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: November 30
(MainStay Cushing MLP Premier Fund only)
Date of reporting period: November 30, 2023
FORM N-CSR
Item 1. Reports to Stockholders.
Premier 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 November 30, 2023 | |||||||
Class | Sales Charge | Inception Date | One Year | Five Years | Ten Years or Since Inception | Gross Expense Ratio1 | |
Class A Shares2 | Maximum 5.50% Initial Sales Charge | With sales charges | 10/20/2010 | 3.10% | 6.40% | 0.67% | 1.45% |
Excluding sales charges | 9.11 | 7.61 | 1.24 | 1.45 | |||
Investor Class Shares3 | Maximum 5.00% Initial Sales Charge | With sales charges | 7/11/2014 | 3.63 | 6.40 | -0.84 | 1.44 |
Excluding sales charges | 9.08 | 7.61 | -0.24 | 1.44 | |||
Class C Shares2 | Maximum 1.00% CDSC | With sales charges | 10/20/2010 | 7.30 | 6.78 | 0.47 | 2.19 |
if Redeemed Within One Year of Purchase | Excluding sales charges | 8.27 | 6.78 | 0.47 | 2.19 | ||
Class I Shares2 | No Sales Charge | 10/20/2010 | 9.34 | 7.87 | 1.49 | 1.20 |
1. | The gross expense ratios presented reflect the Fund’s “Total Annual Fund Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report. |
2. | Performance figures for Class A shares, Class C shares and Class I shares reflect the historical performance of the then–existing Class A shares, Class C shares and Class I shares, respectively, of the Cushing® MLP Premier Fund (the predecessor to the Fund, which was subject to a different fee structure) for periods prior to July 12, 2014. The Cushing® MLP Premier Fund commenced operations on October 20, 2010. |
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 |
Alerian Midstream Energy Select Index1 | 9.23% | 10.60% | 4.97% |
Cushing MLP Premier Tiered Index2 | 9.23 | 5.84 | 0.19 |
Alerian MLP Index3 | 23.29 | 10.33 | 2.29 |
Morningstar Energy Limited Partnership Category Average4 | 10.84 | 8.58 | 1.99 |
* | 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 Alerian Midstream Energy Select Index is a broad-based composite of North American energy infrastructure companies. The Alerian Midstream Energy Select Index is a capped, float-adjusted, capitalization weighted index, whose constituents earn the majority of their cash flow from midstream activities involving energy commodities. |
2. | The returns for the tiered benchmark represent the returns of the Alerian MLP Index prior to December 1, 2020 and the returns of the Alerian Midstream Energy Select Index thereafter. |
3. | The Alerian MLP Index is an unmanaged, capped, float-adjusted, capitalization-weighted index and a leading gauge of energy MLPs. |
4. | The Morningstar Energy Limited Partnership Category Average is representative of funds that invest primarily a significant amount of their fund in energy master limited partnerships. These include but are not limited to limited partnerships specializing in midstream operations in the energy industry. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
6 | MainStay Cushing® MLP Premier Fund |
Share Class | Beginning Account Value 6/1/23 | Ending Account Value (Based on Actual Returns and Expenses) 11/30/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 11/30/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Class A Shares | $1,000.00 | $1,198.60 | $ 8.21 | $1,017.60 | $ 7.54 | 1.49% |
Investor Class Shares | $1,000.00 | $1,198.10 | $ 8.16 | $1,017.65 | $ 7.49 | 1.48% |
Class C Shares | $1,000.00 | $1,193.00 | $12.26 | $1,013.89 | $11.26 | 2.23% |
Class I Shares | $1,000.00 | $1,198.70 | $ 6.83 | $1,018.85 | $ 6.28 | 1.24% |
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 183 (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. | Targa Resources Corp. |
2. | Energy Transfer LP |
3. | Cheniere Energy, Inc. |
4. | Plains GP Holdings LP, Class A |
5. | ONEOK, Inc. |
6. | Kinder Morgan, Inc. |
7. | Equitrans Midstream Corp. |
8. | Williams Cos., Inc. (The) |
9. | Pembina Pipeline Corp. |
10. | Enterprise Products Partners LP |
8 | MainStay Cushing® MLP Premier 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 Cushing® MLP Premier Fund |
Shares | Value | |
Common Stocks 70.2% | ||
Canadian Midstream 1.9% | ||
Canada 1.9% | ||
Keyera Corp. | 570,000 | $ 14,353,440 |
General Partnerships 4.1% | ||
United States 4.1% | ||
EnLink Midstream LLC | 2,280,000 | 31,167,600 |
Large Cap Diversified C Corps 33.8% | ||
Canada 9.6% | ||
Enbridge, Inc. | 540,000 | 18,829,800 |
Pembina Pipeline Corp. | 1,070,000 | 35,770,100 |
TC Energy Corp. | 520,000 | 19,510,400 |
United States 24.2% | ||
Cheniere Energy, Inc. | 340,000 | 61,931,000 |
Kinder Morgan, Inc. | 2,160,000 | 37,951,200 |
ONEOK, Inc. | 703,000 | 48,401,550 |
Williams Cos., Inc. (The) | 1,020,000 | 37,525,800 |
259,919,850 | ||
Natural Gas Gatherers & Processors 14.8% | ||
United States 14.8% | ||
Antero Midstream Corp. | 650,000 | 8,658,000 |
Hess Midstream LP, Class A | 982,000 | 31,954,280 |
Targa Resources Corp. | 810,000 | 73,264,500 |
113,876,780 | ||
Natural Gas Transportation & Storage 9.4% | ||
United States 9.4% | ||
DT Midstream, Inc. | 525,000 | 30,077,250 |
Equitrans Midstream Corp. | 4,030,000 | 37,801,400 |
Excelerate Energy, Inc., Class A | 290,000 | 4,848,800 |
72,727,450 | ||
Refiners 3.2% | ||
United States 3.2% | ||
Marathon Petroleum Corp. | 110,000 | 16,410,900 |
Phillips 66 | 62,000 | 7,991,180 |
24,402,080 | ||
Utility 0.9% | ||
United States 0.9% | ||
Sempra | 100,000 | 7,287,000 |
YieldCo 2.1% | ||
United States 2.1% | ||
Clearway Energy, Inc., Class C | 451,000 | 11,261,470 |
Shares | Value | ||
YieldCo | |||
United States (continued) | |||
NextEra Energy Partners LP | 220,000 | $ 5,178,800 | |
16,440,270 | |||
Total Common Stocks (Cost $401,637,632) | 540,174,470 | ||
MLP Investments and Related Companies 30.2% | |||
Crude Oil & Refined Products 0.9% | |||
United States 0.9% | |||
Genesis Energy LP | 530,000 | 6,656,800 | |
Large Cap Diversified C Corps 7.6% | |||
United States 7.6% | |||
Plains GP Holdings LP, Class A | 3,620,000 | 58,499,200 | |
Large Cap MLP 17.9% | |||
United States 17.9% | |||
Energy Transfer LP | 5,180,000 | 71,950,200 | |
Enterprise Products Partners LP | 1,290,000 | 34,546,200 | |
MPLX LP | 860,000 | 31,355,600 | |
137,852,000 | |||
Natural Gas Gatherers & Processors 3.8% | |||
United States 3.8% | |||
Western Midstream Partners LP | 990,000 | 29,521,800 | |
Total MLP Investments and Related Companies (Cost $128,414,160) | 232,529,800 | ||
Short-Term Investment 0.5% | |||
Affiliated Investment Company 0.5% | |||
United States 0.5% | |||
MainStay U.S. Government Liquidity Fund 5.255%(a) | 4,069,439 | 4,069,439 | |
Total Short-Term Investment (Cost $4,069,439) | 4,069,439 | ||
Total Investments (Cost $534,121,231) | 100.9% | 776,773,709 | |
Other Assets, Less Liabilities | (0.9) | (7,017,739) | |
Net Assets | 100.0% | $ 769,755,970 |
† | Percentages indicated are based on Fund net assets. |
^ | Industry classifications may be different than those used for compliance monitoring purposes. |
(a) | Current yield as of November 30, 2023. |
12 | MainStay Cushing® MLP Premier 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 | $ 26,006 | $ 149,172 | $ (171,109) | $ — | $ — | $ 4,069 | $ 454 | $ — | 4,069 |
Abbreviation(s): |
MLP—Master limited partnership |
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 | $ 540,174,470 | $ — | $ — | $ 540,174,470 | |||
MLP Investments and Related Companies | 232,529,800 | — | — | 232,529,800 | |||
Short-Term Investment | |||||||
Affiliated Investment Company | 4,069,439 | — | — | 4,069,439 | |||
Total Investments in Securities | $ 776,773,709 | $ — | $ — | $ 776,773,709 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
Assets | |
Investment in unaffiliated securities, at value (identified cost $530,051,792) | $772,704,270 |
Investment in affiliated investment companies, at value (identified cost $4,069,439) | 4,069,439 |
Cash denominated in foreign currencies (identified cost $803,618) | 805,850 |
Receivables: | |
Investment securities sold | 3,080,096 |
Dividends | 690,485 |
Fund shares sold | 431,449 |
Other assets | 57,087 |
Total assets | 781,838,676 |
Liabilities | |
Due to custodian | 1,044 |
Payables: | |
Investments purchased | 7,599,282 |
Fund shares redeemed | 3,301,055 |
Manager fees (See Note 3) | 673,420 |
NYLIFE Distributors (See Note 3) | 177,656 |
Transfer agent (See Note 3) | 142,368 |
Professional fees | 14,617 |
Shareholder communication | 14,434 |
Custodian | 14,392 |
Trustees | 5,533 |
Accrued expenses | 545 |
Distributions payable | 138,360 |
Total liabilities | 12,082,706 |
Net assets | $769,755,970 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 88,936 |
Additional paid-in-capital | 627,397,890 |
627,486,826 | |
Total distributable earnings (loss) | 142,269,144 |
Net assets | $769,755,970 |
Class A | |
Net assets applicable to outstanding shares | $288,606,224 |
Shares of beneficial interest outstanding | 32,658,468 |
Net asset value per share outstanding | $ 8.84 |
Maximum sales charge (5.50% of offering price) | 0.51 |
Maximum offering price per share outstanding | $ 9.35 |
Investor Class | |
Net assets applicable to outstanding shares | $ 2,895,886 |
Shares of beneficial interest outstanding | 326,913 |
Net asset value per share outstanding | $ 8.86 |
Maximum sales charge (5.00% of offering price) | 0.47 |
Maximum offering price per share outstanding | $ 9.33 |
Class C | |
Net assets applicable to outstanding shares | $149,820,816 |
Shares of beneficial interest outstanding | 21,159,033 |
Net asset value and offering price per share outstanding | $ 7.08 |
Class I | |
Net assets applicable to outstanding shares | $328,433,044 |
Shares of beneficial interest outstanding | 34,791,221 |
Net asset value and offering price per share outstanding | $ 9.44 |
14 | MainStay Cushing® MLP Premier Fund |
Investment Income (Loss) | |
Income | |
Dividends and distributions (Net of return of capital of $23,705,712) (a) | $17,817,550 |
Dividends-affiliated | 453,938 |
Total income | 18,271,488 |
Expenses | |
Manager (See Note 3) | 7,984,344 |
Distribution/Service—Class A (See Note 3) | 675,185 |
Distribution/Service—Investor Class (See Note 3) | 7,237 |
Distribution/Service—Class C (See Note 3) | 1,450,332 |
Transfer agent (See Note 3) | 702,923 |
Professional fees | 178,464 |
Registration | 81,875 |
Shareholder communication | 81,111 |
Custodian | 45,345 |
Trustees | 19,847 |
Franchise tax | (140,747) |
Miscellaneous | 22,137 |
Total expenses before waiver/reimbursement | 11,108,053 |
Reimbursement from prior custodian(b) | (1,440) |
Net expenses | 11,106,613 |
Net investment income (loss) | 7,164,875 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions, before income taxes | 49,857,979 |
Foreign currency transactions | (29,766) |
Net realized gain (loss) | 49,828,213 |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments, before income taxes | 5,509,239 |
Translation of other assets and liabilities in foreign currencies | 15,333 |
Net change in unrealized appreciation (depreciation) | 5,524,572 |
Net realized and unrealized gain (loss) | 55,352,785 |
Net increase (decrease) in net assets resulting from operations | $62,517,660 |
(a) | Dividends recorded net of foreign withholding taxes in the amount of $814,122. |
(b) | Represents a refund for overbilling of custody fees. |
for the years ended November 30, 2023 and November 30, 2022
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 7,164,875 | $ 2,640,319 |
Net realized gain (loss) | 49,828,213 | 77,920,041 |
Net change in unrealized appreciation (depreciation) | 5,524,572 | 120,670,527 |
Net increase (decrease) in net assets resulting from operations | 62,517,660 | 201,230,887 |
Distributions to shareholders: | ||
Class A | (3,945,475) | (18,246,740) |
Investor Class | (41,794) | (195,443) |
Class C | (2,591,427) | (13,164,913) |
Class I | (4,221,269) | (20,943,651) |
(10,799,965) | (52,550,747) | |
Distributions to shareholders from return of capital: | ||
Class A | (20,560,275) | (5,391,374) |
Investor Class | (217,795) | (57,748) |
Class C | (13,504,196) | (3,889,844) |
Class I | (21,997,471) | (6,188,232) |
(56,279,737) | (15,527,198) | |
Total distributions to shareholders | (67,079,702) | (68,077,945) |
Capital share transactions: | ||
Net proceeds from sales of shares | 98,984,060 | 181,505,764 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 65,510,460 | 66,552,261 |
Cost of shares redeemed | (164,478,309) | (223,005,465) |
Increase (decrease) in net assets derived from capital share transactions | 16,211 | 25,052,560 |
Net increase (decrease) in net assets | (4,545,831) | 158,205,502 |
Net Assets | ||
Beginning of year | 774,301,801 | 616,096,299 |
End of year | $ 769,755,970 | $ 774,301,801 |
16 | MainStay Cushing® MLP Premier Fund |
Year Ended November 30, | |||||||||
Class A | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 8.87 | $ 7.28 | $ 5.93 | $ 9.09 | $ 10.64 | ||||
Net investment income (loss) (a) | 0.09 | 0.04 | 0.03 | (0.01) | (0.09) | ||||
Net realized and unrealized gain (loss) | 0.64 | 2.33 | 2.22 | (2.25) | (0.52) | ||||
Total from investment operations | 0.73 | 2.37 | 2.25 | (2.26) | (0.61) | ||||
Less distributions: | |||||||||
From net investment income | (0.13) | (0.60) | (0.06) | — | — | ||||
Return of capital | (0.63) | (0.18) | (0.84) | (0.90) | (0.94) | ||||
Total distributions | (0.76) | (0.78) | (0.90) | (0.90) | (0.94) | ||||
Net asset value at end of year | $ 8.84 | $ 8.87 | $ 7.28 | $ 5.93 | $ 9.09 | ||||
Total investment return (b) | 9.11% | 34.02% | 39.57% | (24.48)% | (6.40)% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) (including net deferred income tax benefit (expense)) | 1.04% | 0.45% | 0.48%(c) | (0.13)%(c) | (0.92)%(c) | ||||
Net investment income (loss) (excluding net deferred income tax benefit (expense)) | 1.02% | 0.45% | 0.50%(c) | (0.11)%(c) | (0.90)%(c) | ||||
Net expenses (including net deferred income tax benefit (expense)) (d)(e) | 1.49% | 1.45% | 1.61%(c) | 1.60%(c) | 1.54%(c) | ||||
Portfolio turnover rate | 20% | 32% | 28% | 33% | 50% | ||||
Net assets at end of year (in 000’s) | $ 288,606 | $ 283,004 | $ 209,634 | $ 168,532 | $ 249,399 |
(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) | Ratios including/excluding tax benefit (expense) includes applicable franchise tax expense for the period. For the year ended November 30, 2021, the Fund accrued $(94,246) in franchise tax expense, of which $(32,777) is attributable to Class A. For the year ended November 30, 2020, the Fund accrued $(111,509) in franchise tax expense, of which $(30,329) is attributable to Class A. For the year ended November 30, 2019, the Fund accrued $(209,064) in franchise tax expense, of which $(48,618) is attributable to Class A. |
(d) | The ratio of expenses excluding tax expense to average net assets before waiver and recoupment was 1.51%, 1.45%, 1.59%, 1.59%, and 1.53% for the fiscal years ended November 30, 2023, 2022, 2021, 2020, and 2019, respectively. The ratio of expenses excluding tax expense to average net assets after waiver and recoupment was 1.51%, 1.45%, 1.59%, 1.59%, and 1.53% for the fiscal years ended November 30, 2023, 2022, 2021, 2020, and 2019, respectively. |
(e) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-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 November 30, | |||||||||
Investor Class | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 8.89 | $ 7.29 | $ 5.94 | $ 9.10 | $ 10.65 | ||||
Net investment income (loss) (a) | 0.09 | 0.03 | 0.03 | (0.01) | (0.09) | ||||
Net realized and unrealized gain (loss) | 0.64 | 2.35 | 2.22 | (2.25) | (0.52) | ||||
Total from investment operations | 0.73 | 2.38 | 2.25 | (2.26) | (0.61) | ||||
Less distributions: | |||||||||
From net investment income | (0.13) | (0.60) | (0.07) | — | — | ||||
Return of capital | (0.63) | (0.18) | (0.83) | (0.90) | (0.94) | ||||
Total distributions | (0.76) | (0.78) | (0.90) | (0.90) | (0.94) | ||||
Net asset value at end of year | $ 8.86 | $ 8.89 | $ 7.29 | $ 5.94 | $ 9.10 | ||||
Total investment return (b) | 9.08% | 34.12% | 39.50% | (24.45)% | (6.04)% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) (including net deferred income tax benefit (expense)) | 1.03% | 0.42% | 0.40%(c) | (0.18)%(c) | (0.92)%(c) | ||||
Net investment income (loss) (excluding net deferred income tax benefit (expense)) | 1.01% | 0.42% | 0.42%(c) | (0.17)%(c) | (0.91)%(c) | ||||
Net expenses (including net deferred income tax benefit (expense)) (d)(e) | 1.48% | 1.44% | 1.64%(c) | 1.64%(c) | 1.54%(c) | ||||
Portfolio turnover rate | 20% | 32% | 28% | 33% | 50% | ||||
Net assets at end of year (in 000's) | $ 2,896 | $ 3,011 | $ 2,105 | $ 1,783 | $ 2,446 |
(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) | Ratios including/excluding tax benefit (expense) includes applicable franchise tax expense for the period. For the year ended November 30, 2021, the Fund accrued $(94,246) in franchise tax expense, of which $(311) is attributable to Investor Class. For the year ended November 30, 2020, The Fund accrued $(111,509) in franchise tax expense, of which $(313) is attributable to Investor Class. For the year ended November 30, 2019, the Fund accrued $(209,064) in franchise tax expense, of which $(466) is attributable to Investor Class. |
(d) | The ratio of expenses excluding tax expense to average net assets before waiver was 1.50%, 1.44%, 1.62%, 1.63%, and 1.53% for the fiscal years ended November 30, 2023, 2022, 2021, 2020, and 2019, respectively. The ratio of expenses excluding tax expense to average net assets after waiver was 1.50%, 1.44%, 1.62%, 1.63%, and 1.53% for the fiscal years ended November 30, 2023, 2022, 2021, 2020 and 2019, respectively. |
(e) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-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 Cushing® MLP Premier Fund |
Year Ended November 30, | |||||||||
Class C | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 7.31 | $ 6.16 | $ 5.17 | $ 8.14 | $ 9.69 | ||||
Net investment income (loss) (a) | 0.02 | (0.02) | (0.03) | (0.05) | (0.15) | ||||
Net realized and unrealized gain (loss) | 0.51 | 1.95 | 1.92 | (2.02) | (0.46) | ||||
Total from investment operations | 0.53 | 1.93 | 1.89 | (2.07) | (0.61) | ||||
Less distributions: | |||||||||
From net investment income | (0.13) | (0.60) | (0.08) | — | — | ||||
Return of capital | (0.63) | (0.18) | (0.82) | (0.90) | (0.94) | ||||
Total distributions | (0.76) | (0.78) | (0.90) | (0.90) | (0.94) | ||||
Net asset value at end of year | $ 7.08 | $ 7.31 | $ 6.16 | $ 5.17 | $ 8.14 | ||||
Total investment return (b) | 8.27% | 33.01% | 38.36% | (25.03)% | (7.06)% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) (including net deferred income tax benefit (expense)) | 0.28% | (0.33)% | (0.41)%(c) | (0.87)%(c) | (1.65)%(c) | ||||
Net investment income (loss) (excluding net deferred income tax benefit (expense)) | 0.26% | (0.33)% | (0.39)%(c) | (0.85)%(c) | (1.64)%(c) | ||||
Net expenses (including net deferred income tax benefit (expense)) (d)(e) | 2.23% | 2.19% | 2.39%(c) | 2.39%(c) | 2.29%(c) | ||||
Portfolio turnover rate | 20% | 32% | 28% | 33% | 50% | ||||
Net assets at end of year (in 000’s) | $ 149,821 | $ 159,900 | $ 140,379 | $ 138,776 | $ 272,423 |
(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) | Ratios including/excluding tax benefit (expense) includes applicable franchise tax expense for the period. For the year ended November 30, 2021, the Fund accrued $(94,246) in franchise tax expense, of which $(22,323) is attributable to Class C. For the year ended November 30, 2020, the Fund accrued $(111,509) in franchise tax expense, of which $(29,666) is attributable to Class C. For the year ended November 30, 2019, the Fund accrued $(209,064) in franchise tax expense, of which $(60,864) is attributable to Class C. |
(d) | The ratio of expenses excluding tax expense to average net assets before waiver and recoupment was 2.25%, 2.19%, 2.37%, 2.38%, and 2.28% for the fiscal years ended November 30, 2023, 2022, 2021, 2020 and 2019, respectively. The ratio of expenses excluding tax expense to average net assets after waiver and recoupment was 2.25%, 2.19%, 2.37%, 2.38%, and 2.28% for the fiscal years ended November 30, 2023, 2022, 2021, 2020 and 2019, respectively. |
(e) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-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 November 30, | |||||||||
Class I | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 9.40 | $ 7.66 | $ 6.19 | $ 9.41 | $ 10.95 | ||||
Net investment income (loss) (a) | 0.11 | 0.06 | 0.05 | 0.01 | (0.07) | ||||
Net realized and unrealized gain (loss) | 0.69 | 2.46 | 2.32 | (2.33) | (0.53) | ||||
Total from investment operations | 0.80 | 2.52 | 2.37 | (2.32) | (0.60) | ||||
Less distributions: | |||||||||
From net investment income | (0.13) | (0.60) | (0.07) | — | — | ||||
Return of capital | (0.63) | (0.18) | (0.83) | (0.90) | (0.94) | ||||
Total distributions | (0.76) | (0.78) | (0.90) | (0.90) | (0.94) | ||||
Net asset value at end of year | $ 9.44 | $ 9.40 | $ 7.66 | $ 6.19 | $ 9.41 | ||||
Total investment return (b) | 9.34% | 34.30% | 39.87% | (24.27)% | (6.12)% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) (including net deferred income tax benefit (expense)) | 1.28% | 0.67% | 0.72%(c) | 0.19%(c) | (0.65)%(c) | ||||
Net investment income (loss) (excluding net deferred income tax benefit (expense)) | 1.26% | 0.67% | 0.74%(c) | 0.21%(c) | (0.63)%(c) | ||||
Net expenses (including net deferred income tax benefit (expense)) (d)(e) | 1.24% | 1.20% | 1.36%(c) | 1.35%(c) | 1.29%(c) | ||||
Portfolio turnover rate | 20% | 32% | 28% | 33% | 50% | ||||
Net assets at end of year (in 000’s) | $ 328,433 | $ 328,387 | $ 263,978 | $ 218,903 | $ 461,177 |
(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) | Ratios including/excluding tax benefit (expense) includes applicable franchise tax expense for the period. For the year ended November 30, 2021, the Fund accrued $(94,246) in franchise tax expense, of which $(38,835) is attributable to Class I. For the year ended November 30, 2020, the Fund accrued $(111,509) in franchise tax expense, of which $(51,201) is attributable to Class I. For the year ended November 30, 2019, the Fund accrued $(209,064) in franchise tax expense, of which $(99,116) is attributable to Class I. |
(d) | The ratio of expenses excluding tax expense to average net assets before waiver and recoupment was 1.26%, 1.20%, 1.34%, 1.34%, and 1.27% for the fiscal years ended November 30, 2023, 2022, 2021, 2020 and 2019, respectively. The ratio of expenses excluding tax expense to average net assets after waiver and recoupment was 1.26%, 1.20%, 1.34%, 1.34%, and 1.27% for the fiscal years ended November 30, 2023, 2022, 2021, 2020 and 2019, respectively. |
(e) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-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 Cushing® MLP Premier Fund |
Class | Commenced Operations |
Class A | October 20, 2010 |
Investor Class | July 11, 2014 |
Class C | October 20, 2010 |
Class I | October 20, 2010 |
• | 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 |
22 | MainStay Cushing® MLP Premier Fund |
24 | MainStay Cushing® MLP Premier Fund |
Class | Expense | Waived |
Class A | $267,767 | $— |
Investor Class | 2,566 | — |
Class C | 127,830 | — |
Class I | 304,760 | — |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $454,315,548 | $337,177,501 | $(14,719,340) | $322,458,161 |
Ordinary Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$— | $(180,044,261) | $(138,360) | $322,451,765 | $142,269,144 |
Total Distributable Earnings (Loss) | Additional Paid-In Capital | |
$(2,211,721) | $2,211,721 |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $178,033 | $2,011 |
2023 | 2022 | |
Distributions paid from: | ||
Ordinary Income | $10,799,965 | $52,550,747 |
Return of Capital | 56,279,737 | 15,527,198 |
Total | $67,079,702 | $68,077,945 |
26 | MainStay Cushing® MLP Premier Fund |
Class A | Shares | Amount |
Year ended November 30, 2023: | ||
Shares sold | 4,852,459 | $ 40,227,707 |
Shares issued to shareholders in reinvestment of distributions | 2,826,323 | 23,515,832 |
Shares redeemed | (7,064,834) | (59,059,381) |
Net increase (decrease) in shares outstanding before conversion | 613,948 | 4,684,158 |
Shares converted into Class A (See Note 1) | 216,705 | 1,806,765 |
Shares converted from Class A (See Note 1) | (70,159) | (606,438) |
Net increase (decrease) | 760,494 | $ 5,884,485 |
Year ended November 30, 2022: | ||
Shares sold | 8,807,029 | $ 71,843,787 |
Shares issued to shareholders in reinvestment of distributions | 2,780,383 | 22,691,743 |
Shares redeemed | (8,662,302) | (70,108,405) |
Net increase (decrease) in shares outstanding before conversion | 2,925,110 | 24,427,125 |
Shares converted into Class A (See Note 1) | 170,723 | 1,413,711 |
Shares converted from Class A (See Note 1) | (8,076) | (62,220) |
Net increase (decrease) | 3,087,757 | $ 25,778,616 |
Investor Class | Shares | Amount |
Year ended November 30, 2023: | ||
Shares sold | 33,381 | $ 273,658 |
Shares issued to shareholders in reinvestment of distributions | 29,549 | 246,201 |
Shares redeemed | (35,992) | (300,533) |
Net increase (decrease) in shares outstanding before conversion | 26,938 | 219,326 |
Shares converted into Investor Class (See Note 1) | 22,208 | 187,861 |
Shares converted from Investor Class (See Note 1) | (60,886) | (506,793) |
Net increase (decrease) | (11,740) | $ (99,606) |
Year ended November 30, 2022: | ||
Shares sold | 190,437 | $ 1,579,531 |
Shares issued to shareholders in reinvestment of distributions | 29,000 | 237,621 |
Shares redeemed | (55,628) | (455,466) |
Net increase (decrease) in shares outstanding before conversion | 163,809 | 1,361,686 |
Shares converted into Investor Class (See Note 1) | 4,202 | 34,026 |
Shares converted from Investor Class (See Note 1) | (118,144) | (984,443) |
Net increase (decrease) | 49,867 | $ 411,269 |
Class C | Shares | Amount |
Year ended November 30, 2023: | ||
Shares sold | 2,437,852 | $ 16,547,273 |
Shares issued to shareholders in reinvestment of distributions | 2,309,773 | 15,600,255 |
Shares redeemed | (5,255,948) | (35,590,435) |
Net increase (decrease) in shares outstanding before conversion | (508,323) | (3,442,907) |
Shares converted from Class C (See Note 1) | (198,982) | (1,354,505) |
Net increase (decrease) | (707,305) | $ (4,797,412) |
Year ended November 30, 2022: | ||
Shares sold | 3,337,346 | $ 22,776,877 |
Shares issued to shareholders in reinvestment of distributions | 2,434,067 | 16,554,902 |
Shares redeemed | (6,635,287) | (44,689,885) |
Net increase (decrease) in shares outstanding before conversion | (863,874) | (5,358,106) |
Shares converted from Class C (See Note 1) | (69,519) | (478,310) |
Net increase (decrease) | (933,393) | $ (5,836,416) |
Class I | Shares | Amount |
Year ended November 30, 2023: | ||
Shares sold | 4,727,385 | $ 41,935,422 |
Shares issued to shareholders in reinvestment of distributions | 2,952,321 | 26,148,172 |
Shares redeemed | (7,864,350) | (69,527,960) |
Net increase (decrease) in shares outstanding before conversion | (184,644) | (1,444,366) |
Shares converted into Class I (See Note 1) | 65,842 | 606,338 |
Shares converted from Class I (See Note 1) | (14,958) | (133,228) |
Net increase (decrease) | (133,760) | $ (971,256) |
Year ended November 30, 2022: | ||
Shares sold | 9,948,919 | $ 85,305,569 |
Shares issued to shareholders in reinvestment of distributions | 3,142,031 | 27,067,995 |
Shares redeemed | (12,647,194) | (107,751,709) |
Net increase (decrease) in shares outstanding before conversion | 443,756 | 4,621,855 |
Shares converted into Class I (See Note 1) | 10,524 | 89,174 |
Shares converted from Class I (See Note 1) | (1,377) | (11,938) |
Net increase (decrease) | 452,903 | $ 4,699,091 |
28 | MainStay Cushing® MLP Premier Fund |
MainStay Funds Trust:
30 | MainStay Cushing® MLP Premier 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 Cushing® MLP Premier 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 Cushing® MLP Premier 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. |
5013537MS152-23 | MSCU11-01/24 |
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 November 30, 2023 for professional services rendered by KPMG LLP (“KPMG”) for the audit of the Registrant’s annual financial statements or services that are normally provided by KPMG in connection with statutory and regulatory filings or engagements for that fiscal year were $126,990.
The aggregate fees billed for the fiscal year ended November 30, 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 $122,200.
(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 November 30, 2023; and (ii) $0 for the fiscal year ended November 30, 2022.
(c) | Tax Fees |
The aggregate fees billed for professional services rendered by KPMG for tax compliance, tax advice, and tax planning were: (i) $0 during the fiscal year ended November 30, 2023; and (ii) $0 during the fiscal year ended November 30, 2022. These services primarily included preparation of federal, state and local income tax returns and excise tax returns, as well as services relating to excise tax distribution requirements.
(d) All Other Fees
The aggregate fees billed for products and services provided by KPMG, other than the services reported in paragraphs (a) through (c) of this Item were: (i) $0 during the fiscal year ended November 30, 2023; and (ii) $0 during the fiscal year ended November 30, 2022.
(e) | Pre-Approval Policies and Procedures |
(1) | The Registrant’s Audit Committee has adopted pre-approval policies and procedures (the “Procedures”) to govern the Committee’s pre-approval of (i) all audit services and permissible non-audit services to be provided to the Registrant by its independent accountant, and (ii) all permissible non-audit services to be provided by such independent accountant to the Registrant’s investment adviser and to any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the Registrant (collectively, the “Service Affiliates”) if the services directly relate to the Registrant’s operations and financial reporting. In accordance with the Procedures, the Audit Committee is responsible for the engagement of the independent accountant to certify the Registrant’s financial statements for each fiscal year. With respect to the pre-approval of non-audit services provided to the Registrant and its Service Affiliates, the Procedures provide that the Audit Committee may annually pre-approve a list of the types of services that may be provided to the Registrant or its Service Affiliates, or the Audit Committee may pre-approve such services on a project-by-project basis as they arise. Unless a type of service has received general pre-approval, it will require specific pre-approval by the Audit Committee if it is to be provided by the independent accountant. The Procedures also permit the Audit Committee to delegate authority to one or more of its members to pre-approve any proposed non-audit services that have not been previously pre-approved by the Audit Committee, subject to the ratification by the full Audit Committee no later than its next scheduled meeting. To date, the Audit Committee has not delegated such authority. |
(2) | With respect to the services described in paragraphs (b) through (d) of this Item 4, no amount was approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. |
(f) There were no hours expended on KPMG’s engagement to audit the Registrant’s financial statements for the most recent fiscal year was attributable to work performed by persons other than KPMG’s full-time, permanent employees.
(g) All non-audit fees billed by KPMG for services rendered to the Registrant for the fiscal years ended November 30, 2023 and November 30, 2022 are disclosed in 4(b)-(d) above.
The aggregate non-audit fees billed by KPMG for services rendered to the Registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant were approximately: (i) $222,674 for the fiscal year ended November 30, 2023; and (ii) $223,159 for the fiscal year ended November 30, 2022.
(h) The Registrant’s Audit Committee has determined that the non-audit services rendered by KPMG for the fiscal year ended November 30, 2023 to the Registrant’s investment adviser and any entity controlling, controlled by, or under common control with the Registrant’s investment adviser that provides ongoing services to the Registrant that were not required to be pre-approved by the Audit
Committee because they did not relate directly to the operations and financial reporting of the registrant were compatible with maintaining the respective independence of KPMG during the relevant time period.
Item 5. | Audit Committee of Listed Registrants. |
Not applicable.
Item 6. | Investments. |
The Schedule of Investments is included as part of Item 1 of this report.
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable.
Item 8. | Portfolio Managers of Closed-End Management Investment Companies. |
Not applicable.
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Not applicable.
Item 10. | Submission of Matters to a Vote of Security Holders. |
Since the Registrant’s last response to this Item, there have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.
Item 11. | Controls and Procedures. |
(a) Based on an evaluation of the Registrant’s Disclosure Controls and Procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) (the “Disclosure Controls”), as of a date within 90 days prior to the filing date (the “Filing Date”) of this Form N-CSR (the “Report”), the Registrant’s principal executive officer and principal financial officer have concluded that the Disclosure Controls are reasonably designed to ensure that information required to be disclosed by the Registrant in the Report is recorded, processed, summarized and reported by the Filing Date, including ensuring that information required to be disclosed in the Report is accumulated and communicated to the Registrant’s management, including the Registrant’s principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.
(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d)) under the Investment Company Act of 1940 that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
Item 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. |
Not applicable.
Item 13. | Exhibits. |
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: | February 2, 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: | February 2, 2024 | |
By: | /s/ Jack R. Benintende | |
Jack R. Benintende | ||
Treasurer and Principal Financial and Accounting Officer | ||
Date: | February 2, 2024 |