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 811-04550
THE MAINSTAY FUNDS
(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, 2022
FORM N-CSR
Item 1. | Reports to Stockholders. |
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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, 2022 | |||||||
Class | Sales Charge | Inception Date1 | One Year | Five Years | Ten Years | Gross Expense Ratio2 | |
Class A Shares | Maximum 4.5% Initial Sales Charge | With sales charges | 6/1/1998 | -28.31% | -5.09% | -0.88% | 1.32% |
Excluding sales charges | -24.93 | -4.21 | -0.42 | 1.32 | |||
Investor Class Shares3 | Maximum 4% Initial Sales Charge | With sales charges | 2/28/2008 | -28.26 | -5.39 | -1.13 | 1.70 |
Excluding sales charges | -25.27 | -4.51 | -0.67 | 1.70 | |||
Class B Shares4 | Maximum 5% CDSC | With sales charges | 6/1/1998 | -29.38 | -5.57 | -1.42 | 2.45 |
if Redeemed Within the First Six Years of Purchase | Excluding sales charges | -25.85 | -5.25 | -1.42 | 2.45 | ||
Class C Shares | Maximum 1% CDSC | With sales charges | 9/1/1998 | -26.61 | -5.25 | -1.41 | 2.45 |
if Redeemed Within One Year of Purchase | Excluding sales charges | -25.90 | -5.25 | -1.41 | 2.45 | ||
Class I Shares | No Sales Charge | 8/31/2007 | -24.75 | -3.95 | -0.15 | 1.06 |
1. | Prior to February 28, 2017, the Fund's primary investment strategies were changed. Effective June 21, 2019, the Fund replaced its prior subadvisor and modified its investment objective and principal investment strategies. The performance in the graph and table prior to those dates reflects its prior subadvisor's, 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 4.5%, 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. |
Benchmark Performance* | One Year | Five Years | Ten Years |
JPMorgan EMBI Global Diversified Index1 | -24.19% | -2.66% | 1.01% |
Morningstar Emerging Markets Bond Category Average2 | -21.77 | -2.75 | -0.59 |
* | 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 JPMorgan EMBI Global Diversified Index is the Fund’s primary broad-based securities market index for comparison purposes. The JPMorgan EMBI Global Diversified Index is a market-capitalization weighted, total return index tracking the traded market for U.S. dollar-denominated Brady Bonds, Eurobonds, traded loans and local market debt instruments issued by sovereign and quasi-sovereign entities. |
2. | The Morningstar Emerging Markets Bond Category Average is representative of funds that invest more than 65% of their assets in foreign bonds from developing countries. The largest portion of the emerging-markets bond market comes from Latin America, followed by Eastern Europe. Africa, the Middle East, and Asia make up the rest. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
6 | MainStay Candriam Emerging Markets Debt Fund |
Share Class | Beginning Account Value 5/1/22 | Ending Account Value (Based on Actual Returns and Expenses) 10/31/22 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 10/31/22 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Class A Shares | $1,000.00 | $878.80 | $ 5.45 | $1,019.41 | $ 5.85 | 1.15% |
Investor Class Shares | $1,000.00 | $877.00 | $ 7.43 | $1,017.29 | $ 7.98 | 1.57% |
Class B Shares | $1,000.00 | $873.20 | $11.00 | $1,013.46 | $11.82 | 2.33% |
Class C Shares | $1,000.00 | $873.40 | $11.00 | $1,013.46 | $11.82 | 2.33% |
Class I Shares | $1,000.00 | $880.30 | $ 4.03 | $1,020.92 | $ 4.33 | 0.85% |
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. |
Mexico | 8.6% |
United States | 7.1 |
United Arab Emirates | 6.3 |
Saudi Arabia | 5.4 |
Chile | 4.8 |
Indonesia | 4.7 |
Romania | 4.5 |
Colombia | 4.4 |
Brazil | 3.3 |
Oman | 3.2 |
South Africa | 3.0 |
Qatar | 2.9 |
Dominican Republic | 2.9 |
Hungary | 2.5 |
Croatia | 2.4 |
Egypt | 2.2 |
Azerbaijan | 2.0 |
Angola | 1.8 |
Bahrain | 1.7 |
Philippines | 1.7 |
Nigeria | 1.6 |
Uruguay | 1.5 |
Ecuador | 1.4 |
Argentina | 1.4 |
Ukraine | 1.3 |
Paraguay | 1.3% |
Panama | 1.3 |
El Salvador | 1.0 |
Republic of the Congo | 1.0 |
Gabon | 0.9 |
Peru | 0.9 |
Tunisia | 0.8 |
Iraq | 0.8 |
Ghana | 0.7 |
Georgia | 0.7 |
Venezuela | 0.7 |
Poland | 0.6 |
Mozambique | 0.6 |
India | 0.6 |
Cote D'Ivoire | 0.6 |
Zambia | 0.4 |
Bahamas | 0.4 |
Sri Lanka | 0.3 |
Senegal | 0.3 |
Republic Of Serbia | 0.2 |
Lebanon | 0.2 |
Pakistan | 0.1 |
Other Assets, Less Liabilities | 3.0 |
100.0% |
1. | Mexico Government Bond, 2.659%-4.75%, due 1/21/26–4/19/71 |
2. | Chile Government Bond, 2.55%-4.34%, due 1/27/32–1/22/61 |
3. | Abu Dhabi Government Bond, 1.875%-3.875%, due 4/16/25–4/16/50 |
4. | Romanian Government Bond, 3.00%-6.00%, due 2/27/27–5/25/34 |
5. | Oman Government Bond, 4.875%-7.00%, due 2/1/25–1/25/51 |
6. | Colombia Government Bond, 3.125%-6.125%, due 2/26/24–5/15/49 |
7. | South Africa Government Bond, 4.30%-7.30%, due 9/16/25–4/20/52 |
8. | Qatar Government Bond, 3.40%-4.40%, due 4/16/25–4/16/50 |
9. | Dominican Republic Government Bond, 4.875%-5.95%, due 1/27/25–1/30/60 |
10. | Hungary Government Bond, 2.125%-3.125%, due 9/22/31–9/21/51 |
8 | MainStay Candriam Emerging Markets Debt Fund |
1. | See page 5 for other share class returns, which may be higher or lower than Class I share returns. See page 6 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. | 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. |
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 Candriam Emerging Markets Debt Fund |
6. | 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. |
Principal Amount | Value | |
Long-Term Bonds 89.9% | ||
Corporate Bonds 9.1% | ||
Brazil 2.4% | ||
Arcos Dorados BV | ||
Series Reg S | ||
6.125%, due 5/27/29 | $ 500,000 | $ 460,000 |
Braskem Netherlands Finance BV | ||
Series Reg S | ||
4.50%, due 1/31/30 | 800,000 | 649,136 |
Rumo Luxembourg SARL | ||
Series Reg S | ||
4.20%, due 1/18/32 | 500,000 | 378,750 |
1,487,886 | ||
Georgia 0.7% | ||
Georgian Railway JSC | ||
Series Reg S | ||
4.00%, due 6/17/28 | 600,000 | 451,548 |
Mexico 2.2% | ||
Alpek SAB de CV | ||
Series Reg S | ||
3.25%, due 2/25/31 (a) | 750,000 | 573,560 |
Cemex SAB de CV | ||
Series Reg S | ||
3.875%, due 7/11/31 (a) | 500,000 | 380,582 |
Orbia Advance Corp. SAB de CV | ||
Series Reg S | ||
5.875%, due 9/17/44 | 500,000 | 384,895 |
1,339,037 | ||
Saudi Arabia 2.6% | ||
Gaci First Investment Co. | ||
Series Reg S | ||
5.25%, due 10/13/32 | 1,300,000 | 1,269,125 |
SA Global Sukuk Ltd. | ||
Series Reg S | ||
1.602%, due 6/17/26 | 400,000 | 349,916 |
1,619,041 | ||
United Arab Emirates 1.1% | ||
Galaxy Pipeline Assets Bidco Ltd. | ||
Series Reg S | ||
2.625%, due 3/31/36 | 650,000 | 493,660 |
MDGH GMTN RSC Ltd. | ||
Series Reg S | ||
5.50%, due 4/28/33 | 200,000 | 198,656 |
692,316 |
Principal Amount | Value | |
Venezuela 0.1% | ||
Petroleos de Venezuela SA | ||
5.375%, due 4/12/27 (b)(c)(d) | $ 3,000,000 | $ 60,000 |
Total Corporate Bonds (Cost $7,386,501) | 5,649,828 | |
Foreign Government Bonds 80.8% | ||
Angola 1.8% | ||
Angola Government Bond | ||
Series Reg S | ||
8.00%, due 11/26/29 | 400,000 | 324,680 |
Series Reg S | ||
8.75%, due 4/14/32 | 500,000 | 402,750 |
Series Reg S | ||
9.375%, due 5/8/48 | 500,000 | 379,400 |
1,106,830 | ||
Argentina 1.4% | ||
Buenos Aires Government Bond | ||
Series Reg S | ||
5.25%, due 9/1/37 (e) | 2,887,805 | 869,652 |
Azerbaijan 2.0% | ||
Southern Gas Corridor CJSC | ||
Series Reg S | ||
6.875%, due 3/24/26 | 700,000 | 687,764 |
State Oil Co. of the Azerbaijan Republic | ||
Series Reg S | ||
6.95%, due 3/18/30 | 550,000 | 534,094 |
1,221,858 | ||
Bahamas 0.4% | ||
Bahamas Government Bond | ||
Series Reg S | ||
6.00%, due 11/21/28 | 400,000 | 252,545 |
Bahrain 1.7% | ||
Bahrain Government Bond | ||
Series Reg S | ||
5.625%, due 5/18/34 | 500,000 | 391,290 |
Series Reg S | ||
6.25%, due 1/25/51 | 300,000 | 210,991 |
Series Reg S | ||
6.75%, due 9/20/29 | 500,000 | 469,170 |
1,071,451 |
12 | MainStay Candriam Emerging Markets Debt Fund |
Principal Amount | Value | |
Foreign Government Bonds (continued) | ||
Brazil 0.9% | ||
Brazil Government Bond | ||
8.75%, due 2/4/25 | $ 500,000 | $ 533,153 |
Chile 4.8% | ||
Chile Government Bond | ||
2.55%, due 1/27/32 (a) | 1,200,000 | 940,047 |
2.55%, due 7/27/33 | 1,000,000 | 743,578 |
3.10%, due 1/22/61 (a) | 300,000 | 167,723 |
3.50%, due 1/31/34 | 400,000 | 322,622 |
3.50%, due 4/15/53 (a) | 550,000 | 355,939 |
4.34%, due 3/7/42 | 561,000 | 431,414 |
2,961,323 | ||
Colombia 4.4% | ||
Colombia Government Bond | ||
3.125%, due 4/15/31 | 300,000 | 204,864 |
3.25%, due 4/22/32 | 300,000 | 199,096 |
4.00%, due 2/26/24 | 800,000 | 766,260 |
5.00%, due 6/15/45 | 300,000 | 181,680 |
5.20%, due 5/15/49 | 300,000 | 181,888 |
6.125%, due 1/18/41 | 500,000 | 355,494 |
Ecopetrol SA | ||
4.625%, due 11/2/31 | 1,200,000 | 826,995 |
2,716,277 | ||
Cote D'Ivoire 0.6% | ||
Ivory Coast Government Bond | ||
Series Reg S | ||
5.75%, due 12/31/32 (e) | 125,389 | 110,601 |
Series Reg S | ||
6.125%, due 6/15/33 (a) | 300,000 | 234,000 |
344,601 | ||
Croatia 2.4% | ||
Croatia Government Bond | ||
Series Reg S | ||
5.50%, due 4/4/23 | 1,000,000 | 1,000,084 |
Series Reg S | ||
6.00%, due 1/26/24 | 500,000 | 503,301 |
1,503,385 | ||
Dominican Republic 2.9% | ||
Dominican Republic Government Bond | ||
Series Reg S | ||
4.875%, due 9/23/32 | 300,000 | 231,152 |
Series Reg S | ||
5.50%, due 1/27/25 | 500,000 | 488,695 |
Principal Amount | Value | |
Dominican Republic (continued) | ||
Dominican Republic Government Bond (continued) | ||
Series Reg S | ||
5.50%, due 2/22/29 | $ 300,000 | $ 261,940 |
Series Reg S | ||
5.875%, due 1/30/60 | 500,000 | 328,379 |
Series Reg S | ||
5.95%, due 1/25/27 | 500,000 | 466,998 |
1,777,164 | ||
Ecuador 1.4% | ||
Ecuador Government Bond | ||
Series Reg S | ||
(zero coupon), due 7/31/30 | 208,496 | 64,807 |
Series Reg S | ||
1.50%, due 7/31/40 (e) | 1,200,000 | 396,207 |
Series Reg S | ||
2.50%, due 7/31/35 (e) | 1,200,000 | 438,595 |
899,609 | ||
Egypt 2.2% | ||
Egypt Government Bond | ||
Series Reg S | ||
5.875%, due 2/16/31 | 500,000 | 307,500 |
Series Reg S | ||
6.875%, due 4/30/40 | 300,000 | 172,320 |
Series Reg S | ||
7.30%, due 9/30/33 | 500,000 | 311,876 |
Series Reg S | ||
7.50%, due 2/16/61 | 600,000 | 333,900 |
Series Reg S | ||
8.70%, due 3/1/49 | 400,000 | 238,000 |
1,363,596 | ||
El Salvador 1.0% | ||
El Salvador Government Bond | ||
Series Reg S | ||
7.625%, due 2/1/41 | 900,000 | 308,638 |
Series Reg S | ||
8.25%, due 4/10/32 | 500,000 | 198,709 |
Series Reg S | ||
9.50%, due 7/15/52 | 263,000 | 98,636 |
605,983 | ||
Gabon 0.9% | ||
Gabon Government Bond | ||
Series Reg S | ||
6.95%, due 6/16/25 | 350,000 | 315,301 |
Principal Amount | Value | |
Foreign Government Bonds (continued) | ||
Gabon (continued) | ||
Gabon Government Bond (continued) | ||
Series Reg S | ||
7.00%, due 11/24/31 | $ 350,000 | $ 243,442 |
558,743 | ||
Ghana 0.7% | ||
Ghana Government Bond | ||
Series Reg S | ||
7.75%, due 4/7/29 (a) | 800,000 | 230,360 |
Series Reg S | ||
7.875%, due 2/11/35 | 500,000 | 140,040 |
Series Reg S | ||
8.627%, due 6/16/49 | 300,000 | 82,080 |
452,480 | ||
Hungary 2.5% | ||
Hungary Government Bond | ||
Series Reg S | ||
2.125%, due 9/22/31 | 1,600,000 | 1,143,974 |
Series Reg S | ||
3.125%, due 9/21/51 | 800,000 | 437,565 |
1,581,539 | ||
India 0.6% | ||
Export-Import Bank of India | ||
Series Reg S | ||
2.25%, due 1/13/31 | 500,000 | 366,375 |
Indonesia 4.7% | ||
Indonesia Government Bond | ||
3.55%, due 3/31/32 (a) | 700,000 | 597,272 |
5.45%, due 9/20/52 | 500,000 | 450,000 |
Pertamina Persero PT | ||
Series Reg S | ||
4.15%, due 2/25/60 | 500,000 | 308,749 |
5.625%, due 5/20/43 (a)(f) | 500,000 | 412,500 |
Series Reg S | ||
6.00%, due 5/3/42 | 400,000 | 340,818 |
Perusahaan Penerbit SBSN Indonesia III | ||
Series Reg S | ||
3.55%, due 6/9/51 | 700,000 | 472,573 |
Series Reg S | ||
4.70%, due 6/6/32 (a) | 350,000 | 327,016 |
2,908,928 |
Principal Amount | Value | |
Iraq 0.8% | ||
Iraq Government Bond | ||
Series Reg S | ||
5.80%, due 1/15/28 | $ 206,250 | $ 175,216 |
Series Reg S | ||
6.752%, due 3/9/23 | 300,000 | 294,750 |
469,966 | ||
Lebanon 0.2% | ||
Lebanon Government Bond (b)(c)(d) | ||
Series Reg S | ||
6.65%, due 4/22/24 | 1,200,000 | 70,874 |
Series Reg S | ||
6.85%, due 3/23/27 | 1,000,000 | 59,000 |
129,874 | ||
Mexico 6.4% | ||
Comision Federal de Electricidad | ||
Series Reg S | ||
3.875%, due 7/26/33 | 500,000 | 356,250 |
Series Reg S | ||
4.677%, due 2/9/51 | 700,000 | 426,773 |
Mexico Government Bond | ||
2.659%, due 5/24/31 | 500,000 | 387,071 |
3.50%, due 2/12/34 | 500,000 | 381,477 |
3.75%, due 4/19/71 | 1,000,000 | 578,304 |
3.771%, due 5/24/61 | 800,000 | 464,309 |
4.125%, due 1/21/26 | 1,000,000 | 962,534 |
4.75%, due 4/27/32 (a) | 500,000 | 452,306 |
4,009,024 | ||
Mozambique 0.6% | ||
Mozambique Government Bond | ||
Series Reg S | ||
5.00%, due 9/15/31 (e) | 550,000 | 370,563 |
Nigeria 1.6% | ||
Nigeria Government Bond | ||
Series Reg S | ||
7.625%, due 11/21/25 | 500,000 | 429,502 |
Series Reg S | ||
7.625%, due 11/28/47 | 300,000 | 169,800 |
Series Reg S | ||
7.875%, due 2/16/32 | 600,000 | 385,500 |
Series Reg S | ||
8.375%, due 3/24/29 | 27,000 | 19,507 |
1,004,309 |
14 | MainStay Candriam Emerging Markets Debt Fund |
Principal Amount | Value | |
Foreign Government Bonds (continued) | ||
Oman 3.2% | ||
Oman Government Bond | ||
Series Reg S | ||
4.875%, due 2/1/25 | $ 1,000,000 | $ 971,490 |
Series Reg S | ||
5.625%, due 1/17/28 | 500,000 | 476,305 |
Series Reg S | ||
7.00%, due 1/25/51 | 600,000 | 511,169 |
1,958,964 | ||
Pakistan 0.1% | ||
Pakistan Government Bond | ||
Series Reg S | ||
7.375%, due 4/8/31 | 300,000 | 93,000 |
Panama 1.3% | ||
Aeropuerto Internacional de Tocumen SA | ||
Series Reg S | ||
5.125%, due 8/11/61 | 727,000 | 491,731 |
Panama Government Bond | ||
3.87%, due 7/23/60 | 500,000 | 289,283 |
781,014 | ||
Paraguay 1.3% | ||
Paraguay Government Bond | ||
Series Reg S | ||
2.739%, due 1/29/33 | 495,000 | 368,424 |
Series Reg S | ||
5.40%, due 3/30/50 | 600,000 | 460,031 |
828,455 | ||
Peru 0.9% | ||
Peruvian Government Bond | ||
2.783%, due 1/23/31 (a) | 700,000 | 552,048 |
Philippines 1.7% | ||
Philippine Government Bond | ||
3.229%, due 3/29/27 | 300,000 | 276,346 |
4.20%, due 3/29/47 | 500,000 | 388,364 |
5.609%, due 4/13/33 (a) | 381,000 | 381,061 |
1,045,771 | ||
Poland 0.6% | ||
Poland Government Bond | ||
3.25%, due 4/6/26 | 200,000 | 187,488 |
4.00%, due 1/22/24 | 200,000 | 196,866 |
384,354 |
Principal Amount | Value | |
Qatar 2.9% | ||
Qatar Government Bond | ||
Series Reg S | ||
3.40%, due 4/16/25 | $ 1,000,000 | $ 964,178 |
Series Reg S | ||
4.40%, due 4/16/50 | 1,000,000 | 840,000 |
1,804,178 | ||
Republic Of Serbia 0.2% | ||
Serbia Government Bond | ||
Series Reg S | ||
2.125%, due 12/1/30 | 200,000 | 138,238 |
Republic of the Congo 1.0% | ||
Congo Government Bond | ||
Series Reg S | ||
6.00%, due 6/30/29 (e) | 712,500 | 600,637 |
Romania 4.5% | ||
Romanian Government Bond | ||
Series Reg S | ||
3.00%, due 2/27/27 | 900,000 | 771,206 |
Series Reg S | ||
3.00%, due 2/14/31 | 300,000 | 221,592 |
Series Reg S | ||
5.25%, due 11/25/27 | 1,200,000 | 1,100,679 |
Series Reg S | ||
6.00%, due 5/25/34 | 800,000 | 674,112 |
2,767,589 | ||
Saudi Arabia 2.8% | ||
Saudi Arabian Oil Co. | ||
Series Reg S | ||
2.25%, due 11/24/30 | 800,000 | 630,907 |
Series Reg S | ||
3.25%, due 11/24/50 | 300,000 | 188,095 |
Saudi Government Bond | ||
Series Reg S | ||
5.50%, due 10/25/32 | 900,000 | 911,250 |
1,730,252 | ||
Senegal 0.3% | ||
Senegal Government Bond | ||
Series Reg S | ||
6.75%, due 3/13/48 | 250,000 | 158,625 |
South Africa 3.0% | ||
South Africa Government Bond | ||
4.30%, due 10/12/28 | 500,000 | 426,430 |
Principal Amount | Value | |
Foreign Government Bonds (continued) | ||
South Africa (continued) | ||
South Africa Government Bond (continued) | ||
5.75%, due 9/30/49 | $ 200,000 | $ 132,660 |
5.875%, due 9/16/25 | 400,000 | 395,562 |
5.875%, due 4/20/32 | 400,000 | 341,728 |
6.25%, due 3/8/41 | 300,000 | 228,000 |
7.30%, due 4/20/52 | 450,000 | 352,125 |
1,876,505 | ||
Sri Lanka 0.3% | ||
Sri Lanka Government Bond | ||
Series Reg S | ||
6.825%, due 7/18/26 (b)(d) | 850,000 | 191,300 |
Tunisia 0.8% | ||
Tunisian Republic | ||
Series Reg S | ||
5.625%, due 2/17/24 | EUR 200,000 | 145,253 |
Series Reg S | ||
5.75%, due 1/30/25 | $ 600,000 | 375,754 |
521,007 | ||
Ukraine 1.3% | ||
NPC Ukrenergo | ||
Series Reg S | ||
6.875%, due 11/9/28 (b)(c)(d) | 1,150,000 | 165,647 |
State Agency of Roads of Ukraine | ||
Series Reg S | ||
6.25%, due 6/24/30 (b)(c)(d) | 2,227,000 | 311,833 |
Ukraine Government Bond (b)(c)(d) | ||
Series Reg S | ||
7.253%, due 3/15/35 | 1,300,000 | 198,838 |
Series Reg S | ||
7.375%, due 9/25/34 | 1,000,000 | 155,000 |
831,318 | ||
United Arab Emirates 5.2% | ||
Abu Dhabi Government Bond | ||
Series Reg S | ||
1.875%, due 9/15/31 | 600,000 | 472,904 |
Series Reg S | ||
2.50%, due 4/16/25 | 1,000,000 | 951,250 |
Series Reg S | ||
3.125%, due 4/16/30 | 600,000 | 537,684 |
Series Reg S | ||
3.125%, due 9/30/49 | 600,000 | 403,524 |
Series Reg S | ||
3.875%, due 4/16/50 | 600,000 | 464,184 |
Principal Amount | Value | |
United Arab Emirates (continued) | ||
Finance Department Government of Sharjah | ||
Series Reg S | ||
4.00%, due 7/28/50 | $ 400,000 | $ 230,680 |
United Arab Emirates Government Bond | ||
Series Reg S | ||
3.90%, due 9/9/50 | 250,000 | 162,743 |
3,222,969 | ||
Uruguay 1.5% | ||
Uruguay Government Bond | ||
4.975%, due 4/20/55 | 400,000 | 346,586 |
5.75%, due 10/28/34 | 600,000 | 610,830 |
957,416 | ||
Venezuela 0.6% | ||
Petroleos de Venezuela SA (b)(c)(d) | ||
Series Reg S | ||
6.00%, due 5/16/24 | 2,500,000 | 56,250 |
Series Reg S | ||
6.00%, due 11/15/26 (g) | 2,500,000 | 47,500 |
Venezuela Government Bond | ||
Series Reg S | ||
9.25%, due 5/7/28 (b)(c)(d) | 4,095,000 | 276,412 |
380,162 | ||
Zambia 0.4% | ||
Zambia Government Bond | ||
Series Reg S | ||
8.97%, due 7/30/27 (b)(d) | 700,000 | 275,590 |
Total Foreign Government Bonds (Cost $71,228,249) | 50,178,620 | |
Total Long-Term Bonds (Cost $78,614,750) | 55,828,448 | |
16 | MainStay Candriam Emerging Markets Debt Fund |
Shares | Value | ||
Short-Term Investment 7.1% | |||
Unaffiliated Investment Company 7.1% | |||
United States 7.1% | |||
Invesco Government & Agency Portfolio, 3.163% (h)(i) | 4,430,155 | $ 4,430,155 | |
Total Short-Term Investment (Cost $4,430,155) | 4,430,155 | ||
Total Investments (Cost $83,044,905) | 97.0% | 60,258,603 | |
Other Assets, Less Liabilities | 3.0 | 1,885,773 | |
Net Assets | 100.0% | $ 62,144,376 |
† | Percentages indicated are based on Fund net assets. |
(a) | All or a portion of this security was held on loan. As of October 31, 2022, the aggregate market value of securities on loan was $4,598,470; the total market value of collateral held by the Fund was $4,824,475. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $394,320. The Fund received cash collateral with a value of $4,430,155. (See Note 2(J)) |
(b) | Issue in default. |
(c) | Illiquid security—As of October 31, 2022, the total market value deemed illiquid under procedures approved by the Board of Trustees was $1,401,354, which represented 2.3% of the Fund’s net assets.(Unaudited) |
(d) | Issue in non-accrual status. |
(e) | Step coupon—Rate shown was the rate in effect as of October 31, 2022. |
(f) | 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. |
(g) | 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, 2022. |
(h) | Current yield as of October 31, 2022. |
(i) | Represents a security purchased with cash collateral received for securities on loan. |
Type | Number of Contracts | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)2 |
Long Contracts | |||||
U.S. Treasury Ultra Bonds | 10 | December 2022 | $ 1,275,339 | $ 1,276,563 | $ 1,224 |
1. | As of October 31, 2022, cash in the amount of $1,932,182 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, 2022. |
Abbreviation(s): |
EUR—Euro |
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 | |||||||
Corporate Bonds | $ — | $ 5,649,828 | $ — | $ 5,649,828 | |||
Foreign Government Bonds | — | 50,178,620 | — | 50,178,620 | |||
Total Long-Term Bonds | — | 55,828,448 | — | 55,828,448 | |||
Short-Term Investment | |||||||
Unaffiliated Investment Company | 4,430,155 | — | — | 4,430,155 | |||
Total Investments in Securities | 4,430,155 | 55,828,448 | — | 60,258,603 | |||
Other Financial Instruments | |||||||
Futures Contracts (b) | 1,224 | — | — | 1,224 | |||
Total Investments in Securities and Other Financial Instruments | $ 4,431,379 | $ 55,828,448 | $ — | $ 60,259,827 |
(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 Candriam Emerging Markets Debt Fund |
Assets | |
Investment in securities, at value (identified cost $83,044,905) including securities on loan of $4,598,470 | $ 60,258,603 |
Cash | 3,453,785 |
Cash denominated in foreign currencies (identified cost $40,683) | 40,779 |
Cash collateral on deposit at broker for futures contracts | 1,932,182 |
Due from custodian | 807,076 |
Receivables: | |
Interest | 763,851 |
Investment securities sold | 266,445 |
Variation margin on futures contracts | 71,500 |
Fund shares sold | 6,513 |
Securities lending | 3,532 |
Other assets | 62,129 |
Total assets | 67,666,395 |
Liabilities | |
Cash collateral received for securities on loan | 4,430,155 |
Payables: | |
Investment securities purchased | 807,076 |
Fund shares redeemed | 151,333 |
Transfer agent (See Note 3) | 30,472 |
Shareholder communication | 22,105 |
Manager (See Note 3) | 20,753 |
NYLIFE Distributors (See Note 3) | 13,803 |
Custodian | 11,624 |
Professional fees | 11,183 |
Trustees | 47 |
Accrued expenses | 9,849 |
Distributions payable | 13,619 |
Total liabilities | 5,522,019 |
Net assets | $ 62,144,376 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.01 per share) unlimited number of shares authorized | $ 90,231 |
Additional paid-in-capital | 113,441,531 |
113,531,762 | |
Total distributable earnings (loss) | (51,387,386) |
Net assets | $ 62,144,376 |
Class A | |
Net assets applicable to outstanding shares | $48,053,369 |
Shares of beneficial interest outstanding | 6,984,655 |
Net asset value per share outstanding | $ 6.88 |
Maximum sales charge (4.50% of offering price) | 0.32 |
Maximum offering price per share outstanding | $ 7.20 |
Investor Class | |
Net assets applicable to outstanding shares | $ 8,669,750 |
Shares of beneficial interest outstanding | 1,245,686 |
Net asset value per share outstanding | $ 6.96 |
Maximum sales charge (4.00% of offering price) | 0.29 |
Maximum offering price per share outstanding | $ 7.25 |
Class B | |
Net assets applicable to outstanding shares | $ 426,208 |
Shares of beneficial interest outstanding | 63,383 |
Net asset value and offering price per share outstanding | $ 6.72 |
Class C | |
Net assets applicable to outstanding shares | $ 1,358,322 |
Shares of beneficial interest outstanding | 201,655 |
Net asset value and offering price per share outstanding | $ 6.74 |
Class I | |
Net assets applicable to outstanding shares | $ 3,636,727 |
Shares of beneficial interest outstanding | 527,734 |
Net asset value and offering price per share outstanding | $ 6.89 |
Investment Income (Loss) | |
Income | |
Interest | $ 4,635,467 |
Securities lending, net | 21,100 |
Total income | 4,656,567 |
Expenses | |
Manager (See Note 3) | 573,341 |
Distribution/Service—Class A (See Note 3) | 160,576 |
Distribution/Service—Investor Class (See Note 3) | 26,582 |
Distribution/Service—Class B (See Note 3) | 7,990 |
Distribution/Service—Class C (See Note 3) | 22,716 |
Transfer agent (See Note 3) | 172,527 |
Professional fees | 83,134 |
Registration | 75,730 |
Custodian | 47,445 |
Shareholder communication | 7,305 |
Trustees | 1,508 |
Miscellaneous | 8,755 |
Total expenses before waiver/reimbursement | 1,187,609 |
Expense waiver/reimbursement from Manager (See Note 3) | (178,325) |
Net expenses | 1,009,284 |
Net investment income (loss) | 3,647,283 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | (14,035,936) |
Futures transactions | 831,068 |
Foreign currency transactions | (368,963) |
Foreign currency forward transactions | 418,843 |
Net realized gain (loss) | (13,154,988) |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | (13,431,533) |
Futures contracts | (324,760) |
Foreign currency forward contracts | (134,512) |
Translation of other assets and liabilities in foreign currencies | (4,565) |
Net change in unrealized appreciation (depreciation) | (13,895,370) |
Net realized and unrealized gain (loss) | (27,050,358) |
Net increase (decrease) in net assets resulting from operations | $(23,403,075) |
20 | MainStay Candriam Emerging Markets Debt Fund |
for the years ended October 31, 2022 and October 31, 2021
2022 | 2021 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 3,647,283 | $ 3,880,608 |
Net realized gain (loss) | (13,154,988) | 262,191 |
Net change in unrealized appreciation (depreciation) | (13,895,370) | 336,603 |
Net increase (decrease) in net assets resulting from operations | (23,403,075) | 4,479,402 |
Distributions to shareholders: | ||
Class A | (3,612,534) | (4,028,577) |
Investor Class | (549,300) | (598,582) |
Class B | (37,561) | (56,287) |
Class C | (107,128) | (199,315) |
Class I | (237,169) | (337,673) |
(4,543,692) | (5,220,434) | |
Distributions to shareholders from return of capital: | ||
Class A | (277,063) | — |
Investor Class | (42,129) | — |
Class B | (2,881) | — |
Class C | (8,216) | — |
Class I | (18,190) | — |
(348,479) | — | |
Total distributions to shareholders | (4,892,171) | (5,220,434) |
Capital share transactions: | ||
Net proceeds from sales of shares | 12,957,410 | 10,338,246 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 4,663,688 | 4,945,465 |
Cost of shares redeemed | (31,448,175) | (21,792,166) |
Increase (decrease) in net assets derived from capital share transactions | (13,827,077) | (6,508,455) |
Net increase (decrease) in net assets | (42,122,323) | (7,249,487) |
Net Assets | ||
Beginning of year | 104,266,699 | 111,516,186 |
End of year | $ 62,144,376 | $104,266,699 |
Year Ended October 31, | |||||||||
Class A | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 9.73 | $ 9.81 | $ 10.46 | $ 9.71 | $ 10.88 | ||||
Net investment income (loss) (a) | 0.38 | 0.36 | 0.47 | 0.49 | 0.45 | ||||
Net realized and unrealized gain (loss) | (2.73) | 0.04 | (0.67) | 0.76 | (1.19) | ||||
Total from investment operations | (2.35) | 0.40 | (0.20) | 1.25 | (0.74) | ||||
Less distributions: | |||||||||
From net investment income | (0.46) | (0.48) | (0.45) | (0.50) | (0.43) | ||||
Return of capital | (0.04) | — | — | — | — | ||||
Total distributions | (0.50) | (0.48) | (0.45) | (0.50) | (0.43) | ||||
Net asset value at end of year | $ 6.88 | $ 9.73 | $ 9.81 | $ 10.46 | $ 9.71 | ||||
Total investment return (b) | (24.93)% | 4.00% | (1.80)% | 13.05% | (6.95)% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 4.53% | 3.58% | 4.70% | 4.78% | 4.36% | ||||
Net expenses (c) | 1.15% | 1.16% | 1.17% | 1.23% | 1.26% | ||||
Expenses (before waiver/reimbursement) (c) | 1.36% | 1.31% | 1.33% | 1.26% | 1.26% | ||||
Portfolio turnover rate | 116% | 112% | 102% | 102% | 44% | ||||
Net assets at end of year (in 000’s) | $ 48,053 | $ 81,092 | $ 82,874 | $ 93,472 | $ 86,452 |
(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 | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 9.84 | $ 9.91 | $ 10.57 | $ 9.80 | $ 10.98 | ||||
Net investment income (loss) (a) | 0.35 | 0.33 | 0.44 | 0.47 | 0.43 | ||||
Net realized and unrealized gain (loss) | (2.77) | 0.04 | (0.68) | 0.77 | (1.20) | ||||
Total from investment operations | (2.42) | 0.37 | (0.24) | 1.24 | (0.77) | ||||
Less distributions: | |||||||||
From net investment income | (0.43) | (0.44) | (0.42) | (0.47) | (0.41) | ||||
Return of capital | (0.03) | — | — | — | — | ||||
Total distributions | (0.46) | (0.44) | (0.42) | (0.47) | (0.41) | ||||
Net asset value at end of year | $ 6.96 | $ 9.84 | $ 9.91 | $ 10.57 | $ 9.80 | ||||
Total investment return (b) | (25.27)% | 3.70% | (2.20)% | 12.82% | (7.18)% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 4.14% | 3.21% | 4.38% | 4.50% | 4.15% | ||||
Net expenses (c) | 1.56% | 1.53% | 1.49% | 1.52% | 1.47% | ||||
Expenses (before waiver/reimbursement) (c) | 1.78% | 1.70% | 1.66% | 1.56% | 1.49% | ||||
Portfolio turnover rate | 116% | 112% | 102% | 102% | 44% | ||||
Net assets at end of year (in 000's) | $ 8,670 | $ 12,806 | $ 13,801 | $ 16,024 | $ 15,911 |
(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 Candriam Emerging Markets Debt Fund |
Year Ended October 31, | |||||||||
Class B | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 9.52 | $ 9.61 | $ 10.26 | $ 9.52 | $ 10.69 | ||||
Net investment income (loss) (a) | 0.27 | 0.24 | 0.36 | 0.38 | 0.34 | ||||
Net realized and unrealized gain (loss) | (2.67) | 0.04 | (0.66) | 0.75 | (1.18) | ||||
Total from investment operations | (2.40) | 0.28 | (0.30) | 1.13 | (0.84) | ||||
Less distributions: | |||||||||
From net investment income | (0.37) | (0.37) | (0.35) | (0.39) | (0.33) | ||||
Return of capital | (0.03) | — | — | — | — | ||||
Total distributions | (0.40) | (0.37) | (0.35) | (0.39) | (0.33) | ||||
Net asset value at end of year | $ 6.72 | $ 9.52 | $ 9.61 | $ 10.26 | $ 9.52 | ||||
Total investment return (b) | (25.85)% | 2.87% | (2.91)% | 12.04% | (7.98)% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 3.31% | 2.49% | 3.66% | 3.76% | 3.37% | ||||
Net expenses (c) | 2.31% | 2.28% | 2.24% | 2.27% | 2.22% | ||||
Expenses (before waiver/reimbursement) (c) | 2.52% | 2.45% | 2.40% | 2.31% | 2.24% | ||||
Portfolio turnover rate | 116% | 112% | 102% | 102% | 44% | ||||
Net assets at end of year (in 000’s) | $ 426 | $ 1,129 | $ 1,789 | $ 2,663 | $ 3,660 |
(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 | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 9.54 | $ 9.63 | $ 10.27 | $ 9.54 | $ 10.70 | ||||
Net investment income (loss) (a) | 0.27 | 0.25 | 0.36 | 0.38 | 0.35 | ||||
Net realized and unrealized gain (loss) | (2.67) | 0.03 | (0.66) | 0.74 | (1.18) | ||||
Total from investment operations | (2.40) | 0.28 | (0.30) | 1.12 | (0.83) | ||||
Less distributions: | |||||||||
From net investment income | (0.37) | (0.37) | (0.34) | (0.39) | (0.33) | ||||
Return of capital | (0.03) | — | — | — | — | ||||
Total distributions | (0.40) | (0.37) | (0.34) | (0.39) | (0.33) | ||||
Net asset value at end of year | $ 6.74 | $ 9.54 | $ 9.63 | $ 10.27 | $ 9.54 | ||||
Total investment return (b) | (25.90)% | 2.87% | (2.81)% | 11.91% | (7.88)% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 3.31% | 2.52% | 3.68% | 3.78% | 3.39% | ||||
Net expenses (c) | 2.31% | 2.28% | 2.24% | 2.27% | 2.22% | ||||
Expenses (before waiver/reimbursement) (c) | 2.52% | 2.45% | 2.40% | 2.31% | 2.24% | ||||
Portfolio turnover rate | 116% | 112% | 102% | 102% | 44% | ||||
Net assets at end of year (in 000’s) | $ 1,358 | $ 3,511 | $ 6,365 | $ 11,150 | $ 19,246 |
(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 | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 9.75 | $ 9.82 | $ 10.48 | $ 9.72 | $ 10.90 | ||||
Net investment income (loss) (a) | 0.40 | 0.39 | 0.51 | 0.52 | 0.48 | ||||
Net realized and unrealized gain (loss) | (2.74) | 0.05 | (0.69) | 0.76 | (1.20) | ||||
Total from investment operations | (2.34) | 0.44 | (0.18) | 1.28 | (0.72) | ||||
Less distributions: | |||||||||
From net investment income | (0.48) | (0.51) | (0.48) | (0.52) | (0.46) | ||||
Return of capital | (0.04) | — | — | — | — | ||||
Total distributions | (0.52) | (0.51) | (0.48) | (0.52) | (0.46) | ||||
Net asset value at end of year | $ 6.89 | $ 9.75 | $ 9.82 | $ 10.48 | $ 9.72 | ||||
Total investment return (b) | (24.75)% | 4.42% | (1.59)% | 13.46% | (6.80)% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 4.89% | 3.86% | 5.09% | 4.99% | 4.60% | ||||
Net expenses (c) | 0.85% | 0.85% | 0.85% | 0.94% | 1.01% | ||||
Expenses (before waiver/reimbursement) (c) | 1.12% | 1.06% | 1.07% | 1.01% | 1.01% | ||||
Portfolio turnover rate | 116% | 112% | 102% | 102% | 44% | ||||
Net assets at end of year (in 000’s) | $ 3,637 | $ 5,729 | $ 6,687 | $ 17,100 | $ 10,428 |
(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. |
24 | MainStay Candriam Emerging Markets Debt Fund |
Class | Commenced Operations |
Class A | June 1, 1998 |
Investor Class | February 28, 2008 |
Class B | June 1, 1998 |
Class C | September 1, 1998 |
Class I | August 31, 2007 |
Class R6 | N/A* |
SIMPLE Class | N/A* |
* | Class R6 shares were registered for sale effective as of February 28, 2017 and SIMPLE Class shares were registered for sale effective as of August 31, 2020 but have not yet commenced operations. |
• | Level 1—quoted prices (unadjusted) in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Fund's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• Benchmark yields | • Reported trades |
• Broker/dealer quotes | • Issuer spreads |
• Two-sided markets | • Benchmark securities |
• Bids/offers | • Reference data (corporate actions or material event notices) |
• Industry and economic events | • Comparable bonds |
• Monthly payment information |
26 | MainStay Candriam Emerging Markets Debt Fund |
28 | MainStay Candriam Emerging Markets Debt Fund |
Asset Derivatives | Interest Rate Contracts Risk | Total |
Futures Contracts - Net Assets—Net unrealized appreciation on futures contracts (a) | $1,224 | $1,224 |
Total Fair Value | $1,224 | $1,224 |
(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. |
30 | MainStay Candriam Emerging Markets Debt Fund |
Net Realized Gain (Loss) from: | Foreign Exchange Contracts Risk | Interest Rate Contracts Risk | Total |
Futures Contracts | $ — | $831,068 | $ 831,068 |
Forward Contracts | 418,843 | — | 418,843 |
Total Net Realized Gain (Loss) | $418,843 | $831,068 | $1,249,911 |
Net Change in Unrealized Appreciation (Depreciation) | Foreign Exchange Contracts Risk | Interest Rate Contracts Risk | Total |
Futures Contracts | $ — | $(324,760) | $(324,760) |
Forward Contracts | (134,512) | — | (134,512) |
Total Net Change in Unrealized Appreciation (Depreciation) | $(134,512) | $(324,760) | $(459,272) |
Average Notional Amount | Total |
Futures Contracts Long (a) | $ 4,100,700 |
Futures Contracts Short (b) | $(12,612,979) |
Forward Contracts Long (c) | $ 1,787,099 |
Forward Contracts Short (d) | $ (2,528,929) |
(a) | Positions were open five months during the reporting period. |
(b) | Positions were open seven months during the reporting period. |
(c) | Positions were open three months during the reporting period. |
(d) | Positions were open ten months during the reporting period. |
Class | Expense | Waived |
Class A | $91,070 | $— |
Investor Class | 58,801 | — |
Class B | 4,417 | — |
Class C | 12,560 | — |
Class I | 5,679 | — |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $83,295,931 | $58,102 | $(23,095,430) | $(23,037,328) |
Ordinary income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$— | $(25,637,821) | $(2,702,476) | $(23,047,089) | $(51,387,386) |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $10,358 | $15,280 |
2022 | 2021 | |
Distributions paid from: | ||
Ordinary Income | $4,543,692 | $5,220,434 |
Return of Capital | 348,479 | — |
Total | $4,892,171 | $5,220,434 |
32 | MainStay Candriam Emerging Markets Debt Fund |
Class A | Shares | Amount |
Year ended October 31, 2022: | ||
Shares sold | 1,316,634 | $ 10,780,850 |
Shares issued to shareholders in reinvestment of distributions | 441,165 | 3,682,467 |
Shares redeemed | (3,131,520) | (25,516,770) |
Net increase (decrease) in shares outstanding before conversion | (1,373,721) | (11,053,453) |
Shares converted into Class A (See Note 1) | 26,691 | 222,143 |
Shares converted from Class A (See Note 1) | (813) | (7,369) |
Net increase (decrease) | (1,347,843) | $(10,838,679) |
Year ended October 31, 2021: | ||
Shares sold | 713,529 | $ 7,173,220 |
Shares issued to shareholders in reinvestment of distributions | 375,840 | 3,784,034 |
Shares redeemed | (1,340,827) | (13,453,470) |
Net increase (decrease) in shares outstanding before conversion | (251,458) | (2,496,216) |
Shares converted into Class A (See Note 1) | 134,443 | 1,350,648 |
Net increase (decrease) | (117,015) | $ (1,145,568) |
Investor Class | Shares | Amount |
Year ended October 31, 2022: | ||
Shares sold | 24,505 | $ 206,699 |
Shares issued to shareholders in reinvestment of distributions | 69,037 | 581,267 |
Shares redeemed | (155,502) | (1,297,451) |
Net increase (decrease) in shares outstanding before conversion | (61,960) | (509,485) |
Shares converted into Investor Class (See Note 1) | 21,430 | 177,592 |
Shares converted from Investor Class (See Note 1) | (15,482) | (131,527) |
Net increase (decrease) | (56,012) | $ (463,420) |
Year ended October 31, 2021: | ||
Shares sold | 40,079 | $ 408,621 |
Shares issued to shareholders in reinvestment of distributions | 57,221 | 582,738 |
Shares redeemed | (157,005) | (1,594,511) |
Net increase (decrease) in shares outstanding before conversion | (59,705) | (603,152) |
Shares converted into Investor Class (See Note 1) | 58,165 | 584,574 |
Shares converted from Investor Class (See Note 1) | (89,102) | (911,035) |
Net increase (decrease) | (90,642) | $ (929,613) |
Class B | Shares | Amount |
Year ended October 31, 2022: | ||
Shares sold | 1,003 | $ 8,854 |
Shares issued to shareholders in reinvestment of distributions | 4,123 | 34,222 |
Shares redeemed | (36,379) | (276,405) |
Net increase (decrease) in shares outstanding before conversion | (31,253) | (233,329) |
Shares converted from Class B (See Note 1) | (23,894) | (189,763) |
Net increase (decrease) | (55,147) | $ (423,092) |
Year ended October 31, 2021: | ||
Shares sold | 841 | $ 8,312 |
Shares issued to shareholders in reinvestment of distributions | 4,840 | 47,946 |
Shares redeemed | (44,755) | (440,956) |
Net increase (decrease) in shares outstanding before conversion | (39,074) | (384,698) |
Shares converted from Class B (See Note 1) | (28,531) | (281,622) |
Net increase (decrease) | (67,605) | $ (666,320) |
Class C | Shares | Amount |
Year ended October 31, 2022: | ||
Shares sold | 11,855 | $ 96,489 |
Shares issued to shareholders in reinvestment of distributions | 13,736 | 114,445 |
Shares redeemed | (182,507) | (1,497,503) |
Net increase (decrease) in shares outstanding before conversion | (156,916) | (1,286,569) |
Shares converted from Class C (See Note 1) | (9,547) | (78,445) |
Net increase (decrease) | (166,463) | $ (1,365,014) |
Year ended October 31, 2021: | ||
Shares sold | 31,829 | $ 312,265 |
Shares issued to shareholders in reinvestment of distributions | 19,879 | 197,409 |
Shares redeemed | (268,085) | (2,624,073) |
Net increase (decrease) in shares outstanding before conversion | (216,377) | (2,114,399) |
Shares converted from Class C (See Note 1) | (76,752) | (742,565) |
Net increase (decrease) | (293,129) | $ (2,856,964) |
Class I | Shares | Amount |
Year ended October 31, 2022: | ||
Shares sold | 238,664 | $ 1,864,518 |
Shares issued to shareholders in reinvestment of distributions | 30,376 | 251,287 |
Shares redeemed | (329,923) | (2,860,046) |
Net increase (decrease) in shares outstanding before conversion | (60,883) | (744,241) |
Shares converted into Class I (See Note 1) | 812 | 7,369 |
Net increase (decrease) | (60,071) | $ (736,872) |
Year ended October 31, 2021: | ||
Shares sold | 241,535 | $ 2,435,828 |
Shares issued to shareholders in reinvestment of distributions | 33,069 | 333,338 |
Shares redeemed | (367,578) | (3,679,156) |
Net increase (decrease) | (92,974) | $ (909,990) |
34 | MainStay Candriam Emerging Markets Debt Fund |
The MainStay Funds:
December 23, 2022
36 | MainStay Candriam Emerging Markets Debt 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 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 | 78 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; VanEck Vectors Group of Exchange-Traded Funds: Independent Chairman of the Board of Trustees since 2008 and Trustee since 2006 (56 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Investment Committee since 2018 | |
Susan B. Kerley 1951 | MainStay Funds: Chairman since 2017 and Trustee since 2007;MainStay Funds Trust: Chairman since 2017 and Trustee since 1990** | President, Strategic Management Advisors LLC since 1990 | 78 | MainStay VP Funds Trust: Chairman since January 2017 and Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) | |
Alan R. Latshaw 1951 | MainStay Funds: Trustee since 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) | 78 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
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) | 78 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (31 Portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Jacques P. Perold 1958 | MainStay Funds: Trustee since 2016, Advisory Board Member (June 2015 toDecember 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) | 78 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Partners in Health: Trustee since 2019; 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) | 78 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
*** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
38 | MainStay Candriam Emerging Markets Debt Fund |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay Funds, MainStay Funds Trust since 2017 | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since January 2018); President, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust (since 2017); Senior Managing Director, Global Product Development (From 2015-2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay Funds (since 2007), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2007)** and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay Funds and MainStay Funds Trust (since 2010) | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer and MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2010)** | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay Funds (since 2009), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2005)** | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay Funds and MainStay Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ, IndexIQ ETF Trust and Index IQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Fund, MainStay VP Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012-2022) |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, 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 AZ, CA, NV, OR, TX, UT, WA and MI (Class A and Class I shares only), and CO, FL, GA, HI, ID, MA, MD, NH, NJ and NY (Class I shares only). |
3. | This Fund is registered for sale in CA, CT, DE, FL, MA, NJ, NY and VT. |
4. | An affiliate of New York Life Investment Management LLC. |
5013921.2MS229-22 | MSCEMD11-12/22 |
please log in to newyorklifeinvestments.com/accounts.
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended October 31, 2022 | |||||||
Class | Sales Charge | Inception Date | One Year | Five Years | Ten Years or Since Inception | Gross Expense Ratio1 | |
Class A Shares2 | Maximum 3% Initial Sales Charge | With sales charges | 1/3/1995 | -18.28% | 0.84% | 4.61% | 0.99% |
Excluding sales charges | -15.75 | 1.99 | 5.20 | 0.99 | |||
Investor Class Shares3 | Maximum 2.5% Initial Sales Charge | With sales charges | 2/28/2008 | -17.99 | 0.68 | 4.43 | 1.18 |
Excluding sales charges | -15.89 | 1.83 | 5.03 | 1.18 | |||
Class B Shares4 | Maximum 5% CDSC | With sales charges | 12/29/1987 | -20.46 | 0.74 | 4.24 | 1.93 |
if Redeemed Within the First Six Years of Purchase | Excluding sales charges | -16.56 | 1.07 | 4.24 | 1.93 | ||
Class C Shares | Maximum 1% CDSC | With sales charges | 9/1/1998 | -17.33 | 1.06 | 4.24 | 1.93 |
if Redeemed Within One Year of Purchase | Excluding sales charges | -16.55 | 1.06 | 4.24 | 1.93 | ||
Class I Shares | No Sales Charge | 1/2/2004 | -15.55 | 2.25 | 5.47 | 0.74 | |
Class R2 Shares | No Sales Charge | 2/27/2015 | -15.84 | 1.90 | 2.75 | 1.09 | |
Class R3 Shares | No Sales Charge | 2/29/2016 | -16.09 | 1.64 | 4.34 | 1.34 | |
Class R6 Shares | No Sales Charge | 2/28/2018 | -15.48 | N/A | 2.83 | 0.66 | |
SIMPLE Class Shares | No Sales Charge | 8/31/2020 | -16.10 | N/A | -1.55 | 1.43 |
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 November 4, 2019, the maximum initial sales charge applicable was 5.5%, 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%, 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. |
Benchmark Performance* | One Year | Five Years | Ten Years |
MSCI World Index (Net)1 | -18.48% | 6.37% | 8.94% |
Bloomberg U.S. Aggregate Bond Index2 | -15.68 | -0.54 | 0.74 |
Blended Benchmark Index3 | -17.10 | 3.90 | 5.83 |
Morningstar Global Allocation Category Average4 | -15.06 | 1.42 | 3.18 |
* | 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 Bloomberg U.S. Aggregate Bond Index as a secondary benchmark. The Bloomberg U.S. Aggregate Bond Index measures performance of the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasurys, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities. |
3. | The Fund has selected the Blended Benchmark Index as an additional benchmark. The Blended Benchmark Index consists of the 60% MSCI World Index and 40% of the Bloomberg U.S. Aggregate Bond Index, respectively. |
4. | Global-allocation portfolios seek to provide both capital appreciation and income by investing in three major areas: stocks, bonds, and cash. While these portfolios do explore the whole world, most of them focus on the U.S., Canada, Japan, and the larger markets in Europe. It is rare for such portfolios to invest more than 10% of their assets in emerging markets. These portfolios typically have at least 10% of assets in bonds, less than 70% of assets in stocks, and at least 40% of assets in non-U.S. stocks or bonds. |
6 | MainStay Income Builder Fund |
Share Class | Beginning Account Value 5/1/22 | Ending Account Value (Based on Actual Returns and Expenses) 10/31/22 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 10/31/22 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Class A Shares | $1,000.00 | $926.70 | $5.10 | $1,019.91 | $ 5.35 | 1.05% |
Investor Class Shares | $1,000.00 | $926.00 | $5.97 | $1,019.00 | $ 6.26 | 1.23% |
Class B Shares | $1,000.00 | $922.40 | $9.55 | $1,015.27 | $10.01 | 1.97% |
Class C Shares | $1,000.00 | $922.20 | $9.54 | $1,015.27 | $10.01 | 1.97% |
Class I Shares | $1,000.00 | $927.60 | $3.89 | $1,021.17 | $ 4.08 | 0.80% |
Class R2 Shares | $1,000.00 | $926.20 | $5.58 | $1,019.41 | $ 5.85 | 1.15% |
Class R3 Shares | $1,000.00 | $925.10 | $6.79 | $1,018.15 | $ 7.12 | 1.40% |
Class R6 Shares | $1,000.00 | $928.10 | $3.45 | $1,021.63 | $ 3.62 | 0.71% |
SIMPLE Class Shares | $1,000.00 | $924.80 | $7.13 | $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. |
1. | GNMA, (zero coupon)-3.50%, due 8/16/41–2/20/52 |
2. | UMBS, 30 Year, 2.50%-4.00%, due 8/1/48–9/1/52 |
3. | FHLMC STACR REMIC Trust, 4.847%-6.747%, due 8/25/33–12/25/50 |
4. | U.S. Treasury Bonds, 3.00%-3.375%, due 8/15/42–8/15/52 |
5. | Bank of America Corp. |
6. | JPMorgan Chase & Co. |
7. | Apple, Inc. |
8. | Broadcom, Inc. |
9. | International Business Machines Corp. |
10. | Microsoft Corp. |
8 | MainStay Income Builder Fund |
1. | See page 5 for other share class returns, which may be higher or lower than Class I share returns. See page 6 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. | 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 Income Builder Fund |
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. |
12 | MainStay Income Builder Fund |
Principal Amount | Value | |
Long-Term Bonds 40.8% | ||
Asset-Backed Securities 4.4% | ||
Automobile Asset-Backed Securities 1.2% | ||
American Credit Acceptance Receivables Trust | ||
Series 2021-3, Class D | ||
1.34%, due 11/15/27 (a) | $ 1,535,000 | $ 1,436,702 |
Avis Budget Rental Car Funding AESOP LLC (a) | ||
Series 2021-1A, Class A | ||
1.38%, due 8/20/27 | 2,700,000 | 2,300,251 |
Series 2020-2A, Class A | ||
2.02%, due 2/20/27 | 845,000 | 747,214 |
Series 2020-1A, Class A | ||
2.33%, due 8/20/26 | 635,000 | 575,333 |
Carmax Auto Owner Trust | ||
Series 2022-3, Class A3 | ||
3.97%, due 4/15/27 | 1,555,000 | 1,518,030 |
Drive Auto Receivables Trust | ||
Series 2021-2, Class D | ||
1.39%, due 3/15/29 | 1,200,000 | 1,085,157 |
Enterprise Fleet Financing LLC | ||
Series 2022-2, Class A3 | ||
4.79%, due 5/21/29 (a) | 815,000 | 791,108 |
Flagship Credit Auto Trust | ||
Series 2020-3, Class D | ||
2.50%, due 9/15/26 (a) | 580,000 | 532,573 |
Ford Credit Auto Owner Trust | ||
Series 2020-2, Class A | ||
1.06%, due 4/15/33 (a) | 1,105,000 | 969,663 |
Ford Credit Floorplan Master Owner Trust | ||
Series 2018-4, Class A | ||
4.06%, due 11/15/30 | 1,625,000 | 1,477,536 |
Hertz Vehicle Financing III LP | ||
Series 2021-2A, Class D | ||
4.34%, due 12/27/27 (a) | 3,070,000 | 2,457,072 |
Hertz Vehicle Financing LLC | ||
Series 2021-1A, Class B | ||
1.56%, due 12/26/25 (a) | 1,235,000 | 1,123,730 |
J.P. Morgan Chase Bank NA | ||
Series 2020-1, Class B | ||
0.991%, due 1/25/28 (a) | 173,189 | 169,911 |
15,184,280 |
Principal Amount | Value | |
Home Equity Asset-Backed Securities 0.1% | ||
Carrington Mortgage Loan Trust | ||
Series 2007-HE1, Class A3 | ||
3.776% (1 Month LIBOR + 0.19%), due 6/25/37 (b) | $ 1,306,784 | $ 1,266,206 |
Equity One Mortgage Pass-Through Trust | ||
Series 2003-3, Class AF4 | ||
5.495%, due 12/25/33 (c) | 15,606 | 15,488 |
J.P. Morgan Mortgage Acquisition Trust | ||
Series 2007-HE1, Class AF1 | ||
3.686% (1 Month LIBOR + 0.10%), due 3/25/47 (b) | 305,989 | 192,229 |
MASTR Asset-Backed Securities Trust | ||
Series 2006-HE4, Class A1 | ||
3.686% (1 Month LIBOR + 0.10%), due 11/25/36 (b) | 486,138 | 168,531 |
1,642,454 | ||
Other Asset-Backed Securities 3.1% | ||
American Airlines Pass-Through Trust | ||
Series 2016-2, Class AA | ||
3.20%, due 6/15/28 | 504,560 | 420,516 |
Series 2016-2, Class A | ||
3.65%, due 6/15/28 | 1,172,360 | 885,791 |
Series 2013-2, Class A | ||
4.95%, due 1/15/23 | 1,587,700 | 1,571,500 |
AMSR Trust | ||
Series 2020-SFR4, Class A | ||
1.355%, due 11/17/37 (a) | 2,643,000 | 2,311,347 |
British Airways Pass-Through Trust | ||
Series 2021-1, Class A | ||
2.90%, due 3/15/35 (United Kingdom) (a) | 1,975,507 | 1,573,932 |
CF Hippolyta Issuer LLC (a) | ||
Series 2021-1A, Class A1 | ||
1.53%, due 3/15/61 | 2,457,449 | 2,106,671 |
Series 2020-1, Class A1 | ||
1.69%, due 7/15/60 | 1,165,811 | 1,024,887 |
Series 2020-1, Class A2 | ||
1.99%, due 7/15/60 | 1,154,632 | 942,375 |
Crown Castle Towers LLC | ||
4.241%, due 7/15/28 (a) | 2,680,000 | 2,436,018 |
CVS Pass-Through Trust | ||
5.789%, due 1/10/26 (a) | 76,914 | 76,411 |
DB Master Finance LLC (a) | ||
Series 2021-1A, Class A23 | ||
2.791%, due 11/20/51 | 2,238,087 | 1,661,549 |
Principal Amount | Value | |
Asset-Backed Securities (continued) | ||
Other Asset-Backed Securities (continued) | ||
DB Master Finance LLC (a) (continued) | ||
Series 2019-1A, Class A23 | ||
4.352%, due 5/20/49 | $ 402,550 | $ 354,362 |
FirstKey Homes Trust | ||
Series 2020-SFR1, Class A | ||
1.339%, due 8/17/37 (a) | 2,470,254 | 2,178,330 |
Home Partners of America Trust (a) | ||
Series 2021-2, Class A | ||
1.901%, due 12/17/26 | 685,978 | 583,582 |
Series 2021-2, Class B | ||
2.302%, due 12/17/26 | 1,314,458 | 1,125,582 |
MMAF Equipment Finance LLC | ||
Series 2020-BA, Class A4 | ||
0.66%, due 11/15/27 (a) | 3,750,000 | 3,369,057 |
Navient Private Education Refi Loan Trust (a) | ||
Series 2021-BA, Class A | ||
0.94%, due 7/15/69 | 507,829 | 425,884 |
Series 2020-EA, Class A | ||
1.69%, due 5/15/69 | 760,719 | 677,404 |
Series 2021-EA, Class B | ||
2.03%, due 12/16/69 | 3,245,000 | 2,011,702 |
New Economy Assets Phase 1 Sponsor LLC (a) | ||
Series 2021-1, Class A1 | ||
1.91%, due 10/20/61 | 1,585,000 | 1,328,013 |
Series 2021-1, Class B1 | ||
2.41%, due 10/20/61 | 1,535,000 | 1,243,203 |
PFS Financing Corp. | ||
Series 2022-D, Class A | ||
4.27%, due 8/15/27 (a) | 1,380,000 | 1,315,743 |
Progress Residential Trust (a) | ||
Series 2021-SFR1, Class A | ||
1.052%, due 4/17/38 | 1,563,616 | 1,316,459 |
Series 2020-SFR3, Class A | ||
1.294%, due 10/17/27 | 1,580,461 | 1,404,762 |
Series 2021-SFR4, Class B | ||
1.808%, due 5/17/38 | 1,780,000 | 1,515,558 |
Sierra Timeshare Receivables Funding LLC | ||
Series 2020-2A, Class A | ||
1.33%, due 7/20/37 (a) | 505,114 | 468,645 |
Taco Bell Funding LLC | ||
Series 2021-1A, Class A23 | ||
2.542%, due 8/25/51 (a) | 1,637,625 | 1,195,365 |
Principal Amount | Value | |
Other Asset-Backed Securities (continued) | ||
U.S. Airways Pass-Through Trust | ||
Series 2012-1, Class A | ||
5.90%, due 10/1/24 | $ 971,993 | $ 935,885 |
United Airlines Pass-Through Trust | ||
Series 2020-1, Class A | ||
5.875%, due 10/15/27 | 1,557,055 | 1,502,368 |
37,962,901 | ||
Total Asset-Backed Securities (Cost $63,358,547) | 54,789,635 | |
Corporate Bonds 20.5% | ||
Aerospace & Defense 0.1% | ||
Boeing Co. (The) | ||
3.75%, due 2/1/50 | 880,000 | 563,056 |
Howmet Aerospace, Inc. | ||
3.00%, due 1/15/29 | 1,500,000 | 1,248,570 |
1,811,626 | ||
Agriculture 0.2% | ||
BAT Capital Corp. | ||
3.734%, due 9/25/40 (United Kingdom) | 2,105,000 | 1,325,265 |
BAT International Finance plc | ||
4.448%, due 3/16/28 (United Kingdom) | 1,170,000 | 1,036,255 |
2,361,520 | ||
Airlines 0.6% | ||
American Airlines, Inc. (a) | ||
5.50%, due 4/20/26 | 1,400,000 | 1,333,250 |
5.75%, due 4/20/29 | 850,000 | 773,500 |
Delta Air Lines, Inc. (a) | ||
4.50%, due 10/20/25 | 1,080,000 | 1,052,392 |
4.75%, due 10/20/28 | 2,125,000 | 1,976,858 |
Mileage Plus Holdings LLC | ||
6.50%, due 6/20/27 (a) | 1,767,000 | 1,746,865 |
6,882,865 | ||
Auto Manufacturers 1.1% | ||
Ford Motor Credit Co. LLC | ||
2.30%, due 2/10/25 | 1,935,000 | 1,750,207 |
2.70%, due 8/10/26 | 940,000 | 814,491 |
3.35%, due 11/1/22 | 820,000 | 820,000 |
4.125%, due 8/17/27 | 1,650,000 | 1,465,282 |
General Motors Co. | ||
5.60%, due 10/15/32 | 530,000 | 481,014 |
General Motors Financial Co., Inc. | ||
2.35%, due 1/8/31 | 810,000 | 592,977 |
14 | MainStay Income Builder Fund |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Auto Manufacturers (continued) | ||
General Motors Financial Co., Inc. (continued) | ||
2.70%, due 6/10/31 | $ 2,015,000 | $ 1,499,353 |
4.30%, due 4/6/29 | 1,125,000 | 988,091 |
Nissan Motor Acceptance Co. LLC (a) | ||
1.125%, due 9/16/24 | 1,935,000 | 1,727,688 |
1.85%, due 9/16/26 | 3,205,000 | 2,514,476 |
Volkswagen Group of America Finance LLC | ||
4.60%, due 6/8/29 (Germany) (a) | 840,000 | 762,328 |
13,415,907 | ||
Banks 7.3% | ||
Banco Santander SA | ||
5.294%, due 8/18/27 (Spain) | 1,800,000 | 1,659,961 |
Bank of America Corp. | ||
2.087%, due 6/14/29 (d) | 1,690,000 | 1,367,560 |
2.496%, due 2/13/31 (d) | 1,600,000 | 1,257,069 |
2.572%, due 10/20/32 (d) | 1,195,000 | 901,557 |
2.687%, due 4/22/32 (d) | 1,110,000 | 857,867 |
3.194%, due 7/23/30 (d) | 1,425,000 | 1,192,130 |
3.384%, due 4/2/26 (d) | 1,115,000 | 1,047,474 |
Series MM | ||
4.30%, due 1/28/25 (d)(e) | 2,184,000 | 1,807,806 |
Series DD | ||
6.30%, due 3/10/26 (d)(e) | 2,085,000 | 2,033,000 |
8.57%, due 11/15/24 | 485,000 | 509,917 |
Barclays plc (United Kingdom) (b)(e) | ||
4.375% (5 Year Treasury Constant Maturity Rate + 3.41%), due 3/15/28 | 2,000,000 | 1,327,418 |
8.00% (5 Year Treasury Constant Maturity Rate + 5.431%), due 3/15/29 | 1,605,000 | 1,437,846 |
BNP Paribas SA (France) (a) | ||
3.052%, due 1/13/31 (d) | 2,395,000 | 1,862,592 |
4.625% (5 Year Treasury Constant Maturity Rate + 3.196%), due 1/12/27 (b)(e) | 1,450,000 | 1,109,970 |
4.625% (5 Year Treasury Constant Maturity Rate + 3.34%), due 2/25/31 (b)(e) | 2,090,000 | 1,444,712 |
7.75% (5 Year Treasury Constant Maturity Rate + 4.899%), due 8/16/29 (b)(e) | 550,000 | 518,559 |
Principal Amount | Value | |
Banks (continued) | ||
BPCE SA | ||
2.045%, due 10/19/27 (France) (a)(d) | $ 1,255,000 | $ 1,042,370 |
Citigroup, Inc. | ||
2.52%, due 11/3/32 (d) | 1,195,000 | 894,032 |
3.668%, due 7/24/28 (d) | 1,180,000 | 1,058,435 |
3.98%, due 3/20/30 (d) | 2,370,000 | 2,088,168 |
Series Y | ||
4.15% (5 Year Treasury Constant Maturity Rate + 3.00%), due 11/15/26 (b)(e) | 2,005,000 | 1,566,097 |
5.30%, due 5/6/44 | 600,000 | 505,617 |
6.625%, due 6/15/32 | 770,000 | 779,326 |
Citizens Bank NA | ||
6.064%, due 10/24/25 (d) | 1,095,000 | 1,102,799 |
Citizens Financial Group, Inc. | ||
2.638%, due 9/30/32 | 2,715,000 | 1,930,772 |
Credit Agricole SA | ||
4.75% (5 Year Treasury Constant Maturity Rate + 3.237%), due 3/23/29 (France) (a)(b)(e) | 2,340,000 | 1,680,306 |
Credit Suisse Group AG (Switzerland) (a)(d) | ||
2.593%, due 9/11/25 | 1,500,000 | 1,332,084 |
3.091%, due 5/14/32 | 1,930,000 | 1,323,766 |
6.442%, due 8/11/28 | 1,170,000 | 1,056,020 |
Deutsche Bank AG (Germany) | ||
Series E | ||
0.962%, due 11/8/23 | 1,555,000 | 1,478,925 |
3.035%, due 5/28/32 (d) | 600,000 | 422,024 |
4.276% (SOFR + 1.219%), due 11/16/27 (b) | 1,945,000 | 1,672,874 |
5.371%, due 9/9/27 | 955,000 | 905,690 |
First Horizon Bank | ||
5.75%, due 5/1/30 | 1,555,000 | 1,483,384 |
First Horizon Corp. | ||
4.00%, due 5/26/25 | 2,100,000 | 2,010,876 |
Freedom Mortgage Corp. | ||
7.625%, due 5/1/26 (a) | 860,000 | 679,434 |
Goldman Sachs Group, Inc. (The) | ||
1.431%, due 3/9/27 (d) | 1,255,000 | 1,073,678 |
1.948%, due 10/21/27 (d) | 1,435,000 | 1,219,220 |
1.992%, due 1/27/32 (d) | 1,370,000 | 999,650 |
2.615%, due 4/22/32 (d) | 1,005,000 | 766,577 |
3.102%, due 2/24/33 (d) | 905,000 | 708,787 |
3.50%, due 11/16/26 | 1,085,000 | 994,982 |
4.075% (3 Month LIBOR + 1.17%), due 5/15/26 (b) | 2,245,000 | 2,215,781 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Banks (continued) | ||
Goldman Sachs Group, Inc. (The) (continued) | ||
6.75%, due 10/1/37 | $ 829,000 | $ 819,628 |
HSBC Holdings plc (United Kingdom) (d) | ||
3.973%, due 5/22/30 | 2,365,000 | 1,949,474 |
7.336%, due 11/3/26 | 525,000 | 526,453 |
JPMorgan Chase & Co. | ||
2.182%, due 6/1/28 (d) | 1,800,000 | 1,522,645 |
4.246% (SOFR + 1.18%), due 2/24/28 (b)(f) | 1,995,000 | 1,931,779 |
4.323%, due 4/26/28 (d) | 2,185,000 | 2,032,470 |
Series HH | ||
4.60%, due 2/1/25 (d)(e) | 1,552,000 | 1,385,005 |
Lloyds Banking Group plc (United Kingdom) | ||
4.582%, due 12/10/25 | 1,038,000 | 951,391 |
4.65%, due 3/24/26 | 2,540,000 | 2,334,380 |
4.976% (1 Year Treasury Constant Maturity Rate + 2.30%), due 8/11/33 (b) | 870,000 | 744,364 |
Macquarie Group Ltd. | ||
2.871%, due 1/14/33 (Australia) (a)(d) | 1,925,000 | 1,420,346 |
Mizuho Financial Group, Inc. | ||
3.261% (1 Year Treasury Constant Maturity Rate + 1.25%), due 5/22/30 (Japan) (b) | 1,290,000 | 1,072,814 |
Morgan Stanley | ||
2.484%, due 9/16/36 (d) | 2,115,000 | 1,497,384 |
2.511%, due 10/20/32 (d) | 1,530,000 | 1,151,920 |
5.00%, due 11/24/25 | 1,980,000 | 1,975,397 |
NatWest Group plc | ||
3.073% (1 Year Treasury Constant Maturity Rate + 2.55%), due 5/22/28 (United Kingdom) (b) | 3,705,000 | 3,145,717 |
Societe Generale SA (France) (a)(b) | ||
3.337% (1 Year Treasury Constant Maturity Rate + 1.60%), due 1/21/33 | 1,590,000 | 1,165,561 |
4.75% (5 Year Treasury Constant Maturity Rate + 3.931%), due 5/26/26 (e) | 935,000 | 718,547 |
5.375% (5 Year Treasury Constant Maturity Rate + 4.514%), due 11/18/30 (e) | 2,600,000 | 1,883,314 |
Principal Amount | Value | |
Banks (continued) | ||
Standard Chartered plc (United Kingdom) (a)(b) | ||
1.822% (1 Year Treasury Constant Maturity Rate + 0.95%), due 11/23/25 | $ 2,510,000 | $ 2,243,927 |
4.75% (5 Year Treasury Constant Maturity Rate + 3.805%), due 1/14/31 (e) | 1,225,000 | 817,371 |
SVB Financial Group | ||
Series C | ||
4.00% (5 Year Treasury Constant Maturity Rate + 3.202%), due 5/15/26 (b)(e) | 1,810,000 | 1,266,630 |
UBS Group AG (Switzerland) (a)(b) | ||
4.375% (5 Year Treasury Constant Maturity Rate + 3.313%), due 2/10/31 (e) | 2,350,000 | 1,632,427 |
4.751% (1 Year Treasury Constant Maturity Rate + 1.75%), due 5/12/28 | 960,000 | 879,733 |
Wachovia Corp. | ||
5.50%, due 8/1/35 | 315,000 | 286,610 |
Wells Fargo & Co. | ||
2.879%, due 10/30/30 (d) | 900,000 | 738,417 |
4.897%, due 7/25/33 (d) | 935,000 | 855,474 |
4.90%, due 11/17/45 | 55,000 | 43,861 |
Westpac Banking Corp. | ||
3.02% (5 Year Treasury Constant Maturity Rate + 1.53%), due 11/18/36 (Australia) (b) | 1,255,000 | 887,858 |
91,208,009 | ||
Chemicals 0.3% | ||
Braskem Netherlands Finance BV | ||
4.50%, due 1/10/28 (Brazil) (a) | 2,135,000 | 1,853,735 |
Huntsman International LLC | ||
4.50%, due 5/1/29 | 1,862,000 | 1,621,784 |
3,475,519 | ||
Commercial Services 0.3% | ||
Ashtead Capital, Inc. | ||
4.00%, due 5/1/28 (United Kingdom) (a) | 935,000 | 820,968 |
California Institute of Technology | ||
3.65%, due 9/1/19 | 898,000 | 531,877 |
Carriage Services, Inc. | ||
4.25%, due 5/15/29 (a) | 680,000 | 523,314 |
16 | MainStay Income Builder Fund |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Commercial Services (continued) | ||
Sodexo, Inc. | ||
2.718%, due 4/16/31 (France) (a) | $ 2,370,000 | $ 1,819,724 |
3,695,883 | ||
Computers 0.6% | ||
Dell International LLC | ||
3.375%, due 12/15/41 (a) | 2,090,000 | 1,297,092 |
4.90%, due 10/1/26 | 1,749,000 | 1,678,745 |
5.30%, due 10/1/29 | 810,000 | 758,310 |
8.10%, due 7/15/36 | 1,242,000 | 1,315,723 |
NCR Corp. | ||
5.00%, due 10/1/28 (a) | 2,376,000 | 1,996,551 |
7,046,421 | ||
Diversified Financial Services 1.9% | ||
AerCap Ireland Capital DAC (Ireland) | ||
2.45%, due 10/29/26 | 1,585,000 | 1,338,446 |
3.30%, due 1/23/23 | 1,275,000 | 1,268,512 |
Air Lease Corp. | ||
2.30%, due 2/1/25 | 1,915,000 | 1,750,498 |
2.75%, due 1/15/23 | 1,850,000 | 1,839,491 |
4.25%, due 9/15/24 | 1,185,000 | 1,152,695 |
Aircastle Ltd. | ||
5.25% (5 Year Treasury Constant Maturity Rate + 4.41%), due 6/15/26 (a)(b)(e) | 1,765,000 | 1,319,953 |
Ally Financial, Inc. | ||
3.875%, due 5/21/24 | 810,000 | 782,208 |
Series C | ||
4.70% (7 Year Treasury Constant Maturity Rate + 3.481%), due 5/15/28 (b)(e) | 1,320,000 | 887,700 |
8.00%, due 11/1/31 | 1,685,000 | 1,728,154 |
Aviation Capital Group LLC | ||
1.95%, due 1/30/26 (a) | 1,210,000 | 1,010,678 |
Avolon Holdings Funding Ltd. (Ireland) (a) | ||
2.125%, due 2/21/26 | 1,515,000 | 1,242,121 |
2.875%, due 2/15/25 | 2,720,000 | 2,435,950 |
Banco BTG Pactual SA (Brazil) (a) | ||
2.75%, due 1/11/26 | 2,630,000 | 2,301,250 |
4.50%, due 1/10/25 | 850,000 | 811,108 |
Capital One Financial Corp. | ||
5.247%, due 7/26/30 (d) | 915,000 | 838,356 |
Nomura Holdings, Inc. | ||
5.099%, due 7/3/25 (Japan) | 1,845,000 | 1,806,153 |
Principal Amount | Value | |
Diversified Financial Services (continued) | ||
OneMain Finance Corp. | ||
3.50%, due 1/15/27 | $ 885,000 | $ 725,358 |
6.125%, due 3/15/24 | 540,000 | 527,591 |
23,766,222 | ||
Electric 1.4% | ||
AEP Texas, Inc. | ||
4.70%, due 5/15/32 | 1,135,000 | 1,033,159 |
Alabama Power Co. | ||
3.00%, due 3/15/52 | 785,000 | 494,292 |
Arizona Public Service Co. | ||
2.20%, due 12/15/31 | 1,930,000 | 1,423,128 |
Calpine Corp. | ||
5.125%, due 3/15/28 (a) | 1,245,000 | 1,103,834 |
Duquesne Light Holdings, Inc. | ||
3.616%, due 8/1/27 (a) | 2,265,000 | 1,999,163 |
Edison International | ||
Series B | ||
5.00% (5 Year Treasury Constant Maturity Rate + 3.901%), due 12/15/26 (b)(e) | 2,140,000 | 1,733,400 |
Entergy Louisiana LLC | ||
4.00%, due 3/15/33 | 2,200,000 | 1,919,354 |
Jersey Central Power & Light Co. | ||
2.75%, due 3/1/32 (a) | 1,655,000 | 1,287,789 |
National Rural Utilities Cooperative Finance Corp. | ||
5.80%, due 1/15/33 | 1,065,000 | 1,077,854 |
Nevada Power Co. | ||
Series GG | ||
5.90%, due 5/1/53 | 530,000 | 523,198 |
NSTAR Electric Co. | ||
4.95%, due 9/15/52 | 580,000 | 518,957 |
Ohio Power Co. | ||
Series R | ||
2.90%, due 10/1/51 | 1,000,000 | 597,047 |
Southern California Edison Co. | ||
Series E | ||
3.70%, due 8/1/25 | 870,000 | 835,072 |
4.00%, due 4/1/47 | 1,320,000 | 941,684 |
Virginia Electric and Power Co. | ||
2.95%, due 11/15/51 | 1,035,000 | 639,634 |
WEC Energy Group, Inc. | ||
5.018% (3 Month LIBOR + 2.113%), due 5/15/67 (b) | 1,095,000 | 903,375 |
17,030,940 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Entertainment 0.1% | ||
Warnermedia Holdings, Inc. | ||
4.279%, due 3/15/32 (a) | $ 1,340,000 | $ 1,082,383 |
Environmental Control 0.1% | ||
Stericycle, Inc. | ||
3.875%, due 1/15/29 (a) | 280,000 | 243,205 |
Waste Connections, Inc. | ||
2.20%, due 1/15/32 | 1,100,000 | 846,314 |
1,089,519 | ||
Food 0.2% | ||
JBS USA LUX SA | ||
5.75%, due 4/1/33 (a) | 1,400,000 | 1,261,596 |
Smithfield Foods, Inc. | ||
4.25%, due 2/1/27 (a) | 1,180,000 | 1,066,844 |
2,328,440 | ||
Gas 0.3% | ||
National Fuel Gas Co. | ||
2.95%, due 3/1/31 | 1,050,000 | 787,314 |
Piedmont Natural Gas Co., Inc. | ||
5.05%, due 5/15/52 | 1,040,000 | 872,574 |
Southern California Gas Co. | ||
Series VV | ||
4.30%, due 1/15/49 (f) | 845,000 | 646,205 |
Southern Co. Gas Capital Corp. | ||
Series 21A | ||
3.15%, due 9/30/51 | 1,970,000 | 1,188,990 |
3,495,083 | ||
Home Builders 0.1% | ||
Thor Industries, Inc. | ||
4.00%, due 10/15/29 (a) | 891,000 | 720,623 |
Insurance 0.8% | ||
Athene Global Funding | ||
2.50%, due 3/24/28 (a) | 1,580,000 | 1,299,369 |
Equitable Holdings, Inc. | ||
5.00%, due 4/20/48 | 2,305,000 | 1,848,542 |
Peachtree Corners Funding Trust | ||
3.976%, due 2/15/25 (a) | 940,000 | 901,327 |
Protective Life Corp. | ||
8.45%, due 10/15/39 | 1,640,000 | 1,846,055 |
Reliance Standard Life Global Funding II | ||
2.50%, due 10/30/24 (a) | 2,420,000 | 2,276,481 |
Principal Amount | Value | |
Insurance (continued) | ||
Voya Financial, Inc. | ||
3.65%, due 6/15/26 | $ 690,000 | $ 639,780 |
Willis North America, Inc. | ||
2.95%, due 9/15/29 | 1,735,000 | 1,403,795 |
3.875%, due 9/15/49 | 440,000 | 289,745 |
10,505,094 | ||
Internet 0.2% | ||
Expedia Group, Inc. | ||
3.25%, due 2/15/30 | 1,890,000 | 1,523,184 |
3.80%, due 2/15/28 | 440,000 | 391,239 |
5.00%, due 2/15/26 | 60,000 | 57,980 |
6.25%, due 5/1/25 (a) | 207,000 | 206,650 |
2,179,053 | ||
Lodging 0.2% | ||
Hilton Domestic Operating Co., Inc. | ||
4.875%, due 1/15/30 | 299,000 | 267,979 |
Las Vegas Sands Corp. | ||
3.20%, due 8/8/24 | 1,415,000 | 1,347,336 |
Sands China Ltd. | ||
5.625%, due 8/8/25 (Macao) (c) | 1,310,000 | 1,156,678 |
2,771,993 | ||
Media 0.2% | ||
DISH DBS Corp. | ||
5.75%, due 12/1/28 (a) | 1,180,000 | 951,375 |
Grupo Televisa SAB | ||
5.25%, due 5/24/49 (Mexico) | 930,000 | 765,576 |
Time Warner Cable Enterprises LLC | ||
8.375%, due 3/15/23 | 800,000 | 808,711 |
2,525,662 | ||
Mining 0.2% | ||
Glencore Funding LLC | ||
1.625%, due 9/1/25 (Australia) (a) | 2,805,000 | 2,495,623 |
Miscellaneous—Manufacturing 0.1% | ||
Textron Financial Corp. | ||
4.64% (3 Month LIBOR + 1.735%), due 2/15/42 (a)(b) | 2,720,000 | 1,868,536 |
Oil & Gas 0.2% | ||
Gazprom PJSC Via Gaz Capital SA | ||
7.288%, due 8/16/37 (Russia) (a)(g) | 2,065,000 | 1,104,775 |
Southwestern Energy Co. | ||
4.75%, due 2/1/32 | 479,000 | 413,473 |
18 | MainStay Income Builder Fund |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Oil & Gas (continued) | ||
Valero Energy Corp. | ||
6.625%, due 6/15/37 | $ 1,050,000 | $ 1,051,635 |
2,569,883 | ||
Packaging & Containers 0.1% | ||
Berry Global, Inc. | ||
4.875%, due 7/15/26 (a) | 200,000 | 187,900 |
Owens-Brockway Glass Container, Inc. | ||
6.625%, due 5/13/27 (a)(f) | 1,386,000 | 1,323,608 |
1,511,508 | ||
Pharmaceuticals 0.4% | ||
Becton Dickinson and Co. | ||
4.669%, due 6/6/47 | 935,000 | 782,416 |
CVS Health Corp. | ||
4.78%, due 3/25/38 | 1,110,000 | 963,433 |
Teva Pharmaceutical Finance Netherlands III BV (Israel) | ||
3.15%, due 10/1/26 | 2,995,000 | 2,530,775 |
4.75%, due 5/9/27 | 1,335,000 | 1,178,138 |
5,454,762 | ||
Pipelines 1.1% | ||
Cheniere Corpus Christi Holdings LLC | ||
2.742%, due 12/31/39 | 1,580,000 | 1,172,410 |
DT Midstream, Inc. | ||
4.30%, due 4/15/32 (a) | 1,375,000 | 1,181,180 |
Energy Transfer LP | ||
4.95%, due 6/15/28 | 980,000 | 912,806 |
5.35%, due 5/15/45 | 1,000,000 | 785,970 |
Enterprise Products Operating LLC | ||
3.95%, due 1/31/60 | 1,460,000 | 969,640 |
4.20%, due 1/31/50 | 405,000 | 297,641 |
Flex Intermediate Holdco LLC | ||
3.363%, due 6/30/31 (a) | 2,030,000 | 1,565,350 |
Hess Midstream Operations LP (a) | ||
4.25%, due 2/15/30 | 320,000 | 273,648 |
5.50%, due 10/15/30 | 1,185,000 | 1,069,107 |
Holly Energy Partners LP | ||
6.375%, due 4/15/27 (a) | 760,000 | 731,474 |
MPLX LP | ||
2.65%, due 8/15/30 | 1,705,000 | 1,342,265 |
Targa Resources Corp. | ||
4.20%, due 2/1/33 | 800,000 | 667,848 |
Transcontinental Gas Pipe Line Co. LLC | ||
4.60%, due 3/15/48 | 2,070,000 | 1,632,591 |
Principal Amount | Value | |
Pipelines (continued) | ||
Western Midstream Operating LP | ||
5.50%, due 2/1/50 (c) | $ 860,000 | $ 669,494 |
13,271,424 | ||
Real Estate 0.1% | ||
Realogy Group LLC | ||
5.75%, due 1/15/29 (a)(f) | 1,305,000 | 937,969 |
Real Estate Investment Trusts 0.9% | ||
American Tower Corp. | ||
3.375%, due 10/15/26 | 1,920,000 | 1,737,402 |
3.60%, due 1/15/28 | 1,025,000 | 908,314 |
Digital Realty Trust LP | ||
4.45%, due 7/15/28 (f) | 2,255,000 | 2,079,815 |
GLP Capital LP | ||
3.35%, due 9/1/24 | 1,280,000 | 1,199,064 |
Invitation Homes Operating Partnership LP | ||
2.00%, due 8/15/31 | 1,600,000 | 1,123,167 |
Iron Mountain, Inc. | ||
5.25%, due 7/15/30 (a) | 1,285,000 | 1,108,715 |
Office Properties Income Trust | ||
2.40%, due 2/1/27 | 1,335,000 | 917,373 |
Starwood Property Trust, Inc. (a) | ||
3.75%, due 12/31/24 | 1,695,000 | 1,584,537 |
4.375%, due 1/15/27 | 940,000 | 830,274 |
11,488,661 | ||
Retail 0.5% | ||
AutoNation, Inc. | ||
4.75%, due 6/1/30 | 1,680,000 | 1,446,544 |
Nordstrom, Inc. | ||
4.00%, due 3/15/27 | 760,000 | 644,345 |
4.25%, due 8/1/31 (f) | 1,260,000 | 914,760 |
QVC, Inc. | ||
4.375%, due 9/1/28 | 2,215,000 | 1,605,875 |
Starbucks Corp. | ||
4.45%, due 8/15/49 | 515,000 | 411,105 |
Victoria's Secret & Co. | ||
4.625%, due 7/15/29 (a) | 1,830,000 | 1,455,765 |
6,478,394 | ||
Software 0.1% | ||
Fidelity National Information Services, Inc. | ||
5.10%, due 7/15/32 | 655,000 | 616,529 |
MSCI, Inc. | ||
3.25%, due 8/15/33 (a) | 965,000 | 745,991 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Software (continued) | ||
Oracle Corp. | ||
3.65%, due 3/25/41 | $ 575,000 | $ 389,390 |
1,751,910 | ||
Telecommunications 0.8% | ||
Altice France SA | ||
5.125%, due 7/15/29 (France) (a) | 2,100,000 | 1,581,668 |
AT&T, Inc. | ||
3.50%, due 9/15/53 | 2,184,000 | 1,401,757 |
Level 3 Financing, Inc. | ||
3.40%, due 3/1/27 (a) | 1,400,000 | 1,205,204 |
Sprint Spectrum Co. LLC | ||
4.738%, due 3/20/25 (a) | 2,606,256 | 2,569,474 |
T-Mobile US, Inc. | ||
2.625%, due 2/15/29 | 715,000 | 591,043 |
Verizon Communications, Inc. | ||
4.005% (3 Month LIBOR + 1.10%), due 5/15/25 (b) | 2,705,000 | 2,703,214 |
10,052,360 | ||
Total Corporate Bonds (Cost $305,520,090) | 255,273,792 | |
Foreign Government Bonds 0.7% | ||
Brazil 0.1% | ||
Brazil Government Bond | ||
3.75%, due 9/12/31 (f) | 995,000 | 817,551 |
Chile 0.3% | ||
Chile Government Bond | ||
2.55%, due 7/27/33 (f) | 1,845,000 | 1,371,901 |
Empresa Nacional del Petroleo | ||
3.45%, due 9/16/31 (a) | 2,340,000 | 1,818,788 |
3,190,689 | ||
Colombia 0.1% | ||
Colombia Government Bond | ||
3.25%, due 4/22/32 (f) | 1,780,000 | 1,181,299 |
4.50%, due 1/28/26 | 560,000 | 502,796 |
1,684,095 | ||
Mexico 0.2% | ||
Comision Federal de Electricidad | ||
3.875%, due 7/26/33 (a) | 2,755,000 | 1,962,937 |
Principal Amount | Value | |
Mexico (continued) | ||
Mexico Government Bond | ||
3.75%, due 4/19/71 (f) | $ 1,860,000 | $ 1,075,645 |
3,038,582 | ||
Total Foreign Government Bonds (Cost $12,083,464) | 8,730,917 | |
Loan Assignments 0.1% | ||
Diversified/Conglomerate Service 0.1% | ||
TruGreen LP (b) | ||
First Lien Second Refinancing Term Loan | ||
7.754% (1 Month LIBOR + 4.00%), due 11/2/27 | 754,349 | 695,887 |
Second Lien Initial Term Loan | ||
11.615% (3 Month LIBOR + 8.50%), due 11/2/28 | 580,000 | 487,200 |
1,183,087 | ||
Total Loan Assignments (Cost $1,319,519) | 1,183,087 | |
Mortgage-Backed Securities 10.2% | ||
Agency (Collateralized Mortgage Obligations) 3.7% | ||
FHLMC | ||
REMIC, Series 5187, Class SA | ||
(zero coupon) (SOFR 30A + 1.80%), due 1/25/52 (b)(h) | 2,430,985 | 12,295 |
REMIC, Series 5200, Class SA | ||
0.503% (SOFR 30A + 3.50%), due 2/25/52 (b)(h) | 2,702,231 | 77,709 |
REMIC, Series 5021, Class SA | ||
0.553% (SOFR 30A + 3.55%), due 10/25/50 (b)(h) | 3,181,233 | 108,725 |
REMIC, Series 5073, Class DG | ||
1.50%, due 8/25/38 | 408,587 | 400,774 |
REMIC, Series 5038, Class KA | ||
1.50%, due 11/25/50 | 2,351,667 | 1,775,417 |
REMIC, Series 5070, Class PI | ||
3.00%, due 8/25/50 (h) | 1,694,181 | 280,184 |
REMIC, Series 5011, Class MI | ||
3.00%, due 9/25/50 (h) | 1,790,904 | 290,164 |
REMIC, Series 5023, Class LI | ||
3.00%, due 10/25/50 (h) | 1,420,781 | 227,938 |
REMIC, Series 5094, Class IP | ||
3.00%, due 4/25/51 (h) | 1,439,458 | 221,649 |
REMIC, Series 5160 | ||
3.00%, due 10/25/51 (h) | 1,762,192 | 217,431 |
20 | MainStay Income Builder Fund |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Agency (Collateralized Mortgage Obligations) (continued) | ||
FHLMC (continued) | ||
REMIC, Series 5040 | ||
3.50%, due 11/25/50 (h) | $ 1,275,723 | $ 218,150 |
FHLMC, Strips | ||
Series 311 | ||
(zero coupon), due 8/15/43 | 726,527 | 526,481 |
Series 311, Class S1 | ||
2.538% (1 Month LIBOR + 5.95%), due 8/15/43 (b)(h) | 2,072,049 | 181,763 |
FNMA | ||
REMIC, Series 2022-3, Class YS | ||
(zero coupon) (SOFR 30A + 2.55%), due 2/25/52 (b)(h) | 9,897,919 | 141,708 |
REMIC, Series 2022-5, Class SN | ||
(zero coupon) (SOFR 30A + 1.80%), due 2/25/52 (b)(h) | 1,359,938 | 5,603 |
REMIC, Series 2021-40, Class SI | ||
2.364% (1 Month LIBOR + 5.95%), due 9/25/47 (b)(h) | 2,631,032 | 230,467 |
REMIC, Series 2016-57, Class SN | ||
2.464% (1 Month LIBOR + 6.05%), due 6/25/46 (b)(h) | 2,116,104 | 198,281 |
REMIC, Series 2021-34, Class MI | ||
2.50%, due 3/25/51 (h) | 3,980,345 | 521,102 |
REMIC, Series 2021-12, Class JI | ||
2.50%, due 3/25/51 (h) | 1,392,686 | 212,045 |
REMIC, Series 2021-10, Class LI | ||
2.50%, due 3/25/51 (h) | 937,129 | 143,342 |
REMIC, Series 2021-54, Class HI | ||
2.50%, due 6/25/51 (h) | 645,194 | 80,476 |
REMIC, Series 2013-77, Class CY | ||
3.00%, due 7/25/43 | 1,387,380 | 1,233,889 |
REMIC, Series 2021-53, Class GI | ||
3.00%, due 7/25/48 (h) | 5,220,310 | 845,646 |
REMIC, Series 2019-13, Class PE | ||
3.00%, due 3/25/49 | 824,995 | 732,351 |
REMIC, Series 2021-85, Class BI | ||
3.00%, due 12/25/51 (h) | 3,939,523 | 614,366 |
REMIC, Series 2021-12, Class GC | ||
3.50%, due 7/25/50 | 1,670,497 | 1,522,563 |
REMIC, Series 2021-8, Class ID | ||
3.50%, due 3/25/51 (h) | 2,495,500 | 501,331 |
REMIC, Series 2020-10, Class DA | ||
3.50%, due 3/25/60 | 1,598,035 | 1,458,865 |
Principal Amount | Value | |
Agency (Collateralized Mortgage Obligations) (continued) | ||
GNMA | ||
Series 2019-136, Class YS | ||
(zero coupon) (1 Month LIBOR + 2.83%), due 11/20/49 (b)(h) | $ 2,955,012 | $ 7,780 |
Series 2020-5, Class AS | ||
(zero coupon) (1 Month LIBOR + 2.82%), due 1/20/50 (b)(h) | 1,530,309 | 7,335 |
Series 2021-77, Class SN | ||
(zero coupon) (1 Month LIBOR + 2.60%), due 5/20/51 (b)(h) | 7,090,596 | 31,255 |
Series 2021-122, Class SA | ||
(zero coupon) (SOFR 30A + 2.60%), due 7/20/51 (b)(h) | 4,299,342 | 36,856 |
Series 2022-19, Class SG | ||
(zero coupon) (SOFR 30A + 2.45%), due 1/20/52 (b)(h) | 6,331,219 | 62,563 |
Series 2022-24, Class SC | ||
(zero coupon) (SOFR 30A + 2.37%), due 2/20/52 (b)(h) | 32,451,762 | 313,620 |
Series 2022-6, Class AS | ||
0.22% (SOFR 30A + 3.14%), due 1/20/52 (b)(h) | 717,103 | 10,379 |
Series 2021-136, Class SB | ||
0.28% (SOFR 30A + 3.20%), due 8/20/51 (b)(h) | 11,567,073 | 290,663 |
Series 2021-158, Class SB | ||
0.78% (SOFR 30A + 3.70%), due 9/20/51 (b)(h) | 3,806,552 | 161,811 |
Series 2020-115, Class YA | ||
1.00%, due 8/20/50 | 1,776,518 | 1,341,754 |
Series 2020-129, Class AG | ||
1.00%, due 9/20/50 | 2,484,057 | 1,849,532 |
Series 2020-166, Class CA | ||
1.00%, due 11/20/50 | 1,699,772 | 1,273,813 |
Series 2021-105, Class DB | ||
1.00%, due 6/20/51 | 1,756,945 | 1,301,887 |
Series 2021-41, Class FS | ||
2.00% (SOFR 30A + 0.20%), due 10/20/50 (b)(h) | 3,728,487 | 428,964 |
Series 2020-166, Class IC | ||
2.00%, due 11/20/50 (h) | 826,916 | 87,642 |
Series 2020-188 | ||
2.00%, due 12/20/50 (h) | 3,635,696 | 384,794 |
Series 2021-97, Class IN | ||
2.50%, due 8/20/49 (h) | 4,474,842 | 487,138 |
Series 2022-1, Class IA | ||
2.50%, due 6/20/50 (h) | 626,653 | 88,698 |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Agency (Collateralized Mortgage Obligations) (continued) | ||
GNMA (continued) | ||
Series 2020-188, Class DI | ||
2.50%, due 12/20/50 (h) | $ 6,305,287 | $ 965,146 |
Series 2021-1, Class PI | ||
2.50%, due 12/20/50 (h) | 795,214 | 104,580 |
Series 2021-25, Class LI | ||
2.50%, due 2/20/51 (h) | 5,535,890 | 687,099 |
Series 2021-83, Class FM | ||
2.50% (SOFR 30A + 0.51%), due 5/20/51 (b) | 3,158,106 | 2,640,997 |
Series 2021-105, Class IE | ||
2.50%, due 6/20/51 (h) | 1,562,597 | 185,207 |
Series 2021-160, Class ID | ||
2.50%, due 9/20/51 (h) | 3,510,724 | 504,575 |
Series 2022-83 | ||
2.50%, due 11/20/51 (h) | 1,539,344 | 203,963 |
Series 2021-44, Class IQ | ||
3.00%, due 3/20/51 (h) | 4,076,144 | 595,836 |
Series 2021-74, Class HI | ||
3.00%, due 4/20/51 (h) | 4,276,052 | 645,231 |
Series 2021-98, Class KI | ||
3.00%, due 6/20/51 (h) | 4,210,730 | 641,375 |
Series 2021-97, Class FA | ||
3.00% (SOFR 30A + 0.40%), due 6/20/51 (b) | 837,688 | 735,246 |
Series 2021-122, Class FA | ||
3.00% (SOFR 30A + 0.40%), due 7/20/51 (b) | 2,520,196 | 2,120,927 |
Series 2021-136, Class TI | ||
3.00%, due 8/20/51 (h) | 1,843,917 | 271,315 |
Series 2021-139, Class IA | ||
3.00%, due 8/20/51 (h) | 5,334,475 | 876,882 |
Series 2021-158, Class NI | ||
3.00%, due 9/20/51 (h) | 5,025,178 | 785,901 |
Series 2021-177, Class IM | ||
3.00%, due 10/20/51 (h) | 3,500,019 | 563,788 |
Series 2022-10, Class NF | ||
3.00% (SOFR 30A + 0.50%), due 1/20/52 (b) | 895,946 | 780,747 |
Series 2021-125, Class AF | ||
3.17% (SOFR 30A + 0.25%), due 7/20/51 (b) | 1,929,770 | 1,708,283 |
Series 2021-96, Class FG | ||
3.22% (SOFR 30A + 0.30%), due 6/20/51 (b) | 1,964,760 | 1,733,058 |
Series 2013-149, Class BA | ||
3.25%, due 8/16/41 | 3,655,159 | 3,450,173 |
Principal Amount | Value | |
Agency (Collateralized Mortgage Obligations) (continued) | ||
GNMA (continued) | ||
Series 2022-6, Class CF | ||
3.28% (SOFR 30A + 0.36%), due 1/20/52 (b) | $ 717,103 | $ 640,066 |
Series 2019-136, Class YF | ||
3.50% (1 Month LIBOR + 0.67%), due 11/20/49 (b) | 1,436,360 | 1,255,773 |
Series 2019-145, Class LF | ||
3.50% (1 Month LIBOR + 0.67%), due 11/20/49 (b) | 1,692,677 | 1,472,722 |
Series 2020-5, Class AF | ||
3.50% (1 Month LIBOR + 0.68%), due 1/20/50 (b) | 762,537 | 660,998 |
45,377,087 | ||
Commercial Mortgage Loans (Collateralized Mortgage Obligations) 3.6% | ||
Arbor Multifamily Mortgage Securities Trust (a) | ||
Series 2021-MF2, Class AS | ||
2.70%, due 6/15/54 (i) | 1,770,000 | 1,336,051 |
Series 2021-MF3, Class AS | ||
2.748%, due 10/15/54 | 2,200,000 | 1,659,182 |
Series 2022-MF4, Class A5 | ||
3.293%, due 2/15/55 (j) | 1,225,000 | 1,007,689 |
Bayview Commercial Asset Trust | ||
Series 2006-4A, Class A1 | ||
3.931% (1 Month LIBOR + 0.345%), due 12/25/36 (a)(b) | 42,598 | 38,943 |
Benchmark Mortgage Trust | ||
Series 2020-B19, Class A2 | ||
1.691%, due 9/15/53 | 1,775,000 | 1,581,433 |
BX Commercial Mortgage Trust (a) | ||
Series 2020-VIV2, Class C | ||
3.542%, due 3/9/44 (j) | 2,540,000 | 1,886,584 |
Series 2020-VIV3, Class B | ||
3.544%, due 3/9/44 (j) | 847,236 | 665,553 |
Series 2020-VIVA, Class D | ||
3.549%, due 3/11/44 (j) | 575,000 | 415,845 |
Series 2021-XL2, Class A | ||
4.101% (1 Month LIBOR + 0.689%), due 10/15/38 (b) | 1,311,302 | 1,240,283 |
Series 2021-VOLT, Class C | ||
4.512% (1 Month LIBOR + 1.10%), due 9/15/36 (b) | 2,310,000 | 2,130,792 |
Series 2021-ACNT, Class D | ||
5.263% (1 Month LIBOR + 1.85%), due 11/15/38 (b) | 2,410,000 | 2,264,250 |
22 | MainStay Income Builder Fund |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Commercial Mortgage Loans (Collateralized Mortgage Obligations) (continued) | ||
BX Trust (a) | ||
Series 2019-OC11, Class B | ||
3.605%, due 12/9/41 | $ 250,000 | $ 198,188 |
Series 2019-OC11, Class C | ||
3.856%, due 12/9/41 | 570,000 | 450,379 |
Series 2019-OC11, Class D | ||
3.944%, due 12/9/41 (j) | 975,000 | 760,137 |
Series 2021-LBA, Class AV | ||
4.213% (1 Month LIBOR + 0.80%), due 2/15/36 (b) | 1,910,000 | 1,794,209 |
Series 2021-ARIA, Class E | ||
5.657% (1 Month LIBOR + 2.245%), due 10/15/36 (b) | 3,250,000 | 2,929,822 |
BXHPP Trust | ||
Series 2021-FILM, Class B | ||
4.312% (1 Month LIBOR + 0.90%), due 8/15/36 (a)(b) | 1,280,000 | 1,185,642 |
Citigroup Commercial Mortgage Trust | ||
Series 2016-GC36, Class A5 | ||
3.616%, due 2/10/49 | 560,000 | 517,534 |
Extended Stay America Trust (a)(b) | ||
Series 2021-ESH, Class C | ||
5.113% (1 Month LIBOR + 1.70%), due 7/15/38 | 2,259,885 | 2,138,222 |
Series 2021-ESH, Class D | ||
5.663% (1 Month LIBOR + 2.25%), due 7/15/38 | 1,557,027 | 1,471,257 |
FREMF Mortgage Trust (a)(j) | ||
Series 2019-K99, Class B | ||
3.645%, due 10/25/52 | 290,000 | 250,302 |
Series 2019-K98, Class C | ||
3.738%, due 10/25/52 | 780,000 | 666,411 |
Series 2017-K71, Class B | ||
3.752%, due 11/25/50 | 607,208 | 545,977 |
Series 2017-K63, Class C | ||
3.877%, due 2/25/50 | 1,700,000 | 1,538,285 |
Series 2019-K94, Class B | ||
3.966%, due 7/25/52 | 1,895,000 | 1,669,596 |
Series 2018-K78, Class B | ||
4.128%, due 6/25/51 | 355,000 | 324,161 |
Series 2018-K81, Class B | ||
4.173%, due 9/25/51 | 345,000 | 313,020 |
Series 2018-K76, Class B | ||
4.208%, due 6/25/51 | 370,000 | 339,016 |
Series 2018-K79, Class B | ||
4.211%, due 7/25/51 | 330,000 | 300,687 |
Principal Amount | Value | |
Commercial Mortgage Loans (Collateralized Mortgage Obligations) (continued) | ||
FREMF Mortgage Trust (a)(j) (continued) | ||
Series 2018-K86, Class C | ||
4.294%, due 11/25/51 | $ 955,000 | $ 851,423 |
Hudson Yards Mortgage Trust | ||
Series 2019-30HY, Class A | ||
3.228%, due 7/10/39 (a) | 1,640,000 | 1,376,927 |
Manhattan West Mortgage Trust | ||
Series 2020-1MW, Class A | ||
2.13%, due 9/10/39 (a) | 2,910,000 | 2,448,539 |
Morgan Stanley Bank of America Merrill Lynch Trust | ||
Series 2016-C28, Class A4 | ||
3.544%, due 1/15/49 | 560,000 | 520,675 |
Morgan Stanley Capital I Trust | ||
Series 2015-UBS8, Class A4 | ||
3.809%, due 12/15/48 | 830,000 | 776,170 |
Multifamily Connecticut Avenue Securities Trust | ||
Series 2019-01, Class M10 | ||
6.836% (1 Month LIBOR + 3.25%), due 10/25/49 (a)(b) | 1,900,485 | 1,750,765 |
One Bryant Park Trust | ||
Series 2019-OBP, Class A | ||
2.516%, due 9/15/54 (a) | 4,550,000 | 3,624,198 |
Wells Fargo Commercial Mortgage Trust | ||
Series 2018-AUS, Class A | ||
4.058%, due 8/17/36 (a)(j) | 2,345,000 | 2,125,405 |
45,093,552 | ||
Whole Loan (Collateralized Mortgage Obligations) 2.9% | ||
FHLMC STACR REMIC Trust (a)(b) | ||
Series 2022-DNA1, Class M1B | ||
4.847% (SOFR 30A + 1.85%), due 1/25/42 | 2,340,000 | 2,100,148 |
Series 2020-DNA6, Class M2 | ||
4.997% (SOFR 30A + 2.00%), due 12/25/50 | 2,689,089 | 2,644,707 |
Series 2021-HQA3, Class M2 | ||
5.097% (SOFR 30A + 2.10%), due 9/25/41 | 1,715,000 | 1,458,832 |
Series 2021-HQA1, Class M2 | ||
5.247% (SOFR 30A + 2.25%), due 8/25/33 | 2,490,000 | 2,276,759 |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Whole Loan (Collateralized Mortgage Obligations) (continued) | ||
FHLMC STACR REMIC Trust (a)(b) (continued) | ||
Series 2022-DNA3, Class M1B | ||
5.897% (SOFR 30A + 2.90%), due 4/25/42 | $ 2,400,000 | $ 2,226,002 |
Series 2021-HQA1, Class B1 | ||
5.997% (SOFR 30A + 3.00%), due 8/25/33 | 3,045,000 | 2,444,624 |
Series 2021-DNA5, Class B1 | ||
6.047% (SOFR 30A + 3.05%), due 1/25/34 | 4,090,000 | 3,555,243 |
Series 2021-HQA2, Class B1 | ||
6.147% (SOFR 30A + 3.15%), due 12/25/33 | 1,015,000 | 808,290 |
Series 2021-HQA3, Class B1 | ||
6.347% (SOFR 30A + 3.35%), due 9/25/41 | 3,465,000 | 2,961,665 |
Series 2022-DNA2, Class M2 | ||
6.747% (SOFR 30A + 3.75%), due 2/25/42 | 1,820,000 | 1,663,676 |
FHLMC STACR Trust (a)(b) | ||
Series 2018-DNA2, Class B1 | ||
7.286% (1 Month LIBOR + 3.70%), due 12/25/30 | 1,340,000 | 1,317,073 |
Series 2019-DNA1, Class B1 | ||
8.236% (1 Month LIBOR + 4.65%), due 1/25/49 | 2,055,000 | 2,100,207 |
FNMA (b) | ||
Series 2018-C01, Class 1B1 | ||
7.136% (1 Month LIBOR + 3.55%), due 7/25/30 | 2,715,000 | 2,706,615 |
Series 2017-C05, Class 1B1 | ||
7.186% (1 Month LIBOR + 3.60%), due 1/25/30 | 2,299,558 | 2,264,681 |
J.P. Morgan Mortgage Trust | ||
Series 2021-LTV2, Class A1 | ||
2.519%, due 5/25/52 (a)(i) | 875,519 | 671,223 |
New Residential Mortgage Loan Trust (a) | ||
Series 2019-5A, Class B7 | ||
4.359%, due 8/25/59 (j) | 2,861,264 | 1,711,905 |
Series 2019-2A, Class B6 | ||
4.891%, due 12/25/57 (i) | 938,745 | 582,626 |
Principal Amount | Value | |
Whole Loan (Collateralized Mortgage Obligations) (continued) | ||
NewRez Warehouse Securitization Trust | ||
Series 2021-1, Class A | ||
4.336% (1 Month LIBOR + 0.75%), due 5/25/55 (a)(b) | $ 915,000 | $ 895,664 |
STACR Trust | ||
Series 2018-HRP2, Class B1 | ||
7.786% (1 Month LIBOR + 4.20%), due 2/25/47 (a)(b) | 1,900,000 | 1,843,909 |
36,233,849 | ||
Total Mortgage-Backed Securities (Cost $140,122,009) | 126,704,488 | |
Municipal Bond 0.1% | ||
California 0.1% | ||
Regents of the University of California Medical Center, Pooled, Revenue Bonds | ||
Series N | ||
3.006%, due 5/15/50 | 2,580,000 | 1,613,115 |
Total Municipal Bond (Cost $2,580,000) | 1,613,115 | |
U.S. Government & Federal Agencies 4.8% | ||
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) 0.8% | ||
UMBS, 20 Year | ||
2.50%, due 4/1/42 | 950,422 | 802,602 |
UMBS, 30 Year | ||
3.00%, due 3/1/52 | 1,859,103 | 1,588,870 |
3.00%, due 4/1/52 | 4,091,013 | 3,486,637 |
3.50%, due 7/1/50 | 1,145,255 | 1,017,043 |
3.50%, due 7/1/52 | 3,107,273 | 2,734,065 |
9,629,217 | ||
Federal National Mortgage Association (Mortgage Pass-Through Securities) 1.9% | ||
UMBS, 20 Year | ||
2.50%, due 4/1/42 | 1,022,258 | 863,264 |
UMBS, 30 Year | ||
2.50%, due 8/1/50 | 182,547 | 151,143 |
2.50%, due 10/1/50 | 140,377 | 115,834 |
3.00%, due 6/1/51 | 851,056 | 727,057 |
3.00%, due 11/1/51 | 1,293,325 | 1,103,683 |
3.00%, due 2/1/52 | 4,240,604 | 3,617,046 |
3.00%, due 2/1/52 | 1,157,092 | 986,432 |
24 | MainStay Income Builder Fund |
Principal Amount | Value | |
U.S. Government & Federal Agencies (continued) | ||
Federal National Mortgage Association (Mortgage Pass-Through Securities) (continued) | ||
UMBS, 30 Year (continued) | ||
3.00%, due 3/1/52 | $ 1,521,551 | $ 1,297,070 |
3.00%, due 3/1/52 | 1,871,081 | 1,595,031 |
3.50%, due 9/1/52 | 2,738,433 | 2,409,641 |
4.00%, due 8/1/48 | 1,704,763 | 1,572,346 |
4.00%, due 2/1/49 | 313,910 | 290,497 |
4.00%, due 6/1/52 | 2,104,403 | 1,915,467 |
4.00%, due 6/1/52 | 3,277,709 | 2,982,815 |
4.00%, due 6/1/52 | 1,519,066 | 1,382,490 |
4.00%, due 7/1/52 | 3,349,791 | 3,049,036 |
24,058,852 | ||
Government National Mortgage Association (Mortgage Pass-Through Securities) 0.0% ‡ | ||
GNMA I, 30 Year | ||
6.50%, due 4/15/29 | 8 | 8 |
6.50%, due 8/15/29 | 4 | 4 |
12 | ||
United States Treasury Bonds 1.7% | ||
U.S. Treasury Bonds | ||
3.00%, due 8/15/52 | 6,470,000 | 5,181,055 |
3.375%, due 8/15/42 | 18,560,000 | 16,010,900 |
21,191,955 | ||
United States Treasury Notes 0.4% | ||
U.S. Treasury Notes | ||
2.75%, due 8/15/32 | 505,000 | 451,896 |
4.00%, due 10/31/29 | 3,760,000 | 3,724,750 |
4,176,646 | ||
Total U.S. Government & Federal Agencies (Cost $67,011,356) | 59,056,682 | |
Total Long-Term Bonds (Cost $591,994,985) | 507,351,716 | |
Shares | ||
Common Stocks 56.1% | ||
Aerospace & Defense 1.3% | ||
BAE Systems plc (United Kingdom) | 445,524 | 4,160,989 |
Lockheed Martin Corp. | 9,681 | 4,711,549 |
Raytheon Technologies Corp. | 76,416 | 7,245,765 |
16,118,303 |
Shares | Value | |
Air Freight & Logistics 1.0% | ||
Deutsche Post AG (Registered) (Germany) | 195,443 | $ 6,935,893 |
United Parcel Service, Inc., Class B | 35,816 | 6,008,850 |
12,944,743 | ||
Auto Components 0.6% | ||
Bridgestone Corp. (Japan) | 121,100 | 4,366,913 |
Cie Generale des Etablissements Michelin SCA (France) | 124,922 | 3,186,352 |
7,553,265 | ||
Automobiles 0.3% | ||
Toyota Motor Corp. (Japan) | 250,600 | 3,470,935 |
Banks 4.5% | ||
Bank of America Corp. | 270,350 | 9,743,414 |
BAWAG Group AG (Austria) (a)(k) | 53,610 | 2,591,786 |
Columbia Banking System, Inc. | 208,846 | 6,990,076 |
JPMorgan Chase & Co. | 76,858 | 9,674,885 |
KeyCorp | 507,561 | 9,070,115 |
PNC Financial Services Group, Inc. (The) | 27,788 | 4,496,932 |
Royal Bank of Canada (Canada) (f) | 39,549 | 3,659,230 |
Truist Financial Corp. | 82,083 | 3,676,497 |
U.S. Bancorp | 137,072 | 5,818,706 |
55,721,641 | ||
Beverages 1.4% | ||
Coca-Cola Co. (The) | 103,785 | 6,211,532 |
Coca-Cola Europacific Partners plc (United Kingdom) | 237,200 | 11,160,260 |
17,371,792 | ||
Biotechnology 1.0% | ||
AbbVie, Inc. | 55,842 | 8,175,269 |
Amgen, Inc. | 17,177 | 4,643,802 |
12,819,071 | ||
Capital Markets 0.3% | ||
Lazard Ltd., Class A (f) | 109,437 | 4,126,869 |
Chemicals 2.7% | ||
Air Products and Chemicals, Inc. (f) | 20,536 | 5,142,214 |
BASF SE (Germany) | 78,678 | 3,532,732 |
Dow, Inc. | 71,632 | 3,348,080 |
Linde plc (United Kingdom) | 36,726 | 10,920,476 |
LyondellBasell Industries NV, Class A | 42,847 | 3,275,653 |
Shares | Value | |
Common Stocks (continued) | ||
Chemicals (continued) | ||
Nutrien Ltd. (Canada) | 90,447 | $ 7,642,772 |
33,861,927 | ||
Commercial Services & Supplies 0.0% ‡ | ||
Quad/Graphics, Inc. (k) | 10 | 28 |
Communications Equipment 1.0% | ||
Cisco Systems, Inc. | 277,671 | 12,614,593 |
Construction & Engineering 0.3% | ||
Vinci SA (France) | 43,589 | 4,013,899 |
Diversified Telecommunication Services 2.1% | ||
AT&T, Inc. | 257,584 | 4,695,756 |
Deutsche Telekom AG (Registered) (Germany) | 619,051 | 11,724,097 |
Orange SA (France) | 355,648 | 3,384,999 |
TELUS Corp. (Canada) | 179,888 | 3,756,607 |
Verizon Communications, Inc. | 81,809 | 3,057,203 |
26,618,662 | ||
Electric Utilities 2.5% | ||
American Electric Power Co., Inc. | 96,373 | 8,473,114 |
Duke Energy Corp. | 38,155 | 3,555,283 |
Entergy Corp. | 37,119 | 3,976,930 |
Evergy, Inc. | 59,254 | 3,622,197 |
Fortis, Inc. (Canada) | 85,793 | 3,347,082 |
NextEra Energy, Inc. | 106,184 | 8,229,260 |
31,203,866 | ||
Electrical Equipment 1.6% | ||
Eaton Corp. plc | 46,488 | 6,976,454 |
Emerson Electric Co. | 84,094 | 7,282,540 |
Hubbell, Inc. | 21,397 | 5,081,360 |
19,340,354 | ||
Entertainment 0.3% | ||
Koei Tecmo Holdings Co. Ltd. (Japan) | 272,700 | 4,122,732 |
Equity Real Estate Investment Trusts 1.2% | ||
Iron Mountain, Inc. | 90,957 | 4,554,217 |
Realty Income Corp. | 60,351 | 3,758,057 |
Welltower, Inc. | 49,299 | 3,009,211 |
WP Carey, Inc. (f) | 46,831 | 3,573,205 |
14,894,690 |
Shares | Value | |
Food & Staples Retailing 0.9% | ||
Walmart, Inc. | 82,454 | $ 11,735,678 |
Food Products 0.9% | ||
Danone SA (France) | 69,210 | 3,443,094 |
Nestle SA (Registered) (Switzerland) | 44,035 | 4,795,103 |
Orkla ASA (Norway) | 519,007 | 3,502,598 |
11,740,795 | ||
Gas Utilities 0.5% | ||
China Resources Gas Group Ltd. (China) | 1,096,900 | 2,808,748 |
Snam SpA (Italy) | 697,775 | 3,104,472 |
5,913,220 | ||
Health Care Equipment & Supplies 0.9% | ||
Medtronic plc | 129,051 | 11,271,314 |
Health Care Providers & Services 1.4% | ||
CVS Health Corp. | 50,568 | 4,788,790 |
UnitedHealth Group, Inc. | 22,387 | 12,428,143 |
17,216,933 | ||
Hotels, Restaurants & Leisure 2.0% | ||
McDonald's Corp. | 19,881 | 5,420,753 |
Restaurant Brands International, Inc. (Canada) | 201,574 | 11,969,464 |
Vail Resorts, Inc. | 33,536 | 7,348,744 |
24,738,961 | ||
Household Durables 0.3% | ||
Leggett & Platt, Inc. | 109,467 | 3,694,511 |
Household Products 0.3% | ||
Procter & Gamble Co. (The) | 26,089 | 3,513,406 |
Industrial Conglomerates 0.9% | ||
Honeywell International, Inc. | 35,313 | 7,204,558 |
Siemens AG (Registered) (Germany) | 39,488 | 4,317,617 |
11,522,175 | ||
Insurance 3.5% | ||
Allianz SE (Registered) (Germany) | 20,010 | 3,602,983 |
Arthur J. Gallagher & Co. | 29,738 | 5,563,385 |
AXA SA (France) | 224,076 | 5,536,078 |
Manulife Financial Corp. (Canada) | 416,601 | 6,904,871 |
MetLife, Inc. | 129,965 | 9,514,738 |
26 | MainStay Income Builder Fund |
Shares | Value | |
Common Stocks (continued) | ||
Insurance (continued) | ||
Muenchener Rueckversicherungs-Gesellschaft AG (Registered) (Germany) | 15,981 | $ 4,223,108 |
Travelers Cos., Inc. (The) | 42,192 | 7,782,736 |
43,127,899 | ||
IT Services 1.2% | ||
International Business Machines Corp. | 106,306 | 14,701,057 |
Leisure Products 0.5% | ||
Hasbro, Inc. | 88,611 | 5,781,868 |
Machinery 0.7% | ||
Cummins, Inc. | 35,953 | 8,790,868 |
Media 0.8% | ||
Comcast Corp., Class A | 169,971 | 5,394,880 |
Omnicom Group, Inc. | 57,731 | 4,199,930 |
9,594,810 | ||
Multi-Utilities 0.9% | ||
Ameren Corp. | 45,528 | 3,711,442 |
NiSource, Inc. | 138,359 | 3,554,443 |
WEC Energy Group, Inc. | 42,108 | 3,845,724 |
11,111,609 | ||
Oil, Gas & Consumable Fuels 2.8% | ||
Chevron Corp. | 27,323 | 4,942,731 |
Enbridge, Inc. (Canada) | 100,936 | 3,932,677 |
Enterprise Products Partners LP | 227,001 | 5,731,775 |
Magellan Midstream Partners LP | 82,159 | 4,432,478 |
MPLX LP | 127,124 | 4,263,739 |
TotalEnergies SE (France) | 211,424 | 11,512,581 |
34,815,981 | ||
Personal Products 0.3% | ||
Unilever plc (United Kingdom) | 86,554 | 3,945,094 |
Pharmaceuticals 5.4% | ||
AstraZeneca plc, Sponsored ADR (United Kingdom) | 202,717 | 11,921,787 |
Bayer AG (Registered) (Germany) | 78,328 | 4,119,635 |
Eli Lilly and Co. | 20,201 | 7,314,580 |
GSK plc | 211,264 | 3,461,662 |
Johnson & Johnson | 20,726 | 3,605,702 |
Merck & Co., Inc. | 75,898 | 7,680,878 |
Shares | Value | |
Pharmaceuticals (continued) | ||
Novartis AG (Registered) (Switzerland) | 132,418 | $ 10,698,174 |
Novo Nordisk A/S, Class B (Denmark) | 37,050 | 4,027,933 |
Pfizer, Inc. | 74,519 | 3,468,859 |
Roche Holding AG | 11,327 | 3,761,715 |
Sanofi (France) | 78,335 | 6,760,614 |
66,821,539 | ||
Professional Services 0.3% | ||
RELX plc (United Kingdom) | 137,186 | 3,691,682 |
Semiconductors & Semiconductor Equipment 4.3% | ||
Analog Devices, Inc. | 94,880 | 13,531,786 |
Broadcom, Inc. | 31,284 | 14,707,234 |
Intel Corp. | 128,868 | 3,663,717 |
KLA Corp. | 27,376 | 8,663,135 |
Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR (Taiwan) | 91,315 | 5,620,438 |
Texas Instruments, Inc. | 43,738 | 7,025,635 |
53,211,945 | ||
Software 1.1% | ||
Microsoft Corp. | 60,816 | 14,117,218 |
Specialty Retail 0.4% | ||
Home Depot, Inc. (The) | 14,861 | 4,400,788 |
Technology Hardware, Storage & Peripherals 1.6% | ||
Apple, Inc. | 96,640 | 14,818,778 |
Samsung Electronics Co. Ltd., GDR (Republic of Korea) | 4,822 | 4,983,537 |
19,802,315 | ||
Tobacco 1.5% | ||
Altria Group, Inc. | 88,870 | 4,112,015 |
British American Tobacco plc (United Kingdom) | 249,433 | 9,821,519 |
Philip Morris International, Inc. | 53,016 | 4,869,519 |
18,803,053 | ||
Trading Companies & Distributors 0.3% | ||
MSC Industrial Direct Co., Inc., Class A | 51,889 | 4,305,749 |
Shares | Value | ||
Common Stocks (continued) | |||
Wireless Telecommunication Services 0.3% | |||
SK Telecom Co. Ltd. (Republic of Korea) | 93,783 | $ 3,298,486 | |
Total Common Stocks (Cost $626,401,832) | 698,466,324 | ||
Short-Term Investments 2.2% | |||
Affiliated Investment Company 1.4% | |||
MainStay U.S. Government Liquidity Fund, 2.905% (l) | 18,109,962 | 18,109,962 | |
Unaffiliated Investment Companies 0.8% | |||
Invesco Government & Agency Portfolio, 3.163% (l)(m) | 5,851,408 | 5,851,408 | |
State Street Institutional U.S. Government Money Market Fund, 3.064% (l)(m) | 4,087,620 | 4,087,620 | |
Total Unaffiliated Investment Companies (Cost $9,939,028) | 9,939,028 | ||
Total Short-Term Investments (Cost $28,048,990) | 28,048,990 | ||
Total Investments (Cost $1,246,445,807) | 99.1% | 1,233,867,030 | |
Other Assets, Less Liabilities | 0.9 | 10,721,992 | |
Net Assets | 100.0% | $ 1,244,589,022 |
† | Percentages indicated are based on Fund net assets. |
‡ | 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, 2022. |
(c) | Step coupon—Rate shown was the rate in effect as of October 31, 2022. |
(d) | Fixed to floating rate—Rate shown was the rate in effect as of October 31, 2022. |
(e) | Security is perpetual and, thus, does not have a predetermined maturity date. The date shown, if applicable, reflects the next call date. |
(f) | All or a portion of this security was held on loan. As of October 31, 2022, the aggregate market value of securities on loan was $17,531,555; the total market value of collateral held by the Fund was $18,211,734. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $8,272,706. The Fund received cash collateral with a value of $9,939,028. (See Note 2(L)) |
(g) | Illiquid security—As of October 31, 2022, the total market value deemed illiquid under procedures approved by the Board of Trustees was $1,104,775, which represented 0.1% of the Fund’s net assets.(Unaudited) |
(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, 2022. |
(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, 2022. |
(k) | Non-income producing security. |
(l) | Current yield as of October 31, 2022. |
(m) | 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 | $ 87,328 | $ 612,914 | $ (682,132) | $ — | $ — | $ 18,110 | $ 101 | $ — | 18,110 |
28 | MainStay Income Builder Fund |
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||
EUR | 935,000 | USD | 922,844 | JPMorgan Chase Bank N.A. | 11/7/22 | $ 1,485 |
USD | 15,153,727 | AUD | 23,293,000 | JPMorgan Chase Bank N.A. | 11/7/22 | 252,330 |
USD | 23,347,708 | EUR | 22,698,000 | JPMorgan Chase Bank N.A. | 11/7/22 | 908,756 |
USD | 18,941,933 | EUR | 18,634,336 | JPMorgan Chase Bank N.A. | 2/6/23 | 378,091 |
USD | 43,459 | GBP | 36,000 | JPMorgan Chase Bank N.A. | 11/7/22 | 2,169 |
USD | 41,983 | GBP | 36,000 | JPMorgan Chase Bank N.A. | 2/6/23 | 564 |
USD | 17,526,977 | JPY | 2,564,705,000 | JPMorgan Chase Bank N.A. | 11/7/22 | 269,562 |
Total Unrealized Appreciation | 1,812,957 | |||||
AUD | 23,293,000 | USD | 16,218,403 | JPMorgan Chase Bank N.A. | 11/7/22 | (1,317,006) |
AUD | 23,293,000 | USD | 15,205,833 | JPMorgan Chase Bank N.A. | 2/6/23 | (256,104) |
EUR | 3,128,664 | USD | 3,119,876 | JPMorgan Chase Bank N.A. | 11/7/22 | (26,919) |
EUR | 18,634,336 | USD | 18,800,927 | JPMorgan Chase Bank N.A. | 11/7/22 | (379,262) |
GBP | 36,000 | USD | 41,862 | JPMorgan Chase Bank N.A. | 11/7/22 | (572) |
JPY | 2,564,705,000 | USD | 18,914,619 | JPMorgan Chase Bank N.A. | 11/7/22 | (1,657,203) |
JPY | 2,564,705,000 | USD | 17,747,104 | JPMorgan Chase Bank N.A. | 2/6/23 | (271,058) |
Total Unrealized Depreciation | (3,908,124) | |||||
Net Unrealized Depreciation | $ (2,095,167) |
1. | Foreign Currency Forward Contracts are subject to limitations such that they cannot be “sold or repurchased,” although the Fund would be able to exit the transaction through other means, such as through the execution of an offsetting transaction. |
Type | Number of Contracts | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)2 |
Long Contracts | |||||
E-Mini Energy Select Sector Index | 390 | December 2022 | $ 32,651,541 | $ 36,730,200 | $ 4,078,659 |
E-Mini Health Care Select Sector Index | 202 | December 2022 | 26,691,109 | 27,171,020 | 479,911 |
Russell 2000 E-Mini Index | 451 | December 2022 | 42,621,633 | 41,785,150 | (836,483) |
S&P 500 E-Mini Index | 237 | December 2022 | 45,167,742 | 46,013,550 | 845,808 |
U.S. Treasury 2 Year Notes | 296 | December 2022 | 61,544,350 | 60,497,312 | (1,047,038) |
U.S. Treasury 5 Year Notes | 147 | December 2022 | 15,743,491 | 15,669,281 | (74,210) |
U.S. Treasury 10 Year Notes | 331 | December 2022 | 38,552,376 | 36,606,531 | (1,945,845) |
U.S. Treasury 10 Year Ultra Bonds | 312 | December 2022 | 37,469,834 | 36,187,125 | (1,282,709) |
U.S. Treasury Long Bonds | 125 | December 2022 | 15,978,533 | 15,062,500 | (916,033) |
U.S. Treasury Ultra Bonds | 107 | December 2022 | 15,980,035 | 13,659,219 | (2,320,816) |
Yen Denominated Nikkei 225 Index | 304 | December 2022 | 27,917,149 | 28,162,346 | 245,197 |
Total Long Contracts | (2,773,559) | ||||
Short Contracts | |||||
E-Mini Financial Select Sector Index | (50) | December 2022 | (5,293,593) | (5,238,125) | 55,468 |
E-Mini Industrial Equity Index | (81) | December 2022 | (7,785,494) | (7,713,630) | 71,864 |
Euro STOXX 50 Index | (1,508) | December 2022 | (54,054,302) | (53,918,367) | 135,935 |
FTSE 100 Index | (45) | December 2022 | (3,845,610) | (3,667,896) | 177,714 |
S&P E-Mini Commercial Service Equity Index | (180) | December 2022 | (13,163,581) | (11,398,500) | 1,765,081 |
Total Short Contracts | 2,206,062 | ||||
Net Unrealized Depreciation | $ (567,497) |
1. | As of October 31, 2022, cash in the amount of $18,589,068 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, 2022. |
Abbreviation(s): |
ADR—American Depositary Receipt |
AUD—Australia Dollar |
EUR—Euro |
FHLMC—Federal Home Loan Mortgage Corp. |
FNMA—Federal National Mortgage Association |
FREMF—Freddie Mac Multifamily |
FTSE—Financial Times Stock Exchange |
GBP—British Pound Sterling |
GDR—Global Depositary Receipt |
GNMA—Government National Mortgage Association |
JPY—Japanese Yen |
LIBOR—London Interbank Offered Rate |
REMIC—Real Estate Mortgage Investment Conduit |
SOFR—Secured Overnight Financing Rate |
UMBS—Uniform Mortgage Backed Securities |
USD—United States Dollar |
30 | MainStay Income Builder 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) | |||||||
Long-Term Bonds | |||||||
Asset-Backed Securities | $ — | $ 54,789,635 | $ — | $ 54,789,635 | |||
Corporate Bonds | — | 255,273,792 | — | 255,273,792 | |||
Foreign Government Bonds | — | 8,730,917 | — | 8,730,917 | |||
Loan Assignments | — | 1,183,087 | — | 1,183,087 | |||
Mortgage-Backed Securities | — | 126,704,488 | — | 126,704,488 | |||
Municipal Bond | — | 1,613,115 | — | 1,613,115 | |||
U.S. Government & Federal Agencies | — | 59,056,682 | — | 59,056,682 | |||
Total Long-Term Bonds | — | 507,351,716 | — | 507,351,716 | |||
Common Stocks | 698,466,324 | — | — | 698,466,324 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 18,109,962 | — | — | 18,109,962 | |||
Unaffiliated Investment Companies | 9,939,028 | — | — | 9,939,028 | |||
Total Short-Term Investments | 28,048,990 | — | — | 28,048,990 | |||
Total Investments in Securities | 726,515,314 | 507,351,716 | — | 1,233,867,030 | |||
Other Financial Instruments (b) | |||||||
Foreign Currency Forward Contracts | — | 1,812,957 | — | 1,812,957 | |||
Futures Contracts | 7,855,637 | — | — | 7,855,637 | |||
Total Other Financial Instruments | 7,855,637 | 1,812,957 | — | 9,668,594 | |||
Total Investments in Securities and Other Financial Instruments | $ 734,370,951 | $ 509,164,673 | $ — | $ 1,243,535,624 | |||
Liability Valuation Inputs | |||||||
Other Financial Instruments (b) | |||||||
Foreign Currency Forward Contracts | $ — | $ (3,908,124) | $ — | $ (3,908,124) | |||
Futures Contracts | (8,423,134) | — | — | (8,423,134) | |||
Total Other Financial Instruments | $ (8,423,134) | $ (3,908,124) | $ — | $ (12,331,258) |
(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 $1,228,335,845) including securities on loan of $17,531,555 | $1,215,757,068 |
Investment in affiliated investment companies, at value (identified cost $18,109,962) | 18,109,962 |
Cash | 82,641 |
Cash denominated in foreign currencies (identified cost $135,698) | 135,683 |
Cash collateral on deposit at broker for futures contracts | 18,589,068 |
Receivables: | |
Dividends and interest | 6,018,520 |
Investment securities sold | 1,617,116 |
Fund shares sold | 1,217,388 |
Securities lending | 5,028 |
Unrealized appreciation on foreign currency forward contracts | 1,812,957 |
Other assets | 105,760 |
Total assets | 1,263,451,191 |
Liabilities | |
Cash collateral received for securities on loan | 9,939,028 |
Payables: | |
Fund shares redeemed | 1,438,347 |
Investment securities purchased | 1,296,777 |
Variation margin on futures contracts | 767,702 |
Manager (See Note 3) | 644,505 |
Transfer agent (See Note 3) | 274,788 |
NYLIFE Distributors (See Note 3) | 223,701 |
Shareholder communication | 170,689 |
Professional fees | 28,957 |
Custodian | 19,184 |
Trustees | 416 |
Accrued expenses | 24,900 |
Distributions payable | 125,051 |
Unrealized depreciation on foreign currency forward contracts | 3,908,124 |
Total liabilities | 18,862,169 |
Net assets | $1,244,589,022 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.01 per share) unlimited number of shares authorized | $ 730,119 |
Additional paid-in-capital | 1,351,389,026 |
1,352,119,145 | |
Total distributable earnings (loss) | (107,530,123) |
Net assets | $1,244,589,022 |
Class A | |
Net assets applicable to outstanding shares | $664,733,669 |
Shares of beneficial interest outstanding | 39,170,882 |
Net asset value per share outstanding | $ 16.97 |
Maximum sales charge (3.00% of offering price) | 0.52 |
Maximum offering price per share outstanding | $ 17.49 |
Investor Class | |
Net assets applicable to outstanding shares | $ 60,808,313 |
Shares of beneficial interest outstanding | 3,579,464 |
Net asset value per share outstanding | $ 16.99 |
Maximum sales charge (2.50% of offering price) | 0.44 |
Maximum offering price per share outstanding | $ 17.43 |
Class B | |
Net assets applicable to outstanding shares | $ 8,591,466 |
Shares of beneficial interest outstanding | 501,877 |
Net asset value and offering price per share outstanding | $ 17.12 |
Class C | |
Net assets applicable to outstanding shares | $ 76,893,660 |
Shares of beneficial interest outstanding | 4,501,431 |
Net asset value and offering price per share outstanding | $ 17.08 |
Class I | |
Net assets applicable to outstanding shares | $339,868,474 |
Shares of beneficial interest outstanding | 19,798,602 |
Net asset value and offering price per share outstanding | $ 17.17 |
Class R2 | |
Net assets applicable to outstanding shares | $ 1,712,743 |
Shares of beneficial interest outstanding | 100,923 |
Net asset value and offering price per share outstanding | $ 16.97 |
Class R3 | |
Net assets applicable to outstanding shares | $ 2,254,702 |
Shares of beneficial interest outstanding | 132,880 |
Net asset value and offering price per share outstanding | $ 16.97 |
Class R6 | |
Net assets applicable to outstanding shares | $ 89,691,617 |
Shares of beneficial interest outstanding | 5,223,842 |
Net asset value and offering price per share outstanding | $ 17.17 |
SIMPLE Class | |
Net assets applicable to outstanding shares | $ 34,378 |
Shares of beneficial interest outstanding | 2,024 |
Net asset value and offering price per share outstanding | $ 16.99 |
32 | MainStay Income Builder Fund |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated (net of foreign tax withholding of $1,215,005) | $ 24,282,118 |
Interest | 23,431,243 |
Securities lending, net | 151,905 |
Dividends-affiliated | 101,259 |
Total income | 47,966,525 |
Expenses | |
Manager (See Note 3) | 9,103,197 |
Distribution/Service—Class A (See Note 3) | 1,894,236 |
Distribution/Service—Investor Class (See Note 3) | 172,435 |
Distribution/Service—Class B (See Note 3) | 124,002 |
Distribution/Service—Class C (See Note 3) | 1,046,634 |
Distribution/Service—Class R2 (See Note 3) | 6,172 |
Distribution/Service—Class R3 (See Note 3) | 10,975 |
Distribution/Service—SIMPLE Class (See Note 3) | 171 |
Transfer agent (See Note 3) | 1,615,889 |
Shareholder communication | 275,046 |
Professional fees | 213,459 |
Registration | 155,565 |
Custodian | 97,188 |
Trustees | 30,956 |
Shareholder service (See Note 3) | 4,664 |
Miscellaneous | 123,894 |
Total expenses | 14,874,483 |
Net investment income (loss) | 33,092,042 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | (13,435,073) |
Futures transactions | (48,318,332) |
Foreign currency transactions | (1,737,851) |
Foreign currency forward transactions | (18,772,770) |
Net realized gain (loss) | (82,264,026) |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | (192,376,335) |
Futures contracts | (8,916,465) |
Foreign currency forward contracts | 1,380,451 |
Translation of other assets and liabilities in foreign currencies | (2,614,014) |
Net change in unrealized appreciation (depreciation) | (202,526,363) |
Net realized and unrealized gain (loss) | (284,790,389) |
Net increase (decrease) in net assets resulting from operations | $(251,698,347) |
for the years ended October 31, 2022 and October 31, 2021
2022 | 2021 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 33,092,042 | $ 32,924,972 |
Net realized gain (loss) | (82,264,026) | 123,184,175 |
Net change in unrealized appreciation (depreciation) | (202,526,363) | 123,462,686 |
Net increase (decrease) in net assets resulting from operations | (251,698,347) | 279,571,833 |
Distributions to shareholders: | ||
Class A | (59,730,525) | (18,176,751) |
Investor Class | (5,452,199) | (1,829,216) |
Class B | (979,036) | (282,317) |
Class C | (8,023,824) | (2,183,521) |
Class I | (35,876,071) | (13,104,698) |
Class R2 | (207,016) | (74,013) |
Class R3 | (151,022) | (40,509) |
Class R6 | (8,154,514) | (2,830,897) |
SIMPLE Class | (2,491) | (545) |
(118,576,698) | (38,522,467) | |
Distributions to shareholders from return of capital: | ||
Class A | (465,612) | — |
Investor Class | (42,501) | — |
Class B | (7,632) | — |
Class C | (62,547) | — |
Class I | (279,661) | — |
Class R2 | (1,614) | — |
Class R3 | (1,177) | — |
Class R6 | (63,566) | — |
SIMPLE Class | (19) | — |
(924,329) | — | |
Total distributions to shareholders | (119,501,027) | (38,522,467) |
Capital share transactions: | ||
Net proceeds from sales of shares | 167,690,377 | 258,084,982 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 110,787,284 | 35,293,233 |
Cost of shares redeemed | (328,996,310) | (298,729,082) |
Increase (decrease) in net assets derived from capital share transactions | (50,518,649) | (5,350,867) |
Net increase (decrease) in net assets | (421,718,023) | 235,698,499 |
Net Assets | ||
Beginning of year | 1,666,307,045 | 1,430,608,546 |
End of year | $1,244,589,022 | $1,666,307,045 |
34 | MainStay Income Builder Fund |
Year Ended October 31, | |||||||||
Class A | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 21.75 | $ 18.61 | $ 19.96 | $ 18.51 | $ 19.97 | ||||
Net investment income (loss) (a) | 0.42 | 0.43 | 0.44 | 0.54 | 0.52 | ||||
Net realized and unrealized gain (loss) | (3.63) | 3.22 | (0.61) | 1.79 | (0.97) | ||||
Total from investment operations | (3.21) | 3.65 | (0.17) | 2.33 | (0.45) | ||||
Less distributions: | |||||||||
From net investment income | (0.42) | (0.51) | (0.42) | (0.56) | (0.52) | ||||
From net realized gain on investments | (1.14) | — | (0.76) | (0.32) | (0.49) | ||||
Return of capital | (0.01) | — | — | — | — | ||||
Total distributions | (1.57) | (0.51) | (1.18) | (0.88) | (1.01) | ||||
Net asset value at end of year | $ 16.97 | $ 21.75 | $ 18.61 | $ 19.96 | $ 18.51 | ||||
Total investment return (b) | (15.75)% | 19.74% | (0.90)% | 13.09% | (2.38)% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.24% | 2.04% | 2.32% | 2.83% | 2.72% | ||||
Net expenses (c) | 1.02% | 0.99% | 1.02% | 1.02% | 1.01% | ||||
Portfolio turnover rate | 61% | 57%(d) | 65%(d) | 62%(d) | 44%(d) | ||||
Net assets at end of year (in 000’s) | $ 664,734 | $ 818,764 | $ 638,250 | $ 625,049 | $ 571,206 |
(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 56%, 62%, 54% and 36% for the years ended October 31, 2021, 2020, 2019 and 2018, respectively. |
Year Ended October 31, | |||||||||
Investor Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 21.77 | $ 18.62 | $ 19.98 | $ 18.52 | $ 19.99 | ||||
Net investment income (loss) (a) | 0.39 | 0.40 | 0.41 | 0.51 | 0.50 | ||||
Net realized and unrealized gain (loss) | (3.63) | 3.22 | (0.62) | 1.80 | (0.98) | ||||
Total from investment operations | (3.24) | 3.62 | (0.21) | 2.31 | (0.48) | ||||
Less distributions: | |||||||||
From net investment income | (0.39) | (0.47) | (0.39) | (0.53) | (0.50) | ||||
From net realized gain on investments | (1.14) | — | (0.76) | (0.32) | (0.49) | ||||
Return of capital | (0.01) | — | — | — | — | ||||
Total distributions | (1.54) | (0.47) | (1.15) | (0.85) | (0.99) | ||||
Net asset value at end of year | $ 16.99 | $ 21.77 | $ 18.62 | $ 19.98 | $ 18.52 | ||||
Total investment return (b) | (15.89)% | 19.56% | (1.11)% | 12.98% | (2.56)% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.05% | 1.88% | 2.16% | 2.70% | 2.59% | ||||
Net expenses (c) | 1.20% | 1.18% | 1.17% | 1.16% | 1.13% | ||||
Expenses (before waiver/reimbursement) (c) | 1.20% | 1.18% | 1.17% | 1.17% | 1.14% | ||||
Portfolio turnover rate | 61% | 57%(d) | 65%(d) | 62%(d) | 44%(d) | ||||
Net assets at end of year (in 000's) | $ 60,808 | $ 77,887 | $ 79,992 | $ 88,050 | $ 85,132 |
(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 56%, 62%, 54% and 36% for the years ended October 31, 2021, 2020, 2019 and 2018, respectively. |
Year Ended October 31, | |||||||||
Class B | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 21.93 | $ 18.75 | $ 20.11 | $ 18.64 | $ 20.10 | ||||
Net investment income (loss) (a) | 0.25 | 0.24 | 0.27 | 0.37 | 0.36 | ||||
Net realized and unrealized gain (loss) | (3.67) | 3.25 | (0.62) | 1.81 | (0.98) | ||||
Total from investment operations | (3.42) | 3.49 | (0.35) | 2.18 | (0.62) | ||||
Less distributions: | |||||||||
From net investment income | (0.24) | (0.31) | (0.25) | (0.39) | (0.35) | ||||
From net realized gain on investments | (1.14) | — | (0.76) | (0.32) | (0.49) | ||||
Return of capital | (0.01) | — | — | — | — | ||||
Total distributions | (1.39) | (0.31) | (1.01) | (0.71) | (0.84) | ||||
Net asset value at end of year | $ 17.12 | $ 21.93 | $ 18.75 | $ 20.11 | $ 18.64 | ||||
Total investment return (b) | (16.56)% | 18.69% | (1.84)% | 12.11% | (3.22)% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.28% | 1.13% | 1.42% | 1.96% | 1.85% | ||||
Net expenses (c) | 1.95% | 1.93% | 1.92% | 1.91% | 1.88% | ||||
Expenses (before waiver/reimbursement) (c) | 1.95% | 1.93% | 1.92% | 1.92% | 1.89% | ||||
Portfolio turnover rate | 61% | 57%(d) | 65%(d) | 62%(d) | 44%(d) | ||||
Net assets at end of year (in 000’s) | $ 8,591 | $ 16,789 | $ 19,409 | $ 26,396 | $ 30,343 |
(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 56%, 62%, 54% and 36% for the years ended October 31, 2021, 2020, 2019 and 2018, respectively. |
Year Ended October 31, | |||||||||
Class C | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 21.88 | $ 18.71 | $ 20.07 | $ 18.60 | $ 20.07 | ||||
Net investment income (loss) (a) | 0.25 | 0.24 | 0.27 | 0.37 | 0.36 | ||||
Net realized and unrealized gain (loss) | (3.66) | 3.24 | (0.62) | 1.81 | (0.99) | ||||
Total from investment operations | (3.41) | 3.48 | (0.35) | 2.18 | (0.63) | ||||
Less distributions: | |||||||||
From net investment income | (0.24) | (0.31) | (0.25) | (0.39) | (0.35) | ||||
From net realized gain on investments | (1.14) | — | (0.76) | (0.32) | (0.49) | ||||
Return of capital | (0.01) | — | — | — | — | ||||
Total distributions | (1.39) | (0.31) | (1.01) | (0.71) | (0.84) | ||||
Net asset value at end of year | $ 17.08 | $ 21.88 | $ 18.71 | $ 20.07 | $ 18.60 | ||||
Total investment return (b) | (16.55)% | 18.68% | (1.85)% | 12.13% | (3.28)% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.29% | 1.13% | 1.42% | 1.95% | 1.85% | ||||
Net expenses (c) | 1.95% | 1.93% | 1.92% | 1.91% | 1.88% | ||||
Expenses (before waiver/reimbursement) (c) | 1.95% | 1.93% | 1.92% | 1.92% | 1.89% | ||||
Portfolio turnover rate | 61% | 57%(d) | 65%(d) | 62%(d) | 44%(d) | ||||
Net assets at end of year (in 000’s) | $ 76,894 | $ 132,596 | $ 148,220 | $ 191,737 | $ 212,400 |
(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 56%, 62%, 54% and 36% for the years ended October 31, 2021, 2020, 2019 and 2018, respectively. |
36 | MainStay Income Builder Fund |
Year Ended October 31, | |||||||||
Class I | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 21.99 | $ 18.80 | $ 20.16 | $ 18.68 | $ 20.15 | ||||
Net investment income (loss) (a) | 0.48 | 0.49 | 0.49 | 0.59 | 0.58 | ||||
Net realized and unrealized gain (loss) | (3.68) | 3.26 | (0.62) | 1.82 | (0.99) | ||||
Total from investment operations | (3.20) | 3.75 | (0.13) | 2.41 | (0.41) | ||||
Less distributions: | |||||||||
From net investment income | (0.47) | (0.56) | (0.47) | (0.61) | (0.57) | ||||
From net realized gain on investments | (1.14) | — | (0.76) | (0.32) | (0.49) | ||||
Return of capital | (0.01) | — | — | — | — | ||||
Total distributions | (1.62) | (0.56) | (1.23) | (0.93) | (1.06) | ||||
Net asset value at end of year | $ 17.17 | $ 21.99 | $ 18.80 | $ 20.16 | $ 18.68 | ||||
Total investment return (b) | (15.55)% | 20.10% | (0.69)% | 13.41% | (2.17)% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.48% | 2.30% | 2.57% | 3.09% | 3.03% | ||||
Net expenses (c) | 0.77% | 0.74% | 0.77% | 0.77% | 0.76% | ||||
Portfolio turnover rate | 61% | 57%(d) | 65%(d) | 62%(d) | 44%(d) | ||||
Net assets at end of year (in 000’s) | $ 339,868 | $ 505,806 | $ 448,922 | $ 484,614 | $ 499,675 |
(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 56%, 62%, 54% and 36% for the years ended October 31, 2021, 2020, 2019 and 2018, respectively. |
Year Ended October 31, | |||||||||
Class R2 | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 21.75 | $ 18.61 | $ 19.95 | $ 18.50 | $ 19.96 | ||||
Net investment income (loss) (a) | 0.41 | 0.41 | 0.42 | 0.52 | 0.50 | ||||
Net realized and unrealized gain (loss) | (3.64) | 3.22 | (0.59) | 1.79 | (0.97) | ||||
Total from investment operations | (3.23) | 3.63 | (0.17) | 2.31 | (0.47) | ||||
Less distributions: | |||||||||
From net investment income | (0.40) | (0.49) | (0.41) | (0.54) | (0.50) | ||||
From net realized gain on investments | (1.14) | — | (0.76) | (0.32) | (0.49) | ||||
Return of capital | (0.01) | — | — | — | — | ||||
Total distributions | (1.55) | (0.49) | (1.17) | (0.86) | (0.99) | ||||
Net asset value at end of year | $ 16.97 | $ 21.75 | $ 18.61 | $ 19.95 | $ 18.50 | ||||
Total investment return (b) | (15.84)% | 19.68% | (1.00)% | 12.98% | (2.48)% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.15% | 1.96% | 2.21% | 2.77% | 2.61% | ||||
Net expenses (c) | 1.12% | 1.09% | 1.11% | 1.12% | 1.11% | ||||
Portfolio turnover rate | 61% | 57%(d) | 65%(d) | 62%(d) | 44%(d) | ||||
Net assets at end of year (in 000’s) | $ 1,713 | $ 2,961 | $ 3,044 | $ 2,524 | $ 3,587 |
(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 56%, 62%, 54% and 36% for the years ended October 31, 2021, 2020, 2019 and 2018, respectively. |
Year Ended October 31, | |||||||||
Class R3 | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 21.75 | $ 18.61 | $ 19.96 | $ 18.51 | $ 19.97 | ||||
Net investment income (loss) (a) | 0.36 | 0.36 | 0.37 | 0.45 | 0.42 | ||||
Net realized and unrealized gain (loss) | (3.64) | 3.22 | (0.60) | 1.82 | (0.94) | ||||
Total from investment operations | (3.28) | 3.58 | (0.23) | 2.27 | (0.52) | ||||
Less distributions: | |||||||||
From net investment income | (0.35) | (0.44) | (0.36) | (0.50) | (0.45) | ||||
From net realized gain on investments | (1.14) | — | (0.76) | (0.32) | (0.49) | ||||
Return of capital | (0.01) | — | — | — | — | ||||
Total distributions | (1.50) | (0.44) | (1.12) | (0.82) | (0.94) | ||||
Net asset value at end of year | $ 16.97 | $ 21.75 | $ 18.61 | $ 19.96 | $ 18.51 | ||||
Total investment return (b) | (16.09)% | 19.39% | (1.24)% | 12.70% | (2.73)% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.90% | 1.70% | 1.97% | 2.34% | 2.19% | ||||
Net expenses (c) | 1.37% | 1.34% | 1.37% | 1.36% | 1.35% | ||||
Portfolio turnover rate | 61% | 57%(d) | 65%(d) | 62%(d) | 44%(d) | ||||
Net assets at end of year (in 000’s) | $ 2,255 | $ 2,088 | $ 1,196 | $ 590 | $ 136 |
(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 56%, 62%, 54% and 36% for the years ended October 31, 2021, 2020, 2019 and 2018, respectively. |
Year Ended October 31, | February 28, 2018^ through October 31, 2018 | ||||||||
Class R6 | 2022 | 2021 | 2020 | 2019 | |||||
Net asset value at beginning of period | $ 21.99 | $ 18.80 | $ 20.16 | $ 18.68 | $ 19.19 | ||||
Net investment income (loss) (a) | 0.49 | 0.51 | 0.51 | 0.61 | 0.33 | ||||
Net realized and unrealized gain (loss) | (3.67) | 3.26 | (0.62) | 1.82 | (0.44) | ||||
Total from investment operations | (3.18) | 3.77 | (0.11) | 2.43 | (0.11) | ||||
Less distributions: | |||||||||
From net investment income | (0.49) | (0.58) | (0.49) | (0.63) | (0.40) | ||||
From net realized gain on investments | (1.14) | — | (0.76) | (0.32) | — | ||||
Return of capital | (0.01) | — | — | — | — | ||||
Total distributions | (1.64) | (0.58) | (1.25) | (0.95) | (0.40) | ||||
Net asset value at end of period | $ 17.17 | $ 21.99 | $ 18.80 | $ 20.16 | $ 18.68 | ||||
Total investment return (b) | (15.48)% | 20.20% | (0.60)% | 13.52% | (0.61)% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.57% | 2.38% | 2.67% | 3.18% | 2.55%†† | ||||
Net expenses (c) | 0.68% | 0.66% | 0.67% | 0.67% | 0.66%†† | ||||
Portfolio turnover rate | 61% | 57%(d) | 65%(d) | 62%(d) | 44%(d) | ||||
Net assets at end of period (in 000’s) | $ 89,692 | $ 109,387 | $ 91,551 | $ 101,685 | $ 94,869 |
^ | Inception date. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R6 shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | The portfolio turnover rates not including mortgage dollar rolls were 56%, 62%, 54% and 36% for the years ended October 31, 2021, 2020, 2019 and 2018, respectively. |
38 | MainStay Income Builder Fund |
Year Ended October 31, | August 31, 2020^ through October 31, | ||||
SIMPLE Class | 2022 | 2021 | 2020 | ||
Net asset value at beginning of period | $ 21.78 | $ 18.62 | $ 19.33 | ||
Net investment income (loss) (a) | 0.20 | 0.34 | 0.04 | ||
Net realized and unrealized gain (loss) | (3.50) | 3.24 | (0.69) | ||
Total from investment operations | (3.30) | 3.58 | (0.65) | ||
Less distributions: | |||||
From net investment income | (0.34) | (0.42) | (0.06) | ||
From net realized gain on investments | (1.14) | — | — | ||
Return of capital | (0.01) | — | — | ||
Total distributions | (1.49) | (0.42) | (0.06) | ||
Net asset value at end of period | $ 16.99 | $ 21.78 | $ 18.62 | ||
Total investment return (b) | (16.10)% | 19.26% | (3.39)% | ||
Ratios (to average net assets)/Supplemental Data: | |||||
Net investment income (loss) | 1.06% | 1.61% | 1.62%†† | ||
Net expenses (c) | 1.45% | 1.43% | 1.43%†† | ||
Portfolio turnover rate | 61% | 57%(d) | 65%(d) | ||
Net assets at end of period (in 000’s) | $ 34 | $ 29 | $ 24 |
^ | Inception date. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. SIMPLE Class shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | The portfolio turnover rates not including mortgage dollar rolls were 56% and 62% for the years ended October 31, 2021 and 2020 respectively. |
Class | Commenced Operations |
Class A | January 3, 1995 |
Investor Class | February 28, 2008 |
Class B | December 29, 1987 |
Class C | September 1, 1998 |
Class I | January 2, 2004 |
Class R2 | February 27, 2015 |
Class R3 | February 29, 2016 |
Class R6 | February 28, 2018 |
SIMPLE Class | August 31, 2020 |
40 | MainStay Income Builder 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 |
42 | MainStay Income Builder Fund |
44 | MainStay Income Builder Fund |
46 | MainStay Income Builder Fund |
Asset Derivatives | Foreign Exchange Contracts Risk | Equity Contracts Risk | Total |
Futures Contracts - Net Assets—Net unrealized appreciation on futures contracts (a) | $ — | $7,855,637 | $7,855,637 |
Forward Contracts - Unrealized appreciation on foreign currency forward contracts | 1,812,957 | — | 1,812,957 |
Total Fair Value | $1,812,957 | $7,855,637 | $9,668,594 |
(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 | Foreign Exchange Contracts Risk | Equity Contracts Risk | Interest Rate Contracts Risk | Total |
Futures Contracts - Net Assets—Net unrealized depreciation on futures contracts (a) | $ — | $(836,483) | $(7,586,651) | $ (8,423,134) |
Forward Contracts - Unrealized depreciation on foreign currency forward contracts | (3,908,124) | — | — | (3,908,124) |
Total Fair Value | $(3,908,124) | $(836,483) | $(7,586,651) | $(12,331,258) |
(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: | Foreign Exchange Contracts Risk | Equity Contracts Risk | Interest Rate Contracts Risk | Total |
Futures Contracts | $ — | $(24,493,292) | $(23,825,040) | $(48,318,332) |
Forward Contracts | (18,772,770) | — | — | (18,772,770) |
Total Net Realized Gain (Loss) | $(18,772,770) | $(24,493,292) | $(23,825,040) | $(67,091,102) |
Net Change in Unrealized Appreciation (Depreciation) | Foreign Exchange Contracts Risk | Equity Contracts Risk | Interest Rate Contracts Risk | Total |
Futures Contracts | $ — | $(1,841,497) | $(7,074,968) | $(8,916,465) |
Forward Contracts | 1,380,451 | — | — | 1,380,451 |
Total Net Change in Unrealized Appreciation (Depreciation) | $1,380,451 | $(1,841,497) | $(7,074,968) | $(7,536,014) |
Average Notional Amount | Total |
Futures Contracts Long | $476,042,068 |
Futures Contracts Short | $ (54,553,633) |
Forward Contracts Long | $126,140,489 |
Forward Contracts Short (a) | $ (80,544,373) |
(a) | Positions were open for eight months during the reporting period. |
48 | MainStay Income Builder Fund |
Class R2 | $2,469 |
Class R3 | 2,195 |
Class | Expense | Waived |
Class A | $706,039 | $— |
Investor Class | 187,548 | — |
Class B | 33,734 | — |
Class C | 284,561 | — |
Class I | 395,595 | — |
Class R2 | 2,275 | — |
Class R3 | 2,061 | — |
Class R6 | 3,983 | — |
SIMPLE Class | 93 | — |
Class R2 | $ 30,752 | 1.8% |
Class R6 | 86,969,734 | 97.0 |
SIMPLE Class | 24,144 | 70.2 |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $1,248,592,415 | $113,701,456 | $(128,426,841) | $(14,725,385) |
Ordinary income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$— | $(88,545,354) | $(125,051) | $(18,859,718) | $(107,530,123) |
Total Distributable Earnings (Loss) | Additional Paid-In Capital | |
$1,843 | $(1,843) |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $47,850 | $40,696 |
2022 | 2021 | |
Distributions paid from: | ||
Ordinary Income | $ 66,389,313 | $38,522,467 |
Long-Term Capital Gains | 52,187,385 | — |
Return of Capital | 924,329 | — |
Total | $119,501,027 | $38,522,467 |
50 | MainStay Income Builder Fund |
Class A | Shares | Amount |
Year ended October 31, 2022: | ||
Shares sold | 4,935,609 | $ 96,706,936 |
Shares issued to shareholders in reinvestment of distributions | 2,860,432 | 57,239,717 |
Shares redeemed | (6,544,111) | (123,051,601) |
Net increase (decrease) in shares outstanding before conversion | 1,251,930 | 30,895,052 |
Shares converted into Class A (See Note 1) | 302,634 | 5,914,240 |
Shares converted from Class A (See Note 1) | (20,489) | (355,945) |
Net increase (decrease) | 1,534,075 | $ 36,453,347 |
Year ended October 31, 2021: | ||
Shares sold | 6,718,778 | $ 142,135,384 |
Shares issued to shareholders in reinvestment of distributions | 822,923 | 17,256,179 |
Shares redeemed | (5,138,682) | (108,230,051) |
Net increase (decrease) in shares outstanding before conversion | 2,403,019 | 51,161,512 |
Shares converted into Class A (See Note 1) | 947,002 | 19,889,012 |
Shares converted from Class A (See Note 1) | (12,521) | (262,968) |
Net increase (decrease) | 3,337,500 | $ 70,787,556 |
Investor Class | Shares | Amount |
Year ended October 31, 2022: | ||
Shares sold | 128,019 | $ 2,468,885 |
Shares issued to shareholders in reinvestment of distributions | 272,544 | 5,471,647 |
Shares redeemed | (291,315) | (5,532,511) |
Net increase (decrease) in shares outstanding before conversion | 109,248 | 2,408,021 |
Shares converted into Investor Class (See Note 1) | 57,030 | 1,086,744 |
Shares converted from Investor Class (See Note 1) | (163,760) | (3,290,675) |
Net increase (decrease) | 2,518 | $ 204,090 |
Year ended October 31, 2021: | ||
Shares sold | 223,896 | $ 4,726,482 |
Shares issued to shareholders in reinvestment of distributions | 86,505 | 1,810,808 |
Shares redeemed | (321,356) | (6,764,643) |
Net increase (decrease) in shares outstanding before conversion | (10,955) | (227,353) |
Shares converted into Investor Class (See Note 1) | 67,450 | 1,433,967 |
Shares converted from Investor Class (See Note 1) | (774,517) | (16,270,731) |
Net increase (decrease) | (718,022) | $ (15,064,117) |
Class B | Shares | Amount |
Year ended October 31, 2022: | ||
Shares sold | 10,687 | $ 217,721 |
Shares issued to shareholders in reinvestment of distributions | 38,866 | 794,933 |
Shares redeemed | (197,793) | (3,825,274) |
Net increase (decrease) in shares outstanding before conversion | (148,240) | (2,812,620) |
Shares converted from Class B (See Note 1) | (115,518) | (2,199,922) |
Net increase (decrease) | (263,758) | $ (5,012,542) |
Year ended October 31, 2021: | ||
Shares sold | 19,890 | $ 424,962 |
Shares issued to shareholders in reinvestment of distributions | 10,799 | 226,696 |
Shares redeemed | (179,895) | (3,820,460) |
Net increase (decrease) in shares outstanding before conversion | (149,206) | (3,168,802) |
Shares converted from Class B (See Note 1) | (120,192) | (2,566,421) |
Net increase (decrease) | (269,398) | $ (5,735,223) |
Class C | Shares | Amount |
Year ended October 31, 2022: | ||
Shares sold | 215,648 | $ 4,232,502 |
Shares issued to shareholders in reinvestment of distributions | 380,683 | 7,762,048 |
Shares redeemed | (2,070,323) | (39,389,776) |
Net increase (decrease) in shares outstanding before conversion | (1,473,992) | (27,395,226) |
Shares converted from Class C (See Note 1) | (84,014) | (1,597,417) |
Net increase (decrease) | (1,558,006) | $ (28,992,643) |
Year ended October 31, 2021: | ||
Shares sold | 430,737 | $ 9,167,564 |
Shares issued to shareholders in reinvestment of distributions | 99,113 | 2,076,448 |
Shares redeemed | (2,273,458) | (48,234,588) |
Net increase (decrease) in shares outstanding before conversion | (1,743,608) | (36,990,576) |
Shares converted from Class C (See Note 1) | (117,199) | (2,478,192) |
Net increase (decrease) | (1,860,807) | $ (39,468,768) |
Class I | Shares | Amount |
Year ended October 31, 2022: | ||
Shares sold | 2,794,118 | $ 54,209,049 |
Shares issued to shareholders in reinvestment of distributions | 1,544,583 | 31,269,065 |
Shares redeemed | (7,570,244) | (144,284,186) |
Net increase (decrease) in shares outstanding before conversion | (3,231,543) | (58,806,072) |
Shares converted into Class I (See Note 1) | 28,295 | 491,409 |
Shares converted from Class I (See Note 1) | (2,909) | (48,434) |
Net increase (decrease) | (3,206,157) | $ (58,363,097) |
Year ended October 31, 2021: | ||
Shares sold | 4,197,725 | $ 89,307,598 |
Shares issued to shareholders in reinvestment of distributions | 523,290 | 11,087,943 |
Shares redeemed | (5,605,451) | (118,883,473) |
Net increase (decrease) in shares outstanding before conversion | (884,436) | (18,487,932) |
Shares converted into Class I (See Note 1) | 12,027 | 255,333 |
Net increase (decrease) | (872,409) | $ (18,232,599) |
Class R2 | Shares | Amount |
Year ended October 31, 2022: | ||
Shares sold | 10,493 | $ 205,155 |
Shares issued to shareholders in reinvestment of distributions | 2,953 | 59,140 |
Shares redeemed | (48,655) | (863,716) |
Net increase (decrease) | (35,209) | $ (599,421) |
Year ended October 31, 2021: | ||
Shares sold | 11,932 | $ 250,387 |
Shares issued to shareholders in reinvestment of distributions | 1,273 | 26,494 |
Shares redeemed | (40,653) | (863,142) |
Net increase (decrease) | (27,448) | $ (586,261) |
Class R3 | Shares | Amount |
Year ended October 31, 2022: | ||
Shares sold | 40,831 | $ 769,068 |
Shares issued to shareholders in reinvestment of distributions | 7,538 | 150,568 |
Shares redeemed | (11,447) | (207,471) |
Net increase (decrease) | 36,922 | $ 712,165 |
Year ended October 31, 2021: | ||
Shares sold | 54,676 | $ 1,117,408 |
Shares issued to shareholders in reinvestment of distributions | 1,901 | 39,796 |
Shares redeemed | (24,888) | (524,738) |
Net increase (decrease) | 31,689 | $ 632,466 |
52 | MainStay Income Builder Fund |
Class R6 | Shares | Amount |
Year ended October 31, 2022: | ||
Shares sold | 461,312 | $ 8,868,522 |
Shares issued to shareholders in reinvestment of distributions | 398,256 | 8,037,656 |
Shares redeemed | (609,827) | (11,840,855) |
Net increase (decrease) | 249,741 | $ 5,065,323 |
Year ended October 31, 2021: | ||
Shares sold | 514,043 | $ 10,955,197 |
Shares issued to shareholders in reinvestment of distributions | 130,575 | 2,768,324 |
Shares redeemed | (538,974) | (11,407,987) |
Net increase (decrease) | 105,644 | $ 2,315,534 |
SIMPLE Class | Shares | Amount |
Year ended October 31, 2022: | ||
Shares sold | 620 | $ 12,539 |
Shares issued to shareholders in reinvestment of distributions | 125 | 2,510 |
Shares redeemed | (44) | (920) |
Net increase (decrease) | 701 | $ 14,129 |
Year ended October 31, 2021: | ||
Shares issued to shareholders in reinvestment of distributions | 26 | $ 545 |
Net increase (decrease) | 26 | $ 545 |
The MainStay Funds:
December 23, 2022
54 | MainStay Income Builder 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 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 | 78 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; VanEck Vectors Group of Exchange-Traded Funds: Independent Chairman of the Board of Trustees since 2008 and Trustee since 2006 (56 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Investment Committee since 2018 | |
Susan B. Kerley 1951 | MainStay Funds: Chairman since 2017 and Trustee since 2007;MainStay Funds Trust: Chairman since 2017 and Trustee since 1990** | President, Strategic Management Advisors LLC since 1990 | 78 | MainStay VP Funds Trust: Chairman since January 2017 and Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) | |
Alan R. Latshaw 1951 | MainStay Funds: Trustee since 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) | 78 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
56 | MainStay Income Builder 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 | |
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) | 78 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (31 Portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Jacques P. Perold 1958 | MainStay Funds: Trustee since 2016, Advisory Board Member (June 2015 toDecember 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) | 78 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Partners in Health: Trustee since 2019; 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) | 78 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
*** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay Funds, MainStay Funds Trust since 2017 | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since January 2018); President, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust (since 2017); Senior Managing Director, Global Product Development (From 2015-2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay Funds (since 2007), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2007)** and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay Funds and MainStay Funds Trust (since 2010) | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer and MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2010)** | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay Funds (since 2009), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2005)** | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay Funds and MainStay Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ, IndexIQ ETF Trust and Index IQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Fund, MainStay VP Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012-2022) |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, 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. |
58 | MainStay Income Builder Fund |
1.
2. | This Fund is registered for sale in AZ, CA, NV, OR, TX, UT, WA and MI (Class A and Class I shares only), and CO, FL, GA, HI, ID, MA, MD, NH, NJ and NY (Class I shares only). |
3. | This Fund is registered for sale in CA, CT, DE, FL, MA, NJ, NY and VT. |
4. | An affiliate of New York Life Investment Management LLC. |
5013761.2MS229-22 | MSIB11-12/22 |
please log in to newyorklifeinvestments.com/accounts.
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended October 31, 2022 | |||||||
Class | Sales Charge | Inception Date | One Year | Five Years | Ten Years | Gross Expense Ratio1 | |
Class A Shares | Maximum 5.5% Initial Sales Charge | With sales charges | 1/3/1995 | -16.01% | 8.49% | 9.65% | 0.92% |
Excluding sales charges | -11.12 | 9.72 | 10.27 | 0.92 | |||
Investor Class Shares2 | Maximum 5% Initial Sales Charge | With sales charges | 2/28/2008 | -15.75 | 8.28 | 9.44 | 1.13 |
Excluding sales charges | -11.31 | 9.51 | 10.06 | 1.13 | |||
Class B Shares3 | Maximum 5% CDSC | With sales charges | 5/1/1986 | -15.53 | 8.41 | 9.24 | 1.88 |
if Redeemed Within the First Six Years of Purchase | Excluding sales charges | -11.97 | 8.70 | 9.24 | 1.88 | ||
Class C Shares | Maximum 1% CDSC | With sales charges | 9/1/1998 | -12.70 | 8.70 | 9.25 | 1.88 |
if Redeemed Within One Year of Purchase | Excluding sales charges | -11.99 | 8.70 | 9.25 | 1.88 | ||
Class I Shares | No Sales Charge | 11/28/2008 | -10.84 | 10.09 | 10.60 | 0.67 |
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 5.5%, 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. |
Benchmark Performance* | One Year | Five Years | Ten Years |
ICE BofA U.S. Convertible Index1 | -20.26% | 9.63% | 10.52% |
Morningstar Convertibles Category Average2 | -18.98 | 7.18 | 8.09 |
* | 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 ICE BofA U.S. Convertible Index is the Fund’s primary broad–based securities market index for comparison purposes. The ICE BofA U.S. Convertible Index is a market-capitalization weighted index of domestic corporate convertible securities. In order to be included in this Index, bonds and preferred stocks must be convertible only to common stock. |
2. | The Morningstar Convertibles Category Average is representative of funds that are designed to offer some of the capital-appreciation potential of stock portfolios while also supplying some of the safety and yield of bond portfolios. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
6 | MainStay MacKay Convertible Fund |
Share Class | Beginning Account Value 5/1/22 | Ending Account Value (Based on Actual Returns and Expenses) 10/31/22 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 10/31/22 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Class A Shares | $1,000.00 | $972.80 | $4.72 | $1,020.42 | $4.84 | 0.95% |
Investor Class Shares | $1,000.00 | $971.30 | $5.66 | $1,019.46 | $5.80 | 1.14% |
Class B Shares | $1,000.00 | $967.80 | $9.37 | $1,015.68 | $9.60 | 1.89% |
Class C Shares | $1,000.00 | $967.80 | $9.37 | $1,015.68 | $9.60 | 1.89% |
Class I Shares | $1,000.00 | $974.10 | $3.04 | $1,022.13 | $3.11 | 0.61% |
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. | Pioneer Natural Resources Co., 0.25%, due 5/15/25 |
2. | EQT Corp., 1.75%, due 5/1/26 |
3. | Elevance Health, Inc., 2.75%, due 10/15/42 |
4. | Danaher Corp., 5.00%, Series B |
5. | NICE Ltd., (zero coupon), due 9/15/25 |
6. | Palo Alto Networks, Inc., 0.375%-0.75%, due 7/1/23–6/1/25 |
7. | BioMarin Pharmaceutical, Inc., 1.25%, due 5/15/27 |
8. | Southwest Airlines Co., 1.25%, due 5/1/25 |
9. | Microchip Technology, Inc., 0.125%, due 11/15/24 |
10. | Helix Energy Solutions Group, Inc., 6.75%, due 2/15/26 |
8 | MainStay MacKay Convertible Fund |
1. | See page 5 for other share class returns, which may be higher or lower than Class I share returns. See page 6 for more information on benchmark and peer group returns. |
10 | MainStay MacKay Convertible Fund |
Principal Amount | Value | |
Long-Term Bonds 2.7% | ||
Corporate Bonds 2.7% | ||
Biotechnology 0.2% | ||
Bridgebio Pharma, Inc. | ||
2.50%, due 3/15/27 | $ 6,975,000 | $ 4,074,998 |
Commercial Services 0.5% | ||
Block, Inc. | ||
0.25%, due 11/1/27 | 11,637,000 | 8,684,614 |
Leisure Time 0.3% | ||
NCL Corp. Ltd. | ||
5.375%, due 8/1/25 | 4,670,000 | 5,552,630 |
Oil & Gas 0.1% | ||
Valaris Ltd. | ||
Series 1145 | ||
8.25% (8.25% Cash or 12.00% PIK), due 4/30/28 (a) | 1,461,000 | 1,437,259 |
Oil & Gas Services 0.0% ‡ | ||
Weatherford International Ltd. | ||
11.00%, due 12/1/24 (b) | 198,000 | 203,505 |
Semiconductors 1.3% | ||
Silicon Laboratories, Inc. | ||
0.625%, due 6/15/25 | 18,021,000 | 20,430,951 |
Software 0.3% | ||
Five9, Inc. | ||
0.50%, due 6/1/25 | 4,675,000 | 4,156,075 |
Total Corporate Bonds (Cost $52,913,669) | 44,540,032 | |
Total Long-Term Bonds (Cost $52,913,669) | 44,540,032 | |
Convertible Securities 88.2% | ||
Convertible Bonds 80.1% | ||
Airlines 2.8% | ||
American Airlines Group, Inc. | ||
6.50%, due 7/1/25 (c) | 7,040,000 | 7,923,520 |
JetBlue Airways Corp. | ||
0.50%, due 4/1/26 | 4,632,000 | 3,453,156 |
Southwest Airlines Co. | ||
1.25%, due 5/1/25 | 27,566,000 | 33,995,769 |
45,372,445 |
Principal Amount | Value | |
Auto Manufacturers 1.7% | ||
Ford Motor Co. | ||
(zero coupon), due 3/15/26 | $ 27,838,000 | $ 28,116,380 |
Beverages 1.1% | ||
MGP Ingredients, Inc. | ||
1.875%, due 11/15/41 (b) | 13,305,000 | 17,237,958 |
Biotechnology 5.0% | ||
Alnylam Pharmaceuticals, Inc. | ||
1.00%, due 9/15/27 (b) | 5,460,000 | 5,498,220 |
BioMarin Pharmaceutical, Inc. | ||
1.25%, due 5/15/27 (c) | 34,659,000 | 34,846,131 |
Guardant Health, Inc. | ||
(zero coupon), due 11/15/27 | 7,026,000 | 5,001,810 |
Halozyme Therapeutics, Inc. | ||
1.00%, due 8/15/28 (b) | 8,000,000 | 8,430,000 |
Illumina, Inc. | ||
(zero coupon), due 8/15/23 (c) | 18,223,000 | 17,668,661 |
Ionis Pharmaceuticals, Inc. | ||
(zero coupon), due 4/1/26 | 9,349,000 | 9,220,451 |
80,665,273 | ||
Commercial Services 2.5% | ||
Alarm.com Holdings, Inc. | ||
(zero coupon), due 1/15/26 | 3,775,000 | 3,093,235 |
Block, Inc. | ||
(zero coupon), due 5/1/26 | 14,521,000 | 11,653,102 |
Chegg, Inc. | ||
(zero coupon), due 9/1/26 | 8,817,000 | 6,916,055 |
Euronet Worldwide, Inc. | ||
0.75%, due 3/15/49 (c) | 11,900,000 | 11,074,437 |
Repay Holdings Corp. | ||
(zero coupon), due 2/1/26 (b) | 2,525,000 | 1,748,563 |
Sabre GLBL, Inc. | ||
4.00%, due 4/15/25 | 1,835,000 | 1,874,453 |
Shift4 Payments, Inc. | ||
(zero coupon), due 12/15/25 | 3,720,000 | 3,373,575 |
0.50%, due 8/1/27 | 1,145,000 | 886,659 |
40,620,079 | ||
Computers 2.5% | ||
Lumentum Holdings, Inc. | ||
0.50%, due 12/15/26 | 25,385,000 | 24,940,762 |
Parsons Corp. | ||
0.25%, due 8/15/25 | 4,641,000 | 5,337,150 |
Zscaler, Inc. | ||
0.125%, due 7/1/25 (c) | 8,613,000 | 10,598,297 |
40,876,209 |
Principal Amount | Value | |
Convertible Bonds (continued) | ||
Cosmetics & Personal Care 0.5% | ||
Beauty Health Co. (The) | ||
1.25%, due 10/1/26 (b)(c) | $ 10,567,000 | $ 8,390,198 |
Diversified Financial Services 0.1% | ||
Upstart Holdings, Inc. | ||
0.25%, due 8/15/26 | 2,265,000 | 1,249,997 |
Electric 1.7% | ||
NRG Energy, Inc. | ||
2.75%, due 6/1/48 | 23,454,000 | 27,546,723 |
Energy-Alternate Sources 1.8% | ||
Enphase Energy, Inc. | ||
(zero coupon), due 3/1/26 | 9,485,000 | 11,671,292 |
NextEra Energy Partners LP | ||
(zero coupon), due 11/15/25 (b)(c) | 9,417,000 | 9,807,806 |
SolarEdge Technologies, Inc. | ||
(zero coupon), due 9/15/25 (c) | 7,790,000 | 8,728,695 |
30,207,793 | ||
Entertainment 2.3% | ||
Live Nation Entertainment, Inc. | ||
2.50%, due 3/15/23 | 6,833,000 | 8,294,616 |
Marriott Vacations Worldwide Corp. | ||
(zero coupon), due 1/15/26 | 3,110,000 | 3,190,860 |
Vail Resorts, Inc. | ||
(zero coupon), due 1/1/26 (c) | 28,521,000 | 25,383,690 |
36,869,166 | ||
Food 1.1% | ||
Chefs' Warehouse, Inc. (The) | ||
1.875%, due 12/1/24 | 11,507,000 | 12,479,341 |
Post Holdings, Inc. | ||
2.50%, due 8/15/27 (b)(c) | 4,561,000 | 4,761,684 |
17,241,025 | ||
Healthcare-Products 3.7% | ||
CONMED Corp. | ||
2.25%, due 6/15/27 (b) | 23,095,000 | 20,288,957 |
Exact Sciences Corp. | ||
0.375%, due 3/1/28 (c) | 22,800,000 | 14,719,680 |
Haemonetics Corp. | ||
(zero coupon), due 3/1/26 | 9,226,000 | 7,657,580 |
Integra LifeSciences Holdings Corp. | ||
0.50%, due 8/15/25 | 8,670,000 | 8,089,110 |
Principal Amount | Value | |
Healthcare-Products (continued) | ||
NuVasive, Inc. | ||
0.375%, due 3/15/25 | $ 8,085,000 | $ 7,013,738 |
Omnicell, Inc. | ||
0.25%, due 9/15/25 | 2,760,000 | 2,766,900 |
60,535,965 | ||
Healthcare-Services 4.2% | ||
Elevance Health, Inc. | ||
2.75%, due 10/15/42 | 6,880,000 | 53,643,360 |
Teladoc Health, Inc. | ||
1.25%, due 6/1/27 (c) | 19,458,000 | 14,667,100 |
68,310,460 | ||
Internet 9.4% | ||
Booking Holdings, Inc. | ||
0.75%, due 5/1/25 (c) | 10,000,000 | 12,986,299 |
Etsy, Inc. | ||
0.25%, due 6/15/28 (c) | 25,139,000 | 19,583,281 |
Expedia Group, Inc. | ||
(zero coupon), due 2/15/26 | 2,822,000 | 2,438,881 |
Match Group Financeco 2, Inc. | ||
0.875%, due 6/15/26 (b) | 12,450,000 | 10,831,500 |
Okta, Inc. | ||
0.125%, due 9/1/25 | 5,611,000 | 4,738,490 |
Palo Alto Networks, Inc. | ||
0.375%, due 6/1/25 | 9,385,000 | 16,559,832 |
0.75%, due 7/1/23 | 13,659,000 | 26,491,630 |
Q2 Holdings, Inc. | ||
0.75%, due 6/1/26 | 4,395,000 | 3,568,740 |
Snap, Inc. | ||
(zero coupon), due 5/1/27 | 10,018,000 | 6,947,483 |
0.125%, due 3/1/28 (b) | 12,073,000 | 7,986,289 |
Uber Technologies, Inc. | ||
(zero coupon), due 12/15/25 (c) | 13,355,000 | 11,096,823 |
Zendesk, Inc. | ||
0.625%, due 6/15/25 | 8,790,000 | 8,719,680 |
Ziff Davis, Inc. | ||
1.75%, due 11/1/26 (b) | 5,220,000 | 5,081,670 |
Zillow Group, Inc. | ||
2.75%, due 5/15/25 | 16,626,000 | 15,661,692 |
152,692,290 | ||
Leisure Time 0.5% | ||
NCL Corp. Ltd. | ||
6.00%, due 5/15/24 | 2,849,000 | 4,007,118 |
Royal Caribbean Cruises Ltd. | ||
6.00%, due 8/15/25 (b) | 3,620,000 | 4,729,530 |
8,736,648 |
12 | MainStay MacKay Convertible Fund |
Principal Amount | Value | |
Convertible Bonds (continued) | ||
Machinery-Diversified 1.7% | ||
Chart Industries, Inc. | ||
1.00%, due 11/15/24 (b) | $ 7,336,000 | $ 27,924,484 |
Media 3.3% | ||
Cable One, Inc. | ||
1.125%, due 3/15/28 | 17,808,000 | 13,106,688 |
DISH Network Corp. | ||
(zero coupon), due 12/15/25 | 18,871,000 | 12,798,312 |
Liberty Media Corp. | ||
1.375%, due 10/15/23 | 11,345,000 | 14,578,325 |
Liberty Media Corp.-Liberty Formula One | ||
2.25%, due 8/15/27 (b) | 13,561,000 | 12,537,145 |
53,020,470 | ||
Oil & Gas 9.6% | ||
EQT Corp. | ||
1.75%, due 5/1/26 | 22,078,000 | 63,021,651 |
Permian Resources Operating LLC | ||
3.25%, due 4/1/28 | 14,317,000 | 25,169,286 |
Pioneer Natural Resources Co. | ||
0.25%, due 5/15/25 | 26,272,000 | 67,532,176 |
155,723,113 | ||
Oil & Gas Services 3.3% | ||
Helix Energy Solutions Group, Inc. | ||
6.75%, due 2/15/26 | 21,575,000 | 29,100,360 |
Oil States International, Inc. | ||
4.75%, due 4/1/26 | 25,301,000 | 25,207,386 |
54,307,746 | ||
Pharmaceuticals 1.8% | ||
Dexcom, Inc. | ||
0.25%, due 11/15/25 (c) | 16,375,000 | 18,086,187 |
Pacira BioSciences, Inc. | ||
0.75%, due 8/1/25 | 11,078,000 | 10,814,898 |
28,901,085 | ||
Real Estate Investment Trusts 0.7% | ||
Summit Hotel Properties, Inc. | ||
1.50%, due 2/15/26 (c) | 12,566,000 | 11,466,475 |
Retail 2.4% | ||
Burlington Stores, Inc. | ||
2.25%, due 4/15/25 (c) | 19,158,000 | 19,493,265 |
Cheesecake Factory, Inc. (The) | ||
0.375%, due 6/15/26 | 9,208,000 | 7,596,600 |
Principal Amount | Value | |
Retail (continued) | ||
Patrick Industries, Inc. | ||
1.75%, due 12/1/28 (b)(c) | $ 16,362,000 | $ 12,050,613 |
39,140,478 | ||
Semiconductors 3.9% | ||
Impinj, Inc. | ||
1.125%, due 5/15/27 (b) | 4,665,000 | 5,787,399 |
Microchip Technology, Inc. | ||
0.125%, due 11/15/24 (c) | 33,300,000 | 33,653,812 |
ON Semiconductor Corp. | ||
1.625%, due 10/15/23 | 2,305,000 | 6,847,003 |
Rambus, Inc. | ||
1.375%, due 2/1/23 | 5,201,000 | 8,321,206 |
Wolfspeed, Inc. | ||
0.25%, due 2/15/28 (b) | 8,931,000 | 8,185,262 |
62,794,682 | ||
Software 7.5% | ||
Akamai Technologies, Inc. | ||
0.375%, due 9/1/27 | 16,529,000 | 16,330,652 |
Bentley Systems, Inc. | ||
0.125%, due 1/15/26 (c) | 3,570,000 | 3,143,385 |
Bill.com Holdings, Inc. | ||
(zero coupon), due 12/1/25 (c) | 4,680,000 | 5,211,180 |
Coupa Software, Inc. | ||
0.375%, due 6/15/26 | 10,679,000 | 8,500,484 |
Datadog, Inc. | ||
0.125%, due 6/15/25 | 9,636,000 | 11,004,312 |
DigitalOcean Holdings, Inc. | ||
(zero coupon), due 12/1/26 (b) | 6,190,000 | 4,557,778 |
Dropbox, Inc. | ||
(zero coupon), due 3/1/28 (c) | 11,036,000 | 9,595,802 |
Envestnet, Inc. | ||
1.75%, due 6/1/23 | 20,827,000 | 20,743,692 |
Everbridge, Inc. | ||
0.125%, due 12/15/24 (c) | 12,641,000 | 11,172,116 |
MongoDB, Inc. | ||
0.25%, due 1/15/26 | 7,075,000 | 7,978,831 |
Splunk, Inc. | ||
0.50%, due 9/15/23 | 16,180,000 | 15,613,700 |
Zynga, Inc. | ||
(zero coupon), due 12/15/26 | 8,635,000 | 8,640,526 |
122,492,458 | ||
Telecommunications 4.5% | ||
Infinera Corp. | ||
2.50%, due 3/1/27 | 7,050,000 | 7,124,025 |
InterDigital, Inc. | ||
2.00%, due 6/1/24 | 4,500,000 | 4,370,625 |
Principal Amount | Value | |
Convertible Bonds (continued) | ||
Telecommunications (continued) | ||
NICE Ltd. | ||
(zero coupon), due 9/15/25 (c) | $ 46,000,000 | $ 43,102,000 |
Viavi Solutions, Inc. | ||
1.00%, due 3/1/24 | 14,679,000 | 17,985,445 |
72,582,095 | ||
Trucking & Leasing 0.5% | ||
Greenbrier Cos., Inc. (The) | ||
2.875%, due 4/15/28 | 8,991,000 | 8,091,900 |
Total Convertible Bonds (Cost $1,228,601,719) | 1,301,113,595 | |
Shares | ||
Convertible Preferred Stocks 8.1% | ||
Banks 1.7% | ||
Bank of America Corp. | ||
Series L | ||
7.25% (d) | 12,072 | 14,009,073 |
Wells Fargo & Co. | ||
Series L | ||
7.50% (c)(d) | 11,552 | 13,464,203 |
27,473,276 | ||
Capital Markets 0.6% | ||
KKR Group Co., Inc. | ||
Series C | ||
6.00% | 165,650 | 10,058,268 |
Electric Utilities 1.3% | ||
PG&E Corp. | ||
5.50% | 160,900 | 21,579,908 |
Health Care Equipment & Supplies 0.2% | ||
Becton Dickinson and Co. | ||
Series B | ||
6.00% | 86,450 | 4,213,573 |
Independent Power and Renewable Electricity Producers 0.9% | ||
AES Corp. (The) | ||
6.875% | 147,100 | 14,490,821 |
Shares | Value | ||
Life Sciences Tools & Services 2.8% | |||
Danaher Corp. | |||
Series B | |||
5.00% (c) | 34,560 | $ 45,149,148 | |
Machinery 0.6% | |||
Stanley Black & Decker, Inc. | |||
5.25% | 182,200 | 9,186,524 | |
Total Convertible Preferred Stocks (Cost $142,187,457) | 132,151,518 | ||
Total Convertible Securities (Cost $1,370,789,176) | 1,433,265,113 | ||
Common Stocks 2.2% | |||
Banks 0.9% | |||
Bank of America Corp. | 398,621 | 14,366,301 | |
Energy Equipment & Services 0.7% | |||
Weatherford International plc (e) | 272,914 | 11,375,056 | |
Oil, Gas & Consumable Fuels 0.6% | |||
Kosmos Energy Ltd. (e) | 613,446 | 3,981,264 | |
PDC Energy, Inc. | 74,569 | 5,379,408 | |
9,360,672 | |||
Total Common Stocks (Cost $19,927,961) | 35,102,029 | ||
Short-Term Investments 15.1% | |||
Affiliated Investment Company 5.6% | |||
MainStay U.S. Government Liquidity Fund, 2.905% (f)(g) | 90,285,826 | 90,285,826 | |
Unaffiliated Investment Companies 9.5% | |||
Invesco Government & Agency Portfolio, 3.163% (g)(h) | 109,650,392 | 109,650,392 | |
State Street Institutional U.S. Government Money Market Fund, 3.064% (g)(h) | 45,000,000 | 45,000,000 | |
154,650,392 | |||
Total Short-Term Investments (Cost $244,936,218) | 244,936,218 | ||
Total Investments (Cost $1,688,567,024) | 108.2% | 1,757,843,392 | |
Other Assets, Less Liabilities | (8.2) | (132,935,013) | |
Net Assets | 100.0% | $ 1,624,908,379 |
14 | MainStay MacKay Convertible Fund |
† | Percentages indicated are based on Fund net assets. |
‡ | Less than one-tenth of a percent. |
(a) | PIK ("Payment-in-Kind")—issuer may pay interest or dividends with additional securities and/or in cash. |
(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, 2022, the aggregate market value of securities on loan was $151,799,759. The Fund received cash collateral with a value of $154,650,392. (See Note 2(G)) |
(d) | Security is perpetual and, thus, does not have a predetermined maturity date. The date shown, if applicable, reflects the next call date. |
(e) | Non-income producing security. |
(f) | As of October 31, 2022, the Fund's ownership exceeds 5% of the outstanding shares of the Underlying Fund's share class. |
(g) | Current yield as of October 31, 2022. |
(h) | 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 | $ 113,964 | $ 402,938 | $ (426,616) | $ — | $ — | $ 90,286 | $ 560 | $ — | 90,286 |
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 | |||||||
Corporate Bonds | $ — | $ 44,540,032 | $ — | $ 44,540,032 | |||
Total Corporate Bonds | — | 44,540,032 | — | 44,540,032 | |||
Convertible Securities | |||||||
Convertible Bonds | — | 1,301,113,595 | — | 1,301,113,595 | |||
Convertible Preferred Stocks | 87,002,370 | 45,149,148 | — | 132,151,518 | |||
Total Convertible Securities | 87,002,370 | 1,346,262,743 | — | 1,433,265,113 | |||
Common Stocks | 35,102,029 | — | — | 35,102,029 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 90,285,826 | — | — | 90,285,826 | |||
Unaffiliated Investment Companies | 154,650,392 | — | — | 154,650,392 | |||
Total Short-Term Investments | 244,936,218 | — | — | 244,936,218 | |||
Total Investments in Securities | $ 367,040,617 | $ 1,390,802,775 | $ — | $ 1,757,843,392 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
16 | MainStay MacKay Convertible Fund |
Assets | |
Investment in unaffiliated securities, at value (identified cost $1,598,281,198) including securities on loan of $151,799,759 | $1,667,557,566 |
Investment in affiliated investment companies, at value (identified cost $90,285,826) | 90,285,826 |
Cash | 16,938 |
Receivables: | |
Investment securities sold | 17,530,091 |
Dividends and interest | 3,918,070 |
Fund shares sold | 2,880,274 |
Securities lending | 234,544 |
Other assets | 59,513 |
Total assets | 1,782,482,822 |
Liabilities | |
Cash collateral received for securities on loan | 154,650,392 |
Payables: | |
Fund shares redeemed | 1,615,679 |
Manager (See Note 3) | 671,303 |
Transfer agent (See Note 3) | 331,981 |
NYLIFE Distributors (See Note 3) | 193,531 |
Shareholder communication | 62,198 |
Professional fees | 29,204 |
Custodian | 9,158 |
Accrued expenses | 10,997 |
Total liabilities | 157,574,443 |
Net assets | $1,624,908,379 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.01 per share) unlimited number of shares authorized | $ 891,148 |
Additional paid-in-capital | 1,517,178,739 |
1,518,069,887 | |
Total distributable earnings (loss) | 106,838,492 |
Net assets | $1,624,908,379 |
Class A | |
Net assets applicable to outstanding shares | $710,774,281 |
Shares of beneficial interest outstanding | 39,005,682 |
Net asset value per share outstanding | $ 18.22 |
Maximum sales charge (5.50% of offering price) | 1.06 |
Maximum offering price per share outstanding | $ 19.28 |
Investor Class | |
Net assets applicable to outstanding shares | $ 43,581,182 |
Shares of beneficial interest outstanding | 2,392,605 |
Net asset value per share outstanding | $ 18.21 |
Maximum sales charge (5.00% of offering price) | 0.96 |
Maximum offering price per share outstanding | $ 19.17 |
Class B | |
Net assets applicable to outstanding shares | $ 6,170,023 |
Shares of beneficial interest outstanding | 347,545 |
Net asset value and offering price per share outstanding | $ 17.75 |
Class C | |
Net assets applicable to outstanding shares | $ 38,836,786 |
Shares of beneficial interest outstanding | 2,191,196 |
Net asset value and offering price per share outstanding | $ 17.72 |
Class I | |
Net assets applicable to outstanding shares | $825,546,107 |
Shares of beneficial interest outstanding | 45,177,761 |
Net asset value and offering price per share outstanding | $ 18.27 |
Investment Income (Loss) | |
Income | |
Interest | $ 12,470,535 |
Dividends-unaffiliated | 8,311,352 |
Securities lending, net | 1,630,141 |
Dividends-affiliated | 559,661 |
Total income | 22,971,689 |
Expenses | |
Manager (See Note 3) | 9,787,826 |
Distribution/Service—Class A (See Note 3) | 1,944,672 |
Distribution/Service—Investor Class (See Note 3) | 117,743 |
Distribution/Service—Class B (See Note 3) | 79,636 |
Distribution/Service—Class C (See Note 3) | 455,312 |
Transfer agent (See Note 3) | 1,904,903 |
Professional fees | 182,191 |
Registration | 118,830 |
Shareholder communication | 94,286 |
Custodian | 37,832 |
Trustees | 37,128 |
Miscellaneous | 75,623 |
Total expenses before waiver/reimbursement | 14,835,982 |
Expense waiver/reimbursement from Manager (See Note 3) | (638,454) |
Net expenses | 14,197,528 |
Net investment income (loss) | 8,774,161 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on unaffiliated investments | 42,015,068 |
Net change in unrealized appreciation (depreciation) on unaffiliated investments | (273,994,065) |
Net realized and unrealized gain (loss) | (231,978,997) |
Net increase (decrease) in net assets resulting from operations | $(223,204,836) |
18 | MainStay MacKay Convertible Fund |
for the years ended October 31, 2022 and October 31, 2021
2022 | 2021 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 8,774,161 | $ 5,731,745 |
Net realized gain (loss) | 42,015,068 | 418,909,274 |
Net change in unrealized appreciation (depreciation) | (273,994,065) | 55,935,875 |
Net increase (decrease) in net assets resulting from operations | (223,204,836) | 480,576,894 |
Distributions to shareholders: | ||
Class A | (166,284,769) | (49,364,131) |
Investor Class | (9,946,970) | (4,182,074) |
Class B | (1,897,436) | (728,517) |
Class C | (10,369,117) | (3,711,279) |
Class I | (192,363,201) | (65,504,118) |
Total distributions to shareholders | (380,861,493) | (123,490,119) |
Capital share transactions: | ||
Net proceeds from sales of shares | 509,415,950 | 391,249,469 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 348,922,823 | 109,969,298 |
Cost of shares redeemed | (632,144,077) | (487,172,790) |
Increase (decrease) in net assets derived from capital share transactions | 226,194,696 | 14,045,977 |
Net increase (decrease) in net assets | (377,871,633) | 371,132,752 |
Net Assets | ||
Beginning of year | 2,002,780,012 | 1,631,647,260 |
End of year | $1,624,908,379 | $2,002,780,012 |
Year Ended October 31, | |||||||||
Class A | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 25.40 | $ 20.90 | $ 17.81 | $ 17.07 | $ 17.75 | ||||
Net investment income (loss) (a) | 0.07 | 0.05 | 0.06 | 0.12 | 0.15 | ||||
Net realized and unrealized gain (loss) | (2.50) | 6.01 | 3.47 | 1.60 | 0.40 | ||||
Total from investment operations | (2.43) | 6.06 | 3.53 | 1.72 | 0.55 | ||||
Less distributions: | |||||||||
From net investment income | (0.26) | (0.13) | (0.13) | (0.15) | (0.22) | ||||
From net realized gain on investments | (4.49) | (1.43) | (0.31) | (0.83) | (1.01) | ||||
Total distributions | (4.75) | (1.56) | (0.44) | (0.98) | (1.23) | ||||
Net asset value at end of year | $ 18.22 | $ 25.40 | $ 20.90 | $ 17.81 | $ 17.07 | ||||
Total investment return (b) | (11.12)% | 30.06% | 20.27% | 10.75% | 3.28% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.37% | 0.19% | 0.33% | 0.67% | 0.87% | ||||
Net expenses (c) | 0.93% | 0.91% | 0.96% | 0.98% | 0.98% | ||||
Expenses (before waiver/reimbursement) (c) | 0.93% | 0.91% | 0.96% | 0.98% | 0.98% | ||||
Portfolio turnover rate | 14% | 49% | 46% | 23% | 43% | ||||
Net assets at end of year (in 000’s) | $ 710,774 | $ 891,433 | $ 657,626 | $ 545,605 | $ 518,381 |
(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 | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 25.39 | $ 20.90 | $ 17.80 | $ 17.07 | $ 17.75 | ||||
Net investment income (loss) (a) | 0.03 | (0.00)‡ | 0.03 | 0.09 | 0.13 | ||||
Net realized and unrealized gain (loss) | (2.50) | 6.00 | 3.47 | 1.59 | 0.39 | ||||
Total from investment operations | (2.47) | 6.00 | 3.50 | 1.68 | 0.52 | ||||
Less distributions: | |||||||||
From net investment income | (0.22) | (0.08) | (0.09) | (0.12) | (0.19) | ||||
From net realized gain on investments | (4.49) | (1.43) | (0.31) | (0.83) | (1.01) | ||||
Total distributions | (4.71) | (1.51) | (0.40) | (0.95) | (1.20) | ||||
Net asset value at end of year | $ 18.21 | $ 25.39 | $ 20.90 | $ 17.80 | $ 17.07 | ||||
Total investment return (b) | (11.31)% | 29.77% | 20.08% | 10.50% | 3.12% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.17% | (0.01)% | 0.13% | 0.51% | 0.72% | ||||
Net expenses (c) | 1.12% | 1.12% | 1.16% | 1.15% | 1.13% | ||||
Expenses (before waiver/reimbursement) (c) | 1.12% | 1.12% | 1.16% | 1.17% | 1.14% | ||||
Portfolio turnover rate | 14% | 49% | 46% | 23% | 43% | ||||
Net assets at end of year (in 000's) | $ 43,581 | $ 53,738 | $ 57,829 | $ 59,242 | $ 52,723 |
‡ | 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. |
20 | MainStay MacKay Convertible Fund |
Year Ended October 31, | |||||||||
Class B | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 24.95 | $ 20.67 | $ 17.68 | $ 16.98 | $ 17.67 | ||||
Net investment income (loss) (a) | (0.11) | (0.18) | (0.11) | (0.04) | (0.01) | ||||
Net realized and unrealized gain (loss) | (2.45) | 5.93 | 3.44 | 1.60 | 0.39 | ||||
Total from investment operations | (2.56) | 5.75 | 3.33 | 1.56 | 0.38 | ||||
Less distributions: | |||||||||
From net investment income | (0.15) | (0.04) | (0.03) | (0.03) | (0.06) | ||||
From net realized gain on investments | (4.49) | (1.43) | (0.31) | (0.83) | (1.01) | ||||
Total distributions | (4.64) | (1.47) | (0.34) | (0.86) | (1.07) | ||||
Net asset value at end of year | $ 17.75 | $ 24.95 | $ 20.67 | $ 17.68 | $ 16.98 | ||||
Total investment return (b) | (11.97)% | 28.79% | 19.15% | 9.76% | 2.35% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | (0.59)% | (0.76)% | (0.61)% | (0.23)% | (0.03)% | ||||
Net expenses (c) | 1.87% | 1.87% | 1.91% | 1.90% | 1.88% | ||||
Expenses (before waiver/reimbursement) (c) | 1.87% | 1.87% | 1.91% | 1.92% | 1.89% | ||||
Portfolio turnover rate | 14% | 49% | 46% | 23% | 43% | ||||
Net assets at end of year (in 000’s) | $ 6,170 | $ 10,226 | $ 10,454 | $ 11,786 | $ 15,051 |
(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 | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 24.92 | $ 20.64 | $ 17.65 | $ 16.96 | $ 17.65 | ||||
Net investment income (loss) (a) | (0.11) | (0.18) | (0.11) | (0.04) | (0.00)‡ | ||||
Net realized and unrealized gain (loss) | (2.45) | 5.93 | 3.44 | 1.59 | 0.38 | ||||
Total from investment operations | (2.56) | 5.75 | 3.33 | 1.55 | 0.38 | ||||
Less distributions: | |||||||||
From net investment income | (0.15) | (0.04) | (0.03) | (0.03) | (0.06) | ||||
From net realized gain on investments | (4.49) | (1.43) | (0.31) | (0.83) | (1.01) | ||||
Total distributions | (4.64) | (1.47) | (0.34) | (0.86) | (1.07) | ||||
Net asset value at end of year | $ 17.72 | $ 24.92 | $ 20.64 | $ 17.65 | $ 16.96 | ||||
Total investment return (b) | (11.99)% | 28.84% | 19.18% | 9.71% | 2.35% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | (0.58)% | (0.77)% | (0.61)% | (0.23)% | (0.03)% | ||||
Net expenses (c) | 1.87% | 1.87% | 1.91% | 1.90% | 1.88% | ||||
Expenses (before waiver/reimbursement) (c) | 1.87% | 1.87% | 1.91% | 1.92% | 1.89% | ||||
Portfolio turnover rate | 14% | 49% | 46% | 23% | 43% | ||||
Net assets at end of year (in 000’s) | $ 38,837 | $ 55,754 | $ 52,999 | $ 60,891 | $ 80,830 |
‡ | 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 | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 25.46 | $ 20.95 | $ 17.85 | $ 17.11 | $ 17.79 | ||||
Net investment income (loss) (a) | 0.13 | 0.12 | 0.13 | 0.18 | 0.22 | ||||
Net realized and unrealized gain (loss) | (2.51) | 6.02 | 3.48 | 1.60 | 0.39 | ||||
Total from investment operations | (2.38) | 6.14 | 3.61 | 1.78 | 0.61 | ||||
Less distributions: | |||||||||
From net investment income | (0.32) | (0.20) | (0.20) | (0.21) | (0.28) | ||||
From net realized gain on investments | (4.49) | (1.43) | (0.31) | (0.83) | (1.01) | ||||
Total distributions | (4.81) | (1.63) | (0.51) | (1.04) | (1.29) | ||||
Net asset value at end of year | $ 18.27 | $ 25.46 | �� | $ 20.95 | $ 17.85 | $ 17.11 | |||
Total investment return (b) | (10.84)% | 30.43% | 20.71% | 11.14% | 3.65% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.69% | 0.49% | 0.68% | 1.04% | 1.25% | ||||
Net expenses (c) | 0.61% | 0.61% | 0.61% | 0.61% | 0.61% | ||||
Expenses (before waiver/reimbursement) (c) | 0.68% | 0.66% | 0.71% | 0.73% | 0.73% | ||||
Portfolio turnover rate | 14% | 49% | 46% | 23% | 43% | ||||
Net assets at end of year (in 000’s) | $ 825,546 | $ 991,630 | $ 852,739 | $ 773,865 | $ 683,594 |
(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. |
22 | MainStay MacKay Convertible Fund |
Class | Commenced Operations |
Class A | January 3, 1995 |
Investor Class | February 28, 2008 |
Class B | May 1, 1986 |
Class C | September 1, 1998 |
Class I | November 28, 2008 |
Class R6 | N/A* |
SIMPLE Class | N/A* |
* | Class R6 shares were registered for sale effective as of February 28, 2017 and SIMPLE Class shares were registered for sale effective as of August 31, 2020 but have not yet commenced operations. |
• | Level 1—quoted prices (unadjusted) in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Fund's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• Benchmark yields | • Reported trades |
• Broker/dealer quotes | • Issuer spreads |
• Two-sided markets | • Benchmark securities |
• Bids/offers | • Reference data (corporate actions or material event notices) |
• Industry and economic events | • Comparable bonds |
• Monthly payment information |
24 | MainStay MacKay Convertible Fund |
26 | MainStay MacKay Convertible Fund |
Class | Expense | Waived |
Class A | $752,060 | $— |
Investor Class | 136,533 | — |
Class B | 23,016 | — |
Class C | 131,775 | — |
Class I | 861,519 | — |
Class I | $3,046,827 | 0.4% |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $1,700,114,398 | $224,789,593 | $(167,060,599) | $57,728,994 |
Ordinary income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$23,267,564 | $27,270,245 | $(1,428,311) | $57,728,994 | $106,838,492 |
2022 | 2021 | |
Distributions paid from: | ||
Ordinary Income | $ 65,835,785 | $ 22,294,305 |
Long-Term Capital Gains | 315,025,708 | 101,195,814 |
Total | $380,861,493 | $123,490,119 |
28 | MainStay MacKay Convertible Fund |
Class A | Shares | Amount |
Year ended October 31, 2022: | ||
Shares sold | 3,750,826 | $ 74,532,551 |
Shares issued to shareholders in reinvestment of distributions | 8,083,712 | 160,959,710 |
Shares redeemed | (7,855,742) | (151,662,870) |
Net increase (decrease) in shares outstanding before conversion | 3,978,796 | 83,829,391 |
Shares converted into Class A (See Note 1) | 265,425 | 5,163,988 |
Shares converted from Class A (See Note 1) | (335,288) | (5,961,835) |
Net increase (decrease) | 3,908,933 | $ 83,031,544 |
Year ended October 31, 2021: | ||
Shares sold | 5,285,332 | $ 126,501,641 |
Shares issued to shareholders in reinvestment of distributions | 2,139,264 | 47,470,507 |
Shares redeemed | (4,849,726) | (115,920,808) |
Net increase (decrease) in shares outstanding before conversion | 2,574,870 | 58,051,340 |
Shares converted into Class A (See Note 1) | 1,081,489 | 25,339,661 |
Shares converted from Class A (See Note 1) | (19,008) | (458,361) |
Net increase (decrease) | 3,637,351 | $ 82,932,640 |
Investor Class | Shares | Amount |
Year ended October 31, 2022: | ||
Shares sold | 97,525 | $ 1,926,381 |
Shares issued to shareholders in reinvestment of distributions | 497,142 | 9,905,355 |
Shares redeemed | (214,831) | (4,107,217) |
Net increase (decrease) in shares outstanding before conversion | 379,836 | 7,724,519 |
Shares converted into Investor Class (See Note 1) | 52,537 | 1,002,519 |
Shares converted from Investor Class (See Note 1) | (156,412) | (3,098,448) |
Net increase (decrease) | 275,961 | $ 5,628,590 |
Year ended October 31, 2021: | ||
Shares sold | 213,974 | $ 5,108,766 |
Shares issued to shareholders in reinvestment of distributions | 188,154 | 4,165,962 |
Shares redeemed | (205,771) | (4,914,608) |
Net increase (decrease) in shares outstanding before conversion | 196,357 | 4,360,120 |
Shares converted into Investor Class (See Note 1) | 61,379 | 1,489,594 |
Shares converted from Investor Class (See Note 1) | (908,162) | (21,202,336) |
Net increase (decrease) | (650,426) | $ (15,352,622) |
Class B | Shares | Amount |
Year ended October 31, 2022: | ||
Shares sold | 4,956 | $ 106,694 |
Shares issued to shareholders in reinvestment of distributions | 90,227 | 1,763,027 |
Shares redeemed | (52,530) | (974,121) |
Net increase (decrease) in shares outstanding before conversion | 42,653 | 895,600 |
Shares converted from Class B (See Note 1) | (105,008) | (1,946,782) |
Net increase (decrease) | (62,355) | $ (1,051,182) |
Year ended October 31, 2021: | ||
Shares sold | 21,411 | $ 501,679 |
Shares issued to shareholders in reinvestment of distributions | 31,173 | 683,004 |
Shares redeemed | (62,432) | (1,473,676) |
Net increase (decrease) in shares outstanding before conversion | (9,848) | (288,993) |
Shares converted from Class B (See Note 1) | (86,082) | (2,040,685) |
Net increase (decrease) | (95,930) | $ (2,329,678) |
Class C | Shares | Amount |
Year ended October 31, 2022: | ||
Shares sold | 347,776 | $ 6,600,757 |
Shares issued to shareholders in reinvestment of distributions | 510,200 | 9,953,997 |
Shares redeemed | (847,078) | (15,740,177) |
Net increase (decrease) in shares outstanding before conversion | 10,898 | 814,577 |
Shares converted from Class C (See Note 1) | (57,418) | (1,065,137) |
Net increase (decrease) | (46,520) | $ (250,560) |
Year ended October 31, 2021: | ||
Shares sold | 362,202 | $ 8,480,082 |
Shares issued to shareholders in reinvestment of distributions | 162,889 | 3,564,001 |
Shares redeemed | (702,549) | (16,493,148) |
Net increase (decrease) in shares outstanding before conversion | (177,458) | (4,449,065) |
Shares converted from Class C (See Note 1) | (152,398) | (3,586,031) |
Net increase (decrease) | (329,856) | $ (8,035,096) |
Class I | Shares | Amount |
Year ended October 31, 2022: | ||
Shares sold | 21,817,856 | $ 426,249,567 |
Shares issued to shareholders in reinvestment of distributions | 8,343,567 | 166,340,734 |
Shares redeemed | (24,263,729) | (459,659,692) |
Net increase (decrease) in shares outstanding before conversion | 5,897,694 | 132,930,609 |
Shares converted into Class I (See Note 1) | 334,156 | 5,956,868 |
Shares converted from Class I (See Note 1) | (2,889) | (51,173) |
Net increase (decrease) | 6,228,961 | $ 138,836,304 |
Year ended October 31, 2021: | ||
Shares sold | 10,387,931 | $ 250,657,301 |
Shares issued to shareholders in reinvestment of distributions | 2,426,302 | 54,085,824 |
Shares redeemed | (14,587,388) | (348,370,550) |
Net increase (decrease) in shares outstanding before conversion | (1,773,155) | (43,627,425) |
Shares converted into Class I (See Note 1) | 18,947 | 458,158 |
Net increase (decrease) | (1,754,208) | $ (43,169,267) |
30 | MainStay MacKay Convertible Fund |
The MainStay Funds:
December 23, 2022
32 | MainStay MacKay Convertible 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 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 | 78 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; VanEck Vectors Group of Exchange-Traded Funds: Independent Chairman of the Board of Trustees since 2008 and Trustee since 2006 (56 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Investment Committee since 2018 | |
Susan B. Kerley 1951 | MainStay Funds: Chairman since 2017 and Trustee since 2007;MainStay Funds Trust: Chairman since 2017 and Trustee since 1990** | President, Strategic Management Advisors LLC since 1990 | 78 | MainStay VP Funds Trust: Chairman since January 2017 and Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) | |
Alan R. Latshaw 1951 | MainStay Funds: Trustee since 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) | 78 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
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) | 78 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (31 Portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Jacques P. Perold 1958 | MainStay Funds: Trustee since 2016, Advisory Board Member (June 2015 toDecember 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) | 78 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Partners in Health: Trustee since 2019; 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) | 78 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
*** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
34 | MainStay MacKay Convertible Fund |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay Funds, MainStay Funds Trust since 2017 | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since January 2018); President, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust (since 2017); Senior Managing Director, Global Product Development (From 2015-2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay Funds (since 2007), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2007)** and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay Funds and MainStay Funds Trust (since 2010) | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer and MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2010)** | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay Funds (since 2009), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2005)** | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay Funds and MainStay Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ, IndexIQ ETF Trust and Index IQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Fund, MainStay VP Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012-2022) |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, 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 AZ, CA, NV, OR, TX, UT, WA and MI (Class A and Class I shares only), and CO, FL, GA, HI, ID, MA, MD, NH, NJ and NY (Class I shares only). |
3. | This Fund is registered for sale in CA, CT, DE, FL, MA, NJ, NY and VT. |
4. | An affiliate of New York Life Investment Management LLC. |
5013891.2MS229-22 | MSC11-12/22 |
please log in to newyorklifeinvestments.com/accounts.
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended October 31, 2022 | |||||||
Class | Sales Charge | Inception Date | One Year | Five Years | Ten Years or Since Inception | Gross Expense Ratio1 | |
Class A Shares | Maximum 4.5% Initial Sales Charge | With sales charges | 1/3/1995 | -12.98% | 1.18% | 3.36% | 0.95% |
Excluding sales charges | -8.88 | 2.12 | 3.84 | 0.95 | |||
Investor Class Shares2 | Maximum 4% Initial Sales Charge | With sales charges | 2/28/2008 | -12.55 | 1.10 | 3.31 | 1.08 |
Excluding sales charges | -8.90 | 2.04 | 3.79 | 1.08 | |||
Class B Shares3 | Maximum 5% CDSC | With sales charges | 5/1/1986 | -13.95 | 0.96 | 3.01 | 1.83 |
if Redeemed Within the First Six Years of Purchase | Excluding sales charges | -9.61 | 1.29 | 3.01 | 1.83 | ||
Class C Shares | Maximum 1% CDSC | With sales charges | 9/1/1998 | -10.48 | 1.28 | 3.00 | 1.83 |
if Redeemed Within One Year of Purchase | Excluding sales charges | -9.62 | 1.28 | 3.00 | 1.83 | ||
Class I Shares | No Sales Charge | 1/2/2004 | -8.65 | 2.36 | 4.11 | 0.70 | |
Class R1 Shares | No Sales Charge | 6/29/2012 | -8.77 | 2.25 | 3.99 | 0.80 | |
Class R2 Shares | No Sales Charge | 5/1/2008 | -8.98 | 2.02 | 3.74 | 1.05 | |
Class R3 Shares | No Sales Charge | 2/29/2016 | -9.07 | 1.77 | 4.54 | 1.30 | |
Class R6 Shares | No Sales Charge | 6/17/2013 | -8.36 | 2.51 | 4.02 | 0.56 | |
SIMPLE Class Shares | No Sales Charge | 8/31/2020 | -9.14 | N/A | -0.79 | 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 4.5%, 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. |
Benchmark Performance* | One Year | Five Years | Ten Years |
ICE BofA U.S. High Yield Constrained Index1 | -11.45% | 1.88% | 4.06% |
Morningstar High Yield Bond Category Average2 | -11.11 | 1.19 | 3.07 |
* | 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 ICE BofA U.S. High Yield Constrained Index is the Fund's primary broad-based securities market index for comparison purposes. The ICE BofA U.S. High Yield Constrained Index is a market value-weighted index of all domestic and Yankee high-yield bonds, including deferred interest bonds and payment-in-kind securities. Issuers included in the Index have maturities of one year or more and have a credit rating lower than BBB-/Baa3, but are not in default. No single issuer may constitute greater than 2% of the Index. |
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 portfolios 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 High Yield Corporate Bond Fund |
Share Class | Beginning Account Value 5/1/22 | Ending Account Value (Based on Actual Returns and Expenses) 10/31/22 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 10/31/22 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Class A Shares | $1,000.00 | $962.60 | $4.75 | $1,020.37 | $4.89 | 0.96% |
Investor Class Shares | $1,000.00 | $964.20 | $5.40 | $1,019.71 | $5.55 | 1.09% |
Class B Shares | $1,000.00 | $959.50 | $9.09 | $1,015.93 | $9.35 | 1.84% |
Class C Shares | $1,000.00 | $959.50 | $9.09 | $1,015.93 | $9.35 | 1.84% |
Class I Shares | $1,000.00 | $963.90 | $3.51 | $1,021.63 | $3.62 | 0.71% |
Class R1 Shares | $1,000.00 | $963.20 | $4.01 | $1,021.12 | $4.13 | 0.81% |
Class R2 Shares | $1,000.00 | $962.10 | $5.24 | $1,019.86 | $5.40 | 1.06% |
Class R3 Shares | $1,000.00 | $962.50 | $6.48 | $1,018.60 | $6.67 | 1.31% |
Class R6 Shares | $1,000.00 | $964.60 | $2.87 | $1,022.28 | $2.96 | 0.58% |
SIMPLE Class Shares | $1,000.00 | $961.10 | $6.62 | $1,018.45 | $6.82 | 1.34% |
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. | CCO Holdings LLC, 4.25%-5.375%, due 5/1/27–1/15/34 |
2. | HCA, Inc., 3.50%-8.36%, due 4/15/24–11/6/33 |
3. | Carnival Corp., 4.00%-10.50%, due 2/1/26–5/1/29 |
4. | TransDigm, Inc., 4.625%-8.00%, due 12/15/25–5/1/29 |
5. | MSCI, Inc., 3.25%-4.00%, due 11/15/29–8/15/33 |
6. | VICI Properties LP, 3.875%-5.75%, due 5/1/24–2/15/29 |
7. | Yum! Brands, Inc., 3.625%-5.375%, due 1/15/30–4/1/32 |
8. | Sprint Capital Corp., 6.875%, due 11/15/28 |
9. | Gulfport Energy Corp. |
10. | T-Mobile US, Inc., 2.625%-5.375%, due 4/15/27–2/15/31 |
8 | MainStay MacKay High Yield Corporate Bond Fund |
1. | See page 5 for other share class returns, which may be higher or lower than Class I share returns. See page 6 for more information on benchmark and peer group returns. |
2. | The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance. |
3. | 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 Treasurys, 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. | 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. |
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, whichever comes first. This measure ignores future cash flow fluctuations due to embedded optionality. |
7. | An obligation rated ‘BB’ 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. |
10 | MainStay MacKay High Yield Corporate Bond Fund |
Principal Amount | Value | |
Long-Term Bonds 90.8% | ||
Convertible Bonds 1.3% | ||
Investment Companies 0.2% | ||
Ares Capital Corp. | ||
4.625%, due 3/1/24 | $ 14,285,000 | $ 15,561,722 |
Media 0.5% | ||
DISH Network Corp. | ||
2.375%, due 3/15/24 | 37,079,000 | 33,769,699 |
3.375%, due 8/15/26 | 30,780,000 | 21,361,320 |
55,131,019 | ||
Oil & Gas 0.3% | ||
Gulfport Energy Operating Corp. | ||
10.00% (10.00% Cash or 15.00% PIK), due 12/29/49 (a)(b) | 4,051,000 | 24,961,452 |
Oil & Gas Services 0.3% | ||
Forum Energy Technologies, Inc. | ||
9.00% (6.25% Cash and 2.75% PIK), due 8/4/25 (b) | 34,886,987 | 34,712,909 |
Total Convertible Bonds (Cost $114,454,674) | 130,367,102 | |
Corporate Bonds 86.1% | ||
Advertising 1.1% | ||
Lamar Media Corp. | ||
3.625%, due 1/15/31 | 38,590,000 | 31,450,850 |
3.75%, due 2/15/28 | 21,000,000 | 18,429,600 |
4.00%, due 2/15/30 | 18,500,000 | 15,708,535 |
4.875%, due 1/15/29 | 5,000,000 | 4,523,500 |
Outfront Media Capital LLC (c) | ||
4.25%, due 1/15/29 | 8,475,000 | 6,991,875 |
4.625%, due 3/15/30 | 6,305,000 | 5,215,559 |
5.00%, due 8/15/27 | 19,500,000 | 17,554,095 |
6.25%, due 6/15/25 | 15,216,000 | 15,004,650 |
114,878,664 | ||
Aerospace & Defense 1.9% | ||
F-Brasile SpA | ||
Series XR | ||
7.375%, due 8/15/26 (c) | 23,280,000 | 18,391,200 |
Rolls-Royce plc | ||
5.75%, due 10/15/27 (c) | 7,000,000 | 6,334,790 |
TransDigm UK Holdings plc | ||
6.875%, due 5/15/26 | 18,100,000 | 17,665,871 |
Principal Amount | Value | |
Aerospace & Defense (continued) | ||
TransDigm, Inc. | ||
4.625%, due 1/15/29 | $ 31,700,000 | $ 26,993,501 |
4.875%, due 5/1/29 | 22,920,000 | 19,487,845 |
6.25%, due 3/15/26 (c) | 84,230,000 | 83,085,314 |
7.50%, due 3/15/27 | 11,915,000 | 11,740,803 |
8.00%, due 12/15/25 (c) | 13,000,000 | 13,227,500 |
196,926,824 | ||
Agriculture 0.0% ‡ | ||
Darling Ingredients, Inc. | ||
6.00%, due 6/15/30 (c) | 2,025,000 | 1,949,063 |
Airlines 1.0% | ||
American Airlines, Inc. (c) | ||
5.50%, due 4/20/26 | 16,200,000 | 15,427,612 |
5.75%, due 4/20/29 | 11,500,000 | 10,465,000 |
Delta Air Lines, Inc. | ||
4.50%, due 10/20/25 (c) | 17,200,000 | 16,760,312 |
4.75%, due 10/20/28 (c) | 23,500,000 | 21,861,726 |
7.00%, due 5/1/25 (c) | 3,506,000 | 3,554,337 |
7.375%, due 1/15/26 | 7,000,000 | 7,146,930 |
Mileage Plus Holdings LLC | ||
6.50%, due 6/20/27 (c) | 17,964,500 | 17,759,794 |
Spirit Loyalty Cayman Ltd. | ||
8.00%, due 9/20/25 (c) | 4,487,951 | 4,558,861 |
97,534,572 | ||
Auto Manufacturers 1.7% | ||
Ford Holdings LLC | ||
9.30%, due 3/1/30 | 30,695,000 | 34,378,400 |
Ford Motor Co. | ||
6.10%, due 8/19/32 | 7,730,000 | 7,075,308 |
Ford Motor Credit Co. LLC | ||
3.375%, due 11/13/25 | 12,000,000 | 10,886,520 |
4.00%, due 11/13/30 | 25,000,000 | 20,219,500 |
4.125%, due 8/17/27 | 2,000,000 | 1,776,100 |
4.271%, due 1/9/27 | 7,500,000 | 6,771,675 |
4.389%, due 1/8/26 | 2,500,000 | 2,306,723 |
5.125%, due 6/16/25 | 13,000,000 | 12,542,400 |
5.584%, due 3/18/24 | 3,660,000 | 3,604,671 |
General Motors Financial Co., Inc. | ||
4.35%, due 4/9/25 | 5,000,000 | 4,793,451 |
5.25%, due 3/1/26 | 10,000,000 | 9,690,033 |
JB Poindexter & Co., Inc. | ||
7.125%, due 4/15/26 (c) | 51,815,000 | 49,391,612 |
PM General Purchaser LLC | ||
9.50%, due 10/1/28 (c) | 15,000,000 | 12,895,687 |
176,332,080 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Auto Parts & Equipment 1.8% | ||
Adient Global Holdings Ltd. | ||
4.875%, due 8/15/26 (c) | $ 24,525,000 | $ 21,949,875 |
Dealer Tire LLC | ||
8.00%, due 2/1/28 (c) | 19,640,000 | 17,177,126 |
IHO Verwaltungs GmbH (b)(c) | ||
4.75% (4.75% Cash or 5.50% PIK), due 9/15/26 | 34,785,000 | 29,293,044 |
6.00% (6.00% Cash or 6.75% PIK), due 5/15/27 | 41,874,000 | 35,959,298 |
6.375% (6.375% Cash or 7.125% PIK), due 5/15/29 | 38,980,000 | 33,262,803 |
Real Hero Merger Sub 2, Inc. | ||
6.25%, due 2/1/29 (c) | 40,945,000 | 29,354,509 |
Tenneco, Inc. | ||
7.875%, due 1/15/29 (c) | 12,000,000 | 11,854,862 |
178,851,517 | ||
Biotechnology 0.1% | ||
Emergent BioSolutions, Inc. | ||
3.875%, due 8/15/28 (c) | 5,495,000 | 3,294,472 |
Grifols Escrow Issuer SA | ||
4.75%, due 10/15/28 (c) | 11,595,000 | 9,058,594 |
12,353,066 | ||
Building Materials 1.3% | ||
Builders FirstSource, Inc. | ||
6.375%, due 6/15/32 (c) | 12,850,000 | 11,818,145 |
James Hardie International Finance DAC | ||
5.00%, due 1/15/28 (c) | 31,840,000 | 28,795,038 |
Koppers, Inc. | ||
6.00%, due 2/15/25 (c) | 29,475,000 | 26,380,125 |
New Enterprise Stone & Lime Co., Inc. | ||
5.25%, due 7/15/28 (c) | 10,300,000 | 8,961,000 |
PGT Innovations, Inc. | ||
4.375%, due 10/1/29 (c) | 16,000,000 | 13,269,600 |
Summit Materials LLC (c) | ||
5.25%, due 1/15/29 | 16,775,000 | 15,319,098 |
6.50%, due 3/15/27 | 22,730,000 | 21,810,179 |
126,353,185 | ||
Chemicals 2.5% | ||
ASP Unifrax Holdings, Inc. (c) | ||
5.25%, due 9/30/28 | 18,610,000 | 14,790,317 |
7.50%, due 9/30/29 | 21,280,000 | 14,257,600 |
Avient Corp. | ||
5.25%, due 3/15/23 | 26,406,000 | 26,338,891 |
Principal Amount | Value | |
Chemicals (continued) | ||
Avient Corp. (continued) | ||
5.75%, due 5/15/25 (c) | $ 8,550,000 | $ 8,369,766 |
7.125%, due 8/1/30 (c) | 13,415,000 | 12,828,362 |
Cheever Escrow Issuer LLC | ||
7.125%, due 10/1/27 (c) | 7,400,000 | 6,793,200 |
CVR Partners LP | ||
6.125%, due 6/15/28 (c) | 6,175,000 | 5,586,893 |
GPD Cos., Inc. | ||
10.125%, due 4/1/26 (c) | 32,307,000 | 28,883,711 |
Innophos Holdings, Inc. | ||
9.375%, due 2/15/28 (c) | 29,011,000 | 27,620,213 |
Iris Holdings, Inc. | ||
8.75% (8.75% Cash or 9.50% PIK), due 2/15/26 (b)(c) | 21,105,000 | 18,557,788 |
Mativ Holdings, Inc. | ||
6.875%, due 10/1/26 (c) | 12,500,000 | 11,453,842 |
NOVA Chemicals Corp. (c) | ||
4.875%, due 6/1/24 | 9,810,000 | 9,540,225 |
5.25%, due 6/1/27 | 15,600,000 | 13,924,248 |
SCIH Salt Holdings, Inc. (c) | ||
4.875%, due 5/1/28 | 8,000,000 | 6,943,960 |
6.625%, due 5/1/29 | 26,055,000 | 20,912,883 |
SCIL IV LLC | ||
5.375%, due 11/1/26 (c) | 11,200,000 | 8,903,216 |
SK Invictus Intermediate II SARL | ||
5.00%, due 10/30/29 (c) | 26,085,000 | 21,334,139 |
257,039,254 | ||
Coal 0.1% | ||
Coronado Finance Pty. Ltd. | ||
10.75%, due 5/15/26 (c) | 9,820,000 | 10,225,075 |
Commercial Services 2.6% | ||
AMN Healthcare, Inc. | ||
4.625%, due 10/1/27 (c) | 5,500,000 | 5,145,745 |
Ashtead Capital, Inc. (c) | ||
4.00%, due 5/1/28 | 10,900,000 | 9,570,637 |
4.25%, due 11/1/29 | 7,000,000 | 6,087,943 |
Cimpress plc | ||
7.00%, due 6/15/26 (c) | 11,740,000 | 7,014,650 |
Gartner, Inc. (c) | ||
3.75%, due 10/1/30 | 19,870,000 | 16,690,717 |
4.50%, due 7/1/28 | 4,000,000 | 3,706,920 |
Graham Holdings Co. | ||
5.75%, due 6/1/26 (c) | 39,695,000 | 38,702,625 |
HealthEquity, Inc. | ||
4.50%, due 10/1/29 (c) | 4,000,000 | 3,495,000 |
12 | MainStay MacKay High Yield Corporate Bond Fund |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Commercial Services (continued) | ||
Korn Ferry | ||
4.625%, due 12/15/27 (c) | $ 10,685,000 | $ 9,719,717 |
MPH Acquisition Holdings LLC (c) | ||
5.50%, due 9/1/28 | 11,150,000 | 9,625,245 |
5.75%, due 11/1/28 | 19,705,000 | 15,222,113 |
NESCO Holdings II, Inc. | ||
5.50%, due 4/15/29 (c) | 14,440,000 | 12,657,671 |
Ritchie Bros Auctioneers, Inc. | ||
5.375%, due 1/15/25 (c) | 30,925,000 | 30,461,125 |
Service Corp. International | ||
3.375%, due 8/15/30 | 10,000,000 | 8,072,242 |
United Rentals North America, Inc. | ||
3.75%, due 1/15/32 | 8,000,000 | 6,480,000 |
3.875%, due 2/15/31 | 17,500,000 | 14,507,500 |
4.875%, due 1/15/28 | 10,700,000 | 9,951,000 |
5.25%, due 1/15/30 | 3,500,000 | 3,246,250 |
Williams Scotsman International, Inc. (c) | ||
4.625%, due 8/15/28 | 16,700,000 | 15,082,605 |
6.125%, due 6/15/25 | 17,550,000 | 17,515,426 |
WW International, Inc. | ||
4.50%, due 4/15/29 (c) | 36,685,000 | 20,167,657 |
263,122,788 | ||
Computers 0.3% | ||
Condor Merger Sub, Inc. | ||
7.375%, due 2/15/30 (c) | 42,125,000 | 34,840,463 |
Cosmetics & Personal Care 0.3% | ||
Edgewell Personal Care Co. (c) | ||
4.125%, due 4/1/29 | 22,500,000 | 19,216,237 |
5.50%, due 6/1/28 | 13,505,000 | 12,701,858 |
31,918,095 | ||
Distribution & Wholesale 0.3% | ||
G-III Apparel Group Ltd. | ||
7.875%, due 8/15/25 (c) | 22,000,000 | 20,836,860 |
H&E Equipment Services, Inc. | ||
3.875%, due 12/15/28 (c) | 10,525,000 | 8,893,309 |
29,730,169 | ||
Diversified Financial Services 2.2% | ||
AG TTMT Escrow Issuer LLC | ||
8.625%, due 9/30/27 (c) | 19,690,000 | 19,763,837 |
Credit Acceptance Corp. | ||
5.125%, due 12/31/24 (c) | 15,215,000 | 14,148,136 |
6.625%, due 3/15/26 | 32,875,000 | 31,096,462 |
Principal Amount | Value | |
Diversified Financial Services (continued) | ||
Enact Holdings, Inc. | ||
6.50%, due 8/15/25 (c) | $ 25,600,000 | $ 25,218,560 |
Jane Street Group | ||
4.50%, due 11/15/29 (c) | 3,000,000 | 2,651,580 |
Jefferies Finance LLC | ||
5.00%, due 8/15/28 (c) | 37,570,000 | 29,493,577 |
LPL Holdings, Inc. (c) | ||
4.00%, due 3/15/29 | 29,810,000 | 26,017,870 |
4.375%, due 5/15/31 | 11,000,000 | 9,580,615 |
4.625%, due 11/15/27 | 13,650,000 | 12,571,255 |
Oxford Finance LLC | ||
6.375%, due 2/1/27 (c) | 9,830,000 | 8,994,450 |
PennyMac Financial Services, Inc. (c) | ||
4.25%, due 2/15/29 | 13,000,000 | 9,847,500 |
5.75%, due 9/15/31 | 9,500,000 | 7,153,437 |
PRA Group, Inc. | ||
7.375%, due 9/1/25 (c) | 16,400,000 | 15,687,328 |
Radian Group, Inc. | ||
4.875%, due 3/15/27 | 5,000,000 | 4,423,950 |
StoneX Group, Inc. | ||
8.625%, due 6/15/25 (c) | 8,196,000 | 8,093,550 |
224,742,107 | ||
Electric 1.6% | ||
Clearway Energy Operating LLC | ||
4.75%, due 3/15/28 (c) | 22,940,000 | 21,189,611 |
DPL, Inc. | ||
4.125%, due 7/1/25 | 20,325,000 | 19,187,207 |
Keystone Power Pass-Through Holders LLC | ||
13.00% (1.00% Cash and 12.00% PIK), due 6/1/24 (a)(b)(c) | 7,889,279 | 4,733,567 |
Leeward Renewable Energy Operations LLC | ||
4.25%, due 7/1/29 (c) | 16,665,000 | 13,498,650 |
NextEra Energy Operating Partners LP | ||
3.875%, due 10/15/26 (c) | 16,330,000 | 15,137,094 |
NRG Energy, Inc. | ||
6.625%, due 1/15/27 | 3,220,000 | 3,221,449 |
Pattern Energy Operations LP | ||
4.50%, due 8/15/28 (c) | 17,500,000 | 15,737,971 |
PG&E Corp. | ||
5.00%, due 7/1/28 | 19,460,000 | 17,539,201 |
5.25%, due 7/1/30 | 13,000,000 | 11,511,435 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Electric (continued) | ||
Vistra Corp. (c)(d)(e) | ||
7.00% (5 Year Treasury Constant Maturity Rate + 5.74%), due 12/15/26 | $ 11,280,000 | $ 9,978,342 |
8.00% (5 Year Treasury Constant Maturity Rate + 6.93%), due 10/15/26 | 31,800,000 | 30,210,000 |
161,944,527 | ||
Electrical Components & Equipment 0.1% | ||
WESCO Distribution, Inc. | ||
7.125%, due 6/15/25 (c) | 6,665,000 | 6,729,651 |
Engineering & Construction 0.5% | ||
Great Lakes Dredge & Dock Corp. | ||
5.25%, due 6/1/29 (c) | 13,000,000 | 10,279,931 |
Railworks Holdings LP | ||
8.25%, due 11/15/28 (c) | 9,425,000 | 8,661,934 |
TopBuild Corp. | ||
4.125%, due 2/15/32 (c) | 16,250,000 | 12,723,318 |
Weekley Homes LLC | ||
4.875%, due 9/15/28 (c) | 21,580,000 | 17,381,783 |
49,046,966 | ||
Entertainment 2.8% | ||
Affinity Gaming | ||
6.875%, due 12/15/27 (c) | 12,640,000 | 10,551,268 |
Allen Media LLC | ||
10.50%, due 2/15/28 (c) | 14,870,000 | 6,026,068 |
Boyne USA, Inc. | ||
4.75%, due 5/15/29 (c) | 9,465,000 | 8,281,875 |
CCM Merger, Inc. | ||
6.375%, due 5/1/26 (c) | 5,000,000 | 4,560,709 |
CDI Escrow Issuer, Inc. | ||
5.75%, due 4/1/30 (c) | 20,000,000 | 18,050,200 |
Churchill Downs, Inc. (c) | ||
4.75%, due 1/15/28 | 53,025,000 | 46,859,253 |
5.50%, due 4/1/27 | 38,727,000 | 37,014,492 |
International Game Technology plc | ||
6.25%, due 1/15/27 (c) | 25,700,000 | 25,462,532 |
Jacobs Entertainment, Inc. | ||
6.75%, due 2/15/29 (c) | 25,354,000 | 22,353,861 |
Live Nation Entertainment, Inc. | ||
6.50%, due 5/15/27 (c) | 39,280,000 | 39,068,367 |
Merlin Entertainments Ltd. | ||
5.75%, due 6/15/26 (c) | 35,100,000 | 32,639,306 |
Principal Amount | Value | |
Entertainment (continued) | ||
Midwest Gaming Borrower LLC | ||
4.875%, due 5/1/29 (c) | $ 6,000,000 | $ 5,073,826 |
Motion Bondco DAC | ||
6.625%, due 11/15/27 (c) | 15,100,000 | 12,632,358 |
Vail Resorts, Inc. | ||
6.25%, due 5/15/25 (c) | 10,095,000 | 10,044,525 |
278,618,640 | ||
Food 1.6% | ||
B&G Foods, Inc. | ||
5.25%, due 4/1/25 | 24,375,000 | 22,151,269 |
Kraft Heinz Foods Co. | ||
3.875%, due 5/15/27 | 10,000,000 | 9,369,528 |
6.50%, due 2/9/40 | 18,749,000 | 18,923,113 |
6.875%, due 1/26/39 | 31,650,000 | 32,582,309 |
Lamb Weston Holdings, Inc. | ||
4.875%, due 5/15/28 (c) | 5,000,000 | 4,647,840 |
Land O'Lakes Capital Trust I | ||
7.45%, due 3/15/28 (c) | 18,586,000 | 18,493,070 |
Nathan's Famous, Inc. | ||
6.625%, due 11/1/25 (c) | 2,934,000 | 2,912,745 |
Post Holdings, Inc. | ||
5.50%, due 12/15/29 (c) | 3,000,000 | 2,699,760 |
Simmons Foods, Inc. | ||
4.625%, due 3/1/29 (c) | 22,340,000 | 18,641,236 |
TreeHouse Foods, Inc. | ||
4.00%, due 9/1/28 | 14,000,000 | 11,812,500 |
United Natural Foods, Inc. | ||
6.75%, due 10/15/28 (c) | 22,868,000 | 22,087,515 |
164,320,885 | ||
Food Service 0.3% | ||
Aramark Services, Inc. | ||
6.375%, due 5/1/25 (c) | 26,315,000 | 26,032,311 |
Forest Products & Paper 0.8% | ||
Glatfelter Corp. | ||
4.75%, due 11/15/29 (c) | 9,550,000 | 6,147,813 |
Mercer International, Inc. | ||
5.125%, due 2/1/29 | 39,710,000 | 32,611,837 |
5.50%, due 1/15/26 | 2,585,000 | 2,421,769 |
Smurfit Kappa Treasury Funding DAC | ||
7.50%, due 11/20/25 | 36,120,000 | 37,713,431 |
78,894,850 | ||
Gas 0.5% | ||
AmeriGas Partners LP | ||
5.625%, due 5/20/24 | 15,106,000 | 14,761,333 |
14 | MainStay MacKay High Yield Corporate Bond Fund |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Gas (continued) | ||
AmeriGas Partners LP (continued) | ||
5.75%, due 5/20/27 | $ 13,560,000 | $ 12,504,761 |
5.875%, due 8/20/26 | 25,075,000 | 23,457,714 |
50,723,808 | ||
Hand & Machine Tools 0.1% | ||
Werner FinCo LP | ||
8.75%, due 7/15/25 (c) | 13,030,000 | 11,010,350 |
Healthcare-Products 1.2% | ||
Garden Spinco Corp. | ||
8.625%, due 7/20/30 (c) | 15,500,000 | 15,942,606 |
Hologic, Inc. (c) | ||
3.25%, due 2/15/29 | 39,100,000 | 33,227,180 |
4.625%, due 2/1/28 | 10,205,000 | 9,541,675 |
Teleflex, Inc. | ||
4.25%, due 6/1/28 (c) | 43,155,000 | 39,046,644 |
4.625%, due 11/15/27 | 5,000,000 | 4,711,750 |
Varex Imaging Corp. | ||
7.875%, due 10/15/27 (c) | 16,202,000 | 15,812,521 |
118,282,376 | ||
Healthcare-Services 5.0% | ||
Acadia Healthcare Co., Inc. (c) | ||
5.00%, due 4/15/29 | 10,000,000 | 9,024,500 |
5.50%, due 7/1/28 | 10,840,000 | 10,057,352 |
Catalent Pharma Solutions, Inc. (c) | ||
3.125%, due 2/15/29 | 27,560,000 | 22,552,348 |
3.50%, due 4/1/30 | 16,655,000 | 13,448,913 |
5.00%, due 7/15/27 | 15,395,000 | 14,473,917 |
Centene Corp. | ||
3.00%, due 10/15/30 | 20,000,000 | 16,100,000 |
3.375%, due 2/15/30 | 5,000,000 | 4,154,000 |
4.625%, due 12/15/29 | 15,070,000 | 13,638,350 |
CHS/Community Health Systems, Inc. | ||
5.25%, due 5/15/30 (c) | 13,100,000 | 9,071,750 |
DaVita, Inc. (c) | ||
3.75%, due 2/15/31 | 10,000,000 | 7,230,300 |
4.625%, due 6/1/30 | 16,790,000 | 13,089,904 |
Encompass Health Corp. | ||
4.50%, due 2/1/28 | 25,720,000 | 23,016,828 |
4.625%, due 4/1/31 | 8,200,000 | 6,765,000 |
4.75%, due 2/1/30 | 24,390,000 | 20,792,475 |
HCA, Inc. | ||
3.50%, due 9/1/30 | 9,210,000 | 7,629,564 |
5.25%, due 4/15/25 | 7,000,000 | 6,879,515 |
Principal Amount | Value | |
Healthcare-Services (continued) | ||
HCA, Inc. (continued) | ||
5.375%, due 2/1/25 | $ 26,525,000 | $ 26,190,122 |
5.375%, due 9/1/26 | 4,170,000 | 4,055,493 |
5.625%, due 9/1/28 | 10,000,000 | 9,606,724 |
5.875%, due 2/15/26 | 25,000,000 | 24,758,604 |
5.875%, due 2/1/29 | 4,565,000 | 4,456,036 |
7.50%, due 11/6/33 | 44,975,000 | 44,934,836 |
7.58%, due 9/15/25 | 11,020,000 | 11,400,363 |
7.69%, due 6/15/25 | 31,650,000 | 32,644,836 |
8.36%, due 4/15/24 | 4,524,000 | 4,623,150 |
IQVIA, Inc. (c) | ||
5.00%, due 10/15/26 | 30,113,000 | 28,706,121 |
5.00%, due 5/15/27 | 5,000,000 | 4,764,400 |
Legacy LifePoint Health LLC | ||
6.75%, due 4/15/25 (c) | 9,700,000 | 8,584,500 |
LifePoint Health, Inc. | ||
5.375%, due 1/15/29 (c) | 17,978,000 | 11,485,425 |
ModivCare Escrow Issuer, Inc. | ||
5.00%, due 10/1/29 (c) | 18,500,000 | 15,744,530 |
ModivCare, Inc. | ||
5.875%, due 11/15/25 (c) | 8,410,000 | 7,988,873 |
Molina Healthcare, Inc. (c) | ||
3.875%, due 11/15/30 | 13,500,000 | 11,472,262 |
3.875%, due 5/15/32 | 10,300,000 | 8,590,200 |
4.375%, due 6/15/28 | 6,335,000 | 5,681,608 |
RegionalCare Hospital Partners Holdings, Inc. | ||
9.75%, due 12/1/26 (c) | 43,390,000 | 34,594,847 |
Tenet Healthcare Corp. | ||
6.125%, due 6/15/30 (c) | 12,100,000 | 11,169,994 |
509,377,640 | ||
Holding Companies-Diversified 0.4% | ||
Stena International SA (c) | ||
5.75%, due 3/1/24 | 6,000,000 | 5,625,006 |
6.125%, due 2/1/25 | 34,995,000 | 32,736,241 |
38,361,247 | ||
Home Builders 2.0% | ||
Adams Homes, Inc. | ||
7.50%, due 2/15/25 (c) | 24,475,000 | 19,801,362 |
Ashton Woods USA LLC | ||
6.625%, due 1/15/28 (c) | 5,000,000 | 4,245,326 |
Brookfield Residential Properties, Inc. | ||
6.25%, due 9/15/27 (c) | 17,360,000 | 15,146,600 |
Century Communities, Inc. | ||
3.875%, due 8/15/29 (c) | 16,245,000 | 12,793,587 |
6.75%, due 6/1/27 | 26,205,000 | 25,015,290 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Home Builders (continued) | ||
Installed Building Products, Inc. | ||
5.75%, due 2/1/28 (c) | $ 25,430,000 | $ 22,473,762 |
M/I Homes, Inc. | ||
3.95%, due 2/15/30 | 7,950,000 | 5,903,562 |
4.95%, due 2/1/28 | 7,500,000 | 6,434,925 |
Meritage Homes Corp. | ||
3.875%, due 4/15/29 (c) | 22,415,000 | 18,014,936 |
5.125%, due 6/6/27 | 8,515,000 | 7,624,360 |
Shea Homes LP (c) | ||
4.75%, due 2/15/28 | 26,925,000 | 22,710,968 |
4.75%, due 4/1/29 | 9,875,000 | 8,050,298 |
STL Holding Co. LLC | ||
7.50%, due 2/15/26 (c) | 12,000,000 | 10,456,320 |
Winnebago Industries, Inc. | ||
6.25%, due 7/15/28 (c) | 21,255,000 | 19,778,896 |
198,450,192 | ||
Household Products & Wares 0.3% | ||
Central Garden & Pet Co. | ||
4.125%, due 10/15/30 | 12,060,000 | 9,968,448 |
4.125%, due 4/30/31 (c) | 11,000,000 | 9,130,000 |
Spectrum Brands, Inc. | ||
5.75%, due 7/15/25 | 7,787,000 | 7,683,277 |
26,781,725 | ||
Housewares 0.2% | ||
Newell Brands, Inc. | ||
4.875%, due 6/1/25 | 2,035,000 | 1,964,711 |
Scotts Miracle-Gro Co. (The) | ||
4.00%, due 4/1/31 | 14,300,000 | 10,955,230 |
4.375%, due 2/1/32 | 5,430,000 | 4,109,613 |
4.50%, due 10/15/29 | 4,500,000 | 3,647,452 |
20,677,006 | ||
Insurance 1.0% | ||
BroadStreet Partners, Inc. | ||
5.875%, due 4/15/29 (c) | 11,800,000 | 9,470,367 |
Fairfax Financial Holdings Ltd. | ||
8.30%, due 4/15/26 | 5,435,000 | 5,770,337 |
Fidelity & Guaranty Life Holdings, Inc. | ||
5.50%, due 5/1/25 (c) | 14,850,000 | 14,516,041 |
MGIC Investment Corp. | ||
5.25%, due 8/15/28 | 23,675,000 | 21,478,670 |
NMI Holdings, Inc. | ||
7.375%, due 6/1/25 (c) | 16,000,000 | 15,984,640 |
Ryan Specialty Group LLC | ||
4.375%, due 2/1/30 (c) | 6,500,000 | 5,557,500 |
Principal Amount | Value | |
Insurance (continued) | ||
USI, Inc. | ||
6.875%, due 5/1/25 (c) | $ 26,670,000 | $ 25,869,479 |
98,647,034 | ||
Internet 2.1% | ||
Cars.com, Inc. | ||
6.375%, due 11/1/28 (c) | 21,200,000 | 18,369,376 |
Netflix, Inc. | ||
4.875%, due 4/15/28 | 10,131,000 | 9,614,420 |
4.875%, due 6/15/30 (c) | 5,000,000 | 4,629,938 |
5.375%, due 11/15/29 (c) | 8,430,000 | 8,008,500 |
5.75%, due 3/1/24 | 24,961,000 | 24,961,000 |
5.875%, due 2/15/25 | 7,411,000 | 7,448,055 |
5.875%, due 11/15/28 | 32,450,000 | 32,206,625 |
Northwest Fiber LLC | ||
4.75%, due 4/30/27 (c) | 5,500,000 | 4,944,164 |
NortonLifeLock, Inc. (c) | ||
6.75%, due 9/30/27 | 10,000,000 | 9,857,950 |
7.125%, due 9/30/30 | 10,000,000 | 9,829,900 |
Uber Technologies, Inc. (c) | ||
6.25%, due 1/15/28 | 4,125,000 | 3,918,750 |
7.50%, due 5/15/25 | 12,075,000 | 12,081,038 |
7.50%, due 9/15/27 | 23,710,000 | 23,704,520 |
VeriSign, Inc. | ||
4.75%, due 7/15/27 | 19,419,000 | 18,618,031 |
5.25%, due 4/1/25 | 26,661,000 | 26,406,121 |
214,598,388 | ||
Investment Companies 1.5% | ||
Compass Group Diversified Holdings LLC (c) | ||
5.00%, due 1/15/32 | 12,250,000 | 8,928,713 |
5.25%, due 4/15/29 | 34,750,000 | 29,885,000 |
FS Energy and Power Fund | ||
7.50%, due 8/15/23 (c) | 84,732,000 | 84,986,196 |
Icahn Enterprises LP | ||
5.25%, due 5/15/27 | 13,130,000 | 12,097,851 |
6.25%, due 5/15/26 | 12,770,000 | 12,265,585 |
148,163,345 | ||
Iron & Steel 1.0% | ||
Allegheny Ludlum LLC | ||
6.95%, due 12/15/25 | 22,688,000 | 22,121,717 |
Big River Steel LLC | ||
6.625%, due 1/31/29 (c) | 29,600,000 | 27,837,467 |
Mineral Resources Ltd. (c) | ||
8.00%, due 11/1/27 | 3,500,000 | 3,442,985 |
16 | MainStay MacKay High Yield Corporate Bond Fund |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Iron & Steel (continued) | ||
Mineral Resources Ltd. (c) (continued) | ||
8.125%, due 5/1/27 | $ 49,640,000 | $ 49,391,800 |
8.50%, due 5/1/30 | 1,159,000 | 1,139,707 |
103,933,676 | ||
Leisure Time 2.1% | ||
Carnival Corp. (c) | ||
4.00%, due 8/1/28 | 38,000,000 | 30,615,650 |
5.75%, due 3/1/27 | 69,855,000 | 48,408,467 |
6.00%, due 5/1/29 | 33,500,000 | 22,219,461 |
7.625%, due 3/1/26 | 14,160,000 | 10,647,612 |
9.875%, due 8/1/27 | 31,843,000 | 29,693,598 |
10.50%, due 2/1/26 | 29,445,000 | 28,854,922 |
Carnival Holdings Bermuda Ltd. | ||
10.375%, due 5/1/28 (c) | 10,000,000 | 10,125,800 |
Royal Caribbean Cruises Ltd. (c) | ||
5.375%, due 7/15/27 | 12,400,000 | 9,638,717 |
5.50%, due 4/1/28 | 22,000,000 | 16,940,000 |
207,144,227 | ||
Lodging 1.8% | ||
Boyd Gaming Corp. | ||
4.75%, due 12/1/27 | 38,570,000 | 35,535,312 |
4.75%, due 6/15/31 (c) | 47,500,000 | 40,125,150 |
Hilton Domestic Operating Co., Inc. | ||
3.75%, due 5/1/29 (c) | 5,000,000 | 4,259,525 |
4.00%, due 5/1/31 (c) | 39,340,000 | 32,886,179 |
4.875%, due 1/15/30 | 26,250,000 | 23,526,563 |
5.375%, due 5/1/25 (c) | 5,000,000 | 4,925,000 |
5.75%, due 5/1/28 (c) | 12,500,000 | 12,062,500 |
Hyatt Hotels Corp. (f) | ||
5.625%, due 4/23/25 | 7,715,000 | 7,579,566 |
6.00%, due 4/23/30 | 8,095,000 | 7,672,743 |
Marriott International, Inc. | ||
Series GG | ||
3.50%, due 10/15/32 | 9,200,000 | 7,347,934 |
Series FF | ||
4.625%, due 6/15/30 | 3,000,000 | 2,691,161 |
Station Casinos LLC | ||
4.50%, due 2/15/28 (c) | 7,000,000 | 6,030,500 |
184,642,133 | ||
Machinery—Construction & Mining 0.3% | ||
Terex Corp. | ||
5.00%, due 5/15/29 (c) | 7,000,000 | 6,244,350 |
Principal Amount | Value | |
Machinery—Construction & Mining (continued) | ||
Vertiv Group Corp. | ||
4.125%, due 11/15/28 (c) | $ 32,405,000 | $ 28,188,461 |
34,432,811 | ||
Machinery-Diversified 0.5% | ||
Briggs & Stratton Corp. Escrow Claim Shares | ||
6.875%, due 12/15/20 (g)(h) | 9,200,000 | 92,000 |
Stevens Holding Co., Inc. | ||
6.125%, due 10/1/26 (c) | 16,258,000 | 16,279,136 |
TK Elevator Holdco GmbH | ||
7.625%, due 7/15/28 (c) | 12,126,000 | 10,022,442 |
TK Elevator U.S. Newco, Inc. | ||
5.25%, due 7/15/27 (c) | 27,000,000 | 24,198,750 |
50,592,328 | ||
Media 5.3% | ||
Block Communications, Inc. | ||
4.875%, due 3/1/28 (c) | 15,000,000 | 13,035,450 |
Cable One, Inc. | ||
4.00%, due 11/15/30 (c) | 37,800,000 | 30,765,420 |
CCO Holdings LLC | ||
4.25%, due 2/1/31 (c) | 36,815,000 | 29,083,850 |
4.25%, due 1/15/34 (c) | 28,050,000 | 20,616,750 |
4.50%, due 8/15/30 (c) | 42,430,000 | 34,434,491 |
4.50%, due 5/1/32 | 42,900,000 | 33,891,000 |
4.50%, due 6/1/33 (c) | 14,500,000 | 10,995,504 |
4.75%, due 3/1/30 (c) | 31,835,000 | 26,754,134 |
5.00%, due 2/1/28 (c) | 22,000,000 | 19,910,000 |
5.125%, due 5/1/27 (c) | 41,225,000 | 38,194,138 |
5.375%, due 6/1/29 (c) | 13,495,000 | 12,056,163 |
CSC Holdings LLC (c) | ||
5.75%, due 1/15/30 | 23,900,000 | 18,283,500 |
6.50%, due 2/1/29 | 7,000,000 | 6,597,500 |
Diamond Sports Group LLC | ||
6.625%, due 8/15/27 (c) | 7,000,000 | 341,250 |
DIRECTV Financing LLC | ||
5.875%, due 8/15/27 (c) | 34,000,000 | 30,620,400 |
DISH DBS Corp. | ||
7.75%, due 7/1/26 | 18,675,000 | 15,757,778 |
LCPR Senior Secured Financing DAC (c) | ||
5.125%, due 7/15/29 | 13,150,000 | 11,078,875 |
6.75%, due 10/15/27 | 48,312,000 | 45,050,940 |
News Corp. (c) | ||
3.875%, due 5/15/29 | 42,070,000 | 36,159,165 |
5.125%, due 2/15/32 | 11,110,000 | 9,915,675 |
Sirius XM Radio, Inc. (c) | ||
3.875%, due 9/1/31 | 6,000,000 | 4,800,000 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Media (continued) | ||
Sirius XM Radio, Inc. (c) (continued) | ||
4.00%, due 7/15/28 | $ 2,970,000 | $ 2,553,241 |
5.00%, due 8/1/27 | 8,000,000 | 7,360,000 |
5.50%, due 7/1/29 | 11,590,000 | 10,689,457 |
Sterling Entertainment Enterprises LLC | ||
10.25%, due 1/15/25 (a)(h)(i) | 20,000,000 | 18,360,000 |
Videotron Ltd. | ||
5.375%, due 6/15/24 (c) | 17,850,000 | 17,733,618 |
Virgin Media Finance plc | ||
5.00%, due 7/15/30 (c) | 17,275,000 | 13,843,974 |
VZ Secured Financing BV | ||
5.00%, due 1/15/32 (c) | 22,545,000 | 17,970,394 |
536,852,667 | ||
Metal Fabricate & Hardware 0.3% | ||
Advanced Drainage Systems, Inc. (c) | ||
5.00%, due 9/30/27 | 18,315,000 | 16,982,400 |
6.375%, due 6/15/30 | 12,615,000 | 12,191,010 |
Park-Ohio Industries, Inc. | ||
6.625%, due 4/15/27 | 3,500,000 | 2,450,000 |
31,623,410 | ||
Mining 1.8% | ||
Arconic Corp. | ||
6.00%, due 5/15/25 (c) | 8,695,000 | 8,609,702 |
Century Aluminum Co. | ||
7.50%, due 4/1/28 (c) | 28,550,000 | 24,494,758 |
Compass Minerals International, Inc. (c) | ||
4.875%, due 7/15/24 | 7,000,000 | 6,632,986 |
6.75%, due 12/1/27 | 31,535,000 | 29,665,816 |
Constellium SE | ||
3.75%, due 4/15/29 (c) | 10,000,000 | 7,820,000 |
Eldorado Gold Corp. | ||
6.25%, due 9/1/29 (c) | 3,480,000 | 2,814,798 |
First Quantum Minerals Ltd. (c) | ||
6.875%, due 10/15/27 | 14,000,000 | 13,017,585 |
7.50%, due 4/1/25 | 5,000,000 | 4,850,000 |
IAMGOLD Corp. | ||
5.75%, due 10/15/28 (c) | 35,825,000 | 24,002,750 |
Novelis Corp. (c) | ||
3.25%, due 11/15/26 | 22,500,000 | 19,692,826 |
3.875%, due 8/15/31 | 22,845,000 | 17,698,250 |
4.75%, due 1/30/30 | 31,800,000 | 27,015,531 |
186,315,002 |
Principal Amount | Value | |
Miscellaneous—Manufacturing 0.9% | ||
Amsted Industries, Inc. (c) | ||
4.625%, due 5/15/30 | $ 2,100,000 | $ 1,732,500 |
5.625%, due 7/1/27 | 24,395,000 | 22,565,375 |
EnPro Industries, Inc. | ||
5.75%, due 10/15/26 | 21,784,000 | 20,803,720 |
FXI Holdings, Inc. | ||
7.875%, due 11/1/24 (c) | 1,195,000 | 1,025,286 |
Gates Global LLC | ||
6.25%, due 1/15/26 (c) | 2,850,000 | 2,736,000 |
Hillenbrand, Inc. | ||
5.00%, due 9/15/26 (f) | 5,000,000 | 4,707,435 |
5.75%, due 6/15/25 | 7,000,000 | 6,947,500 |
LSB Industries, Inc. | ||
6.25%, due 10/15/28 (c) | 31,805,000 | 28,875,441 |
89,393,257 | ||
Office Furnishings 0.1% | ||
Interface, Inc. | ||
5.50%, due 12/1/28 (c) | 16,952,000 | 13,376,163 |
Oil & Gas 6.4% | ||
Ascent Resources Utica Holdings LLC (c) | ||
7.00%, due 11/1/26 | 14,500,000 | 14,282,500 |
9.00%, due 11/1/27 | 11,295,000 | 13,779,900 |
California Resources Corp. | ||
7.125%, due 2/1/26 (c) | 11,000,000 | 10,788,910 |
Chevron USA, Inc. | ||
3.85%, due 1/15/28 | 5,560,000 | 5,264,393 |
3.90%, due 11/15/24 | 4,000,000 | 3,928,415 |
Civitas Resources, Inc. | ||
5.00%, due 10/15/26 (c) | 5,500,000 | 5,062,420 |
Colgate Energy Partners III LLC | ||
7.75%, due 2/15/26 (c) | 20,645,000 | 20,535,818 |
Comstock Resources, Inc. | ||
6.75%, due 3/1/29 (c) | 8,080,000 | 7,736,600 |
Encino Acquisition Partners Holdings LLC | ||
8.50%, due 5/1/28 (c) | 41,705,000 | 39,072,972 |
EQT Corp. | ||
6.125%, due 2/1/25 (f) | 14,749,000 | 14,785,430 |
Gulfport Energy Corp. | ||
8.00%, due 5/17/26 | 1,362,721 | 1,358,633 |
8.00%, due 5/17/26 (c) | 30,637,302 | 30,545,390 |
Gulfport Energy Operating Corp. Escrow Claim Shares (g)(i) | ||
6.00%, due 10/15/24 | 50,754,000 | — |
6.375%, due 5/15/25 | 24,354,000 | — |
18 | MainStay MacKay High Yield Corporate Bond Fund |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Oil & Gas (continued) | ||
Gulfport Energy Operating Corp. Escrow Claim Shares (g)(i) (continued) | ||
6.375%, due 1/15/26 | $ 11,915,000 | $ — |
6.625%, due 5/1/23 | 17,072,000 | — |
Hilcorp Energy I LP (c) | ||
5.75%, due 2/1/29 | 5,000,000 | 4,575,000 |
6.00%, due 4/15/30 | 8,000,000 | 7,244,032 |
6.25%, due 4/15/32 | 8,750,000 | 8,025,762 |
Laredo Petroleum, Inc. | ||
7.75%, due 7/31/29 (c) | 17,830,000 | 16,938,500 |
Marathon Oil Corp. | ||
4.40%, due 7/15/27 | 6,825,000 | 6,358,080 |
6.80%, due 3/15/32 | 5,000,000 | 5,093,741 |
Matador Resources Co. | ||
5.875%, due 9/15/26 | 25,545,000 | 25,097,962 |
Moss Creek Resources Holdings, Inc. | ||
7.50%, due 1/15/26 (c) | 9,465,000 | 8,707,800 |
Occidental Petroleum Corp. | ||
5.55%, due 3/15/26 | 30,505,000 | 30,962,575 |
5.875%, due 9/1/25 | 6,000,000 | 6,045,000 |
6.125%, due 1/1/31 | 3,000,000 | 3,007,890 |
6.375%, due 9/1/28 | 6,635,000 | 6,734,251 |
6.45%, due 9/15/36 | 6,850,000 | 6,795,063 |
6.625%, due 9/1/30 | 7,270,000 | 7,561,200 |
6.95%, due 7/1/24 | 13,950,000 | 14,293,309 |
7.15%, due 5/15/28 | 4,000,000 | 4,079,280 |
Parkland Corp. (c) | ||
4.50%, due 10/1/29 | 16,535,000 | 13,922,139 |
4.625%, due 5/1/30 | 14,000,000 | 11,645,410 |
5.875%, due 7/15/27 | 12,025,000 | 11,298,028 |
PDC Energy, Inc. | ||
6.125%, due 9/15/24 | 11,454,000 | 11,340,344 |
Permian Resources Operating LLC (c) | ||
5.375%, due 1/15/26 | 18,867,000 | 17,428,391 |
6.875%, due 4/1/27 | 23,400,000 | 22,698,000 |
ROCC Holdings LLC | ||
9.25%, due 8/15/26 (c) | 12,600,000 | 12,430,278 |
Rockcliff Energy II LLC | ||
5.50%, due 10/15/29 (c) | 36,935,000 | 32,895,419 |
Southwestern Energy Co. | ||
4.75%, due 2/1/32 | 3,000,000 | 2,589,600 |
5.375%, due 3/15/30 | 15,330,000 | 14,180,250 |
5.70%, due 1/23/25 (f) | 3,504,000 | 3,443,581 |
7.75%, due 10/1/27 | 2,500,000 | 2,571,675 |
Principal Amount | Value | |
Oil & Gas (continued) | ||
Sunoco LP | ||
6.00%, due 4/15/27 | $ 19,965,000 | $ 19,561,707 |
Talos Production, Inc. | ||
12.00%, due 1/15/26 | 81,465,000 | 86,389,559 |
Transocean Guardian Ltd. | ||
5.875%, due 1/15/24 (c) | 7,113,320 | 6,914,645 |
Transocean Pontus Ltd. | ||
6.125%, due 8/1/25 (c) | 3,777,200 | 3,635,895 |
Transocean Poseidon Ltd. | ||
6.875%, due 2/1/27 (c) | 27,908,125 | 26,722,030 |
Transocean Sentry Ltd. | ||
5.375%, due 5/15/23 (c) | 9,341,819 | 9,178,337 |
Viper Energy Partners LP | ||
5.375%, due 11/1/27 (c) | 9,425,000 | 8,864,920 |
646,371,034 | ||
Oil & Gas Services 0.9% | ||
Bristow Group, Inc. | ||
6.875%, due 3/1/28 (c) | 30,000,000 | 27,768,577 |
Nine Energy Service, Inc. | ||
8.75%, due 11/1/23 (c) | 36,055,000 | 31,454,743 |
Weatherford International Ltd. (c) | ||
6.50%, due 9/15/28 | 21,645,000 | 20,670,975 |
8.625%, due 4/30/30 | 14,595,000 | 13,755,788 |
93,650,083 | ||
Packaging & Containers 0.4% | ||
ARD Finance SA | ||
6.50% (6.50% Cash or 7.25% PIK), due 6/30/27 (b)(c) | 13,208,936 | 9,477,412 |
Cascades, Inc. (c) | ||
5.125%, due 1/15/26 | 11,306,000 | 10,153,693 |
5.375%, due 1/15/28 | 23,385,000 | 20,000,021 |
39,631,126 | ||
Pharmaceuticals 2.8% | ||
1375209 BC Ltd. | ||
9.00%, due 1/30/28 (c) | 8,000,000 | 7,740,000 |
180 Medical, Inc. | ||
3.875%, due 10/15/29 (c) | 20,670,000 | 17,466,150 |
Bausch Health Cos., Inc. (c) | ||
5.00%, due 1/30/28 | 8,815,000 | 3,417,840 |
5.25%, due 1/30/30 | 2,000,000 | 775,000 |
6.25%, due 2/15/29 | 9,000,000 | 3,510,000 |
7.00%, due 1/15/28 | 7,000,000 | 2,800,000 |
7.25%, due 5/30/29 | 5,000,000 | 1,910,900 |
11.00%, due 9/30/28 | 19,972,000 | 15,378,440 |
14.00%, due 10/15/30 | 1,974,000 | 1,130,115 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Pharmaceuticals (continued) | ||
BellRing Brands, Inc. | ||
7.00%, due 3/15/30 (c) | $ 18,880,000 | $ 17,828,384 |
Cheplapharm Arzneimittel GmbH | ||
5.50%, due 1/15/28 (c) | 1,000,000 | 829,300 |
Jazz Securities DAC | ||
4.375%, due 1/15/29 (c) | 47,390,000 | 42,058,625 |
Organon & Co. (c) | ||
4.125%, due 4/30/28 | 34,700,000 | 30,564,454 |
5.125%, due 4/30/31 | 23,000,000 | 19,533,210 |
Owens & Minor, Inc. (c) | ||
4.50%, due 3/31/29 | 22,155,000 | 17,155,946 |
6.625%, due 4/1/30 | 23,545,000 | 19,572,959 |
Par Pharmaceutical, Inc. | ||
7.50%, due 4/1/27 (c)(g)(j) | 39,082,000 | 29,874,750 |
Prestige Brands, Inc. (c) | ||
3.75%, due 4/1/31 | 30,125,000 | 24,160,551 |
5.125%, due 1/15/28 | 26,650,000 | 24,765,045 |
280,471,669 | ||
Pipelines 5.5% | ||
ANR Pipeline Co. | ||
7.375%, due 2/15/24 | 2,555,000 | 2,571,165 |
Antero Midstream Partners LP (c) | ||
5.375%, due 6/15/29 | 5,500,000 | 5,017,650 |
5.75%, due 3/1/27 | 4,000,000 | 3,809,200 |
5.75%, due 1/15/28 | 8,000,000 | 7,537,120 |
Cheniere Energy Partners LP | ||
4.00%, due 3/1/31 | 25,000,000 | 21,077,125 |
CNX Midstream Partners LP | ||
4.75%, due 4/15/30 (c) | 4,000,000 | 3,290,000 |
Crestwood Midstream Partners LP | ||
8.00%, due 4/1/29 (c) | 6,500,000 | 6,500,000 |
DT Midstream, Inc. (c) | ||
4.125%, due 6/15/29 | 3,500,000 | 3,025,750 |
4.375%, due 6/15/31 | 12,205,000 | 10,282,712 |
Energy Transfer LP | ||
4.40%, due 3/15/27 | 14,700,000 | 13,636,413 |
4.95%, due 5/15/28 | 16,000,000 | 14,830,507 |
EnLink Midstream LLC | ||
6.50%, due 9/1/30 (c) | 6,220,000 | 6,111,150 |
EQM Midstream Partners LP (c) | ||
4.50%, due 1/15/29 | 7,705,000 | 6,549,250 |
4.75%, due 1/15/31 | 11,005,000 | 9,196,878 |
6.00%, due 7/1/25 | 4,497,000 | 4,355,412 |
6.50%, due 7/1/27 | 8,900,000 | 8,677,500 |
7.50%, due 6/1/27 | 5,000,000 | 4,937,500 |
7.50%, due 6/1/30 | 4,935,000 | 4,799,287 |
Principal Amount | Value | |
Pipelines (continued) | ||
FTAI Infra Escrow Holdings LLC | ||
10.50%, due 6/1/27 (c) | $ 20,100,000 | $ 19,708,050 |
Genesis Energy LP | ||
6.25%, due 5/15/26 | 13,670,000 | 12,790,814 |
7.75%, due 2/1/28 | 19,925,000 | 19,003,469 |
8.00%, due 1/15/27 | 23,870,000 | 23,107,115 |
Harvest Midstream I LP | ||
7.50%, due 9/1/28 (c) | 26,675,000 | 25,573,875 |
Hess Midstream Operations LP (c) | ||
4.25%, due 2/15/30 | 4,000,000 | 3,420,600 |
5.625%, due 2/15/26 | 1,000,000 | 980,770 |
Holly Energy Partners LP (c) | ||
5.00%, due 2/1/28 | 9,870,000 | 8,920,458 |
6.375%, due 4/15/27 | 5,625,000 | 5,413,868 |
ITT Holdings LLC | ||
6.50%, due 8/1/29 (c) | 20,080,000 | 16,134,380 |
MPLX LP | ||
4.875%, due 12/1/24 | 12,000,000 | 11,779,847 |
New Fortress Energy, Inc. | ||
6.50%, due 9/30/26 (c) | 8,555,000 | 8,298,350 |
NGL Energy Operating LLC | ||
7.50%, due 2/1/26 (c) | 14,060,000 | 12,719,218 |
NGPL PipeCo LLC (c) | ||
4.875%, due 8/15/27 | 12,555,000 | 11,665,695 |
7.768%, due 12/15/37 | 5,000,000 | 4,977,739 |
NuStar Logistics LP | ||
5.75%, due 10/1/25 | 3,000,000 | 2,892,694 |
6.00%, due 6/1/26 | 15,000,000 | 14,544,000 |
PBF Logistics LP | ||
6.875%, due 5/15/23 | 6,050,000 | 6,053,025 |
Plains All American Pipeline LP | ||
Series B | ||
6.125%, due 11/28/22 (e)(k) | 45,303,000 | 37,624,141 |
Rockies Express Pipeline LLC (c) | ||
3.60%, due 5/15/25 | 7,000,000 | 6,510,000 |
4.80%, due 5/15/30 | 15,220,000 | 12,860,900 |
Ruby Pipeline LLC | ||
8.00%, due 4/1/22 (c)(f)(g)(j) | 54,771,242 | 46,692,484 |
Summit Midstream Holdings LLC | ||
8.50%, due 10/15/26 (c) | 29,715,000 | 28,526,400 |
Tallgrass Energy Partners LP (c) | ||
5.50%, due 1/15/28 | 3,350,000 | 3,003,744 |
6.00%, due 3/1/27 | 19,000,000 | 17,929,764 |
7.50%, due 10/1/25 | 8,500,000 | 8,584,575 |
Targa Resources Partners LP | ||
5.00%, due 1/15/28 | 6,320,000 | 5,827,700 |
6.50%, due 7/15/27 | 5,116,000 | 5,077,476 |
20 | MainStay MacKay High Yield Corporate Bond Fund |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Pipelines (continued) | ||
TransMontaigne Partners LP | ||
6.125%, due 2/15/26 | $ 25,447,000 | $ 21,757,169 |
Western Midstream Operating LP | ||
4.65%, due 7/1/26 | 5,000,000 | 4,737,500 |
4.75%, due 8/15/28 | 12,000,000 | 11,070,000 |
5.50%, due 2/1/50 (f) | 3,000,000 | 2,335,442 |
556,725,881 | ||
Real Estate 0.7% | ||
Howard Hughes Corp. (The) (c) | ||
4.125%, due 2/1/29 | 10,000,000 | 7,815,291 |
4.375%, due 2/1/31 | 8,500,000 | 6,386,900 |
Newmark Group, Inc. | ||
6.125%, due 11/15/23 | 43,914,000 | 43,770,840 |
Realogy Group LLC | ||
5.25%, due 4/15/30 (c) | 24,850,000 | 17,231,487 |
75,204,518 | ||
Real Estate Investment Trusts 2.4% | ||
CTR Partnership LP | ||
3.875%, due 6/30/28 (c) | 12,425,000 | 10,479,707 |
GLP Capital LP | ||
5.25%, due 6/1/25 | 10,000,000 | 9,643,380 |
5.30%, due 1/15/29 | 14,080,000 | 12,680,995 |
5.375%, due 11/1/23 | 6,000,000 | 5,932,440 |
5.375%, due 4/15/26 | 5,620,000 | 5,364,627 |
Host Hotels & Resorts LP | ||
Series I | ||
3.50%, due 9/15/30 | 12,090,000 | 9,482,132 |
MPT Operating Partnership LP | ||
4.625%, due 8/1/29 | 2,000,000 | 1,584,460 |
5.00%, due 10/15/27 | 21,025,000 | 17,992,774 |
5.25%, due 8/1/26 | 6,500,000 | 5,862,480 |
RHP Hotel Properties LP | ||
4.50%, due 2/15/29 (c) | 11,255,000 | 9,876,263 |
4.75%, due 10/15/27 | 28,050,000 | 25,891,272 |
VICI Properties LP (c) | ||
3.875%, due 2/15/29 | 37,650,000 | 31,702,787 |
4.625%, due 6/15/25 | 14,000,000 | 13,120,899 |
5.625%, due 5/1/24 | 55,960,000 | 55,247,070 |
5.75%, due 2/1/27 | 26,800,000 | 25,318,496 |
240,179,782 | ||
Retail 5.2% | ||
1011778 B.C. Unlimited Liability Co. (c) | ||
3.50%, due 2/15/29 | 9,305,000 | 7,792,938 |
3.875%, due 1/15/28 | 26,885,000 | 23,629,899 |
Principal Amount | Value | |
Retail (continued) | ||
1011778 B.C. Unlimited Liability Co. (c) (continued) | ||
4.00%, due 10/15/30 | $ 55,052,000 | $ 44,936,195 |
Asbury Automotive Group, Inc. | ||
4.50%, due 3/1/28 | 23,137,000 | 20,058,738 |
4.625%, due 11/15/29 (c) | 13,005,000 | 10,696,612 |
4.75%, due 3/1/30 | 16,525,000 | 13,537,908 |
5.00%, due 2/15/32 (c) | 10,850,000 | 8,747,812 |
CEC Entertainment LLC | ||
6.75%, due 5/1/26 (c) | 19,390,000 | 18,136,737 |
Dave & Buster's, Inc. | ||
7.625%, due 11/1/25 (c) | 9,240,000 | 9,217,916 |
Group 1 Automotive, Inc. | ||
4.00%, due 8/15/28 (c) | 16,250,000 | 13,363,837 |
Ken Garff Automotive LLC | ||
4.875%, due 9/15/28 (c) | 25,535,000 | 21,199,729 |
KFC Holding Co. | ||
4.75%, due 6/1/27 (c) | 18,287,000 | 17,456,587 |
LCM Investments Holdings II LLC | ||
4.875%, due 5/1/29 (c) | 46,870,000 | 39,535,782 |
Lithia Motors, Inc. | ||
4.375%, due 1/15/31 (c) | 5,000,000 | 4,059,650 |
Murphy Oil USA, Inc. | ||
4.75%, due 9/15/29 | 7,500,000 | 6,750,000 |
5.625%, due 5/1/27 | 10,417,000 | 9,996,466 |
NMG Holding Co., Inc. | ||
7.125%, due 4/1/26 (c) | 78,035,000 | 74,151,198 |
Papa John's International, Inc. | ||
3.875%, due 9/15/29 (c) | 18,284,000 | 14,854,519 |
Patrick Industries, Inc. (c) | ||
4.75%, due 5/1/29 | 6,760,000 | 5,103,800 |
7.50%, due 10/15/27 | 21,040,000 | 19,276,257 |
Sonic Automotive, Inc. (c) | ||
4.625%, due 11/15/29 | 11,890,000 | 9,308,919 |
4.875%, due 11/15/31 | 10,000,000 | 7,544,220 |
Ultra Resources, Inc. Escrow Claim Shares | ||
6.875%, due 4/15/22 (a)(g)(i) | 28,880,000 | — |
Yum! Brands, Inc. | ||
3.625%, due 3/15/31 | 40,870,000 | 32,798,175 |
4.625%, due 1/31/32 | 40,600,000 | 34,714,218 |
4.75%, due 1/15/30 (c) | 33,885,000 | 30,284,719 |
5.375%, due 4/1/32 | 30,000,000 | 26,834,100 |
523,986,931 | ||
Software 3.9% | ||
ACI Worldwide, Inc. | ||
5.75%, due 8/15/26 (c) | 9,284,000 | 8,819,800 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Software (continued) | ||
AthenaHealth Group, Inc. | ||
6.50%, due 2/15/30 (c) | $ 23,500,000 | $ 18,330,000 |
Camelot Finance SA | ||
4.50%, due 11/1/26 (c) | 15,990,000 | 14,938,825 |
Clarivate Science Holdings Corp. (c) | ||
3.875%, due 7/1/28 | 23,869,000 | 20,469,564 |
4.875%, due 7/1/29 | 48,911,000 | 40,779,546 |
CWT Travel Group, Inc. | ||
8.50%, due 11/19/26 (c) | 8,513,374 | 7,257,651 |
Fair Isaac Corp. (c) | ||
4.00%, due 6/15/28 | 5,000,000 | 4,524,200 |
5.25%, due 5/15/26 | 12,250,000 | 12,123,825 |
MSCI, Inc. (c) | ||
3.25%, due 8/15/33 | 23,000,000 | 17,780,111 |
3.625%, due 9/1/30 | 31,855,000 | 26,618,038 |
3.625%, due 11/1/31 | 27,375,000 | 22,530,583 |
3.875%, due 2/15/31 | 44,255,000 | 37,289,706 |
4.00%, due 11/15/29 | 34,330,000 | 29,809,426 |
Open Text Corp. (c) | ||
3.875%, due 2/15/28 | 17,385,000 | 14,880,517 |
3.875%, due 12/1/29 | 14,100,000 | 11,174,250 |
Open Text Holdings, Inc. (c) | ||
4.125%, due 2/15/30 | 30,047,000 | 23,924,924 |
4.125%, due 12/1/31 | 5,681,000 | 4,274,952 |
PTC, Inc. (c) | ||
3.625%, due 2/15/25 | 11,000,000 | 10,483,330 |
4.00%, due 2/15/28 | 35,619,000 | 32,261,387 |
SS&C Technologies, Inc. | ||
5.50%, due 9/30/27 (c) | 22,995,000 | 21,380,548 |
Veritas US, Inc. | ||
7.50%, due 9/1/25 (c) | 15,500,000 | 13,048,373 |
392,699,556 | ||
Telecommunications 3.7% | ||
Connect Finco SARL | ||
6.75%, due 10/1/26 (c) | 55,400,000 | 52,076,000 |
Hughes Satellite Systems Corp. | ||
5.25%, due 8/1/26 | 8,000,000 | 7,636,720 |
6.625%, due 8/1/26 | 12,000,000 | 11,304,000 |
Quebecor Media, Inc. | ||
5.75%, due 1/15/23 | 20,170,000 | 20,157,898 |
Sprint Capital Corp. | ||
6.875%, due 11/15/28 | 104,520,000 | 107,862,550 |
Sprint Corp. | ||
7.875%, due 9/15/23 | 46,900,000 | 47,669,301 |
Switch Ltd. | ||
3.75%, due 9/15/28 (c) | 18,195,000 | 18,376,950 |
Principal Amount | Value | |
Telecommunications (continued) | ||
T-Mobile US, Inc. | ||
2.625%, due 2/15/29 | $ 9,690,000 | $ 8,010,081 |
2.875%, due 2/15/31 | 34,390,000 | 27,684,638 |
4.75%, due 2/1/28 | 38,055,000 | 36,018,296 |
5.375%, due 4/15/27 | 33,000,000 | 32,555,628 |
369,352,062 | ||
Toys, Games & Hobbies 0.3% | ||
Mattel, Inc. (c) | ||
3.375%, due 4/1/26 | 5,000,000 | 4,560,581 |
3.75%, due 4/1/29 | 10,000,000 | 8,629,525 |
5.875%, due 12/15/27 | 21,275,000 | 20,644,834 |
33,834,940 | ||
Transportation 0.6% | ||
Seaspan Corp. | ||
5.50%, due 8/1/29 (c) | 18,315,000 | 14,105,827 |
Watco Cos. LLC | ||
6.50%, due 6/15/27 (c) | 47,150,000 | 44,375,113 |
XPO Escrow Sub LLC | ||
7.50%, due 11/15/27 (c) | 5,000,000 | 4,987,500 |
63,468,440 | ||
Total Corporate Bonds (Cost $9,721,541,482) | 8,711,339,559 | |
Loan Assignments 3.4% | ||
Automobile 0.1% | ||
Dealer Tire LLC | ||
Term Loan B1 | ||
7.365% (1 Month LIBOR + 4.25%), due 12/12/25 (d) | 10,885,289 | 10,683,911 |
Beverage, Food & Tobacco 0.1% | ||
United Natural Foods, Inc. | ||
Initial Term Loan | ||
7.093% (1 Month LIBOR + 3.25%), due 10/22/25 (d) | 12,793,288 | 12,678,148 |
Chemicals, Plastics & Rubber 0.1% | ||
Jazz Pharmaceuticals plc | ||
Initial Dollar Term Loan | ||
7.254% (1 Month LIBOR + 3.50%), due 5/5/28 (d) | 11,786,372 | 11,635,365 |
22 | MainStay MacKay High Yield Corporate Bond Fund |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Electronics 0.1% | ||
Camelot U.S. Acquisition 1 Co. (d) | ||
Initial Term Loan | ||
6.754% (1 Month LIBOR + 3.00%), due 10/30/26 | $ 4,314,279 | $ 4,233,386 |
Amendment No. 2 Incremental Term Loan | ||
6.754% (1 Month LIBOR + 3.00%), due 10/30/26 | 4,385,625 | 4,307,780 |
8,541,166 | ||
Finance 0.1% | ||
RealTruck Group, Inc. | ||
Initial Term Loan | ||
7.254% (1 Month LIBOR + 3.50%), due 1/31/28 (d) | 9,785,940 | 8,379,211 |
Healthcare, Education & Childcare 0.3% | ||
LifePoint Health, Inc. | ||
First Lien Term Loan B | ||
8.165% (3 Month LIBOR + 3.75%), due 11/16/25 (d) | 23,303,924 | 20,515,773 |
Organon & Co. | ||
Dollar Term Loan | ||
6.188% (3 Month LIBOR + 3.00%), due 6/2/28 (d) | 10,239,166 | 9,964,900 |
30,480,673 | ||
Insurance 0.2% | ||
USI, Inc. | ||
2017 New Term Loan | ||
6.424% (3 Month LIBOR + 2.75%), due 5/16/24 (d) | 17,250,679 | 17,009,894 |
Leisure, Amusement, Motion Pictures & Entertainment 0.0% ‡ | ||
NASCAR Holdings LLC | ||
Initial Term Loan | ||
5.615% (1 Month LIBOR + 2.50%), due 10/19/26 (d) | 3,601,064 | 3,583,058 |
Manufacturing 0.1% | ||
Adient U.S. LLC | ||
Term Loan B1 | ||
7.004% (1 Month LIBOR + 3.25%), due 4/10/28 (d) | 10,020,265 | 9,657,030 |
Principal Amount | Value | |
Media 0.4% | ||
DIRECTV Financing LLC | ||
Closing Date Term Loan | ||
8.754% (1 Month LIBOR + 5.00%), due 8/2/27 (d) | $ 38,971,759 | $ 36,952,788 |
Oil & Gas 0.5% | ||
Ascent Resources Utica Holdings LLC | ||
Second Lien Term Loan | ||
12.941% (3 Month LIBOR + 9.00%), due 11/1/25 (d) | 9,011,000 | 9,446,529 |
PetroQuest Energy LLC (a)(i) | ||
Term Loan | ||
TBD, due 1/1/28 | 2,810,418 | 2,810,418 |
2020 Term Loan | ||
10.628% (9.21% PIK), due 9/19/26 (b) | 2,160,349 | 2,160,349 |
Term Loan | ||
11.254% (10.62% PIK) (1 Month LIBOR + 7.50%), due 11/8/23 (b)(d) | 21,093,836 | 21,093,836 |
TransMontaigne Operating Co. LP | ||
Tranche Term Loan B 6.989% - 7.072% | ||
(1 Month LIBOR + 3.50%), due 11/17/28 (d) | 14,500,475 | 13,974,833 |
49,485,965 | ||
Retail 0.8% | ||
Great Outdoors Group LLC | ||
Term Loan B2 | ||
7.504% (1 Month LIBOR + 3.75%), due 3/6/28 (d) | 89,678,040 | 84,259,962 |
Services: Business 0.1% | ||
GIP II Blue Holding LP | ||
Initial Term Loan | ||
8.174% (3 Month LIBOR + 4.50%), due 9/29/28 (d) | 11,680,043 | 11,555,942 |
Icon plc (d) | ||
Lux Term Loan | ||
5.938% (3 Month LIBOR + 2.25%), due 7/3/28 | 3,118,417 | 3,084,636 |
U.S. Term Loan | ||
5.938% (3 Month LIBOR + 2.25%), due 7/3/28 | 776,956 | 768,539 |
15,409,117 |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Utilities 0.5% | ||
PG&E Corp. | ||
Term Loan | ||
6.813% (1 Month LIBOR + 3.00%), due 6/23/25 (d) | $ 48,539,293 | $ 47,665,586 |
Total Loan Assignments (Cost $356,869,406) | 346,421,874 | |
Total Long-Term Bonds (Cost $10,192,865,562) | 9,188,128,535 | |
Shares | ||
Common Stocks 2.4% | ||
Distributors 0.1% | ||
ATD New Holdings, Inc. (l) | 142,545 | 10,886,874 |
Electric Utilities 0.0% ‡ | ||
Keycon Power Holdings LLC (a)(i)(l) | 38,880 | 389 |
Electrical Equipment 0.0% ‡ | ||
Energy Technologies, Inc. (a)(i)(l) | 16,724 | 3,344,800 |
Hotels, Restaurants & Leisure 0.1% | ||
Carlson Travel, Inc. (a)(h)(l) | 1,954,050 | 13,189,838 |
Carlson Travel, Inc. (a)(h)(i)(l) | 25,452 | — |
13,189,838 | ||
Independent Power and Renewable Electricity Producers 0.4% | ||
GenOn Energy, Inc. (h) | 386,241 | 40,555,305 |
Metals & Mining 0.1% | ||
Franco-Nevada Corp. | 65,000 | 8,032,700 |
Neenah Enterprises, Inc. (a)(h)(i)(l) | 720,961 | 167,624 |
8,200,324 | ||
Oil, Gas & Consumable Fuels 1.7% | ||
California Resources Corp. | 41,116 | 1,854,743 |
Chord Energy Corp. | 102,111 | 15,632,173 |
Gulfport Energy Corp. (l) | 1,195,301 | 106,991,392 |
PetroQuest Energy, Inc. (a)(i)(l) | 28,470,873 | — |
Talos Energy, Inc. (l) | 2,074,193 | 44,138,827 |
168,617,135 |
Shares | Value | ||
Software 0.0% ‡ | |||
ASG warrant Corp. (a)(i)(l) | 12,502 | $ — | |
Total Common Stocks (Cost $291,710,625) | 244,794,665 | ||
Preferred Stocks 0.3% | |||
Electrical Equipment 0.3% | |||
Energy Technologies Ltd. (a)(i)(l) | 37,258 | 24,217,700 | |
Oil, Gas & Consumable Fuels 0.0% ‡ | |||
Gulfport Energy Operating Corp., 10.00%(10.00% Cash or 15.00% PIK) (a)(b)(h)(i)(l) | 150 | 831,843 | |
Total Preferred Stocks (Cost $35,662,837) | 25,049,543 | ||
Exchange-Traded Funds 0.4% | |||
iShares Gold Trust (l) | 929,500 | 28,795,910 | |
SPDR Gold Shares (l) | 70,336 | 10,684,742 | |
Total Exchange-Traded Funds (Cost $35,418,973) | 39,480,652 | ||
Number of Warrants | |||
Warrants 0.0% ‡ | |||
Hotels, Restaurants & Leisure 0.0% ‡ | |||
CWT Travel Holdings, Inc. (i)(l) | |||
Expires 11/19/26 | 169,236 | 11,694 | |
Expires 11/19/28 | 178,143 | 34,097 | |
45,791 | |||
Oil, Gas & Consumable Fuels 0.0% ‡ | |||
California Resources Corp. | |||
Expires 10/27/24 (l) | 36,093 | 512,520 | |
Total Warrants (Cost $32,627,513) | 558,311 | ||
Total Investments (Cost $10,588,285,510) | 93.9% | 9,498,011,706 | |
Other Assets, Less Liabilities | 6.1 | 619,142,726 | |
Net Assets | 100.0% | $ 10,117,154,432 |
24 | MainStay MacKay High Yield Corporate Bond Fund |
† | Percentages indicated are based on Fund net assets. |
‡ | Less than one-tenth of a percent. |
(a) | Illiquid security—As of October 31, 2022, the total market value deemed illiquid under procedures approved by the Board of Trustees was $115,871,816, which represented 1.1% of the Fund’s net assets.(Unaudited) |
(b) | PIK ("Payment-in-Kind")—issuer may pay interest or dividends with additional securities and/or in cash. |
(c) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
(d) | Floating rate—Rate shown was the rate in effect as of October 31, 2022. |
(e) | Security is perpetual and, thus, does not have a predetermined maturity date. The date shown, if applicable, reflects the next call date. |
(f) | Step coupon—Rate shown was the rate in effect as of October 31, 2022. |
(g) | Issue in non-accrual status. |
(h) | Restricted security. (See Note 5) |
(i) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
(j) | Issue in default. |
(k) | Fixed to floating rate—Rate shown was the rate in effect as of October 31, 2022. |
(l) | Non-income producing security. |
Abbreviation(s): |
LIBOR—London Interbank Offered Rate |
SPDR—Standard & Poor’s Depositary Receipt |
TBD—To Be Determined |
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 | $ — | $ 130,367,102 | $ — | $ 130,367,102 | |||
Corporate Bonds | — | 8,692,979,559 | 18,360,000 | 8,711,339,559 | |||
Loan Assignments | — | 320,357,271 | 26,064,603 | 346,421,874 | |||
Total Long-Term Bonds | — | 9,143,703,932 | 44,424,603 | 9,188,128,535 | |||
Common Stocks | 176,649,835 | 64,632,017 | 3,512,813 | 244,794,665 | |||
Preferred Stocks | — | — | 25,049,543 | 25,049,543 | |||
Exchange-Traded Funds | 39,480,652 | — | — | 39,480,652 | |||
Warrants | 512,520 | — | 45,791 | 558,311 | |||
Total Investments in Securities | $ 216,643,007 | $ 9,208,335,949 | $ 73,032,750 | $ 9,498,011,706 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
Assets | |
Investment in securities, at value (identified cost $10,588,285,510) | $ 9,498,011,706 |
Cash | 486,044,220 |
Receivables: | |
Interest | 149,351,282 |
Fund shares sold | 27,279,001 |
Investment securities sold | 3,944,750 |
Other assets | 1,243,678 |
Total assets | 10,165,874,637 |
Liabilities | |
Payables: | |
Fund shares redeemed | 26,117,939 |
Investment securities purchased | 10,958,475 |
Manager (See Note 3) | 4,626,434 |
Transfer agent (See Note 3) | 1,785,046 |
Shareholder communication | 1,240,378 |
NYLIFE Distributors (See Note 3) | 799,935 |
Professional fees | 147,716 |
Custodian | 34,528 |
Trustees | 1,923 |
Accrued expenses | 74,962 |
Distributions payable | 2,932,869 |
Total liabilities | 48,720,205 |
Net assets | $10,117,154,432 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.01 per share) unlimited number of shares authorized | $ 20,738,446 |
Additional paid-in-capital | 11,477,790,774 |
11,498,529,220 | |
Total distributable earnings (loss) | (1,381,374,788) |
Net assets | $10,117,154,432 |
Class A | |
Net assets applicable to outstanding shares | $3,074,182,414 |
Shares of beneficial interest outstanding | 629,614,735 |
Net asset value per share outstanding | $ 4.88 |
Maximum sales charge (4.50% of offering price) | 0.23 |
Maximum offering price per share outstanding | $ 5.11 |
Investor Class | |
Net assets applicable to outstanding shares | $ 116,960,981 |
Shares of beneficial interest outstanding | 23,787,051 |
Net asset value per share outstanding | $ 4.92 |
Maximum sales charge (4.00% of offering price) | 0.21 |
Maximum offering price per share outstanding | $ 5.13 |
Class B | |
Net assets applicable to outstanding shares | $ 13,032,238 |
Shares of beneficial interest outstanding | 2,681,810 |
Net asset value and offering price per share outstanding | $ 4.86 |
Class C | |
Net assets applicable to outstanding shares | $ 133,295,305 |
Shares of beneficial interest outstanding | 27,408,828 |
Net asset value and offering price per share outstanding | $ 4.86 |
Class I | |
Net assets applicable to outstanding shares | $3,159,577,492 |
Shares of beneficial interest outstanding | 646,954,507 |
Net asset value and offering price per share outstanding | $ 4.88 |
Class R1 | |
Net assets applicable to outstanding shares | $ 52,498 |
Shares of beneficial interest outstanding | 10,772 |
Net asset value and offering price per share outstanding | $ 4.87 |
Class R2 | |
Net assets applicable to outstanding shares | $ 6,948,777 |
Shares of beneficial interest outstanding | 1,422,687 |
Net asset value and offering price per share outstanding | $ 4.88 |
Class R3 | |
Net assets applicable to outstanding shares | $ 3,481,622 |
Shares of beneficial interest outstanding | 713,795 |
Net asset value and offering price per share outstanding | $ 4.88 |
Class R6 | |
Net assets applicable to outstanding shares | $3,609,590,660 |
Shares of beneficial interest outstanding | 741,243,802 |
Net asset value and offering price per share outstanding | $ 4.87 |
SIMPLE Class | |
Net assets applicable to outstanding shares | $ 32,445 |
Shares of beneficial interest outstanding | 6,597 |
Net asset value and offering price per share outstanding | $ 4.92 |
26 | MainStay MacKay High Yield Corporate Bond Fund |
Investment Income (Loss) | |
Income | |
Interest | $ 605,214,085 |
Dividends (net of foreign tax withholding of $12,285) | 4,326,358 |
Other | 4,968,821 |
Total income | 614,509,264 |
Expenses | |
Manager (See Note 3) | 59,788,878 |
Distribution/Service—Class A (See Note 3) | 8,635,313 |
Distribution/Service—Investor Class (See Note 3) | 318,321 |
Distribution/Service—Class B (See Note 3) | 197,211 |
Distribution/Service—Class C (See Note 3) | 1,705,026 |
Distribution/Service—Class R2 (See Note 3) | 20,725 |
Distribution/Service—Class R3 (See Note 3) | 18,022 |
Distribution/Service—SIMPLE Class (See Note 3) | 163 |
Transfer agent (See Note 3) | 10,552,141 |
Shareholder communication | 1,596,633 |
Professional fees | 786,777 |
Registration | 308,304 |
Trustees | 229,190 |
Custodian | 147,935 |
Shareholder service (See Note 3) | 11,947 |
Miscellaneous | 432,719 |
Total expenses | 84,749,305 |
Net investment income (loss) | 529,759,959 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on investments | (2,040,502) |
Net change in unrealized appreciation (depreciation) on investments | (1,544,808,534) |
Net realized and unrealized gain (loss) | (1,546,849,036) |
Net increase (decrease) in net assets resulting from operations | $(1,017,089,077) |
for the years ended October 31, 2022 and October 31, 2021
2022 | 2021 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 529,759,959 | $ 561,954,069 |
Net realized gain (loss) | (2,040,502) | 219,481,230 |
Net change in unrealized appreciation (depreciation) | (1,544,808,534) | 336,122,360 |
Net increase (decrease) in net assets resulting from operations | (1,017,089,077) | 1,117,557,659 |
Distributions to shareholders: | ||
Class A | (159,359,781) | (176,416,889) |
Investor Class | (5,731,011) | (6,494,080) |
Class B | (728,522) | (1,264,772) |
Class C | (6,351,592) | (9,396,090) |
Class I | (179,733,684) | (186,334,257) |
Class R1 | (2,576) | (2,744) |
Class R2 | (372,409) | (475,941) |
Class R3 | (154,687) | (129,139) |
Class R6 | (181,305,286) | (190,139,469) |
SIMPLE Class | (1,390) | (1,106) |
(533,740,938) | (570,654,487) | |
Distributions to shareholders from return of capital: | ||
Class A | (10,959,485) | (19,429,957) |
Investor Class | (394,133) | (715,236) |
Class B | (50,102) | (139,298) |
Class C | (436,811) | (1,034,853) |
Class I | (12,360,639) | (20,522,222) |
Class R1 | (177) | (302) |
Class R2 | (25,611) | (52,419) |
Class R3 | (10,638) | (14,223) |
Class R6 | (12,468,721) | (20,941,315) |
SIMPLE Class | (96) | (122) |
(36,706,413) | (62,849,947) | |
Total distributions to shareholders | (570,447,351) | (633,504,434) |
Capital share transactions: | ||
Net proceeds from sales of shares | 3,247,300,040 | 3,657,661,509 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 531,741,895 | 591,279,027 |
Cost of shares redeemed | (4,185,037,510) | (4,586,290,263) |
Increase (decrease) in net assets derived from capital share transactions | (405,995,575) | (337,349,727) |
Net increase (decrease) in net assets | (1,993,532,003) | 146,703,498 |
2022 | 2021 | |
Net Assets | ||
Beginning of year | $12,110,686,435 | $11,963,982,937 |
End of year | $10,117,154,432 | $12,110,686,435 |
28 | MainStay MacKay High Yield Corporate Bond Fund |
Year Ended October 31, | |||||||||
Class A | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 5.63 | $ 5.41 | $ 5.61 | $ 5.52 | $ 5.77 | ||||
Net investment income (loss) (a) | 0.24 | 0.25 | 0.29 | 0.29 | 0.29 | ||||
Net realized and unrealized gain (loss) | (0.73) | 0.25 | (0.17) | 0.12 | (0.22) | ||||
Total from investment operations | (0.49) | 0.50 | 0.12 | 0.41 | 0.07 | ||||
Less distributions: | |||||||||
From net investment income | (0.24) | (0.25) | (0.29) | (0.29) | (0.29) | ||||
Return of capital | (0.02) | (0.03) | (0.03) | (0.03) | (0.03) | ||||
Total distributions | (0.26) | (0.28) | (0.32) | (0.32) | (0.32) | ||||
Net asset value at end of year | $ 4.88 | $ 5.63 | $ 5.41 | $ 5.61 | $ 5.52 | ||||
Total investment return (b) | (8.88)% | 9.37% | 2.26% | 7.58% | 1.29% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 4.58% | 4.38% | 5.35% | 5.21% | 5.15% | ||||
Net expenses (c) | 0.95% | 0.95% | 0.97% | 0.99% | 0.99% | ||||
Portfolio turnover rate | 16% | 40% | 38% | 30% | 30% | ||||
Net assets at end of year (in 000’s) | $ 3,074,182 | $ 3,901,512 | $ 3,525,782 | $ 3,405,587 | $ 3,290,659 |
(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 | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 5.67 | $ 5.45 | $ 5.65 | $ 5.57 | $ 5.82 | ||||
Net investment income (loss) (a) | 0.24 | 0.24 | 0.29 | 0.29 | 0.29 | ||||
Net realized and unrealized gain (loss) | (0.73) | 0.26 | (0.17) | 0.11 | (0.22) | ||||
Total from investment operations | (0.49) | 0.50 | 0.12 | 0.40 | 0.07 | ||||
Less distributions: | |||||||||
From net investment income | (0.24) | (0.25) | (0.29) | (0.29) | (0.29) | ||||
Return of capital | (0.02) | (0.03) | (0.03) | (0.03) | (0.03) | ||||
Total distributions | (0.26) | (0.28) | (0.32) | (0.32) | (0.32) | ||||
Net asset value at end of year | $ 4.92 | $ 5.67 | $ 5.45 | $ 5.65 | $ 5.57 | ||||
Total investment return (b) | (8.90)% | 9.25% | 2.24% | 7.33% | 1.29% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 4.45% | 4.26% | 5.27% | 5.15% | 5.12% | ||||
Net expenses (c) | 1.09% | 1.08% | 1.06% | 1.05% | 1.03% | ||||
Portfolio turnover rate | 16% | 40% | 38% | 30% | 30% | ||||
Net assets at end of year (in 000's) | $ 116,961 | $ 139,214 | $ 149,726 | $ 162,260 | $ 159,970 |
(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 | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 5.60 | $ 5.38 | $ 5.58 | $ 5.50 | $ 5.74 | ||||
Net investment income (loss) (a) | 0.19 | 0.20 | 0.25 | 0.24 | 0.25 | ||||
Net realized and unrealized gain (loss) | (0.72) | 0.25 | (0.18) | 0.11 | (0.21) | ||||
Total from investment operations | (0.53) | 0.45 | 0.07 | 0.35 | 0.04 | ||||
Less distributions: | |||||||||
From net investment income | (0.20) | (0.21) | (0.24) | (0.25) | (0.26) | ||||
Return of capital | (0.01) | (0.02) | (0.03) | (0.02) | (0.02) | ||||
Total distributions | (0.21) | (0.23) | (0.27) | (0.27) | (0.28) | ||||
Net asset value at end of year | $ 4.86 | $ 5.60 | $ 5.38 | $ 5.58 | $ 5.50 | ||||
Total investment return (b) | (9.61)% | 8.52% | 1.39% | 6.52% | 0.64% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 3.64% | 3.56% | 4.55% | 4.41% | 4.37% | ||||
Net expenses (c) | 1.84% | 1.83% | 1.81% | 1.80% | 1.78% | ||||
Portfolio turnover rate | 16% | 40% | 38% | 30% | 30% | ||||
Net assets at end of year (in 000’s) | $ 13,032 | $ 26,622 | $ 45,661 | $ 63,517 | $ 81,221 |
(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 | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 5.60 | $ 5.39 | $ 5.59 | $ 5.50 | $ 5.74 | ||||
Net investment income (loss) (a) | 0.19 | 0.20 | 0.25 | 0.24 | 0.25 | ||||
Net realized and unrealized gain (loss) | (0.72) | 0.24 | (0.18) | 0.12 | (0.21) | ||||
Total from investment operations | (0.53) | 0.44 | 0.07 | 0.36 | 0.04 | ||||
Less distributions: | |||||||||
From net investment income | (0.20) | (0.21) | (0.24) | (0.25) | (0.26) | ||||
Return of capital | (0.01) | (0.02) | (0.03) | (0.02) | (0.02) | ||||
Total distributions | (0.21) | (0.23) | (0.27) | (0.27) | (0.28) | ||||
Net asset value at end of year | $ 4.86 | $ 5.60 | $ 5.39 | $ 5.59 | $ 5.50 | ||||
Total investment return (b) | (9.62)% | 8.31% | 1.39% | 6.71% | 0.64% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 3.66% | 3.54% | 4.54% | 4.41% | 4.36% | ||||
Net expenses (c) | 1.84% | 1.83% | 1.81% | 1.80% | 1.78% | ||||
Portfolio turnover rate | 16% | 40% | 38% | 30% | 30% | ||||
Net assets at end of year (in 000’s) | $ 133,295 | $ 214,696 | $ 297,431 | $ 373,760 | $ 550,819 |
(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. |
30 | MainStay MacKay High Yield Corporate Bond Fund |
Year Ended October 31, | |||||||||
Class I | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 5.63 | $ 5.41 | $ 5.61 | $ 5.53 | $ 5.78 | ||||
Net investment income (loss) (a) | 0.25 | 0.26 | 0.30 | 0.30 | 0.31 | ||||
Net realized and unrealized gain (loss) | (0.73) | 0.26 | (0.17) | 0.11 | (0.22) | ||||
Total from investment operations | (0.48) | 0.52 | 0.13 | 0.41 | 0.09 | ||||
Less distributions: | |||||||||
From net investment income | (0.25) | (0.27) | (0.30) | (0.30) | (0.31) | ||||
Return of capital | (0.02) | (0.03) | (0.03) | (0.03) | (0.03) | ||||
Total distributions | (0.27) | (0.30) | (0.33) | (0.33) | (0.34) | ||||
Net asset value at end of year | $ 4.88 | $ 5.63 | $ 5.41 | $ 5.61 | $ 5.53 | ||||
Total investment return (b) | (8.65)% | 9.65% | 2.56% | 7.68% | 1.57% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 4.82% | 4.62% | 5.60% | 5.45% | 5.40% | ||||
Net expenses (c) | 0.70% | 0.70% | 0.72% | 0.74% | 0.74% | ||||
Portfolio turnover rate | 16% | 40% | 38% | 30% | 30% | ||||
Net assets at end of year (in 000’s) | $ 3,159,577 | $ 4,116,697 | $ 3,509,954 | $ 3,451,487 | $ 3,709,306 |
(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. 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 | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 5.62 | $ 5.40 | $ 5.60 | $ 5.52 | $ 5.77 | ||||
Net investment income (loss) (a) | 0.25 | 0.25 | 0.30 | 0.30 | 0.30 | ||||
Net realized and unrealized gain (loss) | (0.73) | 0.26 | (0.17) | 0.11 | (0.22) | ||||
Total from investment operations | (0.48) | 0.51 | 0.13 | 0.41 | 0.08 | ||||
Less distributions: | |||||||||
From net investment income | (0.25) | (0.26) | (0.30) | (0.30) | (0.30) | ||||
Return of capital | (0.02) | (0.03) | (0.03) | (0.03) | (0.03) | ||||
Total distributions | (0.27) | (0.29) | (0.33) | (0.33) | (0.33) | ||||
Net asset value at end of year | $ 4.87 | $ 5.62 | $ 5.40 | $ 5.60 | $ 5.52 | ||||
Total investment return (b) | (8.77)% | 9.55% | 2.45% | 7.58% | 1.46% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 4.74% | 4.51% | 5.52% | 5.36% | 5.25% | ||||
Net expenses (c) | 0.80% | 0.80% | 0.82% | 0.84% | 0.84% | ||||
Portfolio turnover rate | 16% | 40% | 38% | 30% | 30% | ||||
Net assets at end of year (in 000’s) | $ 52 | $ 62 | $ 51 | $ 53 | $ 72 |
(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. |
Year Ended October 31, | |||||||||
Class R2 | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 5.63 | $ 5.41 | $ 5.61 | $ 5.52 | $ 5.77 | ||||
Net investment income (loss) (a) | 0.23 | 0.24 | 0.29 | 0.28 | 0.29 | ||||
Net realized and unrealized gain (loss) | (0.73) | 0.26 | (0.18) | 0.12 | (0.22) | ||||
Total from investment operations | (0.50) | 0.50 | 0.11 | 0.40 | 0.07 | ||||
Less distributions: | |||||||||
From net investment income | (0.23) | (0.25) | (0.28) | (0.29) | (0.29) | ||||
Return of capital | (0.02) | (0.03) | (0.03) | (0.02) | (0.03) | ||||
Total distributions | (0.25) | (0.28) | (0.31) | (0.31) | (0.32) | ||||
Net asset value at end of year | $ 4.88 | $ 5.63 | $ 5.41 | $ 5.61 | $ 5.52 | ||||
Total investment return (b) | (8.98)% | 9.28% | 2.17% | 7.49% | 1.20% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 4.45% | 4.28% | 5.26% | 5.10% | 5.06% | ||||
Net expenses (c) | 1.05% | 1.05% | 1.07% | 1.09% | 1.09% | ||||
Portfolio turnover rate | 16% | 40% | 38% | 30% | 30% | ||||
Net assets at end of year (in 000’s) | $ 6,949 | $ 10,640 | $ 13,006 | $ 13,866 | $ 11,116 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. 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 | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 5.62 | $ 5.40 | $ 5.60 | $ 5.52 | $ 5.77 | ||||
Net investment income (loss) (a) | 0.22 | 0.22 | 0.27 | 0.27 | 0.27 | ||||
Net realized and unrealized gain (loss) | (0.72) | 0.26 | (0.17) | 0.11 | (0.22) | ||||
Total from investment operations | (0.50) | 0.48 | 0.10 | 0.38 | 0.05 | ||||
Less distributions: | |||||||||
From net investment income | (0.22) | (0.23) | (0.27) | (0.28) | (0.28) | ||||
Return of capital | (0.02) | (0.03) | (0.03) | (0.02) | (0.02) | ||||
Total distributions | (0.24) | (0.26) | (0.30) | (0.30) | (0.30) | ||||
Net asset value at end of year | $ 4.88 | $ 5.62 | $ 5.40 | $ 5.60 | $ 5.52 | ||||
Total investment return (b) | (9.07)% | 9.01% | 1.90% | 7.03% | 0.96% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 4.25% | 3.98% | 4.96% | 4.84% | 4.77% | ||||
Net expenses (c) | 1.30% | 1.30% | 1.32% | 1.34% | 1.34% | ||||
Portfolio turnover rate | 16% | 40% | 38% | 30% | 30% | ||||
Net assets at end of year (in 000’s) | $ 3,482 | $ 3,630 | $ 1,924 | $ 1,281 | $ 606 |
(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. |
32 | MainStay MacKay High Yield Corporate Bond Fund |
Year Ended October 31, | |||||||||
Class R6 | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 5.61 | $ 5.40 | $ 5.60 | $ 5.52 | $ 5.77 | ||||
Net investment income (loss) (a) | 0.26 | 0.27 | 0.31 | 0.31 | 0.31 | ||||
Net realized and unrealized gain (loss) | (0.72) | 0.24 | (0.17) | 0.11 | (0.21) | ||||
Total from investment operations | (0.46) | 0.51 | 0.14 | 0.42 | 0.10 | ||||
Less distributions: | |||||||||
From net investment income | (0.26) | (0.27) | (0.31) | (0.31) | (0.32) | ||||
Return of capital | (0.02) | (0.03) | (0.03) | (0.03) | (0.03) | ||||
Total distributions | (0.28) | (0.30) | (0.34) | (0.34) | (0.35) | ||||
Net asset value at end of year | $ 4.87 | $ 5.61 | $ 5.40 | $ 5.60 | $ 5.52 | ||||
Total investment return (b) | (8.36)% | 9.64% | 2.70% | 7.84% | 1.71% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 4.98% | 4.79% | 5.65% | 5.60% | 5.54% | ||||
Net expenses (c) | 0.57% | 0.57% | 0.58% | 0.58% | 0.58% | ||||
Portfolio turnover rate | 16% | 40% | 38% | 30% | 30% | ||||
Net assets at end of year (in 000’s) | $ 3,609,591 | $ 3,697,586 | $ 4,420,424 | $ 2,180,977 | $ 904,028 |
(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. |
Year Ended October 31, | August 31, 2020^ through October 31, | ||||
SIMPLE Class | 2022 | 2021 | 2020 | ||
Net asset value at beginning of period | $ 5.67 | $ 5.45 | $ 5.54 | ||
Net investment income (loss) (a) | 0.22 | 0.23 | 0.04 | ||
Net realized and unrealized gain (loss) | (0.73) | 0.25 | (0.08) | ||
Total from investment operations | (0.51) | 0.48 | (0.04) | ||
Less distributions: | |||||
From net investment income | (0.22) | (0.23) | (0.05) | ||
Return of capital | (0.02) | (0.03) | (0.00)‡ | ||
Total distributions | (0.24) | (0.26) | (0.05) | ||
Net asset value at end of period | $ 4.92 | $ 5.67 | $ 5.45 | ||
Total investment return (b) | (9.14)% | 8.98% | (0.72)% | ||
Ratios (to average net assets)/Supplemental Data: | |||||
Net investment income (loss) | 4.23% | 4.00% | 4.74%†† | ||
Net expenses (c) | 1.34% | 1.33% | 1.30%†† | ||
Portfolio turnover rate | 16% | 40% | 38% | ||
Net assets at end of period (in 000’s) | $ 32 | $ 27 | $ 25 |
^ | Inception date. |
‡ | Less than one cent per share. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. SIMPLE Class shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Class | Commenced Operations |
Class A | January 3, 1995 |
Investor Class | February 28, 2008 |
Class B | May 1, 1986 |
Class C | September 1, 1998 |
Class I | January 2, 2004 |
Class R1 | June 29, 2012 |
Class R2 | May 1, 2008 |
Class R3 | February 29, 2016 |
Class R6 | June 17, 2013 |
SIMPLE Class | August 31, 2020 |
34 | MainStay MacKay High Yield Corporate 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 |
36 | MainStay MacKay High Yield Corporate Bond Fund |
38 | MainStay MacKay High Yield Corporate Bond Fund |
Class R1 | $ 53 |
Class R2 | 8,290 |
Class R3 | 3,604 |
Class | Expense | Waived |
Class A | $4,597,309 | $— |
Investor Class | 340,151 | — |
Class B | 52,836 | — |
Class C | 456,306 | — |
Class I | 4,945,501 | — |
Class R1 | 71 | — |
Class R2 | 10,994 | — |
Class R3 | 4,819 | — |
Class R6 | 144,067 | — |
SIMPLE Class | 87 | — |
Class I | $10,899,883 | 0.3% |
Class R1 | 38,696 | 73.7 |
SIMPLE Class | 24,479 | 75.4 |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $10,562,487,370 | $136,650,122 | $(1,201,125,786) | $(1,064,475,664) |
Ordinary income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$— | $(313,938,826) | $(2,932,869) | $(1,064,503,093) | $(1,381,374,788) |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $22,588 | $291,351 |
40 | MainStay MacKay High Yield Corporate Bond Fund |
2022 | 2021 | |
Distributions paid from: | ||
Ordinary Income | $533,740,938 | $570,654,487 |
Return of Capital | 36,706,413 | 62,849,947 |
Total | $570,447,351 | $633,504,434 |
Security | Date(s) of Acquisition | Principal Amount/ Shares | Cost | 10/31/22 Value | Percent of Net Assets |
Briggs & Stratton Corp. Escrow Claim Shares | |||||
Corporate Bond 6.875%, due 12/15/20 | 2/26/21 | $ 9,200,000 | $ 9,323,706 | $ 92,000 | 0.0%‡ |
Carlson Travel, Inc. | |||||
Common Stock | 9/4/20 - 12/23/21 | 1,979,502 | 48,453,024 | 13,189,838 | 0.1 |
GenOn Energy, Inc. | |||||
Common Stock | 12/14/18 | 386,241 | 43,250,890 | 40,555,305 | 0.4 |
Gulfport Energy Operating Corp. | |||||
Preferred Stock | 8/4/21 - 12/16/21 | 150 | 148,000 | 831,843 | 0.0‡ |
Neenah Enterprises, Inc. | |||||
Common Stock | 4/12/20 | 720,961 | — | 167,624 | 0.0‡ |
Sterling Entertainment Enterprises LLC | |||||
Corporate Bond 10.25%, due 1/15/25 | 12/28/17 | $ 20,000,000 | 19,882,005 | 18,360,000 | 0.2 |
Total | $121,057,625 | $ 73,196,610 | 0.7% |
‡ | Less than one-tenth of a percent. |
Class A | Shares | Amount |
Year ended October 31, 2022: | ||
Shares sold | 96,269,574 | $ 504,848,483 |
Shares issued to shareholders in reinvestment of distributions | 28,431,851 | 148,029,559 |
Shares redeemed | (193,311,873) | (1,015,581,405) |
Net increase (decrease) in shares outstanding before conversion | (68,610,448) | (362,703,363) |
Shares converted into Class A (See Note 1) | 5,071,164 | 26,422,459 |
Shares converted from Class A (See Note 1) | (233,056) | (1,222,885) |
Net increase (decrease) | (63,772,340) | $ (337,503,789) |
Year ended October 31, 2021: | ||
Shares sold | 182,959,300 | $ 1,025,339,543 |
Shares issued to shareholders in reinvestment of distributions | 30,312,090 | 170,864,213 |
Shares redeemed | (184,263,914) | (1,037,267,473) |
Net increase (decrease) in shares outstanding before conversion | 29,007,476 | 158,936,283 |
Shares converted into Class A (See Note 1) | 13,304,124 | 74,965,256 |
Shares converted from Class A (See Note 1) | (738,769) | (4,105,394) |
Net increase (decrease) | 41,572,831 | $ 229,796,145 |
Investor Class | Shares | Amount |
Year ended October 31, 2022: | ||
Shares sold | 1,314,685 | $ 7,006,900 |
Shares issued to shareholders in reinvestment of distributions | 1,121,506 | 5,871,610 |
Shares redeemed | (2,565,213) | (13,569,137) |
Net increase (decrease) in shares outstanding before conversion | (129,022) | (690,627) |
Shares converted into Investor Class (See Note 1) | 647,159 | 3,427,758 |
Shares converted from Investor Class (See Note 1) | (1,299,262) | (6,923,010) |
Net increase (decrease) | (781,125) | $ (4,185,879) |
Year ended October 31, 2021: | ||
Shares sold | 2,019,528 | $ 11,484,430 |
Shares issued to shareholders in reinvestment of distributions | 1,208,390 | 6,860,244 |
Shares redeemed | (2,683,946) | (15,254,757) |
Net increase (decrease) in shares outstanding before conversion | 543,972 | 3,089,917 |
Shares converted into Investor Class (See Note 1) | 1,170,092 | 6,648,892 |
Shares converted from Investor Class (See Note 1) | (4,618,620) | (26,265,419) |
Net increase (decrease) | (2,904,556) | $ (16,526,610) |
42 | MainStay MacKay High Yield Corporate Bond Fund |
Class B | Shares | Amount |
Year ended October 31, 2022: | ||
Shares sold | 51,684 | $ 276,043 |
Shares issued to shareholders in reinvestment of distributions | 128,906 | 673,604 |
Shares redeemed | (1,235,556) | (6,393,498) |
Net increase (decrease) in shares outstanding before conversion | (1,054,966) | (5,443,851) |
Shares converted from Class B (See Note 1) | (1,019,213) | (5,298,623) |
Net increase (decrease) | (2,074,179) | $ (10,742,474) |
Year ended October 31, 2021: | ||
Shares sold | 88,863 | $ 498,977 |
Shares issued to shareholders in reinvestment of distributions | 223,935 | 1,254,633 |
Shares redeemed | (2,893,905) | (16,203,403) |
Net increase (decrease) in shares outstanding before conversion | (2,581,107) | (14,449,793) |
Shares converted from Class B (See Note 1) | (1,142,315) | (6,416,728) |
Net increase (decrease) | (3,723,422) | $ (20,866,521) |
Class C | Shares | Amount |
Year ended October 31, 2022: | ||
Shares sold | 1,972,074 | $ 10,211,162 |
Shares issued to shareholders in reinvestment of distributions | 1,235,498 | 6,431,044 |
Shares redeemed | (12,067,962) | (63,194,114) |
Net increase (decrease) in shares outstanding before conversion | (8,860,390) | (46,551,908) |
Shares converted from Class C (See Note 1) | (2,062,605) | (10,660,509) |
Net increase (decrease) | (10,922,995) | $ (57,212,417) |
Year ended October 31, 2021: | ||
Shares sold | 5,342,346 | $ 29,948,303 |
Shares issued to shareholders in reinvestment of distributions | 1,751,952 | 9,827,127 |
Shares redeemed | (17,257,202) | (96,733,225) |
Net increase (decrease) in shares outstanding before conversion | (10,162,904) | (56,957,795) |
Shares converted from Class C (See Note 1) | (6,710,654) | (37,512,191) |
Net increase (decrease) | (16,873,558) | $ (94,469,986) |
Class I | Shares | Amount |
Year ended October 31, 2022: | ||
Shares sold | 287,464,303 | $ 1,510,050,594 |
Shares issued to shareholders in reinvestment of distributions | 34,206,122 | 178,206,439 |
Shares redeemed | (406,328,774) | (2,107,290,774) |
Net increase (decrease) in shares outstanding before conversion | (84,658,349) | (419,033,741) |
Shares converted into Class I (See Note 1) | 252,101 | 1,317,383 |
Shares converted from Class I (See Note 1) | (115,407) | (559,921) |
Net increase (decrease) | (84,521,655) | $ (418,276,279) |
Year ended October 31, 2021: | ||
Shares sold | 252,182,456 | $ 1,423,359,102 |
Shares issued to shareholders in reinvestment of distributions | 34,136,456 | 192,459,085 |
Shares redeemed | (200,939,792) | (1,134,669,152) |
Net increase (decrease) in shares outstanding before conversion | 85,379,120 | 481,149,035 |
Shares converted into Class I (See Note 1) | 745,634 | 4,142,155 |
Shares converted from Class I (See Note 1) | (3,354,187) | (18,908,988) |
Net increase (decrease) | 82,770,567 | $ 466,382,202 |
Class R1 | Shares | Amount |
Year ended October 31, 2022: | ||
Shares sold | 2,588 | $ 12,727 |
Shares issued to shareholders in reinvestment of distributions | 531 | 2,753 |
Shares redeemed | (3,382) | (17,585) |
Net increase (decrease) | (263) | $ (2,105) |
Year ended October 31, 2021: | ||
Shares sold | 1,473 | $ 8,263 |
Shares issued to shareholders in reinvestment of distributions | 541 | 3,046 |
Shares redeemed | (366) | (2,073) |
Net increase (decrease) | 1,648 | $ 9,236 |
Class R2 | Shares | Amount |
Year ended October 31, 2022: | ||
Shares sold | 313,412 | $ 1,646,320 |
Shares issued to shareholders in reinvestment of distributions | 57,136 | 298,793 |
Shares redeemed | (831,012) | (4,462,692) |
Net increase (decrease) in shares outstanding before conversion | (460,464) | (2,517,579) |
Shares converted from Class R2 (See Note 1) | (7,330) | (35,801) |
Net increase (decrease) | (467,794) | $ (2,553,380) |
Year ended October 31, 2021: | ||
Shares sold | 452,963 | $ 2,558,748 |
Shares issued to shareholders in reinvestment of distributions | 76,461 | 431,139 |
Shares redeemed | (1,040,259) | (5,766,291) |
Net increase (decrease) in shares outstanding before conversion | (510,835) | (2,776,404) |
Shares converted from Class R2 (See Note 1) | (2,744) | (15,506) |
Net increase (decrease) | (513,579) | $ (2,791,910) |
Class R3 | Shares | Amount |
Year ended October 31, 2022: | ||
Shares sold | 196,243 | $ 1,015,558 |
Shares issued to shareholders in reinvestment of distributions | 29,907 | 155,148 |
Shares redeemed | (139,286) | (714,740) |
Net increase (decrease) in shares outstanding before conversion | 86,864 | 455,966 |
Shares converted from Class R3 (See Note 1) | (19,036) | (93,846) |
Net increase (decrease) | 67,828 | $ 362,120 |
Year ended October 31, 2021: | ||
Shares sold | 365,846 | $ 2,061,921 |
Shares issued to shareholders in reinvestment of distributions | 24,106 | 135,884 |
Shares redeemed | (99,976) | (563,591) |
Net increase (decrease) | 289,976 | $ 1,634,214 |
Class R6 | Shares | Amount |
Year ended October 31, 2022: | ||
Shares sold | 234,416,558 | $ 1,212,223,525 |
Shares issued to shareholders in reinvestment of distributions | 37,129,569 | 192,071,459 |
Shares redeemed | (187,677,935) | (973,813,565) |
Net increase (decrease) in shares outstanding before conversion | 83,868,192 | 430,481,419 |
Shares converted into Class R6 (See Note 1) | 1,001 | 5,033 |
Shares converted from Class R6 (See Note 1) | (1,230,526) | (6,378,038) |
Net increase (decrease) | 82,638,667 | $ 424,108,414 |
Year ended October 31, 2021: | ||
Shares sold | 206,190,406 | $ 1,162,402,222 |
Shares issued to shareholders in reinvestment of distributions | 37,259,768 | 209,442,428 |
Shares redeemed | (405,022,996) | (2,279,825,918) |
Net increase (decrease) in shares outstanding before conversion | (161,572,822) | (907,981,268) |
Shares converted into Class R6 (See Note 1) | 3,360,148 | 18,908,988 |
Shares converted from Class R6 (See Note 1) | (2,026,448) | (11,445,445) |
Net increase (decrease) | (160,239,122) | $ (900,517,725) |
SIMPLE Class | Shares | Amount |
Year ended October 31, 2022: | ||
Shares sold | 1,542 | $ 8,728 |
Shares issued to shareholders in reinvestment of distributions | 285 | 1,486 |
Net increase (decrease) | 1,827 | $ 10,214 |
Year ended October 31, 2021: | ||
Shares issued to shareholders in reinvestment of distributions | 216 | $ 1,228 |
Shares redeemed | (774) | (4,380) |
Net increase (decrease) in shares outstanding before conversion | (558) | (3,152) |
Shares converted into SIMPLE Class (See Note 1) | 774 | 4,380 |
Net increase (decrease) | 216 | $ 1,228 |
44 | MainStay MacKay High Yield Corporate Bond Fund |
The MainStay Funds:
December 23, 2022
46 | MainStay MacKay High Yield Corporate 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 | |
Yie-Hsin Hung* 1962 | MainStay Funds: Trustee since 2017; MainStay Funds Trust: Trustee since 2017 | Senior Vice President of New York Life since joining in 2010, Member of the Executive Management Committee since 2017, Chief Executive Officer, New York Life Investment Management Holdings LLC & New York Life Investment Management LLC since 2015. Senior Managing Director and Co-President of New York Life Investment Management LLC from January 2014 to May 2015. Previously held positions of increasing responsibility, including head of NYLIM International, Alternative Growth Businesses, and Institutional investments since joining New York Life in 2010 | 78 | MainStay VP Funds Trust: Trustee since 2017 (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2017; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since March 2021; and Turtle Beach Corporation: Director since April 2021 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of her affiliation with New York Life Insurance Company, New York Life Investment Management LLC, Candriam Belgium S.A., Candriam Luxembourg S.C.A., IndexIQ Advisors LLC, MacKay Shields LLC, NYL Investors LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
48 | MainStay MacKay High Yield Corporate 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 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 | 78 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; VanEck Vectors Group of Exchange-Traded Funds: Independent Chairman of the Board of Trustees since 2008 and Trustee since 2006 (56 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Investment Committee since 2018 | |
Susan B. Kerley 1951 | MainStay Funds: Chairman since 2017 and Trustee since 2007;MainStay Funds Trust: Chairman since 2017 and Trustee since 1990** | President, Strategic Management Advisors LLC since 1990 | 78 | MainStay VP Funds Trust: Chairman since January 2017 and Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) | |
Alan R. Latshaw 1951 | MainStay Funds: Trustee since 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) | 78 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 | |
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) | 78 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (31 Portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 |
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 2016, Advisory Board Member (June 2015 toDecember 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) | 78 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Partners in Health: Trustee since 2019; 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) | 78 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
*** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
50 | MainStay MacKay High Yield Corporate 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 January 2018); President, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust (since 2017); Senior Managing Director, Global Product Development (From 2015-2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay Funds (since 2007), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2007)** and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay Funds and MainStay Funds Trust (since 2010) | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer and MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2010)** | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay Funds (since 2009), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2005)** | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay Funds and MainStay Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ, IndexIQ ETF Trust and Index IQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Fund, MainStay VP Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012-2022) |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, 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 AZ, CA, NV, OR, TX, UT, WA and MI (Class A and Class I shares only), and CO, FL, GA, HI, ID, MA, MD, NH, NJ and NY (Class I shares only). |
3. | This Fund is registered for sale in CA, CT, DE, FL, MA, NJ, NY and VT. |
4. | An affiliate of New York Life Investment Management LLC. |
5013763.2MS229-22 | MSHY11-12/22 |
please log in to newyorklifeinvestments.com/accounts.
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended October 31, 2022 | |||||||
Class | Sales Charge | Inception Date | One Year | Five Years | Ten Years or Since Inception | Gross Expense Ratio1 | |
Class A Shares | Maximum 5.5% Initial Sales Charge | With sales charges | 1/3/1995 | -36.56% | -0.13% | 3.59% | 1.33% |
Excluding sales charges | -32.87 | 1.01 | 4.17 | 1.33 | |||
Investor Class Shares2 | Maximum 5% Initial Sales Charge | With sales charges | 2/28/2008 | -36.42 | -0.48 | 3.23 | 1.71 |
Excluding sales charges | -33.07 | 0.65 | 3.81 | 1.71 | |||
Class B Shares3 | Maximum 5% CDSC | With sales charges | 9/13/1994 | -36.43 | -0.42 | 3.03 | 2.46 |
if Redeemed Within the First Six Years of Purchase | Excluding sales charges | -33.62 | -0.11 | 3.03 | 2.46 | ||
Class C Shares | Maximum 1% CDSC | With sales charges | 9/1/1998 | -34.15 | -0.12 | 3.03 | 2.46 |
if Redeemed Within One Year of Purchase | Excluding sales charges | -33.58 | -0.12 | 3.03 | 2.46 | ||
Class I Shares | No Sales Charge | 1/2/2004 | -32.66 | 1.33 | 4.48 | 1.08 | |
Class R1 Shares | No Sales Charge | 1/2/2004 | -32.79 | 1.16 | 4.33 | 1.18 | |
Class R2 Shares | No Sales Charge | 1/2/2004 | -32.95 | 0.89 | 4.07 | 1.43 | |
Class R3 Shares | No Sales Charge | 4/28/2006 | -33.09 | 0.65 | 3.81 | 1.68 | |
Class R6 Shares | No Sales Charge | 2/28/2019 | -32.64 | N/A | 1.92 | 0.98 |
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 5.5%, 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. |
Benchmark Performance* | One Year | Five Years | Ten Years |
MSCI ACWI® ex USA Index (Net)1 | -24.73% | -0.60% | 3.27% |
MSCI EAFE Index® (Net)2 | -23.00 | -0.09 | 4.13 |
Morningstar Foreign Large Growth Category Average3 | -32.72 | 0.40 | 4.36 |
* | 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 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 Morningstar Foreign Large Growth Category Average is representative of funds that focus on high-priced growth stocks, mainly outside of the United States. 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 and 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 MacKay International Equity Fund |
Share Class | Beginning Account Value 5/1/22 | Ending Account Value (Based on Actual Returns and Expenses) 10/31/22 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 10/31/22 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Class A Shares | $1,000.00 | $858.30 | $ 5.71 | $1,019.05 | $ 6.21 | 1.22% |
Investor Class Shares | $1,000.00 | $857.40 | $ 7.12 | $1,017.54 | $ 7.73 | 1.52% |
Class B Shares | $1,000.00 | $853.70 | $10.61 | $1,013.76 | $11.52 | 2.27% |
Class C Shares | $1,000.00 | $853.70 | $10.61 | $1,013.76 | $11.52 | 2.27% |
Class I Shares | $1,000.00 | $859.80 | $ 3.98 | $1,020.92 | $ 4.33 | 0.85% |
Class R1 Shares | $1,000.00 | $858.70 | $ 5.01 | $1,019.81 | $ 5.45 | 1.07% |
Class R2 Shares | $1,000.00 | $857.80 | $ 6.18 | $1,018.55 | $ 6.72 | 1.32% |
Class R3 Shares | $1,000.00 | $857.00 | $ 7.35 | $1,017.29 | $ 7.98 | 1.57% |
Class R6 Shares | $1,000.00 | $860.00 | $ 3.89 | $1,021.02 | $ 4.23 | 0.83% |
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. |
France | 12.4% |
United States | 12.2 |
United Kingdom | 11.3 |
Switzerland | 11.2 |
Netherlands | 9.7 |
Germany | 9.5 |
Japan | 7.0 |
India | 5.8 |
China | 3.9 |
Hong Kong | 3.8% |
Israel | 3.4 |
Sweden | 2.6 |
Denmark | 2.5 |
Italy | 1.0 |
Other Assets, Less Liabilities | 3.7 |
100.0% |
1. | ICON plc |
2. | HDFC Bank Ltd. |
3. | Teleperformance |
4. | TE Connectivity Ltd. |
5. | Adyen NV |
6. | Globant SA |
7. | Tencent Holdings Ltd. |
8. | AIA Group Ltd. |
9. | Lonza Group AG (Registered) |
10. | NICE Ltd., Sponsored ADR |
8 | MainStay MacKay International Equity Fund |
1. | See page 5 for other share class returns, which may be higher or lower than Class I share returns. See page 6 for more information on benchmark and peer group returns. |
Shares | Value | |
Common Stocks 96.0% | ||
China 3.9% | ||
Tencent Holdings Ltd. (Interactive Media & Services) | 437,499 | $ 11,459,084 |
Denmark 2.5% | ||
Chr Hansen Holding A/S (Chemicals) | 131,989 | 7,329,705 |
France 12.4% | ||
BioMerieux (Health Care Equipment & Supplies) | 55,323 | 4,895,416 |
Dassault Systemes SE (Software) | 77,951 | 2,615,341 |
Edenred (IT Services) | 170,728 | 8,766,792 |
Sartorius Stedim Biotech (Life Sciences Tools & Services) | 22,710 | 7,208,742 |
Teleperformance (Professional Services) | 50,037 | 13,415,532 |
36,901,823 | ||
Germany 9.5% | ||
Carl Zeiss Meditec AG (Health Care Equipment & Supplies) | 29,325 | 3,551,552 |
Deutsche Boerse AG (Capital Markets) | 48,255 | 7,851,830 |
Nemetschek SE (Software) | 81,894 | 3,913,859 |
Scout24 SE (Interactive Media & Services) (a) | 120,199 | 6,162,652 |
Symrise AG (Chemicals) | 66,015 | 6,742,484 |
28,222,377 | ||
Hong Kong 3.8% | ||
AIA Group Ltd. (Insurance) | 1,491,000 | 11,292,217 |
India 5.8% | ||
HDFC Bank Ltd. (Banks) | 786,819 | 14,226,475 |
Housing Development Finance Corp. Ltd. (Diversified Financial Services) | 97,635 | 2,913,097 |
17,139,572 | ||
Israel 3.4% | ||
NICE Ltd., Sponsored ADR (Software) (b) | 53,979 | 10,250,072 |
Italy 1.0% | ||
Reply SpA (IT Services) | 28,582 | 3,109,903 |
Japan 7.0% | ||
Benefit One, Inc. (Professional Services) | 203,800 | 2,828,899 |
Menicon Co. Ltd. (Health Care Equipment & Supplies) | 127,400 | 2,182,237 |
Shares | Value | |
Japan (continued) | ||
MonotaRO Co. Ltd. (Trading Companies & Distributors) | 269,000 | $ 4,102,976 |
Relo Group, Inc. (Real Estate Management & Development) | 330,500 | 4,672,054 |
SMS Co. Ltd. (Professional Services) | 119,700 | 2,753,112 |
TechnoPro Holdings, Inc. (Professional Services) | 177,500 | 4,231,733 |
20,771,011 | ||
Netherlands 9.7% | ||
Adyen NV (IT Services) (a)(b) | 8,321 | 11,945,061 |
IMCD NV (Trading Companies & Distributors) | 73,566 | 9,545,720 |
Koninklijke DSM NV (Chemicals) | 62,974 | 7,424,523 |
28,915,304 | ||
Sweden 2.6% | ||
Hexagon AB, Class B (Electronic Equipment, Instruments & Components) | 548,996 | 5,429,696 |
MIPS AB (Leisure Products) | 75,740 | 2,451,679 |
7,881,375 | ||
Switzerland 11.2% | ||
Belimo Holding AG (Registered) (Building Products) | 9,537 | 3,885,850 |
Lonza Group AG (Registered) (Life Sciences Tools & Services) | 20,040 | 10,314,691 |
Straumann Holding AG (Health Care Equipment & Supplies) | 60,956 | 5,806,145 |
TE Connectivity Ltd. (Electronic Equipment, Instruments & Components) | 108,408 | 13,250,710 |
33,257,396 | ||
United Kingdom 11.3% | ||
Diageo plc (Beverages) | 217,917 | 8,991,662 |
Experian plc (Professional Services) | 285,082 | 9,069,095 |
HomeServe plc (Commercial Services & Supplies) | 191,153 | 2,599,881 |
Linde plc (Chemicals) | 19,555 | 5,814,679 |
St James's Place plc (Capital Markets) | 577,551 | 7,053,873 |
33,529,190 | ||
United States 11.9% | ||
Accenture plc, Class A (IT Services) | 10,700 | 3,037,730 |
Aon plc, Class A (Insurance) | 11,731 | 3,302,159 |
Globant SA (IT Services) (b) | 61,799 | 11,660,235 |
ICON plc (Life Sciences Tools & Services) (b) | 73,286 | 14,498,901 |
10 | MainStay MacKay International Equity Fund |
Shares | Value | ||
Common Stocks (continued) | |||
United States (continued) | |||
STERIS plc (Health Care Equipment & Supplies) | 17,423 | $ 3,006,862 | |
35,505,887 | |||
Total Common Stocks (Cost $296,978,532) | 285,564,916 | ||
Short-Term Investment 0.3% | |||
Affiliated Investment Company 0.3% | |||
United States 0.3% | |||
MainStay U.S. Government Liquidity Fund, 2.905% (c) | 831,090 | 831,090 | |
Total Short-Term Investment (Cost $831,090) | 831,090 | ||
Total Investments (Cost $297,809,622) | 96.3% | 286,396,006 | |
Other Assets, Less Liabilities | 3.7 | 11,135,874 | |
Net Assets | 100.0% | $ 297,531,880 |
† | Percentages indicated are based on Fund net assets. |
(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) | Non-income producing security. |
(c) | Current yield as of October 31, 2022. |
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 | $ 611 | $ 52,095 | $ (51,875) | $ — | $ — | $ 831 | $ 8 | $ — | 831 |
Abbreviation(s): |
ADR—American 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 | $ 285,564,916 | $ — | $ — | $ 285,564,916 | |||
Short-Term Investment | |||||||
Affiliated Investment Company | 831,090 | — | — | 831,090 | |||
Total Investments in Securities | $ 286,396,006 | $ — | $ — | $ 286,396,006 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
12 | MainStay MacKay International Equity Fund |
Value | Percent † | ||
Banks | $ 14,226,475 | 4.8% | |
Beverages | 8,991,662 | 3.0 | |
Building Products | 3,885,850 | 1.3 | |
Capital Markets | 14,905,703 | 5.0 | |
Chemicals | 27,311,391 | 9.3 | |
Commercial Services & Supplies | 2,599,881 | 0.9 | |
Diversified Financial Services | 2,913,097 | 1.0 | |
Electronic Equipment, Instruments & Components | 18,680,406 | 6.3 | |
Health Care Equipment & Supplies | 19,442,212 | 6.4 | |
Insurance | 14,594,376 | 4.9 | |
Interactive Media & Services | 17,621,736 | 6.0 | |
IT Services | 38,519,721 | 12.9 | |
Leisure Products | 2,451,679 | 0.8 | |
Life Sciences Tools & Services | 32,022,334 | 10.8 | |
Professional Services | 32,298,371 | 10.8 | |
Real Estate Management & Development | 4,672,054 | 1.6 | |
Software | 16,779,272 | 5.6 | |
Trading Companies & Distributors | 13,648,696 | 4.6 | |
285,564,916 | 96.0 | ||
Short-Term Investment | 831,090 | 0.3 | |
Other Assets, Less Liabilities | 11,135,874 | 3.7 | |
Net Assets | $297,531,880 | 100.0% |
† | Percentages indicated are based on Fund net assets. |
Assets | |
Investment in unaffiliated securities, at value (identified cost $296,978,532) | $285,564,916 |
Investment in affiliated investment companies, at value (identified cost $831,090) | 831,090 |
Cash | 211 |
Cash denominated in foreign currencies (identified cost $9,677,598) | 9,651,092 |
Receivables: | |
Investment securities sold | 1,295,550 |
Dividends | 371,488 |
Foreign capital gains tax (See Note 2) | 103,547 |
Fund shares sold | 80,710 |
Securities lending | 1,782 |
Other assets | 36,736 |
Total assets | 297,937,122 |
Liabilities | |
Payables: | |
Manager (See Note 3) | 150,766 |
Fund shares redeemed | 113,923 |
Transfer agent (See Note 3) | 40,907 |
Shareholder communication | 40,313 |
Custodian | 18,913 |
NYLIFE Distributors (See Note 3) | 16,391 |
Professional fees | 12,069 |
Trustees | 60 |
Accrued expenses | 11,900 |
Total liabilities | 405,242 |
Net assets | $297,531,880 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.01 per share) unlimited number of shares authorized | $ 213,806 |
Additional paid-in-capital | 349,367,065 |
349,580,871 | |
Total distributable earnings (loss) | (52,048,991) |
Net assets | $297,531,880 |
Class A | |
Net assets applicable to outstanding shares | $ 53,872,726 |
Shares of beneficial interest outstanding | 3,901,406 |
Net asset value per share outstanding | $ 13.81 |
Maximum sales charge (5.50% of offering price) | 0.80 |
Maximum offering price per share outstanding | $ 14.61 |
Investor Class | |
Net assets applicable to outstanding shares | $ 13,855,508 |
Shares of beneficial interest outstanding | 1,024,408 |
Net asset value per share outstanding | $ 13.53 |
Maximum sales charge (5.00% of offering price) | 0.71 |
Maximum offering price per share outstanding | $ 14.24 |
Class B | |
Net assets applicable to outstanding shares | $ 871,172 |
Shares of beneficial interest outstanding | 77,349 |
Net asset value and offering price per share outstanding | $ 11.26 |
Class C | |
Net assets applicable to outstanding shares | $ 1,152,519 |
Shares of beneficial interest outstanding | 102,371 |
Net asset value and offering price per share outstanding | $ 11.26 |
Class I | |
Net assets applicable to outstanding shares | $ 31,033,021 |
Shares of beneficial interest outstanding | 2,219,490 |
Net asset value and offering price per share outstanding | $ 13.98 |
Class R1 | |
Net assets applicable to outstanding shares | $ 96,610 |
Shares of beneficial interest outstanding | 6,969 |
Net asset value and offering price per share outstanding | $ 13.86 |
Class R2 | |
Net assets applicable to outstanding shares | $ 164,710 |
Shares of beneficial interest outstanding | 11,924 |
Net asset value and offering price per share outstanding | $ 13.81 |
Class R3 | |
Net assets applicable to outstanding shares | $ 695,818 |
Shares of beneficial interest outstanding | 51,401 |
Net asset value and offering price per share outstanding | $ 13.54 |
Class R6 | |
Net assets applicable to outstanding shares | $195,789,796 |
Shares of beneficial interest outstanding | 13,985,304 |
Net asset value and offering price per share outstanding | $ 14.00 |
14 | MainStay MacKay International Equity Fund |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated (net of foreign tax withholding of $300,562) | $ 3,842,012 |
Securities lending, net | 52,831 |
Dividends-affiliated | 8,161 |
Total income | 3,903,004 |
Expenses | |
Manager (See Note 3) | 3,199,310 |
Distribution/Service—Class A (See Note 3) | 172,985 |
Distribution/Service—Investor Class (See Note 3) | 43,271 |
Distribution/Service—Class B (See Note 3) | 14,333 |
Distribution/Service—Class C (See Note 3) | 17,105 |
Distribution/Service—Class R2 (See Note 3) | 496 |
Distribution/Service—Class R3 (See Note 3) | 4,069 |
Transfer agent (See Note 3) | 231,588 |
Professional fees | 131,207 |
Registration | 116,170 |
Custodian | 82,024 |
Shareholder communication | 58,625 |
Trustees | 7,515 |
Shareholder service (See Note 3) | 1,140 |
Miscellaneous | 36,643 |
Total expenses before waiver/reimbursement | 4,116,481 |
Expense waiver/reimbursement from Manager (See Note 3) | (698,531) |
Net expenses | 3,417,950 |
Net investment income (loss) | 485,054 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | (36,091,876) |
Foreign currency transactions | (1,108,852) |
Net realized gain (loss) | (37,200,728) |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments(a) | (107,032,731) |
Translation of other assets and liabilities in foreign currencies | (284,433) |
Net change in unrealized appreciation (depreciation) | (107,317,164) |
Net realized and unrealized gain (loss) | (144,517,892) |
Net increase (decrease) in net assets resulting from operations | $(144,032,838) |
(a) | Net change in unrealized appreciation (depreciation) on investments recorded net of foreign capital gains tax in the amount of $480,892. |
for the years ended October 31, 2022 and October 31, 2021
2022 | 2021 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 485,054 | $ 1,100,518 |
Net realized gain (loss) | (37,200,728) | 58,265,906 |
Net change in unrealized appreciation (depreciation) | (107,317,164) | 53,839,920 |
Net increase (decrease) in net assets resulting from operations | (144,032,838) | 113,206,344 |
Distributions to shareholders: | ||
Class A | (11,213,676) | (2,496,321) |
Investor Class | (2,781,204) | (878,981) |
Class B | (311,669) | (104,666) |
Class C | (353,778) | (133,782) |
Class I | (6,710,826) | (1,460,845) |
Class R1 | (18,831) | (5,793) |
Class R2 | (33,750) | (19,645) |
Class R3 | (120,330) | (47,741) |
Class R6 | (34,544,245) | (8,406,730) |
Total distributions to shareholders | (56,088,309) | (13,554,504) |
Capital share transactions: | ||
Net proceeds from sales of shares | 38,368,459 | 44,435,679 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 55,903,961 | 13,508,107 |
Cost of shares redeemed | (37,926,779) | (43,961,450) |
Increase (decrease) in net assets derived from capital share transactions | 56,345,641 | 13,982,336 |
Net increase (decrease) in net assets | (143,775,506) | 113,634,176 |
Net Assets | ||
Beginning of year | 441,307,386 | 327,673,210 |
End of year | $ 297,531,880 | $441,307,386 |
16 | MainStay MacKay International Equity Fund |
Year Ended October 31, | |||||||||
Class A | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 23.67 | $ 18.27 | $ 17.12 | $ 15.48 | $ 16.38 | ||||
Net investment income (loss) (a) | (0.02) | 0.01 | (0.01) | 0.09 | 0.03 | ||||
Net realized and unrealized gain (loss) | (6.87) | 6.13 | 1.68 | 1.70 | (0.84) | ||||
Total from investment operations | (6.89) | 6.14 | 1.67 | 1.79 | (0.81) | ||||
Less distributions: | |||||||||
From net investment income | (0.01) | — | (0.05) | — | (0.09) | ||||
From net realized gain on investments | (2.96) | (0.74) | (0.47) | (0.15) | — | ||||
Total distributions | (2.97) | (0.74) | (0.52) | (0.15) | (0.09) | ||||
Net asset value at end of year | $ 13.81 | $ 23.67 | $ 18.27 | $ 17.12 | $ 15.48 | ||||
Total investment return (b) | (32.87)% | 34.31% | 9.84% | 11.74% | (4.98)% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | (0.11)% | 0.05% | (0.09)% | 0.57% | 0.17% | ||||
Net expenses (c) | 1.19% | 1.18% | 1.21% | 1.21% | 1.32% | ||||
Expenses (before waiver/reimbursement) (c) | 1.38% | 1.33% | 1.40% | 1.35% | 1.32% | ||||
Portfolio turnover rate | 94% | 101% | 135% | 58% | 53% | ||||
Net assets at end of year (in 000’s) | $ 53,873 | $ 89,076 | $ 61,795 | $ 57,566 | $ 59,304 |
(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 | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 23.30 | $ 18.06 | $ 16.94 | $ 15.38 | $ 16.27 | ||||
Net investment income (loss) (a) | (0.08) | (0.06) | (0.07) | 0.03 | (0.03) | ||||
Net realized and unrealized gain (loss) | (6.73) | 6.04 | 1.66 | 1.68 | (0.83) | ||||
Total from investment operations | (6.81) | 5.98 | 1.59 | 1.71 | (0.86) | ||||
Less distributions: | |||||||||
From net investment income | — | — | — | — | (0.03) | ||||
From net realized gain on investments | (2.96) | (0.74) | (0.47) | (0.15) | — | ||||
Total distributions | (2.96) | (0.74) | (0.47) | (0.15) | (0.03) | ||||
Net asset value at end of year | $ 13.53 | $ 23.30 | $ 18.06 | $ 16.94 | $ 15.38 | ||||
Total investment return (b) | (33.07)% | 33.80% | 9.40% | 11.36% | (5.31)% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | (0.45)% | (0.30)% | (0.43)% | 0.21% | (0.19)% | ||||
Net expenses (c) | 1.54% | 1.56% | 1.56% | 1.59% | 1.66% | ||||
Expenses (before waiver/reimbursement) (c) | 1.72% | 1.71% | 1.75% | 1.75% | 1.70% | ||||
Portfolio turnover rate | 94% | 101% | 135% | 58% | 53% | ||||
Net assets at end of year (in 000's) | $ 13,856 | $ 21,990 | $ 21,699 | $ 23,870 | $ 21,679 |
(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 | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 20.05 | $ 15.74 | $ 14.94 | $ 13.68 | $ 14.55 | ||||
Net investment income (loss) (a) | (0.17) | (0.20) | (0.18) | (0.08) | (0.14) | ||||
Net realized and unrealized gain (loss) | (5.66) | 5.25 | 1.45 | 1.49 | (0.73) | ||||
Total from investment operations | (5.83) | 5.05 | 1.27 | 1.41 | (0.87) | ||||
Less distributions: | |||||||||
From net realized gain on investments | (2.96) | (0.74) | (0.47) | (0.15) | — | ||||
Net asset value at end of year | $ 11.26 | $ 20.05 | $ 15.74 | $ 14.94 | $ 13.68 | ||||
Total investment return (b) | (33.62)% | 32.84% | 8.57% | 10.49% | (5.98)% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | (1.20)% | (1.06)% | (1.20)% | (0.59)% | (0.95)% | ||||
Net expenses (c) | 2.29% | 2.31% | 2.31% | 2.35% | 2.41% | ||||
Expenses (before waiver/reimbursement) (c) | 2.47% | 2.46% | 2.50% | 2.50% | 2.44% | ||||
Portfolio turnover rate | 94% | 101% | 135% | 58% | 53% | ||||
Net assets at end of year (in 000’s) | $ 871 | $ 2,192 | $ 2,368 | $ 3,345 | $ 4,404 |
(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 | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 20.04 | $ 15.75 | $ 14.93 | $ 13.68 | $ 14.56 | ||||
Net investment income (loss) (a) | (0.17) | (0.21) | (0.18) | (0.09) | (0.14) | ||||
Net realized and unrealized gain (loss) | (5.65) | 5.24 | 1.47 | 1.49 | (0.74) | ||||
Total from investment operations | (5.82) | 5.03 | 1.29 | 1.40 | (0.88) | ||||
Less distributions: | |||||||||
From net realized gain on investments | (2.96) | (0.74) | (0.47) | (0.15) | — | ||||
Net asset value at end of year | $ 11.26 | $ 20.04 | $ 15.75 | $ 14.93 | $ 13.68 | ||||
Total investment return (b) | (33.58)% | 32.69% | 8.64% | 10.49% | (6.04)% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | (1.21)% | (1.12)% | (1.20)% | (0.65)% | (0.93)% | ||||
Net expenses (c) | 2.29% | 2.31% | 2.31% | 2.35% | 2.41% | ||||
Expenses (before waiver/reimbursement) (c) | 2.47% | 2.46% | 2.50% | 2.50% | 2.44% | ||||
Portfolio turnover rate | 94% | 101% | 135% | 58% | 53% | ||||
Net assets at end of year (in 000’s) | $ 1,153 | $ 2,470 | $ 2,952 | $ 3,915 | $ 6,960 |
(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. |
18 | MainStay MacKay International Equity Fund |
Year Ended October 31, | |||||||||
Class I | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 23.93 | $ 18.43 | $ 17.28 | $ 15.57 | $ 16.48 | ||||
Net investment income (loss) (a) | 0.04 | 0.09 | 0.05 | 0.09 | 0.07 | ||||
Net realized and unrealized gain (loss) | (6.94) | 6.17 | 1.69 | 1.78 | (0.85) | ||||
Total from investment operations | (6.90) | 6.26 | 1.74 | 1.87 | (0.78) | ||||
Less distributions: | |||||||||
From net investment income | (0.09) | (0.02) | (0.12) | (0.01) | (0.13) | ||||
From net realized gain on investments | (2.96) | (0.74) | (0.47) | (0.15) | — | ||||
Total distributions | (3.05) | (0.76) | (0.59) | (0.16) | (0.13) | ||||
Net asset value at end of year | $ 13.98 | $ 23.93 | $ 18.43 | $ 17.28 | $ 15.57 | ||||
Total investment return (b) | (32.66)% | 34.72% | 10.22% | 12.19% | (4.80)% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.23% | 0.39% | 0.27% | 0.55% | 0.42% | ||||
Net expenses (c) | 0.85% | 0.85% | 0.85% | 0.92% | 1.07% | ||||
Expenses (before waiver/reimbursement) (c) | 1.13% | 1.08% | 1.16% | 1.10% | 1.07% | ||||
Portfolio turnover rate | 94% | 101% | 135% | 58% | 53% | ||||
Net assets at end of year (in 000’s) | $ 31,033 | $ 53,914 | $ 35,880 | $ 43,280 | $ 213,030 |
(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 | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 23.75 | $ 18.31 | $ 17.15 | $ 15.48 | $ 16.38 | ||||
Net investment income (loss) (a) | 0.01 | 0.05 | (0.01) | 0.05 | 0.05 | ||||
Net realized and unrealized gain (loss) | (6.90) | 6.13 | 1.71 | 1.77 | (0.84) | ||||
Total from investment operations | (6.89) | 6.18 | 1.70 | 1.82 | (0.79) | ||||
Less distributions: | |||||||||
From net investment income | (0.04) | — | (0.07) | — | (0.11) | ||||
From net realized gain on investments | (2.96) | (0.74) | (0.47) | (0.15) | — | ||||
Total distributions | (3.00) | (0.74) | (0.54) | (0.15) | (0.11) | ||||
Net asset value at end of year | $ 13.86 | $ 23.75 | $ 18.31 | $ 17.15 | $ 15.48 | ||||
Total investment return (b) | (32.79)% | 34.46% | 10.05% | 11.93% | (4.86)% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.05% | 0.23% | (0.05)% | 0.33% | 0.29% | ||||
Net expenses (c) | 1.04% | 1.03% | 1.06% | 1.11% | 1.17% | ||||
Expenses (before waiver/reimbursement) (c) | 1.23% | 1.18% | 1.25% | 1.19% | 1.17% | ||||
Portfolio turnover rate | 94% | 101% | 135% | 58% | 53% | ||||
Net assets at end of year (in 000’s) | $ 97 | $ 157 | $ 143 | $ 265 | $ 2,109 |
(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. |
Year Ended October 31, | |||||||||
Class R2 | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 23.68 | $ 18.30 | $ 17.15 | $ 15.52 | $ 16.42 | ||||
Net investment income (loss) (a) | (0.04) | (0.01) | (0.03) | 0.06 | (0.02) | ||||
Net realized and unrealized gain (loss) | (6.87) | 6.13 | 1.68 | 1.72 | (0.80) | ||||
Total from investment operations | (6.91) | 6.12 | 1.65 | 1.78 | (0.82) | ||||
Less distributions: | |||||||||
From net investment income | — | — | (0.03) | — | (0.08) | ||||
From net realized gain on investments | (2.96) | (0.74) | (0.47) | (0.15) | — | ||||
Total distributions | (2.96) | (0.74) | (0.50) | (0.15) | (0.08) | ||||
Net asset value at end of year | $ 13.81 | $ 23.68 | $ 18.30 | $ 17.15 | $ 15.52 | ||||
Total investment return (b) | (32.95)% | 34.14% | 9.72% | 11.64% | (5.06)%(c) | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | (0.22)% | (0.06)% | (0.18)% | 0.38% | (0.13)% | ||||
Net expenses (d) | 1.29% | 1.28% | 1.31% | 1.31% | 1.42% | ||||
Expenses (before waiver/reimbursement) (d) | 1.48% | 1.43% | 1.50% | 1.45% | 1.42% | ||||
Portfolio turnover rate | 94% | 101% | 135% | 58% | 53% | ||||
Net assets at end of year (in 000’s) | $ 165 | $ 291 | $ 486 | $ 454 | $ 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. 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. |
Year Ended October 31, | |||||||||
Class R3 | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 23.32 | $ 18.08 | $ 16.96 | $ 15.38 | $ 16.29 | ||||
Net investment income (loss) (a) | (0.07) | (0.06) | (0.08) | 0.03 | (0.04) | ||||
Net realized and unrealized gain (loss) | (6.75) | 6.04 | 1.67 | 1.70 | (0.83) | ||||
Total from investment operations | (6.82) | 5.98 | 1.59 | 1.73 | (0.87) | ||||
Less distributions: | |||||||||
From net investment income | — | — | — | — | (0.04) | ||||
From net realized gain on investments | (2.96) | (0.74) | (0.47) | (0.15) | — | ||||
Total distributions | (2.96) | (0.74) | (0.47) | (0.15) | (0.04) | ||||
Net asset value at end of year | $ 13.54 | $ 23.32 | $ 18.08 | $ 16.96 | $ 15.38 | ||||
Total investment return (b) | (33.09)% | 33.77% | 9.46% | 11.35% | (5.39)%(c) | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | (0.45)% | (0.28)% | (0.46)% | 0.22% | (0.21)% | ||||
Net expenses (d) | 1.54% | 1.53% | 1.56% | 1.56% | 1.67% | ||||
Expenses (before waiver/reimbursement) (d) | 1.73% | 1.68% | 1.75% | 1.70% | 1.67% | ||||
Portfolio turnover rate | 94% | 101% | 135% | 58% | 53% | ||||
Net assets at end of year (in 000’s) | $ 696 | $ 942 | $ 1,140 | $ 1,154 | $ 1,057 |
(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) | 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. |
20 | MainStay MacKay International Equity Fund |
Year Ended October 31, | February 28, 2019^ through October 31, 2019 | ||||||
Class R6 | 2022 | 2021 | 2020 | ||||
Net asset value at beginning of period | $ 23.95 | $ 18.45 | $ 17.28 | $ 16.13 | |||
Net investment income (loss) (a) | 0.04 | 0.09 | 0.05 | 0.15 | |||
Net realized and unrealized gain (loss) | (6.94) | 6.18 | 1.70 | 1.00 | |||
Total from investment operations | (6.90) | 6.27 | 1.75 | 1.15 | |||
Less distributions: | |||||||
From net investment income | (0.09) | (0.03) | (0.11) | — | |||
From net realized gain on investments | (2.96) | (0.74) | (0.47) | — | |||
Total distributions | (3.05) | (0.77) | (0.58) | — | |||
Net asset value at end of period | $ 14.00 | $ 23.95 | $ 18.45 | $ 17.28 | |||
Total investment return (b) | (32.64)% | 34.74% | 10.27% | 7.13% | |||
Ratios (to average net assets)/Supplemental Data: | |||||||
Net investment income (loss) | 0.26% | 0.40% | 0.31% | 1.37%†† | |||
Net expenses (c) | 0.83% | 0.83% | 0.83% | 0.83%†† | |||
Expenses (before waiver/reimbursement) (c) | 1.01% | 0.98% | 1.02% | 1.00%†† | |||
Portfolio turnover rate | 94% | 101% | 135% | 58% | |||
Net assets at end of period (in 000’s) | $ 195,790 | $ 270,274 | $ 201,210 | $ 177,483 |
^ | 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 | January 3, 1995 |
Investor Class | February 28, 2008 |
Class B | September 13, 1994 |
Class C | September 1, 1998 |
Class I | January 2, 2004 |
Class R1 | January 2, 2004 |
Class R2 | January 2, 2004 |
Class R3 | April 28, 2006 |
Class R6 | February 28, 2019 |
SIMPLE Class | N/A* |
* | SIMPLE Class shares were registered for sale effective as of August 31, 2020 but have not yet commenced operations. |
22 | MainStay MacKay International 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 MacKay International Equity Fund |
26 | MainStay MacKay International Equity Fund |
Class R1 | $127 |
Class R2 | 199 |
Class R3 | 814 |
Class | Expense | Waived |
Class A | $80,870 | $— |
Investor Class | 79,884 | — |
Class B | 6,669 | — |
Class C | 7,937 | — |
Class I | 45,706 | — |
Class R1 | 151 | — |
Class R2 | 232 | — |
Class R3 | 960 | — |
Class R6 | 9,179 | — |
Class I | $ 12,404,086 | 40.0% |
Class R6 | 147,676,735 | 75.4 |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $305,436,717 | $18,782,622 | $(37,823,333) | $(19,040,711) |
Ordinary income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$1,448,153 | $(34,363,901) | $— | $(19,133,243) | $(52,048,991) |
Total Distributable Earnings (Loss) | Additional Paid-In Capital | |
$3,168 | $(3,168) |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $34,364 | $— |
2022 | 2021 | |
Distributions paid from: | ||
Ordinary Income | $22,641,609 | $ 8,006,740 |
Long-Term Capital Gains | 33,446,700 | 5,547,764 |
Total | $56,088,309 | $13,554,504 |
28 | MainStay MacKay International Equity Fund |
Class A | Shares | Amount |
Year ended October 31, 2022: | ||
Shares sold | 289,482 | $ 4,856,586 |
Shares issued to shareholders in reinvestment of distributions | 560,771 | 11,086,447 |
Shares redeemed | (753,863) | (12,494,554) |
Net increase (decrease) in shares outstanding before conversion | 96,390 | 3,448,479 |
Shares converted into Class A (See Note 1) | 43,392 | 762,030 |
Shares converted from Class A (See Note 1) | (2,051) | (29,683) |
Net increase (decrease) | 137,731 | $ 4,180,826 |
Year ended October 31, 2021: | ||
Shares sold | 439,982 | $ 9,546,189 |
Shares issued to shareholders in reinvestment of distributions | 122,230 | 2,462,926 |
Shares redeemed | (481,241) | (10,442,551) |
Net increase (decrease) in shares outstanding before conversion | 80,971 | 1,566,564 |
Shares converted into Class A (See Note 1) | 301,169 | 6,650,481 |
Shares converted from Class A (See Note 1) | (115) | (2,340) |
Net increase (decrease) | 382,025 | $ 8,214,705 |
Investor Class | Shares | Amount |
Year ended October 31, 2022: | ||
Shares sold | 31,347 | $ 526,561 |
Shares issued to shareholders in reinvestment of distributions | 142,976 | 2,776,584 |
Shares redeemed | (83,625) | (1,399,796) |
Net increase (decrease) in shares outstanding before conversion | 90,698 | 1,903,349 |
Shares converted into Investor Class (See Note 1) | 15,324 | 257,757 |
Shares converted from Investor Class (See Note 1) | (25,373) | (450,746) |
Net increase (decrease) | 80,649 | $ 1,710,360 |
Year ended October 31, 2021: | ||
Shares sold | 53,338 | $ 1,151,658 |
Shares issued to shareholders in reinvestment of distributions | 44,113 | 877,859 |
Shares redeemed | (92,836) | (1,997,436) |
Net increase (decrease) in shares outstanding before conversion | 4,615 | 32,081 |
Shares converted into Investor Class (See Note 1) | 22,666 | 486,379 |
Shares converted from Investor Class (See Note 1) | (284,938) | (6,205,441) |
Net increase (decrease) | (257,657) | $ (5,686,981) |
Class B | Shares | Amount |
Year ended October 31, 2022: | ||
Shares sold | 1,124 | $ 15,284 |
Shares issued to shareholders in reinvestment of distributions | 19,144 | 311,669 |
Shares redeemed | (16,841) | (230,567) |
Net increase (decrease) in shares outstanding before conversion | 3,427 | 96,386 |
Shares converted from Class B (See Note 1) | (35,411) | (491,479) |
Net increase (decrease) | (31,984) | $ (395,093) |
Year ended October 31, 2021: | ||
Shares sold | 2,841 | $ 51,762 |
Shares issued to shareholders in reinvestment of distributions | 6,071 | 104,666 |
Shares redeemed | (19,104) | (357,112) |
Net increase (decrease) in shares outstanding before conversion | (10,192) | (200,684) |
Shares converted from Class B (See Note 1) | (30,867) | (579,598) |
Net increase (decrease) | (41,059) | $ (780,282) |
Class C | Shares | Amount |
Year ended October 31, 2022: | ||
Shares sold | 10,958 | $ 160,195 |
Shares issued to shareholders in reinvestment of distributions | 21,744 | 353,778 |
Shares redeemed | (48,237) | (687,659) |
Net increase (decrease) in shares outstanding before conversion | (15,535) | (173,686) |
Shares converted from Class C (See Note 1) | (5,356) | (77,562) |
Net increase (decrease) | (20,891) | $ (251,248) |
Year ended October 31, 2021: | ||
Shares sold | 9,708 | $ 182,118 |
Shares issued to shareholders in reinvestment of distributions | 7,760 | 133,783 |
Shares redeemed | (62,839) | (1,151,894) |
Net increase (decrease) in shares outstanding before conversion | (45,371) | (835,993) |
Shares converted from Class C (See Note 1) | (18,849) | (349,481) |
Net increase (decrease) | (64,220) | $ (1,185,474) |
Class I | Shares | Amount |
Year ended October 31, 2022: | ||
Shares sold | 287,164 | $ 5,134,297 |
Shares issued to shareholders in reinvestment of distributions | 334,732 | 6,681,247 |
Shares redeemed | (657,717) | (11,940,886) |
Net increase (decrease) in shares outstanding before conversion | (35,821) | (125,342) |
Shares converted into Class I (See Note 1) | 2,027 | 29,683 |
Net increase (decrease) | (33,794) | $ (95,659) |
Year ended October 31, 2021: | ||
Shares sold | 508,899 | $ 11,312,447 |
Shares issued to shareholders in reinvestment of distributions | 71,624 | 1,454,680 |
Shares redeemed | (274,230) | (6,066,101) |
Net increase (decrease) | 306,293 | $ 6,701,026 |
Class R1 | Shares | Amount |
Year ended October 31, 2022: | ||
Shares sold | 1,471 | $ 24,401 |
Shares issued to shareholders in reinvestment of distributions | 950 | 18,831 |
Shares redeemed | (2,084) | (33,689) |
Net increase (decrease) | 337 | $ 9,543 |
Year ended October 31, 2021: | ||
Shares sold | 977 | $ 21,179 |
Shares issued to shareholders in reinvestment of distributions | 287 | 5,793 |
Shares redeemed | (2,424) | (53,729) |
Net increase (decrease) | (1,160) | $ (26,757) |
Class R2 | Shares | Amount |
Year ended October 31, 2022: | ||
Shares sold | 742 | $ 11,889 |
Shares issued to shareholders in reinvestment of distributions | 577 | 11,421 |
Shares redeemed | (1,689) | (36,585) |
Net increase (decrease) | (370) | $ (13,275) |
Year ended October 31, 2021: | ||
Shares sold | 787 | $ 16,945 |
Shares issued to shareholders in reinvestment of distributions | 697 | 14,076 |
Shares redeemed | (15,737) | (367,300) |
Net increase (decrease) | (14,253) | $ (336,279) |
Class R3 | Shares | Amount |
Year ended October 31, 2022: | ||
Shares sold | 7,202 | $ 124,556 |
Shares issued to shareholders in reinvestment of distributions | 6,160 | 119,739 |
Shares redeemed | (2,370) | (36,864) |
Net increase (decrease) | 10,992 | $ 207,431 |
Year ended October 31, 2021: | ||
Shares sold | 9,642 | $ 204,513 |
Shares issued to shareholders in reinvestment of distributions | 2,389 | 47,594 |
Shares redeemed | (34,705) | (776,187) |
Net increase (decrease) | (22,674) | $ (524,080) |
Class R6 | Shares | Amount |
Year ended October 31, 2022: | ||
Shares sold | 1,629,080 | $ 27,514,690 |
Shares issued to shareholders in reinvestment of distributions | 1,728,941 | 34,544,245 |
Shares redeemed | (655,742) | (11,066,179) |
Net increase (decrease) | 2,702,279 | $ 50,992,756 |
Year ended October 31, 2021: | ||
Shares sold | 982,195 | $ 21,948,868 |
Shares issued to shareholders in reinvestment of distributions | 413,514 | 8,406,730 |
Shares redeemed | (1,021,160) | (22,749,140) |
Net increase (decrease) | 374,549 | $ 7,606,458 |
30 | MainStay MacKay International Equity Fund |
The MainStay Funds:
December 23, 2022
32 | MainStay MacKay International 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 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 | 78 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; VanEck Vectors Group of Exchange-Traded Funds: Independent Chairman of the Board of Trustees since 2008 and Trustee since 2006 (56 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Investment Committee since 2018 | |
Susan B. Kerley 1951 | MainStay Funds: Chairman since 2017 and Trustee since 2007;MainStay Funds Trust: Chairman since 2017 and Trustee since 1990** | President, Strategic Management Advisors LLC since 1990 | 78 | MainStay VP Funds Trust: Chairman since January 2017 and Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) | |
Alan R. Latshaw 1951 | MainStay Funds: Trustee since 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) | 78 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
34 | MainStay MacKay International 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 | |
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) | 78 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (31 Portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Jacques P. Perold 1958 | MainStay Funds: Trustee since 2016, Advisory Board Member (June 2015 toDecember 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) | 78 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Partners in Health: Trustee since 2019; 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) | 78 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
*** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay Funds, MainStay Funds Trust since 2017 | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since January 2018); President, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust (since 2017); Senior Managing Director, Global Product Development (From 2015-2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay Funds (since 2007), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2007)** and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay Funds and MainStay Funds Trust (since 2010) | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer and MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2010)** | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay Funds (since 2009), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2005)** | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay Funds and MainStay Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ, IndexIQ ETF Trust and Index IQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Fund, MainStay VP Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012-2022) |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, 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. |
36 | MainStay MacKay International Equity Fund |
1.
2. | This Fund is registered for sale in AZ, CA, NV, OR, TX, UT, WA and MI (Class A and Class I shares only), and CO, FL, GA, HI, ID, MA, MD, NH, NJ and NY (Class I shares only). |
3. | This Fund is registered for sale in CA, CT, DE, FL, MA, NJ, NY and VT. |
4. | An affiliate of New York Life Investment Management LLC. |
5013945.2MS229-22 | MSIE11-12/22 |
please log in to newyorklifeinvestments.com/accounts.
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended October 31, 2022 | |||||||
Class | Sales Charge | Inception Date | One Year | Five Years | Ten Years or Since Inception | Gross Expense Ratio1 | |
Class A Shares | Maximum 4.5% Initial Sales Charge | With sales charges | 2/28/1997 | -14.53% | -0.57% | 1.21% | 1.08% |
Excluding sales charges | -10.51 | 0.35 | 1.68 | 1.08 | |||
Investor Class Shares2 | Maximum 4% Initial Sales Charge | With sales charges | 2/28/2008 | -14.23 | -0.65 | 1.14 | 1.21 |
Excluding sales charges | -10.65 | 0.27 | 1.61 | 1.21 | |||
Class B Shares3 | Maximum 5% CDSC | With sales charges | 2/28/1997 | -15.63 | -0.85 | 0.86 | 1.96 |
if Redeemed Within the First Six Years of Purchase | Excluding sales charges | -11.27 | -0.49 | 0.86 | 1.96 | ||
Class C Shares | Maximum 1% CDSC | With sales charges | 9/1/1998 | -12.25 | -0.49 | 0.86 | 1.96 |
if Redeemed Within One Year of Purchase | Excluding sales charges | -11.38 | -0.49 | 0.86 | 1.96 | ||
Class I Shares | No Sales Charge | 1/2/2004 | -10.19 | 0.62 | 1.95 | 0.83 | |
Class R2 Shares | No Sales Charge | 2/28/2014 | -10.69 | 0.25 | 0.99 | 1.18 | |
Class R3 Shares | No Sales Charge | 2/29/2016 | -10.83 | -0.01 | 2.04 | 1.43 | |
Class R6 Shares | No Sales Charge | 2/28/2018 | -10.23 | N/A | 0.82 | 0.70 |
1. | The gross expense ratios presented reflect the Fund’s “Total Annual Fund Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report. |
2. | Prior to June 30, 2020, the maximum initial sales charge was 4.5%, 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. |
Benchmark Performance* | One Year | Five Years | Ten Years |
Bloomberg U.S. Aggregate Bond Index1 | -15.68% | -0.54% | 0.74% |
ICE BofA U.S. Dollar 3-Month Deposit Offered Rate Constant Maturity Index2 | 0.64 | 1.34 | 0.91 |
Morningstar Nontraditional Bond Category Average3 | -7.96 | 0.42 | 1.13 |
* | 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 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 performance of the investment-grade, U.S. dollar denominated, fixed-rate taxable bond market, including Treasurys, 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 Fund has selected the ICE BofA U.S. Dollar 3-Month Deposit Offered Rate Constant Maturity Index as a secondary benchmark. The ICE BofA U.S. Dollar 3-Month Deposit Offered Rate Constant Maturity Index is unmanaged and tracks the performance of a synthetic asset paying a deposit offered rate to a stated maturity. The index is based on the assumed purchase at par of a synthetic instrument having exactly its stated maturity and with a coupon equal to that day’s fixing rate. That issue is assumed to be sold the following business day (priced at a yield equal to the current day fixing rate) and rolled into a new instrument. |
3. | The Fund has selected the Morningstar Nontraditional Bond Category Average as an additional benchmark. The Morningstar Nontraditional Bond Category Average contains funds that pursue strategies divergent in one or more ways from conventional practice in the broader bond-fund universe. Morningstar category averages are equal-weighted returns based on constituents of the category at the end of the period. |
6 | MainStay MacKay Strategic Bond Fund |
Share Class | Beginning Account Value 5/1/22 | Ending Account Value (Based on Actual Returns and Expenses) 10/31/22 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 10/31/22 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Class A Shares | $1,000.00 | $947.90 | $5.16 | $1,019.91 | $5.35 | 1.05% |
Investor Class Shares | $1,000.00 | $946.50 | $5.84 | $1,019.21 | $6.06 | 1.19% |
Class B Shares | $1,000.00 | $943.20 | $9.50 | $1,015.43 | $9.86 | 1.94% |
Class C Shares | $1,000.00 | $943.10 | $9.50 | $1,015.43 | $9.86 | 1.94% |
Class I Shares | $1,000.00 | $949.60 | $3.44 | $1,021.68 | $3.57 | 0.70% |
Class R2 Shares | $1,000.00 | $947.40 | $5.64 | $1,019.41 | $5.85 | 1.15% |
Class R3 Shares | $1,000.00 | $946.10 | $6.87 | $1,018.15 | $7.12 | 1.40% |
Class R6 Shares | $1,000.00 | $948.80 | $3.24 | $1,021.88 | $3.36 | 0.66% |
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. | FHLMC STACR REMIC Trust, 4.497%-6.747%, due 8/25/33–12/25/50 |
2. | U.S. Treasury Notes, 2.75%-4.00%, due 10/31/29–8/15/32 |
3. | FNMA, (zero coupon)-8.086%, due 11/25/29–3/25/60 |
4. | BX Trust, 3.605%-5.657%, due 1/15/34–12/9/41 |
5. | GNMA, (zero coupon)-3.50%, due 8/20/49–7/20/52 |
6. | UMBS, 30 Year, 3.50%-4.00%, due 6/1/52–7/1/52 |
7. | BX Commercial Mortgage Trust, 3.542%-5.61%, due 9/15/36–3/11/44 |
8. | FREMF Mortgage Trust, 3.854%-4.383%, due 10/25/28–2/25/52 |
9. | Bank of America Corp., 2.087%-8.57%, due 11/15/24–6/14/29 |
10. | CF Hippolyta Issuer LLC, 1.69%-2.60%, due 7/15/60–3/15/61 |
8 | MainStay MacKay Strategic Bond Fund |
1. | See page 5 for other share class returns, which may be higher or lower than Class I share returns. See page 6 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. | 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. |
4. | An obligation rated ‘B’ by Standard & Poor’s (“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. An obligation rated ‘BB’ by 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. |
10 | MainStay MacKay Strategic Bond Fund |
Principal Amount | Value | |
Long-Term Bonds 97.2% | ||
Asset-Backed Securities 14.9% | ||
Automobile Asset-Backed Securities 7.3% | ||
American Credit Acceptance Receivables Trust (a) | ||
Series 2021-2, Class D | ||
1.34%, due 7/13/27 | $ 1,000,000 | $ 937,438 |
Series 2021-4, Class D | ||
1.82%, due 2/14/28 | 1,520,000 | 1,376,962 |
Series 2022-1, Class D | ||
2.46%, due 3/13/28 | 2,210,000 | 1,959,747 |
Series 2020-2, Class C | ||
3.88%, due 4/13/26 | 1,750,007 | 1,739,376 |
Avis Budget Rental Car Funding AESOP LLC (a) | ||
Series 2021-1A, Class A | ||
1.38%, due 8/20/27 | 2,000,000 | 1,703,890 |
Series 2020-2A, Class A | ||
2.02%, due 2/20/27 | 1,275,000 | 1,127,453 |
Series 2020-1A, Class A | ||
2.33%, due 8/20/26 | 560,000 | 507,380 |
CPS Auto Receivables Trust (a) | ||
Series 2021-A, Class E | ||
2.53%, due 3/15/28 | 3,000,000 | 2,727,146 |
Series 2021-C, Class E | ||
3.21%, due 9/15/28 | 1,720,000 | 1,479,794 |
Series 2020-C, Class E | ||
4.22%, due 5/17/27 | 2,215,000 | 2,097,697 |
Series 2019-C, Class E | ||
4.30%, due 7/15/25 | 1,030,000 | 1,015,707 |
Drive Auto Receivables Trust | ||
Series 2021-2, Class D | ||
1.39%, due 3/15/29 | 1,000,000 | 904,298 |
Series 2021-1, Class D | ||
1.45%, due 1/16/29 | 2,215,000 | 2,038,999 |
Enterprise Fleet Financing LLC | ||
Series 2022-2, Class A3 | ||
4.79%, due 5/21/29 (a) | 690,000 | 669,773 |
Exeter Automobile Receivables Trust | ||
Series 2021-3A, Class E | ||
3.04%, due 12/15/28 (a) | 1,500,000 | 1,293,768 |
Flagship Credit Auto Trust (a) | ||
Series 2021-2, Class D | ||
1.59%, due 6/15/27 | 290,000 | 254,820 |
Series 2021-3, Class D | ||
1.65%, due 9/15/27 | 900,000 | 782,863 |
Series 2021-4, Class C | ||
1.96%, due 12/15/27 | 960,000 | 878,922 |
Series 2021-4, Class D | ||
2.26%, due 12/15/27 | 1,900,000 | 1,635,676 |
Principal Amount | Value | |
Automobile Asset-Backed Securities (continued) | ||
Flagship Credit Auto Trust (a) (continued) | ||
Series 2020-1, Class E | ||
3.52%, due 6/15/27 | $ 2,590,000 | $ 2,298,091 |
Series 2019-2, Class E | ||
4.52%, due 12/15/26 | 1,315,000 | 1,215,685 |
Series 2020-3, Class E | ||
4.98%, due 12/15/27 | 1,090,000 | 954,991 |
GLS Auto Receivables Issuer Trust (a) | ||
Series 2021-2A, Class D | ||
1.42%, due 4/15/27 | 935,000 | 839,568 |
Series 2021-3A, Class D | ||
1.48%, due 7/15/27 | 2,635,000 | 2,329,053 |
Series 2021-4A, Class D | ||
2.48%, due 10/15/27 | 1,650,000 | 1,465,398 |
Series 2020-1A, Class C | ||
2.72%, due 11/17/25 | 2,200,000 | 2,163,290 |
Series 2020-1A, Class D | ||
3.68%, due 11/16/26 | 1,070,000 | 1,025,847 |
Hertz Vehicle Financing III LP (a) | ||
Series 2021-2A, Class C | ||
2.52%, due 12/27/27 | 3,285,000 | 2,708,620 |
Series 2021-2A, Class D | ||
4.34%, due 12/27/27 | 3,450,000 | 2,761,204 |
Hertz Vehicle Financing LLC | ||
Series 2021-1A, Class C | ||
2.05%, due 12/26/25 (a) | 870,000 | 779,096 |
Santander Drive Auto Receivables Trust | ||
Series 2021-4, Class D | ||
1.67%, due 10/15/27 | 2,385,000 | 2,198,744 |
Series 2022-2, Class B | ||
3.44%, due 9/15/27 | 1,825,000 | 1,737,318 |
47,608,614 | ||
Home Equity Asset-Backed Securities 0.3% | ||
Carrington Mortgage Loan Trust | ||
Series 2007-HE1, Class A3 | ||
3.776% (1 Month LIBOR + 0.19%), due 6/25/37 (b) | 1,162,745 | 1,126,640 |
First NLC Trust | ||
Series 2007-1, Class A1 | ||
3.656% (1 Month LIBOR + 0.07%), due 8/25/37 (a)(b) | 241,782 | 129,284 |
GSAA Home Equity Trust | ||
Series 2007-8, Class A3 | ||
4.486% (1 Month LIBOR + 0.90%), due 8/25/37 (b) | 39,208 | 37,689 |
Principal Amount | Value | |
Asset-Backed Securities (continued) | ||
Home Equity Asset-Backed Securities (continued) | ||
J.P. Morgan Mortgage Acquisition Trust | ||
Series 2007-HE1, Class AF1 | ||
3.686% (1 Month LIBOR + 0.10%), due 3/25/47 (b) | $ 84,769 | $ 53,254 |
MASTR Asset-Backed Securities Trust | ||
Series 2006-HE4, Class A1 | ||
3.686% (1 Month LIBOR + 0.10%), due 11/25/36 (b) | 68,658 | 23,802 |
Morgan Stanley ABS Capital I, Inc. Trust (b) | ||
Series 2007-HE4, Class A2A | ||
3.696% (1 Month LIBOR + 0.11%), due 2/25/37 | 73,419 | 23,955 |
Series 2007-HE7, Class M1 | ||
5.586% (1 Month LIBOR + 2.00%), due 7/25/37 | 635,000 | 466,203 |
1,860,827 | ||
Other Asset-Backed Securities 7.3% | ||
American Airlines Pass-Through Trust | ||
Series 2019-1, Class B | ||
3.85%, due 2/15/28 | 819,719 | 665,079 |
Series 2021-1, Class B | ||
3.95%, due 7/11/30 | 1,220,000 | 953,883 |
Series 2016-1, Class A | ||
4.10%, due 1/15/28 | 910,810 | 713,807 |
Series 2013-2, Class A | ||
4.95%, due 1/15/23 | 1,200,885 | 1,188,631 |
AMSR Trust (a) | ||
Series 2020-SFR4, Class A | ||
1.355%, due 11/17/37 | 4,150,000 | 3,629,243 |
Series 2020-SFR5, Class A | ||
1.379%, due 11/17/37 | 1,518,000 | 1,328,514 |
CF Hippolyta Issuer LLC (a) | ||
Series 2020-1, Class A1 | ||
1.69%, due 7/15/60 | 950,936 | 835,986 |
Series 2021-1A, Class B1 | ||
1.98%, due 3/15/61 | 4,043,054 | 3,395,576 |
Series 2020-1, Class A2 | ||
1.99%, due 7/15/60 | 1,474,170 | 1,203,172 |
Series 2020-1, Class B1 | ||
2.28%, due 7/15/60 | 2,157,893 | 1,851,540 |
Series 2020-1, Class B2 | ||
2.60%, due 7/15/60 | 2,441,345 | 1,902,947 |
Crown Castle Towers LLC | ||
4.241%, due 7/15/28 (a) | 2,325,000 | 2,113,337 |
CVS Pass-Through Trust | ||
5.789%, due 1/10/26 (a) | 24,523 | 24,363 |
Principal Amount | Value | |
Other Asset-Backed Securities (continued) | ||
DB Master Finance LLC (a) | ||
Series 2021-1A, Class A23 | ||
2.791%, due 11/20/51 | $ 1,766,650 | $ 1,311,556 |
Series 2019-1A, Class A23 | ||
4.352%, due 5/20/49 | 1,406,500 | 1,238,133 |
FirstKey Homes Trust (a) | ||
Series 2020-SFR2, Class A | ||
1.266%, due 10/19/37 | 2,351,188 | 2,057,577 |
Series 2020-SFR1, Class A | ||
1.339%, due 8/17/37 | 3,635,936 | 3,206,256 |
Series 2021-SFR2, Class B | ||
1.607%, due 9/17/38 | 805,000 | 675,332 |
Series 2021-SFR1, Class B | ||
1.788%, due 8/17/38 | 2,345,000 | 1,959,242 |
Hilton Grand Vacations Trust | ||
Series 2019-AA, Class B | ||
2.54%, due 7/25/33 (a) | 1,245,509 | 1,158,475 |
Home Partners of America Trust | ||
Series 2021-2, Class B | ||
2.302%, due 12/17/26 (a) | 1,718,532 | 1,471,595 |
MVW LLC | ||
Series 2021-1WA, Class B | ||
1.44%, due 1/22/41 (a) | 1,497,979 | 1,357,180 |
Navient Private Education Refi Loan Trust (a) | ||
Series 2021-BA, Class A | ||
0.94%, due 7/15/69 | 708,528 | 594,197 |
Series 2021-EA, Class B | ||
2.03%, due 12/16/69 | 2,450,000 | 1,518,851 |
Series 2020-GA, Class B | ||
2.50%, due 9/16/69 | 1,145,000 | 837,239 |
Series 2020-HA, Class B | ||
2.78%, due 1/15/69 | 1,820,000 | 1,415,673 |
New Economy Assets Phase 1 Sponsor LLC (a) | ||
Series 2021-1, Class A1 | ||
1.91%, due 10/20/61 | 1,260,000 | 1,055,707 |
Series 2021-1, Class B1 | ||
2.41%, due 10/20/61 | 1,215,000 | 984,033 |
PFS Financing Corp. | ||
Series 2022-D, Class B | ||
4.90%, due 8/15/27 (a) | 2,175,000 | 2,056,701 |
Progress Residential Trust (a) | ||
Series 2020-SFR3, Class B | ||
1.495%, due 10/17/27 | 1,400,000 | 1,216,494 |
Series 2021-SFR4, Class B | ||
1.808%, due 5/17/38 | 1,340,000 | 1,140,926 |
Taco Bell Funding LLC | ||
Series 2021-1A, Class A23 | ||
2.542%, due 8/25/51 (a) | 1,369,650 | 999,760 |
12 | MainStay MacKay Strategic Bond Fund |
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 | $ 1,205,334 | $ 1,163,000 |
47,224,005 | ||
Total Asset-Backed Securities (Cost $108,487,386) | 96,693,446 | |
Corporate Bonds 41.2% | ||
Aerospace & Defense 0.2% | ||
Howmet Aerospace, Inc. | ||
3.00%, due 1/15/29 (c) | 1,500,000 | 1,248,570 |
Agriculture 0.3% | ||
BAT Capital Corp. | ||
3.734%, due 9/25/40 | 1,330,000 | 837,341 |
BAT International Finance plc | ||
4.448%, due 3/16/28 | 1,460,000 | 1,293,105 |
2,130,446 | ||
Airlines 1.1% | ||
American Airlines, Inc. (a) | ||
5.50%, due 4/20/26 | 1,100,000 | 1,047,554 |
5.75%, due 4/20/29 | 2,450,000 | 2,229,500 |
Delta Air Lines, Inc. (a) | ||
4.50%, due 10/20/25 | 845,000 | 823,399 |
4.75%, due 10/20/28 | 1,680,000 | 1,562,881 |
Mileage Plus Holdings LLC | ||
6.50%, due 6/20/27 (a) | 1,444,000 | 1,427,545 |
7,090,879 | ||
Auto Manufacturers 1.8% | ||
Ford Motor Credit Co. LLC | ||
2.30%, due 2/10/25 | 2,280,000 | 2,062,260 |
3.35%, due 11/1/22 | 1,115,000 | 1,115,000 |
4.125%, due 8/17/27 | 2,315,000 | 2,055,836 |
General Motors Co. | ||
5.60%, due 10/15/32 | 625,000 | 567,233 |
General Motors Financial Co., Inc. | ||
2.35%, due 1/8/31 | 1,178,000 | 862,379 |
2.70%, due 6/10/31 | 1,525,000 | 1,134,746 |
4.30%, due 4/6/29 | 1,090,000 | 957,350 |
Nissan Motor Acceptance Co. LLC | ||
1.85%, due 9/16/26 (a) | 3,610,000 | 2,832,218 |
11,587,022 |
Principal Amount | Value | |
Auto Parts & Equipment 0.3% | ||
Dana, Inc. | ||
4.50%, due 2/15/32 | $ 2,845,000 | $ 2,175,247 |
Banks 13.9% | ||
Banco Santander SA | ||
4.175% (1 Year Treasury Constant Maturity Rate + 2.00%), due 3/24/28 (b) | 2,400,000 | 2,115,571 |
Bank of America Corp. | ||
2.087%, due 6/14/29 (d) | 1,275,000 | 1,031,739 |
3.384%, due 4/2/26 (d) | 1,700,000 | 1,597,046 |
Series MM | ||
4.30%, due 1/28/25 (d)(e) | 2,021,000 | 1,672,883 |
4.948%, due 7/22/28 (d) | 1,640,000 | 1,564,277 |
Series DD | ||
6.30%, due 3/10/26 (d)(e) | 3,570,000 | 3,480,964 |
8.57%, due 11/15/24 | 1,645,000 | 1,729,512 |
Barclays plc (b)(e) | ||
4.375% (5 Year Treasury Constant Maturity Rate + 3.41%), due 3/15/28 | 2,710,000 | 1,798,652 |
8.00% (5 Year Treasury Constant Maturity Rate + 5.431%), due 3/15/29 | 1,315,000 | 1,178,048 |
BNP Paribas SA (a) | ||
3.052%, due 1/13/31 (d) | 1,650,000 | 1,283,205 |
4.625% (5 Year Treasury Constant Maturity Rate + 3.196%), due 1/12/27 (b)(e) | 1,315,000 | 1,006,628 |
4.625% (5 Year Treasury Constant Maturity Rate + 3.34%), due 2/25/31 (b)(e) | 1,610,000 | 1,112,913 |
7.75% (5 Year Treasury Constant Maturity Rate + 4.899%), due 8/16/29 (b)(e) | 960,000 | 905,122 |
BPCE SA | ||
2.045%, due 10/19/27 (a)(d) | 2,240,000 | 1,860,485 |
Citigroup, Inc. | ||
2.52%, due 11/3/32 (d) | 2,115,000 | 1,582,324 |
Series Y | ||
4.15% (5 Year Treasury Constant Maturity Rate + 3.00%), due 11/15/26 (b)(e) | 1,590,000 | 1,241,942 |
Series M | ||
6.30%, due 5/15/24 (d)(e) | 3,260,000 | 3,039,950 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Banks (continued) | ||
Citizens Financial Group, Inc. | ||
Series G | ||
4.00% (5 Year Treasury Constant Maturity Rate + 3.215%), due 10/6/26 (b)(e) | $ 1,095,000 | $ 866,163 |
Credit Agricole SA | ||
4.75% (5 Year Treasury Constant Maturity Rate + 3.237%), due 3/23/29 (a)(b)(e) | 2,370,000 | 1,701,848 |
Credit Suisse Group AG (a)(d) | ||
3.091%, due 5/14/32 | 1,485,000 | 1,018,545 |
6.442%, due 8/11/28 | 1,325,000 | 1,195,920 |
Deutsche Bank AG | ||
3.035%, due 5/28/32 (d) | 460,000 | 323,552 |
4.875% (USISDA05 + 2.553%), due 12/1/32 (b) | 3,390,000 | 2,688,011 |
5.371%, due 9/9/27 | 1,520,000 | 1,441,517 |
First Horizon Bank | ||
5.75%, due 5/1/30 | 1,673,000 | 1,595,950 |
Freedom Mortgage Corp. | ||
7.625%, due 5/1/26 (a) | 895,000 | 707,086 |
Goldman Sachs Group, Inc. (The) | ||
1.948%, due 10/21/27 (d) | 3,260,000 | 2,769,795 |
Series V | ||
4.125% (5 Year Treasury Constant Maturity Rate + 2.949%), due 11/10/26 (b)(e) | 2,150,000 | 1,687,750 |
HSBC Holdings plc | ||
7.336%, due 11/3/26 (d) | 2,325,000 | 2,331,436 |
Intesa Sanpaolo SpA | ||
4.198% (1 Year Treasury Constant Maturity Rate + 2.60%), due 6/1/32 (a)(b) | 3,430,000 | 2,321,879 |
JPMorgan Chase & Co. (d) | ||
1.764%, due 11/19/31 | 2,897,000 | 2,108,089 |
Series HH | ||
4.60%, due 2/1/25 (e) | 1,327,000 | 1,184,215 |
KeyBank NA | ||
4.15%, due 8/8/25 | 1,585,000 | 1,530,634 |
Lloyds Banking Group plc | ||
4.582%, due 12/10/25 | 1,365,000 | 1,251,106 |
4.65%, due 3/24/26 | 1,985,000 | 1,824,309 |
4.976% (1 Year Treasury Constant Maturity Rate + 2.30%), due 8/11/33 (b) | 995,000 | 851,313 |
Macquarie Group Ltd. | ||
2.871%, due 1/14/33 (a)(d) | 1,490,000 | 1,099,385 |
Principal Amount | Value | |
Banks (continued) | ||
Mizuho Financial Group, Inc. | ||
5.414% (1 Year Treasury Constant Maturity Rate + 2.05%), due 9/13/28 (b)(c) | $ 1,800,000 | $ 1,735,521 |
Morgan Stanley (d) | ||
2.484%, due 9/16/36 | 2,170,000 | 1,536,323 |
2.511%, due 10/20/32 | 3,225,000 | 2,428,067 |
NatWest Group plc (b) | ||
3.073% (1 Year Treasury Constant Maturity Rate + 2.55%), due 5/22/28 | 2,145,000 | 1,821,205 |
4.60% (5 Year Treasury Constant Maturity Rate + 3.10%), due 6/28/31 (e) | 2,650,000 | 1,710,979 |
Popular, Inc. | ||
6.125%, due 9/14/23 | 1,582,000 | 1,582,775 |
Santander Holdings USA, Inc. | ||
3.40%, due 1/18/23 | 1,500,000 | 1,493,334 |
Societe Generale SA (a)(b)(e) | ||
4.75% (5 Year Treasury Constant Maturity Rate + 3.931%), due 5/26/26 | 2,130,000 | 1,636,905 |
5.375% (5 Year Treasury Constant Maturity Rate + 4.514%), due 11/18/30 | 2,200,000 | 1,593,573 |
Standard Chartered plc | ||
4.75% (5 Year Treasury Constant Maturity Rate + 3.805%), due 1/14/31 (a)(b)(e) | 2,770,000 | 1,848,260 |
SVB Financial Group | ||
Series C | ||
4.00% (5 Year Treasury Constant Maturity Rate + 3.202%), due 5/15/26 (b)(e) | 1,385,000 | 969,217 |
Synchrony Bank | ||
5.40%, due 8/22/25 | 1,805,000 | 1,744,807 |
Texas Capital Bancshares, Inc. | ||
4.00% (5 Year Treasury Constant Maturity Rate + 3.15%), due 5/6/31 (b) | 2,205,000 | 1,909,344 |
UBS Group AG (a)(b) | ||
4.375% (5 Year Treasury Constant Maturity Rate + 3.313%), due 2/10/31 (e) | 2,555,000 | 1,774,831 |
4.751% (1 Year Treasury Constant Maturity Rate + 1.75%), due 5/12/28 | 1,070,000 | 980,536 |
14 | MainStay MacKay Strategic Bond Fund |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Banks (continued) | ||
Wells Fargo & Co. (d) | ||
2.879%, due 10/30/30 | $ 270,000 | $ 221,525 |
3.584%, due 5/22/28 | 380,000 | 342,044 |
4.897%, due 7/25/33 | 2,330,000 | 2,131,822 |
Series S | ||
5.90%, due 6/15/24 (e) | 3,295,000 | 2,988,153 |
Westpac Banking Corp. | ||
3.02% (5 Year Treasury Constant Maturity Rate + 1.53%), due 11/18/36 (b) | 1,692,000 | 1,197,016 |
90,346,001 | ||
Chemicals 0.4% | ||
Alpek SAB de CV | ||
3.25%, due 2/25/31 (a) | 1,255,000 | 959,756 |
Braskem Netherlands Finance BV | ||
4.50%, due 1/10/28 (a) | 1,650,000 | 1,432,629 |
2,392,385 | ||
Commercial Services 0.3% | ||
Ashtead Capital, Inc. | ||
4.25%, due 11/1/29 (a) | 1,640,000 | 1,426,318 |
California Institute of Technology | ||
3.65%, due 9/1/19 | 1,118,000 | 662,181 |
2,088,499 | ||
Computers 0.5% | ||
Dell International LLC | ||
8.10%, due 7/15/36 | 879,000 | 931,176 |
NCR Corp. (a) | ||
5.00%, due 10/1/28 | 2,339,000 | 1,965,460 |
6.125%, due 9/1/29 | 472,000 | 449,857 |
3,346,493 | ||
Diversified Financial Services 4.0% | ||
AerCap Ireland Capital DAC | ||
3.00%, due 10/29/28 | 1,650,000 | 1,332,987 |
Air Lease Corp. | ||
2.30%, due 2/1/25 | 3,275,000 | 2,993,671 |
3.25%, due 3/1/25 | 4,000,000 | 3,726,981 |
Aircastle Ltd. | ||
5.25% (5 Year Treasury Constant Maturity Rate + 4.41%), due 6/15/26 (a)(b)(e) | 2,030,000 | 1,518,133 |
Principal Amount | Value | |
Diversified Financial Services (continued) | ||
Ally Financial, Inc. | ||
Series C | ||
4.70% (7 Year Treasury Constant Maturity Rate + 3.481%), due 5/15/28 (b)(e) | $ 1,090,000 | $ 733,025 |
5.75%, due 11/20/25 | 3,820,000 | 3,675,142 |
8.00%, due 11/1/31 | 1,890,000 | 1,938,405 |
Avolon Holdings Funding Ltd. | ||
3.25%, due 2/15/27 (a) | 2,125,000 | 1,736,060 |
Banco BTG Pactual SA | ||
2.75%, due 1/11/26 (a) | 3,860,000 | 3,377,500 |
Capital One Financial Corp. | ||
5.247%, due 7/26/30 (d) | 1,340,000 | 1,227,756 |
Nomura Holdings, Inc. | ||
5.099%, due 7/3/25 | 1,660,000 | 1,625,048 |
OneMain Finance Corp. | ||
3.50%, due 1/15/27 | 2,935,000 | 2,405,566 |
26,290,274 | ||
Electric 2.1% | ||
AEP Texas, Inc. | ||
4.70%, due 5/15/32 | 1,175,000 | 1,069,569 |
Calpine Corp. | ||
5.125%, due 3/15/28 (a) | 2,505,000 | 2,220,968 |
Dominion Energy, Inc. | ||
Series C | ||
4.35% (5 Year Treasury Constant Maturity Rate + 3.195%), due 1/15/27 (b)(e) | 780,000 | 645,286 |
Edison International | ||
Series B | ||
5.00% (5 Year Treasury Constant Maturity Rate + 3.901%), due 12/15/26 (b)(e) | 2,690,000 | 2,178,900 |
Ohio Power Co. | ||
Series R | ||
2.90%, due 10/1/51 | 955,000 | 570,180 |
Pacific Gas and Electric Co. | ||
3.50%, due 8/1/50 | 1,855,000 | 1,131,525 |
Sempra Energy | ||
4.125% (5 Year Treasury Constant Maturity Rate + 2.868%), due 4/1/52 (b) | 2,150,000 | 1,617,875 |
WEC Energy Group, Inc. | ||
5.018% (3 Month LIBOR + 2.113%), due 5/15/67 (b) | 5,495,000 | 4,533,375 |
13,967,678 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Environmental Control 0.2% | ||
Covanta Holding Corp. | ||
4.875%, due 12/1/29 (a) | $ 950,000 | $ 808,877 |
Stericycle, Inc. | ||
3.875%, due 1/15/29 (a) | 630,000 | 547,212 |
1,356,089 | ||
Food 0.7% | ||
JBS USA LUX SA | ||
5.75%, due 4/1/33 (a) | 1,460,000 | 1,315,664 |
Kraft Heinz Foods Co. | ||
5.00%, due 7/15/35 | 583,000 | 535,257 |
Smithfield Foods, Inc. | ||
3.00%, due 10/15/30 (a) | 1,520,000 | 1,155,065 |
U.S. Foods, Inc. | ||
4.625%, due 6/1/30 (a)(c) | 1,550,000 | 1,344,656 |
4,350,642 | ||
Gas 0.5% | ||
National Fuel Gas Co. | ||
2.95%, due 3/1/31 | 1,695,000 | 1,270,950 |
Piedmont Natural Gas Co., Inc. | ||
5.05%, due 5/15/52 | 1,070,000 | 897,744 |
Southern Co. Gas Capital Corp. | ||
Series 21A | ||
3.15%, due 9/30/51 | 1,500,000 | 905,323 |
3,074,017 | ||
Home Builders 0.4% | ||
Thor Industries, Inc. | ||
4.00%, due 10/15/29 (a) | 1,230,000 | 994,799 |
Toll Brothers Finance Corp. | ||
3.80%, due 11/1/29 | 1,780,000 | 1,445,325 |
4.35%, due 2/15/28 | 303,000 | 262,600 |
2,702,724 | ||
Household Products & Wares 0.4% | ||
Kronos Acquisition Holdings, Inc. | ||
5.00%, due 12/31/26 (a) | 2,770,000 | 2,510,922 |
Insurance 1.2% | ||
Athene Global Funding | ||
2.50%, due 3/24/28 (a) | 1,740,000 | 1,430,951 |
Lincoln National Corp. | ||
5.299% (3 Month LIBOR + 2.358%), due 5/17/66 (b) | 3,537,000 | 2,732,479 |
NMI Holdings, Inc. | ||
7.375%, due 6/1/25 (a) | 685,000 | 684,342 |
Principal Amount | Value | |
Insurance (continued) | ||
Protective Life Corp. | ||
8.45%, due 10/15/39 | $ 2,476,000 | $ 2,787,093 |
Willis North America, Inc. | ||
3.875%, due 9/15/49 | 425,000 | 279,868 |
7,914,733 | ||
Internet 0.6% | ||
Expedia Group, Inc. | ||
3.25%, due 2/15/30 | 2,345,000 | 1,889,876 |
Match Group Holdings II LLC (a) | ||
3.625%, due 10/1/31 | 2,520,000 | 1,920,895 |
4.125%, due 8/1/30 (c) | 122,000 | 99,675 |
3,910,446 | ||
Lodging 1.5% | ||
Hilton Domestic Operating Co., Inc. | ||
4.875%, due 1/15/30 | 538,000 | 482,182 |
5.375%, due 5/1/25 (a)(c) | 935,000 | 920,975 |
Hyatt Hotels Corp. | ||
1.80%, due 10/1/24 | 3,920,000 | 3,656,281 |
Marriott International, Inc. | ||
3.75%, due 10/1/25 | 4,253,000 | 4,049,923 |
Series X | ||
4.00%, due 4/15/28 | 605,000 | 545,560 |
9,654,921 | ||
Media 0.5% | ||
DISH DBS Corp. | ||
5.75%, due 12/1/28 (a) | 1,250,000 | 1,007,812 |
Grupo Televisa SAB | ||
5.25%, due 5/24/49 | 1,335,000 | 1,098,972 |
Time Warner Cable Enterprises LLC | ||
8.375%, due 3/15/23 | 1,087,000 | 1,098,836 |
3,205,620 | ||
Mining 0.3% | ||
Industrias Penoles SAB de CV | ||
4.75%, due 8/6/50 (a) | 2,627,000 | 1,875,721 |
Miscellaneous—Manufacturing 0.3% | ||
Textron Financial Corp. | ||
4.64% (3 Month LIBOR + 1.735%), due 2/15/42 (a)(b)(c) | 2,905,000 | 1,995,624 |
Oil & Gas 0.4% | ||
EQT Corp. | ||
5.678%, due 10/1/25 | 1,610,000 | 1,591,513 |
16 | MainStay MacKay Strategic Bond Fund |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Oil & Gas (continued) | ||
Gazprom PJSC Via Gaz Capital SA | ||
7.288%, due 8/16/37 (a)(f) | $ 2,520,000 | $ 1,348,200 |
2,939,713 | ||
Packaging & Containers 0.4% | ||
Berry Global, Inc. | ||
4.875%, due 7/15/26 (a) | 1,240,000 | 1,164,980 |
Owens-Brockway Glass Container, Inc. | ||
6.625%, due 5/13/27 (a) | 1,740,000 | 1,661,672 |
2,826,652 | ||
Pharmaceuticals 0.6% | ||
Teva Pharmaceutical Finance Netherlands III BV | ||
3.15%, due 10/1/26 | 2,146,000 | 1,813,370 |
4.75%, due 5/9/27 | 2,345,000 | 2,069,463 |
3,882,833 | ||
Pipelines 4.0% | ||
Cheniere Corpus Christi Holdings LLC | ||
2.742%, due 12/31/39 | 1,710,000 | 1,268,874 |
CNX Midstream Partners LP | ||
4.75%, due 4/15/30 (a) | 2,570,000 | 2,113,825 |
DCP Midstream Operating LP | ||
3.25%, due 2/15/32 | 3,090,000 | 2,460,114 |
DT Midstream, Inc. | ||
4.30%, due 4/15/32 (a) | 1,715,000 | 1,473,254 |
Energy Transfer LP | ||
Series H | ||
6.50% (5 Year Treasury Constant Maturity Rate + 5.694%), due 11/15/26 (b)(e) | 2,520,000 | 2,167,200 |
Enterprise Products Operating LLC | ||
3.95%, due 1/31/60 | 1,630,000 | 1,082,544 |
4.20%, due 1/31/50 | 520,000 | 382,157 |
Flex Intermediate Holdco LLC | ||
3.363%, due 6/30/31 (a) | 1,540,000 | 1,187,507 |
Hess Midstream Operations LP (a) | ||
4.25%, due 2/15/30 | 2,630,000 | 2,249,044 |
5.625%, due 2/15/26 | 367,000 | 359,943 |
Holly Energy Partners LP | ||
6.375%, due 4/15/27 (a) | 1,140,000 | 1,097,210 |
Kinder Morgan, Inc. | ||
7.75%, due 1/15/32 | 2,035,000 | 2,211,902 |
MPLX LP | ||
4.00%, due 3/15/28 | 560,000 | 506,603 |
Plains All American Pipeline LP | ||
3.80%, due 9/15/30 | 1,040,000 | 867,078 |
Principal Amount | Value | |
Pipelines (continued) | ||
Sabine Pass Liquefaction LLC | ||
5.75%, due 5/15/24 | $ 2,146,000 | $ 2,143,553 |
Targa Resources Corp. | ||
4.20%, due 2/1/33 | 725,000 | 605,237 |
Venture Global Calcasieu Pass LLC | ||
3.875%, due 11/1/33 (a) | 1,690,000 | 1,356,225 |
Western Midstream Operating LP | ||
5.50%, due 2/1/50 (g) | 1,800,000 | 1,401,265 |
Williams Cos., Inc. (The) | ||
3.50%, due 10/15/51 | 1,425,000 | 912,254 |
25,845,789 | ||
Real Estate 0.1% | ||
Realogy Group LLC | ||
5.25%, due 4/15/30 (a) | 1,060,000 | 735,025 |
Real Estate Investment Trusts 1.1% | ||
GLP Capital LP | ||
3.35%, due 9/1/24 | 1,535,000 | 1,437,939 |
Iron Mountain, Inc. (a) | ||
4.875%, due 9/15/29 | 1,686,000 | 1,449,539 |
5.25%, due 7/15/30 | 395,000 | 340,811 |
Office Properties Income Trust | ||
2.65%, due 6/15/26 | 1,520,000 | 1,108,323 |
Starwood Property Trust, Inc. | ||
3.625%, due 7/15/26 (a) | 3,172,000 | 2,759,640 |
7,096,252 | ||
Retail 1.3% | ||
AutoNation, Inc. | ||
4.75%, due 6/1/30 | 2,300,000 | 1,980,387 |
Nordstrom, Inc. | ||
4.00%, due 3/15/27 | 595,000 | 504,455 |
4.25%, due 8/1/31 (c) | 2,860,000 | 2,076,360 |
QVC, Inc. | ||
4.375%, due 9/1/28 | 2,305,000 | 1,671,125 |
Victoria's Secret & Co. | ||
4.625%, due 7/15/29 (a)(c) | 2,775,000 | 2,207,512 |
8,439,839 | ||
Semiconductors 0.3% | ||
Broadcom, Inc. (a) | ||
3.469%, due 4/15/34 | 2,040,000 | 1,526,954 |
3.75%, due 2/15/51 | 620,000 | 397,374 |
1,924,328 | ||
Software 0.2% | ||
MSCI, Inc. | ||
3.25%, due 8/15/33 (a) | 1,175,000 | 908,332 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Software (continued) | ||
Oracle Corp. | ||
3.65%, due 3/25/41 | $ 450,000 | $ 304,740 |
1,213,072 | ||
Telecommunications 1.3% | ||
Altice France SA | ||
5.125%, due 7/15/29 (a) | 2,405,000 | 1,811,386 |
AT&T, Inc. | ||
3.65%, due 6/1/51 | 1,485,000 | 987,768 |
Sprint Corp. | ||
7.875%, due 9/15/23 | 3,620,000 | 3,679,379 |
T-Mobile US, Inc. | ||
2.625%, due 2/15/29 | 660,000 | 545,578 |
Verizon Communications, Inc. | ||
4.016%, due 12/3/29 | 1,495,000 | 1,347,436 |
8,371,547 | ||
Total Corporate Bonds (Cost $320,149,271) | 268,490,003 | |
Foreign Government Bonds 2.3% | ||
Brazil 0.2% | ||
Brazil Government Bond | ||
3.75%, due 9/12/31 (c) | 1,245,000 | 1,022,966 |
Chile 0.5% | ||
Chile Government Bond | ||
2.55%, due 7/27/33 | 1,795,000 | 1,334,722 |
Empresa Nacional del Petroleo | ||
3.45%, due 9/16/31 (a) | 2,540,000 | 1,974,241 |
3,308,963 | ||
Colombia 0.3% | ||
Colombia Government Bond | ||
3.25%, due 4/22/32 | 2,335,000 | 1,549,625 |
4.50%, due 1/28/26 (c) | 500,000 | 448,925 |
1,998,550 | ||
Mexico 1.3% | ||
Comision Federal de Electricidad (a) | ||
3.875%, due 7/26/33 | 2,385,000 | 1,699,313 |
4.677%, due 2/9/51 | 1,855,000 | 1,130,948 |
Mexico Government Bond | ||
3.75%, due 4/19/71 | 1,480,000 | 855,889 |
Principal Amount | Value | |
Mexico (continued) | ||
Petroleos Mexicanos | ||
6.50%, due 3/13/27 | $ 2,535,000 | $ 2,222,943 |
6.75%, due 9/21/47 | 4,835,000 | 2,912,027 |
8,821,120 | ||
Total Foreign Government Bonds (Cost $21,348,862) | 15,151,599 | |
Loan Assignments 0.4% | ||
Diversified/Conglomerate Service 0.2% | ||
TruGreen LP (b) | ||
First Lien Second Refinancing Term Loan | ||
7.754% (1 Month LIBOR + 4.00%), due 11/2/27 | 768,029 | 708,507 |
Second Lien Initial Term Loan | ||
11.615% (3 Month LIBOR + 8.50%), due 11/2/28 | 450,000 | 378,000 |
1,086,507 | ||
Utilities 0.2% | ||
Southwestern Energy Co. | ||
Initial Term Loan | ||
6.203% (3 Month LIBOR + 2.50%), due 6/22/27 (b) | 1,315,063 | 1,292,871 |
Total Loan Assignments (Cost $2,514,996) | 2,379,378 | |
Mortgage-Backed Securities 31.0% | ||
Agency (Collateralized Mortgage Obligations) 4.8% | ||
FHLMC | ||
REMIC, Series 4839, Class WO | ||
(zero coupon), due 8/15/56 | 1,115,100 | 730,972 |
REMIC, Series 5200, Class SA | ||
0.503% (SOFR 30A + 3.50%), due 2/25/52 (b)(h) | 2,840,197 | 81,676 |
REMIC, Series 5021, Class SA | ||
0.553% (SOFR 30A + 3.55%), due 10/25/50 (b)(h) | 3,429,170 | 117,199 |
REMIC, Series 5070, Class IG | ||
1.50%, due 1/25/44 (h) | 6,973,941 | 373,045 |
REMIC, Series 4924, Class NS | ||
2.464% (1 Month LIBOR + 6.05%), due 10/25/49 (b)(h) | 1,965,252 | 157,220 |
REMIC, Series 4957, Class SB | ||
2.464% (1 Month LIBOR + 6.05%), due 11/25/49 (b)(h) | 1,128,862 | 100,186 |
18 | MainStay MacKay Strategic Bond Fund |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Agency (Collateralized Mortgage Obligations) (continued) | ||
FHLMC (continued) | ||
REMIC, Series 5031, Class IQ | ||
2.50%, due 10/25/50 (h) | $ 1,693,174 | $ 262,865 |
REMIC, Series 5038, Class IB | ||
2.50%, due 10/25/50 (h) | 1,109,774 | 183,883 |
REMIC, Series 5149, Class LI | ||
2.50%, due 10/25/51 (h) | 4,085,214 | 548,730 |
REMIC, Series 5205, Class KI | ||
3.00%, due 12/25/48 (h) | 2,002,251 | 249,325 |
REMIC, Series 5152, Class BI | ||
3.00%, due 7/25/50 (h) | 2,889,384 | 445,520 |
REMIC, Series 5023, Class LI | ||
3.00%, due 10/25/50 (h) | 1,432,117 | 229,757 |
REMIC, Series 5094, Class IP | ||
3.00%, due 4/25/51 (h) | 1,292,164 | 198,969 |
REMIC, Series 5176, Class PI | ||
3.00%, due 7/25/51 (h) | 1,239,471 | 181,905 |
REMIC, Series 5160 | ||
3.00%, due 10/25/51 (h) | 1,762,192 | 217,431 |
REMIC, Series 5155, Class KI | ||
3.00%, due 10/25/51 (h) | 2,608,529 | 392,070 |
REMIC, Series 5167, Class GI | ||
3.00%, due 11/25/51 (h) | 4,370,789 | 618,745 |
REMIC, Series 5191 | ||
3.50%, due 9/25/50 (h) | 2,484,209 | 429,947 |
REMIC, Series 5036 | ||
3.50%, due 11/25/50 (h) | 2,816,053 | 586,342 |
REMIC, Series 5040 | ||
3.50%, due 11/25/50 (h) | 1,556,814 | 266,217 |
FHLMC, Strips | ||
Series 311 | ||
(zero coupon), due 8/15/43 | 778,035 | 563,806 |
Series 311, Class S1 | ||
2.538% (1 Month LIBOR + 5.95%), due 8/15/43 (b)(h) | 2,387,420 | 209,428 |
Series 358 | ||
3.50%, due 10/15/47 (h) | 661,636 | 110,425 |
FNMA | ||
REMIC, Series 2013-110, Class CO | ||
(zero coupon), due 12/25/39 | 1,333,563 | 1,087,577 |
REMIC, Series 2013-105, Class QO | ||
(zero coupon), due 5/25/40 | 359,097 | 291,035 |
REMIC, Series 2013-105, Class KO | ||
(zero coupon), due 10/25/43 | 413,392 | 358,144 |
REMIC, Series 2013-110, Class DO | ||
(zero coupon), due 11/25/43 | 591,892 | 476,171 |
Principal Amount | Value | |
Agency (Collateralized Mortgage Obligations) (continued) | ||
FNMA (continued) | ||
REMIC, Series 2021-81, Class SA | ||
(zero coupon) (SOFR 30A + 2.60%), due 12/25/51 (b)(h) | $ 12,752,139 | $ 142,320 |
REMIC, Series 2022-3, Class YS | ||
(zero coupon) (SOFR 30A + 2.55%), due 2/25/52 (b)(h) | 8,639,382 | 123,690 |
REMIC, Series 2022-5, Class SN | ||
(zero coupon) (SOFR 30A + 1.80%), due 2/25/52 (b)(h) | 1,533,447 | 6,317 |
REMIC, Series 2021-40, Class SI | ||
2.364% (1 Month LIBOR + 5.95%), due 9/25/47 (b)(h) | 3,239,210 | 283,741 |
REMIC, Series 2016-57, Class SN | ||
2.464% (1 Month LIBOR + 6.05%), due 6/25/46 (b)(h) | 2,449,792 | 229,548 |
REMIC, Series 2019-32, Class SB | ||
2.464% (1 Month LIBOR + 6.05%), due 6/25/49 (b)(h) | 1,903,592 | 169,358 |
REMIC, Series 2020-23, Class PS | ||
2.464% (1 Month LIBOR + 6.05%), due 2/25/50 (b)(h) | 2,860,433 | 272,393 |
REMIC, Series 2021-7, Class EI | ||
2.50%, due 2/25/51 (h) | 2,875,407 | 400,475 |
REMIC, Series 2021-12, Class JI | ||
2.50%, due 3/25/51 (h) | 1,463,784 | 222,870 |
REMIC, Series 2021-10, Class LI | ||
2.50%, due 3/25/51 (h) | 984,579 | 150,600 |
REMIC, Series 2021-54, Class HI | ||
2.50%, due 6/25/51 (h) | 791,187 | 98,686 |
REMIC, Series 2021-85, Class BI | ||
3.00%, due 12/25/51 (h) | 3,459,410 | 539,493 |
REMIC, Series 2021-8, Class ID | ||
3.50%, due 3/25/51 (h) | 2,629,556 | 528,262 |
REMIC, Series 2020-10, Class DA | ||
3.50%, due 3/25/60 | 1,675,274 | 1,529,377 |
GNMA | ||
Series 2019-136, Class YS | ||
(zero coupon) (1 Month LIBOR + 2.83%), due 11/20/49 (b)(h) | 1,860,286 | 4,898 |
Series 2021-77, Class KS | ||
(zero coupon) (SOFR 30A + 2.60%), due 5/20/51 (b)(h) | 9,222,448 | 77,192 |
Series 2021-122, Class SA | ||
(zero coupon) (SOFR 30A + 2.60%), due 7/20/51 (b)(h) | 2,175,780 | 18,652 |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Agency (Collateralized Mortgage Obligations) (continued) | ||
GNMA (continued) | ||
Series 2021-213, Class ES | ||
(zero coupon) (SOFR 30A + 1.70%), due 12/20/51 (b)(h) | $ 13,202,212 | $ 37,106 |
Series 2022-19, Class SG | ||
(zero coupon) (SOFR 30A + 2.45%), due 1/20/52 (b)(h) | 7,607,712 | 75,176 |
Series 2022-24, Class SC | ||
(zero coupon) (SOFR 30A + 2.37%), due 2/20/52 (b)(h) | 34,230,006 | 330,806 |
Series 2022-6, Class AS | ||
0.22% (SOFR 30A + 3.14%), due 1/20/52 (b)(h) | 884,427 | 12,801 |
Series 2021-158, Class SB | ||
0.78% (SOFR 30A + 3.70%), due 9/20/51 (b)(h) | 4,096,023 | 174,116 |
Series 2020-115, Class YA | ||
1.00%, due 8/20/50 | 1,604,080 | 1,211,516 |
Series 2020-129, Class AG | ||
1.00%, due 9/20/50 | 2,242,320 | 1,669,544 |
Series 2020-166, Class CA | ||
1.00%, due 11/20/50 | 2,270,190 | 1,701,287 |
Series 2022-121, Class SG | ||
1.05% (SOFR 30A + 3.97%), due 7/20/52 (b)(h) | 9,908,953 | 159,866 |
Series 2020-146, Class LI | ||
2.00%, due 10/20/50 (h) | 3,523,743 | 373,447 |
Series 2021-41, Class FS | ||
2.00% (SOFR 30A + 0.20%), due 10/20/50 (b)(h) | 4,586,602 | 527,690 |
Series 2020-166, Class IC | ||
2.00%, due 11/20/50 (h) | 1,493,043 | 158,243 |
Series 2020-176, Class AI | ||
2.00%, due 11/20/50 (h) | 8,726,552 | 965,041 |
Series 2020-188 | ||
2.00%, due 12/20/50 (h) | 3,126,854 | 330,940 |
Series 2021-57, Class AI | ||
2.00%, due 2/20/51 (h) | 4,896,216 | 513,724 |
Series 2021-30, Class HI | ||
2.00%, due 2/20/51 (h) | 4,029,894 | 438,798 |
Series 2021-205, Class GA | ||
2.00%, due 11/20/51 | 647,868 | 524,855 |
Series 2021-97, Class IN | ||
2.50%, due 8/20/49 (h) | 5,507,178 | 599,520 |
Series 2022-1, Class IA | ||
2.50%, due 6/20/50 (h) | 777,243 | 110,013 |
Principal Amount | Value | |
Agency (Collateralized Mortgage Obligations) (continued) | ||
GNMA (continued) | ||
Series 2021-56, Class FE | ||
2.50% (SOFR 30A + 0.20%), due 10/20/50 (b)(h) | $ 4,546,793 | $ 607,859 |
Series 2021-1, Class PI | ||
2.50%, due 12/20/50 (h) | 999,046 | 131,386 |
Series 2021-57, Class IB | ||
2.50%, due 2/20/51 (h) | 3,184,222 | 446,366 |
Series 2021-25, Class LI | ||
2.50%, due 2/20/51 (h) | 2,609,605 | 323,897 |
Series 2021-149, Class CI | ||
2.50%, due 8/20/51 (h) | 3,376,083 | 479,304 |
Series 2021-162, Class KI | ||
2.50%, due 9/20/51 (h) | 3,009,695 | 436,154 |
Series 2022-83 | ||
2.50%, due 11/20/51 (h) | 1,908,786 | 252,914 |
Series 2021-97, Class FA | ||
3.00% (SOFR 30A + 0.40%), due 6/20/51 (b) | 998,457 | 876,353 |
Series 2021-158, Class NI | ||
3.00%, due 9/20/51 (h) | 4,950,702 | 774,253 |
Series 2021-177, Class IM | ||
3.00%, due 10/20/51 (h) | 3,076,783 | 495,612 |
Series 2022-6, Class CF | ||
3.28% (SOFR 30A + 0.36%), due 1/20/52 (b) | 884,427 | 789,415 |
Series 2019-145, Class LF | ||
3.50% (1 Month LIBOR + 0.67%), due 11/20/49 (b) | 2,003,328 | 1,743,004 |
31,537,468 | ||
Commercial Mortgage Loans (Collateralized Mortgage Obligations) 13.0% | ||
BAMLL Commercial Mortgage Securities Trust (a)(b) | ||
Series 2022-DKLX, Class E | ||
7.503% (1 Month SOFR + 4.127%), due 1/15/39 | 1,095,000 | 1,021,056 |
Series 2022-DKLX, Class F | ||
8.333% (1 Month SOFR + 4.957%), due 1/15/39 | 1,250,000 | 1,149,862 |
Bayview Commercial Asset Trust (a)(b) | ||
Series 2006-4A, Class A1 | ||
3.931% (1 Month LIBOR + 0.345%), due 12/25/36 | 9,099 | 8,318 |
Series 2005-3A, Class A1 | ||
4.066% (1 Month LIBOR + 0.48%), due 11/25/35 | 745,090 | 673,496 |
20 | MainStay MacKay Strategic Bond Fund |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Commercial Mortgage Loans (Collateralized Mortgage Obligations) (continued) | ||
BOCA Commercial Mortgage Trust | ||
Series 2022-BOCA, Class A | ||
5.145% (1 Month SOFR + 1.77%), due 5/15/39 (a)(b) | $ 1,485,000 | $ 1,445,222 |
BX Commercial Mortgage Trust (a) | ||
Series 2020-VIV2, Class C | ||
3.542%, due 3/9/44 (i) | 1,705,000 | 1,266,388 |
Series 2020-VIV3, Class B | ||
3.544%, due 3/9/44 (i) | 925,000 | 726,641 |
Series 2020-VIVA, Class D | ||
3.549%, due 3/11/44 (i) | 1,250,000 | 904,010 |
Series 2021-XL2, Class A | ||
4.101% (1 Month LIBOR + 0.689%), due 10/15/38 (b) | 1,130,592 | 1,069,360 |
Series 2021-VOLT, Class D | ||
5.062% (1 Month LIBOR + 1.65%), due 9/15/36 (b) | 2,165,000 | 2,002,451 |
Series 2021-ACNT, Class D | ||
5.263% (1 Month LIBOR + 1.85%), due 11/15/38 (b) | 1,615,000 | 1,517,329 |
Series 2021-VOLT, Class E | ||
5.412% (1 Month LIBOR + 2.00%), due 9/15/36 (b) | 2,845,000 | 2,615,411 |
Series 2021-ACNT, Class E | ||
5.61% (1 Month LIBOR + 2.197%), due 11/15/38 (b) | 2,500,000 | 2,304,747 |
BX Trust (a) | ||
Series 2019-OC11, Class B | ||
3.605%, due 12/9/41 | 205,000 | 162,514 |
Series 2019-OC11, Class C | ||
3.856%, due 12/9/41 | 1,145,000 | 904,708 |
Series 2019-OC11, Class D | ||
3.944%, due 12/9/41 (i) | 865,000 | 674,378 |
Series 2019-OC11, Class E | ||
3.944%, due 12/9/41 (i) | 3,995,000 | 2,956,625 |
Series 2021-RISE, Class A | ||
4.16% (1 Month LIBOR + 0.748%), due 11/15/36 (b) | 1,885,000 | 1,782,456 |
Series 2021-LBA, Class AJV | ||
4.213% (1 Month LIBOR + 0.80%), due 2/15/36 (b) | 1,725,000 | 1,620,424 |
Series 2021-MFM1, Class C | ||
4.612% (1 Month LIBOR + 1.20%), due 1/15/34 (b) | 2,695,000 | 2,539,794 |
Principal Amount | Value | |
Commercial Mortgage Loans (Collateralized Mortgage Obligations) (continued) | ||
BX Trust (a) (continued) | ||
Series 2018-GW, Class C | ||
4.632% (1 Month LIBOR + 1.22%), due 5/15/35 (b) | $ 940,000 | $ 891,167 |
Series 2021-RISE, Class B | ||
4.662% (1 Month LIBOR + 1.25%), due 11/15/36 (b) | 760,000 | 719,189 |
Series 2021-MFM1, Class D | ||
4.912% (1 Month LIBOR + 1.50%), due 1/15/34 (b) | 1,815,000 | 1,687,750 |
Series 2021-LBA, Class DV | ||
5.013% (1 Month LIBOR + 1.60%), due 2/15/36 (b) | 1,270,000 | 1,148,953 |
Series 2021-RISE, Class D | ||
5.162% (1 Month LIBOR + 1.75%), due 11/15/36 (b) | 2,590,000 | 2,390,050 |
Series 2021-ARIA, Class E | ||
5.657% (1 Month LIBOR + 2.245%), due 10/15/36 (b) | 3,400,000 | 3,065,045 |
BXHPP Trust (a)(b) | ||
Series 2021-FILM, Class B | ||
4.312% (1 Month LIBOR + 0.90%), due 8/15/36 | 140,000 | 129,680 |
Series 2021-FILM, Class C | ||
4.512% (1 Month LIBOR + 1.10%), due 8/15/36 | 1,090,000 | 999,699 |
Series 2021-FILM, Class D | ||
4.912% (1 Month LIBOR + 1.50%), due 8/15/36 | 585,000 | 530,720 |
BXSC Commercial Mortgage Trust | ||
Series 2022-WSS, Class D | ||
6.564% (1 Month SOFR + 3.188%), due 3/15/35 (a)(b) | 1,150,000 | 1,082,119 |
Commercial Mortgage Trust | ||
Series 2012-CR4, Class AM | ||
3.251%, due 10/15/45 | 1,050,000 | 1,008,552 |
Series 2013-CR9, Class B | ||
4.29%, due 7/10/45 (a)(i) | 1,020,000 | 981,170 |
CSMC WEST Trust | ||
Series 2020-WEST, Class A | ||
3.04%, due 2/15/35 (a) | 1,925,000 | 1,499,007 |
DROP Mortgage Trust | ||
Series 2021-FILE, Class A | ||
4.56% (1 Month LIBOR + 1.15%), due 10/15/43 (a)(b) | 1,430,000 | 1,367,333 |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Commercial Mortgage Loans (Collateralized Mortgage Obligations) (continued) | ||
Extended Stay America Trust (a)(b) | ||
Series 2021-ESH, Class C | ||
5.113% (1 Month LIBOR + 1.70%), due 7/15/38 | $ 107,381 | $ 101,600 |
Series 2021-ESH, Class D | ||
5.663% (1 Month LIBOR + 2.25%), due 7/15/38 | 3,694,888 | 3,491,354 |
FREMF Mortgage Trust (a)(i) | ||
Series 2018-K73, Class B | ||
3.854%, due 2/25/51 | 855,000 | 770,417 |
Series 2017-K63, Class C | ||
3.877%, due 2/25/50 | 1,275,000 | 1,153,714 |
Series 2018-K154, Class B | ||
4.023%, due 11/25/32 | 1,750,000 | 1,470,127 |
Series 2018-K78, Class B | ||
4.128%, due 6/25/51 | 970,000 | 885,736 |
Series 2018-K155, Class B | ||
4.166%, due 4/25/33 | 2,135,000 | 1,815,596 |
Series 2018-K81, Class C | ||
4.173%, due 9/25/51 | 1,385,000 | 1,223,764 |
Series 2018-K81, Class B | ||
4.173%, due 9/25/51 | 465,000 | 421,897 |
Series 2018-K84, Class C | ||
4.185%, due 10/25/28 | 475,000 | 424,472 |
Series 2018-K76, Class B | ||
4.208%, due 6/25/51 | 360,000 | 329,853 |
Series 2018-K79, Class B | ||
4.211%, due 7/25/51 | 615,000 | 560,371 |
Series 2018-K80, Class C | ||
4.231%, due 8/25/50 | 1,000,000 | 899,208 |
Series 2019-K88, Class C | ||
4.383%, due 2/25/52 | 1,505,000 | 1,330,556 |
Hudson Yards Mortgage Trust | ||
Series 2019-30HY, Class A | ||
3.228%, due 7/10/39 (a) | 2,595,000 | 2,178,735 |
J.P. Morgan Chase Commercial Mortgage Securities Trust (a) | ||
Series 2019-OSB, Class A | ||
3.397%, due 6/5/39 | 1,665,000 | 1,408,666 |
Series 2018-AON, Class B | ||
4.379%, due 7/5/31 | 2,060,000 | 1,874,600 |
Manhattan West Mortgage Trust | ||
Series 2020-1MW, Class A | ||
2.13%, due 9/10/39 (a) | 1,725,000 | 1,451,454 |
Principal Amount | Value | |
Commercial Mortgage Loans (Collateralized Mortgage Obligations) (continued) | ||
Multifamily Connecticut Avenue Securities Trust (a)(b) | ||
Series 2019-01, Class M10 | ||
6.836% (1 Month LIBOR + 3.25%), due 10/25/49 | $ 2,452,394 | $ 2,259,194 |
Series 2020-01, Class M10 | ||
7.336% (1 Month LIBOR + 3.75%), due 3/25/50 | 1,420,000 | 1,316,416 |
One Bryant Park Trust | ||
Series 2019-OBP, Class A | ||
2.516%, due 9/15/54 (a) | 4,665,000 | 3,715,799 |
SLG Office Trust (a) | ||
Series 2021-OVA, Class A | ||
2.585%, due 7/15/41 | 645,000 | 501,611 |
Series 2021-OVA, Class D | ||
2.851%, due 7/15/41 | 1,290,000 | 926,680 |
SMRT | ||
Series 2022-MINI, Class D | ||
5.326% (1 Month SOFR + 1.95%), due 1/15/39 (a)(b) | 2,650,000 | 2,464,849 |
UBS-Barclays Commercial Mortgage Trust | ||
Series 2013-C6, Class B | ||
3.875%, due 4/10/46 (a)(j) | 2,360,000 | 2,283,698 |
Wells Fargo Commercial Mortgage Trust | ||
Series 2018-AUS, Class A | ||
4.058%, due 8/17/36 (a)(i) | 2,395,000 | 2,170,723 |
WFRBS Commercial Mortgage Trust | ||
Series 2014-C21, Class AS | ||
3.891%, due 8/15/47 | 2,175,000 | 2,052,506 |
84,329,220 | ||
Whole Loan (Collateralized Mortgage Obligations) 13.2% | ||
Alternative Loan Trust | ||
Series 2005-31, Class 1A1 | ||
4.146% (1 Month LIBOR + 0.56%), due 8/25/35 (b) | 1,889,518 | 1,633,881 |
Connecticut Avenue Securities Trust (a)(b) | ||
Series 2020-R02, Class 2M2 | ||
5.586% (1 Month LIBOR + 2.00%), due 1/25/40 | 1,559,527 | 1,531,474 |
Series 2021-R01, Class 1B1 | ||
6.097% (SOFR 30A + 3.10%), due 10/25/41 | 4,025,000 | 3,635,676 |
Series 2020-SBT1, Class 1M2 | ||
7.236% (1 Month LIBOR + 3.65%), due 2/25/40 | 1,270,000 | 1,232,497 |
22 | MainStay MacKay Strategic Bond Fund |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Whole Loan (Collateralized Mortgage Obligations) (continued) | ||
FHLMC STACR REMIC Trust (a)(b) | ||
Series 2021-DNA6, Class M2 | ||
4.497% (SOFR 30A + 1.50%), due 10/25/41 | $ 1,041,000 | $ 955,399 |
Series 2020-DNA6, Class M2 | ||
4.997% (SOFR 30A + 2.00%), due 12/25/50 | 3,068,726 | 3,018,078 |
Series 2021-HQA2, Class M2 | ||
5.047% (SOFR 30A + 2.05%), due 12/25/33 | 2,155,000 | 1,898,083 |
Series 2021-HQA3, Class M2 | ||
5.097% (SOFR 30A + 2.10%), due 9/25/41 | 2,615,000 | 2,224,400 |
Series 2021-HQA1, Class M2 | ||
5.247% (SOFR 30A + 2.25%), due 8/25/33 | 2,540,000 | 2,322,477 |
Series 2022-DNA3, Class M1B | ||
5.897% (SOFR 30A + 2.90%), due 4/25/42 | 2,495,000 | 2,314,114 |
Series 2020-HQA1, Class B1 | ||
5.936% (1 Month LIBOR + 2.35%), due 1/25/50 | 1,815,000 | 1,634,527 |
Series 2021-HQA1, Class B1 | ||
5.997% (SOFR 30A + 3.00%), due 8/25/33 | 3,781,290 | 3,035,741 |
Series 2020-DNA6, Class B1 | ||
5.997% (SOFR 30A + 3.00%), due 12/25/50 | 3,030,000 | 2,780,075 |
Series 2021-DNA5, Class B1 | ||
6.047% (SOFR 30A + 3.05%), due 1/25/34 | 2,610,000 | 2,268,749 |
Series 2020-DNA2, Class B1 | ||
6.086% (1 Month LIBOR + 2.50%), due 2/25/50 | 3,015,000 | 2,867,762 |
Series 2021-HQA2, Class B1 | ||
6.147% (SOFR 30A + 3.15%), due 12/25/33 | 2,380,000 | 1,895,300 |
Series 2021-HQA3, Class B1 | ||
6.347% (SOFR 30A + 3.35%), due 9/25/41 | 4,030,000 | 3,444,592 |
Series 2022-DNA1, Class B1 | ||
6.397% (SOFR 30A + 3.40%), due 1/25/42 | 3,710,295 | 3,208,017 |
Series 2021-DNA3, Class B1 | ||
6.497% (SOFR 30A + 3.50%), due 10/25/33 | 2,860,000 | 2,446,519 |
Principal Amount | Value | |
Whole Loan (Collateralized Mortgage Obligations) (continued) | ||
FHLMC STACR REMIC Trust (a)(b) (continued) | ||
Series 2022-DNA2, Class M2 | ||
6.747% (SOFR 30A + 3.75%), due 2/25/42 | $ 1,690,000 | $ 1,544,842 |
FHLMC STACR Trust (a)(b) | ||
Series 2019-DNA3, Class B1 | ||
6.836% (1 Month LIBOR + 3.25%), due 7/25/49 | 2,125,000 | 2,022,701 |
Series 2018-DNA2, Class B1 | ||
7.286% (1 Month LIBOR + 3.70%), due 12/25/30 | 2,850,000 | 2,801,237 |
Series 2019-DNA2, Class B1 | ||
7.936% (1 Month LIBOR + 4.35%), due 3/25/49 | 895,000 | 895,000 |
Series 2019-DNA1, Class B1 | ||
8.236% (1 Month LIBOR + 4.65%), due 1/25/49 | 2,495,000 | 2,549,887 |
FHLMC Structured Agency Credit Risk Debt Notes | ||
Series 2021-DNA2, Class B1 | ||
6.397% (SOFR 30A + 3.40%), due 8/25/33 (a)(b) | 1,365,000 | 1,176,997 |
FNMA (b) | ||
Series 2017-C07, Class 2M2 | ||
6.086% (1 Month LIBOR + 2.50%), due 5/25/30 | 3,031,363 | 3,016,318 |
Series 2021-R02, Class 2B1 | ||
6.297% (SOFR 30A + 3.30%), due 11/25/41 (a) | 1,450,000 | 1,277,595 |
Series 2017-C04, Class 2M2 | ||
6.436% (1 Month LIBOR + 2.85%), due 11/25/29 | 2,038,858 | 2,059,872 |
Series 2018-C01, Class 1B1 | ||
7.136% (1 Month LIBOR + 3.55%), due 7/25/30 | 3,555,000 | 3,544,020 |
Series 2017-C07, Class 1B1 | ||
7.586% (1 Month LIBOR + 4.00%), due 5/25/30 | 2,940,000 | 2,971,234 |
Series 2018-C06, Class 2B1 | ||
7.686% (1 Month LIBOR + 4.10%), due 3/25/31 | 995,000 | 990,272 |
Series 2018-C05, Class 1B1 | ||
7.836% (1 Month LIBOR + 4.25%), due 1/25/31 | 1,451,000 | 1,464,506 |
Series 2018-C04, Class 2B1 | ||
8.086% (1 Month LIBOR + 4.50%), due 12/25/30 | 1,432,000 | 1,448,439 |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Whole Loan (Collateralized Mortgage Obligations) (continued) | ||
Galton Funding Mortgage Trust | ||
Series 2018-2, Class A51 | ||
4.50%, due 10/25/58 (a)(j) | $ 429,281 | $ 401,588 |
GreenPoint Mortgage Funding Trust | ||
Series 2007-AR3, Class A1 | ||
4.026% (1 Month LIBOR + 0.44%), due 6/25/37 (b) | 381,677 | 345,609 |
New Residential Mortgage Loan Trust (a) | ||
Series 2019-5A, Class B7 | ||
4.359%, due 8/25/59 (i) | 2,242,824 | 1,341,890 |
Series 2019-4A, Class B6 | ||
4.667%, due 12/25/58 (j) | 2,079,290 | 1,221,313 |
Series 2019-2A, Class B6 | ||
4.891%, due 12/25/57 (j) | 845,315 | 524,640 |
NewRez Warehouse Securitization Trust | ||
Series 2021-1, Class B | ||
4.486% (1 Month LIBOR + 0.90%), due 5/25/55 (a)(b) | 3,085,000 | 3,018,049 |
Sequoia Mortgage Trust | ||
Series 2018-7, Class B3 | ||
4.253%, due 9/25/48 (a)(j) | 1,378,158 | 1,103,244 |
STACR Trust (a)(b) | ||
Series 2018-HRP2, Class M3 | ||
5.986% (1 Month LIBOR + 2.40%), due 2/25/47 | 3,035,421 | 2,932,618 |
Series 2018-HRP2, Class B1 | ||
7.786% (1 Month LIBOR + 4.20%), due 2/25/47 | 2,435,000 | 2,363,115 |
WaMu Mortgage Pass-Through Certificates Trust | ||
Series 2006-AR9, Class 2A | ||
2.419% (12 Month Monthly Treasury Average Index + 1.048%), due 8/25/46 (b) | 561,666 | 485,897 |
85,848,244 | ||
Total Mortgage-Backed Securities (Cost $220,215,119) | 201,714,932 |
Principal Amount | Value | |
Municipal Bond 0.3% | ||
California 0.3% | ||
Regents of the University of California Medical Center, Pooled Revenue Bonds | ||
Series N | ||
3.006%, due 5/15/50 | $ 2,760,000 | $ 1,725,658 |
Total Municipal Bond (Cost $2,760,000) | 1,725,658 | |
U.S. Government & Federal Agencies 7.1% | ||
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Security) 0.3% | ||
UMBS, 30 Year | ||
3.50%, due 7/1/52 | 2,495,682 | 2,195,932 |
Federal National Mortgage Association (Mortgage Pass-Through Securities) 1.9% | ||
UMBS, 30 Year | ||
4.00%, due 6/1/52 | 10,103,083 | 9,196,013 |
4.00%, due 7/1/52 | 3,276,438 | 2,982,269 |
12,178,282 | ||
United States Treasury Bonds 0.8% | ||
U.S. Treasury Bonds | ||
3.00%, due 8/15/52 | 2,820,000 | 2,258,203 |
3.375%, due 8/15/42 | 3,230,000 | 2,786,380 |
5,044,583 | ||
United States Treasury Notes 4.1% | ||
U.S. Treasury Notes | ||
2.75%, due 8/15/32 | 22,290,000 | 19,946,067 |
4.00%, due 10/31/29 | 7,245,000 | 7,177,078 |
27,123,145 | ||
Total U.S. Government & Federal Agencies (Cost $50,741,624) | 46,541,942 | |
Total Long-Term Bonds (Cost $726,217,258) | 632,696,958 | |
Shares | ||
Common Stocks 0.0% ‡ | ||
Commercial Services & Supplies 0.0% ‡ | ||
Quad/Graphics, Inc. (k) | 14 | 39 |
24 | MainStay MacKay Strategic Bond Fund |
Shares | Value | ||
Common Stocks (continued) ‡ | |||
Tobacco 0.0% ‡ | |||
Turning Point Brands, Inc. | 6,802 | $ 160,255 | |
Total Common Stocks (Cost $0) | 160,294 | ||
Short-Term Investments 2.2% | |||
Affiliated Investment Company 1.6% | |||
MainStay U.S. Government Liquidity Fund, 2.905% (l) | 10,062,379 | 10,062,379 | |
Unaffiliated Investment Company 0.6% | |||
Invesco Government & Agency Portfolio, 3.163% (l)(m) | 3,978,300 | 3,978,300 | |
Total Short-Term Investments (Cost $14,040,679) | 14,040,679 | ||
Total Investments (Cost $740,257,937) | 99.4% | 646,897,931 | |
Other Assets, Less Liabilities | 0.6 | 4,182,322 | |
Net Assets | 100.0% | $ 651,080,253 |
† | Percentages indicated are based on Fund net assets. |
‡ | 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, 2022. |
(c) | All or a portion of this security was held on loan. As of October 31, 2022, the aggregate market value of securities on loan was $4,719,550; the total market value of collateral held by the Fund was $4,892,114. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $913,814. The Fund received cash collateral with a value of $3,978,300. (See Note 2(L)) |
(d) | Fixed to floating rate—Rate shown was the rate in effect as of October 31, 2022. |
(e) | Security is perpetual and, thus, does not have a predetermined maturity date. The date shown, if applicable, reflects the next call date. |
(f) | Illiquid security—As of October 31, 2022, the total market value deemed illiquid under procedures approved by the Board of Trustees was $1,348,200, which represented 0.2% of the Fund’s net assets.(Unaudited) |
(g) | Step coupon—Rate shown was the rate in effect as of October 31, 2022. |
(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) | 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, 2022. |
(j) | 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, 2022. |
(k) | Non-income producing security. |
(l) | Current yield as of October 31, 2022. |
(m) | 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 | $ 53,259 | $ 348,239 | $ (391,436) | $ — | $ — | $ 10,062 | $ 121 | $ — | 10,062 |
Type | Number of Contracts | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)2 |
Long Contracts | |||||
U.S. Treasury 10 Year Ultra Bonds | 513 | December 2022 | $ 63,728,136 | $ 59,499,984 | $ (4,228,152) |
U.S. Treasury Long Bonds | 48 | December 2022 | �� 6,145,549 | 5,784,000 | (361,549) |
Total Long Contracts | (4,589,701) | ||||
Short Contracts | |||||
U.S. Treasury 2 Year Notes | (151) | December 2022 | (31,218,676) | (30,861,804) | 356,872 |
U.S. Treasury 5 Year Notes | (451) | December 2022 | (50,065,699) | (48,073,781) | 1,991,918 |
U.S. Treasury 10 Year Notes | (620) | December 2022 | (71,601,535) | (68,568,125) | 3,033,410 |
U.S. Treasury Ultra Bonds | (11) | December 2022 | (1,497,480) | (1,404,219) | 93,261 |
Total Short Contracts | 5,475,461 | ||||
Net Unrealized Appreciation | $ 885,760 |
1. | As of October 31, 2022, cash in the amount of $1,046,103 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, 2022. |
Notional Amount | Currency | Expiration Date | Payments made by Fund | Payments Received by Fund | Payment Frequency Paid/Received | Upfront Premiums Paid/ (Received) | Value | Unrealized Appreciation/ (Depreciation) | ||
$ 40,000,000 | USD | 3/16/23 | Fixed 2.793% | 3 month USD LIBOR | Semi-Annually/Quarterly | $ — | $ 263,171 | $ 263,171 | ||
41,000,000 | USD | 3/29/23 | Fixed 2.762% | 3 month USD LIBOR | Semi-Annually/Quarterly | — | 301,558 | 301,558 | ||
$ — | $ 564,729 | $ 564,729 |
1. | As of October 31, 2022, cash in the amount of $136,995 was on deposit with a broker for centrally cleared swap agreements. |
Abbreviation(s): |
FHLMC—Federal Home Loan Mortgage Corp. |
FNMA—Federal National Mortgage Association |
FREMF—Freddie Mac Multifamily |
GNMA—Government National Mortgage Association |
LIBOR—London Interbank Offered Rate |
REMIC—Real Estate Mortgage Investment Conduit |
SOFR—Secured Overnight Financing Rate |
UMBS—Uniform Mortgage Backed Securities |
USD—United States Dollar |
USISDA—U.S. dollar International Swaps and Derivatives Association |
26 | MainStay MacKay Strategic 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) | |||||||
Long-Term Bonds | |||||||
Asset-Backed Securities | $ — | $ 96,693,446 | $ — | $ 96,693,446 | |||
Corporate Bonds | — | 268,490,003 | — | 268,490,003 | |||
Foreign Government Bonds | — | 15,151,599 | — | 15,151,599 | |||
Loan Assignments | — | 2,379,378 | — | 2,379,378 | |||
Mortgage-Backed Securities | — | 201,714,932 | — | 201,714,932 | |||
Municipal Bond | — | 1,725,658 | — | 1,725,658 | |||
U.S. Government & Federal Agencies | — | 46,541,942 | — | 46,541,942 | |||
Total Long-Term Bonds | — | 632,696,958 | — | 632,696,958 | |||
Common Stocks | 160,294 | — | — | 160,294 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 10,062,379 | — | — | 10,062,379 | |||
Unaffiliated Investment Company | 3,978,300 | — | — | 3,978,300 | |||
Total Short-Term Investments | 14,040,679 | — | — | 14,040,679 | |||
Total Investments in Securities | 14,200,973 | 632,696,958 | — | 646,897,931 | |||
Other Financial Instruments (b) | |||||||
Futures Contracts | 5,475,461 | — | — | 5,475,461 | |||
Interest Rate Swaps | — | 564,729 | — | 564,729 | |||
Total Other Financial Instruments | 5,475,461 | 564,729 | — | 6,040,190 | |||
Total Investments in Securities and Other Financial Instruments | $ 19,676,434 | $ 633,261,687 | $ — | $ 652,938,121 | |||
Liability Valuation Inputs | |||||||
Other Financial Instruments | |||||||
Futures Contracts (b) | $ (4,589,701) | $ — | $ — | $ (4,589,701) |
(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 $730,195,558) including securities on loan of $4,719,550 | $ 636,835,552 |
Investment in affiliated investment companies, at value (identified cost $10,062,379) | 10,062,379 |
Cash | 61,152 |
Cash denominated in foreign currencies (identified cost $497) | 438 |
Cash collateral on deposit at broker for futures contracts | 1,046,103 |
Cash collateral on deposit at broker for swap contracts | 136,995 |
Receivables: | |
Fund shares sold | 5,686,942 |
Dividends and interest | 4,816,427 |
Investment securities sold | 1,724,330 |
Variation margin on futures contracts | 169,687 |
Variation margin on centrally cleared swap contracts | 31,379 |
Securities lending | 4,723 |
Other assets | 32,508 |
Total assets | 660,608,615 |
Liabilities | |
Cash collateral received for securities on loan | 3,978,300 |
Payables: | |
Investment securities purchased | 2,939,947 |
Fund shares redeemed | 1,681,221 |
Manager (See Note 3) | 301,042 |
Transfer agent (See Note 3) | 164,420 |
Shareholder communication | 63,495 |
NYLIFE Distributors (See Note 3) | 61,584 |
Professional fees | 18,291 |
Custodian | 13,225 |
Accrued expenses | 6,545 |
Distributions payable | 300,292 |
Total liabilities | 9,528,362 |
Net assets | $ 651,080,253 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.01 per share) unlimited number of shares authorized | $ 819,569 |
Additional paid-in-capital | 912,771,931 |
913,591,500 | |
Total distributable earnings (loss) | (262,511,247) |
Net assets | $ 651,080,253 |
Class A | |
Net assets applicable to outstanding shares | $178,507,538 |
Shares of beneficial interest outstanding | 22,486,256 |
Net asset value per share outstanding | $ 7.94 |
Maximum sales charge (4.50% of offering price) | 0.37 |
Maximum offering price per share outstanding | $ 8.31 |
Investor Class | |
Net assets applicable to outstanding shares | $ 13,795,223 |
Shares of beneficial interest outstanding | 1,722,032 |
Net asset value per share outstanding | $ 8.01 |
Maximum sales charge (4.00% of offering price) | 0.33 |
Maximum offering price per share outstanding | $ 8.34 |
Class B | |
Net assets applicable to outstanding shares | $ 1,326,825 |
Shares of beneficial interest outstanding | 167,959 |
Net asset value and offering price per share outstanding | $ 7.90 |
Class C | |
Net assets applicable to outstanding shares | $ 20,804,405 |
Shares of beneficial interest outstanding | 2,635,779 |
Net asset value and offering price per share outstanding | $ 7.89 |
Class I | |
Net assets applicable to outstanding shares | $433,814,230 |
Shares of beneficial interest outstanding | 54,588,924 |
Net asset value and offering price per share outstanding | $ 7.95 |
Class R2 | |
Net assets applicable to outstanding shares | $ 982,787 |
Shares of beneficial interest outstanding | 123,752 |
Net asset value and offering price per share outstanding | $ 7.94 |
Class R3 | |
Net assets applicable to outstanding shares | $ 500,682 |
Shares of beneficial interest outstanding | 63,049 |
Net asset value and offering price per share outstanding | $ 7.94 |
Class R6 | |
Net assets applicable to outstanding shares | $ 1,348,563 |
Shares of beneficial interest outstanding | 169,149 |
Net asset value and offering price per share outstanding | $ 7.97 |
28 | MainStay MacKay Strategic Bond Fund |
Investment Income (Loss) | |
Income | |
Interest | $ 26,116,613 |
Dividends-affiliated | 120,582 |
Securities lending, net | 75,694 |
Dividends-unaffiliated | 1,598 |
Total income | 26,314,487 |
Expenses | |
Manager (See Note 3) | 4,171,449 |
Transfer agent (See Note 3) | 979,118 |
Distribution/Service—Class A (See Note 3) | 470,267 |
Distribution/Service—Investor Class (See Note 3) | 38,376 |
Distribution/Service—Class B (See Note 3) | 22,675 |
Distribution/Service—Class C (See Note 3) | 342,383 |
Distribution/Service—Class R2 (See Note 3) | 2,561 |
Distribution/Service—Class R3 (See Note 3) | 2,947 |
Registration | 137,137 |
Professional fees | 115,787 |
Custodian | 59,079 |
Shareholder communication | 58,292 |
Trustees | 13,462 |
Shareholder service (See Note 3) | 1,613 |
Miscellaneous | 31,426 |
Total expenses before waiver/reimbursement | 6,446,572 |
Expense waiver/reimbursement from Manager (See Note 3) | (407,855) |
Net expenses | 6,038,717 |
Net investment income (loss) | 20,275,770 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | (7,712,885) |
Futures transactions | 22,524,053 |
Swap transactions | (1,255,466) |
Foreign currency transactions | (18,722) |
Foreign currency forward transactions | 107,896 |
Net realized gain (loss) | 13,644,876 |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | (111,773,883) |
Futures contracts | (2,480,945) |
Swap contracts | 3,186,533 |
Foreign currency forward contracts | (99,122) |
Translation of other assets and liabilities in foreign currencies | (165) |
Net change in unrealized appreciation (depreciation) | (111,167,582) |
Net realized and unrealized gain (loss) | (97,522,706) |
Net increase (decrease) in net assets resulting from operations | $ (77,246,936) |
for the years ended October 31, 2022 and October 31, 2021
2022 | 2021 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 20,275,770 | $ 17,093,965 |
Net realized gain (loss) | 13,644,876 | 21,145,313 |
Net change in unrealized appreciation (depreciation) | (111,167,582) | (993,238) |
Net increase (decrease) in net assets resulting from operations | (77,246,936) | 37,246,040 |
Distributions to shareholders: | ||
Class A | (4,730,207) | (3,635,420) |
Investor Class | (353,497) | (323,097) |
Class B | (31,662) | (45,962) |
Class C | (480,971) | (629,126) |
Class I | (12,885,438) | (9,317,197) |
Class R2 | (24,679) | (19,150) |
Class R3 | (12,448) | (5,926) |
Class R6 | (39,398) | (24,072) |
(18,558,300) | (13,999,950) | |
Distributions to shareholders from return of capital: | ||
Class A | — | (221,004) |
Investor Class | — | (19,642) |
Class B | — | (2,794) |
Class C | — | (38,246) |
Class I | — | (566,411) |
Class R2 | — | (1,164) |
Class R3 | — | (360) |
Class R6 | — | (1,463) |
— | (851,084) | |
Total distributions to shareholders | (18,558,300) | (14,851,034) |
Capital share transactions: | ||
Net proceeds from sales of shares | 301,260,901 | 165,058,912 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 16,426,709 | 13,300,032 |
Cost of shares redeemed | (281,548,790) | (160,495,682) |
Increase (decrease) in net assets derived from capital share transactions | 36,138,820 | 17,863,262 |
Net increase (decrease) in net assets | (59,666,416) | 40,258,268 |
Net Assets | ||
Beginning of year | 710,746,669 | 670,488,401 |
End of year | $ 651,080,253 | $ 710,746,669 |
30 | MainStay MacKay Strategic Bond Fund |
Year Ended October 31, | |||||||||
Class A | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 9.10 | $ 8.80 | $ 8.74 | $ 8.65 | $ 8.90 | ||||
Net investment income (loss) (a) | 0.24 | 0.22 | 0.22 | 0.23 | 0.24 | ||||
Net realized and unrealized gain (loss) | (1.19) | 0.27 | 0.06 | 0.11 | (0.22) | ||||
Total from investment operations | (0.95) | 0.49 | 0.28 | 0.34 | 0.02 | ||||
Less distributions: | |||||||||
From net investment income | (0.21) | (0.18) | (0.21) | (0.25) | (0.27) | ||||
Return of capital | — | (0.01) | (0.01) | — | (0.00)‡ | ||||
Total distributions | (0.21) | (0.19) | (0.22) | (0.25) | (0.27) | ||||
Net asset value at end of year | $ 7.94 | $ 9.10 | $ 8.80 | $ 8.74 | $ 8.65 | ||||
Total investment return (b) | (10.51)% | 5.61% | 3.27% | 3.99% | 0.25% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.75% | 2.43% | 2.60% | 2.66% | 2.69% | ||||
Net expenses (c) | 1.04% | 1.07%(d) | 1.18%(d) | 1.27%(d) | 1.25%(d) | ||||
Portfolio turnover rate | 86% | 53% | 56%(e) | 50%(e) | 22% | ||||
Net assets at end of year (in 000’s) | $ 178,508 | $ 192,190 | $ 175,682 | $ 197,686 | $ 220,618 |
‡ | 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, 2021 | 1.04% | 0.03% | ||
October 31, 2020 | 1.07% | 0.11% | ||
October 31, 2019 | 1.07% | 0.20% | ||
October 31, 2018 | 1.03% | 0.22% |
(e) | The portfolio turnover rate not including mortgage dollar rolls was 53% and 44% for the years ended October 31, 2020 and 2019, respectively. |
Year Ended October 31, | |||||||||
Investor Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 9.18 | $ 8.88 | $ 8.81 | $ 8.72 | $ 8.97 | ||||
Net investment income (loss) (a) | 0.22 | 0.21 | 0.22 | 0.23 | 0.24 | ||||
Net realized and unrealized gain (loss) | (1.19) | 0.27 | 0.06 | 0.11 | (0.22) | ||||
Total from investment operations | (0.97) | 0.48 | 0.28 | 0.34 | 0.02 | ||||
Less distributions: | |||||||||
From net investment income | (0.20) | (0.17) | (0.20) | (0.25) | (0.27) | ||||
Return of capital | — | (0.01) | (0.01) | — | (0.00)‡ | ||||
Total distributions | (0.20) | (0.18) | (0.21) | (0.25) | (0.27) | ||||
Net asset value at end of year | $ 8.01 | $ 9.18 | $ 8.88 | $ 8.81 | $ 8.72 | ||||
Total investment return (b) | (10.65)% | 5.41% | 3.29% | 3.93% | 0.23% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.59% | 2.30% | 2.54% | 2.63% | 2.68% | ||||
Net expenses (c) | 1.18% | 1.20%(d) | 1.24%(d) | 1.29%(d) | 1.27%(d) | ||||
Portfolio turnover rate | 86% | 53% | 56%(e) | 50%(e) | 22% | ||||
Net assets at end of year (in 000's) | $ 13,795 | $ 16,874 | $ 18,139 | $ 19,748 | $ 20,451 |
‡ | 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, 2021 | 1.17% | 0.03% | ||
October 31, 2020 | 1.13% | 0.11% | ||
October 31, 2019 | 1.09% | 0.20% | ||
October 31, 2018 | 1.05% | 0.22% |
(e) | The portfolio turnover rate not including mortgage dollar rolls was 53% and 44% for the years ended October 31, 2020 and 2019, respectively. |
32 | MainStay MacKay Strategic Bond Fund |
Year Ended October 31, | |||||||||
Class B | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 9.06 | $ 8.76 | $ 8.70 | $ 8.61 | $ 8.86 | ||||
Net investment income (loss) (a) | 0.15 | 0.14 | 0.15 | 0.16 | 0.17 | ||||
Net realized and unrealized gain (loss) | (1.17) | 0.27 | 0.06 | 0.11 | (0.22) | ||||
Total from investment operations | (1.02) | 0.41 | 0.21 | 0.27 | (0.05) | ||||
Less distributions: | |||||||||
From net investment income | (0.14) | (0.10) | (0.15) | (0.18) | (0.20) | ||||
Return of capital | — | (0.01) | (0.00)‡ | — | (0.00)‡ | ||||
Total distributions | (0.14) | (0.11) | (0.15) | (0.18) | (0.20) | ||||
Net asset value at end of year | $ 7.90 | $ 9.06 | $ 8.76 | $ 8.70 | $ 8.61 | ||||
Total investment return (b) | (11.27)% | 4.57% | 2.44% | 3.20% | (0.52)% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.74% | 1.55% | 1.77% | 1.90% | 1.92% | ||||
Net expenses (c) | 1.93% | 1.95%(d) | 2.00%(d) | 2.04%(d) | 2.02%(d) | ||||
Portfolio turnover rate | 86% | 53% | 56%(e) | 50%(e) | 22% | ||||
Net assets at end of year (in 000’s) | $ 1,327 | $ 3,191 | $ 4,872 | $ 7,970 | $ 11,015 |
‡ | 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, 2021 | 1.92% | 0.03% | ||
October 31, 2020 | 1.89% | 0.11% | ||
October 31, 2019 | 1.84% | 0.20% | ||
October 31, 2018 | 1.80% | 0.22% |
(e) | The portfolio turnover rate not including mortgage dollar rolls was 53% and 44% for the years ended October 31, 2020 and 2019, respectively. |
Year Ended October 31, | |||||||||
Class C | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 9.05 | $ 8.75 | $ 8.69 | $ 8.60 | $ 8.85 | ||||
Net investment income (loss) (a) | 0.15 | 0.14 | 0.15 | 0.16 | 0.17 | ||||
Net realized and unrealized gain (loss) | (1.17) | 0.27 | 0.06 | 0.11 | (0.22) | ||||
Total from investment operations | (1.02) | 0.41 | 0.21 | 0.27 | (0.05) | ||||
Less distributions: | |||||||||
From net investment income | (0.14) | (0.10) | (0.15) | (0.18) | (0.20) | ||||
Return of capital | — | (0.01) | (0.00)‡ | — | (0.00)‡ | ||||
Total distributions | (0.14) | (0.11) | (0.15) | (0.18) | (0.20) | ||||
Net asset value at end of year | $ 7.89 | $ 9.05 | $ 8.75 | $ 8.69 | $ 8.60 | ||||
Total investment return (b) | (11.38)% | 4.69% | 2.45% | 3.21% | (0.52)% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.75% | 1.55% | 1.78% | 1.90% | 1.92% | ||||
Net expenses (c) | 1.93% | 1.95%(d) | 2.00%(d) | 2.04%(d) | 2.02%(d) | ||||
Portfolio turnover rate | 86% | 53% | 56%(e) | 50%(e) | 22% | ||||
Net assets at end of year (in 000’s) | $ 20,804 | $ 46,537 | $ 65,158 | $ 91,598 | $ 128,279 |
‡ | 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, 2021 | 1.92% | 0.03% | ||
October 31, 2020 | 1.89% | 0.11% | ||
October 31, 2019 | 1.84% | 0.20% | ||
October 31, 2018 | 1.80% | 0.22% |
(e) | The portfolio turnover rate not including mortgage dollar rolls was 53% and 44% for the years ended October 31, 2020 and 2019, respectively. |
34 | MainStay MacKay Strategic Bond Fund |
Year Ended October 31, | |||||||||
Class I | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 9.11 | $ 8.81 | $ 8.75 | $ 8.66 | $ 8.91 | ||||
Net investment income (loss) (a) | 0.27 | 0.25 | 0.24 | 0.25 | 0.26 | ||||
Net realized and unrealized gain (loss) | (1.19) | 0.27 | 0.06 | 0.11 | (0.22) | ||||
Total from investment operations | (0.92) | 0.52 | 0.30 | 0.36 | 0.04 | ||||
Less distributions: | |||||||||
From net investment income | (0.24) | (0.21) | (0.23) | (0.27) | (0.29) | ||||
Return of capital | — | (0.01) | (0.01) | — | (0.00)‡ | ||||
Total distributions | (0.24) | (0.22) | (0.24) | (0.27) | (0.29) | ||||
Net asset value at end of year | $ 7.95 | $ 9.11 | $ 8.81 | $ 8.75 | $ 8.66 | ||||
Total investment return (b) | (10.19)% | 5.88% | 3.53% | 4.24% | 0.51% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 3.09% | 2.70% | 2.83% | 2.91% | 2.94% | ||||
Net expenses (c) | 0.70% | 0.79%(d) | 0.94%(d) | 1.02%(d) | 1.00%(d) | ||||
Expenses (before waiver/reimbursement) (c) | 0.79% | 0.82% | 0.94% | 1.02% | 1.00% | ||||
Portfolio turnover rate | 86% | 53% | 56%(e) | 50%(e) | 22% | ||||
Net assets at end of year (in 000’s) | $ 433,814 | $ 448,881 | $ 404,964 | $ 604,981 | $ 717,129 |
‡ | 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 expense ratios presented below show the impact of short sales expense: |
Year Ended | Net Expenses (excluding short sale expenses) | Short Sales Expenses | ||
October 31, 2021 | 0.76% | 0.03% | ||
October 31, 2020 | 0.83% | 0.11% | ||
October 31, 2019 | 0.82% | 0.20% | ||
October 31, 2018 | 0.78% | 0.22% |
(e) | The portfolio turnover rate not including mortgage dollar rolls was 53% and 44% for the years ended October 31, 2020 and 2019, respectively. |
Year Ended October 31, | |||||||||
Class R2 | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 9.11 | $ 8.81 | $ 8.74 | $ 8.65 | $ 8.90 | ||||
Net investment income (loss) (a) | 0.23 | 0.21 | 0.21 | 0.22 | 0.23 | ||||
Net realized and unrealized gain (loss) | (1.19) | 0.27 | 0.07 | 0.11 | (0.22) | ||||
Total from investment operations | (0.96) | 0.48 | 0.28 | 0.33 | 0.01 | ||||
Less distributions: | |||||||||
From net investment income | (0.21) | (0.17) | (0.20) | (0.24) | (0.26) | ||||
Return of capital | — | (0.01) | (0.01) | — | (0.00)‡ | ||||
Total distributions | (0.21) | (0.18) | (0.21) | (0.24) | (0.26) | ||||
Net asset value at end of year | $ 7.94 | $ 9.11 | $ 8.81 | $ 8.74 | $ 8.65 | ||||
Total investment return (b) | (10.69)% | 5.49% | 3.27% | 3.89% | 0.16% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.64% | 2.33% | 2.49% | 2.54% | 2.67% | ||||
Net expenses (c) | 1.14% | 1.17%(d) | 1.29%(d) | 1.37%(d) | 1.34%(d) | ||||
Portfolio turnover rate | 86% | 53% | 56%(e) | 50%(e) | 22% | ||||
Net assets at end of year (in 000’s) | $ 983 | $ 1,047 | $ 934 | $ 7,232 | $ 6,657 |
‡ | 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 expense ratios presented below show the impact of short sales expense: |
Year Ended | Net Expenses (excluding short sale expenses) | Short Sales Expenses | ||
October 31, 2021 | 1.14% | 0.03% | ||
October 31, 2020 | 1.18% | 0.11% | ||
October 31, 2019 | 1.17% | 0.20% | ||
October 31, 2018 | 1.14% | 0.20% |
(e) | The portfolio turnover rate not including mortgage dollar rolls was 53% and 44% for the years ended October 31, 2020 and 2019, respectively. |
36 | MainStay MacKay Strategic Bond Fund |
Year Ended October 31, | |||||||||
Class R3 | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 9.10 | $ 8.80 | $ 8.74 | $ 8.65 | $ 8.90 | ||||
Net investment income (loss) (a) | 0.20 | 0.19 | 0.20 | 0.20 | 0.21 | ||||
Net realized and unrealized gain (loss) | (1.18) | 0.27 | 0.05 | 0.11 | (0.22) | ||||
Total from investment operations | (0.98) | 0.46 | 0.25 | 0.31 | (0.01) | ||||
Less distributions: | |||||||||
From net investment income | (0.18) | (0.15) | (0.18) | (0.22) | (0.24) | ||||
Return of capital | — | (0.01) | (0.01) | — | (0.00)‡ | ||||
Total distributions | (0.18) | (0.16) | (0.19) | (0.22) | (0.24) | ||||
Net asset value at end of year | $ 7.94 | $ 9.10 | $ 8.80 | $ 8.74 | $ 8.65 | ||||
Total investment return (b) | (10.83)% | 5.21% | 2.90% | 3.63% | (0.09)% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.38% | 2.05% | 2.27% | 2.29% | 2.36% | ||||
Net expenses (c) | 1.39% | 1.42%(d) | 1.52%(d) | 1.62%(d) | 1.60%(d) | ||||
Portfolio turnover rate | 86% | 53% | 56%(e) | 50%(e) | 22% | ||||
Net assets at end of year (in 000’s) | $ 501 | $ 619 | $ 276 | $ 218 | $ 190 |
‡ | 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 expense ratios presented below show the impact of short sales expense: |
Year Ended | Net Expenses (excluding short sale expenses) | Short Sales Expenses | ||
October 31, 2021 | 1.39% | 0.03% | ||
October 31, 2020 | 1.41% | 0.11% | ||
October 31, 2019 | 1.42% | 0.20% | ||
October 31, 2018 | 1.38% | 0.22% |
(e) | The portfolio turnover rate not including mortgage dollar rolls was 53% and 44% for the years ended October 31, 2020 and 2019, respectively. |
Year Ended October 31, | February 28, 2018^ through October 31, 2018 | ||||||||
Class R6 | 2022 | 2021 | 2020 | 2019 | |||||
Net asset value at beginning of period | $ 9.14 | $ 8.84 | $ 8.75 | $ 8.66 | $ 8.83 | ||||
Net investment income (loss) (a) | 0.27 | 0.26 | 0.25 | 0.27 | 0.19 | ||||
Net realized and unrealized gain (loss) | (1.19) | 0.26 | 0.09 | 0.11 | (0.14) | ||||
Total from investment operations | (0.92) | 0.52 | 0.34 | 0.38 | 0.05 | ||||
Less distributions: | |||||||||
From net investment income | (0.25) | (0.21) | (0.24) | (0.29) | (0.22) | ||||
Return of capital | — | (0.01) | (0.01) | — | (0.00)‡ | ||||
Total distributions | (0.25) | (0.22) | (0.25) | (0.29) | (0.22) | ||||
Net asset value at end of period | $ 7.97 | $ 9.14 | $ 8.84 | $ 8.75 | $ 8.66 | ||||
Total investment return (b) | (10.23)% | 5.97% | 4.04% | 4.43% | 0.54% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 3.14% | 2.83% | 2.88% | 3.13% | 3.18%†† | ||||
Net expenses (c) | 0.66% | 0.69%(d) | 0.82%(d) | 0.84%(d) | 0.85%††(d) | ||||
Portfolio turnover rate | 86% | 53% | 56%(e) | 50%(e) | 22% | ||||
Net assets at end of period (in 000’s) | $ 1,349 | $ 1,407 | $ 465 | $ 22,632 | $ 52,504 |
^ | 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 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 expense ratios presented below show the impact of short sales expense: |
Period Ended | Net Expenses (excluding short sale expenses) | Short Sales Expenses | ||
October 31, 2021 | 0.67% | 0.02% | ||
October 31, 2020 | 0.66% | 0.16% | ||
October 31, 2019 | 0.64% | 0.20% | ||
October 31, 2018 | 0.62% | 0.23% |
(e) | The portfolio turnover rate not including mortgage dollar rolls was 53% and 44% for the years ended October 31, 2020 and 2019, respectively. |
38 | MainStay MacKay Strategic Bond Fund |
Class | Commenced Operations |
Class A | February 28, 1997 |
Investor Class | February 28, 2008 |
Class B | February 28, 1997 |
Class C | September 1, 1998 |
Class I | January 2, 2004 |
Class R2 | February 28, 2014 |
Class R3 | February 29, 2016 |
Class R6 | February 28, 2018 |
SIMPLE Class | N/A* |
* | SIMPLE Class shares were registered for sale effective as of August 31, 2020 but have not yet commenced operations. |
• | Level 1—quoted prices (unadjusted) in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Fund's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• Benchmark yields | • Reported trades |
• Broker/dealer quotes | • Issuer spreads |
• Two-sided markets | • Benchmark securities |
• Bids/offers | • Reference data (corporate actions or material event notices) |
• Industry and economic events | • Comparable bonds |
• Monthly payment information |
40 | MainStay MacKay Strategic Bond Fund |
42 | MainStay MacKay Strategic Bond Fund |
44 | MainStay MacKay Strategic Bond Fund |
46 | MainStay MacKay Strategic Bond Fund |
Asset Derivatives | Interest Rate Contracts Risk | Total |
Futures Contracts - Net Assets—Net unrealized appreciation on futures contracts (a) | $5,475,461 | $5,475,461 |
Centrally Cleared Swap Contracts - Net Assets—Net unrealized appreciation on swap contracts (b) | 564,729 | 564,729 |
Total Fair Value | $6,040,190 | $6,040,190 |
(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. |
(b) | Includes cumulative appreciation (depreciation) of centrally cleared swap agreements as reported in the Portfolio of Investments. Only the 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) | $(4,589,701) | $(4,589,701) |
Total Fair Value | $(4,589,701) | $(4,589,701) |
(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: | Foreign Exchange Contracts Risk | Interest Rate Contracts Risk | Total |
Futures Contracts | $ — | $22,524,053 | $22,524,053 |
Swap Contracts | — | (1,255,466) | (1,255,466) |
Forward Contracts | 107,896 | — | 107,896 |
Total Net Realized Gain (Loss) | $107,896 | $21,268,587 | $21,376,483 |
Net Change in Unrealized Appreciation (Depreciation) | Foreign Exchange Contracts Risk | Interest Rate Contracts Risk | Total |
Futures Contracts | $ — | $(2,480,945) | $(2,480,945) |
Swap Contracts | — | 3,186,533 | 3,186,533 |
Forward Contracts | (99,122) | — | (99,122) |
Total Net Change in Unrealized Appreciation (Depreciation) | $(99,122) | $ 705,588 | $ 606,466 |
Average Notional Amount | Total |
Futures Contracts Long | $ 31,795,170 |
Futures Contracts Short | $(196,703,065) |
Swap Contracts Long | $ 81,000,000 |
Forward Contracts Long (a) | $ 4,229,291 |
Forward Contracts Short (a) | $ (4,266,464) |
(a) | Positions were open three months during the reporting period. |
Class R2 | $1,024 |
Class R3 | 589 |
48 | MainStay MacKay Strategic Bond Fund |
Class | Expense | Waived |
Class A | $245,485 | $— |
Investor Class | 41,544 | — |
Class B | 6,127 | — |
Class C | 92,516 | — |
Class I | 591,288 | — |
Class R2 | 1,336 | — |
Class R3 | 768 | — |
Class R6 | 54 | — |
Class I | $1,066,104 | 0.2% |
Class R3 | 28,514 | 5.7 |
Class R6 | 25,882 | 1.9 |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $741,065,524 | $1,476,988 | $(95,080,530) | $(93,603,542) |
Ordinary income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$765,992 | $(169,373,876) | $(300,292) | $(93,603,071) | $(262,511,247) |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $23,746 | $145,627 |
2022 | 2021 | |
Distributions paid from: | ||
Ordinary Income | $18,558,300 | $13,999,950 |
Return of Capital | — | 851,084 |
Total | $18,558,300 | $14,851,034 |
Class A | Shares | Amount |
Year ended October 31, 2022: | ||
Shares sold | 5,239,194 | $ 44,969,613 |
Shares issued to shareholders in reinvestment of distributions | 516,644 | 4,347,022 |
Shares redeemed | (4,555,605) | (38,840,159) |
Net increase (decrease) in shares outstanding before conversion | 1,200,233 | 10,476,476 |
Shares converted into Class A (See Note 1) | 194,631 | 1,666,342 |
Shares converted from Class A (See Note 1) | (22,766) | (195,017) |
Net increase (decrease) | 1,372,098 | $ 11,947,801 |
Year ended October 31, 2021: | ||
Shares sold | 4,142,465 | $ 37,695,529 |
Shares issued to shareholders in reinvestment of distributions | 386,703 | 3,514,807 |
Shares redeemed | (3,881,418) | (35,230,020) |
Net increase (decrease) in shares outstanding before conversion | 647,750 | 5,980,316 |
Shares converted into Class A (See Note 1) | 598,420 | 5,426,216 |
Shares converted from Class A (See Note 1) | (90,110) | (816,457) |
Net increase (decrease) | 1,156,060 | $ 10,590,075 |
Investor Class | Shares | Amount |
Year ended October 31, 2022: | ||
Shares sold | 72,504 | $ 632,849 |
Shares issued to shareholders in reinvestment of distributions | 40,927 | 347,822 |
Shares redeemed | (217,500) | (1,884,049) |
Net increase (decrease) in shares outstanding before conversion | (104,069) | (903,378) |
Shares converted into Investor Class (See Note 1) | 88,587 | 767,005 |
Shares converted from Investor Class (See Note 1) | (100,049) | (872,203) |
Net increase (decrease) | (115,531) | $ (1,008,576) |
Year ended October 31, 2021: | ||
Shares sold | 113,560 | $ 1,040,464 |
Shares issued to shareholders in reinvestment of distributions | 36,650 | 335,936 |
Shares redeemed | (273,230) | (2,505,424) |
Net increase (decrease) in shares outstanding before conversion | (123,020) | (1,129,024) |
Shares converted into Investor Class (See Note 1) | 155,880 | 1,424,394 |
Shares converted from Investor Class (See Note 1) | (238,288) | (2,185,706) |
Net increase (decrease) | (205,428) | $ (1,890,336) |
50 | MainStay MacKay Strategic Bond Fund |
Class B | Shares | Amount |
Year ended October 31, 2022: | ||
Shares sold | 11,822 | $ 106,766 |
Shares issued to shareholders in reinvestment of distributions | 3,034 | 25,484 |
Shares redeemed | (145,596) | (1,238,760) |
Net increase (decrease) in shares outstanding before conversion | (130,740) | (1,106,510) |
Shares converted from Class B (See Note 1) | (53,740) | (458,368) |
Net increase (decrease) | (184,480) | $ (1,564,878) |
Year ended October 31, 2021: | ||
Shares sold | 8,800 | $ 78,983 |
Shares issued to shareholders in reinvestment of distributions | 4,318 | 39,009 |
Shares redeemed | (146,647) | (1,325,666) |
Net increase (decrease) in shares outstanding before conversion | (133,529) | (1,207,674) |
Shares converted from Class B (See Note 1) | (70,410) | (635,484) |
Net increase (decrease) | (203,939) | $ (1,843,158) |
Class C | Shares | Amount |
Year ended October 31, 2022: | ||
Shares sold | 192,791 | $ 1,643,823 |
Shares issued to shareholders in reinvestment of distributions | 55,328 | 463,896 |
Shares redeemed | (2,628,674) | (22,246,426) |
Net increase (decrease) in shares outstanding before conversion | (2,380,555) | (20,138,707) |
Shares converted from Class C (See Note 1) | (126,672) | (1,073,171) |
Net increase (decrease) | (2,507,227) | $ (21,211,878) |
Year ended October 31, 2021: | ||
Shares sold | 471,716 | $ 4,268,995 |
Shares issued to shareholders in reinvestment of distributions | 72,232 | 652,329 |
Shares redeemed | (2,400,170) | (21,673,078) |
Net increase (decrease) in shares outstanding before conversion | (1,856,222) | (16,751,754) |
Shares converted from Class C (See Note 1) | (447,633) | (4,024,920) |
Net increase (decrease) | (2,303,855) | $ (20,776,674) |
Class I | Shares | Amount |
Year ended October 31, 2022: | ||
Shares sold | 29,577,873 | $ 253,024,297 |
Shares issued to shareholders in reinvestment of distributions | 1,323,433 | 11,171,084 |
Shares redeemed | (25,595,708) | (216,538,337) |
Net increase (decrease) in shares outstanding before conversion | 5,305,598 | 47,657,044 |
Shares converted into Class I (See Note 1) | 23,007 | 197,262 |
Shares converted from Class I (See Note 1) | (4,001) | (31,850) |
Net increase (decrease) | 5,324,604 | $ 47,822,456 |
Year ended October 31, 2021: | ||
Shares sold | 13,192,767 | $ 120,262,456 |
Shares issued to shareholders in reinvestment of distributions | 956,891 | 8,707,229 |
Shares redeemed | (10,934,086) | (99,338,416) |
Net increase (decrease) in shares outstanding before conversion | 3,215,572 | 29,631,269 |
Shares converted into Class I (See Note 1) | 89,508 | 811,957 |
Net increase (decrease) | 3,305,080 | $ 30,443,226 |
Class R2 | Shares | Amount |
Year ended October 31, 2022: | ||
Shares sold | 13,401 | $ 116,403 |
Shares issued to shareholders in reinvestment of distributions | 2,933 | 24,679 |
Shares redeemed | (7,531) | (65,679) |
Net increase (decrease) | 8,803 | $ 75,403 |
Year ended October 31, 2021: | ||
Shares sold | 14,072 | $ 127,816 |
Shares issued to shareholders in reinvestment of distributions | 2,234 | 20,315 |
Shares redeemed | (7,400) | (67,031) |
Net increase (decrease) | 8,906 | $ 81,100 |
Class R3 | Shares | Amount |
Year ended October 31, 2022: | ||
Shares sold | 7,736 | $ 66,560 |
Shares issued to shareholders in reinvestment of distributions | 874 | 7,363 |
Shares redeemed | (13,572) | (114,643) |
Net increase (decrease) | (4,962) | $ (40,720) |
Year ended October 31, 2021: | ||
Shares sold | 57,029 | $ 519,396 |
Shares issued to shareholders in reinvestment of distributions | 536 | 4,872 |
Shares redeemed | (20,844) | (189,665) |
Net increase (decrease) | 36,721 | $ 334,603 |
Class R6 | Shares | Amount |
Year ended October 31, 2022: | ||
Shares sold | 82,311 | $ 700,590 |
Shares issued to shareholders in reinvestment of distributions | 4,657 | 39,359 |
Shares redeemed | (71,763) | (620,737) |
Net increase (decrease) | 15,205 | $ 119,212 |
Year ended October 31, 2021: | ||
Shares sold | 116,756 | $ 1,065,273 |
Shares issued to shareholders in reinvestment of distributions | 2,794 | 25,535 |
Shares redeemed | (18,194) | (166,382) |
Net increase (decrease) | 101,356 | $ 924,426 |
52 | MainStay MacKay Strategic Bond Fund |
The MainStay Funds:
December 23, 2022
54 | MainStay MacKay Strategic 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 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 | 78 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; VanEck Vectors Group of Exchange-Traded Funds: Independent Chairman of the Board of Trustees since 2008 and Trustee since 2006 (56 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Investment Committee since 2018 | |
Susan B. Kerley 1951 | MainStay Funds: Chairman since 2017 and Trustee since 2007;MainStay Funds Trust: Chairman since 2017 and Trustee since 1990** | President, Strategic Management Advisors LLC since 1990 | 78 | MainStay VP Funds Trust: Chairman since January 2017 and Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) | |
Alan R. Latshaw 1951 | MainStay Funds: Trustee since 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) | 78 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
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) | 78 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (31 Portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Jacques P. Perold 1958 | MainStay Funds: Trustee since 2016, Advisory Board Member (June 2015 toDecember 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) | 78 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Partners in Health: Trustee since 2019; 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) | 78 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
*** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
56 | MainStay MacKay Strategic 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 January 2018); President, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust (since 2017); Senior Managing Director, Global Product Development (From 2015-2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay Funds (since 2007), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2007)** and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay Funds and MainStay Funds Trust (since 2010) | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer and MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2010)** | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay Funds (since 2009), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2005)** | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay Funds and MainStay Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ, IndexIQ ETF Trust and Index IQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Fund, MainStay VP Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012-2022) |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, 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 AZ, CA, NV, OR, TX, UT, WA and MI (Class A and Class I shares only), and CO, FL, GA, HI, ID, MA, MD, NH, NJ and NY (Class I shares only). |
3. | This Fund is registered for sale in CA, CT, DE, FL, MA, NJ, NY and VT. |
4. | An affiliate of New York Life Investment Management LLC. |
5013948.2MS229-22 | MSSB11-12/22 |
please log in to newyorklifeinvestments.com/accounts.
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended October 31, 2022 | |||||||
Class | Sales Charge | Inception Date | One Year | Five Years | Ten Years or Since Inception | Gross Expense Ratio1 | |
Class A Shares2 | Maximum 3% Initial Sales Charge | With sales charges | 1/3/1995 | -17.83% | -0.63% | 1.42% | 0.73% |
Excluding sales charges | -13.96 | 0.29 | 1.89 | 0.73 | |||
Investor Class Shares3, 4 | Maximum 2.5% Initial Sales Charge | With sales charges | 2/28/2008 | -17.45 | -0.63 | 1.41 | 0.76 |
Excluding sales charges | -14.01 | 0.29 | 1.88 | 0.76 | |||
Class B Shares5 | Maximum 5% CDSC | With sales charges | 5/1/1986 | -18.37 | -0.30 | 1.63 | 1.01 |
if Redeemed Within the First Six Years of Purchase | Excluding sales charges | -14.19 | 0.06 | 1.63 | 1.01 | ||
Class C Shares | Maximum 1% CDSC | With sales charges | 9/1/1998 | -15.03 | 0.03 | 1.62 | 1.01 |
if Redeemed Within One Year of Purchase | Excluding sales charges | -14.19 | 0.03 | 1.62 | 1.01 | ||
Class C2 Shares | Maximum 1% CDSC | With sales charges | 8/31/2020 | -15.16 | N/A | -5.68 | 1.16 |
if Redeemed Within One Year of Purchase | Excluding sales charges | -14.32 | N/A | -5.68 | 1.16 | ||
Class I Shares | No Sales Charge | 12/21/2009 | -13.75 | 0.54 | 2.14 | 0.48 | |
Class R6 Shares | No Sales Charge | 11/1/2019 | -13.68 | N/A | -2.23 | 0.43 |
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 4.5%, which is reflected in the applicable average annual total return figures shown. |
3. | Prior to June 30, 2020, the maximum initial sales charge was 4.5%, 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%, 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. |
Benchmark Performance* | One Year | Five Years | Ten Years |
Bloomberg Municipal Bond Index1 | -11.98% | 0.37% | 1.68% |
Morningstar Muni National Long Category Average2 | -15.58 | -0.28 | 1.21 |
* | 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-based 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 Morningstar Muni National Long 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. These portfolios have durations of more than 7 years. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
6 | MainStay MacKay Tax Free Bond Fund |
Share Class | Beginning Account Value 5/1/22 | Ending Account Value (Based on Actual Returns and Expenses) 10/31/22 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 10/31/22 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Class A Shares | $1,000.00 | $944.10 | $3.72 | $1,021.37 | $3.87 | 0.76% |
Investor Class Shares | $1,000.00 | $944.20 | $3.87 | $1,021.22 | $4.02 | 0.79% |
Class B Shares | $1,000.00 | $942.80 | $5.09 | $1,019.96 | $5.30 | 1.04% |
Class C Shares | $1,000.00 | $942.80 | $5.09 | $1,019.96 | $5.30 | 1.04% |
Class C2 Shares | $1,000.00 | $942.10 | $5.83 | $1,019.21 | $6.06 | 1.19% |
Class I Shares | $1,000.00 | $945.30 | $2.50 | $1,022.63 | $2.60 | 0.51% |
Class R6 Shares | $1,000.00 | $945.60 | $2.21 | $1,022.94 | $2.29 | 0.45% |
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. |
New York | 18.7% |
California | 15.3 |
Illinois | 9.2 |
Texas | 7.5 |
Florida | 7.4 |
Georgia | 4.3 |
New Jersey | 4.2 |
Utah | 3.2 |
Alabama | 2.2 |
Pennsylvania | 1.9 |
Nebraska | 1.6 |
Colorado | 1.5 |
Washington | 1.5 |
Connecticut | 1.5 |
South Carolina | 1.4 |
District of Columbia | 1.3 |
Maryland | 1.2 |
Ohio | 1.1 |
Michigan | 1.1 |
Massachusetts | 1.1 |
U.S. Virgin Islands | 1.1 |
Nevada | 0.9 |
Kentucky | 0.8 |
Iowa | 0.8 |
Arizona | 0.7 |
Louisiana | 0.5 |
Puerto Rico | 0.5 |
Missouri | 0.5 |
Minnesota | 0.5% |
Tennessee | 0.4 |
Virginia | 0.4 |
Oklahoma | 0.4 |
Indiana | 0.4 |
Montana | 0.4 |
Guam | 0.3 |
Arkansas | 0.3 |
Kansas | 0.2 |
Oregon | 0.2 |
Rhode Island | 0.2 |
Wisconsin | 0.2 |
Hawaii | 0.2 |
Idaho | 0.1 |
New Hampshire | 0.1 |
North Dakota | 0.1 |
South Dakota | 0.1 |
Vermont | 0.1 |
Alaska | 0.0‡ |
Maine | 0.0‡ |
Mississippi | 0.0‡ |
Delaware | 0.0‡ |
New Mexico | 0.0‡ |
Short–Term Investment | 1.7 |
Other Assets, Less Liabilities | 0.7 |
100.0% |
‡ | Less than one–tenth of a percent. |
1. | State of California, 3.00%-5.25%, due 11/1/28–9/1/52 |
2. | New York State Dormitory Authority, 3.00%-5.00%, due 3/15/34–3/15/45 |
3. | New York City Transitional Finance Authority, 1.60%-5.25%, due 5/1/32–2/1/51 |
4. | Metropolitan Transportation Authority, 1.60%-5.25%, due 11/15/26–11/15/50 |
5. | Triborough Bridge & Tunnel Authority, 2.417%-5.50%, due 1/1/32–5/15/52 |
6. | New York State Urban Development Corp., 3.00%-5.00%, due 3/15/30–3/15/50 |
7. | Black Belt Energy Gas District, 2.59%-4.00%, due 10/1/49–4/1/53 |
8. | California Health Facilities Financing Authority, 3.00%-5.00%, due 10/1/35–8/15/51 |
9. | New Jersey Transportation Trust Fund Authority, (zero coupon)-5.25%, due 12/15/26–6/15/46 |
10. | Chicago Transit Authority Sales Tax Receipts Fund, 4.00%-5.25%, due 12/1/46–12/1/50 |
8 | MainStay MacKay Tax Free Bond Fund |
1. | See page 5 for other share class returns, which may be higher or lower than Class I share returns. See page 6 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 ‘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. An obligation rated ‘A’ by S&P is deemed by S&P to be somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. In the opinion of S&P, however, the obligor's capacity to meet its financial commitment on the obligation is still strong. When applied to Fund holdings, ratings are based solely on the creditworthiness of the bonds in the portfolio and are not meant to represent the security or safety of the Fund. |
4. | Duration is a measure of the price sensitivity of a fixed-income investment to changes in interest rates. Duration is expressed as a number of years and is considered a more accurate sensitivity gauge than average maturity. |
5. | Modified duration is inversely related to the approximate percentage change in price for a given change in yield. Duration to worst is the duration of a bond computed using the bond’s nearest call date or maturity, whichever comes first. This measure ignores future cash flow fluctuations due to embedded optionality. |
10 | MainStay MacKay Tax Free Bond Fund |
Principal Amount | Value | |
Municipal Bonds 97.6% | ||
Long-Term Municipal Bonds 93.5% | ||
Alabama 1.5% | ||
Black Belt Energy Gas District, Project No.5, Revenue Bonds | ||
Series A-1 | ||
4.00%, due 10/1/49 (a) | $ 7,000,000 | $ 6,725,517 |
Black Belt Energy Gas District, Gas Project No.6, Revenue Bonds | ||
Series B | ||
4.00%, due 10/1/52 (a) | 8,860,000 | ���8,531,833 |
Black Belt Energy Gas District, Gas Project No.7, Revenue Bonds | ||
Series C-1 | ||
4.00%, due 10/1/52 (a) | 26,250,000 | 25,277,721 |
Black Belt Energy Gas District, Revenue Bonds | ||
Series B-1 | ||
4.00%, due 4/1/53 (a) | 13,350,000 | 12,671,472 |
City of Birmingham AL, Unlimited General Obligation | ||
Series A | ||
5.00%, due 3/1/43 | 2,650,000 | 2,666,210 |
County of Jefferson AL, Sewer, Revenue Bonds, Sub. Lien | ||
Series D | ||
6.00%, due 10/1/42 | 5,160,000 | 5,503,994 |
Lower Alabama Gas District (The), Gas Project, Project No. 2, Revenue Bonds | ||
4.00%, due 12/1/50 (a) | 750,000 | 728,473 |
Lower Alabama Gas District (The), Revenue Bonds | ||
Series A | ||
5.00%, due 9/1/46 | 8,950,000 | 8,425,533 |
Southeast Energy Authority, A Cooperative District, Project No. 1, Revenue Bonds | ||
Series A | ||
4.00%, due 11/1/51 (a) | 10,655,000 | 9,951,662 |
Southeast Energy Authority, A Cooperative District, Project No. 2, Revenue Bonds | ||
Series B | ||
4.00%, due 12/1/51 (a) | 16,000,000 | 14,413,912 |
Principal Amount | Value | |
Alabama (continued) | ||
University of South Alabama, Revenue Bonds | ||
Insured: AGM | ||
4.00%, due 11/1/35 | $ 2,000,000 | $ 1,906,894 |
96,803,221 | ||
Alaska 0.0% ‡ | ||
Alaska Industrial Development & Export Authority, Greater Fairbanks Community Hospital Foundation Obligated Group, Revenue Bonds | ||
5.00%, due 4/1/32 | 3,300,000 | 3,302,125 |
Arizona 0.7% | ||
Arizona Department of Transportation, State Highway Fund, Revenue Bonds | ||
5.00%, due 7/1/31 | 9,000,000 | 9,226,054 |
Arizona Industrial Development Authority, Provident Group, NCCU Properties LLC, Central University Project, Revenue Bonds | ||
Series A, Insured: BAM | ||
4.00%, due 6/1/44 | 940,000 | 810,817 |
City of Phoenix AZ, Unlimited General Obligation | ||
5.00%, due 7/1/26 | 3,500,000 | 3,699,374 |
City of Phoenix AZ Civic Improvement Corp., Water System, Revenue Bonds, Junior Lien | ||
Series A | ||
5.00%, due 7/1/44 | 10,780,000 | 11,230,462 |
Gilbert Water Resource Municipal Property Corp., Utility System, Revenue Bonds, Senior Lien | ||
5.00%, due 7/15/33 | 6,500,000 | 7,202,114 |
Maricopa County Unified School District No. 090 Saddle Mountain, Unlimited General Obligation | ||
Insured: AGM | ||
4.00%, due 7/1/35 | 6,375,000 | 6,350,079 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Arizona (continued) | ||
Salt River Project Agricultural Improvement & Power District, Revenue Bonds | ||
Series A | ||
5.00%, due 1/1/33 | $ 4,250,000 | $ 4,484,243 |
43,003,143 | ||
Arkansas 0.3% | ||
County of Pulaski AR, Arkansas Children's Hospital, Revenue Bonds | ||
5.00%, due 3/1/34 | 2,000,000 | 2,062,932 |
Little Rock School District, Limited General Obligation | ||
Series A, Insured: BAM State Aid Withholding | ||
3.00%, due 2/1/46 | 4,155,000 | 2,899,034 |
Series A, Insured: BAM State Aid Withholding | ||
3.00%, due 2/1/50 | 6,700,000 | 4,418,161 |
Series A, Insured: BAM State Aid Withholding | ||
3.00%, due 2/1/51 | 6,500,000 | 4,259,246 |
Springdale Public Facilities Board, Arkansas Children's Northwest, Inc., Revenue Bonds | ||
5.00%, due 3/1/34 | 2,640,000 | 2,679,098 |
University of Arkansas, UALR Campus, Revenue Bonds | ||
5.00%, due 10/1/30 | 1,110,000 | 1,160,924 |
5.00%, due 10/1/31 | 1,205,000 | 1,257,604 |
18,736,999 | ||
California 15.0% | ||
Alameda Corridor Transportation Authority, Revenue Bonds | ||
Series C, Insured: AGM | ||
5.00%, due 10/1/52 | 5,000,000 | 4,996,621 |
Alta Loma School District, Unlimited General Obligation | ||
Series C | ||
4.00%, due 8/1/45 | 4,000,000 | 3,518,578 |
Anaheim City School District, Election of 2010, Unlimited General Obligation | ||
Insured: AGM | ||
5.00%, due 8/1/51 | 9,500,000 | 9,913,007 |
Principal Amount | Value | |
California (continued) | ||
Antelope Valley Community College District, Election of 2016, Unlimited General Obligation | ||
Series B | ||
3.00%, due 8/1/50 | $ 4,000,000 | $ 2,712,800 |
Cabrillo Unified School District, Election of 2018, Unlimited General Obligation | ||
Series B, Insured: AGM-CR | ||
5.00%, due 8/1/50 | 4,355,000 | 4,473,668 |
California Community Choice Financing Authority, Clean Energy Project, Green Bond, Revenue Bonds | ||
Series B-1 | ||
4.00%, due 2/1/52 (a) | 9,300,000 | 8,682,006 |
California Health Facilities Financing Authority, CommonSpirit Health, Revenue Bonds | ||
Series A | ||
3.00%, due 4/1/44 | 2,075,000 | 1,343,866 |
Series A | ||
4.00%, due 4/1/49 | 9,200,000 | 7,101,187 |
California Health Facilities Financing Authority, Cedars Sinai Health System, Revenue Bonds | ||
Series A, Insured: BAM | ||
3.00%, due 8/15/51 | 4,500,000 | 3,058,023 |
Series A, Insured: BAM | ||
4.00%, due 8/15/48 | 83,425,000 | 73,992,127 |
Series A | ||
5.00%, due 8/15/51 | 2,950,000 | 2,997,034 |
California Health Facilities Financing Authority, Providence St. Joseph Health Obligated Group, Revenue Bonds | ||
Series A | ||
4.00%, due 10/1/35 | 1,230,000 | 1,144,252 |
California Infrastructure and Economic Development Bank, California State Teachers' Retirement System, Revenue Bonds | ||
5.00%, due 8/1/49 | 8,950,000 | 9,068,340 |
12 | MainStay MacKay Tax Free Bond Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
California (continued) | ||
California Municipal Finance Authority, Community Health System, Revenue Bonds | ||
Series A, Insured: AGM-CR | ||
4.00%, due 2/1/41 | $ 2,500,000 | $ 2,238,732 |
California Municipal Finance Authority, Southern California Institute of Architecture Project, Revenue Bonds | ||
5.00%, due 12/1/26 | 470,000 | 480,389 |
5.00%, due 12/1/27 | 495,000 | 506,595 |
5.00%, due 12/1/28 | 520,000 | 531,243 |
California Municipal Finance Authority, CHF-Davis I LLC, West Village Student Housing Project, Revenue Bonds | ||
5.00%, due 5/15/32 | 1,570,000 | 1,567,139 |
Insured: BAM | ||
5.00%, due 5/15/32 | 1,500,000 | 1,536,728 |
Insured: BAM | ||
5.00%, due 5/15/36 | 3,650,000 | 3,690,231 |
Insured: BAM | ||
5.00%, due 5/15/39 | 8,715,000 | 8,753,310 |
Insured: BAM | ||
5.00%, due 5/15/43 | 10,650,000 | 10,593,756 |
California Public Finance Authority, Hoag Memorial Hospital Presbyterian, Revenue Bonds | ||
Series A | ||
4.00%, due 7/15/51 | 20,500,000 | 17,661,832 |
California State Public Works Board, Revenue Bonds | ||
Series C | ||
5.00%, due 8/1/35 | 7,250,000 | 7,805,088 |
California State University, Systemwide, Revenue Bonds | ||
Series C | ||
4.00%, due 11/1/45 | 10,000,000 | 8,779,345 |
Series A | ||
5.00%, due 11/1/47 | 10,225,000 | 10,453,174 |
Series A | ||
5.00%, due 11/1/48 | 13,645,000 | 14,030,138 |
Carlsbad Unified School District, Election of 2018, Unlimited General Obligation | ||
Series B | ||
3.00%, due 8/1/46 | 2,975,000 | 2,039,922 |
Principal Amount | Value | |
California (continued) | ||
Center Unified School District, Election of 2008, Unlimited General Obligation | ||
Series B, Insured: BAM | ||
3.00%, due 8/1/51 | $ 5,000,000 | $ 3,326,050 |
Chino Valley Unified School District, Election 2016, Limited General Obligation | ||
Series B, Insured: AGM-CR | ||
3.375%, due 8/1/50 | 8,370,000 | 5,984,745 |
City & County of San Francisco CA, Certificate of Participation | ||
Series A | ||
4.00%, due 4/1/38 | 4,010,000 | 3,746,904 |
City & County of San Francisco CA, South Van Ness Project, Certificate of Participation | ||
Series A | ||
4.00%, due 4/1/43 | 4,500,000 | 4,011,544 |
City of Escondido CA, Unlimited General Obligation | ||
5.00%, due 9/1/36 | 4,250,000 | 4,397,531 |
City of Los Angeles CA, Department of Airports, Revenue Bonds (b) | ||
Series D | ||
3.00%, due 5/15/39 | 4,280,000 | 3,244,186 |
Series D | ||
4.00%, due 5/15/40 | 2,200,000 | 1,926,132 |
Series E | ||
5.00%, due 5/15/36 | 2,955,000 | 3,096,340 |
Series A | ||
5.00%, due 5/15/44 | 3,785,000 | 3,725,097 |
Series E | ||
5.00%, due 5/15/44 | 8,950,000 | 9,140,438 |
City of Los Angeles CA, Department of Airports, Revenue Bonds, Senior Lien | ||
Series C | ||
5.00%, due 5/15/45 (b) | 3,500,000 | 3,504,810 |
Series I | ||
5.00%, due 5/15/48 | 6,050,000 | 6,232,395 |
Series H | ||
5.25%, due 5/15/47 (b) | 8,650,000 | 8,757,181 |
Series G | ||
5.50%, due 5/15/36 (b) | 7,785,000 | 8,199,720 |
Series G | ||
5.50%, due 5/15/40 (b) | 7,000,000 | 7,261,750 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
California (continued) | ||
City of Los Angeles CA, Wastewater System, Revenue Bonds | ||
Series A | ||
5.00%, due 6/1/48 | $ 9,050,000 | $ 9,316,499 |
City of Sacramento CA, Transient Occupancy Tax, Revenue Bonds | ||
Series A | ||
5.00%, due 6/1/29 | 2,915,000 | 3,091,263 |
Series A | ||
5.00%, due 6/1/30 | 4,170,000 | 4,425,714 |
Series A | ||
5.00%, due 6/1/32 | 2,260,000 | 2,384,239 |
Series A | ||
5.00%, due 6/1/33 | 1,225,000 | 1,288,336 |
City of San Jose CA, Unlimited General Obligation | ||
Series A | ||
5.00%, due 9/1/45 | 6,400,000 | 6,771,364 |
Series A | ||
5.00%, due 9/1/46 | 6,600,000 | 6,971,732 |
Coachella Valley Unified School District, Election 2005, Unlimited General Obligation | ||
Series F, Insured: BAM | ||
5.00%, due 8/1/46 | 12,930,000 | 13,252,285 |
Coast Community College District, Election 2012, Unlimited General Obligation | ||
Series D | ||
4.50%, due 8/1/39 | 10,000,000 | 10,539,656 |
Compton Unified School District, Unlimited General Obligation | ||
Series B, Insured: BAM | ||
(zero coupon), due 6/1/38 | 1,250,000 | 584,476 |
Series B, Insured: BAM | ||
(zero coupon), due 6/1/39 | 4,855,000 | 2,139,212 |
Corona-Norco Unified School District, Election 2014, Unlimited General Obligation | ||
Series C | ||
4.00%, due 8/1/49 | 6,200,000 | 5,532,339 |
Cotati-Rohnert Park Unified School District, Election 2016, Unlimited General Obligation | ||
Series C, Insured: AGM | ||
5.00%, due 8/1/42 | 2,615,000 | 2,685,323 |
Principal Amount | Value | |
California (continued) | ||
El Camino Community College District Foundation (The), Election of 2002, Unlimited General Obligation | ||
Series C | ||
(zero coupon), due 8/1/38 | $ 12,000,000 | $ 5,829,271 |
Evergreen School District, Election of 2014, Unlimited General Obligation | ||
4.00%, due 8/1/41 | 4,000,000 | 3,572,749 |
Firebaugh-Las Deltas Unified School District, Election 2016, Unlimited General Obligation | ||
Series A, Insured: AGM | ||
5.25%, due 8/1/41 | 2,500,000 | 2,608,182 |
Fontana Public Facilities Financing Authority, City of Fontana, Revenue Bonds | ||
Series A, Insured: BAM | ||
5.00%, due 9/1/32 | 1,320,000 | 1,352,892 |
Foothill-Eastern Transportation Corridor Agency, Revenue Bonds | ||
Series B-2, Insured: AGM-CR | ||
3.50%, due 1/15/53 | 4,265,000 | 3,190,341 |
Grossmont-Cuyamaca Community College District, Election of 2012, Unlimited General Obligation | ||
Series B | ||
4.00%, due 8/1/47 | 6,000,000 | 5,315,552 |
Jurupa Unified School District, Election 2014, Unlimited General Obligation | ||
Series C | ||
5.25%, due 8/1/43 | 4,700,000 | 4,970,663 |
Kern Community College District, Election 2016, Unlimited General Obligation | ||
Series C, Insured: BAM | ||
3.00%, due 8/1/46 | 4,200,000 | 2,875,056 |
Live Oak Elementary School District, Certificate of Participation | ||
Insured: AGM | ||
5.00%, due 8/1/39 | 2,705,000 | 2,791,964 |
Los Angeles County Metropolitan Transportation Authority, Sales Tax, Revenue Bonds | ||
Series A | ||
4.00%, due 6/1/36 | 5,000,000 | 4,897,987 |
14 | MainStay MacKay Tax Free Bond Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
California (continued) | ||
Los Angeles County Public Works Financing Authority, Revenue Bonds | ||
Series E-1 | ||
5.00%, due 12/1/44 | $ 3,575,000 | $ 3,732,452 |
Los Angeles Department of Water & Power, Revenue Bonds | ||
Series B | ||
5.00%, due 7/1/33 | 5,500,000 | 5,553,019 |
Los Angeles Unified School District, Unlimited General Obligation | ||
Series C | ||
4.00%, due 7/1/33 | 3,000,000 | 2,973,644 |
Series C | ||
4.00%, due 7/1/38 | 6,000,000 | 5,627,382 |
Series A | ||
5.00%, due 7/1/32 | 7,480,000 | 8,186,853 |
Series A | ||
5.00%, due 7/1/33 | 8,020,000 | 8,741,415 |
Los Angeles Unified School District, Election of 2008, Unlimited General Obligation | ||
Series B-1, Insured: AGM-CR | ||
5.25%, due 7/1/42 | 43,405,000 | 45,735,801 |
Murrieta Valley Unified School District, Election of 2014, Unlimited General Obligation | ||
5.25%, due 9/1/51 | 5,300,000 | 5,667,121 |
North Lake Tahoe Public Financing Authority, Health & Human Services Center, Revenue Bonds | ||
4.50%, due 12/1/52 | 4,645,000 | 4,408,406 |
Oakland Unified School District, Alameda County, Unlimited General Obligation | ||
Insured: AGM | ||
5.00%, due 8/1/27 | 1,160,000 | 1,211,868 |
Insured: AGM | ||
5.00%, due 8/1/28 | 1,755,000 | 1,833,048 |
Insured: AGM | ||
5.00%, due 8/1/29 | 2,535,000 | 2,644,451 |
Ontario Montclair School District, Election of 2016, Unlimited General Obligation | ||
Series A | ||
5.00%, due 8/1/46 | 3,500,000 | 3,599,243 |
Principal Amount | Value | |
California (continued) | ||
Orange County Sanitation District, Revenue Bonds | ||
Series A | ||
5.00%, due 2/1/30 | $ 9,000,000 | $ 9,237,963 |
Paramount Unified School District, Election 2006, Unlimited General Obligation | ||
Insured: BAM | ||
(zero coupon), due 8/1/43 | 23,300,000 | 5,909,511 |
Peninsula Corridor Joint Powers Board, Green Bond, Revenue Bonds | ||
Series A | ||
5.00%, due 6/1/47 | 3,250,000 | 3,410,026 |
Peralta Community College District, Unlimited General Obligation | ||
Series A | ||
4.00%, due 8/1/39 | 4,500,000 | 4,018,977 |
Richmond Joint Powers Financing Authority, Civic Center Project, Revenue Bonds | ||
Series A, Insured: AGM | ||
5.00%, due 11/1/36 | 3,000,000 | 3,131,314 |
Riverside County Transportation Commission, Sales Tax, Revenue Bonds | ||
Series B | ||
4.00%, due 6/1/36 | 17,950,000 | 17,511,121 |
Sacramento Area Flood Control Agency, Consolidated Capital Assessment District No. 2, Special Assessment | ||
Series A | ||
5.00%, due 10/1/36 | 3,445,000 | 3,582,802 |
Sacramento City Unified School District, Election of 2020, Unlimited General Obligation | ||
Series A, Insured: BAM | ||
5.50%, due 8/1/47 | 4,525,000 | 4,870,905 |
Series A, Insured: BAM | ||
5.50%, due 8/1/52 | 14,000,000 | 15,025,342 |
San Bernardino City Unified School District, Election 2012, Unlimited General Obligation | ||
Series A, Insured: AGM | ||
5.00%, due 8/1/30 | 1,000,000 | 1,013,726 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
California (continued) | ||
San Diego Association of Governments, South Bay Expressway, Revenue Bonds, Senior Lien | ||
Series A | ||
5.00%, due 7/1/30 | $ 2,225,000 | $ 2,353,201 |
Series A | ||
5.00%, due 7/1/32 | 1,800,000 | 1,893,909 |
Series A | ||
5.00%, due 7/1/38 | 1,150,000 | 1,197,480 |
San Diego County Water Authority, Revenue Bonds | ||
Series A | ||
5.00%, due 5/1/47 | 4,000,000 | 4,249,455 |
San Diego Public Facilities Financing Authority, Capital Improvement Projects, Revenue Bonds | ||
Series A | ||
5.00%, due 10/15/44 | 2,500,000 | 2,556,896 |
San Diego Unified School District, Election of 2012, Unlimited General Obligation | ||
Series M-2 | ||
3.00%, due 7/1/50 | 5,250,000 | 3,640,545 |
Series I | ||
5.00%, due 7/1/41 | 4,000,000 | 4,080,925 |
San Francisco Bay Area Rapid Transit District, Election of 2016, Unlimited General Obligation | ||
Series C-1 | ||
3.00%, due 8/1/50 | 4,000,000 | 2,775,225 |
San Francisco City & County Airport Commission, San Francisco International Airport, Revenue Bonds, Second Series | ||
Series A | ||
5.00%, due 5/1/34 (b) | 7,750,000 | 7,878,679 |
San Francisco City & County Airport Commission, San Francisco International Airport, Revenue Bonds | ||
Series A | ||
5.00%, due 5/1/49 (b) | 55,055,000 | 52,890,127 |
Principal Amount | Value | |
California (continued) | ||
San Jose Evergreen Community College District, Election of 2016, Unlimited General Obligation | ||
Series B | ||
3.00%, due 9/1/41 | $ 1,065,000 | $ 797,911 |
San Leandro Unified School District, Election of 2020, Unlimited General Obligation | ||
Series B | ||
5.25%, due 8/1/48 | 11,500,000 | 12,138,003 |
San Marcos Schools Financing Authority, San Marcos Unified School District, Revenue Bonds | ||
Insured: AGM | ||
5.00%, due 8/15/34 | 1,000,000 | 1,046,163 |
Insured: AGM | ||
5.00%, due 8/15/35 | 1,000,000 | 1,044,154 |
Insured: AGM | ||
5.00%, due 8/15/36 | 1,100,000 | 1,147,224 |
San Mateo Union High School District, Capital Appreciation, Election of 2010, Unlimited General Obligation | ||
Series A | ||
(zero coupon), due 9/1/41 | 7,000,000 | 6,152,046 |
Santa Monica Community College District, Election 2016, Unlimited General Obligation | ||
Series A | ||
4.00%, due 8/1/47 | 7,630,000 | 6,703,295 |
Sierra Joint Community College District, Election 2018, Unlimited General Obligation | ||
Series A | ||
4.00%, due 8/1/53 | 3,000,000 | 2,608,137 |
Simi Valley Unified School District, Unlimited General Obligation | ||
Series C | ||
4.00%, due 8/1/50 | 11,000,000 | 9,514,944 |
State of California, Various Purpose, Unlimited General Obligation | ||
3.00%, due 10/1/36 | 6,060,000 | 5,049,725 |
4.00%, due 11/1/35 | 2,200,000 | 2,170,086 |
4.00%, due 3/1/36 | 31,385,000 | 30,744,859 |
4.00%, due 10/1/36 | 3,400,000 | 3,325,994 |
4.00%, due 10/1/37 | 9,075,000 | 8,814,543 |
4.00%, due 10/1/39 | 6,075,000 | 5,752,360 |
4.00%, due 3/1/46 | 20,765,000 | 18,735,923 |
16 | MainStay MacKay Tax Free Bond Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
California (continued) | ||
State of California, Various Purpose, Unlimited General Obligation (continued) | ||
5.00%, due 11/1/28 | $ 8,000,000 | $ 8,144,902 |
5.00%, due 10/1/31 | 4,500,000 | 5,018,273 |
5.00%, due 10/1/32 | 6,250,000 | 6,413,441 |
Series B | ||
5.00%, due 11/1/32 | 32,050,000 | 36,025,758 |
5.00%, due 9/1/41 | 3,400,000 | 3,616,149 |
5.00%, due 4/1/42 | 3,500,000 | 3,722,813 |
5.00%, due 9/1/42 | 35,000,000 | 37,307,431 |
5.00%, due 8/1/46 | 6,460,000 | 6,612,029 |
5.00%, due 9/1/52 | 8,700,000 | 9,095,400 |
5.25%, due 10/1/39 | 4,885,000 | 5,089,823 |
Sunnyvale School District, Election of 2013, Unlimited General Obligation | ||
Series C | ||
3.00%, due 9/1/44 | 7,000,000 | 5,090,047 |
Sweetwater Union High School District, Unlimited General Obligation | ||
Insured: BAM | ||
4.00%, due 8/1/47 | 10,325,000 | 8,914,785 |
Tahoe-Truckee Unified School District, Election 2014, Unlimited General Obligation | ||
Series B | ||
5.00%, due 8/1/41 | 2,200,000 | 2,281,722 |
Temecula Valley Unified School District, Election 2012, Unlimited General Obligation | ||
Series D | ||
3.00%, due 8/1/44 | 3,500,000 | 2,550,787 |
Series D | ||
3.00%, due 8/1/47 | 4,500,000 | 3,166,533 |
Twin Rivers Unified School District, Election 2006, Unlimited General Obligation | ||
Series 2008, Insured: AGM | ||
(zero coupon), due 8/1/32 | 4,620,000 | 2,981,778 |
University of California, Revenue Bonds | ||
Series AI | ||
5.00%, due 5/15/33 | 21,500,000 | 21,675,745 |
Series AV | ||
5.00%, due 5/15/42 | 1,725,000 | 1,783,246 |
Principal Amount | Value | |
California (continued) | ||
University of California, Revenue Bonds (continued) | ||
Series AZ | ||
5.25%, due 5/15/58 | $ 5,155,000 | $ 5,364,510 |
Val Verde Unified School District, Election of 2012, Unlimited General Obligation | ||
Series F, Insured: AGM | ||
3.00%, due 8/1/47 | 7,000,000 | 4,773,643 |
Val Verde Unified School District, Election of 2020, Unlimited General Obligation | ||
Series B, Insured: AGM | ||
4.00%, due 8/1/51 | 7,210,000 | 6,150,616 |
Victor Valley Community College District, Unlimited General Obligation | ||
Series A | ||
4.00%, due 8/1/39 | 8,105,000 | 7,380,594 |
Series A | ||
4.00%, due 8/1/44 | 5,500,000 | 4,801,358 |
Walnut Valley Unified School District, Election of 2016, Unlimited General Obligation | ||
Series C | ||
5.00%, due 8/1/45 | 4,285,000 | 4,568,064 |
Westminster School District, Election 2008, Unlimited General Obligation | ||
Series B, Insured: BAM | ||
(zero coupon), due 8/1/48 | 13,900,000 | 2,423,354 |
978,452,049 | ||
Colorado 1.5% | ||
Adams State University, Revenue Bonds | ||
Series A, Insured: State Higher Education Intercept Program | ||
4.00%, due 5/15/39 | 1,085,000 | 991,267 |
Series A, Insured: State Higher Education Intercept Program | ||
4.00%, due 5/15/42 | 1,500,000 | 1,330,844 |
City & County of Denver CO, Airport System, Revenue Bonds (b) | ||
Series A | ||
5.00%, due 12/1/25 | 4,620,000 | 4,738,488 |
Series A | ||
5.00%, due 12/1/34 | 6,250,000 | 6,252,148 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Colorado (continued) | ||
City & County of Denver CO, Airport System, Revenue Bonds (b) (continued) | ||
Series A | ||
5.00%, due 12/1/43 | $ 11,690,000 | $ 11,288,574 |
Series A | ||
5.25%, due 12/1/48 | 4,040,000 | 3,989,837 |
Series A | ||
5.50%, due 11/15/35 | 5,500,000 | 5,793,090 |
Series A | ||
5.50%, due 11/15/38 | 7,750,000 | 8,096,855 |
Series A | ||
5.50%, due 11/15/40 | 6,680,000 | 6,913,856 |
City & County of Denver CO, Convention Center Expansion Project, Certificate of Participation | ||
Series A | ||
5.375%, due 6/1/43 | 4,500,000 | 4,685,655 |
City of Colorado Springs CO, Utilities System, Revenue Bonds | ||
Series A-2 | ||
5.00%, due 11/15/44 | 3,000,000 | 3,045,328 |
Series B | ||
5.00%, due 11/15/47 | 11,750,000 | 12,378,261 |
Colorado Health Facilities Authority, AdventHealth Obligated Group, Revenue Bonds | ||
Series A | ||
3.00%, due 11/15/51 | 8,500,000 | 5,570,005 |
Colorado Health Facilities Authority, Intermountain Healthcare Obligated Group, Revenue Bonds | ||
Series B | ||
4.00%, due 1/1/40 | 5,745,000 | 5,268,066 |
Denver Convention Center Hotel Authority, Revenue Bonds, Senior Lien | ||
5.00%, due 12/1/36 | 1,000,000 | 986,760 |
Regional Transportation District, Certificate of Participation | ||
Series A | ||
4.50%, due 6/1/44 | 9,075,000 | 9,136,388 |
Regional Transportation District Sales Tax, Fastracks Project, Revenue Bonds | ||
Series A | ||
5.00%, due 11/1/31 | 6,750,000 | 7,426,494 |
Principal Amount | Value | |
Colorado (continued) | ||
Vista Ridge Metropolitan District, Unlimited General Obligation | ||
Series A, Insured: BAM | ||
5.00%, due 12/1/31 | $ 1,250,000 | $ 1,306,104 |
99,198,020 | ||
Connecticut 1.5% | ||
City of Bridgeport CT, Unlimited General Obligation | ||
Series D, Insured: AGM | ||
5.00%, due 8/15/33 | 2,590,000 | 2,701,088 |
Series D, Insured: AGM | ||
5.00%, due 8/15/34 | 2,590,000 | 2,696,536 |
Series D, Insured: AGM | ||
5.00%, due 8/15/35 | 2,840,000 | 2,952,219 |
Series D, Insured: AGM | ||
5.00%, due 8/15/36 | 2,840,000 | 2,949,418 |
City of Hartford CT, Unlimited General Obligation | ||
Series A, Insured: State Guaranteed | ||
5.00%, due 4/1/28 | 2,500,000 | 2,503,245 |
Series A, Insured: State Guaranteed | ||
5.00%, due 4/1/29 | 895,000 | 896,148 |
Series A, Insured: AGM State Guaranteed | ||
5.00%, due 4/1/32 | 195,000 | 195,234 |
Series C, Insured: AGM State Guaranteed | ||
5.00%, due 7/15/32 | 6,670,000 | 6,873,253 |
Series C, Insured: AGM State Guaranteed | ||
5.00%, due 7/15/34 | 2,500,000 | 2,568,964 |
State of Connecticut, Transportation Infrastructure, Special Tax, Revenue Bonds | ||
Series A | ||
3.125%, due 5/1/40 | 3,750,000 | 2,863,064 |
Series A, Insured: BAM | ||
4.00%, due 5/1/39 | 5,000,000 | 4,741,378 |
Series A | ||
5.00%, due 9/1/30 | 4,250,000 | 4,357,199 |
Series A, Insured: BAM | ||
5.00%, due 9/1/31 | 12,870,000 | 13,579,797 |
Series A | ||
5.00%, due 9/1/33 | 11,700,000 | 12,172,209 |
18 | MainStay MacKay Tax Free Bond Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Connecticut (continued) | ||
State of Connecticut, Transportation Infrastructure, Special Tax, Revenue Bonds (continued) | ||
Series A | ||
5.00%, due 1/1/36 | $ 3,575,000 | $ 3,733,829 |
State of Connecticut, Unlimited General Obligation | ||
Series A | ||
4.00%, due 4/15/38 | 2,300,000 | 2,146,044 |
Series F | ||
5.00%, due 9/15/28 | 11,510,000 | 12,453,879 |
Series C | ||
5.00%, due 6/15/33 | 1,775,000 | 1,871,633 |
Series C | ||
5.00%, due 6/15/34 | 1,375,000 | 1,443,989 |
Series A | ||
5.00%, due 4/15/35 | 5,250,000 | 5,451,963 |
Series A | ||
5.00%, due 4/15/36 | 1,800,000 | 1,889,440 |
Series A | ||
5.00%, due 4/15/39 | 1,250,000 | 1,298,498 |
State of Connecticut Clean Water Fund, State Revolving Fund, Revenue Bonds | ||
Series A | ||
5.00%, due 5/1/33 | 2,500,000 | 2,647,122 |
University of Connecticut, Revenue Bonds | ||
Series A | ||
5.00%, due 11/1/35 | 3,490,000 | 3,634,316 |
98,620,465 | ||
Delaware 0.0% ‡ | ||
Delaware State Health Facilities Authority, Christiana Care Health System, Revenue Bonds | ||
Series A | ||
5.00%, due 10/1/36 | 3,435,000 | 3,550,911 |
District of Columbia 1.3% | ||
District of Columbia, Revenue Bonds | ||
Series C | ||
5.00%, due 12/1/31 | 6,500,000 | 7,244,145 |
Series C | ||
5.00%, due 12/1/32 | 6,000,000 | 6,719,301 |
Series A | ||
5.00%, due 7/1/36 | 8,175,000 | 8,926,832 |
Principal Amount | Value | |
District of Columbia (continued) | ||
District of Columbia, Revenue Bonds (continued) | ||
Series A | ||
5.50%, due 7/1/47 | $ 21,480,000 | $ 23,257,255 |
District of Columbia, Friendship Public Charter School, Inc., Revenue Bonds | ||
Series A | ||
5.00%, due 6/1/42 | 4,750,000 | 4,756,576 |
Metropolitan Washington Airports Authority, Revenue Bonds (b) | ||
Series A | ||
4.00%, due 10/1/40 | 3,000,000 | 2,611,908 |
Series A | ||
5.00%, due 10/1/36 | 4,000,000 | 3,973,125 |
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 | 1,535,000 | 1,220,475 |
Metropolitan Washington Airports Authority, Dulles Toll Road, Metrorail & Capital Improvement Project, Revenue Bonds, Second Lien | ||
Series C, Insured: AGC | ||
6.50%, due 10/1/41 | 7,100,000 | 7,897,646 |
Metropolitan Washington Airports Authority, Dulles Toll Road, Metrorail & Capital Improvement Project, Revenue Bonds, Senior Lien | ||
Series B | ||
6.50%, due 10/1/44 | 6,340,000 | 6,884,815 |
Washington Metropolitan Area Transit Authority, Green bond, Revenue Bonds | ||
Series A, Insured: BAM | ||
3.00%, due 7/15/36 | 5,425,000 | 4,474,346 |
Series A | ||
4.00%, due 7/15/46 | 6,000,000 | 5,167,698 |
83,134,122 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Florida 7.4% | ||
City of Cape Coral FL, Water & Sewer, Revenue Bonds | ||
4.00%, due 10/1/42 | $ 12,500,000 | $ 11,053,395 |
City of Gainesville FL, Revenue Bonds | ||
Series A | ||
5.00%, due 10/1/47 | 16,280,000 | 16,462,281 |
City of Miami Beach FL, Beach Parking, Revenue Bonds | ||
Insured: BAM | ||
5.00%, due 9/1/40 | 2,500,000 | 2,579,672 |
City of Miami FL, Parking System, Revenue Bonds | ||
Insured: BAM | ||
4.00%, due 10/1/33 | 1,520,000 | 1,531,325 |
Insured: BAM | ||
4.00%, due 10/1/36 | 2,845,000 | 2,786,010 |
Insured: BAM | ||
4.00%, due 10/1/37 | 2,535,000 | 2,448,652 |
Insured: BAM | ||
4.00%, due 10/1/38 | 1,675,000 | 1,535,843 |
Insured: BAM | ||
4.00%, due 10/1/39 | 2,520,000 | 2,331,916 |
City of Orlando FL, Tourist Development Tax, Revenue Bonds, Third Lien | ||
Series C, Insured: AGC | ||
5.50%, due 11/1/38 | 1,600,000 | 1,601,651 |
City of South Miami FL, Miami Health Facilities Authority, Inc., Revenue Bonds | ||
5.00%, due 8/15/42 | 18,115,000 | 17,856,767 |
City of Tampa FL, Revenue Bonds | ||
Series C, Insured: BAM | ||
3.00%, due 10/1/36 | 4,690,000 | 3,881,788 |
City of Tampa FL, Water & Wastewater System, Revenue Bonds | ||
Series A | ||
5.25%, due 10/1/57 | 17,000,000 | 18,088,240 |
County of Broward FL, Tourist Development Tax, Revenue Bonds | ||
4.00%, due 9/1/41 | 12,250,000 | 10,812,954 |
4.00%, due 9/1/51 | 6,970,000 | 5,842,181 |
Insured: BAM | ||
4.00%, due 9/1/51 | 9,050,000 | 7,745,020 |
Principal Amount | Value | |
Florida (continued) | ||
County of Broward FL, Airport System, Revenue Bonds | ||
Series A | ||
5.00%, due 10/1/49 (b) | $ 6,500,000 | $ 6,188,501 |
County of Broward FL, Convention Center Hotel, Revenue Bonds | ||
5.50%, due 1/1/55 | 25,000,000 | 26,657,462 |
County of Lee FL, Airport, Revenue Bonds (b) | ||
Series A | ||
5.00%, due 10/1/30 | 6,000,000 | 6,143,327 |
Series A | ||
5.00%, due 10/1/32 | 2,200,000 | 2,240,713 |
Series B | ||
5.00%, due 10/1/37 | 4,000,000 | 3,902,807 |
Series B | ||
5.00%, due 10/1/46 | 5,000,000 | 4,777,415 |
County of Miami-Dade FL, Water & Sewer System, Revenue Bonds | ||
Insured: BAM | ||
3.00%, due 10/1/36 | 2,100,000 | 1,703,422 |
Series B | ||
4.00%, due 10/1/38 | 5,400,000 | 5,020,187 |
Series A | ||
4.00%, due 10/1/44 | 8,550,000 | 7,405,499 |
Series B, Insured: BAM | ||
4.00%, due 10/1/49 | 41,880,000 | 35,537,194 |
Series B | ||
5.00%, due 10/1/33 | 4,500,000 | 4,641,056 |
County of Miami-Dade FL, Transit System, Revenue Bonds | ||
Series A | ||
4.00%, due 7/1/49 | 7,900,000 | 6,468,039 |
5.00%, due 7/1/45 | 14,870,000 | 15,320,061 |
5.00%, due 7/1/46 | 11,190,000 | 11,464,067 |
5.00%, due 7/1/48 | 5,215,000 | 5,283,116 |
5.00%, due 7/1/51 | 26,000,000 | 26,286,996 |
County of Miami-Dade FL, Seaport Department, Revenue Bonds | ||
Series B-1 | ||
4.00%, due 10/1/50 (b) | 10,000,000 | 8,117,956 |
County of Sarasota FL, Utility System, Revenue Bonds | ||
5.25%, due 10/1/47 | 10,000,000 | 10,662,522 |
County of Seminole FL, Water & Sewer, Revenue Bonds | ||
Series A | ||
4.00%, due 10/1/29 | 4,500,000 | 4,546,314 |
20 | MainStay MacKay Tax Free Bond Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Florida (continued) | ||
Greater Orlando Aviation Authority, Revenue Bonds | ||
Series A | ||
5.00%, due 10/1/33 (b) | $ 1,205,000 | $ 1,220,343 |
Hillsborough County Aviation Authority, Tampa International Airport, Revenue Bonds (b) | ||
Series A | ||
5.00%, due 10/1/29 | 2,250,000 | 2,330,577 |
Series A | ||
5.00%, due 10/1/47 | 7,250,000 | 7,031,681 |
JEA Electric System, Revenue Bonds | ||
Series B | ||
4.00%, due 10/1/36 | 3,750,000 | 3,477,766 |
Miami-Dade County Health Facilities Authority, Nicklaus Children's Hospital Project, Revenue Bonds | ||
Series A, Insured: AGM-CR | ||
4.00%, due 8/1/46 | 5,460,000 | 4,650,356 |
Series A, Insured: AGM-CR | ||
4.00%, due 8/1/51 | 21,000,000 | 17,415,781 |
North Sumter County Utility Dependent District, Sumter Water Conservation Authority Project, Revenue Bonds | ||
Insured: AGM | ||
5.00%, due 10/1/46 | 8,950,000 | 9,175,323 |
Insured: AGM | ||
5.00%, due 10/1/52 | 6,250,000 | 6,337,674 |
Orange County Health Facilities Authority, Presbyterian Retirement Communities, Inc., Revenue Bonds | ||
5.00%, due 8/1/31 | 1,500,000 | 1,556,226 |
Putnam County Development Authority, Seminole Electric Cooperative, Inc., Revenue Bonds | ||
Series A | ||
5.00%, due 3/15/42 | 4,250,000 | 4,405,902 |
School Board of Miami-Dade County (The), Unlimited General Obligation | ||
Series A, Insured: BAM | ||
5.00%, due 3/15/34 | 6,010,000 | 6,540,860 |
Series A, Insured: BAM | ||
5.00%, due 3/15/35 | 6,360,000 | 6,829,877 |
Principal Amount | Value | |
Florida (continued) | ||
School Board of Miami-Dade County (The), Unlimited General Obligation (continued) | ||
Series A, Insured: BAM | ||
5.00%, due 3/15/39 | $ 8,945,000 | $ 9,462,479 |
Series A, Insured: BAM | ||
5.00%, due 3/15/40 | 9,010,000 | 9,512,559 |
Series A, Insured: BAM | ||
5.00%, due 3/15/47 | 14,745,000 | 15,306,211 |
School District of Broward County, Unlimited General Obligation | ||
5.00%, due 7/1/46 | 7,000,000 | 7,287,474 |
South Broward Hospital District, Revenue Bonds | ||
Insured: BAM | ||
3.00%, due 5/1/51 | 25,990,000 | 16,962,470 |
State of Florida, Capital Outlay, Unlimited General Obligation | ||
Series C | ||
3.15%, due 6/1/29 | 5,000,000 | 4,824,158 |
Series C | ||
4.00%, due 6/1/32 | 3,650,000 | 3,670,587 |
State of Florida Department of Transportation, Turnpike System, Revenue Bonds | ||
Series C | ||
3.00%, due 7/1/51 | 12,500,000 | 8,488,286 |
Series A | ||
4.00%, due 7/1/32 | 4,500,000 | 4,503,661 |
Village Community Development District No. 8, Special Assessment | ||
Insured: AGM | ||
3.50%, due 5/1/40 | 5,250,000 | 4,428,830 |
West Palm Beach Community Redevelopment Agency, City center community redevelopment, Tax Allocation | ||
Insured: AGM-CR | ||
5.00%, due 3/1/34 | 8,950,000 | 9,604,878 |
Insured: AGM-CR | ||
5.00%, due 3/1/35 | 9,520,000 | 10,171,852 |
Wildwood Utility Dependent District, South Sumter Utility Project, Revenue Bonds, Senior Lien | ||
Insured: BAM | ||
5.00%, due 10/1/52 | 6,000,000 | 6,045,203 |
480,165,363 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Georgia 3.3% | ||
Brookhaven Development Authority, Children's Healthcare of Atlanta, Revenue Bonds | ||
Series A | ||
4.00%, due 7/1/44 | $ 25,435,000 | $ 22,349,714 |
Series A | ||
4.00%, due 7/1/49 | 2,325,000 | 1,973,201 |
City of Atlanta GA, Water & Wastewater, Revenue Bonds | ||
Series C | ||
4.00%, due 11/1/37 | 5,000,000 | 4,742,294 |
5.00%, due 11/1/29 | 4,500,000 | 4,655,195 |
City of Atlanta GA, Public Improvement, Unlimited General Obligation | ||
Series A-1 | ||
5.00%, due 12/1/42 | 12,500,000 | 13,162,268 |
City of Dalton (The) GA, Georgia Combined Utilities, Revenue Bonds | ||
5.00%, due 3/1/30 | 2,055,000 | 2,147,542 |
Cobb County Kennestone Hospital Authority, Wellstar Health System, Revenue Bonds | ||
Series A, Insured: AGM-CR | ||
4.00%, due 4/1/52 | 21,250,000 | 17,875,232 |
Coweta County Development Authority, Piedmont Healthcare, Inc., Revenue Bonds | ||
Series A | ||
5.00%, due 7/1/44 | 4,250,000 | 4,182,312 |
Georgia Ports Authority, Revenue Bonds | ||
5.25%, due 7/1/43 | 7,595,000 | 8,078,958 |
5.25%, due 7/1/52 | 5,000,000 | 5,261,270 |
Main Street Natural Gas, Inc., Revenue Bonds | ||
Series C | ||
4.00%, due 3/1/50 (a) | 2,500,000 | 2,400,556 |
Series C | ||
4.00%, due 5/1/52 (a) | 7,360,000 | 6,895,537 |
Series A | ||
4.00%, due 7/1/52 (a) | 9,000,000 | 8,698,351 |
Series A | ||
4.00%, due 9/1/52 (a) | 22,440,000 | 20,692,889 |
Series A | ||
5.00%, due 5/15/35 | 2,750,000 | 2,712,419 |
Principal Amount | Value | |
Georgia (continued) | ||
Main Street Natural Gas, Inc., Revenue Bonds (continued) | ||
Series A | ||
5.00%, due 5/15/36 | $ 3,200,000 | $ 3,145,238 |
Municipal Electric Authority of Georgia, Project One Subordinated Bonds, Revenue Bonds | ||
Series A, Insured: AGM-CR | ||
4.00%, due 1/1/41 | 2,545,000 | 2,279,638 |
Series A, Insured: BAM | ||
4.00%, due 1/1/49 | 4,050,000 | 3,406,967 |
Series A | ||
5.00%, due 1/1/35 | 4,250,000 | 4,262,827 |
Series A | ||
5.00%, due 1/1/45 | 2,185,000 | 2,097,874 |
Series A, Insured: BAM | ||
5.00%, due 1/1/45 | 3,300,000 | 3,244,396 |
Municipal Electric Authority of Georgia, Plant Vogtle Units 3 & 4 Project, Revenue Bonds | ||
Series A, Insured: BAM | ||
4.00%, due 1/1/49 | 6,600,000 | 5,653,206 |
Series A | ||
5.00%, due 1/1/37 | 1,000,000 | 998,292 |
Series A, Insured: BAM | ||
5.00%, due 1/1/49 | 38,870,000 | 38,104,331 |
Series A, Insured: BAM | ||
5.00%, due 1/1/59 | 4,605,000 | 4,466,835 |
Series A, Insured: AGM-CR | ||
5.00%, due 1/1/59 | 5,250,000 | 5,092,483 |
Series B | ||
5.00%, due 1/1/59 | 1,895,000 | 1,701,073 |
Series A | ||
5.00%, due 1/1/63 | 2,905,000 | 2,579,978 |
Private Colleges & Universities Authority, Savannah College of Art & Design, Revenue Bonds | ||
4.00%, due 4/1/44 | 8,150,000 | 6,915,097 |
Private Colleges & Universities Authority, Emory University, Revenue Bonds | ||
Series B | ||
5.00%, due 9/1/30 | 5,500,000 | 6,087,670 |
215,863,643 |
22 | MainStay MacKay Tax Free Bond Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Guam 0.3% | ||
Antonio B Won Pat International Airport Authority, Revenue Bonds (b) | ||
Series C, Insured: AGM | ||
6.125%, due 10/1/43 | $ 3,575,000 | $ 3,650,621 |
Series C, Insured: AGM | ||
6.125%, due 10/1/43 | 925,000 | 944,566 |
Guam Government Waterworks Authority, Water and Wastewater System, Revenue Bonds | ||
5.00%, due 7/1/40 | 1,730,000 | 1,731,967 |
5.00%, due 1/1/46 | 4,500,000 | 4,372,700 |
Series A | ||
5.00%, due 1/1/50 | 1,660,000 | 1,575,801 |
5.25%, due 7/1/33 | 1,000,000 | 1,013,375 |
Guam Power Authority, Revenue Bonds | ||
Series A, Insured: AGM | ||
5.00%, due 10/1/44 | 655,000 | 665,336 |
Territory of Guam, Section 30, Revenue Bonds | ||
Series A | ||
5.00%, due 12/1/27 | 2,265,000 | 2,267,508 |
Series A | ||
5.00%, due 12/1/34 | 2,290,000 | 2,202,364 |
18,424,238 | ||
Hawaii 0.2% | ||
City & County Honolulu HI, Wastewater System, Revenue Bonds, Senior Lien | ||
Series A | ||
5.00%, due 7/1/51 | 7,500,000 | 7,776,119 |
State of Hawaii Department of Budget & Finance, Hawaiian Electric Co., Inc., Revenue Bonds | ||
Insured: AGM-CR | ||
3.50%, due 10/1/49 (b) | 6,200,000 | 4,443,175 |
12,219,294 | ||
Idaho 0.1% | ||
Idaho Housing & Finance Association, Federal Highway Trust Fund, Revenue Bonds | ||
Series A | ||
5.00%, due 7/15/37 | 8,750,000 | 9,109,930 |
Principal Amount | Value | |
Illinois 9.2% | ||
Chicago Board of Education, Capital Appreciation, School Reform, Unlimited General Obligation | ||
Series A, Insured: NATL-RE | ||
(zero coupon), due 12/1/26 | $ 17,995,000 | $ 14,869,000 |
Chicago Board of Education, Unlimited General Obligation | ||
Series A, Insured: AGM | ||
5.00%, due 12/1/27 | 7,300,000 | 7,517,795 |
Chicago Board of Education, Revenue Bonds | ||
6.00%, due 4/1/46 | 17,560,000 | 17,878,725 |
Chicago O'Hare International Airport, General, Revenue Bonds, Senior Lien | ||
Series A, Insured: AGM | ||
4.00%, due 1/1/36 | 8,500,000 | 7,922,752 |
Series A, Insured: BAM | ||
4.00%, due 1/1/37 | 10,690,000 | 9,852,706 |
Series D | ||
5.00%, due 1/1/47 (b) | 4,500,000 | 4,271,691 |
Series A, Insured: AGM | ||
5.25%, due 1/1/45 (b) | 10,000,000 | 9,835,174 |
Series A, Insured: AGM | ||
5.50%, due 1/1/53 (b) | 20,400,000 | 20,552,904 |
Chicago O'Hare International Airport, Passenger Facility Charge, Revenue Bonds | ||
Series A | ||
5.00%, due 1/1/30 | 2,915,000 | 2,917,307 |
Series B | ||
5.00%, due 1/1/31 (b) | 2,000,000 | 2,000,453 |
Chicago O'Hare International Airport, Revenue Bonds | ||
Series A | ||
5.00%, due 1/1/32 (b) | 13,550,000 | 13,634,453 |
Chicago Park District, Limited Tax, Limited General Obligation | ||
Series A, Insured: BAM | ||
4.00%, due 1/1/31 | 1,955,000 | 1,845,431 |
Series A | ||
5.00%, due 1/1/28 | 1,000,000 | 1,020,141 |
Series A | ||
5.00%, due 1/1/31 | 1,000,000 | 1,017,448 |
Series A | ||
5.00%, due 1/1/35 | 2,000,000 | 2,020,358 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Illinois (continued) | ||
Chicago Park District, Personal Property Replacement Tax, Unlimited General Obligation | ||
Series D, Insured: BAM | ||
4.00%, due 1/1/34 | $ 3,805,000 | $ 3,455,513 |
Chicago Park District, Unlimited General Obligation | ||
Series F-2 | ||
4.00%, due 1/1/38 | 1,150,000 | 977,759 |
Series F-2 | ||
5.00%, due 1/1/37 | 2,050,000 | 2,082,385 |
Chicago Park District, Special Recreation Activity Alternate Revenue Source, Unlimited General Obligation | ||
Insured: BAM | ||
5.00%, due 11/15/30 | 1,435,000 | 1,509,451 |
Chicago Transit Authority Sales Tax Receipts Fund, Revenue Bonds, Second Lien | ||
Series A, Insured: BAM | ||
4.00%, due 12/1/50 | 35,000,000 | 28,157,801 |
5.00%, due 12/1/46 | 4,780,000 | 4,547,825 |
Series A, Insured: BAM | ||
5.00%, due 12/1/46 | 42,500,000 | 43,020,634 |
Chicago Transit Authority Sales Tax Receipts Fund, Revenue Bonds | ||
5.25%, due 12/1/49 | 10,000,000 | 10,050,886 |
City of Chicago Heights IL, Unlimited General Obligation | ||
Series B, Insured: BAM | ||
5.25%, due 12/1/34 | 2,115,000 | 2,233,505 |
City of Chicago IL, Unlimited General Obligation | ||
Series A | ||
4.00%, due 1/1/35 | 2,300,000 | 1,958,421 |
Series A | ||
4.00%, due 1/1/36 | 4,000,000 | 3,366,849 |
Series B | ||
4.00%, due 1/1/37 | 5,000,000 | 4,147,452 |
Series A | ||
5.00%, due 1/1/30 | 1,385,000 | 1,365,600 |
Series A | ||
5.00%, due 1/1/33 | 2,825,000 | 2,708,352 |
Series A | ||
5.00%, due 1/1/34 | 9,005,000 | 8,553,108 |
Principal Amount | Value | |
Illinois (continued) | ||
City of Chicago IL, Unlimited General Obligation (continued) | ||
Series A | ||
5.50%, due 1/1/49 | $ 8,950,000 | $ 8,672,977 |
Series A | ||
6.00%, due 1/1/38 | 38,550,000 | 39,275,156 |
Series A, Insured: BAM | ||
6.00%, due 1/1/38 | 5,250,000 | 5,469,281 |
City of Chicago IL, Waterworks, Revenue Bonds, Second Lien | ||
4.00%, due 11/1/37 | 1,250,000 | 1,145,993 |
5.00%, due 11/1/27 | 1,655,000 | 1,686,245 |
Series 2, Insured: AGM | ||
5.00%, due 11/1/28 | 2,000,000 | 2,081,818 |
5.00%, due 11/1/29 | 1,700,000 | 1,729,879 |
Series 2, Insured: AGM | ||
5.00%, due 11/1/30 | 2,500,000 | 2,595,116 |
Series 2, Insured: AGM | ||
5.00%, due 11/1/32 | 4,250,000 | 4,388,844 |
Series 2, Insured: AGM | ||
5.00%, due 11/1/33 | 9,050,000 | 9,292,544 |
Series 2, Insured: AGM | ||
5.00%, due 11/1/38 | 3,000,000 | 3,038,462 |
Insured: AGM | ||
5.25%, due 11/1/33 | 4,250,000 | 4,411,106 |
Insured: AGM | ||
5.25%, due 11/1/34 | 1,860,000 | 1,915,663 |
Insured: AGM | ||
5.25%, due 11/1/35 | 2,525,000 | 2,597,245 |
City of Chicago IL, Wastewater Transmission Project, Revenue Bonds, Second Lien | ||
5.00%, due 1/1/28 | 1,000,000 | 1,004,081 |
Series B, Insured: AGM-CR | ||
5.00%, due 1/1/30 | 6,735,000 | 6,961,349 |
5.00%, due 1/1/33 | 2,000,000 | 2,008,645 |
Series B | ||
5.00%, due 1/1/33 | 2,240,000 | 2,244,960 |
Insured: BAM | ||
5.00%, due 1/1/44 | 11,840,000 | 11,882,745 |
Series A, Insured: AGM | ||
5.25%, due 1/1/42 | 3,500,000 | 3,571,168 |
City of Chicago IL, Motor Fuel Tax, Revenue Bonds | ||
Insured: AGM | ||
5.00%, due 1/1/33 | 3,975,000 | 4,053,723 |
24 | MainStay MacKay Tax Free Bond Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Illinois (continued) | ||
Cook County Community College District No. 508, Unlimited General Obligation | ||
Insured: BAM | ||
5.50%, due 12/1/38 | $ 4,250,000 | $ 4,346,093 |
Cook County Community High School District No. 212 Leyden, Revenue Bonds | ||
Series C, Insured: BAM | ||
5.00%, due 12/1/30 | 2,870,000 | 2,956,884 |
Series C, Insured: BAM | ||
5.00%, due 12/1/31 | 2,360,000 | 2,426,662 |
Du Page Cook & Will Counties Community College District No. 502, Unlimited General Obligation | ||
Series A | ||
5.00%, due 6/1/26 | 4,100,000 | 4,135,638 |
Illinois Finance Authority, Carle Foundation Obligated Group (The), Revenue Bonds | ||
Series A | ||
4.00%, due 8/15/39 | 6,500,000 | 5,733,509 |
Illinois Municipal Electric Agency, Revenue Bonds | ||
Series A | ||
4.00%, due 2/1/34 | 5,950,000 | 5,802,946 |
Illinois Sports Facilities Authority (The), Revenue Bonds | ||
Insured: AGM | ||
5.25%, due 6/15/31 | 4,250,000 | 4,322,339 |
Illinois State Toll Highway Authority, Revenue Bonds, Senior Lien | ||
Series B | ||
5.00%, due 1/1/34 | 3,500,000 | 3,549,013 |
Metropolitan Pier & Exposition Authority, McCormick Place Expansion Project, Capital Appreciation, Revenue Bonds | ||
Series A, Insured: NATL-RE | ||
(zero coupon), due 6/15/36 | 52,950,000 | 25,090,961 |
Series B-1, Insured: AGM | ||
(zero coupon), due 6/15/43 | 13,970,000 | 4,636,358 |
Principal Amount | Value | |
Illinois (continued) | ||
Metropolitan Water Reclamation District of Greater Chicago, Limited General Obligation | ||
Series C | ||
5.00%, due 12/1/32 | $ 3,000,000 | $ 3,223,398 |
Rock Island County Public Building Commission, County of Rock Island, Revenue Bonds | ||
Insured: AGM | ||
5.00%, due 12/1/36 | 2,395,000 | 2,517,287 |
Sales Tax Securitization Corp., Revenue Bonds | ||
Series A, Insured: BAM | ||
4.00%, due 1/1/48 | 14,250,000 | 11,613,445 |
Series A | ||
5.00%, due 1/1/28 | 3,935,000 | 4,086,928 |
Series A | ||
5.00%, due 1/1/48 | 6,250,000 | 6,197,931 |
Series C | ||
5.25%, due 1/1/34 | 8,000,000 | 8,273,858 |
Sales Tax Securitization Corp., Revenue Bonds, Second Lien | ||
Series A | ||
5.00%, due 1/1/32 | 4,400,000 | 4,563,254 |
Sangamon County School District No. 186 Springfield, Unlimited General Obligation | ||
Series C, Insured: AGM | ||
5.00%, due 6/1/34 | 1,000,000 | 1,045,564 |
Series C, Insured: AGM | ||
5.00%, due 6/1/38 | 1,635,000 | 1,690,241 |
Southern Illinois University, Housing & Auxiliary Facilities System, Revenue Bonds | ||
Series B, Insured: BAM | ||
5.00%, due 4/1/26 | 1,175,000 | 1,205,742 |
Series B, Insured: BAM | ||
5.00%, due 4/1/29 | 1,620,000 | 1,654,883 |
Series B, Insured: BAM | ||
5.00%, due 4/1/30 | 1,000,000 | 1,020,379 |
State of Illinois, Sales Tax, Revenue Bonds | ||
Series A | ||
3.00%, due 6/15/33 | 3,000,000 | 2,497,586 |
State of Illinois, Sales Tax, Revenue Bonds, Junior Lien | ||
Series C | ||
5.00%, due 6/15/30 | 3,250,000 | 3,372,975 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Illinois (continued) | ||
State of Illinois, Unlimited General Obligation | ||
Series C | ||
4.00%, due 10/1/40 | $ 4,500,000 | $ 3,661,365 |
Insured: BAM | ||
4.00%, due 6/1/41 | 9,050,000 | 7,547,097 |
Series D | ||
5.00%, due 11/1/26 | 7,775,000 | 7,830,910 |
5.00%, due 2/1/27 | 4,230,000 | 4,258,616 |
5.00%, due 1/1/28 | 5,405,000 | 5,417,165 |
Series D | ||
5.00%, due 11/1/28 | 6,580,000 | 6,591,513 |
5.25%, due 2/1/32 | 9,050,000 | 9,067,979 |
5.50%, due 5/1/39 | 13,475,000 | 13,546,519 |
Series A | ||
5.50%, due 3/1/47 | 5,000,000 | 4,840,947 |
5.75%, due 5/1/45 | 4,500,000 | 4,514,045 |
Series A | ||
6.00%, due 5/1/27 | 8,690,000 | 9,089,458 |
United City of Yorkville IL, Special Tax | ||
Insured: AGM | ||
5.00%, due 3/1/32 | 3,267,000 | 3,368,949 |
Village of Bellwood IL, Unlimited General Obligation | ||
Insured: AGM | ||
5.00%, due 12/1/29 | 1,500,000 | 1,566,283 |
Village of Rosemont IL, Corporate Purpose, Unlimited General Obligation | ||
Series A, Insured: AGM | ||
5.00%, due 12/1/40 | 7,190,000 | 7,529,326 |
Village of Schaumburg IL, Unlimited General Obligation | ||
Series A | ||
4.00%, due 12/1/41 | 33,800,000 | 31,354,364 |
Western Illinois Economic Development Authority, City of Quincy, Revenue Bonds | ||
Series B, Insured: BAM | ||
4.00%, due 12/1/34 | 1,500,000 | 1,467,987 |
Will County School District No. 114, Manhattan, Unlimited General Obligation | ||
Insured: BAM | ||
5.50%, due 1/1/49 | 6,510,000 | 6,804,853 |
599,740,129 |
Principal Amount | Value | |
Indiana 0.4% | ||
Greater Clark Building Corp., Revenue Bonds | ||
Insured: State Intercept | ||
6.00%, due 7/15/38 | $ 6,000,000 | $ 6,868,908 |
Indiana University, Revenue Bonds | ||
Series A | ||
4.00%, due 6/1/39 | 2,595,000 | 2,414,377 |
Indianapolis Local Public Improvement Bond Bank, Revenue Bonds | ||
Series A, Insured: AGM | ||
4.00%, due 6/1/41 | 13,165,000 | 11,553,590 |
Merrillville Multi School Building Corp., Revenue Bonds | ||
Insured: State Intercept | ||
5.00%, due 1/15/42 | 5,640,000 | 5,843,750 |
26,680,625 | ||
Iowa 0.8% | ||
City of Coralville IA, Certificate of Participation | ||
Series E | ||
4.00%, due 6/1/23 | 1,320,000 | 1,315,924 |
Iowa Finance Authority, Mortgage-Backed Securities Program, Revenue Bonds | ||
Series A, Insured: GNMA / FNMA / FHLMC | ||
4.00%, due 7/1/47 | 2,035,000 | 1,986,100 |
PEFA, Inc., Revenue Bonds | ||
5.00%, due 9/1/49 (a) | 45,425,000 | 45,394,874 |
Waterloo Community School District, Infrastructure Sales Services & Use Tax, Revenue Bonds | ||
Insured: AGM | ||
4.00%, due 7/1/29 | 4,000,000 | 4,080,034 |
52,776,932 | ||
Kansas 0.2% | ||
City of Hutchinson KS, Hutchinson Regional Medical Center, Inc., Revenue Bonds | ||
5.00%, due 12/1/26 | 565,000 | 565,569 |
5.00%, due 12/1/28 | 410,000 | 404,745 |
5.00%, due 12/1/30 | 500,000 | 486,687 |
University of Kansas Hospital Authority, KU Health System, Revenue Bonds | ||
5.00%, due 9/1/33 | 2,500,000 | 2,552,371 |
26 | MainStay MacKay Tax Free Bond Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Kansas (continued) | ||
University of Kansas Hospital Authority, KU Health System, Revenue Bonds (continued) | ||
5.00%, due 9/1/35 | $ 2,550,000 | $ 2,576,781 |
5.00%, due 9/1/45 | 4,650,000 | 4,552,022 |
11,138,175 | ||
Kentucky 0.5% | ||
Fayette County School District Finance Corp., Fayette County School District, Revenue Bonds | ||
Series A, Insured: State Intercept | ||
4.00%, due 5/1/38 | 2,420,000 | 2,250,342 |
Kentucky Public Energy Authority, Gas Supply, Revenue Bonds | ||
Series A | ||
4.00%, due 4/1/48 (a) | 15,250,000 | 15,066,539 |
Louisville, Unlimited General Obligation | ||
Series A | ||
4.00%, due 4/1/35 | 4,000,000 | 3,947,687 |
Louisville/Jefferson County Metropolitan Government, UofL Health Project, Revenue Bonds | ||
Series A, Insured: AGM | ||
5.00%, due 5/15/47 | 8,950,000 | 8,890,986 |
30,155,554 | ||
Louisiana 0.5% | ||
City of New Orleans LA, Public Improvement, Unlimited General Obligation | ||
Series A | ||
5.00%, due 12/1/40 | 5,000,000 | 5,112,939 |
City of Shreveport LA, Unlimited General Obligation | ||
Insured: BAM | ||
5.00%, due 8/1/30 | 4,605,000 | 4,812,581 |
New Orleans Aviation Board, North Terminal Project, Revenue Bonds | ||
Series B | ||
5.00%, due 1/1/40 (b) | 5,000,000 | 4,809,731 |
Port New Orleans Board of Commissioners, Revenue Bonds | ||
Series D | ||
5.00%, due 4/1/50 | 6,425,000 | 6,450,004 |
Principal Amount | Value | |
Louisiana (continued) | ||
State of Louisiana, Unlimited General Obligation | ||
Series A | ||
4.00%, due 2/1/34 | $ 8,880,000 | $ 8,940,676 |
30,125,931 | ||
Maine 0.0% ‡ | ||
Maine State Housing Authority, Revenue Bonds | ||
Series F | ||
3.65%, due 11/15/42 | 1,110,000 | 1,088,897 |
Maryland 1.2% | ||
City of Baltimore MD, Water Project, Revenue Bonds | ||
Series A | ||
4.00%, due 7/1/37 | 3,215,000 | 3,051,213 |
Maryland Stadium Authority, Construction and Revitalization Program, Revenue Bonds | ||
Series A, Insured: State Intercept | ||
5.00%, due 5/1/42 | 22,270,000 | 22,910,937 |
State of Maryland, Department of Transportation, Revenue Bonds | ||
Series A | ||
3.00%, due 10/1/33 | 5,575,000 | 4,895,444 |
State of Maryland, State and Local Facilities Loan, Unlimited General Obligation | ||
Series A | ||
5.00%, due 6/1/33 | 4,500,000 | 5,030,655 |
Series A | ||
5.00%, due 6/1/37 | 36,380,000 | 40,052,779 |
75,941,028 | ||
Massachusetts 1.1% | ||
City of Boston MA, Unlimited General Obligation | ||
Series A | ||
5.00%, due 11/1/41 | 12,500,000 | 13,497,505 |
Commonwealth of Massachusetts, Limited General Obligation | ||
Series D | ||
3.00%, due 5/1/35 | 5,790,000 | 4,938,629 |
Series B | ||
3.00%, due 2/1/48 | 6,500,000 | 4,598,359 |
Series B | ||
3.00%, due 4/1/49 | 4,115,000 | 2,886,384 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Massachusetts (continued) | ||
Commonwealth of Massachusetts, Unlimited General Obligation | ||
Series C | ||
5.00%, due 10/1/52 | $ 3,500,000 | $ 3,631,751 |
Commonwealth of Massachusetts Transportation Fund, Rail Enhancement Program, Revenue Bonds | ||
Series A | ||
4.00%, due 6/1/50 | 8,700,000 | 7,471,598 |
Series A | ||
5.00%, due 6/1/50 | 15,000,000 | 15,511,187 |
Commonwealth of Massachusetts Transportation Fund, Accelerated Bridge Program, Revenue Bonds | ||
Series A | ||
5.00%, due 6/1/44 | 5,000,000 | 5,046,510 |
Massachusetts Development Finance Agency, WGBH Educational Foundation, Revenue Bonds | ||
4.00%, due 1/1/33 | 1,000,000 | 990,997 |
Massachusetts Development Finance Agency, Partners Healthcare System Issue, Revenue Bonds | ||
Series O-2 | ||
5.00%, due 7/1/27 | 5,000,000 | 5,178,474 |
Massachusetts Development Finance Agency, Dana-Farber Cancer Institute, Revenue Bonds | ||
Series N | ||
5.00%, due 12/1/41 | 7,000,000 | 7,004,148 |
70,755,542 | ||
Michigan 1.1% | ||
Downriver Utility Wastewater Authority, Revenue Bonds | ||
Insured: AGM | ||
5.00%, due 4/1/31 | 1,600,000 | 1,690,760 |
Great Lakes Water Authority, Water Supply System, Revenue Bonds, Senior Lien | ||
Series C | ||
5.25%, due 7/1/35 | 18,200,000 | 18,996,974 |
Principal Amount | Value | |
Michigan (continued) | ||
Lincoln Consolidated School District, Unlimited General Obligation | ||
Series A, Insured: AGM Q-SBLF | ||
5.00%, due 5/1/28 | $ 2,030,000 | $ 2,135,477 |
Series A, Insured: AGM Q-SBLF | ||
5.00%, due 5/1/30 | 1,455,000 | 1,518,397 |
Series A, Insured: AGM Q-SBLF | ||
5.00%, due 5/1/40 | 1,500,000 | 1,555,877 |
Livonia Public Schools, Unlimited General Obligation | ||
Series II, Insured: AGM | ||
5.00%, due 5/1/40 | 3,865,000 | 4,016,672 |
Michigan Finance Authority, Tobacco Settlement Asset-Backed, Revenue Bonds, Senior Lien | ||
Series A, Class 1 | ||
4.00%, due 6/1/36 | 2,000,000 | 1,775,115 |
Michigan Finance Authority, Wayne County Criminal Justice Center Project, Revenue Bonds, Senior Lien | ||
5.00%, due 11/1/25 | 1,000,000 | 1,044,572 |
5.00%, due 11/1/27 | 1,200,000 | 1,282,612 |
Michigan Finance Authority, BHSH System Obligated Group, Revenue Bonds | ||
5.00%, due 4/15/28 | 7,100,000 | 7,596,759 |
Michigan Finance Authority, Great Lakes Water Authority Sewage Disposal System, Revenue Bonds, Second Lien | ||
Series C-7, Insured: NATL-RE | ||
5.00%, due 7/1/32 | 2,250,000 | 2,286,798 |
Michigan Finance Authority, Great Lakes Water Authority Sewage Disposal System, Revenue Bonds, Senior Lien | ||
Series C-3, Insured: AGM | ||
5.00%, due 7/1/33 | 2,750,000 | 2,785,678 |
Michigan Finance Authority, Great Lakes Water Authority Water Supply System, Revenue Bonds | ||
Series D-1, Insured: AGM | ||
5.00%, due 7/1/35 | 2,000,000 | 2,024,022 |
Series D-6, Insured: NATL-RE | ||
5.00%, due 7/1/36 | 6,650,000 | 6,726,671 |
28 | MainStay MacKay Tax Free Bond Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Michigan (continued) | ||
Michigan State Building Authority, Revenue Bonds | ||
Series I | ||
3.00%, due 10/15/51 | $ 5,000,000 | $ 3,374,556 |
State of Michigan, Trunk Line, Revenue Bonds | ||
Series A | ||
4.00%, due 11/15/44 | 14,000,000 | 12,635,430 |
71,446,370 | ||
Minnesota 0.5% | ||
City of Rochester MN, Mayo Clinic, Revenue Bonds | ||
4.00%, due 11/15/39 | 14,425,000 | 13,416,361 |
County of Rice MN, Unlimited General Obligation | ||
Series A, Insured: MN CRED PROG | ||
5.00%, due 2/1/44 | 5,000,000 | 5,310,682 |
Metropolitan Council, Minneapolis-St.Paul Metropolitan Area, Unlimited General Obligation | ||
Series A | ||
3.00%, due 3/1/29 | 5,750,000 | 5,436,911 |
Minnesota Housing Finance Agency, Residential Housing Finance, Revenue Bonds | ||
Series E, Insured: GNMA / FNMA / FHLMC | ||
4.25%, due 1/1/49 | 2,690,000 | 2,661,388 |
Minnesota Office of Higher Education, Student Loan Program, Revenue Bonds, Senior Lien | ||
2.65%, due 11/1/38 (b) | 240,000 | 181,063 |
Minnesota Public Facilities Authority, Revenue Bonds | ||
Series A | ||
5.00%, due 3/1/31 | 5,600,000 | 5,861,945 |
White Bear Lake Independent School District No. 624, Unlimited General Obligation | ||
Series A, Insured: SD CRED PROG | ||
3.00%, due 2/1/43 | 4,310,000 | 3,157,111 |
36,025,461 |
Principal Amount | Value | |
Mississippi 0.0% ‡ | ||
Mississippi Home Corp., Single Family Mortgage Housing, Revenue Bonds | ||
Series A, Insured: GNMA / FNMA / FHLMC | ||
4.00%, due 12/1/44 | $ 1,140,000 | $ 1,122,092 |
Missouri 0.5% | ||
City of Kansas City MO, Improvement Downtown Arena Project, Revenue Bonds | ||
Series E | ||
5.00%, due 4/1/40 | 9,005,000 | 9,087,473 |
Kansas City Industrial Development Authority, Airport, Revenue Bonds | ||
Series A, Insured: AGM | ||
5.00%, due 3/1/57 (b) | 4,905,000 | 4,625,795 |
Metropolitan St. Louis Sewer District, Revenue Bonds | ||
Series B | ||
5.25%, due 5/1/52 | 8,800,000 | 9,372,671 |
Missouri Housing Development Commission, First Place Homeownership Loan Program, Revenue Bonds | ||
Series A, Insured: GNMA / FNMA / FHLMC | ||
4.25%, due 5/1/47 | 325,000 | 321,582 |
Series A, Insured: GNMA / FNMA / FHLMC | ||
4.25%, due 5/1/49 | 2,405,000 | 2,382,223 |
Springfield School District No. R-12, Unlimited General Obligation | ||
4.00%, due 3/1/35 | 2,640,000 | 2,613,940 |
St. Louis Municipal Finance Corp., Convention Center Expansion, Revenue Bonds | ||
Insured: AGM | ||
5.00%, due 10/1/49 | 4,510,000 | 4,350,009 |
32,753,693 | ||
Montana 0.4% | ||
Montana Board of Housing, Single Family Mortgage, Revenue Bonds | ||
Series B | ||
3.40%, due 12/1/33 | 685,000 | 624,535 |
Series B | ||
3.60%, due 6/1/37 | 890,000 | 795,634 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Montana (continued) | ||
Montana Facility Finance Authority, Benefis Health System Obligated Group, Revenue Bonds | ||
5.00%, due 2/15/30 | $ 1,790,000 | $ 1,830,174 |
5.00%, due 2/15/31 | 1,500,000 | 1,527,645 |
5.00%, due 2/15/33 | 1,320,000 | 1,332,690 |
5.00%, due 2/15/34 | 1,200,000 | 1,207,809 |
Montana State Board of Regents, University of Montana/Missoula, Revenue Bonds | ||
Insured: AGM | ||
5.25%, due 11/15/52 | 5,000,000 | 5,273,583 |
Silver Bow County School District No. 1, School Building, Unlimited General Obligation | ||
4.00%, due 7/1/32 | 1,945,000 | 1,939,430 |
4.00%, due 7/1/33 | 2,020,000 | 2,013,259 |
Yellowstone County K-12, School District No. 26 Lockwood, Unlimited General Obligation | ||
5.00%, due 7/1/29 | 2,260,000 | 2,434,072 |
5.00%, due 7/1/30 | 2,250,000 | 2,419,034 |
5.00%, due 7/1/31 | 2,515,000 | 2,695,532 |
5.00%, due 7/1/32 | 2,800,000 | 2,991,927 |
27,085,324 | ||
Nebraska 1.6% | ||
Central Plains Energy, Nebraska Gas Project No. 3, Revenue Bonds | ||
Series A | ||
5.00%, due 9/1/42 | 13,095,000 | 12,546,115 |
Central Plains Energy, Nebraska Gas Project No. 4, Revenue Bonds | ||
Series A | ||
5.00%, due 3/1/50 (a) | 13,315,000 | 13,323,633 |
Nebraska Investment Finance Authority, Single Family Housing, Revenue Bonds | ||
Series C | ||
4.00%, due 9/1/48 | 2,625,000 | 2,582,845 |
Omaha Public Power District, Electric System, Revenue Bonds | ||
Series A | ||
4.00%, due 2/1/51 | 8,700,000 | 7,383,565 |
Series A, Insured: AGM-CR | ||
4.00%, due 2/1/51 | 30,000,000 | 26,041,143 |
Principal Amount | Value | |
Nebraska (continued) | ||
Omaha Public Power District, Electric System, Revenue Bonds (continued) | ||
Series A | ||
5.00%, due 2/1/46 | $ 18,750,000 | $ 19,654,684 |
Series A | ||
5.00%, due 2/1/47 | 20,000,000 | 21,062,296 |
102,594,281 | ||
Nevada 0.9% | ||
City of Reno NV, Capital Improvement, Revenue Bonds | ||
Series A-1, Insured: AGM | ||
4.00%, due 6/1/46 | 1,600,000 | 1,338,982 |
Clark County School District, Limited General Obligation | ||
Series B, Insured: BAM | ||
3.00%, due 6/15/36 | 5,750,000 | 4,590,709 |
Series C | ||
4.00%, due 6/15/32 | 4,250,000 | 4,245,942 |
County of Clark NV, Park Improvement, Limited General Obligation | ||
4.00%, due 12/1/35 | 7,475,000 | 7,270,616 |
Las Vegas Convention & Visitors Authority, Convention Center Expansion, Revenue Bonds | ||
Series B | ||
4.00%, due 7/1/49 | 27,700,000 | 22,381,160 |
Series B | ||
5.00%, due 7/1/31 | 1,245,000 | 1,318,001 |
Series B | ||
5.00%, due 7/1/43 | 9,415,000 | 9,543,422 |
Las Vegas Valley Water District, Limited General Obligation | ||
5.00%, due 6/1/33 | 8,000,000 | 8,217,879 |
Las Vegas Valley Water District, Water Improvement, Limited General Obligation | ||
Series A | ||
5.00%, due 6/1/46 | 3,165,000 | 3,228,982 |
62,135,693 | ||
New Hampshire 0.1% | ||
City of Manchester NH, General Airport, Revenue Bonds | ||
Series A, Insured: AGM | ||
5.00%, due 1/1/26 | 1,800,000 | 1,801,774 |
30 | MainStay MacKay Tax Free Bond Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
New Hampshire (continued) | ||
New Hampshire Business Finance Authority, Pennichuck Water Works, Inc., Revenue Bonds | ||
Series A | ||
4.00%, due 4/1/50 (b) | $ 4,775,000 | $ 3,852,346 |
5,654,120 | ||
New Jersey 3.8% | ||
Atlantic County Improvement Authority (The), Stockton University, Revenue Bonds | ||
Series A, Insured: AGM | ||
5.00%, due 7/1/31 | 2,170,000 | 2,257,624 |
Series A, Insured: AGM | ||
5.00%, due 7/1/32 | 1,305,000 | 1,355,829 |
Series A, Insured: AGM | ||
5.00%, due 7/1/33 | 1,395,000 | 1,446,197 |
City of Atlantic City NJ, Unlimited General Obligation | ||
Series B, Insured: AGM State Aid Withholding | ||
5.00%, due 3/1/32 | 2,900,000 | 3,027,015 |
New Brunswick Parking Authority, City Guaranteed Parking, Revenue Bonds | ||
Series A, Insured: BAM MUN GOVT GTD | ||
5.00%, due 9/1/28 | 2,250,000 | 2,361,392 |
Series A, Insured: BAM MUN GOVT GTD | ||
5.00%, due 9/1/29 | 2,120,000 | 2,223,540 |
Series A, Insured: BAM MUN GOVT GTD | ||
5.00%, due 9/1/30 | 3,855,000 | 4,034,839 |
Series A, Insured: BAM MUN GOVT GTD | ||
5.00%, due 9/1/31 | 5,980,000 | 6,239,919 |
New Jersey Building Authority, Revenue Bonds | ||
Series A, Insured: BAM | ||
5.00%, due 6/15/25 | 2,015,000 | 2,081,450 |
Series A, Insured: BAM | ||
5.00%, due 6/15/28 | 1,805,000 | 1,868,924 |
Principal Amount | Value | |
New Jersey (continued) | ||
New Jersey Economic Development Authority, The Goethals Bridge Replacement Project, Revenue Bonds (b) | ||
5.00%, due 1/1/28 | $ 1,000,000 | $ 995,308 |
5.50%, due 1/1/26 | 1,000,000 | 1,005,831 |
New Jersey Economic Development Authority, State of New Jersey Motor Vehicle Surcharge, Revenue Bonds | ||
Series A, Insured: BAM | ||
5.00%, due 7/1/28 | 2,000,000 | 2,073,876 |
New Jersey Educational Facilities Authority, Stockton University, Revenue Bonds | ||
Series A, Insured: BAM | ||
5.00%, due 7/1/29 | 4,025,000 | 4,172,003 |
Series A, Insured: BAM | ||
5.00%, due 7/1/30 | 4,250,000 | 4,401,455 |
Series A, Insured: BAM | ||
5.00%, due 7/1/31 | 3,000,000 | 3,101,422 |
New Jersey Health Care Facilities Financing Authority, Hackensack Meridian Health, Inc., Revenue Bonds | ||
Series A | ||
5.00%, due 7/1/38 | 8,900,000 | 9,141,666 |
New Jersey Transportation Trust Fund Authority, Transportation System, Revenue Bonds | ||
Series C, Insured: NATL-RE | ||
(zero coupon), due 12/15/27 | 8,360,000 | 6,720,668 |
Series C, Insured: NATL-RE | ||
(zero coupon), due 12/15/30 | 18,075,000 | 12,486,235 |
Series C, Insured: AGM | ||
(zero coupon), due 12/15/34 | 27,400,000 | 15,029,642 |
Series A | ||
5.00%, due 12/15/26 | 3,750,000 | 3,893,559 |
Series AA | ||
5.00%, due 6/15/44 | 11,955,000 | 11,507,882 |
Series BB | ||
5.00%, due 6/15/44 | 12,155,000 | 11,700,402 |
Series AA | ||
5.00%, due 6/15/46 | 6,515,000 | 6,252,023 |
Series AA | ||
5.25%, due 6/15/43 | 9,155,000 | 9,167,994 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
New Jersey (continued) | ||
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement, Revenue Bonds | ||
Series A | ||
5.00%, due 6/15/28 | $ 4,300,000 | $ 4,433,248 |
Series A | ||
5.00%, due 6/15/29 | 7,480,000 | 7,696,908 |
New Jersey Turnpike Authority, Revenue Bonds | ||
Series E | ||
5.00%, due 1/1/45 | 2,150,000 | 2,174,117 |
Series B | ||
5.25%, due 1/1/52 | 38,170,000 | 39,741,371 |
Newark Housing Authority Scholarship Foundation A New Jersey Non (The), Police Facility, Revenue Bonds | ||
Insured: AGM MUN GOVT GTD | ||
5.00%, due 12/1/38 | 1,740,000 | 1,787,108 |
South Jersey Transportation Authority, Revenue Bonds | ||
Series A, Insured: BAM | ||
5.00%, due 11/1/45 | 2,000,000 | 1,997,939 |
State of New Jersey, COVID-19 General Obligation Emergency Bonds, Unlimited General Obligation | ||
Series A | ||
4.00%, due 6/1/30 | 20,000,000 | 20,201,890 |
4.00%, due 6/1/32 | 2,845,000 | 2,827,538 |
State of New Jersey, Various Purpose, Unlimited General Obligation | ||
5.00%, due 6/1/38 | 9,770,000 | 10,165,749 |
5.00%, due 6/1/41 | 11,700,000 | 12,106,409 |
Tobacco Settlement Financing Corp., Revenue Bonds | ||
Series A | ||
5.00%, due 6/1/31 | 2,500,000 | 2,561,833 |
Series A | ||
5.00%, due 6/1/33 | 5,700,000 | 5,796,604 |
Series A | ||
5.00%, due 6/1/34 | 1,500,000 | 1,519,588 |
Series A | ||
5.00%, due 6/1/36 | 5,200,000 | 5,248,495 |
Principal Amount | Value | |
New Jersey (continued) | ||
Township of Edison NJ, Unlimited General Obligation | ||
2.00%, due 3/15/36 | $ 4,795,000 | $ 3,354,422 |
250,159,914 | ||
New Mexico 0.0% ‡ | ||
New Mexico Hospital Equipment Loan Council, Presbyterian Healthcare Services, Revenue Bonds | ||
Series A | ||
4.00%, due 8/1/37 | 3,900,000 | 3,575,086 |
New York 17.9% | ||
Battery Park City Authority, Revenue Bonds, Senior Lien | ||
Series A | ||
5.00%, due 11/1/49 | 8,300,000 | 8,649,280 |
City of New York NY, Unlimited General Obligation | ||
Series A, Insured: BAM | ||
3.00%, due 8/1/36 | 9,420,000 | 7,710,258 |
Series A-1 | ||
4.00%, due 8/1/37 | 2,000,000 | 1,851,494 |
Series A-1 | ||
4.00%, due 8/1/38 | 6,400,000 | 5,843,830 |
Series A-1 | ||
4.00%, due 8/1/42 | 3,000,000 | 2,633,326 |
Series A | ||
4.00%, due 8/1/44 | 8,750,000 | 7,584,755 |
Series D-1 | ||
4.00%, due 3/1/50 | 13,610,000 | 11,559,708 |
Series A | ||
5.00%, due 8/1/32 | 6,000,000 | 6,562,469 |
Series A-1 | ||
5.00%, due 9/1/37 | 4,500,000 | 4,773,723 |
Series C | ||
5.00%, due 8/1/42 | 2,410,000 | 2,479,219 |
Series B-1 | ||
5.25%, due 10/1/32 | 17,850,000 | 19,047,071 |
Series E | ||
5.50%, due 8/1/25 | 5,000,000 | 5,081,346 |
City of New York NY, Limited General Obligation | ||
Series F-1 | ||
5.00%, due 3/1/43 | 4,565,000 | 4,692,626 |
32 | MainStay MacKay Tax Free Bond Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
New York (continued) | ||
City of Yonkers NY, Unlimited General Obligation | ||
Series D, Insured: AGM State Aid Withholding | ||
4.00%, due 3/15/42 | $ 4,500,000 | $ 3,921,941 |
County of Suffolk NY, Public Improvement, Limited General Obligation | ||
Series A, Insured: BAM | ||
4.00%, due 4/1/32 | 4,280,000 | 4,295,371 |
Series B, Insured: AGM | ||
5.00%, due 10/15/28 | 3,520,000 | 3,792,013 |
Hudson Yards Infrastructure Corp., Second Indenture, Revenue Bonds | ||
Series A | ||
4.00%, due 2/15/37 | 2,175,000 | 1,996,979 |
Long Island Power Authority, Electric System, Revenue Bonds | ||
5.00%, due 9/1/37 | 2,000,000 | 2,069,705 |
Series A, Insured: BAM | ||
5.00%, due 9/1/39 | 9,000,000 | 9,153,872 |
Series B | ||
5.00%, due 9/1/45 | 8,070,000 | 8,272,672 |
Metropolitan Transportation Authority, Green Bond, Revenue Bonds | ||
Series A-1, Insured: AGM | ||
4.00%, due 11/15/42 | 6,895,000 | 5,894,632 |
Series A-1 | ||
5.00%, due 11/15/41 | 2,410,000 | 2,290,561 |
Series D-1 | ||
5.00%, due 11/15/44 | 11,050,000 | 10,327,057 |
Metropolitan Transportation Authority, Revenue Bonds | ||
Series D | ||
5.00%, due 11/15/26 | 2,000,000 | 2,001,054 |
Series D-1 | ||
5.00%, due 11/15/26 | 2,285,000 | 2,333,456 |
Series A-1 | ||
5.00%, due 11/15/37 | 1,300,000 | 1,260,411 |
Series C | ||
5.00%, due 11/15/38 | 6,700,000 | 6,472,784 |
Series A-1 | ||
5.00%, due 11/15/40 | 4,390,000 | 4,189,527 |
Series C | ||
5.00%, due 11/15/42 | 9,025,000 | 8,534,679 |
Principal Amount | Value | |
New York (continued) | ||
Metropolitan Transportation Authority, Revenue Bonds (continued) | ||
Series B | ||
5.00%, due 11/15/43 | $ 1,575,000 | $ 1,480,247 |
Series E | ||
5.00%, due 11/15/43 | 2,500,000 | 2,349,598 |
Series C-1 | ||
5.25%, due 11/15/29 | 2,230,000 | 2,270,343 |
Series B | ||
5.25%, due 11/15/35 | 2,370,000 | 2,374,797 |
Metropolitan Transportation Authority, Climate Certified Green Bond, Revenue Bonds | ||
Series C, Insured: BAM | ||
5.00%, due 11/15/44 | 13,245,000 | 13,351,628 |
Metropolitan Transportation Authority, Dedicated Tax Fund, Revenue Bonds | ||
Series A | ||
5.00%, due 11/15/46 | 13,040,000 | 13,249,061 |
Series A | ||
5.00%, due 11/15/48 | 6,060,000 | 6,146,526 |
Series A | ||
5.00%, due 11/15/49 | 5,500,000 | 5,574,837 |
New York City Municipal Water Finance Authority, Water & Sewer System Second General Resolution, Revenue Bonds | ||
Series BB-1, Insured: BAM | ||
3.00%, due 6/15/44 | 19,500,000 | 14,015,492 |
Series FF-2 | ||
4.00%, due 6/15/41 | 7,275,000 | 6,544,721 |
Series AA-2 | ||
4.00%, due 6/15/42 | 3,915,000 | 3,485,370 |
Series AA-2 | ||
4.00%, due 6/15/43 | 6,450,000 | 5,700,557 |
Series AA | ||
5.00%, due 6/15/37 | 4,000,000 | 4,138,636 |
Series AA | ||
5.00%, due 6/15/38 | 3,000,000 | 3,093,453 |
Series FF | ||
5.00%, due 6/15/38 | 4,815,000 | 5,008,491 |
Series EE | ||
5.00%, due 6/15/45 | 4,000,000 | 4,095,666 |
Series DD-1 | ||
5.00%, due 6/15/48 | 3,965,000 | 4,036,697 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
New York (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 | $ 4,600,000 | $ 4,705,502 |
Series BB | ||
5.00%, due 6/15/49 | 7,400,000 | 7,498,104 |
Series CC-1 | ||
5.00%, due 6/15/51 | 11,555,000 | 11,802,131 |
New York City Transitional Finance Authority, Building Aid, Revenue Bonds | ||
Series S-1, Insured: State Aid Withholding | ||
3.00%, due 7/15/49 | 10,500,000 | 7,138,873 |
Series S-1, Insured: State Aid Withholding | ||
4.00%, due 7/15/35 | 4,320,000 | 4,151,376 |
Series S-1A, Insured: State Aid Withholding | ||
4.00%, due 7/15/36 | 3,250,000 | 3,090,808 |
Series S-1, Insured: State Aid Withholding | ||
4.00%, due 7/15/40 | 7,000,000 | 6,336,173 |
Series S-1, Insured: State Aid Withholding | ||
5.00%, due 7/15/33 | 5,310,000 | 5,424,006 |
Series S-1, Insured: State Aid Withholding | ||
5.00%, due 7/15/36 | 8,950,000 | 9,104,323 |
Series S-1, Insured: State Aid Withholding | ||
5.00%, due 7/15/43 | 7,630,000 | 7,738,429 |
New York City Transitional Finance Authority, Future Tax Secured, Revenue Bonds | ||
Series A-1 | ||
4.00%, due 11/1/37 | 7,000,000 | 6,500,906 |
Series E-1 | ||
4.00%, due 2/1/39 | 6,330,000 | 5,779,810 |
Series C-1 | ||
4.00%, due 2/1/40 | 4,500,000 | 4,075,407 |
Series C-1 | ||
4.00%, due 5/1/40 | 3,500,000 | 3,166,894 |
Principal Amount | Value | |
New York (continued) | ||
New York City Transitional Finance Authority, Future Tax Secured, Revenue Bonds (continued) | ||
Series C-1 | ||
4.00%, due 5/1/40 | $ 6,035,000 | $ 5,460,631 |
Series C-1 | ||
4.00%, due 11/1/40 | 8,500,000 | 7,676,384 |
Series C-1 | ||
4.00%, due 11/1/42 | 8,670,000 | 7,677,555 |
Series C-3 | ||
4.00%, due 5/1/44 | 12,000,000 | 10,484,628 |
Series C-1 | ||
4.00%, due 5/1/45 | 19,500,000 | 16,865,952 |
Series E-1 | ||
4.00%, due 2/1/46 | 16,985,000 | 14,620,229 |
Series F-1 | ||
5.00%, due 5/1/32 | 3,500,000 | 3,660,462 |
Series A-1 | ||
5.00%, due 5/1/33 | 8,975,000 | 9,258,924 |
Series A-2 | ||
5.00%, due 8/1/33 | 4,000,000 | 4,174,798 |
Series A-2 | ||
5.00%, due 8/1/34 | 6,895,000 | 7,169,817 |
Series A-1 | ||
5.00%, due 8/1/40 | 10,300,000 | 10,525,765 |
Series E-1 | ||
5.00%, due 2/1/43 | 3,750,000 | 3,801,030 |
Series C-1 | ||
5.00%, due 2/1/51 | 10,000,000 | 10,158,655 |
Series A-1 | ||
5.25%, due 8/1/40 | 7,500,000 | 7,938,922 |
New York Convention Center Development Corp., Hotel Unit Fee, Revenue Bonds, Sub. Lien | ||
Series B, Insured: BAM | ||
(zero coupon), due 11/15/36 | 5,050,000 | 2,479,964 |
New York Liberty Development Corp., Bank of America Tower at One Bryant Park Project, Revenue Bonds | ||
2.45%, due 9/15/69 | 11,625,000 | 9,742,424 |
New York Liberty Development Corp., 1 World Trade Center, Revenue Bonds | ||
Insured: BAM | ||
3.00%, due 2/15/42 | 3,800,000 | 2,780,744 |
4.00%, due 2/15/43 | 10,000,000 | 8,450,955 |
34 | MainStay MacKay Tax Free Bond Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
New York (continued) | ||
New York State Dormitory Authority, State Personal Income Tax, Revenue Bonds | ||
Series A | ||
3.00%, due 3/15/39 | $ 18,500,000 | $ 13,964,792 |
Series E | ||
3.00%, due 3/15/41 | 2,250,000 | 1,651,518 |
Series A | ||
4.00%, due 3/15/36 | 2,500,000 | 2,365,057 |
Series D | ||
4.00%, due 2/15/37 | 5,500,000 | 5,137,027 |
Series A | ||
4.00%, due 3/15/37 | 4,250,000 | 3,968,416 |
Series A | ||
4.00%, due 3/15/37 | 3,450,000 | 3,221,420 |
Series D | ||
4.00%, due 2/15/39 | 5,000,000 | 4,570,034 |
Series A | ||
4.00%, due 3/15/39 | 18,200,000 | 16,629,833 |
Series A | ||
4.00%, due 3/15/41 | 3,430,000 | 3,065,409 |
Series E | ||
4.00%, due 3/15/42 | 9,000,000 | 7,957,891 |
Series A | ||
4.00%, due 3/15/43 | 7,000,000 | 6,151,273 |
Series E | ||
4.00%, due 3/15/45 | 2,800,000 | 2,433,039 |
Series E | ||
5.00%, due 3/15/34 | 3,690,000 | 3,807,058 |
Series E | ||
5.00%, due 2/15/35 | 3,155,000 | 3,345,992 |
Series A | ||
5.00%, due 3/15/36 | 9,000,000 | 9,458,523 |
Series A | ||
5.00%, due 3/15/41 | 4,000,000 | 4,156,706 |
New York State Dormitory Authority, School Districts Financing Program, Revenue Bonds | ||
Series A, Insured: AGM | ||
5.00%, due 10/1/34 | 5,000 | 5,424 |
Series A, Insured: BAM | ||
5.00%, due 10/1/36 | 4,000,000 | 4,205,880 |
New York State Dormitory Authority, University Facilities, Revenue Bonds | ||
Series A | ||
5.00%, due 7/1/36 | 1,000,000 | 1,039,494 |
Principal Amount | Value | |
New York (continued) | ||
New York State Dormitory Authority, University Facilities, Revenue Bonds (continued) | ||
Series A | ||
5.00%, due 7/1/38 | $ 1,000,000 | $ 1,034,406 |
New York State Dormitory Authority, Sales Tax, Revenue Bonds | ||
Series A | ||
5.00%, due 3/15/40 | 21,130,000 | 21,728,607 |
Series C | ||
5.00%, due 3/15/40 | 13,350,000 | 13,728,201 |
Series E | ||
5.00%, due 3/15/40 | 4,250,000 | 4,380,264 |
Series C | ||
5.00%, due 3/15/41 | 30,070,000 | 30,890,192 |
Series A | ||
5.00%, due 3/15/43 | 6,600,000 | 6,755,064 |
New York State Dormitory Authority, Sales tax, Revenue Bonds | ||
Series C | ||
5.00%, due 3/15/41 | 7,280,000 | 7,453,684 |
New York State Environmental Facilities Corp., Clean Water & Drinking Water, Revenue Bonds | ||
Series B | ||
3.00%, due 6/15/38 | 8,400,000 | 6,681,869 |
New York State Thruway Authority, General Revenue Junior Indebtedness Obligation, Revenue Bonds | ||
Series B, Insured: BAM | ||
4.00%, due 1/1/39 | 14,930,000 | 13,400,757 |
Series B | ||
4.00%, due 1/1/41 | 4,000,000 | 3,531,587 |
Series B, Insured: AGM | ||
4.00%, due 1/1/50 | 4,990,000 | 4,063,102 |
New York State Thruway Authority, General Revenue Junior Indebtedness Obligation, Revenue Bonds, Junior Lien | ||
Series B, Insured: BAM | ||
4.00%, due 1/1/45 | 4,900,000 | 4,118,067 |
Series A | ||
5.00%, due 1/1/46 | 4,500,000 | 4,480,617 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
New York (continued) | ||
New York State Thruway Authority, State Personal Income Tax, Revenue Bonds | ||
Series C | ||
4.125%, due 3/15/57 | $ 8,225,000 | $ 6,833,610 |
Series A | ||
5.00%, due 3/15/34 | 16,950,000 | 18,411,507 |
New York State Thruway Authority, Revenue Bonds | ||
Series N | ||
5.00%, due 1/1/34 | 9,780,000 | 10,305,863 |
Series N | ||
5.00%, due 1/1/36 | 14,660,000 | 15,261,311 |
Series N | ||
5.00%, due 1/1/38 | 4,415,000 | 4,557,090 |
New York State Urban Development Corp., Personal Income Tax, Revenue Bonds | ||
Series C | ||
3.00%, due 3/15/40 | 17,335,000 | 13,237,852 |
Series A | ||
3.00%, due 3/15/50 | 11,460,000 | 7,854,000 |
Series A | ||
4.00%, due 3/15/38 | 2,005,000 | 1,850,646 |
Series E | ||
4.00%, due 3/15/46 | 2,770,000 | 2,379,890 |
Series A | ||
5.00%, due 3/15/42 | 16,000,000 | 16,547,509 |
New York State Urban Development Corp., Sales Tax, Revenue Bonds | ||
Series A | ||
3.00%, due 3/15/41 | 9,000,000 | 6,646,388 |
Series A | ||
3.00%, due 3/15/42 | 9,000,000 | 6,554,594 |
Series A | ||
4.00%, due 3/15/37 | 15,000,000 | 14,096,313 |
Series A | ||
4.00%, due 3/15/42 | 9,180,000 | 8,201,560 |
Series A | ||
5.00%, due 3/15/36 | 5,610,000 | 5,857,208 |
New York State Urban Development Corp., State Personal Income Tax, Revenue Bonds | ||
Series A | ||
5.00%, due 3/15/30 | 11,050,000 | 11,504,565 |
Series A | ||
5.00%, due 3/15/43 | 9,285,000 | 9,458,623 |
Principal Amount | Value | |
New York (continued) | ||
New York Transportation Development Corp., LaGuardia Airport Terminal B Redevelopment Project, Revenue Bonds (b) | ||
Series A, Insured: AGM-CR | ||
4.00%, due 7/1/31 | $ 9,875,000 | $ 9,328,400 |
Series A, Insured: AGM | ||
4.00%, due 7/1/35 | 11,330,000 | 10,164,575 |
Series A, Insured: AGM | ||
4.00%, due 7/1/37 | 12,520,000 | 11,007,141 |
New York Transportation Development Corp., Terminal 4 JFK International Airport Project, Revenue Bonds (b) | ||
5.00%, due 12/1/27 | 4,500,000 | 4,542,286 |
5.00%, due 12/1/28 | 4,500,000 | 4,521,331 |
5.00%, due 12/1/29 | 8,300,000 | 8,266,235 |
5.00%, due 12/1/30 | 1,700,000 | 1,690,434 |
Onondaga County Trust for Cultural Resources, Syracuse University Project, Revenue Bonds | ||
5.00%, due 12/1/43 | 13,810,000 | 14,333,250 |
5.00%, due 12/1/45 | 5,940,000 | 6,148,176 |
Port Authority of New York & New Jersey, Revenue Bonds | ||
Series 223 | ||
4.00%, due 7/15/35 (b) | 3,670,000 | 3,333,720 |
Series 222, Insured: BAM | ||
4.00%, due 7/15/39 | 5,000,000 | 4,568,196 |
Series 223 | ||
4.00%, due 7/15/39 (b) | 2,090,000 | 1,826,400 |
Series 221 | ||
4.00%, due 7/15/40 (b) | 3,000,000 | 2,604,742 |
Series 218 | ||
4.00%, due 11/1/41 (b) | 10,815,000 | 9,313,122 |
Series 223 | ||
4.00%, due 7/15/46 (b) | 4,425,000 | 3,645,072 |
Series 218 | ||
5.00%, due 11/1/44 (b) | 3,000,000 | 2,805,589 |
Series 234 | ||
5.25%, due 8/1/47 (b) | 9,000,000 | 9,173,279 |
Series 231 | ||
5.50%, due 8/1/39 (b) | 8,000,000 | 8,524,531 |
Series 231 | ||
5.50%, due 8/1/47 (b) | 19,000,000 | 19,878,043 |
36 | MainStay MacKay Tax Free Bond Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
New York (continued) | ||
Rensselaer City School District, Certificate of Participation | ||
Insured: AGM State Aid Withholding | ||
5.00%, due 6/1/30 | $ 1,880,000 | $ 1,956,547 |
Insured: AGM State Aid Withholding | ||
5.00%, due 6/1/32 | 2,000,000 | 2,079,394 |
State of New York, Unlimited General Obligation | ||
Series A | ||
3.00%, due 3/15/34 | 2,500,000 | 2,154,158 |
Suffolk County Water Authority, Waterworks, Revenue Bonds | ||
Series A | ||
3.75%, due 6/1/36 | 16,270,000 | 14,770,674 |
Triborough Bridge & Tunnel Authority, Payroll Mobility Tax, Revenue Bonds, Senior Lien | ||
Series C-3 | ||
3.00%, due 5/15/51 | 5,000,000 | 3,291,109 |
Series D-2 | ||
5.25%, due 5/15/47 | 24,000,000 | 25,189,114 |
Series D-2 | ||
5.50%, due 5/15/52 | 22,710,000 | 24,198,463 |
Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels, Revenue Bonds | ||
Series C | ||
4.00%, due 11/15/41 | 10,750,000 | 9,323,729 |
Series B | ||
5.00%, due 11/15/35 | 7,660,000 | 7,890,285 |
Series B | ||
5.00%, due 11/15/37 | 3,100,000 | 3,167,201 |
Series A | ||
5.00%, due 11/15/41 | 5,000,000 | 5,105,055 |
Series A | ||
5.00%, due 11/15/42 | 5,255,000 | 5,382,902 |
Series A | ||
5.00%, due 11/15/46 | 10,195,000 | 10,277,525 |
Series A | ||
5.00%, due 11/15/46 | 2,500,000 | 2,544,329 |
Triborough Bridge & Tunnel Authority, Sales Tax, Revenue Bonds | ||
Series A | ||
5.25%, due 5/15/52 | 21,750,000 | 22,708,464 |
Principal Amount | Value | |
New York (continued) | ||
TSASC, Inc., Tobacco Settlement Bonds, Revenue Bonds | ||
Series A | ||
5.00%, due 6/1/34 | $ 6,190,000 | $ 6,254,855 |
Series A | ||
5.00%, due 6/1/35 | 2,615,000 | 2,638,218 |
Utility Debt Securitization Authority, Revenue Bonds | ||
Series E-1 | ||
5.00%, due 12/15/39 | 10,000,000 | 10,769,335 |
1,165,948,131 | ||
North Dakota 0.1% | ||
City of Grand Forks ND, Altru Health System Obligated Group, Revenue Bonds | ||
Insured: AGM | ||
3.00%, due 12/1/46 | 7,710,000 | 5,343,984 |
State Board of Higher Education of the State of North Dakota, University of North Dakota Housing & Auxiliary Facilities, Revenue Bonds | ||
Series A, Insured: AGM | ||
4.00%, due 4/1/44 | 3,250,000 | 2,881,371 |
8,225,355 | ||
Ohio 1.0% | ||
American Municipal Power, Inc., Prairie State Energy Campus Project, Revenue Bonds | ||
Series A, Insured: BAM | ||
4.00%, due 2/15/34 | 24,435,000 | 23,196,568 |
Series A, Insured: BAM | ||
5.00%, due 2/15/33 | 3,700,000 | 3,946,673 |
Buckeye Tobacco Settlement Financing Authority, Revenue Bonds, Senior Lien | ||
Series A-2, Class 1 | ||
5.00%, due 6/1/36 | 3,000,000 | 3,057,813 |
Clermont County Port Authority, West Clermont Local School District Project, Revenue Bonds | ||
Insured: BAM | ||
5.00%, due 12/1/32 | 2,200,000 | 2,279,624 |
Insured: BAM | ||
5.00%, due 12/1/33 | 1,335,000 | 1,382,531 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Ohio (continued) | ||
Cleveland-Cuyahoga County Port Authority, Annual Appropriation Bonds, Revenue Bonds | ||
6.00%, due 11/15/25 | $ 1,630,000 | $ 1,633,468 |
County of Franklin OH, Nationwide Children's Hospital, Inc., Revenue Bonds | ||
Series C | ||
4.00%, due 11/1/40 | 3,000,000 | 2,693,425 |
Ohio Higher Educational Facility Commission, Ashtabula County Medical Center Obligated Group, Revenue Bonds | ||
5.00%, due 1/1/23 | 200,000 | 200,223 |
5.00%, due 1/1/30 | 210,000 | 214,780 |
5.00%, due 1/1/34 | 360,000 | 363,018 |
5.25%, due 1/1/36 | 495,000 | 503,717 |
5.25%, due 1/1/52 | 2,500,000 | 2,425,730 |
Ohio Housing Finance Agency, Residential Mortgage, Revenue Bonds | ||
Series A, Insured: GNMA / FNMA / FHLMC | ||
4.50%, due 9/1/48 | 2,955,000 | 2,942,634 |
Ohio Water Development Authority Water Pollution Control Loan Fund, Green Bond, Revenue Bonds | ||
Series A | ||
4.00%, due 12/1/46 | 3,270,000 | 2,889,468 |
State of Ohio, Cleveland Clinic Health System Obligated Group, Revenue Bonds | ||
4.00%, due 1/1/46 | 5,530,000 | 4,809,724 |
University of Cincinnati, Revenue Bonds | ||
Series A | ||
5.00%, due 6/1/45 | 11,675,000 | 11,982,989 |
Series C | ||
5.00%, due 6/1/46 | 2,500,000 | 2,543,079 |
West Carrollton City School District, Unlimited General Obligation | ||
Series A, Insured: SD CRED PROG | ||
4.00%, due 12/1/56 | 1,200,000 | 992,327 |
68,057,791 |
Principal Amount | Value | |
Oklahoma 0.4% | ||
Garfield County Educational Facilities Authority, Enid Public Schools Project, Revenue Bonds | ||
Series A | ||
5.00%, due 9/1/28 | $ 4,250,000 | $ 4,453,630 |
Series A | ||
5.00%, due 9/1/29 | 3,870,000 | 4,045,560 |
Lincoln County Educational Facilities Authority, Stroud Public Schools Project, Revenue Bonds | ||
5.00%, due 9/1/28 | 2,700,000 | 2,797,097 |
5.00%, due 9/1/29 | 2,120,000 | 2,188,629 |
Oklahoma Housing Finance Agency, Revenue Bonds | ||
Series A | ||
4.75%, due 9/1/48 | 1,920,000 | 1,923,352 |
Oklahoma Turnpike Authority, Revenue Bonds, Second Series | ||
Series C | ||
4.00%, due 1/1/42 | 4,500,000 | 4,222,604 |
Weatherford Industrial Trust, Custer County Independent School District No. 26 Weatherford, Revenue Bonds | ||
5.00%, due 3/1/31 | 1,820,000 | 1,956,268 |
5.00%, due 3/1/33 | 2,000,000 | 2,134,939 |
23,722,079 | ||
Oregon 0.2% | ||
Port of Portland, Airport, Revenue Bonds | ||
Series A | ||
5.00%, due 7/1/37 (b) | 9,350,000 | 9,285,736 |
State of Oregon Housing & Community Services Department, Single Family Mortgage Program, Revenue Bonds | ||
Series C | ||
4.50%, due 7/1/49 | 5,005,000 | 4,989,786 |
14,275,522 | ||
Pennsylvania 1.9% | ||
City of Philadelphia PA, Unlimited General Obligation | ||
Series A | ||
5.00%, due 5/1/32 | 4,000,000 | 4,218,164 |
38 | MainStay MacKay Tax Free Bond Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Pennsylvania (continued) | ||
City of Philadelphia PA, Water & Wastewater, Revenue Bonds | ||
Series C | ||
5.50%, due 6/1/52 | $ 12,000,000 | $ 12,568,973 |
Commonwealth Financing Authority, Tobacco Master Settlement Payment, Revenue Bonds | ||
Insured: AGM | ||
4.00%, due 6/1/39 | 5,250,000 | 4,787,648 |
Insured: BAM | ||
5.00%, due 6/1/31 | 8,950,000 | 9,338,227 |
Commonwealth Financing Authority, Revenue Bonds | ||
Series B-1, Insured: AGM | ||
5.00%, due 6/1/25 | 2,500,000 | 2,591,955 |
Commonwealth of Pennsylvania, Unlimited General Obligation, First Series | ||
4.00%, due 4/1/32 | 9,000,000 | 9,002,227 |
Pennsylvania Economic Development Financing Authority, UPMC Obligated Group, Revenue Bonds | ||
Series A | ||
4.00%, due 11/15/36 | 4,465,000 | 4,013,016 |
Pennsylvania Higher Educational Facilities Authority, University of Pennsylvania Health System, Revenue Bonds | ||
Series B | ||
4.00%, due 8/15/42 | 5,875,000 | 5,235,468 |
4.00%, due 8/15/49 | 21,140,000 | 17,905,777 |
5.00%, due 8/15/49 | 4,750,000 | 4,753,097 |
Pennsylvania State University (The), Revenue Bonds | ||
Series A | ||
5.00%, due 9/1/48 | 5,000,000 | 5,113,306 |
Pennsylvania Turnpike Commission, Revenue Bonds | ||
Series A, Insured: BAM | ||
5.00%, due 12/1/44 | 8,975,000 | 9,069,505 |
Pittsburgh Water & Sewer Authority, Revenue Bonds, First Lien | ||
Series A, Insured: AGM | ||
5.00%, due 9/1/44 | 3,780,000 | 3,896,129 |
Principal Amount | Value | |
Pennsylvania (continued) | ||
State Public School Building Authority, Philadelphia Community College, Revenue Bonds | ||
Series A, Insured: BAM | ||
5.00%, due 6/15/28 | $ 4,755,000 | $ 4,886,655 |
State Public School Building Authority, School District of Philadelphia (The), Revenue Bonds | ||
Series A, Insured: AGM State Aid Withholding | ||
5.00%, due 6/1/31 | 26,975,000 | 27,845,772 |
125,225,919 | ||
Puerto Rico 0.5% | ||
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds, Senior Lien | ||
Series A, Insured: AGC-ICC | ||
6.125%, due 7/1/24 | 290,000 | 296,489 |
Puerto Rico Electric Power Authority, Revenue Bonds | ||
Series DDD, Insured: AGM | ||
3.625%, due 7/1/23 | 3,115,000 | 3,099,238 |
Series UU, Insured: AGC | ||
4.25%, due 7/1/27 | 2,345,000 | 2,301,418 |
Series NN, Insured: NATL-RE | ||
4.75%, due 7/1/33 | 1,140,000 | 1,069,873 |
Series PP, Insured: NATL-RE | ||
5.00%, due 7/1/23 | 855,000 | 854,279 |
Series SS, Insured: NATL-RE | ||
5.00%, due 7/1/23 | 825,000 | 824,304 |
Series UU, Insured: AGM | ||
5.00%, due 7/1/23 | 2,040,000 | 2,069,860 |
Series PP, Insured: NATL-RE | ||
5.00%, due 7/1/24 | 2,665,000 | 2,659,775 |
Series UU, Insured: AGM | ||
5.00%, due 7/1/24 | 4,165,000 | 4,225,965 |
Series TT, Insured: AGM-CR | ||
5.00%, due 7/1/27 | 500,000 | 509,348 |
Series SS, Insured: AGM | ||
5.00%, due 7/1/30 | 550,000 | 560,282 |
Series VV, Insured: NATL-RE | ||
5.25%, due 7/1/26 | 1,575,000 | 1,569,753 |
Series VV, Insured: NATL-RE | ||
5.25%, due 7/1/29 | 1,470,000 | 1,458,844 |
Series VV, Insured: NATL-RE | ||
5.25%, due 7/1/32 | 1,225,000 | 1,202,812 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Puerto Rico (continued) | ||
Puerto Rico Electric Power Authority, Revenue Bonds (continued) | ||
Series VV, Insured: NATL-RE | ||
5.25%, due 7/1/34 | $ 550,000 | $ 535,926 |
Puerto Rico Highway & Transportation Authority, Revenue Bonds | ||
Series D, Insured: AGM | ||
5.00%, due 7/1/27 | 2,240,000 | 2,255,628 |
Series J, Insured: NATL-RE | ||
5.00%, due 7/1/29 | 650,000 | 643,323 |
Series L, Insured: NATL-RE | ||
5.25%, due 7/1/24 | 2,195,000 | 2,195,990 |
Puerto Rico Municipal Finance Agency, Revenue Bonds | ||
Series A, Insured: AGM | ||
5.00%, due 8/1/27 | 290,000 | 294,131 |
Series A, Insured: AGM | ||
5.00%, due 8/1/30 | 1,440,000 | 1,460,513 |
Series C, Insured: AGC | ||
5.25%, due 8/1/23 | 340,000 | 344,961 |
Puerto Rico Sales Tax Financing Corp., Revenue Bonds | ||
Insured: BHAC-CR | ||
(zero coupon), due 8/1/54 | 98,098 | 24,383 |
30,457,095 | ||
Rhode Island 0.2% | ||
Providence Public Building Authority, Various Capital Projects, Revenue Bonds | ||
Series A, Insured: AGM | ||
5.875%, due 6/15/26 | 1,285,000 | 1,287,723 |
Rhode Island Health and Educational Building Corp., Lifespan Obligated Group, Revenue Bonds | ||
5.00%, due 5/15/26 | 4,500,000 | 4,566,557 |
Rhode Island Health and Educational Building Corp., Public Schools Financing Program, Revenue Bonds | ||
Series B | ||
5.00%, due 5/15/33 | 1,045,000 | 1,121,043 |
Series B | ||
5.00%, due 5/15/34 | 1,095,000 | 1,172,077 |
Series B | ||
5.00%, due 5/15/35 | 1,150,000 | 1,225,143 |
Principal Amount | Value | |
Rhode Island (continued) | ||
Rhode Island Health and Educational Building Corp., Public Schools Financing Program, Revenue Bonds (continued) | ||
Series B | ||
5.00%, due 5/15/36 | $ 1,205,000 | $ 1,278,867 |
Series B | ||
5.00%, due 5/15/37 | 1,265,000 | 1,336,637 |
11,988,047 | ||
South Carolina 1.4% | ||
Patriots Energy Group Financing Agency, Gas Supply, Revenue Bonds | ||
Series A | ||
4.00%, due 10/1/48 (a) | 3,605,000 | 3,588,853 |
South Carolina Public Service Authority, Santee Cooper Project, Revenue Bonds | ||
Series B | ||
4.00%, due 12/1/29 | 4,417,000 | 4,281,077 |
Series A, Insured: BAM | ||
4.00%, due 12/1/52 | 24,360,000 | 20,111,329 |
Series B, Insured: BAM | ||
4.00%, due 12/1/55 | 4,488,000 | 3,683,452 |
Series A | ||
5.00%, due 12/1/31 | 2,500,000 | 2,598,238 |
Series A | ||
5.00%, due 12/1/36 | 13,500,000 | 13,650,297 |
Series B | ||
5.00%, due 12/1/51 | 2,000,000 | 1,921,550 |
South Carolina Public Service Authority, Revenue Bonds | ||
Series A, Insured: BAM | ||
4.00%, due 12/1/40 | 5,750,000 | 5,093,812 |
Series A | ||
5.00%, due 12/1/32 | 9,000,000 | 9,134,195 |
Series B | ||
5.00%, due 12/1/56 | 1,500,000 | 1,428,378 |
South Carolina Transportation Infrastructure Bank, Revenue Bonds | ||
Series A | ||
5.00%, due 10/1/36 | 13,450,000 | 13,924,336 |
40 | MainStay MacKay Tax Free Bond Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
South Carolina (continued) | ||
Sumter Two School Facilities, Inc., Sumter School District Project, Revenue Bonds | ||
Series C, Insured: BAM | ||
5.00%, due 12/1/27 | $ 1,100,000 | $ 1,145,846 |
University of South Carolina, Campus Village Project, Revenue Bonds | ||
Series A | ||
4.00%, due 5/1/51 | 9,300,000 | 7,954,863 |
88,516,226 | ||
South Dakota 0.1% | ||
South Dakota Conservancy District, State Revolving Fund Program, Revenue Bonds | ||
5.00%, due 8/1/37 | 1,750,000 | 1,854,042 |
5.00%, due 8/1/38 | 2,500,000 | 2,642,984 |
4,497,026 | ||
Tennessee 0.4% | ||
Metropolitan Government of Nashville & Davidson County, Unlimited General Obligation | ||
Series A | ||
4.00%, due 1/1/40 | 4,750,000 | 4,355,668 |
Metropolitan Nashville Airport Authority (The), Revenue Bonds (b) | ||
Series B | ||
5.00%, due 7/1/44 | 10,975,000 | 10,536,615 |
Series B | ||
5.00%, due 7/1/54 | 5,000,000 | 4,716,501 |
Tennessee Energy Acquisition Corp., Revenue Bonds | ||
4.00%, due 11/1/49 (a) | 1,250,000 | 1,215,357 |
Tennessee Housing Development Agency, Revenue Bonds | ||
4.50%, due 7/1/49 | 4,240,000 | 4,222,311 |
25,046,452 | ||
Texas 7.0% | ||
Argyle Independent School District, Unlimited General Obligation | ||
Insured: PSF-GTD | ||
5.00%, due 8/15/47 | 10,000,000 | 10,474,710 |
Principal Amount | Value | |
Texas (continued) | ||
Bexar County Hospital District, Certificates of Obligation, Limited General Obligation | ||
4.00%, due 2/15/37 | $ 3,700,000 | $ 3,436,986 |
Celina Independent School District, Unlimited General Obligation | ||
Insured: PSF-GTD | ||
5.00%, due 2/15/52 | 14,365,000 | 14,922,815 |
Central Texas Turnpike System, Revenue Bonds, First Tier | ||
Series A, Insured: AMBAC | ||
(zero coupon), due 8/15/28 | 7,500,000 | 5,916,018 |
Series A | ||
5.00%, due 8/15/39 | 3,320,000 | 3,422,394 |
Central Texas Turnpike System, Revenue Bonds | ||
Series C | ||
5.00%, due 8/15/34 | 4,250,000 | 4,288,618 |
Series C | ||
5.00%, due 8/15/42 | 2,135,000 | 2,142,261 |
City of Arlington TX, Special Tax, Senior Lien | ||
Series A, Insured: AGM | ||
5.00%, due 2/15/48 | 8,000,000 | 8,073,935 |
City of Austin TX, Airport System, Revenue Bonds | ||
5.00%, due 11/15/44 | 11,865,000 | 11,387,335 |
Series B | ||
5.00%, due 11/15/48 (b) | 12,000,000 | 11,432,009 |
5.00%, due 11/15/52 | 11,500,000 | 10,927,645 |
5.25%, due 11/15/47 | 13,500,000 | 13,338,466 |
City of Celina TX, Limited General Obligation | ||
5.00%, due 9/1/47 | 8,000,000 | 8,252,190 |
City of Dallas TX, Hotel Occupancy Tax, Revenue Bonds | ||
4.00%, due 8/15/36 | 1,150,000 | 1,032,417 |
City of El Paso TX, Limited General Obligation | ||
Insured: BAM | ||
4.00%, due 8/15/42 | 17,040,000 | 15,301,215 |
City of Georgetown TX, Utility System, Revenue Bonds | ||
Insured: AGM | ||
5.25%, due 8/15/52 | 5,000,000 | 5,197,872 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Texas (continued) | ||
City of Houston TX, Public Improvement, Limited General Obligation | ||
Series A | ||
5.00%, due 3/1/28 | $ 3,695,000 | $ 3,909,131 |
City of Houston TX, Hotel Occupancy Tax & Special Tax, Revenue Bonds | ||
5.00%, due 9/1/31 | 2,450,000 | 2,476,350 |
5.00%, due 9/1/34 | 1,550,000 | 1,560,432 |
City of Lubbock TX, Revenue Bonds | ||
Insured: AGM-CR | ||
4.00%, due 4/15/51 | 6,590,000 | 5,552,602 |
City of New Braunfels TX, Utility System, Revenue Bonds | ||
5.00%, due 7/1/53 | 3,000,000 | 3,079,839 |
City of San Antonio TX, Electric & Gas Systems, Revenue Bonds | ||
4.00%, due 2/1/28 | 3,000,000 | 3,052,107 |
Collin County Community College District, Limited General Obligation | ||
3.50%, due 8/15/37 | 4,500,000 | 3,821,563 |
Dallas Area Rapid Transit, Revenue Bonds, Senior Lien | ||
Series B | ||
4.00%, due 12/1/36 | 4,000,000 | 3,864,765 |
Series A | ||
5.00%, due 12/1/45 | 6,320,000 | 6,571,224 |
Dallas Fort Worth International Airport, Revenue Bonds | ||
Series B, Insured: BAM | ||
4.00%, due 11/1/35 | 21,040,000 | 19,712,210 |
Fort Bend Grand Parkway Toll Road Authority, Revenue Bonds, Sub. Lien | ||
3.00%, due 3/1/46 | 6,500,000 | 4,567,718 |
Fredericksburg Independent School District, Unlimited General Obligation | ||
Insured: PSF-GTD | ||
5.00%, due 2/15/47 | 8,195,000 | 8,561,524 |
Grand Parkway Transportation Corp., Revenue Bonds, First Tier | ||
Series C, Insured: AGM-CR | ||
4.00%, due 10/1/49 | 22,865,000 | 19,397,031 |
Principal Amount | Value | |
Texas (continued) | ||
Harris County Cultural Education Facilities Finance Corp., Texas Children's Hospital, Revenue Bonds | ||
Series A | ||
3.00%, due 10/1/51 | $ 12,005,000 | $ 7,736,106 |
Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System, Revenue Bonds | ||
Series A | ||
5.00%, due 7/1/38 | 3,780,000 | 3,810,050 |
Love Field Airport Modernization Corp., Revenue Bonds | ||
Insured: AGM | ||
4.00%, due 11/1/38 (b) | 6,000,000 | 5,236,883 |
Lower Colorado River Authority, LCRA Transmission Services Corp., Revenue Bonds | ||
Insured: AGM-CR | ||
5.00%, due 5/15/51 | 6,570,000 | 6,633,659 |
North Texas Municipal Water District, Sabine Creek Regional Wastewater System, Revenue Bonds | ||
Insured: AGM | ||
4.375%, due 6/1/52 | 7,500,000 | 6,751,912 |
North Texas Tollway Authority, Revenue Bonds, First Tier | ||
Series A | ||
3.00%, due 1/1/38 | 11,100,000 | 8,793,159 |
Series A | ||
4.125%, due 1/1/39 | 2,500,000 | 2,319,243 |
Series A | ||
4.125%, due 1/1/40 | 5,000,000 | 4,635,343 |
Series A | ||
5.25%, due 1/1/38 | 7,000,000 | 7,493,915 |
North Texas Tollway Authority, Revenue Bonds, Second Tier | ||
Series B | ||
3.00%, due 1/1/51 | 12,260,000 | 8,065,037 |
North Texas Tollway Authority, Revenue Bonds | ||
Series A | ||
5.00%, due 1/1/34 | 1,400,000 | 1,426,209 |
Series A | ||
5.00%, due 1/1/35 | 2,700,000 | 2,739,718 |
42 | MainStay MacKay Tax Free Bond Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Texas (continued) | ||
North Texas Tollway Authority, Revenue Bonds (continued) | ||
Series A, Insured: BAM | ||
5.00%, due 1/1/38 | $ 8,575,000 | $ 8,653,308 |
Series B | ||
5.00%, due 1/1/45 | 5,500,000 | 5,556,040 |
Prosper Independent School District, Unlimited General Obligation | ||
Insured: PSF-GTD | ||
5.00%, due 2/15/48 | 5,000,000 | 5,161,597 |
San Antonio Water System, Revenue Bonds, Junior Lien | ||
Series B | ||
5.25%, due 5/15/52 | 45,000,000 | 47,470,972 |
Southwest Higher Education Authority, Inc., Southern Methodist University Project, Revenue Bonds | ||
Series A | ||
4.00%, due 10/1/42 | 3,500,000 | 3,093,610 |
State of Texas, Unlimited General Obligation | ||
Series A | ||
3.30%, due 10/1/29 | 11,500,000 | 11,208,488 |
Series B | ||
5.00%, due 8/1/39 | 2,000,000 | 2,051,502 |
Series B | ||
5.00%, due 8/1/41 | 5,000,000 | 5,113,069 |
Tarrant County Cultural Education Facilities Finance Corp., Buckner Retirement Services, Revenue Bonds | ||
Series A | ||
5.00%, due 11/15/24 | 1,305,000 | 1,324,463 |
Series A | ||
5.00%, due 11/15/25 | 1,370,000 | 1,399,609 |
Series A | ||
5.00%, due 11/15/26 | 1,190,000 | 1,222,736 |
Series B | ||
5.00%, due 11/15/46 | 3,090,000 | 3,013,474 |
Tarrant Regional Water District Water Supply System, Revenue Bonds | ||
5.00%, due 3/1/48 | 5,000,000 | 5,172,338 |
Principal Amount | Value | |
Texas (continued) | ||
Texas Department of Housing & Community Affairs, Residential Mortgage, Revenue Bonds | ||
Series A, Insured: GNMA / FNMA | ||
4.75%, due 1/1/49 | $ 15,000 | $ 15,025 |
Texas Municipal Gas Acquisition & Supply Corp. III, Gas Supply, Revenue Bonds | ||
5.00%, due 12/15/26 | 3,450,000 | 3,502,110 |
5.00%, due 12/15/27 | 8,930,000 | 9,066,681 |
5.00%, due 12/15/29 | 3,250,000 | 3,292,513 |
5.00%, due 12/15/30 | 1,085,000 | 1,096,624 |
5.00%, due 12/15/31 | 7,975,000 | 8,022,037 |
5.00%, due 12/15/32 | 2,500,000 | 2,502,671 |
Texas Municipal Power Agency, Revenue Bonds | ||
Insured: AGM | ||
3.00%, due 9/1/39 | 1,200,000 | 902,465 |
Texas Private Activity Bond Surface Transportation Corp., LBJ Infrastructure Group LLC, Revenue Bonds, Senior Lien | ||
Series A | ||
4.00%, due 6/30/35 | 2,300,000 | 2,053,542 |
Texas Public Finance Authority, Financing System-Texas Southern University, Revenue Bonds | ||
Insured: BAM | ||
4.00%, due 5/1/31 | 1,000,000 | 984,760 |
Insured: BAM | ||
4.00%, due 5/1/32 | 1,295,000 | 1,267,023 |
Texas State Technical College, Revenue Bonds | ||
Series A, Insured: AGM | ||
5.50%, due 8/1/42 (c) | 4,000,000 | 4,188,178 |
Texas State University System, Revenue Bonds | ||
Series A | ||
4.00%, due 3/15/35 | 1,800,000 | 1,753,935 |
Texas Water Development Board, State Revolving Fund, Revenue Bonds | ||
5.00%, due 8/1/41 | 17,340,000 | 18,335,807 |
Texas Water Development Board, State Water Implementation Fund, Revenue Bonds | ||
Series A | ||
5.00%, due 10/15/45 | 3,000,000 | 3,069,123 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Texas (continued) | ||
Town of Prosper TX, Certificates Of Obligation, Limited General Obligation | ||
4.00%, due 2/15/31 | $ 1,235,000 | $ 1,259,702 |
Van Alstyne Independent School District, Unlimited General Obligation | ||
Insured: PSF-GTD | ||
5.00%, due 2/15/47 | 11,000,000 | 11,531,104 |
454,599,122 | ||
U.S. Virgin Islands 1.1% | ||
Matching Fund Special Purpose Securitization Corp., Revenue Bonds | ||
Series A | ||
5.00%, due 10/1/30 | 12,555,000 | 12,710,771 |
Series A | ||
5.00%, due 10/1/32 | 12,555,000 | 12,649,181 |
Series A | ||
5.00%, due 10/1/39 | 37,670,000 | 37,144,101 |
Virgin Islands Public Finance Authority, Revenue Bonds | ||
5.00%, due 9/1/30 (d) | 5,000,000 | 5,159,100 |
Series C, Insured: AGM-CR | ||
5.00%, due 10/1/39 | 5,120,000 | 5,182,678 |
72,845,831 | ||
Utah 3.2% | ||
City of Salt Lake City UT, Airport, Revenue Bonds (b) | ||
Series A, Insured: BAM | ||
4.00%, due 7/1/41 | 7,500,000 | 6,382,608 |
Series A, Insured: AGM-CR | ||
4.00%, due 7/1/51 | 30,000,000 | 24,002,940 |
Series A | ||
5.00%, due 7/1/32 | 4,000,000 | 4,067,679 |
Series A | ||
5.00%, due 7/1/42 | 11,840,000 | 11,500,378 |
Series A, Insured: BAM | ||
5.00%, due 7/1/43 | 20,305,000 | 19,940,720 |
Series A | ||
5.00%, due 7/1/46 | 5,000,000 | 4,778,455 |
Series A | ||
5.00%, due 7/1/47 | 10,000,000 | 9,540,069 |
Series A | ||
5.25%, due 7/1/48 | 4,960,000 | 4,898,729 |
Principal Amount | Value | |
Utah (continued) | ||
City of Salt Lake City UT, Public Utilities, Revenue Bonds | ||
5.00%, due 2/1/52 | $ 13,375,000 | $ 13,984,503 |
County of Utah UT, IHC Health Services, Inc., Revenue Bonds | ||
Series A | ||
5.00%, due 5/15/45 | 3,000,000 | 3,025,178 |
Series B | ||
5.00%, due 5/15/46 | 7,590,000 | 7,699,969 |
Intermountain Power Agency, Revenue Bonds | ||
Series A | ||
4.00%, due 7/1/36 | 10,000,000 | 9,572,855 |
Series A | ||
5.00%, due 7/1/32 | 3,500,000 | 3,856,699 |
Series A | ||
5.00%, due 7/1/33 | 6,250,000 | 6,855,301 |
Series A | ||
5.00%, due 7/1/43 | 2,000,000 | 2,101,526 |
Series A | ||
5.00%, due 7/1/45 | 20,845,000 | 21,816,869 |
Park City School District, Unlimited General Obligation | ||
Insured: School Bond Guaranty | ||
5.00%, due 2/1/33 | 3,300,000 | 3,651,035 |
State of Utah, Unlimited General Obligation | ||
3.00%, due 7/1/33 | 5,750,000 | 5,158,611 |
Utah Charter School Finance Authority, Syracuse Arts Academy Project, Revenue Bonds | ||
Series A, Insured: BAM UT CSCE | ||
3.00%, due 4/15/42 | 1,000,000 | 705,780 |
Utah Charter School Finance Authority, Spectrum Academy Project, Revenue Bonds | ||
Insured: UT CSCE | ||
4.00%, due 4/15/45 | 2,000,000 | 1,643,912 |
Utah Housing Corp., Mortgage-Backed, Revenue Bonds | ||
Series H, Insured: GNMA | ||
4.50%, due 10/21/48 | 642,103 | 638,917 |
Series J, Insured: GNMA | ||
4.50%, due 12/21/48 | 579,869 | 577,065 |
Series A, Insured: GNMA | ||
4.50%, due 1/21/49 | 1,781,312 | 1,772,701 |
44 | MainStay MacKay Tax Free Bond Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Utah (continued) | ||
Utah Housing Corp., Mortgage-Backed, Revenue Bonds (continued) | ||
Series B, Insured: GNMA | ||
4.50%, due 2/21/49 | $ 1,234,592 | $ 1,228,466 |
Insured: GNMA | ||
5.00%, due 7/21/52 | 15,011,533 | 15,017,407 |
Series G-2, Insured: GNMA | ||
5.00%, due 8/21/52 | 22,450,838 | 22,469,740 |
Utah Infrastructure Agency, Revenue Bonds | ||
5.00%, due 10/15/38 | 1,990,000 | 2,069,953 |
5.00%, due 10/15/41 | 2,175,000 | 2,251,553 |
211,209,618 | ||
Vermont 0.1% | ||
University of Vermont and State Agricultural College, Revenue Bonds | ||
4.125%, due 10/1/45 | 5,050,000 | 4,425,385 |
Virginia 0.4% | ||
Arlington County Industrial Development Authority, Virginia Hospital Center, Revenue Bonds | ||
3.75%, due 7/1/50 | 4,000,000 | 3,172,542 |
4.00%, due 7/1/45 | 5,000,000 | 4,254,326 |
Fairfax County Industrial Development Authority, Inova Health System Project, Revenue Bonds | ||
3.50%, due 5/15/39 | 5,450,000 | 4,635,033 |
Hampton Roads Transportation Accountability Commission, Revenue Bonds | ||
Series A | ||
4.00%, due 7/1/52 | 10,000,000 | 8,575,987 |
Hampton Roads Transportation Accountability Commission, Revenue Bonds, Senior Lien | ||
Series A | ||
5.00%, due 7/1/45 | 5,000,000 | 5,240,291 |
25,878,179 |
Principal Amount | Value | |
Washington 1.5% | ||
City of Seattle WA, Municipal Light & Power, Revenue Bonds | ||
5.00%, due 7/1/52 | $ 7,790,000 | $ 8,145,459 |
Energy Northwest, Bonneville Power Administration, Revenue Bonds | ||
Series C | ||
5.00%, due 7/1/28 | 12,000,000 | 12,313,163 |
Series A | ||
5.00%, due 7/1/35 | 4,500,000 | 4,821,035 |
Series A | ||
5.00%, due 7/1/36 | 6,500,000 | 6,994,468 |
Port of Seattle, Intermediate Lien, Revenue Bonds (b) | ||
Series C | ||
5.00%, due 5/1/37 | 4,000,000 | 4,050,009 |
Series C | ||
5.00%, due 8/1/38 | 9,465,000 | 9,383,819 |
State of Washington, Various Purpose, Unlimited General Obligation | ||
Series R-C | ||
4.00%, due 8/1/36 | 3,500,000 | 3,394,196 |
Series C | ||
5.00%, due 2/1/29 | 6,200,000 | 6,760,676 |
Series A-1 | ||
5.00%, due 8/1/35 | 5,000,000 | 5,435,707 |
Series A | ||
5.00%, due 8/1/44 | 6,000,000 | 6,252,973 |
Series A | ||
5.00%, due 8/1/44 | 7,500,000 | 7,882,219 |
Series A | ||
5.00%, due 8/1/47 | 12,055,000 | 12,586,519 |
State of Washington, Unlimited General Obligation | ||
Series B | ||
5.00%, due 2/1/29 | 5,000,000 | 5,452,158 |
University of Washington, Revenue Bonds | ||
Series A | ||
4.00%, due 4/1/39 | 2,095,000 | 1,952,452 |
Washington Higher Education Facilities Authority, Seattle Pacific University Project, Revenue Bonds | ||
Series A | ||
5.00%, due 10/1/45 | 1,375,000 | 1,289,804 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Washington (continued) | ||
Washington State Housing Finance Commission, Single Family Program, Revenue Bonds | ||
Series 1N | ||
4.00%, due 6/1/49 | $ 200,000 | $ 196,924 |
96,911,581 | ||
Wisconsin 0.2% | ||
State of Wisconsin, Unlimited General Obligation | ||
Series B | ||
5.00%, due 5/1/31 | 5,470,000 | 5,957,991 |
Wisconsin Center District, Junior Dedicated, Revenue Bonds, Junior Lien | ||
Series A | ||
5.00%, due 12/15/31 | 3,165,000 | 3,171,704 |
Series A | ||
5.00%, due 12/15/32 | 2,600,000 | 2,605,508 |
11,735,203 | ||
Total Long-Term Municipal Bonds (Cost $6,524,644,380) | 6,095,102,932 | |
Short-Term Municipal Notes 4.1% | ||
Alabama 0.7% | ||
Black Belt Energy Gas District, Gas Project No.7, Revenue Bonds | ||
Series C-2 | ||
2.59%, due 10/1/52 (e) | 46,200,000 | 43,191,673 |
California 0.3% | ||
Metropolitan Water District of Southern California, Waterworks, Revenue Bonds | ||
Series C | ||
2.51%, due 7/1/47 (e) | 13,550,000 | 13,485,605 |
Modesto Irrigation District, Domestic Water Project, Revenue Bonds | ||
Series F, Insured: NATL-RE | ||
2.645%, due 9/1/27 (e) | 7,500,000 | 7,430,432 |
20,916,037 |
Principal Amount | Value | |
Georgia 1.0% | ||
Development Authority of Appling County, Oglethorpe Power Corp. Project, Revenue Bonds | ||
Series A | ||
1.50%, due 1/1/38 (e) | $ 2,500,000 | $ 2,309,648 |
Development Authority of Burke County (The), Oglethorpe Power Corp. Project, Revenue Bonds | ||
Series A | ||
1.50%, due 1/1/40 (e) | 6,615,000 | 6,111,327 |
Development Authority of Burke County (The), Georgia Power Co. Vogtle Project, Revenue Bonds, First Series (e) | ||
1.79%, due 7/1/49 | 6,200,000 | 6,200,000 |
1.85%, due 11/1/48 | 41,435,000 | 41,435,000 |
1.89%, due 11/1/52 | 4,700,000 | 4,700,000 |
Development Authority of Monroe County (The), Oglethorpe Power Corp. Scherer Project, Revenue Bonds | ||
Series A | ||
1.50%, due 1/1/39 (e) | 3,500,000 | 3,233,506 |
63,989,481 | ||
Kentucky 0.3% | ||
Kentucky Public Energy Authority, Gas Supply, Revenue Bonds | ||
Series A-2 | ||
3.244%, due 8/1/52 (e) | 19,660,000 | 17,714,297 |
New Jersey 0.4% | ||
New Jersey Turnpike Authority, Revenue Bonds | ||
Series D-1 | ||
2.90%, due 1/1/24 (e) | 23,250,000 | 23,220,884 |
New York 0.8% | ||
Metropolitan Transportation Authority, Revenue Bonds (e) | ||
Series E-1 | ||
1.60%, due 11/15/50 | 10,000,000 | 10,000,000 |
Series D-2B, Insured: AGM | ||
2.594%, due 11/1/32 | 25,350,000 | 24,787,225 |
46 | MainStay MacKay Tax Free Bond Fund |
Principal Amount | Value | |
Short-Term Municipal Notes (continued) | ||
New York (continued) | ||
New York City Transitional Finance Authority, Future Tax Secured, Revenue Bonds | ||
Series G-6 | ||
1.60%, due 5/1/34 (e) | $ 15,475,000 | $ 15,475,000 |
Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels, Revenue Bonds | ||
Series B-4A | ||
2.417%, due 1/1/32 (e) | 2,720,000 | 2,672,160 |
52,934,385 | ||
Ohio 0.1% | ||
Ohio Higher Educational Facility Commission, Cleveland Clinic Health System Obligated Group, Revenue Bonds | ||
Series B-4 | ||
1.60%, due 1/1/43 (e) | 9,000,000 | 9,000,000 |
Texas 0.5% | ||
Texas Municipal Gas Acquisition & Supply Corp. II, Revenue Bonds | ||
Series C | ||
2.863%, due 9/15/27 (e) | 34,230,000 | 32,869,679 |
Total Short-Term Municipal Notes (Cost $272,032,315) | 263,836,436 | |
Total Municipal Bonds (Cost $6,796,676,695) | 6,358,939,368 | |
Shares | Value | ||
Short-Term Investment 1.7% | |||
Unaffiliated Investment Company 1.7% | |||
BlackRock Liquidity Funds MuniCash, 1.826% (f) | 112,235,489 | $ 112,224,266 | |
Total Short-Term Investment (Cost $112,224,266) | 112,224,266 | ||
Total Investments (Cost $6,908,900,961) | 99.3% | 6,471,163,634 | |
Other Assets, Less Liabilities | 0.7 | 47,830,130 | |
Net Assets | 100.0% | $ 6,518,993,764 |
† | Percentages indicated are based on Fund net assets. |
‡ | 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, 2022. |
(b) | Interest on these securities was subject to alternative minimum tax. |
(c) | Delayed delivery security. |
(d) | 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. |
(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. |
(f) | Current yield as of October 31, 2022. |
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 | (3,450) | December 2022 | $ (405,033,302) | $ (381,548,438) | $ 23,484,864 |
U.S. Treasury Long Bonds | (500) | December 2022 | (68,218,591) | (60,250,000) | 7,968,591 |
Net Unrealized Appreciation | $ 31,453,455 |
1. | As of October 31, 2022, cash in the amount of $8,800,000 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, 2022. |
Abbreviation(s): |
AGC—Assured Guaranty Corp. |
AGM—Assured Guaranty Municipal Corp. |
AMBAC—Ambac Assurance Corp. |
BAM—Build America Mutual Assurance Co. |
BHAC—Berkshire Hathaway Assurance Corp. |
CR—Custodial Receipts |
FHLMC—Federal Home Loan Mortgage Corp. |
FNMA—Federal National Mortgage Association |
GNMA—Government National Mortgage Association |
ICC—Insured Custody Certificates |
MN CRED PROG—Minnesota State Credit Enhancement Program |
MUN GOVT GTD—Municipal Government Guaranteed |
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 | $ — | $ 6,095,102,932 | $ — | $ 6,095,102,932 | |||
Short-Term Municipal Notes | — | 263,836,436 | — | 263,836,436 | |||
Total Municipal Bonds | — | 6,358,939,368 | — | 6,358,939,368 | |||
Short-Term Investment | |||||||
Unaffiliated Investment Company | 112,224,266 | — | — | 112,224,266 | |||
Total Investments in Securities | 112,224,266 | 6,358,939,368 | — | 6,471,163,634 | |||
Other Financial Instruments | |||||||
Futures Contracts (b) | 31,453,455 | — | — | 31,453,455 | |||
Total Investments in Securities and Other Financial Instruments | $ 143,677,721 | $ 6,358,939,368 | $ — | $ 6,502,617,089 |
(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. |
48 | MainStay MacKay Tax Free Bond Fund |
Assets | |
Investment in securities, at value (identified cost $6,908,900,961) | $ 6,471,163,634 |
Cash | 1,493 |
Cash collateral on deposit at broker for futures contracts | 8,800,000 |
Receivables: | |
Fund shares sold | 85,230,378 |
Investment securities sold | 84,550,033 |
Interest | 81,522,828 |
Variation margin on futures contracts | 1,776,589 |
Other assets | 117,440 |
Total assets | 6,733,162,395 |
Liabilities | |
Payables: | |
Investment securities purchased | 157,373,216 |
Fund shares redeemed | 47,215,830 |
Manager (See Note 3) | 2,338,776 |
Transfer agent (See Note 3) | 692,478 |
NYLIFE Distributors (See Note 3) | 395,680 |
Shareholder communication | 286,295 |
Professional fees | 111,576 |
Custodian | 40,878 |
Trustees | 1,651 |
Accrued expenses | 80,337 |
Distributions payable | 5,631,914 |
Total liabilities | 214,168,631 |
Net assets | $ 6,518,993,764 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.01 per share) unlimited number of shares authorized | $ 7,363,975 |
Additional paid-in-capital | 7,669,015,007 |
7,676,378,982 | |
Total distributable earnings (loss) | (1,157,385,218) |
Net assets | $ 6,518,993,764 |
Class A | |
Net assets applicable to outstanding shares | $1,552,536,583 |
Shares of beneficial interest outstanding | 175,417,655 |
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 | $ 6,621,801 |
Shares of beneficial interest outstanding | 744,834 |
Net asset value per share outstanding | $ 8.89 |
Maximum sales charge (2.50% of offering price) | 0.23 |
Maximum offering price per share outstanding | $ 9.12 |
Class B | |
Net assets applicable to outstanding shares | $ 3,958,977 |
Shares of beneficial interest outstanding | 447,451 |
Net asset value and offering price per share outstanding | $ 8.85 |
Class C | |
Net assets applicable to outstanding shares | $ 125,521,459 |
Shares of beneficial interest outstanding | 14,179,207 |
Net asset value and offering price per share outstanding | $ 8.85 |
Class C2 | |
Net assets applicable to outstanding shares | $ 3,920,305 |
Shares of beneficial interest outstanding | 443,141 |
Net asset value and offering price per share outstanding | $ 8.85 |
Class I | |
Net assets applicable to outstanding shares | $4,357,421,758 |
Shares of beneficial interest outstanding | 492,207,477 |
Net asset value and offering price per share outstanding | $ 8.85 |
Class R6 | |
Net assets applicable to outstanding shares | $ 469,012,881 |
Shares of beneficial interest outstanding | 52,957,767 |
Net asset value and offering price per share outstanding | $ 8.86 |
Investment Income (Loss) | |
Income | |
Interest | $ 225,558,942 |
Expenses | |
Manager (See Note 3) | 32,730,055 |
Distribution/Service—Class A (See Note 3) | 5,251,693 |
Distribution/Service—Investor Class (See Note 3) | 19,282 |
Distribution/Service—Class B (See Note 3) | 28,212 |
Distribution/Service—Class C (See Note 3) | 807,280 |
Distribution/Service—Class C2 (See Note 3) | 22,909 |
Transfer agent (See Note 3) | 5,072,965 |
Shareholder communication | 568,877 |
Professional fees | 555,004 |
Registration | 336,399 |
Custodian | 215,018 |
Trustees | 172,266 |
Miscellaneous | 306,041 |
Total expenses | 46,086,001 |
Net investment income (loss) | 179,472,941 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | (710,870,712) |
In-kind Transactions | 34,551,632 |
Futures transactions | 108,068,896 |
Net realized gain (loss) | (568,250,184) |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | (814,565,584) |
Futures contracts | 19,381,827 |
Net change in unrealized appreciation (depreciation) | (795,183,757) |
Net realized and unrealized gain (loss) | (1,363,433,941) |
Net increase (decrease) in net assets resulting from operations | $(1,183,961,000) |
50 | MainStay MacKay Tax Free Bond Fund |
for the years ended October 31, 2022 and October 31, 2021
2022 | 2021 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 179,472,941 | $ 152,448,970 |
Net realized gain (loss) | (568,250,184) | 52,825,004 |
Net change in unrealized appreciation (depreciation) | (795,183,757) | 96,257,712 |
Net increase (decrease) in net assets resulting from operations | (1,183,961,000) | 301,531,686 |
Distributions to shareholders: | ||
Class A | (63,381,043) | (62,271,084) |
Investor Class | (229,133) | (194,857) |
Class B | (153,810) | (154,197) |
Class C | (4,398,849) | (4,017,163) |
Class C2 | (90,208) | (28,298) |
Class I | (168,558,373) | (123,894,470) |
Class R6 | (15,713,711) | (6,007,788) |
Total distributions to shareholders | (252,525,127) | (196,567,857) |
Capital share transactions: | ||
Net proceeds from sales of shares | 6,084,451,250 | 3,301,684,748 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 183,548,070 | 144,640,383 |
Cost of shares redeemed | (6,715,327,651) | (1,760,456,507) |
Redemptions in-kind | (930,537,398) | — |
Increase (decrease) in net assets derived from capital share transactions | (1,377,865,729) | 1,685,868,624 |
Net increase (decrease) in net assets | (2,814,351,856) | 1,790,832,453 |
Net Assets | ||
Beginning of year | 9,333,345,620 | 7,542,513,167 |
End of year | $ 6,518,993,764 | $ 9,333,345,620 |
Year Ended October 31, | |||||||||
Class A | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 10.60 | $ 10.43 | $ 10.33 | $ 9.80 | $ 10.02 | ||||
Net investment income (loss) | 0.20(a) | 0.17(a) | 0.26 | 0.30 | 0.31 | ||||
Net realized and unrealized gain (loss) | (1.66) | 0.23 | 0.11 | 0.53 | (0.22) | ||||
Total from investment operations | (1.46) | 0.40 | 0.37 | 0.83 | 0.09 | ||||
Less distributions: | |||||||||
From net investment income | (0.26) | (0.23) | (0.27) | (0.30) | (0.31) | ||||
From net realized gain on investments | (0.03) | — | — | — | — | ||||
Total distributions | (0.29) | (0.23) | (0.27) | (0.30) | (0.31) | ||||
Net asset value at end of year | $ 8.85 | $ 10.60 | $ 10.43 | $ 10.33 | $ 9.80 | ||||
Total investment return (b) | (13.96)% | 3.84% | 3.66% | 8.55% | 0.94% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.03% | 1.63% | 2.04% | 2.93% | 3.15% | ||||
Net expenses (c) | 0.75% | 0.73% | 0.75% | 0.78% | 0.80% | ||||
Portfolio turnover rate | 127% (d)(e) | 39%(d) | 72%(d) | 38%(d) | 40% | ||||
Net assets at end of year (in 000’s) | $ 1,552,537 | $ 3,134,090 | $ 2,674,765 | $ 1,728,643 | $ 1,405,803 |
(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 | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 10.65 | $ 10.48 | $ 10.38 | $ 9.84 | $ 10.06 | ||||
Net investment income (loss) | 0.20(a) | 0.17(a) | 0.20 | 0.30 | 0.32 | ||||
Net realized and unrealized gain (loss) | (1.67) | 0.23 | 0.17 | 0.54 | (0.22) | ||||
Total from investment operations | (1.47) | 0.40 | 0.37 | 0.84 | 0.10 | ||||
Less distributions: | |||||||||
From net investment income | (0.26) | (0.23) | (0.27) | (0.30) | (0.32) | ||||
From net realized gain on investments | (0.03) | — | — | — | — | ||||
Total distributions | (0.29) | (0.23) | (0.27) | (0.30) | (0.32) | ||||
Net asset value at end of year | $ 8.89 | $ 10.65 | $ 10.48 | $ 10.38 | $ 9.84 | ||||
Total investment return (b) | (14.01)% | 3.80% | 3.64% | 8.63% | 0.97% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.07% | 1.61% | 2.04% | 2.95% | 3.17% | ||||
Net expenses (c) | 0.77% | 0.76% | 0.76% | 0.77% | 0.78% | ||||
Portfolio turnover rate | 127% (d)(e) | 39%(d) | 72%(d) | 38%(d) | 40% | ||||
Net assets at end of year (in 000's) | $ 6,622 | $ 9,027 | $ 9,334 | $ 9,815 | $ 9,690 |
(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 portfolio turnover rate includes variable rate demand notes. |
(e) | The portfolio turnover rate excludes in-kind transactions. |
52 | MainStay MacKay Tax Free Bond Fund |
Year Ended October 31, | |||||||||
Class B | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 10.60 | $ 10.43 | $ 10.33 | $ 9.80 | $ 10.01 | ||||
Net investment income (loss) | 0.18(a) | 0.15(a) | 0.12 | 0.27 | 0.29 | ||||
Net realized and unrealized gain (loss) | (1.66) | 0.22 | 0.23 | 0.53 | (0.21) | ||||
Total from investment operations | (1.48) | 0.37 | 0.35 | 0.80 | 0.08 | ||||
Less distributions: | |||||||||
From net investment income | (0.24) | (0.20) | (0.25) | (0.27) | (0.29) | ||||
From net realized gain on investments | (0.03) | — | — | — | — | ||||
Total distributions | (0.27) | (0.20) | (0.25) | (0.27) | (0.29) | ||||
Net asset value at end of year | $ 8.85 | $ 10.60 | $ 10.43 | $ 10.33 | $ 9.80 | ||||
Total investment return (b) | (14.19)% | 3.56% | 3.38% | 8.28% | 0.81% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.80% | 1.38% | 1.80% | 2.71% | 2.92% | ||||
Net expenses (c) | 1.02% | 1.01% | 1.01% | 1.02% | 1.03% | ||||
Portfolio turnover rate | 127% (d)(e) | 39%(d) | 72%(d) | 38%(d) | 40% | ||||
Net assets at end of year (in 000’s) | $ 3,959 | $ 7,006 | $ 9,286 | $ 12,354 | $ 14,704 |
(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 | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 10.60 | $ 10.44 | $ 10.34 | $ 9.80 | $ 10.02 | ||||
Net investment income (loss) | 0.18(a) | 0.15(a) | 0.18 | 0.27 | 0.29 | ||||
Net realized and unrealized gain (loss) | (1.66) | 0.21 | 0.17 | 0.54 | (0.22) | ||||
Total from investment operations | (1.48) | 0.36 | 0.35 | 0.81 | 0.07 | ||||
Less distributions: | |||||||||
From net investment income | (0.24) | (0.20) | (0.25) | (0.27) | (0.29) | ||||
From net realized gain on investments | (0.03) | — | — | — | — | ||||
Total distributions | (0.27) | (0.20) | (0.25) | (0.27) | (0.29) | ||||
Net asset value at end of year | $ 8.85 | $ 10.60 | $ 10.44 | $ 10.34 | $ 9.80 | ||||
Total investment return (b) | (14.19)% | 3.46% | 3.38% | 8.39% | 0.71% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.81% | 1.37% | 1.79% | 2.69% | 2.92% | ||||
Net expenses (c) | 1.02% | 1.01% | 1.01% | 1.02% | 1.03% | ||||
Portfolio turnover rate | 127% (d)(e) | 39%(d) | 72%(d) | 38%(d) | 40% | ||||
Net assets at end of year (in 000’s) | $ 125,521 | $ 194,545 | $ 220,146 | $ 225,762 | $ 213,883 |
(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, | August 31, 2020^ through October 31, 2020 | ||||
Class C2 | 2022 | 2021 | |||
Net asset value at beginning of period | $ 10.60 | $ 10.43 | $ 10.52 | ||
Net investment income (loss) | 0.17(a) | 0.12(a) | 0.03 | ||
Net realized and unrealized gain (loss) | (1.67) | 0.23 | (0.09) | ||
Total from investment operations | (1.50) | 0.35 | (0.06) | ||
Less distributions: | |||||
From net investment income | (0.22) | (0.18) | (0.03) | ||
From net realized gain on investments | (0.03) | — | — | ||
Total distributions | (0.25) | (0.18) | (0.03) | ||
Net asset value at end of period | $ 8.85 | $ 10.60 | $ 10.43 | ||
Total investment return (b) | (14.32)% | 3.39% | (0.54)% | ||
Ratios (to average net assets)/Supplemental Data: | |||||
Net investment income (loss) | 1.75% | 1.12% | 1.02%†† | ||
Net expenses (c) | 1.17% | 1.15% | 1.15%†† | ||
Portfolio turnover rate (d) | 127%(e) | 39% | 72% | ||
Net assets at end of period (in 000’s) | $ 3,920 | $ 2,990 | $ 251 |
^ | 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. |
(e) | The portfolio turnover rate excludes in-kind transactions. |
Year Ended October 31, | |||||||||
Class I | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 10.60 | $ 10.44 | $ 10.34 | $ 9.80 | $ 10.02 | ||||
Net investment income (loss) | 0.23(a) | 0.20(a) | 0.29 | 0.32 | 0.34 | ||||
Net realized and unrealized gain (loss) | (1.66) | 0.22 | 0.11 | 0.54 | (0.22) | ||||
Total from investment operations | (1.43) | 0.42 | 0.40 | 0.86 | 0.12 | ||||
Less distributions: | |||||||||
From net investment income | (0.29) | (0.26) | (0.30) | (0.32) | (0.34) | ||||
From net realized gain on investments | (0.03) | — | — | — | — | ||||
Total distributions | (0.32) | (0.26) | (0.30) | (0.32) | (0.34) | ||||
Net asset value at end of year | $ 8.85 | $ 10.60 | $ 10.44 | $ 10.34 | $ 9.80 | ||||
Total investment return (b) | (13.75)% | 4.00% | 3.91% | 8.93% | 1.19% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.33% | 1.87% | 2.28% | 3.14% | 3.40% | ||||
Net expenses (c) | 0.50% | 0.48% | 0.50% | 0.52% | 0.55% | ||||
Portfolio turnover rate | 127% (d)(e) | 39%(d) | 72%(d) | 38%(d) | 40% | ||||
Net assets at end of year (in 000’s) | $ 4,357,422 | $ 5,709,408 | $ 4,430,985 | $ 2,866,903 | $ 1,320,591 |
(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. |
54 | MainStay MacKay Tax Free Bond Fund |
Year Ended October 31, | November 1, 2019^ through October 31, | ||||
Class R6 | 2022 | 2021 | 2020 | ||
Net asset value at beginning of period | $ 10.61 | $ 10.44 | $ 10.34 | ||
Net investment income (loss) | 0.24(a) | 0.21(a) | 0.27 | ||
Net realized and unrealized gain (loss) | (1.66) | 0.22 | 0.13 | ||
Total from investment operations | (1.42) | 0.43 | 0.40 | ||
Less distributions: | |||||
From net investment income | (0.30) | (0.26) | (0.30) | ||
From net realized gain on investments | (0.03) | — | — | ||
Total distributions | (0.33) | (0.26) | (0.30) | ||
Net asset value at end of period | $ 8.86 | $ 10.61 | $ 10.44 | ||
Total investment return (b) | (13.68)% | 4.15% | 3.95% | ||
Ratios (to average net assets)/Supplemental Data: | |||||
Net investment income (loss) | 2.51% | 1.92% | 2.27% | ||
Net expenses (c) | 0.44% | 0.43% | 0.44% | ||
Portfolio turnover rate (d) | 127%(e) | 39% | 72% | ||
Net assets at end of period (in 000’s) | $ 469,013 | $ 276,280 | $ 197,746 |
^ | 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. |
(e) | The portfolio turnover rate excludes in-kind transactions. |
Class | Commenced Operations |
Class A | January 3, 1995 |
Investor Class | February 28, 2008 |
Class B | May 1, 1986 |
Class C | September 1, 1998 |
Class C2 | August 31, 2020 |
Class I | December 21, 2009 |
Class R6 | November 1, 2019 |
SIMPLE Class | N/A* |
* | SIMPLE Class shares were registered for sale effective as of August 31, 2020 but have not yet commenced operations. |
56 | MainStay MacKay Tax Free 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 |
58 | MainStay MacKay Tax Free Bond Fund |
Asset Derivatives | Interest Rate Contracts Risk | Total |
Futures Contracts - Net Assets—Net unrealized appreciation on futures contracts (a) | $31,453,455 | $31,453,455 |
Total Fair Value | $31,453,455 | $31,453,455 |
(a) | Includes cumulative appreciation (depreciation) of futures contracts as reported in the Portfolio of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Net Realized Gain (Loss) from: | Interest Rate Contracts Risk | Total |
Futures Contracts | $108,068,896 | $108,068,896 |
Total Net Realized Gain (Loss) | $108,068,896 | $108,068,896 |
Net Change in Unrealized Appreciation (Depreciation) | Interest Rate Contracts Risk | Total |
Futures Contracts | $19,381,827 | $19,381,827 |
Total Net Change in Unrealized Appreciation (Depreciation) | $19,381,827 | $19,381,827 |
Average Notional Amount | Total |
Futures Contracts Short | $(788,538,216) |
60 | MainStay MacKay Tax Free Bond Fund |
Class | Expense | Waived |
Class A | $1,423,205 | $— |
Investor Class | 6,363 | — |
Class B | 4,644 | — |
Class C | 132,927 | — |
Class C2 | 2,918 | — |
Class I | 3,483,390 | — |
Class R6 | 19,518 | — |
Class C2 | $21,969 | 0.6% |
Class R6 | 23,288 | 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 | $6,965,212,554 | $3,353,954 | $(497,402,874) | $(494,048,920) |
Ordinary income | Undistributed Tax Exempt Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$— | $5,001,954 | $(662,706,338) | $(5,631,914) | $(494,048,920) | $(1,157,385,218) |
Total Distributable Earnings (Loss) | Additional Paid-In Capital | |
$(24,566,087) | $24,566,087 |
62 | MainStay MacKay Tax Free Bond Fund |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $435,013 | $227,693 |
2022 | 2021 | |
Distributions paid from: | ||
Ordinary Income | $ 3,636,127 | $ 1,569,420 |
Long-Term Capital Gains | 26,911,851 | — |
Exempt Interest Dividends | 221,977,149 | 194,998,437 |
Total | $252,525,127 | $196,567,857 |
Class A | Shares | Amount |
Year ended October 31, 2022: | ||
Shares sold | 130,380,923 | $ 1,314,002,747 |
Shares issued to shareholders in reinvestment of distributions | 5,421,368 | 53,611,172 |
Shares redeemed | (167,369,579) | (1,665,629,660) |
Shares redeemed in connection with in-kind transactions | (88,883,335) | (930,537,398) |
Net increase (decrease) in shares outstanding before conversion | (120,450,623) | (1,228,553,139) |
Shares converted into Class A (See Note 1) | 452,466 | 4,319,856 |
Shares converted from Class A (See Note 1) | (241,624) | (2,235,525) |
Net increase (decrease) | (120,239,781) | $(1,226,468,808) |
Year ended October 31, 2021: | ||
Shares sold | 99,478,301 | $ 1,062,918,922 |
Shares issued to shareholders in reinvestment of distributions | 5,084,065 | 54,338,767 |
Shares redeemed | (65,780,209) | (702,941,180) |
Net increase (decrease) in shares outstanding before conversion | 38,782,157 | 414,316,509 |
Shares converted into Class A (See Note 1) | 681,707 | 7,257,068 |
Shares converted from Class A (See Note 1) | (159,616) | (1,709,072) |
Net increase (decrease) | 39,304,248 | $ 419,864,505 |
Investor Class | Shares | Amount |
Year ended October 31, 2022: | ||
Shares sold | 47,829 | $ 477,956 |
Shares issued to shareholders in reinvestment of distributions | 22,092 | 217,249 |
Shares redeemed | (131,140) | (1,340,625) |
Net increase (decrease) in shares outstanding before conversion | (61,219) | (645,420) |
Shares converted into Investor Class (See Note 1) | 15,813 | 157,272 |
Shares converted from Investor Class (See Note 1) | (57,552) | (572,273) |
Net increase (decrease) | (102,958) | $ (1,060,421) |
Year ended October 31, 2021: | ||
Shares sold | 161,146 | $ 1,727,078 |
Shares issued to shareholders in reinvestment of distributions | 17,057 | 183,105 |
Shares redeemed | (115,386) | (1,241,105) |
Net increase (decrease) in shares outstanding before conversion | 62,817 | 669,078 |
Shares converted into Investor Class (See Note 1) | 53,106 | 568,532 |
Shares converted from Investor Class (See Note 1) | (158,778) | (1,706,829) |
Net increase (decrease) | (42,855) | $ (469,219) |
Class B | Shares | Amount |
Year ended October 31, 2022: | ||
Shares sold | 4,936 | $ 47,640 |
Shares issued to shareholders in reinvestment of distributions | 14,760 | 145,103 |
Shares redeemed | (209,782) | (2,027,969) |
Net increase (decrease) in shares outstanding before conversion | (190,086) | (1,835,226) |
Shares converted from Class B (See Note 1) | (23,583) | (229,631) |
Net increase (decrease) | (213,669) | $ (2,064,857) |
Year ended October 31, 2021: | ||
Shares sold | 981 | $ 10,463 |
Shares issued to shareholders in reinvestment of distributions | 13,643 | 145,760 |
Shares redeemed | (201,005) | (2,144,217) |
Net increase (decrease) in shares outstanding before conversion | (186,381) | (1,987,994) |
Shares converted from Class B (See Note 1) | (42,736) | (456,262) |
Net increase (decrease) | (229,117) | $ (2,444,256) |
Class C | Shares | Amount |
Year ended October 31, 2022: | ||
Shares sold | 2,218,065 | $ 21,391,995 |
Shares issued to shareholders in reinvestment of distributions | 352,474 | 3,461,431 |
Shares redeemed | (6,602,650) | (64,058,583) |
Net increase (decrease) in shares outstanding before conversion | (4,032,111) | (39,205,157) |
Shares converted from Class C (See Note 1) | (136,858) | (1,334,457) |
Net increase (decrease) | (4,168,969) | $ (40,539,614) |
Year ended October 31, 2021: | ||
Shares sold | 3,305,683 | $ 35,365,767 |
Shares issued to shareholders in reinvestment of distributions | 290,475 | 3,105,096 |
Shares redeemed | (5,862,251) | (62,577,165) |
Net increase (decrease) in shares outstanding before conversion | (2,266,093) | (24,106,302) |
Shares converted from Class C (See Note 1) | (479,209) | (5,096,642) |
Net increase (decrease) | (2,745,302) | $ (29,202,944) |
Class C2 | Shares | Amount |
Year ended October 31, 2022: | ||
Shares sold | 226,213 | $ 2,213,594 |
Shares issued to shareholders in reinvestment of distributions | 9,314 | 90,208 |
Shares redeemed | (74,555) | (706,592) |
Net increase (decrease) | 160,972 | $ 1,597,210 |
Year ended October 31, 2021: | ||
Shares sold | 258,813 | $ 2,765,102 |
Shares issued to shareholders in reinvestment of distributions | 2,647 | 28,298 |
Shares redeemed | (3,318) | (35,775) |
Net increase (decrease) | 258,142 | $ 2,757,625 |
64 | MainStay MacKay Tax Free Bond Fund |
Class I | Shares | Amount |
Year ended October 31, 2022: | ||
Shares sold | 355,933,328 | $ 3,455,802,105 |
Shares issued to shareholders in reinvestment of distributions | 12,832,922 | 125,526,725 |
Shares redeemed | (385,037,502) | (3,678,587,460) |
Net increase (decrease) in shares outstanding before conversion | (16,271,252) | (97,258,630) |
Shares converted into Class I (See Note 1) | 277,634 | 2,599,530 |
Shares converted from Class I (See Note 1) | (30,259,512) | (303,254,838) |
Net increase (decrease) | (46,253,130) | $ (397,913,938) |
Year ended October 31, 2021: | ||
Shares sold | 196,260,720 | $ 2,100,235,655 |
Shares issued to shareholders in reinvestment of distributions | 8,112,416 | 86,740,578 |
Shares redeemed | (89,967,840) | (962,334,386) |
Net increase (decrease) in shares outstanding before conversion | 114,405,296 | 1,224,641,847 |
Shares converted into Class I (See Note 1) | 142,757 | 1,529,574 |
Shares converted from Class I (See Note 1) | (639,170) | (6,825,840) |
Net increase (decrease) | 113,908,883 | $ 1,219,345,581 |
Class R6 | Shares | Amount |
Year ended October 31, 2022: | ||
Shares sold | 133,667,628 | $ 1,290,515,213 |
Shares issued to shareholders in reinvestment of distributions | 52,050 | 496,182 |
Shares redeemed | (136,777,292) | (1,302,976,762) |
Net increase (decrease) in shares outstanding before conversion | (3,057,614) | (11,965,367) |
Shares converted into Class R6 (See Note 1) | 30,237,243 | 303,054,035 |
Shares converted from Class R6 (See Note 1) | (263,796) | (2,503,969) |
Net increase (decrease) | 26,915,833 | $ 288,584,699 |
Year ended October 31, 2021: | ||
Shares sold | 9,221,629 | $ 98,661,761 |
Shares issued to shareholders in reinvestment of distributions | 9,235 | 98,779 |
Shares redeemed | (2,727,931) | (29,182,679) |
Net increase (decrease) in shares outstanding before conversion | 6,502,933 | 69,577,861 |
Shares converted into Class R6 (See Note 1) | 636,397 | 6,804,674 |
Shares converted from Class R6 (See Note 1) | (33,992) | (365,203) |
Net increase (decrease) | 7,105,338 | $ 76,017,332 |
The MainStay Funds:
December 23, 2022
66 | MainStay MacKay Tax Free 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 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 | 78 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; VanEck Vectors Group of Exchange-Traded Funds: Independent Chairman of the Board of Trustees since 2008 and Trustee since 2006 (56 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Investment Committee since 2018 | |
Susan B. Kerley 1951 | MainStay Funds: Chairman since 2017 and Trustee since 2007;MainStay Funds Trust: Chairman since 2017 and Trustee since 1990** | President, Strategic Management Advisors LLC since 1990 | 78 | MainStay VP Funds Trust: Chairman since January 2017 and Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) | |
Alan R. Latshaw 1951 | MainStay Funds: Trustee since 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) | 78 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
68 | MainStay MacKay Tax Free 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 | |
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) | 78 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (31 Portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Jacques P. Perold 1958 | MainStay Funds: Trustee since 2016, Advisory Board Member (June 2015 toDecember 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) | 78 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Partners in Health: Trustee since 2019; 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) | 78 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
*** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay Funds, MainStay Funds Trust since 2017 | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since January 2018); President, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust (since 2017); Senior Managing Director, Global Product Development (From 2015-2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay Funds (since 2007), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2007)** and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay Funds and MainStay Funds Trust (since 2010) | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer and MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2010)** | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay Funds (since 2009), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2005)** | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay Funds and MainStay Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ, IndexIQ ETF Trust and Index IQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Fund, MainStay VP Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012-2022) |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, 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. |
70 | MainStay MacKay Tax Free Bond Fund |
1.
2. | This Fund is registered for sale in AZ, CA, NV, OR, TX, UT, WA and MI (Class A and Class I shares only), and CO, FL, GA, HI, ID, MA, MD, NH, NJ and NY (Class I shares only). |
3. | This Fund is registered for sale in CA, CT, DE, FL, MA, NJ, NY and VT. |
4. | An affiliate of New York Life Investment Management LLC. |
5013754.2MS229-22 | MST11-12/22 |
please log in to newyorklifeinvestments.com/accounts.
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended October 31, 2022 | |||||||
Class | Sales Charge | Inception Date1 | One Year | Five Years | Ten Years or Since Inception | Gross Expense Ratio2 | |
Class A Shares3 | Maximum 3% Initial Sales Charge | With sales charges | 1/3/1995 | -18.81% | -1.30% | -0.26% | 0.96% |
Excluding sales charges | -14.98 | -0.39 | 0.20 | 0.96 | |||
Investor Class Shares4 | Maximum 2.5% Initial Sales Charge | With sales charges | 2/28/2008 | -18.54 | -1.57 | -0.52 | 1.33 |
Excluding sales charges | -15.14 | -0.66 | -0.06 | 1.33 | |||
Class B Shares5 | Maximum 5% CDSC | With sales charges | 5/1/1986 | -19.96 | -1.80 | -0.82 | 2.08 |
if Redeemed Within the First Six Years of Purchase | Excluding sales charges | -15.84 | -1.43 | -0.82 | 2.08 | ||
Class C Shares | Maximum 1% CDSC | With sales charges | 9/1/1998 | -16.66 | -1.41 | -0.81 | 2.08 |
if Redeemed Within One Year of Purchase | Excluding sales charges | -15.84 | -1.41 | -0.81 | 2.08 | ||
Class I Shares | No Sales Charge | 1/2/2004 | -14.83 | -0.16 | 0.45 | 0.71 | |
Class R6 Shares | No Sales Charge | 11/1/2019 | -14.66 | N/A | -3.10 | 0.56 |
1. | Effective February 28, 2019 and June 21, 2019, the Fund modified its principal investment strategies. The past performance in the bar chart and table prior to those dates reflects the Fund’s prior 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 August 10, 2022, the maximum initial sales charge was 4.5%, 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%, 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. |
Benchmark Performance* | One Year | Five Years | Ten Years |
Bloomberg 5-10 Year Taxable Municipal Bond Index1 | -15.05% | 0.46% | 1.88% |
Morningstar Intermediate Core Bond Category Average2 | -15.94 | -0.78 | 0.64 |
* | 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 Fund has selected the Bloomberg 5-10 Year Taxable Municipal Bond Index as its primary benchmark. The Bloomberg 5-10 Year Taxable Municipal Bond Index is the 5-10 year component of the Bloomberg Taxable Municipal Bond Index. |
2. | The Morningstar Intermediate Core Bond Category Average is representative of funds that invest primarily in investment-grade U.S. fixed-income issues including government, corporate, and securitized debt, and hold less than 5% in below-investment-grade 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 U.S. Infrastructure Bond Fund |
Share Class | Beginning Account Value 5/1/22 | Ending Account Value (Based on Actual Returns and Expenses) 10/31/22 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 10/31/22 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Class A Shares | $1,000.00 | $930.80 | $4.14 | $1,020.92 | $4.33 | 0.85% |
Investor Class Shares | $1,000.00 | $930.10 | $5.16 | $1,019.86 | $5.40 | 1.06% |
Class B Shares | $1,000.00 | $926.40 | $8.64 | $1,016.23 | $9.05 | 1.78% |
Class C Shares | $1,000.00 | $926.40 | $8.89 | $1,015.98 | $9.30 | 1.83% |
Class I Shares | $1,000.00 | $931.50 | $2.92 | $1,022.18 | $3.06 | 0.60% |
Class R6 Shares | $1,000.00 | $931.90 | $2.58 | $1,022.53 | $2.70 | 0.53% |
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. | Texas Transportation Commission State Highway Fund, 5.178%, due 4/1/30 |
2. | Commonwealth of Massachusetts, 1.52%-4.91%, due 5/1/29–11/1/30 |
3. | State of Rhode Island, 4.79%-4.90%, due 8/1/31–8/1/32 |
4. | State of Connecticut, 2.677%-5.85%, due 9/15/27–3/15/32 |
5. | State of California, 3.00%-4.50%, due 4/1/29–4/1/33 |
6. | City of Chicago IL, 5.00%-7.781%, due 1/1/33–1/1/35 |
7. | State of New Jersey, 2.30%-2.90%, due 6/1/27–6/1/33 |
8. | Port of Oakland, 1.949%-2.199%, due 5/1/28–5/1/31 |
9. | State of New York, 1.74%, due 3/15/29 |
10. | California Community Choice Financing Authority, 4.00%, due 2/1/52 |
8 | MainStay MacKay U.S. Infrastructure Bond Fund |
1. | See page 5 for other share class returns, which may be higher or lower than Class I share returns. See page 6 for more information on benchmark and peer group returns. |
2. | 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. An obligation rated ‘A’ by S&P is deemed by S&P to be somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. In the opinion of S&P, however, the obligor's capacity to meet its financial commitment on the obligation is still strong. 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. |
3. | The yield curve is a line that plots the yields of various securities of similar quality—typically U.S. Treasury issues—across a range of maturities. The U.S. Treasury yield curve serves as a benchmark for other debt and is used in economic forecasting. |
5. | Modified duration is inversely related to the approximate percentage change in price for a given change in yield. Duration to worst is the duration of a bond computed using the bond’s nearest call date or maturity, whichever comes first. This measure ignores future cash flow fluctuations due to embedded optionality. |
10 | MainStay MacKay U.S. Infrastructure Bond Fund |
Principal Amount | Value | |
Long-Term Bonds 94.9% | ||
Corporate Bonds 2.3% | ||
Commercial Services 0.4% | ||
Howard University | ||
Series 2020, Insured: AGM | ||
2.516%, due 10/1/25 | $ 1,230,000 | $ 1,129,205 |
Southern New Hampshire University | ||
1.95%, due 1/1/25 | 1,000,000 | 922,894 |
2,052,099 | ||
Healthcare-Services 1.9% | ||
CommonSpirit Health | ||
6.073%, due 11/1/27 | 4,750,000 | 4,757,787 |
Rogers Memorial Hospital, Inc. | ||
Series 2019 | ||
3.792%, due 7/1/39 | 2,480,000 | 1,827,343 |
Southeast Alaska Regional Health Consortium | ||
2.262%, due 7/1/31 | 3,000,000 | 2,316,708 |
Sun Health Services | ||
Series 19B | ||
2.98%, due 11/15/27 | 925,000 | 858,074 |
9,759,912 | ||
Total Corporate Bonds (Cost $13,305,233) | 11,812,011 | |
Municipal Bonds 92.5% | ||
Alabama 0.3% | ||
Alabama Federal Aid Highway Finance Authority Revenue Bonds | ||
Series B | ||
1.856%, due 9/1/29 | 2,160,000 | 1,750,129 |
Alaska 0.8% | ||
Alaska Municipal Bond Bank Authority Revenue Bonds | ||
Series 2 | ||
2.022%, due 12/1/30 | 5,045,000 | 4,039,578 |
Arizona 0.5% | ||
Arizona Industrial Development Authority, Voyager Foundation Inc., Project Revenue Bonds | ||
Series 2020 | ||
3.65%, due 10/1/29 | 1,115,000 | 969,986 |
Principal Amount | Value | |
Arizona (continued) | ||
Arizona Industrial Development Authority, Voyager Foundation Inc., Project Revenue Bonds (continued) | ||
Series 2020 | ||
3.90%, due 10/1/34 | $ 1,900,000 | $ 1,532,485 |
2,502,471 | ||
California 19.3% | ||
California Community Choice Financing Authority, Clean Energy Project, Green Bond Revenue Bonds | ||
Series B-1 | ||
4.00%, due 2/1/52 (a) | 10,000,000 | 9,335,490 |
California Educational Facilities Authority, Chapman University Revenue Bonds | ||
Series A | ||
3.661%, due 4/1/33 | 3,300,000 | 2,803,536 |
California Infrastructure and Economic Development Bank, J. David Gladstone Institutes (The) Revenue Bonds | ||
3.20%, due 10/1/29 | 1,785,000 | 1,571,262 |
California Municipal Finance Authority, Harvey Mudd College Revenue Bonds | ||
2.262%, due 12/1/30 | 1,520,000 | 1,226,023 |
California State University Revenue Bonds | ||
Series D | ||
1.69%, due 11/1/29 | 1,110,000 | 872,340 |
California Statewide Communities Development Authority, Front Porch Communities & Services Revenue Bonds | ||
Series B | ||
2.14%, due 4/1/30 | 5,395,000 | 4,291,379 |
Series B | ||
2.34%, due 4/1/32 | 1,975,000 | 1,502,616 |
Series B | ||
2.51%, due 4/1/34 | 2,500,000 | 1,830,344 |
Central Basin Municipal Water District Revenue Bonds | ||
Series B, Insured: BAM | ||
3.56%, due 8/1/33 | 1,345,000 | 1,086,235 |
Principal Amount | Value | |
Municipal Bonds (continued) | ||
California (continued) | ||
Chabot-Las Positas Community College District Unlimited General Obligation | ||
1.287%, due 8/1/27 | $ 1,415,000 | $ 1,198,863 |
City & County of San Francisco CA Unlimited General Obligation | ||
Series D | ||
3.75%, due 6/15/31 | 2,815,000 | 2,595,799 |
City of San Buenaventura CA, Water Revenue Bonds | ||
2.727%, due 1/1/40 | 2,000,000 | 1,364,649 |
East Bay Municipal Utility District, Wastewater System Revenue Bonds | ||
Series B | ||
5.026%, due 6/1/32 | 2,000,000 | 1,983,956 |
Foothill-De Anza Community College District, Election of 2006 Unlimited General Obligation | ||
Series E | ||
2.896%, due 8/1/31 | 1,025,000 | 854,770 |
Foothill-Eastern Transportation Corridor Agency Revenue Bonds, Senior Lien | ||
Series B, Insured: AGM | ||
2.191%, due 1/15/32 | 1,000,000 | 753,373 |
Golden State Tobacco Securitization Corp., Tobacco Settlement Revenue Bonds | ||
Series B, Insured: State Appropriations | ||
1.60%, due 6/1/26 | 2,100,000 | 1,854,484 |
Series B, Insured: State Appropriations | ||
2.086%, due 6/1/28 | 4,450,000 | 3,719,993 |
Los Angeles Community College District Unlimited General Obligation | ||
1.606%, due 8/1/28 | 4,795,000 | 4,051,087 |
2.106%, due 8/1/32 | 3,000,000 | 2,316,386 |
Marin Community College District, Election of 2016 Unlimited General Obligation | ||
Series A-1 | ||
3.272%, due 8/1/27 | 1,425,000 | 1,329,150 |
Principal Amount | Value | |
California (continued) | ||
Oxnard Financing Authority Revenue Bonds | ||
Series B | ||
6.819%, due 6/1/30 | $ 7,500,000 | $ 7,913,504 |
Port of Oakland Revenue Bonds, Senior Lien | ||
Series R | ||
1.949%, due 5/1/28 | 6,260,000 | 5,189,181 |
Series R | ||
2.049%, due 5/1/29 | 2,185,000 | 1,750,651 |
Series R | ||
2.099%, due 5/1/30 | 1,005,000 | 780,966 |
Series R | ||
2.199%, due 5/1/31 | 2,250,000 | 1,704,684 |
San Diego Community College District Unlimited General Obligation | ||
1.633%, due 8/1/27 | 2,290,000 | 1,976,894 |
2.113%, due 8/1/31 | 3,000,000 | 2,355,302 |
San Francisco City & County Public Utilities Commission, Wastewater Revenue Bonds | ||
Series B | ||
5.60%, due 10/1/30 | 6,620,000 | 6,827,258 |
San Jose Evergreen Community College District Unlimited General Obligation | ||
1.676%, due 9/1/28 | 1,355,000 | 1,142,392 |
San Jose Unified School District Unlimited General Obligation | ||
1.847%, due 8/1/33 | 1,685,000 | 1,212,277 |
San Luis Unit, Westlands Water District Financing Authority Revenue Bonds | ||
Series A, Insured: AGM | ||
2.412%, due 9/1/29 | 1,150,000 | 959,891 |
Santa Monica Community College District, Election 2016 Unlimited General Obligation | ||
Series B-1 | ||
3.697%, due 8/1/29 | 1,960,000 | 1,835,139 |
Santa Monica-Malibu Unified School District Unlimited General Obligation | ||
.989%, due 7/1/26 | 1,100,000 | 959,197 |
1.51%, due 7/1/30 | 1,260,000 | 973,730 |
12 | MainStay MacKay U.S. Infrastructure Bond Fund |
Principal Amount | Value | |
Municipal Bonds (continued) | ||
California (continued) | ||
Silicon Valley Clean Water Revenue Bonds | ||
Series A | ||
1.932%, due 8/1/30 | $ 1,000,000 | $ 789,904 |
State of California, Various Purpose Unlimited General Obligation | ||
3.00%, due 11/1/30 | 1,000,000 | 855,183 |
3.00%, due 11/1/31 | 5,500,000 | 4,616,973 |
3.05%, due 4/1/29 | 2,000,000 | 1,767,718 |
4.50%, due 4/1/33 | 3,000,000 | 2,837,322 |
State of California Department of Water Resources, Central Valley Project Revenue Bonds | ||
Series BC | ||
1.16%, due 12/1/27 | 1,020,000 | 846,345 |
University of California Revenue Bonds | ||
Series BI | ||
1.997%, due 5/15/31 | 1,195,000 | 926,814 |
Series AW | ||
3.65%, due 5/15/33 | 2,250,000 | 1,940,812 |
Yosemite Community College District Unlimited General Obligation | ||
2.35%, due 8/1/29 | 1,000,000 | 848,068 |
97,551,940 | ||
Colorado 1.8% | ||
City & County of Denver CO, Airport System Revenue Bonds | ||
Series C | ||
2.237%, due 11/15/30 | 1,065,000 | 840,606 |
Colorado Bridge Enterprise, Central 70 Project Revenue Bonds | ||
Series A | ||
2.543%, due 12/31/32 | 5,670,000 | 4,798,747 |
Colorado Housing and Finance Authority Revenue Bonds | ||
Series G-1, Insured: GNMA | ||
3.65%, due 11/1/46 | 730,000 | 696,343 |
Denver City & County School District No. 1 Certificate of Participation | ||
Series B | ||
4.242%, due 12/15/37 | 600,000 | 532,442 |
Principal Amount | Value | |
Colorado (continued) | ||
Metro Wastewater Reclamation District Revenue Bonds | ||
Series B | ||
5.775%, due 4/1/29 | $ 2,170,000 | $ 2,241,050 |
9,109,188 | ||
Connecticut 2.6% | ||
State of Connecticut Unlimited General Obligation | ||
Series A | ||
2.677%, due 7/1/30 | 3,805,000 | 3,148,279 |
Series A | ||
3.85%, due 9/15/27 | 3,250,000 | 3,080,218 |
Series A | ||
3.975%, due 6/15/29 | 1,000,000 | 922,752 |
Series A | ||
5.85%, due 3/15/32 | 3,935,000 | 4,079,590 |
Town of Hamden CT Unlimited General Obligation | ||
Series B, Insured: BAM | ||
2.80%, due 8/1/31 | 2,500,000 | 2,026,335 |
13,257,174 | ||
District of Columbia 0.3% | ||
District of Columbia Revenue Bonds | ||
Series B | ||
3.759%, due 7/1/29 | 1,870,000 | 1,754,366 |
Florida 3.1% | ||
City of Miami FL, Street & Sidewalk Improvement Program Revenue Bonds | ||
Series B, Insured: AGM | ||
4.592%, due 1/1/33 (b) | 1,115,000 | 1,044,930 |
County of Broward FL, Convention Center Hotel Revenue Bonds, First Tier | ||
4.00%, due 1/1/41 | 2,150,000 | 1,989,231 |
County of Miami-Dade FL, Aviation Revenue Bonds | ||
Series E | ||
2.599%, due 10/1/31 | 1,025,000 | 819,167 |
Series B | ||
3.135%, due 10/1/27 | 1,835,000 | 1,665,085 |
Series B | ||
3.406%, due 10/1/32 | 1,500,000 | 1,261,318 |
Principal Amount | Value | |
Municipal Bonds (continued) | ||
Florida (continued) | ||
County of Miami-Dade FL, Aviation Revenue Bonds (continued) | ||
Series C | ||
4.062%, due 10/1/31 | $ 5,000,000 | $ 4,506,399 |
Florida Development Finance Corp., UF Health Jacksonville Project Revenue Bonds | ||
Series B, Insured: AGM | ||
3.223%, due 2/1/32 | 5,500,000 | 4,433,620 |
15,719,750 | ||
Georgia 0.5% | ||
City of Atlanta GA, Water & Wastewater Revenue Bonds | ||
2.257%, due 11/1/35 | 3,310,000 | 2,453,617 |
Guam 2.1% | ||
Antonio B Won Pat International Airport Authority Revenue Bonds | ||
Series A | ||
2.499%, due 10/1/25 | 1,180,000 | 1,078,820 |
Series A | ||
2.699%, due 10/1/26 | 610,000 | 543,287 |
Series A | ||
2.899%, due 10/1/27 | 825,000 | 719,739 |
Series A | ||
3.099%, due 10/1/28 | 765,000 | 656,234 |
Guam Government Waterworks Authority Revenue Bonds | ||
Series B | ||
2.75%, due 7/1/30 | 6,500,000 | 5,334,133 |
Series B | ||
3.25%, due 7/1/34 | 2,000,000 | 1,574,731 |
Port Authority of Guam Revenue Bonds | ||
Series C | ||
4.532%, due 7/1/27 | 500,000 | 473,917 |
10,380,861 | ||
Hawaii 2.1% | ||
City & County Honolulu HI Unlimited General Obligation | ||
Series D | ||
3.068%, due 10/1/30 | 1,980,000 | 1,722,606 |
Principal Amount | Value | |
Hawaii (continued) | ||
City & County Honolulu HI Unlimited General Obligation (continued) | ||
Series A | ||
5.668%, due 12/1/30 | $ 1,000,000 | $ 1,037,402 |
State of Hawaii Unlimited General Obligation | ||
Series FZ | ||
1.595%, due 8/1/31 | 10,825,000 | 8,095,956 |
10,855,964 | ||
Idaho 0.3% | ||
Idaho Housing & Finance Association, Gem Prep: Meridian Project Revenue Bonds | ||
Series A, Insured: School Bond Guaranty | ||
4.00%, due 5/1/42 | 1,820,000 | 1,510,339 |
Illinois 9.2% | ||
Chicago O'Hare International Airport, General Revenue Bonds, Senior Lien | ||
Series D | ||
2.316%, due 1/1/29 | 3,790,000 | 3,201,780 |
Series D | ||
2.346%, due 1/1/30 | 4,960,000 | 4,082,652 |
City of Chicago Heights IL Unlimited General Obligation | ||
Series A, Insured: BAM | ||
7.25%, due 12/1/34 | 3,815,000 | 4,235,827 |
City of Chicago IL Unlimited General Obligation | ||
Series A | ||
5.00%, due 1/1/33 | 6,340,000 | 6,078,212 |
Series B, Insured: AGM-CR | ||
7.375%, due 1/1/33 | 1,200,000 | 1,285,223 |
City of Chicago IL, Taxable Project Unlimited General Obligation | ||
Series C-1, Insured: BAM | ||
7.781%, due 1/1/35 | 2,195,000 | 2,439,012 |
County of Cook IL Unlimited General Obligation | ||
Series C | ||
5.79%, due 11/15/29 | 1,290,000 | 1,301,145 |
County of Cook IL, Build America Bonds Unlimited General Obligation | ||
6.229%, due 11/15/34 | 1,000,000 | 1,034,762 |
14 | MainStay MacKay U.S. Infrastructure Bond Fund |
Principal Amount | Value | |
Municipal Bonds (continued) | ||
Illinois (continued) | ||
County of Cook IL, Build America Bonds Unlimited General Obligation (continued) | ||
Insured: AGM-CR | ||
6.229%, due 11/15/34 | $ 1,725,000 | $ 1,793,456 |
Series B | ||
6.36%, due 11/15/33 | 1,500,000 | 1,560,969 |
Sales Tax Securitization Corp. Revenue Bonds | ||
Series C | ||
3.23%, due 1/1/28 | 2,160,000 | 1,932,248 |
3.372%, due 1/1/31 | 2,300,000 | 1,952,391 |
Series B | ||
3.422%, due 1/1/32 | 3,000,000 | 2,508,125 |
Sangamon County Water Reclamation District, Alternative Revenue Source Unlimited General Obligation | ||
Series B | ||
2.907%, due 1/1/34 | 1,885,000 | 1,452,243 |
State of Illinois, Sales Tax Revenue Bonds, Junior Lien | ||
Series B | ||
2.159%, due 6/15/29 | 2,500,000 | 1,966,769 |
Series B | ||
2.509%, due 6/15/32 | 1,000,000 | 731,006 |
State of Illinois, Sales Tax Revenue Bonds | ||
3.45%, due 6/15/29 | 3,170,000 | 2,713,786 |
State of Illinois Unlimited General Obligation | ||
Insured: AGM-CR | ||
5.10%, due 6/1/33 | 3,000,000 | 2,821,054 |
State of Illinois, Build America Bonds Unlimited General Obligation | ||
Series 3, Insured: AGM-CR | ||
6.725%, due 4/1/35 | 1,510,000 | 1,567,921 |
Series 5 | ||
7.35%, due 7/1/35 | 1,782,857 | 1,827,518 |
46,486,099 | ||
Indiana 1.1% | ||
Indianapolis Local Public Improvement Bond Bank Revenue Bonds | ||
Series A-2 | ||
5.854%, due 1/15/30 | 5,300,000 | 5,401,819 |
Principal Amount | Value | |
Kentucky 1.0% | ||
Kenton County Airport Board, Customer Facility Charge Revenue Bonds | ||
4.489%, due 1/1/39 | $ 3,800,000 | $ 3,238,354 |
Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds | ||
Series B, Insured: AGM | ||
4.435%, due 12/1/38 | 2,000,000 | 1,599,360 |
4,837,714 | ||
Maryland 2.1% | ||
Maryland Community Development Administration, Department of Housing & Community Development Revenue Bonds | ||
Series D | ||
2.644%, due 3/1/50 | 1,120,000 | 1,033,854 |
Maryland Economic Development Corp., Purple Line Light Project, Green Bond (c) Revenue Bonds | ||
Series B | ||
5.00%, due 6/30/41 | 2,500,000 | 2,433,974 |
Series B | ||
5.00%, due 12/31/41 | 2,500,000 | 2,432,930 |
Maryland Stadium Authority, Baltimore City Public School Construction Revenue Bonds | ||
Series C, Insured: State Intercept | ||
1.907%, due 5/1/28 | 1,770,000 | 1,505,227 |
Maryland State Transportation Authority Revenue Bonds | ||
Series B | ||
5.604%, due 7/1/30 | 3,000,000 | 3,066,084 |
10,472,069 | ||
Massachusetts 4.5% | ||
Commonwealth of Massachusetts Limited General Obligation | ||
Series E | ||
1.52%, due 11/1/30 | 2,000,000 | 1,535,700 |
Series A | ||
4.91%, due 5/1/29 | 1,805,000 | 1,779,776 |
Principal Amount | Value | |
Municipal Bonds (continued) | ||
Massachusetts (continued) | ||
Commonwealth of Massachusetts, COVID-19 Recovery Assessment Revenue Bonds | ||
Series A | ||
3.769%, due 7/15/29 | $ 9,000,000 | $ 8,450,765 |
Massachusetts Bay Transportation Authority, Sales Tax Revenue Bonds | ||
Series B | ||
2.235%, due 7/1/31 | 7,795,000 | 6,206,202 |
Massachusetts Development Finance Agency, Lesley University Revenue Bonds | ||
Series B | ||
3.165%, due 7/1/32 | 1,705,000 | 1,384,104 |
Massachusetts Development Finance Agency, Wellforce Obligated Group Revenue Bonds | ||
Series B, Insured: AGM | ||
4.496%, due 7/1/33 | 2,545,000 | 2,302,969 |
Massachusetts Water Resources Authority Revenue Bonds | ||
Series F | ||
2.223%, due 8/1/27 | 1,050,000 | 928,288 |
22,587,804 | ||
Michigan 0.6% | ||
Michigan Finance Authority, Local Government Loan Program Revenue Bonds | ||
Series C-1, Insured: State Aid Direct Deposit | ||
3.585%, due 11/1/35 | 1,000,000 | 812,904 |
Series E, Insured: State Aid Direct Deposit | ||
8.369%, due 11/1/35 | 715,000 | 831,090 |
Michigan State Building Authority Revenue Bonds | ||
Series II | ||
1.812%, due 10/15/31 | 2,000,000 | 1,542,510 |
3,186,504 |
Principal Amount | Value | |
Minnesota 0.2% | ||
Western Minnesota Municipal Power Agency Revenue Bonds | ||
Series A | ||
2.595%, due 1/1/29 | $ 1,000,000 | $ 862,167 |
Mississippi 0.2% | ||
State of Mississippi Unlimited General Obligation | ||
Series B | ||
1.849%, due 6/1/30 | 1,400,000 | 1,128,652 |
New Jersey 4.3% | ||
City of Bayonne NJ Unlimited General Obligation | ||
Insured: AGM SCH BD RES FD | ||
1.792%, due 8/1/29 | 2,875,000 | 2,259,196 |
City of Bayonne NJ, General Improvement Unlimited General Obligation | ||
Insured: AGM | ||
1.942%, due 7/1/30 | 1,065,000 | 815,974 |
New Jersey Turnpike Authority Revenue Bonds | ||
Series B | ||
1.713%, due 1/1/29 | 3,235,000 | 2,634,498 |
Series B | ||
4.25%, due 1/1/43 | 5,000,000 | 4,670,650 |
South Jersey Transportation Authority Revenue Bonds | ||
Series B, Insured: BAM | ||
2.381%, due 11/1/27 | 1,975,000 | 1,721,452 |
State of New Jersey Unlimited General Obligation | ||
Series A | ||
2.30%, due 6/1/27 | 1,000,000 | 886,421 |
Series A | ||
2.85%, due 6/1/32 | 5,765,000 | 4,599,164 |
Series A, Insured: BAM | ||
2.90%, due 6/1/33 | 5,180,000 | 4,162,776 |
21,750,131 |
16 | MainStay MacKay U.S. Infrastructure Bond Fund |
Principal Amount | Value | |
Municipal Bonds (continued) | ||
New York 8.6% | ||
Brookhaven Local Development Corp., Long Island Community Hospital Project Revenue Bonds | ||
Series B | ||
4.50%, due 10/1/25 | $ 2,045,000 | $ 2,000,537 |
Brookhaven Local Development Corp., Long Island Community Hospital Health Care Services Foundation Revenue Bonds | ||
Series B, Insured: AGM-CR | �� | |
6.00%, due 10/1/30 | 1,855,000 | 1,942,343 |
City of New York NY Unlimited General Obligation | ||
Series D | ||
1.723%, due 8/1/29 | 1,300,000 | 1,032,451 |
Series D-3 | ||
1.97%, due 3/1/31 | 3,000,000 | 2,301,904 |
Series C-3 | ||
2.36%, due 8/1/31 | 2,000,000 | 1,567,065 |
Series D-2 | ||
3.86%, due 12/1/28 | 1,000,000 | 922,377 |
Metropolitan Transportation Authority, Dedicated Tax Fund Revenue Bonds | ||
Series A | ||
5.00%, due 11/15/48 | 5,000,000 | 5,071,391 |
New York City Transitional Finance Authority, Future Tax Secured Revenue Bonds | ||
Series E-3 | ||
1.97%, due 2/1/33 | 1,000,000 | 731,654 |
Series D-3 | ||
2.50%, due 11/1/33 | 1,150,000 | 874,814 |
Series D-3 | ||
5.65%, due 11/1/35 | 6,000,000 | 5,959,272 |
New York Power Authority Revenue Bonds | ||
Series A, Insured: AGM | ||
5.749%, due 11/15/33 | 1,000,000 | 1,046,394 |
New York State Energy Research & Development Authority, Residential Solar And Energy Efficiency Financing, Green Bond Revenue Bonds | ||
Series A | ||
3.62%, due 4/1/25 | 750,000 | 724,245 |
Principal Amount | Value | |
New York (continued) | ||
New York State Energy Research & Development Authority, Residential Solar And Energy Efficiency Financing, Green Bond Revenue Bonds (continued) | ||
Series A | ||
3.77%, due 4/1/26 | $ 1,045,000 | $ 1,000,806 |
Series A | ||
3.927%, due 4/1/27 | 995,000 | 947,785 |
New York State Environmental Facilities Corp., State Revolving Fund Revenue Bonds | ||
Series D | ||
3.321%, due 1/15/31 | 1,645,000 | 1,452,018 |
Series B | ||
3.716%, due 6/15/32 | 2,000,000 | 1,782,281 |
New York State Urban Development Corp., Sales Tax Revenue Bonds | ||
Series A | ||
5.00%, due 3/15/36 | 2,520,000 | 2,631,045 |
State of New York Unlimited General Obligation | ||
Series B | ||
1.74%, due 3/15/29 | 11,475,000 | 9,403,725 |
Triborough Bridge & Tunnel Authority Revenue Bonds | ||
Series A-2 | ||
5.45%, due 11/15/32 | 1,985,000 | 2,034,863 |
43,426,970 | ||
North Carolina 0.4% | ||
County of Guilford NC, Public Improvement Unlimited General Obligation | ||
Series B | ||
5.361%, due 8/1/28 | 2,250,000 | 2,258,574 |
Ohio 3.5% | ||
American Municipal Power, Inc., Hydroelectric Projects Revenue Bonds | ||
Series A | ||
7.334%, due 2/15/28 | 4,225,000 | 4,511,944 |
Principal Amount | Value | |
Municipal Bonds (continued) | ||
Ohio (continued) | ||
County of Cuyahoga OH, Quicken Loans Arena Project Revenue Bonds | ||
Series C | ||
3.126%, due 7/1/28 | $ 1,000,000 | $ 913,384 |
JobsOhio Beverage System Revenue Bonds | ||
Series B | ||
3.985%, due 1/1/29 | 2,050,000 | 1,966,797 |
Northeast Ohio Regional Sewer District, Wastewater Improvement Revenue Bonds | ||
5.438%, due 11/15/32 | 3,650,000 | 3,750,289 |
Ohio Higher Educational Facility Commission, Ashtabula County Medical Center Obligated Group Revenue Bonds | ||
5.25%, due 1/1/42 | 2,000,000 | 1,993,921 |
State of Ohio, Build America Bonds Unlimited General Obligation | ||
Series B | ||
5.462%, due 9/1/30 | 2,000,000 | 2,062,200 |
Summit County Development Finance Authority, Franciscan University of Steubenville Project Revenue Bonds | ||
Series B | ||
5.125%, due 11/1/48 | 1,000,000 | 855,069 |
Series A | ||
6.00%, due 11/1/48 (b) | 1,750,000 | 1,672,301 |
17,725,905 | ||
Oklahoma 0.3% | ||
Oklahoma Municipal Power Authority, Power Suply System Revenue Bonds | ||
Series B, Insured: AGM | ||
2.351%, due 1/1/33 | 2,075,000 | 1,638,646 |
Oregon 1.2% | ||
Metro Unlimited General Obligation | ||
3.10%, due 6/1/31 | 1,000,000 | 869,494 |
Oregon State Lottery Revenue Bonds | ||
Series B | ||
3.821%, due 4/1/31 | 3,600,000 | 3,229,924 |
Principal Amount | Value | |
Oregon (continued) | ||
State of Oregon, Department of Transportation Revenue Bonds, Senior Lien | ||
Series B | ||
1.53%, due 11/15/30 | $ 1,750,000 | $ 1,355,289 |
State of Oregon Unlimited General Obligation | ||
Series C | ||
1.975%, due 5/1/31 | 1,000,000 | 793,802 |
6,248,509 | ||
Pennsylvania 2.2% | ||
Authority Improvement Municipalities, Carlow University Revenue Bonds | ||
Series B | ||
5.00%, due 11/1/53 | 1,000,000 | 659,961 |
City of Philadelphia PA Unlimited General Obligation | ||
Series B, Insured: AGM | ||
1.618%, due 7/15/29 | 2,505,000 | 2,008,231 |
Series B, Insured: AGM | ||
1.738%, due 7/15/30 | 2,250,000 | 1,758,077 |
City of Philadelphia PA, Water & Wastewater Revenue Bonds | ||
Series B | ||
2.334%, due 11/1/34 | 1,000,000 | 723,657 |
Commonwealth of Pennsylvania Unlimited General Obligation | ||
1.625%, due 8/1/28 | 1,250,000 | 1,030,642 |
2.05%, due 8/1/31 | 4,000,000 | 3,077,361 |
University of Pittsburgh-of the Commonwealth System of Higher Education Revenue Bonds | ||
Series B | ||
3.596%, due 9/15/30 | 2,000,000 | 1,787,243 |
11,045,172 | ||
Rhode Island 2.3% | ||
State of Rhode Island Unlimited General Obligation | ||
Series B | ||
4.79%, due 8/1/31 | 4,000,000 | 3,985,101 |
Series B | ||
4.90%, due 8/1/32 | 7,445,000 | 7,380,146 |
11,365,247 |
18 | MainStay MacKay U.S. Infrastructure Bond Fund |
Principal Amount | Value | |
Municipal Bonds (continued) | ||
Tennessee 0.2% | ||
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Lipscomb University Project Revenue Bonds | ||
Series B | ||
4.409%, due 10/1/34 | $ 1,280,000 | $ 1,084,178 |
Texas 9.1% | ||
Central Texas Regional Mobility Authority Revenue Bonds, Senior Lien | ||
Series C | ||
2.085%, due 1/1/28 | 1,395,000 | 1,189,016 |
City of Austin TX, Rental Car Special Facility Revenue Bonds | ||
Insured: AGM | ||
1.475%, due 11/15/28 | 1,500,000 | 1,203,724 |
City of Austin TX, Airport System Revenue Bonds | ||
5.00%, due 11/15/38 | 2,000,000 | 1,971,975 |
City of Dallas TX, Waterworks & Sewer System Revenue Bonds | ||
Series B | ||
3.648%, due 10/1/30 | 2,000,000 | 1,799,089 |
Series B | ||
3.748%, due 10/1/31 | 1,000,000 | 888,616 |
City of Garland TX, Electric Utility System Revenue Bonds | ||
Series B, Insured: AGM | ||
2.172%, due 3/1/32 | 1,850,000 | 1,400,868 |
City of Houston TX, Airport System Revenue Bonds, Sub. Lien | ||
Series C | ||
2.085%, due 7/1/28 | 3,530,000 | 2,969,574 |
Series C, Insured: BAM | ||
2.485%, due 7/1/32 | 3,795,000 | 2,961,233 |
Series C | ||
2.485%, due 7/1/32 | 1,470,000 | 1,132,933 |
City of Houston TX, Combined Utility System Revenue Bonds, First Lien | ||
Series B | ||
3.828%, due 5/15/28 | 2,575,000 | 2,442,982 |
Principal Amount | Value | |
Texas (continued) | ||
Dallas Area Rapid Transit Revenue Bonds | ||
Series C | ||
1.946%, due 12/1/31 | $ 1,730,000 | $ 1,322,272 |
Dallas Fort Worth International Airport Revenue Bonds | ||
Series A | ||
2.354%, due 11/1/27 | 2,155,000 | 1,889,679 |
Series C | ||
2.416%, due 11/1/32 | 1,000,000 | 769,232 |
Series A | ||
2.454%, due 11/1/29 | 1,000,000 | 836,154 |
San Antonio Education Facilities Corp., University of the Incarnate Word Project Revenue Bonds | ||
Series B | ||
2.65%, due 4/1/30 | 1,100,000 | 872,243 |
Series B | ||
2.73%, due 4/1/31 | 750,000 | 580,754 |
State of Texas Unlimited General Obligation | ||
2.526%, due 10/1/31 | 1,000,000 | 824,038 |
2.604%, due 4/1/30 | 2,500,000 | 2,145,011 |
Texas Transportation Commission, Mobility Fund Unlimited General Obligation | ||
1.533%, due 10/1/29 | 8,490,000 | 6,747,174 |
Texas Transportation Commission State Highway Fund Revenue Bonds, First Tier | ||
Series B | ||
5.178%, due 4/1/30 | 12,030,000 | 11,856,899 |
45,803,466 | ||
U.S. Virgin Islands 1.2% | ||
Matching Fund Special Purpose Securitization Corp. Revenue Bonds | ||
Series B | ||
6.00%, due 10/1/25 | 5,875,000 | 5,846,769 |
Utah 1.2% | ||
County of Salt Lake UT, Convention Hotel Revenue Bonds | ||
5.25%, due 10/1/34 (b) | 3,610,000 | 3,186,425 |
Principal Amount | Value | |
Municipal Bonds (continued) | ||
Utah (continued) | ||
Utah Transit Authority Revenue Bonds, Senior Lien | ||
1.72%, due 12/15/27 | $ 1,500,000 | $ 1,292,316 |
Utah Transit Authority Revenue Bonds | ||
1.783%, due 12/15/30 | 2,000,000 | 1,577,749 |
6,056,490 | ||
Virginia 2.0% | ||
Farmville Industrial Development Authority, Longwood University Student Housing Project Revenue Bonds | ||
Series B | ||
5.00%, due 1/1/34 | 2,000,000 | 1,821,678 |
Fredericksburg Economic Development Authority, Fredericksburg Stadium Project Revenue Bonds | ||
Series A | ||
4.00%, due 9/1/29 (b) | 1,975,000 | 1,898,891 |
Hampton Roads Sanitation District Revenue Bonds | ||
Series B | ||
5.814%, due 11/1/29 | 4,775,000 | 4,910,067 |
Virginia Small Business Financing Authority, 95 Express Lanes LLC Revenue Bonds, Senior Lien | ||
4.00%, due 1/1/39 (c) | 2,000,000 | 1,686,195 |
10,316,831 | ||
Washington 2.7% | ||
County of King WA, Sewer Revenue Bonds | ||
Series B | ||
1.30%, due 1/1/28 | 2,140,000 | 1,785,317 |
Energy Northwest, Bonneville Power Administration Revenue Bonds | ||
Series B | ||
2.166%, due 7/1/32 | 2,740,000 | 2,094,401 |
Port of Seattle, Intermediate Lien Revenue Bonds | ||
Series C | ||
3.768%, due 8/1/28 | 2,000,000 | 1,861,458 |
Series C | ||
3.913%, due 8/1/30 | 2,200,000 | 2,012,017 |
Principal Amount | Value | |
Washington (continued) | ||
Port of Seattle, Intermediate Lien Revenue Bonds (continued) | ||
Series C | ||
3.993%, due 8/1/31 | $ 2,120,000 | $ 1,926,273 |
Series C | ||
4.093%, due 8/1/32 | 1,000,000 | 905,199 |
Spokane Public Facilities District, Sales & Lodging tax Revenue Bonds | ||
Series B | ||
1.996%, due 12/1/30 | 1,950,000 | 1,549,069 |
Washington Higher Education Facilities Authority, Whitman College Project Revenue Bonds | ||
Series B | ||
2.337%, due 1/1/29 | 1,825,000 | 1,491,314 |
13,625,048 | ||
West Virginia 0.5% | ||
County of Ohio WV, Special District Excise Tax Revenue Bonds | ||
Series A | ||
4.00%, due 3/1/40 | 3,500,000 | 2,512,298 |
Wisconsin 0.2% | ||
State of Wisconsin Unlimited General Obligation | ||
Series 1 | ||
2.501%, due 5/1/32 | 1,000,000 | 803,076 |
Total Municipal Bonds (Cost $498,063,332) | 467,355,515 | |
U.S. Government & Federal Agencies 0.1% | ||
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) 0.1% | ||
FHLMC Gold Pools, 30 Year | ||
4.00%, due 10/1/48 | 122,764 | 114,038 |
6.50%, due 4/1/37 | 23,205 | 24,472 |
138,510 |
20 | MainStay MacKay U.S. Infrastructure Bond Fund |
Principal Amount | Value | ||
U.S. Government & Federal Agencies (continued) | |||
Government National Mortgage Association (Mortgage Pass-Through Security) 0.0% ‡ | |||
GNMA I, 30 Year | |||
6.50%, due 4/15/31 | $ 85,503 | $ 88,363 | |
Total U.S. Government & Federal Agencies (Cost $233,498) | 226,873 | ||
Total Long-Term Bonds (Cost $511,602,063) | 479,394,399 | ||
Shares | |||
Short-Term Investments 8.5% | |||
Affiliated Investment Company 8.0% | |||
MainStay U.S. Government Liquidity Fund, 2.905% (d) | 40,536,681 | 40,536,681 | |
Principal Amount | |||
Short-Term Municipal Note 0.5% | |||
County of Sacramento CA Insured: AGM | |||
4.75%, due 7/10/30 (e) | $ 2,500,000 | 2,488,110 | |
Total Short-Term Municipal Note (Cost $2,495,421) | 2,488,110 | ||
Total Short-Term Investments (Cost $43,032,102) | 43,024,791 | ||
Total Investments (Cost $554,634,165) | 103.4% | 522,419,190 | |
Other Assets, Less Liabilities | (3.4) | (17,163,056) | |
Net Assets | 100.0% | $ 505,256,134 |
† | Percentages indicated are based on Fund net assets. |
‡ | 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, 2022. |
(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) | Interest on these securities was subject to alternative minimum tax. |
(d) | Current yield as of October 31, 2022. |
(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. |
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 | $ 44,540 | $ 529,168 | $ (533,171) | $ — | $ — | $ 40,537 | $ 238 | $ — | 40,537 |
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 | (250) | December 2022 | $ (29,350,239) | $ (27,648,437) | $ 1,701,802 |
1. | As of October 31, 2022, cash in the amount of $500,000 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, 2022. |
Abbreviation(s): |
AGM—Assured Guaranty Municipal Corp. |
BAM—Build America Mutual Assurance Co. |
CR—Custodial Receipts |
FHLMC—Federal Home Loan Mortgage Corp. |
GNMA—Government National Mortgage Association |
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 | |||||||
Corporate Bonds | $ — | $ 11,812,011 | $ — | $ 11,812,011 | |||
Municipal Bonds | — | 467,355,515 | — | 467,355,515 | |||
U.S. Government & Federal Agencies | — | 226,873 | — | 226,873 | |||
Total Long-Term Bonds | — | 479,394,399 | — | 479,394,399 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 40,536,681 | — | — | 40,536,681 | |||
Short-Term Municipal Note | — | 2,488,110 | — | 2,488,110 | |||
Total Short-Term Investments | 40,536,681 | 2,488,110 | — | 43,024,791 | |||
Total Investments in Securities | 40,536,681 | 481,882,509 | — | 522,419,190 | |||
Other Financial Instruments | |||||||
Futures Contracts (b) | 1,701,802 | — | — | 1,701,802 | |||
Total Investments in Securities and Other Financial Instruments | $ 42,238,483 | $ 481,882,509 | $ — | $ 524,120,992 |
(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. |
22 | MainStay MacKay U.S. Infrastructure Bond Fund |
Assets | |
Investment in unaffiliated securities, at value (identified cost $514,097,484) | $481,882,509 |
Investment in affiliated investment companies, at value (identified cost $40,536,681) | 40,536,681 |
Cash | 197 |
Cash collateral on deposit at broker for futures contracts | 500,000 |
Receivables: | |
Investment securities sold | 8,491,415 |
Dividends and interest | 5,173,852 |
Fund shares sold | 1,412,821 |
Variation margin on futures contracts | 101,563 |
Other assets | 41,492 |
Total assets | 538,140,530 |
Liabilities | |
Payables: | |
Investment securities purchased | 30,708,518 |
Fund shares redeemed | 1,320,092 |
Manager (See Note 3) | 148,163 |
Transfer agent (See Note 3) | 128,410 |
Shareholder communication | 38,604 |
NYLIFE Distributors (See Note 3) | 26,317 |
Custodian | 16,871 |
Professional fees | 14,806 |
Trustees | 9 |
Accrued expenses | 7,373 |
Distributions payable | 475,233 |
Total liabilities | 32,884,396 |
Net assets | $505,256,134 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.01 per share) unlimited number of shares authorized | $ 695,005 |
Additional paid-in-capital | 600,159,743 |
600,854,748 | |
Total distributable earnings (loss) | (95,598,614) |
Net assets | $505,256,134 |
Class A | |
Net assets applicable to outstanding shares | $ 75,779,653 |
Shares of beneficial interest outstanding | 10,521,378 |
Net asset value per share outstanding | $ 7.20 |
Maximum sales charge (3.00% of offering price) | 0.22 |
Maximum offering price per share outstanding | $ 7.42 |
Investor Class | |
Net assets applicable to outstanding shares | $ 13,974,159 |
Shares of beneficial interest outstanding | 1,931,316 |
Net asset value per share outstanding | $ 7.24 |
Maximum sales charge (2.50% of offering price) | 0.19 |
Maximum offering price per share outstanding | $ 7.43 |
Class B | |
Net assets applicable to outstanding shares | $ 622,641 |
Shares of beneficial interest outstanding | 86,436 |
Net asset value and offering price per share outstanding | $ 7.20 |
Class C | |
Net assets applicable to outstanding shares | $ 7,036,625 |
Shares of beneficial interest outstanding | 977,415 |
Net asset value and offering price per share outstanding | $ 7.20 |
Class I | |
Net assets applicable to outstanding shares | $297,386,389 |
Shares of beneficial interest outstanding | 40,829,292 |
Net asset value and offering price per share outstanding | $ 7.28 |
Class R6 | |
Net assets applicable to outstanding shares | $110,456,667 |
Shares of beneficial interest outstanding | 15,154,619 |
Net asset value and offering price per share outstanding | $ 7.29 |
Investment Income (Loss) | |
Income | |
Interest | $ 17,397,667 |
Dividends-affiliated | 238,292 |
Total income | 17,635,959 |
Expenses | |
Manager (See Note 3) | 2,861,914 |
Transfer agent (See Note 3) | 798,429 |
Distribution/Service—Class A (See Note 3) | 233,812 |
Distribution/Service—Investor Class (See Note 3) | 40,331 |
Distribution/Service—Class B (See Note 3) | 9,543 |
Distribution/Service—Class C (See Note 3) | 78,466 |
Registration | 113,386 |
Custodian | 84,861 |
Professional fees | 84,535 |
Shareholder communication | 71,790 |
Trustees | 12,501 |
Miscellaneous | 30,625 |
Total expenses before waiver/reimbursement | 4,420,193 |
Expense waiver/reimbursement from Manager (See Note 3) | (622,639) |
Net expenses | 3,797,554 |
Net investment income (loss) | 13,838,405 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | (69,671,943) |
Futures transactions | 5,542,123 |
Net realized gain (loss) | (64,129,820) |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | (43,120,721) |
Futures contracts | 1,128,320 |
Net change in unrealized appreciation (depreciation) | (41,992,401) |
Net realized and unrealized gain (loss) | (106,122,221) |
Net increase (decrease) in net assets resulting from operations | $ (92,283,816) |
24 | MainStay MacKay U.S. Infrastructure Bond Fund |
for the years ended October 31, 2022 and October 31, 2021
2022 | 2021 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 13,838,405 | $ 9,528,665 |
Net realized gain (loss) | (64,129,820) | 4,665,614 |
Net change in unrealized appreciation (depreciation) | (41,992,401) | (930,526) |
Net increase (decrease) in net assets resulting from operations | (92,283,816) | 13,263,753 |
Distributions to shareholders: | ||
Class A | (2,991,990) | (2,956,871) |
Investor Class | (464,952) | (450,420) |
Class B | (21,454) | (28,456) |
Class C | (166,814) | (145,405) |
Class I | (10,840,872) | (9,030,341) |
Class R6 | (4,569,870) | (3,572,136) |
Total distributions to shareholders | (19,055,952) | (16,183,629) |
Capital share transactions: | ||
Net proceeds from sales of shares | 323,563,093 | 319,836,169 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 13,320,339 | 11,662,330 |
Cost of shares redeemed | (336,252,102) | (221,362,280) |
Increase (decrease) in net assets derived from capital share transactions | 631,330 | 110,136,219 |
Net increase (decrease) in net assets | (110,708,438) | 107,216,343 |
Net Assets | ||
Beginning of year | 615,964,572 | 508,748,229 |
End of year | $ 505,256,134 | $ 615,964,572 |
Year Ended October 31, | |||||||||
Class A | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 8.74 | $ 8.77 | $ 8.64 | $ 7.93 | $ 8.33 | ||||
Net investment income (loss) (a) | 0.18 | 0.13 | 0.16 | 0.21 | 0.19 | ||||
Net realized and unrealized gain (loss) | (1.47) | 0.07 | 0.14 | 0.71 | (0.40) | ||||
Total from investment operations | (1.29) | 0.20 | 0.30 | 0.92 | (0.21) | ||||
Less distributions: | |||||||||
From net investment income | (0.18) | (0.13) | (0.17) | (0.21) | (0.19) | ||||
From net realized gain on investments | (0.07) | (0.10) | — | — | — | ||||
Return of capital | — | — | — | (0.00)‡ | — | ||||
Total distributions | (0.25) | (0.23) | (0.17) | (0.21) | (0.19) | ||||
Net asset value at end of year | $ 7.20 | $ 8.74 | $ 8.77 | $ 8.64 | $ 7.93 | ||||
Total investment return (b) | (14.98)% | 2.36% | 3.45% | 11.76% | (2.54)% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.20% | 1.49% | 1.84% | 2.52% | 2.31% | ||||
Net expenses (c) | 0.85% | 0.85% | 0.85% | 0.89% | 1.00% | ||||
Expenses (before waiver/reimbursement) (c) | 0.98% | 0.96% | 0.98% | 1.02% | 1.04% | ||||
Portfolio turnover rate | 170%(d) | 51%(d) | 89%(d) | 124%(d) | 58%(e) | ||||
Net assets at end of year (in 000’s) | $ 75,780 | $ 111,626 | $ 103,475 | $ 84,513 | $ 68,269 |
‡ | 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 not including mortgage dollar rolls was 52% for the year ended October 31, 2018. |
26 | MainStay MacKay U.S. Infrastructure Bond Fund |
Year Ended October 31, | |||||||||
Investor Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 8.78 | $ 8.81 | $ 8.68 | $ 7.97 | $ 8.36 | ||||
Net investment income (loss) (a) | 0.16 | 0.10 | 0.14 | 0.19 | 0.16 | ||||
Net realized and unrealized gain (loss) | (1.47) | 0.07 | 0.13 | 0.71 | (0.39) | ||||
Total from investment operations | (1.31) | 0.17 | 0.27 | 0.90 | (0.23) | ||||
Less distributions: | |||||||||
From net investment income | (0.16) | (0.10) | (0.14) | (0.19) | (0.16) | ||||
From net realized gain on investments | (0.07) | (0.10) | — | — | — | ||||
Return of capital | — | — | — | (0.00)‡ | — | ||||
Total distributions | (0.23) | (0.20) | (0.14) | (0.19) | (0.16) | ||||
Net asset value at end of year | $ 7.24 | $ 8.78 | $ 8.81 | $ 8.68 | $ 7.97 | ||||
Total investment return (b) | (15.14)% | 2.02% | 3.14% | 11.36% | (2.72)% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.95% | 1.16% | 1.57% | 2.21% | 1.98% | ||||
Net expenses (c) | 1.12% | 1.17% | 1.15% | 1.21% | 1.33% | ||||
Expenses (before waiver/reimbursement) (c) | 1.25% | 1.33% | 1.28% | 1.35% | 1.44% | ||||
Portfolio turnover rate | 170%(d) | 51%(d) | 89%(d) | 124%(d) | 58%(e) | ||||
Net assets at end of year (in 000's) | $ 13,974 | $ 17,994 | $ 19,459 | $ 20,520 | $ 21,012 |
‡ | 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 not including mortgage dollar rolls was 52% for the year ended October 31, 2018. |
Year Ended October 31, | |||||||||
Class B | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 8.74 | $ 8.77 | $ 8.64 | $ 7.94 | $ 8.33 | ||||
Net investment income (loss) (a) | 0.09 | 0.04 | 0.07 | 0.12 | 0.10 | ||||
Net realized and unrealized gain (loss) | (1.46) | 0.07 | 0.14 | 0.70 | (0.39) | ||||
Total from investment operations | (1.37) | 0.11 | 0.21 | 0.82 | (0.29) | ||||
Less distributions: | |||||||||
From net investment income | (0.10) | (0.04) | (0.08) | (0.12) | (0.10) | ||||
From net realized gain on investments | (0.07) | (0.10) | — | — | — | ||||
Return of capital | — | — | — | (0.00)‡ | — | ||||
Total distributions | (0.17) | (0.14) | (0.08) | (0.12) | (0.10) | ||||
Net asset value at end of year | $ 7.20 | $ 8.74 | $ 8.77 | $ 8.64 | $ 7.94 | ||||
Total investment return (b) | (15.84)% | 1.28% | 2.39% | 10.46% | (3.46)% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.11% | 0.42% | 0.85% | 1.46% | 1.23% | ||||
Net expenses (c) | 1.87% | 1.92% | 1.90% | 1.96% | 2.08% | ||||
Expenses (before waiver/reimbursement) (c) | 2.00% | 2.08% | 2.03% | 2.10% | 2.19% | ||||
Portfolio turnover rate | 170%(d) | 51%(d) | 89%(d) | 124%(d) | 58%(e) | ||||
Net assets at end of year (in 000’s) | $ 623 | $ 1,343 | $ 1,902 | $ 2,621 | $ 3,224 |
‡ | 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 not including mortgage dollar rolls was 52% for the year ended October 31, 2018. |
28 | MainStay MacKay U.S. Infrastructure Bond Fund |
Year Ended October 31, | |||||||||
Class C | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 8.74 | $ 8.77 | $ 8.64 | $ 7.93 | $ 8.32 | ||||
Net investment income (loss) (a) | 0.11 | 0.04 | 0.08 | 0.12 | 0.10 | ||||
Net realized and unrealized gain (loss) | (1.48) | 0.07 | 0.13 | 0.71 | (0.39) | ||||
Total from investment operations | (1.37) | 0.11 | 0.21 | 0.83 | (0.29) | ||||
Less distributions: | |||||||||
From net investment income | (0.10) | (0.04) | (0.08) | (0.12) | (0.10) | ||||
From net realized gain on investments | (0.07) | (0.10) | — | — | — | ||||
Return of capital | — | — | — | (0.00)‡ | — | ||||
Total distributions | (0.17) | (0.14) | (0.08) | (0.12) | (0.10) | ||||
Net asset value at end of year | $ 7.20 | $ 8.74 | $ 8.77 | $ 8.64 | $ 7.93 | ||||
Total investment return (b) | (15.84)% | 1.27% | 2.38% | 10.59% | (3.46)% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.38% | 0.42% | 0.88% | 1.47% | 1.23% | ||||
Net expenses (c) | 1.87% | 1.92% | 1.90% | 1.96% | 2.08% | ||||
Expenses (before waiver/reimbursement) (c) | 2.00% | 2.08% | 2.02% | 2.10% | 2.19% | ||||
Portfolio turnover rate | 170%(d) | 51%(d) | 89%(d) | 124%(d) | 58%(e) | ||||
Net assets at end of year (in 000’s) | $ 7,037 | $ 6,481 | $ 8,708 | $ 14,152 | $ 7,612 |
‡ | 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 not including mortgage dollar rolls was 52% for the year ended October 31, 2018. |
Year Ended October 31, | |||||||||
Class I | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 8.84 | $ 8.87 | $ 8.73 | $ 8.02 | $ 8.42 | ||||
Net investment income (loss) (a) | 0.20 | 0.15 | 0.17 | 0.24 | 0.21 | ||||
Net realized and unrealized gain (loss) | (1.49) | 0.07 | 0.16 | 0.71 | (0.40) | ||||
Total from investment operations | (1.29) | 0.22 | 0.33 | 0.95 | (0.19) | ||||
Less distributions: | |||||||||
From net investment income | (0.20) | (0.15) | (0.19) | (0.24) | (0.21) | ||||
From net realized gain on investments | (0.07) | (0.10) | — | — | — | ||||
Return of capital | — | — | — | (0.00)‡ | — | ||||
Total distributions | (0.27) | (0.25) | (0.19) | (0.24) | (0.21) | ||||
Net asset value at end of year | $ 7.28 | $ 8.84 | $ 8.87 | $ 8.73 | $ 8.02 | ||||
Total investment return (b) | (14.83)% | 2.58% | 3.78% | 11.95% | (2.26)% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.47% | 1.71% | 1.97% | 2.64% | 2.56% | ||||
Net expenses (c) | 0.60% | 0.60% | 0.60% | 0.60% | 0.75% | ||||
Expenses (before waiver/reimbursement) (c) | 0.73% | 0.71% | 0.72% | 0.74% | 0.79% | ||||
Portfolio turnover rate | 170%(d) | 51%(d) | 89%(d) | 124%(d) | 58%(e) | ||||
Net assets at end of year (in 000’s) | $ 297,386 | $ 329,021 | $ 292,000 | $ 177,305 | $ 5,003 |
‡ | 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 not including mortgage dollar rolls was 52% for the year ended October 31, 2018. |
30 | MainStay MacKay U.S. Infrastructure Bond Fund |
Year Ended October 31, | November 1, 2019^ through October 31, | ||||
Class R6 | 2022 | 2021 | 2020 | ||
Net asset value at beginning of period | $ 8.84 | $ 8.87 | $ 8.72 | ||
Net investment income (loss) (a) | 0.20 | 0.16 | 0.19 | ||
Net realized and unrealized gain (loss) | (1.47) | 0.07 | 0.15 | ||
Total from investment operations | (1.27) | 0.23 | 0.34 | ||
Less distributions: | |||||
From net investment income | (0.21) | (0.16) | (0.19) | ||
From net realized gain on investments | (0.07) | (0.10) | — | ||
Total distributions | (0.28) | (0.26) | (0.19) | ||
Net asset value at end of period | $ 7.29 | $ 8.84 | $ 8.87 | ||
Total investment return (b) | (14.66)% | 2.65% | 3.85% | ||
Ratios (to average net assets)/Supplemental Data: | |||||
Net investment income (loss) | 2.50% | 1.77% | 2.16% | ||
Net expenses (c) | 0.53% | 0.53% | 0.53% | ||
Expenses (before waiver/reimbursement) (c) | 0.57% | 0.56% | 0.58% | ||
Portfolio turnover rate (d) | 170% | 51% | 89% | ||
Net assets at end of period (in 000’s) | $ 110,457 | $ 149,500 | $ 83,204 |
^ | 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. |
Class | Commenced Operations |
Class A | January 3, 1995 |
Investor Class | February 28, 2008 |
Class B | May 1, 1986 |
Class C | September 1, 1998 |
Class I | January 2, 2004 |
Class R6 | November 1, 2019 |
SIMPLE Class | N/A* |
* | SIMPLE Class shares were registered for sale effective as of August 31, 2020 but have not yet commenced operations. |
32 | MainStay MacKay U.S. Infrastructure 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 |
34 | MainStay MacKay U.S. Infrastructure Bond Fund |
36 | MainStay MacKay U.S. Infrastructure Bond Fund |
Asset Derivatives | Interest Rate Contracts Risk | Total |
Futures Contracts - Net Assets—Net unrealized appreciation on futures contracts (a) | $1,701,802 | $1,701,802 |
Total Fair Value | $1,701,802 | $1,701,802 |
(a) | Includes cumulative appreciation (depreciation) of futures contracts as reported in the Portfolio of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Net Realized Gain (Loss) from: | Interest Rate Contracts Risk | Total |
Futures Contracts | $5,542,123 | $5,542,123 |
Total Net Realized Gain (Loss) | $5,542,123 | $5,542,123 |
Net Change in Unrealized Appreciation (Depreciation) | Interest Rate Contracts Risk | Total |
Futures Contracts | $1,128,320 | $1,128,320 |
Total Net Change in Unrealized Appreciation (Depreciation) | $1,128,320 | $1,128,320 |
Average Notional Amount | Total |
Futures Contracts Short | $(42,284,818) |
Class | Expense | Waived |
Class A | $151,119 | $— |
Investor Class | 69,074 | — |
Class B | 4,111 | — |
Class C | 33,528 | — |
Class I | 535,301 | — |
Class R6 | 5,296 | — |
Class R6 | $22,697 | 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 | $556,564,046 | $253,991 | $(34,398,847) | $(34,144,856) |
Ordinary income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$553,822 | $(61,532,347) | $(475,233) | $(34,144,856) | $(95,598,614) |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $34,774 | $26,758 |
38 | MainStay MacKay U.S. Infrastructure Bond Fund |
2022 | 2021 | |
Distributions paid from: | ||
Ordinary Income | $16,251,597 | $16,183,629 |
Long-Term Capital Gains | 2,804,355 | — |
Total | $19,055,952 | $16,183,629 |
Class A | Shares | Amount |
Year ended October 31, 2022: | ||
Shares sold | 1,339,045 | $ 10,623,586 |
Shares issued to shareholders in reinvestment of distributions | 338,782 | 2,751,730 |
Shares redeemed | (4,065,381) | (32,494,364) |
Net increase (decrease) in shares outstanding before conversion | (2,387,554) | (19,119,048) |
Shares converted into Class A (See Note 1) | 136,281 | 1,091,052 |
Net increase (decrease) | (2,251,273) | $ (18,027,996) |
Year ended October 31, 2021: | ||
Shares sold | 3,243,597 | $ 28,520,389 |
Shares issued to shareholders in reinvestment of distributions | 312,146 | 2,745,125 |
Shares redeemed | (2,814,703) | (24,731,219) |
Net increase (decrease) in shares outstanding before conversion | 741,040 | 6,534,295 |
Shares converted into Class A (See Note 1) | 233,023 | 2,040,783 |
Net increase (decrease) | 974,063 | $ 8,575,078 |
Investor Class | Shares | Amount |
Year ended October 31, 2022: | ||
Shares sold | 49,196 | $ 406,321 |
Shares issued to shareholders in reinvestment of distributions | 55,770 | 453,075 |
Shares redeemed | (211,433) | (1,711,769) |
Net increase (decrease) in shares outstanding before conversion | (106,467) | (852,373) |
Shares converted into Investor Class (See Note 1) | 24,384 | 197,255 |
Shares converted from Investor Class (See Note 1) | (36,410) | (294,644) |
Net increase (decrease) | (118,493) | $ (949,762) |
Year ended October 31, 2021: | ||
Shares sold | 46,213 | $ 407,507 |
Shares issued to shareholders in reinvestment of distributions | 49,608 | 438,291 |
Shares redeemed | (192,589) | (1,701,261) |
Net increase (decrease) in shares outstanding before conversion | (96,768) | (855,463) |
Shares converted into Investor Class (See Note 1) | 41,622 | 365,724 |
Shares converted from Investor Class (See Note 1) | (104,097) | (921,180) |
Net increase (decrease) | (159,243) | $ (1,410,919) |
Class B | Shares | Amount |
Year ended October 31, 2022: | ||
Shares sold | 908 | $ 7,260 |
Shares issued to shareholders in reinvestment of distributions | 2,398 | 19,643 |
Shares redeemed | (31,334) | (256,127) |
Net increase (decrease) in shares outstanding before conversion | (28,028) | (229,224) |
Shares converted from Class B (See Note 1) | (39,207) | (316,544) |
Net increase (decrease) | (67,235) | $ (545,768) |
Year ended October 31, 2021: | ||
Shares sold | 3,916 | $ 34,199 |
Shares issued to shareholders in reinvestment of distributions | 2,946 | 25,919 |
Shares redeemed | (25,637) | (225,034) |
Net increase (decrease) in shares outstanding before conversion | (18,775) | (164,916) |
Shares converted from Class B (See Note 1) | (44,355) | (389,025) |
Net increase (decrease) | (63,130) | $ (553,941) |
Class C | Shares | Amount |
Year ended October 31, 2022: | ||
Shares sold | 1,674,506 | $ 13,419,612 |
Shares issued to shareholders in reinvestment of distributions | 19,536 | 155,146 |
Shares redeemed | (1,432,935) | (11,189,460) |
Net increase (decrease) in shares outstanding before conversion | 261,107 | 2,385,298 |
Shares converted from Class C (See Note 1) | (25,380) | (202,703) |
Net increase (decrease) | 235,727 | $ 2,182,595 |
Year ended October 31, 2021: | ||
Shares sold | 199,251 | $ 1,753,337 |
Shares issued to shareholders in reinvestment of distributions | 14,417 | 126,836 |
Shares redeemed | (378,685) | (3,316,090) |
Net increase (decrease) in shares outstanding before conversion | (165,017) | (1,435,917) |
Shares converted from Class C (See Note 1) | (86,340) | (748,419) |
Net increase (decrease) | (251,357) | $ (2,184,336) |
Class I | Shares | Amount |
Year ended October 31, 2022: | ||
Shares sold | 30,421,882 | $ 247,802,802 |
Shares issued to shareholders in reinvestment of distributions | 1,184,397 | 9,631,745 |
Shares redeemed | (27,984,055) | (225,779,233) |
Net increase (decrease) in shares outstanding before conversion | 3,622,224 | 31,655,314 |
Shares converted into Class I (See Note 1) | 1,613 | 12,578 |
Shares converted from Class I (See Note 1) | (27,235) | (204,537) |
Net increase (decrease) | 3,596,602 | $ 31,463,355 |
Year ended October 31, 2021: | ||
Shares sold | 23,803,402 | $ 211,714,321 |
Shares issued to shareholders in reinvestment of distributions | 906,427 | 8,061,200 |
Shares redeemed | (20,410,262) | (181,052,686) |
Net increase (decrease) | 4,299,567 | $ 38,722,835 |
40 | MainStay MacKay U.S. Infrastructure Bond Fund |
Class R6 | Shares | Amount |
Year ended October 31, 2022: | ||
Shares sold | 6,403,249 | $ 51,303,512 |
Shares issued to shareholders in reinvestment of distributions | 36,712 | 309,000 |
Shares redeemed | (8,157,515) | (64,821,149) |
Net increase (decrease) in shares outstanding before conversion | (1,717,554) | (13,208,637) |
Shares converted from Class R6 (See Note 1) | (33,326) | (282,457) |
Net increase (decrease) | (1,750,880) | $ (13,491,094) |
Year ended October 31, 2021: | ||
Shares sold | 8,698,022 | $ 77,406,416 |
Shares issued to shareholders in reinvestment of distributions | 29,780 | 264,959 |
Shares redeemed | (1,160,797) | (10,335,990) |
Net increase (decrease) in shares outstanding before conversion | 7,567,005 | 67,335,385 |
Shares converted from Class R6 (See Note 1) | (39,110) | (347,883) |
Net increase (decrease) | 7,527,895 | $ 66,987,502 |
The MainStay Funds:
December 23, 2022
42 | MainStay MacKay U.S. Infrastructure 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 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 | 78 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; VanEck Vectors Group of Exchange-Traded Funds: Independent Chairman of the Board of Trustees since 2008 and Trustee since 2006 (56 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Investment Committee since 2018 | |
Susan B. Kerley 1951 | MainStay Funds: Chairman since 2017 and Trustee since 2007;MainStay Funds Trust: Chairman since 2017 and Trustee since 1990** | President, Strategic Management Advisors LLC since 1990 | 78 | MainStay VP Funds Trust: Chairman since January 2017 and Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) | |
Alan R. Latshaw 1951 | MainStay Funds: Trustee since 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) | 78 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
44 | MainStay MacKay U.S. Infrastructure 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 | |
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) | 78 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (31 Portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Jacques P. Perold 1958 | MainStay Funds: Trustee since 2016, Advisory Board Member (June 2015 toDecember 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) | 78 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Partners in Health: Trustee since 2019; 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) | 78 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
*** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay Funds, MainStay Funds Trust since 2017 | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since January 2018); President, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust (since 2017); Senior Managing Director, Global Product Development (From 2015-2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay Funds (since 2007), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2007)** and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay Funds and MainStay Funds Trust (since 2010) | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer and MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2010)** | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay Funds (since 2009), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2005)** | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay Funds and MainStay Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ, IndexIQ ETF Trust and Index IQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Fund, MainStay VP Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012-2022) |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, 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. |
46 | MainStay MacKay U.S. Infrastructure Bond Fund |
1.
2. | This Fund is registered for sale in AZ, CA, NV, OR, TX, UT, WA and MI (Class A and Class I shares only), and CO, FL, GA, HI, ID, MA, MD, NH, NJ and NY (Class I shares only). |
3. | This Fund is registered for sale in CA, CT, DE, FL, MA, NJ, NY and VT. |
4. | An affiliate of New York Life Investment Management LLC. |
5013941.2MS229-22 | MSINF11-12/22 |
please log in to newyorklifeinvestments.com/accounts.
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended October 31, 2022 | |||||||
Class | Sales Charge | Inception Date | One Year | Five Years | Ten Years or Since Inception | Gross Expense Ratio1 | |
Class A Shares2 | No Sales Charge | 1/3/1995 | 0.70% | 0.84% | 0.46% | 0.54% | |
Investor Class Shares2 | No Sales Charge | 2/28/2008 | 0.56 | 0.70 | 0.37 | 0.96 | |
Class B Shares2, 3 | No Sales Charge | 5/1/1986 | 0.56 | 0.70 | 0.37 | 0.96 | |
Class C Shares2 | No Sales Charge | 9/1/1998 | 0.56 | 0.70 | 0.37 | 0.96 | |
SIMPLE Class Shares2 | No Sales Charge | 8/31/2020 | 0.56 | N/A | 0.26 | 0.96 |
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. | As of October 31, 2022, MainStay Money Market Fund had an effective 7-day yield of 2.83% for Class A, 2.53% for Investor Class, 2.53% for Class B, 2.53% for Class C and 2.53% for SIMPLE Class shares. The 7-day current yield was 2.79% for Class A, 2.50% for Investor Class, 2.50% for Class B, 2.50% for Class C and 2.50% for SIMPLE Class shares. These yields reflect certain expense limitations. Had these expense limitations not been in effect, the effective 7-day yield would have been 2.83%, 2.66%, 2.66%, 2.66% and 2.66%, for Class A, Investor Class, Class B, Class C and SIMPLE Class shares, respectively, and the 7-day current yield would have been 2.79%, 2.63%, 2.63%, 2.63% and 2.63%, for Class A, Investor Class, Class B, Class C and SIMPLE Class shares, respectively. The current yield reflects the Fund’s earnings better than the Fund’s total return. |
3. | Class B shares are closed to all new purchases as well as additional investments by existing Class B shareholders. |
Benchmark Performance* | One Year | Five Years | Ten Years |
Average Lipper Money Market Fund1 | 0.75% | 0.92% | 0.53% |
* | 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 Average Lipper Money Market Fund is an equally weighted performance average adjusted for capital gains distributions and income dividends of all of the money market funds in the Lipper Universe. Lipper Inc., a wholly-owned subsidiary of Thomson Reuters, is an independent monitor of mutual fund performance. Results do not reflect any deduction of sales charges. Lipper averages are not class specific. Lipper returns are unaudited. Results are based on average total returns of similar funds with all dividend and capital gain distributions reinvested. |
6 | MainStay Money Market Fund |
Share Class | Beginning Account Value 5/1/22 | Ending Account Value (Based on Actual Returns and Expenses) 10/31/22 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 10/31/22 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Class A Shares | $1,000.00 | $1,007.00 | $2.58 | $1,022.63 | $2.60 | 0.51% |
Investor Class Shares | $1,000.00 | $1,005.50 | $4.04 | $1,021.17 | $4.08 | 0.80% |
Class B Shares | $1,000.00 | $1,005.50 | $4.04 | $1,021.17 | $4.08 | 0.80% |
Class C Shares | $1,000.00 | $1,005.50 | $4.04 | $1,021.17 | $4.08 | 0.80% |
SIMPLE Class Shares | $1,000.00 | $1,005.50 | $4.04 | $1,021.17 | $4.08 | 0.80% |
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. |
8 | MainStay Money Market Fund |
1. | See page 5 for other share class returns, which may be higher or lower than Class A share returns. See page 6 for more information on benchmark and peer group returns. |
2. | The yield curve is a line that plots the yields of various securities of similar quality—typically U.S. Treasury issues—across a range of maturities. The U.S. Treasury yield curve serves as a benchmark for other debt and is used in economic forecasting. |
3. | Duration is a measure of the price sensitivity of a fixed-income investment to changes in interest rates. Duration is expressed as a number of years and is considered a more accurate sensitivity gauge than average maturity. |
4. | Tier 1 commercial paper may carry A-1 or above ratings from Standard & Poor’s, P-1 from Moody’s and/or F1 or above from Fitch. |
Principal Amount | Value | |
Short-Term Investments 100.0% | ||
Commercial Paper 81.7% | ||
Army and Air Force Exchange Service | ||
3.474%, due 11/10/22 | $ 20,000,000 | $ 19,982,650 |
Caterpillar Financial Services Corp. | ||
3.316%, due 11/9/22 | 20,000,000 | 19,985,289 |
Credit Agricole Corporate and Investment Bank | ||
3.265%, due 11/10/22 | 20,000,000 | 19,983,700 |
Cummins, Inc. | ||
3.407%, due 11/8/22 | 20,000,000 | 19,986,778 |
Emerson Electric Co. | ||
3.124%, due 11/7/22 | 20,000,000 | 19,989,600 |
John Deere Canada ULC | ||
3.275%, due 11/7/22 | 20,000,000 | 19,989,100 |
Kimberly-Clark Corp. | ||
3.506%, due 11/14/22 | 20,000,000 | 19,974,722 |
Massachusetts Mutual Life Insurance Co. | ||
3.154%, due 11/9/22 | 20,000,000 | 19,986,000 |
National Rural Utilities Cooperative Finance Corp. | ||
3.869%, due 11/17/22 | 20,000,000 | 19,965,689 |
Nestle Finance International Ltd. | ||
3.615%, due 11/15/22 | 20,000,000 | 19,971,922 |
Northern Illinois Gas Co. | ||
3.306%, due 11/1/22 | 20,000,000 | 20,000,000 |
Novartis Finance Corp. | ||
3.559%, due 11/21/22 | 20,000,000 | 19,960,556 |
Rockwell Automation, Inc. | ||
3.555%, due 11/10/22 | 20,000,000 | 19,982,250 |
Schlumberger Investment SA | ||
3.559%, due 11/14/22 | 20,000,000 | 19,974,361 |
Southern California Gas Co. | ||
3.204%, due 11/3/22 | 20,000,000 | 19,996,444 |
Stanley Black & Decker, Inc. | ||
3.251%, due 11/4/22 | 20,000,000 | 19,994,583 |
Toyota Motor Credit Corp. | ||
3.108%, due 11/2/22 | 20,000,000 | 19,998,278 |
UnitedHealth Group, Inc. | ||
3.414%, due 11/3/22 | 20,000,000 | 19,996,211 |
Walmart, Inc. | ||
3.254%, due 11/7/22 | 20,000,000 | 19,989,167 |
Wisconsin Public Service Corp. | ||
3.202%, due 11/1/22 | 20,000,000 | 20,000,000 |
Total Commercial Paper (Cost $399,707,300) | 399,707,300 |
Principal Amount | Value | ||
Repurchase Agreements 6.5% | |||
RBC Capital Markets LLC 3.00%, dated 10/31/22 due 11/1/22 Proceeds at Maturity $6,915,576 (Collateralized by United States Treasury securities with rates between 0.75% and 3.50% and maturity dates between 11/15/24 and 02/15/39, with a Principal Amount of $7,653,700 and a Market Value of $7,053,909) | 6,915,000 | $ 6,915,000 | |
TD Securities (U.S.A) LLC 3.01%, dated 10/31/22 due 11/1/22 Proceeds at Maturity $25,002,090 (Collateralized by United States Treasury securities with rates between 1.63% and 1.88% and maturity dates between 01/31/23 and 11/30/26, with a Principal Amount of $26,706,100 and a Market Value of $25,500,038) | 25,000,000 | 25,000,000 | |
Total Repurchase Agreements (Cost $31,915,000) | 31,915,000 | ||
U.S. Treasury Debt 11.8% | |||
U.S. Treasury Bills (a) | |||
2.629%, due 11/1/22 | $ 21,000,000 | 21,000,000 | |
2.898%, due 11/8/22 | 15,000,000 | 14,991,565 | |
3.103%, due 11/15/22 | 4,540,000 | 4,534,531 | |
3.387%, due 11/22/22 | 17,000,000 | 16,966,502 | |
Total U.S. Treasury Debt (Cost $57,492,598) | 57,492,598 | ||
Total Short-Term Investments (Cost $489,114,898) | 100.0% | 489,114,898 | |
Other Assets, Less Liabilities | (0.0)‡ | (175,985) | |
Net Assets | 100.0% | $ 488,938,913 |
† | Percentages indicated are based on Fund net assets. |
‡ | Less than one-tenth of a percent. |
(a) | Interest rate shown represents yield to maturity. |
10 | MainStay Money Market 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) | |||||||
Short-Term Investments | |||||||
Commercial Paper | $ — | $ 399,707,300 | $ — | $ 399,707,300 | |||
Repurchase Agreements | — | 31,915,000 | — | 31,915,000 | |||
U.S. Treasury Debt | — | 57,492,598 | — | 57,492,598 | |||
Total Investments in Securities | $ — | $ 489,114,898 | $ — | $ 489,114,898 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
Assets | |
Investment in securities, at value (amortized cost $457,199,898) | $457,199,898 |
Repurchase agreements, at value (amortized cost $31,915,000) | 31,915,000 |
Cash | 614 |
Receivables: | |
Fund shares sold | 473,209 |
Interest | 2,666 |
Other assets | 46,374 |
Total assets | 489,637,761 |
Liabilities | |
Payables: | |
Fund shares redeemed | 346,150 |
Manager (See Note 3) | 169,216 |
Transfer agent (See Note 3) | 116,623 |
Shareholder communication | 21,377 |
Professional fees | 12,870 |
Custodian | 5,164 |
Trustees | 195 |
Accrued expenses | 8,595 |
Dividends payable | 18,658 |
Total liabilities | 698,848 |
Net assets | $488,938,913 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.01 per share) unlimited number of shares authorized | $ 4,889,557 |
Additional paid-in-capital | 484,025,439 |
488,914,996 | |
Total distributable earnings (loss) | 23,917 |
Net assets | $488,938,913 |
Class A | |
Net assets applicable to outstanding shares | $427,378,485 |
Shares of beneficial interest outstanding | 427,381,908 |
Net asset value and offering price per share outstanding | $ 1.00 |
Investor Class | |
Net assets applicable to outstanding shares | $ 19,326,578 |
Shares of beneficial interest outstanding | 19,336,369 |
Net asset value and offering price per share outstanding | $ 1.00 |
Class B | |
Net assets applicable to outstanding shares | $ 23,696,146 |
Shares of beneficial interest outstanding | 23,699,636 |
Net asset value and offering price per share outstanding | $ 1.00 |
Class C | |
Net assets applicable to outstanding shares | $ 18,463,878 |
Shares of beneficial interest outstanding | 18,463,910 |
Net asset value and offering price per share outstanding | $ 1.00 |
SIMPLE Class | |
Net assets applicable to outstanding shares | $ 73,826 |
Shares of beneficial interest outstanding | 73,827 |
Net asset value and offering price per share outstanding | $ 1.00 |
12 | MainStay Money Market Fund |
Investment Income (Loss) | |
Income | |
Interest | $5,026,275 |
Expenses | |
Manager (See Note 3) | 1,809,235 |
Transfer agent (See Note 3) | 525,616 |
Registration | 110,337 |
Professional fees | 81,687 |
Custodian | 12,689 |
Shareholder communication | 10,580 |
Trustees | 9,549 |
Miscellaneous | 15,816 |
Total expenses before waiver/reimbursement | 2,575,509 |
Expense waiver/reimbursement from Manager (See Note 3) | (815,497) |
Net expenses | 1,760,012 |
Net investment income (loss) | 3,266,263 |
Realized Gain (Loss) | |
Net realized gain (loss) on investments | (8,910) |
Net increase (decrease) in net assets resulting from operations | $3,257,353 |
for the years ended October 31, 2022 and October 31, 2021
2022 | 2021 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 3,266,263 | $ 45,564 |
Net realized gain (loss) | (8,910) | 2,652 |
Net increase (decrease) in net assets resulting from operations | 3,257,353 | 48,216 |
Distributions to shareholders: | ||
Class A | (2,920,592) | (38,110) |
Investor Class | (109,797) | (2,527) |
Class B | (132,408) | (2,768) |
Class C | (103,073) | (2,115) |
SIMPLE Class | (394) | (4) |
Total distributions to shareholders | (3,266,264) | (45,524) |
Capital share transactions: | ||
Net proceeds from sales of shares | 533,186,206 | 368,286,798 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 3,179,577 | 36,445 |
Cost of shares redeemed | (467,932,037) | (449,690,249) |
Increase (decrease) in net assets derived from capital share transactions | 68,433,746 | (81,367,006) |
Net increase (decrease) in net assets | 68,424,835 | (81,364,314) |
Net Assets | ||
Beginning of year | 420,514,078 | 501,878,392 |
End of year | $ 488,938,913 | $ 420,514,078 |
14 | MainStay Money Market Fund |
Year Ended October 31, | |||||||||
Class A | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | ||||
Net investment income (loss) (a) | 0.01 | 0.00‡ | 0.00‡ | 0.02 | 0.01 | ||||
Net realized and unrealized gain (loss) | 0.00‡ | 0.00‡ | 0.00‡ | 0.00‡ | (0.00)‡ | ||||
Total from investment operations | 0.01 | 0.00‡ | 0.00‡ | 0.02 | 0.01 | ||||
Less distributions: | |||||||||
From net investment income | (0.01) | (0.00)‡ | (0.00)‡ | (0.02) | (0.01) | ||||
Net asset value at end of year | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | ||||
Total investment return (b) | 0.70% | 0.01% | 0.45% | 1.84% | 1.21% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.75% | 0.01% | 0.37% | 1.82% | 1.20% | ||||
Net expenses | 0.37% | 0.12% | 0.39% | 0.56% | 0.57% | ||||
Expenses (before waiver/reimbursement) | 0.52% | 0.54% | 0.55% | 0.56% | 0.57% | ||||
Net assets at end of year (in 000’s) | $ 427,378 | $ 354,743 | $ 415,041 | $ 290,421 | $ 235,855 |
‡ | 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 distributions. For periods of less than one year, total return is not annualized. |
Year Ended October 31, | |||||||||
Investor Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | ||||
Net investment income (loss) (a) | 0.01 | 0.00‡ | 0.00‡ | 0.02 | 0.01 | ||||
Net realized and unrealized gain (loss) | 0.00‡ | 0.00‡ | 0.00‡ | 0.00‡ | (0.00)‡ | ||||
Total from investment operations | 0.01 | 0.00‡ | 0.00‡ | 0.02 | 0.01 | ||||
Less distributions: | |||||||||
From net investment income | (0.01) | (0.00)‡ | (0.00)‡ | (0.02) | (0.01) | ||||
Net asset value at end of year | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | ||||
Total investment return (b) | 0.56% | 0.01% | 0.35% | 1.59% | 0.98% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.53% | 0.01% | 0.33% | 1.58% | 0.97% | ||||
Net expenses | 0.49% | 0.12% | 0.51% | 0.80% | 0.80% | ||||
Expenses (before waiver/reimbursement) | 0.84% | 0.96% | 0.91% | 0.88% | 0.84% | ||||
Net assets at end of year (in 000's) | $ 19,327 | $ 22,096 | $ 28,427 | $ 28,133 | $ 26,548 |
‡ | 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 distributions. For periods of less than one year, total return is not annualized. |
Year Ended October 31, | |||||||||
Class B | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | ||||
Net investment income (loss) (a) | 0.01 | 0.00‡ | 0.00‡ | 0.02 | 0.01 | ||||
Net realized and unrealized gain (loss) | 0.00‡ | 0.00‡ | 0.00‡ | 0.00‡ | (0.00)‡ | ||||
Total from investment operations | 0.01 | 0.00‡ | 0.00‡ | 0.02 | 0.01 | ||||
Less distributions: | |||||||||
From net investment income | (0.01) | (0.00)‡ | (0.00)‡ | (0.02) | (0.01) | ||||
Net asset value at end of year | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | ||||
Total investment return (b) | 0.56% | 0.01% | 0.35% | 1.59% | 0.98% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.54% | 0.01% | 0.35% | 1.59% | 0.96% | ||||
Net expenses | 0.49% | 0.12% | 0.52% | 0.80% | 0.80% | ||||
Expenses (before waiver/reimbursement) | 0.84% | 0.97% | 0.90% | 0.88% | 0.84% | ||||
Net assets at end of year (in 000’s) | $ 23,696 | $ 25,709 | $ 30,215 | $ 32,981 | $ 37,284 |
‡ | 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 distributions. For periods of less than one year, total return is not annualized. |
Year Ended October 31, | |||||||||
Class C | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | ||||
Net investment income (loss) (a) | 0.01 | 0.00‡ | 0.00‡ | 0.02 | 0.01 | ||||
Net realized and unrealized gain (loss) | 0.00‡ | 0.00‡ | 0.00‡ | 0.00‡ | (0.00)‡ | ||||
Total from investment operations | 0.01 | 0.00‡ | 0.00‡ | 0.02 | 0.01 | ||||
Less distributions: | |||||||||
From net investment income | (0.01) | (0.00)‡ | (0.00)‡ | (0.02) | (0.01) | ||||
Net asset value at end of year | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | ||||
Total investment return (b) | 0.56% | 0.01% | 0.35% | 1.60% | 0.98% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.55% | 0.01% | 0.27% | 1.59% | 0.94% | ||||
Net expenses | 0.52% | 0.12% | 0.50% | 0.80% | 0.80% | ||||
Expenses (before waiver/reimbursement) | 0.84% | 0.96% | 0.90% | 0.88% | 0.84% | ||||
Net assets at end of year (in 000’s) | $ 18,464 | $ 17,941 | $ 28,171 | $ 20,308 | $ 22,983 |
‡ | 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 distributions. For periods of less than one year, total return is not annualized. |
16 | MainStay Money Market Fund |
Year Ended October 31, | August 31, 2020^ through October 31, | ||||
SIMPLE Class | 2022 | 2021 | 2020 | ||
Net asset value at beginning of period | $ 1.00 | $ 1.00 | $ 1.00 | ||
Net investment income (loss) (a) | 0.01 | 0.00‡ | (0.00)‡ | ||
Net realized and unrealized gain (loss) | 0.00‡ | 0.00‡ | 0.00‡ | ||
Total from investment operations | 0.01 | 0.00‡ | 0.00‡ | ||
Less distributions: | |||||
From net investment income | (0.01) | (0.00)‡ | (0.00)‡ | ||
Net asset value at end of period | $ 1.00 | $ 1.00 | $ 1.00 | ||
Total investment return (b) | 0.56% | 0.01% | 0.00%‡‡ | ||
Ratios (to average net assets)/Supplemental Data: | |||||
Net investment income (loss) | 0.58% | 0.01% | (0.02)%†† | ||
Net expenses | 0.51% | 0.12% | 0.19%†† | ||
Expenses (before waiver/reimbursement) | 0.84% | 0.97% | 0.95%†† | ||
Net assets at end of period (in 000’s) | $ 74 | $ 25 | $ 25 |
^ | Inception date. |
‡ | Less than one cent per share. |
‡‡ | Less than one-tenth percent. |
†† | 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. |
Class | Commenced Operations |
Class A | January 3, 1995 |
Investor Class | February 28, 2008 |
Class B | May 1, 1986 |
Class C | September 1, 1998 |
SIMPLE Class | August 31, 2020 |
Class R6 | N/A* |
* | Class R6 shares were registered for sale effective as of February 28, 2020 but have not yet commenced operations. |
18 |
• | 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 |
20 |
Class | Expense | Waived |
Class A | $278,205 | $— |
Investor Class | 80,464 | — |
Class B | 95,238 | — |
Class C | 71,449 | — |
SIMPLE Class | 260 | — |
SIMPLE Class | $25,094 | 34.0% |
Ordinary income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$51,620 | $(9,046) | $(18,657) | $— | $23,917 |
Total Distributable Earnings (Loss) | Additional Paid-In Capital | |
$1,559 | $(1,559) |
22 |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $9 | $— |
2022 | 2021 | |
Distributions paid from: | ||
Ordinary Income | $3,266,264 | $45,524 |
Class A (at $1 per share) | Shares |
Year ended October 31, 2022: | |
Shares sold | 501,242,230 |
Shares issued to shareholders in reinvestment of distributions | 2,840,624 |
Shares redeemed | (437,742,190) |
Net increase (decrease) in shares outstanding before conversion | 66,340,664 |
Shares converted into Class A (See Note 1) | 6,333,245 |
Shares converted from Class A (See Note 1) | (31,127) |
Net increase (decrease) | 72,642,782 |
Year ended October 31, 2021: | |
Shares sold | 340,675,734 |
Shares issued to shareholders in reinvestment of distributions | 20,131 |
Shares redeemed | (410,827,373) |
Shares converted into Class A (See Note 1) | 9,888,238 |
Shares converted from Class A (See Note 1) | (55,680) |
Net increase (decrease) | (60,298,950) |
Investor Class (at $1 per share) | Shares |
Year ended October 31, 2022: | |
Shares sold | 15,993,287 |
Shares issued to shareholders in reinvestment of distributions | 106,552 |
Shares redeemed | (12,623,425) |
Net increase (decrease) in shares outstanding before conversion | 3,476,414 |
Shares converted into Investor Class (See Note 1) | 54,453 |
Shares converted from Investor Class (See Note 1) | (6,299,663) |
Net increase (decrease) | (2,768,796) |
Year ended October 31, 2021: | |
Shares sold | 16,943,609 |
Shares issued to shareholders in reinvestment of distributions | 811 |
Shares redeemed | (14,259,565) |
Shares converted into Investor Class (See Note 1) | 175,065 |
Shares converted from Investor Class (See Note 1) | (9,191,211) |
Net increase (decrease) | (6,331,291) |
Class B (at $1 per share) | Shares |
Year ended October 31, 2022: | |
Shares sold | 1,717,725 |
Shares issued to shareholders in reinvestment of distributions | 130,661 |
Shares redeemed | (3,810,689) |
Net increase (decrease) in shares outstanding before conversion | (1,962,303) |
Shares converted from Class B (See Note 1) | (50,239) |
Net increase (decrease) | (2,012,542) |
Year ended October 31, 2021: | |
Shares sold | 1,636,627 |
Shares issued to shareholders in reinvestment of distributions | 2,084 |
Shares redeemed | (6,104,060) |
Shares converted from Class B (See Note 1) | (40,794) |
Net increase (decrease) | (4,506,143) |
Class C (at $1 per share) | Shares |
Year ended October 31, 2022: | |
Shares sold | 14,098,553 |
Shares issued to shareholders in reinvestment of distributions | 101,346 |
Shares redeemed | (13,669,897) |
Net increase (decrease) in shares outstanding before conversion | 530,002 |
Shares converted from Class C (See Note 1) | (6,668) |
Net increase (decrease) | 523,334 |
Year ended October 31, 2021: | |
Shares sold | 9,030,802 |
Shares issued to shareholders in reinvestment of distributions | 1,824 |
Shares redeemed | (18,486,789) |
Shares converted from Class C (See Note 1) | (775,618) |
Net increase (decrease) | (10,229,781) |
SIMPLE Class (at $1 per share) | Shares |
Year ended October 31, 2022: | |
Shares sold | 134,386 |
Shares issued to shareholders in reinvestment of distributions | 393 |
Shares redeemed | (85,956) |
Net increase (decrease) | 48,823 |
Year ended October 31, 2021: | |
Shares issued to shareholders in reinvestment of distributions | 3 |
Net increase (decrease) | 3 |
24 |
The MainStay Funds:
December 23, 2022
26 |
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 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 | 78 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; VanEck Vectors Group of Exchange-Traded Funds: Independent Chairman of the Board of Trustees since 2008 and Trustee since 2006 (56 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Investment Committee since 2018 | |
Susan B. Kerley 1951 | MainStay Funds: Chairman since 2017 and Trustee since 2007;MainStay Funds Trust: Chairman since 2017 and Trustee since 1990** | President, Strategic Management Advisors LLC since 1990 | 78 | MainStay VP Funds Trust: Chairman since January 2017 and Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) | |
Alan R. Latshaw 1951 | MainStay Funds: Trustee since 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) | 78 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
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) | 78 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (31 Portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Jacques P. Perold 1958 | MainStay Funds: Trustee since 2016, Advisory Board Member (June 2015 toDecember 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) | 78 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Partners in Health: Trustee since 2019; 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) | 78 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
*** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
28 | MainStay Money Market Fund |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay Funds, MainStay Funds Trust since 2017 | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since January 2018); President, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust (since 2017); Senior Managing Director, Global Product Development (From 2015-2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay Funds (since 2007), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2007)** and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay Funds and MainStay Funds Trust (since 2010) | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer and MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2010)** | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay Funds (since 2009), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2005)** | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay Funds and MainStay Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ, IndexIQ ETF Trust and Index IQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Fund, MainStay VP Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012-2022) |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, 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 AZ, CA, NV, OR, TX, UT, WA and MI (Class A and Class I shares only), and CO, FL, GA, HI, ID, MA, MD, NH, NJ and NY (Class I shares only). |
3. | This Fund is registered for sale in CA, CT, DE, FL, MA, NJ, NY and VT. |
4. | An affiliate of New York Life Investment Management LLC. |
5013932.2MS229-22 | MSMM11-12/22 |
please log in to newyorklifeinvestments.com/accounts.
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended October 31, 2022 | |||||||
Class | Sales Charge | Inception Date | One Year | Five Years | Ten Years or Since Inception | Gross Expense Ratio1 | |
Class A Shares | Maximum 5.5% Initial Sales Charge | With sales charges | 7/1/1995 | -35.46% | 9.33% | 12.39% | 0.94% |
Excluding sales charges | -31.71 | 10.57 | 13.02 | 0.94 | |||
Investor Class Shares2 | Maximum 5% Initial Sales Charge | With sales charges | 2/28/2008 | -35.16 | 9.19 | 12.29 | 1.09 |
Excluding sales charges | -31.75 | 10.44 | 12.93 | 1.09 | |||
Class B Shares3 | Maximum 5% CDSC | With sales charges | 4/1/2005 | -34.70 | 9.43 | 12.08 | 1.84 |
if Redeemed Within the First Six Years of Purchase | Excluding sales charges | -32.29 | 9.60 | 12.08 | 1.84 | ||
Class C Shares | Maximum 1% CDSC | With sales charges | 4/1/2005 | -32.77 | 9.61 | 12.08 | 1.84 |
if Redeemed Within One Year of Purchase | Excluding sales charges | -32.29 | 9.61 | 12.08 | 1.84 | ||
Class I Shares | No Sales Charge | 4/1/2005 | -31.55 | 10.83 | 13.30 | 0.69 | |
Class R1 Shares | No Sales Charge | 4/1/2005 | -31.62 | 10.71 | 13.19 | 0.79 | |
Class R2 Shares | No Sales Charge | 4/1/2005 | -31.74 | 10.47 | 12.91 | 1.04 | |
Class R3 Shares | No Sales Charge | 4/28/2006 | -31.98 | 10.17 | 12.62 | 1.29 | |
Class R6 Shares | No Sales Charge | 6/17/2013 | -31.50 | 10.93 | 12.57 | 0.63 | |
SIMPLE Class Shares | No Sales Charge | 8/31/2020 | -32.02 | N/A | -5.67 | 1.34 |
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 5.5%, 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. |
Benchmark Performance* | One Year | Five Years | Ten Years |
Russell 1000® Growth Index1 | -24.60% | 12.59% | 14.69% |
S&P 500® Index2 | -14.61 | 10.44 | 12.79 |
Morningstar Large Growth Category Average3 | -28.57 | 9.11 | 11.95 |
* | 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 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 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 Winslow Large Cap Growth Fund |
Share Class | Beginning Account Value 5/1/22 | Ending Account Value (Based on Actual Returns and Expenses) 10/31/22 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 10/31/22 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Class A Shares | $1,000.00 | $902.20 | $4.70 | $1,020.26 | $4.99 | 0.98% |
Investor Class Shares | $1,000.00 | $901.50 | $5.46 | $1,019.46 | $5.80 | 1.14% |
Class B Shares | $1,000.00 | $898.00 | $9.04 | $1,015.68 | $9.60 | 1.89% |
Class C Shares | $1,000.00 | $897.60 | $9.04 | $1,015.68 | $9.60 | 1.89% |
Class I Shares | $1,000.00 | $902.30 | $3.50 | $1,021.53 | $3.72 | 0.73% |
Class R1 Shares | $1,000.00 | $901.60 | $3.98 | $1,021.02 | $4.23 | 0.83% |
Class R2 Shares | $1,000.00 | $902.20 | $5.18 | $1,019.76 | $5.50 | 1.08% |
Class R3 Shares | $1,000.00 | $899.90 | $6.37 | $1,018.50 | $6.77 | 1.33% |
Class R6 Shares | $1,000.00 | $903.60 | $3.07 | $1,021.98 | $3.26 | 0.64% |
SIMPLE Class Shares | $1,000.00 | $899.80 | $6.70 | $1,018.15 | $7.12 | 1.40% |
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. |
Software | 14.3% |
IT Services | 12.0 |
Hotels, Restaurants & Leisure | 8.7 |
Life Sciences Tools & Services | 6.2 |
Semiconductors & Semiconductor Equipment | 6.1 |
Health Care Equipment & Supplies | 5.5 |
Road & Rail | 4.4 |
Health Care Providers & Services | 4.0 |
Pharmaceuticals | 4.0 |
Technology Hardware, Storage & Peripherals | 3.8 |
Interactive Media & Services | 3.5 |
Multiline Retail | 3.3 |
Energy Equipment & Services | 3.2 |
Food & Staples Retailing | 2.9 |
Capital Markets | 2.7% |
Machinery | 2.5 |
Chemicals | 2.2 |
Automobiles | 2.1 |
Textiles, Apparel & Luxury Goods | 2.0 |
Internet & Direct Marketing Retail | 1.9 |
Health Care Technology | 1.6 |
Personal Products | 1.0 |
Professional Services | 0.9 |
Short–Term Investment | 1.9 |
Other Assets, Less Liabilities | –0.7 |
100.0% |
1. | Microsoft Corp. |
2. | Visa, Inc., Class A |
3. | UnitedHealth Group, Inc. |
4. | Apple, Inc. |
5. | Mastercard, Inc., Class A |
6. | Alphabet, Inc. |
7. | Chipotle Mexican Grill, Inc. |
8. | Dollar Tree, Inc. |
9. | Schlumberger NV |
10. | Costco Wholesale Corp. |
8 | MainStay Winslow Large Cap Growth Fund |
1. | See page 5 for other share class returns, which may be higher or lower than Class I share returns. See page 6 for more information on benchmark and peer group returns. |
10 | MainStay Winslow Large Cap Growth Fund |
Shares | Value | |
Common Stocks 98.8% | ||
Automobiles 2.1% | ||
Tesla, Inc. (a) | 1,042,100 | $ 237,119,434 |
Capital Markets 2.7% | ||
Moody's Corp. | 588,250 | 155,809,777 |
MSCI, Inc. | 320,700 | 150,363,402 |
306,173,179 | ||
Chemicals 2.2% | ||
Linde plc | 838,830 | 249,426,101 |
Energy Equipment & Services 3.2% | ||
Schlumberger NV | 6,891,080 | 358,542,892 |
Food & Staples Retailing 2.9% | ||
Costco Wholesale Corp. | 658,200 | 330,087,300 |
Health Care Equipment & Supplies 5.5% | ||
ABIOMED, Inc. (a) | 759,400 | 191,429,552 |
IDEXX Laboratories, Inc. (a) | 403,700 | 145,202,816 |
Intuitive Surgical, Inc. (a) | 1,152,400 | 284,032,028 |
620,664,396 | ||
Health Care Providers & Services 4.0% | ||
UnitedHealth Group, Inc. | 821,800 | 456,222,270 |
Health Care Technology 1.6% | ||
Veeva Systems, Inc., Class A (a) | 1,075,350 | 180,594,279 |
Hotels, Restaurants & Leisure 8.7% | ||
Chipotle Mexican Grill, Inc. (a) | 247,470 | 370,791,725 |
Hilton Worldwide Holdings, Inc. | 1,718,900 | 232,498,414 |
McDonald's Corp. | 639,100 | 174,257,006 |
Starbucks Corp. | 2,384,000 | 206,430,560 |
983,977,705 | ||
Interactive Media & Services 3.5% | ||
Alphabet, Inc. (a) | ||
Class A | 2,260,720 | 213,660,647 |
Class C | 2,008,520 | 190,126,503 |
403,787,150 | ||
Internet & Direct Marketing Retail 1.9% | ||
Amazon.com, Inc. (a) | 2,127,400 | 217,930,856 |
Shares | Value | |
IT Services 12.0% | ||
Accenture plc, Class A | 794,900 | $ 225,672,110 |
Gartner, Inc. (a) | 760,740 | 229,682,621 |
Mastercard, Inc., Class A | 1,266,000 | 415,475,880 |
Visa, Inc., Class A | 2,398,300 | 496,831,828 |
1,367,662,439 | ||
Life Sciences Tools & Services 6.2% | ||
Agilent Technologies, Inc. | 1,697,400 | 234,835,290 |
Bio-Techne Corp. | 469,400 | 139,064,444 |
Danaher Corp. | 513,900 | 129,333,213 |
IQVIA Holdings, Inc. (a) | 972,900 | 203,987,943 |
707,220,890 | ||
Machinery 2.5% | ||
Deere & Co. | 723,900 | 286,534,098 |
Multiline Retail 3.3% | ||
Dollar Tree, Inc. (a) | 2,337,000 | 370,414,500 |
Personal Products 1.0% | ||
Estee Lauder Cos., Inc. (The), Class A | 582,820 | 116,849,582 |
Pharmaceuticals 4.0% | ||
AstraZeneca plc, Sponsored ADR | 3,044,900 | 179,070,569 |
Zoetis, Inc. | 1,809,640 | 272,857,519 |
451,928,088 | ||
Professional Services 0.9% | ||
CoStar Group, Inc. (a) | 1,249,200 | 103,333,824 |
Road & Rail 4.4% | ||
CSX Corp. | 5,985,310 | 173,933,109 |
Union Pacific Corp. | 1,649,600 | 325,202,144 |
499,135,253 | ||
Semiconductors & Semiconductor Equipment 6.1% | ||
Analog Devices, Inc. | 1,638,240 | 233,645,789 |
ASML Holding NV (Registered) | 545,370 | 257,643,695 |
NVIDIA Corp. | 1,503,550 | 202,934,144 |
694,223,628 | ||
Software 14.3% | ||
Adobe, Inc. (a) | 281,110 | 89,533,535 |
Atlassian Corp., Class A (a) | 360,750 | 73,134,848 |
Intuit, Inc. | 673,210 | 287,797,275 |
Microsoft Corp. | 3,250,230 | 754,475,890 |
Palo Alto Networks, Inc. (a) | 1,151,800 | 197,637,362 |
Shares | Value | ||
Common Stocks (continued) | |||
Software (continued) | |||
ServiceNow, Inc. (a) | 525,110 | $ 220,934,781 | |
1,623,513,691 | |||
Technology Hardware, Storage & Peripherals 3.8% | |||
Apple, Inc. | 2,840,800 | 435,608,272 | |
Textiles, Apparel & Luxury Goods 2.0% | |||
Lululemon Athletica, Inc. (a) | 676,500 | 222,595,560 | |
Total Common Stocks (Cost $8,719,170,708) | 11,223,545,387 | ||
Short-Term Investment 1.9% | |||
Affiliated Investment Company 1.9% | |||
MainStay U.S. Government Liquidity Fund, 2.905% (b)(c) | 209,898,796 | 209,898,796 | |
Total Short-Term Investment (Cost $209,898,796) | 209,898,796 | ||
Total Investments (Cost $8,929,069,504) | 100.7% | 11,433,444,183 | |
Other Assets, Less Liabilities | (0.7) | (78,896,448) | |
Net Assets | 100.0% | $ 11,354,547,735 |
† | Percentages indicated are based on Fund net assets. |
(a) | Non-income producing security. |
(b) | As of October 31, 2022, the Fund's ownership exceeds 5% of the outstanding shares of the Underlying Fund's share class. |
(c) | Current yield as of October 31, 2022. |
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 | $ 238,863 | $ 3,367,405 | $ (3,396,369) | $ — | $ — | $ 209,899 | $ 564 | $ — | 209,899 |
Abbreviation(s): |
ADR—American Depositary Receipt |
12 | MainStay Winslow Large Cap Growth Fund |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Common Stocks | $ 11,223,545,387 | $ — | $ — | $ 11,223,545,387 | |||
Short-Term Investment | |||||||
Affiliated Investment Company | 209,898,796 | — | — | 209,898,796 | |||
Total Investments in Securities | $ 11,433,444,183 | $ — | $ — | $ 11,433,444,183 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
Assets | |
Investment in unaffiliated securities, at value (identified cost $8,719,170,708) | $11,223,545,387 |
Investment in affiliated investment companies, at value (identified cost $209,898,796) | 209,898,796 |
Cash | 30,997 |
Receivables: | |
Investment securities sold | 33,598,571 |
Fund shares sold | 12,495,250 |
Dividends | 3,710,193 |
Securities lending | 182 |
Other assets | 22,233 |
Total assets | 11,483,301,609 |
Liabilities | |
Payables: | |
Investment securities purchased | 112,738,827 |
Fund shares redeemed | 7,949,026 |
Manager (See Note 3) | 5,766,608 |
Transfer agent (See Note 3) | 1,346,959 |
NYLIFE Distributors (See Note 3) | 386,798 |
Shareholder communication | 325,532 |
Professional fees | 186,732 |
Custodian | 36,640 |
Accrued expenses | 16,752 |
Total liabilities | 128,753,874 |
Net assets | $11,354,547,735 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.01 per share) unlimited number of shares authorized | $ 12,539,397 |
Additional paid-in-capital | 7,595,358,135 |
7,607,897,532 | |
Total distributable earnings (loss) | 3,746,650,203 |
Net assets | $11,354,547,735 |
Class A | |
Net assets applicable to outstanding shares | $1,065,870,285 |
Shares of beneficial interest outstanding | 132,740,280 |
Net asset value per share outstanding | $ 8.03 |
Maximum sales charge (5.50% of offering price) | 0.47 |
Maximum offering price per share outstanding | $ 8.50 |
Investor Class | |
Net assets applicable to outstanding shares | $ 64,065,330 |
Shares of beneficial interest outstanding | 8,238,431 |
Net asset value per share outstanding | $ 7.78 |
Maximum sales charge (5.00% of offering price) | 0.41 |
Maximum offering price per share outstanding | $ 8.19 |
Class B | |
Net assets applicable to outstanding shares | $ 9,408,351 |
Shares of beneficial interest outstanding | 1,783,487 |
Net asset value and offering price per share outstanding | $ 5.28 |
Class C | |
Net assets applicable to outstanding shares | $ 46,832,502 |
Shares of beneficial interest outstanding | 8,905,932 |
Net asset value and offering price per share outstanding | $ 5.26 |
Class I | |
Net assets applicable to outstanding shares | $6,016,574,490 |
Shares of beneficial interest outstanding | 650,914,170 |
Net asset value and offering price per share outstanding | $ 9.24 |
Class R1 | |
Net assets applicable to outstanding shares | $ 721,142,464 |
Shares of beneficial interest outstanding | 81,912,228 |
Net asset value and offering price per share outstanding | $ 8.80 |
Class R2 | |
Net assets applicable to outstanding shares | $ 106,414,228 |
Shares of beneficial interest outstanding | 13,426,537 |
Net asset value and offering price per share outstanding | $ 7.93 |
Class R3 | |
Net assets applicable to outstanding shares | $ 38,026,639 |
Shares of beneficial interest outstanding | 5,352,883 |
Net asset value and offering price per share outstanding | $ 7.10 |
Class R6 | |
Net assets applicable to outstanding shares | $3,285,993,133 |
Shares of beneficial interest outstanding | 350,637,242 |
Net asset value and offering price per share outstanding | $ 9.37 |
14 | MainStay Winslow Large Cap Growth Fund |
SIMPLE Class | |
Net assets applicable to outstanding shares | $220,313 |
Shares of beneficial interest outstanding | 28,527 |
Net asset value and offering price per share outstanding | $ 7.72 |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated (net of foreign tax withholding of $530,560) | $ 78,444,504 |
Dividends-affiliated | 563,987 |
Securities lending, net | 20,607 |
Total income | 79,029,098 |
Expenses | |
Manager (See Note 3) | 81,803,817 |
Transfer agent (See Note 3) | 7,986,790 |
Distribution/Service—Class A (See Note 3) | 3,338,616 |
Distribution/Service—Investor Class (See Note 3) | 202,136 |
Distribution/Service—Class B (See Note 3) | 139,893 |
Distribution/Service—Class C (See Note 3) | 638,585 |
Distribution/Service—Class R2 (See Note 3) | 336,387 |
Distribution/Service—Class R3 (See Note 3) | 243,282 |
Distribution/Service—SIMPLE Class (See Note 3) | 757 |
Shareholder service (See Note 3) | 1,078,836 |
Professional fees | 873,388 |
Shareholder communication | 393,625 |
Trustees | 271,250 |
Registration | 253,820 |
Custodian | 155,206 |
Miscellaneous | 502,037 |
Total expenses before waiver/reimbursement | 98,218,425 |
Expense waiver/reimbursement from Manager (See Note 3) | (807,597) |
Net expenses | 97,410,828 |
Net investment income (loss) | (18,381,730) |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on unaffiliated investments | 1,364,007,827 |
Net change in unrealized appreciation (depreciation) on unaffiliated investments | (6,575,829,012) |
Net realized and unrealized gain (loss) | (5,211,821,185) |
Net increase (decrease) in net assets resulting from operations | $(5,230,202,915) |
16 | MainStay Winslow Large Cap Growth Fund |
for the years ended October 31, 2022 and October 31, 2021
2022 | 2021 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ (18,381,730) | $ (48,715,947) |
Net realized gain (loss) | 1,364,007,827 | 3,677,702,280 |
Net change in unrealized appreciation (depreciation) | (6,575,829,012) | 1,807,847,917 |
Net increase (decrease) in net assets resulting from operations | (5,230,202,915) | 5,436,834,250 |
Distributions to shareholders: | ||
Class A | (364,397,755) | (77,969,502) |
Investor Class | (22,722,175) | (6,618,988) |
Class B | (5,810,514) | (1,541,249) |
Class C | (25,393,609) | (7,351,321) |
Class I | (1,557,071,002) | (355,187,292) |
Class R1 | (230,113,135) | (49,620,776) |
Class R2 | (37,915,929) | (8,981,664) |
Class R3 | (14,198,963) | (3,495,754) |
Class R6 | (894,224,087) | (207,330,897) |
SIMPLE Class | (16,490) | (1,359) |
Total distributions to shareholders | (3,151,863,659) | (718,098,802) |
Capital share transactions: | ||
Net proceeds from sales of shares | 3,411,138,066 | 2,324,245,742 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 2,914,756,292 | 659,913,063 |
Cost of shares redeemed | (3,229,423,183) | (4,567,266,116) |
Increase (decrease) in net assets derived from capital share transactions | 3,096,471,175 | (1,583,107,311) |
Net increase (decrease) in net assets | (5,285,595,399) | 3,135,628,137 |
Net Assets | ||
Beginning of year | 16,640,143,134 | 13,504,514,997 |
End of year | $11,354,547,735 | $16,640,143,134 |
Year Ended October 31, | |||||||||
Class A | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 14.92 | $ 11.08 | $ 9.59 | $ 9.95 | $ 10.41 | ||||
Net investment income (loss) (a) | (0.04) | (0.07) | (0.03) | (0.02) | (0.02) | ||||
Net realized and unrealized gain (loss) | (3.74) | 4.55 | 2.58 | 1.48 | 1.12 | ||||
Total from investment operations | (3.78) | 4.48 | 2.55 | 1.46 | 1.10 | ||||
Less distributions: | |||||||||
From net investment income | — | — | — | — | (0.00)‡ | ||||
From net realized gain on investments | (3.11) | (0.64) | (1.06) | (1.82) | (1.56) | ||||
Total distributions | (3.11) | (0.64) | (1.06) | (1.82) | (1.56) | ||||
Net asset value at end of year | $ 8.03 | $ 14.92 | $ 11.08 | $ 9.59 | $ 9.95 | ||||
Total investment return (b) | (31.71)% | 42.16% | 29.44% | 17.05% | 12.36% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | (0.37)% | (0.53)% | (0.31)% | (0.20)% | (0.21)% | ||||
Net expenses (c) | 0.96% | 0.93% | 0.97% | 0.99% | 0.97% | ||||
Expenses (before waiver/reimbursement) (c) | 0.96%(d) | 0.94% | 0.97% | 0.99% | 0.98% | ||||
Portfolio turnover rate | 77% | 66% | 44% | 54% | 52% | ||||
Net assets at end of year (in 000’s) | $ 1,065,870 | $ 1,745,833 | $ 1,341,381 | $ 1,008,608 | $ 1,092,962 |
‡ | 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) | Expense waiver/reimbursement less than 0.01%. |
Year Ended October 31, | |||||||||
Investor Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 14.56 | $ 10.84 | $ 9.42 | $ 9.81 | $ 10.30 | ||||
Net investment income (loss) (a) | (0.05) | (0.08) | (0.04) | (0.03) | (0.03) | ||||
Net realized and unrealized gain (loss) | (3.62) | 4.44 | 2.52 | 1.46 | 1.10 | ||||
Total from investment operations | (3.67) | 4.36 | 2.48 | 1.43 | 1.07 | ||||
Less distributions: | |||||||||
From net realized gain on investments | (3.11) | (0.64) | (1.06) | (1.82) | (1.56) | ||||
Net asset value at end of year | $ 7.78 | $ 14.56 | $ 10.84 | $ 9.42 | $ 9.81 | ||||
Total investment return (b) | (31.75)% | 41.98% | 29.19% | 16.96% | 12.19% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | (0.52)% | (0.67)% | (0.43)% | (0.31)% | (0.30)% | ||||
Net expenses (c) | 1.11% | 1.08% | 1.10% | 1.09% | 1.06% | ||||
Expenses (before waiver/reimbursement) (c) | 1.11%(d) | 1.09% | 1.10% | 1.10% | 1.07% | ||||
Portfolio turnover rate | 77% | 66% | 44% | 54% | 52% | ||||
Net assets at end of year (in 000's) | $ 64,065 | $ 106,354 | $ 110,831 | $ 109,236 | $ 103,987 |
(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) | Expense waiver/reimbursement less than 0.01%. |
18 | MainStay Winslow Large Cap Growth Fund |
Year Ended October 31, | |||||||||
Class B | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 10.96 | $ 8.37 | $ 7.55 | $ 8.26 | $ 8.98 | ||||
Net investment income (loss) (a) | (0.08) | (0.13) | (0.09) | (0.08) | (0.09) | ||||
Net realized and unrealized gain (loss) | (2.49) | 3.36 | 1.97 | 1.19 | 0.93 | ||||
Total from investment operations | (2.57) | 3.23 | 1.88 | 1.11 | 0.84 | ||||
Less distributions: | |||||||||
From net realized gain on investments | (3.11) | (0.64) | (1.06) | (1.82) | (1.56) | ||||
Net asset value at end of year | $ 5.28 | $ 10.96 | $ 8.37 | $ 7.55 | $ 8.26 | ||||
Total investment return (b) | (32.29)% | 40.80% | 28.37% | 15.96% | 11.28%(c) | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | (1.27)% | (1.42)% | (1.17)% | (1.05)% | (1.04)% | ||||
Net expenses (d) | 1.86% | 1.83% | 1.85% | 1.84% | 1.81% | ||||
Expenses (before waiver/reimbursement) (d) | 1.86%(e) | 1.84% | 1.85% | 1.85% | 1.82% | ||||
Portfolio turnover rate | 77% | 66% | 44% | 54% | 52% | ||||
Net assets at end of year (in 000’s) | $ 9,408 | $ 20,533 | $ 20,172 | $ 21,015 | $ 25,685 |
(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. |
(e) | Expense waiver/reimbursement less than 0.01%. |
Year Ended October 31, | |||||||||
Class C | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 10.93 | $ 8.35 | $ 7.53 | $ 8.25 | $ 8.96 | ||||
Net investment income (loss) (a) | (0.08) | (0.13) | (0.09) | (0.07) | (0.09) | ||||
Net realized and unrealized gain (loss) | (2.48) | 3.35 | 1.97 | 1.17 | 0.94 | ||||
Total from investment operations | (2.56) | 3.22 | 1.88 | 1.10 | 0.85 | ||||
Less distributions: | |||||||||
From net realized gain on investments | (3.11) | (0.64) | (1.06) | (1.82) | (1.56) | ||||
Net asset value at end of year | $ 5.26 | $ 10.93 | $ 8.35 | $ 7.53 | $ 8.25 | ||||
Total investment return (b) | (32.29)% | 40.77% | 28.46% | 15.97% | 11.42% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | (1.27)% | (1.42)% | (1.17)% | (1.04)% | (1.05)% | ||||
Net expenses (c) | 1.86% | 1.83% | 1.85% | 1.84% | 1.81% | ||||
Expenses (before waiver/reimbursement) (c) | 1.86%(d) | 1.84% | 1.85% | 1.85% | 1.82% | ||||
Portfolio turnover rate | 77% | 66% | 44% | 54% | 52% | ||||
Net assets at end of year (in 000’s) | $ 46,833 | $ 90,377 | $ 95,761 | $ 131,945 | $ 197,231 |
(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) | Expense waiver/reimbursement less than 0.01%. |
Year Ended October 31, | |||||||||
Class I | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 16.66 | $ 12.28 | $ 10.49 | $ 10.69 | $ 11.06 | ||||
Net investment income (loss) (a) | (0.01) | (0.04) | (0.01) | 0.00‡ | 0.00‡ | ||||
Net realized and unrealized gain (loss) | (4.30) | 5.06 | 2.86 | 1.62 | 1.20 | ||||
Total from investment operations | (4.31) | 5.02 | 2.85 | 1.62 | 1.20 | ||||
Less distributions: | |||||||||
From net investment income | — | — | — | — | (0.01) | ||||
From net realized gain on investments | (3.11) | (0.64) | (1.06) | (1.82) | (1.56) | ||||
Total distributions | (3.11) | (0.64) | (1.06) | (1.82) | (1.57) | ||||
Net asset value at end of year | $ 9.24 | $ 16.66 | $ 12.28 | $ 10.49 | $ 10.69 | ||||
Total investment return (b) | (31.55)% | 42.46% | 29.80% | 17.29% | 12.54%(c) | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | (0.11)% | (0.28)% | (0.06)% | 0.05% | 0.04% | ||||
Net expenses (d) | 0.71% | 0.68% | 0.72% | 0.74% | 0.72% | ||||
Expenses (before waiver/reimbursement) (d) | 0.71%(e) | 0.69% | 0.72% | 0.74% | 0.73% | ||||
Portfolio turnover rate | 77% | 66% | 44% | 54% | 52% | ||||
Net assets at end of year (in 000’s) | $ 6,016,574 | $ 8,434,291 | $ 6,824,224 | $ 6,080,320 | $ 6,275,780 |
‡ | 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) | 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. |
(e) | Expense waiver/reimbursement less than 0.01%. |
Year Ended October 31, | |||||||||
Class R1 | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 16.03 | $ 11.85 | $ 10.17 | $ 10.43 | $ 10.83 | ||||
Net investment income (loss) (a) | (0.02) | (0.05) | (0.02) | (0.00)‡ | (0.01) | ||||
Net realized and unrealized gain (loss) | (4.10) | 4.87 | 2.76 | 1.56 | 1.17 | ||||
Total from investment operations | (4.12) | 4.82 | 2.74 | 1.56 | 1.16 | ||||
Less distributions: | |||||||||
From net realized gain on investments | (3.11) | (0.64) | (1.06) | (1.82) | (1.56) | ||||
Net asset value at end of year | $ 8.80 | $ 16.03 | $ 11.85 | $ 10.17 | $ 10.43 | ||||
Total investment return (b) | (31.62)% | 42.30% | 29.64% | 17.25% | 12.46% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | (0.22)% | (0.38)% | (0.15)% | (0.04)% | (0.06)% | ||||
Net expenses (c) | 0.81% | 0.78% | 0.82% | 0.84% | 0.82% | ||||
Expenses (before waiver/reimbursement) (c) | 0.81%(d) | 0.79% | 0.82% | 0.84% | 0.83% | ||||
Portfolio turnover rate | 77% | 66% | 44% | 54% | 52% | ||||
Net assets at end of year (in 000’s) | $ 721,142 | $ 1,207,903 | $ 914,359 | $ 919,236 | $ 1,102,423 |
‡ | 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) | Expense waiver/reimbursement less than 0.01%. |
20 | MainStay Winslow Large Cap Growth Fund |
Year Ended October 31, | |||||||||
Class R2 | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 14.78 | $ 10.99 | $ 9.53 | $ 9.90 | $ 10.38 | ||||
Net investment income (loss) (a) | (0.04) | (0.08) | (0.04) | (0.03) | (0.03) | ||||
Net realized and unrealized gain (loss) | (3.70) | 4.51 | 2.56 | 1.48 | 1.11 | ||||
Total from investment operations | (3.74) | 4.43 | 2.52 | 1.45 | 1.08 | ||||
Less distributions: | |||||||||
From net realized gain on investments | (3.11) | (0.64) | (1.06) | (1.82) | (1.56) | ||||
Net asset value at end of year | $ 7.93 | $ 14.78 | $ 10.99 | $ 9.53 | $ 9.90 | ||||
Total investment return (b) | (31.74)% | 42.04% | 29.29% | 16.89% | 12.17%(c) | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | (0.47)% | (0.63)% | (0.40)% | (0.29)% | (0.31)% | ||||
Net expenses (d) | 1.06% | 1.03% | 1.07% | 1.09% | 1.07% | ||||
Expenses (before waiver/reimbursement) (d) | 1.06%(e) | 1.04% | 1.07% | 1.09% | 1.08% | ||||
Portfolio turnover rate | 77% | 66% | 44% | 54% | 52% | ||||
Net assets at end of year (in 000’s) | $ 106,414 | $ 188,790 | $ 159,297 | $ 163,288 | $ 227,298 |
(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. |
(e) | Expense waiver/reimbursement less than 0.01%. |
Year Ended October 31, | |||||||||
Class R3 | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 13.60 | $ 10.19 | $ 8.93 | $ 9.41 | $ 9.96 | ||||
Net investment income (loss) (a) | (0.06) | (0.10) | (0.06) | (0.05) | (0.05) | ||||
Net realized and unrealized gain (loss) | (3.33) | 4.15 | 2.38 | 1.39 | 1.06 | ||||
Total from investment operations | (3.39) | 4.05 | 2.32 | 1.34 | 1.01 | ||||
Less distributions: | |||||||||
From net realized gain on investments | (3.11) | (0.64) | (1.06) | (1.82) | (1.56) | ||||
Net asset value at end of year | $ 7.10 | $ 13.60 | $ 10.19 | $ 8.93 | $ 9.41 | ||||
Total investment return (b) | (31.98)% | 41.60% | 28.99% | 16.69% | 11.97% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | (0.72)% | (0.88)% | (0.65)% | (0.55)% | (0.55)% | ||||
Net expenses (c) | 1.31% | 1.28% | 1.32% | 1.34% | 1.32% | ||||
Expenses (before waiver/reimbursement) (c) | 1.31%(d) | 1.29% | 1.32% | 1.34% | 1.33% | ||||
Portfolio turnover rate | 77% | 66% | 44% | 54% | 52% | ||||
Net assets at end of year (in 000’s) | $ 38,027 | $ 63,195 | $ 56,657 | $ 57,283 | $ 61,850 |
(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) | Expense waiver/reimbursement less than 0.01%. |
Year Ended October 31, | |||||||||
Class R6 | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 16.84 | $ 12.39 | $ 10.58 | $ 10.76 | $ 11.12 | ||||
Net investment income (loss) (a) | (0.00)‡ | (0.03) | 0.00‡ | 0.01 | 0.01 | ||||
Net realized and unrealized gain (loss) | (4.36) | 5.12 | 2.88 | 1.63 | 1.21 | ||||
Total from investment operations | (4.36) | 5.09 | 2.88 | 1.64 | 1.22 | ||||
Less distributions: | |||||||||
From net investment income | — | — | (0.01) | — | (0.02) | ||||
From net realized gain on investments | (3.11) | (0.64) | (1.06) | (1.82) | (1.56) | ||||
Total distributions | (3.11) | (0.64) | (1.07) | (1.82) | (1.58) | ||||
Net asset value at end of year | $ 9.37 | $ 16.84 | $ 12.39 | $ 10.58 | $ 10.76 | ||||
Total investment return (b) | (31.50)% | 42.65% | 29.83% | 17.49% | 12.72% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | (0.04)% | (0.22)% | 0.02% | 0.13% | 0.13% | ||||
Net expenses (c) | 0.63% | 0.62% | 0.64% | 0.64% | 0.63% | ||||
Expenses (before waiver/reimbursement) (c) | 0.64% | 0.63% | 0.64% | 0.64% | 0.64% | ||||
Portfolio turnover rate | 77% | 66% | 44% | 54% | 52% | ||||
Net assets at end of year (in 000’s) | $ 3,285,993 | $ 4,782,798 | $ 3,981,812 | $ 3,148,459 | $ 2,463,405 |
‡ | 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. |
Year Ended October 31, | August 31, 2020^ through October 31, | ||||
SIMPLE Class | 2022 | 2021 | 2020 | ||
Net asset value at beginning of period | $ 14.52 | $ 10.84 | $ 11.84* | ||
Net investment income (loss) (a) | (0.07) | (0.12) | (0.02) | ||
Net realized and unrealized gain (loss) | (3.62) | 4.44 | (0.98) | ||
Total from investment operations | (3.69) | 4.32 | (1.00) | ||
Less distributions: | |||||
From net realized gain on investments | (3.11) | (0.64) | — | ||
Net asset value at end of period | $ 7.72 | $ 14.52 | $ 10.84 | ||
Total investment return (b) | (32.02)% | 41.59% | (8.45)% | ||
Ratios (to average net assets)/Supplemental Data: | |||||
Net investment income (loss) | (0.77)% | (0.96)% | (1.00)%†† | ||
Net expenses (c) | 1.37% | 1.33% | 1.32%†† | ||
Expenses (before waiver/reimbursement) (c) | 1.38% | 1.34% | 1.33%†† | ||
Portfolio turnover rate | 77% | 66% | 44% | ||
Net assets at end of period (in 000’s) | $ 220 | $ 71 | $ 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. |
22 | MainStay Winslow Large Cap Growth Fund |
Class | Commenced Operations |
Class A | July 1, 1995 |
Investor Class | February 28, 2008 |
Class B | April 1, 2005 |
Class C | April 1, 2005 |
Class I | April 1, 2005 |
Class R1 | April 1, 2005 |
Class R2 | April 1, 2005 |
Class R3 | April 28, 2006 |
Class R6 | June 17, 2013 |
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) |
• 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 Winslow Large Cap Growth Fund |
26 | MainStay Winslow Large Cap Growth Fund |
Class R1 | $895,625 |
Class R2 | 134,555 |
Class R3 | 48,656 |
Class | Expense | Waived |
Class A | $1,055,498 | $— |
Investor Class | 187,602 | — |
Class B | 32,233 | — |
Class C | 147,716 | — |
Class I | 5,558,634 | — |
Class R1 | 707,587 | — |
Class R2 | 106,303 | — |
Class R3 | 38,518 | — |
Class R6 | 152,334 | — |
SIMPLE Class | 365 | — |
SIMPLE Class | $22,030 | 10.0% |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $8,992,882,031 | $2,807,901,644 | $(367,339,492) | $2,440,562,152 |
Ordinary income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$16,207,666 | $1,289,880,385 | $— | $2,440,562,152 | $3,746,650,203 |
Total Distributable Earnings (Loss) | Additional Paid-In Capital | |
$(96,079,478) | $96,079,478 |
2022 | 2021 | |
Distributions paid from: | ||
Ordinary Income | $ 549,987,364 | $ 6,461 |
Long-Term Capital Gains | 2,601,876,295 | 718,092,341 |
Total | $3,151,863,659 | $718,098,802 |
28 | MainStay Winslow Large Cap Growth Fund |
Class A | Shares | Amount |
Year ended October 31, 2022: | ||
Shares sold | 16,625,935 | $ 171,252,843 |
Shares issued to shareholders in reinvestment of distributions | 28,541,804 | 330,514,092 |
Shares redeemed | (30,234,090) | (288,975,973) |
Net increase (decrease) in shares outstanding before conversion | 14,933,649 | 212,790,962 |
Shares converted into Class A (See Note 1) | 906,871 | 9,104,942 |
Shares converted from Class A (See Note 1) | (118,111) | (1,203,240) |
Net increase (decrease) | 15,722,409 | $ 220,692,664 |
Year ended October 31, 2021: | ||
Shares sold | 22,033,022 | $ 277,150,403 |
Shares issued to shareholders in reinvestment of distributions | 5,387,054 | 62,220,376 |
Shares redeemed | (21,566,819) | (275,933,108) |
Net increase (decrease) in shares outstanding before conversion | 5,853,257 | 63,437,671 |
Shares converted into Class A (See Note 1) | 3,416,327 | 43,736,806 |
Shares converted from Class A (See Note 1) | (13,324,070) | (192,191,173) |
Net increase (decrease) | (4,054,486) | $ (85,016,696) |
Investor Class | Shares | Amount |
Year ended October 31, 2022: | ||
Shares sold | 766,345 | $ 7,074,265 |
Shares issued to shareholders in reinvestment of distributions | 2,020,849 | 22,694,134 |
Shares redeemed | (1,515,150) | (12,951,150) |
Net increase (decrease) in shares outstanding before conversion | 1,272,044 | 16,817,249 |
Shares converted into Investor Class (See Note 1) | 122,735 | 1,084,686 |
Shares converted from Investor Class (See Note 1) | (458,718) | (4,837,943) |
Net increase (decrease) | 936,061 | $ 13,063,992 |
Year ended October 31, 2021: | ||
Shares sold | 1,128,446 | $ 13,734,676 |
Shares issued to shareholders in reinvestment of distributions | 586,179 | 6,612,105 |
Shares redeemed | (1,798,752) | (21,424,583) |
Net increase (decrease) in shares outstanding before conversion | (84,127) | (1,077,802) |
Shares converted into Investor Class (See Note 1) | 117,807 | 1,439,267 |
Shares converted from Investor Class (See Note 1) | (2,952,718) | (37,155,883) |
Net increase (decrease) | (2,919,038) | $ (36,794,418) |
Class B | Shares | Amount |
Year ended October 31, 2022: | ||
Shares sold | 32,973 | $ 228,304 |
Shares issued to shareholders in reinvestment of distributions | 739,284 | 5,677,697 |
Shares redeemed | (322,522) | (2,010,001) |
Net increase (decrease) in shares outstanding before conversion | 449,735 | 3,896,000 |
Shares converted from Class B (See Note 1) | (539,254) | (3,347,320) |
Net increase (decrease) | (89,519) | $ 548,680 |
Year ended October 31, 2021: | ||
Shares sold | 68,840 | $ 639,418 |
Shares issued to shareholders in reinvestment of distributions | 175,009 | 1,496,329 |
Shares redeemed | (361,090) | (3,390,436) |
Net increase (decrease) in shares outstanding before conversion | (117,241) | (1,254,689) |
Shares converted from Class B (See Note 1) | (420,928) | (3,906,383) |
Net increase (decrease) | (538,169) | $ (5,161,072) |
Class C | Shares | Amount |
Year ended October 31, 2022: | ||
Shares sold | 1,531,291 | $ 10,262,438 |
Shares issued to shareholders in reinvestment of distributions | 2,934,389 | 22,448,071 |
Shares redeemed | (3,524,833) | (22,771,338) |
Net increase (decrease) in shares outstanding before conversion | 940,847 | 9,939,171 |
Shares converted from Class C (See Note 1) | (300,459) | (1,784,533) |
Net increase (decrease) | 640,388 | $ 8,154,638 |
Year ended October 31, 2021: | ||
Shares sold | 1,104,348 | $ 10,258,434 |
Shares issued to shareholders in reinvestment of distributions | 768,446 | 6,554,845 |
Shares redeemed | (4,655,683) | (42,505,085) |
Net increase (decrease) in shares outstanding before conversion | (2,782,889) | (25,691,806) |
Shares converted from Class C (See Note 1) | (425,646) | (3,803,804) |
Net increase (decrease) | (3,208,535) | $ (29,495,610) |
Class I | Shares | Amount |
Year ended October 31, 2022: | ||
Shares sold | 206,773,027 | $ 2,304,009,295 |
Shares issued to shareholders in reinvestment of distributions | 104,600,432 | 1,391,185,741 |
Shares redeemed | (166,738,192) | (1,848,655,608) |
Net increase (decrease) in shares outstanding before conversion | 144,635,267 | 1,846,539,428 |
Shares converted into Class I (See Note 1) | 101,332 | 1,181,298 |
Shares converted from Class I (See Note 1) | (21,339) | (189,065) |
Net increase (decrease) | 144,715,260 | $ 1,847,531,661 |
Year ended October 31, 2021: | ||
Shares sold | 75,666,444 | $ 1,069,786,583 |
Shares issued to shareholders in reinvestment of distributions | 24,932,557 | 320,632,678 |
Shares redeemed | (162,239,448) | (2,363,597,119) |
Net increase (decrease) in shares outstanding before conversion | (61,640,447) | (973,177,858) |
Shares converted into Class I (See Note 1) | 11,934,333 | 192,159,317 |
Net increase (decrease) | (49,706,114) | $ (781,018,541) |
Class R1 | Shares | Amount |
Year ended October 31, 2022: | ||
Shares sold | 12,545,711 | $ 128,752,543 |
Shares issued to shareholders in reinvestment of distributions | 18,146,768 | 230,101,018 |
Shares redeemed | (24,117,145) | (264,354,356) |
Net increase (decrease) in shares outstanding before conversion | 6,575,334 | 94,499,205 |
Shares converted from Class R1 (See Note 1) | (856) | (8,825) |
Net increase (decrease) | 6,574,478 | $ 94,490,380 |
Year ended October 31, 2021: | ||
Shares sold | 11,175,211 | $ 154,183,022 |
Shares issued to shareholders in reinvestment of distributions | 4,004,675 | 49,617,929 |
Shares redeemed | (17,022,741) | (234,903,685) |
Net increase (decrease) in shares outstanding before conversion | (1,842,855) | (31,102,734) |
Shares converted from Class R1 (See Note 1) | (7,903) | (117,121) |
Net increase (decrease) | (1,850,758) | $ (31,219,855) |
30 | MainStay Winslow Large Cap Growth Fund |
Class R2 | Shares | Amount |
Year ended October 31, 2022: | ||
Shares sold | 2,804,293 | $ 27,795,594 |
Shares issued to shareholders in reinvestment of distributions | 2,370,271 | 27,115,902 |
Shares redeemed | (4,522,072) | (46,339,701) |
Net increase (decrease) | 652,492 | $ 8,571,795 |
Year ended October 31, 2021: | ||
Shares sold | 2,449,422 | $ 30,606,721 |
Shares issued to shareholders in reinvestment of distributions | 534,450 | 6,119,453 |
Shares redeemed | (4,703,242) | (59,789,772) |
Net increase (decrease) | (1,719,370) | $ (23,063,598) |
Class R3 | Shares | Amount |
Year ended October 31, 2022: | ||
Shares sold | 904,543 | $ 7,708,409 |
Shares issued to shareholders in reinvestment of distributions | 1,354,080 | 13,919,943 |
Shares redeemed | (1,551,868) | (13,129,182) |
Net increase (decrease) | 706,755 | $ 8,499,170 |
Year ended October 31, 2021: | ||
Shares sold | 750,705 | $ 8,643,290 |
Shares issued to shareholders in reinvestment of distributions | 317,889 | 3,356,909 |
Shares redeemed | (1,971,759) | (22,966,019) |
Net increase (decrease) in shares outstanding before conversion | (903,165) | (10,965,820) |
Shares converted from Class R3 (See Note 1) | (13,150) | (161,745) |
Net increase (decrease) | (916,315) | $ (11,127,565) |
Class R6 | Shares | Amount |
Year ended October 31, 2022: | ||
Shares sold | 68,050,104 | $ 753,843,263 |
Shares issued to shareholders in reinvestment of distributions | 64,620,416 | 871,083,204 |
Shares redeemed | (66,095,061) | (730,228,554) |
Net increase (decrease) | 66,575,459 | $ 894,697,913 |
Year ended October 31, 2021: | ||
Shares sold | 52,726,279 | $ 759,200,686 |
Shares issued to shareholders in reinvestment of distributions | 15,650,584 | 203,301,080 |
Shares redeemed | (105,667,940) | (1,542,745,590) |
Net increase (decrease) | (37,291,077) | $ (580,243,824) |
SIMPLE Class | Shares | Amount |
Year ended October 31, 2022: | ||
Shares sold | 22,996 | $ 211,112 |
Shares issued to shareholders in reinvestment of distributions | 1,475 | 16,490 |
Shares redeemed | (826) | (7,320) |
Net increase (decrease) | 23,645 | $ 220,282 |
Year ended October 31, 2021: | ||
Shares sold | 3,503 | $ 42,509 |
Shares issued to shareholders in reinvestment of distributions | 121 | 1,359 |
Shares redeemed | (916) | (10,719) |
Net increase (decrease) in shares outstanding before conversion | 2,708 | 33,149 |
Shares converted into SIMPLE Class (See Note 1) | 63 | 719 |
Net increase (decrease) | 2,771 | $ 33,868 |
The MainStay Funds:
December 23, 2022
32 | MainStay Winslow Large Cap 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 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 | 78 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; VanEck Vectors Group of Exchange-Traded Funds: Independent Chairman of the Board of Trustees since 2008 and Trustee since 2006 (56 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Investment Committee since 2018 | |
Susan B. Kerley 1951 | MainStay Funds: Chairman since 2017 and Trustee since 2007;MainStay Funds Trust: Chairman since 2017 and Trustee since 1990** | President, Strategic Management Advisors LLC since 1990 | 78 | MainStay VP Funds Trust: Chairman since January 2017 and Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) | |
Alan R. Latshaw 1951 | MainStay Funds: Trustee since 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) | 78 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
34 | MainStay Winslow Large Cap 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 | |
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) | 78 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (31 Portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Jacques P. Perold 1958 | MainStay Funds: Trustee since 2016, Advisory Board Member (June 2015 toDecember 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) | 78 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Partners in Health: Trustee since 2019; 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) | 78 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
*** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay Funds, MainStay Funds Trust since 2017 | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since January 2018); President, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust (since 2017); Senior Managing Director, Global Product Development (From 2015-2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay Funds (since 2007), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2007)** and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay Funds and MainStay Funds Trust (since 2010) | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer and MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2010)** | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay Funds (since 2009), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2005)** | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay Funds and MainStay Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ, IndexIQ ETF Trust and Index IQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Fund, MainStay VP Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012-2022) |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, 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. |
36 | MainStay Winslow Large Cap Growth Fund |
1.
2. | This Fund is registered for sale in AZ, CA, NV, OR, TX, UT, WA and MI (Class A and Class I shares only), and CO, FL, GA, HI, ID, MA, MD, NH, NJ and NY (Class I shares only). |
3. | This Fund is registered for sale in CA, CT, DE, FL, MA, NJ, NY and VT. |
4. | An affiliate of New York Life Investment Management LLC. |
5013907.2MS229-22 | MSLG11-12/22 |
please log in to newyorklifeinvestments.com/accounts.
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended October 31, 2022 | |||||||
Class | Sales Charge | Inception Date1 | One Year | Five Years | Ten Years or Since Inception | Gross Expense Ratio2 | |
Class A Shares | Maximum 5.5% Initial Sales Charge | With sales charges | 6/1/1998 | -15.86% | 8.95% | 11.95% | 0.91% |
Excluding sales charges | -10.96 | 10.19 | 12.58 | 0.91 | |||
Investor Class Shares3 | Maximum 5% Initial Sales Charge | With sales charges | 2/28/2008 | -15.57 | 8.68 | 11.64 | 1.17 |
Excluding sales charges | -11.13 | 9.91 | 12.28 | 1.17 | |||
Class B Shares4 | Maximum 5% CDSC | With sales charges | 6/1/1998 | -15.80 | 8.81 | 11.45 | 1.92 |
if Redeemed Within the First Six Years of Purchase | Excluding sales charges | -11.79 | 9.10 | 11.45 | 1.92 | ||
Class C Shares | Maximum 1% CDSC | With sales charges | 9/1/1998 | -12.60 | 9.09 | 11.44 | 1.92 |
if Redeemed Within One Year of Purchase | Excluding sales charges | -11.80 | 9.09 | 11.44 | 1.92 | ||
Class I Shares | No Sales Charge | 12/28/2004 | -10.72 | 10.48 | 12.87 | 0.66 | |
Class R3 Shares | No Sales Charge | 2/29/2016 | -11.29 | 9.79 | 12.06 | 1.26 | |
Class R6 Shares | No Sales Charge | 4/26/2021 | -10.69 | N/A | -0.05 | 0.61 |
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 that date 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 5.5%, 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. |
Benchmark Performance* | One Year | Five Years | Ten Years |
S&P 500® Index1 | -14.61% | 10.44% | 12.79% |
Russell 3000® Index2 | -16.52 | 9.87 | 12.46 |
Morningstar Large Blend Category Average3 | -14.69 | 8.51 | 10.81 |
* | 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 Russell 3000® Index is the Fund's secondary benchmark. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. |
3. | 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 portfolios where neither growth nor value characteristics predominate. These portfolios tend to invest across the spectrum of U.S. industries, and owing to their broad exposure, the portfolios' 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 WMC Enduring Capital Fund |
Share Class | Beginning Account Value 5/1/22 | Ending Account Value (Based on Actual Returns and Expenses) 10/31/22 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 10/31/22 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Class A Shares | $1,000.00 | $973.10 | $4.77 | $1,020.37 | $4.89 | 0.96% |
Investor Class Shares | $1,000.00 | $972.10 | $5.52 | $1,019.61 | $5.65 | 1.11% |
Class B Shares | $1,000.00 | $968.50 | $9.23 | $1,015.83 | $9.45 | 1.86% |
Class C Shares | $1,000.00 | $968.40 | $9.23 | $1,015.83 | $9.45 | 1.86% |
Class I Shares | $1,000.00 | $974.20 | $3.53 | $1,021.63 | $3.62 | 0.71% |
Class R3 Shares | $1,000.00 | $971.20 | $6.51 | $1,018.60 | $6.67 | 1.31% |
Class R6 Shares | $1,000.00 | $974.50 | $3.23 | $1,021.93 | $3.31 | 0.65% |
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. |
Machinery | 13.8% |
Commercial Services & Supplies | 10.4 |
Insurance | 8.4 |
Road & Rail | 6.9 |
Capital Markets | 6.8 |
Chemicals | 6.5 |
Banks | 6.0 |
Equity Real Estate Investment Trusts | 5.6 |
Software | 4.3 |
Diversified Financial Services | 3.7 |
Food & Staples Retailing | 3.6 |
Air Freight & Logistics | 3.4 |
Health Care Providers & Services | 3.4% |
Life Sciences Tools & Services | 3.3 |
Household Durables | 3.3 |
Electric Utilities | 3.0 |
Trading Companies & Distributors | 3.0 |
Media | 2.5 |
Containers & Packaging | 2.0 |
Short–Term Investment | 0.0‡ |
Other Assets, Less Liabilities | 0.1 |
100.0% |
‡ | Less than one–tenth of a percent. |
1. | Progressive Corp. (The) |
2. | Constellation Software, Inc. |
3. | PACCAR, Inc. |
4. | Charles Schwab Corp. (The) |
5. | Waste Connections, Inc. |
6. | Markel Corp. |
7. | M&T Bank Corp. |
8. | Berkshire Hathaway, Inc., Class B |
9. | Costco Wholesale Corp. |
10. | Linde plc |
8 | MainStay WMC Enduring Capital Fund |
1. | See page 5 for other share class returns, which may be higher or lower than Class I share returns. See page 6 for more information on benchmark and peer group returns. |
10 | MainStay WMC Enduring Capital Fund |
Shares | Value | |
Common Stocks 99.9% | ||
Air Freight & Logistics 3.4% | ||
Expeditors International of Washington, Inc. | 179,300 | $ 17,544,505 |
Banks 6.0% | ||
First Republic Bank | 96,010 | 11,530,801 |
M&T Bank Corp. | 116,740 | 19,655,514 |
31,186,315 | ||
Capital Markets 6.8% | ||
Brookfield Asset Management, Inc., Class A | 353,908 | 14,018,296 |
Charles Schwab Corp. (The) | 263,270 | 20,974,721 |
34,993,017 | ||
Chemicals 6.5% | ||
Linde plc | 62,360 | 18,542,746 |
Sherwin-Williams Co. (The) | 66,244 | 14,906,887 |
33,449,633 | ||
Commercial Services & Supplies 10.4% | ||
Cintas Corp. | 39,254 | 16,783,048 |
Copart, Inc. (a) | 145,462 | 16,731,039 |
Waste Connections, Inc. | 153,216 | 20,210,722 |
53,724,809 | ||
Containers & Packaging 2.0% | ||
Ball Corp. | 210,273 | 10,385,383 |
Diversified Financial Services 3.7% | ||
Berkshire Hathaway, Inc., Class B (a) | 65,131 | 19,219,507 |
Electric Utilities 3.0% | ||
NextEra Energy, Inc. | 202,767 | 15,714,442 |
Equity Real Estate Investment Trusts 5.6% | ||
American Tower Corp. | 69,983 | 14,499,778 |
Public Storage | 45,928 | 14,226,198 |
28,725,976 | ||
Food & Staples Retailing 3.6% | ||
Costco Wholesale Corp. | 36,992 | 18,551,488 |
Health Care Providers & Services 3.4% | ||
UnitedHealth Group, Inc. | 31,588 | 17,536,078 |
Household Durables 3.3% | ||
NVR, Inc. (a) | 3,973 | 16,836,581 |
Shares | Value | ||
Insurance 8.4% | |||
Brookfield Asset Management Reinsurance Partners Ltd., Class A (a) | 3,730 | $ 147,689 | |
Markel Corp. (a) | 16,538 | 19,946,482 | |
Progressive Corp. (The) | 180,670 | 23,198,028 | |
43,292,199 | |||
Life Sciences Tools & Services 3.3% | |||
Danaher Corp. | 68,024 | 17,119,600 | |
Machinery 13.8% | |||
Deere & Co. | 41,003 | 16,229,808 | |
Fortive Corp. | 224,736 | 14,360,630 | |
IDEX Corp. | 83,203 | 18,496,859 | |
PACCAR, Inc. | 230,042 | 22,274,967 | |
71,362,264 | |||
Media 2.5% | |||
Cable One, Inc. | 15,191 | 13,055,601 | |
Road & Rail 6.9% | |||
Canadian National Railway Co. | 153,905 | 18,233,396 | |
Old Dominion Freight Line, Inc. | 63,937 | 17,557,100 | |
35,790,496 | |||
Software 4.3% | |||
Constellation Software, Inc. | 15,432 | 22,313,901 | |
Trading Companies & Distributors 3.0% | |||
Watsco, Inc. | 56,660 | 15,352,594 | |
Total Common Stocks (Cost $484,450,530) | 516,154,389 | ||
Short-Term Investment 0.0% ‡ | |||
Affiliated Investment Company 0.0% ‡ | |||
MainStay U.S. Government Liquidity Fund, 2.905% (b) | 147,921 | 147,921 | |
Total Short-Term Investment (Cost $147,921) | 147,921 | ||
Total Investments (Cost $484,598,451) | 99.9% | 516,302,310 | |
Other Assets, Less Liabilities | 0.1 | 571,817 | |
Net Assets | 100.0% | $ 516,874,127 |
† | Percentages indicated are based on Fund net assets. |
‡ | Less than one-tenth of a percent. |
(a) | Non-income producing security. |
(b) | Current yield as of October 31, 2022. |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay U.S. Government Liquidity Fund | $ 2,386 | $ 54,961 | $ (57,199) | $ — | $ — | $ 148 | $ 12 | $ — | 148 |
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 | $ 516,154,389 | $ — | $ — | $ 516,154,389 | |||
Short-Term Investment | |||||||
Affiliated Investment Company | 147,921 | — | — | 147,921 | |||
Total Investments in Securities | $ 516,302,310 | $ — | $ — | $ 516,302,310 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
12 | MainStay WMC Enduring Capital Fund |
Assets | |
Investment in unaffiliated securities, at value (identified cost $484,450,530) | $516,154,389 |
Investment in affiliated investment companies, at value (identified cost $147,921) | 147,921 |
Cash | 89,737 |
Receivables: | |
Investment securities sold | 759,360 |
Fund shares sold | 343,142 |
Dividends | 107,135 |
Other assets | 43,785 |
Total assets | 517,645,469 |
Liabilities | |
Payables: | |
Fund shares redeemed | 237,308 |
Manager (See Note 3) | 232,085 |
Shareholder communication | 123,791 |
NYLIFE Distributors (See Note 3) | 66,894 |
Transfer agent (See Note 3) | 53,525 |
Professional fees | 29,965 |
Custodian | 6,962 |
Trustees | 650 |
Securities lending | 26 |
Accrued expenses | 20,136 |
Total liabilities | 771,342 |
Net assets | $516,874,127 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.01 per share) unlimited number of shares authorized | $ 172,765 |
Additional paid-in-capital | 464,244,297 |
464,417,062 | |
Total distributable earnings (loss) | 52,457,065 |
Net assets | $516,874,127 |
Class A | |
Net assets applicable to outstanding shares | $196,217,533 |
Shares of beneficial interest outstanding | 6,538,400 |
Net asset value per share outstanding | $ 30.01 |
Maximum sales charge (5.50% of offering price) | 1.75 |
Maximum offering price per share outstanding | $ 31.76 |
Investor Class | |
Net assets applicable to outstanding shares | $ 22,977,067 |
Shares of beneficial interest outstanding | 766,751 |
Net asset value per share outstanding | $ 29.97 |
Maximum sales charge (5.00% of offering price) | 1.58 |
Maximum offering price per share outstanding | $ 31.55 |
Class B | |
Net assets applicable to outstanding shares | $ 2,823,996 |
Shares of beneficial interest outstanding | 106,928 |
Net asset value and offering price per share outstanding | $ 26.41 |
Class C | |
Net assets applicable to outstanding shares | $ 23,500,347 |
Shares of beneficial interest outstanding | 890,650 |
Net asset value and offering price per share outstanding | $ 26.39 |
Class I | |
Net assets applicable to outstanding shares | $ 73,934,506 |
Shares of beneficial interest outstanding | 2,444,901 |
Net asset value and offering price per share outstanding | $ 30.24 |
Class R3 | |
Net assets applicable to outstanding shares | $ 560,523 |
Shares of beneficial interest outstanding | 18,865 |
Net asset value and offering price per share outstanding | $ 29.71 |
Class R6 | |
Net assets applicable to outstanding shares | $196,860,155 |
Shares of beneficial interest outstanding | 6,510,006 |
Net asset value and offering price per share outstanding | $ 30.24 |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated (net of foreign tax withholding of $116,606) | $ 6,628,083 |
Dividends-affiliated | 11,772 |
Securities lending, net | 1,928 |
Total income | 6,641,783 |
Expenses | |
Manager (See Note 3) | 3,209,022 |
Distribution/Service—Class A (See Note 3) | 525,825 |
Distribution/Service—Investor Class (See Note 3) | 63,250 |
Distribution/Service—Class B (See Note 3) | 38,883 |
Distribution/Service—Class C (See Note 3) | 294,766 |
Distribution/Service—Class R3 (See Note 3) | 2,280 |
Transfer agent (See Note 3) | 344,547 |
Shareholder communication | 156,485 |
Professional fees | 140,028 |
Registration | 132,081 |
Custodian | 22,481 |
Trustees | 3,110 |
Shareholder service (See Note 3) | 456 |
Miscellaneous | 16,289 |
Total expenses | 4,949,503 |
Net investment income (loss) | 1,692,280 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | 19,234,018 |
Foreign currency transactions | (7,355) |
Net realized gain (loss) | 19,226,663 |
Net change in unrealized appreciation (depreciation) on unaffiliated investments | (87,315,486) |
Net realized and unrealized gain (loss) | (68,088,823) |
Net increase (decrease) in net assets resulting from operations | $(66,396,543) |
14 | MainStay WMC Enduring Capital Fund |
for the years ended October 31, 2022 and October 31, 2021
2022 | 2021 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 1,692,280 | $ 1,208,594 |
Net realized gain (loss) | 19,226,663 | 73,433,638 |
Net change in unrealized appreciation (depreciation) | (87,315,486) | 47,720,538 |
Net increase (decrease) in net assets resulting from operations | (66,396,543) | 122,362,770 |
Distributions to shareholders: | ||
Class A | (19,185,374) | (592,297) |
Investor Class | (2,404,448) | (96,995) |
Class B | (453,565) | — |
Class C | (3,325,977) | — |
Class I | (10,230,592) | (399,948) |
Class R3 | (40,016) | (1,131) |
Class R6 | (22,407,486) | — |
Total distributions to shareholders | (58,047,458) | (1,090,371) |
Capital share transactions: | ||
Net proceeds from sales of shares | 86,455,226 | 70,930,228 |
Net asset value of shares issued in connection with the acquisition of MainStay Epoch U.S. All Cap Fund | — | 485,242,709 |
Net asset value of shares issued in connection with the acquisition of MainStay MacKay U.S. Equity Opportunities Fund | — | 147,554,277 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 57,355,353 | 1,063,805 |
Cost of shares redeemed | (201,267,040) | (253,450,057) |
Increase (decrease) in net assets derived from capital share transactions | (57,456,461) | 451,340,962 |
Net increase (decrease) in net assets | (181,900,462) | 572,613,361 |
Net Assets | ||
Beginning of year | 698,774,589 | 126,161,228 |
End of year | $ 516,874,127 | $ 698,774,589 |
Year Ended October 31, | |||||||||
Class A | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 36.76 | $ 24.95 | $ 24.92 | $ 26.31 | $ 24.56 | ||||
Net investment income (loss) (a) | 0.06 | 0.06 | 0.16 | 0.26 | 0.24 | ||||
Net realized and unrealized gain (loss) | (3.74) | 11.99 | 1.36 | 1.28 | 1.74 | ||||
Total from investment operations | (3.68) | 12.05 | 1.52 | 1.54 | 1.98 | ||||
Less distributions: | |||||||||
From net investment income | (0.04) | (0.24) | (0.27) | (0.22) | (0.23) | ||||
From net realized gain on investments | (3.03) | — | (1.22) | (2.71) | — | ||||
Total distributions | (3.07) | (0.24) | (1.49) | (2.93) | (0.23) | ||||
Net asset value at end of year | $ 30.01 | $ 36.76 | $ 24.95 | $ 24.92 | $ 26.31 | ||||
Total investment return (b) | (10.96)% | 48.53% | 6.42% | 6.80% | 8.07% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.18% | 0.19% | 0.64% | 1.08% | 0.90% | ||||
Net expenses (c) | 0.94% | 0.91% | 0.99% | 0.97% | 0.97% | ||||
Portfolio turnover rate | 2% | 24% | 166% | 164% | 137% | ||||
Net assets at end of year (in 000’s) | $ 196,218 | $ 228,700 | $ 62,611 | $ 63,814 | $ 63,956 |
(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 | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 36.73 | $ 24.92 | $ 24.90 | $ 26.29 | $ 24.53 | ||||
Net investment income (loss) (a) | 0.01 | (0.01) | 0.08 | 0.20 | 0.18 | ||||
Net realized and unrealized gain (loss) | (3.74) | 11.98 | 1.37 | 1.27 | 1.74 | ||||
Total from investment operations | (3.73) | 11.97 | 1.45 | 1.47 | 1.92 | ||||
Less distributions: | |||||||||
From net investment income | — | (0.16) | (0.21) | (0.15) | (0.16) | ||||
From net realized gain on investments | (3.03) | — | (1.22) | (2.71) | — | ||||
Total distributions | (3.03) | (0.16) | (1.43) | (2.86) | (0.16) | ||||
Net asset value at end of year | $ 29.97 | $ 36.73 | $ 24.92 | $ 24.90 | $ 26.29 | ||||
Total investment return (b) | (11.13)% | 48.22% | 6.05% | 6.51% | 7.82% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.03% | (0.02)% | 0.35% | 0.82% | 0.68% | ||||
Net expenses (c) | 1.11% | 1.19% | 1.30% | 1.23% | 1.21% | ||||
Expenses (before waiver/reimbursement) (c) | 1.11% | 1.19% | 1.31% | 1.27% | 1.23% | ||||
Portfolio turnover rate | 2% | 24% | 166% | 164% | 137% | ||||
Net assets at end of year (in 000's) | $ 22,977 | $ 29,293 | $ 15,544 | $ 17,203 | $ 16,580 |
(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 Enduring Capital Fund |
Year Ended October 31, | |||||||||
Class B | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 32.96 | $ 22.40 | $ 22.50 | $ 24.04 | $ 22.46 | ||||
Net investment income (loss) (a) | (0.21) | (0.22) | (0.08) | 0.02 | (0.02) | ||||
Net realized and unrealized gain (loss) | (3.31) | 10.78 | 1.22 | 1.15 | 1.60 | ||||
Total from investment operations | (3.52) | 10.56 | 1.14 | 1.17 | 1.58 | ||||
Less distributions: | |||||||||
From net investment income | — | — | (0.02) | — | — | ||||
From net realized gain on investments | (3.03) | — | (1.22) | (2.71) | — | ||||
Total distributions | (3.03) | — | (1.24) | (2.71) | — | ||||
Net asset value at end of year | $ 26.41 | $ 32.96 | $ 22.40 | $ 22.50 | $ 24.04 | ||||
Total investment return (b) | (11.79)% | 47.14%(c) | 5.28% | 5.71% | 7.03% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | (0.72)% | (0.77)% | (0.39)% | 0.10% | (0.07)% | ||||
Net expenses (d) | 1.86% | 1.95% | 2.05% | 1.98% | 1.96% | ||||
Expenses (before waiver/reimbursement) (d) | 1.86% | 1.95% | 2.06% | 2.02% | 1.98% | ||||
Portfolio turnover rate | 2% | 24% | 166% | 164% | 137% | ||||
Net assets at end of year (in 000’s) | $ 2,824 | $ 5,007 | $ 3,666 | $ 4,718 | $ 5,855 |
(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 | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 32.93 | $ 22.38 | $ 22.48 | $ 24.02 | $ 22.45 | ||||
Net investment income (loss) (a) | (0.21) | (0.24) | (0.08) | 0.02 | (0.02) | ||||
Net realized and unrealized gain (loss) | (3.30) | 10.79 | 1.22 | 1.15 | 1.59 | ||||
Total from investment operations | (3.51) | 10.55 | 1.14 | 1.17 | 1.57 | ||||
Less distributions: | |||||||||
From net investment income | — | — | (0.02) | — | — | ||||
From net realized gain on investments | (3.03) | — | (1.22) | (2.71) | — | ||||
Total distributions | (3.03) | — | (1.24) | (2.71) | — | ||||
Net asset value at end of year | $ 26.39 | $ 32.93 | $ 22.38 | $ 22.48 | $ 24.02 | ||||
Total investment return (b) | (11.80)% | 47.14%(c) | 5.29% | 5.72% | 6.99% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | (0.72)% | (0.80)% | (0.38)% | 0.10% | (0.08)% | ||||
Net expenses (d) | 1.86% | 1.89% | 2.05% | 1.98% | 1.96% | ||||
Expenses (before waiver/reimbursement) (d) | 1.86% | 1.89% | 2.06% | 2.02% | 1.98% | ||||
Portfolio turnover rate | 2% | 24% | 166% | 164% | 137% | ||||
Net assets at end of year (in 000’s) | $ 23,500 | $ 37,234 | $ 6,641 | $ 10,946 | $ 14,964 |
(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) | 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 | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 36.99 | $ 25.09 | $ 25.05 | $ 26.44 | $ 24.67 | ||||
Net investment income (loss) (a) | 0.15 | 0.16 | 0.23 | 0.32 | 0.31 | ||||
Net realized and unrealized gain (loss) | (3.77) | 12.03 | 1.37 | 1.28 | 1.74 | ||||
Total from investment operations | (3.62) | 12.19 | 1.60 | 1.60 | 2.05 | ||||
Less distributions: | |||||||||
From net investment income | (0.10) | (0.29) | (0.34) | (0.28) | (0.28) | ||||
From net realized gain on investments | (3.03) | — | (1.22) | (2.71) | — | ||||
Total distributions | (3.13) | (0.29) | (1.56) | (2.99) | (0.28) | ||||
Net asset value at end of year | $ 30.24 | $ 36.99 | $ 25.09 | $ 25.05 | $ 26.44 | ||||
Total investment return (b) | (10.72)% | 48.97% | 6.66% | 7.06% | 8.36% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.45% | 0.48% | 0.96% | 1.34% | 1.16% | ||||
Net expenses (c) | 0.69% | 0.66% | 0.74% | 0.72% | 0.71% | ||||
Portfolio turnover rate | 2% | 24% | 166% | 164% | 137% | ||||
Net assets at end of year (in 000’s) | $ 73,935 | $ 135,219 | $ 37,491 | $ 97,903 | $ 98,395 |
(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 | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 36.51 | $ 24.78 | $ 24.77 | $ 26.17 | $ 24.48 | ||||
Net investment income (loss) (a) | (0.05) | (0.04) | 0.07 | 0.17 | 0.14 | ||||
Net realized and unrealized gain (loss) | (3.72) | 11.91 | 1.36 | 1.28 | 1.73 | ||||
Total from investment operations | (3.77) | 11.87 | 1.43 | 1.45 | 1.87 | ||||
Less distributions: | |||||||||
From net investment income | — | (0.14) | (0.20) | (0.14) | (0.18) | ||||
From net realized gain on investments | (3.03) | — | (1.22) | (2.71) | — | ||||
Total distributions | (3.03) | (0.14) | (1.42) | (2.85) | (0.18) | ||||
Net asset value at end of year | $ 29.71 | $ 36.51 | $ 24.78 | $ 24.77 | $ 26.17 | ||||
Total investment return (b) | (11.29)% | 48.07% | 6.02% | 6.42% | 7.66% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | (0.17)% | (0.13)% | 0.30% | 0.70% | 0.52% | ||||
Net expenses (c) | 1.30% | 1.28% | 1.34% | 1.32% | 1.32% | ||||
Portfolio turnover rate | 2% | 24% | 166% | 164% | 137% | ||||
Net assets at end of year (in 000’s) | $ 561 | $ 479 | $ 207 | $ 227 | $ 137 |
(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. |
18 | MainStay WMC Enduring Capital Fund |
Year Ended October 31, | April 26, 2021^ through October 31, | ||
Class R6 | 2022 | 2021 | |
Net asset value at beginning of period | $ 37.00 | $ 33.07 | |
Net investment income (loss) (a) | 0.16 | 0.14 | |
Net realized and unrealized gain (loss) | (3.77) | 3.79 | |
Total from investment operations | (3.61) | 3.93 | |
Less distributions: | |||
From net investment income | (0.12) | — | |
From net realized gain on investments | (3.03) | — | |
Total distributions | (3.15) | — | |
Net asset value at end of period | $ 30.24 | $ 37.00 | |
Total investment return (b) | (10.69)% | 11.88% | |
Ratios (to average net assets)/Supplemental Data: | |||
Net investment income (loss) | 0.50% | 0.44%†† | |
Net expenses (c) | 0.63% | 0.60%†† | |
Portfolio turnover rate | 2% | 24% | |
Net assets at end of period (in 000’s) | $ 196,860 | $ 262,843 |
^ | 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 | June 1, 1998 |
Investor Class | February 28, 2008 |
Class B | June 1, 1998 |
Class C | September 1, 1998 |
Class I | December 28, 2004 |
Class R3 | February 29, 2016 |
Class R6 | April 26, 2021 |
Class R2 | N/A* |
SIMPLE Class | N/A* |
* | Class R2 and SIMPLE Class shares were registered for sale effective as of December 14, 2007 and August 31, 2020, respectively, but have not yet commenced operations. |
20 | MainStay WMC Enduring Capital 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 Enduring Capital Fund |
24 | MainStay WMC Enduring Capital Fund |
Class R3 | $456 |
Class | Expense | Waived |
Class A | $140,232 | $— |
Investor Class | 58,738 | — |
Class B | 9,078 | — |
Class C | 68,659 | — |
Class I | 58,291 | — |
Class R3 | 302 | — |
Class R6 | 9,247 | — |
Class R3 | $53,445 | 9.5% |
Class R6 | 37,889 | 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 | $484,973,880 | $63,463,767 | $(32,135,337) | $31,328,430 |
Ordinary income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$12,684,864 | $8,443,771 | $— | $31,328,430 | $52,457,065 |
2022 | 2021 | |
Distributions paid from: | ||
Ordinary Income | $24,964,525 | $1,090,371 |
Long-Term Capital Gains | 33,082,933 | — |
Total | $58,047,458 | $1,090,371 |
Class A | Shares | Amount |
Year ended October 31, 2022: | ||
Shares sold | 964,328 | $ 31,211,920 |
Shares issued to shareholders in reinvestment of distributions | 549,149 | 18,594,184 |
Shares redeemed | (1,313,198) | (41,861,145) |
Net increase (decrease) in shares outstanding before conversion | 200,279 | 7,944,959 |
Shares converted into Class A (See Note 1) | 118,908 | 3,952,416 |
Shares converted from Class A (See Note 1) | (2,122) | (64,560) |
Net increase (decrease) | 317,065 | $ 11,832,815 |
Year ended October 31, 2021: | ||
Shares sold | 629,407 | $ 20,661,799 |
issued in connection with the acquisition of MainStay Epoch U.S. All Cap Fund | 1,545,799 | 50,867,461 |
issued in connection with the acquisition of MainStay MacKay U.S. Equity Opportunities Fund | 1,903,874 | 62,650,579 |
Shares issued to shareholders in reinvestment of distributions | 20,437 | 567,749 |
Shares redeemed | (718,791) | (23,585,068) |
Net increase (decrease) in shares outstanding before conversion | 3,380,726 | 111,162,520 |
Shares converted into Class A (See Note 1) | 331,330 | 10,668,239 |
Shares converted from Class A (See Note 1) | (98) | (2,684) |
Net increase (decrease) | 3,711,958 | $ 121,828,075 |
26 | MainStay WMC Enduring Capital Fund |
Investor Class | Shares | Amount |
Year ended October 31, 2022: | ||
Shares sold | 35,401 | $ 1,145,205 |
Shares issued to shareholders in reinvestment of distributions | 70,920 | 2,401,347 |
Shares redeemed | (70,871) | (2,264,176) |
Net increase (decrease) in shares outstanding before conversion | 35,450 | 1,282,376 |
Shares converted into Investor Class (See Note 1) | 21,377 | 677,516 |
Shares converted from Investor Class (See Note 1) | (87,635) | (2,969,099) |
Net increase (decrease) | (30,808) | $ (1,009,207) |
Year ended October 31, 2021: | ||
Shares sold | 42,505 | $ 1,372,487 |
issued in connection with the acquisition of MainStay Epoch U.S. All Cap Fund | 319,550 | 10,519,323 |
issued in connection with the acquisition of MainStay MacKay U.S. Equity Opportunities Fund | 145,980 | 4,805,532 |
Shares issued to shareholders in reinvestment of distributions | 3,475 | 96,668 |
Shares redeemed | (62,442) | (1,996,602) |
Net increase (decrease) in shares outstanding before conversion | 449,068 | 14,797,408 |
Shares converted into Investor Class (See Note 1) | 18,310 | 582,017 |
Shares converted from Investor Class (See Note 1) | (293,620) | (9,430,654) |
Net increase (decrease) | 173,758 | $ 5,948,771 |
Class B | Shares | Amount |
Year ended October 31, 2022: | ||
Shares sold | 1,841 | $ 53,478 |
Shares issued to shareholders in reinvestment of distributions | 14,748 | 443,192 |
Shares redeemed | (23,125) | (653,846) |
Net increase (decrease) in shares outstanding before conversion | (6,536) | (157,176) |
Shares converted from Class B (See Note 1) | (38,436) | (1,074,180) |
Net increase (decrease) | (44,972) | $ (1,231,356) |
Year ended October 31, 2021: | ||
Shares sold | 2,818 | $ 77,793 |
issued in connection with the acquisition of MainStay Epoch U.S. All Cap Fund | 56,787 | 1,683,892 |
Shares redeemed | (34,885) | (1,022,198) |
Net increase (decrease) in shares outstanding before conversion | 24,720 | 739,487 |
Shares converted from Class B (See Note 1) | (36,451) | (1,053,903) |
Net increase (decrease) | (11,731) | $ (314,416) |
Class C | Shares | Amount |
Year ended October 31, 2022: | ||
Shares sold | 24,436 | $ 690,062 |
Shares issued to shareholders in reinvestment of distributions | 108,949 | 3,270,638 |
Shares redeemed | (352,310) | (10,083,915) |
Net increase (decrease) in shares outstanding before conversion | (218,925) | (6,123,215) |
Shares converted from Class C (See Note 1) | (21,155) | (586,653) |
Net increase (decrease) | (240,080) | $ (6,709,868) |
Year ended October 31, 2021: | ||
Shares sold | 16,835 | $ 458,023 |
issued in connection with the acquisition of MainStay Epoch U.S. All Cap Fund | 69,442 | 2,057,308 |
issued in connection with the acquisition of MainStay MacKay U.S. Equity Opportunities Fund | 1,092,350 | 32,362,061 |
Shares redeemed | (318,984) | (9,452,874) |
Net increase (decrease) in shares outstanding before conversion | 859,643 | 25,424,518 |
Shares converted from Class C (See Note 1) | (25,621) | (763,015) |
Net increase (decrease) | 834,022 | $ 24,661,503 |
Class I | Shares | Amount |
Year ended October 31, 2022: | ||
Shares sold | 981,052 | $ 32,552,040 |
Shares issued to shareholders in reinvestment of distributions | 299,886 | 10,205,117 |
Shares redeemed | (2,493,569) | (85,095,425) |
Net increase (decrease) in shares outstanding before conversion | (1,212,631) | (42,338,268) |
Shares converted into Class I (See Note 1) | 2,107 | 64,560 |
Net increase (decrease) | (1,210,524) | $ (42,273,708) |
Year ended October 31, 2021: | ||
Shares sold | 1,135,325 | $ 35,962,374 |
issued in connection with the acquisition of MainStay Epoch U.S. All Cap Fund | 3,846,331 | 127,191,639 |
issued in connection with the acquisition of MainStay MacKay U.S. Equity Opportunities Fund | 1,443,561 | 47,736,105 |
Shares issued to shareholders in reinvestment of distributions | 14,290 | 398,556 |
Shares redeemed | (3,390,505) | (113,090,422) |
Net increase (decrease) in shares outstanding before conversion | 3,049,002 | 98,198,252 |
Shares converted from Class I (See Note 1) | (887,869) | (29,360,331) |
Net increase (decrease) | 2,161,133 | $ 68,837,921 |
Class R3 | Shares | Amount |
Year ended October 31, 2022: | ||
Shares sold | 8,459 | $ 246,328 |
Shares issued to shareholders in reinvestment of distributions | 993 | 33,389 |
Shares redeemed | (3,717) | (113,830) |
Net increase (decrease) | 5,735 | $ 165,887 |
Year ended October 31, 2021: | ||
Shares sold | 6,288 | $ 208,023 |
Shares issued to shareholders in reinvestment of distributions | 30 | 832 |
Shares redeemed | (1,534) | (48,435) |
Net increase (decrease) | 4,784 | $ 160,420 |
Class R6 | Shares | Amount |
Year ended October 31, 2022: | ||
Shares sold | 628,462 | $ 20,556,193 |
Shares issued to shareholders in reinvestment of distributions | 658,656 | 22,407,486 |
Shares redeemed | (1,881,346) | (61,194,703) |
Net increase (decrease) | (594,228) | $ (18,231,024) |
Year ended October 31, 2021:(a) | ||
Shares sold | 332,147 | $ 12,189,729 |
issued in connection with the acquisition of MainStay Epoch U.S. All Cap Fund | 8,858,124 | 292,923,086 |
Shares redeemed | (2,973,906) | (104,254,458) |
Net increase (decrease) in shares outstanding before conversion | 6,216,365 | 200,858,357 |
Shares converted into Class R6 (See Note 1) | 887,869 | 29,360,331 |
Net increase (decrease) | 7,104,234 | $ 230,218,688 |
(a) | The inception of the class was April 26, 2021. |
28 | MainStay WMC Enduring Capital Fund |
The MainStay Funds:
December 23, 2022
30 | MainStay WMC Enduring Capital 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 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 | 78 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; VanEck Vectors Group of Exchange-Traded Funds: Independent Chairman of the Board of Trustees since 2008 and Trustee since 2006 (56 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Investment Committee since 2018 | |
Susan B. Kerley 1951 | MainStay Funds: Chairman since 2017 and Trustee since 2007;MainStay Funds Trust: Chairman since 2017 and Trustee since 1990** | President, Strategic Management Advisors LLC since 1990 | 78 | MainStay VP Funds Trust: Chairman since January 2017 and Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) | |
Alan R. Latshaw 1951 | MainStay Funds: Trustee since 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) | 78 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
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) | 78 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (31 Portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Jacques P. Perold 1958 | MainStay Funds: Trustee since 2016, Advisory Board Member (June 2015 toDecember 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) | 78 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Partners in Health: Trustee since 2019; 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) | 78 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
*** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
32 | MainStay WMC Enduring Capital Fund |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay Funds, MainStay Funds Trust since 2017 | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since January 2018); President, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust (since 2017); Senior Managing Director, Global Product Development (From 2015-2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay Funds (since 2007), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2007)** and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay Funds and MainStay Funds Trust (since 2010) | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer and MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2010)** | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay Funds (since 2009), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2005)** | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay Funds and MainStay Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ, IndexIQ ETF Trust and Index IQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Fund, MainStay VP Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012-2022) |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, 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 AZ, CA, NV, OR, TX, UT, WA and MI (Class A and Class I shares only), and CO, FL, GA, HI, ID, MA, MD, NH, NJ and NY (Class I shares only). |
3. | This Fund is registered for sale in CA, CT, DE, FL, MA, NJ, NY and VT. |
4. | An affiliate of New York Life Investment Management LLC. |
5013911.2MS229-22 | MSWEC11-12/22 |
please log in to newyorklifeinvestments.com/accounts.
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended October 31, 2022 | |||||||
Class | Sales Charge | Inception Date1 | One Year | Five Years | Ten Years or Since Inception | Gross Expense Ratio2 | |
Class A Shares | Maximum 5.5% Initial Sales Charge | With sales charges | 6/9/1999 | -8.03% | 10.07% | 11.32% | 1.02% |
Excluding sales charges | -2.68 | 11.33 | 11.96 | 1.02 | |||
Investor Class Shares3 | Maximum 5% Initial Sales Charge | With sales charges | 2/28/2008 | -7.77 | 9.80 | 11.09 | 1.32 |
Excluding sales charges | -2.91 | 11.05 | 11.72 | 1.32 | |||
Class B Shares4 | Maximum 5% CDSC | With sales charges | 6/9/1999 | -5.82 | 10.08 | 10.88 | 2.07 |
if Redeemed Within the First Six Years of Purchase | Excluding sales charges | -3.66 | 10.22 | 10.88 | 2.07 | ||
Class C Shares | Maximum 1% CDSC | With sales charges | 6/9/1999 | -4.09 | 10.22 | 10.88 | 2.07 |
if Redeemed Within One Year of Purchase | Excluding sales charges | -3.66 | 10.22 | 10.88 | 2.07 | ||
Class I Shares | No Sales Charge | 1/21/1971 | -2.37 | 11.63 | 12.25 | 0.77 | |
Class R1 Shares | No Sales Charge | 1/2/2004 | -2.54 | 11.50 | 12.12 | 0.87 | |
Class R2 Shares | No Sales Charge | 1/2/2004 | -2.79 | 11.21 | 11.84 | 1.12 | |
Class R3 Shares | No Sales Charge | 4/28/2006 | -3.03 | 10.93 | 11.57 | 1.37 | |
Class R6 Shares | No Sales Charge | 4/26/2021 | -2.37 | N/A | 2.72 | 0.72 |
1. | Effective April 26, 2021, the Fund replaced its subadvisor, changed its investment objective and modified its principal investment strategies. Therefore, the performance information shown in this report prior to April 26, 2021 reflects that of the Fund’s prior subadvisor, 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 5.5%, 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. |
Benchmark Performance* | One Year | Five Years | Ten Years |
Russell 1000® Value Index1 | -7.00% | 7.21% | 10.30% |
Russell 3000® Index2 | -16.52 | 9.87 | 12.46 |
Morningstar Large Value Category Average3 | -4.60 | 7.43 | 9.85 |
* | 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 as a replacement for the Russell 3000® Index because it believes that the Russell 1000® Value Index is more reflective of its principal investment strategies. 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. | Prior to April 26, 2021, the Russell 3000® Index was the Fund's primary broad-based securities market index for comparison purposes. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. |
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 WMC Value Fund |
Share Class | Beginning Account Value 5/1/22 | Ending Account Value (Based on Actual Returns and Expenses) 10/31/22 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 10/31/22 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Class A Shares | $1,000.00 | $995.40 | $5.13 | $1,020.06 | $ 5.19 | 1.02% |
Investor Class Shares | $1,000.00 | $994.30 | $6.18 | $1,019.00 | $ 6.26 | 1.23% |
Class B Shares | $1,000.00 | $990.70 | $9.93 | $1,015.22 | $10.06 | 1.98% |
Class C Shares | $1,000.00 | $990.70 | $9.93 | $1,015.22 | $10.06 | 1.98% |
Class I Shares | $1,000.00 | $997.00 | $3.52 | $1,021.68 | $ 3.57 | 0.70% |
Class R1 Shares | $1,000.00 | $996.20 | $4.43 | $1,020.77 | $ 4.48 | 0.88% |
Class R2 Shares | $1,000.00 | $994.80 | $5.63 | $1,019.56 | $ 5.70 | 1.12% |
Class R3 Shares | $1,000.00 | $993.60 | $6.88 | $1,018.30 | $ 6.97 | 1.37% |
Class R6 Shares | $1,000.00 | $997.00 | $3.52 | $1,021.68 | $ 3.57 | 0.70% |
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. |
Pharmaceuticals | 8.9% |
Oil, Gas & Consumable Fuels | 7.5 |
Banks | 7.0 |
Capital Markets | 6.8 |
Health Care Providers & Services | 5.3 |
Insurance | 4.7 |
Aerospace & Defense | 4.7 |
Health Care Equipment & Supplies | 4.4 |
Semiconductors & Semiconductor Equipment | 4.3 |
Specialty Retail | 4.1 |
Equity Real Estate Investment Trusts | 3.8 |
Communications Equipment | 3.7 |
Food Products | 3.0 |
Building Products | 2.6 |
Electric Utilities | 2.5 |
IT Services | 2.4 |
Interactive Media & Services | 2.0 |
Entertainment | 1.6 |
Electronic Equipment, Instruments & Components | 1.6 |
Multi–Utilities | 1.4% |
Machinery | 1.3 |
Beverages | 1.2 |
Electrical Equipment | 1.2 |
Personal Products | 1.2 |
Auto Components | 1.2 |
Gas Utilities | 1.2 |
Real Estate Management & Development | 1.1 |
Diversified Consumer Services | 1.0 |
Road & Rail | 1.0 |
Household Durables | 1.0 |
Containers & Packaging | 1.0 |
Media | 1.0 |
Chemicals | 1.0 |
Short–Term Investment | 4.0 |
Other Assets, Less Liabilities | –0.7 |
100.0% |
1. | JPMorgan Chase & Co. |
2. | Pfizer, Inc. |
3. | ConocoPhillips |
4. | Cisco Systems, Inc. |
5. | Elevance Health, Inc. |
6. | Morgan Stanley |
7. | Alphabet, Inc., Class C |
8. | Merck & Co., Inc. |
9. | MetLife, Inc. |
10. | Eli Lilly and Co. |
8 | MainStay WMC Value Fund |
1. | See page 5 for other share class returns, which may be higher or lower than Class I share returns. See page 6 for more information on benchmark and peer group returns. |
10 | MainStay WMC Value Fund |
Shares | Value | |
Common Stocks 96.7% | ||
Aerospace & Defense 4.7% | ||
General Dynamics Corp. | 53,732 | $ 13,422,253 |
L3Harris Technologies, Inc. | 67,170 | 16,555,390 |
Raytheon Technologies Corp. | 181,135 | 17,175,221 |
47,152,864 | ||
Auto Components 1.2% | ||
Gentex Corp. | 455,028 | 12,053,692 |
Banks 7.0% | ||
JPMorgan Chase & Co. | 250,594 | 31,544,773 |
M&T Bank Corp. | 93,561 | 15,752,865 |
PNC Financial Services Group, Inc. (The) | 75,702 | 12,250,855 |
Truist Financial Corp. | 247,629 | 11,091,303 |
70,639,796 | ||
Beverages 1.2% | ||
Keurig Dr Pepper, Inc. | 324,605 | 12,607,658 |
Building Products 2.6% | ||
Fortune Brands Home & Security, Inc. | 163,601 | 9,868,413 |
Johnson Controls International plc | 288,842 | 16,706,621 |
26,575,034 | ||
Capital Markets 6.8% | ||
Ares Management Corp. | 198,365 | 15,042,018 |
Blackstone, Inc. | 115,985 | 10,570,873 |
LPL Financial Holdings, Inc. | 39,212 | 10,024,548 |
Morgan Stanley | 250,770 | 20,605,771 |
Raymond James Financial, Inc. | 105,026 | 12,407,771 |
68,650,981 | ||
Chemicals 1.0% | ||
Axalta Coating Systems Ltd. (a) | 429,804 | 10,023,029 |
Communications Equipment 3.7% | ||
Cisco Systems, Inc. | 532,490 | 24,191,021 |
F5, Inc. (a) | 92,134 | 13,166,870 |
37,357,891 | ||
Containers & Packaging 1.0% | ||
Sealed Air Corp. | 215,508 | 10,262,491 |
Diversified Consumer Services 1.0% | ||
H&R Block, Inc. | 256,753 | 10,565,386 |
Shares | Value | |
Electric Utilities 2.5% | ||
Duke Energy Corp. | 139,698 | $ 13,017,060 |
Exelon Corp. | 329,938 | 12,732,307 |
25,749,367 | ||
Electrical Equipment 1.2% | ||
Emerson Electric Co. | 142,909 | 12,375,919 |
Electronic Equipment, Instruments & Components 1.6% | ||
Corning, Inc. | 487,866 | 15,694,649 |
Entertainment 1.6% | ||
Electronic Arts, Inc. | 126,096 | 15,883,052 |
Equity Real Estate Investment Trusts 3.8% | ||
Gaming and Leisure Properties, Inc. | 296,671 | 14,869,150 |
Host Hotels & Resorts, Inc. | 621,578 | 11,735,393 |
Welltower, Inc. | 191,942 | 11,716,140 |
38,320,683 | ||
Food Products 3.0% | ||
Archer-Daniels-Midland Co. | 162,737 | 15,782,234 |
Mondelez International, Inc., Class A | 241,746 | 14,862,544 |
30,644,778 | ||
Gas Utilities 1.2% | ||
Atmos Energy Corp. | 112,880 | 12,027,364 |
Health Care Equipment & Supplies 4.4% | ||
Becton Dickinson and Co. | 58,521 | 13,809,200 |
Boston Scientific Corp. (a) | 339,640 | 14,641,881 |
Medtronic plc | 184,205 | 16,088,465 |
44,539,546 | ||
Health Care Providers & Services 5.3% | ||
Centene Corp. (a) | 183,780 | 15,645,191 |
Elevance Health, Inc. | 38,520 | 21,061,581 |
UnitedHealth Group, Inc. | 29,706 | 16,491,286 |
53,198,058 | ||
Household Durables 1.0% | ||
Lennar Corp., Class A | 127,953 | 10,325,807 |
Insurance 4.7% | ||
Chubb Ltd. | 83,046 | 17,845,755 |
MetLife, Inc. | 266,530 | 19,512,661 |
Progressive Corp. (The) | 79,105 | 10,157,082 |
47,515,498 |
Shares | Value | |
Common Stocks (continued) | ||
Interactive Media & Services 2.0% | ||
Alphabet, Inc., Class C (a) | 216,980 | $ 20,539,327 |
IT Services 2.4% | ||
Amdocs Ltd. | 140,575 | 12,133,028 |
Global Payments, Inc. | 102,696 | 11,734,045 |
23,867,073 | ||
Machinery 1.3% | ||
Middleby Corp. (The) (a) | 96,776 | 13,535,091 |
Media 1.0% | ||
Omnicom Group, Inc. | 138,327 | 10,063,289 |
Multi-Utilities 1.4% | ||
Sempra Energy | 94,821 | 14,312,282 |
Oil, Gas & Consumable Fuels 7.5% | ||
ConocoPhillips | 207,069 | 26,109,330 |
Coterra Energy, Inc. | 535,481 | 16,669,524 |
EOG Resources, Inc. | 130,625 | 17,832,925 |
Phillips 66 | 149,915 | 15,634,635 |
76,246,414 | ||
Personal Products 1.2% | ||
Unilever plc, Sponsored ADR | 269,472 | 12,263,671 |
Pharmaceuticals 8.9% | ||
AstraZeneca plc, Sponsored ADR | 204,647 | 12,035,290 |
Eli Lilly and Co. | 52,837 | 19,131,749 |
Merck & Co., Inc. | 198,483 | 20,086,480 |
Pfizer, Inc. | 619,538 | 28,839,494 |
Roche Holding AG | 31,298 | 10,394,118 |
90,487,131 | ||
Real Estate Management & Development 1.1% | ||
CBRE Group, Inc., Class A (a) | 158,059 | 11,212,706 |
Shares | Value | ||
Road & Rail 1.0% | |||
Knight-Swift Transportation Holdings, Inc. | 218,043 | $ 10,472,605 | |
Semiconductors & Semiconductor Equipment 4.3% | |||
Analog Devices, Inc. | 128,552 | 18,334,086 | |
Micron Technology, Inc. | 201,983 | 10,927,280 | |
QUALCOMM, Inc. | 120,815 | 14,215,093 | |
43,476,459 | |||
Specialty Retail 4.1% | |||
Home Depot, Inc. (The) | 61,891 | 18,327,782 | |
TJX Cos., Inc. (The) | 181,403 | 13,079,156 | |
Victoria's Secret & Co. (a) | 265,176 | 9,970,618 | |
41,377,556 | |||
Total Common Stocks (Cost $905,590,002) | 980,017,147 | ||
Short-Term Investment 4.0% | |||
Affiliated Investment Company 4.0% | |||
MainStay U.S. Government Liquidity Fund, 2.905% (b) | 41,010,357 | 41,010,357 | |
Total Short-Term Investment (Cost $41,010,357) | 41,010,357 | ||
Total Investments (Cost $946,600,359) | 100.7% | 1,021,027,504 | |
Other Assets, Less Liabilities | (0.7) | (7,352,615) | |
Net Assets | 100.0% | $ 1,013,674,889 |
† | Percentages indicated are based on Fund net assets. |
(a) | Non-income producing security. |
(b) | Current yield as of October 31, 2022. |
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 | $ 10,778 | $ 239,146 | $ (208,914) | $ — | $ — | $ 41,010 | $ 160 | $ — | 41,010 |
12 | MainStay WMC Value Fund |
Abbreviation(s): |
ADR—American 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 | $ 980,017,147 | $ — | $ — | $ 980,017,147 | |||
Short-Term Investment | |||||||
Affiliated Investment Company | 41,010,357 | — | — | 41,010,357 | |||
Total Investments in Securities | $ 1,021,027,504 | $ — | $ — | $ 1,021,027,504 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
Assets | |
Investment in unaffiliated securities, at value (identified cost $905,590,002) | $ 980,017,147 |
Investment in affiliated investment companies, at value (identified cost $41,010,357) | 41,010,357 |
Cash | 70,482 |
Receivables: | |
Fund shares sold | 1,214,494 |
Dividends | 597,913 |
Securities lending | 117 |
Other assets | 77,885 |
Total assets | 1,022,988,395 |
Liabilities | |
Payables: | |
Investment securities purchased | 8,096,714 |
Manager (See Note 3) | 510,655 |
Fund shares redeemed | 329,237 |
NYLIFE Distributors (See Note 3) | 136,357 |
Transfer agent (See Note 3) | 125,439 |
Shareholder communication | 82,165 |
Professional fees | 19,752 |
Custodian | 5,574 |
Accrued expenses | 7,613 |
Total liabilities | 9,313,506 |
Net assets | $1,013,674,889 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.01 per share) unlimited number of shares authorized | $ 353,599 |
Additional paid-in-capital | 888,267,551 |
888,621,150 | |
Total distributable earnings (loss) | 125,053,739 |
Net assets | $1,013,674,889 |
Class A | |
Net assets applicable to outstanding shares | $522,936,813 |
Shares of beneficial interest outstanding | 18,603,922 |
Net asset value per share outstanding | $ 28.11 |
Maximum sales charge (5.50% of offering price) | 1.64 |
Maximum offering price per share outstanding | $ 29.75 |
Investor Class | |
Net assets applicable to outstanding shares | $ 56,060,953 |
Shares of beneficial interest outstanding | 1,995,785 |
Net asset value per share outstanding | $ 28.09 |
Maximum sales charge (5.00% of offering price) | 1.48 |
Maximum offering price per share outstanding | $ 29.57 |
Class B | |
Net assets applicable to outstanding shares | $ 8,044,551 |
Shares of beneficial interest outstanding | 396,478 |
Net asset value and offering price per share outstanding | $ 20.29 |
Class C | |
Net assets applicable to outstanding shares | $ 14,563,534 |
Shares of beneficial interest outstanding | 717,337 |
Net asset value and offering price per share outstanding | $ 20.30 |
Class I | |
Net assets applicable to outstanding shares | $137,117,361 |
Shares of beneficial interest outstanding | 4,534,866 |
Net asset value and offering price per share outstanding | $ 30.24 |
Class R1 | |
Net assets applicable to outstanding shares | $ 172,325 |
Shares of beneficial interest outstanding | 6,011 |
Net asset value and offering price per share outstanding | $ 28.67 |
Class R2 | |
Net assets applicable to outstanding shares | $ 1,034,263 |
Shares of beneficial interest outstanding | 36,328 |
Net asset value and offering price per share outstanding | $ 28.47 |
Class R3 | |
Net assets applicable to outstanding shares | $ 1,471,022 |
Shares of beneficial interest outstanding | 52,278 |
Net asset value and offering price per share outstanding | $ 28.14 |
Class R6 | |
Net assets applicable to outstanding shares | $272,274,067 |
Shares of beneficial interest outstanding | 9,016,919 |
Net asset value and offering price per share outstanding | $ 30.20 |
14 | MainStay WMC Value Fund |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated (net of foreign tax withholding of $46,209) | $ 22,776,088 |
Dividends-affiliated | 159,639 |
Securities lending, net | 6,024 |
Other | 73 |
Total income | 22,941,824 |
Expenses | |
Manager (See Note 3) | 6,802,967 |
Distribution/Service—Class A (See Note 3) | 1,315,088 |
Distribution/Service—Investor Class (See Note 3) | 149,127 |
Distribution/Service—Class B (See Note 3) | 103,696 |
Distribution/Service—Class C (See Note 3) | 133,636 |
Distribution/Service—Class R2 (See Note 3) | 2,600 |
Distribution/Service—Class R3 (See Note 3) | 6,121 |
Transfer agent (See Note 3) | 708,908 |
Registration | 148,334 |
Professional fees | 124,680 |
Shareholder communication | 95,704 |
Trustees | 21,010 |
Custodian | 16,643 |
Shareholder service (See Note 3) | 2,314 |
Miscellaneous | 34,221 |
Total expenses before waiver/reimbursement | 9,665,049 |
Expense waiver/reimbursement from Manager (See Note 3) | (107,460) |
Net expenses | 9,557,589 |
Net investment income (loss) | 13,384,235 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | 43,069,233 |
Foreign currency transactions | 1,549 |
Net realized gain (loss) | 43,070,782 |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | (83,055,351) |
Translation of other assets and liabilities in foreign currencies | (4,196) |
Net change in unrealized appreciation (depreciation) | (83,059,547) |
Net realized and unrealized gain (loss) | (39,988,765) |
Net increase (decrease) in net assets resulting from operations | $(26,604,530) |
for the years ended October 31, 2022 and October 31, 2021
2022 | 2021 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 13,384,235 | $ 6,951,234 |
Net realized gain (loss) | 43,070,782 | 620,768,124 |
Net change in unrealized appreciation (depreciation) | (83,059,547) | (247,726,816) |
Net increase (decrease) in net assets resulting from operations | (26,604,530) | 379,992,542 |
Distributions to shareholders: | ||
Class A | (254,684,263) | (16,313,673) |
Investor Class | (30,552,543) | (2,713,691) |
Class B | (7,017,069) | (590,306) |
Class C | (6,589,112) | (589,734) |
Class I | (44,509,475) | (17,065,424) |
Class R1 | (21,242) | (1,674) |
Class R2 | (492,154) | (28,927) |
Class R3 | (528,702) | (95,950) |
Class R6 | (161,084,996) | — |
Total distributions to shareholders | (505,479,556) | (37,399,379) |
Capital share transactions: | ||
Net proceeds from sales of shares | 167,876,878 | 36,516,229 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 492,255,863 | 36,436,026 |
Cost of shares redeemed | (213,638,603) | (224,285,447) |
Increase (decrease) in net assets derived from capital share transactions | 446,494,138 | (151,333,192) |
Net increase (decrease) in net assets | (85,589,948) | 191,259,971 |
Net Assets | ||
Beginning of year | 1,099,264,837 | 908,004,866 |
End of year | $1,013,674,889 | $1,099,264,837 |
16 | MainStay WMC Value Fund |
Year Ended October 31, | |||||||||
Class A | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 55.21 | $ 39.49 | $ 42.24 | $ 41.20 | $ 43.76 | ||||
Net investment income (loss) (a) | 0.36 | 0.30 | 0.21 | 0.26 | 0.23 | ||||
Net realized and unrealized gain (loss) | (1.68) | 17.09 | 0.55 | 4.88 | 1.79 | ||||
Total from investment operations | (1.32) | 17.39 | 0.76 | 5.14 | 2.02 | ||||
Less distributions: | |||||||||
From net investment income | (0.38) | (0.25) | (0.31) | (0.28) | (0.21) | ||||
From net realized gain on investments | (25.40) | (1.42) | (3.20) | (3.82) | (4.37) | ||||
Total distributions | (25.78) | (1.67) | (3.51) | (4.10) | (4.58) | ||||
Net asset value at end of year | $ 28.11 | $ 55.21 | $ 39.49 | $ 42.24 | $ 41.20 | ||||
Total investment return (b) | (2.68)% | 45.14% | 1.66% | 13.54% | 4.88% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.21% | 0.60% | 0.55% | 0.67% | 0.57% | ||||
Net expenses (c) | 1.02%(d) | 1.06% | 1.10%(e) | 1.11% | 1.10% | ||||
Portfolio turnover rate | 37% | 23% | 16% | 20% | 15% | ||||
Net assets at end of year (in 000’s) | $ 522,937 | $ 547,299 | $ 389,530 | $ 427,040 | $ 384,637 |
(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) | Expense waiver/reimbursement less than 0.01%. |
(e) | Net of interest expense which is less than one-tenth of a percent. |
Year Ended October 31, | |||||||||
Investor Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 55.08 | $ 39.40 | $ 42.17 | $ 41.15 | $ 43.68 | ||||
Net investment income (loss) (a) | 0.29 | 0.14 | 0.10 | 0.18 | 0.17 | ||||
Net realized and unrealized gain (loss) | (1.69) | 17.09 | 0.53 | 4.86 | 1.78 | ||||
Total from investment operations | (1.40) | 17.23 | 0.63 | 5.04 | 1.95 | ||||
Less distributions: | |||||||||
From net investment income | (0.19) | (0.13) | (0.20) | (0.20) | (0.11) | ||||
From net realized gain on investments | (25.40) | (1.42) | (3.20) | (3.82) | (4.37) | ||||
Total distributions | (25.59) | (1.55) | (3.40) | (4.02) | (4.48) | ||||
Net asset value at end of year | $ 28.09 | $ 55.08 | $ 39.40 | $ 42.17 | $ 41.15 | ||||
Total investment return (b) | (2.91)% | 44.73% | 1.35% | 13.27% | 4.69% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.97% | 0.28% | 0.25% | 0.46% | 0.39% | ||||
Net expenses (c) | 1.26% | 1.36% | 1.40%(d) | 1.33% | 1.29% | ||||
Expenses (before waiver/reimbursement) (c) | 1.26%(e) | 1.36% | 1.41% | 1.38% | 1.31% | ||||
Portfolio turnover rate | 37% | 23% | 16% | 20% | 15% | ||||
Net assets at end of year (in 000's) | $ 56,061 | $ 66,193 | $ 69,423 | $ 80,733 | $ 76,844 |
(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 which is less than one-tenth of a percent. |
(e) | Expense waiver/reimbursement less than 0.01%. |
Year Ended October 31, | |||||||||
Class B | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 47.03 | $ 33.97 | $ 36.88 | $ 36.53 | $ 39.43 | ||||
Net investment income (loss) (a) | 0.05 | (0.20) | (0.16) | (0.09) | (0.13) | ||||
Net realized and unrealized gain (loss) | (1.39) | 14.68 | 0.45 | 4.26 | 1.60 | ||||
Total from investment operations | (1.34) | 14.48 | 0.29 | 4.17 | 1.47 | ||||
Less distributions: | |||||||||
From net realized gain on investments | (25.40) | (1.42) | (3.20) | (3.82) | (4.37) | ||||
Net asset value at end of year | $ 20.29 | $ 47.03 | $ 33.97 | $ 36.88 | $ 36.53 | ||||
Total investment return (b) | (3.66)% | 43.67% | 0.57% | 12.45% | 3.91% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.23% | (0.47)% | (0.48)% | (0.27)% | (0.35)% | ||||
Net expenses (c) | 2.01% | 2.11% | 2.15%(d) | 2.08% | 2.04% | ||||
Expenses (before waiver/reimbursement) (c) | 2.01%(e) | 2.11% | 2.16% | 2.13% | 2.06% | ||||
Portfolio turnover rate | 37% | 23% | 16% | 20% | 15% | ||||
Net assets at end of year (in 000’s) | $ 8,045 | $ 13,100 | $ 14,212 | $ 21,088 | $ 26,571 |
(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 which is less than one-tenth of a percent. |
(e) | Expense waiver/reimbursement less than 0.01%. |
Year Ended October 31, | |||||||||
Class C | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 47.04 | $ 33.98 | $ 36.88 | $ 36.53 | $ 39.43 | ||||
Net investment income (loss) (a) | 0.05 | (0.21) | (0.16) | (0.07) | (0.14) | ||||
Net realized and unrealized gain (loss) | (1.39) | 14.69 | 0.46 | 4.24 | 1.61 | ||||
Total from investment operations | (1.34) | 14.48 | 0.30 | 4.17 | 1.47 | ||||
Less distributions: | |||||||||
From net realized gain on investments | (25.40) | (1.42) | (3.20) | (3.82) | (4.37) | ||||
Net asset value at end of year | $ 20.30 | $ 47.04 | $ 33.98 | $ 36.88 | $ 36.53 | ||||
Total investment return (b) | (3.66)% | 43.65% | 0.60% | 12.45% | 3.91% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.22% | (0.50)% | (0.48)% | (0.22)% | (0.36)% | ||||
Net expenses (c) | 2.00% | 2.11% | 2.15%(d) | 2.07% | 2.04% | ||||
Expenses (before waiver/reimbursement) (c) | 2.01% | 2.11% | 2.16% | 2.12% | 2.06% | ||||
Portfolio turnover rate | 37% | 23% | 16% | 20% | 15% | ||||
Net assets at end of year (in 000’s) | $ 14,564 | $ 11,119 | $ 14,315 | $ 22,933 | $ 65,288 |
(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 which is less than one-tenth of a percent. |
18 | MainStay WMC Value Fund |
Year Ended October 31, | |||||||||
Class I | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 57.43 | $ 40.99 | $ 43.71 | $ 42.51 | $ 45.00 | ||||
Net investment income (loss) (a) | 0.48 | 0.30 | 0.32 | 0.38 | 0.36 | ||||
Net realized and unrealized gain (loss) | (1.76) | 17.91 | 0.57 | 5.02 | 1.84 | ||||
Total from investment operations | (1.28) | 18.21 | 0.89 | 5.40 | 2.20 | ||||
Less distributions: | |||||||||
From net investment income | (0.51) | (0.35) | (0.41) | (0.38) | (0.32) | ||||
From net realized gain on investments | (25.40) | (1.42) | (3.20) | (3.82) | (4.37) | ||||
Total distributions | (25.91) | (1.77) | (3.61) | (4.20) | (4.69) | ||||
Net asset value at end of year | $ 30.24 | $ 57.43 | $ 40.99 | $ 43.71 | $ 42.51 | ||||
Total investment return (b) | (2.37)% | 45.57% | 1.92% | 13.80% | 5.17% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.51% | 0.61% | 0.81% | 0.93% | 0.83% | ||||
Net expenses (c) | 0.70% | 0.82% | 0.85%(d) | 0.86% | 0.85% | ||||
Expenses (before waiver/reimbursement) (c) | 0.77% | 0.83% | 0.85% | 0.86% | 0.85% | ||||
Portfolio turnover rate | 37% | 23% | 16% | 20% | 15% | ||||
Net assets at end of year (in 000’s) | $ 137,117 | $ 102,714 | $ 417,329 | $ 488,730 | $ 484,839 |
(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 which is less than one-tenth of a percent. |
Year Ended October 31, | |||||||||
Class R1 | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 55.81 | $ 39.90 | $ 42.64 | $ 41.53 | $ 44.07 | ||||
Net investment income (loss) (a) | 0.37 | 0.38 | 0.27 | 0.33 | 0.37 | ||||
Net realized and unrealized gain (loss) | (1.67) | 17.27 | 0.56 | 4.91 | 1.73 | ||||
Total from investment operations | (1.30) | 17.65 | 0.83 | 5.24 | 2.10 | ||||
Less distributions: | |||||||||
From net investment income | (0.44) | (0.32) | (0.37) | (0.31) | (0.27) | ||||
From net realized gain on investments | (25.40) | (1.42) | (3.20) | (3.82) | (4.37) | ||||
Total distributions | (25.84) | (1.74) | (3.57) | (4.13) | (4.64) | ||||
Net asset value at end of year | $ 28.67 | $ 55.81 | $ 39.90 | $ 42.64 | $ 41.53 | ||||
Total investment return (b) | (2.54)% | 45.37% | 1.82% | 13.71% | 5.05% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.24% | 0.75% | 0.69% | 0.83% | 0.88% | ||||
Net expenses (c) | 0.87%(d) | 0.91% | 0.95%(e) | 0.96% | 0.95% | ||||
Portfolio turnover rate | 37% | 23% | 16% | 20% | 15% | ||||
Net assets at end of year (in 000’s) | $ 172 | $ 57 | $ 38 | $ 35 | $ 30 |
(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) | Expense waiver/reimbursement less than 0.01%. |
(e) | Net of interest expense which is less than one-tenth of a percent. |
Year Ended October 31, | |||||||||
Class R2 | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 55.57 | $ 39.74 | $ 42.48 | $ 41.38 | $ 43.93 | ||||
Net investment income (loss) (a) | 0.33 | 0.25 | 0.18 | 0.23 | 0.21 | ||||
Net realized and unrealized gain (loss) | (1.70) | 17.21 | 0.55 | 4.89 | 1.78 | ||||
Total from investment operations | (1.37) | 17.46 | 0.73 | 5.12 | 1.99 | ||||
Less distributions: | |||||||||
From net investment income | (0.33) | (0.21) | (0.27) | (0.20) | (0.17) | ||||
From net realized gain on investments | (25.40) | (1.42) | (3.20) | (3.82) | (4.37) | ||||
Total distributions | (25.73) | (1.63) | (3.47) | (4.02) | (4.54) | ||||
Net asset value at end of year | $ 28.47 | $ 55.57 | $ 39.74 | $ 42.48 | $ 41.38 | ||||
Total investment return (b) | (2.79)% | 45.01% | 1.57% | 13.42% | 4.77% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.10% | 0.50% | 0.45% | 0.59% | 0.50% | ||||
Net expenses (c) | 1.12%(d) | 1.16% | 1.20%(e) | 1.21% | 1.20% | ||||
Portfolio turnover rate | 37% | 23% | 16% | 20% | 15% | ||||
Net assets at end of year (in 000’s) | $ 1,034 | $ 1,066 | $ 716 | $ 780 | $ 881 |
(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) | Expense waiver/reimbursement less than 0.01%. |
(e) | Net of interest expense which is less than one-tenth of a percent. |
Year Ended October 31, | |||||||||
Class R3 | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 55.17 | $ 39.48 | $ 42.24 | $ 41.15 | $ 43.71 | ||||
Net investment income (loss) (a) | 0.25 | 0.12 | 0.07 | 0.13 | 0.08 | ||||
Net realized and unrealized gain (loss) | (1.69) | 17.12 | 0.54 | 4.87 | 1.79 | ||||
Total from investment operations | (1.44) | 17.24 | 0.61 | 5.00 | 1.87 | ||||
Less distributions: | |||||||||
From net investment income | (0.19) | (0.13) | (0.17) | (0.09) | (0.06) | ||||
From net realized gain on investments | (25.40) | (1.42) | (3.20) | (3.82) | (4.37) | ||||
Total distributions | (25.59) | (1.55) | (3.37) | (3.91) | (4.43) | ||||
Net asset value at end of year | $ 28.14 | $ 55.17 | $ 39.48 | $ 42.24 | $ 41.15 | ||||
Total investment return (b) | (3.03)% | 44.66% | 1.29% | 13.14% | 4.51% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.85% | 0.25% | 0.19% | 0.32% | 0.20% | ||||
Net expenses (c) | 1.37%(d) | 1.42% | 1.45%(e) | 1.46% | 1.45% | ||||
Portfolio turnover rate | 37% | 23% | 16% | 20% | 15% | ||||
Net assets at end of year (in 000’s) | $ 1,471 | $ 1,137 | $ 2,442 | $ 2,314 | $ 1,931 |
(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) | Expense waiver/reimbursement less than 0.01%. |
(e) | Net of interest expense which is less than one-tenth of a percent. |
20 | MainStay WMC Value Fund |
Year Ended October 31, | April 26, 2021^ through October 31, | ||
Class R6 | 2022 | 2021 | |
Net asset value at beginning of period | $ 57.42 | $ 53.83* | |
Net investment income (loss) (a) | 0.49 | 0.65 | |
Net realized and unrealized gain (loss) | (1.77) | 2.94 | |
Total from investment operations | (1.28) | 3.59 | |
Less distributions: | |||
From net investment income | (0.54) | — | |
From net realized gain on investments | (25.40) | — | |
Total distributions | (25.94) | — | |
Net asset value at end of period | $ 30.20 | $ 57.42 | |
Total investment return (b) | (2.37)% | 6.67% | |
Ratios (to average net assets)/Supplemental Data: | |||
Net investment income (loss) | 1.52% | 1.25% | |
Net expenses (c) | 0.70% | 0.72% | |
Expenses (before waiver/reimbursement) (c) | 0.71% | 0.72% | |
Portfolio turnover rate | 37% | 23% | |
Net assets at end of period (in 000’s) | $ 272,274 | $ 356,580 |
* | Based on the net asset value of Class I as of April 26, 2021. |
^ | 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. |
Class | Commenced Operations |
Class A | June 9, 1999 |
Investor Class | February 28, 2008 |
Class B | June 9, 1999 |
Class C | June 9, 1999 |
Class I | January 21, 1971 |
Class R1 | January 2, 2004 |
Class R2 | January 2, 2004 |
Class R3 | April 28, 2006 |
Class R6 | April 26, 2021 |
SIMPLE Class | N/A* |
* | SIMPLE Class shares were registered for sale effective as of August 31, 2020 but have not yet commenced operations. |
22 | MainStay WMC Value 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 WMC Value Fund |
Class R1 | $ 50 |
Class R2 | 1,040 |
Class R3 | 1,224 |
26 | MainStay WMC Value Fund |
Class | Expense | Waived |
Class A | $364,234 | $— |
Investor Class | 184,642 | — |
Class B | 32,461 | — |
Class C | 40,666 | — |
Class I | 72,638 | — |
Class R1 | 35 | — |
Class R2 | 720 | — |
Class R3 | 853 | — |
Class R6 | 12,659 | — |
Class R6 | $26,036 | 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 | $949,611,592 | $138,150,116 | $(66,734,204) | $71,415,912 |
Ordinary income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$14,477,186 | $39,164,837 | $— | $71,411,716 | $125,053,739 |
Total Distributable Earnings (Loss) | Additional Paid-In Capital | |
$(4,024,551) | $4,024,551 |
2022 | 2021 | |
Distributions paid from: | ||
Ordinary Income | $ 44,602,455 | $ 6,062,614 |
Long-Term Capital Gains | 460,877,101 | 31,336,765 |
Total | $505,479,556 | $37,399,379 |
Class A | Shares | Amount |
Year ended October 31, 2022: | ||
Shares sold | 2,574,874 | $ 75,162,709 |
Shares issued to shareholders in reinvestment of distributions | 8,653,260 | 244,714,188 |
Shares redeemed | (2,898,457) | (85,207,197) |
Net increase (decrease) in shares outstanding before conversion | 8,329,677 | 234,669,700 |
Shares converted into Class A (See Note 1) | 365,434 | 10,680,993 |
Shares converted from Class A (See Note 1) | (3,901) | (117,088) |
Net increase (decrease) | 8,691,210 | $ 245,233,605 |
Year ended October 31, 2021: | ||
Shares sold | 393,231 | $ 19,413,350 |
Shares issued to shareholders in reinvestment of distributions | 356,091 | 15,628,837 |
Shares redeemed | (1,351,833) | (66,693,648) |
Net increase (decrease) in shares outstanding before conversion | (602,511) | (31,651,461) |
Shares converted into Class A (See Note 1) | 655,743 | 31,612,039 |
Shares converted from Class A (See Note 1) | (4,741) | (236,242) |
Net increase (decrease) | 48,491 | $ (275,664) |
Investor Class | Shares | Amount |
Year ended October 31, 2022: | ||
Shares sold | 99,246 | $ 2,910,829 |
Shares issued to shareholders in reinvestment of distributions | 1,076,017 | 30,472,806 |
Shares redeemed | (160,132) | (4,790,100) |
Net increase (decrease) in shares outstanding before conversion | 1,015,131 | 28,593,535 |
Shares converted into Investor Class (See Note 1) | 38,738 | 1,108,283 |
Shares converted from Investor Class (See Note 1) | (259,839) | (7,693,164) |
Net increase (decrease) | 794,030 | $ 22,008,654 |
Year ended October 31, 2021: | ||
Shares sold | 45,764 | $ 2,257,681 |
Shares issued to shareholders in reinvestment of distributions | 61,674 | 2,707,491 |
Shares redeemed | (131,621) | (6,457,578) |
Net increase (decrease) in shares outstanding before conversion | (24,183) | (1,492,406) |
Shares converted into Investor Class (See Note 1) | 35,932 | 1,790,628 |
Shares converted from Investor Class (See Note 1) | (571,930) | (27,460,423) |
Net increase (decrease) | (560,181) | $ (27,162,201) |
28 | MainStay WMC Value Fund |
Class B | Shares | Amount |
Year ended October 31, 2022: | ||
Shares sold | 13,232 | $ 270,904 |
Shares issued to shareholders in reinvestment of distributions | 340,527 | 7,014,860 |
Shares redeemed | (71,258) | (1,533,977) |
Net increase (decrease) in shares outstanding before conversion | 282,501 | 5,751,787 |
Shares converted from Class B (See Note 1) | (164,591) | (3,396,152) |
Net increase (decrease) | 117,910 | $ 2,355,635 |
Year ended October 31, 2021: | ||
Shares sold | 5,188 | $ 211,148 |
Shares issued to shareholders in reinvestment of distributions | 15,616 | 589,371 |
Shares redeemed | (65,590) | (2,769,386) |
Net increase (decrease) in shares outstanding before conversion | (44,786) | (1,968,867) |
Shares converted from Class B (See Note 1) | (94,994) | (4,041,041) |
Net increase (decrease) | (139,780) | $ (6,009,908) |
Class C | Shares | Amount |
Year ended October 31, 2022: | ||
Shares sold | 430,915 | $ 9,751,926 |
Shares issued to shareholders in reinvestment of distributions | 317,250 | 6,538,534 |
Shares redeemed | (233,253) | (4,957,547) |
Net increase (decrease) in shares outstanding before conversion | 514,912 | 11,332,913 |
Shares converted from Class C (See Note 1) | (33,962) | (698,007) |
Net increase (decrease) | 480,950 | $ 10,634,906 |
Year ended October 31, 2021: | ||
Shares sold | 25,036 | $ 1,120,984 |
Shares issued to shareholders in reinvestment of distributions | 15,311 | 577,993 |
Shares redeemed | (180,583) | (7,613,414) |
Net increase (decrease) in shares outstanding before conversion | (140,236) | (5,914,437) |
Shares converted from Class C (See Note 1) | (44,661) | (1,880,706) |
Net increase (decrease) | (184,897) | $ (7,795,143) |
Class I | Shares | Amount |
Year ended October 31, 2022: | ||
Shares sold | 2,456,778 | $ 75,283,479 |
Shares issued to shareholders in reinvestment of distributions | 1,366,048 | 41,432,227 |
Shares redeemed | (1,080,081) | (35,831,216) |
Net increase (decrease) in shares outstanding before conversion | 2,742,745 | 80,884,490 |
Shares converted into Class I (See Note 1) | 3,574 | 115,135 |
Net increase (decrease) | 2,746,319 | $ 80,999,625 |
Year ended October 31, 2021: | ||
Shares sold | 211,823 | $ 10,991,191 |
Shares issued to shareholders in reinvestment of distributions | 369,174 | 16,808,484 |
Shares redeemed | (2,559,831) | (124,640,457) |
Net increase (decrease) in shares outstanding before conversion | (1,978,834) | (96,840,782) |
Shares converted into Class I (See Note 1) | 4,165 | 215,745 |
Shares converted from Class I (See Note 1) | (6,419,247) | (345,548,082) |
Net increase (decrease) | (8,393,916) | $(442,173,119) |
Class R1 | Shares | Amount |
Year ended October 31, 2022: | ||
Shares sold | 4,530 | $ 124,674 |
Shares issued to shareholders in reinvestment of distributions | 738 | 21,242 |
Shares redeemed | (272) | (13,072) |
Net increase (decrease) | 4,996 | $ 132,844 |
Year ended October 31, 2021: | ||
Shares sold | 18 | $ 880 |
Shares issued to shareholders in reinvestment of distributions | 38 | 1,674 |
Net increase (decrease) | 56 | $ 2,554 |
Class R2 | Shares | Amount |
Year ended October 31, 2022: | ||
Shares sold | 3,099 | $ 92,709 |
Shares issued to shareholders in reinvestment of distributions | 15,637 | 448,308 |
Shares redeemed | (1,597) | (49,958) |
Net increase (decrease) | 17,139 | $ 491,059 |
Year ended October 31, 2021: | ||
Shares sold | 1,159 | $ 56,954 |
Shares issued to shareholders in reinvestment of distributions | 593 | 26,226 |
Shares redeemed | (579) | (26,342) |
Net increase (decrease) | 1,173 | $ 56,838 |
Class R3 | Shares | Amount |
Year ended October 31, 2022: | ||
Shares sold | 14,878 | $ 418,071 |
Shares issued to shareholders in reinvestment of distributions | 18,616 | 528,702 |
Shares redeemed | (1,823) | (50,952) |
Net increase (decrease) | 31,671 | $ 895,821 |
Year ended October 31, 2021: | ||
Shares sold | 1,591 | $ 79,036 |
Shares issued to shareholders in reinvestment of distributions | 2,181 | 95,950 |
Shares redeemed | (45,015) | (2,004,078) |
Net increase (decrease) | (41,243) | $ (1,829,092) |
Class R6 | Shares | Amount |
Year ended October 31, 2022: | ||
Shares sold | 125,655 | $ 3,861,577 |
Shares issued to shareholders in reinvestment of distributions | 5,318,092 | 161,084,996 |
Shares redeemed | (2,637,087) | (81,204,584) |
Net increase (decrease) | 2,806,660 | $ 83,741,989 |
Year ended October 31, 2021:(a) | ||
Shares sold | 41,870 | $ 2,385,005 |
Shares redeemed | (250,858) | (14,080,544) |
Net increase (decrease) in shares outstanding before conversion | (208,988) | (11,695,539) |
Shares converted into Class R6 (See Note 1) | 6,419,247 | 345,548,082 |
Net increase (decrease) | 6,210,259 | $ 333,852,543 |
(a) | The inception of the class was April 26, 2021. |
30 | MainStay WMC Value Fund |
The MainStay Funds:
December 23, 2022
32 | MainStay WMC Value 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 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 | 78 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; VanEck Vectors Group of Exchange-Traded Funds: Independent Chairman of the Board of Trustees since 2008 and Trustee since 2006 (56 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Investment Committee since 2018 | |
Susan B. Kerley 1951 | MainStay Funds: Chairman since 2017 and Trustee since 2007;MainStay Funds Trust: Chairman since 2017 and Trustee since 1990** | President, Strategic Management Advisors LLC since 1990 | 78 | MainStay VP Funds Trust: Chairman since January 2017 and Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) | |
Alan R. Latshaw 1951 | MainStay Funds: Trustee since 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) | 78 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
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) | 78 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (31 Portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Jacques P. Perold 1958 | MainStay Funds: Trustee since 2016, Advisory Board Member (June 2015 toDecember 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) | 78 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Partners in Health: Trustee since 2019; 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) | 78 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
*** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
34 | MainStay WMC Value Fund |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay Funds, MainStay Funds Trust since 2017 | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since January 2018); President, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust (since 2017); Senior Managing Director, Global Product Development (From 2015-2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay Funds (since 2007), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2007)** and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay Funds and MainStay Funds Trust (since 2010) | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer and MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2010)** | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay Funds (since 2009), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2005)** | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay Funds and MainStay Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ, IndexIQ ETF Trust and Index IQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Fund, MainStay VP Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012-2022) |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, 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 AZ, CA, NV, OR, TX, UT, WA and MI (Class A and Class I shares only), and CO, FL, GA, HI, ID, MA, MD, NH, NJ and NY (Class I shares only). |
3. | This Fund is registered for sale in CA, CT, DE, FL, MA, NJ, NY and VT. |
4. | An affiliate of New York Life Investment Management LLC. |
5013939.2MS229-22 | MSWV11-12/22 |
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, 2022 for professional services rendered by KPMG LLP (“KPMG”) for the audit of the Registrant’s annual financial statements or services that are normally provided by KPMG in connection with statutory and regulatory filings or engagements for that fiscal year were $874,450.
The aggregate fees billed for the fiscal year ended October 31, 2021 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 $861,000.
(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, 2022, and (ii) $0 for the fiscal year ended October 31, 2021.
(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, 2022, and (ii) $0 during the fiscal year ended October 31, 2021. 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, 2022, and (ii) $0 during the fiscal year ended October 31, 2021.
(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, 2022 and October 31, 2021 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) $193,405 for the fiscal year ended October 31, 2022, and (ii) $78,500 for the fiscal year ended October 31, 2021.
(h) The Registrant’s Audit Committee has determined that the non-audit services rendered by KPMG for the fiscal year ended October 31, 2022 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.
THE MAINSTAY FUNDS
By: | /s/ Kirk C. Lehneis
| |
Kirk C. Lehneis | ||
President and Principal Executive Officer | ||
Date: January 6, 2023 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By: | /s/ Kirk C. Lehneis | |
Kirk C. Lehneis | ||
President and Principal Executive Officer | ||
Date: January 6, 2023 | ||
By: | /s/ Jack R. Benintende | |
Jack R. Benintende | ||
Treasurer and Principal Financial and Accounting Officer | ||
Date: January 6, 2023 |