-Economic Development Authority, Woodlands at Furman Project, Revenue Bonds | ||
Series A | ||
5.00%, due 11/15/54 | 1,000,000 | 769,536 |
5.25%, due 11/15/47 | 5,025,000 | 4,228,741 |
Principal Amount | Value | |
South Carolina (continued) | ||
South Carolina Jobs-Economic Development Authority, Woodlands at Furman Project, Revenue Bonds (continued) | ||
5.25%, due 11/15/52 | $ 1,625,000 | $ 1,332,259 |
South Carolina Public Service Authority, Santee Cooper Project, Revenue Bonds | ||
Series B, Insured: BAM | ||
4.00%, due 12/1/46 | 5,710,000 | 4,721,075 |
Series B, Insured: BAM | ||
4.00%, due 12/1/48 | 20,839,000 | 16,956,807 |
Series B, Insured: BAM | ||
4.00%, due 12/1/50 | 4,805,000 | 3,857,972 |
Series B, Insured: BAM | ||
4.00%, due 12/1/54 | 4,932,000 | 3,893,898 |
Series B, Insured: BAM | ||
4.00%, due 12/1/55 | 14,546,000 | 11,457,692 |
52,438,331 | ||
Tennessee 0.6% | ||
Chattanooga Health Educational & Housing Facility Board, CommonSpirit Health, Revenue Bonds | ||
Series A-2 | ||
5.00%, due 8/1/44 | 2,640,000 | 2,496,172 |
Chattanooga-Hamilton County Hospital Authority, Revenue Bonds | ||
Series A | ||
5.00%, due 10/1/44 | 6,200,000 | 5,453,037 |
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Belmont University, Revenue Bonds | ||
4.00%, due 5/1/46 | 2,500,000 | 2,067,454 |
4.00%, due 5/1/51 | 13,900,000 | 11,134,815 |
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Trevecca Nazarene University Project, Revenue Bonds | ||
Series B | ||
4.00%, due 10/1/51 | 4,580,000 | 3,284,330 |
50 | MainStay MacKay High Yield Municipal Bond Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Tennessee (continued) | ||
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Revenue Bonds | ||
5.00%, due 10/1/48 | $ 2,800,000 | $ 2,446,712 |
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Lipscomb University Project, Revenue Bonds | ||
Series A | ||
5.25%, due 10/1/58 | 8,650,000 | 7,867,285 |
Tennessee Energy Acquisition Corp., Revenue Bonds | ||
Series A | ||
5.00%, due 5/1/52 (b) | 6,550,000 | 6,457,020 |
41,206,825 | ||
Texas 5.1% | ||
Bastrop Independent School District, Unlimited General Obligation | ||
Insured: PSF-GTD | ||
5.00%, due 2/15/53 | 4,750,000 | 4,787,234 |
Bexar County Health Facilities Development Corp., Army Retirement Residence Foundation Project, Revenue Bonds | ||
5.00%, due 7/15/41 | 3,300,000 | 2,702,365 |
Calhoun County Navigation Industrial Development Authority, Max Midstream Texas LLC Project, Revenue Bonds, Senior Lien (c) | ||
Series A | ||
3.625%, due 7/1/26 (a) | 14,805,000 | 13,418,398 |
Series B | ||
6.50%, due 7/1/26 | 13,700,000 | 12,777,839 |
Central Texas Regional Mobility Authority, Capital Appreciation, Revenue Bonds | ||
(zero coupon), due 1/1/33 | 315,000 | 206,867 |
(zero coupon), due 1/1/34 | 3,275,000 | 2,044,827 |
(zero coupon), due 1/1/35 | 3,700,000 | 2,185,886 |
(zero coupon), due 1/1/36 | 2,000,000 | 1,104,948 |
(zero coupon), due 1/1/39 | 3,500,000 | 1,542,393 |
Central Texas Regional Mobility Authority, Revenue Bonds | ||
4.00%, due 1/1/41 | 6,000,000 | 5,165,957 |
Principal Amount | Value | |
Texas (continued) | ||
City of Arlington, Tax Increment Reinvestment Zone No. 5, Tax Allocation | ||
4.00%, due 8/15/50 | $ 2,355,000 | $ 1,722,398 |
City of Houston, Airport System, United Airlines Inc. Project, Revenue Bonds (a) | ||
Series B-1 | ||
4.00%, due 7/15/41 | 4,100,000 | 3,251,847 |
Series B-1 | ||
5.00%, due 7/15/30 | 2,000,000 | 1,916,584 |
City of Houston, Airport System, Revenue Bonds, Sub. Lien (a) | ||
Series A | ||
4.00%, due 7/1/48 | 6,810,000 | 5,478,794 |
Series A, Insured: AGM | ||
5.25%, due 7/1/53 | 3,500,000 | 3,416,748 |
City of Lago Vista, Tessera on Lake Travis Public Improvement District Project, Special Assessment | ||
Series B | ||
4.875%, due 9/1/50 (c) | 1,250,000 | 1,035,248 |
Clifton Higher Education Finance Corp., IDEA Public Schools, Revenue Bonds | ||
Series A | ||
4.00%, due 8/15/47 | 4,030,000 | 3,042,142 |
6.00%, due 8/15/43 | 3,250,000 | 3,250,937 |
Danbury Higher Education Authority, Inc., Golden Rule School, Inc., Revenue Bonds | ||
Series A | ||
4.00%, due 8/15/49 | 1,725,000 | 1,188,660 |
Decatur Hospital Authority, Wise Regional Health System, Revenue Bonds | ||
Series A | ||
5.25%, due 9/1/44 | 3,250,000 | 2,994,655 |
Denton Independent School District, Unlimited General Obligation | ||
Insured: PSF-GTD | ||
5.00%, due 8/15/48 | 13,565,000 | 13,805,757 |
Grand Parkway Transportation Corp., Revenue Bonds, First Tier | ||
Series C, Insured: AGM-CR | ||
4.00%, due 10/1/49 | 72,540,000 | 59,469,409 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Texas (continued) | ||
Harris County Cultural Education Facilities Finance Corp., YMCA Greater Houston Area, Revenue Bonds | ||
Series A | ||
5.00%, due 6/1/33 | $ 900,000 | $ 807,164 |
Series A | ||
5.00%, due 6/1/38 | 1,960,000 | 1,608,359 |
Harris County-Houston Sports Authority, Revenue Bonds, Junior Lien | ||
Series H, Insured: NATL-RE | ||
(zero coupon), due 11/15/26 | 65,000 | 56,866 |
Series H, Insured: NATL-RE | ||
(zero coupon), due 11/15/26 | 535,000 | 459,974 |
Series H, Insured: NATL-RE | ||
(zero coupon), due 11/15/29 | 10,000 | 7,683 |
Series H, Insured: NATL-RE | ||
(zero coupon), due 11/15/29 | 725,000 | 531,648 |
Series H, Insured: NATL-RE | ||
(zero coupon), due 11/15/32 | 250,000 | 152,505 |
Series H, Insured: NATL-RE | ||
(zero coupon), due 11/15/33 | 185,000 | 105,355 |
Series H, Insured: NATL-RE | ||
(zero coupon), due 11/15/38 | 1,395,000 | 555,748 |
Series H, Insured: NATL-RE | ||
(zero coupon), due 11/15/39 | 1,525,000 | 566,754 |
Series H, Insured: NATL-RE | ||
(zero coupon), due 11/15/40 | 1,855,000 | 640,218 |
Series H, Insured: NATL-RE | ||
(zero coupon), due 11/15/41 | 700,000 | 224,835 |
Harris County-Houston Sports Authority, Revenue Bonds, Third Lien | ||
Series A-3, Insured: NATL-RE | ||
(zero coupon), due 11/15/32 | 1,670,000 | 983,997 |
Series A-3, Insured: NATL-RE | ||
(zero coupon), due 11/15/33 | 890,000 | 491,597 |
Series A-3, Insured: NATL-RE | ||
(zero coupon), due 11/15/34 | 220,000 | 117,208 |
Series A-3, Insured: NATL-RE | ||
(zero coupon), due 11/15/34 | 2,320,000 | 1,197,963 |
Harris County-Houston Sports Authority, Revenue Bonds, Senior Lien | ||
Series A, Insured: AGM NATL-RE | ||
(zero coupon), due 11/15/34 | 2,035,000 | 1,115,296 |
Principal Amount | Value | |
Texas (continued) | ||
Harris County-Houston Sports Authority, Revenue Bonds, Senior Lien (continued) | ||
Series A, Insured: AGM NATL-RE | ||
(zero coupon), due 11/15/38 | $ 35,615,000 | $ 14,701,345 |
Series A, Insured: AGM NATL-RE | ||
(zero coupon), due 11/15/40 | 1,310,000 | 472,064 |
Hemphill County Hospital District, Limited General Obligation | ||
4.625%, due 2/1/39 | 2,765,000 | 2,306,185 |
Montgomery County Toll Road Authority, Revenue Bonds, Senior Lien | ||
5.00%, due 9/15/48 | 2,500,000 | 2,232,168 |
New Hope Cultural Education Facilities Finance Corp., Jubilee Academic Center, Inc., Revenue Bonds (c) | ||
4.00%, due 8/15/36 | 1,000,000 | 808,399 |
4.00%, due 8/15/41 | 6,315,000 | 4,626,606 |
4.00%, due 8/15/46 | 880,000 | 604,229 |
4.00%, due 8/15/56 | 6,900,000 | 4,367,002 |
New Hope Cultural Education Facilities Finance Corp., CHF-Collegiate Housing Denton LLC, Revenue Bonds | ||
Series B-1, Insured: AGM | ||
4.00%, due 7/1/48 | 1,000,000 | 785,277 |
New Hope Cultural Education Facilities Finance Corp., Westminster Project, Revenue Bonds | ||
4.00%, due 11/1/49 | 1,600,000 | 1,171,309 |
New Hope Cultural Education Facilities Finance Corp., Quality Senior Housing Foundation of East Texas, Inc., Revenue Bonds | ||
Series A-1 | ||
4.00%, due 12/1/54 | 555,000 | 361,198 |
Series A-1 | ||
5.00%, due 12/1/54 | 2,770,000 | 2,255,775 |
New Hope Cultural Education Facilities Finance Corp., Cumberland Academy, Inc., Revenue Bonds (c) | ||
Series A | ||
5.00%, due 8/15/40 | 3,950,000 | 3,360,348 |
52 | MainStay MacKay High Yield Municipal Bond Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Texas (continued) | ||
New Hope Cultural Education Facilities Finance Corp., Cumberland Academy, Inc., Revenue Bonds (c) (continued) | ||
Series A | ||
5.00%, due 8/15/50 | $ 750,000 | $ 589,870 |
New Hope Cultural Education Facilities Finance Corp., Southwest Preparatory School, Revenue Bonds | ||
Series A | ||
5.00%, due 8/15/50 (c) | 3,880,000 | 2,946,561 |
New Hope Cultural Education Facilities Finance Corp., Wesleyan Homes, Inc., Project, Revenue Bonds | ||
5.00%, due 1/1/55 | 1,500,000 | 977,688 |
New Hope Cultural Education Facilities Finance Corp., Legacy at Midtown Park Project, Revenue Bonds | ||
Series A | ||
5.50%, due 7/1/54 | 2,500,000 | 1,763,308 |
North Texas Tollway Authority, Revenue Bonds, Second Tier | ||
Series B, Insured: BAM | ||
3.00%, due 1/1/46 | 17,800,000 | 12,474,436 |
5.00%, due 1/1/50 | 1,750,000 | 1,736,761 |
Port Freeport, Revenue Bonds, Senior Lien | ||
4.00%, due 6/1/51 (a) | 4,035,000 | 2,868,198 |
Port of Port Arthur Navigation District, Port Improvement, Unlimited General Obligation | ||
4.00%, due 3/1/47 (a) | 4,200,000 | 3,405,880 |
Reagan Hospital District of Reagan County, Limited General Obligation | ||
Series A | ||
5.125%, due 2/1/39 | 1,400,000 | 1,317,575 |
Red River Education Finance Corp., Houston Baptist University Project, Revenue Bonds | ||
5.50%, due 10/1/46 | 5,950,000 | 5,694,893 |
Principal Amount | Value | |
Texas (continued) | ||
San Antonio Education Facilities Corp., University of the Incarnate Word, Revenue Bonds | ||
Series A | ||
4.00%, due 4/1/51 | $ 4,000,000 | $ 2,868,016 |
Tarrant County Cultural Education Facilities Finance Corp., Barton Creek Senior Living Center Project, Revenue Bonds | ||
5.00%, due 11/15/40 | 1,350,000 | 1,156,872 |
Tarrant County Cultural Education Facilities Finance Corp., Buckner Retirement Services, Revenue Bonds | ||
Series B | ||
5.00%, due 11/15/40 | 1,250,000 | 1,123,514 |
Tarrant County Cultural Education Facilities Finance Corp., Buckner Retirement Services, Inc. Project, Revenue Bonds | ||
5.00%, due 11/15/46 | 3,025,000 | 2,602,273 |
Texas Municipal Gas Acquisition & Supply Corp. II, Revenue Bonds | ||
Series C | ||
4.433%, due 9/15/27 | 35,655,000 | 34,876,537 |
Texas Private Activity Bond Surface Transportation Corp., North Tarrant Express Managed Lanes Project, Revenue Bonds, Senior Lien | ||
Series A | ||
4.00%, due 12/31/37 | 2,120,000 | 1,880,094 |
Series A | ||
4.00%, due 12/31/38 | 2,745,000 | 2,402,755 |
Series A | ||
4.00%, due 12/31/39 | 4,385,000 | 3,806,576 |
5.50%, due 12/31/58 (a) | 23,935,000 | 24,078,562 |
Texas Private Activity Bond Surface Transportation Corp., Blueridge Transportation Group LLC, Revenue Bonds, Senior Lien | ||
5.00%, due 12/31/55 (a) | 9,990,000 | 8,750,008 |
Texas Private Activity Bond Surface Transportation Corp., NTE Mobility Partners Segments 3 LLC, Revenue Bonds, Senior Lien (a) | ||
5.00%, due 6/30/58 | 25,855,000 | 23,675,049 |
6.75%, due 6/30/43 | 11,250,000 | 11,264,983 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Texas (continued) | ||
Texas Transportation Commission, State Highway 249, Revenue Bonds, First Tier | ||
Series A | ||
(zero coupon), due 8/1/43 | $ 3,750,000 | $ 1,155,305 |
Series A | ||
(zero coupon), due 8/1/44 | 4,200,000 | 1,209,774 |
Texas Water Development Board, State Water Implementation Fund, Revenue Bonds | ||
Series A | ||
5.00%, due 10/15/58 | 11,000,000 | 11,049,898 |
Tomball Independent School District, Unlimited General Obligation | ||
Insured: PSF-GTD | ||
5.00%, due 2/15/48 | 6,185,000 | 6,237,918 |
366,098,272 | ||
U.S. Virgin Islands 2.8% | ||
Matching Fund Special Purpose Securitization Corp., Revenue Bonds | ||
Series A | ||
5.00%, due 10/1/30 | 23,765,000 | 23,523,768 |
Series A | ||
5.00%, due 10/1/32 | 37,995,000 | 37,360,476 |
Series A | ||
5.00%, due 10/1/39 | 104,875,000 | 99,462,999 |
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan, Revenue Bonds | ||
Series C | ||
5.00%, due 10/1/30 (c) | 16,670,000 | 15,281,054 |
Series A | ||
5.00%, due 10/1/32 | 14,100,000 | 12,516,918 |
Series A | ||
5.00%, due 10/1/34 (c) | 2,600,000 | 2,237,029 |
Series C | ||
5.00%, due 10/1/39 (c) | 9,310,000 | 7,527,853 |
197,910,097 | ||
Utah 1.6% | ||
Black Desert Public Infrastructure District, Limited General Obligation (c) | ||
Series A | ||
3.75%, due 3/1/41 | 410,000 | 302,917 |
Principal Amount | Value | |
Utah (continued) | ||
Black Desert Public Infrastructure District, Limited General Obligation (c) (continued) | ||
Series A | ||
4.00%, due 3/1/51 | $ 2,725,000 | $ 1,848,767 |
City of Salt Lake City, Airport, Revenue Bonds (a) | ||
Series A | ||
5.00%, due 7/1/51 | 8,450,000 | 7,911,583 |
Series A | ||
5.25%, due 7/1/48 | 25,750,000 | 25,293,867 |
Series A | ||
5.25%, due 7/1/53 | 1,750,000 | 1,710,902 |
Series A | ||
5.50%, due 7/1/53 | 1,760,000 | 1,770,155 |
Mida Golf and Equestrian Center Public Infrastructure District, Limited General Obligation (c) | ||
4.50%, due 6/1/51 | 8,500,000 | 5,508,349 |
4.625%, due 6/1/57 | 2,000,000 | 1,277,161 |
Mida Mountain Village Public Infrastructure District, Assessment Area No. 2, Special Assessment | ||
4.00%, due 8/1/50 (c) | 2,000,000 | 1,377,644 |
Mida Mountain Village Public Infrastructure District, Special Assessment (c) | ||
Series A | ||
4.50%, due 8/1/40 | 1,500,000 | 1,209,239 |
Series A | ||
5.00%, due 8/1/50 | 5,000,000 | 3,943,426 |
Military Installation Development Authority, Revenue Bonds | ||
Series A-1 | ||
4.00%, due 6/1/36 | 4,000,000 | 3,164,397 |
Series A-1 | ||
4.00%, due 6/1/41 | 2,430,000 | 1,790,581 |
Series A-1 | ||
4.00%, due 6/1/52 | 14,425,000 | 9,684,851 |
UIPA Crossroads Public Infrastructure District, Tax Allocation | ||
4.375%, due 6/1/52 (c) | 5,500,000 | 4,291,359 |
54 | MainStay MacKay High Yield Municipal Bond Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Utah (continued) | ||
Utah Charter School Finance Authority, Spectrum Academy Project, Revenue Bonds | ||
Insured: BAM UT CSCE | ||
4.00%, due 4/15/45 | $ 2,975,000 | $ 2,424,797 |
Insured: BAM UT CSCE | ||
4.00%, due 4/15/50 | 3,395,000 | 2,652,173 |
Utah Charter School Finance Authority, North Star Academy Project, Revenue Bonds | ||
Series A, Insured: UT CSCE | ||
4.00%, due 4/15/45 | 2,020,000 | 1,590,386 |
Utah Charter School Finance Authority, Vista School, Revenue Bonds | ||
Series 2020A, Insured: UT CSCE | ||
4.00%, due 10/15/45 | 1,870,000 | 1,467,598 |
Series 2020A, Insured: UT CSCE | ||
4.00%, due 10/15/54 | 4,700,000 | 3,446,361 |
Utah Charter School Finance Authority, Providence Hall Project, Revenue Bonds | ||
Series A, Insured: BAM UT CSCE | ||
4.00%, due 10/15/51 | 3,000,000 | 2,316,045 |
Utah Infrastructure Agency, Telecommunication, Revenue Bonds | ||
3.00%, due 10/15/45 | 4,425,000 | 2,669,067 |
4.00%, due 10/15/42 | 3,970,000 | 3,021,427 |
Series A | ||
5.00%, due 10/15/32 | 1,615,000 | 1,608,077 |
Series A | ||
5.00%, due 10/15/34 | 3,085,000 | 3,037,965 |
Series A | ||
5.00%, due 10/15/37 | 1,100,000 | 1,028,087 |
Series A | ||
5.00%, due 10/15/40 | 3,780,000 | 3,417,285 |
5.00%, due 10/15/46 | 3,400,000 | 2,918,183 |
Series A | ||
5.375%, due 10/15/40 | 5,910,000 | 5,620,798 |
5.625%, due 10/15/38 | 2,530,000 | 2,526,634 |
6.00%, due 10/15/47 | 6,350,000 | 6,365,653 |
117,195,734 |
Principal Amount | Value | |
Vermont 0.1% | ||
Vermont Economic Development Authority, Wake Robin Corp. Project, Revenue Bonds | ||
Series A | ||
4.00%, due 5/1/45 | $ 2,350,000 | $ 1,694,054 |
Vermont Student Assistance Corp., Education Loan, Revenue Bonds | ||
Series B | ||
4.50%, due 6/15/45 (a) | 3,500,000 | 2,661,124 |
4,355,178 | ||
Virginia 2.0% | ||
Farmville Industrial Development Authority, Longwood University Student Project, Revenue Bonds | ||
Series A | ||
5.00%, due 1/1/48 | 6,700,000 | 5,603,955 |
Series A | ||
5.00%, due 1/1/55 | 16,100,000 | 13,052,837 |
Farmville Industrial Development Authority, Longwood University Student Housing Project, Revenue Bonds | ||
Series A | ||
5.00%, due 1/1/59 | 7,255,000 | 5,790,003 |
Henrico County Economic Development Authority, LifeSpire of Virginia, Residential Care Facility, Revenue Bonds | ||
Series C | ||
5.00%, due 12/1/47 | 2,200,000 | 1,944,466 |
James City County Economic Development Authority, Williamsburg Landing, Inc., Revenue Bonds | ||
Series A | ||
4.00%, due 12/1/50 | 3,235,000 | 2,242,028 |
Lynchburg Economic Development Authority, Randolph College Project, Revenue Bonds | ||
5.00%, due 9/1/48 | 3,455,000 | 3,043,920 |
Newport News Economic Development Authority, LifeSpire of Virginia Obligated Group, Revenue Bonds | ||
5.00%, due 12/1/38 | 2,575,000 | 2,426,446 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Virginia (continued) | ||
Roanoke Economic Development Authority, Lynchburg College, Revenue Bonds | ||
Series A | ||
4.00%, due 9/1/48 | $ 4,590,000 | $ 3,417,003 |
Salem Economic Development Authority, Educational Facilities, Roanoke College, Revenue Bonds | ||
4.00%, due 4/1/45 | 865,000 | 665,233 |
5.00%, due 4/1/49 | 1,000,000 | 883,474 |
Tobacco Settlement Financing Corp., Tobacco Settlement Asset-Backed, Revenue Bonds | ||
Series 2007A-1 | ||
6.706%, due 6/1/46 | 30,880,000 | 24,959,674 |
Virginia College Building Authority, Regent University Project, Revenue Bonds | ||
3.00%, due 6/1/41 | 4,275,000 | 2,945,334 |
Virginia College Building Authority, Marymount University Project, Green Bond, Revenue Bonds | ||
Series B | ||
5.00%, due 7/1/45 (c) | 1,945,000 | 1,666,605 |
Virginia Small Business Financing Authority, 95 Express Lanes LLC, Revenue Bonds, Senior Lien (a) | ||
4.00%, due 7/1/39 | 1,380,000 | 1,180,380 |
4.00%, due 1/1/48 | 20,170,000 | 16,081,890 |
5.00%, due 1/1/36 | 1,345,000 | 1,349,567 |
5.00%, due 1/1/38 | 3,000,000 | 2,905,705 |
Virginia Small Business Financing Authority, National Senior Campuses, Inc., Revenue Bonds | ||
Series A | ||
4.00%, due 1/1/45 | 2,510,000 | 2,006,049 |
Virginia Small Business Financing Authority, National Senior Campuses Inc. Obligated Group, Revenue Bonds | ||
Series A | ||
4.00%, due 1/1/51 | 11,840,000 | 8,984,489 |
Virginia Small Business Financing Authority, Transform 66 P3 Project, Revenue Bonds, Senior Lien (a) | ||
5.00%, due 12/31/52 | 9,750,000 | 9,045,046 |
Principal Amount | Value | |
Virginia (continued) | ||
Virginia Small Business Financing Authority, Transform 66 P3 Project, Revenue Bonds, Senior Lien (a) (continued) | ||
5.00%, due 12/31/56 | $ 18,375,000 | $ 16,849,032 |
Virginia Small Business Financing Authority, I-495 Hot Lanes Project, Revenue Bonds, Senior Lien | ||
5.00%, due 12/31/52 (a) | 18,415,000 | 17,186,243 |
144,229,379 | ||
Washington 1.4% | ||
Grant County Public Hospital District No. 1, Unlimited General Obligation | ||
5.125%, due 12/1/48 | 3,945,000 | 3,576,208 |
5.125%, due 12/1/52 | 2,550,000 | 2,273,372 |
Pend Oreille County Public Utility District No. 1 Box Canyon, Revenue Bonds | ||
4.00%, due 1/1/41 | 3,000,000 | 2,461,248 |
Pend Oreille County Public Utility District No. 1 Box Canyon, Green Bond, Revenue Bonds | ||
5.00%, due 1/1/48 | 5,130,000 | 4,680,413 |
Port of Seattle, Revenue Bonds | ||
Series B | ||
5.00%, due 8/1/47 (a) | 5,800,000 | 5,505,874 |
Port of Seattle Industrial Development Corp., Delta Air Lines, Inc., Revenue Bonds | ||
5.00%, due 4/1/30 (a) | 1,825,000 | 1,783,856 |
Washington Economic Development Finance Authority, North Pacific Paper Co. Recycling Project, Green Bond, Revenue Bonds | ||
Series A | ||
5.625%, due 12/1/40 (a)(c) | 4,000,000 | 3,611,334 |
Washington Health Care Facilities Authority, CommonSpirit Health, Revenue Bonds | ||
Series A-2 | ||
5.00%, due 8/1/44 | 8,685,000 | 8,211,839 |
Washington Higher Education Facilities Authority, Whitworth University Project, Revenue Bonds | ||
4.00%, due 10/1/38 | 1,665,000 | 1,413,325 |
56 | MainStay MacKay High Yield Municipal Bond Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Washington (continued) | ||
Washington Higher Education Facilities Authority, Whitworth University Project, Revenue Bonds (continued) | ||
Series A | ||
5.00%, due 10/1/40 | $ 3,000,000 | $ 2,831,940 |
Washington Higher Education Facilities Authority, Seattle Pacific University Project, Revenue Bonds | ||
Series A | ||
5.00%, due 10/1/45 | 3,130,000 | 2,728,382 |
Washington State Convention Center Public Facilities District, Lodging Tax, Revenue Bonds | ||
Series B | ||
3.00%, due 7/1/43 | 5,565,000 | 3,852,060 |
Series B | ||
3.00%, due 7/1/48 | 2,465,000 | 1,570,099 |
Series B | ||
3.00%, due 7/1/58 | 13,510,000 | 7,844,097 |
Series B | ||
3.00%, due 7/1/58 | 4,000,000 | 2,272,092 |
Series B | ||
3.00%, due 7/1/58 | 8,875,000 | 5,041,204 |
4.00%, due 7/1/58 | 8,810,000 | 6,640,249 |
Series B | ||
4.00%, due 7/1/58 | 1,750,000 | 1,327,609 |
5.00%, due 7/1/58 | 9,750,000 | 9,024,345 |
Series A | ||
5.00%, due 7/1/58 | 5,615,000 | 5,197,097 |
Washington State Housing Finance Commission, Eliseo Project, Revenue Bonds (c) | ||
Series A | ||
4.00%, due 1/1/41 | 4,520,000 | 3,282,210 |
Series A | ||
4.00%, due 1/1/51 | 1,700,000 | 1,085,177 |
Series A | ||
4.00%, due 1/1/57 | 7,785,000 | 4,748,130 |
Washington State Housing Finance Commission, Riverview Retirement Community, Revenue Bonds | ||
5.00%, due 1/1/48 | 3,000,000 | 2,381,328 |
Principal Amount | Value | |
Washington (continued) | ||
Whidbey Island Public Hospital District, Whidbey General Hospital, Limited General Obligation | ||
3.75%, due 12/1/32 | $ 100,000 | $ 77,812 |
4.00%, due 12/1/37 | 290,000 | 208,680 |
Whidbey Island Public Hospital District, Unlimited General Obligation | ||
5.375%, due 12/1/39 | 9,520,000 | 7,632,404 |
5.50%, due 12/1/33 | 2,070,000 | 1,849,366 |
103,111,750 | ||
West Virginia 0.4% | ||
County of Monongalia, Development District No. 4 University Town Center, Tax Allocation | ||
Series A | ||
6.00%, due 6/1/53 (c) | 3,000,000 | 3,027,438 |
County of Ohio, Special District Excise Tax, The Highlands Project, Revenue Bonds | ||
Series B | ||
4.25%, due 3/1/35 | 4,000,000 | 3,549,652 |
Glenville State College, Board of Governors, Revenue Bonds | ||
5.25%, due 6/1/47 | 3,750,000 | 3,023,042 |
Monongalia County Commission Excise Tax District, University Town Centre, Revenue Bonds | ||
Series A | ||
4.125%, due 6/1/43 (c) | 950,000 | 783,606 |
Monongalia County Commission Excise Tax District, University Town Center, Revenue Bonds | ||
Series A | ||
5.50%, due 6/1/37 (c) | 4,000,000 | 4,010,896 |
West Virginia Hospital Finance Authority, Cabell Huntington Hospital Obligated Group, Revenue Bonds | ||
Series A, Insured: AGM-CR | ||
4.00%, due 1/1/37 | 4,825,000 | 4,188,319 |
Series A, Insured: AGM-CR | ||
4.00%, due 1/1/38 | 2,500,000 | 2,110,517 |
Series A, Insured: AGM-CR | ||
4.125%, due 1/1/47 | 13,200,000 | 10,074,705 |
30,768,175 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Wisconsin 2.5% | ||
Public Finance Authority, Wonderful Foundations Charter School, Revenue Bonds (c) | ||
Series B | ||
(zero coupon), due 1/1/60 | $ 70,900,000 | $ 3,115,786 |
Series A-1 | ||
5.00%, due 1/1/55 | 18,765,000 | 13,138,651 |
Public Finance Authority, Methodist University, Inc. (The), Revenue Bonds (c) | ||
4.00%, due 3/1/26 | 755,000 | 720,513 |
4.00%, due 3/1/30 | 950,000 | 847,377 |
Public Finance Authority, North Carolina Leadership Charter Academy, Inc., Revenue Bonds | ||
Series A | ||
4.00%, due 6/15/29 (c) | 235,000 | 214,841 |
Public Finance Authority, National Gypsum Co., Revenue Bonds | ||
4.00%, due 8/1/35 (a) | 4,000,000 | 3,287,748 |
Public Finance Authority, Roseman University of Health Sciences, Revenue Bonds | ||
4.00%, due 4/1/42 (c) | 900,000 | 690,111 |
4.00%, due 4/1/42 (c) | 100,000 | 102,014 |
4.00%, due 4/1/52 (c) | 3,000,000 | 2,071,599 |
5.00%, due 4/1/30 (c) | 100,000 | 104,558 |
5.00%, due 4/1/30 (c) | 600,000 | 590,612 |
5.00%, due 4/1/40 (c) | 300,000 | 271,549 |
5.00%, due 4/1/50 (c) | 100,000 | 106,728 |
5.00%, due 4/1/50 (c) | 1,400,000 | 1,176,608 |
5.875%, due 4/1/45 | 6,250,000 | 6,068,216 |
Public Finance Authority, Fellowship Senior Living Project, Revenue Bonds | ||
Series A | ||
4.00%, due 1/1/46 | 11,260,000 | 7,915,964 |
Series A | ||
4.00%, due 1/1/52 | 3,130,000 | 2,085,947 |
Public Finance Authority, Appalachian State University Project, Revenue Bonds | ||
Series A, Insured: AGM | ||
4.00%, due 7/1/50 | 1,000,000 | 790,936 |
Series A, Insured: AGM | ||
4.00%, due 7/1/55 | 1,250,000 | 968,927 |
Principal Amount | Value | |
Wisconsin (continued) | ||
Public Finance Authority, Appalachian State University Project, Revenue Bonds (continued) | ||
Series A, Insured: AGM | ||
4.00%, due 7/1/59 | $ 775,000 | $ 605,994 |
Public Finance Authority, UNC Health Southeastern, Revenue Bonds | ||
Series A | ||
4.00%, due 2/1/51 | 3,970,000 | 2,526,489 |
Public Finance Authority, Fargo-Moorhead Metropolitan Area Flood Risk Management Project, Revenue Bonds (a) | ||
4.00%, due 9/30/51 | 13,995,000 | 10,109,304 |
4.00%, due 3/31/56 | 8,965,000 | 6,269,116 |
Public Finance Authority, College Achieve Paterson Charter School Project, Revenue Bonds | ||
Series A | ||
4.00%, due 6/15/52 (c) | 1,565,000 | 1,043,044 |
Public Finance Authority, Appalachian Regional Healthcare System Obligated Group, Revenue Bonds | ||
Series A | ||
4.00%, due 7/1/56 | 2,250,000 | 1,491,247 |
Public Finance Authority, Givens Estates, Revenue Bonds | ||
4.00%, due 12/1/56 | 4,500,000 | 3,162,190 |
Public Finance Authority, Ultimate Medical Academy Project, Revenue Bonds (c) | ||
Series A | ||
5.00%, due 10/1/24 | 2,200,000 | 2,190,798 |
Series A | ||
5.00%, due 10/1/28 | 1,000,000 | 984,580 |
Series A | ||
5.00%, due 10/1/29 | 2,000,000 | 1,957,884 |
Series A | ||
5.00%, due 10/1/34 | 1,090,000 | 1,045,667 |
Series A | ||
5.00%, due 10/1/39 | 16,300,000 | 14,658,297 |
Public Finance Authority, Bancroft NeuroHealth Project, Revenue Bonds | ||
Series A | ||
5.00%, due 6/1/36 (c) | 750,000 | 656,042 |
58 | MainStay MacKay High Yield Municipal Bond Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Wisconsin (continued) | ||
Public Finance Authority, Carmelite System, Inc. Obligated Group (The), Revenue Bonds | ||
5.00%, due 1/1/40 | $ 6,535,000 | $ 5,876,566 |
5.00%, due 1/1/45 | 560,000 | 486,084 |
Public Finance Authority, NC A&T Real Estate Foundation LLC Project, Revenue Bonds | ||
Series A | ||
5.00%, due 6/1/44 | 1,350,000 | 1,204,756 |
Series A | ||
5.00%, due 6/1/49 | 6,775,000 | 5,854,798 |
Series B | ||
5.00%, due 6/1/49 | 2,720,000 | 2,350,561 |
Public Finance Authority, Guilford College, Revenue Bonds | ||
Series A | ||
5.00%, due 1/1/48 | 1,950,000 | 1,599,847 |
5.50%, due 1/1/47 | 5,860,000 | 5,222,826 |
Public Finance Authority, Coral Academy of Science Las Vegas, Revenue Bonds | ||
Series A | ||
5.00%, due 7/1/48 | 2,000,000 | 1,654,245 |
Public Finance Authority, Wilson Preparatory Academy, Revenue Bonds | ||
Series A | ||
5.00%, due 6/15/49 (c) | 1,100,000 | 902,445 |
Public Finance Authority, College Achieve Central Charter School, Revenue Bonds | ||
Series A | ||
5.00%, due 6/15/51 (c) | 2,145,000 | 1,713,648 |
Public Finance Authority, Grand Hyatt San Antonio Hotel Acquisition Project, Revenue Bonds, Senior Lien | ||
Series A | ||
5.00%, due 2/1/52 | 4,000,000 | 3,478,284 |
Public Finance Authority, The Franklin School Of Innovation, Inc., Revenue Bonds | ||
5.00%, due 1/1/57 (c) | 3,200,000 | 2,370,706 |
Principal Amount | Value | |
Wisconsin (continued) | ||
Public Finance Authority, Nevada State College, Revenue Bonds (c) | ||
Series A | �� | |
5.00%, due 5/1/60 | $ 6,500,000 | $ 5,122,960 |
Series B | ||
9.00%, due 5/1/71 | 2,985,000 | 2,911,624 |
Public Finance Authority, Wingate University, Revenue Bonds | ||
Series A | ||
5.25%, due 10/1/38 | 3,250,000 | 2,985,377 |
Public Finance Authority, CHF-Cullowhee, LLC - Western Carolina University Project, Revenue Bonds | ||
Series A | ||
5.25%, due 7/1/47 | 2,000,000 | 1,741,085 |
Public Finance Authority, CHF - Manoa LLC, Revenue Bonds, Senior Lien (c) | ||
Series A | ||
5.75%, due 7/1/53 | 3,950,000 | 3,787,186 |
Series A | ||
5.75%, due 7/1/63 | 20,150,000 | 18,927,796 |
Public Finance Authority, Lake Erie College Project, Revenue Bonds | ||
Series A | ||
5.875%, due 10/1/54 (c) | 2,000,000 | 1,464,500 |
Public Finance Authority, Irving Convention Center Hotel Project, Revenue Bonds | ||
Series A-2 | ||
7.00%, due 1/1/50 (c) | 12,440,000 | 12,666,789 |
Wisconsin Health & Educational Facilities Authority, St. Camillus Health System, Inc., Revenue Bonds | ||
Series B-2 | ||
2.55%, due 11/1/27 | 85,000 | 84,972 |
Wisconsin Health & Educational Facilities Authority, HOPE Christian Schools, Revenue Bonds | ||
3.00%, due 12/1/31 | 560,000 | 445,881 |
Wisconsin Health & Educational Facilities Authority, Children's Hospital of Wisconsin Obligated Group, Revenue Bonds | ||
3.00%, due 8/15/52 | 2,000,000 | 1,238,828 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Wisconsin (continued) | ||
Wisconsin Health & Educational Facilities Authority, Sauk-Prairie Memorial Hospital Inc. Obligated Group, Revenue Bonds | ||
Series A | ||
5.375%, due 2/1/48 | $ 3,200,000 | $ 2,730,505 |
177,791,606 | ||
Wyoming 0.2% | ||
Sublette County Hospital District, Hospital Construction Project, Revenue Bonds | ||
Series A | ||
5.00%, due 6/15/26 | 11,933,000 | 11,696,781 |
Total Long-Term Municipal Bonds (Cost $7,851,110,136) | 6,816,643,181 | |
Short-Term Municipal Notes 3.0% | ||
Alabama 0.4% | ||
Walker County Economic & Industrial Development Authority, Alabama Power Co., Revenue Bonds, First Series | ||
Series 1 | ||
4.25%, due 8/1/63 (a)(h) | 31,125,000 | 31,125,000 |
Arkansas 0.2% | ||
Arkansas Development Finance Authority, Baptist Memorial Health Care, Revenue Bonds | ||
Series B-4 | ||
5.43%, due 9/1/44 (h) | 11,730,000 | 11,730,000 |
California 0.2% | ||
Tender Option Bond Trust Receipts, Revenue Bonds (c)(h) | ||
4.30%, due 4/1/43 | 5,540,000 | 5,540,000 |
4.30%, due 4/1/43 | 4,777,000 | 4,777,000 |
4.30%, due 4/1/43 | 3,300,000 | 3,300,000 |
13,617,000 | ||
Colorado 0.5% | ||
Rib Floater Trust Various States, Revenue Bonds | ||
4.39%, due 2/1/46 (c)(h) | 37,575,000 | 37,575,000 |
Principal Amount | Value | |
District of Columbia 0.2% | ||
Tender Option Bond Trust Receipts, Revenue Bonds | ||
4.30%, due 7/1/63 (c)(h) | $ 10,470,000 | $ 10,470,000 |
Florida 0.0% ‡ | ||
City of Orlando, Tourist Development Tax, Revenue Bonds, Third Lien | ||
Series C, Insured: AGC | ||
5.50%, due 11/1/38 (h) | 230,000 | 230,000 |
Georgia 1.2% | ||
Bartow-Cartersville Joint Development Authority, Hanwha Q Cells USA, Inc., Revenue Bonds | ||
Series A | ||
4.45%, due 8/1/33 (a)(c)(h) | 73,100,000 | 73,100,000 |
Development Authority of Appling County, Georgia Power Co., Revenue Bonds | ||
Series 1 | ||
4.30%, due 9/1/41 (h) | 15,250,000 | 15,250,000 |
88,350,000 | ||
New York 0.3% | ||
City of New York, Unlimited General Obligation | ||
Series E | ||
3.95%, due 3/1/48 (h) | 17,335,000 | 17,335,000 |
New York City Municipal Water Finance Authority, Water & Sewer System Second General Resolution, Revenue Bonds | ||
Series CC | ||
3.95%, due 6/15/41 (h) | 4,000,000 | 4,000,000 |
21,335,000 | ||
Ohio 0.0% ‡ | ||
Ohio Higher Educational Facility Commission, Cleveland Clinic Health System, Revenue Bonds | ||
Series B-4 | ||
3.97%, due 1/1/43 (h) | 2,985,000 | 2,985,000 |
Total Short-Term Municipal Notes (Cost $217,417,000) | 217,417,000 | |
Total Municipal Bonds (Cost $8,068,527,136) | 7,034,060,181 | |
60 | MainStay MacKay High Yield Municipal Bond Fund |
Principal Amount | Value | |
Long-Term Bonds 0.2% | ||
Corporate Bonds 0.2% | ||
Commercial Services 0.1% | ||
Howard University | ||
Series 21A | ||
4.756%, due 10/1/51 | $ 5,200,000 | $ 3,847,901 |
Wildflower Improvement Association | ||
6.625%, due 3/1/31 (c) | 2,593,506 | 2,406,481 |
6,254,382 | ||
Healthcare-Services 0.1% | ||
Toledo Hospital (The) | ||
6.015%, due 11/15/48 | 9,350,000 | 6,229,438 |
Total Corporate Bonds (Cost $14,068,048) | 12,483,820 | |
Total Long-Term Bonds (Cost $14,068,048) | 12,483,820 | |
Shares | Value | |
Closed-End Funds 0.5% | ||
Massachusetts 0.1% | ||
DWS Municipal Income Trust | 131,002 | 979,895 |
Pioneer Municipal High Income Advantage Fund, Inc. | 200,399 | 1,290,570 |
Pioneer Municipal High Income Fund Trust | 200,954 | 1,404,668 |
3,675,133 | ||
Michigan 0.0% ‡ | ||
BlackRock MuniYield Michigan Quality Fund, Inc. | 245,271 | 2,347,243 |
Multi-State 0.3% | ||
BlackRock Municipal 2030 Target Term Trust | 427,334 | 8,277,460 |
BlackRock MuniHoldings Fund, Inc. | 146,484 | 1,482,418 |
BlackRock MuniYield Quality Fund II, Inc. | 588,091 | 5,122,273 |
BlackRock MuniYield Quality Fund, Inc. | 287,227 | 2,855,036 |
17,737,187 | ||
New Jersey 0.0% ‡ | ||
BlackRock MuniHoldings New Jersey Quality Fund, Inc. | 307,548 | 3,066,254 |
Shares | Value | ||
New York 0.1% | |||
BlackRock MuniHoldings New York Quality Fund, Inc. | 525,108 | $ 4,673,461 | |
BlackRock MuniYield New York Quality Fund, Inc. | 543,595 | 4,685,789 | |
BlackRock New York Municipal Income Trust | 26,795 | 235,260 | |
9,594,510 | |||
Pennsylvania 0.0% ‡ | |||
Invesco Pennsylvania Value Municipal Income Trust | 18,699 | 161,746 | |
Total Closed-End Funds (Cost $53,605,846) | 36,582,073 | ||
Short-Term Investment 0.2% | |||
Unaffiliated Investment Company 0.2% | |||
BlackRock Liquidity Funds MuniCash, 3.821% (i) | 17,558,981 | 17,558,764 | |
Total Short-Term Investment (Cost $17,558,764) | 17,558,764 | ||
Total Investments (Cost $8,153,759,794) | 98.7% | 7,100,684,838 | |
Other Assets, Less Liabilities | 1.3 | 93,283,498 | |
Net Assets | 100.0% | $ 7,193,968,336 |
† | Percentages indicated are based on Fund net assets. |
^ | Industry classifications may be different than those used for compliance monitoring purposes. |
‡ | Less than one-tenth of a percent. |
(a) | Interest on these securities was subject to alternative minimum tax. |
(b) | Coupon rate may change based on changes of the underlying collateral or prepayments of principal. Rate shown was the rate in effect as of October 31, 2023. |
(c) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
(d) | Issue in default. |
(e) | Issue in non-accrual status. |
(f) | Illiquid security—As of October 31, 2023, the total market value deemed illiquid under procedures approved by the Board of Trustees was $50,461,188, which represented 0.7% of the Fund’s net assets. (Unaudited) |
(g) | Step coupon—Rate shown was the rate in effect as of October 31, 2023. |
(h) | Variable-rate demand notes (VRDNs)—Provide the right to sell the security at face value on either that day or within the rate-reset period. VRDNs will normally trade as if the maturity is the earlier put date, even though stated maturity is longer. The interest rate is reset on the put date at a stipulated daily, weekly, monthly, quarterly, or other specified time interval to reflect current market conditions. These securities do not indicate a reference rate and spread in their description. The maturity date shown is the final maturity. |
(i) | Current yield as of October 31, 2023. |
Type | Number of Contracts | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)2 |
Short Contracts | |||||
U.S. Treasury 10 Year Notes | (5,000) | December 2023 | $ (548,421,960) | $ (530,859,375) | $ 17,562,585 |
U.S. Treasury Long Bonds | (1,510) | December 2023 | (180,088,793) | (165,250,625) | 14,838,168 |
Net Unrealized Appreciation | $ 32,400,753 |
1. | As of October 31, 2023, cash in the amount of $15,889,000 was on deposit with a broker or futures commission merchant for futures transactions. |
2. | Represents the difference between the value of the contracts at the time they were opened and the value as of October 31, 2023. |
Abbreviation(s): |
AGC—Assured Guaranty Corp. |
AGM—Assured Guaranty Municipal Corp. |
AMBAC—Ambac Assurance Corp. |
BAM—Build America Mutual Assurance Co. |
CHF—Collegiate Housing Foundation |
CR—Custodial Receipts |
MUN GOVT GTD—Municipal Government Guaranteed |
NATL-RE—National Public Finance Guarantee Corp. |
PSF-GTD—Permanent School Fund Guaranteed |
SD CRED PROG—School District Credit Enhancement Program |
UT CSCE—Utah Charter School Credit Enhancement Program |
62 | MainStay MacKay High Yield Municipal Bond 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) | |||||||
Municipal Bonds | |||||||
Long-Term Municipal Bonds | $ — | $ 6,816,643,181 | $ — | $ 6,816,643,181 | |||
Short-Term Municipal Notes | — | 217,417,000 | — | 217,417,000 | |||
Total Municipal Bonds | — | 7,034,060,181 | — | 7,034,060,181 | |||
Long-Term Bonds | |||||||
Corporate Bonds | — | 12,483,820 | — | 12,483,820 | |||
Total Corporate Bonds | — | 12,483,820 | — | 12,483,820 | |||
Closed-End Funds | 36,582,073 | — | — | 36,582,073 | |||
Short-Term Investment | |||||||
Unaffiliated Investment Company | 17,558,764 | — | — | 17,558,764 | |||
Total Investments in Securities | 54,140,837 | 7,046,544,001 | — | 7,100,684,838 | |||
Other Financial Instruments | |||||||
Futures Contracts (b) | 32,400,753 | — | — | 32,400,753 | |||
Total Investments in Securities and Other Financial Instruments | $ 86,541,590 | $ 7,046,544,001 | $ — | $ 7,133,085,591 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
(b) | The value listed for these securities reflects unrealized appreciation (depreciation) as shown on the Portfolio of Investments. |
Assets | |
Investment in securities, at value (identified cost $8,153,759,794) | $ 7,100,684,838 |
Cash | 9,000 |
Cash collateral on deposit at broker for futures contracts | 15,889,000 |
Receivables: | |
Dividends and interest | 99,421,088 |
Fund shares sold | 35,616,773 |
Investment securities sold | 29,095,000 |
Other assets | 151,033 |
Total assets | 7,280,866,732 |
Liabilities | |
Payables: | |
Fund shares redeemed | 62,070,347 |
Investment securities purchased | 10,877,580 |
Manager (See Note 3) | 3,351,071 |
Transfer agent (See Note 3) | 727,005 |
NYLIFE Distributors (See Note 3) | 452,232 |
Professional fees | 116,870 |
Custodian | 75,646 |
Shareholder communication | 35,226 |
Variation margin on futures contracts | 1,601 |
Trustees | 902 |
Accrued expenses | 7,331 |
Distributions payable | 9,182,585 |
Total liabilities | 86,898,396 |
Net assets | $ 7,193,968,336 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 678,455 |
Additional paid-in-capital | 8,908,232,679 |
8,908,911,134 | |
Total distributable earnings (loss) | (1,714,942,798) |
Net assets | $ 7,193,968,336 |
Class A | |
Net assets applicable to outstanding shares | $1,454,442,322 |
Shares of beneficial interest outstanding | 137,178,359 |
Net asset value per share outstanding | $ 10.60 |
Maximum sales charge (3.00% of offering price) | 0.33 |
Maximum offering price per share outstanding | $ 10.93 |
Investor Class | |
Net assets applicable to outstanding shares | $ 3,560,122 |
Shares of beneficial interest outstanding | 336,185 |
Net asset value per share outstanding | $ 10.59 |
Maximum sales charge (2.50% of offering price) | 0.27 |
Maximum offering price per share outstanding | $ 10.86 |
Class C | |
Net assets applicable to outstanding shares | $ 151,802,546 |
Shares of beneficial interest outstanding | 14,352,851 |
Net asset value and offering price per share outstanding | $ 10.58 |
Class I | |
Net assets applicable to outstanding shares | $4,660,777,224 |
Shares of beneficial interest outstanding | 439,489,140 |
Net asset value and offering price per share outstanding | $ 10.60 |
Class R6 | |
Net assets applicable to outstanding shares | $ 923,386,122 |
Shares of beneficial interest outstanding | 87,098,506 |
Net asset value and offering price per share outstanding | $ 10.60 |
64 | MainStay MacKay High Yield Municipal Bond Fund |
Investment Income (Loss) | |
Income | |
Interest | $ 371,857,447 |
Dividends | 1,683,210 |
Total income | 373,540,657 |
Expenses | |
Manager (See Note 3) | 41,356,079 |
Distribution/Service—Class A (See Note 3) | 4,349,207 |
Distribution/Service—Investor Class (See Note 3) | 10,202 |
Distribution/Service—Class C (See Note 3) | 1,859,712 |
Transfer agent (See Note 3) | 4,533,403 |
Professional fees | 565,089 |
Registration | 433,551 |
Custodian | 214,694 |
Trustees | 199,202 |
Shareholder communication | 140,484 |
Miscellaneous | 238,276 |
Total expenses before waiver/reimbursement | 53,899,899 |
Reimbursement from prior custodian(a) | (15,296) |
Net expenses | 53,884,603 |
Net investment income (loss) | 319,656,054 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | (375,849,860) |
In-kind Transactions | (3,463,399) |
Futures transactions | 107,591,062 |
Net realized gain (loss) | (271,722,197) |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | 298,040,136 |
Futures contracts | (28,588,715) |
Net change in unrealized appreciation (depreciation) | 269,451,421 |
Net realized and unrealized gain (loss) | (2,270,776) |
Net increase (decrease) in net assets resulting from operations | $ 317,385,278 |
(a) | Represents a refund for overbilling of custody fees. |
for the years ended October 31, 2023 and October 31, 2022
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 319,656,054 | $ 325,745,230 |
Net realized gain (loss) | (271,722,197) | (296,983,633) |
Net change in unrealized appreciation (depreciation) | 269,451,421 | (2,142,991,678) |
Net increase (decrease) in net assets resulting from operations | 317,385,278 | (2,114,230,081) |
Distributions to shareholders: | ||
Class A | (71,226,979) | (76,320,100) |
Investor Class | (166,636) | (145,969) |
Class C | (6,208,135) | (6,843,792) |
Class I | (214,754,997) | (233,072,302) |
Class R6 | (40,495,808) | (43,550,777) |
Total distributions to shareholders | (332,852,555) | (359,932,940) |
Capital share transactions: | ||
Net proceeds from sales of shares | 4,134,959,360 | 6,094,387,364 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 233,389,061 | 247,680,574 |
Cost of shares redeemed | (4,856,892,832) | (7,962,906,928) |
Redemptions in-kind | (89,218,096) | (294,446,031) |
Increase (decrease) in net assets derived from capital share transactions | (577,762,507) | (1,915,285,021) |
Net increase (decrease) in net assets | (593,229,784) | (4,389,448,042) |
Net Assets | ||
Beginning of year | 7,787,198,120 | 12,176,646,162 |
End of year | $ 7,193,968,336 | $ 7,787,198,120 |
66 | MainStay MacKay High Yield Municipal Bond Fund |
Year Ended October 31, | |||||||||
Class A | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 10.64 | $ 13.49 | $ 12.75 | $ 12.98 | $ 12.33 | ||||
Net investment income (loss) | 0.45(a) | 0.36(a) | 0.36(a) | 0.40 | 0.47 | ||||
Net realized and unrealized gain (loss) | (0.02) | (2.81) | 0.77 | (0.20) | 0.66 | ||||
Total from investment operations | 0.43 | (2.45) | 1.13 | 0.20 | 1.13 | ||||
Less distributions: | |||||||||
From net investment income | (0.47) | (0.40) | (0.39) | (0.43) | (0.47) | ||||
From net realized gain on investments | — | — | — | (0.00)‡ | (0.01) | ||||
Total distributions | (0.47) | (0.40) | (0.39) | (0.43) | (0.48) | ||||
Net asset value at end of year | $ 10.60 | $ 10.64 | $ 13.49 | $ 12.75 | $ 12.98 | ||||
Total investment return (b) | 3.81% | (18.48)% | 8.93% | 1.60% | 9.28% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 3.92% | 2.86% | 2.66% | 3.15% | 3.69% | ||||
Net expenses (c) | 0.87% | 0.86% | 0.84% | 0.86% | 0.87% | ||||
Portfolio turnover rate (d) | 38%(e) | 56%(e) | 14% | 37% | 27% | ||||
Net assets at end of year (in 000’s) | $ 1,454,442 | $ 1,751,791 | $ 2,696,103 | $ 2,073,226 | $ 2,210,862 |
‡ | Less than one cent per share. |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | 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) | The portfolio turnover rate includes variable rate demand notes. |
(e) | The portfolio turnover rate excludes in-kind transactions. |
Year Ended October 31, | |||||||||
Investor Class | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 10.63 | $ 13.47 | $ 12.73 | $ 12.96 | $ 12.32 | ||||
Net investment income (loss) | 0.45(a) | 0.36(a) | 0.36(a) | 0.40 | 0.47 | ||||
Net realized and unrealized gain (loss) | (0.02) | (2.80) | 0.77 | (0.20) | 0.65 | ||||
Total from investment operations | 0.43 | (2.44) | 1.13 | 0.20 | 1.12 | ||||
Less distributions: | |||||||||
From net investment income | (0.47) | (0.40) | (0.39) | (0.43) | (0.47) | ||||
From net realized gain on investments | — | — | — | (0.00)‡ | (0.01) | ||||
Total distributions | (0.47) | (0.40) | (0.39) | (0.43) | (0.48) | ||||
Net asset value at end of year | $ 10.59 | $ 10.63 | $ 13.47 | $ 12.73 | $ 12.96 | ||||
Total investment return (b) | 3.89% | (18.52)% | 8.92% | 1.59% | 9.19% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 3.91% | 2.88% | 2.69% | 3.15% | 3.69% | ||||
Net expenses (c) | 0.89% | 0.87% | 0.86% | 0.87% | 0.88% | ||||
Portfolio turnover rate (d) | 38%(e) | 56%(e) | 14% | 37% | 27% | ||||
Net assets at end of year (in 000's) | $ 3,560 | $ 3,749 | $ 5,107 | $ 5,211 | $ 5,449 |
‡ | Less than one cent per share. |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | 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) | The portfolio turnover rate includes variable rate demand notes. |
(e) | The portfolio turnover rate excludes in-kind transactions. |
Year Ended October 31, | |||||||||
Class C | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 10.61 | $ 13.46 | $ 12.71 | $ 12.95 | $ 12.30 | ||||
Net investment income (loss) | 0.36(a) | 0.26(a) | 0.26(a) | 0.29 | 0.37 | ||||
Net realized and unrealized gain (loss) | (0.01) | (2.80) | 0.78 | (0.20) | 0.66 | ||||
Total from investment operations | 0.35 | (2.54) | 1.04 | 0.09 | 1.03 | ||||
Less distributions: | |||||||||
From net investment income | (0.38) | (0.31) | (0.29) | (0.33) | (0.37) | ||||
From net realized gain on investments | — | — | — | (0.00)‡ | (0.01) | ||||
Total distributions | (0.38) | (0.31) | (0.29) | (0.33) | (0.38) | ||||
Net asset value at end of year | $ 10.58 | $ 10.61 | $ 13.46 | $ 12.71 | $ 12.95 | ||||
Total investment return (b) | 3.12% | (19.15)% | 8.20% | 0.75% | 8.47% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 3.17% | 2.11% | 1.95% | 2.41% | 2.94% | ||||
Net expenses (c) | 1.64% | 1.62% | 1.61% | 1.62% | 1.63% | ||||
Portfolio turnover rate (d) | 38%(e) | 56%(e) | 14% | 37% | 27% | ||||
Net assets at end of year (in 000’s) | $ 151,803 | $ 202,196 | $ 340,700 | $ 355,498 | $ 433,318 |
‡ | Less than one cent per share. |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | 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) | The portfolio turnover rate includes variable rate demand notes. |
(e) | The portfolio turnover rate excludes in-kind transactions. |
Year Ended October 31, | |||||||||
Class I | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 10.64 | $ 13.49 | $ 12.75 | $ 12.98 | $ 12.34 | ||||
Net investment income (loss) | 0.48(a) | 0.39(a) | 0.39(a) | 0.45 | 0.50 | ||||
Net realized and unrealized gain (loss) | (0.02) | (2.81) | 0.77 | (0.22) | 0.65 | ||||
Total from investment operations | 0.46 | (2.42) | 1.16 | 0.23 | 1.15 | ||||
Less distributions: | |||||||||
From net investment income | (0.50) | (0.43) | (0.42) | (0.46) | (0.50) | ||||
From net realized gain on investments | — | — | — | (0.00)‡ | (0.01) | ||||
Total distributions | (0.50) | (0.43) | (0.42) | (0.46) | (0.51) | ||||
Net asset value at end of year | $ 10.60 | $ 10.64 | $ 13.49 | $ 12.75 | $ 12.98 | ||||
Total investment return (b) | 4.16% | (18.28)% | 9.20% | 1.86% | 9.46% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 4.17% | 3.10% | 2.90% | 3.38% | 3.93% | ||||
Net expenses (c) | 0.62% | 0.60% | 0.59% | 0.61% | 0.62% | ||||
Portfolio turnover rate (d) | 38%(e) | 56%(e) | 14% | 37% | 27% | ||||
Net assets at end of year (in 000’s) | $ 4,660,777 | $ 4,904,132 | $ 7,894,324 | $ 6,063,243 | $ 4,415,639 |
‡ | Less than one cent per share. |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. 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) | The portfolio turnover rate includes variable rate demand notes. |
(e) | The portfolio turnover rate excludes in-kind transactions. |
68 | MainStay MacKay High Yield Municipal Bond Fund |
Year Ended October 31, | November 1, 2019^ through October 31, | ||||||
Class R6 | 2023 | 2022 | 2021 | 2020 | |||
Net asset value at beginning of period | $ 10.64 | $ 13.49 | $ 12.74 | $ 12.98 | |||
Net investment income (loss) (a) | 0.48 | 0.40 | 0.39 | 0.43 | |||
Net realized and unrealized gain (loss) | (0.02) | (2.81) | 0.79 | (0.21) | |||
Total from investment operations | 0.46 | (2.41) | 1.18 | 0.22 | |||
Less distributions: | |||||||
From net investment income | (0.50) | (0.44) | (0.43) | (0.46) | |||
From net realized gain on investments | — | — | — | (0.00)‡ | |||
Total distributions | (0.50) | (0.44) | (0.43) | (0.46) | |||
Net asset value at end of period | $ 10.60 | $ 10.64 | $ 13.49 | $ 12.74 | |||
Total investment return (b) | 4.13% | (18.23)% | 9.34% | 1.80% | |||
Ratios (to average net assets)/Supplemental Data: | |||||||
Net investment income (loss) | 4.23% | 3.22% | 2.91% | 3.40% | |||
Net expenses (c) | 0.56% | 0.55% | 0.54% | 0.56% | |||
Portfolio turnover rate (d) | 38%(e) | 56%(e) | 14% | 37% | |||
Net assets at end of period (in 000’s) | $ 923,386 | $ 925,330 | $ 1,240,412 | $ 6,535 |
^ | Inception date. |
‡ | Less than one cent per share. |
(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) | The portfolio turnover rate includes variable rate demand notes. |
(e) | The portfolio turnover rate excludes in-kind transactions. |
Class | Commenced Operations |
Class A | March 31, 2010 |
Investor Class | March 31, 2010 |
Class C | March 31, 2010 |
Class I | March 31, 2010 |
Class R6 | November 1, 2019 |
70 | MainStay MacKay High Yield Municipal Bond 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) |
• Benchmark yields | • Reported trades |
• Broker/dealer quotes | • Issuer spreads |
• Two-sided markets | • Benchmark securities |
• Bids/offers | • Reference data (corporate actions or material event notices) |
• Industry and economic events | • Comparable bonds |
• Monthly payment information |
72 | MainStay MacKay High Yield Municipal Bond Fund |
Asset Derivatives | Interest Rate Contracts Risk | Total |
Futures Contracts - Net Assets—Net unrealized appreciation on futures contracts (a) | $32,400,753 | $32,400,753 |
Total Fair Value | $32,400,753 | $32,400,753 |
(a) | Includes cumulative appreciation (depreciation) of futures contracts as reported in the Portfolio of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
74 | MainStay MacKay High Yield Municipal Bond Fund |
Net Realized Gain (Loss) from: | Interest Rate Contracts Risk | Total |
Futures Transactions | $107,591,062 | $107,591,062 |
Total Net Realized Gain (Loss) | $107,591,062 | $107,591,062 |
Net Change in Unrealized Appreciation (Depreciation) | Interest Rate Contracts Risk | Total |
Futures Contracts | $(28,588,715) | $(28,588,715) |
Total Net Change in Unrealized Appreciation (Depreciation) | $(28,588,715) | $(28,588,715) |
Average Notional Amount | Total |
Futures Contracts Short | $(1,187,757,878) |
Class | Expense | Waived |
Class A | $1,131,566 | $— |
Investor Class | 3,405 | — |
Class C | 155,321 | — |
Class I | 3,206,331 | — |
Class R6 | 36,780 | — |
Class R6 | $23,592 | 0.0%‡ |
‡ | Less than one-tenth of a percent. |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $8,208,021,711 | $28,254,211 | $(1,135,591,084) | $(1,107,336,873) |
Ordinary Income | Undistributed Tax Exempt Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$— | $68,864,801 | $(647,816,076) | $(28,654,650) | $(1,107,336,873) | $(1,714,942,798) |
Total Distributable Earnings (Loss) | Additional Paid-In Capital | |
$4,382,789 | $(4,382,789) |
76 | MainStay MacKay High Yield Municipal Bond Fund |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $261,454 | $386,362 |
2023 | 2022 | |
Distributions paid from: | ||
Ordinary Income | $ 25,235,436 | $ 27,882,361 |
Exempt Interest Dividends | 307,617,119 | 332,050,579 |
Total | $332,852,555 | $359,932,940 |
Class A | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 44,419,061 | $ 500,172,378 |
Shares issued to shareholders in reinvestment of distributions | 5,332,267 | 60,512,994 |
Shares redeemed | (70,976,284) | (796,386,385) |
Shares redeemed in connection with in-kind transactions | (8,037,956) | (89,218,096) |
Net increase (decrease) in shares outstanding before conversion | (29,262,912) | (324,919,109) |
Shares converted into Class A (See Note 1) | 2,430,861 | 27,933,257 |
Shares converted from Class A (See Note 1) | (664,723) | (7,558,233) |
Net increase (decrease) | (27,496,774) | $ (304,544,085) |
Year ended October 31, 2022: | ||
Shares sold | 179,714,632 | $ 2,169,853,689 |
Shares issued to shareholders in reinvestment of distributions | 5,398,927 | 65,734,399 |
Shares redeemed | (201,191,940) | (2,380,543,511) |
Shares redeemed in connection with in-kind transactions | (22,519,084) | (294,446,031) |
Net increase (decrease) in shares outstanding before conversion | (38,597,465) | (439,401,454) |
Shares converted into Class A (See Note 1) | 3,711,349 | 45,615,641 |
Shares converted from Class A (See Note 1) | (311,546) | (3,772,990) |
Net increase (decrease) | (35,197,662) | $ (397,558,803) |
Investor Class | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 101,216 | $ 1,155,142 |
Shares issued to shareholders in reinvestment of distributions | 14,253 | 161,537 |
Shares redeemed | (65,132) | (738,349) |
Net increase (decrease) in shares outstanding before conversion | 50,337 | 578,330 |
Shares converted into Investor Class (See Note 1) | 21,529 | 245,660 |
Shares converted from Investor Class (See Note 1) | (88,480) | (1,018,535) |
Net increase (decrease) | (16,614) | $ (194,545) |
Year ended October 31, 2022: | ||
Shares sold | 92,787 | $ 1,178,888 |
Shares issued to shareholders in reinvestment of distributions | 11,741 | 142,182 |
Shares redeemed | (82,666) | (1,021,684) |
Net increase (decrease) in shares outstanding before conversion | 21,862 | 299,386 |
Shares converted into Investor Class (See Note 1) | 11,037 | 135,526 |
Shares converted from Investor Class (See Note 1) | (59,147) | (748,641) |
Net increase (decrease) | (26,248) | $ (313,729) |
Class C | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 2,115,239 | $ 24,106,172 |
Shares issued to shareholders in reinvestment of distributions | 474,069 | 5,367,827 |
Shares redeemed | (7,121,896) | (80,657,074) |
Net increase (decrease) in shares outstanding before conversion | (4,532,588) | (51,183,075) |
Shares converted from Class C (See Note 1) | (168,556) | (1,929,338) |
Net increase (decrease) | (4,701,144) | $ (53,112,413) |
Year ended October 31, 2022: | ||
Shares sold | 2,413,582 | $ 29,806,079 |
Shares issued to shareholders in reinvestment of distributions | 484,254 | 5,854,802 |
Shares redeemed | (9,068,981) | (109,411,843) |
Net increase (decrease) in shares outstanding before conversion | (6,171,145) | (73,750,962) |
Shares converted into Class C (See Note 1) | 782 | 10,609 |
Shares converted from Class C (See Note 1) | (94,933) | (1,127,464) |
Net increase (decrease) | (6,265,296) | $ (74,867,817) |
Class I | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 258,846,677 | $ 2,948,360,609 |
Shares issued to shareholders in reinvestment of distributions | 14,527,416 | 164,719,241 |
Shares redeemed | (295,278,805) | (3,341,003,833) |
Net increase (decrease) in shares outstanding before conversion | (21,904,712) | (227,923,983) |
Shares converted into Class I (See Note 1) | 654,893 | 7,441,967 |
Shares converted from Class I (See Note 1) | (162,850) | (1,844,711) |
Net increase (decrease) | (21,412,669) | $ (222,326,727) |
Year ended October 31, 2022: | ||
Shares sold | 281,989,510 | $ 3,456,526,376 |
Shares issued to shareholders in reinvestment of distributions | 14,323,947 | 174,363,390 |
Shares redeemed | (388,088,367) | (4,644,748,540) |
Net increase (decrease) in shares outstanding before conversion | (91,774,910) | (1,013,858,774) |
Shares converted into Class I (See Note 1) | 1,206,028 | 15,314,351 |
Shares converted from Class I (See Note 1) | (33,636,572) | (420,626,039) |
Net increase (decrease) | (124,205,454) | $(1,419,170,462) |
Class R6 | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 58,388,901 | $ 661,165,059 |
Shares issued to shareholders in reinvestment of distributions | 232,472 | 2,627,462 |
Shares redeemed | (56,487,831) | (638,107,191) |
Net increase (decrease) in shares outstanding before conversion | 2,133,542 | 25,685,330 |
Shares converted into Class R6 (See Note 1) | 124,218 | 1,435,145 |
Shares converted from Class R6 (See Note 1) | (2,147,545) | (24,705,212) |
Net increase (decrease) | 110,215 | $ 2,415,263 |
Year ended October 31, 2022: | ||
Shares sold | 35,564,395 | $ 437,022,332 |
Shares issued to shareholders in reinvestment of distributions | 132,818 | 1,585,801 |
Shares redeemed | (69,848,536) | (827,181,350) |
Net increase (decrease) in shares outstanding before conversion | (34,151,323) | (388,573,217) |
Shares converted into Class R6 (See Note 1) | 33,540,978 | 419,577,752 |
Shares converted from Class R6 (See Note 1) | (4,369,016) | (54,378,745) |
Net increase (decrease) | (4,979,361) | $ (23,374,210) |
78 | MainStay MacKay High Yield Municipal Bond Fund |
MainStay Funds Trust:
80 | MainStay MacKay High Yield Municipal Bond Fund |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Naïm Abou-Jaoudé* 1966 | MainStay Funds: Trustee since 2023 MainStay Funds Trust: Trustee since 2023 | Chief Executive Officer of New York Life Investment Management LLC (since 2023). Chief Executive Officer of Candriam (an affiliate of New York Life Investment Management LLC) (2007 to 2023). | 81 | MainStay VP Funds Trust: Trustee since 2023 (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2023; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2023; and New York Life Investment Management International (Chair) since 2015 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of his affiliation with New York Life Investment Management LLC and Candriam, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
82 | MainStay MacKay High Yield Municipal Bond Fund |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015);MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC (since 1999) | 81 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2021; VanEck Vectors Group of Exchange-Traded Funds: Trustee since 2006 and Independent Chairman of the Board of Trustees from 2008 to 2022 (57 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Investment Committee since 2018 | |
Karen Hammond 1956 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021);MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 81 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Susan B. Kerley 1951 | MainStay Funds: Chair since January 2017 and Trustee since 2007;MainStay Funds Trust: Chair since January 2017 and Trustee since 1990*** | President, Strategic Management Advisors LLC (since 1990) | 81 | MainStay VP Funds Trust: Chair since January 2017 and Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chair since January 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Alan R. Latshaw 1951 | MainStay Funds: Trusteesince 2006;MainStay Funds Trust: Trustee since 2007*** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 81 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 | |
Jacques P. Perold 1958 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015to December 2015);MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 81 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay Funds: Trustee since 1994;MainStay Funds Trust: Trustee since 2007*** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) (since 2004); Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 81 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 |
** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
*** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
84 | MainStay MacKay High Yield Municipal Bond Fund |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay Funds, MainStay Funds Trust (since 2017) | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since 2018); President, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust (since 2017)**; Senior Managing Director, Global Product Development (2015 to 2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay Funds (since 2007), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2007)**; and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay Funds and MainStay Funds Trust (since 2010) | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2010)** | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay Funds and MainStay Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ Trust, IndexIQ ETF Trust and Index IQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund, MainStay VP Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012 to 2022) | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay Funds (since 2005), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2005)** |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, New York Life Insurance Company, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
1.
2. | This Fund is registered for sale in CA, CT, DE, FL, MA, NJ, NY and VT. |
3. | An affiliate of New York Life Investment Management LLC. |
5013761MS139-23 | MSMHY11-12/23 |
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended October 31, 2023 | |||||||
Class | Sales Charge | Inception Date | One Year | Five Years | Ten Years or Since Inception | Gross Expense Ratio1 | |
Class A Shares2 | Maximum 3.00% Initial Sales Charge | With sales charges | 5/14/2012 | 0.08% | -0.67% | 2.08% | 0.77% |
Excluding sales charges | 3.18 | 0.25 | 2.56 | 0.77 | |||
Investor Class Shares3, 4 | Maximum 2.50% Initial Sales Charge | With sales charges | 5/14/2012 | 0.57 | -0.70 | 2.04 | 0.78 |
Excluding sales charges | 3.15 | 0.21 | 2.51 | 0.78 | |||
Class C Shares | Maximum 1.00% CDSC | With sales charges | 5/14/2012 | 1.90 | -0.02 | 2.25 | 1.03 |
if Redeemed Within One Year of Purchase | Excluding sales charges | 2.89 | -0.02 | 2.25 | 1.03 | ||
Class C2 Shares | Maximum 1.00% CDSC | With sales charges | 8/31/2020 | 1.86 | N/A | -3.51 | 1.18 |
if Redeemed Within One Year of Purchase | Excluding sales charges | 2.86 | N/A | -3.51 | 1.18 | ||
Class I Shares | No Sales Charge | 5/14/2012 | 3.43 | 0.48 | 2.80 | 0.52 | |
Class R6 Shares | No Sales Charge | 11/1/2019 | 3.45 | N/A | -1.53 | 0.49 |
1. | The gross expense ratios presented reflect the Fund’s “Total Annual Fund Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report. |
2. | Prior to August 10, 2022, the maximum initial sales charge was 4.50%, which is reflected in the applicable average annual total return figures shown. |
3. | Prior to June 30, 2020, the maximum initial sales charge was 4.50%, which is reflected in the applicable average annual total return figures shown. |
4. | Prior to August 10, 2022, the maximum initial sales charge was 4.00%, which is reflected in the applicable average annual total return figures shown. |
Benchmark Performance* | One Year | Five Years | Ten Years |
Bloomberg New York Municipal Bond Index1 | 3.21% | 0.82% | 1.95% |
Morningstar Muni New York Long Category Average2 | 2.29 | 0.14 | 1.82 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | The Bloomberg New York Municipal Bond Index is the Fund's primary broad-based securities market index for comparison purposes. The Bloomberg New York Municipal Bond Index is a market value-weighted index of New York investment grade tax exempt fixed-rate municipal bonds with maturities of one year or more. |
2. | The Morningstar Muni New York Long Category Average is representative of funds that invest at least 80% of assets in New York municipal debt. These funds have durations of more than 7.0 years. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
6 | MainStay MacKay New York Tax Free Opportunities 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 | $941.90 | $3.67 | $1,021.42 | $3.82 | 0.75% |
Investor Class Shares | $1,000.00 | $941.70 | $3.82 | $1,021.27 | $3.97 | 0.78% |
Class C Shares | $1,000.00 | $940.60 | $5.04 | $1,020.01 | $5.24 | 1.03% |
Class C2 Shares | $1,000.00 | $939.80 | $5.77 | $1,019.26 | $6.01 | 1.18% |
Class I Shares | $1,000.00 | $942.10 | $2.45 | $1,022.68 | $2.55 | 0.50% |
Class R6 Shares | $1,000.00 | $943.20 | $2.35 | $1,022.79 | $2.45 | 0.48% |
1. | Expenses are equal to the Fund’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 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. |
Other Revenue | 38.9% |
Education | 13.7 |
Transportation | 12.8 |
General Obligation | 12.0 |
Water & Sewer | 9.0 |
Hospital | 5.1 |
Utilities | 3.4 |
Housing | 1.0% |
Certificate of Participation/Lease | 0.1 |
Closed–End Funds | 0.2 |
Short–Term Investment | 1.4 |
Other Assets, Less Liabilities | 2.4 |
100.0% |
1. | New York State Dormitory Authority, 3.00%-5.25%, due 12/1/31–7/1/53 |
2. | Triborough Bridge & Tunnel Authority, 4.00%-5.50%, due 11/15/40–5/15/63 |
3. | City of New York, 4.00%-5.25%, due 12/1/33–8/1/50 |
4. | New York City Transitional Finance Authority, 1.58%-5.50%, due 5/1/24–5/1/47 |
5. | Build NYC Resource Corp., 4.00%-5.50%, due 7/1/30–6/15/63 |
6. | Metropolitan Transportation Authority, (zero coupon)-5.00%, due 11/15/29–11/15/52 |
7. | New York City Municipal Water Finance Authority, 4.00%-5.25%, due 6/15/38–6/15/52 |
8. | Port Authority of New York & New Jersey, 4.00%-5.50%, due 12/1/31–9/15/48 |
9. | Battery Park City Authority, 4.00%-5.00%, due 11/1/44–11/1/53 |
10. | New York City Industrial Development Agency, (zero coupon)-5.00%, due 7/1/28–3/1/49 |
8 | MainStay MacKay New York Tax Free Opportunities Fund |
1. | See "Investment and Performance Comparison" for other share class returns, which may be higher or lower than Class I share returns, and for more information on benchmark and peer group returns. |
2. | The yield curve is a line that plots the yields of various securities of similar quality—typically U.S. Treasury issues—across a range of maturities. The U.S. Treasury yield curve serves as a benchmark for other debt and is used in economic forecasting. |
3. | An obligation rated ‘AA’ by Standard & Poor’s (“S&P”) is deemed by S&P to differ from the highest-rated obligations only to a small degree. In the opinion of S&P, the obligor's capacity to meet its financial commitment on the obligation is very strong. When applied to Fund holdings, ratings are based solely on the creditworthiness of the bonds in the portfolio and are not meant to represent the security or safety of the Fund. |
4. | An obligation rated ‘AAA’ has the highest rating assigned by Standard & Poor’s (“S&P”), and in the opinion of S&P, the obligor’s capacity to meet its financial commitment on the obligation is extremely strong. When applied to Fund holdings, ratings are based solely on the creditworthiness of the bonds in the portfolio and are not meant to represent the security or safety of the Fund. |
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. | Modified duration is inversely related to the approximate percentage change in price for a given change in yield. Duration to worst is the duration of a bond computed using the bond’s nearest call date or maturity. This measure ignores future cash flow fluctuations due to embedded optionality. |
7. | An obligation rated ‘BBB’ by S&P is deemed by S&P to exhibit adequate protection parameters. In the opinion of S&P, however, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation. When applied to Fund holdings, ratings are based solely on the creditworthiness of the bonds in the portfolio and are not meant to represent the security or safety of the Fund. |
10 | MainStay MacKay New York Tax Free Opportunities Fund |
Principal Amount | Value | |
Municipal Bonds 96.0% | ||
Long-Term Municipal Bonds 96.0% | ||
Certificate of Participation/Lease 0.1% | ||
Rensselaer City School District, Certificate of Participation | ||
Insured: AGM State Aid Withholding | ||
4.00%, due 6/1/34 | $ 650,000 | $ 591,942 |
Insured: AGM State Aid Withholding | ||
4.00%, due 6/1/35 | 850,000 | 773,747 |
1,365,689 | ||
Education 13.7% | ||
Albany Capital Resource Corp., Albany College of Pharmacy and Health Sciences, Revenue Bonds | ||
Series A | ||
5.00%, due 12/1/33 | 150,000 | 149,941 |
Albany Capital Resource Corp., Albany Leadership Charter High School For Girls Project, Revenue Bonds | ||
5.00%, due 6/1/49 | 2,380,000 | 1,950,305 |
Albany Capital Resource Corp., Brighter Choice Elementary Charter Schools, Revenue Bonds | ||
Series A | ||
4.00%, due 4/1/37 | 2,065,000 | 1,655,204 |
Albany Capital Resource Corp., Equitable School Revolving Fund LLC, Revenue Bonds | ||
Series D | ||
4.00%, due 11/1/46 | 3,000,000 | 2,416,288 |
Amherst Development Corp., Daemen College Project, Revenue Bonds | ||
4.00%, due 10/1/37 | 1,000,000 | 827,242 |
5.00%, due 10/1/43 | 2,000,000 | 1,773,075 |
5.00%, due 10/1/48 | 2,000,000 | 1,710,864 |
Buffalo & Erie County Industrial Land Development Corp., D'Youville College Project, Revenue Bonds | ||
Series A | ||
4.00%, due 11/1/40 | 1,785,000 | 1,484,275 |
Series A | ||
4.00%, due 11/1/45 | 4,000,000 | 3,125,870 |
Series A | ||
4.00%, due 11/1/50 | 1,000,000 | 746,678 |
Principal Amount | Value | |
Education (continued) | ||
Buffalo & Erie County Industrial Land Development Corp., Tapestry Charter School Project, Revenue Bonds | ||
Series A | ||
5.00%, due 8/1/47 | $ 500,000 | $ 419,889 |
Series A | ||
5.00%, due 8/1/52 | 3,995,000 | 3,281,564 |
Build NYC Resource Corp., Brilla College Preparatory Charter Schools, Revenue Bonds (a) | ||
Series A | ||
4.00%, due 11/1/41 | 1,000,000 | 753,509 |
Series A | ||
4.00%, due 11/1/51 | 1,000,000 | 675,717 |
Build NYC Resource Corp., Children's Aid Society Project, Revenue Bonds | ||
5.00%, due 7/1/45 | 1,120,000 | 1,034,490 |
Build NYC Resource Corp., Grand Concourse Academy Charter School Project, Revenue Bonds | ||
Series A | ||
5.00%, due 7/1/42 | 600,000 | 553,217 |
Series A | ||
5.00%, due 7/1/56 | 550,000 | 472,875 |
Build NYC Resource Corp., Inwood Academy Leadership Charter School Project, Revenue Bonds (a) | ||
Series A | ||
5.125%, due 5/1/38 | 1,050,000 | 957,117 |
Series A | ||
5.50%, due 5/1/48 | 1,500,000 | 1,352,924 |
Build NYC Resource Corp., Kipp NYC Public Charter Schools, Revenue Bonds | ||
5.00%, due 7/1/42 | 1,000,000 | 945,110 |
5.25%, due 7/1/52 | 10,000,000 | 9,341,518 |
Build NYC Resource Corp., Manhattan College Project, Revenue Bonds | ||
4.00%, due 8/1/42 | 1,500,000 | 1,235,296 |
Build NYC Resource Corp., Metropolitan College of New York, Revenue Bonds | ||
5.50%, due 11/1/44 | 2,500,000 | 1,875,000 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Education (continued) | ||
Build NYC Resource Corp., Metropolitan Lighthouse Charter School Project, Revenue Bonds (a) | ||
Series A | ||
5.00%, due 6/1/32 | $ 1,000,000 | $ 1,000,931 |
Series A | ||
5.00%, due 6/1/37 | 1,500,000 | 1,438,529 |
Series A | ||
5.00%, due 6/1/47 | 3,100,000 | 2,750,594 |
Build NYC Resource Corp., New World Preparatory Charter School Project, Revenue Bonds (a) | ||
Series A | ||
4.00%, due 6/15/51 | 1,200,000 | 800,241 |
Series A | ||
4.00%, due 6/15/56 | 1,640,000 | 1,059,089 |
Build NYC Resource Corp., New York Law School Project, Revenue Bonds | ||
5.00%, due 7/1/30 | 3,865,000 | 3,821,969 |
5.00%, due 7/1/33 | 1,520,000 | 1,487,208 |
Build NYC Resource Corp., Shefa School Project, Revenue Bonds | ||
Series A | ||
5.00%, due 6/15/51 (a) | 2,500,000 | 1,899,684 |
Build NYC Resource Corp., Unity Preparatory Charter School of Brooklyn, Revenue Bonds | ||
Series A | ||
5.50%, due 6/15/63 (a) | 1,375,000 | 1,200,989 |
City of New Rochelle, IONA College Project, Revenue Bonds | ||
Series A | ||
5.00%, due 7/1/45 | 3,810,000 | 3,421,022 |
County of Cattaraugus, St. Bonaventure University Project, Revenue Bonds | ||
Series A | ||
5.00%, due 5/1/44 | 1,200,000 | 1,192,391 |
Dutchess County Local Development Corp., Bard College Project, Revenue Bonds | ||
Series A | ||
5.00%, due 7/1/40 | 1,100,000 | 1,042,352 |
Series A | ||
5.00%, due 7/1/45 | 3,500,000 | 3,215,180 |
Principal Amount | Value | |
Education (continued) | ||
Dutchess County Local Development Corp., Culinary Institute of America Project (The), Revenue Bonds | ||
Series A-1 | ||
5.00%, due 7/1/31 | $ 375,000 | $ 377,060 |
Series A-1 | ||
5.00%, due 7/1/33 | 700,000 | 700,868 |
Dutchess County Local Development Corp., Marist College Project, Revenue Bonds | ||
5.00%, due 7/1/48 | 6,000,000 | 5,867,435 |
Dutchess County Local Development Corp., Vassar College Project, Revenue Bonds | ||
5.00%, due 7/1/45 | 1,200,000 | 1,200,781 |
Hempstead Town Local Development Corp., Evergreen Charter School, Inc., Revenue Bonds | ||
Series A | ||
5.25%, due 6/15/52 | 5,000,000 | 4,331,143 |
Hempstead Town Local Development Corp., Molloy College Project, Revenue Bonds | ||
5.00%, due 7/1/38 | 870,000 | 817,532 |
5.00%, due 7/1/43 | 1,020,000 | 926,932 |
5.00%, due 7/1/48 | 1,100,000 | 966,930 |
Monroe County Industrial Development Corp., Nazareth College of Rochester, Revenue Bonds | ||
Series A | ||
4.00%, due 10/1/47 | 1,695,000 | 1,289,197 |
Monroe County Industrial Development Corp., St. John Fisher College, Revenue Bonds | ||
Series A | ||
5.00%, due 6/1/24 | 330,000 | 330,178 |
Monroe County Industrial Development Corp., University of Rochester Project, Revenue Bonds | ||
Series C | ||
4.00%, due 7/1/43 | 3,000,000 | 2,589,660 |
Nassau County Local Economic Assistance Corp., Roosevelt Children's Academy Charter School, Revenue Bonds | ||
Series A | ||
5.00%, due 7/1/55 | 2,750,000 | 2,344,318 |
12 | MainStay MacKay New York Tax Free Opportunities Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Education (continued) | ||
New York State Dormitory Authority, Brooklyn Law School, Revenue Bonds | ||
Series A | ||
5.00%, due 7/1/33 | $ 1,650,000 | $ 1,646,507 |
New York State Dormitory Authority, Cornell University, Revenue Bonds | ||
Series A | ||
5.00%, due 7/1/50 | 3,245,000 | 3,269,585 |
New York State Dormitory Authority, Fordham University, Revenue Bonds | ||
Series A | ||
5.00%, due 7/1/41 | 1,075,000 | 1,078,490 |
New York State Dormitory Authority, Friends of The Bay Shore-Brightwaters Public Library, Inc., Revenue Bonds | ||
Insured: AMBAC | ||
4.625%, due 7/1/36 | 200,000 | 189,922 |
New York State Dormitory Authority, Iona College, Revenue Bonds | ||
Series A | ||
5.00%, due 7/1/51 | 1,850,000 | 1,608,760 |
New York State Dormitory Authority, New School (The), Revenue Bonds | ||
Series A | ||
5.00%, due 7/1/35 | 15,000 | 15,284 |
Series A | ||
5.00%, due 7/1/35 | 195,000 | 195,159 |
New York State Dormitory Authority, New York University, Revenue Bonds | ||
Series A | ||
4.00%, due 7/1/46 | 4,370,000 | 3,662,958 |
Series A | ||
5.00%, due 7/1/38 | 4,580,000 | 4,687,101 |
New York State Dormitory Authority, Pace University, Revenue Bonds | ||
Series A | ||
4.00%, due 5/1/33 | 400,000 | 365,077 |
Series A | ||
4.25%, due 5/1/42 | 450,000 | 368,292 |
Principal Amount | Value | |
Education (continued) | ||
New York State Dormitory Authority, Rockefeller University, Revenue Bonds | ||
Series B | ||
5.00%, due 7/1/50 | $ 5,000,000 | $ 5,015,713 |
New York State Dormitory Authority, School Districts Financing Program, Revenue Bonds | ||
Series A, Insured: AGM State Aid Withholding | �� | |
5.00%, due 10/1/43 | 500,000 | 504,138 |
Series A, Insured: AGM State Aid Withholding | ||
5.25%, due 10/1/50 | 5,000,000 | 5,082,492 |
New York State Dormitory Authority, St. John's University, Revenue Bonds | ||
5.00%, due 7/1/38 | 5,740,000 | 5,896,536 |
New York State Dormitory Authority, St. Joseph's College, Revenue Bonds | ||
4.00%, due 7/1/40 | 200,000 | 165,551 |
Oneida County Local Development Corp., Utica College Project, Revenue Bonds | ||
5.00%, due 7/1/49 | 3,250,000 | 2,838,586 |
Onondaga County Trust for Cultural Resources, Syracuse University Project, Revenue Bonds | ||
4.00%, due 12/1/49 | 3,080,000 | 2,547,602 |
Orange County Funding Corp., Mount St. Mary College, Revenue Bonds | ||
Series A | ||
5.00%, due 7/1/42 | 1,010,000 | 909,751 |
Riverhead Industrial Development Agency, Riverhead Charter School, Revenue Bonds | ||
Series A | ||
7.00%, due 8/1/43 | 925,000 | 926,206 |
Series 2013A | ||
7.00%, due 8/1/48 | 730,000 | 730,904 |
Saratoga County Capital Resource Corp., Skidmore College, Revenue Bonds | ||
Series A | ||
5.00%, due 7/1/45 | 1,220,000 | 1,225,367 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Education (continued) | ||
Schenectady County Capital Resource Corp., Union College Project, Revenue Bonds | ||
5.25%, due 7/1/52 | $ 1,000,000 | $ 1,018,347 |
St. Lawrence County Industrial Development Agency, Clarkson University Project, Revenue Bonds | ||
5.00%, due 9/1/47 | 2,975,000 | 2,670,783 |
Syracuse Industrial Development Agency, Syracuse City School District Project, Revenue Bonds | ||
Series A, Insured: State Aid Withholding | ||
3.25%, due 5/1/34 | 1,000,000 | 884,435 |
Troy Capital Resource Corp., Rensselaer Polytechnic Institute, Revenue Bonds | ||
5.00%, due 8/1/32 | 1,000,000 | 1,008,496 |
Series A | ||
5.00%, due 9/1/39 | 2,000,000 | 1,979,152 |
Yonkers Economic Development Corp., Charter School of Educational Excellence Project, Revenue Bonds | ||
Series A | ||
4.00%, due 10/15/29 | 200,000 | 183,413 |
Series A | ||
5.00%, due 10/15/39 | 1,330,000 | 1,169,726 |
Series A | ||
5.00%, due 10/15/49 | 990,000 | 801,775 |
Series A | ||
5.00%, due 10/15/50 | 1,350,000 | 1,086,723 |
Yonkers Industrial Development Agency, New Community School Project, Revenue Bonds | ||
Insured: State Aid Withholding | ||
4.00%, due 5/1/51 | 3,500,000 | 2,826,958 |
141,369,970 | ||
General Obligation 12.0% | ||
City of Glens Falls, Public Improvement, Limited General Obligation | ||
Insured: AGM | ||
4.00%, due 1/15/31 | 500,000 | 497,496 |
Insured: AGM | ||
4.00%, due 1/15/32 | 315,000 | 311,846 |
Principal Amount | Value | |
General Obligation (continued) | ||
City of Glens Falls, Public Improvement, Limited General Obligation (continued) | ||
Insured: AGM | ||
4.00%, due 1/15/33 | $ 250,000 | $ 245,298 |
City of Middletown, Limited General Obligation | ||
4.50%, due 8/23/24 | 5,000,000 | 5,018,981 |
City of New York, Unlimited General Obligation | ||
Series E-1 | ||
4.00%, due 4/1/45 | 5,500,000 | 4,748,802 |
Series A-1 | ||
4.00%, due 8/1/50 | 2,000,000 | 1,672,368 |
Series F-1 | ||
5.00%, due 4/1/39 | 6,000,000 | 6,080,902 |
Series A-1 | ||
5.00%, due 8/1/43 | 4,400,000 | 4,436,366 |
Series B-1 | ||
5.25%, due 10/1/41 | 2,500,000 | 2,607,030 |
Series D-1 | ||
5.25%, due 5/1/42 | 9,000,000 | 9,329,150 |
Series A-1 | ||
5.25%, due 9/1/43 | 5,500,000 | 5,695,259 |
Series B-1 | ||
5.25%, due 10/1/43 | 3,000,000 | 3,107,392 |
Series E-1 | ||
5.25%, due 4/1/47 | 4,750,000 | 4,875,304 |
City of Newburgh, Limited General Obligation | ||
Series A, Insured: AGM | ||
3.50%, due 7/15/36 | 725,000 | 586,819 |
City of Ogdensburg, Public Improvement, Limited General Obligation | ||
5.50%, due 4/15/24 | 45,000 | 44,789 |
5.50%, due 4/15/26 | 50,000 | 48,281 |
5.50%, due 4/15/28 | 55,000 | 51,087 |
City of Poughkeepsie, Public Improvement, Limited General Obligation | ||
5.00%, due 6/1/31 | 600,000 | 593,842 |
City of Yonkers, Limited General Obligation | ||
Series A, Insured: BAM | ||
4.00%, due 9/1/31 | 1,500,000 | 1,485,021 |
Series A, Insured: BAM | ||
4.00%, due 5/1/35 | 1,550,000 | 1,483,059 |
14 | MainStay MacKay New York Tax Free Opportunities Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
General Obligation (continued) | ||
City of Yonkers, Limited General Obligation (continued) | ||
Series A, Insured: BAM | ||
4.00%, due 5/1/37 | $ 2,000,000 | $ 1,821,215 |
Commonwealth of Puerto Rico, Unlimited General Obligation | ||
Series A-1 | ||
(zero coupon), due 7/1/33 | 1,351,801 | 774,305 |
Series A-1 | ||
4.00%, due 7/1/33 | 2,000,000 | 1,743,127 |
Series A-1 | ||
4.00%, due 7/1/35 | 5,029,180 | 4,227,481 |
Series A-1 | ||
5.625%, due 7/1/27 | 1,170,000 | 1,191,179 |
County of Clinton, Limited General Obligation | ||
Insured: AGM | ||
4.00%, due 6/1/38 (b) | 1,500,000 | 1,280,403 |
County of Nassau, Limited General Obligation | ||
Series B, Insured: AGM | ||
5.00%, due 4/1/44 | 4,870,000 | 4,949,896 |
County of Onondaga, Limited General Obligation | ||
3.00%, due 6/1/39 | 2,150,000 | 1,657,060 |
3.25%, due 4/15/34 | 1,250,000 | 1,111,078 |
County of Rockland, Various Purpose, Limited General Obligation | ||
Insured: AGM | ||
4.00%, due 5/1/44 | 915,000 | 771,449 |
Insured: AGM | ||
4.00%, due 5/1/45 | 950,000 | 795,917 |
Insured: AGM | ||
4.00%, due 5/1/46 | 985,000 | 818,377 |
Insured: AGM | ||
4.00%, due 5/1/48 | 1,065,000 | 877,594 |
County of Suffolk, Public Improvement, Limited General Obligation | ||
Series B, Insured: AGM | ||
3.00%, due 10/15/32 | 5,480,000 | 4,845,213 |
Series A, Insured: AGM | ||
3.25%, due 6/1/36 | 715,000 | 596,966 |
Series A, Insured: AGM | ||
3.25%, due 6/1/37 | 725,000 | 585,949 |
Series A, Insured: BAM | ||
4.00%, due 4/1/33 | 2,190,000 | 2,176,167 |
Principal Amount | Value | |
General Obligation (continued) | ||
Harrison Central School District, Unlimited General Obligation | ||
Insured: State Aid Withholding | ||
3.50%, due 3/15/44 | $ 1,015,000 | $ 824,573 |
Insured: State Aid Withholding | ||
3.50%, due 3/15/45 | 1,055,000 | 847,717 |
Insured: State Aid Withholding | ||
3.55%, due 3/15/47 | 1,130,000 | 905,575 |
Lackawanna City School District, Unlimited General Obligation | ||
Insured: BAM State Aid Withholding | ||
4.00%, due 6/15/32 | 745,000 | 732,813 |
Oswego City School District, Unlimited General Obligation | ||
Insured: State Aid Withholding | ||
4.75%, due 7/19/24 | 12,500,000 | 12,543,558 |
Poughkeepsie School District, New York School District Refunding, Unlimited General Obligation | ||
Insured: AGM State Aid Withholding | ||
3.00%, due 5/1/33 | 400,000 | 353,641 |
Three Village Central School District, Brookhaven & Smithtown, Limited General Obligation | ||
Insured: State Aid Withholding | ||
4.50%, due 6/24/24 | 3,005,000 | 3,014,667 |
Town of Wallkill, Limited General Obligation | ||
5.00%, due 7/25/24 | 10,000,000 | 10,062,304 |
Uniondale Union Free School District, Unlimited General Obligation | ||
Insured: State Aid Withholding | ||
2.00%, due 5/1/38 | 3,115,000 | 2,016,272 |
Insured: State Aid Withholding | ||
2.00%, due 5/1/39 | 3,195,000 | 2,015,046 |
Insured: State Aid Withholding | ||
2.00%, due 5/1/40 | 3,500,000 | 2,141,452 |
Insured: State Aid Withholding | ||
2.00%, due 5/1/41 | 3,500,000 | 2,086,228 |
Village of Valley Stream, Various Purpose, Limited General Obligation | ||
Insured: BAM | ||
4.00%, due 4/1/33 | 490,000 | 468,262 |
Insured: BAM | ||
4.00%, due 4/1/34 | 510,000 | 489,947 |
Insured: BAM | ||
4.00%, due 4/1/35 | 530,000 | 503,333 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
General Obligation (continued) | ||
Village of Valley Stream, Various Purpose, Limited General Obligation (continued) | ||
Insured: BAM | ||
4.00%, due 4/1/36 | $ 550,000 | $ 508,719 |
Insured: BAM | ||
4.00%, due 4/1/37 | 570,000 | 509,473 |
123,166,048 | ||
Hospital 5.1% | ||
Brookhaven Local Development Corp., Long Island Community Hospital Health Care Services Foundation, Revenue Bonds | ||
Series A, Insured: AGM-CR | ||
3.375%, due 10/1/40 | 7,990,000 | 6,212,830 |
Brookhaven Local Development Corp., Long Island Community Hospital Project, Revenue Bonds | ||
Series A | ||
5.00%, due 10/1/35 | 1,000,000 | 1,017,829 |
Series A | ||
5.00%, due 10/1/50 | 6,250,000 | 5,763,137 |
Broome County Local Development Corp., United Health Services Hospitals Obligated Group, Revenue Bonds | ||
Insured: AGM | ||
3.00%, due 4/1/50 | 6,835,000 | 4,409,146 |
Build NYC Resource Corp., Children's Aid Society Project (The), Revenue Bonds | ||
4.00%, due 7/1/49 | 1,300,000 | 1,020,420 |
Genesee County Funding Corp. (The), Rochester Regional Health Obligated Group, Revenue Bonds | ||
Series A | ||
5.00%, due 12/1/24 | 200,000 | 200,548 |
Series A | ||
5.00%, due 12/1/25 | 215,000 | 216,096 |
Series A | ||
5.00%, due 12/1/26 | 340,000 | 343,403 |
Series A | ||
5.00%, due 12/1/27 | 400,000 | 402,477 |
Series A | ||
5.00%, due 12/1/28 | 600,000 | 605,302 |
Principal Amount | Value | |
Hospital (continued) | ||
Jefferson County Civic Facility Development Corp., Samaritan Medical Center Project, Revenue Bonds | ||
Series A | ||
4.00%, due 11/1/31 | $ 2,705,000 | $ 2,392,505 |
Monroe County Industrial Development Corp., Highland Hospital, Revenue Bonds | ||
4.00%, due 7/1/40 | 2,500,000 | 2,105,050 |
Monroe County Industrial Development Corp., Rochester General Hospital (The), Revenue Bonds | ||
Series A | ||
5.00%, due 12/1/32 | 540,000 | 540,485 |
Series A | ||
5.00%, due 12/1/42 | 1,000,000 | 906,658 |
Nassau County Local Economic Assistance Corp., Catholic Health Services of Long Island Obligated Group, Revenue Bonds | �� | |
5.00%, due 7/1/34 | 250,000 | 250,176 |
New York State Dormitory Authority, Garnet Health Medical Center Obligated Group, Revenue Bonds (a) | ||
5.00%, due 12/1/31 | 1,000,000 | 930,107 |
5.00%, due 12/1/32 | 3,000,000 | 2,768,261 |
New York State Dormitory Authority, Memorial Sloan-Kettering Cancer Center, Revenue Bonds | ||
Series 1 | ||
4.00%, due 7/1/37 | 470,000 | 437,946 |
New York State Dormitory Authority, NYU Langone Hospitals Obligated Group, Revenue Bonds | ||
Series A | ||
3.00%, due 7/1/48 | 2,375,000 | 1,575,599 |
Series A | ||
4.00%, due 7/1/40 | 1,000,000 | 889,366 |
Series A | ||
4.00%, due 7/1/50 | 3,005,000 | 2,417,751 |
Series A | ||
4.00%, due 7/1/53 | 8,450,000 | 6,691,443 |
16 | MainStay MacKay New York Tax Free Opportunities Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Hospital (continued) | ||
New York State Dormitory Authority, Orange Regional Medical Center Obligated Group, Revenue Bonds | ||
5.00%, due 12/1/35 (a) | $ 100,000 | $ 92,414 |
Oneida County Local Development Corp., Mohawk Valley Health System Project, Revenue Bonds | ||
Series A, Insured: AGM | ||
3.00%, due 12/1/44 | 4,150,000 | 2,789,147 |
Series A, Insured: AGM | ||
4.00%, due 12/1/34 | 1,585,000 | 1,472,680 |
Series A, Insured: AGM | ||
4.00%, due 12/1/49 | 7,940,000 | 6,181,709 |
Suffolk County Economic Development Corp., Catholic Health Services of Long Island Obligated Group, Revenue Bonds | ||
Series C | ||
5.00%, due 7/1/33 | 250,000 | 250,214 |
52,882,699 | ||
Housing 1.0% | ||
Albany Capital Resource Corp., Empire Commons Student Housing, Inc., Revenue Bonds | ||
Series A | ||
5.00%, due 5/1/29 | 600,000 | 609,560 |
Series A | ||
5.00%, due 5/1/30 | 350,000 | 355,494 |
Amherst Development Corp., UBF Faculty-Student Housing Corp., Revenue Bonds | ||
Series A, Insured: AGM | ||
5.00%, due 10/1/45 | 2,000,000 | 2,022,874 |
New York City Housing Development Corp., College of Staten Island Residences, Revenue Bonds | ||
Series A, Insured: AGM | ||
3.25%, due 7/1/27 | 2,395,000 | 2,339,857 |
New York State Dormitory Authority, University Facilities, Revenue Bonds | ||
Series A | ||
5.00%, due 7/1/43 | 1,500,000 | 1,510,930 |
Principal Amount | Value | |
Housing (continued) | ||
Onondaga Civic Development Corp., Onondaga Community College Housing Development Corp., Revenue Bonds | ||
Series A | ||
5.00%, due 10/1/24 | $ 400,000 | $ 394,390 |
Series A | ||
5.00%, due 10/1/25 | 250,000 | 242,860 |
Westchester County Local Development Corp., Purchase Housing Corp. II Project, Revenue Bonds | ||
5.00%, due 6/1/29 | 185,000 | 186,499 |
5.00%, due 6/1/30 | 330,000 | 332,566 |
5.00%, due 6/1/31 | 320,000 | 322,384 |
5.00%, due 6/1/37 | 1,000,000 | 970,228 |
5.00%, due 6/1/42 | 1,000,000 | 930,824 |
10,218,466 | ||
Other Revenue 38.9% | ||
Battery Park City Authority, Revenue Bonds, Senior Lien | ||
Series A | ||
4.00%, due 11/1/44 | 10,635,000 | 9,322,098 |
Series A | ||
5.00%, due 11/1/44 | 9,630,000 | 9,904,797 |
Series A | ||
5.00%, due 11/1/53 | 12,500,000 | 12,665,514 |
Brookhaven Local Development Corp., Jefferson's Ferry Project, Revenue Bonds | ||
Series A | ||
4.00%, due 11/1/55 | 3,565,000 | 2,494,338 |
5.25%, due 11/1/36 | 1,130,000 | 1,098,901 |
Broome County Local Development Corp., Good Shepherd Village at Endwell, Revenue Bonds | ||
4.00%, due 7/1/31 | 1,565,000 | 1,369,570 |
4.00%, due 7/1/36 | 2,100,000 | 1,662,303 |
4.00%, due 7/1/47 | 1,160,000 | 764,307 |
Build NYC Resource Corp., Pratt Paper, Inc. Project, Revenue Bonds | ||
5.00%, due 1/1/35 (a)(b) | 4,305,000 | 4,200,443 |
Build NYC Resource Corp., Royal Charter Properties, Inc., Revenue Bonds | ||
Insured: AGM | ||
4.75%, due 12/15/32 | 2,000,000 | 1,906,124 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Other Revenue (continued) | ||
Chautauqua Tobacco Asset Securitization Corp., Revenue Bonds | ||
5.00%, due 6/1/34 | $ 750,000 | $ 701,882 |
Children's Trust Fund, Asset-Backed, Revenue Bonds | ||
Series A | ||
(zero coupon), due 5/15/50 | 2,500,000 | 403,772 |
5.625%, due 5/15/43 | 2,300,000 | 2,311,793 |
City of New York, Lincoln Center for the Performing Arts, Inc., Revenue Bonds | ||
Series A | ||
4.00%, due 12/1/33 | 5,350,000 | 5,194,980 |
Development Authority of the North Country, Solid Waste Management System, Revenue Bonds | ||
Insured: AGM | ||
3.25%, due 9/1/39 | 550,000 | 422,857 |
Insured: AGM | ||
3.25%, due 9/1/40 | 570,000 | 430,704 |
Dutchess County Local Development Corp., Health Quest Systems, Inc., Revenue Bonds | ||
Series A | ||
5.00%, due 7/1/34 | 500,000 | 503,726 |
Dutchess County Resource Recovery Agency, Solid Waste System, Revenue Bonds (b) | ||
5.00%, due 1/1/25 | 1,000,000 | 1,002,942 |
5.00%, due 1/1/26 | 1,000,000 | 1,004,795 |
Erie Tobacco Asset Securitization Corp., Tobacco Settlement, Asset-Backed, Revenue Bonds | ||
Series B | ||
(zero coupon), due 6/1/47 | 18,000,000 | 3,034,154 |
Hudson Yards Infrastructure Corp., Second Indenture, Revenue Bonds | ||
Series A | ||
4.00%, due 2/15/40 | 3,250,000 | 2,896,532 |
Series A | ||
5.00%, due 2/15/31 | 3,085,000 | 3,171,040 |
Series A | ||
5.00%, due 2/15/35 | 3,470,000 | 3,542,239 |
Series A | ||
5.00%, due 2/15/36 | 5,165,000 | 5,246,422 |
Principal Amount | Value | |
Other Revenue (continued) | ||
Hudson Yards Infrastructure Corp., Second Indenture, Revenue Bonds (continued) | ||
Series A | ||
5.00%, due 2/15/42 | $ 4,000,000 | $ 3,970,123 |
Series A, Insured: BAM | ||
5.00%, due 2/15/42 | 7,500,000 | 7,443,981 |
Huntington Local Development Corp., Fountaingate Gardens Project, Revenue Bonds | ||
Series A | ||
5.00%, due 7/1/36 | 900,000 | 745,718 |
Series A | ||
5.25%, due 7/1/56 | 1,745,000 | 1,249,250 |
Long Island Power Authority, Electric System, Revenue Bonds | ||
Series B | ||
5.00%, due 9/1/33 | 4,440,000 | 4,509,014 |
Series B | ||
5.00%, due 9/1/35 | 2,500,000 | 2,530,231 |
5.00%, due 9/1/37 | 2,000,000 | 2,051,816 |
5.00%, due 9/1/38 | 2,500,000 | 2,554,887 |
Series A | ||
5.00%, due 9/1/44 | 6,225,000 | 6,158,023 |
Series B | ||
5.00%, due 9/1/45 | 2,000,000 | 1,994,638 |
Matching Fund Special Purpose Securitization Corp., Revenue Bonds | ||
Series A | ||
5.00%, due 10/1/30 | 3,140,000 | 3,108,127 |
Series A | ||
5.00%, due 10/1/32 | 3,140,000 | 3,087,561 |
Series A | ||
5.00%, due 10/1/39 | 10,915,000 | 10,351,739 |
Metropolitan Transportation Authority, Dedicated Tax Fund, Revenue Bonds | ||
Series B-2 | ||
4.00%, due 11/15/34 | 4,000,000 | 3,891,442 |
Series A | ||
5.00%, due 11/15/49 | 2,000,000 | 1,982,873 |
Monroe County Industrial Development Corp., St. Ann's Community Project, Revenue Bonds | ||
5.00%, due 1/1/50 | 1,630,000 | 1,214,627 |
18 | MainStay MacKay New York Tax Free Opportunities Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Other Revenue (continued) | ||
Nassau County Tobacco Settlement Corp., Tobacco Settlement, Asset-Backed, Revenue Bonds | ||
Series A-3 | ||
5.00%, due 6/1/35 | $ 750,000 | $ 658,284 |
New York City Housing Development Corp., Multi-Family Housing, Sustainable Neighborhood, Revenue Bonds | ||
Series F-2A, Insured: FHA 542(C) | ||
3.40%, due 11/1/62 (c) | 4,000,000 | 3,837,313 |
Series G | ||
3.85%, due 11/1/45 | 595,000 | 468,959 |
Series I-1-A | ||
4.05%, due 11/1/41 | 1,000,000 | 885,148 |
Series F-1, Insured: FHA 542(C) | ||
4.30%, due 11/1/37 | 1,500,000 | 1,357,657 |
New York City Housing Development Corp., Multi-Family Housing, Sustainable Neighborhood, Green Bond, Revenue Bonds | ||
Series G-1 | ||
3.70%, due 11/1/47 | 1,000,000 | 769,886 |
New York City Industrial Development Agency, Queens Baseball Stadium Project, Revenue Bonds | ||
Series A, Insured: AGM | ||
3.00%, due 1/1/39 | 6,955,000 | 5,246,601 |
Series A, Insured: AGM | ||
3.00%, due 1/1/40 | 8,315,000 | 6,153,684 |
Series A, Insured: AGM | ||
3.00%, due 1/1/46 | 10,000,000 | 6,673,477 |
New York City Industrial Development Agency, TrIPs Obligated Group, Revenue Bonds | ||
Series A | ||
5.00%, due 7/1/28 | 1,295,000 | 1,271,708 |
New York City Industrial Development Agency, Yankee Stadium Project, Revenue Bonds | ||
Series A, Insured: AGC | ||
(zero coupon), due 3/1/40 | 380,000 | 159,860 |
Series A, Insured: AGC | ||
(zero coupon), due 3/1/44 | 1,065,000 | 349,246 |
Series A, Insured: AGC | ||
(zero coupon), due 3/1/45 | 200,000 | 61,628 |
Principal Amount | Value | |
Other Revenue (continued) | ||
New York City Industrial Development Agency, Yankee Stadium Project, Revenue Bonds (continued) | ||
Series A, Insured: AGC | ||
(zero coupon), due 3/1/46 | $ 4,080,000 | $ 1,180,523 |
Series A, Insured: AGC | ||
(zero coupon), due 3/1/47 | 1,115,000 | 303,470 |
Series A, Insured: AGM-CR | ||
3.00%, due 3/1/49 | 10,980,000 | 7,099,930 |
New York City Transitional Finance Authority, Building Aid, Revenue Bonds | ||
Series S-1B, Insured: State Aid Withholding | ||
4.00%, due 7/15/40 | 6,000,000 | 5,366,593 |
Series S-3, Insured: State Aid Withholding | ||
5.00%, due 7/15/43 | 2,500,000 | 2,511,031 |
New York City Transitional Finance Authority, Future Tax Secured, Revenue Bonds | ||
Series C-2 | ||
1.58%, due 5/1/24 | 345,000 | 338,113 |
Series C-1 | ||
4.00%, due 5/1/44 | 4,000,000 | 3,476,252 |
Series E-1 | ||
4.00%, due 2/1/46 | 5,440,000 | 4,665,417 |
Series B-1 | ||
5.00%, due 11/1/36 | 19,585,000 | 20,260,434 |
Series F-1 | ||
5.00%, due 2/1/47 | 5,000,000 | 5,017,625 |
Series D-1 | ||
5.50%, due 11/1/45 | 2,500,000 | 2,634,924 |
Series B | ||
5.50%, due 5/1/47 | 2,830,000 | 2,982,096 |
New York Convention Center Development Corp., Hotel Unit Fee, Revenue Bonds | ||
5.00%, due 11/15/26 | 6,000,000 | 6,020,693 |
5.00%, due 11/15/40 | 1,620,000 | 1,584,882 |
New York Convention Center Development Corp., Hotel Unit Fee, Revenue Bonds, Senior Lien | ||
Series A | ||
(zero coupon), due 11/15/47 | 6,500,000 | 1,611,857 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Other Revenue (continued) | ||
New York Convention Center Development Corp., Hotel Unit Fee, Revenue Bonds, Sub. Lien | ||
Series B, Insured: BAM | ||
(zero coupon), due 11/15/41 | $ 2,320,000 | $ 836,430 |
Series B, Insured: BAM | ||
(zero coupon), due 11/15/43 | 4,800,000 | 1,517,111 |
New York Counties Tobacco Trust IV, Settlement Pass Through, Revenue Bonds | ||
Series A | ||
5.00%, due 6/1/42 | 1,000,000 | 876,649 |
Series A | ||
5.00%, due 6/1/45 | 245,000 | 209,746 |
Series A | ||
6.25%, due 6/1/41 (a) | 4,700,000 | 4,538,255 |
New York Counties Tobacco Trust V, Pass Through, Capital Appreciation, Revenue Bonds | ||
Series S-1 | ||
(zero coupon), due 6/1/38 | 1,600,000 | 603,661 |
New York Counties Tobacco Trust VI, Tobacco Settlement Pass Through, Revenue Bonds | ||
Series B | ||
5.00%, due 6/1/30 | 135,000 | 137,061 |
New York Liberty Development Corp., 1 World Trade Center, Revenue Bonds | ||
Insured: BAM | ||
2.75%, due 2/15/44 | 8,000,000 | 5,359,798 |
Insured: AGM-CR | ||
4.00%, due 2/15/43 | 6,665,000 | 5,655,135 |
New York Liberty Development Corp., 3 World Trade Center LLC, Revenue Bonds | ||
Class 1 | ||
5.00%, due 11/15/44 (a) | 5,660,000 | 5,069,381 |
New York Liberty Development Corp., 4 World Trade Center LLC, Revenue Bonds | ||
Series A | ||
2.75%, due 11/15/41 | 3,515,000 | 2,405,040 |
Principal Amount | Value | |
Other Revenue (continued) | ||
New York Liberty Development Corp., 7 World Trade Center Project, Revenue Bonds | ||
Series A | ||
3.00%, due 9/15/43 | $ 1,250,000 | $ 874,066 |
New York Liberty Development Corp., Goldman Sachs Headquarters LLC, Revenue Bonds | ||
5.50%, due 10/1/37 | 700,000 | 727,687 |
New York State Dormitory Authority, Personal Income Tax, Revenue Bonds | ||
Series A | ||
5.00%, due 2/15/41 | 2,050,000 | 2,063,557 |
New York State Dormitory Authority, Sales Tax, Revenue Bonds | ||
Series A | ||
5.00%, due 3/15/35 | 3,000,000 | 2,989,916 |
New York State Dormitory Authority, State Personal Income Tax, Revenue Bonds | ||
Series A | ||
4.00%, due 3/15/39 | 8,000,000 | 7,203,645 |
Series E | ||
4.00%, due 3/15/45 | 2,000,000 | 1,732,241 |
New York State Energy Research & Development Authority, New York State Electric & Gas Corp., Revenue Bonds | ||
Series D | ||
3.50%, due 10/1/29 | 2,500,000 | 2,314,431 |
Series C | ||
4.00%, due 4/1/34 | 3,000,000 | 2,798,114 |
New York State Energy Research & Development Authority, Revolving Loan Fund, Revenue Bonds | ||
Series A | ||
6.096%, due 4/1/27 | 1,755,000 | 1,740,257 |
Series A | ||
6.146%, due 4/1/28 | 1,350,000 | 1,332,679 |
Series A | ||
6.205%, due 4/1/29 | 1,105,000 | 1,085,823 |
Series A | ||
6.255%, due 4/1/30 | 1,050,000 | 1,027,091 |
Series A | ||
6.308%, due 4/1/31 | 1,000,000 | 973,418 |
20 | MainStay MacKay New York Tax Free Opportunities Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Other Revenue (continued) | ||
New York State Housing Finance Agency, Revenue Bonds | ||
Series G-2, Insured: SONYMA HUD Sector 8 | ||
3.45%, due 5/1/62 (c) | $ 5,750,000 | $ 5,626,200 |
Series C, Insured: FHA 542(C) | ||
4.15%, due 5/1/47 | 12,470,000 | 10,089,660 |
New York State Urban Development Corp., Personal Income Tax, Revenue Bonds | ||
Series E | ||
4.00%, due 3/15/43 | 2,885,000 | 2,520,172 |
New York State Urban Development Corp., Sales Tax, Revenue Bonds | ||
Series A | ||
4.00%, due 3/15/37 | 4,000,000 | 3,787,543 |
New York Transportation Development Corp., American Airlines, Inc. John F. Kennedy International Airport Project, Revenue Bonds | ||
5.25%, due 8/1/31 (b) | 1,290,000 | 1,288,765 |
New York Transportation Development Corp., Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project, Revenue Bonds (b) | ||
4.375%, due 10/1/45 | 6,200,000 | 5,124,998 |
5.00%, due 10/1/35 | 3,000,000 | 2,852,770 |
New York Transportation Development Corp., New York State Thruway Service Areas Project, Revenue Bonds (b) | ||
4.00%, due 10/31/46 | 2,595,000 | 2,058,519 |
4.00%, due 4/30/53 | 2,505,000 | 1,885,424 |
Niagara Tobacco Asset Securitization Corp., Tobacco Settlement, Asset-Backed, Revenue Bonds | ||
5.25%, due 5/15/40 | 500,000 | 472,518 |
Puerto Rico Sales Tax Financing Corp., Revenue Bonds | ||
Series A-2 | ||
4.784%, due 7/1/58 | 15,807,000 | 13,295,323 |
Series A-1 | ||
5.00%, due 7/1/58 | 1,189,000 | 1,040,979 |
Principal Amount | Value | |
Other Revenue (continued) | ||
Rockland Tobacco Asset Securitization Corp., Tobacco Settlement, Asset-Backed, Revenue Bonds | ||
Series B | ||
(zero coupon), due 8/15/50 (a) | $ 13,000,000 | $ 2,021,571 |
Southold Local Development Corp., Peconic Landing, Inc. Project, Revenue Bonds | ||
5.00%, due 12/1/45 | 1,625,000 | 1,385,147 |
State of New York, Mortgage Agency, Revenue Bonds | ||
Series 221 | ||
3.50%, due 10/1/32 (b) | 4,240,000 | 4,057,531 |
Series 213 | ||
4.25%, due 10/1/47 | 455,000 | 447,136 |
Suffolk County Economic Development Corp., Peconic Landing at Southold, Inc., Revenue Bonds | ||
Series A | ||
5.00%, due 12/1/29 | 175,000 | 169,952 |
Series A | ||
5.00%, due 12/1/34 | 165,000 | 153,896 |
Series A | ||
5.00%, due 12/1/40 | 175,000 | 155,764 |
Suffolk Tobacco Asset Securitization Corp., Tobacco Settlement, Asset Backed, Revenue Bonds | ||
Series A-1 | ||
1.015%, due 6/1/24 | 1,000,000 | 973,832 |
Territory of Guam, Business Privilege Tax, Revenue Bonds | ||
Series F | ||
4.00%, due 1/1/36 | 2,000,000 | 1,799,279 |
Series D | ||
4.00%, due 11/15/39 | 1,005,000 | 809,846 |
Series D | ||
5.00%, due 11/15/27 | 2,825,000 | 2,815,636 |
Territory of Guam, Section 30, Revenue Bonds | ||
Series A | ||
5.00%, due 12/1/36 | 1,020,000 | 979,968 |
Tompkins County Development Corp., Kendal at Ithaca Project, Revenue Bonds | ||
Series 2014A | ||
5.00%, due 7/1/44 | 690,000 | 600,733 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Other Revenue (continued) | ||
Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels, Revenue Bonds | ||
Series A | ||
5.00%, due 5/15/48 | $ 5,000,000 | $ 5,030,061 |
Series A | ||
5.50%, due 5/15/63 | 10,450,000 | 10,865,227 |
Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels, Revenue Bonds, Senior Lien | ||
Series C | ||
5.25%, due 11/15/40 | 9,500,000 | 9,981,545 |
Series C | ||
5.25%, due 11/15/42 | 1,000,000 | 1,043,386 |
Series C | ||
5.25%, due 5/15/52 | 9,885,000 | 10,055,231 |
TSASC, Inc., Tobacco Settlement Bonds, Revenue Bonds | ||
Series A | ||
5.00%, due 6/1/41 | 2,000,000 | 1,958,697 |
Series B | ||
5.00%, due 6/1/48 | 9,890,000 | 8,314,491 |
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan, Revenue Bonds | ||
Series A | ||
5.00%, due 10/1/29 (a) | 1,000,000 | 919,650 |
Series A | ||
5.00%, due 10/1/32 | 1,000,000 | 887,725 |
Series A, Insured: AGM-CR | ||
5.00%, due 10/1/32 | 1,200,000 | 1,194,860 |
Westchester County Local Development Corp., Kendal on Hudson Project, Revenue Bonds | ||
Series B | ||
5.00%, due 1/1/51 | 2,500,000 | 2,134,173 |
Westchester County Local Development Corp., Miriam Osborn Memorial Home Association Project, Revenue Bonds | ||
5.00%, due 7/1/27 | 270,000 | 272,357 |
5.00%, due 7/1/28 | 270,000 | 273,566 |
5.00%, due 7/1/29 | 100,000 | 101,335 |
5.00%, due 7/1/34 | 200,000 | 202,384 |
Principal Amount | Value | |
Other Revenue (continued) | ||
Westchester Tobacco Asset Securitization Corp., Tobacco Settlement, Asset-Backed, Revenue Bonds, Senior Lien | ||
Series B | ||
5.00%, due 6/1/41 | $ 250,000 | $ 248,170 |
Yonkers Industrial Development Agency, New Community School Project, Revenue Bonds | ||
Insured: State Aid Withholding | ||
5.25%, due 5/1/51 | 1,280,000 | 1,303,883 |
400,318,669 | ||
Transportation 12.8% | ||
Albany County Airport Authority, Revenue Bonds | ||
4.00%, due 12/15/44 | 835,000 | 711,253 |
Series A | ||
5.00%, due 12/15/43 | 1,750,000 | 1,706,109 |
Series A | ||
5.00%, due 12/15/48 | 2,585,000 | 2,509,287 |
Buffalo & Fort Erie Public Bridge Authority, Revenue Bonds | ||
5.00%, due 1/1/47 | 2,095,000 | 2,059,220 |
Metropolitan Transportation Authority, Revenue Bonds | ||
Series D | ||
5.00%, due 11/15/29 | 550,000 | 560,839 |
Series B | ||
5.00%, due 11/15/40 | 2,500,000 | 2,463,204 |
Series A-2, Insured: AGM | ||
5.00%, due 11/15/44 | 9,000,000 | 8,895,852 |
Series B, Insured: BAM | ||
5.00%, due 11/15/52 | 8,425,000 | 8,229,772 |
Metropolitan Transportation Authority, Climate Certified Green Bond, Revenue Bonds | ||
Series C, Insured: AGM | ||
4.00%, due 11/15/47 | 5,920,000 | 4,883,033 |
Metropolitan Transportation Authority, Green Bond, Revenue Bonds | ||
Series C-2, Insured: BAM | ||
(zero coupon), due 11/15/40 | 9,325,000 | 3,735,211 |
Series A-1, Insured: AGM | ||
4.00%, due 11/15/42 | 2,180,000 | 1,877,721 |
Series C, Insured: AGM | ||
4.00%, due 11/15/46 | 1,600,000 | 1,329,380 |
22 | MainStay MacKay New York Tax Free Opportunities Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Transportation (continued) | ||
Metropolitan Transportation Authority, Green Bond, Revenue Bonds (continued) | ||
Series D | ||
4.00%, due 11/15/48 | $ 300,000 | $ 244,259 |
New York State Thruway Authority, Revenue Bonds | ||
Series L | ||
4.00%, due 1/1/36 | 2,500,000 | 2,353,657 |
Series O | ||
4.00%, due 1/1/39 | 6,000,000 | 5,326,169 |
Series B, Insured: AGM | ||
4.00%, due 1/1/45 | 4,450,000 | 3,743,141 |
New York State Thruway Authority, General Revenue Junior Indebtedness Obligation, Revenue Bonds, Junior Lien | ||
Series B, Insured: BAM | ||
4.00%, due 1/1/45 | 9,050,000 | 7,670,728 |
New York Transportation Development Corp., LaGuardia Airport Terminal B Redevelopment Project, Revenue Bonds | ||
Series A | ||
5.00%, due 7/1/41 (b) | 3,000,000 | 2,848,847 |
New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project, Revenue Bonds (b) | ||
Series A | ||
4.00%, due 12/1/41 | 1,300,000 | 1,067,024 |
Series A | ||
5.00%, due 12/1/29 | 1,250,000 | 1,267,889 |
Series A | ||
5.00%, due 12/1/36 | 1,600,000 | 1,593,504 |
5.00%, due 12/1/37 | 4,000,000 | 3,929,632 |
Niagara Frontier Transportation Authority, Buffalo Niagara International Airport, Revenue Bonds (b) | ||
Series A | ||
5.00%, due 4/1/24 | 490,000 | 490,720 |
Series A | ||
5.00%, due 4/1/27 | 610,000 | 605,955 |
Series A | ||
5.00%, due 4/1/29 | 325,000 | 321,803 |
Principal Amount | Value | |
Transportation (continued) | ||
Niagara Frontier Transportation Authority, Buffalo Niagara International Airport, Revenue Bonds (b) (continued) | ||
Series A | ||
5.00%, due 4/1/29 | $ 600,000 | $ 611,654 |
Series A | ||
5.00%, due 4/1/30 | 375,000 | 379,283 |
Series A | ||
5.00%, due 4/1/31 | 1,350,000 | 1,365,032 |
Series A | ||
5.00%, due 4/1/32 | 400,000 | 404,353 |
Series A | ||
5.00%, due 4/1/34 | 450,000 | 454,239 |
Series A | ||
5.00%, due 4/1/35 | 400,000 | 401,634 |
Series A | ||
5.00%, due 4/1/36 | 600,000 | 588,842 |
Series A | ||
5.00%, due 4/1/38 | 375,000 | 364,186 |
Ogdensburg Bridge and Port Authority, Revenue Bonds | ||
5.75%, due 7/1/47 (a)(b) | 1,985,000 | 1,601,539 |
Port Authority of Guam, Revenue Bonds | ||
Series B | ||
5.00%, due 7/1/36 (b) | 625,000 | 628,531 |
Series B | ||
5.00%, due 7/1/37 (b) | 200,000 | 199,711 |
Series A | ||
5.00%, due 7/1/48 | 1,235,000 | 1,139,573 |
Port Authority of New York & New Jersey, Revenue Bonds (b) | ||
Series 214 | ||
4.00%, due 9/1/43 | 3,000,000 | 2,508,121 |
Series 223 | ||
4.00%, due 7/15/46 | 3,000,000 | 2,422,050 |
Series 178 | ||
5.00%, due 12/1/31 | 16,745,000 | 16,762,737 |
Series 231 | ||
5.50%, due 8/1/47 | 4,000,000 | 4,075,728 |
Port Authority of New York & New Jersey, Revenue Bonds, Third Series | ||
Series 193 | ||
5.00%, due 10/15/34 (b) | 5,775,000 | 5,827,783 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Transportation (continued) | ||
Port Authority of New York & New Jersey, Consolidated 178th, Revenue Bonds | ||
Series 178 | ||
5.00%, due 12/1/38 (b) | $ 1,500,000 | $ 1,501,589 |
Port Authority of New York & New Jersey, Consolidated 1st, Revenue Bonds | ||
Series 207 | ||
5.00%, due 9/15/48 (b) | 2,400,000 | 2,294,611 |
Syracuse Regional Airport Authority, Revenue Bonds (b) | ||
5.00%, due 7/1/26 | 1,000,000 | 1,005,636 |
5.00%, due 7/1/31 | 1,000,000 | 1,013,577 |
5.00%, due 7/1/34 | 775,000 | 777,849 |
Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels, Revenue Bonds | ||
Series A | ||
4.00%, due 11/15/54 | 5,000,000 | 4,114,581 |
Series C-2 | ||
5.00%, due 11/15/42 | 1,000,000 | 1,006,786 |
Series A | ||
5.50%, due 11/15/57 | 10,000,000 | 10,314,691 |
132,188,525 | ||
Utilities 3.4% | ||
Guam Power Authority, Revenue Bonds | ||
Series A | ||
5.00%, due 10/1/33 | 1,055,000 | 1,060,920 |
Series A | ||
5.00%, due 10/1/40 | 3,600,000 | 3,396,145 |
New York Power Authority, Revenue Bonds | ||
Series A | ||
4.00%, due 11/15/50 | 3,500,000 | 2,900,023 |
New York Power Authority, Green Transmission Project, Revenue Bonds | ||
Series A, Insured: AGM | ||
4.00%, due 11/15/47 | 2,620,000 | 2,216,973 |
Series A, Insured: AGM | ||
4.00%, due 11/15/52 | 8,175,000 | 6,735,075 |
Principal Amount | Value | |
Utilities (continued) | ||
Puerto Rico Electric Power Authority, Revenue Bonds | ||
Series UU, Insured: AGM | ||
4.31%, due 7/1/29 | $ 5,000,000 | $ 4,698,997 |
Series TT, Insured: NATL-RE | ||
5.00%, due 7/1/26 | 215,000 | 215,113 |
Series XX | ||
5.25%, due 7/1/40 (d)(e) | 5,630,000 | 1,421,575 |
Utility Debt Securitization Authority, Revenue Bonds | ||
5.00%, due 12/15/38 | 10,210,000 | 10,381,090 |
5.00%, due 12/15/39 | 2,250,000 | 2,284,366 |
35,310,277 | ||
Water & Sewer 9.0% | ||
Albany Municipal Water Finance Authority, Revenue Bonds | ||
Series A | ||
4.00%, due 12/1/50 | 5,670,000 | 4,720,593 |
Buffalo Municipal Water Finance Authority, Revenue Bonds | ||
Series A, Insured: AGM | ||
5.00%, due 7/1/44 | 1,500,000 | 1,547,795 |
Guam Government Waterworks Authority, Water and Wastewater System, Revenue Bonds | ||
Series A | ||
5.00%, due 7/1/35 | 4,000,000 | 3,973,872 |
5.00%, due 1/1/46 | 3,365,000 | 3,085,693 |
Series A | ||
5.00%, due 1/1/50 | 9,975,000 | 8,962,965 |
Monroe County Water Authority, Water System, Revenue Bonds | ||
3.50%, due 3/1/45 | 2,000,000 | 1,557,594 |
5.00%, due 8/1/37 | 750,000 | 750,785 |
New York City Municipal Water Finance Authority, Water & Sewer System Second General Resolution, Revenue Bonds | ||
Series EE | ||
4.00%, due 6/15/45 | 2,000,000 | 1,723,805 |
Series AA | ||
5.00%, due 6/15/38 | 3,500,000 | 3,553,244 |
Series HH | ||
5.00%, due 6/15/39 | 3,500,000 | 3,502,970 |
Series AA | ||
5.00%, due 6/15/40 | 2,250,000 | 2,301,862 |
24 | MainStay MacKay New York Tax Free Opportunities Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Water & Sewer (continued) | ||
New York City Municipal Water Finance Authority, Water & Sewer System Second General Resolution, Revenue Bonds (continued) | ||
Series GG-1 | ||
5.00%, due 6/15/48 | $ 1,000,000 | $ 1,005,541 |
Series DD-2 | ||
5.25%, due 6/15/47 | 6,435,000 | 6,657,515 |
Series AA-1 | ||
5.25%, due 6/15/52 | 18,280,000 | 18,786,435 |
New York State Environmental Facilities Corp., Revolving Loan Fund, Revenue Bonds | ||
Series A | ||
5.00%, due 6/15/51 | 2,000,000 | 2,016,893 |
New York State Environmental Facilities Corp., State Revolving Fund, Revenue Bonds | ||
Series B | ||
5.00%, due 9/15/47 | 7,650,000 | 7,750,039 |
Series A | ||
5.00%, due 2/15/49 | 6,500,000 | 6,558,183 |
Series B | ||
5.25%, due 9/15/52 | 4,850,000 | 5,009,619 |
Niagara Falls Public Water Authority, Water & Sewer System, Revenue Bonds | ||
Series A | ||
5.00%, due 7/15/34 | 770,000 | 789,065 |
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds | ||
Series B | ||
5.00%, due 7/1/37 (a) | 545,000 | 513,975 |
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds, Senior Lien (a) | ||
Series 2020A | ||
5.00%, due 7/1/35 | 5,455,000 | 5,231,113 |
Series A | ||
5.00%, due 7/1/47 | 2,500,000 | 2,223,542 |
92,223,098 | ||
Total Municipal Bonds (Cost $1,077,703,777) | 989,043,441 | |
Shares | Value | ||
Closed-End Funds 0.2% | |||
New York 0.2% | |||
BlackRock New York Municipal Income Trust | 12,602 | $ 110,645 | |
Eaton Vance New York Municipal Bond Fund | 12,636 | 99,319 | |
Nuveen New York AMT-Free Quality Municipal Income Fund | 171,267 | 1,553,392 | |
Total Closed-End Funds (Cost $2,679,437) | 1,763,356 | ||
Short-Term Investment 1.4% | |||
Unaffiliated Investment Company 1.4% | |||
BlackRock Liquidity Funds MuniCash, 3.821% (f) | 14,608,598 | 14,608,598 | |
Total Short-Term Investment (Cost $14,608,598) | 14,608,598 | ||
Total Investments (Cost $1,094,991,812) | 97.6% | 1,005,415,395 | |
Other Assets, Less Liabilities | 2.4 | 24,699,865 | |
Net Assets | 100.0% | $ 1,030,115,260 |
† | Percentages indicated are based on Fund net assets. |
^ | Industry classifications may be different than those used for compliance monitoring purposes. |
(a) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
(b) | Interest on these securities was subject to alternative minimum tax. |
(c) | Coupon rate may change based on changes of the underlying collateral or prepayments of principal. Rate shown was the rate in effect as of October 31, 2023. |
(d) | Issue in default. |
(e) | Issue in non-accrual status. |
(f) | Current yield as of October 31, 2023. |
Abbreviation(s): |
AGC—Assured Guaranty Corp. |
AGM—Assured Guaranty Municipal Corp. |
AMBAC—Ambac Assurance Corp. |
BAM—Build America Mutual Assurance Co. |
CR—Custodial Receipts |
FHA—Federal Housing Administration |
HUD—Housing and Urban Development |
MTA—Metropolitan Transportation Authority |
NATL-RE—National Public Finance Guarantee Corp. |
SONYMA—State of New York Mortgage Agency |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Municipal Bonds | |||||||
Long-Term Municipal Bonds | $ — | $ 989,043,441 | $ — | $ 989,043,441 | |||
Closed-End Funds | 1,763,356 | — | — | 1,763,356 | |||
Short-Term Investment | |||||||
Unaffiliated Investment Company | 14,608,598 | — | — | 14,608,598 | |||
Total Investments in Securities | $ 16,371,954 | $ 989,043,441 | $ — | $ 1,005,415,395 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
26 | MainStay MacKay New York Tax Free Opportunities Fund |
Assets | |
Investment in securities, at value (identified cost $1,094,991,812) | $1,005,415,395 |
Receivables: | |
Dividends and interest | 15,382,727 |
Investment securities sold | 11,499,637 |
Fund shares sold | 7,305,497 |
Other assets | 19,329 |
Total assets | 1,039,622,585 |
Liabilities | |
Payables: | |
Fund shares redeemed | 4,826,734 |
Investment securities purchased | 3,439,620 |
Manager (See Note 3) | 414,962 |
NYLIFE Distributors (See Note 3) | 172,104 |
Transfer agent (See Note 3) | 58,286 |
Custodian | 24,575 |
Professional fees | 22,355 |
Shareholder communication | 1,825 |
Accrued expenses | 2,189 |
Distributions payable | 544,675 |
Total liabilities | 9,507,325 |
Net assets | $1,030,115,260 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 116,385 |
Additional paid-in-capital | 1,256,109,015 |
1,256,225,400 | |
Total distributable earnings (loss) | (226,110,140) |
Net assets | $1,030,115,260 |
Class A | |
Net assets applicable to outstanding shares | $629,501,083 |
Shares of beneficial interest outstanding | 71,129,709 |
Net asset value per share outstanding | $ 8.85 |
Maximum sales charge (3.00% of offering price) | 0.27 |
Maximum offering price per share outstanding | $ 9.12 |
Investor Class | |
Net assets applicable to outstanding shares | $ 328,935 |
Shares of beneficial interest outstanding | 37,165 |
Net asset value per share outstanding | $ 8.85 |
Maximum sales charge (2.50% of offering price) | 0.23 |
Maximum offering price per share outstanding | $ 9.08 |
Class C | |
Net assets applicable to outstanding shares | $ 61,437,641 |
Shares of beneficial interest outstanding | 6,941,298 |
Net asset value and offering price per share outstanding | $ 8.85 |
Class C2 | |
Net assets applicable to outstanding shares | $ 1,476,266 |
Shares of beneficial interest outstanding | 166,880 |
Net asset value and offering price per share outstanding | $ 8.85 |
Class I | |
Net assets applicable to outstanding shares | $334,747,505 |
Shares of beneficial interest outstanding | 37,813,624 |
Net asset value and offering price per share outstanding | $ 8.85 |
Class R6 | |
Net assets applicable to outstanding shares | $ 2,623,830 |
Shares of beneficial interest outstanding | 296,456 |
Net asset value and offering price per share outstanding | $ 8.85 |
Investment Income (Loss) | |
Income | |
Interest | $ 44,794,895 |
Dividends | 87,988 |
Total income | 44,882,883 |
Expenses | |
Manager (See Note 3) | 5,066,237 |
Distribution/Service—Class A (See Note 3) | 1,780,582 |
Distribution/Service—Investor Class (See Note 3) | 853 |
Distribution/Service—Class C (See Note 3) | 355,275 |
Distribution/Service—Class C2 (See Note 3) | 10,889 |
Transfer agent (See Note 3) | 353,146 |
Professional fees | 139,930 |
Custodian | 74,986 |
Trustees | 29,114 |
Registration | 24,953 |
Shareholder communication | 16,873 |
Miscellaneous | 36,380 |
Total expenses before waiver/reimbursement | 7,889,218 |
Expense waiver/reimbursement from Manager (See Note 3) | (66,483) |
Reimbursement from prior custodian(a) | (2,177) |
Net expenses | 7,820,558 |
Net investment income (loss) | 37,062,325 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | (65,724,651) |
Futures transactions | 5,733,026 |
Net realized gain (loss) | (59,991,625) |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | 64,327,599 |
Futures contracts | (11,466,015) |
Net change in unrealized appreciation (depreciation) | 52,861,584 |
Net realized and unrealized gain (loss) | (7,130,041) |
Net increase (decrease) in net assets resulting from operations | $ 29,932,284 |
(a) | Represents a refund for overbilling of custody fees. |
28 | MainStay MacKay New York Tax Free Opportunities Fund |
for the years ended October 31, 2023 and October 31, 2022
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 37,062,325 | $ 30,094,707 |
Net realized gain (loss) | (59,991,625) | (37,856,201) |
Net change in unrealized appreciation (depreciation) | 52,861,584 | (210,871,867) |
Net increase (decrease) in net assets resulting from operations | 29,932,284 | (218,633,361) |
Distributions to shareholders: | ||
Class A | (25,441,676) | (23,036,677) |
Investor Class | (12,102) | (9,823) |
Class C | (2,343,374) | (2,420,147) |
Class C2 | (52,746) | (46,357) |
Class I | (13,154,264) | (10,162,463) |
Class R6 | (66,162) | (24,025) |
Total distributions to shareholders | (41,070,324) | (35,699,492) |
Capital share transactions: | ||
Net proceeds from sales of shares | 454,803,941 | 1,065,321,666 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 34,469,812 | 29,183,591 |
Cost of shares redeemed | (508,992,997) | (1,155,538,985) |
Increase (decrease) in net assets derived from capital share transactions | (19,719,244) | (61,033,728) |
Net increase (decrease) in net assets | (30,857,284) | (315,366,581) |
Net Assets | ||
Beginning of year | 1,060,972,544 | 1,376,339,125 |
End of year | $1,030,115,260 | $ 1,060,972,544 |
Year Ended October 31, | |||||||||
Class A | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 8.89 | $ 10.94 | $ 10.63 | $ 10.68 | $ 10.12 | ||||
Net investment income (loss) | 0.30(a) | 0.24(a) | 0.22(a) | 0.29 | 0.32 | ||||
Net realized and unrealized gain (loss) | 0.00‡ | (2.00) | 0.34 | (0.04) | 0.56 | ||||
Total from investment operations | 0.30 | (1.76) | 0.56 | 0.25 | 0.88 | ||||
Less distributions: | |||||||||
From net investment income | (0.34) | (0.29) | (0.25) | (0.30) | (0.32) | ||||
Net asset value at end of year | $ 8.85 | $ 8.89 | $ 10.94 | $ 10.63 | $ 10.68 | ||||
Total investment return (b) | 3.18% | (16.36)% | 5.32% | 2.35% | 8.84% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 3.22% | 2.37% | 2.02% | 2.38% | 3.00% | ||||
Net expenses (c) | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% | ||||
Expenses (before waiver/reimbursement) (c) | 0.76% | 0.76% | 0.76% | 0.80% | 0.82% | ||||
Portfolio turnover rate | 69% | 53%(d) | 10%(d) | 29%(d) | 28%(d) | ||||
Net assets at end of year (in 000’s) | $ 629,501 | $ 690,832 | $ 907,662 | $ 688,870 | $ 462,499 |
‡ | Less than one cent per share. |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | 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) | The portfolio turnover rate includes variable rate demand notes. |
Year Ended October 31, | |||||||||
Investor Class | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 8.89 | $ 10.94 | $ 10.63 | $ 10.68 | $ 10.13 | ||||
Net investment income (loss) | 0.30(a) | 0.24(a) | 0.22(a) | 0.25 | 0.32 | ||||
Net realized and unrealized gain (loss) | 0.00‡ | (2.00) | 0.34 | 0.00‡ | 0.55 | ||||
Total from investment operations | 0.30 | (1.76) | 0.56 | 0.25 | 0.87 | ||||
Less distributions: | |||||||||
From net investment income | (0.34) | (0.29) | (0.25) | (0.30) | (0.32) | ||||
Net asset value at end of year | $ 8.85 | $ 8.89 | $ 10.94 | $ 10.63 | $ 10.68 | ||||
Total investment return (b) | 3.15% | (16.37)% | 5.32% | 2.33% | 8.72% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 3.19% | 2.37% | 2.03% | 2.39% | 3.06% | ||||
Net expenses (c) | 0.77% | 0.76% | 0.76% | 0.77% | 0.77% | ||||
Expenses (before waiver/reimbursement) (c) | 0.78% | 0.77% | 0.77% | 0.82% | 0.84% | ||||
Portfolio turnover rate | 69% | 53%(d) | 10%(d) | 29%(d) | 28%(d) | ||||
Net assets at end of year (in 000's) | $ 329 | $ 301 | $ 375 | $ 414 | $ 463 |
‡ | Less than one cent per share. |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | 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) | The portfolio turnover rate includes variable rate demand notes. |
30 | MainStay MacKay New York Tax Free Opportunities Fund |
Year Ended October 31, | |||||||||
Class C | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 8.89 | $ 10.94 | $ 10.63 | $ 10.68 | $ 10.12 | ||||
Net investment income (loss) | 0.28(a) | 0.21(a) | 0.19(a) | 0.24 | 0.30 | ||||
Net realized and unrealized gain (loss) | (0.01) | (2.00) | 0.35 | (0.02) | 0.56 | ||||
Total from investment operations | 0.27 | (1.79) | 0.54 | 0.22 | 0.86 | ||||
Less distributions: | |||||||||
From net investment income | (0.31) | (0.26) | (0.23) | (0.27) | (0.30) | ||||
Net asset value at end of year | $ 8.85 | $ 8.89 | $ 10.94 | $ 10.63 | $ 10.68 | ||||
Total investment return (b) | 2.89% | (16.58)% | 5.05% | 2.08% | 8.55% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.94% | 2.11% | 1.77% | 2.13% | 2.77% | ||||
Net expenses (c) | 1.02% | 1.01% | 1.01% | 1.02% | 1.02% | ||||
Expenses (before waiver/reimbursement) (c) | 1.03% | 1.02% | 1.02% | 1.07% | 1.09% | ||||
Portfolio turnover rate | 69% | 53%(d) | 10%(d) | 29%(d) | 28%(d) | ||||
Net assets at end of year (in 000’s) | $ 61,438 | $ 73,022 | $ 111,681 | $ 107,117 | $ 90,553 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | 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) | The portfolio turnover rate includes variable rate demand notes. |
Year Ended October 31, | August 31, 2020^ through October 31, | ||||||
Class C2 | 2023 | 2022 | 2021 | 2020 | |||
Net asset value at beginning of period | $ 8.88 | $ 10.94 | $ 10.63 | $ 10.72 | |||
Net investment income (loss) | 0.26(a) | 0.20(a) | 0.17(a) | 0.04 | |||
Net realized and unrealized gain (loss) | 0.01 | (2.02) | 0.35 | (0.09) | |||
Total from investment operations | 0.27 | (1.82) | 0.52 | (0.05) | |||
Less distributions: | |||||||
From net investment income | (0.30) | (0.24) | (0.21) | (0.04) | |||
Net asset value at end of period | $ 8.85 | $ 8.88 | $ 10.94 | $ 10.63 | |||
Total investment return (b) | 2.86% | (16.80)% | 4.89% | (0.50)% | |||
Ratios (to average net assets)/Supplemental Data: | |||||||
Net investment income (loss) | 2.79% | 1.96% | 1.55% | 1.32%†† | |||
Net expenses (c) | 1.17% | 1.16% | 1.15% | 1.17%†† | |||
Expenses (before waiver/reimbursement) (c) | 1.18% | 1.17% | 1.16% | 1.22%†† | |||
Portfolio turnover rate | 69% | 53%(d) | 10%(d) | 29%(d) | |||
Net assets at end of period (in 000’s) | $ 1,476 | $ 1,638 | $ 1,861 | $ 315 |
^ | Inception date. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | The portfolio turnover rate includes variable rate demand notes. |
Year Ended October 31, | |||||||||
Class I | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 8.89 | $ 10.94 | $ 10.63 | $ 10.68 | $ 10.13 | ||||
Net investment income (loss) | 0.33(a) | 0.26(a) | 0.25(a) | 0.32 | 0.35 | ||||
Net realized and unrealized gain (loss) | (0.01) | (2.00) | 0.34 | (0.05) | 0.55 | ||||
Total from investment operations | 0.32 | (1.74) | 0.59 | 0.27 | 0.90 | ||||
Less distributions: | |||||||||
From net investment income | (0.36) | (0.31) | (0.28) | (0.32) | (0.35) | ||||
Net asset value at end of year | $ 8.85 | $ 8.89 | $ 10.94 | $ 10.63 | $ 10.68 | ||||
Total investment return (b) | 3.43% | (16.15)% | 5.59% | 2.61% | 9.01% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 3.46% | 2.63% | 2.27% | 2.64% | 3.37% | ||||
Net expenses (c) | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% | ||||
Expenses (before waiver/reimbursement) (c) | 0.51% | 0.51% | 0.51% | 0.55% | 0.57% | ||||
Portfolio turnover rate | 69% | 53%(d) | 10%(d) | 29%(d) | 28%(d) | ||||
Net assets at end of year (in 000’s) | $ 334,748 | $ 294,456 | $ 353,955 | $ 261,819 | $ 161,203 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. 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) | The portfolio turnover rate includes variable rate demand notes. |
Year Ended October 31, | November 1, 2019^ through October 31, | ||||||
Class R6 | 2023 | 2022 | 2021 | 2020 | |||
Net asset value at beginning of period | $ 8.89 | $ 10.94 | $ 10.63 | $ 10.69 | |||
Net investment income (loss) | 0.33(a) | 0.27(a) | 0.26(a) | 0.29 | |||
Net realized and unrealized gain (loss) | (0.01) | (2.01) | 0.33 | (0.03) | |||
Total from investment operations | 0.32 | (1.74) | 0.59 | 0.26 | |||
Less distributions: | |||||||
From net investment income | (0.36) | (0.31) | (0.28) | (0.32) | |||
Net asset value at end of period | $ 8.85 | $ 8.89 | $ 10.94 | $ 10.63 | |||
Total investment return (b) | 3.45% | (16.14)% | 5.61% | 2.60% | |||
Ratios (to average net assets)/Supplemental Data: | |||||||
Net investment income (loss) | 3.51% | 2.67% | 2.34% | 2.39% | |||
Net expenses (c) | 0.48% | 0.48% | 0.47% | 0.48% | |||
Expenses (before waiver/reimbursement) (c) | 0.48% | 0.48% | 0.49% | 0.54% | |||
Portfolio turnover rate | 69% | 53%(d) | 10%(d) | 29%(d) | |||
Net assets at end of period (in 000’s) | $ 2,624 | $ 724 | $ 806 | $ 1,404 |
^ | Inception date. |
(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) | The portfolio turnover rate includes variable rate demand notes. |
32 | MainStay MacKay New York Tax Free Opportunities Fund |
Class | Commenced Operations |
Class A | May 14, 2012 |
Investor Class | May 14, 2012 |
Class C | May 14, 2012 |
Class C2 | August 31, 2020 |
Class I | May 14, 2012 |
Class R6 | November 1, 2019 |
• | Level 1—quoted prices (unadjusted) in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Fund's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• Benchmark yields | • Reported trades |
• Broker/dealer quotes | • Issuer spreads |
• Two-sided markets | • Benchmark securities |
• Bids/offers | • Reference data (corporate actions or material event notices) |
• Industry and economic events | • Comparable bonds |
• Monthly payment information |
34 | MainStay MacKay New York Tax Free Opportunities Fund |
36 | MainStay MacKay New York Tax Free Opportunities Fund |
Net Realized Gain (Loss) from: | Interest Rate Contracts Risk | Total |
Futures Transactions | $5,733,026 | $5,733,026 |
Total Net Realized Gain (Loss) | $5,733,026 | $5,733,026 |
Net Change in Unrealized Appreciation (Depreciation) | Interest Rate Contracts Risk | Total |
Futures Contracts | $(11,466,015) | $(11,466,015) |
Total Net Change in Unrealized Appreciation (Depreciation) | $(11,466,015) | $(11,466,015) |
Average Notional Amount | Total |
Futures Contracts Short (a) | $(144,875,502) |
(a) | Positions were open seven months during the reporting period. |
Class | Expense | Waived |
Class A | $211,811 | $— |
Investor Class | 182 | — |
Class C | 37,800 | — |
Class C2 | 891 | — |
Class I | 102,393 | — |
Class R6 | 69 | — |
38 | MainStay MacKay New York Tax Free Opportunities Fund |
Class C2 | $22,264 | 1.5% |
Class R6 | 23,401 | 0.9 |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $1,104,402,372 | $389,388 | $(99,376,365) | $(98,986,977) |
Ordinary Income | Undistributed Tax Exempt Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$— | $527,956 | $(127,106,444) | $(544,675) | $(98,986,977) | $(226,110,140) |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $43,749 | $83,357 |
2023 | 2022 | |
Distributions paid from: | ||
Ordinary Income | $ 1,334,393 | $ 811,027 |
Exempt Interest Dividends | 39,735,931 | 34,888,465 |
Total | $41,070,324 | $35,699,492 |
Class A | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 24,594,452 | $ 231,708,083 |
Shares issued to shareholders in reinvestment of distributions | 2,381,105 | 22,420,239 |
Shares redeemed | (33,582,116) | (310,328,269) |
Net increase (decrease) in shares outstanding before conversion | (6,606,559) | (56,199,947) |
Shares converted into Class A (See Note 1) | 35,928 | 340,496 |
Shares converted from Class A (See Note 1) | (24,595) | (233,252) |
Net increase (decrease) | (6,595,226) | $ (56,092,703) |
Year ended October 31, 2022: | ||
Shares sold | 87,298,953 | $ 844,637,242 |
Shares issued to shareholders in reinvestment of distributions | 2,025,106 | 20,047,685 |
Shares redeemed | (94,566,928) | (915,687,479) |
Net increase (decrease) in shares outstanding before conversion | (5,242,869) | (51,002,552) |
Shares converted into Class A (See Note 1) | 11,505 | 111,557 |
Shares converted from Class A (See Note 1) | (7,371) | (74,414) |
Net increase (decrease) | (5,238,735) | $ (50,965,409) |
Investor Class | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 18,441 | $ 174,014 |
Shares issued to shareholders in reinvestment of distributions | 1,216 | 11,455 |
Shares redeemed | (4,985) | (46,776) |
Net increase (decrease) in shares outstanding before conversion | 14,672 | 138,693 |
Shares converted from Investor Class (See Note 1) | (11,369) | (107,785) |
Net increase (decrease) | 3,303 | $ 30,908 |
Year ended October 31, 2022: | ||
Shares sold | 30,048 | $ 300,879 |
Shares issued to shareholders in reinvestment of distributions | 931 | 9,203 |
Shares redeemed | (29,134) | (289,595) |
Net increase (decrease) in shares outstanding before conversion | 1,845 | 20,487 |
Shares converted into Investor Class (See Note 1) | 353 | 3,710 |
Shares converted from Investor Class (See Note 1) | (2,575) | (26,300) |
Net increase (decrease) | (377) | $ (2,103) |
Class C | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 1,088,019 | $ 10,336,076 |
Shares issued to shareholders in reinvestment of distributions | 196,926 | 1,855,696 |
Shares redeemed | (2,533,719) | (23,858,269) |
Net increase (decrease) in shares outstanding before conversion | (1,248,774) | (11,666,497) |
Shares converted from Class C (See Note 1) | (24,559) | (232,711) |
Net increase (decrease) | (1,273,333) | $ (11,899,208) |
Year ended October 31, 2022: | ||
Shares sold | 915,604 | $ 9,185,855 |
Shares issued to shareholders in reinvestment of distributions | 179,004 | 1,774,437 |
Shares redeemed | (3,077,812) | (30,367,036) |
Net increase (decrease) in shares outstanding before conversion | (1,983,204) | (19,406,744) |
Shares converted from Class C (See Note 1) | (8,930) | (85,257) |
Net increase (decrease) | (1,992,134) | $ (19,492,001) |
40 | MainStay MacKay New York Tax Free Opportunities Fund |
Class C2 | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 57,349 | $ 540,085 |
Shares issued to shareholders in reinvestment of distributions | 5,598 | 52,746 |
Shares redeemed | (80,372) | (760,924) |
Net increase (decrease) | (17,425) | $ (168,093) |
Year ended October 31, 2022: | ||
Shares sold | 50,559 | $ 530,063 |
Shares issued to shareholders in reinvestment of distributions | 4,690 | 46,357 |
Shares redeemed | (41,066) | (396,237) |
Net increase (decrease) | 14,183 | $ 180,183 |
Class I | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 22,253,554 | $ 209,879,388 |
Shares issued to shareholders in reinvestment of distributions | 1,068,947 | 10,063,514 |
Shares redeemed | (18,653,532) | (173,775,037) |
Net increase (decrease) in shares outstanding before conversion | 4,668,969 | 46,167,865 |
Shares converted into Class I (See Note 1) | 24,580 | 233,252 |
Net increase (decrease) | 4,693,549 | $ 46,401,117 |
Year ended October 31, 2022: | ||
Shares sold | 21,497,011 | $ 210,615,126 |
Shares issued to shareholders in reinvestment of distributions | 736,274 | 7,281,884 |
Shares redeemed | (21,464,030) | (208,798,438) |
Net increase (decrease) in shares outstanding before conversion | 769,255 | 9,098,572 |
Shares converted into Class I (See Note 1) | 7,019 | 70,704 |
Net increase (decrease) | 776,274 | $ 9,169,276 |
Class R6 | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 231,497 | $ 2,166,295 |
Shares issued to shareholders in reinvestment of distributions | 7,053 | 66,162 |
Shares redeemed | (23,520) | (223,722) |
Net increase (decrease) | 215,030 | $ 2,008,735 |
Year ended October 31, 2022: | ||
Shares sold | 5,363 | $ 52,501 |
Shares issued to shareholders in reinvestment of distributions | 2,433 | 24,025 |
Shares redeemed | (18) | (200) |
Net increase (decrease) | 7,778 | $ 76,326 |
MainStay Funds Trust:
42 | MainStay MacKay New York Tax Free Opportunities Fund |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Naïm Abou-Jaoudé* 1966 | MainStay Funds: Trustee since 2023 MainStay Funds Trust: Trustee since 2023 | Chief Executive Officer of New York Life Investment Management LLC (since 2023). Chief Executive Officer of Candriam (an affiliate of New York Life Investment Management LLC) (2007 to 2023). | 81 | MainStay VP Funds Trust: Trustee since 2023 (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2023; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2023; and New York Life Investment Management International (Chair) since 2015 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of his affiliation with New York Life Investment Management LLC and Candriam, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
44 | MainStay MacKay New York Tax Free Opportunities Fund |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015);MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC (since 1999) | 81 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2021; VanEck Vectors Group of Exchange-Traded Funds: Trustee since 2006 and Independent Chairman of the Board of Trustees from 2008 to 2022 (57 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Investment Committee since 2018 | |
Karen Hammond 1956 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021);MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 81 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Susan B. Kerley 1951 | MainStay Funds: Chair since January 2017 and Trustee since 2007;MainStay Funds Trust: Chair since January 2017 and Trustee since 1990*** | President, Strategic Management Advisors LLC (since 1990) | 81 | MainStay VP Funds Trust: Chair since January 2017 and Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chair since January 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Alan R. Latshaw 1951 | MainStay Funds: Trusteesince 2006;MainStay Funds Trust: Trustee since 2007*** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 81 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 | |
Jacques P. Perold 1958 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015to December 2015);MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 81 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay Funds: Trustee since 1994;MainStay Funds Trust: Trustee since 2007*** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) (since 2004); Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 81 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 |
** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
*** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
46 | MainStay MacKay New York Tax Free Opportunities Fund |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay Funds, MainStay Funds Trust (since 2017) | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since 2018); President, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust (since 2017)**; Senior Managing Director, Global Product Development (2015 to 2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay Funds (since 2007), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2007)**; and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay Funds and MainStay Funds Trust (since 2010) | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2010)** | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay Funds and MainStay Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ Trust, IndexIQ ETF Trust and Index IQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund, MainStay VP Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012 to 2022) | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay Funds (since 2005), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2005)** |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, New York Life Insurance Company, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
1.
2. | This Fund is registered for sale in CA, CT, DE, FL, MA, NJ, NY and VT. |
3. | An affiliate of New York Life Investment Management LLC. |
5013746 MS139-23 | MSNTF11-12/23 |
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended October 31, 2023 | |||||||
Class | Sales Charge | Inception Date | One Year | Five Years | Ten Years or Since Inception | Gross Expense Ratio1 | |
Class A Shares2 | Maximum 1.50% Initial Sales Charge | With sales charges | 1/2/2004 | 7.94% | 9.80% | 10.26% | 0.52% |
Excluding sales charges | 9.58 | 10.47 | 10.59 | 0.52 | |||
Investor Class Shares2, 3 | Maximum 1.00% Initial Sales Charge | With sales charges | 2/28/2008 | 8.28 | 9.60 | 10.09 | 0.79 |
Excluding sales charges | 9.37 | 10.27 | 10.43 | 0.79 | |||
Class I Shares | No Sales Charge | 1/2/1991 | 9.84 | 10.74 | 10.87 | 0.26 | |
SIMPLE Class Shares | No Sales Charge | 8/31/2020 | 9.24 | N/A | 6.56 | 0.90 |
1. | The gross expense ratios presented reflect the Fund’s “Total Annual Fund Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report. |
2. | Prior to March 19, 2020, the maximum initial sales charge for Class A Shares and Investor Class Shares was 3.00%, which is reflected in the applicable average annual total return figures shown. |
3. | Prior to June 30, 2020, the maximum initial sales charge was 1.50%, which is reflected in the applicable average annual total return figures shown. |
Benchmark Performance* | One Year | Five Years | Ten Years |
S&P 500® Index1 | 10.14% | 11.01% | 11.18% |
Morningstar Large Blend Category Average2 | 7.62 | 9.67 | 9.69 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | The S&P 500® Index is the Fund's primary broad-based securities market index for comparison purposes. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance. S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”) and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). The foregoing trademarks have been licensed for use by S&P Dow Jones Indices LLC and sublicensed for certain purposes by New York Life Investment Management LLC. The S&P 500® Index is a product of S&P Dow Jones Indices LLC and has been licensed for use by New York Life Investment Management LLC. MainStay S&P 500 Index Fund is not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, S&P or their respective affiliates and neither S&P Dow Jones Indices LLC, Dow Jones, S&P nor their respective affiliates make any representation regarding the advisability of investing in such product(s). |
2. | The Morningstar Large Blend Category Average is representative of funds that represent the overall U.S. stock market in size, growth rates and price. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. The blend style is assigned to funds where neither growth nor value characteristics predominate. These funds tend to invest across the spectrum of U.S. industries, and owing to their broad exposure, the funds' returns are often similar to those of the S&P 500® Index. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
6 | MainStay S&P 500 Index 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 | $1,011.50 | $2.64 | $1,022.58 | $2.65 | 0.52% |
Investor Class Shares | $1,000.00 | $1,010.50 | $3.55 | $1,021.68 | $3.57 | 0.70% |
Class I Shares | $1,000.00 | $1,012.70 | $1.37 | $1,023.84 | $1.38 | 0.27% |
SIMPLE Class Shares | $1,000.00 | $1,010.30 | $3.80 | $1,021.42 | $3.82 | 0.75% |
1. | Expenses are equal to the Fund’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 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. |
Software | 10.8% |
Technology Hardware, Storage & Peripherals | 7.4 |
Semiconductors & Semiconductor Equipment | 7.2 |
Interactive Media & Services | 5.8 |
Financial Services | 4.3 |
Oil, Gas & Consumable Fuels | 4.1 |
Pharmaceuticals | 4.1 |
Broadline Retail | 3.5 |
Health Care Providers & Services | 3.2 |
Banks | 2.9 |
Capital Markets | 2.7 |
Health Care Equipment & Supplies | 2.5 |
Insurance | 2.3 |
Hotels, Restaurants & Leisure | 2.1 |
Biotechnology | 2.1 |
Specialty Retail | 2.0 |
Consumer Staples Distribution & Retail | 1.9 |
Automobiles | 1.8 |
Machinery | 1.7 |
Chemicals | 1.7 |
Aerospace & Defense | 1.7 |
Electric Utilities | 1.7 |
Beverages | 1.6 |
Household Products | 1.4 |
Life Sciences Tools & Services | 1.3 |
IT Services | 1.2 |
Entertainment | 1.2 |
Specialized REITs | 1.1 |
Food Products | 0.9 |
Communications Equipment | 0.9 |
Industrial Conglomerates | 0.8 |
Ground Transportation | 0.8 |
Media | 0.8 |
Professional Services | 0.7 |
Diversified Telecommunication Services | 0.7 |
Multi–Utilities | 0.7 |
Electrical Equipment | 0.6% |
Tobacco | 0.6 |
Electronic Equipment, Instruments & Components | 0.6 |
Textiles, Apparel & Luxury Goods | 0.5 |
Air Freight & Logistics | 0.5 |
Commercial Services & Supplies | 0.5 |
Consumer Finance | 0.4 |
Energy Equipment & Services | 0.4 |
Building Products | 0.4 |
Metals & Mining | 0.4 |
Household Durables | 0.3 |
Residential REITs | 0.3 |
Retail REITs | 0.3 |
Trading Companies & Distributors | 0.3 |
Industrial REITs | 0.3 |
Containers & Packaging | 0.2 |
Wireless Telecommunication Services | 0.2 |
Health Care REITs | 0.2 |
Personal Care Products | 0.2 |
Passenger Airlines | 0.2 |
Real Estate Management & Development | 0.1 |
Construction Materials | 0.1 |
Distributors | 0.1 |
Water Utilities | 0.1 |
Automobile Components | 0.1 |
Construction & Engineering | 0.1 |
Office REITs | 0.1 |
Gas Utilities | 0.0‡ |
Hotel & Resort REITs | 0.0‡ |
Independent Power and Renewable Electricity Producers | 0.0‡ |
Leisure Products | 0.0‡ |
Short–Term Investments | 1.0 |
Other Assets, Less Liabilities | –0.7 |
100.0% |
‡ | Less than one–tenth of a percent. |
1. | Microsoft Corp. |
2. | Apple, Inc. |
3. | Alphabet, Inc. |
4. | Amazon.com, Inc. |
5. | NVIDIA Corp. |
6. | Meta Platforms, Inc., Class A |
7. | Berkshire Hathaway, Inc., Class B |
8. | Tesla, Inc. |
9. | UnitedHealth Group, Inc. |
10. | Eli Lilly & Co. |
8 | MainStay S&P 500 Index 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 99.7% | ||
Aerospace & Defense 1.7% | ||
Axon Enterprise, Inc. (a) | 2,250 | $ 460,102 |
Boeing Co. (The) (a) | 18,153 | 3,391,343 |
General Dynamics Corp. | 7,256 | 1,750,945 |
Howmet Aerospace, Inc. | 12,537 | 552,882 |
Huntington Ingalls Industries, Inc. | 1,276 | 280,490 |
L3Harris Technologies, Inc. | 6,055 | 1,086,328 |
Lockheed Martin Corp. | 7,176 | 3,262,497 |
Northrop Grumman Corp. | 4,553 | 2,146,421 |
RTX Corp. | 46,600 | 3,792,774 |
Textron, Inc. | 6,341 | 481,916 |
TransDigm Group, Inc. (a) | 1,767 | 1,463,235 |
18,668,933 | ||
Air Freight & Logistics 0.5% | ||
CH Robinson Worldwide, Inc. | 3,728 | 305,062 |
Expeditors International of Washington, Inc. | 4,735 | 517,299 |
FedEx Corp. | 7,408 | 1,778,661 |
United Parcel Service, Inc., Class B | 23,156 | 3,270,785 |
5,871,807 | ||
Automobile Components 0.1% | ||
Aptiv plc (a) | 9,055 | 789,596 |
BorgWarner, Inc. | 7,526 | 277,709 |
1,067,305 | ||
Automobiles 1.8% | ||
Ford Motor Co. | 125,867 | 1,227,203 |
General Motors Co. | 44,051 | 1,242,238 |
Tesla, Inc. (a) | 88,408 | 17,755,863 |
20,225,304 | ||
Banks 2.9% | ||
Bank of America Corp. | 221,338 | 5,830,043 |
Citigroup, Inc. | 61,653 | 2,434,677 |
Citizens Financial Group, Inc. | 15,121 | 354,285 |
Comerica, Inc. | 4,219 | 166,229 |
Fifth Third Bancorp | 21,799 | 516,854 |
Huntington Bancshares, Inc. | 46,356 | 447,335 |
JPMorgan Chase & Co. | 93,041 | 12,938,282 |
KeyCorp | 29,964 | 306,232 |
M&T Bank Corp. | 5,311 | 598,815 |
PNC Financial Services Group, Inc. (The) | 12,751 | 1,459,607 |
Regions Financial Corp. | 30,043 | 436,525 |
Truist Financial Corp. | 42,645 | 1,209,412 |
U.S. Bancorp | 49,848 | 1,589,154 |
Wells Fargo & Co. | 117,140 | 4,658,658 |
Shares | Value | |
Banks (continued) | ||
Zions Bancorp NA | 4,743 | $ 146,322 |
33,092,430 | ||
Beverages 1.6% | ||
Brown-Forman Corp., Class B | 5,858 | 328,985 |
Coca-Cola Co. (The) | 124,604 | 7,038,880 |
Constellation Brands, Inc., Class A | 5,164 | 1,209,151 |
Keurig Dr Pepper, Inc. | 32,209 | 976,899 |
Molson Coors Beverage Co., Class B | 5,943 | 343,327 |
Monster Beverage Corp. (a) | 23,812 | 1,216,793 |
PepsiCo, Inc. | 44,073 | 7,196,240 |
18,310,275 | ||
Biotechnology 2.1% | ||
AbbVie, Inc. | 56,510 | 7,978,082 |
Amgen, Inc. | 17,125 | 4,378,862 |
Biogen, Inc. (a) | 4,637 | 1,101,473 |
Gilead Sciences, Inc. | 39,892 | 3,133,118 |
Incyte Corp. (a) | 5,955 | 321,153 |
Moderna, Inc. (a) | 10,601 | 805,252 |
Regeneron Pharmaceuticals, Inc. (a) | 3,417 | 2,664,884 |
Vertex Pharmaceuticals, Inc. (a) | 8,263 | 2,992,115 |
23,374,939 | ||
Broadline Retail 3.5% | ||
Amazon.com, Inc. (a) | 290,694 | 38,688,465 |
eBay, Inc. | 17,038 | 668,401 |
Etsy, Inc. (a) | 3,938 | 245,337 |
39,602,203 | ||
Building Products 0.4% | ||
A O Smith Corp. | 3,989 | 278,273 |
Allegion plc | 2,810 | 276,391 |
Carrier Global Corp. | 26,818 | 1,278,146 |
Johnson Controls International plc | 21,781 | 1,067,705 |
Masco Corp. | 7,201 | 375,100 |
Trane Technologies plc | 7,312 | 1,391,547 |
4,667,162 | ||
Capital Markets 2.7% | ||
Ameriprise Financial, Inc. | 3,286 | 1,033,677 |
Bank of New York Mellon Corp. (The) | 24,934 | 1,059,695 |
BlackRock, Inc. | 4,493 | 2,750,974 |
Blackstone, Inc. | 22,723 | 2,098,469 |
Cboe Global Markets, Inc. | 3,378 | 553,620 |
Charles Schwab Corp. (The) | 47,607 | 2,477,468 |
CME Group, Inc. | 11,518 | 2,458,632 |
FactSet Research Systems, Inc. | 1,221 | 527,338 |
Franklin Resources, Inc. | 9,106 | 207,526 |
10 | MainStay S&P 500 Index Fund |
Shares | Value | |
Common Stocks (continued) | ||
Capital Markets (continued) | ||
Goldman Sachs Group, Inc. (The) | 10,555 | $ 3,204,604 |
Intercontinental Exchange, Inc. | 18,324 | 1,968,731 |
Invesco Ltd. | 14,363 | 186,288 |
MarketAxess Holdings, Inc. | 1,206 | 257,782 |
Moody's Corp. | 5,052 | 1,556,016 |
Morgan Stanley | 40,848 | 2,892,855 |
MSCI, Inc. | 2,532 | 1,193,965 |
Nasdaq, Inc. | 10,854 | 538,358 |
Northern Trust Corp. | 6,627 | 436,786 |
Raymond James Financial, Inc. | 6,018 | 574,358 |
S&P Global, Inc. | 10,418 | 3,639,112 |
State Street Corp. | 10,202 | 659,355 |
T. Rowe Price Group, Inc. | 7,181 | 649,880 |
30,925,489 | ||
Chemicals 1.7% | ||
Air Products and Chemicals, Inc. | 7,112 | 2,008,713 |
Albemarle Corp. | 3,757 | 476,313 |
Celanese Corp. | 3,204 | 366,890 |
CF Industries Holdings, Inc. | 6,177 | 492,801 |
Corteva, Inc. | 22,724 | 1,093,933 |
Dow, Inc. | 22,510 | 1,088,133 |
DuPont de Nemours, Inc. | 14,697 | 1,071,117 |
Eastman Chemical Co. | 3,796 | 283,675 |
Ecolab, Inc. | 8,122 | 1,362,384 |
FMC Corp. | 3,993 | 212,428 |
International Flavors & Fragrances, Inc. | 8,172 | 558,556 |
Linde plc | 15,622 | 5,970,104 |
LyondellBasell Industries NV, Class A | 8,200 | 739,968 |
Mosaic Co. (The) | 10,638 | 345,522 |
PPG Industries, Inc. | 7,540 | 925,686 |
Sherwin-Williams Co. (The) | 7,574 | 1,804,203 |
18,800,426 | ||
Commercial Services & Supplies 0.5% | ||
Cintas Corp. | 2,769 | 1,404,215 |
Copart, Inc. (a) | 27,820 | 1,210,727 |
Republic Services, Inc. | 6,583 | 977,510 |
Rollins, Inc. | 8,989 | 338,076 |
Waste Management, Inc. | 11,801 | 1,939,258 |
5,869,786 | ||
Communications Equipment 0.9% | ||
Arista Networks, Inc. (a) | 8,028 | 1,608,570 |
Cisco Systems, Inc. | 130,467 | 6,801,245 |
F5, Inc. (a) | 1,899 | 287,869 |
Juniper Networks, Inc. | 10,289 | 276,980 |
Shares | Value | |
Communications Equipment (continued) | ||
Motorola Solutions, Inc. | 5,347 | $ 1,488,926 |
10,463,590 | ||
Construction & Engineering 0.1% | ||
Quanta Services, Inc. | 4,649 | 776,941 |
Construction Materials 0.1% | ||
Martin Marietta Materials, Inc. | 1,979 | 809,292 |
Vulcan Materials Co. | 4,254 | 835,869 |
1,645,161 | ||
Consumer Finance 0.4% | ||
American Express Co. | 18,627 | 2,720,101 |
Capital One Financial Corp. | 12,212 | 1,236,954 |
Discover Financial Services | 8,002 | 656,804 |
Synchrony Financial | 13,389 | 375,561 |
4,989,420 | ||
Consumer Staples Distribution & Retail 1.9% | ||
Costco Wholesale Corp. | 14,188 | 7,838,019 |
Dollar General Corp. | 7,022 | 835,899 |
Dollar Tree, Inc. (a) | 6,703 | 744,636 |
Kroger Co. (The) | 21,141 | 959,167 |
Sysco Corp. | 16,172 | 1,075,276 |
Target Corp. | 14,777 | 1,637,144 |
Walgreens Boots Alliance, Inc. | 22,940 | 483,575 |
Walmart, Inc. | 45,693 | 7,466,693 |
21,040,409 | ||
Containers & Packaging 0.2% | ||
Amcor plc | 47,110 | 418,808 |
Avery Dennison Corp. | 2,580 | 449,100 |
Ball Corp. | 10,087 | 485,689 |
International Paper Co. | 11,078 | 373,661 |
Packaging Corp. of America | 2,879 | 440,631 |
Sealed Air Corp. | 4,623 | 142,342 |
Westrock Co. | 8,205 | 294,806 |
2,605,037 | ||
Distributors 0.1% | ||
Genuine Parts Co. | 4,496 | 579,355 |
LKQ Corp. | 8,566 | 376,219 |
Pool Corp. | 1,250 | 394,712 |
1,350,286 | ||
Diversified Telecommunication Services 0.7% | ||
AT&T, Inc. | 228,883 | 3,524,798 |
Verizon Communications, Inc. | 134,597 | 4,728,393 |
8,253,191 |
Shares | Value | |
Common Stocks (continued) | ||
Electric Utilities 1.7% | ||
Alliant Energy Corp. | 8,091 | $ 394,760 |
American Electric Power Co., Inc. | 16,494 | 1,245,957 |
Constellation Energy Corp. | 10,296 | 1,162,624 |
Duke Energy Corp. | 24,675 | 2,193,361 |
Edison International | 12,271 | 773,809 |
Entergy Corp. | 6,770 | 647,144 |
Evergy, Inc. | 7,354 | 361,376 |
Eversource Energy | 11,176 | 601,157 |
Exelon Corp. | 31,863 | 1,240,745 |
FirstEnergy Corp. | 16,521 | 588,148 |
NextEra Energy, Inc. | 64,791 | 3,777,315 |
NRG Energy, Inc. | 7,335 | 310,857 |
PG&E Corp. (a) | 66,953 | 1,091,334 |
Pinnacle West Capital Corp. | 3,628 | 269,125 |
PPL Corp. | 23,599 | 579,827 |
Southern Co. (The) | 34,915 | 2,349,780 |
Xcel Energy, Inc. | 17,658 | 1,046,590 |
18,633,909 | ||
Electrical Equipment 0.6% | ||
AMETEK, Inc. | 7,386 | 1,039,727 |
Eaton Corp. plc | 12,774 | 2,655,842 |
Emerson Electric Co. | 18,297 | 1,627,884 |
Generac Holdings, Inc. (a) | 1,993 | 167,552 |
Hubbell, Inc. | 1,716 | 463,492 |
Rockwell Automation, Inc. | 3,677 | 966,352 |
6,920,849 | ||
Electronic Equipment, Instruments & Components 0.6% | ||
Amphenol Corp., Class A | 19,096 | 1,538,183 |
CDW Corp. | 4,292 | 860,117 |
Corning, Inc. | 24,578 | 657,707 |
Keysight Technologies, Inc. (a) | 5,711 | 697,028 |
TE Connectivity Ltd. | 10,051 | 1,184,510 |
Teledyne Technologies, Inc. (a) | 1,507 | 564,507 |
Trimble, Inc. (a) | 7,950 | 374,683 |
Zebra Technologies Corp., Class A (a) | 1,644 | 344,303 |
6,221,038 | ||
Energy Equipment & Services 0.4% | ||
Baker Hughes Co. | 32,325 | 1,112,626 |
Halliburton Co. | 28,768 | 1,131,733 |
Schlumberger Ltd. | 45,501 | 2,532,586 |
4,776,945 | ||
Entertainment 1.2% | ||
Electronic Arts, Inc. | 7,893 | 977,074 |
Live Nation Entertainment, Inc. (a) | 4,539 | 363,211 |
Shares | Value | |
Entertainment (continued) | ||
Netflix, Inc. (a) | 14,188 | $ 5,841,058 |
Take-Two Interactive Software, Inc. (a) | 5,057 | 676,374 |
Walt Disney Co. (The) (a) | 58,582 | 4,779,705 |
Warner Bros Discovery, Inc. (a) | 71,012 | 705,859 |
13,343,281 | ||
Financial Services 4.3% | ||
Berkshire Hathaway, Inc., Class B (a) | 58,387 | 19,929,235 |
Fidelity National Information Services, Inc. | 18,968 | 931,518 |
Fiserv, Inc. (a) | 19,517 | 2,220,059 |
FleetCor Technologies, Inc. (a) | 2,368 | 533,203 |
Global Payments, Inc. | 8,324 | 884,175 |
Jack Henry & Associates, Inc. | 2,333 | 328,930 |
Mastercard, Inc., Class A | 26,638 | 10,025,211 |
PayPal Holdings, Inc. (a) | 35,155 | 1,821,029 |
Visa, Inc., Class A | 51,443 | 12,094,249 |
48,767,609 | ||
Food Products 0.9% | ||
Archer-Daniels-Midland Co. | 17,164 | 1,228,427 |
Bunge Ltd. | 4,823 | 511,141 |
Campbell Soup Co. | 6,299 | 254,543 |
Conagra Brands, Inc. | 15,299 | 418,581 |
General Mills, Inc. | 18,735 | 1,222,271 |
Hershey Co. (The) | 4,798 | 898,905 |
Hormel Foods Corp. | 9,269 | 301,706 |
J M Smucker Co. (The) | 3,269 | 372,143 |
Kellogg Co. | 8,440 | 425,967 |
Kraft Heinz Co. (The) | 25,561 | 804,149 |
Lamb Weston Holdings, Inc. | 4,668 | 419,186 |
McCormick & Co., Inc. (Non-Voting) | 8,039 | 513,692 |
Mondelez International, Inc., Class A | 43,555 | 2,883,777 |
Tyson Foods, Inc., Class A | 9,142 | 423,732 |
10,678,220 | ||
Gas Utilities 0.0% ‡ | ||
Atmos Energy Corp. | 4,753 | 511,708 |
Ground Transportation 0.8% | ||
CSX Corp. | 64,235 | 1,917,415 |
JB Hunt Transport Services, Inc. | 2,614 | 449,268 |
Norfolk Southern Corp. | 7,268 | 1,386,662 |
Old Dominion Freight Line, Inc. | 2,869 | 1,080,638 |
Union Pacific Corp. | 19,512 | 4,050,886 |
8,884,869 | ||
Health Care Equipment & Supplies 2.5% | ||
Abbott Laboratories | 55,559 | 5,253,103 |
12 | MainStay S&P 500 Index Fund |
Shares | Value | |
Common Stocks (continued) | ||
Health Care Equipment & Supplies (continued) | ||
Align Technology, Inc. (a) | 2,279 | $ 420,681 |
Baxter International, Inc. | 16,213 | 525,787 |
Becton Dickinson & Co. | 9,288 | 2,347,821 |
Boston Scientific Corp. (a) | 46,879 | 2,399,736 |
Cooper Cos., Inc. (The) | 1,585 | 494,124 |
Dentsply Sirona, Inc. | 6,778 | 206,119 |
DexCom, Inc. (a) | 12,418 | 1,103,091 |
Edwards Lifesciences Corp. (a) | 19,463 | 1,240,182 |
GE HealthCare Technologies, Inc. | 12,523 | 833,656 |
Hologic, Inc. (a) | 7,842 | 518,905 |
IDEXX Laboratories, Inc. (a) | 2,658 | 1,061,791 |
Insulet Corp. (a) | 2,235 | 296,294 |
Intuitive Surgical, Inc. (a) | 11,249 | 2,949,713 |
Medtronic plc | 42,618 | 3,007,126 |
ResMed, Inc. | 4,704 | 664,299 |
STERIS plc | 3,158 | 663,117 |
Stryker Corp. | 10,822 | 2,924,321 |
Teleflex, Inc. | 1,505 | 278,049 |
Zimmer Biomet Holdings, Inc. | 6,690 | 698,503 |
27,886,418 | ||
Health Care Providers & Services 3.2% | ||
Cardinal Health, Inc. | 8,151 | 741,741 |
Cencora, Inc. | 5,337 | 988,146 |
Centene Corp. (a) | 17,336 | 1,195,837 |
Cigna Group (The) | 9,476 | 2,929,979 |
CVS Health Corp. | 41,121 | 2,837,760 |
DaVita, Inc. (a) | 1,724 | 133,145 |
Elevance Health, Inc. | 7,545 | 3,395,929 |
HCA Healthcare, Inc. | 6,444 | 1,457,246 |
Henry Schein, Inc. (a) | 4,181 | 271,682 |
Humana, Inc. | 3,967 | 2,077,478 |
Laboratory Corp. of America Holdings | 2,837 | 566,634 |
McKesson Corp. | 4,319 | 1,966,700 |
Molina Healthcare, Inc. (a) | 1,867 | 621,618 |
Quest Diagnostics, Inc. | 3,593 | 467,449 |
UnitedHealth Group, Inc. | 29,657 | 15,883,103 |
Universal Health Services, Inc., Class B | 1,989 | 250,395 |
35,784,842 | ||
Health Care REITs 0.2% | ||
Healthpeak Properties, Inc. | 17,515 | 272,358 |
Ventas, Inc. | 12,883 | 547,012 |
Welltower, Inc. | 16,608 | 1,388,595 |
2,207,965 | ||
Hotel & Resort REITs 0.0% ‡ | ||
Host Hotels & Resorts, Inc. | 22,783 | 352,681 |
Shares | Value | |
Hotels, Restaurants & Leisure 2.1% | ||
Airbnb, Inc., Class A (a) | 13,650 | $ 1,614,658 |
Booking Holdings, Inc. (a) | 1,143 | 3,188,467 |
Caesars Entertainment, Inc. (a) | 6,893 | 274,962 |
Carnival Corp. (a) | 32,251 | 369,596 |
Chipotle Mexican Grill, Inc. (a) | 883 | 1,714,963 |
Darden Restaurants, Inc. | 3,870 | 563,201 |
Domino's Pizza, Inc. | 1,124 | 381,025 |
Expedia Group, Inc. (a) | 4,413 | 420,515 |
Hilton Worldwide Holdings, Inc. | 8,373 | 1,268,761 |
Las Vegas Sands Corp. | 10,524 | 499,469 |
Marriott International, Inc., Class A | 8,021 | 1,512,440 |
McDonald's Corp. | 23,332 | 6,116,950 |
MGM Resorts International | 8,987 | 313,826 |
Norwegian Cruise Line Holdings Ltd. (a) | 13,620 | 185,232 |
Royal Caribbean Cruises Ltd. (a) | 7,546 | 639,372 |
Starbucks Corp. | 36,671 | 3,382,533 |
Wynn Resorts Ltd. | 3,101 | 272,206 |
Yum! Brands, Inc. | 8,971 | 1,084,235 |
23,802,411 | ||
Household Durables 0.3% | ||
DR Horton, Inc. | 9,748 | 1,017,691 |
Garmin Ltd. | 4,904 | 502,807 |
Lennar Corp., Class A | 8,085 | 862,508 |
Mohawk Industries, Inc. (a) | 1,692 | 136,003 |
NVR, Inc. (a) | 105 | 568,325 |
PulteGroup, Inc. | 7,026 | 517,043 |
Whirlpool Corp. | 1,755 | 183,503 |
3,787,880 | ||
Household Products 1.4% | ||
Church & Dwight Co., Inc. | 7,877 | 716,335 |
Clorox Co. (The) | 3,964 | 466,563 |
Colgate-Palmolive Co. | 26,467 | 1,988,201 |
Kimberly-Clark Corp. | 10,827 | 1,295,342 |
Procter & Gamble Co. (The) | 75,472 | 11,323,064 |
15,789,505 | ||
Independent Power and Renewable Electricity Producers 0.0% ‡ | ||
AES Corp. (The) | 21,439 | 319,441 |
Industrial Conglomerates 0.8% | ||
3M Co. | 17,673 | 1,607,359 |
General Electric Co. | 34,846 | 3,785,321 |
Honeywell International, Inc. | 21,257 | 3,895,558 |
9,288,238 | ||
Industrial REITs 0.3% | ||
Prologis, Inc. | 29,578 | 2,979,983 |
Shares | Value | |
Common Stocks (continued) | ||
Insurance 2.3% | ||
Aflac, Inc. | 17,308 | $ 1,351,928 |
Allstate Corp. (The) | 8,375 | 1,073,089 |
American International Group, Inc. | 22,792 | 1,397,377 |
Aon plc, Class A | 6,495 | 2,009,553 |
Arch Capital Group Ltd. (a) | 11,941 | 1,035,046 |
Arthur J. Gallagher & Co. | 6,900 | 1,624,881 |
Assurant, Inc. | 1,698 | 252,832 |
Brown & Brown, Inc. | 7,537 | 523,218 |
Chubb Ltd. | 13,150 | 2,822,253 |
Cincinnati Financial Corp. | 5,022 | 500,543 |
Everest Group Ltd. | 1,390 | 549,912 |
Globe Life, Inc. | 2,784 | 323,946 |
Hartford Financial Services Group, Inc. (The) | 9,791 | 719,149 |
Loews Corp. | 5,920 | 378,939 |
Marsh & McLennan Cos., Inc. | 15,814 | 2,999,125 |
MetLife, Inc. | 20,225 | 1,213,702 |
Principal Financial Group, Inc. | 7,120 | 481,882 |
Progressive Corp. (The) | 18,740 | 2,962,607 |
Prudential Financial, Inc. | 11,622 | 1,062,716 |
Travelers Cos., Inc. (The) | 7,330 | 1,227,335 |
W R Berkley Corp. | 6,513 | 439,106 |
Willis Towers Watson plc | 3,356 | 791,647 |
25,740,786 | ||
Interactive Media & Services 5.8% | ||
Alphabet, Inc. (a) | ||
Class A | 189,951 | 23,569,120 |
Class C | 161,581 | 20,246,099 |
Match Group, Inc. (a) | 8,903 | 308,044 |
Meta Platforms, Inc., Class A (a) | 71,158 | 21,437,771 |
65,561,034 | ||
IT Services 1.2% | ||
Accenture plc, Class A | 20,196 | 6,000,030 |
Akamai Technologies, Inc. (a) | 4,866 | 502,804 |
Cognizant Technology Solutions Corp., Class A | 16,169 | 1,042,415 |
EPAM Systems, Inc. (a) | 1,856 | 403,810 |
Gartner, Inc. (a) | 2,524 | 838,069 |
International Business Machines Corp. | 29,167 | 4,218,715 |
VeriSign, Inc. (a) | 2,873 | 573,623 |
13,579,466 | ||
Leisure Products 0.0% ‡ | ||
Hasbro, Inc. | 4,175 | 188,501 |
Shares | Value | |
Life Sciences Tools & Services 1.3% | ||
Agilent Technologies, Inc. | 9,457 | $ 977,570 |
Bio-Rad Laboratories, Inc., Class A (a) | 669 | 184,162 |
Bio-Techne Corp. | 5,041 | 275,390 |
Charles River Laboratories International, Inc. (a) | 1,641 | 276,279 |
Danaher Corp. | 21,039 | 4,039,909 |
Illumina, Inc. (a) | 5,068 | 554,540 |
IQVIA Holdings, Inc. (a) | 5,863 | 1,060,206 |
Mettler-Toledo International, Inc. (a) | 700 | 689,640 |
Revvity, Inc. | 3,974 | 329,246 |
Thermo Fisher Scientific, Inc. | 12,357 | 5,496,023 |
Waters Corp. (a) | 1,892 | 451,299 |
West Pharmaceutical Services, Inc. | 2,365 | 752,756 |
15,087,020 | ||
Machinery 1.7% | ||
Caterpillar, Inc. | 16,333 | 3,692,075 |
Cummins, Inc. | 4,535 | 980,921 |
Deere & Co. | 8,730 | 3,189,593 |
Dover Corp. | 4,478 | 581,916 |
Fortive Corp. | 11,270 | 735,706 |
IDEX Corp. | 2,420 | 463,212 |
Illinois Tool Works, Inc. | 8,810 | 1,974,497 |
Ingersoll Rand, Inc. | 12,947 | 785,624 |
Nordson Corp. | 1,733 | 368,419 |
Otis Worldwide Corp. | 13,182 | 1,017,782 |
PACCAR, Inc. | 16,738 | 1,381,387 |
Parker-Hannifin Corp. | 4,108 | 1,515,482 |
Pentair plc | 5,286 | 307,222 |
Snap-on, Inc. | 1,694 | 436,950 |
Stanley Black & Decker, Inc. | 4,906 | 417,255 |
Westinghouse Air Brake Technologies Corp. | 5,735 | 608,025 |
Xylem, Inc. | 7,710 | 721,193 |
19,177,259 | ||
Media 0.8% | ||
Charter Communications, Inc., Class A (a) | 3,258 | 1,312,322 |
Comcast Corp., Class A | 131,768 | 5,440,701 |
Fox Corp. | ||
Class A | 8,122 | 246,828 |
Class B | 4,224 | 117,892 |
Interpublic Group of Cos., Inc. (The) | 12,324 | 350,002 |
News Corp. | ||
Class A | 12,196 | 252,213 |
Class B | 3,698 | 79,285 |
Omnicom Group, Inc. | 6,325 | 473,806 |
14 | MainStay S&P 500 Index Fund |
Shares | Value | |
Common Stocks (continued) | ||
Media (continued) | ||
Paramount Global, Class B (b) | 15,439 | $ 167,976 |
8,441,025 | ||
Metals & Mining 0.4% | ||
Freeport-McMoRan, Inc. | 45,899 | 1,550,468 |
Newmont Corp. | 30,354 | 1,137,365 |
Nucor Corp. | 7,963 | 1,176,852 |
Steel Dynamics, Inc. | 4,985 | 530,952 |
4,395,637 | ||
Multi-Utilities 0.7% | ||
Ameren Corp. | 8,412 | 636,872 |
CenterPoint Energy, Inc. | 20,208 | 543,191 |
CMS Energy Corp. | 9,340 | 507,536 |
Consolidated Edison, Inc. | 11,043 | 969,465 |
Dominion Energy, Inc. | 26,790 | 1,080,173 |
DTE Energy Co. | 6,601 | 636,204 |
NiSource, Inc. | 13,231 | 332,892 |
Public Service Enterprise Group, Inc. | 15,980 | 985,167 |
Sempra | 20,148 | 1,410,964 |
WEC Energy Group, Inc. | 10,099 | 821,958 |
7,924,422 | ||
Office REITs 0.1% | ||
Alexandria Real Estate Equities, Inc. | 4,986 | 464,346 |
Boston Properties, Inc. | 4,620 | 247,494 |
711,840 | ||
Oil, Gas & Consumable Fuels 4.1% | ||
APA Corp. | 9,837 | 390,726 |
Chevron Corp. | 56,805 | 8,278,193 |
ConocoPhillips | 38,339 | 4,554,673 |
Coterra Energy, Inc. | 24,251 | 666,902 |
Devon Energy Corp. | 20,513 | 955,290 |
Diamondback Energy, Inc. | 5,725 | 917,832 |
EOG Resources, Inc. | 18,642 | 2,353,552 |
EQT Corp. | 11,579 | 490,718 |
Exxon Mobil Corp. | 128,167 | 13,566,477 |
Hess Corp. | 8,848 | 1,277,651 |
Kinder Morgan, Inc. | 62,063 | 1,005,421 |
Marathon Oil Corp. | 19,392 | 529,596 |
Marathon Petroleum Corp. | 12,801 | 1,936,151 |
Occidental Petroleum Corp. | 21,243 | 1,313,030 |
ONEOK, Inc. | 18,648 | 1,215,850 |
Phillips 66 | 14,256 | 1,626,182 |
Pioneer Natural Resources Co. | 7,464 | 1,783,896 |
Targa Resources Corp. | 7,162 | 598,815 |
Valero Energy Corp. | 11,306 | 1,435,862 |
Shares | Value | |
Oil, Gas & Consumable Fuels (continued) | ||
Williams Cos., Inc. (The) | 38,945 | $ 1,339,708 |
46,236,525 | ||
Passenger Airlines 0.2% | ||
Alaska Air Group, Inc. (a) | 4,073 | 128,829 |
American Airlines Group, Inc. (a)(b) | 20,918 | 233,236 |
Delta Air Lines, Inc. | 20,600 | 643,750 |
Southwest Airlines Co. | 19,070 | 423,926 |
United Airlines Holdings, Inc. (a) | 10,501 | 367,640 |
1,797,381 | ||
Personal Care Products 0.2% | ||
Estee Lauder Cos., Inc. (The), Class A | 7,424 | 956,731 |
Kenvue, Inc. | 55,177 | 1,026,292 |
1,983,023 | ||
Pharmaceuticals 4.1% | ||
Bristol-Myers Squibb Co. | 66,885 | 3,446,584 |
Catalent, Inc. (a) | 5,772 | 198,499 |
Eli Lilly & Co. | 25,530 | 14,141,833 |
Johnson & Johnson | 77,095 | 11,436,272 |
Merck & Co., Inc. | 81,242 | 8,343,553 |
Pfizer, Inc. | 180,762 | 5,524,087 |
Viatris, Inc. | 38,404 | 341,796 |
Zoetis, Inc. | 14,738 | 2,313,866 |
45,746,490 | ||
Professional Services 0.7% | ||
Automatic Data Processing, Inc. | 13,190 | 2,878,322 |
Broadridge Financial Solutions, Inc. | 3,782 | 645,360 |
Ceridian HCM Holding, Inc. (a) | 4,982 | 318,898 |
Equifax, Inc. | 3,929 | 666,240 |
Jacobs Solutions, Inc. | 4,031 | 537,332 |
Leidos Holdings, Inc. | 4,397 | 435,831 |
Paychex, Inc. | 10,274 | 1,140,928 |
Paycom Software, Inc. | 1,577 | 386,318 |
Robert Half, Inc. | 3,428 | 256,312 |
Verisk Analytics, Inc. | 4,643 | 1,055,632 |
8,321,173 | ||
Real Estate Management & Development 0.1% | ||
CBRE Group, Inc., Class A (a) | 9,920 | 687,853 |
CoStar Group, Inc. (a) | 13,073 | 959,689 |
1,647,542 | ||
Residential REITs 0.3% | ||
AvalonBay Communities, Inc. | 4,547 | 753,620 |
Camden Property Trust | 3,418 | 290,120 |
Equity Residential | 11,043 | 611,009 |
Essex Property Trust, Inc. | 2,055 | 439,606 |
Shares | Value | |
Common Stocks (continued) | ||
Residential REITs (continued) | ||
Invitation Homes, Inc. | 18,417 | $ 546,801 |
Mid-America Apartment Communities, Inc. | 3,736 | 441,408 |
UDR, Inc. | 9,705 | 308,716 |
3,391,280 | ||
Retail REITs 0.3% | ||
Federal Realty Investment Trust | 2,349 | 214,205 |
Kimco Realty Corp. | 19,846 | 356,037 |
Realty Income Corp. | 22,693 | 1,075,194 |
Regency Centers Corp. | 5,261 | 317,028 |
Simon Property Group, Inc. | 10,475 | 1,151,098 |
3,113,562 | ||
Semiconductors & Semiconductor Equipment 7.2% | ||
Advanced Micro Devices, Inc. (a) | 51,727 | 5,095,110 |
Analog Devices, Inc. | 16,053 | 2,525,618 |
Applied Materials, Inc. | 26,885 | 3,558,230 |
Broadcom, Inc. | 13,570 | 11,417,391 |
Enphase Energy, Inc. (a) | 4,366 | 347,446 |
First Solar, Inc. (a) | 3,420 | 487,179 |
Intel Corp. | 134,083 | 4,894,030 |
KLA Corp. | 4,377 | 2,055,877 |
Lam Research Corp. | 4,268 | 2,510,523 |
Microchip Technology, Inc. | 17,427 | 1,242,371 |
Micron Technology, Inc. | 35,067 | 2,344,930 |
Monolithic Power Systems, Inc. | 1,530 | 675,862 |
NVIDIA Corp. | 79,080 | 32,248,824 |
NXP Semiconductors NV | 8,254 | 1,423,237 |
ON Semiconductor Corp. (a) | 13,816 | 865,434 |
Qorvo, Inc. (a) | 3,135 | 274,062 |
QUALCOMM, Inc. | 35,730 | 3,894,213 |
Skyworks Solutions, Inc. | 5,103 | 442,634 |
SolarEdge Technologies, Inc. (a) | 1,811 | 137,545 |
Teradyne, Inc. | 4,931 | 410,604 |
Texas Instruments, Inc. | 29,070 | 4,128,231 |
80,979,351 | ||
Software 10.8% | ||
Adobe, Inc. (a) | 14,593 | 7,764,352 |
ANSYS, Inc. (a) | 2,779 | 773,284 |
Autodesk, Inc. (a) | 6,843 | 1,352,382 |
Cadence Design Systems, Inc. (a) | 8,702 | 2,087,175 |
Fair Isaac Corp. (a) | 796 | 673,312 |
Fortinet, Inc. (a) | 20,869 | 1,193,081 |
Gen Digital, Inc. | 18,016 | 300,146 |
Intuit, Inc. | 8,966 | 4,437,722 |
Microsoft Corp. | 237,872 | 80,426,902 |
Shares | Value | |
Software (continued) | ||
Oracle Corp. | 50,402 | $ 5,211,567 |
Palo Alto Networks, Inc. (a) | 9,792 | 2,379,652 |
PTC, Inc. (a) | 3,805 | 534,298 |
Roper Technologies, Inc. | 3,416 | 1,668,955 |
Salesforce, Inc. (a) | 31,184 | 6,262,683 |
ServiceNow, Inc. (a) | 6,531 | 3,800,062 |
Synopsys, Inc. (a) | 4,872 | 2,287,112 |
Tyler Technologies, Inc. (a) | 1,347 | 502,296 |
121,654,981 | ||
Specialized REITs 1.1% | ||
American Tower Corp. | 14,924 | 2,659,308 |
Crown Castle, Inc. | 13,885 | 1,291,027 |
Digital Realty Trust, Inc. | 9,692 | 1,205,297 |
Equinix, Inc. | 2,996 | 2,186,002 |
Extra Space Storage, Inc. | 6,764 | 700,683 |
Iron Mountain, Inc. | 9,344 | 551,950 |
Public Storage | 5,066 | 1,209,305 |
SBA Communications Corp. | 3,470 | 723,946 |
VICI Properties, Inc. | 32,446 | 905,243 |
Weyerhaeuser Co. | 23,396 | 671,231 |
12,103,992 | ||
Specialty Retail 2.0% | ||
AutoZone, Inc. (a) | 581 | 1,439,212 |
Bath & Body Works, Inc. | 7,329 | 217,305 |
Best Buy Co., Inc. | 6,218 | 415,487 |
CarMax, Inc. (a) | 5,065 | 309,421 |
Home Depot, Inc. (The) | 32,188 | 9,163,602 |
Lowe's Cos., Inc. | 18,761 | 3,575,284 |
O'Reilly Automotive, Inc. (a) | 1,934 | 1,799,471 |
Ross Stores, Inc. | 10,906 | 1,264,769 |
TJX Cos., Inc. (The) | 36,794 | 3,240,447 |
Tractor Supply Co. | 3,484 | 670,879 |
Ulta Beauty, Inc. (a) | 1,594 | 607,808 |
22,703,685 | ||
Technology Hardware, Storage & Peripherals 7.4% | ||
Apple, Inc. (c) | 470,514 | 80,349,676 |
Hewlett Packard Enterprise Co. | 41,349 | 635,948 |
HP, Inc. | 27,778 | 731,395 |
NetApp, Inc. | 6,749 | 491,192 |
Seagate Technology Holdings plc | 6,175 | 421,444 |
Western Digital Corp. (a) | 10,243 | 411,256 |
83,040,911 | ||
Textiles, Apparel & Luxury Goods 0.5% | ||
Lululemon Athletica, Inc. (a) | 3,701 | 1,456,269 |
NIKE, Inc., Class B | 39,222 | 4,030,845 |
16 | MainStay S&P 500 Index Fund |
Shares | Value | |
Common Stocks (continued) | ||
Textiles, Apparel & Luxury Goods (continued) | ||
Ralph Lauren Corp. | 1,293 | $ 145,501 |
Tapestry, Inc. | 7,421 | 204,523 |
VF Corp. | 10,583 | 155,888 |
5,993,026 | ||
Tobacco 0.6% | ||
Altria Group, Inc. | 56,816 | 2,282,299 |
Philip Morris International, Inc. | 49,700 | 4,431,252 |
6,713,551 | ||
Trading Companies & Distributors 0.3% | ||
Fastenal Co. | 18,292 | 1,067,155 |
United Rentals, Inc. | 2,186 | 888,106 |
WW Grainger, Inc. | 1,425 | 1,040,008 |
2,995,269 | ||
Water Utilities 0.1% | ||
American Water Works Co., Inc. | 6,233 | 733,312 |
Veralto Corp. (a) | 7,013 | 483,897 |
1,217,209 | ||
Wireless Telecommunication Services 0.2% | ||
T-Mobile USA, Inc. (a) | 16,573 | 2,384,192 |
Total Common Stocks (d) (Cost $249,352,892) | 1,125,368,019 | |
Number of Rights | ||
Rights 0.0% ‡ | ||
Health Care Equipment & Supplies 0.0% ‡ | ||
ABIOMED, Inc., CVR (a)(e) | 1,477 | 1,507 |
Total Rights (Cost $1,506) | 1,507 | |
Shares | ||
Short-Term Investments 1.0% | ||
Affiliated Investment Company 0.0% ‡ | ||
MainStay U.S. Government Liquidity Fund, 5.275% (f) | 42,693 | 42,693 |
Shares | Value | ||
Unaffiliated Investment Company 0.1% | |||
Invesco Government & Agency Portfolio, 5.357% (f)(g) | 390,165 | $ 390,165 | |
Principal Amount | |||
U.S. Treasury Debt 0.9% | |||
U.S. Treasury Bills | |||
5.361%, due 12/19/23 (c)(h) | $ 10,200,000 | 10,127,760 | |
Total Short-Term Investments (Cost $10,560,988) | 10,560,618 | ||
Total Investments (Cost $259,915,386) | 100.7% | 1,135,930,144 | |
Other Assets, Less Liabilities | (0.7) | (7,349,958) | |
Net Assets | 100.0% | $ 1,128,580,186 |
† | Percentages indicated are based on Fund net assets. |
^ | Industry classifications may be different than those used for compliance monitoring purposes. |
‡ | Less than one-tenth of a percent. |
(a) | 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 $377,864. The Fund received cash collateral with a value of $390,165. (See Note 2(H)) |
(c) | Represents a security, or portion thereof, which was maintained at the broker as collateral for futures contracts. |
(d) | The combined market value of common stocks and notional value of Standard & Poor’s 500 Index futures contracts represents 100.0% of the Fund’s net assets. |
(e) | Illiquid security—As of October 31, 2023, the total market value deemed illiquid under procedures approved by the Board of Trustees was $1,507, which represented less than one-tenth of a percent of the Fund’s net assets. (Unaudited) |
(f) | Current yield as of October 31, 2023. |
(g) | Represents a security purchased with cash collateral received for securities on loan. |
(h) | Interest rate shown represents yield to maturity. |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay U.S. Government Liquidity Fund | $ 21 | $ 13,852 | $ (13,830) | $ — | $ — | $ 43 | $ 5 | $ — | 43 |
Type | Number of Contracts | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)1 |
Long Contracts | |||||
S&P 500 E-Mini Index | 13 | December 2023 | $ 2,853,566 | $ 2,737,963 | $ (115,603) |
1. | Represents the difference between the value of the contracts at the time they were opened and the value as of October 31, 2023. |
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 | $ 1,125,368,019 | $ — | $ — | $ 1,125,368,019 | |||
Rights | — | 1,507 | — | 1,507 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 42,693 | — | — | 42,693 | |||
Unaffiliated Investment Company | 390,165 | — | — | 390,165 | |||
U.S. Treasury Debt | — | 10,127,760 | — | 10,127,760 | |||
Total Short-Term Investments | 432,858 | 10,127,760 | — | 10,560,618 | |||
Total Investments in Securities | $ 1,125,800,877 | $ 10,129,267 | $ — | $ 1,135,930,144 | |||
Liability Valuation Inputs | |||||||
Other Financial Instruments | |||||||
Futures Contracts (b) | $ (115,603) | $ — | $ — | $ (115,603) |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
(b) | The value listed for these securities reflects unrealized appreciation (depreciation) as shown on the Portfolio of Investments. |
18 | MainStay S&P 500 Index Fund |
Assets | |
Investment in unaffiliated securities, at value (identified cost $259,872,693) including securities on loan of $377,864 | $1,135,887,451 |
Investment in affiliated investment companies, at value (identified cost $42,693) | 42,693 |
Receivables: | |
Dividends | 837,776 |
Fund shares sold | 633,428 |
Variation margin on futures contracts | 63,566 |
Securities lending | 626 |
Other assets | 2,239 |
Total assets | 1,137,467,779 |
Liabilities | |
Cash collateral received for securities on loan | 390,165 |
Due to custodian | 66 |
Payables: | |
Fund shares redeemed | 7,951,576 |
NYLIFE Distributors (See Note 3) | 186,764 |
Transfer agent (See Note 3) | 167,509 |
Manager (See Note 3) | 156,280 |
Professional fees | 22,152 |
Custodian | 10,236 |
Shareholder communication | 1,614 |
Accrued expenses | 1,231 |
Total liabilities | 8,887,593 |
Net assets | $1,128,580,186 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 23,231 |
Additional paid-in-capital | 207,066,281 |
207,089,512 | |
Total distributable earnings (loss) | 921,490,674 |
Net assets | $1,128,580,186 |
Class A | |
Net assets applicable to outstanding shares | $819,686,999 |
Shares of beneficial interest outstanding | 16,961,329 |
Net asset value per share outstanding | $ 48.33 |
Maximum sales charge (1.50% of offering price) | 0.74 |
Maximum offering price per share outstanding | $ 49.07 |
Investor Class | |
Net assets applicable to outstanding shares | $ 43,008,862 |
Shares of beneficial interest outstanding | 892,594 |
Net asset value per share outstanding | $ 48.18 |
Maximum sales charge (1.00% of offering price) | 0.49 |
Maximum offering price per share outstanding | $ 48.67 |
Class I | |
Net assets applicable to outstanding shares | $265,489,257 |
Shares of beneficial interest outstanding | 5,368,597 |
Net asset value and offering price per share outstanding | $ 49.45 |
SIMPLE Class | |
Net assets applicable to outstanding shares | $ 395,068 |
Shares of beneficial interest outstanding | 8,199 |
Net asset value and offering price per share outstanding(a) | $ 48.19 |
(a) | The difference between the calculated and stated NAV was caused by rounding. |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated (net of foreign tax withholding of $4,961) | $ 18,906,379 |
Interest | 403,739 |
Securities lending, net | 15,731 |
Dividends-affiliated | 4,788 |
Total income | 19,330,637 |
Expenses | |
Manager (See Note 3) | 1,841,906 |
Distribution/Service—Class A (See Note 3) | 2,033,833 |
Distribution/Service—Investor Class (See Note 3) | 112,637 |
Distribution/Service—SIMPLE Class (See Note 3) | 1,513 |
Transfer agent (See Note 3) | 973,224 |
Professional fees | 137,541 |
Registration | 79,889 |
Trustees | 29,708 |
Custodian | 26,954 |
Shareholder communication | 23,130 |
Miscellaneous | 155,929 |
Total expenses before waiver/reimbursement | 5,416,264 |
Expense waiver/reimbursement from Manager (See Note 3) | (63,041) |
Reimbursement from prior custodian(a) | (2,174) |
Net expenses | 5,351,049 |
Net investment income (loss) | 13,979,588 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | 36,741,427 |
Futures transactions | (416,985) |
Foreign currency transactions | (59) |
Net realized gain (loss) | 36,324,383 |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | 53,457,337 |
Futures contracts | (250,082) |
Net change in unrealized appreciation (depreciation) | 53,207,255 |
Net realized and unrealized gain (loss) | 89,531,638 |
Net increase (decrease) in net assets resulting from operations | $103,511,226 |
(a) | Represents a refund for overbilling of custody fees. |
20 | MainStay S&P 500 Index Fund |
for the years ended October 31, 2023 and October 31, 2022
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 13,979,588 | $ 12,857,823 |
Net realized gain (loss) | 36,324,383 | 95,503,240 |
Net change in unrealized appreciation (depreciation) | 53,207,255 | (304,428,421) |
Net increase (decrease) in net assets resulting from operations | 103,511,226 | (196,067,358) |
Distributions to shareholders: | ||
Class A | (70,919,309) | (39,561,389) |
Investor Class | (3,958,067) | (2,447,460) |
Class I | (25,518,452) | (21,892,265) |
SIMPLE Class | (17,326) | (2,833) |
Total distributions to shareholders | (100,413,154) | (63,903,947) |
Capital share transactions: | ||
Net proceeds from sales of shares | 116,334,052 | 141,247,690 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 98,862,685 | 62,992,377 |
Cost of shares redeemed | (172,019,334) | (298,133,932) |
Increase (decrease) in net assets derived from capital share transactions | 43,177,403 | (93,893,865) |
Net increase (decrease) in net assets | 46,275,475 | (353,865,170) |
Net Assets | ||
Beginning of year | 1,082,304,711 | 1,436,169,881 |
End of year | $1,128,580,186 | $1,082,304,711 |
Year Ended October 31, | |||||||||
Class A | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 48.54 | $ 59.77 | $ 45.82 | $ 49.60 | $ 49.27 | ||||
Net investment income (loss) (a) | 0.56 | 0.52 | 0.49 | 0.58 | 0.67 | ||||
Net realized and unrealized gain (loss) | 3.75 | (9.12) | 17.71 | 3.44 | 5.52 | ||||
Total from investment operations | 4.31 | (8.60) | 18.20 | 4.02 | 6.19 | ||||
Less distributions: | |||||||||
From net investment income | (0.57) | (0.53) | (0.55) | (0.91) | (0.77) | ||||
From net realized gain on investments | (3.95) | (2.10) | (3.70) | (6.89) | (5.09) | ||||
Total distributions | (4.52) | (2.63) | (4.25) | (7.80) | (5.86) | ||||
Net asset value at end of year | $ 48.33 | $ 48.54 | $ 59.77 | $ 45.82 | $ 49.60 | ||||
Total investment return (b) | 9.58% | (15.03)% | 42.19% | 9.21% | 13.80% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.16% | 0.99% | 0.92% | 1.32% | 1.44% | ||||
Net expenses (c) | 0.52% | 0.52% | 0.50% | 0.54% | 0.54% | ||||
Portfolio turnover rate | 2% | 2% | 5% | 15% | 3% | ||||
Net assets at end of year (in 000’s) | $ 819,687 | $ 763,996 | $ 894,565 | $ 602,036 | $ 559,780 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | |||||||||
Investor Class | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 48.39 | $ 59.55 | $ 45.68 | $ 49.50 | $ 49.18 | ||||
Net investment income (loss) (a) | 0.47 | 0.43 | 0.40 | 0.51 | 0.59 | ||||
Net realized and unrealized gain (loss) | 3.74 | (9.10) | 17.63 | 3.43 | 5.52 | ||||
Total from investment operations | 4.21 | (8.67) | 18.03 | 3.94 | 6.11 | ||||
Less distributions: | |||||||||
From net investment income | (0.47) | (0.39) | (0.46) | (0.87) | (0.70) | ||||
From net realized gain on investments | (3.95) | (2.10) | (3.70) | (6.89) | (5.09) | ||||
Total distributions | (4.42) | (2.49) | (4.16) | (7.76) | (5.79) | ||||
Net asset value at end of year | $ 48.18 | $ 48.39 | $ 59.55 | $ 45.68 | $ 49.50 | ||||
Total investment return (b) | 9.37% | (15.18)% | 41.89% | 9.03% | 13.62% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.99% | 0.80% | 0.75% | 1.16% | 1.26% | ||||
Net expenses (c) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% | ||||
Expenses (before waiver/reimbursement) (c) | 0.84% | 0.79% | 0.82% | 0.88% | 0.89% | ||||
Portfolio turnover rate | 2% | 2% | 5% | 15% | 3% | ||||
Net assets at end of year (in 000's) | $ 43,009 | $ 45,102 | $ 58,363 | $ 55,546 | $ 54,505 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
22 | MainStay S&P 500 Index Fund |
Year Ended October 31, | |||||||||
Class I | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 49.58 | $ 60.97 | $ 46.66 | $ 50.38 | $ 49.97 | ||||
Net investment income (loss) (a) | 0.70 | 0.67 | 0.64 | 0.70 | 0.81 | ||||
Net realized and unrealized gain (loss) | 3.82 | (9.30) | 18.03 | 3.50 | 5.59 | ||||
Total from investment operations | 4.52 | (8.63) | 18.67 | 4.20 | 6.40 | ||||
Less distributions: | |||||||||
From net investment income | (0.70) | (0.66) | (0.66) | (1.03) | (0.90) | ||||
From net realized gain on investments | (3.95) | (2.10) | (3.70) | (6.89) | (5.09) | ||||
Total distributions | (4.65) | (2.76) | (4.36) | (7.92) | (5.99) | ||||
Net asset value at end of year | $ 49.45 | $ 49.58 | $ 60.97 | $ 46.66 | $ 50.38 | ||||
Total investment return (b) | 9.84% | (14.82)% | 42.56% | 9.47% | 14.08% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.41% | 1.23% | 1.19% | 1.56% | 1.74% | ||||
Net expenses (c) | 0.27% | 0.26% | 0.25% | 0.29% | 0.29% | ||||
Portfolio turnover rate | 2% | 2% | 5% | 15% | 3% | ||||
Net assets at end of year (in 000’s) | $ 265,489 | $ 273,022 | $ 483,174 | $ 436,446 | $ 399,842 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | August 31, 2020^ through October 31, | ||||||
SIMPLE Class | 2023 | 2022 | 2021 | 2020 | |||
Net asset value at beginning of period | $ 48.43 | $ 59.73 | $ 45.65 | $ 48.83* | |||
Net investment income (loss) (a) | 0.40 | 0.29 | 0.21 | 0.02 | |||
Net realized and unrealized gain (loss) | 3.75 | (9.11) | 17.74 | (3.20) | |||
Total from investment operations | 4.15 | (8.82) | 17.95 | (3.18) | |||
Less distributions: | |||||||
From net investment income | (0.44) | (0.38) | (0.17) | — | |||
From net realized gain on investments | (3.95) | (2.10) | (3.70) | — | |||
Total distributions | (4.39) | (2.48) | (3.87) | — | |||
Net asset value at end of period | $ 48.19 | $ 48.43 | $ 59.73 | $ 45.65 | |||
Total investment return (b) | 9.24% | (15.39)% | 41.54% | (6.51)% | |||
Ratios (to average net assets)/Supplemental Data: | |||||||
Net investment income (loss) | 0.82% | 0.56% | 0.39% | 0.30%†† | |||
Net expenses (c) | 0.82%(d) | 0.95% | 0.95% | 0.95%†† | |||
Expenses (before waiver/reimbursement) (c) | 0.82% | 1.04% | 1.06% | 1.15%†† | |||
Portfolio turnover rate | 2% | 2% | 5% | 15% | |||
Net assets at end of period (in 000’s) | $ 395 | $ 185 | $ 68 | $ 23 |
^ | Inception date. |
* | Based on the net asset value of Investor Class as of August 31, 2020. |
†† | 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. |
(d) | Expense waiver/reimbursement less than 0.01%. |
Class | Commenced Operations |
Class A | January 2, 2004 |
Investor Class | February 28, 2008 |
Class I | January 2, 1991 |
SIMPLE Class | August 31, 2020 |
24 | MainStay S&P 500 Index 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 |
26 | MainStay S&P 500 Index Fund |
Liability Derivatives | Equity Contracts Risk | Total |
Futures Contracts - Net Assets—Net unrealized depreciation on futures contracts (a) | $(115,603) | $(115,603) |
Total Fair Value | $(115,603) | $(115,603) |
(a) | Includes cumulative appreciation (depreciation) of futures contracts as reported in the Portfolio of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Net Realized Gain (Loss) from: | Equity Contracts Risk | Total |
Futures Transactions | $(416,985) | $(416,985) |
Total Net Realized Gain (Loss) | $(416,985) | $(416,985) |
Net Change in Unrealized Appreciation (Depreciation) | Equity Contracts Risk | Total |
Futures Contracts | $(250,082) | $(250,082) |
Total Net Change in Unrealized Appreciation (Depreciation) | $(250,082) | $(250,082) |
Average Notional Amount | Total |
Futures Contracts Long | $7,576,704 |
28 | MainStay S&P 500 Index Fund |
Class | Expense | Waived |
Class A | $586,079 | $— |
Investor Class | 175,967 | — |
Class I | 210,825 | — |
SIMPLE Class | 353 | — |
Class I | $8,055,532 | 3.0% |
SIMPLE Class | 30,575 | 7.7 |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $261,783,659 | $891,003,253 | $(16,856,768) | $874,146,485 |
Ordinary Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$11,298,006 | $36,046,183 | $— | $874,146,485 | $921,490,674 |
2023 | 2022 | |
Distributions paid from: | ||
Ordinary Income | $ 13,195,334 | $24,571,153 |
Long-Term Capital Gains | 87,217,820 | 39,332,794 |
Total | $100,413,154 | $63,903,947 |
Class A | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 1,750,215 | $ 84,806,867 |
Shares issued to shareholders in reinvestment of distributions | 1,548,312 | 69,503,695 |
Shares redeemed | (2,189,982) | (104,877,067) |
Net increase (decrease) in shares outstanding before conversion | 1,108,545 | 49,433,495 |
Shares converted into Class A (See Note 1) | 117,163 | 5,675,110 |
Shares converted from Class A (See Note 1) | (4,022) | (198,601) |
Net increase (decrease) | 1,221,686 | $ 54,910,004 |
Year ended October 31, 2022: | ||
Shares sold | 1,934,863 | $ 103,966,523 |
Shares issued to shareholders in reinvestment of distributions | 681,394 | 38,730,442 |
Shares redeemed | (1,972,053) | (103,647,452) |
Net increase (decrease) in shares outstanding before conversion | 644,204 | 39,049,513 |
Shares converted into Class A (See Note 1) | 135,732 | 7,705,065 |
Shares converted from Class A (See Note 1) | (7,302) | (391,955) |
Net increase (decrease) | 772,634 | $ 46,362,623 |
30 | MainStay S&P 500 Index Fund |
Investor Class | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 125,647 | $ 6,021,419 |
Shares issued to shareholders in reinvestment of distributions | 88,226 | 3,955,175 |
Shares redeemed | (135,951) | (6,582,846) |
Net increase (decrease) in shares outstanding before conversion | 77,922 | 3,393,748 |
Shares converted into Investor Class (See Note 1) | 36 | 1,680 |
Shares converted from Investor Class (See Note 1) | (117,425) | (5,675,110) |
Net increase (decrease) | (39,467) | $ (2,279,682) |
Year ended October 31, 2022: | ||
Shares sold | 142,813 | $ 7,662,662 |
Shares issued to shareholders in reinvestment of distributions | 43,087 | 2,445,630 |
Shares redeemed | (99,249) | (5,308,943) |
Net increase (decrease) in shares outstanding before conversion | 86,651 | 4,799,349 |
Shares converted into Investor Class (See Note 1) | 1,364 | 74,345 |
Shares converted from Investor Class (See Note 1) | (136,000) | (7,705,065) |
Net increase (decrease) | (47,985) | $ (2,831,371) |
Class I | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 518,286 | $ 25,310,822 |
Shares issued to shareholders in reinvestment of distributions | 553,927 | 25,386,489 |
Shares redeemed | (1,214,488) | (60,554,095) |
Net increase (decrease) in shares outstanding before conversion | (142,275) | (9,856,784) |
Shares converted into Class I (See Note 1) | 3,900 | 196,921 |
Net increase (decrease) | (138,375) | $ (9,659,863) |
Year ended October 31, 2022: | ||
Shares sold | 539,861 | $ 29,470,154 |
Shares issued to shareholders in reinvestment of distributions | 376,549 | 21,813,472 |
Shares redeemed | (3,339,414) | (189,167,876) |
Net increase (decrease) in shares outstanding before conversion | (2,423,004) | (137,884,250) |
Shares converted into Class I (See Note 1) | 5,825 | 317,610 |
Net increase (decrease) | (2,417,179) | $(137,566,640) |
SIMPLE Class | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 4,100 | $ 194,944 |
Shares issued to shareholders in reinvestment of distributions | 386 | 17,326 |
Shares redeemed | (113) | (5,326) |
Net increase (decrease) | 4,373 | $ 206,944 |
Year ended October 31, 2022: | ||
Shares sold | 2,829 | $ 148,351 |
Shares issued to shareholders in reinvestment of distributions | 50 | 2,833 |
Shares redeemed | (186) | (9,661) |
Net increase (decrease) | 2,693 | $ 141,523 |
MainStay Funds Trust:
32 | MainStay S&P 500 Index Fund |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Naïm Abou-Jaoudé* 1966 | MainStay Funds: Trustee since 2023 MainStay Funds Trust: Trustee since 2023 | Chief Executive Officer of New York Life Investment Management LLC (since 2023). Chief Executive Officer of Candriam (an affiliate of New York Life Investment Management LLC) (2007 to 2023). | 81 | MainStay VP Funds Trust: Trustee since 2023 (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2023; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2023; and New York Life Investment Management International (Chair) since 2015 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of his affiliation with New York Life Investment Management LLC and Candriam, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
34 | MainStay S&P 500 Index Fund |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015);MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC (since 1999) | 81 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2021; VanEck Vectors Group of Exchange-Traded Funds: Trustee since 2006 and Independent Chairman of the Board of Trustees from 2008 to 2022 (57 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Investment Committee since 2018 | |
Karen Hammond 1956 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021);MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 81 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Susan B. Kerley 1951 | MainStay Funds: Chair since January 2017 and Trustee since 2007;MainStay Funds Trust: Chair since January 2017 and Trustee since 1990*** | President, Strategic Management Advisors LLC (since 1990) | 81 | MainStay VP Funds Trust: Chair since January 2017 and Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chair since January 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) | |
Alan R. Latshaw 1951 | MainStay Funds: Trusteesince 2006;MainStay Funds Trust: Trustee since 2007*** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 81 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Jacques P. Perold 1958 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015to December 2015);MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 81 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay Funds: Trustee since 1994;MainStay Funds Trust: Trustee since 2007*** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) (since 2004); Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 81 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 |
** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
*** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
36 | MainStay S&P 500 Index Fund |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay Funds, MainStay Funds Trust (since 2017) | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since 2018); President, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust (since 2017)**; Senior Managing Director, Global Product Development (2015 to 2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay Funds (since 2007), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2007)**; and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay Funds and MainStay Funds Trust (since 2010) | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2010)** | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay Funds and MainStay Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ Trust, IndexIQ ETF Trust and Index IQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund, MainStay VP Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012 to 2022) | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay Funds (since 2005), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2005)** |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, New York Life Insurance Company, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
1.
2. | This Fund is registered for sale in CA, CT, DE, FL, MA, NJ, NY and VT. |
3. | An affiliate of New York Life Investment Management LLC. |
5013946MS139-23 | MSSP11-12/23 |
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended October 31, 2023 | |||||||
Class | Sales Charge | Inception Date | One Year | Five Years | Ten Years or Since Inception | Gross Expense Ratio1 | |
Class A Shares | Maximum 3.00% Initial Sales Charge | With sales charges | 12/17/2012 | 3.52% | 2.78% | 3.39% | 1.02% |
Excluding sales charges | 6.72 | 3.41 | 3.71 | 1.02 | |||
Investor Class Shares2 | Maximum 2.50% Initial Sales Charge | With sales charges | 12/17/2012 | 3.96 | 2.69 | 3.30 | 1.10 |
Excluding sales charges | 6.63 | 3.32 | 3.62 | 1.10 | |||
Class C Shares | Maximum 1.00% CDSC | With sales charges | 12/17/2012 | 4.84 | 2.55 | 2.85 | 1.85 |
if Redeemed Within 18 months of Purchase | Excluding sales charges | 5.84 | 2.55 | 2.85 | 1.85 | ||
Class I Shares | No Sales Charge | 12/17/2012 | 6.98 | 3.66 | 3.97 | 0.77 | |
Class R2 Shares3 | No Sales Charge | 12/17/2012 | 6.50 | 3.28 | 3.60 | 1.12 | |
Class R3 Shares3 | No Sales Charge | 2/29/2016 | 6.35 | 3.05 | 4.17 | 1.37 |
1. | The gross expense ratios presented reflect the Fund’s “Total Annual Fund Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report. |
2. | Prior to June 30, 2020, the maximum initial sales charge was 3.00%, which is reflected in the applicable average annual total return figures shown. |
3. | As of October 31, 2023, Class R2 and Class R3 shares are closed to new investors and, upon the close of business on December 29, 2023, Class R2 and Class R3 shares are closed to additional investments by existing shareholders. Additionally, Class R2 and 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 R2 or 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* | One Year | Five Years | Ten Years |
ICE BofA 1-5 Year BB-B U.S. High Yield Corporate Cash Pay Index1 | 6.06% | 3.31% | 3.60% |
Morningstar High Yield Bond Category Average2 | 5.72 | 2.58 | 3.03 |
* | 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. | ICE BofA 1-5 Year BB-B U.S. High Yield Corporate Cash Pay Index is the Fund's primary broad-based securities market index for comparison purposes. The ICE BofA 1-5 Year BB-B U.S. High Yield Corporate Cash Pay Index generally tracks the performance of BB-B rated U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market with maturities of 1 to 5 years. |
2. | The Morningstar High Yield Bond Category Average is representative of funds that concentrate on lower-quality bonds, which are riskier than those of higher-quality companies. These funds primarily invest in U.S. high-income debt securities where at least 65% or more of bond assets are not rated or are rated by a major agency such as Standard & Poor’s or Moody’s at the level of BB and below. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
6 | MainStay MacKay Short Duration High Yield 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 | $1,016.10 | $5.18 | $1,020.06 | $5.19 | 1.02% |
Investor Class Shares | $1,000.00 | $1,015.70 | $5.64 | $1,019.61 | $5.65 | 1.11% |
Class C Shares | $1,000.00 | $1,011.90 | $9.43 | $1,015.83 | $9.45 | 1.86% |
Class I Shares | $1,000.00 | $1,017.30 | $3.97 | $1,021.27 | $3.97 | 0.78% |
Class R2 Shares | $1,000.00 | $1,014.60 | $5.74 | $1,019.51 | $5.75 | 1.13% |
Class R3 Shares | $1,000.00 | $1,014.20 | $7.01 | $1,018.25 | $7.02 | 1.38% |
1. | Expenses are equal to the Fund’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 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. |
1. | HCA, Inc., 5.375%-8.36%, due 12/15/23–2/15/26 |
2. | TransDigm, Inc., 5.50%-7.50%, due 3/15/26–8/15/28 |
3. | VICI Properties LP, 3.50%-5.625%, due 5/1/24–6/15/25 |
4. | Ford Motor Credit Co. LLC, 2.30%-7.35%, due 11/17/23–5/12/28 |
5. | T-Mobile USA, Inc., 2.25%-5.375%, due 2/15/26–2/1/28 |
6. | CCO Holdings LLC, 5.00%-5.50%, due 5/1/26–2/1/28 |
7. | IHO Verwaltungs GmbH, 4.75%-6.00%, due 9/15/26–5/15/27 |
8. | Great Outdoors Group LLC, 9.402%, due 3/6/28 |
9. | Churchill Downs, Inc., 4.75%-5.50%, due 4/1/27–1/15/28 |
10. | Carnival Corp., 4.00%-7.625%, due 3/1/26–8/1/28 |
8 | MainStay MacKay Short Duration High Yield Fund |
1. | See "Investment and Performance Comparison" for other share class returns, which may be higher or lower than Class I share returns, and for more information on benchmark and peer group returns. |
2. | An obligation rated ‘CCC’ by Standard & Poor’s (“S&P”) is deemed by S&P to be currently vulnerable to nonpayment and is dependent upon favorable business, financial and economic conditions for the obligor to meet its financial commitment on the obligation. It is the opinion of S&P that in the event of adverse business, financial or economic conditions, the obligor is not likely to have the capacity to meet its financial commitment on the obligation. When applied to Fund holdings, ratings are based solely on the creditworthiness of the bonds in the portfolio and are not meant to represent the security or safety of the Fund. |
3. | Duration is a measure of the price sensitivity of a fixed-income investment to changes in interest rates. Duration is expressed as a number of years and is considered a more accurate sensitivity gauge than average maturity. |
4. | Modified duration is inversely related to the approximate percentage change in price for a given change in yield. Duration to worst is the duration of a bond computed using the bond’s nearest call date or maturity. This measure ignores future cash flow fluctuations due to embedded optionality. |
Principal Amount | Value | |
Long-Term Bonds 94.8% | ||
Convertible Bonds 1.7% | ||
Energy-Alternate Sources 0.3% | ||
NextEra Energy Partners LP | ||
2.50%, due 6/15/26 (a) | $ 5,000,000 | $ 4,335,000 |
Investment Companies 0.1% | ||
Ares Capital Corp. | ||
4.625%, due 3/1/24 | 1,500,000 | 1,507,500 |
Media 1.2% | ||
Cable One, Inc. | ||
(zero coupon), due 3/15/26 | 4,125,000 | 3,384,562 |
DISH Network Corp. | ||
2.375%, due 3/15/24 | 19,650,000 | 18,864,000 |
22,248,562 | ||
Oil & Gas 0.1% | ||
Gulfport Energy Operating Corp. | ||
10.00% (10.00% Cash or 15.00% PIK), due 12/29/49 (b)(c) | 269,000 | 2,347,913 |
Total Convertible Bonds (Cost $28,942,872) | 30,438,975 | |
Corporate Bonds 75.9% | ||
Advertising 0.6% | ||
Lamar Media Corp. | ||
3.75%, due 2/15/28 | 5,500,000 | 4,871,471 |
4.875%, due 1/15/29 | 3,000,000 | 2,750,580 |
Outfront Media Capital LLC | ||
6.25%, due 6/15/25 (a) | 4,000,000 | 3,944,880 |
11,566,931 | ||
Aerospace & Defense 2.2% | ||
F-Brasile SpA | ||
Series XR | ||
7.375%, due 8/15/26 (a) | 3,400,000 | 3,158,620 |
TransDigm, Inc. | ||
5.50%, due 11/15/27 | 6,790,000 | 6,321,181 |
6.25%, due 3/15/26 (a) | 12,685,000 | 12,386,390 |
6.75%, due 8/15/28 (a) | 9,960,000 | 9,670,994 |
7.50%, due 3/15/27 | 10,000,000 | 9,987,759 |
41,524,944 | ||
Airlines 0.6% | ||
American Airlines, Inc. | ||
5.50%, due 4/20/26 (a) | 1,250,000 | 1,215,561 |
Principal Amount | Value | |
Airlines (continued) | ||
Delta Air Lines, Inc. | ||
4.50%, due 10/20/25 (a) | $ 1,334,000 | $ 1,296,616 |
7.00%, due 5/1/25 (a) | 4,375,000 | 4,393,660 |
7.375%, due 1/15/26 | 1,500,000 | 1,514,925 |
Mileage Plus Holdings LLC | ||
6.50%, due 6/20/27 (a) | 1,462,500 | 1,444,771 |
Spirit Loyalty Cayman Ltd. | ||
8.00%, due 9/20/25 (a) | 2,000,000 | 1,475,000 |
11,340,533 | ||
Auto Manufacturers 2.6% | ||
Ford Motor Credit Co. LLC | ||
2.30%, due 2/10/25 | 5,000,000 | 4,721,548 |
3.37%, due 11/17/23 | 6,000,000 | 5,991,926 |
3.375%, due 11/13/25 | 1,000,000 | 933,203 |
3.664%, due 9/8/24 | 1,150,000 | 1,119,425 |
4.134%, due 8/4/25 | 1,000,000 | 953,136 |
4.389%, due 1/8/26 | 3,000,000 | 2,843,706 |
5.125%, due 6/16/25 | 2,000,000 | 1,946,027 |
5.584%, due 3/18/24 | 840,000 | 836,155 |
6.80%, due 5/12/28 | 2,010,000 | 2,004,256 |
6.95%, due 3/6/26 | 5,000,000 | 5,008,631 |
6.95%, due 6/10/26 | 1,500,000 | 1,503,750 |
7.35%, due 11/4/27 | 2,000,000 | 2,024,346 |
JB Poindexter & Co., Inc. | ||
7.125%, due 4/15/26 (a) | 17,031,000 | 16,239,252 |
PM General Purchaser LLC | ||
9.50%, due 10/1/28 (a) | 1,930,000 | 1,814,200 |
47,939,561 | ||
Auto Parts & Equipment 2.4% | ||
Adient Global Holdings Ltd. (a) | ||
4.875%, due 8/15/26 | 4,000,000 | 3,725,262 |
7.00%, due 4/15/28 | 650,000 | 639,795 |
IHO Verwaltungs GmbH (a)(c) | ||
4.75% (4.75% Cash or 5.50% PIK), due 9/15/26 | 10,660,000 | 9,906,658 |
6.00% (6.00% Cash or 6.75% PIK), due 5/15/27 | 19,680,000 | 18,312,437 |
Tenneco, Inc. | ||
8.00%, due 11/17/28 (a) | 4,750,000 | 3,811,875 |
ZF North America Capital, Inc. | ||
6.875%, due 4/14/28 (a) | 8,350,000 | 8,091,551 |
44,487,578 | ||
Building Materials 0.5% | ||
James Hardie International Finance DAC | ||
5.00%, due 1/15/28 (a) | 3,750,000 | 3,461,256 |
10 | MainStay MacKay Short Duration High Yield Fund |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Building Materials (continued) | ||
Summit Materials LLC (a) | ||
5.25%, due 1/15/29 | $ 1,000,000 | $ 905,470 |
6.50%, due 3/15/27 | 5,705,000 | 5,548,098 |
9,914,824 | ||
Chemicals 2.3% | ||
ASP Unifrax Holdings, Inc. | ||
5.25%, due 9/30/28 (a) | 2,400,000 | 1,621,073 |
Avient Corp. | ||
5.75%, due 5/15/25 (a) | 8,600,000 | 8,427,109 |
GPD Cos., Inc. | ||
10.125%, due 4/1/26 (a) | 8,900,000 | 8,015,632 |
NOVA Chemicals Corp. (a) | ||
4.875%, due 6/1/24 | 3,150,000 | 3,095,580 |
5.25%, due 6/1/27 | 6,125,000 | 5,173,571 |
Olympus Water US Holding Corp. (a) | ||
7.125%, due 10/1/27 | 2,356,000 | 2,169,211 |
9.75%, due 11/15/28 | 6,800,000 | 6,641,567 |
SCIH Salt Holdings, Inc. | ||
4.875%, due 5/1/28 (a) | 1,500,000 | 1,295,066 |
SCIL IV LLC | ||
5.375%, due 11/1/26 (a) | 6,500,000 | 5,765,669 |
42,204,478 | ||
Coal 0.1% | ||
Coronado Finance Pty. Ltd. | ||
10.75%, due 5/15/26 (a) | 2,486,000 | 2,569,449 |
Commercial Services 2.0% | ||
Alta Equipment Group, Inc. | ||
5.625%, due 4/15/26 (a) | 5,000,000 | 4,472,820 |
Gartner, Inc. | ||
4.50%, due 7/1/28 (a) | 5,500,000 | 4,948,451 |
Graham Holdings Co. | ||
5.75%, due 6/1/26 (a) | 9,400,000 | 9,047,500 |
Herc Holdings, Inc. | ||
5.50%, due 7/15/27 (a) | 2,000,000 | 1,879,962 |
Korn Ferry | ||
4.625%, due 12/15/27 (a) | 1,750,000 | 1,591,746 |
Service Corp. International | ||
7.50%, due 4/1/27 | 3,150,000 | 3,167,738 |
United Rentals North America, Inc. | ||
3.875%, due 11/15/27 | 875,000 | 803,152 |
4.875%, due 1/15/28 | 1,450,000 | 1,345,277 |
Principal Amount | Value | |
Commercial Services (continued) | ||
Williams Scotsman, Inc. (a) | ||
4.625%, due 8/15/28 | $ 1,500,000 | $ 1,332,563 |
6.125%, due 6/15/25 | 8,219,000 | 8,075,582 |
36,664,791 | ||
Cosmetics & Personal Care 0.5% | ||
Edgewell Personal Care Co. | ||
5.50%, due 6/1/28 (a) | 10,810,000 | 9,865,909 |
Distribution & Wholesale 0.4% | ||
G-III Apparel Group Ltd. | ||
7.875%, due 8/15/25 (a) | 4,765,000 | 4,721,412 |
Ritchie Bros Holdings, Inc. | ||
6.75%, due 3/15/28 (a) | 2,500,000 | 2,449,945 |
7,171,357 | ||
Diversified Financial Services 1.5% | ||
AG TTMT Escrow Issuer LLC | ||
8.625%, due 9/30/27 (a) | 7,950,000 | 7,986,053 |
Credit Acceptance Corp. | ||
5.125%, due 12/31/24 (a) | 6,555,000 | 6,337,409 |
Enact Holdings, Inc. | ||
6.50%, due 8/15/25 (a) | 7,200,000 | 7,072,273 |
Jefferies Finance LLC | ||
5.00%, due 8/15/28 (a) | 2,110,000 | 1,683,962 |
LPL Holdings, Inc. | ||
4.625%, due 11/15/27 (a) | 1,350,000 | 1,234,504 |
StoneX Group, Inc. | ||
8.625%, due 6/15/25 (a) | 3,500,000 | 3,508,750 |
27,822,951 | ||
Electric 1.4% | ||
Clearway Energy Operating LLC | ||
4.75%, due 3/15/28 (a) | 6,000,000 | 5,355,888 |
DPL, Inc. | ||
4.125%, due 7/1/25 | 3,650,000 | 3,434,823 |
NextEra Energy Operating Partners LP (a) | ||
3.875%, due 10/15/26 | 3,500,000 | 3,182,267 |
4.25%, due 7/15/24 | 4,030,000 | 3,952,488 |
4.50%, due 9/15/27 | 4,200,000 | 3,760,658 |
NRG Energy, Inc. | ||
6.625%, due 1/15/27 | 1,500,000 | 1,455,801 |
PG&E Corp. | ||
5.00%, due 7/1/28 | 1,000,000 | 905,946 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Electric (continued) | ||
Vistra Corp. | ||
8.00% (5 Year Treasury Constant Maturity Rate + 6.93%), due 10/15/26 (a)(d)(e) | $ 4,100,000 | $ 3,895,000 |
25,942,871 | ||
Electrical Components & Equipment 0.4% | ||
EnerSys | ||
4.375%, due 12/15/27 (a) | 750,000 | 664,172 |
WESCO Distribution, Inc. | ||
7.125%, due 6/15/25 (a) | 7,650,000 | 7,645,556 |
8,309,728 | ||
Entertainment 4.0% | ||
Affinity Interactive | ||
6.875%, due 12/15/27 (a) | 1,350,000 | 1,100,366 |
Churchill Downs, Inc. (a) | ||
4.75%, due 1/15/28 | 6,395,000 | 5,726,883 |
5.50%, due 4/1/27 | 21,375,000 | 20,048,635 |
International Game Technology plc (a) | ||
4.125%, due 4/15/26 | 9,950,000 | 9,362,850 |
6.25%, due 1/15/27 | 1,630,000 | 1,588,609 |
6.50%, due 2/15/25 | 963,000 | 956,570 |
Jacobs Entertainment, Inc. | ||
6.75%, due 2/15/29 (a) | 1,365,000 | 1,160,250 |
Light & Wonder International, Inc. | ||
7.00%, due 5/15/28 (a) | 6,010,000 | 5,858,478 |
Live Nation Entertainment, Inc. (a) | ||
4.75%, due 10/15/27 | 4,150,000 | 3,792,312 |
6.50%, due 5/15/27 | 12,650,000 | 12,341,794 |
Merlin Entertainments Ltd. | ||
5.75%, due 6/15/26 (a) | 1,500,000 | 1,402,948 |
Vail Resorts, Inc. | ||
6.25%, due 5/15/25 (a) | 10,582,000 | 10,516,709 |
73,856,404 | ||
Food 0.6% | ||
B&G Foods, Inc. | ||
5.25%, due 4/1/25 | 1,754,000 | 1,683,602 |
8.00%, due 9/15/28 (a) | 2,325,000 | 2,265,693 |
Land O'Lakes Capital Trust I | ||
7.45%, due 3/15/28 (a) | 2,605,000 | 2,396,600 |
Simmons Foods, Inc. | ||
4.625%, due 3/1/29 (a) | 1,895,000 | 1,539,346 |
United Natural Foods, Inc. | ||
6.75%, due 10/15/28 (a) | 5,000,000 | 3,934,400 |
11,819,641 |
Principal Amount | Value | |
Forest Products & Paper 0.8% | ||
Mercer International, Inc. | ||
5.50%, due 1/15/26 | $ 8,000,000 | $ 7,440,000 |
12.875%, due 10/1/28 (a) | 6,325,000 | 6,387,586 |
Smurfit Kappa Treasury Funding DAC | ||
7.50%, due 11/20/25 | 1,000,000 | 1,017,453 |
14,845,039 | ||
Hand & Machine Tools 0.5% | ||
Regal Rexnord Corp. (a) | ||
6.05%, due 2/15/26 | 2,875,000 | 2,827,864 |
6.05%, due 4/15/28 | 3,720,000 | 3,558,526 |
Werner FinCo. LP | ||
11.50%, due 6/15/28 (a) | 3,000,000 | 3,029,190 |
9,415,580 | ||
Healthcare-Products 1.0% | ||
Bausch & Lomb Escrow Corp. | ||
8.375%, due 10/1/28 (a) | 6,720,000 | 6,674,640 |
Hologic, Inc. | ||
4.625%, due 2/1/28 (a) | 5,800,000 | 5,274,531 |
Teleflex, Inc. | ||
4.25%, due 6/1/28 (a) | 2,000,000 | 1,765,002 |
4.625%, due 11/15/27 | 1,000,000 | 915,000 |
Varex Imaging Corp. | ||
7.875%, due 10/15/27 (a) | 4,700,000 | 4,606,654 |
19,235,827 | ||
Healthcare-Services 3.8% | ||
Acadia Healthcare Co., Inc. | ||
5.50%, due 7/1/28 (a) | 4,630,000 | 4,274,376 |
Catalent Pharma Solutions, Inc. | ||
5.00%, due 7/15/27 (a) | 5,216,000 | 4,654,498 |
Encompass Health Corp. | ||
4.50%, due 2/1/28 | 5,600,000 | 5,048,568 |
5.75%, due 9/15/25 | 4,335,000 | 4,214,092 |
HCA, Inc. | ||
5.375%, due 2/1/25 | 13,100,000 | 12,960,995 |
5.875%, due 2/15/26 | 2,000,000 | 1,982,403 |
7.50%, due 12/15/23 | 10,000,000 | 10,015,472 |
7.58%, due 9/15/25 | 5,623,000 | 5,750,715 |
8.36%, due 4/15/24 | 10,000,000 | 10,077,959 |
IQVIA, Inc. (a) | ||
5.00%, due 10/15/26 | 5,515,000 | 5,257,545 |
5.70%, due 5/15/28 | 3,000,000 | 2,880,000 |
ModivCare, Inc. | ||
5.875%, due 11/15/25 (a) | 4,000,000 | 3,780,000 |
70,896,623 |
12 | MainStay MacKay Short Duration High Yield Fund |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Holding Companies-Diversified 1.3% | ||
Benteler International AG | ||
10.50%, due 5/15/28 (a) | $ 10,540,000 | $ 10,616,243 |
Stena International SA | ||
6.125%, due 2/1/25 (a) | 13,250,000 | 12,985,000 |
23,601,243 | ||
Home Builders 1.1% | ||
Adams Homes, Inc. | ||
7.50%, due 2/15/25 (a) | 2,234,000 | 2,186,504 |
Century Communities, Inc. | ||
6.75%, due 6/1/27 | 5,000,000 | 4,826,789 |
Installed Building Products, Inc. | ||
5.75%, due 2/1/28 (a) | 4,000,000 | 3,608,757 |
Meritage Homes Corp. | ||
5.125%, due 6/6/27 | 1,500,000 | 1,417,500 |
6.00%, due 6/1/25 | 624,000 | 611,820 |
STL Holding Co. LLC | ||
7.50%, due 2/15/26 (a) | 1,645,000 | 1,538,075 |
Winnebago Industries, Inc. | ||
6.25%, due 7/15/28 (a) | 6,475,000 | 6,088,637 |
20,278,082 | ||
Household Products & Wares 0.3% | ||
Central Garden & Pet Co. | ||
5.125%, due 2/1/28 | 6,500,000 | 6,001,958 |
Housewares 0.2% | ||
Newell Brands, Inc. | ||
4.875%, due 6/1/25 | 1,750,000 | 1,679,252 |
Scotts Miracle-Gro Co. (The) | ||
5.25%, due 12/15/26 | 1,650,000 | 1,530,375 |
3,209,627 | ||
Insurance 0.5% | ||
MGIC Investment Corp. | ||
5.25%, due 8/15/28 | 2,000,000 | 1,838,351 |
NMI Holdings, Inc. | ||
7.375%, due 6/1/25 (a) | 6,485,000 | 6,491,708 |
8,330,059 | ||
Internet 1.8% | ||
Cars.com, Inc. | ||
6.375%, due 11/1/28 (a) | 3,500,000 | 3,115,000 |
Gen Digital, Inc. (a) | ||
5.00%, due 4/15/25 | 7,175,000 | 6,946,404 |
6.75%, due 9/30/27 | 2,000,000 | 1,946,782 |
Principal Amount | Value | |
Internet (continued) | ||
Go Daddy Operating Co. LLC | ||
5.25%, due 12/1/27 (a) | $ 4,500,000 | $ 4,217,095 |
Match Group Holdings II LLC | ||
5.00%, due 12/15/27 (a) | 1,500,000 | 1,383,502 |
Netflix, Inc. | ||
5.75%, due 3/1/24 | 4,980,000 | 4,970,040 |
5.875%, due 2/15/25 | 665,000 | 664,895 |
Uber Technologies, Inc. (a) | ||
6.25%, due 1/15/28 | 665,000 | 640,063 |
7.50%, due 5/15/25 | 6,345,000 | 6,352,875 |
7.50%, due 9/15/27 | 3,500,000 | 3,508,792 |
33,745,448 | ||
Investment Companies 0.6% | ||
Icahn Enterprises LP | ||
4.75%, due 9/15/24 | 12,500,000 | 11,988,698 |
Iron & Steel 1.5% | ||
Allegheny Ludlum LLC | ||
6.95%, due 12/15/25 | 2,430,000 | 2,417,789 |
Big River Steel LLC | ||
6.625%, due 1/31/29 (a) | 8,260,000 | 8,159,063 |
Mineral Resources Ltd. (a) | ||
8.00%, due 11/1/27 | 2,300,000 | 2,222,467 |
8.125%, due 5/1/27 | 11,400,000 | 11,090,497 |
9.25%, due 10/1/28 | 4,740,000 | 4,740,000 |
28,629,816 | ||
Leisure Time 2.4% | ||
Carnival Corp. (a) | ||
4.00%, due 8/1/28 | 5,600,000 | 4,870,991 |
5.75%, due 3/1/27 | 10,560,000 | 9,428,622 |
7.625%, due 3/1/26 | 9,660,000 | 9,393,313 |
Carnival Holdings Bermuda Ltd. | ||
10.375%, due 5/1/28 (a) | 14,310,000 | 15,257,525 |
Lindblad Expeditions LLC | ||
6.75%, due 2/15/27 (a) | 975,000 | 888,547 |
Royal Caribbean Cruises Ltd. | ||
9.25%, due 1/15/29 (a) | 4,125,000 | 4,305,836 |
44,144,834 | ||
Lodging 1.6% | ||
Boyd Gaming Corp. | ||
4.75%, due 12/1/27 | 13,350,000 | 12,148,435 |
Genting New York LLC | ||
3.30%, due 2/15/26 (a) | 1,000,000 | 892,390 |
Hilton Domestic Operating Co., Inc. (a) | ||
5.375%, due 5/1/25 | 5,590,000 | 5,495,260 |
5.75%, due 5/1/28 | 2,000,000 | 1,916,170 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Lodging (continued) | ||
Hilton Worldwide Finance LLC | ||
4.875%, due 4/1/27 | $ 2,690,000 | $ 2,537,026 |
Marriott International, Inc. | ||
Series Z | ||
4.15%, due 12/1/23 | 1,500,000 | 1,497,780 |
Series EE | ||
5.75%, due 5/1/25 | 932,000 | 929,102 |
Station Casinos LLC | ||
4.50%, due 2/15/28 (a) | 5,000,000 | 4,318,130 |
29,734,293 | ||
Machinery—Construction & Mining 0.2% | ||
Vertiv Group Corp. | ||
4.125%, due 11/15/28 (a) | 4,025,000 | 3,517,869 |
Machinery-Diversified 0.8% | ||
Briggs & Stratton Corp. Escrow Claim Shares | ||
6.875%, due 12/15/20 (f)(g)(h) | 3,425,000 | — |
Maxim Crane Works Holdings Capital LLC | ||
11.50%, due 9/1/28 (a) | 2,000,000 | 1,951,800 |
TK Elevator U.S. Newco, Inc. | ||
5.25%, due 7/15/27 (a) | 14,163,000 | 12,894,664 |
14,846,464 | ||
Media 3.8% | ||
Block Communications, Inc. | ||
4.875%, due 3/1/28 (a) | 1,500,000 | 1,231,665 |
CCO Holdings LLC (a) | ||
5.00%, due 2/1/28 | 16,645,000 | 14,946,165 |
5.125%, due 5/1/27 | 1,500,000 | 1,381,045 |
5.50%, due 5/1/26 | 13,485,000 | 12,860,065 |
CSC Holdings LLC | ||
5.25%, due 6/1/24 | 9,250,000 | 8,648,963 |
11.25%, due 5/15/28 (a) | 4,020,000 | 3,834,335 |
DIRECTV Financing LLC | ||
5.875%, due 8/15/27 (a) | 9,250,000 | 8,105,174 |
LCPR Senior Secured Financing DAC | ||
6.75%, due 10/15/27 (a) | 13,025,000 | 11,787,625 |
Scripps Escrow II, Inc. | ||
3.875%, due 1/15/29 (a) | 1,670,000 | 1,267,730 |
Sterling Entertainment Enterprises LLC | ||
10.25%, due 1/15/25 (b)(f)(h) | 3,000,000 | 2,707,200 |
Principal Amount | Value | |
Media (continued) | ||
Videotron Ltd. | ||
5.125%, due 4/15/27 (a) | $ 3,500,000 | $ 3,257,450 |
70,027,417 | ||
Metal Fabricate & Hardware 0.1% | ||
Advanced Drainage Systems, Inc. | ||
5.00%, due 9/30/27 (a) | 1,500,000 | 1,398,750 |
Mining 1.0% | ||
Century Aluminum Co. | ||
7.50%, due 4/1/28 (a) | 8,115,000 | 7,657,009 |
First Quantum Minerals Ltd. (a) | ||
6.875%, due 10/15/27 | 2,500,000 | 2,129,314 |
7.50%, due 4/1/25 | 3,300,000 | 3,095,034 |
IAMGOLD Corp. | ||
5.75%, due 10/15/28 (a) | 5,816,000 | 4,581,438 |
Novelis Corp. | ||
3.25%, due 11/15/26 (a) | 1,500,000 | 1,335,213 |
18,798,008 | ||
Miscellaneous—Manufacturing 1.9% | ||
Amsted Industries, Inc. | ||
5.625%, due 7/1/27 (a) | 6,550,000 | 6,027,218 |
Calderys Financing LLC | ||
11.25%, due 6/1/28 (a) | 2,500,000 | 2,521,875 |
EnPro Industries, Inc. | ||
5.75%, due 10/15/26 | 7,000,000 | 6,631,012 |
Gates Global LLC | ||
6.25%, due 1/15/26 (a) | 4,635,000 | 4,539,519 |
Hillenbrand, Inc. | ||
5.00%, due 9/15/26 (i) | 6,080,000 | 5,831,085 |
5.75%, due 6/15/25 | 3,515,000 | 3,444,466 |
LSB Industries, Inc. | ||
6.25%, due 10/15/28 (a) | 3,000,000 | 2,661,335 |
Trinity Industries, Inc. | ||
7.75%, due 7/15/28 (a) | 2,825,000 | 2,789,688 |
34,446,198 | ||
Oil & Gas 6.1% | ||
Ascent Resources Utica Holdings LLC (a) | ||
7.00%, due 11/1/26 | 3,900,000 | 3,766,186 |
9.00%, due 11/1/27 | 1,556,000 | 1,964,450 |
California Resources Corp. | ||
7.125%, due 2/1/26 (a) | 4,520,000 | 4,536,950 |
Chevron USA, Inc. | ||
3.90%, due 11/15/24 | 4,550,000 | 4,470,485 |
Chord Energy Corp. | ||
6.375%, due 6/1/26 (a) | 3,280,000 | 3,220,107 |
14 | MainStay MacKay Short Duration High Yield Fund |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Oil & Gas (continued) | ||
Civitas Resources, Inc. | ||
5.00%, due 10/15/26 (a) | $ 1,500,000 | $ 1,403,499 |
Encino Acquisition Partners Holdings LLC | ||
8.50%, due 5/1/28 (a) | 6,925,000 | 6,751,875 |
Gulfport Energy Corp. | ||
8.00%, due 5/17/26 | 88,094 | 87,943 |
8.00%, due 5/17/26 (a) | 4,510,560 | 4,502,802 |
Gulfport Energy Operating Corp. Escrow Claim Shares (f)(g) | ||
6.00%, due 10/15/24 | 2,245,000 | — |
6.625%, due 5/1/23 | 4,452,000 | — |
Hess Corp. | ||
3.50%, due 7/15/24 | 910,000 | 893,442 |
Matador Resources Co. | ||
5.875%, due 9/15/26 | 9,120,000 | 8,787,976 |
Occidental Petroleum Corp. | ||
5.50%, due 12/1/25 | 2,000,000 | 1,973,962 |
5.55%, due 3/15/26 | 1,000,000 | 986,570 |
5.875%, due 9/1/25 | 3,160,000 | 3,149,035 |
Parkland Corp. | ||
5.875%, due 7/15/27 (a) | 9,115,000 | 8,727,196 |
PDC Energy, Inc. | ||
5.75%, due 5/15/26 | 2,775,000 | 2,763,206 |
Permian Resources Operating LLC (a) | ||
5.375%, due 1/15/26 | 6,100,000 | 5,856,500 |
7.75%, due 2/15/26 | 3,000,000 | 2,997,308 |
Range Resources Corp. | ||
4.875%, due 5/15/25 | 3,900,000 | 3,792,750 |
Southwestern Energy Co. | ||
5.70%, due 1/23/25 (i) | 2,199,000 | 2,172,532 |
Talos Production, Inc. | ||
12.00%, due 1/15/26 | 11,410,000 | 11,855,161 |
Transocean Aquila Ltd. | ||
8.00%, due 9/30/28 (a) | 5,200,000 | 5,123,872 |
Transocean Poseidon Ltd. | ||
6.875%, due 2/1/27 (a) | 6,000,000 | 5,880,000 |
Transocean Titan Financing Ltd. | ||
8.375%, due 2/1/28 (a) | 7,445,000 | 7,475,152 |
Viper Energy Partners LP | ||
5.375%, due 11/1/27 (a) | 1,500,000 | 1,421,625 |
Vital Energy, Inc. | ||
10.125%, due 1/15/28 | 7,410,000 | 7,429,530 |
111,990,114 |
Principal Amount | Value | |
Oil & Gas Services 0.7% | ||
Bristow Group, Inc. | ||
6.875%, due 3/1/28 (a) | $ 5,000,000 | $ 4,631,250 |
Nine Energy Service, Inc. | ||
13.00%, due 2/1/28 | 4,500,000 | 3,982,500 |
Oceaneering International, Inc. | ||
6.00%, due 2/1/28 (a) | 3,000,000 | 2,752,500 |
Weatherford International Ltd. | ||
6.50%, due 9/15/28 (a) | 832,000 | 836,287 |
12,202,537 | ||
Packaging & Containers 0.4% | ||
Cascades USA, Inc. | ||
5.125%, due 1/15/26 (a) | 4,831,000 | 4,585,225 |
Owens-Brockway Glass Container, Inc. | ||
6.625%, due 5/13/27 (a) | 1,750,000 | 1,662,500 |
Sealed Air Corp. | ||
6.125%, due 2/1/28 (a) | 935,000 | 889,951 |
7,137,676 | ||
Pharmaceuticals 1.5% | ||
1375209 BC Ltd. | ||
9.00%, due 1/30/28 (a) | 3,600,000 | 3,489,789 |
Bausch Health Cos., Inc. | ||
11.00%, due 9/30/28 (a) | 5,000,000 | 3,050,000 |
Endo DAC | ||
5.875%, due 10/15/24 (a)(g)(j) | 13,150,000 | 8,810,500 |
Prestige Brands, Inc. | ||
5.125%, due 1/15/28 (a) | 12,755,000 | 11,759,727 |
27,110,016 | ||
Pipelines 6.2% | ||
Antero Midstream Partners LP | ||
5.75%, due 3/1/27 (a) | 7,690,000 | 7,349,892 |
EnLink Midstream LLC | ||
5.625%, due 1/15/28 (a) | 3,700,000 | 3,488,823 |
EQM Midstream Partners LP | ||
4.125%, due 12/1/26 | 675,000 | 626,150 |
6.00%, due 7/1/25 (a) | 2,195,000 | 2,146,563 |
FTAI Infra Escrow Holdings LLC | ||
10.50%, due 6/1/27 (a) | 7,110,000 | 6,910,646 |
Genesis Energy LP | ||
6.25%, due 5/15/26 | 4,500,000 | 4,288,684 |
6.50%, due 10/1/25 | 4,140,000 | 4,044,544 |
8.00%, due 1/15/27 | 9,300,000 | 8,930,342 |
Hess Midstream Operations LP | ||
5.625%, due 2/15/26 (a) | 7,224,000 | 6,996,004 |
Holly Energy Partners LP | ||
6.375%, due 4/15/27 (a) | 3,538,000 | 3,425,095 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Pipelines (continued) | ||
New Fortress Energy, Inc. (a) | ||
6.50%, due 9/30/26 | $ 4,000,000 | $ 3,582,787 |
6.75%, due 9/15/25 | 1,000,000 | 927,734 |
NuStar Logistics LP | ||
5.75%, due 10/1/25 | 1,500,000 | 1,451,680 |
6.00%, due 6/1/26 | 875,000 | 844,253 |
Plains All American Pipeline LP | ||
Series B | ||
9.736% (3 Month SOFR + 4.372%), due 11/15/71 (d)(e) | 18,663,000 | 17,537,867 |
Rockies Express Pipeline LLC | ||
3.60%, due 5/15/25 (a) | 3,805,000 | 3,600,614 |
Summit Midstream Holdings LLC | ||
9.00%, due 10/15/26 (a)(i) | 7,810,000 | 7,497,600 |
Tallgrass Energy Partners LP (a) | ||
5.50%, due 1/15/28 | 1,000,000 | 876,050 |
6.00%, due 3/1/27 | 5,000,000 | 4,574,478 |
7.50%, due 10/1/25 | 835,000 | 822,601 |
TransMontaigne Partners LP | ||
6.125%, due 2/15/26 | 4,600,000 | 3,921,500 |
Venture Global LNG, Inc. (a) | ||
8.125%, due 6/1/28 | 13,240,000 | 12,853,671 |
9.50%, due 2/1/29 | 3,335,000 | 3,388,160 |
Western Midstream Operating LP | ||
4.65%, due 7/1/26 | 4,315,000 | 4,125,587 |
114,211,325 | ||
Real Estate 0.7% | ||
Newmark Group, Inc. | ||
6.125%, due 11/15/23 | 12,225,000 | 12,194,438 |
Real Estate Investment Trusts 3.3% | ||
GLP Capital LP | ||
5.25%, due 6/1/25 | 2,500,000 | 2,438,486 |
5.375%, due 4/15/26 | 700,000 | 670,881 |
MPT Operating Partnership LP | ||
5.00%, due 10/15/27 | 9,440,000 | 7,288,119 |
5.25%, due 8/1/26 | 8,700,000 | 7,490,814 |
RHP Hotel Properties LP | ||
4.75%, due 10/15/27 | 7,905,000 | 7,182,483 |
7.25%, due 7/15/28 (a) | 2,220,000 | 2,151,976 |
SBA Communications Corp. | ||
3.875%, due 2/15/27 | 2,000,000 | 1,821,390 |
VICI Properties LP (a) | ||
3.50%, due 2/15/25 | 9,615,000 | 9,170,524 |
Principal Amount | Value | |
Real Estate Investment Trusts (continued) | ||
VICI Properties LP (a) (continued) | ||
4.625%, due 6/15/25 | $ 2,985,000 | $ 2,867,033 |
5.625%, due 5/1/24 | 19,681,000 | 19,546,063 |
60,627,769 | ||
Retail 3.5% | ||
1011778 B.C. Unlimited Liability Co. | ||
3.875%, due 1/15/28 (a) | 11,500,000 | 10,267,171 |
Asbury Automotive Group, Inc. | ||
4.50%, due 3/1/28 | 9,410,000 | 8,337,825 |
CEC Entertainment LLC | ||
6.75%, due 5/1/26 (a) | 2,830,000 | 2,643,024 |
Dave & Buster's, Inc. | ||
7.625%, due 11/1/25 (a) | 2,160,000 | 2,143,800 |
Group 1 Automotive, Inc. | ||
4.00%, due 8/15/28 (a) | 1,000,000 | 860,747 |
Ken Garff Automotive LLC | ||
4.875%, due 9/15/28 (a) | 5,900,000 | 4,989,657 |
KFC Holding Co. | ||
4.75%, due 6/1/27 (a) | 9,157,000 | 8,653,823 |
Murphy Oil USA, Inc. | ||
5.625%, due 5/1/27 | 3,820,000 | 3,692,297 |
NMG Holding Co., Inc. | ||
7.125%, due 4/1/26 (a) | 19,328,000 | 18,079,684 |
Patrick Industries, Inc. | ||
7.50%, due 10/15/27 (a) | 3,292,000 | 3,135,630 |
PetSmart, Inc. | ||
4.75%, due 2/15/28 (a) | 1,800,000 | 1,592,782 |
64,396,440 | ||
Software 2.6% | ||
ACI Worldwide, Inc. | ||
5.75%, due 8/15/26 (a) | 2,500,000 | 2,393,158 |
Camelot Finance SA | ||
4.50%, due 11/1/26 (a) | 16,420,000 | 15,178,472 |
Open Text Corp. (a) | ||
3.875%, due 2/15/28 | 2,000,000 | 1,738,150 |
6.90%, due 12/1/27 | 2,850,000 | 2,835,878 |
PTC, Inc. (a) | ||
3.625%, due 2/15/25 | 10,320,000 | 9,948,146 |
4.00%, due 2/15/28 | 4,600,000 | 4,078,717 |
SS&C Technologies, Inc. | ||
5.50%, due 9/30/27 (a) | 8,600,000 | 8,069,141 |
Veritas US, Inc. | ||
7.50%, due 9/1/25 (a) | 4,740,000 | 3,880,271 |
48,121,933 |
16 | MainStay MacKay Short Duration High Yield Fund |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Telecommunications 2.5% | ||
Connect Finco SARL | ||
6.75%, due 10/1/26 (a) | $ 7,170,000 | $ 6,686,284 |
Frontier Communications Holdings LLC (a) | ||
5.00%, due 5/1/28 | 2,500,000 | 2,158,476 |
5.875%, due 10/15/27 | 4,235,000 | 3,860,915 |
Sprint LLC | ||
7.625%, due 2/15/25 | 1,400,000 | 1,419,923 |
T-Mobile USA, Inc. | ||
2.25%, due 2/15/26 | 24,000,000 | 22,076,539 |
4.75%, due 2/1/28 | 7,555,000 | 7,187,559 |
5.375%, due 4/15/27 | 570,000 | 560,721 |
Viasat, Inc. | ||
5.625%, due 9/15/25 (a) | 1,525,000 | 1,416,710 |
45,367,127 | ||
Toys, Games & Hobbies 0.5% | ||
Mattel, Inc. (a) | ||
3.375%, due 4/1/26 | 5,469,000 | 5,051,562 |
5.875%, due 12/15/27 | 4,265,000 | 4,088,918 |
9,140,480 | ||
Transportation 0.6% | ||
RXO, Inc. | ||
7.50%, due 11/15/27 (a) | 1,500,000 | 1,499,595 |
Watco Cos. LLC | ||
6.50%, due 6/15/27 (a) | 9,520,000 | 8,870,016 |
10,369,611 | ||
Total Corporate Bonds (Cost $1,459,518,749) | 1,402,963,249 | |
Loan Assignments 17.2% | ||
Aerospace & Defense 0.2% | ||
SkyMiles IP Ltd. | ||
Initial Term Loan | ||
9.166% (3 Month SOFR + 3.75%), due 10/20/27 (d) | 3,600,000 | 3,679,877 |
Automobile 0.4% | ||
Dealer Tire Financial LLC | ||
Term Loan B2 | ||
9.824% (1 Month SOFR + 4.50%), due 12/14/27 (d) | 3,473,750 | 3,469,408 |
Principal Amount | Value | |
Automobile (continued) | ||
Tenneco, Inc. | ||
First Lien Term Loan B 10.476% - 10.49% | ||
(3 Month SOFR + 5.00%), due 11/17/28 (d) | $ 3,850,000 | $ 3,194,899 |
6,664,307 | ||
Banking 0.1% | ||
Jane Street Group LLC | ||
Dollar Term Loan | ||
8.189% (1 Month SOFR + 2.75%), due 1/26/28 (d) | 2,449,622 | 2,441,458 |
Beverage, Food & Tobacco 0.3% | ||
B&G Foods, Inc. | ||
Tranche Term Loan B4 | ||
7.827% (1 Month SOFR + 2.50%), due 10/10/26 (d) | 2,708,205 | 2,644,730 |
United Natural Foods, Inc. | ||
Initial Term Loan | ||
8.689% (1 Month SOFR + 3.25%), due 10/22/25 (d) | 3,666,877 | 3,650,453 |
6,295,183 | ||
Capital Equipment 0.1% | ||
DexKo Global, Inc. | ||
First Lien 2023 Incremental Term Loan | ||
9.64% (3 Month SOFR + 4.25%), due 10/4/28 (d) | 2,500,000 | 2,408,595 |
Cargo Transport 0.3% | ||
Forward Air Corp.-Cov-Lite | ||
Senior Secured Term Loan B | ||
TBD, due 9/20/30 | 5,600,000 | 5,404,000 |
Chemicals 0.2% | ||
ASP Unifrax Holdings, Inc. | ||
First Lien USD Term Loan | ||
9.29% (3 Month SOFR + 3.75%), due 12/12/25 (d) | 3,948,293 | 3,674,731 |
Chemicals, Plastics & Rubber 1.6% | ||
Innophos Holdings, Inc. | ||
Initial Term Loan | ||
8.689% (1 Month SOFR + 3.25%), due 2/5/27 (d) | 8,123,767 | 8,024,250 |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Chemicals, Plastics & Rubber (continued) | ||
Jazz Pharmaceuticals plc | ||
Initial Dollar Term Loan | ||
8.939% (1 Month SOFR + 3.50%), due 5/5/28 (d) | $ 16,425,449 | $ 16,418,600 |
SCIH Salt Holdings, Inc. | ||
First Lien Incremental Term Loan B1 | ||
9.439% (1 Month SOFR + 4.00%), due 3/16/27 (d) | 5,934,108 | 5,845,096 |
30,287,946 | ||
Electronics 0.9% | ||
Camelot U.S. Acquisition LLC (d) | ||
Initial Term Loan | ||
8.439% (1 Month SOFR + 3.00%), due 10/30/26 | 7,636,624 | 7,622,986 |
Amendment No. 2 Incremental Term Loan | ||
8.439% (1 Month SOFR + 3.00%), due 10/30/26 | 4,353,176 | 4,344,626 |
WEX, Inc. | ||
Term Loan B | ||
7.689% (1 Month SOFR + 2.25%), due 3/31/28 (d) | 4,957,727 | 4,952,219 |
16,919,831 | ||
Energy (Electricity) 0.6% | ||
Talen Energy Supply LLC (d) | ||
Initial Term Loan B | ||
9.876% (3 Month SOFR + 4.50%), due 5/17/30 | 6,599,888 | 6,590,265 |
Initial Term Loan C | ||
9.876% (3 Month SOFR + 4.50%), due 5/17/30 | 4,028,571 | 4,022,698 |
10,612,963 | ||
Entertainment 0.3% | ||
ECL Entertainment LLC | ||
Term Loan B | ||
10.14% (3 Month SOFR + 4.75%), due 9/3/30 (d) | 2,500,000 | 2,489,582 |
NAI Entertainment Holdings LLC | ||
Tranche Term Loan B | ||
8.449% (1 Month SOFR + 3.00%), due 5/8/25 (d) | 2,927,979 | 2,814,520 |
5,304,102 |
Principal Amount | Value | |
Finance 1.1% | ||
Mativ Holdings, Inc. | ||
Term Loan B | ||
9.189% (1 Month SOFR + 3.75%), due 4/20/28 (d) | $ 3,274,625 | $ 3,217,319 |
Mileage Plus Holdings LLC | ||
Initial Term Loan | ||
10.798% (3 Month SOFR + 5.25%), due 6/21/27 (d) | 1,875,000 | 1,928,906 |
Osaic Holdings, Inc. | ||
Term Loan B2 | ||
9.824% (1 Month SOFR + 4.50%), due 8/17/28 (d) | 2,400,000 | 2,388,000 |
RealTruck Group, Inc. (d) | ||
Initial Term Loan | ||
9.189% (1 Month SOFR + 3.75%), due 1/31/28 | 8,724,249 | 8,292,129 |
Second Amendment Incremental Term Loan | ||
10.463% (1 Month SOFR + 5.00%), due 1/31/28 | 5,000,000 | 4,281,730 |
20,108,084 | ||
Healthcare & Pharmaceuticals 0.3% | ||
Bausch & Lomb Corp. | ||
First Incremental Term Loan | ||
9.324% (1 Month SOFR + 4.00%), due 9/29/28 (d) | 2,700,000 | 2,608,875 |
Owens & Minor, Inc. | ||
Term Loan B1 9.174% - 9.24% | ||
(1 Month SOFR + 3.75%, 3 Month SOFR + 3.75%), due 3/29/29 (d) | 3,320,750 | 3,316,599 |
5,925,474 | ||
Healthcare, Education & Childcare 1.3% | ||
LifePoint Health, Inc. | ||
2023 Refinancing Term Loan | ||
11.168% (3 Month SOFR + 5.50%), due 11/16/28 (d) | 16,000,000 | 15,872,000 |
Organon & Co. | ||
Dollar Term Loan | ||
8.45% (1 Month SOFR + 3.00%), due 6/2/28 (d) | 7,627,500 | 7,589,362 |
23,461,362 | ||
High Tech Industries 0.6% | ||
Central Parent LLC | ||
First Lien 2023 Refinancing Term Loan | ||
9.406% (3 Month SOFR + 4.00%), due 7/6/29 (d) | 1,989,975 | 1,977,311 |
18 | MainStay MacKay Short Duration High Yield Fund |
Principal Amount | Value | |
Loan Assignments (continued) | ||
High Tech Industries (continued) | ||
Open Text Corp. | ||
2023 Replacement Term Loan | ||
8.174% (1 Month SOFR + 2.75%), due 1/31/30 (d) | $ 9,861,532 | $ 9,856,246 |
11,833,557 | ||
Hotels, Motels, Inns & Gaming 0.3% | ||
Four Seasons Holdings, Inc. | ||
First Lien 2023 Repricing Term Loan | ||
7.924% (1 Month SOFR + 2.50%), due 11/30/29 (d) | 5,288,857 | 5,285,917 |
Insurance 0.5% | ||
USI, Inc. | ||
2022 Incremental Term Loan | ||
9.14% (3 Month SOFR + 3.75%), due 11/22/29 (d) | 9,609,661 | 9,587,135 |
Leisure, Amusement, Motion Pictures & Entertainment 0.3% | ||
Carnival Corp. | ||
Initial Advance Term Loan | ||
8.336% (1 Month SOFR + 3.00%), due 8/9/27 (d) | 5,586,000 | 5,474,280 |
NASCAR Holdings LLC | ||
Initial Term Loan | ||
7.939% (1 Month SOFR + 2.50%), due 10/19/26 (d) | 973,968 | 975,592 |
6,449,872 | ||
Manufacturing 0.8% | ||
Adient U.S. LLC | ||
Term Loan B1 | ||
8.689% (1 Month SOFR + 3.25%), due 4/10/28 (d) | 6,032,500 | 6,024,959 |
Chart Industries, Inc. | ||
Amendment No. 5 Term Loan | ||
8.665% (1 Month SOFR + 3.25%), due 3/15/30 (d) | 5,970,005 | 5,947,618 |
Summit Materials LLC | ||
Term Loan B1 | ||
8.571% (6 Month SOFR + 3.00%), due 12/14/27 (d) | 1,985,000 | 1,990,582 |
13,963,159 |
Principal Amount | Value | |
Media 1.6% | ||
Block Communications, Inc. | ||
Term Loan | ||
7.902% (3 Month SOFR + 2.25%), due 2/25/27 (d) | $ 11,338,750 | $ 10,979,686 |
DIRECTV Financing LLC | ||
Closing Date Term Loan | ||
10.439% (1 Month SOFR + 5.00%), due 8/2/27 (d) | 13,299,734 | 12,918,550 |
Lamar Media Corp. | ||
Term Loan B | ||
6.927% (1 Month SOFR + 1.50%), due 2/5/27 (d) | 5,000,000 | 4,941,665 |
28,839,901 | ||
Mining, Steel, Iron & Non-Precious Metals 0.2% | ||
Gates Global LLC | ||
Initial Dollar Term Loan B3 | ||
7.924% (1 Month SOFR + 2.50%), due 3/31/27 (d) | 2,969,466 | 2,961,733 |
Oil & Gas 1.3% | ||
Brazos Delaware II LLC | ||
Initial Term Loan | ||
9.085% (1 Month SOFR + 3.75%), due 2/11/30 (d) | 2,873,000 | 2,860,431 |
GIP III Stetson I LP | ||
Term Loan | ||
TBD, due 10/5/28 | 4,500,000 | 4,464,846 |
GIP Pilot Acquisition Partners LP | ||
Initial Term Loan | ||
8.388% (3 Month SOFR + 3.00%), due 10/4/30 (d) | 5,150,000 | 5,137,125 |
New Fortress Energy, Inc. | ||
Initial Term Loan | ||
10.39% (1 Month SOFR + 5.00%), due 10/30/28 (d) | 4,700,000 | 4,324,000 |
PetroQuest Energy LLC (b)(f) | ||
Term Loan | ||
15.00% (12.07% PIK), due 11/8/23 (c) | 4,180,339 | 3,218,861 |
2020 Term Loan | ||
15.00% (15.00% PIK) (1 Month LIBOR + 6.50%), due 9/19/26 (c)(d) | 272,109 | 272,109 |
Term Loan | ||
15.00% (1 Month LIBOR + 6.50%), due 1/1/28 (d) | 354,265 | 354,265 |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Oil & Gas (continued) | ||
TransMontaigne Operating Co. LP | ||
Tranche Term Loan B 8.939% - 8.941% | ||
(1 Month SOFR + 3.50%), due 11/17/28 (d) | $ 2,947,500 | $ 2,909,274 |
23,540,911 | ||
Personal, Food & Miscellaneous Services 0.5% | ||
1011778 B.C. Unlimited Liability Co. | ||
Term Loan B5 | ||
7.574% (1 Month SOFR + 2.25%), due 9/23/30 (d) | 3,500,000 | 3,472,000 |
KFC Holding Co. | ||
2021 Term Loan B | ||
7.199% (1 Month SOFR + 1.75%), due 3/15/28 (d) | 2,572,236 | 2,566,608 |
WW International, Inc. | ||
Initial Term Loan | ||
8.939% (1 Month SOFR + 3.50%), due 4/13/28 (d) | 5,043,625 | 3,587,278 |
9,625,886 | ||
Retail 1.5% | ||
Great Outdoors Group LLC | ||
Term Loan B2 | ||
9.402% (3 Month SOFR + 3.75%), due 3/6/28 (d) | 27,199,613 | 26,944,617 |
Services: Business 0.4% | ||
Dun & Bradstreet Corp. (The) | ||
Refinancing Term Loan | ||
8.176% (1 Month SOFR + 2.75%), due 2/6/26 (d) | 2,792,619 | 2,788,628 |
GIP II Blue Holding LP | ||
Initial Term Loan | ||
9.939% (1 Month SOFR + 4.50%), due 9/29/28 (d) | 5,168,853 | 5,166,429 |
7,955,057 | ||
Software 0.4% | ||
Cloud Software Group, Inc. | ||
First Lien Dollar Term Loan B | ||
9.99% (3 Month SOFR + 4.50%), due 3/30/29 (d) | 7,903,473 | 7,497,432 |
Principal Amount | Value | |
Telecommunications 0.5% | ||
Connect Finco SARL | ||
Amendement No.1 Refinancing Term Loan | ||
8.824% (1 Month SOFR + 3.50%), due 12/11/26 (d) | $ 8,588,500 | $ 8,363,052 |
Utilities 0.6% | ||
Constellation Renewables LLC | ||
Term Loan | ||
8.184% (3 Month SOFR + 2.50%), due 12/15/27 (d) | 2,609,840 | 2,595,702 |
PG&E Corp. | ||
Term Loan | ||
8.439% (1 Month SOFR + 3.00%), due 6/23/25 (d) | 9,157,045 | 9,134,153 |
11,729,855 | ||
Total Loan Assignments (Cost $319,532,814) | 317,765,997 | |
Total Long-Term Bonds (Cost $1,807,994,435) | 1,751,168,221 | |
Shares | ||
Common Stocks 0.6% | ||
Electrical Equipment 0.0% ‡ | ||
Energy Technologies, Inc. (b)(f)(k) | 2,021 | 683,098 |
Energy Equipment & Services 0.0% ‡ | ||
Nine Energy Service, Inc. (k) | 22,500 | 79,200 |
Independent Power and Renewable Electricity Producers 0.1% | ||
GenOn Energy, Inc. (h) | 20,915 | 1,599,998 |
Oil, Gas & Consumable Fuels 0.5% | ||
Gulfport Energy Corp. (k) | 69,290 | 8,564,937 |
PetroQuest Energy, Inc. (b)(f)(k) | 11,867 | — |
Talos Energy, Inc. (k) | 71,517 | 1,108,513 |
9,673,450 | ||
Total Common Stocks (Cost $10,940,316) | 12,035,746 |
20 | MainStay MacKay Short Duration High Yield Fund |
Shares | Value | ||
Preferred Stock 0.2% | |||
Electrical Equipment 0.2% | |||
Energy Technologies Ltd. (b)(f)(k) | 4,501 | $ 3,488,275 | |
Total Preferred Stock (Cost $4,295,471) | 3,488,275 | ||
Total Investments (Cost $1,823,230,222) | 95.6% | 1,766,692,242 | |
Other Assets, Less Liabilities | 4.4 | 80,673,208 | |
Net Assets | 100.0% | $ 1,847,365,450 |
† | Percentages indicated are based on Fund net assets. |
^ | Industry classifications may be different than those used for compliance monitoring purposes. |
‡ | Less than one-tenth of a percent. |
(a) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
(b) | Illiquid security—As of October 31, 2023, the total market value deemed illiquid under procedures approved by the Board of Trustees was $13,071,721, which represented 0.7% of the Fund’s net assets. (Unaudited) |
(c) | PIK ("Payment-in-Kind")—issuer may pay interest or dividends with additional securities and/or in cash. |
(d) | Floating rate—Rate shown was the rate in effect as of October 31, 2023. |
(e) | Security is perpetual and, thus, does not have a predetermined maturity date. The date shown, if applicable, reflects the next call date. |
(f) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
(g) | Issue in non-accrual status. |
(h) | Restricted security. (See Note 5) |
(i) | Step coupon—Rate shown was the rate in effect as of October 31, 2023. |
(j) | Issue in default. |
(k) | Non-income producing security. |
Abbreviation(s): |
LIBOR—London Interbank Offered Rate |
SOFR—Secured Overnight Financing Rate |
TBD—To Be Determined |
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) | |||||||
Long-Term Bonds | |||||||
Convertible Bonds | $ — | $ 30,438,975 | $ — | $ 30,438,975 | |||
Corporate Bonds | — | 1,400,256,049 | 2,707,200 | 1,402,963,249 | |||
Loan Assignments | — | 313,920,762 | 3,845,235 | 317,765,997 | |||
Total Long-Term Bonds | — | 1,744,615,786 | 6,552,435 | 1,751,168,221 | |||
Common Stocks | 9,752,650 | 1,599,998 | 683,098 | 12,035,746 | |||
Preferred Stock | — | — | 3,488,275 | 3,488,275 | |||
Total Investments in Securities | $ 9,752,650 | $ 1,746,215,784 | $ 10,723,808 | $ 1,766,692,242 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
22 | MainStay MacKay Short Duration High Yield Fund |
Assets | |
Investment in securities, at value (identified cost $1,823,230,222) | $1,766,692,242 |
Cash | 71,270,363 |
Receivables: | |
Interest | 26,377,106 |
Investment securities sold | 16,965,042 |
Fund shares sold | 6,912,640 |
Other assets | 430,619 |
Total assets | 1,888,648,012 |
Liabilities | |
Payables: | |
Investment securities purchased | 34,262,012 |
Fund shares redeemed | 4,512,508 |
Manager (See Note 3) | 906,980 |
Transfer agent (See Note 3) | 374,977 |
NYLIFE Distributors (See Note 3) | 96,038 |
Professional fees | 25,433 |
Custodian | 14,920 |
Shareholder communication | 10,535 |
Accrued expenses | 730 |
Distributions payable | 1,078,429 |
Total liabilities | 41,282,562 |
Net assets | $1,847,365,450 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 201,240 |
Additional paid-in-capital | 1,980,937,295 |
1,981,138,535 | |
Total distributable earnings (loss) | (133,773,085) |
Net assets | $1,847,365,450 |
Class A | |
Net assets applicable to outstanding shares | $ 327,715,989 |
Shares of beneficial interest outstanding | 35,703,795 |
Net asset value per share outstanding | $ 9.18 |
Maximum sales charge (3.00% of offering price) | 0.28 |
Maximum offering price per share outstanding | $ 9.46 |
Investor Class | |
Net assets applicable to outstanding shares | $ 5,299,214 |
Shares of beneficial interest outstanding | 577,274 |
Net asset value per share outstanding | $ 9.18 |
Maximum sales charge (2.50% of offering price) | 0.24 |
Maximum offering price per share outstanding | $ 9.42 |
Class C | |
Net assets applicable to outstanding shares | $ 29,903,055 |
Shares of beneficial interest outstanding | 3,258,786 |
Net asset value and offering price per share outstanding | $ 9.18 |
Class I | |
Net assets applicable to outstanding shares | $1,483,472,888 |
Shares of beneficial interest outstanding | 161,594,287 |
Net asset value and offering price per share outstanding | $ 9.18 |
Class R2 | |
Net assets applicable to outstanding shares | $ 754,793 |
Shares of beneficial interest outstanding | 82,275 |
Net asset value and offering price per share outstanding | $ 9.17 |
Class R3 | |
Net assets applicable to outstanding shares | $ 219,511 |
Shares of beneficial interest outstanding | 23,918 |
Net asset value and offering price per share outstanding | $ 9.18 |
Investment Income (Loss) | |
Income | |
Interest | $109,414,607 |
Dividends | 548,726 |
Total income | 109,963,333 |
Expenses | |
Manager (See Note 3) | 10,902,096 |
Transfer agent (See Note 3) | 2,117,862 |
Distribution/Service—Class A (See Note 3) | 784,223 |
Distribution/Service—Investor Class (See Note 3) | 13,574 |
Distribution/Service—Class C (See Note 3) | 275,272 |
Distribution/Service—Class R2 (See Note 3) | 1,428 |
Distribution/Service—Class R3 (See Note 3) | 1,050 |
Professional fees | 186,058 |
Registration | 156,532 |
Shareholder communication | 72,202 |
Trustees | 42,254 |
Custodian | 41,172 |
Shareholder service (See Note 3) | 781 |
Miscellaneous | 49,177 |
Total expenses before waiver/reimbursement | 14,643,681 |
Expense waiver/reimbursement from Manager (See Note 3) | (490,517) |
Reimbursement from prior custodian(a) | (2,986) |
Net expenses | 14,150,178 |
Net investment income (loss) | 95,813,155 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on investments | (17,516,270) |
Net change in unrealized appreciation (depreciation) on investments | 27,342,387 |
Net realized and unrealized gain (loss) | 9,826,117 |
Net increase (decrease) in net assets resulting from operations | $105,639,272 |
(a) | Represents a refund for overbilling of custody fees. |
24 | MainStay MacKay Short Duration High Yield Fund |
for the years ended October 31, 2023 and October 31, 2022
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 95,813,155 | $ 58,572,893 |
Net realized gain (loss) | (17,516,270) | 1,650,212 |
Net change in unrealized appreciation (depreciation) | 27,342,387 | (114,848,772) |
Net increase (decrease) in net assets resulting from operations | 105,639,272 | (54,625,667) |
Distributions to shareholders: | ||
Class A | (17,419,336) | (12,418,690) |
Investor Class | (294,090) | (224,189) |
Class C | (1,298,778) | (955,093) |
Class I | (77,891,562) | (46,971,570) |
Class R2 | (32,277) | (19,878) |
Class R3 | (10,945) | (6,002) |
Total distributions to shareholders | (96,946,988) | (60,595,422) |
Capital share transactions: | ||
Net proceeds from sales of shares | 1,113,612,550 | 809,391,209 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 86,836,188 | 53,702,017 |
Cost of shares redeemed | (729,398,889) | (873,263,765) |
Increase (decrease) in net assets derived from capital share transactions | 471,049,849 | (10,170,539) |
Net increase (decrease) in net assets | 479,742,133 | (125,391,628) |
Net Assets | ||
Beginning of year | 1,367,623,317 | 1,493,014,945 |
End of year | $1,847,365,450 | $1,367,623,317 |
Year Ended October 31, | |||||||||
Class A | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 9.09 | $ 9.83 | $ 9.45 | $ 9.84 | $ 9.76 | ||||
Net investment income (loss) | 0.51(a) | 0.37(a) | 0.37(a) | 0.42 | 0.44 | ||||
Net realized and unrealized gain (loss) | 0.09 | (0.73) | 0.42 | (0.37) | 0.08 | ||||
Total from investment operations | 0.60 | (0.36) | 0.79 | 0.05 | 0.52 | ||||
Less distributions: | |||||||||
From net investment income | (0.51) | (0.38) | (0.41) | (0.44) | (0.44) | ||||
Return of capital | — | — | (0.00)‡ | — | — | ||||
Total distributions | (0.51) | (0.38) | (0.41) | (0.44) | (0.44) | ||||
Net asset value at end of year | $ 9.18 | $ 9.09 | $ 9.83 | $ 9.45 | $ 9.84 | ||||
Total investment return (b) | 6.72% | (3.66)% | 8.40% | 0.65% | 5.40% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 5.52% | 3.92% | 3.78% | 4.46% | 4.48% | ||||
Net expenses (c) | 1.02% | 1.02% | 1.01% | 1.02% | 1.04% | ||||
Expenses (before waiver/reimbursement) (c) | 1.06% | 1.02% | 1.01% | 1.02% | 1.04% | ||||
Portfolio turnover rate | 22% | 30% | 47% | 64% | 32% | ||||
Net assets at end of year (in 000’s) | $ 327,716 | $ 300,909 | $ 303,646 | $ 252,753 | $ 237,475 |
‡ | Less than one cent per share. |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | |||||||||
Investor Class | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 9.09 | $ 9.83 | $ 9.46 | $ 9.84 | $ 9.76 | ||||
Net investment income (loss) | 0.50(a) | 0.36(a) | 0.37(a) | 0.42 | 0.43 | ||||
Net realized and unrealized gain (loss) | 0.09 | (0.72) | 0.40 | (0.36) | 0.08 | ||||
Total from investment operations | 0.59 | (0.36) | 0.77 | 0.06 | 0.51 | ||||
Less distributions: | |||||||||
From net investment income | (0.50) | (0.38) | (0.40) | (0.44) | (0.43) | ||||
Return of capital | — | — | (0.00)‡ | — | — | ||||
Total distributions | (0.50) | (0.38) | (0.40) | (0.44) | (0.43) | ||||
Net asset value at end of year | $ 9.18 | $ 9.09 | $ 9.83 | $ 9.46 | $ 9.84 | ||||
Total investment return (b) | 6.63% | (3.73)% | 8.18% | 0.67% | 5.33% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 5.43% | 3.82% | 3.72% | 4.38% | 4.40% | ||||
Net expenses (c) | 1.11% | 1.10% | 1.10% | 1.11% | 1.11% | ||||
Expenses (before waiver/reimbursement) (c) | 1.11% | 1.10% | 1.10% | 1.11% | 1.11% | ||||
Portfolio turnover rate | 22% | 30% | 47% | 64% | 32% | ||||
Net assets at end of year (in 000's) | $ 5,299 | $ 5,400 | $ 5,780 | $ 6,278 | $ 7,156 |
‡ | Less than one cent per share. |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | 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. |
26 | MainStay MacKay Short Duration High Yield Fund |
Year Ended October 31, | |||||||||
Class C | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 9.09 | $ 9.83 | $ 9.45 | $ 9.84 | $ 9.76 | ||||
Net investment income (loss) | 0.43(a) | 0.29(a) | 0.29(a) | 0.34 | 0.36 | ||||
Net realized and unrealized gain (loss) | 0.09 | (0.72) | 0.41 | (0.37) | 0.08 | ||||
Total from investment operations | 0.52 | (0.43) | 0.70 | (0.03) | 0.44 | ||||
Less distributions: | |||||||||
From net investment income | (0.43) | (0.31) | (0.32) | (0.36) | (0.36) | ||||
Return of capital | — | — | (0.00)‡ | — | — | ||||
Total distributions | (0.43) | (0.31) | (0.32) | (0.36) | (0.36) | ||||
Net asset value at end of year | $ 9.18 | $ 9.09 | $ 9.83 | $ 9.45 | $ 9.84 | ||||
Total investment return (b) | 5.84% | (4.46)% | 7.48% | (0.19)% | 4.54% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 4.68% | 3.05% | 2.98% | 3.64% | 3.65% | ||||
Net expenses (c) | 1.86% | 1.85% | 1.85% | 1.86% | 1.86% | ||||
Expenses (before waiver/reimbursement) (c) | 1.86% | 1.85% | 1.85% | 1.86% | 1.86% | ||||
Portfolio turnover rate | 22% | 30% | 47% | 64% | 32% | ||||
Net assets at end of year (in 000’s) | $ 29,903 | $ 25,772 | $ 35,636 | $ 40,948 | $ 48,550 |
‡ | Less than one cent per share. |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | |||||||||
Class I | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 9.09 | $ 9.84 | $ 9.46 | $ 9.84 | $ 9.76 | ||||
Net investment income (loss) | 0.54(a) | 0.39(a) | 0.40(a) | 0.45 | 0.46 | ||||
Net realized and unrealized gain (loss) | 0.08 | (0.73) | 0.41 | (0.36) | 0.08 | ||||
Total from investment operations | 0.62 | (0.34) | 0.81 | 0.09 | 0.54 | ||||
Less distributions: | |||||||||
From net investment income | (0.53) | (0.41) | (0.43) | (0.47) | (0.46) | ||||
Return of capital | — | — | (0.00)‡ | — | — | ||||
Total distributions | (0.53) | (0.41) | (0.43) | (0.47) | (0.46) | ||||
Net asset value at end of year | $ 9.18 | $ 9.09 | $ 9.84 | $ 9.46 | $ 9.84 | ||||
Total investment return (b) | 6.98% | (3.52)% | 8.66% | 1.01% | 5.67% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 5.78% | 4.14% | 4.05% | 4.72% | 4.73% | ||||
Net expenses (c) | 0.78% | 0.77% | 0.76% | 0.77% | 0.79% | ||||
Expenses (before waiver/reimbursement) (c) | 0.81% | 0.77% | 0.76% | 0.77% | 0.79% | ||||
Portfolio turnover rate | 22% | 30% | 47% | 64% | 32% | ||||
Net assets at end of year (in 000’s) | $ 1,483,473 | $ 1,034,873 | $ 1,147,287 | $ 1,101,084 | $ 1,268,856 |
‡ | Less than one cent per share. |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | |||||||||
Class R2 | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 9.09 | $ 9.83 | $ 9.45 | $ 9.84 | $ 9.76 | ||||
Net investment income (loss) | 0.50(a) | 0.36(a) | 0.36(a) | 0.41 | 0.40 | ||||
Net realized and unrealized gain (loss) | 0.08 | (0.72) | 0.41 | (0.37) | 0.11 | ||||
Total from investment operations | 0.58 | (0.36) | 0.77 | 0.04 | 0.51 | ||||
Less distributions: | |||||||||
From net investment income | (0.50) | (0.38) | (0.39) | (0.43) | (0.43) | ||||
Return of capital | — | — | (0.00)‡ | — | — | ||||
Total distributions | (0.50) | (0.38) | (0.39) | (0.43) | (0.43) | ||||
Net asset value at end of year | $ 9.17 | $ 9.09 | $ 9.83 | $ 9.45 | $ 9.84 | ||||
Total investment return (b) | 6.50% | (3.75)% | 8.29% | 0.55% | 5.31% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 5.44% | 3.82% | 3.71% | 4.36% | 4.34% | ||||
Net expenses (c) | 1.13% | 1.12% | 1.11% | 1.12% | 1.14% | ||||
Expenses (before waiver/reimbursement) (c) | 1.16% | 1.12% | 1.11% | 1.12% | 1.14% | ||||
Portfolio turnover rate | 22% | 30% | 47% | 64% | 32% | ||||
Net assets at end of year (in 000’s) | $ 755 | $ 495 | $ 508 | $ 523 | $ 538 |
‡ | Less than one cent per share. |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R2 shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | |||||||||
Class R3 | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 9.09 | $ 9.83 | $ 9.46 | $ 9.84 | $ 9.76 | ||||
Net investment income (loss) | 0.48(a) | 0.34(a) | 0.34(a) | 0.40 | 0.39 | ||||
Net realized and unrealized gain (loss) | 0.09 | (0.73) | 0.40 | (0.37) | 0.09 | ||||
Total from investment operations | 0.57 | (0.39) | 0.74 | 0.03 | 0.48 | ||||
Less distributions: | |||||||||
From net investment income | (0.48) | (0.35) | (0.37) | (0.41) | (0.40) | ||||
Return of capital | — | — | (0.00)‡ | — | — | ||||
Total distributions | (0.48) | (0.35) | (0.37) | (0.41) | (0.40) | ||||
Net asset value at end of year | $ 9.18 | $ 9.09 | $ 9.83 | $ 9.46 | $ 9.84 | ||||
Total investment return (b) | 6.35% | (3.99)% | 7.89% | 0.41% | 5.05% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 5.16% | 3.59% | 3.45% | 4.13% | 4.12% | ||||
Net expenses (c) | 1.38% | 1.37% | 1.36% | 1.36% | 1.39% | ||||
Expenses (before waiver/reimbursement) (c) | 1.41% | 1.37% | 1.36% | 1.36% | 1.39% | ||||
Portfolio turnover rate | 22% | 30% | 47% | 64% | 32% | ||||
Net assets at end of year (in 000’s) | $ 220 | $ 174 | $ 158 | $ 154 | $ 201 |
‡ | Less than one cent per share. |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. 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. |
28 | MainStay MacKay Short Duration High Yield Fund |
Class | Commenced Operations |
Class A | December 17, 2012 |
Investor Class | December 17, 2012 |
Class C | December 17, 2012 |
Class I | December 17, 2012 |
Class R2* | December 17, 2012 |
Class R3* | February 29, 2016 |
* | As of October 31, 2023, Class R2 and Class R3 shares are closed to new investors and, upon the close of business on December 29, 2023, Class R2 and Class R3 shares are closed to additional investments by existing shareholders. Additionally, Class R2 and 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 R2 or 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) |
• Benchmark yields | • Reported trades |
• Broker/dealer quotes | • Issuer spreads |
• Two-sided markets | • Benchmark securities |
• Bids/offers | • Reference data (corporate actions or material event notices) |
• Industry and economic events | • Comparable bonds |
• Monthly payment information |
30 | MainStay MacKay Short Duration High Yield Fund |
32 | MainStay MacKay Short Duration High Yield Fund |
Class R2 | $571 |
Class R3 | 210 |
34 | MainStay MacKay Short Duration High Yield Fund |
Class | Expense | Waived |
Class A | $ 388,176 | $— |
Investor Class | 9,538 | — |
Class C | 48,272 | — |
Class I | 1,670,890 | — |
Class R2 | 726 | — |
Class R3 | 260 | — |
Class A | $6,012,519 | 1.8% |
Class I | 5,929,839 | 0.4 |
Class R2 | 36,956 | 4.9 |
Class R3 | 34,027 | 15.5 |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $1,825,985,073 | $11,881,590 | $(71,174,421) | $(59,292,831) |
Ordinary Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$1,735,737 | $(75,137,122) | $(1,078,869) | $(59,292,831) | $(133,773,085) |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $22,986 | $52,151 |
2023 | 2022 | |
Distributions paid from: | ||
Ordinary Income | $96,946,988 | $60,595,422 |
Security | Date(s) of Acquisition | Principal Amount/ Shares | Cost | 10/31/23 Value | Percent of Net Assets |
Briggs & Stratton Corp. Escrow Claim Shares | |||||
Corporate Bond 6.875%, due 12/15/20 | 2/26/21 | $ 3,425,000 | $ 3,724,482 | $ — | 0.0% |
GenOn Energy, Inc. | |||||
Common Stock | 12/14/18 | 20,915 | 2,342,005 | 1,599,998 | 0.1 |
Sterling Entertainment Enterprises LLC | |||||
Corporate Bond 10.25%, due 1/15/25 | 12/28/17 | $ 3,000,000 | 2,989,837 | 2,707,200 | 0.1 |
Total | $ 9,056,324 | $ 4,307,198 | 0.2% |
Class A | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 11,152,609 | $ 103,171,985 |
Shares issued to shareholders in reinvestment of distributions | 1,700,212 | 15,715,196 |
Shares redeemed | (10,382,531) | (95,962,463) |
Net increase (decrease) in shares outstanding before conversion | 2,470,290 | 22,924,718 |
Shares converted into Class A (See Note 1) | 141,358 | 1,307,397 |
Shares converted from Class A (See Note 1) | (11,736) | (108,177) |
Net increase (decrease) | 2,599,912 | $ 24,123,938 |
Year ended October 31, 2022: | ||
Shares sold | 10,759,390 | $ 102,085,502 |
Shares issued to shareholders in reinvestment of distributions | 1,197,905 | 11,220,427 |
Shares redeemed | (9,890,216) | (93,600,874) |
Net increase (decrease) in shares outstanding before conversion | 2,067,079 | 19,705,055 |
Shares converted into Class A (See Note 1) | 204,711 | 1,935,164 |
Shares converted from Class A (See Note 1) | (47,057) | (443,280) |
Net increase (decrease) | 2,224,733 | $ 21,196,939 |
36 | MainStay MacKay Short Duration High Yield Fund |
Investor Class | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 67,150 | $ 621,181 |
Shares issued to shareholders in reinvestment of distributions | 30,998 | 286,556 |
Shares redeemed | (96,228) | (889,274) |
Net increase (decrease) in shares outstanding before conversion | 1,920 | 18,463 |
Shares converted into Investor Class (See Note 1) | 26,620 | 246,344 |
Shares converted from Investor Class (See Note 1) | (45,322) | (418,984) |
Net increase (decrease) | (16,782) | $ (154,177) |
Year ended October 31, 2022: | ||
Shares sold | 158,271 | $ 1,508,923 |
Shares issued to shareholders in reinvestment of distributions | 23,312 | 218,463 |
Shares redeemed | (91,983) | (868,082) |
Net increase (decrease) in shares outstanding before conversion | 89,600 | 859,304 |
Shares converted into Investor Class (See Note 1) | 31,348 | 295,183 |
Shares converted from Investor Class (See Note 1) | (114,600) | (1,084,877) |
Net increase (decrease) | 6,348 | $ 69,610 |
Class C | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 1,475,489 | $ 13,628,109 |
Shares issued to shareholders in reinvestment of distributions | 119,409 | 1,103,667 |
Shares redeemed | (1,058,198) | (9,773,443) |
Net increase (decrease) in shares outstanding before conversion | 536,700 | 4,958,333 |
Shares converted from Class C (See Note 1) | (113,708) | (1,051,200) |
Net increase (decrease) | 422,992 | $ 3,907,133 |
Year ended October 31, 2022: | ||
Shares sold | 484,002 | $ 4,528,538 |
Shares issued to shareholders in reinvestment of distributions | 84,579 | 793,895 |
Shares redeemed | (1,240,110) | (11,709,219) |
Net increase (decrease) in shares outstanding before conversion | (671,529) | (6,386,786) |
Shares converted from Class C (See Note 1) | (117,521) | (1,109,859) |
Net increase (decrease) | (789,050) | $ (7,496,645) |
Class I | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 107,578,702 | $ 995,906,069 |
Shares issued to shareholders in reinvestment of distributions | 7,535,877 | 69,688,085 |
Shares redeemed | (67,346,456) | (622,749,207) |
Net increase (decrease) in shares outstanding before conversion | 47,768,123 | 442,844,947 |
Shares converted into Class I (See Note 1) | 11,944 | 110,187 |
Shares converted from Class I (See Note 1) | (9,206) | (85,567) |
Net increase (decrease) | 47,770,861 | $ 442,869,567 |
Year ended October 31, 2022: | ||
Shares sold | 74,265,593 | $ 701,221,844 |
Shares issued to shareholders in reinvestment of distributions | 4,416,935 | 41,443,426 |
Shares redeemed | (81,546,049) | (767,067,867) |
Net increase (decrease) in shares outstanding before conversion | (2,863,521) | (24,402,597) |
Shares converted into Class I (See Note 1) | 46,364 | 437,491 |
Shares converted from Class I (See Note 1) | (3,295) | (29,822) |
Net increase (decrease) | (2,820,452) | $ (23,994,928) |
Class R2 | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 26,857 | $ 250,837 |
Shares issued to shareholders in reinvestment of distributions | 3,492 | 32,277 |
Shares redeemed | (2,509) | (23,182) |
Net increase (decrease) | 27,840 | $ 259,932 |
Year ended October 31, 2022: | ||
Shares sold | 2,492 | $ 23,414 |
Shares issued to shareholders in reinvestment of distributions | 2,123 | 19,878 |
Shares redeemed | (1,892) | (17,723) |
Net increase (decrease) | 2,723 | $ 25,569 |
Class R3 | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 3,737 | $ 34,369 |
Shares issued to shareholders in reinvestment of distributions | 1,126 | 10,407 |
Shares redeemed | (142) | (1,320) |
Net increase (decrease) | 4,721 | $ 43,456 |
Year ended October 31, 2022: | ||
Shares sold | 2,515 | $ 22,988 |
Shares issued to shareholders in reinvestment of distributions | 633 | 5,928 |
Net increase (decrease) | 3,148 | $ 28,916 |
38 | MainStay MacKay Short Duration High Yield Fund |
MainStay Funds Trust:
40 | MainStay MacKay Short Duration High Yield Fund |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Naïm Abou-Jaoudé* 1966 | MainStay Funds: Trustee since 2023 MainStay Funds Trust: Trustee since 2023 | Chief Executive Officer of New York Life Investment Management LLC (since 2023). Chief Executive Officer of Candriam (an affiliate of New York Life Investment Management LLC) (2007 to 2023). | 81 | MainStay VP Funds Trust: Trustee since 2023 (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2023; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2023; and New York Life Investment Management International (Chair) since 2015 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of his affiliation with New York Life Investment Management LLC and Candriam, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015);MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC (since 1999) | 81 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2021; VanEck Vectors Group of Exchange-Traded Funds: Trustee since 2006 and Independent Chairman of the Board of Trustees from 2008 to 2022 (57 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Investment Committee since 2018 | |
Karen Hammond 1956 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021);MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 81 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Susan B. Kerley 1951 | MainStay Funds: Chair since January 2017 and Trustee since 2007;MainStay Funds Trust: Chair since January 2017 and Trustee since 1990*** | President, Strategic Management Advisors LLC (since 1990) | 81 | MainStay VP Funds Trust: Chair since January 2017 and Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chair since January 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) |
42 | MainStay MacKay Short Duration High Yield Fund |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Alan R. Latshaw 1951 | MainStay Funds: Trusteesince 2006;MainStay Funds Trust: Trustee since 2007*** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 81 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 | |
Jacques P. Perold 1958 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015to December 2015);MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 81 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay Funds: Trustee since 1994;MainStay Funds Trust: Trustee since 2007*** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) (since 2004); Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 81 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 |
** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
*** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay Funds, MainStay Funds Trust (since 2017) | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since 2018); President, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust (since 2017)**; Senior Managing Director, Global Product Development (2015 to 2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay Funds (since 2007), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2007)**; and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay Funds and MainStay Funds Trust (since 2010) | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2010)** | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay Funds and MainStay Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ Trust, IndexIQ ETF Trust and Index IQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund, MainStay VP Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012 to 2022) | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay Funds (since 2005), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2005)** |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, New York Life Insurance Company, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
44 | MainStay MacKay Short Duration High Yield 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. |
5013766MS139-23 | MSSHY11-12/23 |
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended October 31, 2023 | |||||||
Class | Sales Charge | Inception Date | One Year | Five Years | Ten Years or Since Inception | Gross Expense Ratio1 | |
Class A Shares | Maximum 4.50% Initial Sales Charge | With sales charges | 1/2/2004 | -3.07% | -0.99% | 0.27% | 0.81% |
Excluding sales charges | 1.50 | -0.08 | 0.73 | 0.81 | |||
Investor Class Shares2 | Maximum 4.00% Initial Sales Charge | With sales charges | 2/28/2008 | -2.85 | -1.21 | 0.13 | 1.07 |
Excluding sales charges | 1.20 | -0.30 | 0.59 | 1.07 | |||
Class B Shares3 | Maximum 5.00% CDSC | With sales charges | 1/2/2004 | -4.43 | -1.41 | -0.16 | 1.82 |
if Redeemed Within the First Six Years of Purchase | Excluding sales charges | 0.44 | -1.06 | -0.16 | 1.82 | ||
Class C Shares | Maximum 1.00% CDSC | With sales charges | 1/2/2004 | -0.42 | -1.03 | -0.15 | 1.82 |
if Redeemed Within One Year of Purchase | Excluding sales charges | 0.56 | -1.03 | -0.15 | 1.82 | ||
Class I Shares | No Sales Charge | 1/2/1991 | 1.88 | 0.21 | 1.04 | 0.56 | |
Class R1 Shares4 | No Sales Charge | 6/29/2012 | 1.65 | 0.08 | 0.93 | 0.65 | |
Class R2 Shares4 | No Sales Charge | 6/29/2012 | 1.39 | -0.15 | 0.67 | 0.91 | |
Class R3 Shares4 | No Sales Charge | 2/29/2016 | 1.15 | -0.41 | 0.21 | 1.15 | |
Class R6 Shares | No Sales Charge | 12/29/2014 | 1.89 | 0.25 | 0.74 | 0.52 | |
SIMPLE Class Shares | No Sales Charge | 8/31/2020 | 1.21 | N/A | -5.82 | 1.21 |
1. | The gross expense ratios presented reflect the Fund’s “Total Annual Fund Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report. |
2. | Prior to June 30, 2020, the maximum initial sales charge was 4.50%, which is reflected in the applicable average annual total return figures shown. |
3. | Class B shares are closed to all new purchases as well as additional investments by existing Class B shareholders and will be converted into Class A or Investor Class shares based on shareholder eligibility on or about February 28, 2024. |
4. | As of October 31, 2023, Class R1, Class R2 and Class R3 shares are closed to new investors and, upon the close of business on December 29, 2023, Class R1, Class R2 and Class R3 shares are closed to additional investments by existing shareholders. Additionally, Class R1, Class R2 and 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 R1, Class R2 or 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* | One Year | Five Years | Ten Years |
Bloomberg U.S. Aggregate Bond Index1 | 0.36% | -0.06% | 0.88% |
Morningstar Intermediate Core-Plus Bond Category Average2 | 0.92 | 0.07 | 1.01 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures 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. |
2. | The Morningstar Intermediate Core-Plus Bond Category Average is representative of funds that invest primarily in investment-grade U.S. fixed-income issues including government, corporate, and securitized debt, but generally have greater flexibility than core offerings to hold non-core sectors such as corporate high yield, bank loan, emerging-markets debt, and non-U.S. currency exposures. Their durations (a measure of interest-rate sensitivity) typically range between 75% and 125% of the three-year average of the effective duration of the Morningstar Core Bond Index. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
6 | MainStay MacKay Total Return Bond 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 | $940.30 | $4.11 | $1,020.97 | $4.28 | 0.84% |
Investor Class Shares | $1,000.00 | $938.30 | $5.52 | $1,019.51 | $5.75 | 1.13% |
Class B Shares | $1,000.00 | $934.50 | $9.17 | $1,015.73 | $9.55 | 1.88% |
Class C Shares | $1,000.00 | $935.70 | $9.17 | $1,015.73 | $9.55 | 1.88% |
Class I Shares | $1,000.00 | $941.20 | $2.20 | $1,022.94 | $2.29 | 0.45% |
Class R1 Shares | $1,000.00 | $941.10 | $3.38 | $1,021.73 | $3.52 | 0.69% |
Class R2 Shares | $1,000.00 | $939.80 | $4.64 | $1,020.42 | $4.84 | 0.95% |
Class R3 Shares | $1,000.00 | $938.70 | $5.82 | $1,019.21 | $6.06 | 1.19% |
Class R6 Shares | $1,000.00 | $942.20 | $2.20 | $1,022.94 | $2.29 | 0.45% |
SIMPLE Class Shares | $1,000.00 | $938.80 | $4.94 | $1,020.11 | $5.14 | 1.01% |
1. | Expenses are equal to the Fund’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 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. |
1. | GNMA, (zero coupon)-9.674%, due 7/20/49–10/16/63 |
2. | UMBS Pool, 30 Year, 2.50%-6.50%, due 7/1/51–11/1/53 |
3. | FNMA, (zero coupon)-8.621%, due 11/25/41–7/25/54 |
4. | UMBS, 30 Year, 3.00%-6.50%, due 7/1/39–10/1/53 |
5. | FHLMC, (zero coupon)-4.50%, due 1/15/41–1/25/55 |
6. | Bank of America Corp., 2.087%-4.30%, due 1/28/25–2/13/31 |
7. | CF Hippolyta Issuer LLC, 1.53%-1.98%, due 7/15/60–3/15/61 |
8. | Connecticut Avenue Securities Trust, 8.421%-11.321%, due 10/25/41 |
9. | FHLMC STACR REMIC Trust, 7.821%-8.721%, due 1/25/42 |
10. | Hertz Vehicle Financing III LP, 2.12%-4.34%, due 12/27/27 |
8 | MainStay MacKay Total Return Bond 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. | Duration is a measure of the price sensitivity of a fixed-income investment to changes in interest rates. Duration is expressed as a number of years and is considered a more accurate sensitivity gauge than average maturity. |
3. | An obligation rated ‘BB’ by Standard & Poor’s (“S&P”) is deemed by S&P to be less vulnerable to nonpayment than other speculative issues. In the opinion of S&P, however, the obligor faces major ongoing uncertainties or exposure to adverse business, financial or economic conditions which could lead to the obligor’s inadequate capacity to meet its financial commitment on the obligation. When applied to Fund holdings, ratings are based solely on the creditworthiness of the bonds in the portfolio and are not meant to represent the security or safety of the Fund. Ratings from ‘AA’ to ‘CCC’ may be modified by the addition of a plus (+) or minus (–) sign to show relative standing within the major rating categories. |
4. | An obligation rated ‘BBB’ by S&P is deemed by S&P to exhibit adequate protection parameters. In the opinion of S&P, however, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation. When applied to Fund holdings, ratings are based solely on the creditworthiness of the bonds in the portfolio and are not meant to represent the security or safety of the Fund. |
10 | MainStay MacKay Total Return Bond Fund |
Principal Amount | Value | |
Long-Term Bonds 98.2% | ||
Asset-Backed Securities 12.6% | ||
Automobile Asset-Backed Securities 6.8% | ||
American Credit Acceptance Receivables Trust | ||
Series 2022-1, Class D | ||
2.46%, due 3/13/28 (a) | $ 2,265,000 | $ 2,148,831 |
CPS Auto Receivables Trust | ||
Series 2021-C, Class E | ||
3.21%, due 9/15/28 (a) | 1,535,000 | 1,421,296 |
Drive Auto Receivables Trust | ||
Series 2021-2, Class D | ||
1.39%, due 3/15/29 | 1,990,000 | 1,863,757 |
Exeter Automobile Receivables Trust | ||
Series 2021-3A, Class D | ||
1.55%, due 6/15/27 | 1,565,000 | 1,434,279 |
Series 2021-2A, Class E | ||
2.90%, due 7/17/28 (a) | 1,040,000 | 949,921 |
Series 2021-3A, Class E | ||
3.04%, due 12/15/28 (a) | 2,090,000 | 1,872,565 |
Flagship Credit Auto Trust (a) | ||
Series 2020-1, Class E | ||
3.52%, due 6/15/27 | 1,950,000 | 1,796,205 |
Series 2019-2, Class E | ||
4.52%, due 12/15/26 | 1,910,000 | 1,844,965 |
Ford Credit Auto Owner Trust (a) | ||
Series 2021-2, Class D | ||
2.60%, due 5/15/34 | 230,000 | 198,323 |
Series 2023-2, Class B | ||
5.92%, due 2/15/36 | 500,000 | 485,145 |
Series 2023-1, Class D | ||
6.26%, due 8/15/35 | 755,000 | 721,828 |
GLS Auto Receivables Issuer Trust (a) | ||
Series 2021-3A, Class C | ||
1.11%, due 9/15/26 | 930,000 | 899,970 |
Series 2021-2A, Class E | ||
2.87%, due 5/15/28 | 1,895,000 | 1,730,034 |
Series 2021-3A, Class E | ||
3.20%, due 10/16/28 | 1,685,000 | 1,531,839 |
Series 2020-1A, Class D | ||
3.68%, due 11/16/26 | 440,000 | 428,213 |
Hertz Vehicle Financing III LP (a) | ||
Series 2021-2A, Class B | ||
2.12%, due 12/27/27 | 1,215,000 | 1,064,148 |
Series 2021-2A, Class D | ||
4.34%, due 12/27/27 | 2,910,000 | 2,520,818 |
Hertz Vehicle Financing LLC (a) | ||
Series 2021-1A, Class B | ||
1.56%, due 12/26/25 | 870,000 | 827,849 |
Principal Amount | Value | |
Automobile Asset-Backed Securities (continued) | ||
Hertz Vehicle Financing LLC (a) (continued) | ||
Series 2021-1A, Class C | ||
2.05%, due 12/26/25 | $ 890,000 | $ 846,739 |
24,586,725 | ||
Other Asset-Backed Securities 5.8% | ||
American Airlines Pass-Through Trust | ||
Series 2019-1, Class AA | ||
3.15%, due 2/15/32 | 1,093,692 | 911,442 |
Series 2016-2, Class A | ||
3.65%, due 6/15/28 | 1,394,000 | 1,211,498 |
Series 2019-1, Class B | ||
3.85%, due 2/15/28 | 849,283 | 738,492 |
British Airways Pass-Through Trust | ||
Series 2021-1, Class A | ||
2.90%, due 3/15/35 (a) | 1,752,893 | 1,444,199 |
CF Hippolyta Issuer LLC (a) | ||
Series 2021-1A, Class A1 | ||
1.53%, due 3/15/61 | 2,082,809 | 1,823,494 |
Series 2020-1, Class A1 | ||
1.69%, due 7/15/60 | 1,401,346 | 1,270,973 |
Series 2021-1A, Class B1 | ||
1.98%, due 3/15/61 | 2,012,125 | 1,728,908 |
CVS Pass-Through Trust | ||
5.789%, due 1/10/26 (a) | 18,153 | 17,879 |
DB Master Finance LLC | ||
Series 2021-1A, Class A23 | ||
2.791%, due 11/20/51 (a) | 938,287 | 708,580 |
JetBlue Pass-Through Trust | ||
Series 2019-1, Class AA | ||
2.75%, due 5/15/32 | 2,192,089 | 1,835,351 |
Mosaic Solar Loan Trust | ||
Series 2021-2A, Class B | ||
2.09%, due 4/22/47 (a) | 1,043,397 | 750,054 |
Navient Private Education Refi Loan Trust | ||
Series 2020-HA, Class B | ||
2.78%, due 1/15/69 (a) | 2,580,000 | 1,987,612 |
New Economy Assets Phase 1 Sponsor LLC (a) | ||
Series 2021-1, Class A1 | ||
1.91%, due 10/20/61 | 2,500,000 | 2,137,855 |
Series 2021-1, Class B1 | ||
2.41%, due 10/20/61 | 1,345,000 | 1,120,711 |
Progress Residential Trust | ||
Series 2021-SFR4, Class B | ||
1.808%, due 5/17/38 (a) | 1,215,000 | 1,074,389 |
Taco Bell Funding LLC | ||
Series 2021-1A, Class A23 | ||
2.542%, due 8/25/51 (a) | 977,587 | 734,364 |
Principal Amount | Value | |
Asset-Backed Securities (continued) | ||
Other Asset-Backed Securities (continued) | ||
United Airlines Pass-Through Trust | ||
Series 2020-1, Class A | ||
5.875%, due 10/15/27 | $ 1,289,438 | $ 1,269,504 |
20,765,305 | ||
Total Asset-Backed Securities (Cost $50,031,590) | 45,352,030 | |
Corporate Bonds 32.7% | ||
Agriculture 0.6% | ||
Altria Group, Inc. | ||
2.45%, due 2/4/32 | 1,850,000 | 1,350,028 |
4.80%, due 2/14/29 | 285,000 | 266,928 |
BAT Capital Corp. | ||
3.734%, due 9/25/40 | 720,000 | 456,589 |
BAT International Finance plc | ||
4.448%, due 3/16/28 | 65,000 | 59,890 |
2,133,435 | ||
Airlines 1.6% | ||
American Airlines, Inc. (a) | ||
5.50%, due 4/20/26 | 1,204,167 | 1,170,990 |
5.75%, due 4/20/29 | 860,000 | 775,767 |
Delta Air Lines, Inc. (a) | ||
4.50%, due 10/20/25 | 743,008 | 722,186 |
4.75%, due 10/20/28 | 1,855,000 | 1,743,666 |
Mileage Plus Holdings LLC | ||
6.50%, due 6/20/27 (a) | 1,350,000 | 1,333,635 |
5,746,244 | ||
Auto Manufacturers 2.5% | ||
Ford Motor Credit Co. LLC | ||
2.30%, due 2/10/25 | 755,000 | 712,954 |
4.125%, due 8/17/27 | 610,000 | 553,824 |
6.80%, due 5/12/28 (b) | 700,000 | 698,000 |
6.95%, due 3/6/26 | 670,000 | 671,156 |
7.20%, due 6/10/30 | 555,000 | 554,622 |
General Motors Co. | ||
5.60%, due 10/15/32 | 410,000 | 374,386 |
General Motors Financial Co., Inc. | ||
2.70%, due 6/10/31 | 1,335,000 | 1,003,954 |
4.30%, due 4/6/29 | 940,000 | 835,240 |
Nissan Motor Acceptance Co. LLC (a) | ||
1.125%, due 9/16/24 | 1,015,000 | 968,430 |
1.85%, due 9/16/26 | 2,670,000 | 2,311,271 |
Principal Amount | Value | |
Auto Manufacturers (continued) | ||
Volkswagen Group of America Finance LLC | ||
4.60%, due 6/8/29 (a)(b) | $ 440,000 | $ 404,455 |
9,088,292 | ||
Banks 11.7% | ||
Banco Santander SA | ||
5.294%, due 8/18/27 | 1,400,000 | 1,335,955 |
Bank of America Corp. | ||
2.087%, due 6/14/29 (c) | 540,000 | 445,849 |
2.496%, due 2/13/31 (c) | 755,000 | 595,090 |
3.593%, due 7/21/28 (c) | 935,000 | 846,130 |
3.705%, due 4/24/28 (c) | 830,000 | 758,196 |
4.25%, due 10/22/26 | 1,550,000 | 1,462,730 |
Series MM | ||
4.30%, due 1/28/25 (c)(d) | 910,000 | 817,657 |
Barclays plc (d)(e) | ||
4.375% (5 Year Treasury Constant Maturity Rate + 3.41%), due 3/15/28 | 2,135,000 | 1,459,206 |
8.00% (5 Year Treasury Constant Maturity Rate + 5.431%), due 3/15/29 | 370,000 | 327,265 |
BNP Paribas SA (a)(d)(e) | ||
4.625% (5 Year Treasury Constant Maturity Rate + 3.34%), due 2/25/31 | 1,825,000 | 1,265,589 |
7.75% (5 Year Treasury Constant Maturity Rate + 4.899%), due 8/16/29 | 440,000 | 407,956 |
BPCE SA (a) | ||
5.125%, due 1/18/28 | 345,000 | 328,811 |
6.714%, due 10/19/29 (c) | 410,000 | 404,220 |
Citigroup, Inc. | ||
3.887%, due 1/10/28 (c) | 1,234,000 | 1,144,015 |
Series Y | ||
4.15% (5 Year Treasury Constant Maturity Rate + 3.00%), due 11/15/26 (d)(e) | 765,000 | 595,640 |
5.30%, due 5/6/44 | 774,000 | 630,836 |
Citizens Bank NA | ||
6.064%, due 10/24/25 (c) | 860,000 | 822,393 |
Credit Agricole SA | ||
4.75% (5 Year Treasury Constant Maturity Rate + 3.237%), due 3/23/29 (a)(d)(e) | 1,780,000 | 1,317,568 |
Deutsche Bank AG | ||
3.035%, due 5/28/32 (c) | 890,000 | 662,967 |
12 | MainStay MacKay Total Return Bond Fund |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Banks (continued) | ||
Deutsche Bank AG (continued) | ||
6.589% (SOFR + 1.219%), due 11/16/27 (e) | $ 1,515,000 | $ 1,454,287 |
First Horizon Bank | ||
5.75%, due 5/1/30 | 1,606,000 | 1,359,248 |
First Horizon Corp. | ||
4.00%, due 5/26/25 | 2,115,000 | 1,967,373 |
Goldman Sachs Group, Inc. (The) | ||
1.948%, due 10/21/27 (c) | 1,305,000 | 1,144,505 |
1.992%, due 1/27/32 (c) | 740,000 | 542,870 |
6.75%, due 10/1/37 | 770,000 | 752,188 |
HSBC Holdings plc | ||
3.973%, due 5/22/30 (c) | 800,000 | 691,185 |
Intesa Sanpaolo SpA | ||
7.00%, due 11/21/25 (a) | 435,000 | 436,845 |
JPMorgan Chase & Co. (c) | ||
2.182%, due 6/1/28 | 1,030,000 | 895,373 |
4.005%, due 4/23/29 | 1,030,000 | 938,053 |
Series HH | ||
4.60%, due 2/1/25 (d) | 222,000 | 206,829 |
Lloyds Banking Group plc | ||
4.582%, due 12/10/25 | 2,643,000 | 2,513,668 |
4.976% (1 Year Treasury Constant Maturity Rate + 2.30%), due 8/11/33 (e) | 680,000 | 590,281 |
Macquarie Group Ltd. | ||
2.871%, due 1/14/33 (a)(c) | 1,770,000 | 1,308,076 |
Mizuho Financial Group, Inc. | ||
3.261% (1 Year Treasury Constant Maturity Rate + 1.25%), due 5/22/30 (b)(e) | 610,000 | 518,758 |
Morgan Stanley (c) | ||
2.484%, due 9/16/36 | 2,195,000 | 1,552,775 |
2.511%, due 10/20/32 | 510,000 | 381,462 |
NatWest Group plc | ||
3.073% (1 Year Treasury Constant Maturity Rate + 2.55%), due 5/22/28 (e) | 1,985,000 | 1,755,830 |
Santander Holdings USA, Inc. | ||
6.499%, due 3/9/29 (c) | 630,000 | 609,320 |
Societe Generale SA (a)(d)(e) | ||
4.75% (5 Year Treasury Constant Maturity Rate + 3.931%), due 5/26/26 | 395,000 | 316,696 |
5.375% (5 Year Treasury Constant Maturity Rate + 4.514%), due 11/18/30 | 1,515,000 | 1,086,567 |
Principal Amount | Value | |
Banks (continued) | ||
UBS Group AG (a) | ||
3.091%, due 5/14/32 (c) | $ 1,070,000 | $ 822,996 |
4.375% (5 Year Treasury Constant Maturity Rate + 3.313%), due 2/10/31 (d)(e) | 1,520,000 | 1,055,266 |
4.751% (1 Year Treasury Constant Maturity Rate + 1.75%), due 5/12/28 (e) | 340,000 | 319,418 |
Wells Fargo & Co. (c) | ||
3.35%, due 3/2/33 | 700,000 | 551,157 |
3.526%, due 3/24/28 | 1,430,000 | 1,303,838 |
Wells Fargo Bank NA | ||
5.85%, due 2/1/37 | 175,000 | 161,393 |
Westpac Banking Corp. | ||
3.02% (5 Year Treasury Constant Maturity Rate + 1.53%), due 11/18/36 (e) | 2,013,000 | 1,447,946 |
42,312,276 | ||
Biotechnology 0.1% | ||
Amgen, Inc. | ||
5.75%, due 3/2/63 | 450,000 | 389,754 |
Chemicals 0.8% | ||
Braskem Netherlands Finance BV | ||
4.50%, due 1/10/28 (a) | 1,135,000 | 957,649 |
Huntsman International LLC | ||
4.50%, due 5/1/29 | 1,964,000 | 1,756,670 |
2,714,319 | ||
Commercial Services 0.3% | ||
Ashtead Capital, Inc. | ||
4.00%, due 5/1/28 (a) | 640,000 | 572,100 |
California Institute of Technology | ||
3.65%, due 9/1/2119 | 772,000 | 446,471 |
1,018,571 | ||
Computers 0.6% | ||
Dell International LLC | ||
3.375%, due 12/15/41 | 1,145,000 | 737,603 |
5.30%, due 10/1/29 | 765,000 | 729,784 |
8.10%, due 7/15/36 | 215,000 | 233,178 |
NCR Voyix Corp. | ||
5.00%, due 10/1/28 (a) | 603,000 | 520,630 |
2,221,195 | ||
Diversified Financial Services 3.0% | ||
AerCap Ireland Capital DAC | ||
2.45%, due 10/29/26 | 2,300,000 | 2,045,917 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Diversified Financial Services (continued) | ||
Aircastle Ltd. | ||
5.25% (5 Year Treasury Constant Maturity Rate + 4.41%), due 6/15/26 (a)(d)(e) | $ 965,000 | $ 756,702 |
Ally Financial, Inc. | ||
6.992%, due 6/13/29 (c) | 270,000 | 258,078 |
8.00%, due 11/1/31 | 1,205,000 | 1,176,132 |
American Express Co. | ||
5.625%, due 7/28/34 (b)(c) | 480,000 | 437,467 |
Aviation Capital Group LLC | ||
1.95%, due 1/30/26 (a) | 1,330,000 | 1,195,952 |
Avolon Holdings Funding Ltd. (a) | ||
2.125%, due 2/21/26 | 1,385,000 | 1,235,280 |
3.25%, due 2/15/27 | 1,740,000 | 1,532,024 |
Banco BTG Pactual SA | ||
2.75%, due 1/11/26 (a) | 880,000 | 809,606 |
Capital One Financial Corp. | ||
6.312%, due 6/8/29 (c) | 905,000 | 866,513 |
OneMain Finance Corp. | ||
3.50%, due 1/15/27 | 575,000 | 485,875 |
10,799,546 | ||
Electric 3.5% | ||
AEP Texas, Inc. | ||
4.70%, due 5/15/32 | 915,000 | 812,142 |
Alabama Power Co. | ||
3.00%, due 3/15/52 | 1,015,000 | 572,426 |
Arizona Public Service Co. | ||
2.20%, due 12/15/31 | 1,500,000 | 1,108,880 |
3.35%, due 5/15/50 | 1,320,000 | 775,856 |
Calpine Corp. | ||
5.125%, due 3/15/28 (a) | 495,000 | 442,991 |
Duquesne Light Holdings, Inc. | ||
3.616%, due 8/1/27 (a) | 990,000 | 879,211 |
Edison International | ||
Series B | ||
5.00% (5 Year Treasury Constant Maturity Rate + 3.901%), due 12/15/26 (d)(e) | 1,960,000 | 1,744,325 |
Ohio Power Co. | ||
Series R | ||
2.90%, due 10/1/51 | 585,000 | 326,714 |
Pacific Gas and Electric Co. | ||
3.50%, due 8/1/50 | 2,235,000 | 1,243,804 |
Public Service Co. of Oklahoma | ||
5.25%, due 1/15/33 | 340,000 | 312,986 |
Principal Amount | Value | |
Electric (continued) | ||
Sempra | ||
5.50%, due 8/1/33 | $ 740,000 | $ 688,187 |
Southern California Edison Co. | ||
4.00%, due 4/1/47 | 975,000 | 667,373 |
5.70%, due 3/1/53 | 685,000 | 595,448 |
Southwestern Electric Power Co. | ||
3.25%, due 11/1/51 | 1,060,000 | 597,285 |
Virginia Electric and Power Co. | ||
5.45%, due 4/1/53 | 415,000 | 353,731 |
5.70%, due 8/15/53 | 545,000 | 482,360 |
Xcel Energy, Inc. | ||
5.45%, due 8/15/33 | 935,000 | 871,196 |
12,474,915 | ||
Entertainment 0.2% | ||
Warnermedia Holdings, Inc. | ||
4.279%, due 3/15/32 | 810,000 | 671,583 |
Food 1.1% | ||
J M Smucker Co. (The) | ||
6.50%, due 11/15/53 | 315,000 | 297,005 |
JBS USA LUX SA | ||
5.75%, due 4/1/33 | 1,395,000 | 1,232,090 |
MARB BondCo plc | ||
3.95%, due 1/29/31 (a) | 1,240,000 | 910,268 |
Smithfield Foods, Inc. (a) | ||
4.25%, due 2/1/27 | 965,000 | 885,945 |
5.20%, due 4/1/29 | 580,000 | 523,265 |
3,848,573 | ||
Gas 0.7% | ||
Brooklyn Union Gas Co. (The) | ||
6.388%, due 9/15/33 (a) | 725,000 | 692,225 |
National Fuel Gas Co. | ||
2.95%, due 3/1/31 | 1,820,000 | 1,383,498 |
Piedmont Natural Gas Co., Inc. | ||
5.05%, due 5/15/52 | 620,000 | 483,681 |
2,559,404 | ||
Insurance 0.5% | ||
Liberty Mutual Group, Inc. | ||
3.951%, due 10/15/50 (a) | 1,610,000 | 1,017,611 |
Nippon Life Insurance Co. | ||
3.40% (5 Year Treasury Constant Maturity Rate + 2.612%), due 1/23/50 (a)(b)(e) | 290,000 | 240,086 |
14 | MainStay MacKay Total Return Bond Fund |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Insurance (continued) | ||
Willis North America, Inc. | ||
2.95%, due 9/15/29 | $ 700,000 | $ 586,900 |
1,844,597 | ||
Media 0.2% | ||
CCO Holdings LLC | ||
4.75%, due 3/1/30 (a) | 495,000 | 408,337 |
DISH DBS Corp. | ||
5.75%, due 12/1/28 (a) | 635,000 | 461,169 |
869,506 | ||
Miscellaneous—Manufacturing 0.4% | ||
Textron Financial Corp. | ||
7.361% (3 Month SOFR + 1.997%), due 2/15/42 (a)(e) | 1,685,000 | 1,314,351 |
Oil & Gas 0.3% | ||
Gazprom PJSC Via Gaz Capital SA | ||
4.95%, due 2/6/28 (a)(f) | 1,521,000 | 1,038,082 |
Packaging & Containers 0.1% | ||
Owens-Brockway Glass Container, Inc. | ||
6.625%, due 5/13/27 (a) | 571,000 | 542,450 |
Pharmaceuticals 0.4% | ||
Teva Pharmaceutical Finance Netherlands III BV | ||
3.15%, due 10/1/26 | 1,653,000 | 1,455,342 |
Pipelines 2.9% | ||
Cheniere Corpus Christi Holdings LLC | ||
2.742%, due 12/31/39 | 1,385,000 | 998,500 |
Columbia Pipelines Operating Co. LLC | ||
6.544%, due 11/15/53 (a) | 625,000 | 574,080 |
DT Midstream, Inc. | ||
4.30%, due 4/15/32 (a) | 1,125,000 | 947,678 |
Enbridge, Inc. | ||
5.70%, due 3/8/33 | 915,000 | 855,556 |
Energy Transfer LP | ||
5.35%, due 5/15/45 | 940,000 | 738,666 |
EnLink Midstream LLC | ||
5.625%, due 1/15/28 (a) | 475,000 | 447,889 |
Flex Intermediate Holdco LLC | ||
3.363%, due 6/30/31 (a) | 2,120,000 | 1,597,762 |
Hess Midstream Operations LP (a) | ||
4.25%, due 2/15/30 | 565,000 | 483,457 |
Principal Amount | Value | |
Pipelines (continued) | ||
Hess Midstream Operations LP (a) (continued) | ||
5.625%, due 2/15/26 | $ 726,000 | $ 703,087 |
MPLX LP | ||
5.65%, due 3/1/53 | 460,000 | 378,373 |
Targa Resources Corp. | ||
4.20%, due 2/1/33 | 640,000 | 530,472 |
Venture Global LNG, Inc. | ||
9.875%, due 2/1/32 (a) | 535,000 | 542,484 |
Western Midstream Operating LP | ||
5.25%, due 2/1/50 (g) | 1,240,000 | 916,310 |
Williams Cos., Inc. (The) | ||
3.50%, due 10/15/51 | 1,095,000 | 661,801 |
10,376,115 | ||
Real Estate Investment Trusts 0.4% | ||
Alexandria Real Estate Equities, Inc. | ||
3.375%, due 8/15/31 | 415,000 | 336,743 |
Invitation Homes Operating Partnership LP | ||
2.00%, due 8/15/31 | 1,490,000 | 1,072,842 |
Iron Mountain, Inc. | ||
4.875%, due 9/15/29 (a) | 185,000 | 161,146 |
1,570,731 | ||
Retail 0.3% | ||
AutoNation, Inc. | ||
4.75%, due 6/1/30 | 756,000 | 662,161 |
Nordstrom, Inc. | ||
4.25%, due 8/1/31 | 625,000 | 457,863 |
1,120,024 | ||
Telecommunications 0.3% | ||
Altice France SA | ||
5.125%, due 7/15/29 (a) | 1,060,000 | 725,741 |
AT&T, Inc. | ||
5.40%, due 2/15/34 | 400,000 | 367,532 |
1,093,273 | ||
Trucking & Leasing 0.2% | ||
Penske Truck Leasing Co. LP | ||
6.05%, due 8/1/28 (a) | 710,000 | 696,572 |
Total Corporate Bonds (Cost $141,873,846) | 117,899,150 |
Principal Amount | Value | |
Foreign Government Bonds 2.0% | ||
Chile 0.4% | ||
Empresa Nacional del Petroleo | ||
3.45%, due 9/16/31 (a) | $ 1,615,000 | $ 1,252,845 |
Colombia 0.3% | ||
Colombia Government Bond | ||
3.25%, due 4/22/32 (b) | 1,485,000 | 1,062,408 |
Mexico 1.3% | ||
Comision Federal de Electricidad | ||
3.875%, due 7/26/33 (a) | 2,445,000 | 1,772,262 |
Petroleos Mexicanos | ||
6.50%, due 3/13/27 | 2,730,000 | 2,408,135 |
6.75%, due 9/21/47 | 1,080,000 | 611,715 |
4,792,112 | ||
Total Foreign Government Bonds (Cost $9,393,744) | 7,107,365 | |
Loan Assignments 0.2% | ||
Diversified/Conglomerate Service 0.2% | ||
TruGreen LP | ||
First Lien Second Refinancing Term Loan | ||
9.424% (1 Month SOFR + 4.00%), due 11/2/27 (e) | 596,302 | 558,139 |
Total Loan Assignments (Cost $592,823) | 558,139 | |
Mortgage-Backed Securities 41.1% | ||
Agency (Collateralized Mortgage Obligations) 19.0% | ||
FHLMC | ||
REMIC, Series 5326, Class QO | ||
(zero coupon), due 9/25/50 | 1,413,872 | 923,918 |
REMIC, Series 5021, Class SA | ||
(zero coupon) (SOFR 30A + 3.55%), due 10/25/50 (e)(h) | 2,292,167 | 23,054 |
REMIC, Series 5200, Class SA | ||
(zero coupon) (SOFR 30A + 3.50%), due 2/25/52 (e)(h) | 336,858 | 3,075 |
REMIC, Series 5326 | ||
(zero coupon), due 8/25/53 | 437,335 | 304,469 |
REMIC, Series 5351, Class DO | ||
(zero coupon), due 9/25/53 | 835,000 | 559,737 |
REMIC, Series 5315, Class OQ | ||
(zero coupon), due 1/25/55 | 699,391 | 543,711 |
Principal Amount | Value | |
Agency (Collateralized Mortgage Obligations) (continued) | ||
FHLMC (continued) | ||
REMIC, Series 5328, Class JY | ||
0.25%, due 9/25/50 | $ 1,307,758 | $ 805,578 |
REMIC, Series 4993, Class KS | ||
0.615% (SOFR 30A + 5.936%), due 7/25/50 (e)(h) | 3,101,887 | 299,910 |
REMIC, Series 4994, Class TS | ||
0.665% (SOFR 30A + 5.986%), due 7/25/50 (e)(h) | 1,558,452 | 140,935 |
REMIC, Series 5092, Class XA | ||
1.00%, due 1/15/41 | 996,090 | 792,203 |
REMIC, Series 4988, Class BA | ||
1.50%, due 6/25/50 | 350,393 | 233,637 |
REMIC, Series 4120, Class ZA | ||
3.00%, due 10/15/42 | 695,198 | 582,028 |
REMIC, Series 4913, Class UA | ||
3.00%, due 3/15/49 | 1,135,331 | 948,123 |
REMIC, Series 5070, Class PI | ||
3.00%, due 8/25/50 (h) | 1,487,525 | 263,831 |
REMIC, Series 5011, Class MI | ||
3.00%, due 9/25/50 (h) | 1,336,043 | 207,801 |
REMIC, Series 5094, Class IP | ||
3.00%, due 4/25/51 (h) | 1,161,944 | 180,841 |
REMIC, Series 5160 | ||
3.00%, due 10/25/51 (h) | 1,270,767 | 156,076 |
REMIC, Series 4710, Class WZ | ||
3.50%, due 8/15/47 | 862,152 | 715,905 |
REMIC, Series 4725, Class WZ | ||
3.50%, due 11/15/47 | 1,547,793 | 1,279,661 |
REMIC, Series 5304, Class UB | ||
4.00%, due 2/25/52 | 1,186,430 | 1,031,744 |
REMIC, Series 5268, Class B | ||
4.50%, due 10/25/52 | 816,614 | 735,843 |
FHLMC, Strips | ||
Series 272 | ||
(zero coupon), due 8/15/42 | 938,519 | 663,675 |
Series 311 | ||
(zero coupon), due 8/15/43 | 531,329 | 371,963 |
Series 402 | ||
(zero coupon), due 9/25/53 | 999,862 | 744,006 |
Series 311, Class S1 | ||
0.515% (SOFR 30A + 5.836%), due 8/15/43 (e)(h) | 1,471,435 | 114,502 |
Series 389, Class C35 | ||
2.00%, due 6/15/52 (h) | 2,329,429 | 282,443 |
16 | MainStay MacKay Total Return Bond Fund |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Agency (Collateralized Mortgage Obligations) (continued) | ||
FNMA | ||
REMIC, Series 2022-3, Class YS | ||
(zero coupon) (SOFR 30A + 2.55%), due 2/25/52 (e)(h) | $ 8,060,833 | $ 14,988 |
REMIC, Series 2022-5, Class SN | ||
(zero coupon) (SOFR 30A + 1.80%), due 2/25/52 (e)(h) | 1,004,687 | 418 |
REMIC, Series 2023-45 | ||
(zero coupon), due 10/25/53 | 828,100 | 574,016 |
REMIC, Series 2023-24, Class OQ | ||
(zero coupon), due 7/25/54 | 899,860 | 702,186 |
REMIC, Series 2022-10, Class SA | ||
0.429% (SOFR 30A + 5.75%), due 2/25/52 (e)(h) | 2,208,783 | 199,754 |
REMIC, Series 2021-40, Class SI | ||
0.515% (SOFR 30A + 5.836%), due 9/25/47 (e)(h) | 1,764,553 | 126,080 |
REMIC, Series 2016-57, Class SN | ||
0.615% (SOFR 30A + 5.936%), due 6/25/46 (e)(h) | 1,462,003 | 107,796 |
REMIC, Series 2020-70, Class SD | ||
0.815% (SOFR 30A + 6.136%), due 10/25/50 (e)(h) | 1,549,188 | 148,510 |
REMIC, Series 2020-47, Class BD | ||
1.50%, due 7/25/50 | 302,738 | 200,872 |
REMIC, Series 2020-70, Class AD | ||
1.50%, due 10/25/50 | 1,788,582 | 1,307,632 |
REMIC, Series 2020-49, Class PB | ||
1.75%, due 7/25/50 | 407,004 | 292,936 |
REMIC, Series 2021-10, Class LI | ||
2.50%, due 3/25/51 (h) | 678,554 | 95,843 |
REMIC, Series 2021-12, Class JI | ||
2.50%, due 3/25/51 (h) | 1,013,541 | 160,187 |
REMIC, Series 2021-34, Class MI | ||
2.50%, due 3/25/51 (h) | 6,200,430 | 701,817 |
REMIC, Series 2021-54, Class HI | ||
2.50%, due 6/25/51 (h) | 466,014 | 60,572 |
REMIC, Series 2013-77, Class CY | ||
3.00%, due 7/25/43 | 1,975,259 | 1,616,948 |
REMIC, Series 2017-83, Class CZ | ||
3.00%, due 10/25/47 | 1,439,929 | 1,176,986 |
REMIC, Series 2021-53, Class GI | ||
3.00%, due 7/25/48 (h) | 7,596,082 | 1,171,701 |
REMIC, Series 2019-13, Class PE | ||
3.00%, due 3/25/49 | 1,107,295 | 935,623 |
REMIC, Series 2021-85, Class BI | ||
3.00%, due 12/25/51 (h) | 2,759,031 | 453,399 |
Principal Amount | Value | |
Agency (Collateralized Mortgage Obligations) (continued) | ||
FNMA (continued) | ||
REMIC, Series 2021-12, Class GC | ||
3.50%, due 7/25/50 | $ 1,488,635 | $ 1,248,167 |
REMIC, Series 2021-8, Class ID | ||
3.50%, due 3/25/51 (h) | 1,797,325 | 356,979 |
FNMA, Strips (h) | ||
REMIC, Series 426, Class C32 | ||
1.50%, due 2/25/52 | 3,515,250 | 327,857 |
REMIC, Series 427, Class C77 | ||
2.50%, due 9/25/51 | 2,822,116 | 409,573 |
REMIC, Series 429, Class C5 | ||
3.00%, due 10/25/52 | 3,748,465 | 657,330 |
GNMA | ||
Series 2020-1, Class YS | ||
(zero coupon) (1 Month SOFR + 2.716%), due 1/20/50 (e)(h) | 2,433,633 | 8,282 |
Series 2020-129, Class SB | ||
(zero coupon) (1 Month SOFR + 3.086%), due 9/20/50 (e)(h) | 3,402,422 | 16,219 |
Series 2023-101, Class KO | ||
(zero coupon), due 1/20/51 | 2,023,400 | 1,265,696 |
Series 2021-77, Class SN | ||
(zero coupon) (1 Month SOFR + 2.486%), due 5/20/51 (e)(h) | 5,641,909 | 16,046 |
Series 2021-97, Class SA | ||
(zero coupon) (SOFR 30A + 2.60%), due 6/20/51 (e)(h) | 4,669,351 | 12,994 |
Series 2021-158, Class SB | ||
(zero coupon) (SOFR 30A + 3.70%), due 9/20/51 (e)(h) | 2,784,925 | 37,286 |
Series 2021-205, Class DS | ||
(zero coupon) (SOFR 30A + 3.20%), due 11/20/51 (e)(h) | 5,590,001 | 27,724 |
Series 2021-213, Class ES | ||
(zero coupon) (SOFR 30A + 1.70%), due 12/20/51 (e)(h) | 12,940,133 | 4,629 |
Series 2022-19, Class SG | ||
(zero coupon) (SOFR 30A + 2.45%), due 1/20/52 (e)(h) | 4,365,578 | 8,252 |
Series 2022-24, Class SC | ||
(zero coupon) (SOFR 30A + 2.37%), due 2/20/52 (e)(h) | 22,502,638 | 32,575 |
Series 2022-34, Class HS | ||
(zero coupon) (SOFR 30A + 4.10%), due 2/20/52 (e)(h) | 4,375,495 | 103,796 |
Series 2023-56 | ||
(zero coupon), due 7/20/52 | 1,249,269 | 1,108,217 |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Agency (Collateralized Mortgage Obligations) (continued) | ||
GNMA (continued) | ||
Series 2023-66, Class OQ | ||
(zero coupon), due 7/20/52 | $ 1,242,725 | $ 909,666 |
Series 2023-53 | ||
(zero coupon), due 4/20/53 | 577,055 | 394,326 |
Series 2023-80, Class SA | ||
(zero coupon) (SOFR 30A + 5.25%), due 6/20/53 (e)(h) | 5,114,100 | 148,874 |
Series 2023-60, Class ES | ||
0.557% (SOFR 30A + 11.20%), due 4/20/53 (e) | 1,344,472 | 1,163,403 |
Series 2020-146, Class SA | ||
0.846% (1 Month SOFR + 6.186%), due 10/20/50 (e)(h) | 1,759,603 | 173,922 |
Series 2020-167, Class SN | ||
0.846% (1 Month SOFR + 6.186%), due 11/20/50 (e)(h) | 868,015 | 80,662 |
Series 2021-179, Class SA | ||
0.846% (1 Month SOFR + 6.186%), due 11/20/50 (e)(h) | 2,572,573 | 243,966 |
Series 2020-189, Class SU | ||
0.846% (1 Month SOFR + 6.186%), due 12/20/50 (e)(h) | 577,247 | 55,827 |
Series 2021-46, Class QS | ||
0.846% (1 Month SOFR + 6.186%), due 3/20/51 (e)(h) | 1,037,442 | 101,580 |
Series 2021-46, Class TS | ||
0.846% (1 Month SOFR + 6.186%), due 3/20/51 (e)(h) | 1,253,839 | 123,437 |
Series 2021-57, Class SA | ||
0.846% (1 Month SOFR + 6.186%), due 3/20/51 (e)(h) | 2,045,976 | 199,293 |
Series 2021-57, Class SD | ||
0.846% (1 Month SOFR + 6.186%), due 3/20/51 (e)(h) | 2,536,010 | 244,860 |
Series 2021-96, Class NS | ||
0.846% (1 Month SOFR + 6.186%), due 6/20/51 (e)(h) | 3,357,531 | 322,885 |
Series 2021-96, Class SN | ||
0.846% (1 Month SOFR + 6.186%), due 6/20/51 (e)(h) | 2,294,078 | 213,125 |
Series 2021-97, Class SM | ||
0.846% (1 Month SOFR + 6.186%), due 6/20/51 (e)(h) | 2,471,660 | 240,399 |
Series 2021-122, Class HS | ||
0.846% (1 Month SOFR + 6.186%), due 7/20/51 (e)(h) | 2,052,162 | 215,682 |
Principal Amount | Value | |
Agency (Collateralized Mortgage Obligations) (continued) | ||
GNMA (continued) | ||
Series 2022-137, Class S | ||
0.846% (1 Month SOFR + 6.186%), due 7/20/51 (e)(h) | $ 2,337,517 | $ 223,963 |
Series 2021-96, Class JS | ||
0.896% (1 Month SOFR + 6.236%), due 6/20/51 (e)(h) | 1,813,374 | 149,362 |
Series 2020-97, Class HB | ||
1.00%, due 7/20/50 | 547,190 | 375,776 |
Series 2020-146, Class YK | ||
1.00%, due 10/20/50 | 1,129,672 | 787,578 |
Series 2020-166, Class CA | ||
1.00%, due 11/20/50 | 1,296,596 | 889,896 |
Series 2023-86, Class SE | ||
1.329% (SOFR 30A + 6.65%), due 9/20/50 (e)(h) | 1,594,163 | 169,862 |
Series 2020-165, Class UD | ||
1.50%, due 11/20/50 | 481,989 | 339,747 |
Series 2023-66, Class MP | ||
1.657% (SOFR 30A + 12.30%), due 5/20/53 (e) | 1,306,708 | 1,119,513 |
Series 2021-41, Class FS | ||
2.00% (SOFR 30A + 0.20%), due 10/20/50 (e)(h) | 2,692,676 | 293,515 |
Series 2020-166, Class IC | ||
2.00%, due 11/20/50 (h) | 1,239,446 | 123,753 |
Series 2020-185, Class BI | ||
2.00%, due 12/20/50 (h) | 1,350,262 | 147,283 |
Series 2022-10, Class IC | ||
2.00%, due 11/20/51 (h) | 1,949,162 | 225,936 |
Series 2021-97, Class IN | ||
2.50%, due 8/20/49 (h) | 3,079,878 | 327,578 |
Series 2022-1, Class IA | ||
2.50%, due 6/20/50 (h) | 471,589 | 63,683 |
Series 2020-122, Class IW | ||
2.50%, due 7/20/50 (h) | 1,613,758 | 207,859 |
Series 2020-151, Class TI | ||
2.50%, due 10/20/50 (h) | 1,509,257 | 195,261 |
Series 2020-173, Class EI | ||
2.50%, due 11/20/50 (h) | 1,705,849 | 230,338 |
Series 2021-1, Class PI | ||
2.50%, due 12/20/50 (h) | 809,889 | 102,934 |
Series 2021-83, Class FM | ||
2.50% (SOFR 30A + 0.51%), due 5/20/51 (e) | 2,421,551 | 1,792,010 |
Series 2021-140, Class GF | ||
2.50% (1 Month SOFR + 0.764%), due 8/20/51 (e) | 908,382 | 672,028 |
18 | MainStay MacKay Total Return Bond Fund |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Agency (Collateralized Mortgage Obligations) (continued) | ||
GNMA (continued) | ||
Series 2021-177, Class CI | ||
2.50%, due 10/20/51 (h) | $ 1,749,145 | $ 226,650 |
Series 2021-188 | ||
2.50%, due 10/20/51 (h) | 2,920,943 | 418,634 |
Series 2022-83 | ||
2.50%, due 11/20/51 (h) | 2,132,505 | 278,779 |
Series 2022-1, Class CF | ||
2.50% (SOFR 30A + 0.80%), due 1/20/52 (e) | 1,804,799 | 1,332,672 |
Series 2021-1, Class IT | ||
3.00%, due 1/20/51 (h) | 1,883,031 | 281,099 |
Series 2021-44, Class IQ | ||
3.00%, due 3/20/51 (h) | 2,739,444 | 410,235 |
Series 2021-74, Class HI | ||
3.00%, due 4/20/51 (h) | 333,712 | 49,404 |
Series 2021-97, Class FA | ||
3.00% (SOFR 30A + 0.40%), due 6/20/51 (e) | 590,630 | 476,238 |
Series 2021-98, Class IN | ||
3.00%, due 6/20/51 (h) | 1,103,862 | 195,763 |
Series 2021-98, Class KI | ||
3.00%, due 6/20/51 (h) | 5,961,037 | 968,787 |
Series 2022-189, Class AT | ||
3.00%, due 7/20/51 | 1,378,446 | 1,122,256 |
Series 2021-139, Class IA | ||
3.00%, due 8/20/51 (h) | 7,700,231 | 1,215,302 |
Series 2022-207 | ||
3.00%, due 8/20/51 (h) | 1,736,189 | 274,481 |
Series 2023-19, Class CI | ||
3.00%, due 11/20/51 (h) | 2,251,756 | 347,516 |
Series 2022-207, Class NA | ||
3.00%, due 1/20/52 | 2,194,444 | 1,759,424 |
Series 2022-206, Class CN | ||
3.00%, due 2/20/52 | 738,122 | 597,379 |
Series 2019-92, Class GF | ||
3.50% (1 Month SOFR + 0.804%), due 7/20/49 (e) | 594,607 | 483,721 |
Series 2019-97, Class FG | ||
3.50% (1 Month SOFR + 0.804%), due 8/20/49 (e) | 1,236,863 | 1,005,964 |
Series 2019-110, Class FG | ||
3.50% (1 Month SOFR + 0.764%), due 9/20/49 (e) | 429,008 | 348,630 |
Series 2019-128, Class KF | ||
3.50% (1 Month SOFR + 0.764%), due 10/20/49 (e) | 651,253 | 528,841 |
Principal Amount | Value | |
Agency (Collateralized Mortgage Obligations) (continued) | ||
GNMA (continued) | ||
Series 2019-128, Class YF | ||
3.50% (1 Month SOFR + 0.764%), due 10/20/49 (e) | $ 847,347 | $ 689,938 |
Series 2020-5, Class FA | ||
3.50% (1 Month SOFR + 0.814%), due 1/20/50 (e) | 1,128,134 | 916,539 |
Series 2023-63, Class MA | ||
3.50%, due 5/20/50 | 2,666,633 | 2,271,725 |
Series 2021-125, Class AF | ||
3.50% (SOFR 30A + 0.25%), due 7/20/51 (e) | 1,300,803 | 1,068,007 |
Series 2021-146, Class IN | ||
3.50%, due 8/20/51 (h) | 1,972,524 | 357,732 |
Series 2023-1, Class HD | ||
3.50%, due 1/20/52 | 2,080,004 | 1,766,253 |
Series 2022-206, Class WN | ||
4.00%, due 10/20/49 | 910,392 | 789,550 |
Series 2022-69, Class FA | ||
4.50% (SOFR 30A + 0.75%), due 4/20/52 (e) | 721,221 | 639,794 |
Series 2023-81, Class LA | ||
5.00%, due 6/20/52 | 837,407 | 792,542 |
Series 2023-38, Class WT | ||
6.768%, due 12/20/51 (i) | 549,998 | 552,824 |
Series 2023-59, Class YC | ||
6.954%, due 9/20/51 (i) | 1,392,505 | 1,434,763 |
Series 2023-55, Class CG | ||
7.496%, due 7/20/51 (i) | 1,341,637 | 1,399,975 |
Series 2023-55, Class LB | ||
7.917%, due 11/20/51 (i) | 1,618,573 | 1,764,503 |
Series 2019-136, Class YS | ||
9.674% (1 Month SOFR + 2.716%), due 11/20/49 (e)(h) | 781,410 | 2,452 |
68,636,709 | ||
Commercial Mortgage Loans (Collateralized Mortgage Obligations) 7.8% | ||
BAMLL Commercial Mortgage Securities Trust (a)(e) | ||
Series 2022-DKLX, Class D | ||
8.335% (1 Month SOFR + 3.00%), due 1/15/39 | 400,000 | 385,763 |
Series 2022-DKLX, Class F | ||
10.292% (1 Month SOFR + 4.957%), due 1/15/39 | 800,000 | 762,961 |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Commercial Mortgage Loans (Collateralized Mortgage Obligations) (continued) | ||
Bayview Commercial Asset Trust | ||
Series 2006-4A, Class A1 | ||
5.784% (1 Month SOFR + 0.459%), due 12/25/36 (a)(e) | $ 20,667 | $ 18,842 |
BBCMS Mortgage Trust (a)(e) | ||
Series 2018-TALL, Class B | ||
6.503% (1 Month SOFR + 1.168%), due 3/15/37 | 185,000 | 160,487 |
Series 2018-TALL, Class C | ||
6.653% (1 Month SOFR + 1.318%), due 3/15/37 | 575,000 | 461,438 |
Series 2018-TALL, Class D | ||
6.981% (1 Month SOFR + 1.646%), due 3/15/37 | 700,000 | 531,641 |
BX Commercial Mortgage Trust (a) | ||
Series 2020-VIVA, Class D | ||
3.549%, due 3/11/44 (j) | 805,000 | 622,013 |
Series 2021-VOLT, Class C | ||
6.549% (1 Month SOFR + 1.214%), due 9/15/36 (e) | 970,000 | 931,833 |
BX Trust (a) | ||
Series 2019-OC11, Class C | ||
3.856%, due 12/9/41 | 1,709,000 | 1,402,586 |
Series 2019-OC11, Class E | ||
3.944%, due 12/9/41 (j) | 1,159,000 | 899,883 |
Series 2023-LIFE, Class A | ||
5.045%, due 2/15/28 | 450,000 | 416,703 |
Series 2023-LIFE, Class B | ||
5.391%, due 2/15/28 | 535,000 | 495,181 |
Series 2022-PSB, Class B | ||
8.283% (1 Month SOFR + 2.949%), due 8/15/39 (e) | 327,734 | 327,719 |
Series 2022-PSB, Class C | ||
9.032% (1 Month SOFR + 3.697%), due 8/15/39 (e) | 584,607 | 584,541 |
BXHPP Trust (a)(e) | ||
Series 2021-FILM, Class A | ||
6.098% (1 Month SOFR + 0.764%), due 8/15/36 | 870,000 | 819,231 |
Series 2021-FILM, Class B | ||
6.348% (1 Month SOFR + 1.014%), due 8/15/36 | 500,000 | 456,268 |
Citigroup Commercial Mortgage Trust | ||
Series 2023-SMRT, Class A | ||
5.82%, due 10/12/40 (a)(i) | 855,000 | 823,565 |
Principal Amount | Value | |
Commercial Mortgage Loans (Collateralized Mortgage Obligations) (continued) | ||
Commercial Mortgage Trust | ||
Series 2015-LC21, Class A4 | ||
3.708%, due 7/10/48 | $ 245,000 | $ 234,017 |
CSMC WEST Trust | ||
Series 2020-WEST, Class A | ||
3.04%, due 2/15/35 (a) | 1,685,000 | 1,176,839 |
FREMF Mortgage Trust (a)(j) | ||
Series 2015-K42, Class B | ||
3.848%, due 1/25/48 | 400,000 | 386,849 |
Series 2018-K78, Class C | ||
4.129%, due 6/25/51 | 355,000 | 320,432 |
GNMA (h)(j) | ||
Series 2020-177 | ||
0.817%, due 6/16/62 | 4,254,885 | 243,820 |
Series 2021-164 | ||
0.948%, due 10/16/63 | 3,290,667 | 223,845 |
Series 2021-108 | ||
0.967%, due 6/16/61 | 4,808,231 | 322,684 |
Series 2020-168, Class IA | ||
0.978%, due 12/16/62 | 2,472,597 | 169,980 |
Series 2021-47 | ||
0.992%, due 3/16/61 | 5,790,048 | 395,632 |
J.P. Morgan Chase Commercial Mortgage Securities Trust | ||
Series 2021-2NU, Class A | ||
1.974%, due 1/5/40 (a) | 1,500,000 | 1,130,420 |
Manhattan West Mortgage Trust | ||
Series 2020-1MW, Class A | ||
2.13%, due 9/10/39 (a) | 100,000 | 84,816 |
Morgan Stanley Bank of America Merrill Lynch Trust | ||
Series 2017-C34, Class A4 | ||
3.536%, due 11/15/52 | 475,000 | 428,390 |
Multifamily Connecticut Avenue Securities Trust (a)(e) | ||
Series 2019-01, Class M10 | ||
8.685% (SOFR 30A + 3.364%), due 10/25/49 | 2,253,515 | 2,169,942 |
Series 2020-01, Class M10 | ||
9.185% (SOFR 30A + 3.864%), due 3/25/50 | 1,669,159 | 1,594,158 |
One Bryant Park Trust | ||
Series 2019-OBP, Class A | ||
2.516%, due 9/15/54 (a) | 1,505,000 | 1,178,523 |
One Market Plaza Trust | ||
Series 2017-1MKT, Class A | ||
3.614%, due 2/10/32 (a) | 1,120,000 | 1,019,200 |
20 | MainStay MacKay Total Return Bond Fund |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Commercial Mortgage Loans (Collateralized Mortgage Obligations) (continued) | ||
ORL Trust (a)(e) | ||
Series 2023-GLKS, Class C | ||
8.985% (1 Month SOFR + 3.651%), due 10/15/28 | $ 1,060,000 | $ 1,055,795 |
Series 2023-GLKS, Class D | ||
9.636% (1 Month SOFR + 4.301%), due 10/15/28 | 625,000 | 622,374 |
SLG Office Trust (a) | ||
Series 2021-OVA, Class A | ||
2.585%, due 7/15/41 | 1,065,000 | 807,813 |
Series 2021-OVA, Class F | ||
2.851%, due 7/15/41 | 660,000 | 428,976 |
SMRT | ||
Series 2022-MINI, Class D | ||
7.285% (1 Month SOFR + 1.95%), due 1/15/39 (a)(e) | 1,155,000 | 1,092,783 |
Wells Fargo Commercial Mortgage Trust | ||
Series 2018-AUS, Class A | ||
4.058%, due 8/17/36 (a)(j) | 1,250,000 | 1,103,262 |
WFRBS Commercial Mortgage Trust | ||
Series 2014-C21, Class AS | ||
3.891%, due 8/15/47 | 1,815,000 | 1,719,536 |
28,010,741 | ||
Whole Loan (Collateralized Mortgage Obligations) 14.3% | ||
American Home Mortgage Investment Trust | ||
Series 2005-4, Class 3A1 | ||
6.039% (1 Month SOFR + 0.714%), due 11/25/45 (e) | 641,957 | 432,577 |
CIM Trust | ||
Series 2021-J2, Class AS | ||
0.21%, due 4/25/51 (a)(h)(i) | 31,353,207 | 333,423 |
Connecticut Avenue Securities Trust (a)(e) | ||
Series 2022-R01, Class 1M2 | ||
7.221% (SOFR 30A + 1.90%), due 12/25/41 | 405,000 | 398,930 |
Series 2020-R02, Class 2M2 | ||
7.435% (SOFR 30A + 2.114%), due 1/25/40 | 227,970 | 228,254 |
Series 2021-R03, Class 1B1 | ||
8.071% (SOFR 30A + 2.75%), due 12/25/41 | 1,725,000 | 1,705,973 |
Series 2021-R01, Class 1B1 | ||
8.421% (SOFR 30A + 3.10%), due 10/25/41 | 2,285,000 | 2,277,885 |
Principal Amount | Value | |
Whole Loan (Collateralized Mortgage Obligations) (continued) | ||
Connecticut Avenue Securities Trust (a)(e) (continued) | ||
Series 2022-R01, Class 1B1 | ||
8.471% (SOFR 30A + 3.15%), due 12/25/41 | $ 815,000 | $ 812,458 |
Series 2022-R02, Class 2B1 | ||
9.821% (SOFR 30A + 4.50%), due 1/25/42 | 1,720,000 | 1,754,096 |
Series 2021-R03, Class 1B2 | ||
10.821% (SOFR 30A + 5.50%), due 12/25/41 | 805,000 | 788,561 |
Series 2022-R08, Class 1B1 | ||
10.921% (SOFR 30A + 5.60%), due 7/25/42 | 380,000 | 407,446 |
Series 2021-R01, Class 1B2 | ||
11.321% (SOFR 30A + 6.00%), due 10/25/41 | 1,765,000 | 1,753,969 |
Series 2022-R01, Class 1B2 | ||
11.321% (SOFR 30A + 6.00%), due 12/25/41 | 700,000 | 696,251 |
FHLMC STACR REMIC Trust (a)(e) | ||
Series 2021-HQA2, Class M2 | ||
7.371% (SOFR 30A + 2.05%), due 12/25/33 | 2,048,000 | 2,019,755 |
Series 2021-HQA4, Class M2 | ||
7.671% (SOFR 30A + 2.35%), due 12/25/41 | 2,220,000 | 2,150,625 |
Series 2020-DNA1, Class B1 | ||
7.735% (SOFR 30A + 2.414%), due 1/25/50 | 1,000,000 | 1,003,737 |
Series 2022-DNA1, Class M2 | ||
7.821% (SOFR 30A + 2.50%), due 1/25/42 | 1,635,000 | 1,598,212 |
Series 2020-DNA6, Class B1 | ||
8.321% (SOFR 30A + 3.00%), due 12/25/50 | 440,000 | 441,645 |
Series 2021-DNA5, Class B1 | ||
8.371% (SOFR 30A + 3.05%), due 1/25/34 | 2,010,000 | 2,010,000 |
Series 2021-HQA2, Class B1 | ||
8.471% (SOFR 30A + 3.15%), due 12/25/33 | 1,200,000 | 1,185,000 |
Series 2021-HQA3, Class B1 | ||
8.671% (SOFR 30A + 3.35%), due 9/25/41 | 865,000 | 858,513 |
Series 2021-DNA6, Class B1 | ||
8.721% (SOFR 30A + 3.40%), due 10/25/41 | 1,500,000 | 1,507,500 |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Whole Loan (Collateralized Mortgage Obligations) (continued) | ||
FHLMC STACR REMIC Trust (a)(e) (continued) | ||
Series 2022-DNA1, Class B1 | ||
8.721% (SOFR 30A + 3.40%), due 1/25/42 | $ 2,250,000 | $ 2,227,500 |
Series 2021-DNA7, Class B1 | ||
8.971% (SOFR 30A + 3.65%), due 11/25/41 | 1,230,000 | 1,245,531 |
Series 2021-HQA4, Class B1 | ||
9.071% (SOFR 30A + 3.75%), due 12/25/41 | 1,055,000 | 1,049,085 |
Series 2022-DNA2, Class M2 | ||
9.071% (SOFR 30A + 3.75%), due 2/25/42 | 1,480,000 | 1,500,350 |
Series 2022-DNA3, Class M2 | ||
9.671% (SOFR 30A + 4.35%), due 4/25/42 | 2,115,000 | 2,193,319 |
Series 2020-HQA1, Class B2 | ||
10.535% (SOFR 30A + 5.214%), due 1/25/50 | 1,142,000 | 1,132,877 |
Series 2022-HQA3, Class M2 | ||
10.671% (SOFR 30A + 5.35%), due 8/25/42 | 2,170,000 | 2,291,986 |
Series 2022-DNA6, Class M2 | ||
11.071% (SOFR 30A + 5.75%), due 9/25/42 | 1,515,000 | 1,645,169 |
Series 2021-DNA3, Class B2 | ||
11.571% (SOFR 30A + 6.25%), due 10/25/33 | 730,000 | 763,733 |
FHLMC STACR Trust | ||
Series 2018-HQA2, Class B2 | ||
16.435% (SOFR 30A + 11.114%), due 10/25/48 (a)(e) | 1,395,000 | 1,687,452 |
FHLMC Structured Agency Credit Risk Debt Notes | ||
Series 2022-HQA2, Class M2 | ||
11.321% (SOFR 30A + 6.00%), due 7/25/42 (a)(e) | 1,015,000 | 1,097,721 |
FNMA | ||
Series 2021-R02, Class 2B1 | ||
8.621% (SOFR 30A + 3.30%), due 11/25/41 (a)(e) | 335,000 | 332,488 |
HarborView Mortgage Loan Trust | ||
Series 2007-3, Class 2A1A | ||
5.848% (1 Month SOFR + 0.514%), due 5/19/47 (e) | 693,596 | 628,045 |
J.P. Morgan Mortgage Trust | ||
Series 2021-LTV2, Class A1 | ||
2.519%, due 5/25/52 (a)(i) | 768,569 | 578,452 |
Principal Amount | Value | |
Whole Loan (Collateralized Mortgage Obligations) (continued) | ||
New Residential Mortgage Loan Trust (a) | ||
Series 2019-5A, Class B7 | ||
4.325%, due 8/25/59 (j) | $ 4,486,003 | $ 2,451,725 |
Series 2019-4A, Class B6 | ||
4.621%, due 12/25/58 (i) | 4,256,265 | 2,330,893 |
Series 2019-2A, Class B6 | ||
4.832%, due 12/25/57 (i) | 1,596,029 | 941,478 |
OBX Trust | ||
Series 2022-NQM1, Class A1 | ||
2.305%, due 11/25/61 (a)(i) | 537,096 | 436,855 |
Onslow Bay Mortgage Loan Trust | ||
Series 2021-NQM4, Class A1 | ||
1.957%, due 10/25/61 (a)(i) | 700,012 | 540,255 |
Sequoia Mortgage Trust | ||
Series 2021-4, Class A1 | ||
0.167%, due 6/25/51 (a)(h)(j) | 26,140,372 | 209,418 |
STACR Trust | ||
Series 2018-HRP2, Class B1 | ||
9.635% (SOFR 30A + 4.314%), due 2/25/47 (a)(e) | 1,765,000 | 1,887,932 |
51,537,074 | ||
Total Mortgage-Backed Securities (Cost $159,397,335) | 148,184,524 | |
U.S. Government & Federal Agencies 9.6% | ||
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) 4.5% | ||
FHLMC Gold Pools, 30 Year | ||
6.50%, due 4/1/37 | 31,973 | 32,881 |
FHLMC Gold Pools, Other | ||
4.00%, due 6/1/42 | 889,137 | 791,862 |
UMBS Pool, 20 Year | ||
5.00%, due 7/1/43 | 1,581,775 | 1,482,481 |
UMBS Pool, 30 Year | ||
2.50%, due 7/1/51 | 1,360,782 | 1,048,003 |
2.50%, due 3/1/52 | 2,538,430 | 1,952,181 |
3.00%, due 1/1/52 | 1,043,126 | 836,758 |
3.00%, due 2/1/52 | 734,634 | 591,403 |
3.50%, due 4/1/52 | 717,240 | 600,258 |
4.50%, due 5/1/53 | 889,268 | 794,837 |
5.50%, due 7/1/53 | 1,455,264 | 1,380,786 |
5.50%, due 7/1/53 | 758,697 | 720,431 |
6.00%, due 1/1/53 | 2,166,517 | 2,117,401 |
6.50%, due 10/1/53 | 1,946,943 | 1,936,780 |
6.50%, due 11/1/53 | 2,010,000 | 1,998,883 |
16,284,945 |
22 | MainStay MacKay Total Return Bond Fund |
Principal Amount | Value | |
U.S. Government & Federal Agencies (continued) | ||
Federal National Mortgage Association (Mortgage Pass-Through Securities) 4.2% | ||
FNMA, Other | ||
4.00%, due 3/1/42 | $ 503,207 | $ 444,371 |
4.00%, due 1/1/43 | 916,079 | 821,475 |
4.38%, due 7/1/28 | 1,000,000 | 951,338 |
6.00%, due 4/1/37 | 3,749 | 3,756 |
UMBS, 20 Year | ||
5.00%, due 5/1/43 | 1,791,530 | 1,679,809 |
UMBS, 30 Year | ||
3.00%, due 12/1/47 | 160,433 | 132,645 |
3.50%, due 12/1/44 | 660,486 | 574,239 |
3.50%, due 11/1/50 | 393,045 | 331,829 |
3.50%, due 7/1/52 | 780,071 | 650,538 |
5.00%, due 3/1/53 | 4,276,677 | 3,944,498 |
5.50%, due 8/1/53 | 944,797 | 897,449 |
6.00%, due 7/1/39 | 214,704 | 215,348 |
6.00%, due 3/1/53 | 191,129 | 186,739 |
6.00%, due 8/1/53 | 842,424 | 820,484 |
6.00%, due 9/1/53 | 569,301 | 554,441 |
6.00%, due 9/1/53 | 1,987,118 | 1,935,089 |
6.50%, due 10/1/39 | 209,966 | 212,091 |
6.50%, due 10/1/53 | 825,000 | 822,221 |
15,178,360 | ||
United States Treasury Bonds 0.6% | ||
U.S. Treasury Bonds | ||
4.125%, due 8/15/53 | 2,590,000 | 2,215,664 |
United States Treasury Inflation - Indexed Notes 0.2% | ||
U.S. Treasury Inflation Linked Notes (k) | ||
0.125%, due 1/15/30 | 161,101 | 139,082 |
0.875%, due 1/15/29 | 383,018 | 352,653 |
491,735 | ||
United States Treasury Notes 0.1% | ||
U.S. Treasury Notes | ||
4.875%, due 10/31/28 | 465,000 | 465,981 |
Total U.S. Government & Federal Agencies (Cost $36,253,331) | 34,636,685 | |
Total Long-Term Bonds (Cost $397,542,669) | 353,737,893 | |
Shares | Value | ||
Common Stocks 0.0% ‡ | |||
Commercial Services & Supplies 0.0% ‡ | |||
Quad/Graphics, Inc. (l) | 1 | $ 5 | |
Total Common Stocks (Cost $0) | 5 | ||
Short-Term Investments 1.3% | |||
Affiliated Investment Company 1.0% | |||
MainStay U.S. Government Liquidity Fund, 5.275% (m) | 3,806,469 | 3,806,469 | |
Unaffiliated Investment Company 0.3% | |||
Invesco Government & Agency Portfolio, 5.357% (m)(n) | 983,889 | 983,889 | |
Total Short-Term Investments (Cost $4,790,358) | 4,790,358 | ||
Total Investments (Cost $402,333,027) | 99.5% | 358,528,256 | |
Other Assets, Less Liabilities | 0.5 | 1,878,434 | |
Net Assets | 100.0% | $ 360,406,690 |
† | Percentages indicated are based on Fund net assets. |
^ | Industry classifications may be different than those used for compliance monitoring purposes. |
‡ | Less than one-tenth of a percent. |
(a) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
(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 $944,348. The Fund received cash collateral with a value of $983,889. (See Note 2(J)) |
(c) | Fixed to floating rate—Rate shown was the rate in effect as of October 31, 2023. |
(d) | Security is perpetual and, thus, does not have a predetermined maturity date. The date shown, if applicable, reflects the next call date. |
(e) | Floating rate—Rate shown was the rate in effect as of October 31, 2023. |
(f) | Illiquid security—As of October 31, 2023, the total market value deemed illiquid under procedures approved by the Board of Trustees was $1,038,082, which represented 0.3% of the Fund’s net assets. (Unaudited) |
(g) | Step coupon—Rate shown was the rate in effect as of October 31, 2023. |
(h) | Collateralized Mortgage Obligation Interest Only Strip—Pays a fixed or variable rate of interest based on mortgage loans or mortgage pass-through securities. The principal amount of the underlying pool represents the notional amount on which the current interest was calculated. The value of these stripped securities may be particularly sensitive to changes in prevailing interest rates and are typically more sensitive to changes in prepayment rates than traditional mortgage-backed securities. |
(i) | Coupon rate may change based on changes of the underlying collateral or prepayments of principal. Rate shown was the rate in effect as of October 31, 2023. |
(j) | Collateral strip rate—A bond whose interest was based on the weighted net interest rate of the collateral. The coupon rate adjusts periodically based on a predetermined schedule. Rate shown was the rate in effect as of October 31, 2023. |
(k) | Treasury Inflation Protected Security—Pays a fixed rate of interest on a principal amount that is continuously adjusted for inflation based on the Consumer Price Index-Urban Consumers. |
(l) | Non-income producing security. |
(m) | Current yield as of October 31, 2023. |
(n) | Represents a security purchased with cash collateral received for securities on loan. |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay U.S. Government Liquidity Fund | $ 8,162 | $ 164,651 | $ (169,007) | $ — | $ — | $ 3,806 | $ 214 | $ — | 3,806 |
Type | Number of Contracts | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)2 |
Long Contracts | |||||
U.S. Treasury 10 Year Notes | 114 | December 2023 | $ 12,450,486 | $ 12,103,594 | $ (346,892) |
U.S. Treasury 10 Year Ultra Bonds | 194 | December 2023 | 22,057,915 | 21,112,656 | (945,259) |
U.S. Treasury Long Bonds | 221 | December 2023 | 26,266,086 | 24,185,687 | (2,080,399) |
U.S. Treasury Ultra Bonds | 115 | December 2023 | 13,954,339 | 12,944,688 | (1,009,651) |
Total Long Contracts | (4,382,201) | ||||
Short Contracts | |||||
U.S. Treasury 5 Year Notes | (86) | December 2023 | (9,116,428) | (8,984,984) | 131,444 |
Net Unrealized Depreciation | $ (4,250,757) |
1. | As of October 31, 2023, cash in the amount of $2,249,033 was on deposit with a broker or futures commission merchant for futures transactions. |
2. | Represents the difference between the value of the contracts at the time they were opened and the value as of October 31, 2023. |
24 | MainStay MacKay Total Return Bond Fund |
Abbreviation(s): |
FHLMC—Federal Home Loan Mortgage Corp. |
FNMA—Federal National Mortgage Association |
FREMF—Freddie Mac Multifamily |
GNMA—Government National Mortgage Association |
REMIC—Real Estate Mortgage Investment Conduit |
SOFR—Secured Overnight Financing Rate |
STACR—Structured Agency Credit Risk |
UMBS—Uniform Mortgage Backed Securities |
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) | |||||||
Long-Term Bonds | |||||||
Asset-Backed Securities | $ — | $ 45,352,030 | $ — | $ 45,352,030 | |||
Corporate Bonds | — | 117,899,150 | — | 117,899,150 | |||
Foreign Government Bonds | — | 7,107,365 | — | 7,107,365 | |||
Loan Assignments | — | 558,139 | — | 558,139 | |||
Mortgage-Backed Securities | — | 148,184,524 | — | 148,184,524 | |||
U.S. Government & Federal Agencies | — | 34,636,685 | — | 34,636,685 | |||
Total Long-Term Bonds | — | 353,737,893 | — | 353,737,893 | |||
Common Stocks | 5 | — | — | 5 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 3,806,469 | — | — | 3,806,469 | |||
Unaffiliated Investment Company | 983,889 | — | — | 983,889 | |||
Total Short-Term Investments | 4,790,358 | — | — | 4,790,358 | |||
Total Investments in Securities | 4,790,363 | 353,737,893 | — | 358,528,256 | |||
Other Financial Instruments | |||||||
Futures Contracts (b) | 131,444 | — | — | 131,444 | |||
Total Investments in Securities and Other Financial Instruments | $ 4,921,807 | $ 353,737,893 | $ — | $ 358,659,700 | |||
Liability Valuation Inputs | |||||||
Other Financial Instruments | |||||||
Futures Contracts (b) | $ (4,382,201) | $ — | $ — | $ (4,382,201) |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
(b) | The value listed for these securities reflects unrealized appreciation (depreciation) as shown on the Portfolio of Investments. |
Assets | |
Investment in unaffiliated securities, at value (identified cost $398,526,558) including securities on loan of $944,348 | $ 354,721,787 |
Investment in affiliated investment companies, at value (identified cost $3,806,469) | 3,806,469 |
Cash | 23,258 |
Cash denominated in foreign currencies (identified cost $500) | 491 |
Cash collateral on deposit at broker for futures contracts | 2,249,033 |
Receivables: | |
Investment securities sold | 3,119,301 |
Interest | 2,332,678 |
Variation margin on futures contracts | 60,010 |
Fund shares sold | 25,721 |
Securities lending | 614 |
Other assets | 36,299 |
Total assets | 366,375,661 |
Liabilities | |
Cash collateral received for securities on loan | 983,889 |
Payables: | |
Investment securities purchased | 4,661,944 |
Manager (See Note 3) | 105,036 |
Fund shares redeemed | 82,706 |
Transfer agent (See Note 3) | 41,653 |
Shareholder communication | 17,840 |
Custodian | 16,779 |
Professional fees | 15,550 |
NYLIFE Distributors (See Note 3) | 14,429 |
Trustees | 109 |
Accrued expenses | 15,952 |
Distributions payable | 13,084 |
Total liabilities | 5,968,971 |
Net assets | $ 360,406,690 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 43,167 |
Additional paid-in-capital | 467,892,152 |
467,935,319 | |
Total distributable earnings (loss) | (107,528,629) |
Net assets | $ 360,406,690 |
Class A | |
Net assets applicable to outstanding shares | $ 46,425,993 |
Shares of beneficial interest outstanding | 5,560,654 |
Net asset value per share outstanding | $ 8.35 |
Maximum sales charge (4.50% of offering price) | 0.39 |
Maximum offering price per share outstanding | $ 8.74 |
Investor Class | |
Net assets applicable to outstanding shares | $ 4,109,098 |
Shares of beneficial interest outstanding | 489,135 |
Net asset value per share outstanding | $ 8.40 |
Maximum sales charge (4.00% of offering price) | 0.35 |
Maximum offering price per share outstanding | $ 8.75 |
Class B | |
Net assets applicable to outstanding shares | $ 416,313 |
Shares of beneficial interest outstanding | 49,774 |
Net asset value and offering price per share outstanding | $ 8.36 |
Class C | |
Net assets applicable to outstanding shares | $ 3,348,436 |
Shares of beneficial interest outstanding | 399,755 |
Net asset value and offering price per share outstanding | $ 8.38 |
Class I | |
Net assets applicable to outstanding shares | $ 61,667,480 |
Shares of beneficial interest outstanding | 7,382,806 |
Net asset value and offering price per share outstanding | $ 8.35 |
Class R1 | |
Net assets applicable to outstanding shares | $ 24,375 |
Shares of beneficial interest outstanding | 2,920 |
Net asset value and offering price per share outstanding | $ 8.35 |
Class R2 | |
Net assets applicable to outstanding shares | $ 27,541 |
Shares of beneficial interest outstanding | 3,299 |
Net asset value and offering price per share outstanding | $ 8.35 |
Class R3 | |
Net assets applicable to outstanding shares | $ 458,279 |
Shares of beneficial interest outstanding | 54,907 |
Net asset value and offering price per share outstanding | $ 8.35 |
Class R6 | |
Net assets applicable to outstanding shares | $243,908,501 |
Shares of beneficial interest outstanding | 29,221,712 |
Net asset value and offering price per share outstanding | $ 8.35 |
SIMPLE Class | |
Net assets applicable to outstanding shares | $ 20,674 |
Shares of beneficial interest outstanding | 2,462 |
Net asset value and offering price per share outstanding | $ 8.40 |
26 | MainStay MacKay Total Return Bond Fund |
Investment Income (Loss) | |
Income | |
Interest | $ 20,134,936 |
Dividends-affiliated | 214,284 |
Securities lending, net | 56,641 |
Total income | 20,405,861 |
Expenses | |
Manager (See Note 3) | 1,878,427 |
Transfer agent (See Note 3) | 239,581 |
Distribution/Service—Class A (See Note 3) | 133,012 |
Distribution/Service—Investor Class (See Note 3) | 11,522 |
Distribution/Service—Class B (See Note 3) | 5,081 |
Distribution/Service—Class C (See Note 3) | 40,624 |
Distribution/Service—Class R2 (See Note 3) | 72 |
Distribution/Service—Class R3 (See Note 3) | 2,507 |
Distribution/Service—SIMPLE Class (See Note 3) | 108 |
Registration | 138,839 |
Professional fees | 92,778 |
Custodian | 48,155 |
Trustees | 6,035 |
Shareholder communication | 626 |
Shareholder service (See Note 3) | 556 |
Miscellaneous | 12,668 |
Total expenses before waiver/reimbursement | 2,610,591 |
Expense waiver/reimbursement from Manager (See Note 3) | (428,398) |
Reimbursement from prior custodian(a) | (872) |
Net expenses | 2,181,321 |
Net investment income (loss) | 18,224,540 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | (27,136,894) |
Futures transactions | (7,265,832) |
Foreign currency transactions | (5) |
Net realized gain (loss) | (34,402,731) |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | 27,838,094 |
Futures contracts | (887,588) |
Translation of other assets and liabilities in foreign currencies | 13 |
Net change in unrealized appreciation (depreciation) | 26,950,519 |
Net realized and unrealized gain (loss) | (7,452,212) |
Net increase (decrease) in net assets resulting from operations | $ 10,772,328 |
(a) | Represents a refund for overbilling of custody fees. |
for the years ended October 31, 2023 and October 31, 2022
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 18,224,540 | $ 18,747,064 |
Net realized gain (loss) | (34,402,731) | (19,683,509) |
Net change in unrealized appreciation (depreciation) | 26,950,519 | (113,380,287) |
Net increase (decrease) in net assets resulting from operations | 10,772,328 | (114,316,732) |
Distributions to shareholders: | ||
Class A | (2,153,236) | (4,775,382) |
Investor Class | (172,568) | (357,428) |
Class B | (15,184) | (47,409) |
Class C | (121,103) | (435,071) |
Class I | (3,929,623) | (8,345,013) |
Class R1 | (1,072) | (1,751) |
Class R2 | (1,140) | (1,910) |
Class R3 | (18,820) | (28,420) |
Class R6 | (11,688,445) | (28,552,302) |
SIMPLE Class | (814) | (1,336) |
(18,102,005) | (42,546,022) | |
Distributions to shareholders from return of capital: | ||
Class A | — | (19,314) |
Investor Class | — | (1,446) |
Class B | — | (192) |
Class C | — | (1,760) |
Class I | — | (33,752) |
Class R1 | — | (7) |
Class R2 | — | (8) |
Class R3 | — | (115) |
Class R6 | — | (115,483) |
SIMPLE Class | — | (5) |
— | (172,082) | |
Total distributions to shareholders | (18,102,005) | (42,718,104) |
Capital share transactions: | ||
Net proceeds from sales of shares | 49,031,695 | 60,162,268 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 17,923,251 | 42,385,916 |
Cost of shares redeemed | (130,355,676) | (883,780,161) |
Increase (decrease) in net assets derived from capital share transactions | (63,400,730) | (781,231,977) |
Net increase (decrease) in net assets | (70,730,407) | (938,266,813) |
Net Assets | ||
Beginning of year | 431,137,097 | 1,369,403,910 |
End of year | $ 360,406,690 | $ 431,137,097 |
28 | MainStay MacKay Total Return Bond Fund |
Year Ended October 31, | |||||||||
Class A | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 8.57 | $ 11.18 | $ 11.35 | $ 10.91 | $ 10.10 | ||||
Net investment income (loss) | 0.36(a) | 0.29(a) | 0.24(a) | 0.24 | 0.27 | ||||
Net realized and unrealized gain (loss) | (0.22) | (2.26) | (0.03) | 0.47 | 0.82 | ||||
Total from investment operations | 0.14 | (1.97) | 0.21 | 0.71 | 1.09 | ||||
Less distributions: | |||||||||
From net investment income | (0.36) | (0.31) | (0.25) | (0.27) | (0.28) | ||||
From net realized gain on investments | — | (0.33) | (0.13) | — | — | ||||
Return of capital | — | (0.00)‡ | — | — | — | ||||
Total distributions | (0.36) | (0.64) | (0.38) | (0.27) | (0.28) | ||||
Net asset value at end of year | $ 8.35 | $ 8.57 | $ 11.18 | $ 11.35 | $ 10.91 | ||||
Total investment return (b) | 1.50% | (18.43)% | 1.86% | 6.55% | 10.88% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 4.06% | 2.89% | 2.14% | 2.30% | 2.63% | ||||
Net expenses (c) | 0.83% | 0.78% | 0.83% | 0.85% | 0.88% | ||||
Expenses (before waiver/reimbursement) (c) | 0.91% | 0.83% | 0.83% | 0.85% | 0.89% | ||||
Portfolio turnover rate | 119% | 98%(d) | 111%(d) | 123% | 100%(d) | ||||
Net assets at end of year (in 000’s) | $ 46,426 | $ 54,484 | $ 87,764 | $ 92,997 | $ 56,473 |
‡ | Less than one cent per share. |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | 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) | The portfolio turnover rates not including mortgage dollar rolls were 96%, 108%, 96% and 63% for the years ended October 31, 2022, 2021, 2020 and 2019, respectively. |
Year Ended October 31, | |||||||||
Investor Class | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 8.62 | $ 11.24 | $ 11.42 | $ 10.97 | $ 10.15 | ||||
Net investment income (loss) | 0.34(a) | 0.26(a) | 0.22(a) | 0.24 | 0.26 | ||||
Net realized and unrealized gain (loss) | (0.22) | (2.27) | (0.04) | 0.46 | 0.82 | ||||
Total from investment operations | 0.12 | (2.01) | 0.18 | 0.70 | 1.08 | ||||
Less distributions: | |||||||||
From net investment income | (0.34) | (0.28) | (0.23) | (0.25) | (0.26) | ||||
From net realized gain on investments | — | (0.33) | (0.13) | — | — | ||||
Return of capital | — | (0.00)‡ | — | — | — | ||||
Total distributions | (0.34) | (0.61) | (0.36) | (0.25) | (0.26) | ||||
Net asset value at end of year | $ 8.40 | $ 8.62 | $ 11.24 | $ 11.42 | $ 10.97 | ||||
Total investment return (b) | 1.20% | (18.65)% | 1.54% | 6.40% | 10.74% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 3.77% | 2.65% | 1.93% | 2.11% | 2.46% | ||||
Net expenses (c) | 1.12% | 1.04% | 1.04% | 1.05% | 1.05% | ||||
Expenses (before waiver/reimbursement) (c) | 1.18% | 1.09% | 1.04% | 1.05% | 1.06% | ||||
Portfolio turnover rate | 119% | 98%(d) | 111%(d) | 123% | 100%(d) | ||||
Net assets at end of year (in 000's) | $ 4,109 | $ 4,663 | $ 6,894 | $ 7,558 | $ 6,557 |
‡ | Less than one cent per share. |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | 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) | The portfolio turnover rates not including mortgage dollar rolls were 96%, 108%, 96% and 63% for the years ended October 31, 2022, 2021, 2020 and 2019, respectively. |
Year Ended October 31, | |||||||||
Class B | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 8.58 | $ 11.20 | $ 11.37 | $ 10.92 | $ 10.11 | ||||
Net investment income (loss) | 0.27(a) | 0.19(a) | 0.13(a) | 0.18 | 0.20 | ||||
Net realized and unrealized gain (loss) | (0.22) | (2.28) | (0.03) | 0.43 | 0.79 | ||||
Total from investment operations | 0.05 | (2.09) | 0.10 | 0.61 | 0.99 | ||||
Less distributions: | |||||||||
From net investment income | (0.27) | (0.20) | (0.14) | (0.16) | (0.18) | ||||
From net realized gain on investments | — | (0.33) | (0.13) | — | — | ||||
Return of capital | — | (0.00)‡ | — | — | — | ||||
Total distributions | (0.27) | (0.53) | (0.27) | (0.16) | (0.18) | ||||
Net asset value at end of year | $ 8.36 | $ 8.58 | $ 11.20 | $ 11.37 | $ 10.92 | ||||
Total investment return (b) | 0.44% | (19.34)% | 0.85% | 5.64% | 9.85% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 3.01% | 1.88% | 1.17% | 1.36% | 1.73% | ||||
Net expenses (c) | 1.87% | 1.79% | 1.79% | 1.80% | 1.80% | ||||
Expenses (before waiver/reimbursement) (c) | 1.93% | 1.84% | 1.79% | 1.80% | 1.81% | ||||
Portfolio turnover rate | 119% | 98%(d) | 111%(d) | 123% | 100%(d) | ||||
Net assets at end of year (in 000’s) | $ 416 | $ 606 | $ 1,087 | $ 1,838 | $ 2,515 |
‡ | Less than one cent per share. |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | 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) | The portfolio turnover rates not including mortgage dollar rolls were 96%, 108%, 96% and 63% for the years ended October 31, 2022, 2021, 2020 and 2019, respectively. |
Year Ended October 31, | |||||||||
Class C | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 8.59 | $ 11.21 | $ 11.38 | $ 10.93 | $ 10.12 | ||||
Net investment income (loss) | 0.27(a) | 0.18(a) | 0.13(a) | 0.14 | 0.20 | ||||
Net realized and unrealized gain (loss) | (0.21) | (2.27) | (0.03) | 0.47 | 0.79 | ||||
Total from investment operations | 0.06 | (2.09) | 0.10 | 0.61 | 0.99 | ||||
Less distributions: | |||||||||
From net investment income | (0.27) | (0.20) | (0.14) | (0.16) | (0.18) | ||||
From net realized gain on investments | — | (0.33) | (0.13) | — | — | ||||
Return of capital | — | (0.00)‡ | — | — | — | ||||
Total distributions | (0.27) | (0.53) | (0.27) | (0.16) | (0.18) | ||||
Net asset value at end of year | $ 8.38 | $ 8.59 | $ 11.21 | $ 11.38 | $ 10.93 | ||||
Total investment return (b) | 0.56% | (19.32)% | 0.85% | 5.64% | 9.84% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 3.01% | 1.83% | 1.17% | 1.35% | 1.74% | ||||
Net expenses (c) | 1.87% | 1.79% | 1.79% | 1.80% | 1.80% | ||||
Expenses (before waiver/reimbursement) (c) | 1.93% | 1.84% | 1.79% | 1.80% | 1.81% | ||||
Portfolio turnover rate | 119% | 98%(d) | 111%(d) | 123% | 100%(d) | ||||
Net assets at end of year (in 000’s) | $ 3,348 | $ 4,480 | $ 10,449 | $ 18,434 | $ 11,916 |
‡ | Less than one cent per share. |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | 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) | The portfolio turnover rates not including mortgage dollar rolls were 96%, 108%, 96% and 63% for the years ended October 31, 2022, 2021, 2020 and 2019, respectively. |
30 | MainStay MacKay Total Return Bond Fund |
Year Ended October 31, | |||||||||
Class I | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 8.57 | $ 11.18 | $ 11.36 | $ 10.91 | $ 10.10 | ||||
Net investment income (loss) | 0.39(a) | 0.30(a) | 0.27(a) | 0.29 | 0.31 | ||||
Net realized and unrealized gain (loss) | (0.21) | (2.25) | (0.04) | 0.45 | 0.81 | ||||
Total from investment operations | 0.18 | (1.95) | 0.23 | 0.74 | 1.12 | ||||
Less distributions: | |||||||||
From net investment income | (0.40) | (0.33) | (0.28) | (0.29) | (0.31) | ||||
From net realized gain on investments | — | (0.33) | (0.13) | — | — | ||||
Return of capital | — | (0.00)‡ | — | — | — | ||||
Total distributions | (0.40) | (0.66) | (0.41) | (0.29) | (0.31) | ||||
Net asset value at end of year | $ 8.35 | $ 8.57 | $ 11.18 | $ 11.36 | $ 10.91 | ||||
Total investment return (b) | 1.88% | (18.30)% | 2.11% | 6.91% | 11.20% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 4.43% | 3.01% | 2.39% | 2.56% | 2.93% | ||||
Net expenses (c) | 0.45% | 0.53% | 0.58% | 0.60% | 0.60% | ||||
Expenses (before waiver/reimbursement) (c) | 0.65% | 0.58% | 0.58% | 0.60% | 0.64% | ||||
Portfolio turnover rate | 119% | 98%(d) | 111%(d) | 123% | 100%(d) | ||||
Net assets at end of year (in 000’s) | $ 61,667 | $ 94,122 | $ 720,466 | $ 686,829 | $ 1,056,594 |
‡ | Less than one cent per share. |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. 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) | The portfolio turnover rates not including mortgage dollar rolls were 96%, 108%, 96% and 63% for the years ended October 31, 2022, 2021, 2020 and 2019, respectively. |
Year Ended October 31, | |||||||||
Class R1 | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 8.57 | $ 11.18 | $ 11.35 | $ 10.90 | $ 10.10 | ||||
Net investment income (loss) | 0.37(a) | 0.31(a) | 0.26(a) | 0.26 | 0.29 | ||||
Net realized and unrealized gain (loss) | (0.21) | (2.27) | (0.03) | 0.47 | 0.80 | ||||
Total from investment operations | 0.16 | (1.96) | 0.23 | 0.73 | 1.09 | ||||
Less distributions: | |||||||||
From net investment income | (0.38) | (0.32) | (0.27) | (0.28) | (0.29) | ||||
From net realized gain on investments | — | (0.33) | (0.13) | — | — | ||||
Return of capital | — | (0.00)‡ | — | — | — | ||||
Total distributions | (0.38) | (0.65) | (0.40) | (0.28) | (0.29) | ||||
Net asset value at end of year | $ 8.35 | $ 8.57 | $ 11.18 | $ 11.35 | $ 10.90 | ||||
Total investment return (b) | 1.65% | (18.31)% | 2.01% | 6.81% | 10.98% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 4.21% | 3.10% | 2.29% | 2.47% | 2.97% | ||||
Net expenses (c) | 0.68% | 0.61% | 0.68% | 0.70% | 0.70% | ||||
Expenses (before waiver/reimbursement) (c) | 0.76% | 0.67% | 0.68% | 0.70% | 0.74% | ||||
Portfolio turnover rate | 119% | 98%(d) | 111%(d) | 123% | 100%(d) | ||||
Net assets at end of year (in 000’s) | $ 24 | $ 24 | $ 29 | $ 29 | $ 27 |
‡ | Less than one cent per share. |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R1 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) | The portfolio turnover rates not including mortgage dollar rolls were 96%, 108%, 96% and 63% for the years ended October 31, 2022, 2021, 2020 and 2019, respectively. |
Year Ended October 31, | |||||||||
Class R2 | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 8.57 | $ 11.18 | $ 11.35 | $ 10.90 | $ 10.09 | ||||
Net investment income (loss) | 0.35(a) | 0.28(a) | 0.23(a) | 0.25 | 0.27 | ||||
Net realized and unrealized gain (loss) | (0.22) | (2.26) | (0.03) | 0.46 | 0.81 | ||||
Total from investment operations | 0.13 | (1.98) | 0.20 | 0.71 | 1.08 | ||||
Less distributions: | |||||||||
From net investment income | (0.35) | (0.30) | (0.24) | (0.26) | (0.27) | ||||
From net realized gain on investments | — | (0.33) | (0.13) | — | — | ||||
Return of capital | — | (0.00)‡ | — | — | — | ||||
Total distributions | (0.35) | (0.63) | (0.37) | (0.26) | (0.27) | ||||
Net asset value at end of year | $ 8.35 | $ 8.57 | $ 11.18 | $ 11.35 | $ 10.90 | ||||
Total investment return (b) | 1.39% | (18.52)% | 1.75% | 6.54% | 10.82% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 3.96% | 2.85% | 2.02% | 2.21% | 2.57% | ||||
Net expenses (c) | 0.93% | 0.87% | 0.93% | 0.95% | 0.95% | ||||
Expenses (before waiver/reimbursement) (c) | 1.01% | 0.93% | 0.93% | 0.95% | 0.99% | ||||
Portfolio turnover rate | 119% | 98%(d) | 111%(d) | 123% | 100%(d) | ||||
Net assets at end of year (in 000’s) | $ 28 | $ 27 | $ 33 | $ 87 | $ 81 |
‡ | Less than one cent per share. |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R2 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) | The portfolio turnover rates not including mortgage dollar rolls were 96%, 108%, 96% and 63% for the years ended October 31, 2022, 2021, 2020 and 2019, respectively. |
Year Ended October 31, | |||||||||
Class R3 | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 8.57 | $ 11.18 | $ 11.35 | $ 10.90 | $ 10.10 | ||||
Net investment income (loss) | 0.33(a) | 0.26(a) | 0.20(a) | 0.22 | 0.24 | ||||
Net realized and unrealized gain (loss) | (0.22) | (2.27) | (0.03) | 0.46 | 0.80 | ||||
Total from investment operations | 0.11 | (2.01) | 0.17 | 0.68 | 1.04 | ||||
Less distributions: | |||||||||
From net investment income | (0.33) | (0.27) | (0.21) | (0.23) | (0.24) | ||||
From net realized gain on investments | — | (0.33) | (0.13) | — | — | ||||
Return of capital | — | (0.00)‡ | — | — | — | ||||
Total distributions | (0.33) | (0.60) | (0.34) | (0.23) | (0.24) | ||||
Net asset value at end of year | $ 8.35 | $ 8.57 | $ 11.18 | $ 11.35 | $ 10.90 | ||||
Total investment return (b) | 1.15% | (18.71)% | 1.50% | 6.28% | 10.44% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 3.71% | 2.62% | 1.79% | 1.96% | 2.30% | ||||
Net expenses (c) | 1.18% | 1.11% | 1.18% | 1.20% | 1.20% | ||||
Expenses (before waiver/reimbursement) (c) | 1.26% | 1.17% | 1.18% | 1.20% | 1.24% | ||||
Portfolio turnover rate | 119% | 98%(d) | 111%(d) | 123% | 100%(d) | ||||
Net assets at end of year (in 000’s) | $ 458 | $ 483 | $ 509 | $ 329 | $ 251 |
‡ | Less than one cent per share. |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. 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) | The portfolio turnover rates not including mortgage dollar rolls were 96%, 108%, 96% and 63% for the years ended October 31, 2022, 2021, 2020 and 2019, respectively. |
32 | MainStay MacKay Total Return Bond Fund |
Year Ended October 31, | |||||||||
Class R6 | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 8.57 | $ 11.18 | $ 11.35 | $ 10.91 | $ 10.10 | ||||
Net investment income (loss) | 0.39(a) | 0.31(a) | 0.27(a) | 0.28 | 0.30 | ||||
Net realized and unrealized gain (loss) | (0.21) | (2.26) | (0.02) | 0.46 | 0.82 | ||||
Total from investment operations | 0.18 | (1.95) | 0.25 | 0.74 | 1.12 | ||||
Less distributions: | |||||||||
From net investment income | (0.40) | (0.33) | (0.29) | (0.30) | (0.31) | ||||
From net realized gain on investments | — | (0.33) | (0.13) | — | — | ||||
Return of capital | — | (0.00)‡ | — | — | — | ||||
Total distributions | (0.40) | (0.66) | (0.42) | (0.30) | (0.31) | ||||
Net asset value at end of year | $ 8.35 | $ 8.57 | $ 11.18 | $ 11.35 | $ 10.91 | ||||
Total investment return (b) | 1.89% | (18.20)% | 2.16% | 6.89% | 11.27% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 4.44% | 3.13% | 2.43% | 2.61% | 2.98% | ||||
Net expenses (c) | 0.45% | 0.50% | 0.53% | 0.53% | 0.53% | ||||
Expenses (before waiver/reimbursement) (c) | 0.53% | 0.54% | 0.53% | 0.53% | 0.53% | ||||
Portfolio turnover rate | 119% | 98%(d) | 111%(d) | 123% | 100%(d) | ||||
Net assets at end of year (in 000’s) | $ 243,909 | $ 272,227 | $ 542,147 | $ 716,703 | $ 185,733 |
‡ | Less than one cent per share. |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. 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) | The portfolio turnover rates not including mortgage dollar rolls were 96%, 108%, 96% and 63% for the years ended October 31, 2022, 2021, 2020 and 2019, respectively. |
Year Ended October 31, | August 31, 2020^ through October 31, | ||||||
SIMPLE Class | 2023 | 2022 | 2021 | 2020 | |||
Net asset value at beginning of year | $ 8.62 | $ 11.24 | $ 11.41 | $ 11.52* | |||
Net investment income (loss) | 0.34 | 0.24(a) | 0.19(a) | 0.03 | |||
Net realized and unrealized gain (loss) | (0.22) | (2.28) | (0.03) | (0.11) | |||
Total from investment operations | 0.12 | (2.04) | 0.16 | (0.08) | |||
Less distributions: | |||||||
From net investment income | (0.34) | (0.25) | (0.20) | (0.03) | |||
From net realized gain on investments | — | (0.33) | (0.13) | — | |||
Return of capital | — | (0.00)‡ | — | — | |||
Total distributions | (0.34) | (0.58) | (0.33) | (0.03) | |||
Net asset value at end of year | $ 8.40 | $ 8.62 | $ 11.24 | $ 11.41 | |||
Total investment return (b) | 1.21% | (18.85)% | 1.39% | (0.66)% | |||
Ratios (to average net assets)/Supplemental Data: | |||||||
Net investment income (loss) | 3.79% | 2.43% | 1.69% | 1.80%†† | |||
Net expenses (c) | 1.10% | 1.28% | 1.29% | 1.26%†† | |||
Expenses (before waiver/reimbursement) (c) | 1.18% | 1.33% | 1.29% | 1.26%†† | |||
Portfolio turnover rate | 119% | 98%(d) | 111%(d) | 123% | |||
Net assets at end of year (in 000’s) | $ 21 | $ 20 | $ 25 | $ 25 |
^ | Inception date. |
‡ | Less than one cent per share. |
* | Based on the net asset value of Investor Class as of August 31, 2020. |
†† | 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. |
(d) | The portfolio turnover rate not including mortgage dollar rolls was 96% and 108% for the years ended October 31, 2022 and 2021 respectively. |
34 | MainStay MacKay Total Return Bond Fund |
Class | Commenced Operations |
Class A | January 2, 2004 |
Investor Class | February 28, 2008 |
Class B^ | January 2, 2004 |
Class C | January 2, 2004 |
Class I | January 2, 1991 |
Class R1* | June 29, 2012 |
Class R2* | June 29, 2012 |
Class R3* | February 29, 2016 |
Class R6 | December 29, 2014 |
SIMPLE Class | August 31, 2020 |
^ | Class B shares are closed to all new purchases as well as additional investments by existing Class B shareholders and will be converted into Class A or Investor Class shares based on shareholder eligibility on or about February 28, 2024. |
* | As of October 31, 2023, Class R1, Class R2 and Class R3 shares are closed to new investors and, upon the close of business on December 29, 2023, Class R1, Class R2 and Class R3 shares are closed to additional investments by existing shareholders. Additionally, Class R1, Class R2 and 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 R1, Class R2 or 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) |
36 | MainStay MacKay Total Return Bond Fund |
• Benchmark yields | • Reported trades |
• Broker/dealer quotes | • Issuer spreads |
• Two-sided markets | • Benchmark securities |
• Bids/offers | • Reference data (corporate actions or material event notices) |
• Industry and economic events | • Comparable bonds |
• Monthly payment information |
38 | MainStay MacKay Total Return Bond Fund |
40 | MainStay MacKay Total Return Bond Fund |
Asset Derivatives | Interest Rate Contracts Risk | Total |
Futures Contracts - Net Assets—Net unrealized appreciation on futures contracts (a) | $131,444 | $131,444 |
Total Fair Value | $131,444 | $131,444 |
(a) | Includes cumulative appreciation (depreciation) of futures contracts as reported in the Portfolio of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Liability Derivatives | Interest Rate Contracts Risk | Total |
Futures Contracts - Net Assets—Net unrealized depreciation on futures contracts (a) | $(4,382,201) | $(4,382,201) |
Total Fair Value | $(4,382,201) | $(4,382,201) |
(a) | Includes cumulative appreciation (depreciation) of futures contracts as reported in the Portfolio of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Net Realized Gain (Loss) from: | Interest Rate Contracts Risk | Total |
Futures Transactions | $(7,265,832) | $(7,265,832) |
Total Net Realized Gain (Loss) | $(7,265,832) | $(7,265,832) |
Net Change in Unrealized Appreciation (Depreciation) | Interest Rate Contracts Risk | Total |
Futures Contracts | $(887,588) | $(887,588) |
Total Net Change in Unrealized Appreciation (Depreciation) | $(887,588) | $(887,588) |
Average Notional Amount | Total |
Futures Contracts Long | $107,922,119 |
Futures Contracts Short | $ (8,513,819) |
42 | MainStay MacKay Total Return Bond Fund |
Class R1 | $ 26 |
Class R2 | 29 |
Class R3 | 501 |
Class | Expense | Waived |
Class A | $ 70,979 | $— |
Investor Class | 18,998 | — |
Class B | 2,094 | — |
Class C | 16,753 | — |
Class I | 119,413 | — |
Class R1 | 34 | — |
Class R2 | 39 | — |
Class R3 | 669 | — |
Class R6 | 10,570 | — |
SIMPLE Class | 32 | — |
Class I | $374,661 | 0.6% |
Class R1 | 24,292 | 99.7 |
Class R2 | 27,457 | 99.7 |
Class R3 | 25,317 | 5.5 |
Class R6 | 26,584 | 0.0‡ |
SIMPLE Class | 20,611 | 99.7 |
‡ | Less than one-tenth of a percent. |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $402,584,551 | $1,433,335 | $(45,489,630) | $(44,056,295) |
Ordinary Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$134,777 | $(63,495,657) | $(13,084) | $(44,154,665) | $(107,528,629) |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $26,683 | $36,812 |
2023 | 2022 | |
Distributions paid from: | ||
Ordinary Income | $18,102,005 | $23,740,154 |
Long-Term Capital Gains | — | 18,805,868 |
Return of Capital | — | 172,082 |
Total | $18,102,005 | $42,718,104 |
44 | MainStay MacKay Total Return Bond Fund |
Class A | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 1,336,524 | $ 12,009,159 |
Shares issued to shareholders in reinvestment of distributions | 225,233 | 1,995,767 |
Shares redeemed | (2,404,821) | (21,340,980) |
Net increase (decrease) in shares outstanding before conversion | (843,064) | (7,336,054) |
Shares converted into Class A (See Note 1) | 45,479 | 403,871 |
Shares converted from Class A (See Note 1) | (790) | (6,740) |
Net increase (decrease) | (798,375) | $ (6,938,923) |
Year ended October 31, 2022: | ||
Shares sold | 789,544 | $ 8,073,585 |
Shares issued to shareholders in reinvestment of distributions | 437,720 | 4,500,205 |
Shares redeemed | (2,750,861) | (27,384,604) |
Net increase (decrease) in shares outstanding before conversion | (1,523,597) | (14,810,814) |
Shares converted into Class A (See Note 1) | 33,307 | 341,580 |
Net increase (decrease) | (1,490,290) | $ (14,469,234) |
Investor Class | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 21,347 | $ 190,107 |
Shares issued to shareholders in reinvestment of distributions | 19,166 | 170,877 |
Shares redeemed | (86,094) | (765,645) |
Net increase (decrease) in shares outstanding before conversion | (45,581) | (404,661) |
Shares converted into Investor Class (See Note 1) | 22,716 | 202,510 |
Shares converted from Investor Class (See Note 1) | (28,987) | (258,759) |
Net increase (decrease) | (51,852) | $ (460,910) |
Year ended October 31, 2022: | ||
Shares sold | 18,401 | $ 187,043 |
Shares issued to shareholders in reinvestment of distributions | 34,395 | 355,385 |
Shares redeemed | (116,449) | (1,174,918) |
Net increase (decrease) in shares outstanding before conversion | (63,653) | (632,490) |
Shares converted into Investor Class (See Note 1) | 11,696 | 117,451 |
Shares converted from Investor Class (See Note 1) | (20,166) | (213,878) |
Net increase (decrease) | (72,123) | $ (728,917) |
Class B | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 9 | $ 91 |
Shares issued to shareholders in reinvestment of distributions | 1,659 | 14,733 |
Shares redeemed | (12,098) | (107,511) |
Net increase (decrease) in shares outstanding before conversion | (10,430) | (92,687) |
Shares converted from Class B (See Note 1) | (10,455) | (92,850) |
Net increase (decrease) | (20,885) | $ (185,537) |
Year ended October 31, 2022: | ||
Shares sold | 215 | $ 2,273 |
Shares issued to shareholders in reinvestment of distributions | 4,337 | 45,048 |
Shares redeemed | (21,775) | (214,657) |
Net increase (decrease) in shares outstanding before conversion | (17,223) | (167,336) |
Shares converted from Class B (See Note 1) | (9,185) | (91,192) |
Net increase (decrease) | (26,408) | $ (258,528) |
Class C | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 28,064 | $ 251,509 |
Shares issued to shareholders in reinvestment of distributions | 13,540 | 120,424 |
Shares redeemed | (135,149) | (1,207,734) |
Net increase (decrease) in shares outstanding before conversion | (93,545) | (835,801) |
Shares converted from Class C (See Note 1) | (27,977) | (249,422) |
Net increase (decrease) | (121,522) | $ (1,085,223) |
Year ended October 31, 2022: | ||
Shares sold | 43,235 | $ 437,164 |
Shares issued to shareholders in reinvestment of distributions | 41,654 | 435,954 |
Shares redeemed | (476,819) | (4,733,579) |
Net increase (decrease) in shares outstanding before conversion | (391,930) | (3,860,461) |
Shares converted from Class C (See Note 1) | (18,813) | (184,493) |
Net increase (decrease) | (410,743) | $ (4,044,954) |
Class I | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 1,328,814 | $ 11,845,018 |
Shares issued to shareholders in reinvestment of distributions | 441,739 | 3,925,913 |
Shares redeemed | (5,368,675) | (47,194,900) |
Net increase (decrease) in shares outstanding before conversion | (3,598,122) | (31,423,969) |
Shares converted into Class I (See Note 1) | 158 | 1,390 |
Net increase (decrease) | (3,597,964) | $ (31,422,579) |
Year ended October 31, 2022: | ||
Shares sold | 2,135,672 | $ 21,568,533 |
Shares issued to shareholders in reinvestment of distributions | 815,917 | 8,370,485 |
Shares redeemed | (56,387,869) | (623,435,691) |
Net increase (decrease) in shares outstanding before conversion | (53,436,280) | (593,496,673) |
Shares converted into Class I (See Note 1) | 3,262 | 30,532 |
Net increase (decrease) | (53,433,018) | $(593,466,141) |
Class R1 | Shares | Amount |
Year ended October 31, 2023: | ||
Shares issued to shareholders in reinvestment of distributions | 121 | $ 1,072 |
Net increase (decrease) | 121 | $ 1,072 |
Year ended October 31, 2022: | ||
Shares issued to shareholders in reinvestment of distributions | 173 | $ 1,758 |
Net increase (decrease) | 173 | $ 1,758 |
Class R2 | Shares | Amount |
Year ended October 31, 2023: | ||
Shares issued to shareholders in reinvestment of distributions | 128 | $ 1,140 |
Net increase (decrease) | 128 | $ 1,140 |
Year ended October 31, 2022: | ||
Shares issued to shareholders in reinvestment of distributions | 188 | $ 1,917 |
Net increase (decrease) | 188 | $ 1,917 |
Class R3 | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 6,133 | $ 53,842 |
Shares issued to shareholders in reinvestment of distributions | 460 | 4,066 |
Shares redeemed | (8,063) | (71,558) |
Net increase (decrease) | (1,470) | $ (13,650) |
Year ended October 31, 2022: | ||
Shares sold | 12,519 | $ 120,023 |
Shares issued to shareholders in reinvestment of distributions | 591 | 6,037 |
Shares redeemed | (2,289) | (23,247) |
Net increase (decrease) | 10,821 | $ 102,813 |
Class R6 | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 2,791,732 | $ 24,681,969 |
Shares issued to shareholders in reinvestment of distributions | 1,319,851 | 11,688,445 |
Shares redeemed | (6,668,713) | (59,667,348) |
Net increase (decrease) | (2,557,130) | $ (23,296,934) |
Year ended October 31, 2022: | ||
Shares sold | 3,239,611 | $ 29,773,647 |
Shares issued to shareholders in reinvestment of distributions | 2,775,072 | 28,667,785 |
Shares redeemed | (22,728,520) | (226,813,465) |
Net increase (decrease) | (16,713,837) | $(168,372,033) |
SIMPLE Class | Shares | Amount |
Year ended October 31, 2023: | ||
Shares issued to shareholders in reinvestment of distributions | 92 | $ 814 |
Net increase (decrease) | 92 | $ 814 |
Year ended October 31, 2022: | ||
Shares issued to shareholders in reinvestment of distributions | 130 | $ 1,342 |
Net increase (decrease) | 130 | $ 1,342 |
46 | MainStay MacKay Total Return Bond Fund |
MainStay Funds Trust:
48 | MainStay MacKay Total Return Bond Fund |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Naïm Abou-Jaoudé* 1966 | MainStay Funds: Trustee since 2023 MainStay Funds Trust: Trustee since 2023 | Chief Executive Officer of New York Life Investment Management LLC (since 2023). Chief Executive Officer of Candriam (an affiliate of New York Life Investment Management LLC) (2007 to 2023). | 81 | MainStay VP Funds Trust: Trustee since 2023 (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2023; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2023; and New York Life Investment Management International (Chair) since 2015 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of his affiliation with New York Life Investment Management LLC and Candriam, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
50 | MainStay MacKay Total Return Bond Fund |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015);MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC (since 1999) | 81 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2021; VanEck Vectors Group of Exchange-Traded Funds: Trustee since 2006 and Independent Chairman of the Board of Trustees from 2008 to 2022 (57 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Investment Committee since 2018 | |
Karen Hammond 1956 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021);MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 81 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Susan B. Kerley 1951 | MainStay Funds: Chair since January 2017 and Trustee since 2007;MainStay Funds Trust: Chair since January 2017 and Trustee since 1990*** | President, Strategic Management Advisors LLC (since 1990) | 81 | MainStay VP Funds Trust: Chair since January 2017 and Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chair since January 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Alan R. Latshaw 1951 | MainStay Funds: Trusteesince 2006;MainStay Funds Trust: Trustee since 2007*** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 81 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 | |
Jacques P. Perold 1958 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015to December 2015);MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 81 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay Funds: Trustee since 1994;MainStay Funds Trust: Trustee since 2007*** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) (since 2004); Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 81 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 |
** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
*** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
52 | MainStay MacKay Total Return Bond Fund |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay Funds, MainStay Funds Trust (since 2017) | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since 2018); President, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust (since 2017)**; Senior Managing Director, Global Product Development (2015 to 2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay Funds (since 2007), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2007)**; and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay Funds and MainStay Funds Trust (since 2010) | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2010)** | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay Funds and MainStay Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ Trust, IndexIQ ETF Trust and Index IQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund, MainStay VP Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012 to 2022) | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay Funds (since 2005), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2005)** |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, New York Life Insurance Company, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
1.
2. | This Fund is registered for sale in CA, CT, DE, FL, MA, NJ, NY and VT. |
3. | An affiliate of New York Life Investment Management LLC. |
5013953MS139-23 | MSTRB11-12/23 |
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended October 31, 2023 | |||||||
Class | Sales Charge | Inception Date | One Year | Five Years | Ten Years or Since Inception | Gross Expense Ratio1 | |
Class A Shares2 | Maximum 1.00% Initial Sales Charge | With sales charges | 1/2/2004 | 1.89% | 1.28% | 1.20% | 0.88% |
Excluding sales charges | 2.92 | 1.90 | 1.51 | 0.88 | |||
Investor Class Shares2, 3 | Maximum 0.50% Initial Sales Charge | With sales charges | 2/28/2008 | 2.32 | 1.08 | 1.00 | 1.32 |
Excluding sales charges | 2.83 | 1.70 | 1.31 | 1.32 | |||
Class I Shares | No Sales Charge | 1/2/1991 | 3.27 | 2.22 | 1.83 | 0.60 | |
SIMPLE Class Shares | No Sales Charge | 8/31/2020 | 2.56 | N/A | -1.31 | 1.23 |
1. | The gross expense ratios presented reflect the Fund’s “Total Annual Fund Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report. |
2. | Prior to February 28, 2020, the maximum initial sales charge applicable was 3.00%, which is reflected in the average annual total return figures shown. |
3. | Prior to June 30, 2020, the maximum initial sales charge was 1.00%, which is reflected in the average annual total return figures shown. |
Benchmark Performance* | One Year | Five Years | Ten Years |
Bloomberg 1-3 Year U.S. Government/Credit Bond Index1 | 3.23% | 1.25% | 1.03% |
Morningstar U.S. Fund Short-Term Bond Category Average2 | 3.84 | 1.33 | 1.23 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | The Bloomberg 1-3 Year U.S. Government/Credit Bond Index is the Fund's primary broad-based securities market index for comparison purposes. The Bloomberg 1-3 Year U.S. Government/Credit Bond Index is an unmanaged index comprised of investment grade, U.S. dollar-denominated, fixed-rate Treasuries, government-related and corporate securities, with maturities of one to three years. Results assume reinvestment of all income. |
2. | The Morningstar U.S. Fund Short-Term Bond Category Average is representative of funds that invest primarily in corporate and other investment-grade U.S. fixed-income issues and typically have durations of 1.0 to 3.5 years. These funds are attractive to fairly conservative investors, because they are less sensitive to interest rates than funds with longer durations. Morningstar calculates monthly breakpoints using the effective duration of the Morningstar Core Bond Index in determining duration assignment. Short-term is defined as 25% to 75% of the three-year average effective duration of the MCBI. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
6 | MainStay Short Term Bond 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 | $1,001.80 | $3.73 | $1,021.47 | $3.77 | 0.74% |
Investor Class Shares | $1,000.00 | $1,000.80 | $4.64 | $1,020.57 | $4.69 | 0.92% |
Class I Shares | $1,000.00 | $1,003.50 | $2.02 | $1,023.19 | $2.04 | 0.40% |
SIMPLE Class Shares | $1,000.00 | $1,000.10 | $5.39 | $1,019.81 | $5.45 | 1.07% |
1. | Expenses are equal to the Fund’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 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. |
1. | U.S. Treasury Notes, 0.25%-5.00%, due 12/31/23–8/15/33 |
2. | iShares 1-5 Year Investment Grade Corporate Bond ETF |
3. | Bank of America Corp., 4.20%-5.202%, due 8/26/24–4/25/29 |
4. | Morgan Stanley, 4.679%-6.138%, due 7/17/26–4/20/29 |
5. | GNMA, 0.43%-5.00%, due 9/20/48–4/16/63 |
6. | Deutsche Bank AG, 6.119%, due 7/14/26 |
7. | Pacific Gas and Electric Co., 3.25%-6.10%, due 2/16/24–3/1/29 |
8. | Barclays plc, 3.65%-7.385%, due 3/16/25–11/2/28 |
9. | FNMA, 1.972%-2.50%, due 2/25/51–8/1/51 |
10. | Invesco US CLO Ltd., 7.212%-7.412%, due 4/22/35–4/21/36 |
8 | MainStay Short Term Bond 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 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. |
3. | Duration is a measure of the price sensitivity of a fixed-income investment to changes in interest rates. Duration is expressed as a number of years and is considered a more accurate sensitivity gauge than average maturity. |
4. | The yield curve is a line that plots the yields of various securities of similar quality—typically U.S. Treasury issues—across a range of maturities. The U.S. Treasury yield curve serves as a benchmark for other debt and is used in economic forecasting. |
5. | An obligation rated ‘AAA’ has the highest rating assigned by Standard & Poor’s (“S&P”), and in the opinion of S&P, the obligor’s capacity to meet its financial commitment on the obligation is extremely strong. An obligation rated ‘AA’ by S&P is deemed by S&P to differ from the highest-rated obligations only to a small degree. In the opinion of S&P, the obligor's capacity to meet its financial commitment on the obligation is very strong. When applied to Fund holdings, ratings are based solely on the creditworthiness of the bonds in the portfolio and are not meant to represent the security or safety of the Fund. |
6. | Convexity is a mathematical measure of the sensitivity of an interest-bearing bond to changes in interest rates. |
10 | MainStay Short Term Bond Fund |
Principal Amount | Value | |
Long-Term Bonds 95.3% | ||
Asset-Backed Securities 10.9% | ||
Automobile Asset-Backed Securities 1.9% | ||
BOF URSA VI Funding Trust I | ||
Series 2023-CAR2, Class A2 | ||
5.542%, due 10/27/31 (a) | $ 558,597 | $ 550,164 |
BOF VII AL Funding Trust I | ||
Series 2023-CAR3, Class A2 | ||
6.291%, due 7/26/32 (a) | 868,076 | 861,743 |
Carvana Auto Receivables Trust | ||
Series 2022-P3, Class A3 | ||
4.61%, due 11/10/27 | 500,000 | 489,284 |
GM Financial Automobile Leasing Trust | ||
Series 2023-1, Class A2A | ||
5.27%, due 6/20/25 | 1,489,816 | 1,485,293 |
3,386,484 | ||
Other Asset-Backed Securities 9.0% | ||
522 Funding CLO Ltd. | ||
Series 2019-4A, Class BR | ||
7.277% (3 Month SOFR + 1.862%), due 4/20/30 (a)(b) | 1,000,000 | 986,858 |
ALLO Issuer LLC | ||
Series 2023-1A, Class A2 | ||
6.20%, due 6/20/53 (a) | 800,000 | 744,068 |
Apidos CLO XXX | ||
Series XXXA, Class A2 | ||
7.257% (3 Month SOFR + 1.862%), due 10/18/31 (a)(b) | 500,000 | 492,876 |
ARES XXXVIII CLO Ltd. | ||
Series 2015-38A, Class BR | ||
7.077% (3 Month SOFR + 1.662%), due 4/20/30 (a)(b) | 500,000 | 488,152 |
Ballyrock CLO 23 Ltd. | ||
Series 2023-23A, Class A1 | ||
7.358% (3 Month SOFR + 1.98%), due 4/25/36 (a)(b) | 500,000 | 500,201 |
Benefit Street Partners CLO XXX Ltd. | ||
Series 2023-30A, Class A | ||
7.478% (3 Month SOFR + 2.10%), due 4/25/36 (a)(b) | 400,000 | 401,408 |
Cook Park CLO Ltd. | ||
Series 2018-1A, Class B | ||
7.064% (3 Month SOFR + 1.662%), due 4/17/30 (a)(b) | 500,000 | 490,964 |
CyrusOne Data Centers Issuer I LLC | ||
Series 2023-1A, Class A2 | ||
4.30%, due 4/20/48 (a) | 500,000 | 437,987 |
Principal Amount | Value | |
Other Asset-Backed Securities (continued) | ||
EDvestinU Private Education Loan Issue No. 3 LLC | ||
Series 2021-A, Class A | ||
1.80%, due 11/25/45 (a) | $ 303,100 | $ 260,027 |
Empower CLO Ltd. | ||
Series 2023-2A, Class A1 | ||
7.54% (3 Month SOFR + 2.20%), due 7/15/36 (a)(b) | 1,000,000 | 1,004,932 |
Invesco US CLO Ltd. (a)(b) | ||
Series 2023-2A, Class A | ||
7.212% (3 Month SOFR + 1.80%), due 4/21/36 | 1,000,000 | 998,032 |
Series 2023-1A, Class A1 | ||
7.412% (3 Month SOFR + 2.00%), due 4/22/35 | 750,000 | 751,182 |
Juniper Valley Park CLO LLC | ||
Series 2023-1A, Class B | ||
7.966% (3 Month SOFR + 2.55%), due 7/20/35 (a)(b) | 750,000 | 750,872 |
MetroNet Infrastructure Issuer LLC (a) | ||
Series 2022-1A, Class A2 | ||
6.35%, due 10/20/52 | 800,000 | 764,384 |
Series 2023-1A, Class A2 | ||
6.56%, due 4/20/53 | 500,000 | 479,486 |
Octagon 67 Ltd. | ||
Series 2023-1A, Class A1 | ||
7.178% (3 Month SOFR + 1.80%), due 4/25/36 (a)(b) | 1,000,000 | 1,000,831 |
Palmer Square CLO Ltd. | ||
Series 2015-2A, Class A2R2 | ||
7.227% (3 Month SOFR + 1.812%), due 7/20/30 (a)(b) | 500,000 | 494,133 |
SMB Private Education Loan Trust | ||
Series 2021-A, Class B | ||
2.31%, due 1/15/53 (a) | 770,000 | 702,491 |
Store Master Funding I-VII XIV XIX XX XXIV | ||
Series 2023-1A, Class A1 | ||
6.19%, due 6/20/53 (a) | 997,917 | 954,211 |
Sunnova Helios XI Issuer LLC | ||
Series 2023-A, Class A | ||
5.30%, due 5/20/50 (a) | 733,226 | 694,142 |
SVC ABS LLC | ||
Series 2023-1A, Class A | ||
5.15%, due 2/20/53 (a) | 782,383 | 724,922 |
Texas Debt Capital CLO Ltd. | ||
Series 2023-2A, Class A | ||
7.362% (3 Month SOFR + 1.95%), due 7/21/35 (a)(b) | 750,000 | 750,642 |
Principal Amount | Value | |
Asset-Backed Securities (continued) | ||
Other Asset-Backed Securities (continued) | ||
Vibrant CLO X Ltd. | ||
Series 2018-10A, Class A1 | ||
6.877% (3 Month SOFR + 1.462%), due 10/20/31 (a)(b) | $ 490,780 | $ 487,165 |
Voya CLO Ltd. (a)(b) | ||
Series 2022-4A, Class A | ||
7.566% (3 Month SOFR + 2.15%), due 10/20/33 | 250,000 | 250,144 |
Series 2022-4A, Class B | ||
8.716% (3 Month SOFR + 3.30%), due 10/20/33 | 250,000 | 250,424 |
15,860,534 | ||
Total Asset-Backed Securities (Cost $19,448,542) | 19,247,018 | |
Corporate Bonds 34.0% | ||
Auto Manufacturers 2.0% | ||
American Honda Finance Corp. | ||
0.55%, due 7/12/24 | 825,000 | 795,918 |
Ford Motor Credit Co. LLC | ||
3.664%, due 9/8/24 | 900,000 | 876,072 |
6.80%, due 5/12/28 | 455,000 | 453,700 |
General Motors Financial Co., Inc. | ||
6.05%, due 10/10/25 | 735,000 | 731,977 |
Hyundai Capital America | ||
5.65%, due 6/26/26 (a) | 565,000 | 557,630 |
Nissan Motor Acceptance Co. LLC (a) | ||
6.95%, due 9/15/26 | 60,000 | 60,165 |
7.05%, due 9/15/28 | 140,000 | 138,268 |
3,613,730 | ||
Banks 19.1% | ||
ABN AMRO Bank NV | ||
6.339% (1 Year Treasury Constant Maturity Rate + 1.65%), due 9/18/27 (a)(b) | 455,000 | 450,016 |
Bank of America Corp. | ||
4.20%, due 8/26/24 | 1,240,000 | 1,219,970 |
5.08%, due 1/20/27 (c) | 1,535,000 | 1,494,269 |
5.202%, due 4/25/29 (c) | 380,000 | 361,291 |
Bank of New York Mellon Corp. (The) (c) | ||
4.543%, due 2/1/29 | 590,000 | 553,568 |
4.947%, due 4/26/27 | 435,000 | 422,773 |
Barclays plc | ||
3.65%, due 3/16/25 | 400,000 | 384,662 |
5.829%, due 5/9/27 (c) | 210,000 | 205,202 |
Principal Amount | Value | |
Banks (continued) | ||
Barclays plc (continued) | ||
7.385% (1 Year Treasury Constant Maturity Rate + 3.30%), due 11/2/28 (b) | $ 1,330,000 | $ 1,344,570 |
Citigroup, Inc. | ||
5.61%, due 9/29/26 (c) | 1,040,000 | 1,026,646 |
Citizens Bank NA | ||
6.064%, due 10/24/25 (c) | 1,055,000 | 1,008,866 |
Cooperatieve Rabobank UA | ||
4.655% (1 Year Treasury Constant Maturity Rate + 1.75%), due 8/22/28 (a)(b) | 310,000 | 290,763 |
Credit Suisse AG | ||
7.95%, due 1/9/25 | 1,010,000 | 1,024,405 |
Danske Bank A/S | ||
6.466% (1 Year Treasury Constant Maturity Rate + 2.10%), due 1/9/26 (a)(b) | 1,625,000 | 1,618,304 |
Deutsche Bank AG | ||
6.119%, due 7/14/26 (c) | 2,090,000 | 2,057,523 |
Fifth Third Bank NA | ||
5.852%, due 10/27/25 (c) | 1,040,000 | 1,013,145 |
Goldman Sachs Group, Inc. (The) | ||
5.70%, due 11/1/24 | 280,000 | 278,945 |
HSBC Holdings plc | ||
7.336%, due 11/3/26 (c) | 840,000 | 854,498 |
HSBC USA, Inc. | ||
5.625%, due 3/17/25 | 1,165,000 | 1,157,422 |
Huntington National Bank (The) (c) | ||
4.008%, due 5/16/25 | 580,000 | 563,300 |
5.699%, due 11/18/25 | 295,000 | 286,420 |
ING Groep NV | ||
6.083%, due 9/11/27 (c) | 635,000 | 628,941 |
JPMorgan Chase & Co. (c) | ||
3.54%, due 5/1/28 | 650,000 | 594,969 |
5.546%, due 12/15/25 | 525,000 | 521,056 |
KeyBank NA | ||
3.30%, due 6/1/25 | 526,000 | 487,869 |
4.15%, due 8/8/25 | 540,000 | 502,205 |
4.70%, due 1/26/26 | 250,000 | 232,187 |
Lloyds Banking Group plc | ||
3.75%, due 1/11/27 | 835,000 | 767,718 |
Manufacturers & Traders Trust Co. | ||
4.70%, due 1/27/28 | 485,000 | 439,496 |
5.40%, due 11/21/25 | 915,000 | 885,418 |
12 | MainStay Short Term Bond Fund |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Banks (continued) | ||
Mitsubishi UFJ Financial Group, Inc. | ||
5.354% (1 Year Treasury Constant Maturity Rate + 1.90%), due 9/13/28 (b) | $ 205,000 | $ 198,448 |
Morgan Stanley (c) | ||
4.679%, due 7/17/26 | 450,000 | 437,246 |
5.164%, due 4/20/29 | 1,040,000 | 989,485 |
6.138%, due 10/16/26 | 1,000,000 | 997,213 |
Morgan Stanley Bank NA | ||
4.754%, due 4/21/26 | 620,000 | 603,907 |
National Securities Clearing Corp. | ||
5.15%, due 5/30/25 (a) | 250,000 | 248,190 |
PNC Financial Services Group, Inc. (The) (c) | ||
4.758%, due 1/26/27 | 260,000 | 250,229 |
5.582%, due 6/12/29 | 225,000 | 215,428 |
5.812%, due 6/12/26 | 475,000 | 468,701 |
6.615%, due 10/20/27 | 610,000 | 611,516 |
Royal Bank of Canada | ||
5.66%, due 10/25/24 | 430,000 | 428,592 |
Societe Generale SA | ||
6.446% (1 Year Treasury Constant Maturity Rate + 2.55%), due 1/10/29 (a)(b) | 745,000 | 727,895 |
State Street Corp. | ||
4.857%, due 1/26/26 (c) | 180,000 | 176,930 |
Toronto-Dominion Bank (The) | ||
4.285%, due 9/13/24 | 350,000 | 345,042 |
Truist Financial Corp. | ||
7.161%, due 10/30/29 (c) | 300,000 | 301,769 |
U.S. Bancorp (c) | ||
4.653%, due 2/1/29 | 430,000 | 396,920 |
5.775%, due 6/12/29 | 845,000 | 812,519 |
6.787%, due 10/26/27 | 440,000 | 443,291 |
UBS Group AG | ||
6.327% (1 Year Treasury Constant Maturity Rate + 1.60%), due 12/22/27 (a)(b) | 625,000 | 618,703 |
Wells Fargo & Co. (c) | ||
4.54%, due 8/15/26 | 1,045,000 | 1,012,711 |
6.303%, due 10/23/29 | 700,000 | 694,211 |
33,655,363 | ||
Biotechnology 0.4% | ||
Amgen, Inc. | ||
5.15%, due 3/2/28 | 665,000 | 649,027 |
Principal Amount | Value | |
Chemicals 0.4% | ||
Celanese US Holdings LLC | ||
6.33%, due 7/15/29 | $ 395,000 | $ 380,755 |
6.55%, due 11/15/30 | 260,000 | 250,081 |
630,836 | ||
Diversified Financial Services 3.3% | ||
AerCap Ireland Capital DAC | ||
1.65%, due 10/29/24 | 1,190,000 | 1,134,720 |
Air Lease Corp. | ||
0.80%, due 8/18/24 | 1,005,000 | 961,012 |
American Express Co. | ||
6.489%, due 10/30/31 (c) | 440,000 | 440,661 |
Antares Holdings LP (a) | ||
3.75%, due 7/15/27 | 250,000 | 212,359 |
3.95%, due 7/15/26 | 250,000 | 224,874 |
7.95%, due 8/11/28 | 500,000 | 489,081 |
Blackstone Holdings Finance Co. LLC | ||
5.90%, due 11/3/27 (a) | 475,000 | 470,462 |
Capital One Financial Corp. | ||
4.985%, due 7/24/26 (c) | 345,000 | 332,619 |
Intercontinental Exchange, Inc. | ||
3.65%, due 5/23/25 | 1,040,000 | 1,005,534 |
4.00%, due 9/15/27 | 545,000 | 510,392 |
5,781,714 | ||
Electric 3.6% | ||
Duke Energy Corp. | ||
2.45%, due 6/1/30 | 320,000 | 255,010 |
Enel Finance America LLC | ||
7.10%, due 10/14/27 (a) | 200,000 | 204,505 |
Florida Power & Light Co. | ||
5.05%, due 4/1/28 | 595,000 | 582,154 |
National Rural Utilities Cooperative Finance Corp. | ||
5.05%, due 9/15/28 | 375,000 | 364,222 |
NextEra Energy Capital Holdings, Inc. | ||
5.78% (SOFR + 0.40%), due 11/3/23 (b) | 1,285,000 | 1,285,000 |
6.051%, due 3/1/25 | 360,000 | 359,794 |
Pacific Gas and Electric Co. | ||
3.25%, due 2/16/24 | 1,145,000 | 1,134,982 |
4.20%, due 3/1/29 | 246,000 | 214,322 |
5.45%, due 6/15/27 | 290,000 | 277,088 |
6.10%, due 1/15/29 | 395,000 | 380,046 |
Southern California Edison Co. | ||
5.30%, due 3/1/28 | 355,000 | 347,071 |
5.85%, due 11/1/27 | 555,000 | 554,196 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Electric (continued) | ||
Southern Co. (The) | ||
5.15%, due 10/6/25 | $ 370,000 | $ 365,606 |
6,323,996 | ||
Entertainment 0.2% | ||
Warnermedia Holdings, Inc. | ||
3.755%, due 3/15/27 | 305,000 | 280,783 |
Healthcare-Products 0.1% | ||
Baxter International, Inc. | ||
2.272%, due 12/1/28 | 170,000 | 140,678 |
Healthcare-Services 0.2% | ||
HCA, Inc. | ||
5.20%, due 6/1/28 | 435,000 | 414,169 |
Insurance 0.1% | ||
Corebridge Financial, Inc. | ||
3.50%, due 4/4/25 | 240,000 | 230,749 |
Internet 0.2% | ||
Meta Platforms, Inc. | ||
3.50%, due 8/15/27 | 450,000 | 423,076 |
Investment Companies 0.1% | ||
Blackstone Private Credit Fund | ||
7.05%, due 9/29/25 | 275,000 | 273,950 |
Media 0.3% | ||
Charter Communications Operating LLC | ||
4.908%, due 7/23/25 | 305,000 | 298,222 |
Paramount Global | ||
4.00%, due 1/15/26 | 165,000 | 156,617 |
454,839 | ||
Packaging & Containers 0.1% | ||
Berry Global, Inc. | ||
5.50%, due 4/15/28 (a) | 155,000 | 148,330 |
Pharmaceuticals 0.2% | ||
Becton Dickinson & Co. | ||
4.693%, due 2/13/28 | 185,000 | 177,085 |
CVS Health Corp. | ||
4.30%, due 3/25/28 | 115,000 | 107,742 |
284,827 |
Principal Amount | Value | |
Pipelines 1.5% | ||
Cheniere Energy, Inc. | ||
4.625%, due 10/15/28 | $ 655,000 | $ 598,470 |
Energy Transfer LP | ||
5.55%, due 2/15/28 | 385,000 | 373,758 |
Kinder Morgan Energy Partners LP | ||
4.15%, due 2/1/24 | 745,000 | 741,053 |
ONEOK, Inc. | ||
5.55%, due 11/1/26 | 265,000 | 261,799 |
5.85%, due 1/15/26 | 275,000 | 274,727 |
Plains All American Pipeline LP | ||
4.50%, due 12/15/26 | 390,000 | 371,676 |
2,621,483 | ||
Semiconductors 0.6% | ||
Broadcom Corp. | ||
3.875%, due 1/15/27 | 500,000 | 467,331 |
Intel Corp. | ||
4.875%, due 2/10/28 | 425,000 | 413,724 |
Micron Technology, Inc. | ||
4.975%, due 2/6/26 | 265,000 | 258,249 |
1,139,304 | ||
Software 0.6% | ||
Oracle Corp. | ||
1.65%, due 3/25/26 | 1,140,000 | 1,033,967 |
Telecommunications 0.7% | ||
AT&T, Inc. | ||
1.70%, due 3/25/26 | 780,000 | 707,975 |
T-Mobile USA, Inc. | ||
2.625%, due 4/15/26 | 500,000 | 462,114 |
1,170,089 | ||
Trucking & Leasing 0.3% | ||
Penske Truck Leasing Co. LP (a) | ||
5.75%, due 5/24/26 | 330,000 | 324,613 |
6.05%, due 8/1/28 | 185,000 | 181,501 |
506,114 | ||
Total Corporate Bonds (Cost $60,930,428) | 59,777,024 | |
Mortgage-Backed Securities 8.1% | ||
Agency (Collateralized Mortgage Obligations) 2.8% | ||
FHLMC, Strips (d) | ||
Series 390, Class C22 | ||
2.00%, due 4/15/37 | 4,639,138 | 357,073 |
14 | MainStay Short Term Bond Fund |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Agency (Collateralized Mortgage Obligations) (continued) | ||
FHLMC, Strips (d) (continued) | ||
Series 390, Class C5 | ||
2.00%, due 4/15/42 | $ 4,743,919 | $ 427,012 |
FNMA (d) | ||
REMIC, Series 2023-2, Class DI | ||
2.00%, due 5/25/51 | 4,325,002 | 559,363 |
REMIC, Series 2021-3, Class TI | ||
2.50%, due 2/25/51 | 4,310,431 | 690,868 |
FNMA, Strips | ||
REMIC, Series 432, Class C2 | ||
2.00%, due 7/25/37 (d) | 12,990,726 | 950,936 |
GNMA | ||
Series 2023-66, Class BC | ||
5.00%, due 9/20/48 | 989,271 | 942,130 |
UMBS, Single Family, 30 Year (e) | ||
5.50%, due 11/25/53 TBA | 500,000 | 474,219 |
6.50%, due 11/25/53 TBA | 500,000 | 496,951 |
4,898,552 | ||
Commercial Mortgage Loans (Collateralized Mortgage Obligations) 2.2% | ||
BWAY Mortgage Trust | ||
Series 2013-1515, Class A2 | ||
3.454%, due 3/10/33 (a) | 775,000 | 726,386 |
CENT Trust | ||
Series 2023-CITY, Class A | ||
7.954% (1 Month SOFR + 2.62%), due 9/15/28 (a)(b) | 750,000 | 752,346 |
FHLMC, Multifamily Structured Pass-Through Certificates | ||
Series K112, Class X1 | ||
1.433%, due 5/25/30 (d)(f) | 3,609,970 | 260,791 |
FNMA, ACES | ||
REMIC, Series 2019-M12, Class X3 | ||
0.602%, due 6/25/29 (d)(f) | 13,000,000 | 372,836 |
GNMA (d)(f) | ||
Series 2023-127 | ||
0.43%, due 7/16/57 | 19,678,838 | 310,727 |
Series 2023-108 | ||
0.70%, due 8/16/59 | 17,004,656 | 589,039 |
Series 2021-106 | ||
0.859%, due 4/16/63 | 8,101,197 | 521,624 |
Houston Galleria Mall Trust | ||
Series 2015-HGLR, Class A1A2 | ||
3.087%, due 3/5/37 (a) | 500,000 | 469,505 |
4,003,254 |
Principal Amount | Value | |
Whole Loan (Collateralized Mortgage Obligations) 3.1% | ||
A&D Mortgage Trust (a)(g) | ||
Series 2023-NQM3, Class A1 | ||
6.733%, due 7/25/68 | $ 982,512 | $ 975,966 |
Series 2023-NQM4, Class A1 | ||
7.472%, due 9/25/68 | 750,000 | 749,699 |
BRAVO Residential Funding Trust | ||
Series 2023-NQM4, Class A1 | ||
6.435%, due 5/25/63 (a)(g) | 930,655 | 919,211 |
COLT Mortgage Loan Trust | ||
Series 2023-3, Class A1 | ||
7.18%, due 9/25/68 (a)(g) | 743,920 | 745,551 |
GCAT Trust | ||
Series 2023-NQM3, Class A1 | ||
6.889%, due 8/25/68 (a)(h) | 746,596 | 745,088 |
HOMES Trust | ||
Series 2023-NQM2, Class A1 | ||
6.456%, due 2/25/68 (a)(g) | 945,014 | 935,440 |
OBX Trust | ||
Series 2023-NQM2, Class A1 | ||
6.319%, due 1/25/62 (a)(g) | 365,818 | 361,790 |
5,432,745 | ||
Total Mortgage-Backed Securities (Cost $14,522,405) | 14,334,551 | |
U.S. Government & Federal Agencies 42.3% | ||
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Security) 0.3% | ||
FHLB | ||
5.75%, due 3/9/28 | 525,000 | 518,032 |
Federal National Mortgage Association (Mortgage Pass-Through Securities) 0.6% | ||
FNMA | ||
1.972% (SOFR 30A + 2.076%), due 8/1/51 (b) | 740,244 | 619,856 |
UMBS, 30 Year | ||
6.00%, due 9/1/53 | 541,635 | 531,253 |
1,151,109 | ||
United States Treasury Notes 41.4% | ||
U.S. Treasury Notes | ||
0.25%, due 5/15/24 | 5,300,000 | 5,152,594 |
2.25%, due 12/31/23 | 1,070,000 | 1,064,346 |
2.25%, due 4/30/24 | 3,000,000 | 2,952,070 |
2.50%, due 5/15/24 | 20,000,000 | 19,682,031 |
2.625%, due 12/31/23 | 2,355,000 | 2,343,957 |
3.875%, due 8/15/33 | 3,105,000 | 2,858,056 |
Principal Amount | Value | ||
U.S. Government & Federal Agencies (continued) | |||
United States Treasury Notes (continued) | |||
U.S. Treasury Notes (continued) | |||
4.25%, due 9/30/24 | $ 2,500,000 | $ 2,473,047 | |
4.625%, due 10/15/26 | 3,005,000 | 2,982,697 | |
4.875%, due 10/31/28 | 1,460,000 | 1,463,080 | |
5.00%, due 10/31/25 | 31,925,000 | 31,886,341 | |
72,858,219 | |||
Total U.S. Government & Federal Agencies (Cost $74,802,020) | 74,527,360 | ||
Total Long-Term Bonds (Cost $169,703,395) | 167,885,953 | ||
Shares | |||
Exchange-Traded Fund 2.3% | |||
iShares 1-5 Year Investment Grade Corporate Bond ETF | 80,301 | 3,988,551 | |
Total Exchange-Traded Fund (Cost $4,041,019) | 3,988,551 | ||
Short-Term Investment 1.6% | |||
Unaffiliated Investment Company 1.6% | |||
JPMorgan U.S. Government Money Market Fund, IM Class, 5.283% (i) | 2,775,321 | 2,775,321 | |
Total Short-Term Investment (Cost $2,775,321) | 2,775,321 | ||
Total Investments (Cost $176,519,735) | 99.2% | 174,649,825 | |
Other Assets, Less Liabilities | 0.8 | 1,430,242 | |
Net Assets | 100.0% | $ 176,080,067 |
† | Percentages indicated are based on Fund net assets. |
^ | Industry classifications may be different than those used for compliance monitoring purposes. |
(a) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
(b) | Floating rate—Rate shown was the rate in effect as of October 31, 2023. |
(c) | Fixed to floating rate—Rate shown was the rate in effect as of October 31, 2023. |
(d) | Collateralized Mortgage Obligation Interest Only Strip—Pays a fixed or variable rate of interest based on mortgage loans or mortgage pass-through securities. The principal amount of the underlying pool represents the notional amount on which the current interest was calculated. The value of these stripped securities may be particularly sensitive to changes in prevailing interest rates and are typically more sensitive to changes in prepayment rates than traditional mortgage-backed securities. |
(e) | TBA—Security purchased on a forward commitment basis with an approximate principal amount and maturity date. The actual principal amount and maturity date will be determined upon settlement. As of October 31, 2023, the total net market value was $971,170, which represented 0.6% of the Fund’s net assets. All or a portion of this security is a part of a mortgage dollar roll agreement. |
(f) | Collateral strip rate—A bond whose interest was based on the weighted net interest rate of the collateral. The coupon rate adjusts periodically based on a predetermined schedule. Rate shown was the rate in effect as of October 31, 2023. |
(g) | Step coupon—Rate shown was the rate in effect as of October 31, 2023. |
(h) | Coupon rate may change based on changes of the underlying collateral or prepayments of principal. Rate shown was the rate in effect as of October 31, 2023. |
(i) | Current yield as of October 31, 2023. |
Type | Number of Contracts | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)2 |
Long Contracts | |||||
U.S. Treasury 2 Year Notes | 224 | December 2023 | $ 45,559,564 | $ 45,342,500 | $ (217,064) |
Short Contracts | |||||
U.S. Treasury 5 Year Notes | (56) | December 2023 | (5,894,414) | (5,850,687) | 43,727 |
U.S. Treasury 10 Year Notes | (16) | December 2023 | (1,764,540) | (1,698,750) | 65,790 |
U.S. Treasury 10 Year Ultra Bonds | (29) | December 2023 | (3,337,666) | (3,156,016) | 181,650 |
U.S. Treasury Long Bonds | (4) | December 2023 | (433,742) | (437,750) | (4,008) |
16 | MainStay Short Term Bond Fund |
Type | Number of Contracts | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)2 |
U.S. Treasury Ultra Bonds | (1) | December 2023 | $ (115,748) | $ (112,562) | $ 3,186 |
Total Short Contracts | 290,345 | ||||
Net Unrealized Appreciation | $ 73,281 |
1. | As of October 31, 2023, cash in the amount of $235,102 was on deposit with a broker or futures commission merchant for futures transactions. |
2. | Represents the difference between the value of the contracts at the time they were opened and the value as of October 31, 2023. |
Abbreviation(s): |
ACES—Alternative Credit Enhancement Securities |
CLO—Collateralized Loan Obligation |
ETF—Exchange-Traded Fund |
FHLB—Federal Home Loan Bank |
FHLMC—Federal Home Loan Mortgage Corp. |
FNMA—Federal National Mortgage Association |
GNMA—Government National Mortgage Association |
REMIC—Real Estate Mortgage Investment Conduit |
SOFR—Secured Overnight Financing Rate |
SVC—El Salvador Colon |
TBA—To Be Announced |
UMBS—Uniform Mortgage Backed Securities |
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) | |||||||
Long-Term Bonds | |||||||
Asset-Backed Securities | $ — | $ 19,247,018 | $ — | $ 19,247,018 | |||
Corporate Bonds | — | 59,777,024 | — | 59,777,024 | |||
Mortgage-Backed Securities | — | 14,334,551 | — | 14,334,551 | |||
U.S. Government & Federal Agencies | — | 74,527,360 | — | 74,527,360 | |||
Total Long-Term Bonds | — | 167,885,953 | — | 167,885,953 | |||
Exchange-Traded Fund | 3,988,551 | — | — | 3,988,551 | |||
Short-Term Investment | |||||||
Unaffiliated Investment Company | 2,775,321 | — | — | 2,775,321 | |||
Total Investments in Securities | 6,763,872 | 167,885,953 | — | 174,649,825 | |||
Other Financial Instruments | |||||||
Futures Contracts (b) | 294,353 | — | — | 294,353 | |||
Total Investments in Securities and Other Financial Instruments | $ 7,058,225 | $ 167,885,953 | $ — | $ 174,944,178 | |||
Liability Valuation Inputs | |||||||
Other Financial Instruments | |||||||
Futures Contracts (b) | $ (221,072) | $ — | $ — | $ (221,072) |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
(b) | The value listed for these securities reflects unrealized appreciation (depreciation) as shown on the Portfolio of Investments. |
18 | MainStay Short Term Bond Fund |
Assets | |
Investment in securities, at value (identified cost $176,519,735) | $174,649,825 |
Cash | 3,000,000 |
Cash collateral on deposit at broker for futures contracts | 235,102 |
Receivables: | |
Investment securities sold | 1,552,883 |
Interest | 1,212,038 |
Fund shares sold | 492,553 |
Other assets | 42,815 |
Total assets | 181,185,216 |
Liabilities | |
Payables: | |
Investment securities purchased | 4,736,516 |
Fund shares redeemed | 247,717 |
Transfer agent (See Note 3) | 28,488 |
Variation margin on futures contracts | 25,897 |
Manager (See Note 3) | 24,990 |
NYLIFE Distributors (See Note 3) | 11,943 |
Professional fees | 10,959 |
Custodian | 10,498 |
Shareholder communication | 1,043 |
Trustees | 28 |
Accrued expenses | 1,359 |
Distributions payable | 5,711 |
Total liabilities | 5,105,149 |
Net assets | $176,080,067 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 19,670 |
Additional paid-in-capital | 184,531,036 |
184,550,706 | |
Total distributable earnings (loss) | (8,470,639) |
Net assets | $176,080,067 |
Class A | |
Net assets applicable to outstanding shares | $ 54,946,391 |
Shares of beneficial interest outstanding | 6,143,144 |
Net asset value per share outstanding | $ 8.94 |
Maximum sales charge (1.00% of offering price) | 0.09 |
Maximum offering price per share outstanding | $ 9.03 |
Investor Class | |
Net assets applicable to outstanding shares | $ 2,108,165 |
Shares of beneficial interest outstanding | 234,038 |
Net asset value per share outstanding | $ 9.01 |
Maximum sales charge (0.50% of offering price) | 0.05 |
Maximum offering price per share outstanding | $ 9.06 |
Class I | |
Net assets applicable to outstanding shares | $118,981,154 |
Shares of beneficial interest outstanding | 13,287,953 |
Net asset value and offering price per share outstanding | $ 8.95 |
SIMPLE Class | |
Net assets applicable to outstanding shares | $ 44,357 |
Shares of beneficial interest outstanding | 4,926 |
Net asset value and offering price per share outstanding | $ 9.00 |
Investment Income (Loss) | |
Income | |
Interest | $ 6,720,802 |
Dividends | 83,502 |
Total income | 6,804,304 |
Expenses | |
Manager (See Note 3) | 353,110 |
Transfer agent (See Note 3) | 148,705 |
Distribution/Service—Class A (See Note 3) | 136,571 |
Distribution/Service—Investor Class (See Note 3) | 5,644 |
Distribution/Service—SIMPLE Class (See Note 3) | 193 |
Professional fees | 86,529 |
Registration | 67,877 |
Custodian | 33,396 |
Shareholder communication | 6,269 |
Trustees | 3,671 |
Miscellaneous | 2,809 |
Total expenses before waiver/reimbursement | 844,774 |
Expense waiver/reimbursement from Manager (See Note 3) | (76,274) |
Reimbursement from prior custodian(a) | (197) |
Net expenses | 768,303 |
Net investment income (loss) | 6,036,001 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Investment transactions | (3,237,960) |
Futures transactions | (476,339) |
Net realized gain (loss) | (3,714,299) |
Net change in unrealized appreciation (depreciation) on: | |
Investments | 1,117,090 |
Futures contracts | 26,493 |
Net change in unrealized appreciation (depreciation) | 1,143,583 |
Net realized and unrealized gain (loss) | (2,570,716) |
Net increase (decrease) in net assets resulting from operations | $ 3,465,285 |
(a) | Represents a refund for overbilling of custody fees. |
20 | MainStay Short Term Bond Fund |
for the years ended October 31, 2023 and October 31, 2022
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 6,036,001 | $ 1,165,967 |
Net realized gain (loss) | (3,714,299) | (2,819,854) |
Net change in unrealized appreciation (depreciation) | 1,143,583 | (3,121,019) |
Net increase (decrease) in net assets resulting from operations | 3,465,285 | (4,774,906) |
Distributions to shareholders: | ||
Class A | (2,107,106) | (962,450) |
Investor Class | (82,020) | (39,806) |
Class I | (3,851,715) | (477,164) |
SIMPLE Class | (1,393) | (375) |
Total distributions to shareholders | (6,042,234) | (1,479,795) |
Capital share transactions: | ||
Net proceeds from sales of shares | 162,985,768 | 60,298,526 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 5,982,196 | 1,347,322 |
Cost of shares redeemed | (80,460,861) | (74,124,094) |
Increase (decrease) in net assets derived from capital share transactions | 88,507,103 | (12,478,246) |
Net increase (decrease) in net assets | 85,930,154 | (18,732,947) |
Net Assets | ||
Beginning of year | 90,149,913 | 108,882,860 |
End of year | $176,080,067 | $ 90,149,913 |
Year Ended October 31, | |||||||||
Class A | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 9.03 | $ 9.78 | $ 10.72 | $ 10.91 | $ 10.09 | ||||
Net investment income (loss) | 0.36(a) | 0.14(a) | 0.07(a) | 0.15 | 0.27 | ||||
Net realized and unrealized gain (loss) | (0.10) | (0.74) | (0.01) | 0.05 | 0.82 | ||||
Total from investment operations | 0.26 | (0.60) | 0.06 | 0.20 | 1.09 | ||||
Less distributions: | |||||||||
From net investment income | (0.35) | (0.13) | (0.08) | (0.17) | (0.27) | ||||
From net realized gain on investments | — | (0.02) | (0.92) | (0.22) | — | ||||
Total distributions | (0.35) | (0.15) | (1.00) | (0.39) | (0.27) | ||||
Net asset value at end of year | $ 8.94 | $ 9.03 | $ 9.78 | $ 10.72 | $ 10.91 | ||||
Total investment return (b) | 2.92% | (6.08)% | 0.59% | 2.00% | 10.77% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 3.94% | 1.45% | 0.70% | 1.32% | 2.50% | ||||
Net expenses (c) | 0.75% | 0.76% | 0.72% | 0.72% | 0.60% | ||||
Expenses (before waiver/reimbursement) (c) | 0.75% | 0.88% | 0.77% | 0.75% | 0.60% | ||||
Portfolio turnover rate | 495%(d) | 279%(d) | 236% | 299%(d) | 75%(d) | ||||
Net assets at end of year (in 000’s) | $ 54,946 | $ 54,971 | $ 60,444 | $ 43,452 | $ 23,771 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | 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) | The portfolio turnover rates not including mortgage dollar rolls were 495%, 271%, 298%, and 72% for the years ended October 31, 2023, 2022, 2020 and 2019, respectively. |
Year Ended October 31, | |||||||||
Investor Class | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 9.09 | $ 9.85 | $ 10.79 | $ 10.97 | $ 10.15 | ||||
Net investment income (loss) | 0.34(a) | 0.12(a) | 0.05(a) | 0.13 | 0.23 | ||||
Net realized and unrealized gain (loss) | (0.08) | (0.74) | — | 0.06 | 0.82 | ||||
Total from investment operations | 0.26 | (0.62) | 0.05 | 0.19 | 1.05 | ||||
Less distributions: | |||||||||
From net investment income | (0.34) | (0.12) | (0.07) | (0.15) | (0.23) | ||||
From net realized gain on investments | — | (0.02) | (0.92) | (0.22) | — | ||||
Total distributions | (0.34) | (0.14) | (0.99) | (0.37) | (0.23) | ||||
Net asset value at end of year | $ 9.01 | $ 9.09 | $ 9.85 | $ 10.79 | $ 10.97 | ||||
Total investment return (b) | 2.83% | (6.28)% | 0.44% | 1.76% | 10.46% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 3.76% | 1.27% | 0.51% | 1.18% | 2.18% | ||||
Net expenses (c) | 0.92% | 0.92% | 0.92% | 0.92% | 0.92% | ||||
Expenses (before waiver/reimbursement) (c) | 1.27% | 1.32% | 1.29% | 1.22% | 1.12% | ||||
Portfolio turnover rate | 495%(d) | 279%(d) | 236% | 299%(d) | 75%(d) | ||||
Net assets at end of year (in 000's) | $ 2,108 | $ 2,396 | $ 3,124 | $ 3,376 | $ 3,433 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | 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) | The portfolio turnover rates not including mortgage dollar rolls were 495%, 271%, 298%, and 72% for the years ended October 31, 2023, 2022, 2020 and 2019, respectively. |
22 | MainStay Short Term Bond Fund |
Year Ended October 31, | |||||||||
Class I | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 9.04 | $ 9.79 | $ 10.74 | $ 10.92 | $ 10.10 | ||||
Net investment income (loss) | 0.41(a) | 0.16(a) | 0.10(a) | 0.25 | 0.29 | ||||
Net realized and unrealized gain (loss) | (0.12) | (0.72) | (0.01) | (0.01) | 0.82 | ||||
Total from investment operations | 0.29 | (0.56) | 0.09 | 0.24 | 1.11 | ||||
Less distributions: | |||||||||
From net investment income | (0.38) | (0.17) | (0.12) | (0.20) | (0.29) | ||||
From net realized gain on investments | — | (0.02) | (0.92) | (0.22) | — | ||||
Total distributions | (0.38) | (0.19) | (1.04) | (0.42) | (0.29) | ||||
Net asset value at end of year | $ 8.95 | $ 9.04 | $ 9.79 | $ 10.74 | $ 10.92 | ||||
Total investment return (b) | 3.27% | (5.74)% | 0.87% | 2.29% | 11.14% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 4.50% | 1.64% | 1.02% | 1.78% | 2.77% | ||||
Net expenses (c) | 0.40% | 0.40% | 0.40% | 0.40% | 0.35% | ||||
Expenses (before waiver/reimbursement) (c) | 0.48% | 0.60% | 0.52% | 0.48% | 0.35% | ||||
Portfolio turnover rate | 495%(d) | 279%(d) | 236% | 299%(d) | 75%(d) | ||||
Net assets at end of year (in 000’s) | $ 118,981 | $ 32,750 | $ 45,291 | $ 33,330 | $ 290,411 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. 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) | The portfolio turnover rates not including mortgage dollar rolls were 495%, 271%, 298%, and 72% for the years ended October 31, 2023, 2022, 2020 and 2019, respectively. |
Year Ended October 31, | August 31, 2020^ through October 31, | ||||||
SIMPLE Class | 2023 | 2022 | 2021 | 2020 | |||
Net asset value at beginning of period | $ 9.09 | $ 9.85 | $ 10.79 | $ 10.82* | |||
Net investment income (loss) (a) | 0.33 | 0.11 | 0.03 | 0.01 | |||
Net realized and unrealized gain (loss) | (0.10) | (0.75) | (0.01) | (0.03) | |||
Total from investment operations | 0.23 | (0.64) | 0.02 | (0.02) | |||
Less distributions: | |||||||
From net investment income | (0.32) | (0.10) | (0.04) | (0.01) | |||
From net realized gain on investments | — | (0.02) | (0.92) | — | |||
Total distributions | (0.32) | (0.12) | (0.96) | (0.01) | |||
Net asset value at end of period | $ 9.00 | $ 9.09 | $ 9.85 | $ 10.79 | |||
Total investment return (b) | 2.56% | (6.49)% | 0.18% | (0.17)% | |||
Ratios (to average net assets)/Supplemental Data: | |||||||
Net investment income (loss) | 3.65% | 1.16% | 0.27% | 0.38%†† | |||
Net expenses (c) | 1.08% | 1.17% | 1.17% | 1.17%†† | |||
Expenses (before waiver/reimbursement) (c) | 1.08% | 1.56% | 1.54% | 1.55%†† | |||
Portfolio turnover rate | 495%(d) | 279%(d) | 236% | 299%(d) | |||
Net assets at end of period (in 000’s) | $ 44 | $ 32 | $ 25 | $ 25 |
^ | Inception date. |
* | Based on the net asset value of Investor Class as of August 31, 2020. |
†† | 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. |
(d) | The portfolio turnover rate not including mortgage dollar rolls was 495%, 271% and 298% for the year ended October 31, 2023, 2022 and 2020. |
24 | MainStay Short Term Bond Fund |
Class | Commenced Operations |
Class A | January 2, 2004 |
Investor Class | February 28, 2008 |
Class I | January 2, 1991 |
SIMPLE Class | August 31, 2020 |
• | Level 1—quoted prices (unadjusted) in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Fund's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• Benchmark yields | • Reported trades |
• Broker/dealer quotes | • Issuer spreads |
• Two-sided markets | • Benchmark securities |
• Bids/offers | • Reference data (corporate actions or material event notices) |
• Industry and economic events | • Comparable bonds |
• Monthly payment information |
26 | MainStay Short Term Bond Fund |
28 | MainStay Short Term Bond Fund |
Asset Derivatives | Interest Rate Contracts Risk | Total |
Futures Contracts - Net Assets—Net unrealized appreciation on futures contracts (a) | $294,353 | $294,353 |
Total Fair Value | $294,353 | $294,353 |
(a) | Includes cumulative appreciation (depreciation) of futures contracts as reported in the Portfolio of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Liability Derivatives | Interest Rate Contracts Risk | Total |
Futures Contracts - Net Assets—Net unrealized depreciation on futures contracts (a) | $(221,072) | $(221,072) |
Total Fair Value | $(221,072) | $(221,072) |
(a) | Includes cumulative appreciation (depreciation) of futures contracts as reported in the Portfolio of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Net Realized Gain (Loss) from: | Interest Rate Contracts Risk | Total |
Futures Transactions | $(476,339) | $(476,339) |
Total Net Realized Gain (Loss) | $(476,339) | $(476,339) |
Net Change in Unrealized Appreciation (Depreciation) | Interest Rate Contracts Risk | Total |
Futures Contracts | $26,493 | $26,493 |
Total Net Change in Unrealized Appreciation (Depreciation) | $26,493 | $26,493 |
Average Notional Amount | Total |
Futures Contracts Long | $ 29,890,917 |
Futures Contracts Short | $(11,498,206) |
30 | MainStay Short Term Bond Fund |
Class | Expense | Waived |
Class A | $53,044 | $— |
Investor Class | 13,947 | — |
Class I | 81,642 | — |
SIMPLE Class | 72 | — |
SIMPLE Class | $23,884 | 53.8% |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $176,576,754 | $109,001 | $(2,045,708) | $(1,936,707) |
Ordinary Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$3,366 | $(6,541,364) | $(5,711) | $(1,926,930) | $(8,470,639) |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $2,263 | $4,269 |
2023 | 2022 | |
Distributions paid from: | ||
Ordinary Income | $6,042,234 | $1,203,524 |
Long-Term Capital Gains | — | 276,271 |
Total | $6,042,234 | $1,479,795 |
Class A | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 3,939,187 | $ 35,697,507 |
Shares issued to shareholders in reinvestment of distributions | 229,448 | 2,076,463 |
Shares redeemed | (4,130,887) | (37,468,141) |
Net increase (decrease) in shares outstanding before conversion | 37,748 | 305,829 |
Shares converted into Class A (See Note 1) | 16,580 | 150,532 |
Net increase (decrease) | 54,328 | $ 456,361 |
Year ended October 31, 2022: | ||
Shares sold | 3,689,130 | $ 34,875,937 |
Shares issued to shareholders in reinvestment of distributions | 102,112 | 953,061 |
Shares redeemed | (3,903,521) | (36,945,586) |
Net increase (decrease) in shares outstanding before conversion | (112,279) | (1,116,588) |
Shares converted into Class A (See Note 1) | 21,538 | 200,420 |
Net increase (decrease) | (90,741) | $ (916,168) |
32 | MainStay Short Term Bond Fund |
Investor Class | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 35,097 | $ 320,914 |
Shares issued to shareholders in reinvestment of distributions | 8,804 | 80,253 |
Shares redeemed | (56,997) | (521,066) |
Net increase (decrease) in shares outstanding before conversion | (13,096) | (119,899) |
Shares converted from Investor Class (See Note 1) | (16,468) | (150,532) |
Net increase (decrease) | (29,564) | $ (270,431) |
Year ended October 31, 2022: | ||
Shares sold | 45,619 | $ 432,794 |
Shares issued to shareholders in reinvestment of distributions | 4,154 | 39,036 |
Shares redeemed | (81,996) | (788,606) |
Net increase (decrease) in shares outstanding before conversion | (32,223) | (316,776) |
Shares converted from Investor Class (See Note 1) | (21,390) | (200,420) |
Net increase (decrease) | (53,613) | $ (517,196) |
Class I | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 13,917,702 | $126,956,359 |
Shares issued to shareholders in reinvestment of distributions | 423,006 | 3,824,087 |
Shares redeemed | (4,676,682) | (42,471,634) |
Net increase (decrease) | 9,664,026 | $ 88,308,812 |
Year ended October 31, 2022: | ||
Shares sold | 2,731,378 | $ 24,980,514 |
Shares issued to shareholders in reinvestment of distributions | 38,073 | 354,850 |
Shares redeemed | (3,771,982) | (36,389,902) |
Net increase (decrease) | (1,002,531) | $ (11,054,538) |
SIMPLE Class | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 1,204 | $ 10,988 |
Shares issued to shareholders in reinvestment of distributions | 153 | 1,393 |
Shares redeemed | (2) | (20) |
Net increase (decrease) | 1,355 | $ 12,361 |
Year ended October 31, 2022: | ||
Shares sold | 993 | $ 9,281 |
Shares issued to shareholders in reinvestment of distributions | 40 | 375 |
Net increase (decrease) | 1,033 | $ 9,656 |
MainStay Funds Trust:
34 | MainStay Short Term Bond Fund |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Naïm Abou-Jaoudé* 1966 | MainStay Funds: Trustee since 2023 MainStay Funds Trust: Trustee since 2023 | Chief Executive Officer of New York Life Investment Management LLC (since 2023). Chief Executive Officer of Candriam (an affiliate of New York Life Investment Management LLC) (2007 to 2023). | 81 | MainStay VP Funds Trust: Trustee since 2023 (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2023; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2023; and New York Life Investment Management International (Chair) since 2015 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of his affiliation with New York Life Investment Management LLC and Candriam, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
36 | MainStay Short Term Bond Fund |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015);MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC (since 1999) | 81 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2021; VanEck Vectors Group of Exchange-Traded Funds: Trustee since 2006 and Independent Chairman of the Board of Trustees from 2008 to 2022 (57 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Investment Committee since 2018 | |
Karen Hammond 1956 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021);MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 81 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Susan B. Kerley 1951 | MainStay Funds: Chair since January 2017 and Trustee since 2007;MainStay Funds Trust: Chair since January 2017 and Trustee since 1990*** | President, Strategic Management Advisors LLC (since 1990) | 81 | MainStay VP Funds Trust: Chair since January 2017 and Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chair since January 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Alan R. Latshaw 1951 | MainStay Funds: Trusteesince 2006;MainStay Funds Trust: Trustee since 2007*** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 81 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 | |
Jacques P. Perold 1958 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015to December 2015);MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 81 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay Funds: Trustee since 1994;MainStay Funds Trust: Trustee since 2007*** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) (since 2004); Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 81 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 |
** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
*** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
38 | MainStay Short Term Bond Fund |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay Funds, MainStay Funds Trust (since 2017) | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since 2018); President, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust (since 2017)**; Senior Managing Director, Global Product Development (2015 to 2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay Funds (since 2007), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2007)**; and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay Funds and MainStay Funds Trust (since 2010) | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2010)** | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay Funds and MainStay Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ Trust, IndexIQ ETF Trust and Index IQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund, MainStay VP Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012 to 2022) | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay Funds (since 2005), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2005)** |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, New York Life Insurance Company, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
1.
2. | This Fund is registered for sale in CA, CT, DE, FL, MA, NJ, NY and VT. |
3. | An affiliate of New York Life Investment Management LLC. |
5013897MS139-23 | MSSTB11-12/23 |
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
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 I Shares | $1,000.00 | $1,025.70 | $0.71 | $1,024.50 | $0.71 | 0.14% |
1. | Expenses are equal to the Fund’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 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. |
4 | MainStay U.S. Government Liquidity Fund |
U.S. Treasury Debt | 100.0% |
Other Assets, Less Liabilities | 0.0‡ |
‡ | Less than one-tenth of a percent. |
Principal Amount | Value | ||
Short-Term Investments 100.0% | |||
U.S. Treasury Debt 100.0% | |||
U.S. Treasury Bills (a) | |||
5.312%, due 11/14/23 | $ 342,050,000 | $ 341,396,524 | |
5.335%, due 11/7/23 | 373,500,000 | 373,169,270 | |
5.351%, due 11/16/23 | 74,213,000 | 74,048,435 | |
5.356%, due 12/19/23 | 105,167,000 | 104,422,207 | |
5.365%, due 12/12/23 | 116,000,000 | 115,297,103 | |
Total Short-Term Investments (Cost $1,008,333,539) | 100.0% | 1,008,333,539 | |
Other Assets, Less Liabilities | 0.0‡ | 488,037 | |
Net Assets | 100.0% | $ 1,008,821,576 |
† | Percentages indicated are based on Fund net assets. |
^ | Industry classifications may be different than those used for compliance monitoring purposes. |
‡ | Less than one-tenth of a percent. |
(a) | Interest rate shown represents yield to maturity. |
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) | |||||||
Short-Term Investments | |||||||
U.S. Treasury Debt | $ — | $ 1,008,333,539 | $ — | $ 1,008,333,539 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
6 | MainStay U.S. Government Liquidity Fund |
Assets | |
Investment in securities, at value (amortized cost $1,008,333,539) | $1,008,333,539 |
Cash | 639,362 |
Other assets | 2,672 |
Total assets | 1,008,975,573 |
Liabilities | |
Payables: | |
Manager (See Note 3) | 108,184 |
Professional fees | 23,496 |
Custodian | 7,207 |
Shareholder communication | 1,954 |
Accrued expenses | 13,156 |
Total liabilities | 153,997 |
Net assets | $1,008,821,576 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 1,008,750 |
Additional paid-in-capital | 1,007,839,771 |
1,008,848,521 | |
Total distributable earnings (loss) | (26,945) |
Net assets | $1,008,821,576 |
Class I | |
Net assets applicable to outstanding shares | $1,008,821,576 |
Shares of beneficial interest outstanding | 1,008,750,430 |
Net asset value per share outstanding | $ 1.00 |
Investment Income (Loss) | |
Income | |
Interest | $53,033,997 |
Expenses | |
Manager (See Note 3) | 1,379,174 |
Professional fees | 131,505 |
Custodian | 41,712 |
Trustees | 30,396 |
Registration | 7,795 |
Shareholder communication | 658 |
Miscellaneous | 13,930 |
Total expenses | 1,605,170 |
Net investment income (loss) | 51,428,827 |
Realized Gain (Loss) | |
Net realized gain (loss) on investments | (16,485) |
Net increase (decrease) in net assets resulting from operations | $51,412,342 |
8 | MainStay U.S. Government Liquidity Fund |
for the years ended October 31, 2023 and October 31, 2022
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 51,428,827 | $ 9,334,714 |
Net realized gain (loss) | (16,485) | (65,853) |
Net increase (decrease) in net assets resulting from operations | 51,412,342 | 9,268,861 |
Distributions to shareholders | (51,428,827) | (9,334,713) |
Capital share transactions: | ||
Net proceeds from sales of shares | 10,295,597,780 | 13,330,125,923 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 50,676,607 | 9,256,470 |
Cost of shares redeemed | (10,673,093,594) | (14,523,717,926) |
Increase (decrease) in net assets derived from capital share transactions | (326,819,207) | (1,184,335,533) |
Net increase (decrease) in net assets | (326,835,692) | (1,184,401,385) |
Net Assets | ||
Beginning of year | 1,335,657,268 | 2,520,058,653 |
End of year | $ 1,008,821,576 | $ 1,335,657,268 |
Year Ended October 31, | |||||||||
Class I | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | ||||
Net investment income (loss) | 0.04 | 0.01 | 0.00‡ | 0.01 | 0.02 | ||||
Total from investment operations | 0.04 | 0.01 | 0.00‡ | 0.01 | 0.02 | ||||
Less distributions: | |||||||||
From net investment income | (0.04) | (0.01) | (0.00)‡ | (0.01) | (0.02) | ||||
Net asset value at end of year | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | ||||
Total investment return (a) | 4.59% | 0.76% | 0.01% | 0.55% | 2.14% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 4.47% | 0.72% | 0.01% | 0.62% | 2.11% | ||||
Net expenses | 0.14% | 0.11% | 0.03% | 0.13% | 0.15% | ||||
Expenses (before waiver/reimbursement) | 0.14% | 0.14% | 0.14% | 0.13% | 0.15% | ||||
Net assets at end of year (in 000’s) | $ 1,008,822 | $ 1,335,657 | $ 2,520,059 | $ 639,101 | $ 914,477 |
‡ | Less than one cent per share. |
(a) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. For periods of less than one year, total return is not annualized. |
10 | MainStay U.S. Government Liquidity Fund |
Class | Commenced Operations |
Class I | July 2, 2018 |
• | Level 1—quoted prices (unadjusted) in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Fund's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• Benchmark yields | • Reported trades |
• Broker/dealer quotes | • Issuer spreads |
• Two-sided markets | • Benchmark securities |
• Bids/offers | • Reference data (corporate actions or material event notices) |
• Industry and economic events | • Comparable bonds |
• Monthly payment information |
12 | MainStay U.S. Government Liquidity Fund |
14 | MainStay U.S. Government Liquidity Fund |
Ordinary Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$69,368 | $(82,338) | $(13,975) | $— | $(26,945) |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $82 | $— |
2023 | 2022 | |
Distributions paid from: | ||
Ordinary Income | $51,428,827 | $9,334,713 |
Class I (at $1 per share) | Shares |
Year ended October 31, 2023: | |
Shares sold | 10,295,597,780 |
Shares issued to shareholders in reinvestment of distributions | 50,676,607 |
Shares redeemed | (10,673,093,594) |
Net increase (decrease) | (326,819,207) |
Year ended October 31, 2022: | |
Shares sold | 13,330,125,923 |
Shares issued to shareholders in reinvestment of distributions | 9,256,470 |
Shares redeemed | (14,523,717,926) |
Net increase (decrease) | (1,184,335,533) |
MainStay Funds Trust:
16 | MainStay U.S. Government Liquidity Fund |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Naïm Abou-Jaoudé* 1966 | MainStay Funds: Trustee since 2023 MainStay Funds Trust: Trustee since 2023 | Chief Executive Officer of New York Life Investment Management LLC (since 2023). Chief Executive Officer of Candriam (an affiliate of New York Life Investment Management LLC) (2007 to 2023). | 81 | MainStay VP Funds Trust: Trustee since 2023 (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2023; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2023; and New York Life Investment Management International (Chair) since 2015 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of his affiliation with New York Life Investment Management LLC and Candriam, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
18 | MainStay U.S. Government Liquidity Fund |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015);MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC (since 1999) | 81 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2021; VanEck Vectors Group of Exchange-Traded Funds: Trustee since 2006 and Independent Chairman of the Board of Trustees from 2008 to 2022 (57 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Investment Committee since 2018 | |
Karen Hammond 1956 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021);MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 81 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Susan B. Kerley 1951 | MainStay Funds: Chair since January 2017 and Trustee since 2007;MainStay Funds Trust: Chair since January 2017 and Trustee since 1990*** | President, Strategic Management Advisors LLC (since 1990) | 81 | MainStay VP Funds Trust: Chair since January 2017 and Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chair since January 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Alan R. Latshaw 1951 | MainStay Funds: Trusteesince 2006;MainStay Funds Trust: Trustee since 2007*** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 81 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 | |
Jacques P. Perold 1958 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015to December 2015);MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 81 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay Funds: Trustee since 1994;MainStay Funds Trust: Trustee since 2007*** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) (since 2004); Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 81 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 |
** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
*** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
20 | MainStay U.S. Government Liquidity Fund |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay Funds, MainStay Funds Trust (since 2017) | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since 2018); President, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust (since 2017)**; Senior Managing Director, Global Product Development (2015 to 2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay Funds (since 2007), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2007)**; and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay Funds and MainStay Funds Trust (since 2010) | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2010)** | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay Funds and MainStay Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ Trust, IndexIQ ETF Trust and Index IQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund, MainStay VP Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012 to 2022) | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay Funds (since 2005), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2005)** |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, New York Life Insurance Company, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
1.
2. | This Fund is registered for sale in CA, CT, DE, FL, MA, NJ, NY and VT. |
3. | An affiliate of New York Life Investment Management LLC. |
©2023 NYLIFE Distributors LLC. All rights reserved. | MSUGL11a-12/23 |
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended October 31, 2023 | |||||||
Class | Sales Charge | Inception Date1 | One Year | Five Years | Ten Years or Since Inception | Gross Expense Ratio2 | |
Class A Shares | Maximum 5.50% Initial Sales Charge | With sales charges | 8/7/2006 | 8.80% | 6.09% | 7.88% | 1.04% |
Excluding sales charges | 15.13 | 7.30 | 8.49 | 1.04 | |||
Investor Class Shares3 | Maximum 5.00% Initial Sales Charge | With sales charges | 1/18/2013 | 9.09 | 5.79 | 7.62 | 1.36 |
Excluding sales charges | 14.84 | 7.00 | 8.23 | 1.36 | |||
Class B Shares4 | Maximum 5.00% CDSC | With sales charges | 1/18/2013 | 8.94 | 5.92 | 7.43 | 2.11 |
if Redeemed Within First Six Years of Purchase | Excluding sales charges | 13.94 | 6.19 | 7.43 | 2.11 | ||
Class C Shares | Maximum 1.00% CDSC | With sales charges | 1/18/2013 | 12.99 | 6.20 | 7.42 | 2.11 |
if Redeemed Within One Year of Purchase | Excluding sales charges | 13.99 | 6.20 | 7.42 | 2.11 | ||
Class I Shares | No Sales Charge | 11/2/2009 | 15.47 | 7.60 | 8.77 | 0.79 | |
Class R2 Shares5 | No Sales Charge | 1/18/2013 | 15.02 | 7.19 | 8.38 | 1.14 | |
Class R6 Shares | No Sales Charge | 4/26/2021 | 15.50 | N/A | -6.22 | 0.72 |
1. | Effective March 5, 2021, the Fund replaced its subadvisor and modified its principal investment strategies. The performance information in the graph and table from April 1, 2019 through March 5, 2021 reflects that of the Fund's prior subadvisor and principal investment strategies. Performance information shown in this report prior to April 1, 2019 reflects that of a different previous subadvisor to the fund, investment objective and principal investment strategies. |
2. | The gross expense ratios presented reflect the Fund’s “Total Annual Fund Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report. |
3. | Prior to June 30, 2020, the maximum initial sales charge was 5.50%, which is reflected in the applicable average annual total return figures shown. |
4. | Class B shares are closed to all new purchases as well as additional investments by existing Class B shareholders. |
5. | As of October 31, 2023, Class R2 shares are closed to new investors and, upon the close of business on December 29, 2023, Class R2 shares are closed to additional investments by existing shareholders. Additionally, Class R2 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 R2 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* | One Year | Five Years | Ten Years |
Russell 1000® Growth Index1 | 18.95% | 14.22% | 13.82% |
Morningstar Large Growth Category Average2 | 14.19 | 10.68 | 10.98 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | The Russell 1000® Growth Index is the Fund's primary benchmark. The Russell 1000® Growth Index is a broad-based benchmark that measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000® Index companies with higher price-to-book ratios and higher forecasted growth values. |
2. | The Morningstar Large Growth Category Average is representative of funds that invest primarily in big U.S. companies that are projected to grow faster than other large-cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. Growth is defined based on fast growth and high valuations. Most of these funds focus on companies in rapidly expanding industries. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
6 | MainStay WMC Growth 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 | $1,037.30 | $ 5.34 | $1,019.96 | $ 5.30 | 1.04% |
Investor Class Shares | $1,000.00 | $1,035.90 | $ 6.77 | $1,018.55 | $ 6.72 | 1.32% |
Class B Shares | $1,000.00 | $1,032.10 | $10.60 | $1,014.77 | $10.51 | 2.07% |
Class C Shares | $1,000.00 | $1,032.10 | $10.60 | $1,014.77 | $10.51 | 2.07% |
Class I Shares | $1,000.00 | $1,038.90 | $ 3.85 | $1,021.42 | $ 3.82 | 0.75% |
Class R2 Shares | $1,000.00 | $1,036.60 | $ 5.85 | $1,019.46 | $ 5.80 | 1.14% |
Class R6 Shares | $1,000.00 | $1,038.90 | $ 3.75 | $1,021.53 | $ 3.72 | 0.73% |
1. | Expenses are equal to the Fund’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 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. |
Software | 18.7% |
Interactive Media & Services | 10.9 |
Financial Services | 8.8 |
Semiconductors & Semiconductor Equipment | 7.8 |
Technology Hardware, Storage & Peripherals | 7.4 |
Broadline Retail | 4.9 |
Capital Markets | 4.5 |
Pharmaceuticals | 4.2 |
Health Care Providers & Services | 3.4 |
Insurance | 3.1 |
IT Services | 2.9 |
Hotels, Restaurants & Leisure | 2.7 |
Specialized REITs | 2.7 |
Life Sciences Tools & Services | 1.9 |
Ground Transportation | 1.9 |
Aerospace & Defense | 1.6 |
Specialty Retail | 1.6 |
Entertainment | 1.2% |
Health Care Equipment & Supplies | 1.1 |
Energy Equipment & Services | 1.1 |
Commercial Services & Supplies | 1.0 |
Professional Services | 0.9 |
Health Care REITs | 0.9 |
Biotechnology | 0.6 |
Textiles, Apparel & Luxury Goods | 0.5 |
Automobiles | 0.5 |
Machinery | 0.3 |
Personal Care Products | 0.2 |
Water Utilities | 0.1 |
Short–Term Investment | 3.4 |
Other Assets, Less Liabilities | –0.8 |
100.0% |
1. | Microsoft Corp. |
2. | Apple, Inc. |
3. | Alphabet, Inc., Class C |
4. | Amazon.com, Inc. |
5. | Mastercard, Inc., Class A |
6. | NVIDIA Corp. |
7. | Meta Platforms, Inc., Class A |
8. | UnitedHealth Group, Inc. |
9. | Eli Lilly & Co. |
10. | Progressive Corp. (The) |
8 | MainStay WMC Growth 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 97.4% | ||
Aerospace & Defense 1.6% | ||
Airbus SE, ADR | 150,722 | $ 5,031,100 |
General Dynamics Corp. | 27,637 | 6,669,085 |
11,700,185 | ||
Automobiles 0.5% | ||
Tesla, Inc. (a) | 17,790 | 3,572,944 |
Biotechnology 0.6% | ||
Vertex Pharmaceuticals, Inc. (a) | 12,601 | 4,562,948 |
Broadline Retail 4.9% | ||
Amazon.com, Inc. (a) | 263,306 | 35,043,396 |
Capital Markets 4.5% | ||
Ares Management Corp. | 38,968 | 3,841,855 |
Blackstone, Inc. | 89,607 | 8,275,206 |
MSCI, Inc. | 17,043 | 8,036,627 |
S&P Global, Inc. | 33,578 | 11,729,131 |
31,882,819 | ||
Commercial Services & Supplies 1.0% | ||
Copart, Inc. (a) | 168,235 | 7,321,587 |
Energy Equipment & Services 1.1% | ||
Schlumberger Ltd. | 141,131 | 7,855,352 |
Entertainment 1.2% | ||
Netflix, Inc. (a) | 20,995 | 8,643,432 |
Financial Services 8.8% | ||
FleetCor Technologies, Inc. (a) | 53,853 | 12,126,080 |
Global Payments, Inc. | 58,118 | 6,173,294 |
Mastercard, Inc., Class A | 87,308 | 32,858,365 |
Visa, Inc., Class A | 49,522 | 11,642,622 |
62,800,361 | ||
Ground Transportation 1.9% | ||
Uber Technologies, Inc. (a) | 311,392 | 13,477,046 |
Health Care Equipment & Supplies 1.1% | ||
Boston Scientific Corp. (a) | 86,360 | 4,420,768 |
Stryker Corp. | 13,682 | 3,697,150 |
8,117,918 |
Shares | Value | |
Health Care Providers & Services 3.4% | ||
UnitedHealth Group, Inc. | 45,686 | $ 24,467,594 |
Health Care REITs 0.9% | ||
Welltower, Inc. | 79,010 | 6,606,026 |
Hotels, Restaurants & Leisure 2.7% | ||
Airbnb, Inc., Class A (a) | 85,501 | 10,113,913 |
Hilton Worldwide Holdings, Inc. | 59,527 | 9,020,127 |
19,134,040 | ||
Insurance 3.1% | ||
Marsh & McLennan Cos., Inc. | 41,080 | 7,790,822 |
Progressive Corp. (The) | 88,584 | 14,004,245 |
21,795,067 | ||
Interactive Media & Services 10.9% | ||
Alphabet, Inc., Class C (a) | 347,365 | 43,524,835 |
Meta Platforms, Inc., Class A (a) | 95,883 | 28,886,671 |
ZoomInfo Technologies, Inc. (a) | 425,974 | 5,520,623 |
77,932,129 | ||
IT Services 2.9% | ||
MongoDB, Inc. (a) | 24,120 | 8,311,511 |
Okta, Inc. (a) | 80,849 | 5,450,031 |
Shopify, Inc., Class A (a) | 81,779 | 3,859,151 |
VeriSign, Inc. (a) | 16,851 | 3,364,471 |
20,985,164 | ||
Life Sciences Tools & Services 1.9% | ||
Danaher Corp. | 50,557 | 9,707,955 |
Illumina, Inc. (a) | 14,773 | 1,616,462 |
Mettler-Toledo International, Inc. (a) | 2,243 | 2,209,803 |
13,534,220 | ||
Machinery 0.3% | ||
IDEX Corp. | 9,864 | 1,888,068 |
Personal Care Products 0.2% | ||
Estee Lauder Cos., Inc. (The), Class A | 10,845 | 1,397,595 |
Pharmaceuticals 4.2% | ||
Eli Lilly & Co. | 34,546 | 19,136,066 |
Zoetis, Inc. | 67,578 | 10,609,746 |
29,745,812 | ||
Professional Services 0.9% | ||
TransUnion | 153,431 | 6,732,552 |
10 | MainStay WMC Growth Fund |
Shares | Value | |
Common Stocks (continued) | ||
Semiconductors & Semiconductor Equipment 7.8% | ||
ARM Holdings plc, ADR (a) | 20,367 | $ 1,003,889 |
ASML Holding NV (Registered) | 12,895 | 7,721,655 |
Microchip Technology, Inc. | 85,888 | 6,122,956 |
Monolithic Power Systems, Inc. | 21,898 | 9,673,222 |
NVIDIA Corp. | 77,000 | 31,400,600 |
55,922,322 | ||
Software 18.7% | ||
ANSYS, Inc. (a) | 19,858 | 5,525,687 |
Atlassian Corp., Class A (a) | 47,685 | 8,613,818 |
Cadence Design Systems, Inc. (a) | 22,516 | 5,400,463 |
HubSpot, Inc. (a) | 11,950 | 5,064,052 |
Intuit, Inc. | 23,517 | 11,639,739 |
Microsoft Corp. | 240,274 | 81,239,042 |
Salesforce, Inc. (a) | 29,168 | 5,857,809 |
ServiceNow, Inc. (a) | 17,867 | 10,395,914 |
133,736,524 | ||
Specialized REITs 2.7% | ||
American Tower Corp. | 62,880 | 11,204,587 |
Equinix, Inc. | 10,609 | 7,740,751 |
18,945,338 | ||
Specialty Retail 1.6% | ||
TJX Cos., Inc. (The) | 132,363 | 11,657,209 |
Technology Hardware, Storage & Peripherals 7.4% | ||
Apple, Inc. | 309,602 | 52,870,734 |
Shares | Value | ||
Textiles, Apparel & Luxury Goods 0.5% | |||
Lululemon Athletica, Inc. (a) | 9,705 | $ 3,818,723 | |
Water Utilities 0.1% | |||
Veralto Corp. (a) | 12,575 | 867,675 | |
Total Common Stocks (Cost $484,847,037) | 697,014,780 | ||
Short-Term Investment 3.4% | |||
Affiliated Investment Company 3.4% | |||
MainStay U.S. Government Liquidity Fund, 5.275% (b) | 24,210,948 | 24,210,948 | |
Total Short-Term Investment (Cost $24,210,948) | 24,210,948 | ||
Total Investments (Cost $509,057,985) | 100.8% | 721,225,728 | |
Other Assets, Less Liabilities | (0.8) | (5,985,881) | |
Net Assets | 100.0% | $ 715,239,847 |
† | Percentages indicated are based on Fund net assets. |
^ | Industry classifications may be different than those used for compliance monitoring purposes. |
(a) | Non-income producing security. |
(b) | Current yield as of October 31, 2023. |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay U.S. Government Liquidity Fund | $ 19,516 | $ 173,059 | $ (168,364) | $ — | $ — | $ 24,211 | $ 671 | $ — | 24,211 |
Abbreviation(s): |
ADR—American Depositary Receipt |
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 | $ 697,014,780 | $ — | $ — | $ 697,014,780 | |||
Short-Term Investment | |||||||
Affiliated Investment Company | 24,210,948 | — | — | 24,210,948 | |||
Total Investments in Securities | $ 721,225,728 | $ — | $ — | $ 721,225,728 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
12 | MainStay WMC Growth Fund |
Assets | |
Investment in unaffiliated securities, at value (identified cost $484,847,037) | $697,014,780 |
Investment in affiliated investment companies, at value (identified cost $24,210,948) | 24,210,948 |
Receivables: | |
Investment securities sold | 6,735,461 |
Dividends | 338,355 |
Fund shares sold | 107,538 |
Securities lending | 180 |
Other assets | 44,872 |
Total assets | 728,452,134 |
Liabilities | |
Payables: | |
Investment securities purchased | 12,323,746 |
Manager (See Note 3) | 427,905 |
Fund shares redeemed | 155,551 |
Transfer agent (See Note 3) | 143,828 |
NYLIFE Distributors (See Note 3) | 124,230 |
Professional fees | 18,684 |
Custodian | 8,957 |
Shareholder communication | 8,435 |
Trustees | 115 |
Accrued expenses | 836 |
Total liabilities | 13,212,287 |
Net assets | $715,239,847 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 20,623 |
Additional paid-in-capital | 578,174,329 |
578,194,952 | |
Total distributable earnings (loss) | 137,044,895 |
Net assets | $715,239,847 |
Class A | |
Net assets applicable to outstanding shares | $478,877,643 |
Shares of beneficial interest outstanding | 13,892,358 |
Net asset value per share outstanding | $ 34.47 |
Maximum sales charge (5.50% of offering price) | 2.01 |
Maximum offering price per share outstanding | $ 36.48 |
Investor Class | |
Net assets applicable to outstanding shares | $ 63,643,590 |
Shares of beneficial interest outstanding | 1,903,285 |
Net asset value per share outstanding | $ 33.44 |
Maximum sales charge (5.00% of offering price) | 1.76 |
Maximum offering price per share outstanding | $ 35.20 |
Class B | |
Net assets applicable to outstanding shares | $ 4,485,639 |
Shares of beneficial interest outstanding | 151,628 |
Net asset value and offering price per share outstanding | $ 29.58 |
Class C | |
Net assets applicable to outstanding shares | $ 1,656,946 |
Shares of beneficial interest outstanding | 56,037 |
Net asset value and offering price per share outstanding | $ 29.57 |
Class I | |
Net assets applicable to outstanding shares | $ 44,832,843 |
Shares of beneficial interest outstanding | 1,243,543 |
Net asset value and offering price per share outstanding | $ 36.05 |
Class R2 | |
Net assets applicable to outstanding shares | $ 98,639 |
Shares of beneficial interest outstanding | 2,900 |
Net asset value and offering price per share outstanding(a) | $ 34.02 |
Class R6 | |
Net assets applicable to outstanding shares | $121,644,547 |
Shares of beneficial interest outstanding | 3,373,150 |
Net asset value and offering price per share outstanding | $ 36.06 |
(a) | The difference between the calculated and stated NAV was caused by rounding. |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated (net of foreign tax withholding of $20,025) | $ 4,578,116 |
Dividends-affiliated | 671,388 |
Securities lending, net | 1,687 |
Total income | 5,251,191 |
Expenses | |
Manager (See Note 3) | 5,071,297 |
Distribution/Service—Class A (See Note 3) | 1,210,111 |
Distribution/Service—Investor Class (See Note 3) | 160,131 |
Distribution/Service—Class B (See Note 3) | 59,481 |
Distribution/Service—Class C (See Note 3) | 16,732 |
Distribution/Service—Class R2 (See Note 3) | 215 |
Transfer agent (See Note 3) | 790,270 |
Registration | 115,175 |
Professional fees | 111,203 |
Custodian | 25,085 |
Trustees | 19,317 |
Shareholder communication | 12,091 |
Shareholder service (See Note 3) | 86 |
Miscellaneous | 22,258 |
Total expenses before waiver/reimbursement | 7,613,452 |
Expense waiver/reimbursement from Manager (See Note 3) | (150,104) |
Reimbursement from prior custodian(a) | (1,406) |
Net expenses | 7,461,942 |
Net investment income (loss) | (2,210,751) |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on unaffiliated investments | (23,916,618) |
Net change in unrealized appreciation (depreciation) on unaffiliated investments | 131,428,262 |
Net realized and unrealized gain (loss) | 107,511,644 |
Net increase (decrease) in net assets resulting from operations | $105,300,893 |
(a) | Represents a refund for overbilling of custody fees. |
14 | MainStay WMC Growth Fund |
for the years ended October 31, 2023 and October 31, 2022
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ (2,210,751) | $ (4,066,150) |
Net realized gain (loss) | (23,916,618) | (48,101,981) |
Net change in unrealized appreciation (depreciation) | 131,428,262 | (275,635,718) |
Net increase (decrease) in net assets resulting from operations | 105,300,893 | (327,803,849) |
Distributions to shareholders: | ||
Class A | — | (148,562,186) |
Investor Class | — | (19,547,990) |
Class B | — | (3,546,291) |
Class C | — | (629,845) |
Class I | — | (2,803,527) |
Class R2 | — | (29,799) |
Class R6 | — | (30,350,578) |
Total distributions to shareholders | — | (205,470,216) |
Capital share transactions: | ||
Net proceeds from sales of shares | 34,714,414 | 100,778,400 |
Net asset value of shares issued to shareholders in reinvestment of distributions | — | 204,082,226 |
Cost of shares redeemed | (118,279,399) | (81,836,017) |
Increase (decrease) in net assets derived from capital share transactions | (83,564,985) | 223,024,609 |
Net increase (decrease) in net assets | 21,735,908 | (310,249,456) |
Net Assets | ||
Beginning of year | 693,503,939 | 1,003,753,395 |
End of year | $ 715,239,847 | $ 693,503,939 |
Year Ended October 31, | |||||||||
Class A | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 29.94 | $ 56.51 | $ 42.56 | $ 36.07 | $ 36.41 | ||||
Net investment income (loss) (a) | (0.12) | (0.19) | (0.23) | (0.00)‡ | 0.10 | ||||
Net realized and unrealized gain (loss) | 4.65 | (14.75) | 15.93 | 7.78 | 2.87 | ||||
Total from investment operations | 4.53 | (14.94) | 15.70 | 7.78 | 2.97 | ||||
Less distributions: | |||||||||
From net investment income | — | — | — | (0.16) | (0.06) | ||||
From net realized gain on investments | — | (11.63) | (1.75) | (1.13) | (3.25) | ||||
Total distributions | — | (11.63) | (1.75) | (1.29) | (3.31) | ||||
Net asset value at end of year | $ 34.47 | $ 29.94 | $ 56.51 | $ 42.56 | $ 36.07 | ||||
Total investment return (b) | 15.13% | (32.66)% | 37.87% | 22.21% | 8.90% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | (0.34)% | (0.53)% | (0.46)% | 0.01% | 0.30% | ||||
Net expenses (c) | 1.05% | 1.04% | 1.02% | 1.04% | 1.06% | ||||
Portfolio turnover rate | 42% | 42% | 53% | 150% | 153% | ||||
Net assets at end of year (in 000’s) | $ 478,878 | $ 453,405 | $ 725,468 | $ 531,715 | $ 436,508 |
‡ | Less than one cent per share. |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | |||||||||
Investor Class | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 29.12 | $ 55.42 | $ 41.89 | $ 35.53 | $ 35.94 | ||||
Net investment income (loss) (a) | (0.20) | (0.29) | (0.35) | (0.10) | 0.01 | ||||
Net realized and unrealized gain (loss) | 4.52 | (14.38) | 15.63 | 7.65 | 2.83 | ||||
Total from investment operations | 4.32 | (14.67) | 15.28 | 7.55 | 2.84 | ||||
Less distributions: | |||||||||
From net investment income | — | — | — | (0.06) | — | ||||
From net realized gain on investments | — | (11.63) | (1.75) | (1.13) | (3.25) | ||||
Total distributions | — | (11.63) | (1.75) | (1.19) | (3.25) | ||||
Net asset value at end of year | $ 33.44 | $ 29.12 | $ 55.42 | $ 41.89 | $ 35.53 | ||||
Total investment return (b) | 14.84% | (32.86)% | 37.46% | 21.84% | 8.61% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | (0.62)% | (0.81)% | (0.71)% | (0.26)% | 0.03% | ||||
Net expenses (c) | 1.32% | 1.33% | 1.32% | 1.34% | 1.33% | ||||
Expenses (before waiver/reimbursement) (c) | 1.50% | 1.36% | 1.40% | 1.41% | 1.42% | ||||
Portfolio turnover rate | 42% | 42% | 53% | 150% | 153% | ||||
Net assets at end of year (in 000's) | $ 63,644 | $ 59,377 | $ 93,624 | $ 97,709 | $ 110,762 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | 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 WMC Growth Fund |
Year Ended October 31, | |||||||||
Class B | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 25.96 | $ 51.01 | $ 38.96 | $ 33.31 | $ 34.13 | ||||
Net investment income (loss) (a) | (0.39) | (0.51) | (0.67) | (0.36) | (0.22) | ||||
Net realized and unrealized gain (loss) | 4.01 | (12.91) | 14.47 | 7.14 | 2.65 | ||||
Total from investment operations | 3.62 | (13.42) | 13.80 | 6.78 | 2.43 | ||||
Less distributions: | |||||||||
From net realized gain on investments | — | (11.63) | (1.75) | (1.13) | (3.25) | ||||
Net asset value at end of year | $ 29.58 | $ 25.96 | $ 51.01 | $ 38.96 | $ 33.31 | ||||
Total investment return (b) | 13.94% | (33.36)% | 36.44% | 20.93% | 7.79% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | (1.35)% | (1.57)% | (1.46)% | (1.01)% | (0.69)% | ||||
Net expenses (c) | 2.07% | 2.08% | 2.07% | 2.08% | 2.08% | ||||
Expenses (before waiver/reimbursement) (c) | 2.25% | 2.11% | 2.15% | 2.15% | 2.18% | ||||
Portfolio turnover rate | 42% | 42% | 53% | 150% | 153% | ||||
Net assets at end of year (in 000’s) | $ 4,486 | $ 6,967 | $ 15,574 | $ 16,382 | $ 18,749 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | |||||||||
Class C | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 25.94 | $ 50.99 | $ 38.95 | $ 33.30 | $ 34.12 | ||||
Net investment income (loss) (a) | (0.40) | (0.51) | (0.67) | (0.36) | (0.21) | ||||
Net realized and unrealized gain (loss) | 4.03 | (12.91) | 14.46 | 7.14 | 2.64 | ||||
Total from investment operations | 3.63 | (13.42) | 13.79 | 6.78 | 2.43 | ||||
Less distributions: | |||||||||
From net realized gain on investments | — | (11.63) | (1.75) | (1.13) | (3.25) | ||||
Net asset value at end of year | $ 29.57 | $ 25.94 | $ 50.99 | $ 38.95 | $ 33.30 | ||||
Total investment return (b) | 13.99% | (33.37)% | 36.42% | 20.94% | 7.80% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | (1.37)% | (1.56)% | (1.46)% | (1.02)% | (0.67)% | ||||
Net expenses (c) | 2.07% | 2.08% | 2.07% | 2.08% | 2.08% | ||||
Expenses (before waiver/reimbursement) (c) | 2.25% | 2.11% | 2.15% | 2.15% | 2.18% | ||||
Portfolio turnover rate | 42% | 42% | 53% | 150% | 153% | ||||
Net assets at end of year (in 000’s) | $ 1,657 | $ 1,318 | $ 2,880 | $ 3,068 | $ 3,144 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | |||||||||
Class I | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 31.22 | $ 58.27 | $ 43.72 | $ 37.01 | $ 37.28 | ||||
Net investment income (loss) (a) | (0.02) | (0.07) | 0.02 | 0.11 | 0.19 | ||||
Net realized and unrealized gain (loss) | 4.85 | (15.35) | 16.28 | 7.97 | 2.95 | ||||
Total from investment operations | 4.83 | (15.42) | 16.30 | 8.08 | 3.14 | ||||
Less distributions: | |||||||||
From net investment income | — | — | — | (0.24) | (0.16) | ||||
From net realized gain on investments | — | (11.63) | (1.75) | (1.13) | (3.25) | ||||
Total distributions | — | (11.63) | (1.75) | (1.37) | (3.41) | ||||
Net asset value at end of year | $ 36.05 | $ 31.22 | $ 58.27 | $ 43.72 | $ 37.01 | ||||
Total investment return (b) | 15.47% | (32.46)% | 38.25% | 22.53% | 9.18% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | (0.04)% | (0.20)% | 0.04% | 0.28% | 0.53% | ||||
Net expenses (c) | 0.75% | 0.75% | 0.77% | 0.79% | 0.81% | ||||
Expenses (before waiver/reimbursement) (c) | 0.80% | 0.79% | 0.78% | 0.79% | 0.81% | ||||
Portfolio turnover rate | 42% | 42% | 53% | 150% | 153% | ||||
Net assets at end of year (in 000’s) | $ 44,833 | $ 38,498 | $ 14,025 | $ 102,290 | $ 139,588 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | |||||||||
Class R2 | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 29.57 | $ 56.01 | $ 42.24 | $ 35.81 | $ 36.16 | ||||
Net investment income (loss) (a) | (0.15) | (0.23) | (0.28) | (0.04) | 0.07 | ||||
Net realized and unrealized gain (loss) | 4.60 | (14.58) | 15.80 | 7.72 | 2.86 | ||||
Total from investment operations | 4.45 | (14.81) | 15.52 | 7.68 | 2.93 | ||||
Less distributions: | |||||||||
From net investment income | — | — | — | (0.12) | (0.03) | ||||
From net realized gain on investments | — | (11.63) | (1.75) | (1.13) | (3.25) | ||||
Total distributions | — | (11.63) | (1.75) | (1.25) | (3.28) | ||||
Net asset value at end of year | $ 34.02 | $ 29.57 | $ 56.01 | $ 42.24 | $ 35.81 | ||||
Total investment return (b) | 15.05%(c) | (32.74)% | 37.72% | 22.08% | 8.81% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | (0.45)% | (0.63)% | (0.55)% | (0.11)% | 0.21% | ||||
Net expenses (d) | 1.15% | 1.14% | 1.12% | 1.14% | 1.16% | ||||
Portfolio turnover rate | 42% | 42% | 53% | 150% | 153% | ||||
Net assets at end of year (in 000’s) | $ 99 | $ 72 | $ 143 | $ 109 | $ 59 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R2 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. |
18 | MainStay WMC Growth Fund |
Year Ended October 31, | April 26, 2021^ through October 31, | ||||
Class R6 | 2023 | 2022 | 2021 | ||
Net asset value at beginning of period | $ 31.22 | $ 58.27 | $ 53.43 | ||
Net investment income (loss) (a) | (0.01) | (0.08) | (0.19) | ||
Net realized and unrealized gain (loss) | 4.85 | (15.34) | 5.03 | ||
Total from investment operations | 4.84 | (15.42) | 4.84 | ||
Less distributions: | |||||
From net realized gain on investments | — | (11.63) | — | ||
Net asset value at end of period | $ 36.06 | $ 31.22 | $ 58.27 | ||
Total investment return (b) | 15.50% | (32.46)% | 9.06% | ||
Ratios (to average net assets)/Supplemental Data: | |||||
Net investment income (loss) | (0.02)% | (0.20)% | (0.37)%†† | ||
Net expenses (c) | 0.73% | 0.72% | 0.71%†† | ||
Expenses (before waiver/reimbursement) (c) | 0.73% | 0.72% | 0.72%†† | ||
Portfolio turnover rate | 42% | 42% | 53% | ||
Net assets at end of period (in 000’s) | $ 121,645 | $ 133,867 | $ 152,039 |
^ | 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. |
Class | Commenced Operations |
Class A | August 7, 2006 |
Investor Class | January 18, 2013 |
Class B | January 18, 2013 |
Class C | January 18, 2013 |
Class I | November 2, 2009 |
Class R2* | January 18, 2013 |
Class R6 | April 26, 2021 |
* | As of October 31, 2023, Class R2 shares are closed to new investors and, upon the close of business on December 29, 2023, Class R2 shares are closed to additional investments by existing shareholders. Additionally, Class R2 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 R2 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. |
20 | MainStay WMC Growth 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 |
22 | MainStay WMC Growth Fund |
Class R2 | $86 |
Class | Expense | Waived |
Class A | $373,827 | $ — |
Investor Class | 336,922 | (113,921) |
Class B | 31,469 | (10,734) |
Class C | 8,803 | (2,977) |
Class I | 33,485 | — |
Class R2 | 66 | — |
Class R6 | 5,698 | — |
24 | MainStay WMC Growth Fund |
Class R2 | $64,428 | 65.3% |
Class R6 | 21,269 | 0.0‡ |
‡ | Less than one-tenth of a percent. |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $518,355,145 | $237,134,702 | $(34,264,119) | $202,870,583 |
Ordinary Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$— | $(65,825,688) | $— | $202,870,583 | $137,044,895 |
Total Distributable Earnings (Loss) | Additional Paid-In Capital | |
$3,098,401 | $(3,098,401) |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $43,133 | $20,829 |
2023 | 2022 | |
Distributions paid from: | ||
Ordinary Income | $— | $ 74,525,288 |
Long-Term Capital Gains | — | 130,944,928 |
Total | $— | $205,470,216 |
Class A | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 419,872 | $ 13,446,001 |
Shares redeemed | (1,789,046) | (58,865,219) |
Net increase (decrease) in shares outstanding before conversion | (1,369,174) | (45,419,218) |
Shares converted into Class A (See Note 1) | 120,716 | 4,071,859 |
Shares converted from Class A (See Note 1) | (3,618) | (116,866) |
Net increase (decrease) | (1,252,076) | $ (41,464,225) |
Year ended October 31, 2022: | ||
Shares sold | 333,429 | $ 13,175,004 |
Shares issued to shareholders in reinvestment of distributions | 3,431,447 | 147,312,452 |
Shares redeemed | (1,572,361) | (57,271,433) |
Net increase (decrease) in shares outstanding before conversion | 2,192,515 | 103,216,023 |
Shares converted into Class A (See Note 1) | 116,622 | 4,283,183 |
Shares converted from Class A (See Note 1) | (2,162) | (66,808) |
Net increase (decrease) | 2,306,975 | $107,432,398 |
Investor Class | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 29,171 | $ 946,431 |
Shares redeemed | (129,167) | (4,190,513) |
Net increase (decrease) in shares outstanding before conversion | (99,996) | (3,244,082) |
Shares converted into Investor Class (See Note 1) | 13,946 | 454,580 |
Shares converted from Investor Class (See Note 1) | (49,643) | (1,638,559) |
Net increase (decrease) | (135,693) | $ (4,428,061) |
Year ended October 31, 2022: | ||
Shares sold | 29,527 | $ 1,064,009 |
Shares issued to shareholders in reinvestment of distributions | 465,396 | 19,486,115 |
Shares redeemed | (125,946) | (4,520,015) |
Net increase (decrease) in shares outstanding before conversion | 368,977 | 16,030,109 |
Shares converted into Investor Class (See Note 1) | 13,285 | 458,733 |
Shares converted from Investor Class (See Note 1) | (32,562) | (1,254,984) |
Net increase (decrease) | 349,700 | $ 15,233,858 |
Class B | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 49 | $ 1,270 |
Shares redeemed | (21,654) | (621,026) |
Net increase (decrease) in shares outstanding before conversion | (21,605) | (619,756) |
Shares converted from Class B (See Note 1) | (95,174) | (2,753,858) |
Net increase (decrease) | (116,779) | $ (3,373,614) |
Year ended October 31, 2022: | ||
Shares sold | 4,388 | $ 151,833 |
Shares issued to shareholders in reinvestment of distributions | 94,215 | 3,540,609 |
Shares redeemed | (27,830) | (875,537) |
Net increase (decrease) in shares outstanding before conversion | 70,773 | 2,816,905 |
Shares converted from Class B (See Note 1) | (107,659) | (3,344,032) |
Net increase (decrease) | (36,886) | $ (527,127) |
26 | MainStay WMC Growth Fund |
Class C | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 19,078 | $ 520,016 |
Shares redeemed | (10,631) | (302,982) |
Net increase (decrease) in shares outstanding before conversion | 8,447 | 217,034 |
Shares converted from Class C (See Note 1) | (3,198) | (93,497) |
Net increase (decrease) | 5,249 | $ 123,537 |
Year ended October 31, 2022: | ||
Shares sold | 6,189 | $ 204,515 |
Shares issued to shareholders in reinvestment of distributions | 16,769 | 629,845 |
Shares redeemed | (24,068) | (767,826) |
Net increase (decrease) in shares outstanding before conversion | (1,110) | 66,534 |
Shares converted from Class C (See Note 1) | (4,580) | (142,901) |
Net increase (decrease) | (5,690) | $ (76,367) |
Class I | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 239,818 | $ 8,164,955 |
Shares redeemed | (231,842) | (8,076,153) |
Net increase (decrease) in shares outstanding before conversion | 7,976 | 88,802 |
Shares converted into Class I (See Note 1) | 3,544 | 119,369 |
Shares converted from Class I (See Note 1) | (1,196) | (43,028) |
Net increase (decrease) | 10,324 | $ 165,143 |
Year ended October 31, 2022: | ||
Shares sold | 1,027,421 | $ 31,447,404 |
Shares issued to shareholders in reinvestment of distributions | 61,206 | 2,732,828 |
Shares redeemed | (98,160) | (3,645,210) |
Net increase (decrease) in shares outstanding before conversion | 990,467 | 30,535,022 |
Shares converted into Class I (See Note 1) | 2,074 | 66,809 |
Net increase (decrease) | 992,541 | $ 30,601,831 |
Class R2 | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 462 | $ 16,205 |
Net increase (decrease) | 462 | $ 16,205 |
Year ended October 31, 2022: | ||
Shares sold | 585 | $ 21,669 |
Shares issued to shareholders in reinvestment of distributions | 702 | 29,799 |
Shares redeemed | (1,405) | (46,338) |
Net increase (decrease) | (118) | $ 5,130 |
Class R6 | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 355,853 | $ 11,619,536 |
Shares redeemed | (1,270,504) | (46,223,506) |
Net increase (decrease) | (914,651) | $ (34,603,970) |
Year ended October 31, 2022: | ||
Shares sold | 1,420,681 | $ 54,713,966 |
Shares issued to shareholders in reinvestment of distributions | 679,896 | 30,350,578 |
Shares redeemed | (422,178) | (14,709,658) |
Net increase (decrease) | 1,678,399 | $ 70,354,886 |
MainStay Funds Trust:
28 | MainStay WMC Growth Fund |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Naïm Abou-Jaoudé* 1966 | MainStay Funds: Trustee since 2023 MainStay Funds Trust: Trustee since 2023 | Chief Executive Officer of New York Life Investment Management LLC (since 2023). Chief Executive Officer of Candriam (an affiliate of New York Life Investment Management LLC) (2007 to 2023). | 81 | MainStay VP Funds Trust: Trustee since 2023 (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2023; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2023; and New York Life Investment Management International (Chair) since 2015 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of his affiliation with New York Life Investment Management LLC and Candriam, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
30 | MainStay WMC Growth Fund |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015);MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC (since 1999) | 81 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2021; VanEck Vectors Group of Exchange-Traded Funds: Trustee since 2006 and Independent Chairman of the Board of Trustees from 2008 to 2022 (57 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Investment Committee since 2018 | |
Karen Hammond 1956 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021);MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 81 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Susan B. Kerley 1951 | MainStay Funds: Chair since January 2017 and Trustee since 2007;MainStay Funds Trust: Chair since January 2017 and Trustee since 1990*** | President, Strategic Management Advisors LLC (since 1990) | 81 | MainStay VP Funds Trust: Chair since January 2017 and Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chair since January 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Alan R. Latshaw 1951 | MainStay Funds: Trusteesince 2006;MainStay Funds Trust: Trustee since 2007*** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 81 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 | |
Jacques P. Perold 1958 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015to December 2015);MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 81 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay Funds: Trustee since 1994;MainStay Funds Trust: Trustee since 2007*** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) (since 2004); Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 81 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 |
** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
*** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
32 | MainStay WMC Growth Fund |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay Funds, MainStay Funds Trust (since 2017) | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since 2018); President, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust (since 2017)**; Senior Managing Director, Global Product Development (2015 to 2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay Funds (since 2007), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2007)**; and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay Funds and MainStay Funds Trust (since 2010) | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2010)** | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay Funds and MainStay Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ Trust, IndexIQ ETF Trust and Index IQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund, MainStay VP Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012 to 2022) | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay Funds (since 2005), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2005)** |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, New York Life Insurance Company, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
1.
2. | This Fund is registered for sale in CA, CT, DE, FL, MA, NJ, NY and VT. |
3. | An affiliate of New York Life Investment Management LLC. |
5013886MS139-23 | MSWG11-12/23 |
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended October 31, 2023 | |||||||
Class | Sales Charge | Inception Date1 | One Year | Five Years | Ten Years | Gross Expense Ratio2 | |
Class A Shares | Maximum 5.50% Initial Sales Charge | With sales charges | 9/28/2007 | 6.16% | -0.74% | -0.22% | 1.19% |
Excluding sales charges | 12.34 | 0.39 | 0.34 | 1.19 | |||
Investor Class Shares3 | Maximum 5.00% Initial Sales Charge | With sales charges | 2/28/2008 | 6.25 | -1.03 | -0.42 | 1.50 |
Excluding sales charges | 11.84 | 0.10 | 0.14 | 1.50 | |||
Class C Shares | Maximum 1.00% CDSC | With sales charges | 9/28/2007 | 10.10 | -0.64 | -0.60 | 2.25 |
If Redeemed Within One Year of Purchase | Excluding sales charges | 11.10 | -0.64 | -0.60 | 2.25 | ||
Class I Shares | No Sales Charge | 9/28/2007 | 12.58 | 0.65 | 0.60 | 0.94 |
1. | Effective March 5, 2021, the Fund replaced its subadvisor and modified its principal investment strategies. The past performance in the graph and table prior to March 5, 2021 reflects the Fund's prior subadvisor and principal investment strategies. |
2. | The gross expense ratios presented reflect the Fund’s “Total Annual Fund Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report. |
3. | Prior to June 30, 2020, the maximum initial sales charge was 5.50%, which is reflected in the applicable average annual total return figures shown. |
Benchmark Performance* | One Year | Five Years | Ten Years |
MSCI ACWI® ex USA Index (Net)1 | 12.07% | 3.46% | 2.54% |
Morningstar Foreign Large Blend Category Average2 | 13.03 | 3.87 | 2.92 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | The Fund has selected the MSCI ACWI® (All Country World Index) ex USA Index (Net) as its primary benchmark. The MSCI ACWI® ex USA Index (Net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. |
2. | The Morningstar Foreign Large Blend Category Average is representative of funds that invest in a variety of big international stocks. Most of these funds divide their assets among a dozen or more developed markets, including Japan, Britain, France, and Germany. These funds primarily invest in stocks that have market caps in the top 70% of each economically integrated market (such as Europe or Asia ex-Japan). The blend style is assigned to funds where neither growth nor value characteristics predominate. These funds typically will have less than 20% of assets invested in U.S. stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
6 | MainStay WMC International Research Equity 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 | $923.50 | $ 5.58 | $1,019.41 | $ 5.85 | 1.15% |
Investor Class Shares | $1,000.00 | $921.80 | $ 7.41 | $1,017.49 | $ 7.78 | 1.53% |
Class C Shares | $1,000.00 | $918.60 | $11.03 | $1,013.71 | $11.57 | 2.28% |
Class I Shares | $1,000.00 | $924.10 | $ 4.17 | $1,020.87 | $ 4.38 | 0.86% |
1. | Expenses are equal to the Fund’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 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 Kingdom | 14.9% |
Japan | 13.2 |
France | 11.4 |
Germany | 7.5 |
China | 7.2 |
Netherlands | 5.9 |
United States | 5.4 |
Canada | 4.7 |
Taiwan | 3.5 |
Australia | 3.5 |
Republic of Korea | 3.3 |
Brazil | 2.9 |
Switzerland | 2.9 |
Italy | 2.8 |
India | 2.4 |
Denmark | 2.2 |
Hong Kong | 1.7 |
Belgium | 0.8 |
Austria | 0.7% |
Thailand | 0.6 |
Ireland | 0.5 |
South Africa | 0.5 |
Mexico | 0.4 |
Indonesia | 0.4 |
Portugal | 0.3 |
Israel | 0.2 |
Sweden | 0.2 |
Nigeria | 0.2 |
Finland | 0.1 |
Spain | 0.1 |
Russia | 0.0‡ |
Other Assets, Less Liabilities | –0.4 |
Investments Sold Short | –0.0‡ |
100.0% |
‡ | Less than one–tenth of a percent. |
1. | Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR |
2. | Shell plc |
3. | Unilever plc |
4. | Tencent Holdings Ltd. |
5. | BP plc |
6. | Pernod Ricard SA |
7. | Haleon plc |
8. | Vale SA |
9. | ASML Holding NV |
10. | Reckitt Benckiser Group plc |
8 | MainStay WMC International Research Equity 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 WMC International Research Equity Fund |
Shares | Value | |
Common Stocks 96.2% | ||
Australia 3.5% | ||
ANZ Group Holdings Ltd. (Banks) | 71,521 | $ 1,121,077 |
Brambles Ltd. (Commercial Services & Supplies) | 489 | 4,067 |
De Grey Mining Ltd. (Metals & Mining) (a) | 173,260 | 131,339 |
Glencore plc (Metals & Mining) | 257,146 | 1,360,053 |
Goodman Group (Industrial REITs) | 63,167 | 831,051 |
Orora Ltd. (Containers & Packaging) | 105,979 | 165,380 |
Rio Tinto plc (Metals & Mining) | 14,289 | 912,666 |
Stockland (Diversified REITs) | 179,662 | 403,449 |
Whitehaven Coal Ltd. (Oil, Gas & Consumable Fuels) | 23,249 | 109,135 |
5,038,217 | ||
Austria 0.7% | ||
BAWAG Group AG (Banks) (b) | 13,092 | 580,980 |
Erste Group Bank AG (Banks) | 11,889 | 424,567 |
1,005,547 | ||
Belgium 0.8% | ||
KBC Group NV (Banks) | 14,392 | 790,342 |
UCB SA (Pharmaceuticals) | 5,195 | 379,611 |
1,169,953 | ||
Brazil 2.5% | ||
Cia de Saneamento Basico do Estado de Sao Paulo SABESP (Water Utilities) | 61,600 | 713,164 |
Petroleo Brasileiro SA (Oil, Gas & Consumable Fuels) | 49,000 | 367,761 |
Rumo SA (Ground Transportation) | 80,650 | 356,880 |
Vale SA (Metals & Mining) | 162,154 | 2,219,195 |
3,657,000 | ||
Canada 4.7% | ||
Alimentation Couche-Tard, Inc. (Consumer Staples Distribution & Retail) | 26,391 | 1,436,637 |
Barrick Gold Corp. (Metals & Mining) | 58,965 | 941,824 |
Boat Rocker Media, Inc. (Entertainment) (a) | 42,890 | 53,816 |
Cenovus Energy, Inc. (Oil, Gas & Consumable Fuels) | 49,137 | 936,145 |
Constellation Software, Inc. (Software) | 419 | 839,967 |
Hydro One Ltd. (Electric Utilities) (b) | 7,525 | 195,132 |
Intact Financial Corp. (Insurance) | 4,477 | 629,024 |
Lightspeed Commerce, Inc. (Software) (a) | 24,468 | 304,871 |
Methanex Corp. (Chemicals) | 9,815 | 405,269 |
Shopify, Inc., Class A (IT Services) (a) | 16,538 | 780,972 |
Teck Resources Ltd., Class B (Metals & Mining) | 9,500 | 335,677 |
6,859,334 |
Shares | Value | |
China 7.2% | ||
Anhui Conch Cement Co. Ltd., Class H (Construction Materials) | 63,000 | $ 157,153 |
BYD Co. Ltd., Class H (Automobiles) | 21,053 | 638,699 |
China Longyuan Power Group Corp. Ltd., Class H (Independent Power and Renewable Electricity Producers) | 648,877 | 549,766 |
China Merchants Bank Co. Ltd., Class H (Banks) | 258,097 | 982,881 |
ENN Energy Holdings Ltd. (Gas Utilities) | 67,300 | 513,872 |
KE Holdings, Inc., ADR (Real Estate Management & Development) | 71,504 | 1,051,824 |
Meituan (Hotels, Restaurants & Leisure) (a)(b) | 94,721 | 1,338,761 |
Minth Group Ltd. (Automobile Components) | 156,000 | 347,674 |
PICC Property & Casualty Co. Ltd., Class H (Insurance) | 726,000 | 829,423 |
Prosus NV (Broadline Retail) (a) | 7,276 | 203,478 |
Tencent Holdings Ltd. (Interactive Media & Services) | 78,239 | 2,891,501 |
Trip.com Group Ltd. (Hotels, Restaurants & Leisure) (a) | 24,032 | 825,507 |
WuXi AppTec Co. Ltd., Class H (Life Sciences Tools & Services) (b)(c) | 17,000 | 204,211 |
10,534,750 | ||
Denmark 2.2% | ||
Ascendis Pharma A/S, ADR (Biotechnology) (a) | 4,404 | 393,321 |
Genmab A/S (Biotechnology) (a) | 2,236 | 630,819 |
Novo Nordisk A/S, Class B (Pharmaceuticals) | 22,581 | 2,167,264 |
3,191,404 | ||
Finland 0.1% | ||
Nokian Renkaat OYJ (Automobile Components) | 27,417 | 206,783 |
France 11.4% | ||
Air France-KLM (Passenger Airlines) (a) | 80,737 | 910,148 |
Airbus SE (Aerospace & Defense) | 6,187 | 826,688 |
ALD SA (Ground Transportation) (b) | 31,521 | 211,287 |
Arkema SA (Chemicals) | 3,764 | 351,990 |
AXA SA (Insurance) | 57,749 | 1,708,168 |
BNP Paribas SA (Banks) | 21,039 | 1,208,570 |
Bureau Veritas SA (Professional Services) | 28,401 | 645,798 |
Capgemini SE (IT Services) | 2,915 | 513,546 |
Edenred SE (Financial Services) | 5,957 | 316,668 |
Engie SA (Multi-Utilities) | 72,476 | 1,150,610 |
Shares | Value | |
Common Stocks (continued) | ||
France (continued) | ||
JCDecaux SE (Media) (a) | 24,335 | $ 380,053 |
Klepierre SA (Retail REITs) | 30,171 | 731,058 |
Legrand SA (Electrical Equipment) | 8,248 | 711,093 |
LVMH Moet Hennessy Louis Vuitton SE (Textiles, Apparel & Luxury Goods) | 2,328 | 1,661,467 |
Pernod Ricard SA (Beverages) | 14,116 | 2,501,803 |
Renault SA (Automobiles) | 15,584 | 544,976 |
Safran SA (Aerospace & Defense) | 3,526 | 548,511 |
TotalEnergies SE (Oil, Gas & Consumable Fuels) | 9,851 | 658,755 |
Valeo SE (Automobile Components) | 26,082 | 343,311 |
Vinci SA (Construction & Engineering) | 6,985 | 772,194 |
16,696,694 | ||
Germany 7.4% | ||
adidas AG (Textiles, Apparel & Luxury Goods) | 7,566 | 1,338,534 |
Beiersdorf AG (Personal Care Products) | 10,830 | 1,421,517 |
Brenntag SE (Trading Companies & Distributors) | 7,263 | 538,871 |
Commerzbank AG (Banks) | 42,346 | 454,784 |
Daimler Truck Holding AG (Machinery) | 44,227 | 1,386,115 |
Deutsche Post AG (Air Freight & Logistics) | 19,536 | 759,867 |
Deutsche Telekom AG (Registered) (Diversified Telecommunication Services) | 39,460 | 854,885 |
MTU Aero Engines AG (Aerospace & Defense) | 676 | 126,604 |
Rheinmetall AG (Aerospace & Defense) | 1,100 | 314,721 |
RWE AG (Independent Power and Renewable Electricity Producers) | 20,772 | 794,096 |
Siemens AG (Registered) (Industrial Conglomerates) | 8,239 | 1,089,362 |
Siemens Healthineers AG (Health Care Equipment & Supplies) (b) | 5,182 | 253,976 |
Talanx AG (Insurance) | 15,593 | 980,863 |
United Internet AG (Registered), Class G (Diversified Telecommunication Services) | 26,073 | 542,101 |
10,856,296 | ||
Hong Kong 1.7% | ||
AIA Group Ltd. (Insurance) | 234,108 | 2,029,868 |
Techtronic Industries Co. Ltd. (Machinery) | 56,000 | 510,246 |
2,540,114 | ||
India 2.4% | ||
Axis Bank Ltd. (Banks) | 73,153 | 862,675 |
Shares | Value | |
India (continued) | ||
Bharti Airtel Ltd. (Wireless Telecommunication Services) | 82,128 | $ 901,981 |
Kotak Mahindra Bank Ltd. (Banks) | 49,728 | 1,038,893 |
SBI Life Insurance Co. Ltd. (Insurance) (b) | 42,520 | 698,557 |
3,502,106 | ||
Indonesia 0.4% | ||
Bank Rakyat Indonesia Persero Tbk. PT (Banks) | 1,749,310 | 546,212 |
Ireland 0.5% | ||
AIB Group plc (Banks) | 181,542 | 786,415 |
Israel 0.2% | ||
Wix.com Ltd. (IT Services) (a) | 4,120 | 329,188 |
Italy 2.8% | ||
DiaSorin SpA (Health Care Equipment & Supplies) | 3,277 | 292,995 |
Enel SpA (Electric Utilities) | 107,691 | 682,320 |
Eurogroup Laminations SpA (Electrical Equipment) (a) | 59,591 | 195,717 |
Ferrari NV (Automobiles) | 2,454 | 741,323 |
FinecoBank Banca Fineco SpA (Banks) | 54,558 | 641,645 |
Stevanato Group SpA (Life Sciences Tools & Services) | 10,489 | 293,167 |
UniCredit SpA (Banks) | 50,074 | 1,251,730 |
4,098,897 | ||
Japan 13.2% | ||
Chugai Pharmaceutical Co. Ltd. (Pharmaceuticals) | 24,200 | 712,070 |
Daiichi Sankyo Co. Ltd. (Pharmaceuticals) | 37,400 | 951,933 |
Daikin Industries Ltd. (Building Products) | 1,600 | 228,323 |
Daito Trust Construction Co. Ltd. (Real Estate Management & Development) | 8,674 | 924,197 |
Eisai Co. Ltd. (Pharmaceuticals) | 7,800 | 409,670 |
Hakuhodo DY Holdings, Inc. (Media) | 20,900 | 167,324 |
Ibiden Co. Ltd. (Electronic Equipment, Instruments & Components) | 19,045 | 796,730 |
Isuzu Motors Ltd. (Automobiles) | 49,570 | 543,038 |
ITOCHU Corp. (Trading Companies & Distributors) | 16,500 | 584,889 |
Kansai Electric Power Co., Inc. (The) (Electric Utilities) | 27,700 | 352,064 |
KDDI Corp. (Wireless Telecommunication Services) | 30,506 | 903,054 |
12 | MainStay WMC International Research Equity Fund |
Shares | Value | |
Common Stocks (continued) | ||
Japan (continued) | ||
Keyence Corp. (Electronic Equipment, Instruments & Components) | 795 | $ 304,992 |
Koito Manufacturing Co. Ltd. (Automobile Components) | 12,170 | 179,810 |
Kyushu Electric Power Co., Inc. (Electric Utilities) (a) | 10,800 | 68,672 |
Makita Corp. (Machinery) | 27,500 | 700,495 |
Mitsubishi Corp. (Trading Companies & Distributors) | 15,400 | 706,627 |
Mitsubishi Electric Corp. (Electrical Equipment) | 14,300 | 158,260 |
Mitsubishi UFJ Financial Group, Inc. (Banks) | 151,800 | 1,258,866 |
Mitsui & Co. Ltd. (Trading Companies & Distributors) | 18,100 | 646,859 |
Musashi Seimitsu Industry Co. Ltd. (Automobile Components) | 19,000 | 179,878 |
Nippon Telegraph & Telephone Corp. (Diversified Telecommunication Services) | 574,950 | 670,633 |
Nomura Real Estate Holdings, Inc. (Real Estate Management & Development) | 15,670 | 362,351 |
Oriental Land Co. Ltd. (Hotels, Restaurants & Leisure) | 22,000 | 704,958 |
Recruit Holdings Co. Ltd. (Professional Services) | 20,425 | 583,879 |
Sony Group Corp. (Household Durables) | 18,656 | 1,529,281 |
Sumitomo Mitsui Trust Holdings, Inc. (Banks) | 19,900 | 736,526 |
T&D Holdings, Inc. (Insurance) | 68,800 | 1,213,050 |
Terumo Corp. (Health Care Equipment & Supplies) | 16,800 | 453,542 |
Tokyo Electron Ltd. (Semiconductors & Semiconductor Equipment) | 11,058 | 1,441,206 |
Yamaha Motor Co. Ltd. (Automobiles) (c) | 34,493 | 827,650 |
19,300,827 | ||
Mexico 0.4% | ||
Corp. Inmobiliaria Vesta SAB de CV (Real Estate Management & Development) (c) | 199,900 | 626,787 |
Netherlands 5.9% | ||
Adyen NV (Financial Services) (a)(b) | 331 | 222,012 |
Akzo Nobel NV (Chemicals) | 3,724 | 249,267 |
Argenx SE (Biotechnology) (a) | 1,426 | 670,080 |
ASML Holding NV (Semiconductors & Semiconductor Equipment) | 3,700 | 2,213,133 |
Shares | Value | |
Netherlands (continued) | ||
IMCD NV (Trading Companies & Distributors) | 2,624 | $ 315,128 |
Koninklijke Ahold Delhaize NV (Consumer Staples Distribution & Retail) | 31,062 | 920,268 |
Shell plc (Oil, Gas & Consumable Fuels) | 105,847 | 3,404,768 |
Wolters Kluwer NV (Professional Services) | 4,439 | 568,795 |
8,563,451 | ||
Nigeria 0.2% | ||
Airtel Africa plc (Wireless Telecommunication Services) (b) | 202,346 | 278,652 |
Portugal 0.3% | ||
EDP - Energias de Portugal SA (Electric Utilities) | 110,427 | 463,866 |
Republic of Korea 1.8% | ||
Coupang, Inc. (Broadline Retail) (a) | 63,725 | 1,083,325 |
LG Chem Ltd. (Chemicals) | 824 | 268,454 |
Samsung SDI Co. Ltd. (Electronic Equipment, Instruments & Components) | 1,101 | 346,877 |
Shinhan Financial Group Co. Ltd. (Banks) | 24,122 | 620,665 |
SK Telecom Co. Ltd. (Wireless Telecommunication Services) | 8,507 | 309,592 |
2,628,913 | ||
Russia 0.0% ‡ | ||
LUKOIL PJSC, Sponsored ADR (Oil, Gas & Consumable Fuels) (a)(d)(e) | 11,171 | 27,760 |
Mobile TeleSystems PJSC (Wireless Telecommunication Services) (d)(e) | 80,528 | — |
27,760 | ||
South Africa 0.5% | ||
Anglo American plc (Metals & Mining) | 21,729 | 553,696 |
Thungela Resources Ltd. (Oil, Gas & Consumable Fuels) | 12,106 | 107,061 |
660,757 | ||
Spain 0.1% | ||
Aena SME SA (Transportation Infrastructure) | 1,382 | 199,969 |
Sweden 0.2% | ||
Assa Abloy AB, Class B (Building Products) | 15,367 | 326,959 |
Shares | Value | |
Common Stocks (continued) | ||
Switzerland 2.9% | ||
Alcon, Inc. (Health Care Equipment & Supplies) | 14,078 | $ 1,003,173 |
DSM-Firmenich AG (Chemicals) | 1,893 | 171,435 |
Novartis AG (Registered) (Pharmaceuticals) | 23,018 | 2,139,220 |
Partners Group Holding AG (Capital Markets) | 290 | 305,032 |
Sandoz Group AG (Pharmaceuticals) (a) | 5,204 | 135,299 |
Tecan Group AG (Registered) (Life Sciences Tools & Services) | 1,786 | 511,267 |
4,265,426 | ||
Taiwan 3.5% | ||
ASPEED Technology, Inc. (Semiconductors & Semiconductor Equipment) | 5,945 | 471,054 |
E Ink Holdings, Inc. (Electronic Equipment, Instruments & Components) | 149,548 | 774,597 |
Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR (Semiconductors & Semiconductor Equipment) | 44,363 | 3,828,972 |
5,074,623 | ||
Thailand 0.6% | ||
Kasikornbank PCL | ||
(Banks) | 37,900 | 138,661 |
NVDR (Banks) | 172,920 | 632,649 |
PTT Global Chemical PCL (Chemicals) | 45,700 | 43,866 |
815,176 | ||
United Kingdom 14.9% | ||
Admiral Group plc (Insurance) | 30,382 | 902,146 |
Allfunds Group plc (Capital Markets) | 37,924 | 193,334 |
AstraZeneca plc (Pharmaceuticals) | 16,499 | 2,055,505 |
BAE Systems plc (Aerospace & Defense) | 50,972 | 683,971 |
Beazley plc (Insurance) | 169,952 | 1,062,793 |
BP plc (Oil, Gas & Consumable Fuels) | 434,551 | 2,654,608 |
BT Group plc (Diversified Telecommunication Services) | 216,365 | 296,511 |
ConvaTec Group plc (Health Care Equipment & Supplies) (b) | 166,435 | 413,083 |
Croda International plc (Chemicals) | 4,157 | 221,204 |
HSBC Holdings plc (Banks) | 291,637 | 2,099,527 |
IMI plc (Machinery) | 17,294 | 307,943 |
InterContinental Hotels Group plc (Hotels, Restaurants & Leisure) | 7,208 | 509,012 |
London Stock Exchange Group plc (Capital Markets) | 13,432 | 1,351,786 |
National Grid plc (Multi-Utilities) | 27,425 | 326,204 |
Shares | Value | |
United Kingdom (continued) | ||
Reckitt Benckiser Group plc (Household Products) | 32,931 | $ 2,202,230 |
Rolls-Royce Holdings plc (Aerospace & Defense) (a) | 101,193 | 264,931 |
Rotork plc (Machinery) | 104,182 | 370,767 |
Smith & Nephew plc (Health Care Equipment & Supplies) | 26,771 | 299,617 |
Standard Chartered plc (Banks) | 148,107 | 1,134,105 |
Trainline plc (Hotels, Restaurants & Leisure) (a)(b) | 47,573 | 150,570 |
Unilever plc (Personal Care Products) | 66,467 | 3,141,819 |
Whitbread plc (Hotels, Restaurants & Leisure) | 13,345 | 539,808 |
Wise plc, Class A (Financial Services) (a) | 43,105 | 348,721 |
WPP plc (Media) | 30,701 | 263,671 |
21,793,866 | ||
United States 3.2% | ||
CRH plc (Construction Materials) | 6,281 | 337,510 |
Experian plc (Professional Services) | 10,098 | 305,736 |
GSK plc (Pharmaceuticals) | 55,349 | 980,450 |
Haleon plc (Personal Care Products) | 561,195 | 2,247,534 |
QIAGEN NV (Life Sciences Tools & Services) (a) | 15,248 | 566,623 |
Schneider Electric SE (Electrical Equipment) | 1,988 | 304,966 |
4,742,819 | ||
Total Common Stocks (Cost $152,217,201) | 140,788,761 | |
Preferred Stocks 2.0% | ||
Brazil 0.4% | ||
Banco Bradesco SA (Banks) | 221,100 | 613,515 |
Germany 0.1% | ||
Volkswagen AG (Automobiles) 2.91% | 922 | 97,391 |
Republic of Korea 1.5% | ||
Samsung Electronics Co. Ltd. (Technology Hardware, Storage & Peripherals) 1.88% | 55,411 | 2,199,126 |
Total Preferred Stocks (Cost $3,723,529) | 2,910,032 |
14 | MainStay WMC International Research Equity Fund |
Shares | Value | |
Exchange-Traded Fund 0.7% | ||
United States 0.7% | ||
iShares MSCI ACWI ex U.S. ETF (c) | 22,034 | $ 1,003,428 |
Total Exchange-Traded Fund (Cost $1,034,521) | 1,003,428 | |
Number of Warrants | ||
Warrants 0.0% ‡ | ||
Canada 0.0% ‡ | ||
Constellation Software, Inc. (Software) | ||
Expires 3/31/40 (a)(d)(e) | 442 | — |
Total Warrants (Cost $0) | — | |
Shares | ||
Short-Term Investments 1.5% | ||
Affiliated Investment Company 0.9% | ||
United States 0.9% | ||
MainStay U.S. Government Liquidity Fund, 5.275% (f) | 1,287,657 | 1,287,657 |
Unaffiliated Investment Companies 0.6% | ||
United States 0.6% | ||
Invesco Government & Agency Portfolio, 5.357% (f)(g) | 927,426 | 927,426 |
RBC U.S. Government Money Market Fund, 5.399% (f)(g) | 50,000 | 50,000 |
977,426 | ||
Total Short-Term Investments (Cost $2,265,083) | 2,265,083 | |
Total Investments, Before Investments Sold Short (Cost $159,240,334) | 100.4% | 146,967,304 |
Investments Sold Short (0.0)% ‡ | ||
Common Stock Sold Short (0.0)% ‡ | ||
Australia (0.0)% ‡ | ||
Virgin Australia Airlines Holdings Pty. Ltd. (Passenger Airlines) (a)(d)(e) | (444,108) | (28) |
Total Common Stock Sold Short (Proceeds $0) | (28) | |
Number of Rights | Value | ||
Rights Sold Short (0.0)% ‡ | |||
United States (0.0)% ‡ | |||
Intercell (Biotechnology) Expires 12/31/49 (a)(d)(e) | (19,159) | $ (2) | |
Total Rights Sold Short (Proceeds $0) | (2) | ||
Total Investments Sold Short (Proceeds $0) | (30) | ||
Total Investments, Net of Investments Sold Short (Cost $159,240,334) | 100.4% | 146,967,274 | |
Other Assets, Less Liabilities | (0.4) | (652,452) | |
Net Assets | 100.0% | $ 146,314,822 |
† | Percentages indicated are based on Fund net assets. |
^ | Industry and country classifications may be different than those used for compliance monitoring purposes. |
‡ | Less than one-tenth of a percent. |
(a) | Non-income producing security. |
(b) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
(c) | 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 $1,742,263; the total market value of collateral held by the Fund was $1,847,015. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $869,589. The Fund received cash collateral with a value of $977,426. (See Note 2(J)) |
(d) | Illiquid security—As of October 31, 2023, the total market value deemed illiquid under procedures approved by the Board of Trustees was $27,730, which represented less than one-tenth of a percent of the Fund’s net assets. (Unaudited) |
(e) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
(f) | Current yield as of October 31, 2023. |
(g) | Represents a security purchased with cash collateral received for securities on loan. |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay U.S. Government Liquidity Fund | $ 557 | $ 36,261 | $ (35,530) | $ — | $ — | $ 1,288 | $ 32 | $ — | 1,288 |
Abbreviation(s): |
ACWI—All Country World Index |
ADR—American Depositary Receipt |
ETF—Exchange-Traded Fund |
MSCI—Morgan Stanley Capital International |
NVDR—Non-Voting Depositary Receipt |
PCL—Provision for Credit Losses |
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 | $ 140,761,001 | $ — | $ 27,760 | $ 140,788,761 | |||
Preferred Stocks | 2,910,032 | — | — | 2,910,032 | |||
Exchange-Traded Fund | 1,003,428 | — | — | 1,003,428 | |||
Warrants | — | — | — | — | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 1,287,657 | — | — | 1,287,657 | |||
Unaffiliated Investment Companies | 977,426 | — | — | 977,426 | |||
Total Short-Term Investments | 2,265,083 | — | — | 2,265,083 | |||
Total Investments in Securities | $ 146,939,544 | $ — | $ 27,760 | $ 146,967,304 | |||
Liability Valuation Inputs | |||||||
Common Stock Sold Short | $ — | $ — | $ (28) | $ (28) | |||
Rights Sold Short | — | — | (2) | (2) | |||
Total Investments in Securities Sold Short | $ — | $ — | $ (30) | $ (30) |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
16 | MainStay WMC International Research Equity Fund |
Value | Percent †^ | |
Aerospace & Defense | $ 2,765,426 | 1.9% |
Air Freight & Logistics | 759,867 | 0.5 |
Automobile Components | 1,257,456 | 0.9 |
Automobiles | 3,393,077 | 2.3 |
Banks | 17,925,285 | 12.3 |
Beverages | 2,501,803 | 1.7 |
Biotechnology | 1,694,220 | 1.2 |
Broadline Retail | 1,286,803 | 0.9 |
Building Products | 555,282 | 0.4 |
Capital Markets | 1,850,152 | 1.3 |
Chemicals | 1,711,485 | 1.2 |
Commercial Services & Supplies | 4,067 | 0.0‡ |
Construction & Engineering | 772,194 | 0.5 |
Construction Materials | 494,663 | 0.3 |
Consumer Staples Distribution & Retail | 2,356,905 | 1.6 |
Containers & Packaging | 165,380 | 0.1 |
Diversified REITs | 403,449 | 0.3 |
Diversified Telecommunication Services | 2,364,130 | 1.6 |
Electric Utilities | 1,762,054 | 1.2 |
Electrical Equipment | 1,370,036 | 0.9 |
Electronic Equipment, Instruments & Components | 2,223,196 | 1.5 |
Entertainment | 53,816 | 0.0‡ |
Exchange-Traded Fund | 1,003,428 | 0.7 |
Financial Services | 887,401 | 0.6 |
Gas Utilities | 513,872 | 0.4 |
Ground Transportation | 568,167 | 0.4 |
Health Care Equipment & Supplies | 2,716,386 | 1.9 |
Hotels, Restaurants & Leisure | 4,068,616 | 2.8 |
Household Durables | 1,529,281 | 1.0 |
Household Products | 2,202,230 | 1.5 |
Independent Power and Renewable Electricity Producers | 1,343,862 | 0.9 |
Industrial Conglomerates | 1,089,362 | 0.7 |
Industrial REITs | 831,051 | 0.6 |
Insurance | 10,053,892 | 6.9 |
Interactive Media & Services | 2,891,501 | 2.0 |
IT Services | 1,623,706 | 1.1 |
Life Sciences Tools & Services | 1,575,268 | 1.1 |
Machinery | 3,275,566 | 2.2 |
Media | 811,048 | 0.6 |
Metals & Mining | 6,454,450 | 4.4 |
Multi-Utilities | 1,476,814 | 1.0 |
Oil, Gas & Consumable Fuels | 8,265,993 | 5.6 |
Passenger Airlines | 910,148 | 0.6 |
Value | Percent †^ | ||
Personal Care Products | $ 6,810,870 | 4.7% | |
Pharmaceuticals | 9,931,022 | 6.8 | |
Professional Services | 2,104,208 | 1.4 | |
Real Estate Management & Development | 2,965,159 | 2.0 | |
Retail REITs | 731,058 | 0.5 | |
Semiconductors & Semiconductor Equipment | 7,954,365 | 5.4 | |
Software | 1,144,838 | 0.8 | |
Technology Hardware, Storage & Peripherals | 2,199,126 | 1.5 | |
Textiles, Apparel & Luxury Goods | 3,000,001 | 2.1 | |
Trading Companies & Distributors | 2,792,374 | 1.9 | |
Transportation Infrastructure | 199,969 | 0.1 | |
Water Utilities | 713,164 | 0.5 | |
Wireless Telecommunication Services | 2,393,279 | 1.6 | |
144,702,221 | 98.9 | ||
Short-Term Investments | 2,265,083 | 1.5 | |
Other Assets, Less Liabilities* | (652,482) | (0.4) | |
Net Assets | $146,314,822 | 100.0% |
* | Includes Investments sold short (details are shown below). |
Value | Percent †^ | ||
Biotechnology | $ (2) | (0.0)%‡ | |
Passenger Airlines | (28) | (0.0)‡ | |
$(30) | (0.0)%‡ |
† | Percentages indicated are based on Fund net assets. |
^ | Industry and country classifications may be different than those used for compliance monitoring purposes. |
‡ | Less than one-tenth of a percent. |
Assets | |
Investment in unaffiliated securities before investments sold short, at value (identified cost $157,952,677) including securities on loan of $1,742,263 | $ 145,679,647 |
Investment in affiliated investment companies, at value (identified cost $1,287,657) | 1,287,657 |
Cash denominated in foreign currencies (identified cost $113,374) | 113,022 |
Cash collateral on deposit for short positions | 25,338 |
Receivables: | |
Investment securities sold | 1,362,413 |
Dividends | 670,792 |
Fund shares sold | 1,437 |
Securities lending | 630 |
Other assets | 24,158 |
Total assets | 149,165,094 |
Liabilities | |
Investments sold short (proceeds $0) | 30 |
Cash collateral received for securities on loan | 977,426 |
Due to custodian | 3,499 |
Payables: | |
Investment securities purchased | 1,612,168 |
Fund shares redeemed | 102,921 |
Manager (See Note 3) | 83,939 |
Custodian | 39,775 |
Transfer agent (See Note 3) | 10,498 |
Shareholder communication | 9,838 |
Professional fees | 4,783 |
NYLIFE Distributors (See Note 3) | 3,678 |
Trustees | 20 |
Accrued expenses | 1,697 |
Total liabilities | 2,850,272 |
Net assets | $ 146,314,822 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 22,283 |
Additional paid-in-capital | 261,152,250 |
261,174,533 | |
Total distributable earnings (loss) | (114,859,711) |
Net assets | $ 146,314,822 |
Class A | |
Net assets applicable to outstanding shares | $ 9,865,726 |
Shares of beneficial interest outstanding | 1,512,773 |
Net asset value per share outstanding | $ 6.52 |
Maximum sales charge (5.50% of offering price) | 0.38 |
Maximum offering price per share outstanding | $ 6.90 |
Investor Class | |
Net assets applicable to outstanding shares | $ 1,596,802 |
Shares of beneficial interest outstanding | 246,413 |
Net asset value per share outstanding | $ 6.48 |
Maximum sales charge (5.00% of offering price) | 0.34 |
Maximum offering price per share outstanding | $ 6.82 |
Class C | |
Net assets applicable to outstanding shares | $ 1,325,001 |
Shares of beneficial interest outstanding | 209,726 |
Net asset value and offering price per share outstanding | $ 6.32 |
Class I | |
Net assets applicable to outstanding shares | $133,527,293 |
Shares of beneficial interest outstanding | 20,313,828 |
Net asset value and offering price per share outstanding | $ 6.57 |
18 | MainStay WMC International Research Equity Fund |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated (net of foreign tax withholding of $378,276) | $ 4,433,575 |
Dividends-affiliated | 31,945 |
Securities lending, net | 16,329 |
Total income | 4,481,849 |
Expenses | |
Manager (See Note 3) | 1,232,469 |
Custodian | 121,616 |
Professional fees | 94,007 |
Transfer agent (See Note 3) | 73,648 |
Registration | 57,831 |
Distribution/Service—Class A (See Note 3) | 27,843 |
Distribution/Service—Investor Class (See Note 3) | 4,502 |
Distribution/Service—Class C (See Note 3) | 20,327 |
Shareholder communication | 4,667 |
Trustees | 4,173 |
Miscellaneous | 5,060 |
Total expenses before waiver/reimbursement | 1,646,143 |
Expense waiver/reimbursement from Manager (See Note 3) | (160,615) |
Reimbursement from prior custodian(a) | (1,007) |
Net expenses | 1,484,521 |
Net investment income (loss) | 2,997,328 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | (1,384,913) |
Foreign currency transactions | (65,093) |
Net realized gain (loss) | (1,450,006) |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | 19,862,686 |
Translation of other assets and liabilities in foreign currencies | 55,805 |
Net change in unrealized appreciation (depreciation) | 19,918,491 |
Net realized and unrealized gain (loss) | 18,468,485 |
Net increase (decrease) in net assets resulting from operations | $21,465,813 |
(a) | Represents a refund for overbilling of custody fees. |
for the years ended October 31, 2023 and October 31, 2022
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 2,997,328 | $ 3,679,800 |
Net realized gain (loss) | (1,450,006) | (12,425,693) |
Net change in unrealized appreciation (depreciation) | 19,918,491 | (47,901,780) |
Net increase (decrease) in net assets resulting from operations | 21,465,813 | (56,647,673) |
Distributions to shareholders: | ||
Class A | (185,367) | (367,003) |
Investor Class | (23,565) | (50,882) |
Class C | (5,091) | (64,267) |
Class I | (3,101,573) | (5,440,803) |
Total distributions to shareholders | (3,315,596) | (5,922,955) |
Capital share transactions: | ||
Net proceeds from sales of shares | 4,867,268 | 16,096,804 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 3,308,751 | 5,906,186 |
Cost of shares redeemed | (42,023,793) | (28,091,409) |
Increase (decrease) in net assets derived from capital share transactions | (33,847,774) | (6,088,419) |
Net increase (decrease) in net assets | (15,697,557) | (68,659,047) |
Net Assets | ||
Beginning of year | 162,012,379 | 230,671,426 |
End of year | $146,314,822 | $162,012,379 |
20 | MainStay WMC International Research Equity Fund |
Year Ended October 31, | |||||||||
Class A | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 5.90 | $ 8.16 | $ 6.40 | $ 7.77 | $ 7.93 | ||||
Net investment income (loss) (a) | 0.11 | 0.12 | 0.09 | 0.06 | 0.15 | ||||
Net realized and unrealized gain (loss) | 0.62 | (2.18) | 1.81 | (0.70) | 0.10 | ||||
Total from investment operations | 0.73 | (2.06) | 1.90 | (0.64) | 0.25 | ||||
Less distributions: | |||||||||
From net investment income | (0.11) | (0.20) | (0.14) | (0.73) | (0.41) | ||||
Net asset value at end of year | $ 6.52 | $ 5.90 | $ 8.16 | $ 6.40 | $ 7.77 | ||||
Total investment return (b) | 12.34% | (25.89)% | 29.93% | (9.21)% | 3.83% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.60% | 1.67% | 1.09% | 0.89% | 2.04% | ||||
Net expenses (c) | 1.15% | 1.15%(d) | 1.31%(d) | 1.63%(d) | 1.75%(d) | ||||
Expenses (before waiver/reimbursement) (c) | 1.21% | 1.19%(d) | 1.31%(d) | 1.63%(d) | 1.75%(d) | ||||
Portfolio turnover rate | 85% | 65% | 117% | 136% | 182% | ||||
Net assets at end of year (in 000’s) | $ 9,866 | $ 10,371 | $ 15,492 | $ 12,373 | $ 19,557 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | 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) | The expense ratios presented below show the impact of short sales expense: |
Year Ended | Net Expenses (excluding short sale expenses) | Short Sales Expenses | ||
October 31, 2022 | 1.15% | 0.00%(e) | ||
October 31, 2021 | 1.30% | 0.01% | ||
October 31, 2020 | 1.60% | 0.03% | ||
October 31, 2019 | 1.64% | 0.11% |
(e) | Less than 0.01%. |
Year Ended October 31, | |||||||||
Investor Class | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 5.87 | $ 8.11 | $ 6.36 | $ 7.73 | $ 7.90 | ||||
Net investment income (loss) (a) | 0.08 | 0.09 | 0.05 | 0.04 | 0.15 | ||||
Net realized and unrealized gain (loss) | 0.62 | (2.16) | 1.82 | (0.70) | 0.08 | ||||
Total from investment operations | 0.70 | (2.07) | 1.87 | (0.66) | 0.23 | ||||
Less distributions: | |||||||||
From net investment income | (0.09) | (0.17) | (0.12) | (0.71) | (0.40) | ||||
Net asset value at end of year | $ 6.48 | $ 5.87 | $ 8.11 | $ 6.36 | $ 7.73 | ||||
Total investment return (b) | 11.84% | (26.07)% | 29.66% | (9.47)% | 3.54% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.23% | 1.35% | 0.64% | 0.66% | 2.00% | ||||
Net expenses (c) | 1.52% | 1.46%(d) | 1.63%(d) | 1.89%(d) | 1.93%(d) | ||||
Expenses (before waiver/reimbursement) (c) | 1.59% | 1.50%(d) | 1.63%(d) | 1.89%(d) | 1.93%(d) | ||||
Portfolio turnover rate | 85% | 65% | 117% | 136% | 182% | ||||
Net assets at end of year (in 000's) | $ 1,597 | $ 1,624 | $ 2,487 | $ 2,731 | $ 3,690 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | 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) | The expense ratios presented below show the impact of short sales expense: |
Year Ended | Net Expenses (excluding short sale expenses) | Short Sales Expenses | ||
October 31, 2022 | 1.46% | 0.00%(e) | ||
October 31, 2021 | 1.62% | 0.01% | ||
October 31, 2020 | 1.86% | 0.03% | ||
October 31, 2019 | 1.81% | 0.12% |
(e) | Less than 0.01%. |
22 | MainStay WMC International Research Equity Fund |
Year Ended October 31, | |||||||||
Class C | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 5.70 | $ 7.87 | $ 6.16 | $ 7.49 | $ 7.63 | ||||
Net investment income (loss) (a) | 0.03 | 0.04 | 0.00‡ | (0.01) | 0.08 | ||||
Net realized and unrealized gain (loss) | 0.60 | (2.11) | 1.76 | (0.68) | 0.10 | ||||
Total from investment operations | 0.63 | (2.07) | 1.76 | (0.69) | 0.18 | ||||
Less distributions: | |||||||||
From net investment income | (0.01) | (0.10) | (0.05) | (0.64) | (0.32) | ||||
Net asset value at end of year | $ 6.32 | $ 5.70 | $ 7.87 | $ 6.16 | $ 7.49 | ||||
Total investment return (b) | 11.10% | (26.65)% | 28.66% | (10.16)% | 2.81% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.49% | 0.56% | 0.01% | (0.22)% | 1.14% | ||||
Net expenses (c) | 2.27% | 2.21%(d) | 2.38%(d) | 2.64%(d) | 2.66%(d) | ||||
Expenses (before waiver/reimbursement) (c) | 2.34% | 2.25%(d) | 2.38%(d) | 2.64%(d) | 2.66%(d) | ||||
Portfolio turnover rate | 85% | 65% | 117% | 136% | 182% | ||||
Net assets at end of year (in 000’s) | $ 1,325 | $ 2,458 | $ 5,340 | $ 6,229 | $ 14,203 |
‡ | Less than one cent per share. |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | 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) | The expense ratios presented below show the impact of short sales expense: |
Year Ended | Net Expenses (excluding short sale expenses) | Short Sales Expenses | ||
October 31, 2022 | 2.21% | 0.00%(e) | ||
October 31, 2021 | 2.37% | 0.01% | ||
October 31, 2020 | 2.61% | 0.03% | ||
October 31, 2019 | 2.55% | 0.11% |
(e) | Less than 0.01%. |
Year Ended October 31, | |||||||||
Class I | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 5.95 | $ 8.22 | $ 6.45 | $ 7.83 | $ 8.00 | ||||
Net investment income (loss) (a) | 0.13 | 0.14 | 0.10 | 0.08 | 0.17 | ||||
Net realized and unrealized gain (loss) | 0.62 | (2.19) | 1.83 | (0.71) | 0.10 | ||||
Total from investment operations | 0.75 | (2.05) | 1.93 | (0.63) | 0.27 | ||||
Less distributions: | |||||||||
From net investment income | (0.13) | (0.22) | (0.16) | (0.75) | (0.44) | ||||
Net asset value at end of year | $ 6.57 | $ 5.95 | $ 8.22 | $ 6.45 | $ 7.83 | ||||
Total investment return (b) | 12.58% | (25.61)% | 30.21% | (8.98)% | 4.08% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.87% | 1.95% | 1.26% | 1.19% | 2.20% | ||||
Net expenses (c) | 0.86% | 0.86%(d) | 1.06%(d) | 1.38%(d) | 1.50%(d) | ||||
Expenses (before waiver/reimbursement) (c) | 0.96% | 0.94%(d) | 1.08%(d) | 1.38%(d) | 1.50%(d) | ||||
Portfolio turnover rate | 85% | 65% | 117% | 136% | 182% | ||||
Net assets at end of year (in 000’s) | $ 133,527 | $ 147,559 | $ 207,352 | $ 230,100 | $ 281,279 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. 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) | The expense ratios presented below show the impact of short sales expense: |
Year Ended | Net Expenses (excluding short sale expenses) | Short Sales Expenses | ||
October 31, 2022 | 0.86% | 0.00%(e) | ||
October 31, 2021 | 1.05% | 0.01% | ||
October 31, 2020 | 1.35% | 0.03% | ||
October 31, 2019 | 1.40% | 0.10% |
(e) | Less than 0.01%. |
24 | MainStay WMC International Research Equity Fund |
Class | Commenced Operations |
Class A | September 28, 2007 |
Investor Class | February 28, 2008 |
Class C | September 28, 2007 |
Class I | September 28, 2007 |
• | 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 |
26 | MainStay WMC International Research Equity Fund |
28 | MainStay WMC International Research Equity Fund |
Class | Expense | Waived |
Class A | $ 3,995 | $ — |
Investor Class | 7,459 | (1,264) |
Class C | 8,552 | (1,526) |
Class I | 53,642 | — |
30 | MainStay WMC International Research Equity Fund |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $160,196,814 | $7,920,995 | $(21,150,535) | $(13,229,540) |
Ordinary Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$2,836,930 | $(104,421,629) | $— | $(13,275,012) | $(114,859,711) |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $95,295 | $9,127 |
2023 | 2022 | |
Distributions paid from: | ||
Ordinary Income | $3,315,596 | $5,922,955 |
Sales (000's) | Realized Gain / (Loss) (000's) |
$53 | $(125) |
Class A | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 151,460 | $ 1,033,866 |
Shares issued to shareholders in reinvestment of distributions | 27,569 | 180,852 |
Shares redeemed | (435,884) | (2,976,755) |
Net increase (decrease) in shares outstanding before conversion | (256,855) | (1,762,037) |
Shares converted into Class A (See Note 1) | 13,637 | 92,922 |
Shares converted from Class A (See Note 1) | (1,063) | (7,142) |
Net increase (decrease) | (244,281) | $ (1,676,257) |
Year ended October 31, 2022: | ||
Shares sold | 381,741 | $ 2,732,536 |
Shares issued to shareholders in reinvestment of distributions | 45,770 | 357,008 |
Shares redeemed | (579,197) | (3,997,262) |
Net increase (decrease) in shares outstanding before conversion | (151,686) | (907,718) |
Shares converted into Class A (See Note 1) | 9,711 | 68,614 |
Net increase (decrease) | (141,975) | $ (839,104) |
Investor Class | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 7,994 | $ 55,445 |
Shares issued to shareholders in reinvestment of distributions | 3,565 | 23,315 |
Shares redeemed | (38,082) | (262,287) |
Net increase (decrease) in shares outstanding before conversion | (26,523) | (183,527) |
Shares converted into Investor Class (See Note 1) | 5,089 | 34,768 |
Shares converted from Investor Class (See Note 1) | (8,923) | (61,321) |
Net increase (decrease) | (30,357) | $ (210,080) |
Year ended October 31, 2022: | ||
Shares sold | 8,861 | $ 61,330 |
Shares issued to shareholders in reinvestment of distributions | 6,470 | 50,334 |
Shares redeemed | (39,740) | (266,279) |
Net increase (decrease) in shares outstanding before conversion | (24,409) | (154,615) |
Shares converted into Investor Class (See Note 1) | 2,258 | 15,133 |
Shares converted from Investor Class (See Note 1) | (7,927) | (56,148) |
Net increase (decrease) | (30,078) | $ (195,630) |
Class C | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 12,510 | $ 85,290 |
Shares issued to shareholders in reinvestment of distributions | 793 | 5,091 |
Shares redeemed | (229,803) | (1,512,804) |
Net increase (decrease) in shares outstanding before conversion | (216,500) | (1,422,423) |
Shares converted from Class C (See Note 1) | (5,037) | (33,657) |
Net increase (decrease) | (221,537) | $ (1,456,080) |
Year ended October 31, 2022: | ||
Shares sold | 11,524 | $ 79,421 |
Shares issued to shareholders in reinvestment of distributions | 8,412 | 64,017 |
Shares redeemed | (263,222) | (1,734,461) |
Net increase (decrease) in shares outstanding before conversion | (243,286) | (1,591,023) |
Shares converted from Class C (See Note 1) | (4,187) | (27,599) |
Net increase (decrease) | (247,473) | $ (1,618,622) |
32 | MainStay WMC International Research Equity Fund |
Class I | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 522,048 | $ 3,692,667 |
Shares issued to shareholders in reinvestment of distributions | 469,620 | 3,099,493 |
Shares redeemed | (5,473,111) | (37,271,947) |
Net increase (decrease) in shares outstanding before conversion | (4,481,443) | (30,479,787) |
Shares converted from Class I (See Note 1) | (3,834) | (25,570) |
Net increase (decrease) | (4,485,277) | $(30,505,357) |
Year ended October 31, 2022: | ||
Shares sold | 2,007,742 | $ 13,223,517 |
Shares issued to shareholders in reinvestment of distributions | 693,218 | 5,434,827 |
Shares redeemed | (3,122,136) | (22,093,407) |
Net increase (decrease) | (421,176) | $ (3,435,063) |
MainStay Funds Trust:
34 | MainStay WMC International Research Equity Fund |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Naïm Abou-Jaoudé* 1966 | MainStay Funds: Trustee since 2023 MainStay Funds Trust: Trustee since 2023 | Chief Executive Officer of New York Life Investment Management LLC (since 2023). Chief Executive Officer of Candriam (an affiliate of New York Life Investment Management LLC) (2007 to 2023). | 81 | MainStay VP Funds Trust: Trustee since 2023 (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2023; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2023; and New York Life Investment Management International (Chair) since 2015 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of his affiliation with New York Life Investment Management LLC and Candriam, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
36 | MainStay WMC International Research Equity Fund |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015);MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC (since 1999) | 81 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2021; VanEck Vectors Group of Exchange-Traded Funds: Trustee since 2006 and Independent Chairman of the Board of Trustees from 2008 to 2022 (57 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Investment Committee since 2018 | |
Karen Hammond 1956 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021);MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 81 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Susan B. Kerley 1951 | MainStay Funds: Chair since January 2017 and Trustee since 2007;MainStay Funds Trust: Chair since January 2017 and Trustee since 1990*** | President, Strategic Management Advisors LLC (since 1990) | 81 | MainStay VP Funds Trust: Chair since January 2017 and Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chair since January 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Alan R. Latshaw 1951 | MainStay Funds: Trusteesince 2006;MainStay Funds Trust: Trustee since 2007*** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 81 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 | |
Jacques P. Perold 1958 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015to December 2015);MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 81 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay Funds: Trustee since 1994;MainStay Funds Trust: Trustee since 2007*** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) (since 2004); Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 81 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 |
** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
*** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
38 | MainStay WMC International Research Equity Fund |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay Funds, MainStay Funds Trust (since 2017) | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since 2018); President, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust (since 2017)**; Senior Managing Director, Global Product Development (2015 to 2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay Funds (since 2007), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2007)**; and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay Funds and MainStay Funds Trust (since 2010) | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2010)** | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay Funds and MainStay Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ Trust, IndexIQ ETF Trust and Index IQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund, MainStay VP Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012 to 2022) | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay Funds (since 2005), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2005)** |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, New York Life Insurance Company, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
1.
2. | This Fund is registered for sale in CA, CT, DE, FL, MA, NJ, NY and VT. |
3. | An affiliate of New York Life Investment Management LLC. |
5013744MS139-23 | MSWIRE11-12/23 |
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended October 31, 2023 | |||||||
Class | Sales Charge | Inception Date1 | One Year | Five Years | Ten Years or Since Inception | Gross Expense Ratio2 | |
Class A Shares | Maximum 5.50% Initial Sales Charge | With sales charges | 1/2/2004 | -19.36% | -1.29% | 2.05% | 1.23% |
Excluding sales charges | -14.66 | -0.17 | 2.63 | 1.23 | |||
Investor Class Shares3 | Maximum 5.00% Initial Sales Charge | With sales charges | 2/28/2008 | -19.17 | -1.57 | 1.77 | 1.58 |
Excluding sales charges | -14.92 | -0.45 | 2.35 | 1.58 | |||
Class B Shares4 | Maximum 5.00% CDSC | With sales charges | 1/2/2004 | -19.65 | -1.42 | 1.59 | 2.33 |
if Redeemed Within the First Six Years of Purchase | Excluding sales charges | -15.48 | -1.19 | 1.59 | 2.33 | ||
Class C Shares | Maximum 1.00% CDSC | With sales charges | 12/30/2002 | -16.37 | -1.18 | 1.59 | 2.33 |
if Redeemed Within One Year of Purchase | Excluding sales charges | -15.54 | -1.18 | 1.59 | 2.33 | ||
Class I Shares | No Sales Charge | 1/12/1987 | -14.42 | 0.08 | 2.89 | 0.98 | |
Class R1 Shares5 | No Sales Charge | 7/31/2012 | -14.54 | -0.03 | 2.78 | 1.08 | |
Class R2 Shares5 | No Sales Charge | 7/31/2012 | -14.73 | -0.27 | 2.53 | 1.33 | |
Class R3 Shares5 | No Sales Charge | 2/29/2016 | -14.95 | -0.52 | 2.94 | 1.58 |
1. | Effective March 5, 2021, the Fund replaced its subadvisor and modified its principal investment strategies. The performance information in the graph and table from April 1, 2019 through March 5, 2021 reflects that of the Fund's prior subadvisor and principal investment strategies. Performance information shown in this report prior to April 1, 2019 reflects that of a different previous subadvisor to the fund, investment objective and principal investment strategies. |
2. | The gross expense ratios presented reflect the Fund’s “Total Annual Fund Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report. |
3. | Prior to June 30, 2020, the maximum initial sales charge was 5.50%, which is reflected in the applicable average annual total return figures shown. |
4. | Class B shares are closed to all new purchases as well as additional investments by existing Class B shareholders. |
5. | As of October 31, 2023, Class R1, Class R2 and Class R3 shares are closed to new investors and, upon the close of business on December 29, 2023, Class R1, Class R2 and Class R3 shares are closed to additional investments by existing shareholders. Additionally, Class R1, Class R2 and 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 R1, Class R2 or 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* | One Year | Five Years | Ten Years |
Russell 2000® Index1 | -8.56% | 3.31% | 5.63% |
Morningstar Small Blend Category Average2 | -4.86 | 4.61 | 5.83 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | The Fund has selected the Russell 2000® Index as its primary benchmark. The Russell 2000® Index measures the performance of the small-cap segment of the U.S. equity universe. It is a subset of the Russell 3000® Index and includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. |
2. | The Morningstar Small Blend Category Average is representative of funds that favor U.S. firms at the smaller end of the market-capitalization range. Some aim to own an array of value and growth stocks while others employ a discipline that leads to holdings with valuations and growth rates close to the small-cap averages. Stocks in the bottom 10% of the capitalization of the U.S. equity market are defined as small cap. The blend style is assigned to funds where neither growth nor value characteristics predominate. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
6 | MainStay WMC Small Companies 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 | $914.30 | $ 5.93 | $1,019.00 | $ 6.26 | 1.23% |
Investor Class Shares | $1,000.00 | $913.00 | $ 7.14 | $1,017.74 | $ 7.53 | 1.48% |
Class B Shares | $1,000.00 | $909.80 | $10.73 | $1,013.96 | $11.32 | 2.23% |
Class C Shares | $1,000.00 | $909.80 | $10.73 | $1,013.96 | $11.32 | 2.23% |
Class I Shares | $1,000.00 | $915.60 | $ 4.73 | $1,020.26 | $ 4.99 | 0.98% |
Class R1 Shares | $1,000.00 | $914.50 | $ 5.21 | $1,019.76 | $ 5.50 | 1.08% |
Class R2 Shares | $1,000.00 | $913.60 | $ 6.42 | $1,018.50 | $ 6.77 | 1.33% |
Class R3 Shares | $1,000.00 | $912.40 | $ 7.62 | $1,017.24 | $ 8.03 | 1.58% |
1. | Expenses are equal to the Fund’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 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. |
Banks | 7.7% |
Biotechnology | 6.8 |
Financial Services | 6.5 |
Software | 5.4 |
Health Care Equipment & Supplies | 4.6 |
Energy Equipment & Services | 4.4 |
Exchange–Traded Fund | 4.0 |
Machinery | 3.6 |
Commercial Services & Supplies | 3.4 |
Chemicals | 3.2 |
Ground Transportation | 3.1 |
Metals & Mining | 2.9 |
Real Estate Management & Development | 2.7 |
Electronic Equipment, Instruments & Components | 2.6 |
Trading Companies & Distributors | 2.5 |
Semiconductors & Semiconductor Equipment | 2.4 |
Automobile Components | 2.4 |
Interactive Media & Services | 2.2 |
Household Durables | 2.2 |
Diversified Consumer Services | 2.1 |
Aerospace & Defense | 2.0% |
Oil, Gas & Consumable Fuels | 2.0 |
Health Care REITs | 1.9 |
Food Products | 1.9 |
Hotels, Restaurants & Leisure | 1.9 |
Gas Utilities | 1.8 |
Capital Markets | 1.8 |
Mortgage Real Estate Investment Trusts | 1.6 |
Consumer Finance | 1.6 |
Specialized REITs | 1.5 |
Health Care Providers & Services | 1.4 |
Media | 1.4 |
Building Products | 1.4 |
Electric Utilities | 1.3 |
Pharmaceuticals | 0.8 |
Insurance | 0.0‡ |
Short–Term Investment | 5.6 |
Other Assets, Less Liabilities | –4.6 |
100.0% |
‡ | Less than one–tenth of a percent. |
1. | iShares Russell 2000 ETF |
2. | MRC Global, Inc. |
3. | Taboola.com Ltd. |
4. | Skyline Champion Corp. |
5. | Carpenter Technology Corp. |
6. | Laureate Education, Inc. |
7. | BWX Technologies, Inc. |
8. | PBF Energy, Inc., Class A |
9. | CareTrust REIT, Inc. |
10. | Agilysys, Inc. |
8 | MainStay WMC Small Companies 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 94.9% | ||
Aerospace & Defense 2.0% | ||
BWX Technologies, Inc. | 62,603 | $ 4,650,151 |
Automobile Components 2.4% | ||
Dana, Inc. | 163,576 | 1,877,852 |
Gentherm, Inc. (a) | 13,862 | 557,530 |
XPEL, Inc. (a) | 62,623 | 2,899,445 |
5,334,827 | ||
Banks 7.7% | ||
Banner Corp. | 43,748 | 1,846,603 |
OFG Bancorp | 82,545 | 2,444,983 |
Old National Bancorp | 240,871 | 3,299,933 |
Stellar Bancorp, Inc. | 126,362 | 2,747,110 |
United Community Banks, Inc. | 112,357 | 2,481,966 |
Veritex Holdings, Inc. | 137,389 | 2,365,838 |
WSFS Financial Corp. | 62,255 | 2,203,827 |
17,390,260 | ||
Biotechnology 6.8% | ||
Celldex Therapeutics, Inc. (a) | 106,700 | 2,509,584 |
Cytokinetics, Inc. (a) | 55,900 | 1,948,674 |
Kymera Therapeutics, Inc. (a) | 74,138 | 865,190 |
Merus NV (a) | 105,654 | 2,124,702 |
Nuvalent, Inc., Class A (a) | 62,195 | 3,239,738 |
REVOLUTION Medicines, Inc. (a) | 70,403 | 1,393,979 |
Sage Therapeutics, Inc. (a) | 46,746 | 875,553 |
Vaxcyte, Inc. (a) | 49,624 | 2,386,914 |
15,344,334 | ||
Building Products 1.4% | ||
Masonite International Corp. (a) | 39,415 | 3,119,303 |
Capital Markets 1.8% | ||
Hamilton Lane, Inc., Class A | 48,031 | 4,040,368 |
Chemicals 3.2% | ||
Minerals Technologies, Inc. | 69,456 | 3,754,791 |
Quaker Chemical Corp. | 24,075 | 3,460,059 |
7,214,850 | ||
Commercial Services & Supplies 3.4% | ||
Brady Corp., Class A | 81,350 | 4,186,271 |
Interface, Inc. | 389,227 | 3,460,228 |
7,646,499 | ||
Consumer Finance 1.6% | ||
Enova International, Inc. (a) | 92,944 | 3,706,607 |
Shares | Value | |
Diversified Consumer Services 2.1% | ||
Laureate Education, Inc. | 335,289 | $ 4,740,987 |
Electric Utilities 1.3% | ||
Portland General Electric Co. | 73,789 | 2,953,036 |
Electronic Equipment, Instruments & Components 2.6% | ||
CTS Corp. | 68,926 | 2,578,522 |
TTM Technologies, Inc. (a) | 280,346 | 3,221,175 |
5,799,697 | ||
Energy Equipment & Services 4.3% | ||
Liberty Energy, Inc. | 212,104 | 4,178,449 |
Nabors Industries Ltd. (a) | 28,239 | 2,757,256 |
Patterson-UTI Energy, Inc. | 223,250 | 2,835,275 |
9,770,980 | ||
Financial Services 6.5% | ||
Federal Agricultural Mortgage Corp., Class C | 25,938 | 3,853,349 |
NMI Holdings, Inc., Class A (a) | 150,746 | 4,122,903 |
Remitly Global, Inc. (a) | 147,887 | 3,982,597 |
Shift4 Payments, Inc., Class A (a) | 65,273 | 2,905,954 |
14,864,803 | ||
Food Products 1.9% | ||
Freshpet, Inc. (a)(b) | 73,869 | 4,240,081 |
Gas Utilities 1.8% | ||
New Jersey Resources Corp. | 103,104 | 4,183,960 |
Ground Transportation 3.1% | ||
Marten Transport Ltd. | 181,146 | 3,184,547 |
Ryder System, Inc. | 38,608 | 3,765,824 |
6,950,371 | ||
Health Care Equipment & Supplies 4.6% | ||
Artivion, Inc. (a) | 258,412 | 3,292,169 |
Lantheus Holdings, Inc. (a) | 37,941 | 2,450,988 |
Omnicell, Inc. (a) | 51,407 | 1,827,005 |
SI-BONE, Inc. (a) | 167,590 | 2,850,706 |
10,420,868 | ||
Health Care Providers & Services 1.4% | ||
AMN Healthcare Services, Inc. (a) | 43,001 | 3,262,056 |
Health Care REITs 1.9% | ||
CareTrust REIT, Inc. | 204,544 | 4,401,787 |
10 | MainStay WMC Small Companies Fund |
Shares | Value | |
Common Stocks (continued) | ||
Hotels, Restaurants & Leisure 1.9% | ||
Hilton Grand Vacations, Inc. (a) | 116,880 | $ 4,201,836 |
Household Durables 2.2% | ||
Skyline Champion Corp. (a) | 83,411 | 4,890,387 |
Insurance 0.0% ‡ | ||
SiriusPoint Ltd. (a) | 8,379 | 82,533 |
Interactive Media & Services 2.2% | ||
Taboola.com Ltd. (a) | 1,340,877 | 4,921,019 |
Machinery 3.6% | ||
Astec Industries, Inc. | 76,618 | 3,067,785 |
Blue Bird Corp. (a) | 178,327 | 3,247,335 |
Greenbrier Cos., Inc. (The) | 56,653 | 1,959,627 |
8,274,747 | ||
Media 1.4% | ||
Magnite, Inc. (a) | 481,324 | 3,195,991 |
Metals & Mining 2.9% | ||
Carpenter Technology Corp. | 77,684 | 4,872,340 |
MP Materials Corp. (a)(b) | 111,132 | 1,822,565 |
6,694,905 | ||
Mortgage Real Estate Investment Trusts 1.6% | ||
Redwood Trust, Inc. (b) | 595,574 | 3,740,205 |
Oil, Gas & Consumable Fuels 2.0% | ||
PBF Energy, Inc., Class A | 94,637 | 4,498,097 |
Pharmaceuticals 0.8% | ||
Aclaris Therapeutics, Inc. (a) | 354,244 | 1,764,135 |
Real Estate Management & Development 2.7% | ||
Marcus & Millichap, Inc. | 110,744 | 3,178,353 |
Tricon Residential, Inc. | 460,147 | 3,050,774 |
6,229,127 | ||
Semiconductors & Semiconductor Equipment 2.4% | ||
Semtech Corp. (a) | 164,621 | 2,298,109 |
Tower Semiconductor Ltd. (a) | 138,206 | 3,181,502 |
5,479,611 |
Shares | Value | ||
Software 5.4% | |||
Agilysys, Inc. (a) | 50,581 | $ 4,339,344 | |
Altair Engineering, Inc., Class A (a) | 60,382 | 3,750,930 | |
SolarWinds Corp. (a) | 447,806 | 4,124,293 | |
12,214,567 | |||
Specialized REITs 1.5% | |||
Uniti Group, Inc. (b) | 751,579 | 3,457,263 | |
Trading Companies & Distributors 2.5% | |||
MRC Global, Inc. (a) | 534,803 | 5,620,780 | |
Total Common Stocks (Cost $243,107,798) | 215,301,028 | ||
Exchange-Traded Fund 4.0% | |||
iShares Russell 2000 ETF (b) | 55,164 | 9,075,581 | |
Total Exchange-Traded Fund (Cost $9,794,496) | 9,075,581 | ||
Number of Warrants | |||
Warrants 0.1% | |||
Energy Equipment & Services 0.1% | |||
Nabors Industries Ltd. | |||
Expires 6/11/26 (a) | 17,484 | 260,949 | |
Total Warrants (Cost $5,002) | 260,949 | ||
Shares | |||
Short-Term Investment 5.6% | |||
Unaffiliated Investment Company 5.6% | |||
Invesco Government & Agency Portfolio, 5.357% (c)(d) | 12,759,487 | 12,759,487 | |
Total Short-Term Investment (Cost $12,759,487) | 12,759,487 | ||
Total Investments (Cost $265,666,783) | 104.6% | 237,397,045 | |
Other Assets, Less Liabilities | (4.6) | (10,455,615) | |
Net Assets | 100.0% | $ 226,941,430 |
† | Percentages indicated are based on Fund net assets. |
^ | Industry classifications may be different than those used for compliance monitoring purposes. |
‡ | Less than one-tenth of a percent. |
(a) | 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 $12,543,200. The Fund received cash collateral with a value of $12,759,487. (See Note 2(G)) |
(c) | Current yield as of October 31, 2023. |
(d) | Represents a security purchased with cash collateral received for securities on loan. |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay U.S. Government Liquidity Fund | $ 4,059 | $ 89,557 | $ (93,616) | $ — | $ — | $ — | $ 107 | $ — | — |
Abbreviation(s): |
ETF—Exchange-Traded Fund |
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 | $ 215,301,028 | $ — | $ — | $ 215,301,028 | |||
Exchange-Traded Fund | 9,075,581 | — | — | 9,075,581 | |||
Warrants | 260,949 | — | — | 260,949 | |||
Short-Term Investment | |||||||
Unaffiliated Investment Company | 12,759,487 | — | — | 12,759,487 | |||
Total Investments in Securities | $ 237,397,045 | $ — | $ — | $ 237,397,045 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
12 | MainStay WMC Small Companies Fund |
Assets | |
Investment in securities, at value (identified cost $265,666,783) including securities on loan of $12,543,200 | $237,397,045 |
Receivables: | |
Investment securities sold | 4,701,409 |
Fund shares sold | 78,079 |
Dividends and interest | 27,992 |
Securities lending | 1,710 |
Other assets | 184,090 |
Total assets | 242,390,325 |
Liabilities | |
Cash collateral received for securities on loan | 12,759,487 |
Due to custodian | 131,847 |
Payables: | |
Investment securities purchased | 2,135,860 |
Manager (See Note 3) | 163,759 |
Fund shares redeemed | 81,607 |
Transfer agent (See Note 3) | 74,687 |
NYLIFE Distributors (See Note 3) | 31,603 |
Shareholder communication | 25,279 |
Professional fees | 15,667 |
Custodian | 8,551 |
Trustees | 138 |
Accrued expenses | 20,410 |
Total liabilities | 15,448,895 |
Net assets | $226,941,430 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 12,568 |
Additional paid-in-capital | 315,510,555 |
315,523,123 | |
Total distributable earnings (loss) | (88,581,693) |
Net assets | $226,941,430 |
Class A | |
Net assets applicable to outstanding shares | $103,460,199 |
Shares of beneficial interest outstanding | 5,805,393 |
Net asset value per share outstanding | $ 17.82 |
Maximum sales charge (5.50% of offering price) | 1.04 |
Maximum offering price per share outstanding | $ 18.86 |
Investor Class | |
Net assets applicable to outstanding shares | $ 28,292,370 |
Shares of beneficial interest outstanding | 1,644,643 |
Net asset value per share outstanding | $ 17.20 |
Maximum sales charge (5.00% of offering price) | 0.91 |
Maximum offering price per share outstanding | $ 18.11 |
Class B | |
Net assets applicable to outstanding shares | $ 828,325 |
Shares of beneficial interest outstanding | 60,387 |
Net asset value and offering price per share outstanding | $ 13.72 |
Class C | |
Net assets applicable to outstanding shares | $ 1,279,785 |
Shares of beneficial interest outstanding | 93,336 |
Net asset value and offering price per share outstanding | $ 13.71 |
Class I | |
Net assets applicable to outstanding shares | $ 92,498,289 |
Shares of beneficial interest outstanding | 4,931,387 |
Net asset value and offering price per share outstanding | $ 18.76 |
Class R1 | |
Net assets applicable to outstanding shares | $ 46,889 |
Shares of beneficial interest outstanding | 2,519 |
Net asset value and offering price per share outstanding | $ 18.61 |
Class R2 | |
Net assets applicable to outstanding shares | $ 85,522 |
Shares of beneficial interest outstanding | 4,845 |
Net asset value and offering price per share outstanding | $ 17.65 |
Class R3 | |
Net assets applicable to outstanding shares | $ 450,051 |
Shares of beneficial interest outstanding | 25,878 |
Net asset value and offering price per share outstanding | $ 17.39 |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated (net of foreign tax withholding of $36,026) | $ 3,765,559 |
Dividends-affiliated | 106,604 |
Securities lending, net | 67,765 |
Total income | 3,939,928 |
Expenses | |
Manager (See Note 3) | 2,402,987 |
Transfer agent (See Note 3) | 439,507 |
Distribution/Service—Class A (See Note 3) | 309,628 |
Distribution/Service—Investor Class (See Note 3) | 83,882 |
Distribution/Service—Class B (See Note 3) | 14,695 |
Distribution/Service—Class C (See Note 3) | 19,131 |
Distribution/Service—Class R2 (See Note 3) | 259 |
Distribution/Service—Class R3 (See Note 3) | 2,433 |
Registration | 102,522 |
Professional fees | 91,365 |
Custodian | 20,521 |
Trustees | 7,755 |
Shareholder service (See Note 3) | 643 |
Shareholder communication | 264 |
Miscellaneous | 38,608 |
Total expenses before waiver/reimbursement | 3,534,200 |
Expense waiver/reimbursement from Manager (See Note 3) | (80,654) |
Reimbursement from prior custodian(a) | (663) |
Net expenses | 3,452,883 |
Net investment income (loss) | 487,045 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | (33,180,055) |
Foreign currency transactions | 246 |
Net realized gain (loss) | (33,179,809) |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | (7,769,411) |
Translation of other assets and liabilities in foreign currencies | 74 |
Net change in unrealized appreciation (depreciation) | (7,769,337) |
Net realized and unrealized gain (loss) | (40,949,146) |
Net increase (decrease) in net assets resulting from operations | $(40,462,101) |
(a) | Represents a refund for overbilling of custody fees. |
14 | MainStay WMC Small Companies Fund |
for the years ended October 31, 2023 and October 31, 2022
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 487,045 | $ 5,954,969 |
Net realized gain (loss) | (33,179,809) | (26,170,624) |
Net change in unrealized appreciation (depreciation) | (7,769,337) | (31,631,451) |
Net increase (decrease) in net assets resulting from operations | (40,462,101) | (51,847,106) |
Distributions to shareholders: | ||
Class A | (2,695,102) | (42,316,711) |
Investor Class | (654,688) | (11,028,249) |
Class B | (26,215) | (1,147,348) |
Class C | (30,249) | (1,158,831) |
Class I | (3,293,739) | (37,368,289) |
Class R1 | (1,147) | (14,689) |
Class R2 | (2,109) | (30,236) |
Class R3 | (8,221) | (118,773) |
Total distributions to shareholders | (6,711,470) | (93,183,126) |
Capital share transactions: | ||
Net proceeds from sales of shares | 31,953,890 | 51,298,006 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 6,604,900 | 91,619,894 |
Cost of shares redeemed | (92,443,616) | (71,828,689) |
Increase (decrease) in net assets derived from capital share transactions | (53,884,826) | 71,089,211 |
Net increase (decrease) in net assets | (101,058,397) | (73,941,021) |
Net Assets | ||
Beginning of year | 327,999,827 | 401,940,848 |
End of year | $ 226,941,430 | $327,999,827 |
Year Ended October 31, | |||||||||
Class A | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 21.32 | $ 32.63 | $ 22.62 | $ 24.59 | $ 28.34 | ||||
Net investment income (loss) (a) | 0.02 | 0.39 | (0.10) | (0.07) | 0.07 | ||||
Net realized and unrealized gain (loss) | (3.09) | (3.93) | 10.11 | (1.83) | 0.24 | ||||
Total from investment operations | (3.07) | (3.54) | 10.01 | (1.90) | 0.31 | ||||
Less distributions: | |||||||||
From net investment income | (0.43) | — | — | (0.05) | (0.05) | ||||
From net realized gain on investments | — | (7.77) | — | — | (4.01) | ||||
Return of capital | — | — | — | (0.02) | — | ||||
Total distributions | (0.43) | (7.77) | — | (0.07) | (4.06) | ||||
Net asset value at end of year | $ 17.82 | $ 21.32 | $ 32.63 | $ 22.62 | $ 24.59 | ||||
Total investment return (b) | (14.66)% | (13.90)% | 44.25% | (7.76)% | 1.41% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.09% | 1.69% | (0.32)% | (0.30)% | 0.27% | ||||
Net expenses (c) | 1.22% | 1.23% | 1.21% | 1.25% | 1.25% | ||||
Expenses (before waiver/reimbursement) | 1.22%(c) | 1.23%(c) | 1.22%(c) | 1.25% | 1.25% | ||||
Portfolio turnover rate | 86% | 75% | 108% | 208% | 205% | ||||
Net assets at end of year (in 000’s) | $ 103,460 | $ 135,890 | $ 178,454 | $ 115,403 | $ 141,548 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | |||||||||
Investor Class | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 20.60 | $ 31.86 | $ 22.14 | $ 24.07 | $ 27.85 | ||||
Net investment income (loss) (a) | (0.03) | 0.32 | (0.17) | (0.13) | (0.01) | ||||
Net realized and unrealized gain (loss) | (2.99) | (3.81) | 9.89 | (1.80) | 0.24 | ||||
Total from investment operations | (3.02) | (3.49) | 9.72 | (1.93) | 0.23 | ||||
Less distributions: | |||||||||
From net investment income | (0.38) | — | — | (0.00)‡ | — | ||||
From net realized gain on investments | — | (7.77) | — | — | (4.01) | ||||
Return of capital | — | — | — | (0.00)‡ | — | ||||
Total distributions | (0.38) | (7.77) | — | (0.00)‡ | (4.01) | ||||
Net asset value at end of year | $ 17.20 | $ 20.60 | $ 31.86 | $ 22.14 | $ 24.07 | ||||
Total investment return (b) | (14.92)% | (14.13)% | 43.90% | (8.02)% | 1.09% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | (0.18)% | 1.43% | (0.57)% | (0.57)% | (0.05)% | ||||
Net expenses (c) | 1.49% | 1.50% | 1.49% | 1.52% | 1.55% | ||||
Expenses (before waiver/reimbursement) (c) | 1.70% | 1.58% | 1.66% | 1.70% | 1.64% | ||||
Portfolio turnover rate | 86% | 75% | 108% | 208% | 205% | ||||
Net assets at end of year (in 000's) | $ 28,292 | $ 35,985 | $ 45,382 | $ 41,547 | $ 49,342 |
‡ | Less than one cent per share. |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | 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 WMC Small Companies Fund |
Year Ended October 31, | |||||||||
Class B | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 16.46 | $ 27.20 | $ 19.04 | $ 20.86 | $ 24.83 | ||||
Net investment income (loss) (a) | (0.14) | 0.15 | (0.34) | (0.25) | (0.16) | ||||
Net realized and unrealized gain (loss) | (2.38) | (3.12) | 8.50 | (1.57) | 0.20 | ||||
Total from investment operations | (2.52) | (2.97) | 8.16 | (1.82) | 0.04 | ||||
Less distributions: | |||||||||
From net investment income | (0.22) | — | — | — | — | ||||
From net realized gain on investments | — | (7.77) | — | — | (4.01) | ||||
Total distributions | (0.22) | (7.77) | — | — | (4.01) | ||||
Net asset value at end of year | $ 13.72 | $ 16.46 | $ 27.20 | $ 19.04 | $ 20.86 | ||||
Total investment return (b) | (15.48)% | (14.81)% | 42.86% | (8.72)% | 0.35% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | (0.92)% | 0.88% | (1.31)% | (1.30)% | (0.74)% | ||||
Net expenses (c) | 2.24% | 2.24% | 2.24% | 2.27% | 2.30% | ||||
Expenses (before waiver/reimbursement) (c) | 2.46% | 2.33% | 2.41% | 2.45% | 2.39% | ||||
Portfolio turnover rate | 86% | 75% | 108% | 208% | 205% | ||||
Net assets at end of year (in 000’s) | $ 828 | $ 2,036 | $ 4,021 | $ 4,447 | $ 7,442 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | |||||||||
Class C | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 16.46 | $ 27.19 | $ 19.03 | $ 20.84 | $ 24.81 | ||||
Net investment income (loss) (a) | (0.15) | 0.15 | (0.34) | (0.25) | (0.13) | ||||
Net realized and unrealized gain (loss) | (2.38) | (3.11) | 8.50 | (1.56) | 0.17 | ||||
Total from investment operations | (2.53) | (2.96) | 8.16 | (1.81) | 0.04 | ||||
Less distributions: | |||||||||
From net investment income | (0.22) | — | — | — | — | ||||
From net realized gain on investments | — | (7.77) | — | — | (4.01) | ||||
Total distributions | (0.22) | (7.77) | — | — | (4.01) | ||||
Net asset value at end of year | $ 13.71 | $ 16.46 | $ 27.19 | $ 19.03 | $ 20.84 | ||||
Total investment return (b) | (15.54)% | (14.74)% | 42.88%(c) | (8.69)% | 0.35% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | (0.92)% | 0.83% | (1.32)% | (1.30)% | (0.60)% | ||||
Net expenses (d) | 2.24% | 2.24% | 2.24% | 2.27% | 2.30% | ||||
Expenses (before waiver/reimbursement) (d) | 2.46% | 2.33% | 2.41% | 2.45% | 2.39% | ||||
Portfolio turnover rate | 86% | 75% | 108% | 208% | 205% | ||||
Net assets at end of year (in 000’s) | $ 1,280 | $ 2,415 | $ 4,129 | $ 3,201 | $ 5,469 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | |||||||||
Class I | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 22.43 | $ 33.85 | $ 23.40 | $ 25.44 | $ 29.19 | ||||
Net investment income (loss) (a) | 0.07 | 0.45 | (0.02) | (0.01) | 0.17 | ||||
Net realized and unrealized gain (loss) | (3.25) | (4.10) | 10.47 | (1.90) | 0.22 | ||||
Total from investment operations | (3.18) | (3.65) | 10.45 | (1.91) | 0.39 | ||||
Less distributions: | |||||||||
From net investment income | (0.49) | — | — | (0.09) | (0.13) | ||||
From net realized gain on investments | — | (7.77) | — | — | (4.01) | ||||
Return of capital | — | — | — | (0.04) | — | ||||
Total distributions | (0.49) | (7.77) | — | (0.13) | (4.14) | ||||
Net asset value at end of year | $ 18.76 | $ 22.43 | $ 33.85 | $ 23.40 | $ 25.44 | ||||
Total investment return (b) | (14.42)% | (13.71)% | 44.66% | (7.55)% | 1.67% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.34% | 1.85% | (0.05)% | (0.06)% | 0.66% | ||||
Net expenses (c) | 0.97% | 0.98% | 0.96% | 1.00% | 1.00% | ||||
Expenses (before waiver/reimbursement) | 0.97%(c) | 0.98%(c) | 0.97%(c) | 1.00% | 1.00% | ||||
Portfolio turnover rate | 86% | 75% | 108% | 208% | 205% | ||||
Net assets at end of year (in 000’s) | $ 92,498 | $ 151,035 | $ 169,281 | $ 127,115 | $ 146,525 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | |||||||||
Class R1 | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 22.26 | $ 33.69 | $ 23.31 | $ 25.34 | $ 29.09 | ||||
Net investment income (loss) (a) | 0.05 | 0.43 | (0.05) | (0.04) | 0.10 | ||||
Net realized and unrealized gain (loss) | (3.23) | (4.09) | 10.43 | (1.88) | 0.26 | ||||
Total from investment operations | (3.18) | (3.66) | 10.38 | (1.92) | 0.36 | ||||
Less distributions: | |||||||||
From net investment income | (0.47) | — | — | (0.08) | (0.10) | ||||
From net realized gain on investments | — | (7.77) | — | — | (4.01) | ||||
Return of capital | — | — | — | (0.03) | — | ||||
Total distributions | (0.47) | (7.77) | — | (0.11) | (4.11) | ||||
Net asset value at end of year | $ 18.61 | $ 22.26 | $ 33.69 | $ 23.31 | $ 25.34 | ||||
Total investment return (b) | (14.54)% | (13.80)% | 44.53%(c) | (7.62)% | 1.57% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.23% | 1.77% | (0.16)% | (0.18)% | 0.41% | ||||
Net expenses (d) | 1.08% | 1.08% | 1.06% | 1.10% | 1.10% | ||||
Expenses (before waiver/reimbursement) | 1.08%(d) | 1.08%(d) | 1.07%(d) | 1.10% | 1.10% | ||||
Portfolio turnover rate | 86% | 75% | 108% | 208% | 205% | ||||
Net assets at end of year (in 000’s) | $ 47 | $ 55 | $ 64 | $ 44 | $ 65 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R1 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. |
18 | MainStay WMC Small Companies Fund |
Year Ended October 31, | |||||||||
Class R2 | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 21.12 | $ 32.43 | $ 22.50 | $ 24.47 | $ 28.21 | ||||
Net investment income (loss) (a) | (0.00)‡ | 0.35 | (0.13) | (0.09) | 0.04 | ||||
Net realized and unrealized gain (loss) | (3.06) | (3.89) | 10.06 | (1.83) | 0.25 | ||||
Total from investment operations | (3.06) | (3.54) | 9.93 | (1.92) | 0.29 | ||||
Less distributions: | |||||||||
From net investment income | (0.41) | — | — | (0.04) | (0.02) | ||||
From net realized gain on investments | — | (7.77) | — | — | (4.01) | ||||
Return of capital | — | — | — | (0.01) | — | ||||
Total distributions | (0.41) | (7.77) | — | (0.05) | (4.03) | ||||
Net asset value at end of year | $ 17.65 | $ 21.12 | $ 32.43 | $ 22.50 | $ 24.47 | ||||
Total investment return (b) | (14.73)% | (14.01)% | 44.13% | (7.84)% | 1.30% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | (0.02)% | 1.51% | (0.41)% | (0.40)% | 0.18% | ||||
Net expenses (c) | 1.32% | 1.33% | 1.31% | 1.35% | 1.35% | ||||
Expenses (before waiver/reimbursement) | 1.32%(c) | 1.33%(c) | 1.32%(c) | 1.35% | 1.35% | ||||
Portfolio turnover rate | 86% | 75% | 108% | 208% | 205% | ||||
Net assets at end of year (in 000’s) | $ 86 | $ 108 | $ 126 | $ 88 | $ 111 |
‡ | Less than one cent per share. |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R2 shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | |||||||||
Class R3 | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 20.82 | $ 32.14 | $ 22.35 | $ 24.32 | $ 28.11 | ||||
Net investment income (loss) (a) | (0.05) | 0.27 | (0.20) | (0.15) | (0.04) | ||||
Net realized and unrealized gain (loss) | (3.01) | (3.82) | 9.99 | (1.82) | 0.26 | ||||
Total from investment operations | (3.06) | (3.55) | 9.79 | (1.97) | 0.22 | ||||
Less distributions: | |||||||||
From net investment income | (0.37) | — | — | — | — | ||||
From net realized gain on investments | — | (7.77) | — | — | (4.01) | ||||
Total distributions | (0.37) | (7.77) | — | — | (4.01) | ||||
Net asset value at end of year | $ 17.39 | $ 20.82 | $ 32.14 | $ 22.35 | $ 24.32 | ||||
Total investment return (b) | (14.95)% | (14.22)% | 43.80% | (8.10)% | 1.04% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | (0.27)% | 1.19% | (0.66)% | (0.67)% | (0.15)% | ||||
Net expenses (c) | 1.57% | 1.58% | 1.56% | 1.60% | 1.60% | ||||
Expenses (before waiver/reimbursement) | 1.57%(c) | 1.58%(c) | 1.57%(c) | 1.60% | 1.60% | ||||
Portfolio turnover rate | 86% | 75% | 108% | 208% | 205% | ||||
Net assets at end of year (in 000’s) | $ 450 | $ 476 | $ 484 | $ 343 | $ 342 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. 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. |
Class | Commenced Operations |
Class A | January 2, 2004 |
Investor Class | February 28, 2008 |
Class B | January 2, 2004 |
Class C | December 30, 2002 |
Class I | January 12, 1987 |
Class R1* | July 31, 2012 |
Class R2* | July 31, 2012 |
Class R3* | February 29, 2016 |
* | As of October 31, 2023, Class R1, Class R2 and Class R3 shares are closed to new investors and, upon the close of business on December 29, 2023, Class R1, Class R2 and Class R3 shares are closed to additional investments by existing shareholders. Additionally, Class R1, Class R2 and 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 R1, Class R2 or 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. |
20 | MainStay WMC Small Companies 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 |
22 | MainStay WMC Small Companies Fund |
Class R1 | $ 53 |
Class R2 | 104 |
Class R3 | 486 |
24 | MainStay WMC Small Companies Fund |
Class | Expense | Waived |
Class A | $108,516 | $ — |
Investor Class | 190,403 | (73,158) |
Class B | 8,418 | (3,280) |
Class C | 10,902 | (4,216) |
Class I | 120,702 | — |
Class R1 | 47 | — |
Class R2 | 91 | — |
Class R3 | 428 | — |
Class R1 | $46,889 | 100.0% |
Class R2 | 45,582 | 53.3 |
Class R3 | 31,234 | 6.9 |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $266,964,099 | $17,503,169 | $(47,070,223) | $(29,567,054) |
Ordinary Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$539,023 | $(59,553,662) | $— | $(29,567,054) | $(88,581,693) |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $36,562 | $22,991 |
2023 | 2022 | |
Distributions paid from: | ||
Ordinary Income | $6,711,470 | $66,488,654 |
Long-Term Capital Gains | — | 26,694,472 |
Total | $6,711,470 | $93,183,126 |
Class A | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 179,482 | $ 3,701,988 |
Shares issued to shareholders in reinvestment of distributions | 129,424 | 2,648,022 |
Shares redeemed | (952,509) | (19,262,672) |
Net increase (decrease) in shares outstanding before conversion | (643,603) | (12,912,662) |
Shares converted into Class A (See Note 1) | 76,200 | 1,526,234 |
Shares converted from Class A (See Note 1) | (1,151) | (21,412) |
Net increase (decrease) | (568,554) | $(11,407,840) |
Year ended October 31, 2022: | ||
Shares sold | 329,365 | $ 7,991,655 |
Shares issued to shareholders in reinvestment of distributions | 1,699,563 | 41,588,303 |
Shares redeemed | (1,217,496) | (28,241,658) |
Net increase (decrease) in shares outstanding before conversion | 811,432 | 21,338,300 |
Shares converted into Class A (See Note 1) | 94,728 | 2,285,527 |
Shares converted from Class A (See Note 1) | (458) | (11,247) |
Net increase (decrease) | 905,702 | $ 23,612,580 |
Investor Class | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 39,579 | $ 773,245 |
Shares issued to shareholders in reinvestment of distributions | 32,975 | 652,901 |
Shares redeemed | (140,269) | (2,747,740) |
Net increase (decrease) in shares outstanding before conversion | (67,715) | (1,321,594) |
Shares converted into Investor Class (See Note 1) | 20,748 | 416,248 |
Shares converted from Investor Class (See Note 1) | (55,525) | (1,072,506) |
Net increase (decrease) | (102,492) | $ (1,977,852) |
Year ended October 31, 2022: | ||
Shares sold | 45,425 | $ 1,037,118 |
Shares issued to shareholders in reinvestment of distributions | 464,342 | 11,004,918 |
Shares redeemed | (145,837) | (3,241,545) |
Net increase (decrease) in shares outstanding before conversion | 363,930 | 8,800,491 |
Shares converted into Investor Class (See Note 1) | 26,892 | 591,576 |
Shares converted from Investor Class (See Note 1) | (68,134) | (1,626,377) |
Net increase (decrease) | 322,688 | $ 7,765,690 |
Class B | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 141 | $ 2,216 |
Shares issued to shareholders in reinvestment of distributions | 1,624 | 25,812 |
Shares redeemed | (18,236) | (283,465) |
Net increase (decrease) in shares outstanding before conversion | (16,471) | (255,437) |
Shares converted from Class B (See Note 1) | (46,813) | (738,418) |
Net increase (decrease) | (63,284) | $ (993,855) |
Year ended October 31, 2022: | ||
Shares sold | 3,500 | $ 70,421 |
Shares issued to shareholders in reinvestment of distributions | 58,503 | 1,115,648 |
Shares redeemed | (28,537) | (518,983) |
Net increase (decrease) in shares outstanding before conversion | 33,466 | 667,086 |
Shares converted from Class B (See Note 1) | (57,645) | (1,020,393) |
Net increase (decrease) | (24,179) | $ (353,307) |
26 | MainStay WMC Small Companies Fund |
Class C | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 9,911 | $ 154,126 |
Shares issued to shareholders in reinvestment of distributions | 1,903 | 30,219 |
Shares redeemed | (57,727) | (885,731) |
Net increase (decrease) in shares outstanding before conversion | (45,913) | (701,386) |
Shares converted from Class C (See Note 1) | (7,515) | (119,731) |
Net increase (decrease) | (53,428) | $ (821,117) |
Year ended October 31, 2022: | ||
Shares sold | 8,614 | $ 157,446 |
Shares issued to shareholders in reinvestment of distributions | 60,799 | 1,158,831 |
Shares redeemed | (61,647) | (1,096,860) |
Net increase (decrease) in shares outstanding before conversion | 7,766 | 219,417 |
Shares converted from Class C (See Note 1) | (12,898) | (230,333) |
Net increase (decrease) | (5,132) | $ (10,916) |
Class I | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 1,270,184 | $ 27,218,467 |
Shares issued to shareholders in reinvestment of distributions | 150,611 | 3,236,629 |
Shares redeemed | (3,225,001) | (69,203,429) |
Net increase (decrease) in shares outstanding before conversion | (1,804,206) | (38,748,333) |
Shares converted into Class I (See Note 1) | 1,094 | 21,412 |
Shares converted from Class I (See Note 1) | (563) | (11,827) |
Net increase (decrease) | (1,803,675) | $(38,738,748) |
Year ended October 31, 2022: | ||
Shares sold | 1,799,769 | $ 41,934,850 |
Shares issued to shareholders in reinvestment of distributions | 1,424,883 | 36,590,999 |
Shares redeemed | (1,490,542) | (38,692,716) |
Net increase (decrease) in shares outstanding before conversion | 1,734,110 | 39,833,133 |
Shares converted into Class I (See Note 1) | 436 | 11,247 |
Net increase (decrease) | 1,734,546 | $ 39,844,380 |
Class R1 | Shares | Amount |
Year ended October 31, 2023: | ||
Shares issued to shareholders in reinvestment of distributions | 54 | $ 1,147 |
Net increase (decrease) | 54 | $ 1,147 |
Year ended October 31, 2022: | ||
Shares issued to shareholders in reinvestment of distributions | 576 | $ 14,689 |
Net increase (decrease) | 576 | $ 14,689 |
Class R2 | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 224 | $ 4,376 |
Shares issued to shareholders in reinvestment of distributions | 104 | 2,109 |
Shares redeemed | (587) | (12,187) |
Net increase (decrease) | (259) | $ (5,702) |
Year ended October 31, 2022: | ||
Shares sold | 135 | $ 3,044 |
Shares issued to shareholders in reinvestment of distributions | 1,246 | 30,236 |
Shares redeemed | (160) | (3,306) |
Net increase (decrease) | 1,221 | $ 29,974 |
Class R3 | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 5,042 | $ 99,472 |
Shares issued to shareholders in reinvestment of distributions | 403 | 8,061 |
Shares redeemed | (2,424) | (48,392) |
Net increase (decrease) | 3,021 | $ 59,141 |
Year ended October 31, 2022: | ||
Shares sold | 4,588 | $ 103,472 |
Shares issued to shareholders in reinvestment of distributions | 4,849 | 116,270 |
Shares redeemed | (1,630) | (33,621) |
Net increase (decrease) | 7,807 | $ 186,121 |
MainStay Funds Trust:
28 | MainStay WMC Small Companies Fund |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Naïm Abou-Jaoudé* 1966 | MainStay Funds: Trustee since 2023 MainStay Funds Trust: Trustee since 2023 | Chief Executive Officer of New York Life Investment Management LLC (since 2023). Chief Executive Officer of Candriam (an affiliate of New York Life Investment Management LLC) (2007 to 2023). | 81 | MainStay VP Funds Trust: Trustee since 2023 (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2023; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2023; and New York Life Investment Management International (Chair) since 2015 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of his affiliation with New York Life Investment Management LLC and Candriam, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
30 | MainStay WMC Small Companies Fund |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015);MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC (since 1999) | 81 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2021; VanEck Vectors Group of Exchange-Traded Funds: Trustee since 2006 and Independent Chairman of the Board of Trustees from 2008 to 2022 (57 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Investment Committee since 2018 | |
Karen Hammond 1956 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021);MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 81 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Susan B. Kerley 1951 | MainStay Funds: Chair since January 2017 and Trustee since 2007;MainStay Funds Trust: Chair since January 2017 and Trustee since 1990*** | President, Strategic Management Advisors LLC (since 1990) | 81 | MainStay VP Funds Trust: Chair since January 2017 and Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chair since January 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Alan R. Latshaw 1951 | MainStay Funds: Trusteesince 2006;MainStay Funds Trust: Trustee since 2007*** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 81 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 | |
Jacques P. Perold 1958 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015to December 2015);MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 81 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay Funds: Trustee since 1994;MainStay Funds Trust: Trustee since 2007*** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) (since 2004); Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 81 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 |
** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
*** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
32 | MainStay WMC Small Companies Fund |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay Funds, MainStay Funds Trust (since 2017) | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since 2018); President, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust (since 2017)**; Senior Managing Director, Global Product Development (2015 to 2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay Funds (since 2007), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2007)**; and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay Funds and MainStay Funds Trust (since 2010) | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2010)** | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay Funds and MainStay Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ Trust, IndexIQ ETF Trust and Index IQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund, MainStay VP Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012 to 2022) | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay Funds (since 2005), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2005)** |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, New York Life Insurance Company, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
1.
2. | This Fund is registered for sale in CA, CT, DE, FL, MA, NJ, NY and VT. |
3. | An affiliate of New York Life Investment Management LLC. |
5013935MS139-23 | MSWSC11-12/23 |
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the 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 Shares | Maximum 1.00% Initial Sales Charge | With sales charges | 1/2/2004 | -1.73% | 1.16% | 0.15% | 0.21% | 0.68% |
Excluding sales charges | -0.73 | 2.18 | 0.35 | 0.51 | 0.68 | |||
Class A2 Shares | Maximum 2.00% Initial Sales Charge | With sales charges | 9/30/2020 | -2.72 | 0.02 | N/A | -1.46 | 0.68 |
Excluding sales charges | -0.73 | 2.06 | N/A | -0.81 | 0.68 | |||
Investor Class Shares4, 5 | Maximum 0.50% Initial Sales Charge | With sales charges | 2/28/2008 | -1.38 | 1.23 | -0.20 | -0.16 | 1.30 |
Excluding sales charges | -0.89 | 1.74 | 0.00 | 0.15 | 1.30 | |||
Class I Shares | No Sales Charge | 1/2/1991 | -0.59 | 2.47 | 0.63 | 0.80 | 0.43 | |
Class R6 Shares | No Sales Charge | 5/2/2022 | -0.59 | 2.36 | N/A | 0.67 | 0.40 |
1. | Effective June 1, 2015, the Fund changed, among other things, its investment objective and principal investment strategies. Effective May 22, 2018, the Fund made further changes to, among other things, its principal investment strategies. Effective February 28, 2019, the Fund further changed its investment objective. The performance information shown in this report reflects the Fund’s prior investment objectives and principal investment strategies, as applicable. Effective at the close of business on May 1, 2023, the Fund changed its fiscal and tax year end from April 30 to October 31. |
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. | Prior to June 1, 2015, the maximum initial sales charge was 3.00%, which is reflected in the average annual total return figures shown. |
5. | From June 1, 2015 to June 30, 2020, the maximum initial sales charge was 1.00%, which is reflected in the applicable average annual total return figures shown. |
Benchmark Performance* | Six Months1 | One Year | Five Years | Ten Years |
Bloomberg 3-Year Municipal Bond Index2 | -0.87% | 2.11% | 0.93% | 0.94% |
Morningstar Muni National Short Category Average3 | -0.41 | 2.42 | 0.88 | 0.82 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | Not annualized. |
2. | The Bloomberg 3-Year Municipal Bond Index is the Fund's primary broad-based securities-market index for comparison purposes. The Bloomberg 3-Year Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity range of 2-4 years. |
3. | The Morningstar Muni National Short Category Average is representative of funds that invest in bonds issued by state and local governments to fund public projects. The income from these bonds is generally free from federal taxes and/or from state taxes in the issuing state. To lower risk, some of these funds spread their assets across many states and sectors. Other funds buy bonds from only one state in order to get the state-tax benefit. These funds have durations of less than 4.5 years. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
6 | MainStay MacKay Short Term Municipal Fund |
Share Class | Beginning Account Value 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 | $992.70 | $3.47 | $1,021.73 | $3.52 | 0.69% |
Class A2 Shares | $1,000.00 | $992.70 | $3.47 | $1,021.73 | $3.52 | 0.69% |
Investor Class Shares | $1,000.00 | $991.10 | $4.97 | $1,020.21 | $5.04 | 0.99% |
Class I Shares | $1,000.00 | $994.10 | $2.01 | $1,023.19 | $2.04 | 0.40% |
Class R6 Shares | $1,000.00 | $994.10 | $2.01 | $1,023.19 | $2.04 | 0.40% |
1. | Expenses are equal to the Fund’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 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. |
1. | Black Belt Energy Gas District, 4.00%-5.50%, due 12/1/23–11/1/53 |
2. | State of Illinois, 3.50%-6.00%, due 11/1/24–6/1/31 |
3. | Matching Fund Special Purpose Securitization Corp., 5.00%, due 10/1/25–10/1/26 |
4. | Pennsylvania Economic Development Financing Authority, 0.95%-4.49%, due 12/1/33–6/1/41 |
5. | County of King, 0.625%-4.32%, due 1/1/32–1/1/40 |
6. | Arizona Health Facilities Authority, 4.34%, due 1/1/46 |
7. | Louisiana Local Government Environmental Facilities & Community Development Authority, 3.615%-5.081%, due 2/1/29–6/1/31 |
8. | New Jersey Transportation Trust Fund Authority, (zero coupon)-5.00%, due 6/15/24–6/15/27 |
9. | State of Minnesota, 3.25%-5.00%, due 8/1/26–8/1/29 |
10. | Texas Municipal Gas Acquisition & Supply Corp. II, 4.433%, due 9/15/27 |
8 | MainStay MacKay Short Term Municipal Fund |
1. | See "Investment and Performance Comparison" for other share class returns, which may be higher or lower than Class I share returns, and for more information on benchmark and peer group returns. |
2. | An obligation rated ‘AA’ by Standard & Poor’s (“S&P”) is deemed by S&P to differ from the highest-rated obligations only to a small degree. In the opinion of S&P, the obligor's capacity to meet its financial commitment on the obligation is very strong. When applied to Fund holdings, ratings are based solely on the creditworthiness of the bonds in the portfolio and are not meant to represent the security or safety of the Fund. |
3. | Duration is a measure of the price sensitivity of a fixed-income investment to changes in interest rates. Duration is expressed as a number of years and is considered a more accurate sensitivity gauge than average maturity. |
4. | Modified duration is inversely related to the approximate percentage change in price for a given change in yield. Duration to worst is the duration of a bond computed using the bond’s nearest call date or maturity. This measure ignores future cash flow fluctuations due to embedded optionality. |
5. | An obligation rated ‘AAA’ has the highest rating assigned by S&P, and in the opinion of S&P, the obligor’s capacity to meet its financial commitment on the obligation is extremely strong. When applied to Fund holdings, ratings are based solely on the creditworthiness of the bonds in the portfolio and are not meant to represent the security or safety of the Fund. |
10 | MainStay MacKay Short Term Municipal Fund |
Principal Amount | Value | |
Municipal Bonds 98.4% | ||
Long-Term Municipal Bonds 97.1% | ||
Alabama 7.1% | ||
Alabama Community College System, Coastal Alabama Community College, Revenue Bonds | ||
Insured: BAM | ||
4.00%, due 10/1/27 | $ 500,000 | $ 498,223 |
Alabama Housing Finance Authority, Capstone at Kinsey Cove LP, Revenue Bonds | ||
Series A | ||
3.875%, due 12/1/23 | 1,000,000 | 999,243 |
Black Belt Energy Gas District, Gas Project, Revenue Bonds | ||
Series B-1 | ||
4.00%, due 4/1/53 (a) | 3,920,000 | 3,757,683 |
Series B | ||
4.74%, due 4/1/53 | 15,195,000 | 14,914,921 |
Series C-1 | ||
5.25%, due 12/1/23 | 530,000 | 530,250 |
Series C-1 | ||
5.25%, due 6/1/25 | 615,000 | 620,040 |
Series C-1 | ||
5.25%, due 12/1/25 | 880,000 | 889,662 |
Series F | ||
5.50%, due 11/1/53 (a) | 10,000,000 | 10,122,443 |
Black Belt Energy Gas District, Gas Project No.7, Revenue Bonds | ||
Series C-2 | ||
4.44%, due 10/1/52 | 1,305,000 | 1,271,706 |
City of Decatur, Limited General Obligation | ||
Series A | ||
2.00%, due 10/1/26 | 1,900,000 | 1,744,648 |
Energy Southeast, A Cooperative District, Revenue Bonds | ||
Series A-1 | ||
5.50%, due 11/1/53 (a) | 1,510,000 | 1,536,561 |
Southeast Alabama Gas Supply District (The), Project No. 1, Revenue Bonds | ||
Series B | ||
4.538%, due 4/1/49 | 3,500,000 | 3,497,397 |
Series C | ||
4.74%, due 4/1/49 | 3,000,000 | 2,999,999 |
Series A | ||
5.00%, due 4/1/24 | 1,500,000 | 1,500,859 |
Principal Amount | Value | |
Alabama (continued) | ||
Southeast Energy Authority, A Cooperative District, Project No. 4, Revenue Bonds | ||
Series B-1 | ||
5.00%, due 5/1/53 (a) | $ 1,870,000 | $ 1,852,638 |
Southeast Energy Authority, A Cooperative District, Project No. 3, Revenue Bonds | ||
Series A-1 | ||
5.50%, due 1/1/53 (a) | 10,000,000 | 10,153,473 |
State of Alabama, Unlimited General Obligation | ||
Series A | ||
3.00%, due 8/1/26 | 5,000,000 | 4,817,075 |
61,706,821 | ||
Arizona 2.6% | ||
Arizona Health Facilities Authority, Banner Health, Revenue Bonds | ||
Series B | ||
4.34%, due 1/1/46 | 12,600,000 | 12,380,513 |
City of Phoenix Civic Improvement Corp., Airport, Revenue Bonds, Junior Lien | ||
Series B | ||
5.00%, due 7/1/26 (b) | 3,500,000 | 3,550,319 |
City of Phoenix Civic Improvement Corp., Airport, Revenue Bonds, Senior Lien | ||
5.00%, due 7/1/29 (b) | 6,210,000 | 6,376,925 |
22,307,757 | ||
Arkansas 0.2% | ||
City of Fort Smith, Water & Sewer, Revenue Bonds | ||
3.00%, due 10/1/25 | 1,400,000 | 1,360,088 |
California 7.1% | ||
Antelope Valley Community College District, Unlimited General Obligation | ||
(zero coupon), due 8/1/35 | 3,990,000 | 2,431,646 |
California Community Choice Financing Authority, Clean Energy Project, Revenue Bonds | ||
Series C | ||
5.25%, due 1/1/54 (a) | 4,500,000 | 4,405,403 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
California (continued) | ||
California Infrastructure & Economic Development Bank, Brightline West Passenger Rail Project, Revenue Bonds | ||
Series A | ||
3.65%, due 1/1/50 (a)(b)(c) | $ 8,600,000 | $ 8,552,116 |
California Municipal Finance Authority, Waste Management, Inc., Revenue Bonds | ||
Series A | ||
4.125%, due 10/1/41 (a)(b) | 5,000,000 | 4,942,433 |
California Statewide Communities Development Authority, Southern California Edison Co., Revenue Bonds | ||
Series A | ||
1.75%, due 9/1/29 | 10,500,000 | 8,268,481 |
City of Sacramento, North Natomas Community Facilities District No. 4, Special Tax | ||
Series G, Insured: AGM | ||
5.00%, due 9/1/28 | 2,245,000 | 2,369,416 |
Series G, Insured: AGM | ||
5.00%, due 9/1/29 | 2,215,000 | 2,352,615 |
Clovis Unified School District, Unlimited General Obligation | ||
Series A, Insured: NATL-RE | ||
(zero coupon), due 8/1/25 | 2,500,000 | 2,327,154 |
Corona-Norco Unified School District, Unlimited General Obligation | ||
Series A | ||
5.00%, due 8/1/44 | 960,000 | 980,712 |
Eastern Municipal Water District, Revenue Bonds | ||
Series A | ||
3.00%, due 7/1/25 | 4,095,000 | 4,031,148 |
San Diego County Regional Airport Authority, Revenue Bonds, Senior Lien (b) | ||
Series B | ||
5.00%, due 7/1/28 | 1,500,000 | 1,533,045 |
Series B | ||
5.00%, due 7/1/29 | 1,750,000 | 1,795,281 |
San Diego Public Facilities Financing Authority, Water Utility, Revenue Bonds | ||
Series B | ||
1.903%, due 8/1/26 | 4,640,000 | 4,239,264 |
Principal Amount | Value | |
California (continued) | ||
San Jose Evergreen Community College District, Unlimited General Obligation | ||
Series B | ||
6.649%, due 7/1/43 | $ 5,000,000 | $ 4,930,352 |
Saratoga Union School District, Unlimited General Obligation | ||
Insured: NATL-RE | ||
(zero coupon), due 9/1/26 | 6,500,000 | 5,813,484 |
State of California, Various Purpose, Unlimited General Obligation | ||
1.75%, due 11/1/30 | 1,375,000 | 1,079,455 |
Tobacco Securitization Authority of Southern California, San Diego County Tobacco Asset Securitization Corp., Asset-Backed, Revenue Bonds | ||
Series A, Class 1 | ||
5.00%, due 6/1/24 | 1,710,000 | 1,717,619 |
61,769,624 | ||
Colorado 1.6% | ||
Arapahoe County School District No. 5, Cherry Creek, Unlimited General Obligation | ||
Series B, Insured: State Aid Withholding | ||
2.00%, due 12/15/26 | 5,000,000 | 4,565,083 |
Colorado Bridge Enterprise, Central 70 Project, Revenue Bonds | ||
4.00%, due 6/30/27 (b) | 4,475,000 | 4,329,801 |
Colorado Health Facilities Authority, Liberty Heights, Revenue Bonds | ||
Series B | ||
(zero coupon), due 7/15/24 | 1,050,000 | 1,020,373 |
E-470 Public Highway Authority, Revenue Bonds | ||
Series B, Insured: NATL-RE | ||
(zero coupon), due 9/1/25 | 4,500,000 | 4,160,733 |
14,075,990 | ||
Connecticut 1.1% | ||
City of Hartford, Unlimited General Obligation | ||
Series B, Insured: AGM State Guaranteed | ||
5.00%, due 10/1/24 | 1,380,000 | 1,394,320 |
12 | MainStay MacKay Short Term Municipal Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Connecticut (continued) | ||
Connecticut State Health & Educational Facilities Authority, Yale University, Revenue Bonds | ||
Series A | ||
0.375%, due 7/1/35 (a) | $ 8,125,000 | $ 7,873,589 |
9,267,909 | ||
District of Columbia 1.1% | ||
District of Columbia, Gallery Place Project, Tax Allocation | ||
5.00%, due 6/1/27 | 1,720,000 | 1,720,968 |
District of Columbia Housing Finance Agency, Cascade Park Apartments II Project, Revenue Bonds | ||
0.70%, due 8/1/42 (a) | 4,500,000 | 4,347,108 |
Metropolitan Washington Airports Authority, Revenue Bonds (b) | ||
Series A | ||
5.00%, due 10/1/27 | 2,160,000 | 2,202,283 |
Series A | ||
5.00%, due 10/1/28 | 1,020,000 | 1,043,959 |
9,314,318 | ||
Florida 3.1% | ||
City of Tampa, Water & Wastewater System, Revenue Bonds | ||
Series B | ||
1.141%, due 10/1/27 | 4,000,000 | 3,436,041 |
County of Broward, Port Facilities, Revenue Bonds | ||
5.00%, due 9/1/27 (b) | 1,995,000 | 2,049,097 |
County of Monroe, Airport, Revenue Bonds | ||
Series 202 | ||
5.00%, due 10/1/27 (b) | 200,000 | 201,983 |
County of Pasco, State of Florida Cigarette Tax Revenue, Revenue Bonds | ||
Series A, Insured: AGM | ||
5.25%, due 9/1/25 | 1,680,000 | 1,713,989 |
Series A, Insured: AGM | ||
5.25%, due 9/1/26 | 1,875,000 | 1,931,168 |
Series A, Insured: AGM | ||
5.25%, due 9/1/27 | 2,000,000 | 2,076,040 |
Principal Amount | Value | |
Florida (continued) | ||
Greater Orlando Aviation Authority, Revenue Bonds | ||
Series A | ||
5.00%, due 10/1/26 (b) | $ 4,225,000 | $ 4,293,592 |
State of Florida, Unlimited General Obligation | ||
Series B | ||
5.00%, due 7/1/25 | 9,665,000 | 9,869,931 |
Village Community Development District No. 12, Special Assessment | ||
3.25%, due 5/1/26 | 1,435,000 | 1,397,975 |
26,969,816 | ||
Georgia 1.7% | ||
City of Atlanta, Department of Aviation, Revenue Bonds | ||
Series B | ||
5.00%, due 7/1/27 (b) | 2,185,000 | 2,223,922 |
Development Authority of Monroe County (The), Georgia Power Co. Scherer, Revenue Bonds | ||
Series 1 | ||
1.00%, due 7/1/49 (a) | 1,590,000 | 1,385,864 |
Main Street Natural Gas, Inc., Revenue Bonds | ||
Series A | ||
4.00%, due 7/1/52 (a) | 7,490,000 | 7,208,831 |
Municipal Electric Authority of Georgia, Project One Subordinated Bonds, Revenue Bonds | ||
Series A | ||
5.00%, due 1/1/26 | 970,000 | 984,814 |
State of Georgia, Unlimited General Obligation | ||
Series A | ||
5.00%, due 7/1/25 | 3,170,000 | 3,235,671 |
15,039,102 | ||
Guam 0.3% | ||
Guam Government Waterworks Authority, Water and Wastewater System, Revenue Bonds | ||
5.00%, due 7/1/24 | 400,000 | 400,868 |
Guam Power Authority, Revenue Bonds | ||
Series A | ||
5.00%, due 10/1/25 | 2,500,000 | 2,514,990 |
2,915,858 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Hawaii 0.6% | ||
State of Hawaii, Airports System, Revenue Bonds | ||
Series A | ||
5.00%, due 7/1/28 (b) | $ 1,000,000 | $ 1,020,764 |
State of Hawaii, Unlimited General Obligation | ||
Series FH | ||
5.00%, due 10/1/28 | 3,620,000 | 3,723,972 |
4,744,736 | ||
Illinois 5.1% | ||
Chicago O'Hare International Airport, Passenger Facility Charge, Revenue Bonds | ||
Series B | ||
5.00%, due 1/1/25 (b) | 835,000 | 834,929 |
City of Calumet City, Unlimited General Obligation | ||
Series A, Insured: AGM | ||
5.50%, due 3/1/27 | 640,000 | 661,570 |
City of Chicago, Wastewater Transmission Project, Revenue Bonds | ||
Series A, Insured: NATL-RE | ||
(zero coupon), due 1/1/26 | 2,090,000 | 1,895,280 |
City of Chicago, Unlimited General Obligation | ||
Series A | ||
5.00%, due 1/1/30 | 1,000,000 | 1,021,195 |
Series A | ||
5.25%, due 1/1/30 | 500,000 | 500,945 |
City of Chicago, Neighborhoods Alive, Unlimited General Obligation | ||
Series B | ||
5.25%, due 1/1/28 | 60,000 | 60,929 |
Series B | ||
5.25%, due 1/1/28 | 90,000 | 90,512 |
City of Country Club Hills, Unlimited General Obligation | ||
Insured: BAM | ||
4.00%, due 12/1/25 | 1,230,000 | 1,211,922 |
Cook County Township High School District No. 225, Unlimited General Obligation | ||
5.00%, due 12/1/26 | 1,230,000 | 1,273,713 |
Illinois Finance Authority, American Water Capital Corp., Revenue Bonds | ||
2.45%, due 10/1/39 (a) | 2,250,000 | 1,973,329 |
Principal Amount | Value | |
Illinois (continued) | ||
Illinois Finance Authority, Presbyterian Homes Obligated Group, Revenue Bonds | ||
Series B | ||
4.79%, due 5/1/42 | $ 1,125,000 | $ 1,100,436 |
Illinois Housing Development Authority, Revenue Bonds | ||
Series G, Insured: GNMA / FNMA / FHLMC | ||
5.50%, due 10/1/26 | 275,000 | 285,013 |
Series G, Insured: GNMA / FNMA / FHLMC | ||
5.50%, due 4/1/27 | 275,000 | 286,844 |
Series G, Insured: GNMA / FNMA / FHLMC | ||
5.50%, due 10/1/27 | 285,000 | 298,878 |
Kane & DeKalb Counties Community Unit School District No. 302, Unlimited General Obligation | ||
Series B, Insured: AGC | ||
(zero coupon), due 2/1/27 | 475,000 | 409,076 |
State of Illinois, Unlimited General Obligation | ||
3.50%, due 6/1/31 | 1,700,000 | 1,544,914 |
Series D | ||
5.00%, due 11/1/24 | 10,000,000 | 10,059,900 |
Series D | ||
5.00%, due 11/1/25 | 5,000,000 | 5,062,713 |
Series A | ||
5.00%, due 3/1/29 | 3,745,000 | 3,861,683 |
Series B | ||
5.00%, due 10/1/29 | 800,000 | 826,472 |
Series C | ||
5.00%, due 11/1/29 | 5,920,000 | 6,042,047 |
Series 1, Insured: NATL-RE | ||
6.00%, due 11/1/26 | 4,115,000 | 4,166,759 |
Upper Illinois River Valley Development Authority, Morris Hospital Obligated Group, Revenue Bonds | ||
5.00%, due 12/1/27 | 1,145,000 | 1,150,407 |
44,619,466 | ||
Indiana 2.0% | ||
Avon Community School Building Corp., Limited General Obligation | ||
Insured: State Intercept | ||
4.00%, due 1/15/24 | 2,635,000 | 2,630,797 |
14 | MainStay MacKay Short Term Municipal Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Indiana (continued) | ||
Center Grove Community School Corp., Limited General Obligation (d) | ||
Insured: State Intercept | ||
5.00%, due 1/1/25 | $ 1,240,000 | $ 1,246,302 |
Insured: State Intercept | ||
5.00%, due 7/1/25 | 1,760,000 | 1,772,947 |
Insured: State Intercept | �� | |
5.00%, due 1/1/26 | 1,805,000 | 1,822,316 |
Indiana Finance Authority, Indianapolis Power & Light Co. Project, Revenue Bonds | ||
Series B | ||
0.65%, due 8/1/25 | 1,500,000 | 1,366,738 |
Series A | ||
0.75%, due 12/1/38 (a) | 2,000,000 | 1,742,653 |
Series A | ||
1.40%, due 8/1/29 (a) | 1,095,000 | 889,595 |
Indiana Finance Authority, BHI Senior Living, Inc., Revenue Bonds | ||
Series B | ||
2.45%, due 11/15/25 | 355,000 | 329,395 |
Series B | ||
2.52%, due 11/15/26 | 515,000 | 462,622 |
Series B | ||
2.92%, due 11/15/27 | 655,000 | 577,435 |
Indiana Finance Authority, Deaconess Health System, Revenue Bonds | ||
Series B | ||
4.39%, due 3/1/39 | 1,845,000 | 1,785,400 |
Indianapolis Local Public Improvement Bond Bank, Revenue Bonds | ||
Series D | ||
5.00%, due 1/1/26 (b) | 2,495,000 | 2,519,222 |
17,145,422 | ||
Iowa 0.4% | ||
City of West Des Moines, Urban Renewal, Unlimited General Obligation | ||
Series D | ||
2.70%, due 6/1/28 | 1,145,000 | 1,041,975 |
Iowa Finance Authority, Renewable Natural Gas Project, Green Bond, Revenue Bonds | ||
1.50%, due 1/1/42 (a)(b) | 2,000,000 | 1,969,099 |
3,011,074 |
Principal Amount | Value | |
Kansas 1.6% | ||
City of Wichita, Wichita Senior Housing, Revenue Bonds | ||
Series IV, Insured: FHA 221(D4) | ||
0.51%, due 11/1/25 (a) | $ 10,300,000 | $ 9,823,539 |
Pottawatomie County Unified School District No. 320, Wamego, Unlimited General Obligation | ||
Series A | ||
5.00%, due 9/1/36 | 2,430,000 | 2,485,419 |
Reno County Unified School District No. 309, Nickerson, Unlimited General Obligation | ||
Insured: AGM | ||
5.00%, due 9/1/27 | 775,000 | 800,445 |
Insured: AGM | ||
5.00%, due 9/1/28 | 840,000 | 875,234 |
13,984,637 | ||
Kentucky 1.5% | ||
County of Owen, American Water Capital Corp., Revenue Bonds | ||
Series A | ||
2.45%, due 6/1/39 (a) | 3,000,000 | 2,626,863 |
Kentucky Economic Development Finance Authority, Next Generation Information Highway Project, Revenue Bonds, Senior Lien | ||
Series A | ||
5.00%, due 7/1/27 | 4,245,000 | 4,244,114 |
Kentucky Public Energy Authority, Gas Supply, Revenue Bonds | ||
Series A | ||
4.00%, due 4/1/48 (a) | 6,500,000 | 6,469,241 |
13,340,218 | ||
Louisiana 1.7% | ||
Jefferson Sales Tax District, Revenue Bonds | ||
Series A, Insured: AGM | ||
5.00%, due 12/1/26 | 1,500,000 | 1,544,065 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Louisiana (continued) | ||
Louisiana Local Government Environmental Facilities & Community Development Authority, Utilities Restoration Corp. Project, Revenue Bonds | ||
Series A | ||
3.615%, due 2/1/29 | $ 3,347,853 | $ 3,230,961 |
5.081%, due 6/1/31 | 10,500,000 | 10,355,943 |
15,130,969 | ||
Maine 0.2% | ||
Finance Authority of Maine, Supplemental Education Loan Program, Revenue Bonds | ||
Series A-1, Insured: AGM | ||
5.00%, due 12/1/28 (b) | 1,000,000 | 1,017,023 |
Maine Health & Higher Educational Facilities Authority, Northern Light Health Obligated Group, Revenue Bonds | ||
Series C, Insured: AGM State Aid Withholding | ||
5.00%, due 7/1/26 | 200,000 | 204,642 |
Series C, Insured: AGM State Aid Withholding | ||
5.00%, due 7/1/27 | 200,000 | 206,703 |
1,428,368 | ||
Maryland 0.6% | ||
County of Harford, Unlimited General Obligation | ||
Series A | ||
3.00%, due 2/1/28 | 1,160,000 | 1,099,027 |
Maryland Economic Development Corp., Terminal Project, Revenue Bonds | ||
Series B | ||
3.70%, due 6/1/25 | 1,000,000 | 958,246 |
Washington Suburban Sanitary Commission, Revenue Bonds | ||
Insured: County Guaranteed | ||
3.00%, due 6/1/28 | 3,305,000 | 3,287,483 |
5,344,756 |
Principal Amount | Value | |
Massachusetts 0.8% | ||
Commonwealth of Massachusetts, Consolidated Loan, Limited General Obligation | ||
Series D | ||
3.00%, due 9/1/27 | $ 2,580,000 | $ 2,459,637 |
Commonwealth of Massachusetts, Revenue Bonds | ||
Insured: NATL-RE | ||
5.50%, due 1/1/25 | 689,000 | 700,744 |
Massachusetts Housing Finance Agency, Revenue Bonds | ||
Series B-2 | ||
0.80%, due 12/1/25 | 1,820,000 | 1,665,398 |
Town of Sutton, Unlimited General Obligation | ||
2.05%, due 6/1/26 | 1,950,000 | 1,810,714 |
6,636,493 | ||
Michigan 2.1% | ||
City of Detroit, Water Sewage Disposal System, Revenue Bonds | ||
Series D, Insured: AGM | ||
4.39%, due 7/1/32 | 13,500,000 | 12,538,237 |
Michigan Finance Authority, Revenue Bonds, Senior Lien | ||
Series A-1 | ||
2.326%, due 6/1/30 | 2,009,714 | 1,873,838 |
Michigan State Housing Development Authority, Revenue Bonds | ||
Series A | ||
3.25%, due 6/1/29 | 1,000,000 | 922,669 |
Series A | ||
3.30%, due 12/1/29 | 1,000,000 | 906,004 |
Series A | ||
3.35%, due 6/1/30 | 1,780,000 | 1,603,760 |
17,844,508 | ||
Minnesota 4.6% | ||
Brooklyn Center Independent School District No. 286, Unlimited General Obligation | ||
Series C, Insured: SD CRED PROG | ||
5.00%, due 9/30/24 | 3,200,000 | 3,213,717 |
City of Minneapolis, Unlimited General Obligation | ||
4.00%, due 12/1/25 | 5,500,000 | 5,530,635 |
16 | MainStay MacKay Short Term Municipal Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Minnesota (continued) | ||
City of St. Paul, Unlimited General Obligation | ||
Series B | ||
0.50%, due 3/1/24 | $ 3,850,000 | $ 3,783,427 |
Shakopee Independent School District No. 720, Unlimited General Obligation | ||
Series C, Insured: SD CRED PROG | ||
(zero coupon), due 2/1/29 | 5,155,000 | 4,038,696 |
South Washington County Independent School District No. 833, School Building, Unlimited General Obligation | ||
Series B, Insured: SD CRED PROG | ||
3.00%, due 2/1/27 | 8,040,000 | 7,601,262 |
Southern Minnesota Municipal Power Agency, Revenue Bonds | ||
Series A, Insured: NATL-RE | ||
(zero coupon), due 1/1/25 | 2,070,000 | 1,969,739 |
State of Minnesota, Unlimited General Obligation | ||
Series B | ||
3.25%, due 8/1/29 | 3,000,000 | 2,824,137 |
Series D | ||
5.00%, due 8/1/26 | 10,000,000 | 10,343,299 |
Watertown-Mayer Independent School District No. 111, Unlimited General Obligation | ||
Series A, Insured: SD CRED PROG | ||
(zero coupon), due 2/1/29 | 1,000,000 | 783,051 |
40,087,963 | ||
Mississippi 0.5% | ||
State of Mississippi, Unlimited General Obligation | ||
Series C | ||
4.053%, due 10/1/27 | 4,470,000 | 4,368,758 |
Missouri 0.2% | ||
Kansas City Municipal Assistance Corp., Leasehold, Revenue Bonds | ||
Series B-1, Insured: AMBAC | ||
(zero coupon), due 4/15/26 | 2,000,000 | 1,804,553 |
Principal Amount | Value | |
Montana 0.5% | ||
City of Forsyth, NorthWestern Corp., Revenue Bonds | ||
3.875%, due 7/1/28 | $ 3,060,000 | $ 2,925,522 |
Montana Facility Finance Authority, Kalispell Regional Medical Center, Revenue Bonds | ||
Series B | ||
5.00%, due 7/1/29 | 1,270,000 | 1,271,142 |
4,196,664 | ||
Nebraska 0.2% | ||
Central Plains Energy Project, Revenue Bonds | ||
2.50%, due 12/1/49 (a) | 2,050,000 | 1,952,392 |
Nevada 2.9% | ||
Clark County School District, Limited General Obligation | ||
Series A, Insured: AGM | ||
5.00%, due 6/15/25 | 3,780,000 | 3,846,122 |
County of Clark, Department of Aviation, Revenue Bonds, Sub. Lien | ||
Series B | ||
5.00%, due 7/1/26 (b) | 3,000,000 | 3,039,368 |
Las Vegas Convention & Visitors Authority, Convention Center Expansion, Revenue Bonds | ||
Series C | ||
5.00%, due 7/1/25 | 1,050,000 | 1,065,473 |
State of Nevada, Limited General Obligation | ||
Series A | ||
5.00%, due 5/1/25 | 10,000,000 | 10,184,017 |
State of Nevada Highway Improvement, Motor Vehicle, Revenue Bonds | ||
3.00%, due 12/1/26 | 7,500,000 | 7,179,684 |
25,314,664 | ||
New Jersey 4.7% | ||
County of Morris, Unlimited General Obligation | ||
2.00%, due 2/1/25 | 2,830,000 | 2,741,229 |
Essex County Improvement Authority, North Star Academy Charter School of Newark, Inc., Revenue Bonds | ||
Series B | ||
3.00%, due 8/1/25 (c) | 700,000 | 649,964 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
New Jersey (continued) | ||
Maywood School District, Unlimited General Obligation | ||
Insured: BAM SCH BD RES FD | ||
3.00%, due 7/15/25 | $ 660,000 | $ 644,700 |
Insured: BAM SCH BD RES FD | ||
3.00%, due 7/15/26 | 550,000 | 528,629 |
New Jersey Economic Development Authority, New Jersey-American Water Co., Inc., Revenue Bonds | ||
Series A | ||
2.20%, due 10/1/39 (a)(b) | 3,500,000 | 2,849,887 |
New Jersey Economic Development Authority, Liberty State Park Project, Revenue Bonds | ||
Series A | ||
4.125%, due 6/15/27 | 2,900,000 | 2,877,275 |
New Jersey Higher Education Student Assistance Authority, Revenue Bonds, Senior Lien | ||
Series B | ||
5.00%, due 12/1/24 (b) | 1,210,000 | 1,215,086 |
New Jersey Housing & Mortgage Finance Agency, Amity Heights Apartments, Revenue Bonds | ||
Series A, Insured: HUD Sector 8 | ||
3.50%, due 7/1/25 (a) | 4,117,000 | 4,085,304 |
New Jersey Transportation Trust Fund Authority, Transportation System, Revenue Bonds | ||
Series C, Insured: AMBAC | ||
(zero coupon), due 12/15/24 | 1,130,000 | 1,078,835 |
Series A | ||
5.00%, due 6/15/24 | 1,100,000 | 1,106,839 |
Series D | ||
5.00%, due 12/15/24 | 960,000 | 969,921 |
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement, Revenue Bonds | ||
Series A-1 | ||
5.00%, due 6/15/27 | 10,000,000 | 10,186,042 |
New Jersey Turnpike Authority, Revenue Bonds | ||
Series C-4 | ||
4.50%, due 1/1/24 | 3,200,000 | 3,199,311 |
Series D-1 | ||
4.50%, due 1/1/24 | 2,600,000 | 2,599,573 |
Principal Amount | Value | |
New Jersey (continued) | ||
State of New Jersey, COVID-19 General Obligation Emergency Bonds, Unlimited General Obligation | ||
Series A | ||
5.00%, due 6/1/26 | $ 5,000,000 | $ 5,143,966 |
Weehawken Township Board of Education, Unlimited General Obligation | ||
Insured: AGM SCH BD RES FD | ||
3.00%, due 7/15/25 | 590,000 | 577,592 |
Insured: AGM SCH BD RES FD | ||
3.00%, due 7/15/26 | 345,000 | 332,710 |
40,786,863 | ||
New York 5.2% | ||
City of New York, Unlimited General Obligation | ||
Series B-2 | ||
2.90%, due 10/1/27 | 8,600,000 | 7,845,877 |
Series D | ||
5.00%, due 8/1/25 | 3,000,000 | 3,061,153 |
Marcellus Central School District, Unlimited General Obligation | ||
Insured: State Aid Withholding | ||
4.75%, due 7/2/24 | 8,400,000 | 8,437,658 |
Metropolitan Transportation Authority, Green Bond, Revenue Bonds | ||
Series B | ||
5.00%, due 11/15/23 | 1,245,000 | 1,245,190 |
New York City Industrial Development Agency, Yankee Stadium Project, Revenue Bonds | ||
Insured: NATL-RE | ||
4.525%, due 3/1/24 (e) | 500,000 | 501,128 |
New York State Energy Research & Development Authority, New York State Electric & Gas Corp., Revenue Bonds | ||
Series D | ||
3.50%, due 10/1/29 | 4,400,000 | 4,073,399 |
New York State Housing Finance Agency, Revenue Bonds | ||
Series A, Insured: SONYMA HUD Sector 8 | ||
0.75%, due 11/1/25 | 960,000 | 863,359 |
Series E | ||
0.95%, due 5/1/25 | 5,050,000 | 4,673,222 |
18 | MainStay MacKay Short Term Municipal Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
New York (continued) | ||
New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project, Revenue Bonds (b) | ||
Insured: AGM-CR | ||
5.00%, due 12/1/26 | $ 5,000,000 | $ 5,126,462 |
Insured: AGM-CR | ||
5.00%, due 12/1/29 | 4,000,000 | 4,101,857 |
5.00%, due 12/1/30 | 1,000,000 | 1,012,995 |
Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels, Revenue Bonds | ||
Series B-4A | ||
3.938%, due 1/1/32 | 4,405,000 | 4,392,039 |
45,334,339 | ||
North Carolina 2.0% | ||
County of Wake, Unlimited General Obligation | ||
Series A | ||
5.00%, due 5/1/25 | 4,010,000 | 4,086,135 |
Greater Asheville Regional Airport Authority, Revenue Bonds (b) | ||
Insured: AGM | ||
5.00%, due 7/1/28 | 1,000,000 | 1,018,658 |
Insured: AGM | ||
5.00%, due 7/1/29 | 1,165,000 | 1,190,466 |
Insured: AGM | ||
5.00%, due 7/1/30 | 1,100,000 | 1,124,398 |
North Carolina Turnpike Authority, Triangle Expressway System, Revenue Bonds, Senior Lien | ||
5.00%, due 2/1/24 | 10,000,000 | 10,021,641 |
17,441,298 | ||
Ohio 3.4% | ||
City of Dayton, Airport, Revenue Bonds | ||
Series A, Insured: AGM | ||
5.00%, due 12/1/23 (b) | 1,155,000 | 1,155,394 |
County of Lorain, Limited General Obligation | ||
4.125%, due 5/2/24 | 4,450,000 | 4,442,327 |
County of Lucas, Revenue Notes | ||
6.25%, due 10/11/24 | 3,500,000 | 3,505,945 |
Principal Amount | Value | |
Ohio (continued) | ||
Ohio Air Quality Development Authority, American Electric Power Co. Project, Revenue Bonds (a)(b) | ||
Series C | ||
2.10%, due 12/1/27 | $ 2,210,000 | $ 2,136,857 |
Series B | ||
2.10%, due 7/1/28 | 5,000,000 | 4,834,518 |
Ohio Higher Educational Facility Commission, Case Western Reserve University, Revenue Bonds | ||
Series B | ||
4.32%, due 12/1/42 | 3,995,000 | 3,919,792 |
Ohio Turnpike & Infrastructure Commission, Revenue Bonds, Junior Lien | ||
Series A | ||
5.00%, due 2/15/26 | 2,000,000 | 2,045,780 |
Springboro Community City School District, Unlimited General Obligation | ||
Insured: AGM | ||
5.25%, due 12/1/25 | 2,000,000 | 2,049,049 |
State of Ohio, Unlimited General Obligation | ||
Series A | ||
5.00%, due 3/1/26 | 1,275,000 | 1,311,990 |
Series U | ||
5.00%, due 5/1/27 | 2,580,000 | 2,693,616 |
State of Ohio, Portsmouth Bypass Project, Revenue Bonds | ||
Insured: AGM | ||
5.00%, due 12/31/28 (b) | 1,275,000 | 1,278,304 |
29,373,572 | ||
Oregon 0.9% | ||
City of Portland, Sewer System, Revenue Bonds, First Lien | ||
Series A | ||
3.00%, due 6/1/27 | 8,475,000 | 8,025,384 |
Pennsylvania 6.4% | ||
City of Philadelphia, Airport, Revenue Bonds | ||
5.00%, due 7/1/25 (b) | 1,750,000 | 1,761,773 |
City of Philadelphia, Unlimited General Obligation | ||
Series A | ||
5.00%, due 8/1/25 | 4,000,000 | 4,067,294 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Pennsylvania (continued) | ||
Coatesville School District, Limited General Obligation | ||
Insured: AGM State Aid Withholding | ||
5.00%, due 8/1/24 | $ 625,000 | $ 629,891 |
Lehigh County General Purpose Authority, Muhlenberg College Project, Revenue Bonds | ||
4.67%, due 11/1/37 | 12,445,000 | 12,439,522 |
Montgomery County Industrial Development Authority, Albert Einstein Healthcare Network, Revenue Bonds | ||
Series A | ||
5.25%, due 1/15/45 | 11,385,000 | 11,560,322 |
Pennsylvania Economic Development Financing Authority, Waste Management, Inc. Project, Revenue Bonds | ||
0.95%, due 12/1/33 (a) | 8,000,000 | 7,114,932 |
Series A | ||
4.49%, due 6/1/41 (b) | 9,000,000 | 8,929,842 |
Pennsylvania Higher Educational Facilities Authority, Indiana University, Revenue Bonds | ||
Series A, Insured: AGC | ||
4.39%, due 7/1/27 | 1,820,000 | 1,794,854 |
Reading School District, Limited General Obligation | ||
Series C, Insured: BAM State Aid Withholding | ||
5.00%, due 4/1/24 | 3,325,000 | 3,334,649 |
Sports & Exhibition Authority of Pittsburgh and Allegheny County, Revenue Bonds | ||
Insured: AGM | ||
4.00%, due 2/1/25 | 1,630,000 | 1,622,550 |
University of Pittsburgh-of the Commonwealth System of Higher Education, Revenue Bonds | ||
4.45%, due 2/15/24 | 2,000,000 | 2,000,070 |
55,255,699 |
Principal Amount | Value | |
Rhode Island 0.4% | ||
Rhode Island Health and Educational Building Corp., City of Providence, Revenue Bonds | ||
Series D, Insured: BAM State Aid Withholding | ||
5.00%, due 5/15/26 | $ 1,100,000 | $ 1,130,271 |
State of Rhode Island, Unlimited General Obligation | ||
Series A | ||
5.00%, due 5/1/25 | 2,435,000 | 2,478,741 |
3,609,012 | ||
South Carolina 1.4% | ||
Patriots Energy Group Financing Agency, Revenue Bonds | ||
Series B | ||
4.498%, due 10/1/48 | 2,180,000 | 2,179,999 |
Richland County School District No. 1, Unlimited General Obligation | ||
Series C, Insured: SCSDE | ||
3.00%, due 3/1/26 | 8,900,000 | 8,606,919 |
South Carolina State Housing Finance & Development Authority, Dillon School Senior LP, Revenue Bonds | ||
Insured: HUD SECT 202 | ||
5.00%, due 10/1/26 (a) | 1,000,000 | 1,005,269 |
11,792,187 | ||
Tennessee 1.0% | ||
County of Knox, Unlimited General Obligation | ||
Series B | ||
2.375%, due 6/1/29 | 1,000,000 | 877,371 |
Tennessee Energy Acquisition Corp., Revenue Bonds | ||
4.00%, due 11/1/49 (a) | 7,650,000 | 7,485,107 |
8,362,478 | ||
Texas 9.1% | ||
Capital Area Housing Finance Corp., Grand Avenue Flats Ltd., Revenue Bonds | ||
0.29%, due 8/1/39 (a) | 13,000,000 | 12,533,546 |
Central Texas Turnpike System, Revenue Bonds, First Tier | ||
Series A, Insured: AMBAC | ||
(zero coupon), due 8/15/25 | 6,750,000 | 6,251,803 |
20 | MainStay MacKay Short Term Municipal Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Texas (continued) | ||
Central Texas Turnpike System, Revenue Bonds | ||
Series C | ||
5.00%, due 8/15/24 | $ 775,000 | $ 778,226 |
City of Austin, Airport System, Revenue Bonds | ||
5.00%, due 11/15/25 (b) | 1,630,000 | 1,641,833 |
City of Beeville, Limited General Obligation | ||
Insured: BAM | ||
4.00%, due 8/15/27 | 2,215,000 | 2,228,343 |
City of Georgetown, Utility System, Revenue Bonds | ||
Insured: BAM | ||
5.00%, due 8/15/25 | 520,000 | 528,496 |
Insured: BAM | ||
5.00%, due 8/15/26 | 400,000 | 410,643 |
Insured: BAM | ||
5.00%, due 8/15/27 | 1,110,000 | 1,150,265 |
City of Houston, Hotel Occupancy Tax & Special Tax, Revenue Bonds | ||
5.00%, due 9/1/25 | 1,000,000 | 1,006,936 |
5.00%, due 9/1/25 | 1,520,000 | 1,542,778 |
City of Houston, Combined Utility System, Revenue Bonds, First Lien | ||
Series B | ||
5.00%, due 11/15/26 | 2,000,000 | 2,070,554 |
City of Mesquite, Waterworks & Sewer System, Revenue Bonds | ||
5.00%, due 3/1/26 | 1,035,000 | 1,057,591 |
5.00%, due 3/1/27 | 1,085,000 | 1,121,236 |
Decatur Hospital Authority, Wise Health System, Revenue Bonds | ||
Series B | ||
5.00%, due 9/1/28 | 845,000 | 818,036 |
Series B | ||
5.00%, due 9/1/29 | 1,070,000 | 1,029,050 |
Ennis Independent School District, Unlimited General Obligation | ||
Insured: PSF-GTD | ||
(zero coupon), due 8/25/30 | 800,000 | 589,201 |
Fort Bend County Municipal Utility District No. 134B, Unlimited General Obligation | ||
Insured: AGM | ||
6.50%, due 3/1/27 | 390,000 | 416,970 |
Principal Amount | Value | |
Texas (continued) | ||
Harris County Municipal Utility District No. 171, Unlimited General Obligation | ||
Insured: BAM | ||
7.00%, due 12/1/26 | $ 930,000 | $ 999,012 |
Insured: BAM | ||
7.00%, due 12/1/27 | 800,000 | 877,511 |
Harris County Municipal Utility District No. 489, Unlimited General Obligation | ||
Insured: BAM | ||
6.00%, due 9/1/24 | 680,000 | 689,708 |
Insured: BAM | ||
6.00%, due 9/1/25 | 980,000 | 1,010,733 |
Insured: BAM | ||
6.00%, due 9/1/26 | 980,000 | 1,025,331 |
Harris County Municipal Utility District No. 490, Unlimited General Obligation | ||
Insured: AGM | ||
7.50%, due 9/1/29 | 1,420,000 | 1,575,954 |
Harris County Water Control & Improvement District No. 158, Unlimited General Obligation | ||
Insured: BAM | ||
7.00%, due 9/1/25 | 310,000 | 323,622 |
Insured: BAM | ||
7.00%, due 9/1/26 | 325,000 | 347,002 |
Matagorda County Navigation District No. 1, Central Power and Light Company Project, Revenue Bonds | ||
Series A | ||
2.60%, due 11/1/29 | 4,260,000 | 3,637,029 |
Montgomery County Municipal Utility District No. 138, Unlimited General Obligation | ||
Insured: AGM | ||
6.375%, due 9/1/30 (d) | 1,850,000 | 2,007,260 |
Pasadena Independent School District, Unlimited General Obligation | ||
Insured: PSF-GTD | ||
5.00%, due 2/15/25 | 3,120,000 | 3,163,680 |
Pecos Barstow Toyah Independent School District, Unlimited General Obligation | ||
Insured: PSF-GTD | ||
5.00%, due 2/15/27 | 1,000,000 | 1,035,699 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Texas (continued) | ||
Port of Corpus Christi Authority of Nueces County, Revenue Bonds | ||
3.737%, due 12/1/26 | $ 3,000,000 | $ 2,851,882 |
State of Texas, Public Finance Authority, Unlimited General Obligation | ||
2.326%, due 10/1/29 | 3,000,000 | 2,573,480 |
State of Texas, College Student Loan, Unlimited General Obligation | ||
Series A | ||
5.25%, due 8/1/28 (b) | 2,360,000 | 2,456,507 |
Texas Municipal Gas Acquisition & Supply Corp. II, Revenue Bonds | ||
Series C | ||
4.433%, due 9/15/27 | 13,330,000 | 13,038,963 |
Texas Natural Gas Securitization Finance Corp., Revenue Bonds | ||
Series A-1 | ||
5.102%, due 4/1/35 | 5,000,000 | 4,843,294 |
Texas Public Finance Authority, Financing System-Texas Southern University, Revenue Bonds | ||
Insured: BAM | ||
5.00%, due 5/1/25 | 480,000 | 484,788 |
Insured: BAM | ||
5.00%, due 5/1/26 | 500,000 | 507,690 |
Insured: BAM | ||
5.00%, due 5/1/27 | 620,000 | 633,805 |
79,258,457 | ||
U.S. Virgin Islands 2.3% | ||
Matching Fund Special Purpose Securitization Corp., Revenue Bonds | ||
Series A | ||
5.00%, due 10/1/25 | 4,200,000 | 4,217,295 |
Series A | ||
5.00%, due 10/1/26 | 15,430,000 | 15,450,027 |
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan, Revenue Bonds | ||
Insured: NATL-RE | ||
5.00%, due 10/1/24 | 395,000 | 399,164 |
20,066,486 |
Principal Amount | Value | |
Utah 1.2% | ||
City of Salt Lake City, Airport, Revenue Bonds (b) | ||
Series A | ||
5.00%, due 7/1/25 | $ 875,000 | $ 882,282 |
Series A | ||
5.00%, due 7/1/26 | 1,290,000 | 1,305,312 |
Series A | ||
5.00%, due 7/1/27 | 1,535,000 | 1,560,786 |
County of Salt Lake, Convention Hotel, Unlimited General Obligation | ||
Series B | ||
2.00%, due 12/15/25 | 2,000,000 | 1,886,778 |
Series B | ||
2.30%, due 12/15/28 | 1,000,000 | 891,888 |
Series B | ||
2.60%, due 12/15/30 | 1,425,000 | 1,235,832 |
State of Utah, Build America Bonds, Unlimited General Obligation | ||
Series B | ||
3.539%, due 7/1/25 | 1,811,921 | 1,778,127 |
Utah Infrastructure Agency, Telecommunication, Revenue Bonds | ||
5.00%, due 10/15/26 | 1,265,000 | 1,267,871 |
10,808,876 | ||
Virginia 1.2% | ||
County of Loudoun, Public Improvement, Unlimited General Obligation | ||
Series A, Insured: State Aid Withholding | ||
3.00%, due 12/1/28 | 5,475,000 | 5,093,603 |
Virginia College Building Authority, 21st Century College & Equipment Programs, Revenue Bonds | ||
Series D, Insured: State Intercept | ||
3.00%, due 2/1/26 | 3,000,000 | 2,911,136 |
Wise County Industrial Development Authority, Virginia Electric and Power Co. Project, Revenue Bonds | ||
Series A | ||
0.75%, due 10/1/40 (a) | 3,000,000 | 2,748,877 |
10,753,616 | ||
Washington 3.5% | ||
County of King, Sewer, Revenue Bonds, Junior Lien | ||
Series A | ||
0.625%, due 1/1/32 (a) | 5,845,000 | 5,812,631 |
22 | MainStay MacKay Short Term Municipal Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Washington (continued) | ||
County of King, Sewer, Revenue Bonds, Junior Lien (continued) | ||
Series A | ||
4.32%, due 1/1/40 | $ 10,000,000 | $ 9,775,877 |
King County School District No. 411, Issaquah, Unlimited General Obligation | ||
Insured: School Bond Guaranty | ||
3.00%, due 12/1/30 | 2,050,000 | 1,875,582 |
Port of Seattle, Revenue Bonds | ||
Series B | ||
5.00%, due 3/1/25 | 1,500,000 | 1,512,931 |
Port of Seattle, Revenue Bonds, First Lien | ||
Series B | ||
5.00%, due 10/1/25 (b) | 4,000,000 | 4,059,099 |
Seattle Housing Authority, Revenue Bonds | ||
1.00%, due 6/1/26 | 895,000 | 809,996 |
State of Washington, Motor Vehicle Fuel Tax, Unlimited General Obligation | ||
Series F, Insured: AMBAC | ||
(zero coupon), due 12/1/26 | 2,000,000 | 1,777,456 |
Series F, Insured: NATL-RE | ||
(zero coupon), due 12/1/26 | 5,720,000 | 5,083,536 |
30,707,108 | ||
Wisconsin 3.0% | ||
City of Madison, Unlimited General Obligation | ||
Series A | ||
2.10%, due 10/1/26 | 6,690,000 | 6,152,394 |
Series A | ||
2.15%, due 10/1/27 | 6,690,000 | 6,018,248 |
County of Dane, Unlimited General Obligation | ||
Series A | ||
2.00%, due 6/1/26 | 3,000,000 | 2,760,410 |
County of Waushara, Revenue Notes | ||
Series A | ||
4.75%, due 12/1/23 | 3,600,000 | 3,602,200 |
Public Finance Authority, Northwest Nazarene University, Revenue Bonds | ||
5.00%, due 10/1/25 | 500,000 | 499,288 |
Principal Amount | Value | ||
Wisconsin (continued) | |||
Racine Unified School District, Revenue Bonds | |||
Series B | |||
4.125%, due 4/1/25 | $ 4,500,000 | $ 4,467,871 | |
State of Wisconsin, Unlimited General Obligation | |||
Series 3 | |||
0.80%, due 5/1/26 | 2,375,000 | 2,131,484 | |
Wisconsin Housing & Economic Development Authority, Revenue Bonds | |||
Series B, Insured: HUD Sector 8 | |||
0.50%, due 11/1/50 (a) | 750,000 | 713,918 | |
26,345,813 | |||
Total Long-Term Municipal Bonds (Cost $857,369,778) | 843,604,112 | ||
Short-Term Municipal Notes 1.3% | |||
Arizona 0.3% | |||
Arizona Health Facilities Authority, Banner Health, Revenue Bonds | |||
Series B | |||
4.34%, due 1/1/46 (f) | 2,400,000 | 2,400,000 | |
Utah 1.0% | |||
City of Murray, Intermountain Healthcare, Revenue Bonds | |||
Series B | |||
3.87%, due 5/15/37 (f) | 9,000,000 | 9,000,000 | |
Total Short-Term Municipal Notes (Cost $11,373,200) | 11,400,000 | ||
Total Investments (Cost $868,742,978) | 98.4% | 855,004,112 | |
Other Assets, Less Liabilities | 1.6 | 13,950,224 | |
Net Assets | 100.0% | $ 868,954,336 |
† | Percentages indicated are based on Fund net assets. |
^ | Industry classifications may be different than those used for compliance monitoring purposes. |
(a) | Coupon rate may change based on changes of the underlying collateral or prepayments of principal. Rate shown was the rate in effect as of October 31, 2023. |
(b) | Interest on these securities was subject to alternative minimum tax. |
(c) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
(d) | Delayed delivery security. |
(e) | Floating rate—Rate shown was the rate in effect as of October 31, 2023. |
(f) | Variable-rate demand notes (VRDNs)—Provide the right to sell the security at face value on either that day or within the rate-reset period. VRDNs will normally trade as if the maturity is the earlier put date, even though stated maturity is longer. The interest rate is reset on the put date at a stipulated daily, weekly, monthly, quarterly, or other specified time interval to reflect current market conditions. These securities do not indicate a reference rate and spread in their description. The maturity date shown is the final maturity. |
Abbreviation(s): |
AGC—Assured Guaranty Corp. |
AGM—Assured Guaranty Municipal Corp. |
AMBAC—Ambac Assurance Corp. |
BAM—Build America Mutual Assurance Co. |
CR—Custodial Receipts |
FHA—Federal Housing Administration |
FHLMC—Federal Home Loan Mortgage Corp. |
FNMA—Federal National Mortgage Association |
GNMA—Government National Mortgage Association |
HUD—Housing and Urban Development |
MTA—Metropolitan Transportation Authority |
NATL-RE—National Public Finance Guarantee Corp. |
PSF-GTD—Permanent School Fund Guaranteed |
SCSDE—South Carolina State Department of Education |
SD CRED PROG—School District Credit Enhancement Program |
SONYMA—State of New York Mortgage Agency |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Municipal Bonds | |||||||
Long-Term Municipal Bonds | $ — | $ 843,604,112 | $ — | $ 843,604,112 | |||
Short-Term Municipal Notes | — | 11,400,000 | — | 11,400,000 | |||
Total Municipal Bonds | — | 855,004,112 | — | 855,004,112 | |||
Total Investments in Securities | $ — | $ 855,004,112 | $ — | $ 855,004,112 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
24 | MainStay MacKay Short Term Municipal Fund |
Assets | |
Investment in securities, at value (identified cost $868,742,978) | $855,004,112 |
Cash | 33,190,337 |
Receivables: | |
Investment securities sold | 20,499,672 |
Interest | 8,149,816 |
Fund shares sold | 933,319 |
Other assets | 62,065 |
Total assets | 917,839,321 |
Liabilities | |
Payables: | |
Investment securities purchased | 41,243,291 |
Fund shares redeemed | 6,215,684 |
Manager (See Note 3) | 253,353 |
Custodian | 102,565 |
NYLIFE Distributors (See Note 3) | 65,278 |
Transfer agent (See Note 3) | 65,091 |
Professional fees | 30,045 |
Shareholder communication | 15,570 |
Trustees | 731 |
Accrued expenses | 57,072 |
Distributions payable | 836,305 |
Total liabilities | 48,884,985 |
Net assets | $868,954,336 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 95,919 |
Additional paid-in-capital | 966,852,773 |
966,948,692 | |
Total distributable earnings (loss) | (97,994,356) |
Net assets | $868,954,336 |
Class A | |
Net assets applicable to outstanding shares | $250,092,238 |
Shares of beneficial interest outstanding | 27,605,518 |
Net asset value per share outstanding | $ 9.06 |
Maximum sales charge (1.00% of offering price) | 0.09 |
Maximum offering price per share outstanding | $ 9.15 |
Class A2 | |
Net assets applicable to outstanding shares | $ 48,197,199 |
Shares of beneficial interest outstanding | 5,313,562 |
Net asset value per share outstanding | $ 9.07 |
Maximum sales charge (2.00% of offering price) | 0.19 |
Maximum offering price per share outstanding | $ 9.26 |
Investor Class | |
Net assets applicable to outstanding shares | $ 2,229,920 |
Shares of beneficial interest outstanding | 245,467 |
Net asset value per share outstanding | $ 9.08 |
Maximum sales charge (0.50% of offering price) | 0.05 |
Maximum offering price per share outstanding | $ 9.13 |
Class I | |
Net assets applicable to outstanding shares | $514,457,014 |
Shares of beneficial interest outstanding | 56,791,624 |
Net asset value and offering price per share outstanding | $ 9.06 |
Class R6 | |
Net assets applicable to outstanding shares | $ 53,977,965 |
Shares of beneficial interest outstanding | 5,962,498 |
Net asset value and offering price per share outstanding | $ 9.05 |
Period May 1, 2023 through October 31, 2023(a) | Year Ended April 30, 2023 | |
Investment Income (Loss) | ||
Income | ||
Interest | $ 17,646,100 | $ 32,193,048 |
Expenses | ||
Manager (See Note 3) | 1,747,703 | 4,799,723 |
Distribution/Service—Class A (See Note 3) | 352,085 | 935,547 |
Distribution/Service—Class A2 (See Note 3) | 65,508 | 190,927 |
Distribution/Service—Investor Class (See Note 3) | 3,003 | 6,840 |
Transfer agent (See Note 3) | 185,336 | 423,800 |
Registration | 60,316 | 154,870 |
Shareholder communication | 151 | 48,693 |
Professional fees | 107,516 | 152,217 |
Custodian | 61,875 | 330,841 |
Trustees | 13,064 | 34,625 |
Miscellaneous | 23,595 | 56,357 |
Total expenses before waiver/reimbursement | 2,620,152 | 7,134,440 |
Expense waiver/reimbursement from Manager (See Note 3) | (127,038) | (272,071) |
Reimbursement from prior custodian | — | (2,332) (b) |
Net expenses | 2,493,114 | 6,860,037 |
Net investment income (loss) | 15,152,986 | 25,333,011 |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on investments | (7,724,927) | (59,327,437) |
Net change in unrealized appreciation (depreciation) on investments | (12,955,835) | 51,945,156 |
Net realized and unrealized gain (loss) | (20,680,762) | (7,382,281) |
Net increase (decrease) in net assets resulting from operations | $ (5,527,776) | $ 17,950,730 |
(a) | The Fund changed its fiscal year end from April 30 to October 31. |
(b) | Represents a refund for overbilling of custody fees. |
26 | MainStay MacKay Short Term Municipal Fund |
for the period May 1, 2023 through October 31, 2023 and the years ended April 30, 2023 and April 30, 2022
Period May 1, 2023 through October 31, 2023(a) | Year Ended April 30, 2023 | Year Ended April 30, 2022 | |
Increase (Decrease) in Net Assets | |||
Operations: | |||
Net investment income (loss) | $ 15,152,986 | $ 25,333,011 | $ 11,016,224 |
Net realized gain (loss) | (7,724,927) | (59,327,437) | (9,580,898) |
Net change in unrealized appreciation (depreciation) | (12,955,835) | 51,945,156 | (72,063,429) |
Net increase (decrease) in net assets resulting from operations | (5,527,776) | 17,950,730 | (70,628,103) |
Distributions to shareholders: | |||
Class A | (4,037,568) | (6,648,263) | (2,489,358) |
Class A2 | (750,087) | (1,288,784) | (604,316) |
Investor Class | (30,656) | (40,583) | (7,453) |
Class I | (9,376,547) | (17,108,080) | (11,061,272) |
Class R6 | (1,091,968) | (1,910,732) | — |
Total distributions to shareholders | (15,286,826) | (26,996,442) | (14,162,399) |
Capital share transactions: | |||
Net proceeds from sales of shares | 79,500,074 | 876,229,496 | 1,461,111,895 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 9,539,301 | 16,530,565 | 9,157,948 |
Cost of shares redeemed | (311,321,448) | (1,409,052,393) | (1,744,044,217) |
Increase (decrease) in net assets derived from capital share transactions | (222,282,073) | (516,292,332) | (273,774,374) |
Net increase (decrease) in net assets | (243,096,675) | (525,338,044) | (358,564,876) |
Net Assets | |||
Beginning of period | 1,112,051,011 | 1,637,389,055 | 1,995,953,931 |
End of period | $ 868,954,336 | $ 1,112,051,011 | $ 1,637,389,055 |
(a) | The Fund changed its fiscal year end from April 30 to October 31. |
May 1, 2023 through October 31, | Year Ended April 30, | ||||||||||
Class A | 2023 # | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Net asset value at beginning of period | $ 9.26 | $ 9.31 | $ 9.73 | $ 9.54 | $ 9.58 | $ 9.51 | |||||
Net investment income (loss) (a) | 0.13 | 0.15 | 0.04 | 0.06 | 0.13 | 0.12 | |||||
Net realized and unrealized gain (loss) | (0.20) | (0.03) | (0.41) | 0.21 | (0.03) | 0.07 | |||||
Total from investment operations | (0.07) | 0.12 | (0.37) | 0.27 | 0.10 | 0.19 | |||||
Less distributions: | |||||||||||
From net investment income | (0.13) | (0.17) | (0.05) | (0.08) | (0.14) | (0.12) | |||||
Net asset value at end of period | $ 9.06 | $ 9.26 | $ 9.31 | $ 9.73 | $ 9.54 | $ 9.58 | |||||
Total investment return (b) | (0.73)% | 1.32% | (3.81)% | 2.85% | 1.05% | 2.04%(c) | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 2.84%†† | 1.66% | 0.36% | �� | 0.63% | 1.30% | 1.28% | ||||
Net expenses | 0.69%†† | 0.68% | 0.67% | 0.65% | 0.69% | 0.71% | |||||
Expenses (before waiver/reimbursement) | 0.69%†† | 0.68% | 0.67% | 0.65% | 0.70% | 0.71% | |||||
Portfolio turnover rate | 61%(d) | 99%(d) | 62%(d) | 28%(d) | 94%(d) | 96% | |||||
Net assets at end of period (in 000's) | $ 250,092 | $ 306,828 | $ 409,722 | $ 503,769 | $ 152,614 | $ 113,023 |
# | The Fund changed its fiscal year end from April 30 to October 31. |
†† | 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) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | The portfolio turnover rate includes variable rate demand notes. |
May 1, 2023 through October 31, | Year Ended April 30, | September 30, 2020^ through April 30, 2021 | |||||
Class A2 | 2023 # | 2023 | 2022 | ||||
Net asset value at beginning of period | $ 9.27 | $ 9.32 | $ 9.75 | $ 9.70** | |||
Net investment income (loss) (a) | 0.13 | 0.15 | 0.03 | 0.02 | |||
Net realized and unrealized gain (loss) | (0.20) | (0.03) | (0.41) | 0.07 | |||
Total from investment operations | (0.07) | 0.12 | (0.38) | 0.09 | |||
Less distributions: | |||||||
From net investment income | (0.13) | (0.17) | (0.05) | (0.04) | |||
Net asset value at end of period | $ 9.07 | $ 9.27 | $ 9.32 | $ 9.75 | |||
Total investment return (b) | (0.73)% | 1.32% | (3.91)% | 0.90% | |||
Ratios (to average net assets)/Supplemental Data: | |||||||
Net investment income (loss) | 2.84%†† | 1.57% | 0.36% | 0.40%†† | |||
Net expenses | 0.69%†† | 0.68% | 0.67% | 0.65%†† | |||
Portfolio turnover rate (c) | 61% | 99% | 62% | 28% | |||
Net assets at end of period (in 000's) | $ 48,197 | $ 54,326 | $ 98,890 | $ 88,248 |
# | The Fund changed its fiscal year end from April 30 to October 31. |
** | Based on the net asset value of Class A as of September 30, 2020. |
^ | Inception date. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | The portfolio turnover rate includes variable rate demand notes. |
28 | MainStay MacKay Short Term Municipal Fund |
May 1, 2023 through October 31, 2023# | Year Ended April 30, | ||||||||||
Investor Class | 2023 | 2022 | 2021 | 2020 | 2019 | ||||||
Net asset value at beginning of period | $ 9.28 | $ 9.33 | $ 9.76 | $ 9.57 | $ 9.61 | $ 9.54 | |||||
Net investment income (loss) (a) | 0.12 | 0.13 | 0.01 | 0.04 | 0.09 | 0.08 | |||||
Net realized and unrealized gain (loss) | (0.20) | (0.04) | (0.42) | 0.20 | (0.02) | 0.07 | |||||
Total from investment operations | (0.08) | 0.09 | (0.41) | 0.24 | 0.07 | 0.15 | |||||
Less distributions: | |||||||||||
From net investment income | (0.12) | (0.14) | (0.02) | (0.05) | (0.11) | (0.08) | |||||
Net asset value at end of period | $ 9.08 | $ 9.28 | $ 9.33 | $ 9.76 | $ 9.57 | $ 9.61 | |||||
Total investment return (b) | (0.89)% | 0.99% | (4.19)% | 2.64% | 0.61% | 1.56% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 2.53%†† | 1.37% | 0.06% | 0.41% | 0.98% | 0.81% | |||||
Net expenses | 0.99%†† | 1.00% | 0.99% | 0.98% | 1.09% | 1.18% | |||||
Expenses (before waiver/reimbursement) | 1.32%†† | 1.30% | 1.24% | 1.25% | 1.28% | 1.30% | |||||
Portfolio turnover rate | 61%(c) | 99%(c) | 62%(c) | 28%(c) | 94%(c) | 96% | |||||
Net assets at end of period (in 000's) | $ 2,230 | $ 2,511 | $ 2,884 | $ 3,608 | $ 4,158 | $ 3,834 |
# | The Fund changed its fiscal year end from April 30 to October 31. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | The portfolio turnover rate includes variable rate demand notes. |
May 1, 2023 through October 31, | Year Ended April 30, | ||||||||||
Class I | 2023 # | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Net asset value at beginning of period | $ 9.26 | $ 9.31 | $ 9.73 | $ 9.54 | $ 9.58 | $ 9.51 | |||||
Net investment income (loss) (a) | 0.14 | 0.18 | 0.06 | 0.09 | 0.15 | 0.15 | |||||
Net realized and unrealized gain (loss) | (0.19) | (0.03) | (0.40) | 0.21 | (0.02) | 0.07 | |||||
Total from investment operations | (0.05) | 0.15 | (0.34) | 0.30 | 0.13 | 0.22 | |||||
Less distributions: | |||||||||||
From net investment income | (0.15) | (0.20) | (0.08) | (0.11) | (0.17) | (0.15) | |||||
Net asset value at end of period | $ 9.06 | $ 9.26 | $ 9.31 | $ 9.73 | $ 9.54 | $ 9.58 | |||||
Total investment return (b) | (0.59)% | 1.60% | (3.55)% | 3.12% | 1.34% | 2.34% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 3.13%†† | 1.89% | 0.63% | 0.89% | 1.58% | 1.61% | |||||
Net expenses | 0.40%†† | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% | |||||
Expenses (before waiver/reimbursement) | 0.44%†† | 0.43% | 0.42% | 0.40% | 0.45% | 0.45% | |||||
Portfolio turnover rate | 61%(c) | 99%(c) | 62%(c) | 28%(c) | 94%(c) | 96% | |||||
Net assets at end of period (in 000's) | $ 514,457 | $ 663,175 | $ 1,125,893 | $ 1,400,328 | $ 412,193 | $ 337,116 |
# | The Fund changed its fiscal year end from April 30 to October 31. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | The portfolio turnover rate includes variable rate demand notes. |
May 1, 2023 through October 31, | May 2, 2022^ through April 30, | ||
Class R6 | 2023 # | 2023 | |
Net asset value at beginning of period | $ 9.25 | $ 9.30** | |
Net investment income (loss) (a) | 0.14 | 0.18 | |
Net realized and unrealized gain (loss) | (0.19) | (0.03) | |
Total from investment operations | (0.05) | 0.15 | |
Less distributions: | |||
From net investment income | (0.15) | (0.20) | |
Net asset value at end of period | $ 9.05 | $ 9.25 | |
Total investment return (b) | (0.59)% | 1.60% | |
Ratios (to average net assets)/Supplemental Data: | |||
Net investment income (loss)†† | 3.12% | 2.00% | |
Net expenses†† | 0.40% | 0.40%(c) | |
Expenses (before waiver/reimbursement)†† | 0.41% | 0.40% | |
Portfolio turnover rate (d) | 61% | 99% | |
Net assets at end of period (in 000's) | $ 53,978 | $ 85,211 |
# | The Fund changed its fiscal year end from April 30 to October 31. |
** | Based on the net asset value of Class I as of May 2, 2022. |
^ | Inception date. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | Expense waiver/reimbursement less than 0.01%. |
(d) | The portfolio turnover rate includes variable rate demand notes. |
30 | MainStay MacKay Short Term Municipal Fund |
Class | Commenced Operations |
Class A | January 2, 2004 |
Class A2 | September 30, 2020 |
Investor Class | February 28, 2008 |
Class I | January 2, 1991 |
Class R6 | May 2, 2022 |
• | Level 1—quoted prices (unadjusted) in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Fund's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• Benchmark yields | • Reported trades |
• Broker/dealer quotes | • Issuer spreads |
• Two-sided markets | • Benchmark securities |
• Bids/offers | • Reference data (corporate actions or material event notices) |
• Industry and economic events | • Comparable bonds |
• Monthly payment information |
32 | MainStay MacKay Short Term Municipal Fund |
34 | MainStay MacKay Short Term Municipal Fund |
Class | Expense | Waived |
Class A | $ 53,321 | $ — |
Class A2 | 9,904 | — |
Investor Class | 8,023 | (3,902) |
Class I | 112,703 | — |
Class R6 | 1,385 | — |
Class A | $15,904,213 | 6.4% |
Class A2 | 24,318 | 0.1 |
Class R6 | 25,182 | 0.0‡ |
‡ | Less than one-tenth of a percent. |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $869,142,521 | $1,141,653 | $(15,280,062) | $(14,138,409) |
Ordinary Income | Undistributed Tax Exempt Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$— | $832,524 | $(83,852,166) | $(836,305) | $(14,138,409) | $(97,994,356) |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $34,175 | $49,677 |
2023 (a) | 2023 | 2022 | |
Distributions paid from: | |||
Ordinary Income | $ 2,601,361 | $ 2,442,564 | $ 1,474,609 |
Exempt Interest Dividends | 12,685,465 | 24,553,878 | 12,687,790 |
Total | $15,286,826 | $26,996,442 | $14,162,399 |
(a) | The Fund changed its fiscal year end from April 30 to October 31. |
36 | MainStay MacKay Short Term Municipal Fund |
Class A | Shares | Amount |
Period ended October 31, 2023:(a) | ||
Shares sold | 1,870,237 | $ 17,187,666 |
Shares issued to shareholders in reinvestment of distributions | 263,992 | 2,420,096 |
Shares redeemed | (7,553,491) | (69,379,606) |
Net increase (decrease) in shares outstanding before conversion | (5,419,262) | (49,771,844) |
Shares converted into Class A (See Note 1) | 13,312 | 122,864 |
Shares converted from Class A (See Note 1) | (126,704) | (1,157,314) |
Net increase (decrease) | (5,532,654) | $ (50,806,294) |
Year ended April 30, 2023: | ||
Shares sold | 14,755,906 | $ 136,977,313 |
Shares issued to shareholders in reinvestment of distributions | 417,462 | 3,867,588 |
Shares redeemed | (26,092,382) | (241,951,367) |
Net increase (decrease) in shares outstanding before conversion | (10,919,014) | (101,106,466) |
Shares converted into Class A (See Note 1) | 112,523 | 1,047,020 |
Shares converted from Class A (See Note 1) | (66,834) | (614,825) |
Net increase (decrease) | (10,873,325) | $ (100,674,271) |
Year ended April 30, 2022: | ||
Shares sold | 25,468,868 | $ 246,761,379 |
Shares issued to shareholders in reinvestment of distributions | 157,184 | 1,513,215 |
Shares redeemed | (33,406,373) | (322,275,514) |
Net increase (decrease) in shares outstanding before conversion | (7,780,321) | (74,000,920) |
Shares converted into Class A (See Note 1) | 41,919 | 402,782 |
Shares converted from Class A (See Note 1) | (261) | (2,536) |
Net increase (decrease) | (7,738,663) | $ (73,600,674) |
Class A2 | Shares | Amount |
Period ended October 31, 2023:(a) | ||
Shares sold | 344,203 | $ 3,175,535 |
Shares issued to shareholders in reinvestment of distributions | 81,724 | 750,087 |
Shares redeemed | (972,402) | (8,934,549) |
Net increase (decrease) | (546,475) | $ (5,008,927) |
Year ended April 30, 2023: | ||
Shares sold | 1,728,867 | $ 16,042,719 |
Shares issued to shareholders in reinvestment of distributions | 138,904 | 1,288,714 |
Shares redeemed | (6,577,094) | (60,995,488) |
Net increase (decrease) in shares outstanding before conversion | (4,709,323) | (43,664,055) |
Shares converted from Class A2 (See Note 1) | (41,230) | (384,679) |
Net increase (decrease) | (4,750,553) | $ (44,048,734) |
Year ended April 30, 2022: | ||
Shares sold | 8,256,657 | $ 80,252,982 |
Shares issued to shareholders in reinvestment of distributions | 62,731 | 604,025 |
Shares redeemed | (6,763,650) | (64,920,522) |
Net increase (decrease) | 1,555,738 | $ 15,936,485 |
Investor Class | Shares | Amount |
Period ended October 31, 2023:(a) | ||
Shares sold | 14,082 | $ 129,864 |
Shares issued to shareholders in reinvestment of distributions | 3,207 | 29,475 |
Shares redeemed | (32,530) | (299,121) |
Net increase (decrease) in shares outstanding before conversion | (15,241) | (139,782) |
Shares converted into Investor Class (See Note 1) | 114 | 1,056 |
Shares converted from Investor Class (See Note 1) | (9,877) | (91,304) |
Net increase (decrease) | (25,004) | $ (230,030) |
Year ended April 30, 2023: | ||
Shares sold | 97,897 | $ 913,758 |
Shares issued to shareholders in reinvestment of distributions | 4,211 | 39,108 |
Shares redeemed | (104,885) | (974,735) |
Net increase (decrease) in shares outstanding before conversion | (2,777) | (21,869) |
Shares converted into Investor Class (See Note 1) | 114 | 1,056 |
Shares converted from Investor Class (See Note 1) | (35,836) | (333,994) |
Net increase (decrease) | (38,499) | $ (354,807) |
Year ended April 30, 2022: | ||
Shares sold | 125,760 | $ 1,214,335 |
Shares issued to shareholders in reinvestment of distributions | 750 | 7,255 |
Shares redeemed | (145,542) | (1,409,867) |
Net increase (decrease) in shares outstanding before conversion | (19,032) | (188,277) |
Shares converted into Investor Class (See Note 1) | 261 | 2,536 |
Shares converted from Investor Class (See Note 1) | (41,789) | (402,782) |
Net increase (decrease) | (60,560) | $ (588,523) |
38 | MainStay MacKay Short Term Municipal Fund |
Class I | Shares | Amount |
Period ended October 31, 2023:(a) | ||
Shares sold | 5,753,903 | $ 52,875,155 |
Shares issued to shareholders in reinvestment of distributions | 684,624 | 6,276,707 |
Shares redeemed | (21,765,106) | (200,002,409) |
Net increase (decrease) in shares outstanding before conversion | (15,326,579) | (140,850,547) |
Shares converted into Class I (See Note 1) | 499,718 | 4,603,963 |
Shares converted from Class I (See Note 1) | (9,503) | (88,069) |
Net increase (decrease) | (14,836,364) | $ (136,334,653) |
Year ended April 30, 2023: | ||
Shares sold | 70,614,891 | $ 654,927,375 |
Shares issued to shareholders in reinvestment of distributions | 1,213,482 | 11,244,993 |
Shares redeemed | (109,796,158) | (1,017,816,790) |
Net increase (decrease) in shares outstanding before conversion | (37,967,785) | (351,644,422) |
Shares converted into Class I (See Note 1) | 66,720 | 613,769 |
Shares converted from Class I (See Note 1) | (11,419,110) | (105,855,146) |
Net increase (decrease) | (49,320,175) | $ (456,885,799) |
Year ended April 30, 2022: | ||
Shares sold | 117,202,202 | $ 1,132,883,199 |
Shares issued to shareholders in reinvestment of distributions | 730,370 | 7,033,453 |
Shares redeemed | (140,847,545) | (1,355,438,314) |
Net increase (decrease) | (22,914,973) | $ (215,521,662) |
Class R6 | Shares | Amount |
Period ended October 31, 2023:(a) | ||
Shares sold | 670,855 | $ 6,131,854 |
Shares issued to shareholders in reinvestment of distributions | 6,860 | 62,936 |
Shares redeemed | (3,557,734) | (32,705,763) |
Net increase (decrease) in shares outstanding before conversion | (2,880,019) | (26,510,973) |
Shares converted into Class R6 (See Note 1) | 8,091 | 74,919 |
Shares converted from Class R6 (See Note 1) | (375,523) | (3,466,115) |
Net increase (decrease) | (3,247,451) | $ (29,902,169) |
Period ended April 30, 2023:(b) | ||
Shares sold | 7,275,651 | $ 67,368,331 |
Shares issued to shareholders in reinvestment of distributions | 9,739 | 90,162 |
Shares redeemed | (9,471,562) | (87,314,013) |
Net increase (decrease) in shares outstanding before conversion | (2,186,172) | (19,855,520) |
Shares converted into Class R6 (See Note 1) | 11,431,231 | 105,853,196 |
Shares converted from Class R6 (See Note 1) | (35,110) | (326,397) |
Net increase (decrease) | 9,209,949 | $ 85,671,279 |
(a) | The Fund changed its fiscal year end from April 30 to October 31. |
(b) | The inception date of the class was May 2, 2022. |
MainStay Funds Trust:
40 | MainStay MacKay Short Term Municipal Fund |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Naïm Abou-Jaoudé* 1966 | MainStay Funds: Trustee since 2023 MainStay Funds Trust: Trustee since 2023 | Chief Executive Officer of New York Life Investment Management LLC (since 2023). Chief Executive Officer of Candriam (an affiliate of New York Life Investment Management LLC) (2007 to 2023). | 81 | MainStay VP Funds Trust: Trustee since 2023 (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2023; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2023; and New York Life Investment Management International (Chair) since 2015 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of his affiliation with New York Life Investment Management LLC and Candriam, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
42 | MainStay MacKay Short Term Municipal Fund |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015);MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC (since 1999) | 81 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2021; VanEck Vectors Group of Exchange-Traded Funds: Trustee since 2006 and Independent Chairman of the Board of Trustees from 2008 to 2022 (57 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Investment Committee since 2018 | |
Karen Hammond 1956 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021);MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 81 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Susan B. Kerley 1951 | MainStay Funds: Chair since January 2017 and Trustee since 2007;MainStay Funds Trust: Chair since January 2017 and Trustee since 1990*** | President, Strategic Management Advisors LLC (since 1990) | 81 | MainStay VP Funds Trust: Chair since January 2017 and Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chair since January 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Alan R. Latshaw 1951 | MainStay Funds: Trusteesince 2006;MainStay Funds Trust: Trustee since 2007*** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 81 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 | |
Jacques P. Perold 1958 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015to December 2015);MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 81 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay Funds: Trustee since 1994;MainStay Funds Trust: Trustee since 2007*** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) (since 2004); Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 81 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 |
** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
*** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
44 | MainStay MacKay Short Term Municipal Fund |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay Funds, MainStay Funds Trust (since 2017) | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since 2018); President, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust (since 2017)**; Senior Managing Director, Global Product Development (2015 to 2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay Funds (since 2007), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2007)**; and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay Funds and MainStay Funds Trust (since 2010) | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2010)** | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay Funds and MainStay Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ Trust, IndexIQ ETF Trust and Index IQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund, MainStay VP Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012 to 2022) | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay Funds (since 2005), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2005)** |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, New York Life Insurance Company, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
1.
2. | This Fund is registered for sale in CA, CT, DE, FL, MA, NJ, NY and VT. |
3. | An affiliate of New York Life Investment Management LLC. |
5013757MS139-23 | MSSTM11-12/23 |
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Period-Ended October 31, 2023 | |||||||
Class | Sales Charge | Inception Date1 | Six Months2 | One Year | Since Inception | Gross Expense Ratio3 | |
Class A Shares4 | Maximum 3.00% Initial Sales Charge | With sales charges | 6/28/2019 | -5.55% | 0.70% | -0.75% | 0.84% |
Excluding sales charges | -2.63 | 3.81 | 0.31 | 0.84 | |||
Investor Class Shares5, 6 | Maximum 2.50% Initial Sales Charge | With sales charges | 6/28/2019 | -5.12 | 1.09 | -0.93 | 0.99 |
Excluding sales charges | -2.69 | 3.68 | 0.12 | 0.99 | |||
Class C Shares | Maximum 1.00% CDSC | With sales charges | 6/28/2019 | -3.77 | 2.42 | -0.16 | 1.25 |
if Redeemed Within 18 Months of Purchase | Excluding sales charges | -2.82 | 3.42 | -0.16 | 1.25 | ||
Class C2 Shares | Maximum 1.00% CDSC | With sales charges | 12/13/2022 | -3.85 | N/A | -2.60 | 1.41 |
if Redeemed Within One Year of Purchase | Excluding sales charges | -2.89 | N/A | -1.64 | 1.41 | ||
Class I Shares | No Sales Charge | 6/28/2019 | -2.52 | 3.96 | 0.51 | 0.59 | |
Class R6 Shares | No Sales Charge | 6/28/2019 | -2.50 | 4.11 | 0.52 | 0.55 |
1. | Effective at the close of business on May 1, 2023, the Fund changed its fiscal and tax year end from April 30 to October 31. |
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. | Prior to August 10, 2022, the maximum initial sales charge was 4.50%, which is reflected in the applicable average annual total return figures shown. |
5. | Prior to June 30, 2020, the maximum initial sales charge was 4.50%, which is reflected in the applicable average annual total return figures shown. |
6. | Prior to August 10, 2022, the maximum initial sales charge was 4.00%, which is reflected in the applicable average annual total return figures shown. |
Benchmark Performance* | Six Months1 | One Year | Since Inception |
Bloomberg Municipal Bond Index 1-15 Yr Blend2 | -3.38% | 2.47% | -0.04% |
Morningstar Muni National Intermediate Category Average3 | -3.86 | 2.24 | -0.56 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | Not annualized. |
2. | The Bloomberg Municipal Bond Index 1-15 Yr Blend is the Fund's primary broad-based securities-market index for comparison purposes. The index has four main sectors: state and local general obligations, revenue bonds, and insured bonds. |
3. | The Morningstar Municipal National Intermediate Category Average is representative of funds that invest in bonds issued by various state and local governments to fund public projects. The income from these bonds is generally free from federal taxes. To lower risk, these funds spread their assets across many states and sectors. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
6 | MainStay MacKay Strategic Municipal Allocation Fund |
Share Class | Beginning Account Value 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 | $973.70 | $3.83 | $1,021.32 | $3.92 | 0.77% |
Investor Class Shares | $1,000.00 | $973.10 | $4.43 | $1,020.72 | $4.53 | 0.89% |
Class C Shares | $1,000.00 | $971.80 | $5.62 | $1,019.51 | $5.75 | 1.13% |
Class C2 Shares | $1,000.00 | $971.10 | $6.36 | $1,018.75 | $6.51 | 1.28% |
Class I Shares | $1,000.00 | $974.80 | $2.59 | $1,022.58 | $2.65 | 0.52% |
Class R6 Shares | $1,000.00 | $975.00 | $2.49 | $1,022.68 | $2.55 | 0.50% |
1. | Expenses are equal to the Fund’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 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. |
Texas | 11.2% |
New York | 9.3 |
California | 8.6 |
Illinois | 8.5 |
Florida | 4.5 |
Pennsylvania | 4.0 |
Alabama | 3.8 |
Michigan | 3.4 |
Colorado | 2.8 |
Indiana | 2.6 |
New Jersey | 2.6 |
Utah | 2.5 |
Georgia | 2.3 |
Ohio | 2.2 |
Connecticut | 2.0 |
Washington | 1.9 |
Louisiana | 1.9 |
Virginia | 1.7 |
Tennessee | 1.7 |
North Carolina | 1.4 |
Missouri | 1.3 |
Arizona | 1.3 |
Puerto Rico | 1.2 |
Wisconsin | 1.2 |
Nebraska | 1.1 |
District of Columbia | 1.0 |
Kentucky | 0.9% |
Guam | 0.9 |
Maryland | 0.9 |
North Dakota | 0.6 |
Wyoming | 0.6 |
Massachusetts | 0.5 |
U.S. Virgin Islands | 0.5 |
Hawaii | 0.5 |
West Virginia | 0.5 |
Rhode Island | 0.4 |
South Carolina | 0.4 |
Vermont | 0.3 |
Iowa | 0.3 |
Arkansas | 0.2 |
Maine | 0.2 |
Nevada | 0.2 |
Idaho | 0.1 |
Mississippi | 0.1 |
New Hampshire | 0.1 |
Montana | 0.1 |
South Dakota | 0.1 |
Alaska | 0.0‡ |
Minnesota | 0.0‡ |
Other Assets, Less Liabilities | 5.6 |
100.0% |
‡ | Less than one–tenth of a percent. |
1. | City of Chicago, 5.00%-6.00%, due 11/1/26–1/1/44 |
2. | New York City Transitional Finance Authority, 3.95%-5.50%, due 11/1/29–11/1/45 |
3. | Black Belt Energy Gas District, 4.00%-5.50%, due 12/1/26–12/1/53 |
4. | State of Connecticut, 3.13%-5.77%, due 1/15/24–7/1/40 |
5. | County of Miami-Dade, 5.00%, due 10/1/33–7/1/43 |
6. | New Jersey Economic Development Authority, 4.914%-5.625%, due 3/1/24–11/1/44 |
7. | San Joaquin Hills Transportation Corridor Agency, 5.25%, due 1/15/44–1/15/49 |
8. | Main Street Natural Gas, Inc., 4.00%-5.258%, due 8/1/49–12/1/53 |
9. | State of California, 5.00%, due 9/1/35–4/1/38 |
10. | New York State Dormitory Authority, 3.00%-5.00%, due 2/15/40–3/15/45 |
8 | MainStay MacKay Strategic Municipal Allocation Fund |
1. | See "Investment and Performance Comparison" for other share class returns, which may be higher or lower than Class I share returns, and for more information on benchmark and peer group returns. |
2. | Duration is a measure of the price sensitivity of a fixed-income investment to changes in interest rates. Duration is expressed as a number of years and is considered a more accurate sensitivity gauge than average maturity. |
3. | Modified duration is inversely related to the approximate percentage change in price for a given change in yield. Duration to worst is the duration of a bond computed using the bond’s nearest call date or maturity. This measure ignores future cash flow fluctuations due to embedded optionality. |
4. | An obligation rated ‘AAA’ by Standard & Poor’s (“S&P”) has the highest rating assigned by S&P, and in the opinion of S&P, the obligor’s capacity to meet its financial commitment on the obligation is extremely strong. When applied to Fund holdings, ratings are based solely on the creditworthiness of the bonds in the portfolio and are not meant to represent the security or safety of the Fund. |
Principal Amount | Value | |
Municipal Bonds 94.4% | ||
Long-Term Municipal Bonds 93.9% | ||
Alabama 3.8% | ||
Alabama Housing Finance Authority, Capstone at Kinsey Cove LP, Revenue Bonds | ||
Series A | ||
3.875%, due 12/1/23 | $ 1,500,000 | $ 1,498,865 |
Alabama Housing Finance Authority, ECG Dry Creek LP, Revenue Bonds | ||
Series H | ||
5.00%, due 6/1/26 (a) | 500,000 | 501,234 |
Black Belt Energy Gas District, Gas Project No.4, Revenue Bonds | ||
Series A-1 | ||
4.00%, due 12/1/49 (a) | 1,480,000 | 1,446,788 |
Black Belt Energy Gas District, Gas Project No.6, Revenue Bonds | ||
Series B | ||
4.00%, due 10/1/52 (a) | 1,760,000 | 1,695,718 |
Black Belt Energy Gas District, Gas Project, Revenue Bonds | ||
Series B-1 | ||
4.00%, due 4/1/53 (a) | 640,000 | 613,499 |
Series B | ||
4.74%, due 4/1/53 | 700,000 | 687,097 |
Series C-1 | ||
5.25%, due 12/1/26 | 1,850,000 | 1,878,462 |
Series B-2 | ||
5.25%, due 12/1/53 (a) | 3,800,000 | 3,830,788 |
Series F | ||
5.50%, due 11/1/53 (a) | 1,600,000 | 1,619,591 |
County of Jefferson, Sewer, Revenue Bonds, Sub. Lien | ||
Series D | ||
6.00%, due 10/1/42 | 3,000,000 | 3,086,712 |
Prichard Water Works & Sewer Board, Revenue Bonds | ||
2.375%, due 11/1/28 | 205,000 | 154,868 |
Southeast Energy Authority, A Cooperative District, Project No. 4, Revenue Bonds | ||
Series B-1 | ||
5.00%, due 5/1/53 (a) | 760,000 | 752,944 |
Southeast Energy Authority, A Cooperative District, Project No. 3, Revenue Bonds | ||
Series A-1 | ||
5.50%, due 1/1/53 (a) | 1,600,000 | 1,624,556 |
Principal Amount | Value | |
Alabama (continued) | ||
State of Alabama, Unlimited General Obligation | ||
Series A | ||
3.00%, due 8/1/26 | $ 1,000,000 | $ 963,415 |
Town of Pike Road, Limited General Obligation | ||
5.00%, due 3/1/40 | 845,000 | 876,651 |
21,231,188 | ||
Alaska 0.0% ‡ | ||
Alaska Industrial Development & Export Authority, Interior Gas Utility Project, Revenue Bonds | ||
Series A | ||
5.00%, due 6/1/28 | 250,000 | 243,973 |
Arizona 1.0% | ||
Arizona Industrial Development Authority, Ball Charter Schools Project, Revenue Bonds | ||
2.65%, due 7/1/26 | 65,000 | 60,878 |
Arizona Industrial Development Authority, Glendale Senior Project, Revenue Bonds | ||
Series A, Insured: HUD Sector 8 | ||
5.00%, due 10/1/44 (a) | 2,000,000 | 2,022,737 |
City of Mesa, Utility System, Revenue Bonds, Junior Lien | ||
Series A, Insured: BAM | ||
5.00%, due 7/1/30 | 1,050,000 | 1,113,448 |
City of Phoenix Civic Improvement Corp., Water System, Revenue Bonds, Junior Lien | ||
5.00%, due 7/1/39 | 1,000,000 | 1,011,452 |
Glendale Industrial Development Authority, Royal Oaks Life Care Community, Revenue Bonds | ||
4.00%, due 5/15/28 | 620,000 | 566,994 |
University of Arizona (The), Revenue Bonds | ||
Series B | ||
5.00%, due 6/1/46 | 1,000,000 | 1,004,281 |
5,779,790 | ||
Arkansas 0.2% | ||
Arkansas Development Finance Authority, Big River Steel Project, Revenue Bonds | ||
4.50%, due 9/1/49 (b)(c) | 1,135,000 | 1,007,965 |
10 | MainStay MacKay Strategic Municipal Allocation Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
California 8.6% | ||
California Community Choice Financing Authority, Clean Energy Project, Revenue Bonds | ||
Series C | ||
5.25%, due 1/1/54 (a) | $ 1,345,000 | $ 1,316,726 |
California Municipal Finance Authority, Waste Management, Inc., Revenue Bonds | ||
Series A | ||
4.125%, due 10/1/41 (a)(c) | 1,500,000 | 1,482,730 |
California Municipal Finance Authority, LINXS APM Project, Revenue Bonds, Senior Lien | ||
Series A | ||
5.00%, due 12/31/31 (c) | 1,240,000 | 1,254,393 |
California Municipal Finance Authority, Palomar Health Obligated Group, Certificate of Participation | ||
Series A, Insured: AGM | ||
5.25%, due 11/1/36 | 1,300,000 | 1,390,276 |
California Municipal Finance Authority, Aldersly Project, Revenue Bonds | ||
Series C, Insured: California Mortgage Insurance | ||
5.50%, due 11/15/27 | 500,000 | 483,930 |
California Public Finance Authority, Enso Village Project, Revenue Bonds | ||
Series B-3 | ||
2.125%, due 11/15/27 (b) | 250,000 | 237,436 |
California School Finance Authority, Classical Academies Oceanside Project, Revenue Bonds | ||
Series A | ||
4.00%, due 10/1/27 (b) | 455,000 | 439,015 |
California School Finance Authority, Sonoma County Junior College District Project, Revenue Bonds | ||
Series A | ||
4.00%, due 11/1/41 (b) | 240,000 | 192,826 |
California Statewide Communities Development Authority, Community Infrastructure Program, Special Assessment | ||
Series A | ||
4.00%, due 9/2/26 | 260,000 | 251,496 |
Series D | ||
4.75%, due 9/2/33 | 250,000 | 236,270 |
Principal Amount | Value | |
California (continued) | ||
City of Long Beach, Airport System, Revenue Bonds | ||
Series A, Insured: AGM | ||
5.00%, due 6/1/31 | $ 250,000 | $ 272,260 |
City of San Jose, Unlimited General Obligation | ||
Series A-1 | ||
5.00%, due 9/1/41 | 1,500,000 | 1,548,865 |
City of San Mateo, Community Facilities District No. 2008-1, Special Tax | ||
Series 1, Insured: BAM | ||
5.25%, due 9/1/35 | 1,000,000 | 1,048,249 |
City of Vernon, Electric System, Revenue Bonds | ||
Series A | ||
5.00%, due 10/1/27 | 250,000 | 250,443 |
Corona Community Facilities District, Community Facilities District No. 2018-2, Special Tax | ||
Series A | ||
5.00%, due 9/1/29 | 100,000 | 102,374 |
County of Los Angeles Community Facilities District No. 2021-01, Improvement Area No. 1, Special Tax | ||
5.00%, due 9/1/27 | 100,000 | 102,003 |
5.00%, due 9/1/30 | 175,000 | 178,442 |
5.00%, due 9/1/32 | 175,000 | 178,627 |
County of Sacramento, Airport System, Revenue Bonds | ||
Series B | ||
5.00%, due 7/1/41 | 1,000,000 | 1,004,953 |
Foothill-De Anza Community College District, Unlimited General Obligation | ||
Series B, Insured: NATL-RE FGIC | ||
(zero coupon), due 8/1/29 | 1,045,000 | 833,740 |
Hercules Redevelopment Agency Successor Agency, Tax Allocation | ||
Series A, Insured: AGM | ||
5.00%, due 8/1/37 | 500,000 | 518,768 |
Kern Community College District, Election of 2016, Unlimited General Obligation | ||
Series D | ||
5.25%, due 8/1/37 | 1,500,000 | 1,650,435 |
Madera Unified School District, Unlimited General Obligation | ||
4.00%, due 8/1/44 | 100,000 | 88,764 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
California (continued) | ||
Metropolitan Water District of Southern California, Waterworks, Revenue Bonds | ||
Series E | ||
4.23%, due 7/1/37 | $ 500,000 | $ 498,978 |
Oakland Unified School District, Election of 2020, Unlimited General Obligation | ||
Series A, Insured: BAM | ||
4.00%, due 8/1/46 | 500,000 | 432,307 |
Sacramento City Financing Authority, Capital Appreciation, Tax Allocation | ||
Series A-1, Insured: NATL-RE | ||
(zero coupon), due 12/1/23 | 735,000 | 732,415 |
San Diego County Regional Airport Authority, Revenue Bonds | ||
Series B | ||
5.00%, due 7/1/33 (c) | 4,500,000 | 4,621,595 |
San Diego County Regional Airport Authority, Revenue Bonds, Senior Lien | ||
Series B | ||
5.25%, due 7/1/38 (c) | 1,000,000 | 1,015,995 |
San Diego Unified School District, Election of 2012, Unlimited General Obligation | ||
Series I | ||
5.00%, due 7/1/47 | 1,000,000 | 1,013,013 |
San Francisco City & County Airport Commission, San Francisco International Airport, Revenue Bonds, Second Series | ||
Series C | ||
5.00%, due 5/1/33 (c)(d) | 6,000,000 | 6,152,112 |
San Joaquin Hills Transportation Corridor Agency, Revenue Bonds, Junior Lien | ||
Series B | ||
5.25%, due 1/15/44 | 5,000,000 | 5,015,763 |
Series B | ||
5.25%, due 1/15/49 | 2,000,000 | 2,003,773 |
Saratoga Union School District, Unlimited General Obligation | ||
Insured: NATL-RE | ||
(zero coupon), due 9/1/26 | 1,925,000 | 1,721,686 |
Principal Amount | Value | |
California (continued) | ||
Southern California Public Power Authority, Southern Transmissional System Renewal Project, Revenue Bonds | ||
Series A-1 | ||
5.00%, due 7/1/40 | $ 1,000,000 | $ 1,066,796 |
State of California, Various Purpose, Unlimited General Obligation | ||
Insured: BAM | ||
5.00%, due 9/1/35 | 4,000,000 | 4,079,127 |
5.00%, due 4/1/38 | 2,455,000 | 2,455,505 |
University of California, Revenue Bonds | ||
Series BN | ||
5.50%, due 5/15/40 | 1,400,000 | 1,544,895 |
47,416,981 | ||
Colorado 2.8% | ||
Arapahoe County School District No. 5, Cherry Creek, Unlimited General Obligation | ||
Series B, Insured: State Aid Withholding | ||
2.00%, due 12/15/26 | 500,000 | 456,508 |
Arapahoe County School District No. 6 Littleton, Unlimited General Obligation | ||
Series A, Insured: State Aid Withholding | ||
5.50%, due 12/1/43 | 750,000 | 781,466 |
Arkansas River Power Authority, Revenue Bonds | ||
Series A | ||
5.00%, due 10/1/38 | 2,000,000 | 1,913,162 |
City & County of Denver, Pledged Excise Tax, Revenue Bonds | ||
Series A | ||
5.00%, due 8/1/42 | 1,000,000 | 991,059 |
Series A | ||
5.00%, due 8/1/44 | 1,000,000 | 975,265 |
City & County of Denver, Airport System, Revenue Bonds (c) | ||
Series A | ||
5.00%, due 12/1/43 | 1,000,000 | 962,903 |
Series D | ||
5.75%, due 11/15/41 | 1,715,000 | 1,818,174 |
City of Colorado Springs, Utilities System, Revenue Bonds | ||
Series A | ||
5.00%, due 11/15/40 | 3,000,000 | 3,019,938 |
12 | MainStay MacKay Strategic Municipal Allocation Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Colorado (continued) | ||
Colorado Health Facilities Authority, Aberdeen Ridge, Inc. Obligated Group, Revenue Bonds | ||
Series B-3 | ||
2.125%, due 5/15/28 | $ 250,000 | $ 224,733 |
Colorado Health Facilities Authority, CommonSpirit Health, Revenue Bonds | ||
Series A-1 | ||
4.00%, due 8/1/44 | 250,000 | 201,512 |
Series A-1, Insured: BAM | ||
5.00%, due 8/1/35 | 180,000 | 182,780 |
Series A | ||
5.25%, due 11/1/37 | 1,450,000 | 1,470,691 |
Fiddlers Business Improvement District, Unlimited General Obligation | ||
5.00%, due 12/1/32 (b) | 200,000 | 193,220 |
Ground Water Management Subdistrict of Central Colorado, Water Conservancy District, Limited General Obligation | ||
Insured: BAM | ||
4.00%, due 12/1/40 | 250,000 | 212,076 |
VDW Metropolitan District No. 2, Limited General Obligation | ||
Series A-2, Insured: BAM | ||
4.00%, due 12/1/45 | 580,000 | 467,760 |
Weld County School District No. RE-2, Unlimited General Obligation | ||
Insured: State Aid Withholding | ||
5.00%, due 12/1/36 | 1,425,000 | 1,484,545 |
15,355,792 | ||
Connecticut 2.0% | ||
City of New Haven, Unlimited General Obligation | ||
Series A, Insured: BAM | ||
5.00%, due 8/1/31 | 1,200,000 | 1,252,707 |
Hartford Stadium Authority, Stadium Authority Lease, Revenue Bonds | ||
Series A | ||
5.00%, due 2/1/36 | 230,000 | 219,435 |
State of Connecticut, Unlimited General Obligation | ||
Series A | ||
3.13%, due 1/15/24 | 4,000,000 | 3,979,777 |
Series A | ||
5.77%, due 3/15/25 | 500,000 | 500,944 |
Principal Amount | Value | |
Connecticut (continued) | ||
State of Connecticut, Transportation Infrastructure, Special Tax, Revenue Bonds | ||
Series A | ||
4.00%, due 5/1/36 | $ 1,040,000 | $ 997,823 |
Series A | ||
5.25%, due 7/1/40 | 1,500,000 | 1,593,692 |
Series A | ||
5.25%, due 7/1/40 | 2,500,000 | 2,669,726 |
11,214,104 | ||
District of Columbia 1.0% | ||
District of Columbia, Unlimited General Obligation | ||
Series C | ||
5.00%, due 6/1/38 | 2,610,000 | 2,589,108 |
District of Columbia Housing Finance Agency, Lisner Senior Independent Owner LP, Revenue Bonds | ||
5.00%, due 10/1/41 (a) | 3,000,000 | 3,029,865 |
5,618,973 | ||
Florida 4.5% | ||
Ave Maria Stewardship Community District, Phase 4 Master Improvement Project Area, Special Assessment | ||
4.50%, due 5/1/33 (b) | 250,000 | 234,513 |
Capital Trust Agency, Inc., Advantage Academy of Hillsborough, Inc., Revenue Bonds | ||
Series A | ||
5.00%, due 12/15/39 | 500,000 | 451,762 |
CFM Community Development District, Capital Improvement, Special Assessment | ||
2.875%, due 5/1/31 | 100,000 | 83,431 |
City of Gainesville, Utilities System, Revenue Bonds | ||
Series A | ||
5.00%, due 10/1/44 | 635,000 | 639,244 |
City of Palmetto, Renaissance Arts and Education, Inc., Revenue Bonds | ||
Series A | ||
4.25%, due 6/1/27 | 130,000 | 127,328 |
Series A | ||
5.00%, due 6/1/32 | 100,000 | 100,502 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Florida (continued) | ||
City of West Palm Beach, Utility System, Revenue Bonds | ||
Series A | ||
5.00%, due 10/1/42 | $ 2,500,000 | $ 2,520,597 |
Cobblestone Community Development District, Assessment Area Two, Special Assessment | ||
Series 2 | ||
3.40%, due 5/1/27 (b) | 160,000 | 150,917 |
Collier County Educational Facilities Authority, Ave Maria University, Inc., Revenue Bonds | ||
5.00%, due 6/1/29 | 1,065,000 | 1,057,072 |
County of Miami-Dade, Aviation, Revenue Bonds | ||
Series A | ||
5.00%, due 10/1/33 (c) | 6,500,000 | 6,385,333 |
County of Miami-Dade, Transit System, Revenue Bonds | ||
5.00%, due 7/1/43 | 2,300,000 | 2,330,143 |
County of Pasco, State of Florida Cigarette Tax Revenue, Revenue Bonds | ||
Series A, Insured: AGM | ||
5.50%, due 9/1/37 | 2,040,000 | 2,178,289 |
Florida Development Finance Corp., Mater Academy Project, Revenue Bonds | ||
Series A | ||
5.00%, due 6/15/31 | 515,000 | 519,635 |
Fort Pierce Utilities Authority, Revenue Bonds | ||
Series A, Insured: AGM | ||
5.00%, due 10/1/30 | 350,000 | 371,386 |
Series A, Insured: AGM | ||
5.00%, due 10/1/32 | 150,000 | 160,109 |
Series A, Insured: AGM | ||
5.00%, due 10/1/34 | 325,000 | 345,368 |
Harbor Bay Community Development District, Special Assessment | ||
Series A-1 | ||
3.10%, due 5/1/24 | 100,000 | 99,003 |
Series A-2 | ||
3.10%, due 5/1/24 | 100,000 | 99,003 |
Principal Amount | Value | |
Florida (continued) | ||
Hilltop Point Community Development District, Assessment Area One, Special Assessment | ||
Series 1 | ||
4.60%, due 5/1/27 | $ 100,000 | $ 97,141 |
Hilltop Point Community Development District, Assessment Area Two, Special Assessment | ||
Series 2 | ||
4.75%, due 5/1/27 | 200,000 | 194,915 |
Laurel Road Community Development District, Special Assessment | ||
Series A-2 | ||
3.125%, due 5/1/31 | 235,000 | 199,398 |
Mid-Bay Bridge Authority, Revenue Bonds | ||
Series A | ||
5.00%, due 10/1/40 | 500,000 | 471,465 |
Palm Beach County Housing Finance Authority, Everglades Townhomes LP, Revenue Bonds | ||
5.00%, due 2/1/27 (a) | 994,000 | 1,002,241 |
Palm Coast Park Community Development District, Spring Lake Tracts 2 and 3, Special Assessment | ||
2.40%, due 5/1/26 | 100,000 | 93,341 |
Palm Coast Park Community Development District, Sawmill Branch Phase 2, Special Assessment | ||
4.15%, due 5/1/27 | 300,000 | 290,649 |
Preston Cove Community Development District, Special Assessment | ||
3.25%, due 5/1/27 | 100,000 | 93,697 |
Reunion East Community Development District, Series 2021 Project, Special Assessment | ||
2.85%, due 5/1/31 | 100,000 | 84,443 |
Reunion West Community Development District, Special Assessment | ||
3.00%, due 5/1/36 | 100,000 | 78,004 |
Rolling Hills Community Development District, Special Assessment | ||
Series A-2 | ||
3.65%, due 5/1/32 | 200,000 | 172,932 |
Seminole Improvement District, Revenue Bonds | ||
5.00%, due 10/1/32 | 250,000 | 238,225 |
14 | MainStay MacKay Strategic Municipal Allocation Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Florida (continued) | ||
Southshore Bay Community Development District, District Assessment Area One, Special Assessment | ||
3.00%, due 5/1/33 (b) | $ 105,000 | $ 84,352 |
Sunbridge Stewardship District, Weslyn Park Project Assessment, Special Assessment | ||
4.60%, due 5/1/32 | 460,000 | 429,231 |
Tampa Bay Water, Revenue Bonds | ||
5.00%, due 10/1/40 | 1,580,000 | 1,634,162 |
Verano No. 3 Community Development District, Special Assessment | ||
2.375%, due 5/1/26 | 30,000 | 28,082 |
Village Community Development District No. 13, Phase III, Special Assessment | ||
2.85%, due 5/1/36 | 1,495,000 | 1,148,013 |
Village Community Development District No. 15, Special Assessment | ||
4.375%, due 5/1/33 (b) | 100,000 | 95,612 |
Watergrass Community Development District II, Phase 2, Special Assessment | ||
2.50%, due 5/1/31 | 100,000 | 81,162 |
Windward at Lakewood Ranch Community Development District, Phase 2 Project, Special Assessment | ||
3.625%, due 5/1/32 | 135,000 | 116,842 |
Wiregrass II Community Development District, Assessment Area Two, Special Assessment | ||
4.80%, due 5/1/32 | 100,000 | 94,430 |
24,581,972 | ||
Georgia 2.3% | ||
Atlanta Urban Redevelopment Agency, Atlanta BeltLine Special Service District, Revenue Bonds | ||
Insured: BAM | ||
2.875%, due 7/1/31 (b) | 665,000 | 574,560 |
City of Atlanta, Department of Aviation, Revenue Bonds | ||
Series B | ||
5.00%, due 7/1/34 (c) | 450,000 | 457,862 |
Principal Amount | Value | |
Georgia (continued) | ||
DeKalb Private Hospital Authority, Children's Healthcare of Atlanta, Revenue Bonds | ||
Series B | ||
4.00%, due 7/1/38 | $ 820,000 | $ 759,436 |
Main Street Natural Gas, Inc., Revenue Bonds | ||
Series B | ||
4.00%, due 8/1/49 (a) | 2,000,000 | 1,980,969 |
Series E-2 | ||
5.258%, due 12/1/53 | 5,000,000 | 4,987,379 |
Municipal Electric Authority of Georgia, Project One Subordinated Bonds, Revenue Bonds | ||
Series A | ||
5.00%, due 1/1/38 | 500,000 | 500,012 |
Municipal Electric Authority of Georgia, Plant Vogtle Units 3&4 Project, Revenue Bonds | ||
Series A | ||
5.00%, due 1/1/39 | 2,000,000 | 1,950,579 |
Walton County Water & Sewer Authority, Walton-Hard Labor Creek Reservoir Water Treatment Facility Project, Revenue Bonds | ||
5.25%, due 2/1/47 | 1,700,000 | 1,766,760 |
12,977,557 | ||
Guam 0.9% | ||
Guam Government Waterworks Authority, Water and Wastewater System, Revenue Bonds | ||
5.25%, due 7/1/24 | 590,000 | 590,209 |
Guam Power Authority, Revenue Bonds | ||
Series A | ||
5.00%, due 10/1/34 | 500,000 | 506,366 |
Territory of Guam, Business Privilege Tax, Revenue Bonds | ||
Series F | ||
4.00%, due 1/1/36 | 400,000 | 359,856 |
Series D | ||
5.00%, due 11/15/27 | 365,000 | 363,790 |
Territory of Guam, Revenue Bonds | ||
Series F | ||
4.00%, due 1/1/42 | 335,000 | 278,311 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Guam (continued) | ||
Territory of Guam, Section 30, Revenue Bonds | ||
Series A | ||
5.00%, due 12/1/32 | $ 1,000,000 | $ 1,000,502 |
Series A | ||
5.00%, due 12/1/34 | 1,750,000 | 1,734,793 |
4,833,827 | ||
Hawaii 0.5% | ||
Kauai County Community Facilities District, Kukui'ula Development Project, Special Tax | ||
4.00%, due 5/15/26 | 80,000 | 78,208 |
State of Hawaii Airports System, Airports System, Revenue Bonds | ||
Series A | ||
5.00%, due 7/1/45 (c) | 2,905,000 | 2,787,639 |
2,865,847 | ||
Idaho 0.1% | ||
Idaho Health Facilities Authority, Madison Memorial Hospital, Revenue Bonds | ||
5.00%, due 9/1/37 | 370,000 | 333,465 |
Illinois 8.5% | ||
Chicago Board of Education, Unlimited General Obligation | ||
Series B | ||
5.00%, due 12/1/31 | 1,000,000 | 986,250 |
Series A | ||
5.00%, due 12/1/33 | 500,000 | 490,290 |
Series B | ||
5.00%, due 12/1/33 | 500,000 | 476,365 |
Series A | ||
5.00%, due 12/1/37 | 1,085,000 | 1,020,099 |
Series C | ||
5.25%, due 12/1/39 | 1,000,000 | 926,176 |
Chicago Board of Education, Dedicated Capital Improvement, Revenue Bonds | ||
6.00%, due 4/1/46 | 1,000,000 | 1,006,017 |
Chicago Midway International Airport, Revenue Bonds, Second Lien | ||
Series A | ||
5.00%, due 1/1/31 (c) | 700,000 | 689,553 |
Principal Amount | Value | |
Illinois (continued) | ||
Chicago O'Hare International Airport, General, Revenue Bonds, Senior Lien | ||
Series D | ||
5.00%, due 1/1/36 | $ 1,000,000 | $ 1,048,556 |
Series D | ||
5.00%, due 1/1/37 | 1,000,000 | 1,036,276 |
Series B | ||
5.00%, due 1/1/39 | 1,350,000 | 1,348,845 |
Chicago O'Hare International Airport, Passenger Facility Charge, Revenue Bonds, Senior Lien | ||
Insured: BAM | ||
5.25%, due 1/1/39 | 1,195,000 | 1,227,499 |
City of Chicago, Grace Manor LP, Revenue Bonds | ||
Insured: HUD Sector 8 | ||
5.00%, due 11/1/26 (a) | 5,000,000 | 5,027,819 |
City of Chicago, Unlimited General Obligation | ||
Series A | ||
5.00%, due 1/1/32 | 1,500,000 | 1,525,242 |
Series A | ||
6.00%, due 1/1/38 | 2,500,000 | 2,561,312 |
City of Chicago, Wastewater Transmission Project, Revenue Bonds, Second Lien | ||
5.00%, due 1/1/44 | 3,000,000 | 2,853,445 |
Series A, Insured: AGM | ||
5.25%, due 1/1/42 | 450,000 | 454,666 |
City of Joliet, Rock Run Crossing Project, Unlimited General Obligation | ||
Insured: BAM | ||
5.50%, due 12/15/42 | 2,000,000 | 2,075,928 |
City of Joliet, Unlimited General Obligation | ||
Insured: BAM | ||
5.50%, due 12/15/44 | 1,000,000 | 1,036,699 |
Illinois Finance Authority, Washington and Jane Smith Home (The), Revenue Bonds | ||
4.00%, due 10/15/24 | 215,000 | 208,861 |
Illinois Finance Authority, Acero Charter Schools, Inc., Revenue Bonds | ||
4.00%, due 10/1/33 (b) | 250,000 | 216,934 |
Illinois Finance Authority, Carle Foundation, Revenue Bonds | ||
Series A | ||
5.00%, due 8/15/34 | 250,000 | 259,378 |
16 | MainStay MacKay Strategic Municipal Allocation Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Illinois (continued) | ||
Illinois Municipal Electric Agency, Revenue Bonds | ||
Series A | ||
4.00%, due 2/1/34 | $ 1,500,000 | $ 1,387,074 |
Illinois Sports Facilities Authority (The), Revenue Bonds | ||
5.00%, due 6/15/30 | 1,000,000 | 980,346 |
Illinois State Toll Highway Authority, Revenue Bonds | ||
Series A | ||
5.00%, due 1/1/40 | 1,000,000 | 998,076 |
Series B | ||
5.00%, due 1/1/40 | 1,000,000 | 998,076 |
Lake County Consolidated High School District No. 120 Mundelein, Limited General Obligation | ||
Series A | ||
5.50%, due 12/1/38 | 825,000 | 864,349 |
Metropolitan Pier & Exposition Authority, McCormick Place Expansion Project, Revenue Bonds | ||
Series A | ||
5.00%, due 12/15/28 | 2,000,000 | 2,052,844 |
Metropolitan Water Reclamation District of Greater Chicago, Green Bond, Unlimited General Obligation | ||
Series E | ||
5.00%, due 12/1/41 | 1,000,000 | 1,004,473 |
Sales Tax Securitization Corp., Revenue Bonds, Second Lien | ||
Series A, Insured: BAM | ||
5.00%, due 1/1/37 | 1,285,000 | 1,304,379 |
Sales Tax Securitization Corp., Revenue Bonds | ||
Series C | ||
5.50%, due 1/1/36 | 2,000,000 | 2,071,733 |
Sangamon & Morgan Counties Community Unit School District No. 16 New Berlin, Unlimited General Obligation | ||
Series A, Insured: AGM | ||
5.50%, due 12/1/36 | 350,000 | 371,473 |
Principal Amount | Value | |
Illinois (continued) | ||
Southwestern Illinois Development Authority, Madison County Community Unit School District No. 7 Edwardsville, Revenue Bonds | ||
Series A, Insured: BAM | ||
5.50%, due 12/1/35 | $ 1,500,000 | $ 1,626,351 |
State of Illinois, Unlimited General Obligation | ||
Series D | ||
5.00%, due 11/1/28 | 1,000,000 | 1,022,658 |
5.00%, due 2/1/39 | 1,370,000 | 1,305,171 |
Insured: AGM-CR | ||
5.25%, due 2/1/34 | 1,975,000 | 1,965,516 |
5.50%, due 5/1/39 | 500,000 | 511,796 |
Will County School District No. 114, Manhattan, Unlimited General Obligation | ||
Insured: BAM | ||
5.25%, due 1/1/39 | 175,000 | 180,513 |
Insured: BAM | ||
5.50%, due 1/1/43 | 1,825,000 | 1,898,442 |
47,019,480 | ||
Indiana 2.6% | ||
Brownsburg 1999 School Building Corp., Revenue Bonds | ||
Insured: State Intercept | ||
5.50%, due 7/15/42 (d) | 1,000,000 | 1,037,459 |
Center Grove Community School Corp., Limited General Obligation | ||
Insured: State Intercept | ||
5.00%, due 1/1/24 | 1,500,000 | 1,500,942 |
City of Bloomington, Waterworks, Revenue Bonds | ||
Insured: BAM | ||
5.00%, due 7/1/30 | 225,000 | 238,731 |
Insured: BAM | ||
5.00%, due 7/1/31 | 250,000 | 264,905 |
Insured: BAM | ||
5.00%, due 7/1/32 | 300,000 | 318,056 |
Insured: BAM | ||
5.00%, due 7/1/36 | 1,495,000 | 1,563,370 |
Indiana Finance Authority, Indiana University Health, Revenue Bonds | ||
Series L | ||
0.70%, due 12/1/46 (a) | 655,000 | 593,270 |
Series A | ||
5.00%, due 12/1/40 | 1,500,000 | 1,502,019 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Indiana (continued) | ||
Indiana Finance Authority, Indianapolis Power & Light Co. Project, Revenue Bonds | ||
Series A | ||
1.40%, due 8/1/29 (a) | $ 250,000 | $ 203,104 |
Indiana Finance Authority, Republic Services, Inc., Revenue Bonds | ||
Series B | ||
3.95%, due 5/1/28 (a) | 1,000,000 | 999,778 |
Indiana Housing & Community Development Authority, Revenue Bonds | ||
Insured: FHA 223(F) | ||
5.00%, due 10/1/26 (a) | 1,500,000 | 1,501,109 |
IPS Multi-School Building Corp., Indianapolis Board of School Commissioners, Revenue Bonds | ||
Insured: State Intercept | ||
5.25%, due 7/15/40 | 1,850,000 | 1,918,129 |
Tippecanoe County School Building Corp., Revenue Bonds | ||
Series B, Insured: State Intercept | ||
6.00%, due 1/15/43 | 500,000 | 547,606 |
Tri-Creek 2002 High School Building Corp., Revenue Bonds | ||
Insured: State Intercept | ||
5.50%, due 7/15/43 | 2,000,000 | 2,105,512 |
14,293,990 | ||
Iowa 0.3% | ||
City of Des Moines, Unlimited General Obligation | ||
Series D | ||
1.75%, due 6/1/38 | 540,000 | 330,509 |
Iowa City Community School District, Unlimited General Obligation | ||
2.50%, due 6/1/38 | 565,000 | 387,947 |
2.50%, due 6/1/39 | 1,035,000 | 692,144 |
1,410,600 | ||
Kentucky 0.9% | ||
City of Ashland, Ashland Hospital Corp., Revenue Bonds | ||
Series A | ||
5.00%, due 2/1/40 | 500,000 | 468,575 |
Principal Amount | Value | |
Kentucky (continued) | ||
City of Henderson, Pratt Paper LLC Project, Revenue Bonds | ||
Series B | ||
3.70%, due 1/1/32 (b)(c) | $ 350,000 | $ 323,783 |
Kentucky Bond Development Corp., Revenue Bonds | ||
Insured: BAM | ||
5.00%, due 9/1/38 | 1,000,000 | 1,016,001 |
Kentucky Economic Development Finance Authority, Next Generation Information Highway Project, Revenue Bonds, Senior Lien | ||
Series A | ||
5.00%, due 1/1/45 | 1,000,000 | 907,861 |
Kentucky Public Energy Authority, Gas Supply, Revenue Bonds | ||
Series C | ||
4.00%, due 2/1/50 (a) | 2,600,000 | 2,467,626 |
5,183,846 | ||
Louisiana 1.9% | ||
City of New Orleans, Unlimited General Obligation | ||
Series A, Insured: BAM | ||
5.00%, due 12/1/33 | 1,250,000 | 1,310,244 |
Greater New Orleans Expressway Commission, Revenue Bonds | ||
Insured: AGM | ||
5.00%, due 11/1/42 | 1,500,000 | 1,504,942 |
Jefferson Davis Parish Road Sales Tax District No. 1, Revenue Bonds | ||
Insured: AGM | ||
4.00%, due 2/1/26 | 915,000 | 912,154 |
Jefferson Parish Consolidated Sewerage District No. 1, Revenue Bonds | ||
Insured: BAM | ||
4.00%, due 2/1/42 | 260,000 | 224,107 |
State of Louisiana, Gasoline & Fuels Tax, Revenue Bonds, Second Lien | ||
Series C | ||
5.00%, due 5/1/40 | 6,250,000 | 6,298,258 |
10,249,705 |
18 | MainStay MacKay Strategic Municipal Allocation Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Maine 0.2% | ||
Maine Health & Higher Educational Facilities Authority, Northern Light Health Obligated Group, Revenue Bonds | ||
Series C, Insured: AGM State Aid Withholding | ||
5.50%, due 7/1/38 | $ 1,000,000 | $ 1,049,866 |
Maryland 0.9% | ||
City of Baltimore, Harbor Point Project, Revenue Bonds | ||
4.50%, due 6/1/33 | 100,000 | 93,283 |
County of Charles, Consolidated Public Improvement, Unlimited General Obligation | ||
1.75%, due 10/1/35 | 1,000,000 | 718,897 |
Maryland Community Development Administration, Revenue Bonds | ||
Series A, Insured: GNMA / FNMA / FHLMC | ||
5.00%, due 9/1/42 | 1,000,000 | 992,884 |
Maryland Economic Development Corp., Morgan View & Thurgood Marshall Student Housing, Revenue Bonds | ||
Series A | ||
5.25%, due 7/1/32 | 465,000 | 489,083 |
Maryland Stadium Authority, Baltimore City Public School Construction Financing Fund, Revenue Bonds | ||
Insured: State Intercept | ||
5.00%, due 5/1/36 | 1,000,000 | 1,015,531 |
Series A, Insured: State Intercept | ||
5.00%, due 5/1/42 | 1,820,000 | 1,835,852 |
5,145,530 | ||
Massachusetts 0.5% | ||
Massachusetts Bay Transportation Authority, Sales Tax, Revenue Bonds | ||
Series A | ||
(zero coupon), due 7/1/31 | 1,000,000 | 686,168 |
Massachusetts Development Finance Agency, Provident Commonwealth Education Resources, Inc., Revenue Bonds | ||
5.00%, due 10/1/30 | 1,200,000 | 1,199,253 |
5.00%, due 10/1/34 | 500,000 | 491,728 |
Principal Amount | Value | |
Massachusetts (continued) | ||
Massachusetts Development Finance Agency, UMass Dartmouth Student Housing Project, Revenue Bonds | ||
5.00%, due 10/1/34 | $ 500,000 | $ 471,047 |
2,848,196 | ||
Michigan 3.4% | ||
Calhoun County Hospital Finance Authority, Oaklawn Hospital, Revenue Bonds | ||
5.00%, due 2/15/28 | 240,000 | 237,227 |
City of Detroit, Unlimited General Obligation | ||
Series A | ||
5.00%, due 4/1/34 | 275,000 | 275,673 |
Ferndale Public Schools, Unlimited General Obligation | ||
Insured: Q-SBLF | ||
5.00%, due 5/1/42 | 1,090,000 | 1,091,431 |
Great Lakes Water Authority, Sewage Disposal System, Revenue Bonds, Second Lien | ||
Series C | ||
5.00%, due 7/1/36 | 1,000,000 | 1,009,486 |
Great Lakes Water Authority, Water Supply System, Revenue Bonds, Senior Lien | ||
Series A | ||
5.00%, due 7/1/46 | 1,000,000 | 973,109 |
Series C | ||
5.25%, due 7/1/33 | 1,500,000 | 1,527,458 |
Michigan Finance Authority, Tobacco Settlement Asset-Backed, Revenue Bonds, Senior Lien | ||
Series A, Class 1 | ||
4.00%, due 6/1/34 | 500,000 | 473,868 |
Michigan Finance Authority, BHSH System Obligated Group, Revenue Bonds | ||
Series A | ||
5.00%, due 4/15/29 | 1,000,000 | 1,045,497 |
Michigan Finance Authority, Beaumont Health Obligated Group, Revenue Bonds | ||
Series A | ||
5.00%, due 11/1/44 | 1,000,000 | 950,113 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Michigan (continued) | ||
Michigan Finance Authority, Universal Learning Academy, Revenue Bonds | ||
6.00%, due 11/1/32 | $ 500,000 | $ 498,284 |
Michigan State Housing Development Authority, New Baltimore Place Apartments Project, Revenue Bonds | ||
Insured: HUD Sector 8 | ||
5.00%, due 12/1/25 (a) | 1,097,000 | 1,098,289 |
Michigan State Housing Development Authority, Traditions of Holland Apartments Ltd. Dividend Housing Association LLC, Revenue Bonds | ||
5.00%, due 11/1/26 (a) | 2,000,000 | 2,017,572 |
Richmond Community Schools, School Building and Site, Unlimited General Obligation | ||
Series I, Insured: Q-SBLF | ||
4.00%, due 5/1/36 | 750,000 | 716,960 |
State of Michigan, Unlimited General Obligation | ||
Series A | ||
3.625%, due 5/15/24 | 1,000,000 | 989,438 |
State of Michigan, Trunk Line, Revenue Bonds | ||
5.50%, due 11/15/44 | 2,000,000 | 2,146,682 |
Summit Academy North, Michigan Public School Academy, Revenue Bonds | ||
2.25%, due 11/1/26 | 205,000 | 186,185 |
Wayne County Airport Authority, Detroit Metropolitan Wayne County Airport, Revenue Bonds (c) | ||
Series C | ||
5.00%, due 12/1/39 | 1,475,000 | 1,434,056 |
Series B, Insured: AGM | ||
5.50%, due 12/1/40 | 1,595,000 | 1,654,522 |
Wyoming Public Schools, Unlimited General Obligation | ||
Series III, Insured: AGM | ||
4.00%, due 5/1/41 | 500,000 | 443,262 |
18,769,112 | ||
Minnesota 0.0% ‡ | ||
City of Independence, Global Academy Project, Revenue Bonds | ||
Series A | ||
4.00%, due 7/1/41 | 280,000 | 209,149 |
Principal Amount | Value | |
Mississippi 0.1% | ||
Mississippi Hospital Equipment & Facilities Authority, Forrest County General Hospital Project, Revenue Bonds | ||
Series A | ||
5.00%, due 1/1/34 | $ 810,000 | $ 825,792 |
Missouri 1.3% | ||
Hickman Mills C-1 School District, Unlimited General Obligation | ||
Series C-1, Insured: BAM | ||
5.75%, due 3/1/42 | 2,000,000 | 2,104,019 |
Missouri Joint Municipal Electric Utility Commission, Iatan 2 Project, Revenue Bonds | ||
Series A | ||
5.00%, due 12/1/36 | 2,190,000 | 2,200,195 |
Missouri Joint Municipal Electric Utility Commission, Prairie State Project, Revenue Bonds | ||
Series A | ||
5.00%, due 12/1/40 | 1,450,000 | 1,448,521 |
Pattonville R-3 School District, Unlimited General Obligation | ||
Insured: State Aid Direct Deposit | ||
5.50%, due 3/1/39 | 500,000 | 534,392 |
Wright City R-II School District, Unlimited General Obligation | ||
Insured: AGM | ||
6.00%, due 3/1/30 | 350,000 | 391,338 |
Insured: AGM | ||
6.00%, due 3/1/32 | 415,000 | 476,821 |
7,155,286 | ||
Montana 0.1% | ||
County of Gallatin, Bozeman Fiber Project, Revenue Bonds (b) | ||
Series A | ||
4.00%, due 10/15/32 | 300,000 | 257,962 |
Series A | ||
4.00%, due 10/15/36 | 300,000 | 240,329 |
498,291 | ||
Nebraska 1.1% | ||
Central Plains Energy, Nebraska Gas Project No. 4, Revenue Bonds | ||
Series A | ||
5.00%, due 3/1/50 (a) | 1,500,000 | 1,504,606 |
20 | MainStay MacKay Strategic Municipal Allocation Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Nebraska (continued) | ||
Nebraska Public Power District, Revenue Bonds | ||
Series D | ||
5.00%, due 1/1/41 | $ 2,275,000 | $ 2,278,566 |
Omaha Public Power District, Nebraska City Station Unit 2, Revenue Bonds | ||
Series A | ||
5.00%, due 2/1/46 | 700,000 | 702,798 |
Series A | ||
5.25%, due 2/1/42 | 1,500,000 | 1,506,429 |
5,992,399 | ||
Nevada 0.2% | ||
Henderson Local Improvement District No. T-22, Rainbow Canyon Phase II, Special Assessment | ||
5.00%, due 3/1/24 | 100,000 | 100,095 |
5.00%, due 3/1/25 | 200,000 | 200,802 |
5.00%, due 3/1/26 | 300,000 | 301,813 |
Tahoe-Douglas Visitors Authority, Revenue Bonds | ||
5.00%, due 7/1/33 | 500,000 | 489,953 |
1,092,663 | ||
New Hampshire 0.1% | ||
New Hampshire Business Finance Authority, Pennichuck Water Works, Inc. Project, Revenue Bonds | ||
Series A | ||
4.00%, due 4/1/30 (c) | 495,000 | 466,255 |
New Jersey 2.6% | ||
Essex County Improvement Authority, North Star Academy Charter School of Newark, Inc., Revenue Bonds | ||
4.00%, due 7/15/30 (b) | 250,000 | 237,691 |
New Jersey Economic Development Authority, Revenue Bonds | ||
Series A | ||
4.914%, due 3/1/24 | 1,000,000 | 996,580 |
New Jersey Economic Development Authority, Port Newark Container Terminal LLC, Revenue Bonds | ||
5.00%, due 10/1/37 (c) | 1,500,000 | 1,444,598 |
Principal Amount | Value | |
New Jersey (continued) | ||
New Jersey Economic Development Authority, School Facilities Construction, Revenue Bonds | ||
Series UU | ||
5.00%, due 6/15/40 | $ 470,000 | $ 472,257 |
Series WW | ||
5.25%, due 6/15/33 | 2,500,000 | 2,557,759 |
New Jersey Economic Development Authority, New Jersey Transit Transportation Project, Revenue Bonds | ||
Series A | ||
5.00%, due 11/1/44 | 3,000,000 | 2,970,504 |
New Jersey Economic Development Authority, Continental Airlines, Inc. Project, Revenue Bonds | ||
Series B | ||
5.625%, due 11/15/30 (c) | 250,000 | 249,995 |
New Jersey Housing & Mortgage Finance Agency, Amity Heights Apartments, Revenue Bonds | ||
Series A, Insured: HUD Sector 8 | ||
3.50%, due 7/1/25 (a) | 815,000 | 808,725 |
New Jersey Transportation Trust Fund Authority, Transportation Program, Revenue Bonds | ||
Series CC | ||
5.25%, due 6/15/32 | 2,000,000 | 2,150,432 |
New Jersey Turnpike Authority, Revenue Bonds | ||
Series B | ||
5.00%, due 1/1/42 | 1,000,000 | 1,018,222 |
State of New Jersey, Unlimited General Obligation | ||
5.00%, due 6/1/39 | 500,000 | 511,318 |
Tobacco Settlement Financing Corp., Revenue Bonds | ||
Series B | ||
5.00%, due 6/1/46 | 1,000,000 | 928,429 |
14,346,510 | ||
New York 9.1% | ||
Albany Capital Resource Corp., Albany Leadership Charter High School For Girls Project, Revenue Bonds | ||
4.00%, due 6/1/29 | 315,000 | 289,412 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
New York (continued) | ||
City of New York, Unlimited General Obligation | ||
Series F-1 | ||
5.00%, due 6/1/35 | $ 1,000,000 | $ 1,006,739 |
Series F-1 | ||
5.00%, due 8/1/38 | 500,000 | 521,203 |
Series B-1 | ||
5.25%, due 10/1/47 | 1,500,000 | 1,537,887 |
Hudson Yards Infrastructure Corp., Second Indenture, Revenue Bonds | ||
Series A, Insured: AGM | ||
4.00%, due 2/15/47 | 540,000 | 459,241 |
Long Island Power Authority, Electric System, Revenue Bonds | ||
Series A | ||
5.00%, due 9/1/39 | 1,000,000 | 999,271 |
Series E | ||
5.00%, due 9/1/40 | 250,000 | 255,986 |
Series E | ||
5.00%, due 9/1/41 | 250,000 | 254,718 |
Metropolitan Transportation Authority, Revenue Bonds | ||
Series B | ||
4.00%, due 11/15/36 | 750,000 | 685,824 |
Series C | ||
5.00%, due 11/15/38 | 250,000 | 250,464 |
Series C | ||
5.00%, due 11/15/42 | 500,000 | 500,929 |
Metropolitan Transportation Authority, Green Bond, Revenue Bonds | ||
Series A-1 | ||
5.00%, due 11/15/29 | 500,000 | 504,963 |
Series A-1 | ||
5.00%, due 11/15/32 | 1,295,000 | 1,305,695 |
Nassau County Local Economic Assistance Corp., Roosevelt Children's Academy Charter School, Revenue Bonds | ||
Series A | ||
4.00%, due 7/1/33 | 750,000 | 692,108 |
New York City Housing Development Corp., Multi-Family Housing, Sustainable Neighborhood, Revenue Bonds | ||
Series F-2A, Insured: FHA 542(C) | ||
3.40%, due 11/1/62 (a) | 500,000 | 479,664 |
Principal Amount | Value | |
New York (continued) | ||
New York City Municipal Water Finance Authority, Water & Sewer System Second General Resolution, Revenue Bonds | ||
Series HH | ||
5.00%, due 6/15/37 | $ 2,000,000 | $ 2,004,781 |
Series HH | ||
5.00%, due 6/15/39 | 1,000,000 | 1,000,849 |
Series DD-2 | ||
5.00%, due 6/15/40 | 1,000,000 | 1,014,314 |
Series DD-1 | ||
5.00%, due 6/15/49 | 305,000 | 304,134 |
New York City Transitional Finance Authority, Future Tax Secured, Revenue Bonds | ||
Series B-1 | ||
5.00%, due 11/1/38 | 3,000,000 | 3,002,543 |
Series F-1 | ||
5.00%, due 5/1/42 | 750,000 | 750,178 |
Series C | ||
5.50%, due 5/1/41 | 2,000,000 | 2,150,082 |
Series D-1 | ||
5.50%, due 11/1/45 | 2,000,000 | 2,107,939 |
New York City Transitional Finance Authority, Building Aid, Revenue Bonds | ||
Series S-2, Insured: State Aid Withholding | ||
5.00%, due 7/15/40 | 1,500,000 | 1,486,994 |
Series S-1, Insured: State Aid Withholding | ||
5.00%, due 7/15/43 | 1,555,000 | 1,549,790 |
New York Liberty Development Corp., Bank of America Tower at One Bryant Park Project, Revenue Bonds | ||
2.45%, due 9/15/69 | 500,000 | 428,643 |
New York Liberty Development Corp., Green Bond, Revenue Bonds | ||
Series A, Insured: AGM-CR | ||
2.75%, due 11/15/41 | 370,000 | 256,245 |
New York Liberty Development Corp., 1 World Trade Center, Revenue Bonds | ||
Insured: BAM | ||
4.00%, due 2/15/43 | 1,500,000 | 1,272,724 |
New York Liberty Development Corp., 3 World Trade Center LLC, Revenue Bonds | ||
Class 1 | ||
5.00%, due 11/15/44 (b) | 1,250,000 | 1,119,563 |
22 | MainStay MacKay Strategic Municipal Allocation Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
New York (continued) | ||
New York State Dormitory Authority, State Personal Income Tax, Revenue Bonds | ||
Series E | ||
3.00%, due 3/15/41 | $ 250,000 | $ 185,518 |
Series E | ||
4.00%, due 3/15/45 | 1,950,000 | 1,688,935 |
Series B | ||
5.00%, due 2/15/40 | 1,300,000 | 1,307,778 |
Series C | ||
5.00%, due 3/15/41 | 1,700,000 | 1,692,662 |
New York State Dormitory Authority, Sales tax, Revenue Bonds | ||
Series E-3 | ||
5.00%, due 3/15/41 | 1,500,000 | 1,517,539 |
New York State Thruway Authority, Revenue Bonds, Junior Lien | ||
Series A | ||
5.00%, due 1/1/41 | 1,000,000 | 992,659 |
New York Transportation Development Corp., John F. kennedy International Airport Project, Revenue Bonds | ||
Series A | ||
5.00%, due 12/1/25 (c) | 1,400,000 | 1,404,934 |
New York Transportation Development Corp., LaGuardia Airport Terminal B Redevelopment Project, Revenue Bonds | ||
Series A | ||
5.00%, due 7/1/46 (c) | 4,000,000 | 3,683,405 |
Port Authority of New York & New Jersey, Consolidated 234th, Revenue Bonds | ||
Series 234 | ||
5.00%, due 8/1/38 (c) | 3,500,000 | 3,500,232 |
Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels, Revenue Bonds, Senior Lien | ||
Series A-2, Insured: AGM-CR | ||
2.00%, due 5/15/45 (a) | 250,000 | 221,820 |
Series C | ||
5.25%, due 11/15/40 | 1,000,000 | 1,050,689 |
Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels, Revenue Bonds | ||
Series C | ||
5.00%, due 11/15/37 | 1,000,000 | 1,016,710 |
Series B-3 | ||
5.00%, due 11/15/38 | 640,000 | 636,574 |
Principal Amount | Value | |
New York (continued) | ||
Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels, Revenue Bonds (continued) | ||
Series A | ||
5.00%, due 11/15/40 | $ 3,005,000 | $ 2,992,841 |
50,085,179 | ||
North Carolina 1.4% | ||
City of Fayetteville, Public Works Commission, Revenue Bonds | ||
2.25%, due 3/1/41 | 3,760,000 | 2,384,972 |
Greater Asheville Regional Airport Authority, Revenue Bonds (c) | ||
Series A, Insured: AGM | ||
5.00%, due 7/1/30 | 1,500,000 | 1,533,270 |
Insured: AGM | ||
5.25%, due 7/1/40 | 500,000 | 505,894 |
Insured: AGM | ||
5.25%, due 7/1/43 | 500,000 | 500,636 |
North Carolina Turnpike Authority, Triangle Expressway System, Revenue Bonds, Senior Lien | ||
Insured: AGM | ||
5.00%, due 1/1/36 | 1,545,000 | 1,583,875 |
Insured: AGM | ||
5.00%, due 1/1/49 | 1,000,000 | 984,531 |
7,493,178 | ||
North Dakota 0.6% | ||
City of Grand Forks, Altru Health System, Revenue Bonds | ||
Insured: AGM-CR | ||
4.00%, due 12/1/37 | 310,000 | 264,906 |
Series A, Insured: AGM | ||
5.00%, due 12/1/30 | 700,000 | 730,012 |
Series A, Insured: AGM | ||
5.00%, due 12/1/31 | 650,000 | 678,595 |
Series A, Insured: AGM | ||
5.00%, due 12/1/32 | 800,000 | 835,539 |
Series A, Insured: AGM | ||
5.00%, due 12/1/33 | 1,000,000 | 1,042,231 |
3,551,283 | ||
Ohio 2.2% | ||
American Municipal Power, Inc., Hydroelectric Projects, Revenue Bonds | ||
Series A | ||
5.00%, due 2/15/41 | 3,000,000 | 2,934,528 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Ohio (continued) | ||
City of Toledo, Various Purpose Improvement, Limited General Obligation | ||
Insured: AGM | ||
5.25%, due 12/1/35 | $ 1,000,000 | $ 1,071,807 |
Insured: AGM | ||
5.25%, due 12/1/37 | 750,000 | 787,647 |
City of Upper Arlington, Various Purpose, Limited General Obligation | ||
5.75%, due 12/1/38 | 700,000 | 719,283 |
Cloverleaf Local School District, Certificate of Participation | ||
Insured: BAM | ||
5.375%, due 12/1/37 | 750,000 | 769,618 |
Euclid City School District, Unlimited General Obligation | ||
Series A, Insured: SD CRED PROG | ||
5.25%, due 1/15/44 | 2,000,000 | 2,021,533 |
Forest Hills Local School District, Unlimited General Obligation | ||
5.00%, due 12/1/44 | 490,000 | 490,563 |
Ohio Air Quality Development Authority, American Electric Power Co. Project, Revenue Bonds (a)(c) | ||
Series D | ||
2.10%, due 10/1/28 | 1,000,000 | 966,904 |
Series B | ||
2.50%, due 11/1/42 | 1,000,000 | 828,169 |
Ohio Air Quality Development Authority, Ohio Valley Electric Corp. Project, Revenue Bonds | ||
Series D | ||
2.875%, due 2/1/26 | 250,000 | 234,665 |
Ohio Air Quality Development Authority, Pratt Paper LLC Project, Revenue Bonds | ||
4.50%, due 1/15/48 (b)(c) | 250,000 | 213,480 |
State of Ohio, Portsmouth Bypass Project, Revenue Bonds | ||
Insured: AGM | ||
5.00%, due 12/31/35 (c) | 1,000,000 | 993,667 |
12,031,864 |
Principal Amount | Value | |
Pennsylvania 4.0% | ||
Allegheny County Airport Authority, Revenue Bonds (c) | ||
Series A, Insured: AGM | ||
5.50%, due 1/1/42 | $ 2,000,000 | $ 2,051,580 |
Series A, Insured: AGM | ||
5.50%, due 1/1/43 | 1,500,000 | 1,535,425 |
Allentown Neighborhood Improvement Zone Development Authority, City Center Project, Revenue Bonds | ||
5.00%, due 5/1/27 (b) | 270,000 | 269,614 |
Allentown Neighborhood Improvement Zone Development Authority, Revenue Bonds | ||
6.00%, due 5/1/42 (b) | 500,000 | 488,010 |
Bucks County Industrial Development Authority, Grand View Hospital Project, Revenue Bonds | ||
5.00%, due 7/1/34 | 300,000 | 259,262 |
5.00%, due 7/1/35 | 300,000 | 256,011 |
Chester County Industrial Development Authority, Collegium Charter School, Revenue Bonds | ||
5.00%, due 10/15/32 (b) | 250,000 | 239,204 |
Coatesville School District, Limited General Obligation | ||
Insured: BAM State Aid Withholding | ||
5.25%, due 11/15/37 | 5,000,000 | 5,119,635 |
Dauphin County General Authority, Harrisburg University Science Technology Project (The), Revenue Bonds (b) | ||
4.25%, due 10/15/26 | 100,000 | 92,050 |
5.00%, due 10/15/30 | 1,000,000 | 876,774 |
Indiana County Industrial Development Authority, Foundation for Indiana University of Pennsylvania (The), Revenue Bonds | ||
Insured: BAM | ||
5.00%, due 5/1/29 | 250,000 | 255,636 |
Lancaster Industrial Development Authority, Landis Homes Retirement Community, Revenue Bonds | ||
4.00%, due 7/1/37 | 100,000 | 79,284 |
Pennsylvania Economic Development Financing Authority, Penndot Major Bridges Project, Revenue Bonds (c) | ||
5.25%, due 6/30/35 | 1,800,000 | 1,849,955 |
5.50%, due 6/30/37 | 250,000 | 258,895 |
24 | MainStay MacKay Strategic Municipal Allocation Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Pennsylvania (continued) | ||
Pennsylvania Economic Development Financing Authority, Penndot Major Bridges Project, Revenue Bonds (c) (continued) | ||
5.50%, due 6/30/38 | $ 500,000 | $ 512,690 |
Pennsylvania Higher Educational Facilities Authority, Bryn Mawr College, Revenue Bonds | ||
5.00%, due 12/1/38 | 1,000,000 | 1,002,817 |
Pennsylvania Housing Finance Agency, Revenue Bonds | ||
Series A-141 | ||
5.75%, due 10/1/53 | 650,000 | 667,240 |
Pennsylvania Turnpike Commission, Revenue Bonds | ||
Series B | ||
4.00%, due 12/1/42 | 250,000 | 213,249 |
Series A-1 | ||
5.00%, due 12/1/41 | 1,000,000 | 991,320 |
Series B | ||
5.25%, due 12/1/39 | 785,000 | 785,843 |
Series A | ||
5.50%, due 12/1/46 | 1,155,000 | 1,167,193 |
Pennsylvania Turnpike Commission, Oil Franchise, Revenue Bonds | ||
Series A | ||
5.25%, due 12/1/44 | 500,000 | 510,193 |
Philadelphia Authority for Industrial Development, Philadelphia Performing Arts Charter School Project, Revenue Bonds | ||
5.00%, due 6/15/30 (b) | 435,000 | 431,594 |
Pittsburgh Water & Sewer Authority, Revenue Bonds, First Lien | ||
Series A, Insured: AGM | ||
5.00%, due 9/1/35 | 1,200,000 | 1,283,986 |
West Shore School District, Limited General Obligation | ||
Insured: State Aid Withholding | ||
5.00%, due 11/15/43 | 1,000,000 | 1,002,762 |
22,200,222 | ||
Puerto Rico 1.2% | ||
Commonwealth of Puerto Rico | ||
(zero coupon), due 11/1/43 | 98,097 | 48,926 |
Principal Amount | Value | |
Puerto Rico (continued) | ||
Commonwealth of Puerto Rico, Unlimited General Obligation | ||
Series A-1 | ||
4.00%, due 7/1/35 | $ 518,717 | $ 436,029 |
Series A-1 | ||
5.625%, due 7/1/27 | 625,000 | 636,314 |
Series A-1 | ||
5.75%, due 7/1/31 | 265,000 | 273,082 |
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds | ||
Series B | ||
5.00%, due 7/1/28 (b) | 1,000,000 | 1,003,231 |
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds, Senior Lien | ||
Series A | ||
5.00%, due 7/1/33 (b) | 1,000,000 | 979,686 |
Puerto Rico Sales Tax Financing Corp., Revenue Bonds | ||
Series A-2 | ||
4.329%, due 7/1/40 | 2,500,000 | 2,165,814 |
Series A-1 | ||
4.55%, due 7/1/40 | 1,000,000 | 890,115 |
6,433,197 | ||
Rhode Island 0.4% | ||
Rhode Island Health and Educational Building Corp., Public Schools Financing Program, Revenue Bonds | ||
Series F | ||
5.50%, due 5/15/47 | 1,500,000 | 1,560,556 |
Rhode Island Housing and Mortgage Finance Corp., Revenue Bonds | ||
Series A-77 | ||
5.00%, due 4/1/27 | 555,000 | 568,023 |
2,128,579 | ||
South Carolina 0.4% | ||
City of Spartanburg, Water System, Revenue Bonds | ||
Series A | ||
5.00%, due 12/1/34 | 1,000,000 | 1,011,112 |
South Carolina State Housing Finance & Development Authority, Dillon School Senior LP, Revenue Bonds | ||
Insured: HUD SECT 202 | ||
5.00%, due 10/1/26 (a) | 1,335,000 | 1,342,034 |
2,353,146 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
South Dakota 0.1% | ||
Baltic School District No. 49-1, Unlimited General Obligation | ||
Insured: AGM | ||
4.50%, due 12/1/40 | $ 575,000 | $ 533,655 |
Tennessee 1.7% | ||
Health Educational and Housing Facility Board of the City of Memphis (The), Strategies LP, Revenue Bonds | ||
Insured: HUD Sector 8 FHA 221(D4) | ||
5.00%, due 7/1/27 (a) | 500,000 | 502,074 |
Health Educational and Housing Facility Board of the City of Memphis (The), Strategies II LP, Revenue Bonds | ||
Insured: HUD Sector 8 FHA 221(D4) | ||
5.00%, due 7/1/27 (a) | 500,000 | 502,198 |
Knox County Health Educational & Housing Facility Board, Revenue Bonds | ||
4.05%, due 12/1/27 (a) | 3,000,000 | 2,998,754 |
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, 619 at Old Stone Bridge Crossings LP, Revenue Bonds | ||
Series B | ||
4.00%, due 4/1/26 (a) | 1,511,000 | 1,489,756 |
Metropolitan Nashville Airport Authority (The), Revenue Bonds | ||
Series B | ||
5.00%, due 7/1/36 (c) | 3,500,000 | 3,434,905 |
Tennessee Energy Acquisition Corp., Revenue Bonds | ||
Series B | ||
5.625%, due 9/1/26 | 500,000 | 500,076 |
9,427,763 | ||
Texas 11.2% | ||
Alamito Public Facility Corp., EP WH Mesa Franklin LLC, Revenue Bonds | ||
Insured: FHA 221(D4) | ||
3.50%, due 9/1/25 (a) | 1,003,000 | 992,508 |
Alamito Public Facility Corp., EP WH Cien Palmas LLC, Revenue Bonds | ||
Insured: HUD Sector 8 FHA 221(D4) | ||
3.50%, due 9/1/25 (a) | 1,008,000 | 1,000,281 |
Principal Amount | Value | |
Texas (continued) | ||
Alamito Public Facility Corp., EP Salazar LP, Revenue Bonds | ||
Insured: HUD Sector 8 | ||
5.00%, due 8/1/44 (a) | $ 1,000,000 | $ 1,008,798 |
Allen Independent School District, Unlimited General Obligation | ||
Insured: PSF-GTD | ||
5.00%, due 2/15/35 | 2,000,000 | 2,048,290 |
Arlington Higher Education Finance Corp., Trinity Basin Preparatory, Inc., Revenue Bonds | ||
Insured: PSF-GTD | ||
5.00%, due 8/15/41 | 1,115,000 | 1,130,687 |
Barbers Hill Independent School District, Unlimited General Obligation | ||
Insured: PSF-GTD | ||
4.00%, due 2/15/41 | 1,000,000 | 888,689 |
Belmont Fresh Water Supply District No. 1, Unlimited General Obligation | ||
Insured: BAM | ||
5.00%, due 3/1/30 | 440,000 | 453,763 |
Central Texas Regional Mobility Authority, Revenue Bonds | ||
(zero coupon), due 1/1/27 | 1,900,000 | 1,652,488 |
Central Texas Regional Mobility Authority, Revenue Bonds, Sub. Lien | ||
Series C | ||
5.00%, due 1/1/27 | 1,145,000 | 1,163,684 |
Central Texas Turnpike System, Revenue Bonds, First Tier | ||
Series A | ||
5.00%, due 8/15/39 | 1,185,000 | 1,190,116 |
City of Arlington, Special Tax, Special Tax, Senior Lien | ||
Series A, Insured: AGM | ||
5.00%, due 2/15/43 | 250,000 | 250,188 |
City of College Station, Limited General Obligation | ||
2.00%, due 2/15/36 | 1,000,000 | 711,948 |
City of Georgetown, Utility System, Revenue Bonds | ||
Insured: AGM | ||
5.00%, due 8/15/28 | 1,035,000 | 1,080,268 |
City of Houston, Hotel Occupancy Tax & Special Tax, Revenue Bonds | ||
5.00%, due 9/1/28 | 365,000 | 379,335 |
26 | MainStay MacKay Strategic Municipal Allocation Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Texas (continued) | ||
City of Houston, Combined Utility System, Revenue Bonds, First Lien | ||
Series B | ||
5.00%, due 11/15/35 | $ 2,000,000 | $ 2,029,183 |
County of Parker, Unlimited General Obligation | ||
5.00%, due 2/15/42 | 6,000,000 | 6,021,268 |
Dallas Fort Worth International Airport, Revenue Bonds | ||
Series A | ||
4.00%, due 11/1/46 | 250,000 | 211,172 |
Series B | ||
5.00%, due 11/1/36 | 1,000,000 | 1,046,404 |
Dallas Independent School District, Unlimited General Obligation | ||
Insured: PSF-GTD | ||
5.00%, due 2/15/48 | 845,000 | 860,239 |
Forney Independent School District, Unlimited General Obligation | ||
Insured: BAM | ||
(zero coupon), due 8/15/41 | 255,000 | 83,756 |
Harris County Municipal Utility District No. 423, Unlimited General Obligation | ||
Series A, Insured: BAM | ||
7.25%, due 4/1/26 | 300,000 | 319,502 |
Series A, Insured: BAM | ||
7.25%, due 4/1/27 | 300,000 | 327,378 |
Harris County Municipal Utility District No. 489, Unlimited General Obligation | ||
Series A, Insured: AGM | ||
6.50%, due 9/1/29 | 1,000,000 | 1,096,428 |
Harris County Toll Road, Revenue Bonds, Senior Lien | ||
Series A | ||
5.00%, due 8/15/43 | 2,290,000 | 2,304,918 |
Harris County Water Control & Improvement District No. 159, Unlimited General Obligation | ||
Insured: BAM | ||
6.375%, due 9/1/30 (d) | 2,000,000 | 2,203,138 |
Houston Higher Education Finance Corp., KIPP, Inc., Revenue Bonds | ||
Series A, Insured: PSF-GTD | ||
4.00%, due 2/15/39 | 1,000,000 | 892,449 |
Principal Amount | Value | |
Texas (continued) | ||
Matagorda County Navigation District No. 1, Central Power and Light Company Project, Revenue Bonds | ||
Series A | ||
2.60%, due 11/1/29 | $ 1,500,000 | $ 1,280,644 |
4.25%, due 5/1/30 (c) | 1,000,000 | 943,574 |
Mesquite Independent School District, Unlimited General Obligation | ||
Series A, Insured: PSF-GTD | ||
4.00%, due 8/15/35 | 1,530,000 | 1,533,596 |
Series A, Insured: PSF-GTD | ||
4.00%, due 8/15/37 | 1,655,000 | 1,658,889 |
Midlothian Independent School District, Unlimited General Obligation | ||
Insured: PSF-GTD | ||
5.00%, due 2/15/43 | 3,460,000 | 3,481,779 |
New Hope Cultural Education Facilities Finance Corp., Jubilee Academic Center, Inc., Revenue Bonds | ||
4.00%, due 8/15/29 (b) | 1,240,000 | 1,130,950 |
New Hope Cultural Education Facilities Finance Corp., Outlook at Windhaven Forefront Living, Revenue Bonds | ||
Series B-3 | ||
4.25%, due 10/1/26 | 1,100,000 | 1,062,537 |
North Texas Tollway Authority, Revenue Bonds | ||
Series B | ||
5.00%, due 1/1/45 | 1,000,000 | 990,352 |
North Texas Tollway Authority, Revenue Bonds, First Tier | ||
Series A | ||
5.25%, due 1/1/38 | 1,000,000 | 1,050,342 |
Northwest Independent School District, Unlimited General Obligation | ||
Insured: PSF-GTD | ||
5.00%, due 2/15/40 | 325,000 | 336,708 |
Insured: PSF-GTD | ||
5.00%, due 2/15/41 | 350,000 | 361,257 |
Pecos Barstow Toyah Independent School District, Unlimited General Obligation | ||
Insured: PSF-GTD | ||
5.00%, due 2/15/37 | 1,000,000 | 1,030,794 |
Insured: PSF-GTD | ||
5.00%, due 2/15/39 | 515,000 | 516,247 |
Insured: PSF-GTD | ||
5.00%, due 2/15/40 | 2,500,000 | 2,494,026 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Texas (continued) | ||
Pecos Barstow Toyah Independent School District, Unlimited General Obligation (continued) | ||
Insured: PSF-GTD | ||
5.00%, due 2/15/41 | $ 1,500,000 | $ 1,494,879 |
Sabine-Neches Navigation District, Waterway Project, Limited General Obligation | ||
5.25%, due 2/15/39 | 1,500,000 | 1,560,745 |
State of Texas, Mobility Fund, Unlimited General Obligation | ||
Series B | ||
5.00%, due 10/1/36 | 5,000,000 | 5,044,631 |
State of Texas, Transportation Commission, Highway Improvement, Unlimited General Obligation | ||
Series A | ||
5.00%, due 4/1/37 | 750,000 | 760,780 |
Texas Department of Housing & Community Affairs, Revenue Bonds | ||
Series A, Insured: GNMA | ||
3.50%, due 7/1/52 | 625,000 | 591,058 |
Texas Private Activity Bond Surface Transportation Corp., Blueridge Transportation Group LLC, Revenue Bonds, Senior Lien | �� | |
5.00%, due 12/31/45 (c) | 1,000,000 | 904,798 |
Texas Public Finance Authority, Financing System-Texas Southern University, Revenue Bonds | ||
Insured: BAM | ||
5.00%, due 5/1/32 | 1,000,000 | 1,031,504 |
Trinity River Authority, Tarrant County Water System, Revenue Bonds | ||
5.00%, due 2/1/37 | 1,250,000 | 1,320,434 |
61,927,402 | ||
U.S. Virgin Islands 0.5% | ||
Matching Fund Special Purpose Securitization Corp., Revenue Bonds | ||
Series A | ||
5.00%, due 10/1/26 | 860,000 | 861,116 |
Series A | ||
5.00%, due 10/1/30 | 2,000,000 | 1,979,699 |
Principal Amount | Value | |
U.S. Virgin Islands (continued) | ||
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan, Revenue Bonds | ||
Series C, Insured: AGM-CR | ||
5.00%, due 10/1/30 | $ 100,000 | $ 98,790 |
2,939,605 | ||
Utah 2.5% | ||
Central Utah Water Conservancy District, Revenue Bonds | ||
Series B | ||
4.00%, due 10/1/39 | 1,000,000 | 898,800 |
City of Salt Lake City, Airport, Revenue Bonds (c) | ||
Series A | ||
5.25%, due 7/1/42 | 1,000,000 | 997,277 |
Series A | ||
5.25%, due 7/1/43 | 1,000,000 | 997,242 |
County of Utah, Intermountain Healthcare, Revenue Bonds | ||
Series B | ||
5.00%, due 5/15/46 | 1,390,000 | 1,371,541 |
Intermountain Power Agency, Revenue Bonds | ||
Series A | ||
5.00%, due 7/1/41 | 880,000 | 908,437 |
Series A | ||
5.25%, due 7/1/43 | 3,125,000 | 3,281,750 |
State of Utah, Build America Bonds, Unlimited General Obligation | ||
Series B | ||
3.539%, due 7/1/25 | 1,991,250 | 1,954,111 |
UIPA Crossroads Public Infrastructure District, Tax Allocation | ||
4.125%, due 6/1/41 (b) | 500,000 | 407,990 |
Utah Charter School Finance Authority, Spectrum Academy Project, Revenue Bonds | ||
Insured: BAM UT CSCE | ||
4.00%, due 4/15/40 | 250,000 | 214,530 |
Utah Charter School Finance Authority, Summit Academy, Inc. Project, Revenue Bonds | ||
Series A, Insured: UT CSCE | ||
5.00%, due 4/15/28 | 200,000 | 204,418 |
Series A, Insured: UT CSCE | ||
5.00%, due 4/15/29 | 185,000 | 189,595 |
28 | MainStay MacKay Strategic Municipal Allocation Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Utah (continued) | ||
Utah Infrastructure Agency, Telecommunication, Revenue Bonds | ||
4.00%, due 10/15/35 | $ 700,000 | $ 615,650 |
Series A | ||
5.00%, due 10/15/28 | 460,000 | 461,620 |
5.50%, due 10/15/33 | 1,000,000 | 1,030,874 |
13,533,835 | ||
Vermont 0.3% | ||
University of Vermont and State Agricultural College, Revenue Bonds | ||
5.00%, due 10/1/40 | 1,500,000 | 1,503,888 |
Virginia 1.7% | ||
Chesapeake Bay Bridge & Tunnel District, First Tier General Resolution, Revenue Bonds, First Tier | ||
Insured: AGM | ||
5.00%, due 7/1/41 | 1,000,000 | 986,425 |
Chesapeake Redevelopment & Housing Authority, ENV-Mill Creek LP, Revenue Bonds | ||
Insured: FHA 221(D4) | ||
5.00%, due 6/1/26 (a) | 1,001,000 | 1,006,192 |
City of Harrisonburg, Unlimited General Obligation | ||
Series A, Insured: State Aid Withholding | ||
1.75%, due 7/15/35 | 3,000,000 | 2,089,025 |
City of Richmond, Public Utility, Revenue Bonds | ||
Series A | ||
5.00%, due 1/15/33 | 1,720,000 | 1,765,287 |
James City County Economic Development Authority, Blaine Landing Phase II LP, Revenue Bonds | ||
Insured: FHA 221(D4) | ||
5.00%, due 2/1/26 (a) | 1,000,000 | 1,002,082 |
Virginia Port Authority, Revenue Bonds | ||
Series B | ||
5.00%, due 7/1/41 (c) | 500,000 | 482,567 |
Williamsburg Economic Development Authority, William & Mary Project, Revenue Bonds | ||
Series A, Insured: AGM | ||
4.00%, due 7/1/42 | 1,000,000 | 866,626 |
Principal Amount | Value | |
Virginia (continued) | ||
Wise County Industrial Development Authority, Virginia Electric and Power Co. Project, Revenue Bonds | ||
Series A | ||
0.75%, due 10/1/40 (a) | $ 1,500,000 | $ 1,374,439 |
9,572,643 | ||
Washington 1.9% | ||
County of King, Sewer, Revenue Bonds, Junior Lien | ||
Series A | ||
4.32%, due 1/1/40 | 655,000 | 640,320 |
Energy Northwest, Bonneville Power Administration, Revenue Bonds | ||
Series A | ||
5.00%, due 7/1/36 | 1,000,000 | 1,044,255 |
Franklin County School District No. 1, Pasco, Unlimited General Obligation | ||
Insured: School Bond Guaranty | ||
5.50%, due 12/1/40 | 2,000,000 | 2,155,306 |
Port of Seattle, Revenue Bonds | ||
Series A | ||
5.00%, due 4/1/31 | 1,000,000 | 1,005,592 |
Port of Tacoma, Revenue Bonds | ||
Series B | ||
5.00%, due 12/1/43 (c) | 925,000 | 888,307 |
Snohomish County Public Utility District No. 1, Electric System, Revenue Bonds | ||
5.00%, due 12/1/40 | 1,500,000 | 1,493,506 |
State of Washington, Various Purpose, Unlimited General Obligation | ||
Series D | ||
5.00%, due 2/1/35 | 500,000 | 499,942 |
Series A | ||
5.00%, due 8/1/42 | 655,000 | 667,514 |
State of Washington, Motor Vehicle Fuel Tax, Unlimited General Obligation | ||
Series R-2021A | ||
5.00%, due 6/1/38 | 1,000,000 | 1,038,215 |
Washington State Convention Center Public Facilities District, Lodging Tax, Revenue Bonds | ||
Series B | ||
4.00%, due 7/1/36 | 1,000,000 | 908,571 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Washington (continued) | ||
Washington State Housing Finance Commission, Eliseo Project, Revenue Bonds | ||
Series B-2 | ||
2.125%, due 7/1/27 (b) | $ 250,000 | $ 221,572 |
10,563,100 | ||
West Virginia 0.5% | ||
State of West Virginia, Unlimited General Obligation | ||
Series A | ||
5.00%, due 12/1/35 | 470,000 | 493,827 |
West Virginia Hospital Finance Authority, Charleston Area Medical Center, Inc. Obligated Group, Revenue Bonds | ||
Series A | ||
5.00%, due 9/1/39 | 1,125,000 | 1,050,460 |
West Virginia Hospital Finance Authority, Vandalia Health, Inc., Revenue Bonds | ||
Series B, Insured: AGM | ||
5.125%, due 9/1/42 | 1,250,000 | 1,238,372 |
2,782,659 | ||
Wisconsin 1.2% | ||
County of Waushara, Revenue Notes | ||
Series A | ||
4.75%, due 12/1/23 | 1,000,000 | 1,000,611 |
Hudson School District, Unlimited General Obligation | ||
2.25%, due 3/1/27 | 500,000 | 453,568 |
Public Finance Authority, Roseman University of Health Sciences, Revenue Bonds | ||
4.00%, due 4/1/32 (b) | 215,000 | 195,397 |
Public Finance Authority, University of Kansas, Revenue Bonds | ||
5.00%, due 3/1/41 | 3,400,000 | 3,307,108 |
Wisconsin Health & Educational Facilities Authority, Milwaukee Science Education Consortium, Inc. (The), Revenue Bonds | ||
Series A | ||
4.50%, due 3/15/33 | 400,000 | 381,019 |
Principal Amount | Value | ||
Wisconsin (continued) | |||
Wisconsin Health & Educational Facilities Authority, Milwaukee Regional Medical Center (The), Revenue Bonds | |||
5.00%, due 4/1/37 | $ 1,150,000 | $ 1,126,496 | |
6,464,199 | |||
Wyoming 0.6% | |||
Sweetwater County 2023 Specific Purpose Tax Joint Powers Board, Revenue Bonds | |||
Insured: AGM-CR | |||
5.00%, due 6/15/28 | 3,000,000 | 3,141,832 | |
Total Long-Term Municipal Bonds (Cost $535,006,945) | 518,685,333 | ||
Short-Term Municipal Notes 0.5% | |||
Arizona 0.3% | |||
Arizona Industrial Development Authority, Phoenix Children's Hospital, Revenue Bonds | |||
Series A | |||
3.87%, due 2/1/48 (e) | 1,700,000 | 1,700,000 | |
New York 0.2% | |||
New York City Transitional Finance Authority, Future Tax Secured, Revenue Bonds | |||
Series A-4 | |||
3.95%, due 11/1/29 (e) | 900,000 | 900,000 | |
Total Short-Term Municipal Notes (Cost $2,600,000) | 2,600,000 | ||
Total Investments (Cost $537,606,945) | 94.4% | 521,285,333 | |
Other Assets, Less Liabilities | 5.6 | 31,039,516 | |
Net Assets | 100.0% | $ 552,324,849 |
† | Percentages indicated are based on Fund net assets. |
^ | Industry classifications may be different than those used for compliance monitoring purposes. |
‡ | Less than one-tenth of a percent. |
(a) | Coupon rate may change based on changes of the underlying collateral or prepayments of principal. Rate shown was the rate in effect as of October 31, 2023. |
(b) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
30 | MainStay MacKay Strategic Municipal Allocation Fund |
(c) | Interest on these securities was subject to alternative minimum tax. |
(d) | Delayed delivery security. |
(e) | Variable-rate demand notes (VRDNs)—Provide the right to sell the security at face value on either that day or within the rate-reset period. VRDNs will normally trade as if the maturity is the earlier put date, even though stated maturity is longer. The interest rate is reset on the put date at a stipulated daily, weekly, monthly, quarterly, or other specified time interval to reflect current market conditions. These securities do not indicate a reference rate and spread in their description. The maturity date shown is the final maturity. |
Type | Number of Contracts | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)2 |
Short Contracts | |||||
U.S. Treasury 10 Year Ultra Bonds | (90) | December 2023 | $ (10,353,855) | $ (9,794,531) | $ 559,324 |
1. | As of October 31, 2023, cash in the amount of $252,000 was on deposit with a broker or futures commission merchant for futures transactions. |
2. | Represents the difference between the value of the contracts at the time they were opened and the value as of October 31, 2023. |
Abbreviation(s): |
AGM—Assured Guaranty Municipal Corp. |
BAM—Build America Mutual Assurance Co. |
CR—Custodial Receipts |
FGIC—Financial Guaranty Insurance Company |
FHA—Federal Housing Administration |
FHLMC—Federal Home Loan Mortgage Corp. |
FNMA—Federal National Mortgage Association |
GNMA—Government National Mortgage Association |
HUD—Housing and Urban Development |
MTA—Metropolitan Transportation Authority |
NATL-RE—National Public Finance Guarantee Corp. |
PSF-GTD—Permanent School Fund Guaranteed |
Q-SBLF—Qualified School Board Loan Fund |
SD CRED PROG—School District Credit Enhancement Program |
UT CSCE—Utah Charter School Credit Enhancement Program |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Municipal Bonds | |||||||
Long-Term Municipal Bonds | $ — | $ 518,685,333 | $ — | $ 518,685,333 | |||
Short-Term Municipal Notes | — | 2,600,000 | — | 2,600,000 | |||
Total Municipal Bonds | — | 521,285,333 | — | 521,285,333 | |||
Other Financial Instruments | |||||||
Futures Contracts (b) | 559,324 | — | — | 559,324 | |||
Total Investments in Securities and Other Financial Instruments | $ 559,324 | $ 521,285,333 | $ — | $ 521,844,657 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
(b) | The value listed for these securities reflects unrealized appreciation (depreciation) as shown on the Portfolio of Investments. |
32 | MainStay MacKay Strategic Municipal Allocation Fund |
Assets | |
Investment in securities, at value (identified cost $537,606,945) | $521,285,333 |
Cash | 41,829,933 |
Cash collateral on deposit at broker for futures contracts | 252,000 |
Receivables: | |
Interest | 6,591,146 |
Fund shares sold | 6,369,347 |
Investment securities sold | 338,267 |
Other assets | 105,443 |
Total assets | 576,771,469 |
Liabilities | |
Payables: | |
Investment securities purchased | 22,845,552 |
Fund shares redeemed | 1,226,382 |
Manager (See Note 3) | 149,909 |
Transfer agent (See Note 3) | 36,026 |
Custodian | 24,476 |
NYLIFE Distributors (See Note 3) | 14,646 |
Professional fees | 9,473 |
Shareholder communication | 5,771 |
Variation margin on futures contracts | 1,409 |
Accrued expenses | 166 |
Distributions payable | 132,810 |
Total liabilities | 24,446,620 |
Net assets | $552,324,849 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 61,067 |
Additional paid-in-capital | 576,669,165 |
576,730,232 | |
Total distributable earnings (loss) | (24,405,383) |
Net assets | $552,324,849 |
Class A | |
Net assets applicable to outstanding shares | $ 63,006,155 |
Shares of beneficial interest outstanding | 6,956,726 |
Net asset value per share outstanding | $ 9.06 |
Maximum sales charge (3.00% of offering price) | 0.28 |
Maximum offering price per share outstanding | $ 9.34 |
Investor Class | |
Net assets applicable to outstanding shares | $ 47,842 |
Shares of beneficial interest outstanding | 5,289 |
Net asset value per share outstanding | $ 9.05 |
Maximum sales charge (2.50% of offering price) | 0.23 |
Maximum offering price per share outstanding | $ 9.28 |
Class C | |
Net assets applicable to outstanding shares | $ 5,071,909 |
Shares of beneficial interest outstanding | 560,990 |
Net asset value and offering price per share outstanding | $ 9.04 |
Class C2 | |
Net assets applicable to outstanding shares | $ 300,863 |
Shares of beneficial interest outstanding | 33,268 |
Net asset value and offering price per share outstanding | $ 9.04 |
Class I | |
Net assets applicable to outstanding shares | $483,872,506 |
Shares of beneficial interest outstanding | 53,507,984 |
Net asset value and offering price per share outstanding | $ 9.04 |
Class R6 | |
Net assets applicable to outstanding shares | $ 25,574 |
Shares of beneficial interest outstanding | 2,829 |
Net asset value and offering price per share outstanding | $ 9.04 |
Period May 1, 2023 through October 31, 2023(a) | Year Ended April 30, 2023 | |
Investment Income (Loss) | ||
Income | ||
Interest | $ 8,269,642 | $ 7,200,859 |
Expenses | ||
Manager (See Note 3) | 857,073 | 839,511 |
Distribution/Service—Class A (See Note 3) | 62,046 | 47,557 |
Distribution/Service—Investor Class (See Note 3) | 67 | 322 |
Distribution/Service—Class C (See Note 3) | 10,204 | 8,620 |
Distribution/Service—Class C2 (See Note 3) | 791 | 348 |
Transfer agent (See Note 3) | 119,103 | 103,820 |
Registration | 101,967 | 125,861 |
Shareholder communication | — | 17,528 |
Professional fees | 81,025 | 76,071 |
Custodian | 35,438 | 67,847 |
Trustees | 6,132 | 4,259 |
Miscellaneous | 2,876 | 9,660 |
Total expenses before waiver/reimbursement | 1,276,722 | 1,301,404 |
Expense waiver/reimbursement from Manager (See Note 3) | (87,021) | (153,643) |
Reimbursement from prior custodian(b) | — | (597) |
Net expenses | 1,189,701 | 1,147,164 |
Net investment income (loss) | 7,079,941 | 6,053,695 |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Unaffiliated investment transactions | (603,400) | (8,103,792) |
Futures transactions | 334,129 | 2,229,229 |
Net realized gain (loss) | (269,271) | (5,874,563) |
Net change in unrealized appreciation (depreciation) on: | ||
Unaffiliated investments | (21,072,950) | 9,869,490 |
Futures contracts | 1,860,460 | (1,835,660) |
Net change in unrealized appreciation (depreciation) | (19,212,490) | 8,033,830 |
Net realized and unrealized gain (loss) | (19,481,761) | 2,159,267 |
Net increase (decrease) in net assets resulting from operations | $(12,401,820) | $ 8,212,962 |
(a) | The Fund changed its fiscal year end from April 30 to October 31. |
(b) | Represents a refund for overbilling of custody fees. |
34 | MainStay MacKay Strategic Municipal Allocation Fund |
for the period May 1, 2023 through October 31, 2023 and the years ended April 30, 2023 and April 30, 2022
Period May 1, 2023 through October 31, 2023(a) | Year Ended April 30, 2023 | Year Ended April 30, 2022 | |
Increase (Decrease) in Net Assets | |||
Operations: | |||
Net investment income (loss) | $ 7,079,941 | $ 6,053,695 | $ 1,039,155 |
Net realized gain (loss) | (269,271) | (5,874,563) | 417,800 |
Net change in unrealized appreciation (depreciation) | (19,212,490) | 8,033,830 | (7,062,471) |
Net increase (decrease) in net assets resulting from operations | (12,401,820) | 8,212,962 | (5,605,516) |
Distributions to shareholders: | |||
Class A | (859,391) | (630,063) | (32,170) |
Investor Class | (898) | (3,510) | (1,324) |
Class C | (63,520) | (50,794) | (5,882) |
Class C2 | (3,615) | (1,515) | — |
Class I | (6,958,698) | (6,462,197) | (1,888,346) |
Class R6 | (495) | (842) | (768) |
Total distributions to shareholders | (7,886,617) | (7,148,921) | (1,928,490) |
Capital share transactions: | |||
Net proceeds from sales of shares | 282,223,468 | 434,866,901 | 58,605,291 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 7,686,850 | 7,136,822 | 1,927,984 |
Cost of shares redeemed | (74,377,473) | (183,989,524) | (16,807,791) |
Increase (decrease) in net assets derived from capital share transactions | 215,532,845 | 258,014,199 | 43,725,484 |
Net increase (decrease) in net assets | 195,244,408 | 259,078,240 | 36,191,478 |
Net Assets | |||
Beginning of period | 357,080,441 | 98,002,201 | 61,810,723 |
End of period | $552,324,849 | $ 357,080,441 | $ 98,002,201 |
(a) | The Fund changed its fiscal year end from April 30 to October 31. |
May 1, 2023 through October 31, | Year Ended April 30, | June 28, 2019^ through April 30, | |||||||
Class A | 2023 # | 2023 | 2022 | 2021 | 2020 | ||||
Net asset value at beginning of period | $ 9.47 | $ 9.50 | $ 10.43 | $ 9.65 | $ 10.00 | ||||
Net investment income (loss) | 0.15(a) | 0.26(a) | 0.12(a) | 0.15(a) | 0.14 | ||||
Net realized and unrealized gain (loss) | (0.40) | (0.01) | (0.78) | 0.82 | (0.29) | ||||
Total from investment operations | (0.25) | 0.25 | (0.66) | 0.97 | (0.15) | ||||
Less distributions: | |||||||||
From net investment income | (0.16) | (0.26) | (0.17) | (0.19) | (0.14) | ||||
From net realized gain on investments | — | (0.02) | (0.10) | — | (0.06) | ||||
Total distributions | (0.16) | (0.28) | (0.27) | (0.19) | (0.20) | ||||
Net asset value at end of period | $ 9.06 | $ 9.47 | $ 9.50 | $ 10.43 | $ 9.65 | ||||
Total investment return (b) | (2.63)% | 2.73% | (6.54)% | 10.02% | (1.44)% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 3.09%†† | 2.78% | 1.22% | 1.47% | 1.39%†† | ||||
Net expenses | 0.77%†† | 0.77% | 0.77% | 0.72% | 0.77%†† | ||||
Expenses (before waiver/reimbursement) | 0.81%†† | 0.84% | 0.97% | 0.98% | 1.12%†† | ||||
Portfolio turnover rate (c) | 12% | 81% | 32% | 66% | 108% | ||||
Net assets at end of period (in 000's) | $ 63,006 | $ 43,203 | $ 5,246 | $ 454 | $ 136 |
# | The Fund changed its fiscal year end from April 30 to October 31. |
^ | Inception date. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | The portfolio turnover rate includes variable rate demand notes. |
May 1, 2023 through October 31, 2023# | Year Ended April 30, | June 28, 2019^ through April 30, | |||||||
Investor Class | 2023 | 2022 | 2021 | 2020 | |||||
Net asset value at beginning of period | $ 9.46 | $ 9.49 | $ 10.41 | $ 9.65 | $ 10.00 | ||||
Net investment income (loss) | 0.14(a) | 0.21(a) | 0.11(a) | 0.13(a) | 0.14 | ||||
Net realized and unrealized gain (loss) | (0.39) | 0.03 | (0.79) | 0.80 | (0.29) | ||||
Total from investment operations | (0.25) | 0.24 | (0.68) | 0.93 | (0.15) | ||||
Less distributions: | |||||||||
From net investment income | (0.16) | (0.25) | (0.14) | (0.17) | (0.14) | ||||
From net realized gain on investments | — | (0.02) | (0.10) | — | (0.06) | ||||
Total distributions | (0.16) | (0.27) | (0.24) | (0.17) | (0.20) | ||||
Net asset value at end of period | $ 9.05 | $ 9.46 | $ 9.49 | $ 10.41 | $ 9.65 | ||||
Total investment return (b) | (2.69)% | 2.58% | (6.69)% | 9.65% | (1.56)% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.98%†† | 2.23% | 1.04% | 1.23% | 1.30%†† | ||||
Net expenses | 0.89%†† | 0.92% | 0.97% | 0.98% | 0.79%†† | ||||
Expenses (before waiver/reimbursement) | 0.93%†† | 0.99% | 1.17% | 1.24% | 1.14%†† | ||||
Portfolio turnover rate (c) | 12% | 81% | 32% | 66% | 108% | ||||
Net assets at end of period (in 000's) | $ 48 | $ 100 | $ 46 | $ 33 | $ 34 |
# | The Fund changed its fiscal year end from April 30 to October 31. |
^ | Inception date. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | The portfolio turnover rate includes variable rate demand notes. |
36 | MainStay MacKay Strategic Municipal Allocation Fund |
May 1, 2023 through October 31, | Year Ended April 30, | June 28, 2019^ through April 30, | |||||||
Class C | 2023 # | 2023 | 2022 | 2021 | 2020 | ||||
Net asset value at beginning of period | $ 9.45 | $ 9.48 | $ 10.42 | $ 9.65 | $ 10.00 | ||||
Net investment income (loss) | 0.13(a) | 0.22(a) | 0.08(a) | 0.10(a) | 0.12 | ||||
Net realized and unrealized gain (loss) | (0.39) | (0.01) | (0.80) | 0.81 | (0.29) | ||||
Total from investment operations | (0.26) | 0.21 | (0.72) | 0.91 | (0.17) | ||||
Less distributions: | |||||||||
From net investment income | (0.15) | (0.22) | (0.12) | (0.14) | (0.12) | ||||
From net realized gain on investments | — | (0.02) | (0.10) | — | (0.06) | ||||
Total distributions | (0.15) | (0.24) | (0.22) | (0.14) | (0.18) | ||||
Net asset value at end of period | $ 9.04 | $ 9.45 | $ 9.48 | $ 10.42 | $ 9.65 | ||||
Total investment return (b) | (2.82)% | 2.31% | (7.12)% | 9.49% | (1.76)% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.74%†† | 2.34% | 0.76% | 0.97% | 1.11%†† | ||||
Net expenses | 1.13%†† | 1.18% | 1.22% | 1.23% | 1.03%†† | ||||
Expenses (before waiver/reimbursement) | 1.17%†† | 1.25% | 1.42% | 1.49% | 1.38%†† | ||||
Portfolio turnover rate (c) | 12% | 81% | 32% | 66% | 108% | ||||
Net assets at end of period (in 000's) | $ 5,072 | $ 3,291 | $ 558 | $ 113 | $ 79 |
# | The Fund changed its fiscal year end from April 30 to October 31. |
^ | Inception date. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | The portfolio turnover rate includes variable rate demand notes. |
May 1 2023 through October 31, | December 13, 2022^ through April 30, 2023 | ||
Class C2 | 2023 # | ||
Net asset value at beginning of period | $ 9.45 | $ 9.43* | |
Net investment income (loss) (a) | 0.12 | 0.09 | |
Net realized and unrealized gain (loss) | (0.39) | 0.03 | |
Total from investment operations | (0.27) | 0.12 | |
Less distributions: | |||
From net investment income | (0.14) | (0.10) | |
Net asset value at end of period | $ 9.04 | $ 9.45 | |
Total investment return (b) | (2.89)% | 1.29% | |
Ratios (to average net assets)/Supplemental Data: | |||
Net investment income (loss)†† | 2.59% | 2.49% | |
Net expenses†† | 1.28% | 1.34% | |
Expenses (before waiver/reimbursement)†† | 1.32% | 1.41% | |
Portfolio turnover rate (c) | 12% | 81% | |
Net assets at end of period (in 000's) | $ 301 | $ 214 |
* | Based on the net asset value of Class C as of December 13, 2022. |
# | The Fund changed its fiscal year end from April 30 to October 31. |
^ | Inception date. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | The portfolio turnover rate includes variable rate demand notes. |
May 1, 2023 through October 31, | Year Ended April 30, | June 28, 2019^ through April 30, | |||||||
Class I | 2023 # | 2023 | 2022 | 2021 | 2020 | ||||
Net asset value at beginning of period | $ 9.45 | $ 9.48 | $ 10.42 | $ 9.65 | $ 10.00 | ||||
Net investment income (loss) | 0.16(a) | 0.27(a) | 0.15(a) | 0.18(a) | 0.16 | ||||
Net realized and unrealized gain (loss) | (0.39) | 0.00‡ | (0.80) | 0.81 | (0.29) | ||||
Total from investment operations | (0.23) | 0.27 | (0.65) | 0.99 | (0.13) | ||||
Less distributions: | |||||||||
From net investment income | (0.18) | (0.28) | (0.19) | (0.22) | (0.16) | ||||
From net realized gain on investments | — | (0.02) | (0.10) | — | (0.06) | ||||
Total distributions | (0.18) | (0.30) | (0.29) | (0.22) | (0.22) | ||||
Net asset value at end of period | $ 9.04 | $ 9.45 | $ 9.48 | $ 10.42 | $ 9.65 | ||||
Total investment return (b) | (2.52)% | 2.99% | (6.43)% | 10.28% | (1.35)% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 3.34%†† | 2.90% | 1.49% | 1.72% | 1.57%†† | ||||
Net expenses | 0.52%†† | 0.52% | 0.51% | 0.50% | 0.53%†† | ||||
Expenses (before waiver/reimbursement) | 0.56%†† | 0.59% | 0.71% | 0.76% | 0.88%†† | ||||
Portfolio turnover rate (c) | 12% | 81% | 32% | 66% | 108% | ||||
Net assets at end of period (in 000's) | $ 483,873 | $ 310,246 | $ 92,126 | $ 61,183 | $ 51,059 |
# | The Fund changed its fiscal year end from April 30 to October 31. |
^ | Inception date. |
‡ | Less than one cent per share. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | The portfolio turnover rate includes variable rate demand notes. |
38 | MainStay MacKay Strategic Municipal Allocation Fund |
May 1, 2023 through October 31, | Year Ended April 30, | June 28, 2019^ through April 30, | |||||||
Class R6 | 2023 # | 2023 | 2022 | 2021 | 2020 | ||||
Net asset value at beginning of period | $ 9.45 | $ 9.48 | $ 10.42 | $ 9.65 | $ 10.00 | ||||
Net investment income (loss) | 0.16(a) | 0.26(a) | 0.16(a) | 0.18(a) | 0.17 | ||||
Net realized and unrealized gain (loss) | (0.39) | 0.02 | (0.80) | 0.81 | (0.29) | ||||
Total from investment operations | (0.23) | 0.28 | (0.64) | 0.99 | (0.12) | ||||
Less distributions: | |||||||||
From net investment income | (0.18) | (0.29) | (0.20) | (0.22) | (0.17) | ||||
From net realized gain on investments | — | (0.02) | (0.10) | — | (0.06) | ||||
Total distributions | (0.18) | (0.31) | (0.30) | (0.22) | (0.23) | ||||
Net asset value at end of period | $ 9.04 | $ 9.45 | $ 9.48 | $ 10.42 | $ 9.65 | ||||
Total investment return (b) | (2.50)% | 3.01% | (6.41)% | 10.28% | (1.32)% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 3.38%†† | 2.75% | 1.51% | 1.72% | 1.60%†† | ||||
Net expenses | 0.50%†† | 0.50% | 0.50% | 0.50% | 0.50%†† | ||||
Expenses (before waiver/reimbursement) | 0.51%†† | 0.55% | 0.70% | 0.77% | 0.86%†† | ||||
Portfolio turnover rate (c) | 12% | 81% | 32% | 66% | 108% | ||||
Net assets at end of period (in 000's) | $ 26 | $ 26 | $ 25 | $ 27 | $ 25 |
# | The Fund changed its fiscal year end from April 30 to October 31. |
^ | Inception date. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R6 shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | The portfolio turnover rate includes variable rate demand notes. |
Class | Commenced Operations |
Class A | June 28, 2019 |
Investor Class | June 28, 2019 |
Class C | June 28, 2019 |
Class C2 | December 13, 2022 |
Class I | June 28, 2019 |
Class R6 | June 28, 2019 |
40 | MainStay MacKay Strategic Municipal Allocation 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) |
• Benchmark yields | • Reported trades |
• Broker/dealer quotes | • Issuer spreads |
• Two-sided markets | • Benchmark securities |
• Bids/offers | • Reference data (corporate actions or material event notices) |
• Industry and economic events | • Comparable bonds |
• Monthly payment information |
42 | MainStay MacKay Strategic Municipal Allocation Fund |
Asset Derivatives | Interest Rate Contracts Risk | Total |
Futures Contracts - Net Assets—Net unrealized appreciation on futures contracts (a) | $559,324 | $559,324 |
Total Fair Value | $559,324 | $559,324 |
(a) | Includes cumulative appreciation (depreciation) of futures contracts as reported in the Portfolio of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Net Realized Gain (Loss) from: | Interest Rate Contracts Risk | Total |
Futures Transactions | $334,129 | $334,129 |
Total Net Realized Gain (Loss) | $334,129 | $334,129 |
Net Change in Unrealized Appreciation (Depreciation) | Interest Rate Contracts Risk | Total |
Futures Contracts | $1,860,460 | $1,860,460 |
Total Net Change in Unrealized Appreciation (Depreciation) | $1,860,460 | $1,860,460 |
Average Notional Amount | Total |
Futures Contracts Short | $(18,348,646) |
44 | MainStay MacKay Strategic Municipal Allocation Fund |
Class | Expense | Waived |
Class A | $ 13,504 | $— |
Investor Class | 46 | — |
Class C | 3,272 | — |
Class C2 | 197 | — |
Class I | 102,084 | — |
Class A | $25,262 | 0.0%‡ |
Investor Class | 25,061 | 52.4 |
Class C | 24,765 | 0.5 |
Class C2 | 24,526 | 8.2 |
Class R6 | 25,490 | 99.7 |
‡ | Less than one-tenth of a percent. |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $539,014,340 | $602,164 | $(18,331,172) | $(17,729,008) |
Ordinary Income | Undistributed Tax Exempt Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$— | $149,864 | $(6,693,429) | $(132,810) | $(17,729,008) | $(24,405,383) |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $4,401 | $2,293 |
2023 (a) | 2023 | 2022 | |
Distributions paid from: | |||
Ordinary Income | $ 346,234 | $ 288,952 | $ 17,770 |
Long-Term Capital Gains | — | 365,818 | 594,960 |
Exempt Interest Dividends | 7,540,383 | 6,494,151 | 1,315,760 |
Total | $7,886,617 | $7,148,921 | $1,928,490 |
(a) | The Fund changed its fiscal year end from April 30 to October 31. |
46 | MainStay MacKay Strategic Municipal Allocation Fund |
Class A | Shares | Amount |
Period ended October 31, 2023:(a) | ||
Shares sold | 3,689,232 | $ 34,256,161 |
Shares issued to shareholders in reinvestment of distributions | 91,415 | 850,727 |
Shares redeemed | (1,386,764) | (12,997,772) |
Net increase (decrease) | 2,393,883 | $ 22,109,116 |
Year ended April 30, 2023: | ||
Shares sold | 4,521,934 | $ 42,589,581 |
Shares issued to shareholders in reinvestment of distributions | 66,760 | 629,178 |
Shares redeemed | (595,824) | (5,610,827) |
Net increase (decrease) in shares outstanding before conversion | 3,992,870 | 37,607,932 |
Shares converted into Class A (See Note 1) | 17,915 | 166,839 |
Net increase (decrease) | 4,010,785 | $ 37,774,771 |
Year ended April 30, 2022: | ||
Shares sold | 627,789 | $ 6,160,870 |
Shares issued to shareholders in reinvestment of distributions | 3,108 | 31,706 |
Shares redeemed | (123,551) | (1,239,097) |
Net increase (decrease) in shares outstanding before conversion | 507,346 | 4,953,479 |
Shares converted into Class A (See Note 1) | 1,148 | 11,409 |
Net increase (decrease) | 508,494 | $ 4,964,888 |
Investor Class | Shares | Amount |
Period ended October 31, 2023:(a) | ||
Shares sold | 344 | $ 3,218 |
Shares issued to shareholders in reinvestment of distributions | 87 | 807 |
Shares redeemed | (5,663) | (53,311) |
Net increase (decrease) | (5,232) | $ (49,286) |
Year ended April 30, 2023: | ||
Shares sold | 51,856 | $ 492,143 |
Shares issued to shareholders in reinvestment of distributions | 345 | 3,235 |
Shares redeemed | (28,623) | (267,552) |
Net increase (decrease) in shares outstanding before conversion | 23,578 | 227,826 |
Shares converted from Investor Class (See Note 1) | (17,939) | (166,839) |
Net increase (decrease) | 5,639 | $ 60,987 |
Year ended April 30, 2022: | ||
Shares sold | 7,351 | $ 75,661 |
Shares issued to shareholders in reinvestment of distributions | 128 | 1,306 |
Shares redeemed | (5,527) | (54,397) |
Net increase (decrease) in shares outstanding before conversion | 1,952 | 22,570 |
Shares converted from Investor Class (See Note 1) | (269) | (2,812) |
Net increase (decrease) | 1,683 | $ 19,758 |
Class C | Shares | Amount |
Period ended October 31, 2023:(a) | ||
Shares sold | 265,102 | $ 2,454,140 |
Shares issued to shareholders in reinvestment of distributions | 6,802 | 63,153 |
Shares redeemed | (59,165) | (548,284) |
Net increase (decrease) | 212,739 | $ 1,969,009 |
Year ended April 30, 2023: | ||
Shares sold | 330,090 | $ 3,098,482 |
Shares issued to shareholders in reinvestment of distributions | 5,401 | 50,790 |
Shares redeemed | (46,116) | (431,464) |
Net increase (decrease) | 289,375 | $ 2,717,808 |
Year ended April 30, 2022: | ||
Shares sold | 67,637 | $ 681,825 |
Shares issued to shareholders in reinvestment of distributions | 577 | 5,875 |
Shares redeemed | (19,293) | (192,733) |
Net increase (decrease) in shares outstanding before conversion | 48,921 | 494,967 |
Shares converted from Class C (See Note 1) | (882) | (8,597) |
Net increase (decrease) | 48,039 | $ 486,370 |
Class C2 | Shares | Amount |
Period ended October 31, 2023:(a) | ||
Shares sold | 10,564 | $ 97,131 |
Shares issued to shareholders in reinvestment of distributions | 389 | 3,615 |
Shares redeemed | (342) | (3,176) |
Net increase (decrease) | 10,611 | $ 97,570 |
Year ended April 30, 2023:(b) | ||
Shares sold | 22,951 | $ 215,964 |
Shares issued to shareholders in reinvestment of distributions | 160 | 1,515 |
Shares redeemed | (454) | (4,320) |
Net increase (decrease) | 22,657 | $ 213,159 |
Class I | Shares | Amount |
Period ended October 31, 2023:(a) | ||
Shares sold | 26,515,142 | $ 245,412,818 |
Shares issued to shareholders in reinvestment of distributions | 728,403 | 6,768,053 |
Shares redeemed | (6,555,020) | (60,774,930) |
Net increase (decrease) | 20,688,525 | $ 191,405,941 |
Year ended April 30, 2023: | ||
Shares sold | 41,397,550 | $ 388,470,731 |
Shares issued to shareholders in reinvestment of distributions | 686,149 | 6,451,262 |
Shares redeemed | (18,977,575) | (177,675,361) |
Net increase (decrease) | 23,106,124 | $ 217,246,632 |
Year ended April 30, 2022: | ||
Shares sold | 5,207,450 | $ 51,686,935 |
Shares issued to shareholders in reinvestment of distributions | 184,680 | 1,888,329 |
Shares redeemed | (1,552,936) | (15,321,564) |
Net increase (decrease) | 3,839,194 | $ 38,253,700 |
Class R6 | Shares | Amount |
Period ended October 31, 2023:(a) | ||
Shares issued to shareholders in reinvestment of distributions | 54 | $ 495 |
Net increase (decrease) | 54 | $ 495 |
Year ended April 30, 2023: | ||
Shares issued to shareholders in reinvestment of distributions | 89 | $ 842 |
Net increase (decrease) | 89 | $ 842 |
Year ended April 30, 2022: | ||
Shares issued to shareholders in reinvestment of distributions | 75 | $ 768 |
Net increase (decrease) | 75 | $ 768 |
(a) | The Fund changed its fiscal year end from April 30 to October 31. |
(b) | The inception of the class was December 13, 2022. |
48 | MainStay MacKay Strategic Municipal Allocation Fund |
MainStay Funds Trust:
50 | MainStay MacKay Strategic Municipal Allocation Fund |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Naïm Abou-Jaoudé* 1966 | MainStay Funds: Trustee since 2023 MainStay Funds Trust: Trustee since 2023 | Chief Executive Officer of New York Life Investment Management LLC (since 2023). Chief Executive Officer of Candriam (an affiliate of New York Life Investment Management LLC) (2007 to 2023). | 81 | MainStay VP Funds Trust: Trustee since 2023 (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2023; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2023; and New York Life Investment Management International (Chair) since 2015 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of his affiliation with New York Life Investment Management LLC and Candriam, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015);MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC (since 1999) | 81 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2021; VanEck Vectors Group of Exchange-Traded Funds: Trustee since 2006 and Independent Chairman of the Board of Trustees from 2008 to 2022 (57 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Investment Committee since 2018 | |
Karen Hammond 1956 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021);MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 81 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Susan B. Kerley 1951 | MainStay Funds: Chair since January 2017 and Trustee since 2007;MainStay Funds Trust: Chair since January 2017 and Trustee since 1990*** | President, Strategic Management Advisors LLC (since 1990) | 81 | MainStay VP Funds Trust: Chair since January 2017 and Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chair since January 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) |
52 | MainStay MacKay Strategic Municipal Allocation Fund |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Alan R. Latshaw 1951 | MainStay Funds: Trusteesince 2006;MainStay Funds Trust: Trustee since 2007*** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 81 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 | |
Jacques P. Perold 1958 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015to December 2015);MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 81 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay Funds: Trustee since 1994;MainStay Funds Trust: Trustee since 2007*** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) (since 2004); Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 81 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 |
** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
*** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay Funds, MainStay Funds Trust (since 2017) | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since 2018); President, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust (since 2017)**; Senior Managing Director, Global Product Development (2015 to 2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay Funds (since 2007), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2007)**; and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay Funds and MainStay Funds Trust (since 2010) | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2010)** | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay Funds and MainStay Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ Trust, IndexIQ ETF Trust and Index IQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund, MainStay VP Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012 to 2022) | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay Funds (since 2005), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2005)** |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, New York Life Insurance Company, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
54 | MainStay MacKay Strategic Municipal Allocation 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. |
5013753MS139-23 | MSMSMA11-12/23 |
Item 2. Code of Ethics.
As of the end of the period covered by this report, the Registrant has adopted a code of ethics (the “Code”) that applies to the Registrant’s principal executive officer (“PEO”) and principal financial officer (“PFO”). During the period covered by this report, no amendments were made to the provisions of the Code. The Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code to the PEO or PFO during the period covered by this report. A copy of the Code is filed herewith.
Item 3. | Audit Committee Financial Expert. |
The Board of Trustees has determined that the Registrant has three “audit committee financial experts” serving on its Audit Committee. The Audit Committee financial experts are Alan R. Latshaw, Karen Hammond and Susan B. Kerley. Mr. Latshaw, Ms. Hammond and Ms. Kerley are “independent” as defined by Item 3 of Form N-CSR.
Item 4. | Principal Accountant Fees and Services. |
(a) Audit Fees
The aggregate fees billed for the fiscal year ended October 31, 2023 for professional services rendered by KPMG LLP (“KPMG”) for the audit of the Registrant’s annual financial statements or services that are normally provided by KPMG in connection with statutory and regulatory filings or engagements for that fiscal year were $1,467,800.
The aggregate fees billed for the fiscal year ended April 30, 2023 for professional services rendered by KPMG for the audit of the Registrant’s series MainStay MacKay Short Term Municipal Fund and MainStay MacKay Strategic Municipal Allocation Fund annual financial statements or services that are normally provided by KPMG in connection with the statutory and regulatory filings or engagements for that fiscal year were $131,200.
The aggregate fees billed for the fiscal year ended October 31, 2022 for professional services rendered by KPMG for the audit of the Registrant’s annual financial statements or services that are normally provided by KPMG in connection with statutory and regulatory filings or engagements for that fiscal year were $1,286.050.
(b) Audit-Related Fees
The aggregate fees billed for assurance and related services by KPMG that are reasonably related to the performance of the audit of the Registrant’s financial statements and are not reported under paragraph (a) of this Item were: (i) $0 for the fiscal year ended October 31, 2023, and (ii) $0 for the fiscal year ended April 30, 2023 for the Registrant’s series MainStay MacKay Short Term Municipal Fund and MainStay MacKay Strategic Municipal Allocation Fund and (iii) $0 for the fiscal year ended October 31, 2022.
(c) Tax Fees
The aggregate fees billed for professional services rendered by KPMG for tax compliance, tax advice, and tax planning were :(i) $0 during the fiscal year ended October 31, 2023, and (ii) $0 for the fiscal year ended April 30, 2023 for the Registrant’s series MainStay MacKay Short Term Municipal Fund and MainStay MacKay Strategic Municipal Allocation Fund. (iii) $0 during the fiscal year ended October 31, 2022. These services primarily included preparation of federal, state and local income tax returns and excise tax returns, as well as services relating to excise tax distribution requirements.
(d) All Other Fees
The aggregate fees billed for products and services provided by KPMG, other than the services reported in paragraphs (a) through (c) of this Item were: (i) $0 during the fiscal year ended October 31, 2023, (ii) $0 for the fiscal year ended April 30, 2023 for the Registrant’s series MainStay MacKay Short Term Municipal Fund and MainStay Strategic Municipal Allocation Fund and (iii) $0 during the fiscal year ended October 31, 2022..
(e) Pre-Approval Policies and Procedures
(1) | The Registrant’s Audit Committee has adopted pre-approval policies and procedures (the “Procedures”) to govern the Committee’s pre-approval of (i) all audit services and permissible non-audit services to be provided to the Registrant by its independent accountant, and (ii) all permissible non-audit services to be provided by such independent accountant to the Registrant’s investment adviser and to any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the Registrant (collectively, the “Service Affiliates”) if the services directly relate to the Registrant’s operations and financial reporting. In accordance with the Procedures, the Audit Committee is responsible for the engagement of the independent accountant to certify the Registrant’s financial statements for each fiscal year. With respect to the pre-approval of non-audit services provided to the Registrant and its Service Affiliates, the Procedures provide that the Audit Committee may annually pre-approve a list of the types of services that may be provided to the Registrant or its Service Affiliates, or the Audit Committee may pre-approve such services on a project-by-project basis as they arise. Unless a type of service has received general pre-approval, it will require specific pre-approval by the Audit Committee if it is to be provided by the independent accountant. The Procedures also permit the Audit Committee to delegate authority to one or more of its members to pre-approve any proposed non-audit services that have not been previously pre-approved by the Audit Committee, subject to the ratification by the full Audit Committee no later than its next scheduled meeting. To date, the Audit Committee has not delegated such authority. |
(2) | With respect to the services described in paragraphs (b) through (d) of this Item 4, no amount was approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. |
(f) There were no hours expended on KPMG’s engagement to audit the Registrant’s financial statements for the most recent fiscal year was attributable to work performed by persons other than KPMG’s full-time, permanent employees.
(g) All non-audit fees billed by KPMG for services rendered to the Registrant for the fiscal years ended October 31, 2023, for the fiscal year ended April 30, 2023 for the Registrant’s series Mainstay MacKay Short Term Municipal Fund and MainStay MacKay Strategic Municipal Allocation Fund and October 31, 2022 are disclosed in 4(b)-(d) above.
The aggregate non-audit fees billed by KPMG for services rendered to the Registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant were approximately: (i) $252,428 for the fiscal year ended October 31, 2023, (ii) $369,972 for the fiscal year ended April 30, 2023 for the Registrant’s series MainStay MacKay Short Term Municipal Fund and MainStay MacKay Strategic Municipal Allocation Fund and (iii) $193,405 for the fiscal year ended October 31, 2022.
(h) The Registrant’s Audit Committee has determined that the non-audit services rendered by KPMG for the fiscal year ended October 31, 2023 to the Registrant’s investment adviser and any entity controlling, controlled by, or under common control with the Registrant’s investment adviser that provides ongoing services to the Registrant that were not required to be pre-approved by the Audit Committee because they did not relate directly to the operations and financial reporting of the registrant were compatible with maintaining the respective independence of KPMG during the relevant time period.
Item 5. | Audit Committee of Listed Registrants. |
Not applicable.
Item 6. | Investments. |
The Schedule of Investments is included as part of Item 1 of this report.
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable.
Item 8. | Portfolio Managers of Closed-End Management Investment Companies. |
Not applicable.
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Not applicable.
Item 10. | Submission of Matters to a Vote of Security Holders. |
Since the Registrant’s last response to this Item, there have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.
Item 11. Controls and Procedures.
(a) Based on an evaluation of the Registrant’s Disclosure Controls and Procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) (the “Disclosure Controls”), as of a date within 90 days prior to the filing date (the “Filing Date”) of this Form N-CSR (the “Report”), the Registrant’s principal executive officer and principal financial officer have concluded that the Disclosure Controls are reasonably designed to ensure that information required to be disclosed by the Registrant in
the Report is recorded, processed, summarized and reported by the Filing Date, including ensuring that information required to be disclosed in the Report is accumulated and communicated to the Registrant’s management, including the Registrant’s principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.
(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d)) under the Investment Company Act of 1940 that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
Item 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. |
Not applicable.
Item 13. | Exhibits. |
(a)(1) |
(a)(2) |
(b) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
MAINSTAY FUNDS TRUST
By: | /s/ Kirk C. Lehneis | |
Kirk C. Lehneis President and Principal Executive Officer | ||
Date: | 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 |