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, 2023
FORM N-CSR
Item 1. | Reports to Stockholders. |
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended October 31, 2023 | |||||||
Class | Sales Charge | Inception Date1 | One Year | Five Years | Ten Years | Gross Expense Ratio2 | |
Class A Shares | Maximum 4.50% Initial Sales Charge | With sales charges | 6/1/1998 | 5.25% | -1.82% | 0.29% | 1.36% |
Excluding sales charges | 10.21 | -0.91 | 0.75 | 1.36 | |||
Investor Class Shares3 | Maximum 4.00% Initial Sales Charge | With sales charges | 2/28/2008 | 5.34 | -2.17 | 0.01 | 1.78 |
Excluding sales charges | 9.73 | -1.26 | 0.48 | 1.78 | |||
Class B Shares4 | Maximum 5.00% CDSC | With sales charges | 6/1/1998 | 3.97 | -2.31 | -0.27 | 2.52 |
if Redeemed Within the First Six Years of Purchase | Excluding sales charges | 8.97 | -1.99 | -0.27 | 2.52 | ||
Class C Shares | Maximum 1.00% CDSC | With sales charges | 9/1/1998 | 7.96 | -2.01 | -0.28 | 2.52 |
if Redeemed Within One Year of Purchase | Excluding sales charges | 8.96 | -2.01 | -0.28 | 2.52 | ||
Class I Shares | No Sales Charge | 8/31/2007 | 10.52 | -0.61 | 1.03 | 1.12 |
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 4.50%, which is reflected in the applicable average annual total return figures shown. |
4. | Class B shares are closed to all new purchases as well as additional investments by existing Class B shareholders and will be converted into Class A or Investor Class shares based on shareholder eligibility on or about February 28, 2024. |
Benchmark Performance* | One Year | Five Years | Ten Years |
JPMorgan EMBI Global Diversified Index1 | 8.36% | -0.19% | 2.05% |
Morningstar Emerging Markets Bond Category Average2 | 9.77 | 0.19 | 1.34 |
* | 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 5/1/23 | Ending Account Value (Based on Actual Returns and Expenses) 10/31/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 10/31/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Class A Shares | $1,000.00 | $1,003.70 | $ 5.81 | $1,019.41 | $ 5.85 | 1.15% |
Investor Class Shares | $1,000.00 | $1,001.40 | $ 8.27 | $1,016.94 | $ 8.34 | 1.64% |
Class B Shares | $1,000.00 | $ 997.80 | $12.03 | $1,013.16 | $12.13 | 2.39% |
Class C Shares | $1,000.00 | $ 997.80 | $12.03 | $1,013.16 | $12.13 | 2.39% |
Class I Shares | $1,000.00 | $1,005.20 | $ 4.30 | $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. |
United States | 11.8% |
Dominican Republic | 8.6 |
Colombia | 6.9 |
Romania | 5.5 |
Chile | 4.3 |
Mexico | 4.3 |
Panama | 4.0 |
Saudi Arabia | 3.7 |
Brazil | 3.4 |
Hungary | 3.3 |
Venezuela | 3.1 |
Indonesia | 3.1 |
Turkey | 2.7 |
Senegal | 2.5 |
Kazakhstan | 2.1 |
Ecuador | 2.0 |
Peru | 2.0 |
Ghana | 1.9 |
Ukraine | 1.7 |
Sri Lanka | 1.6 |
South Africa | 1.6 |
Tunisia | 1.5% |
Angola | 1.5 |
Croatia | 1.4 |
Egypt | 1.4 |
Nigeria | 1.2 |
Cote D'Ivoire | 1.2 |
Zambia | 1.2 |
Tajikistan | 1.0 |
China | 1.0 |
Republic of the Congo | 0.9 |
United Arab Emirates | 0.8 |
Guatemala | 0.7 |
Mozambique | 0.7 |
Argentina | 0.7 |
Georgia | 0.6 |
Montenegro | 0.6 |
Uruguay | 0.4 |
Other Assets, Less Liabilities | 3.1 |
100.0% |
1. | Dominican Republic Government Bond, 4.875%-13.625%, due 1/27/25–1/30/60 |
2. | Romanian Government Bond, 2.125%-6.625%, due 3/7/28–2/7/34 |
3. | Colombia Government Bond, 4.50%-8.00%, due 1/28/26–5/15/49 |
4. | Panama Government Bond, 3.87%-9.375%, due 4/1/29–1/19/63 |
5. | Hungary Government Bond, 5.00%-7.625%, due 2/22/27–3/29/41 |
6. | Mexico Government Bond, 5.75%-7.75%, due 11/13/42–10/12/10 |
7. | Senegal Government Bond, 5.375%-6.25%, due 5/23/33–6/8/37 |
8. | Pertamina Persero PT, 5.625%-6.00%, due 5/3/42–5/20/43 |
9. | Corp. Nacional del Cobre de Chile, 5.95%-6.30%, due 1/8/34–9/8/53 |
10. | KazMunayGas National Co. JSC, 6.375%, due 10/24/48 |
8 | MainStay Candriam Emerging Markets Debt Fund |
1. | See "Investment and Performance Comparison" for other share class returns, which may be higher or lower than Class I share returns, and for more information on benchmark and peer group returns. |
2. | Duration is a measure of the price sensitivity of a fixed-income investment to changes in interest rates. Duration is expressed as a number of years and is considered a more accurate sensitivity gauge than average maturity. |
3. | An obligation rated ‘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. |
4. | The terms “spread” and “yield spread” may refer to the difference in yield between a security or type of security and comparable U.S. Treasury issues. The terms may also refer to the difference in yield between two specific securities or types of securities at a given time. |
5. | 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. |
6. | Beta is a measure of volatility in relation to the market as a whole. A beta higher than 1 indicates that a security or portfolio will tend to exhibit higher volatility than the market. A beta lower than 1 indicates that a security or portfolio will tend to exhibit lower volatility than the market. |
10 | MainStay Candriam Emerging Markets Debt Fund |
7. | An obligation rated ‘BBB’ by S&P is deemed by S&P to exhibit adequate protection parameters. In the opinion of S&P, however, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation. When applied to Fund holdings, ratings are based solely on the creditworthiness of the bonds in the portfolio and are not meant to represent the security or safety of the Fund. |
Principal Amount | Value | |
Long-Term Bonds 85.1% | ||
Corporate Bonds 11.2% | ||
Brazil 2.1% | ||
MARB BondCo plc | ||
Series Reg S | ||
3.95%, due 1/29/31 | $ 500,000 | $ 367,044 |
Minerva Luxembourg SA | ||
Series Reg S | ||
8.875%, due 9/13/33 (a) | 467,000 | 458,337 |
Rumo Luxembourg SARL | ||
Series Reg S | ||
4.20%, due 1/18/32 | 500,000 | 384,500 |
1,209,881 | ||
China 1.0% | ||
Alibaba Group Holding Ltd. | ||
4.20%, due 12/6/47 | 800,000 | 537,583 |
Georgia 0.6% | ||
Georgian Railway JSC | ||
Series Reg S | ||
4.00%, due 6/17/28 | 400,000 | 340,040 |
Kazakhstan 2.1% | ||
KazMunayGas National Co. JSC | ||
Series Reg S | ||
6.375%, due 10/24/48 | 1,500,000 | 1,173,000 |
Peru 0.5% | ||
Lima Metro Line 2 Finance Ltd. | ||
Series Reg S | ||
4.35%, due 4/5/36 | 306,239 | 260,715 |
Saudi Arabia 3.2% | ||
EIG Pearl Holdings SARL | ||
Series Reg S | ||
4.387%, due 11/30/46 | 1,000,000 | 682,420 |
GACI First Investment Co. | ||
Series Reg S | ||
4.875%, due 2/14/35 | 500,000 | 440,625 |
Greensaif Pipelines Bidco SARL | ||
Series Reg S | ||
6.129%, due 2/23/38 | 250,000 | 232,739 |
Series Reg S | ||
6.129%, due 2/23/38 | 500,000 | 465,478 |
1,821,262 |
Principal Amount | Value | |
Turkey 1.0% | ||
WE Soda Investments Holding plc | ||
Series Reg S | ||
9.50%, due 10/6/28 | $ 550,000 | $ 548,460 |
Venezuela 0.7% | ||
Petroleos de Venezuela SA | ||
5.375%, due 4/12/27 (b)(c)(d) | 3,000,000 | 399,000 |
Total Corporate Bonds (Cost $7,761,948) | 6,289,941 | |
Foreign Government Bonds 73.9% | ||
Angola 1.5% | ||
Angola Government Bond | ||
Series Reg S | ||
8.75%, due 4/14/32 | 800,000 | 621,693 |
Series Reg S | ||
9.125%, due 11/26/49 | 300,000 | 210,000 |
831,693 | ||
Argentina 0.7% | ||
Argentina Government Bond | ||
3.50%, due 7/9/41 (e) | 1,400,000 | 365,158 |
Brazil 1.3% | ||
Brazil Government Bond (a) | ||
4.75%, due 1/14/50 | 300,000 | 200,249 |
8.75%, due 2/4/25 | 500,000 | 523,050 |
723,299 | ||
Chile 4.3% | ||
Chile Government Bond | ||
3.25%, due 9/21/71 | 600,000 | 319,314 |
4.125%, due 7/5/34 | 800,000 | 797,131 |
Corp. Nacional del Cobre de Chile | ||
Series Reg S | ||
5.95%, due 1/8/34 | 1,000,000 | 928,894 |
Series Reg S | ||
6.30%, due 9/8/53 | 455,000 | 393,203 |
2,438,542 | ||
Colombia 6.9% | ||
Colombia Government Bond | ||
4.50%, due 1/28/26 | 500,000 | 478,078 |
5.00%, due 6/15/45 | 300,000 | 191,914 |
5.20%, due 5/15/49 | 300,000 | 191,841 |
6.125%, due 1/18/41 | 1,000,000 | 762,966 |
7.50%, due 2/2/34 | 500,000 | 467,594 |
12 | MainStay Candriam Emerging Markets Debt Fund |
Principal Amount | Value | |
Foreign Government Bonds (continued) | ||
Colombia (continued) | ||
Colombia Government Bond (continued) | ||
8.00%, due 4/20/33 | $ 987,000 | $ 963,803 |
Ecopetrol SA | ||
4.625%, due 11/2/31 | 700,000 | 525,198 |
8.875%, due 1/13/33 | 300,000 | 288,121 |
3,869,515 | ||
Cote D'Ivoire 1.2% | ||
Ivory Coast Government Bond | ||
Series Reg S | ||
4.875%, due 1/30/32 | EUR 850,000 | 677,911 |
Croatia 1.4% | ||
Croatia Government Bond | ||
Series Reg S | ||
6.00%, due 1/26/24 | $ 800,000 | 799,600 |
Dominican Republic 8.6% | ||
Dominican Republic Government Bond | ||
Series Reg S | ||
4.875%, due 9/23/32 | 300,000 | 242,425 |
Series Reg S | ||
5.30%, due 1/21/41 (a) | 500,000 | 363,960 |
Series Reg S | ||
5.50%, due 1/27/25 | 500,000 | 491,775 |
Series Reg S | ||
5.50%, due 2/22/29 | 300,000 | 273,015 |
Series Reg S | ||
5.875%, due 1/30/60 | 1,000,000 | 708,987 |
Series Reg S | ||
5.95%, due 1/25/27 | 700,000 | 673,486 |
Series Reg S | ||
6.40%, due 6/5/49 (a) | 500,000 | 391,695 |
Series Reg S | ||
6.875%, due 1/29/26 | 1,200,000 | 1,195,364 |
Series Reg S | ||
11.25%, due 9/15/35 | DOP 12,350,000 | 214,201 |
Series Reg S | ||
13.625%, due 2/3/33 | 14,000,000 | 278,904 |
4,833,812 | ||
Ecuador 2.0% | ||
Ecuador Government Bond (e) | ||
Series Reg S | ||
2.50%, due 7/31/40 | $ 1,400,000 | 468,228 |
Principal Amount | Value | |
Ecuador (continued) | ||
Ecuador Government Bond (e) (continued) | ||
Series Reg S | ||
6.00%, due 7/31/30 | $ 1,325,000 | $ 670,283 |
1,138,511 | ||
Egypt 1.4% | ||
Egypt Government Bond | ||
Series Reg S | ||
8.875%, due 5/29/50 | 1,500,000 | 794,280 |
Ghana 1.9% | ||
Ghana Government Bond (b)(d) | ||
Series Reg S | ||
7.75%, due 4/7/29 | 200,000 | 84,536 |
Series Reg S | ||
7.875%, due 2/11/35 | 900,000 | 383,814 |
Series Reg S | ||
8.627%, due 6/16/49 | 1,500,000 | 618,975 |
1,087,325 | ||
Guatemala 0.7% | ||
Guatemala Government Bond | ||
Series Reg S | ||
7.05%, due 10/4/32 (a) | 400,000 | 390,663 |
Hungary 3.3% | ||
Hungary Government Bond | ||
Series Reg S | ||
5.00%, due 2/22/27 | EUR 700,000 | 745,308 |
Series Reg S | ||
5.375%, due 9/12/33 | 600,000 | 611,719 |
7.625%, due 3/29/41 | $ 500,000 | 511,770 |
1,868,797 | ||
Indonesia 3.1% | ||
Indonesia Government Bond | ||
4.45%, due 4/15/70 | 500,000 | 364,591 |
Pertamina Persero PT | ||
5.625%, due 5/20/43 (f) | 800,000 | 674,151 |
Series Reg S | ||
6.00%, due 5/3/42 | 800,000 | 699,788 |
1,738,530 | ||
Mexico 4.3% | ||
Comision Federal de Electricidad | ||
Series Reg S | ||
3.875%, due 7/26/33 | 500,000 | 362,426 |
Principal Amount | Value | |
Foreign Government Bonds (continued) | ||
Mexico (continued) | ||
Comision Federal de Electricidad (continued) | ||
Series Reg S | ||
4.677%, due 2/9/51 | $ 700,000 | $ 415,922 |
Mexico Government Bond | ||
5.75%, due 10/12/10 | 400,000 | 306,703 |
7.75%, due 11/13/42 | MXN 30,000,000 | 1,328,210 |
2,413,261 | ||
Montenegro 0.6% | ||
Montenegro Government Bond | ||
Series Reg S | ||
2.875%, due 12/16/27 | EUR 350,000 | 314,785 |
Mozambique 0.7% | ||
Mozambique Government Bond | ||
Series Reg S | ||
9.00%, due 9/15/31 (e) | $ 500,000 | 385,000 |
Nigeria 1.2% | ||
Nigeria Government Bond | ||
Series Reg S | ||
7.625%, due 11/21/25 | 300,000 | 291,969 |
Series Reg S | ||
7.875%, due 2/16/32 | 500,000 | 400,125 |
692,094 | ||
Panama 4.0% | ||
Aeropuerto Internacional de Tocumen SA | ||
Series Reg S | ||
5.125%, due 8/11/61 | 400,000 | 267,541 |
Panama Government Bond | ||
3.87%, due 7/23/60 | 500,000 | 264,509 |
4.50%, due 4/1/56 | 400,000 | 242,168 |
4.50%, due 1/19/63 | 800,000 | 472,601 |
6.40%, due 2/14/35 | 400,000 | 366,762 |
6.875%, due 1/31/36 | 417,000 | 392,310 |
9.375%, due 4/1/29 | 200,000 | 221,358 |
2,227,249 | ||
Peru 1.5% | ||
Peru Government Bond | ||
3.23%, due 7/28/21 | 600,000 | 301,941 |
3.60%, due 1/15/72 | 400,000 | 226,817 |
6.55%, due 3/14/37 | 300,000 | 302,654 |
831,412 |
Principal Amount | Value | |
Republic of the Congo 0.9% | ||
Congo Government Bond | ||
Series Reg S | ||
6.00%, due 6/30/29 (e) | $ 627,000 | $ 504,208 |
Romania 5.5% | ||
Romanian Government Bond | ||
Series Reg S | ||
2.125%, due 3/7/28 | EUR 600,000 | 550,550 |
Series Reg S | ||
3.75%, due 2/7/34 | 1,200,000 | 1,001,450 |
Series Reg S | ||
6.625%, due 9/27/29 (a) | 1,400,000 | 1,523,096 |
3,075,096 | ||
Saudi Arabia 0.5% | ||
Saudi Government Bond | ||
Series Reg S | ||
3.45%, due 2/2/61 | $ 500,000 | 289,876 |
Senegal 2.5% | ||
Senegal Government Bond | ||
Series Reg S | ||
5.375%, due 6/8/37 | EUR 1,358,000 | 917,202 |
Series Reg S | ||
6.25%, due 5/23/33 (a) | $ 642,000 | 505,729 |
1,422,931 | ||
South Africa 1.6% | ||
South Africa Government Bond | ||
4.30%, due 10/12/28 | 300,000 | 258,450 |
5.75%, due 9/30/49 | 250,000 | 162,168 |
5.875%, due 4/20/32 | 300,000 | 253,071 |
7.30%, due 4/20/52 | 250,000 | 194,417 |
868,106 | ||
Sri Lanka 1.6% | ||
Sri Lanka Government Bond (b)(d) | ||
Series Reg S | ||
6.20%, due 5/11/27 | 700,000 | 348,040 |
Series Reg S | ||
6.825%, due 7/18/26 | 650,000 | 334,713 |
Series Reg S | ||
7.55%, due 3/28/30 | 400,000 | 198,854 |
881,607 |
14 | MainStay Candriam Emerging Markets Debt Fund |
Principal Amount | Value | |
Foreign Government Bonds (continued) | ||
Tajikistan 1.0% | ||
Tajiskistan Government Bond | ||
Series Reg S | ||
7.125%, due 9/14/27 | $ 713,000 | $ 576,817 |
Tunisia 1.5% | ||
Tunisian Republic | ||
Series Reg S | ||
5.625%, due 2/17/24 | EUR 300,000 | 295,432 |
Series Reg S | ||
5.75%, due 1/30/25 | $ 800,000 | 554,096 |
849,528 | ||
Turkey 1.7% | ||
Turkey Government Bond | ||
5.75%, due 5/11/47 | 1,450,000 | 944,182 |
Ukraine 1.7% | ||
NPC Ukrenergo | ||
Series Reg S | ||
6.875%, due 11/9/28 (b)(d) | 1,150,000 | 304,693 |
State Agency of Roads of Ukraine | ||
Series Reg S | ||
6.25%, due 6/24/30 (b)(c)(d) | 1,227,000 | 312,934 |
Ukraine Government Bond | ||
Series Reg S | ||
7.253%, due 3/15/35 (b)(c)(d) | 1,300,000 | 324,953 |
942,580 | ||
United Arab Emirates 0.8% | ||
Finance Department Government of Sharjah | ||
Series Reg S | ||
4.00%, due 7/28/50 | 800,000 | 453,200 |
Uruguay 0.4% | ||
Uruguay Government Bond | ||
9.75%, due 7/20/33 | UYU 8,542,218 | 211,705 |
Venezuela 2.4% | ||
Petroleos de Venezuela SA (b)(c)(d) | ||
Series Reg S | ||
6.00%, due 5/16/24 | $ 2,500,000 | 317,500 |
Series Reg S | ||
6.00%, due 11/15/26 | 2,500,000 | 311,250 |
Principal Amount | Value | ||
Venezuela (continued) | |||
Venezuela Government Bond | |||
Series Reg S | |||
9.25%, due 5/7/28 (b)(c)(d) | $ 4,095,000 | $ 738,832 | |
1,367,582 | |||
Zambia 1.2% | |||
Zambia Government Bond | |||
Series Reg S | |||
8.97%, due 7/30/27 (b)(d) | 1,081,000 | 658,059 | |
Total Foreign Government Bonds (Cost $51,899,795) | 41,466,914 | ||
Total Long-Term Bonds (Cost $59,661,743) | 47,756,855 | ||
Shares | |||
Short-Term Investments 11.8% | |||
U.S. Treasury Debt 8.7% | |||
U.S. Treasury Bills | |||
5.42%, due 3/14/24 (g) | $ 5,000,000 | 4,901,110 | |
Total U.S. Treasury Debt (Cost $4,901,304) | 4,901,110 | ||
Unaffiliated Investment Company 3.1% | |||
United States 3.1% | |||
Invesco Government & Agency Portfolio, 5.357% (h)(i) | 1,715,818 | 1,715,818 | |
Total Short-Term Investments (Cost $6,617,122) | 6,616,928 | ||
Total Investments (Cost $66,278,865) | 96.9% | 54,373,783 | |
Other Assets, Less Liabilities | 3.1 | 1,731,980 | |
Net Assets | 100.0% | $ 56,105,763 |
† | Percentages indicated are based on Fund net assets. |
^ | Industry and country classifications may be different than those used for compliance monitoring purposes. |
(a) | All or a portion of this security was held on loan. As of October 31, 2023, the aggregate market value of securities on loan was $1,644,616. The Fund received cash collateral with a value of $1,715,818. (See Note 2(J)) |
(b) | Issue in default. |
(c) | Illiquid security—As of October 31, 2023, the total market value deemed illiquid under procedures approved by the Board of Trustees was $2,404,469, which represented 4.3% 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, 2023. |
(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) | Interest rate shown represents yield to maturity. |
(h) | Current yield as of October 31, 2023. |
(i) | Represents a security purchased with cash collateral received for securities on loan. |
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation)2 | ||
USD | 1,379,198 | MXN | 25,000,000 | Barclays Capital | 12/20/23 | $ 3,697 |
Total Unrealized Appreciation | 3,697 | |||||
USD | 8,663,483 | EUR | 8,200,000 | JPMorgan Chase Bank N.A. | 12/20/23 | (33,003) |
Total Unrealized Depreciation | (33,003) | |||||
Net Unrealized Depreciation | $ (29,306) |
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. |
2. | As of October 31, 2023, cash in the amount of $570,000 was on deposit with a broker or forward commission merchant for forward transactions. |
Type | Number of Contracts | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)2 |
Long Contracts | |||||
U.S. Treasury 5 Year Notes | 157 | December 2023 | $ 16,753,998 | $ 16,402,821 | $ (351,177) |
U.S. Treasury 10 Year Notes | 45 | December 2023 | 4,982,810 | 4,777,734 | (205,076) |
Net Unrealized Depreciation | $ (556,253) |
1. | As of October 31, 2023, cash in the amount of $327,828 was on deposit with a broker or futures commission merchant for futures transactions. |
2. | Represents the difference between the value of the contracts at the time they were opened and the value as of October 31, 2023. |
Abbreviation(s): |
DOP—Dominican Republic Peso |
EUR—Euro |
MXN—Mexico Peso |
USD—United States Dollar |
UYU—Uruguay Peso |
16 | MainStay Candriam Emerging Markets Debt 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 | |||||||
Corporate Bonds | $ — | $ 6,289,941 | $ — | $ 6,289,941 | |||
Foreign Government Bonds | — | 41,466,914 | — | 41,466,914 | |||
Total Long-Term Bonds | — | 47,756,855 | — | 47,756,855 | |||
Short-Term Investments | |||||||
Unaffiliated Investment Company | 1,715,818 | — | — | 1,715,818 | |||
U.S. Treasury Debt | — | 4,901,110 | — | 4,901,110 | |||
Total Short-Term Investments | 1,715,818 | 4,901,110 | — | 6,616,928 | |||
Total Investments in Securities | 1,715,818 | 52,657,965 | — | 54,373,783 | |||
Other Financial Instruments | |||||||
Foreign Currency Forward Contracts (b) | — | 3,697 | — | 3,697 | |||
Total Investments in Securities and Other Financial Instruments | $ 1,715,818 | $ 52,661,662 | $ — | $ 54,377,480 | |||
Liability Valuation Inputs | |||||||
Other Financial Instruments (b) | |||||||
Foreign Currency Forward Contracts | $ — | $ (33,003) | $ — | $ (33,003) | |||
Futures Contracts | (556,253) | — | — | (556,253) | |||
Total Other Financial Instruments | $ (556,253) | $ (33,003) | $ — | $ (589,256) |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
(b) | The value listed for these securities reflects unrealized appreciation (depreciation) as shown on the Portfolio of Investments. |
Assets | |
Investment in securities, at value (identified cost $66,278,865) including securities on loan of $1,644,616 | $ 54,373,783 |
Cash | 480,053 |
Cash denominated in foreign currencies (identified cost $754,165) | 757,432 |
Cash collateral on deposit at broker for futures contracts | 327,828 |
Cash collateral on deposit at broker for forward contracts | 570,000 |
Receivables: | |
Fund shares sold | 2,105,307 |
Interest | 870,379 |
Variation margin on futures contracts | 744,256 |
Securities lending | 1,305 |
Unrealized appreciation on foreign currency forward contracts | 3,697 |
Other assets | 37,348 |
Total assets | 60,271,388 |
Liabilities | |
Cash collateral received for securities on loan | 1,715,818 |
Payables: | |
Fund shares redeemed | 2,313,584 |
Transfer agent (See Note 3) | 29,768 |
Manager (See Note 3) | 19,757 |
Custodian | 13,651 |
Professional fees | 12,613 |
NYLIFE Distributors (See Note 3) | 12,050 |
Shareholder communication | 4,456 |
Trustees | 10 |
Accrued expenses | 3,439 |
Distributions payable | 7,476 |
Unrealized depreciation on foreign currency forward contracts | 33,003 |
Total liabilities | 4,165,625 |
Net assets | $ 56,105,763 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.01 per share) unlimited number of shares authorized | $ 77,920 |
Additional paid-in-capital | 104,409,062 |
104,486,982 | |
Total distributable earnings (loss) | (48,381,219) |
Net assets | $ 56,105,763 |
Class A | |
Net assets applicable to outstanding shares | $43,664,637 |
Shares of beneficial interest outstanding | 6,072,563 |
Net asset value per share outstanding | $ 7.19 |
Maximum sales charge (4.50% of offering price) | 0.34 |
Maximum offering price per share outstanding | $ 7.53 |
Investor Class | |
Net assets applicable to outstanding shares | $ 8,436,144 |
Shares of beneficial interest outstanding | 1,159,451 |
Net asset value per share outstanding | $ 7.28 |
Maximum sales charge (4.00% of offering price) | 0.30 |
Maximum offering price per share outstanding | $ 7.58 |
Class B | |
Net assets applicable to outstanding shares | $ 235,037 |
Shares of beneficial interest outstanding | 33,497 |
Net asset value and offering price per share outstanding | $ 7.02 |
Class C | |
Net assets applicable to outstanding shares | $ 878,119 |
Shares of beneficial interest outstanding | 124,916 |
Net asset value and offering price per share outstanding | $ 7.03 |
Class I | |
Net assets applicable to outstanding shares | $ 2,891,826 |
Shares of beneficial interest outstanding | 401,534 |
Net asset value and offering price per share outstanding | $ 7.20 |
18 | MainStay Candriam Emerging Markets Debt Fund |
Investment Income (Loss) | |
Income | |
Interest | $ 4,147,739 |
Securities lending, net | 20,265 |
Total income | 4,168,004 |
Expenses | |
Manager (See Note 3) | 433,904 |
Transfer agent (See Note 3) | 157,804 |
Distribution/Service—Class A (See Note 3) | 119,769 |
Distribution/Service—Investor Class (See Note 3) | 22,562 |
Distribution/Service—Class B (See Note 3) | 3,551 |
Distribution/Service—Class C (See Note 3) | 11,349 |
Professional fees | 89,652 |
Registration | 76,565 |
Custodian | 40,376 |
Trustees | 1,570 |
Shareholder communication | 1,003 |
Miscellaneous | 3,004 |
Total expenses before waiver/reimbursement | 961,109 |
Expense waiver/reimbursement from Manager (See Note 3) | (196,352) |
Reimbursement from prior custodian(a) | (127) |
Net expenses | 764,630 |
Net investment income (loss) | 3,403,374 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | (7,252,068) |
Futures transactions | (456,539) |
Foreign currency transactions | (87,665) |
Foreign currency forward transactions | 417,650 |
Net realized gain (loss) | (7,378,622) |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | 10,881,220 |
Futures contracts | (557,477) |
Foreign currency forward contracts | (29,306) |
Translation of other assets and liabilities in foreign currencies | 4,146 |
Net change in unrealized appreciation (depreciation) | 10,298,583 |
Net realized and unrealized gain (loss) | 2,919,961 |
Net increase (decrease) in net assets resulting from operations | $ 6,323,335 |
(a) | Represents a refund for overbilling of custody fees. |
for the years ended October 31, 2023 and October 31, 2022
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 3,403,374 | $ 3,647,283 |
Net realized gain (loss) | (7,378,622) | (13,154,988) |
Net change in unrealized appreciation (depreciation) | 10,298,583 | (13,895,370) |
Net increase (decrease) in net assets resulting from operations | 6,323,335 | (23,403,075) |
Distributions to shareholders: | ||
Class A | (2,607,140) | (3,612,534) |
Investor Class | (434,942) | (549,300) |
Class B | (16,986) | (37,561) |
Class C | (52,711) | (107,128) |
Class I | (205,389) | (237,169) |
(3,317,168) | (4,543,692) | |
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 | (3,317,168) | (4,892,171) |
Capital share transactions: | ||
Net proceeds from sales of shares | 17,806,161 | 12,957,410 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 3,170,418 | 4,663,688 |
Cost of shares redeemed | (30,021,359) | (31,448,175) |
Increase (decrease) in net assets derived from capital share transactions | (9,044,780) | (13,827,077) |
Net increase (decrease) in net assets | (6,038,613) | (42,122,323) |
Net Assets | ||
Beginning of year | 62,144,376 | 104,266,699 |
End of year | $ 56,105,763 | $ 62,144,376 |
20 | MainStay Candriam Emerging Markets Debt Fund |
Year Ended October 31, | |||||||||
Class A | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 6.88 | $ 9.73 | $ 9.81 | $ 10.46 | $ 9.71 | ||||
Net investment income (loss) (a) | 0.41 | 0.38 | 0.36 | 0.47 | 0.49 | ||||
Net realized and unrealized gain (loss) | 0.29 | (2.73) | 0.04 | (0.67) | 0.76 | ||||
Total from investment operations | 0.70 | (2.35) | 0.40 | (0.20) | 1.25 | ||||
Less distributions: | |||||||||
From net investment income | (0.39) | (0.46) | (0.48) | (0.45) | (0.50) | ||||
Return of capital | — | (0.04) | — | — | — | ||||
Total distributions | (0.39) | (0.50) | (0.48) | (0.45) | (0.50) | ||||
Net asset value at end of year | $ 7.19 | $ 6.88 | $ 9.73 | $ 9.81 | $ 10.46 | ||||
Total investment return (b) | 10.21% | (24.93)% | 4.00% | (1.80)% | 13.05% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 5.57% | 4.53% | 3.58% | 4.70% | 4.78% | ||||
Net expenses (c) | 1.15% | 1.15% | 1.16% | 1.17% | 1.23% | ||||
Expenses (before waiver/reimbursement) (c) | 1.46% | 1.36% | 1.31% | 1.33% | 1.26% | ||||
Portfolio turnover rate | 133% | 116% | 112% | 102% | 102% | ||||
Net assets at end of year (in 000’s) | $ 43,665 | $ 48,053 | $ 81,092 | $ 82,874 | $ 93,472 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | |||||||||
Investor Class | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 6.96 | $ 9.84 | $ 9.91 | $ 10.57 | $ 9.80 | ||||
Net investment income (loss) (a) | 0.38 | 0.35 | 0.33 | 0.44 | 0.47 | ||||
Net realized and unrealized gain (loss) | 0.30 | (2.77) | 0.04 | (0.68) | 0.77 | ||||
Total from investment operations | 0.68 | (2.42) | 0.37 | (0.24) | 1.24 | ||||
Less distributions: | |||||||||
From net investment income | (0.36) | (0.43) | (0.44) | (0.42) | (0.47) | ||||
Return of capital | — | (0.03) | — | — | — | ||||
Total distributions | (0.36) | (0.46) | (0.44) | (0.42) | (0.47) | ||||
Net asset value at end of year | $ 7.28 | $ 6.96 | $ 9.84 | $ 9.91 | $ 10.57 | ||||
Total investment return (b) | 9.73% | (25.27)% | 3.70% | (2.20)% | 12.82% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 5.09% | 4.14% | 3.21% | 4.38% | 4.50% | ||||
Net expenses (c) | 1.64% | 1.56% | 1.53% | 1.49% | 1.52% | ||||
Expenses (before waiver/reimbursement) (c) | 1.95% | 1.78% | 1.70% | 1.66% | 1.56% | ||||
Portfolio turnover rate | 133% | 116% | 112% | 102% | 102% | ||||
Net assets at end of year (in 000's) | $ 8,436 | $ 8,670 | $ 12,806 | $ 13,801 | $ 16,024 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | |||||||||
Class B | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 6.72 | $ 9.52 | $ 9.61 | $ 10.26 | $ 9.52 | ||||
Net investment income (loss) (a) | 0.31 | 0.27 | 0.24 | 0.36 | 0.38 | ||||
Net realized and unrealized gain (loss) | 0.29 | (2.67) | 0.04 | (0.66) | 0.75 | ||||
Total from investment operations | 0.60 | (2.40) | 0.28 | (0.30) | 1.13 | ||||
Less distributions: | |||||||||
From net investment income | (0.30) | (0.37) | (0.37) | (0.35) | (0.39) | ||||
Return of capital | — | (0.03) | — | — | — | ||||
Total distributions | (0.30) | (0.40) | (0.37) | (0.35) | (0.39) | ||||
Net asset value at end of year | $ 7.02 | $ 6.72 | $ 9.52 | $ 9.61 | $ 10.26 | ||||
Total investment return (b) | 8.97% | (25.85)% | 2.87% | (2.91)% | 12.04% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 4.34% | 3.31% | 2.49% | 3.66% | 3.76% | ||||
Net expenses (c) | 2.39% | 2.31% | 2.28% | 2.24% | 2.27% | ||||
Expenses (before waiver/reimbursement) (c) | 2.71% | 2.52% | 2.45% | 2.40% | 2.31% | ||||
Portfolio turnover rate | 133% | 116% | 112% | 102% | 102% | ||||
Net assets at end of year (in 000’s) | $ 235 | $ 426 | $ 1,129 | $ 1,789 | $ 2,663 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | |||||||||
Class C | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 6.74 | $ 9.54 | $ 9.63 | $ 10.27 | $ 9.54 | ||||
Net investment income (loss) (a) | 0.31 | 0.27 | 0.25 | 0.36 | 0.38 | ||||
Net realized and unrealized gain (loss) | 0.28 | (2.67) | 0.03 | (0.66) | 0.74 | ||||
Total from investment operations | 0.59 | (2.40) | 0.28 | (0.30) | 1.12 | ||||
Less distributions: | |||||||||
From net investment income | (0.30) | (0.37) | (0.37) | (0.34) | (0.39) | ||||
Return of capital | — | (0.03) | — | — | — | ||||
Total distributions | (0.30) | (0.40) | (0.37) | (0.34) | (0.39) | ||||
Net asset value at end of year | $ 7.03 | $ 6.74 | $ 9.54 | $ 9.63 | $ 10.27 | ||||
Total investment return (b) | 8.96% | (25.90)% | 2.87% | (2.81)% | 11.91% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 4.34% | 3.31% | 2.52% | 3.68% | 3.78% | ||||
Net expenses (c) | 2.39% | 2.31% | 2.28% | 2.24% | 2.27% | ||||
Expenses (before waiver/reimbursement) (c) | 2.70% | 2.52% | 2.45% | 2.40% | 2.31% | ||||
Portfolio turnover rate | 133% | 116% | 112% | 102% | 102% | ||||
Net assets at end of year (in 000’s) | $ 878 | $ 1,358 | $ 3,511 | $ 6,365 | $ 11,150 |
(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 I | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 6.89 | $ 9.75 | $ 9.82 | $ 10.48 | $ 9.72 | ||||
Net investment income (loss) (a) | 0.43 | 0.40 | 0.39 | 0.51 | 0.52 | ||||
Net realized and unrealized gain (loss) | 0.29 | (2.74) | 0.05 | (0.69) | 0.76 | ||||
Total from investment operations | 0.72 | (2.34) | 0.44 | (0.18) | 1.28 | ||||
Less distributions: | |||||||||
From net investment income | (0.41) | (0.48) | (0.51) | (0.48) | (0.52) | ||||
Return of capital | — | (0.04) | — | — | — | ||||
Total distributions | (0.41) | (0.52) | (0.51) | (0.48) | (0.52) | ||||
Net asset value at end of year | $ 7.20 | $ 6.89 | $ 9.75 | $ 9.82 | $ 10.48 | ||||
Total investment return (b) | 10.52% | (24.75)% | 4.42% | (1.59)% | 13.46% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 5.88% | 4.89% | 3.86% | 5.09% | 4.99% | ||||
Net expenses (c) | 0.85% | 0.85% | 0.85% | 0.85% | 0.94% | ||||
Expenses (before waiver/reimbursement) (c) | 1.21% | 1.12% | 1.06% | 1.07% | 1.01% | ||||
Portfolio turnover rate | 133% | 116% | 112% | 102% | 102% | ||||
Net assets at end of year (in 000’s) | $ 2,892 | $ 3,637 | $ 5,729 | $ 6,687 | $ 17,100 |
(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. |
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 B shares are closed to all new purchases as well as additional investments by existing Class B shareholders and will be converted into Class A or Investor Class shares based on shareholder eligibility on or about February 28, 2024. |
24 | MainStay Candriam Emerging Markets Debt 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 |
26 | MainStay Candriam Emerging Markets Debt Fund |
28 | MainStay Candriam Emerging Markets Debt Fund |
Asset Derivatives | Foreign Exchange Contracts Risk | Total |
Forward Contracts - Unrealized appreciation on foreign currency forward contracts (a) | $3,697 | $3,697 |
Total Fair Value | $3,697 | $3,697 |
(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 | Interest Rate Contracts Risk | Total |
Futures Contracts - Net Assets—Net unrealized depreciation on futures contracts (a) | $ — | $(556,253) | $(556,253) |
Forward Contracts - Unrealized depreciation on foreign currency forward contracts | (33,003) | — | (33,003) |
Total Fair Value | $(33,003) | $(556,253) | $(589,256) |
(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 Transactions | $ — | $(456,539) | $(456,539) |
Forward Transactions | 417,650 | — | 417,650 |
Total Net Realized Gain (Loss) | $417,650 | $(456,539) | $ (38,889) |
Net Change in Unrealized Appreciation (Depreciation) | Foreign Exchange Contracts Risk | Interest Rate Contracts Risk | Total |
Futures Contracts | $ — | $(557,477) | $(557,477) |
Forward Contracts | (29,306) | — | (29,306) |
Total Net Change in Unrealized Appreciation (Depreciation) | $(29,306) | $(557,477) | $(586,783) |
Average Notional Amount | Total |
Futures Contracts Long (a) | $17,277,266 |
Futures Contracts Short (b) | $ (3,034,767) |
Forward Contracts Short (a) | $ (7,343,253) |
(a) | Positions were open eleven months during the reporting period. |
(b) | Positions were open ten months during the reporting period. |
30 | MainStay Candriam Emerging Markets Debt Fund |
Class | Expense | Waived |
Class A | $82,574 | $ — |
Investor Class | 59,232 | 457 |
Class B | 2,360 | (9) |
Class C | 7,499 | 13 |
Class I | 6,139 | — |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $66,359,025 | $331,372 | $(12,316,614) | $(11,985,242) |
Ordinary Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$1,638,797 | $(34,697,025) | $(3,332,692) | $(11,990,299) | $(48,381,219) |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $11,576 | $23,100 |
2023 | 2022 | |
Distributions paid from: | ||
Ordinary Income | $3,317,168 | $4,543,692 |
Return of Capital | — | 348,479 |
Total | $3,317,168 | $4,892,171 |
32 | MainStay Candriam Emerging Markets Debt Fund |
Class A | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 2,366,984 | $ 17,206,042 |
Shares issued to shareholders in reinvestment of distributions | 338,349 | 2,471,043 |
Shares redeemed | (3,672,824) | (26,808,536) |
Net increase (decrease) in shares outstanding before conversion | (967,491) | (7,131,451) |
Shares converted into Class A (See Note 1) | 64,955 | 474,372 |
Shares converted from Class A (See Note 1) | (9,556) | (70,346) |
Net increase (decrease) | (912,092) | $ (6,727,425) |
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) |
Investor Class | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 15,228 | $ 112,580 |
Shares issued to shareholders in reinvestment of distributions | 57,992 | 428,581 |
Shares redeemed | (137,037) | (1,014,692) |
Net increase (decrease) in shares outstanding before conversion | (63,817) | (473,531) |
Shares converted into Investor Class (See Note 1) | 24,850 | 183,820 |
Shares converted from Investor Class (See Note 1) | (47,268) | (349,057) |
Net increase (decrease) | (86,235) | $ (638,768) |
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) |
Class B | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 97 | $ 688 |
Shares issued to shareholders in reinvestment of distributions | 2,248 | 16,010 |
Shares redeemed | (9,253) | (66,177) |
Net increase (decrease) in shares outstanding before conversion | (6,908) | (49,479) |
Shares converted from Class B (See Note 1) | (22,978) | (163,994) |
Net increase (decrease) | (29,886) | $ (213,473) |
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) |
Class C | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 4,802 | $ 34,292 |
Shares issued to shareholders in reinvestment of distributions | 7,379 | 52,643 |
Shares redeemed | (65,225) | (465,348) |
Net increase (decrease) in shares outstanding before conversion | (53,044) | (378,413) |
Shares converted from Class C (See Note 1) | (23,695) | (168,134) |
Net increase (decrease) | (76,739) | $ (546,547) |
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) |
Class I | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 61,692 | $ 452,559 |
Shares issued to shareholders in reinvestment of distributions | 27,637 | 202,141 |
Shares redeemed | (228,398) | (1,666,606) |
Net increase (decrease) in shares outstanding before conversion | (139,069) | (1,011,906) |
Shares converted into Class I (See Note 1) | 12,869 | 93,339 |
Net increase (decrease) | (126,200) | $ (918,567) |
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) |
34 | MainStay Candriam Emerging Markets Debt Fund |
The MainStay Funds:
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 | |
Naïm Abou-Jaoudé* 1966 | MainStay Funds: Trustee since 2023 MainStay Funds Trust: Trustee since 2023 | Chief Executive Officer of New York Life Investment Management LLC (since 2023). Chief Executive Officer of Candriam (an affiliate of New York Life Investment Management LLC) (2007 to 2023). | 81 | MainStay VP Funds Trust: Trustee since 2023 (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2023; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2023; and New York Life Investment Management International (Chair) since 2015 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of his affiliation with New York Life Investment Management LLC and Candriam, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015);MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC (since 1999) | 81 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2021; VanEck Vectors Group of Exchange-Traded Funds: Trustee since 2006 and Independent Chairman of the Board of Trustees from 2008 to 2022 (57 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Investment Committee since 2018 | |
Karen Hammond 1956 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021);MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 81 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Susan B. Kerley 1951 | MainStay Funds: Chair since January 2017 and Trustee since 2007;MainStay Funds Trust: Chair since January 2017 and Trustee since 1990*** | President, Strategic Management Advisors LLC (since 1990) | 81 | MainStay VP Funds Trust: Chair since January 2017 and Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chair since January 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) |
38 | 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 | |
Alan R. Latshaw 1951 | MainStay Funds: Trusteesince 2006;MainStay Funds Trust: Trustee since 2007*** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 81 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 | |
Jacques P. Perold 1958 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015to December 2015);MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 81 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay Funds: Trustee since 1994;MainStay Funds Trust: Trustee since 2007*** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) (since 2004); Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 81 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 |
** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
*** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay Funds, MainStay Funds Trust (since 2017) | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since 2018); President, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust (since 2017)**; Senior Managing Director, Global Product Development (2015 to 2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay Funds (since 2007), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2007)**; and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay Funds and MainStay Funds Trust (since 2010) | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2010)** | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay Funds and MainStay Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ Trust, IndexIQ ETF Trust and Index IQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund, MainStay VP Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012 to 2022) | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay Funds (since 2005), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2005)** |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, New York Life Insurance Company, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
40 | MainStay Candriam Emerging Markets Debt Fund |
1.
2. | This Fund is registered for sale in CA, CT, DE, FL, MA, NJ, NY and VT. |
3. | An affiliate of New York Life Investment Management LLC. |
5013921MS139-23 | MSCEMD11-12/23 |
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended October 31, 2023 | |||||||
Class | Sales Charge | Inception Date | One Year | Five Years | Ten Years or Since Inception | Gross Expense Ratio1 | |
Class A Shares2 | Maximum 3.00% Initial Sales Charge | With sales charges | 1/3/1995 | -1.39% | 1.67% | 3.07% | 1.02% |
Excluding sales charges | 1.66 | 2.82 | 3.65 | 1.02 | |||
Investor Class Shares3 | Maximum 2.50% Initial Sales Charge | With sales charges | 2/28/2008 | -1.18 | 1.48 | 2.89 | 1.20 |
Excluding sales charges | 1.35 | 2.63 | 3.47 | 1.20 | |||
Class B Shares4 | Maximum 5.00% CDSC | With sales charges | 12/29/1987 | -4.31 | 1.52 | 2.70 | 1.95 |
if Redeemed Within the First Six Years of Purchase | Excluding sales charges | 0.63 | 1.86 | 2.70 | 1.95 | ||
Class C Shares | Maximum 1.00% CDSC | With sales charges | 9/1/1998 | -0.36 | 1.87 | 2.70 | 1.95 |
if Redeemed Within One Year of Purchase | Excluding sales charges | 0.63 | 1.87 | 2.70 | 1.95 | ||
Class I Shares | No Sales Charge | 1/2/2004 | 1.89 | 3.08 | 3.91 | 0.77 | |
Class R2 Shares5 | No Sales Charge | 2/27/2015 | 1.52 | 2.72 | 2.61 | 1.12 | |
Class R3 Shares5 | No Sales Charge | 2/29/2016 | 1.25 | 2.46 | 3.93 | 1.37 | |
Class R6 Shares | No Sales Charge | 2/28/2018 | 1.98 | 3.18 | 2.68 | 0.68 | |
SIMPLE Class Shares | No Sales Charge | 8/31/2020 | 1.31 | N/A | -0.66 | 1.38 |
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 5.50%, which is reflected in the applicable average annual total return figures shown. |
3. | Prior to June 30, 2020, the maximum initial sales charge was 3.00%, which is reflected in the applicable average annual total return figures shown. |
4. | Class B shares are closed to all new purchases as well as additional investments by existing Class B shareholders. |
5. | As of October 31, 2023, Class R2 and Class R3 shares are closed to new investors and, upon the close of business on December 29, 2023, Class R2 and Class R3 shares are closed to additional investments by existing shareholders. Additionally, Class R2 and Class R3 shares will be liquidated on or about February 28, 2024 (the "Liquidation Date"). It is expected that the Fund will distribute to remaining shareholders invested in Class R2 or Class R3 shares, on or promptly after the Liquidation Date, a liquidating distribution in cash or cash equivalents equal to the net asset value of such shares. |
Benchmark Performance* | One Year | Five Years | Ten Years |
MSCI World Index (Net)1 | 10.48% | 8.27% | 7.53% |
Bloomberg U.S. Aggregate Bond Index2 | 0.36 | -0.06 | 0.88 |
Blended Benchmark Index3 | 6.44 | 5.21 | 5.07 |
Morningstar Global Allocation Category Average4 | 4.11 | 3.31 | 3.15 |
* | 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 Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities. |
3. | The Fund has selected the Blended Benchmark Index as an additional benchmark. The Blended Benchmark Index consists of the 60% MSCI World Index (net) and 40% of the Bloomberg U.S. Aggregate Bond Index, respectively. |
4. | Morningstar Global Allocation Category Average funds seek to provide both capital appreciation and income by investing in three major areas: stocks, bonds, and cash. While these funds 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 funds to invest more than 10% of their assets in emerging markets. These funds 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 5/1/23 | Ending Account Value (Based on Actual Returns and Expenses) 10/31/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 10/31/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Class A Shares | $1,000.00 | $944.10 | $5.05 | $1,020.01 | $ 5.24 | 1.03% |
Investor Class Shares | $1,000.00 | $942.40 | $6.27 | $1,018.75 | $ 6.51 | 1.28% |
Class B Shares | $1,000.00 | $939.20 | $9.92 | $1,014.97 | $10.31 | 2.03% |
Class C Shares | $1,000.00 | $939.10 | $9.92 | $1,014.97 | $10.31 | 2.03% |
Class I Shares | $1,000.00 | $945.30 | $3.82 | $1,021.27 | $ 3.97 | 0.78% |
Class R2 Shares | $1,000.00 | $943.60 | $5.54 | $1,019.51 | $ 5.75 | 1.13% |
Class R3 Shares | $1,000.00 | $942.40 | $6.76 | $1,018.25 | $ 7.02 | 1.38% |
Class R6 Shares | $1,000.00 | $945.80 | $3.34 | $1,021.78 | $ 3.47 | 0.68% |
SIMPLE Class Shares | $1,000.00 | $943.10 | $6.07 | $1,018.95 | $ 6.31 | 1.24% |
1. | Expenses are equal to the Fund’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 184 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Fund's annualized expense ratio to reflect the six-month period. |
1. | GNMA, (zero coupon)-9.674%, due 7/20/49–10/16/63 |
2. | FHLMC STACR REMIC Trust, 7.421%-12.321%, due 8/25/33–1/25/50 |
3. | UMBS, 30 Year, 2.50%-6.50%, due 8/1/48–10/1/53 |
4. | Microsoft Corp. |
5. | Broadcom, Inc. |
6. | FHLMC, (zero coupon)-4.50%, due 1/15/41–1/25/55 |
7. | Analog Devices, Inc. |
8. | International Business Machines Corp. |
9. | Cisco Systems, Inc. |
10. | UMBS Pool, 30 Year, 3.50%-6.50%, due 7/1/50–11/1/53 |
8 | MainStay Income Builder Fund |
1. | Effective on or about March 31, 2024, William W. Priest will no longer serve as a portfolio manager for the Fund. |
2. | See "Investment and Performance Comparison" for other share class returns, which may be higher or lower than Class I share returns, and for more information on benchmark and peer group returns. |
3. | Beta is a measure of volatility in relation to the market as a whole. A beta higher than 1 indicates that a security or portfolio will tend to exhibit higher volatility than the market. A beta lower than 1 indicates that a security or portfolio will tend to exhibit lower volatility than the market. |
10 | MainStay Income Builder 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. |
12 | MainStay Income Builder Fund |
Principal Amount | Value | |
Long-Term Bonds 41.1% | ||
Asset-Backed Securities 3.5% | ||
Automobile Asset-Backed Securities 1.6% | ||
American Credit Acceptance Receivables Trust (a) | ||
Series 2021-2, Class D | ||
1.34%, due 7/13/27 | $ 840,000 | $ 810,132 |
Series 2021-3, Class D | ||
1.34%, due 11/15/27 | 1,865,000 | 1,776,209 |
Series 2021-2, Class E | ||
2.54%, due 7/13/27 | 910,000 | 865,182 |
Series 2020-4, Class F | ||
5.22%, due 8/13/27 | 565,000 | 559,861 |
Avis Budget Rental Car Funding AESOP LLC | ||
Series 2021-1A, Class A | ||
1.38%, due 8/20/27 (a) | 1,530,000 | 1,349,876 |
CPS Auto Receivables Trust | ||
Series 2021-C, Class E | ||
3.21%, due 9/15/28 (a) | 375,000 | 347,222 |
Drive Auto Receivables Trust | ||
Series 2021-2, Class D | ||
1.39%, due 3/15/29 | 1,200,000 | 1,123,874 |
Exeter Automobile Receivables Trust | ||
Series 2021-3A, Class D | ||
1.55%, due 6/15/27 | 945,000 | 866,067 |
Series 2021-3A, Class E | ||
3.04%, due 12/15/28 (a) | 855,000 | 766,049 |
Flagship Credit Auto Trust (a) | ||
Series 2021-1, Class D | ||
1.27%, due 3/15/27 | 1,220,000 | 1,120,373 |
Series 2020-3, Class D | ||
2.50%, due 9/15/26 | 580,000 | 544,217 |
GLS Auto Receivables Issuer Trust (a) | ||
Series 2021-2A, Class E | ||
2.87%, due 5/15/28 | 1,480,000 | 1,351,161 |
Series 2019-4A, Class D | ||
4.09%, due 8/17/26 | 1,125,000 | 1,102,746 |
Hertz Vehicle Financing III LP | ||
Series 2021-2A, Class D | ||
4.34%, due 12/27/27 (a) | 2,070,000 | 1,793,160 |
Hertz Vehicle Financing LLC | ||
Series 2021-1A, Class B | ||
1.56%, due 12/26/25 (a) | 1,235,000 | 1,175,164 |
15,551,293 |
Principal Amount | Value | |
Home Equity Asset-Backed Securities 0.0% ‡ | ||
J.P. Morgan Mortgage Acquisition Trust | ||
Series 2007-HE1, Class AF1 | ||
4.285% (1 Month SOFR + 0.214%), due 3/25/47 (b) | $ 289,962 | $ 170,402 |
Mastr Asset-Backed Securities Trust | ||
Series 2006-HE4, Class A1 | ||
5.539% (1 Month SOFR + 0.214%), due 11/25/36 (b) | 471,703 | 145,322 |
315,724 | ||
Other Asset-Backed Securities 1.9% | ||
American Airlines Pass-Through Trust | ||
Series 2016-2, Class AA | ||
3.20%, due 6/15/28 | 473,960 | 417,975 |
Series 2016-2, Class A | ||
3.65%, due 6/15/28 | 1,101,260 | 957,084 |
British Airways Pass-Through Trust | ||
Series 2021-1, Class A | ||
2.90%, due 3/15/35 (United Kingdom) (a) | 1,870,379 | 1,540,996 |
CF Hippolyta Issuer LLC (a) | ||
Series 2021-1A, Class A1 | ||
1.53%, due 3/15/61 | 2,521,047 | 2,207,171 |
Series 2020-1, Class A1 | ||
1.69%, due 7/15/60 | 1,236,746 | 1,121,687 |
Series 2020-1, Class A2 | ||
1.99%, due 7/15/60 | 1,222,119 | 1,018,410 |
CVS Pass-Through Trust | ||
5.789%, due 1/10/26 (a) | 54,459 | 53,637 |
DB Master Finance LLC | ||
Series 2021-1A, Class A23 | ||
2.791%, due 11/20/51 (a) | 1,802,887 | 1,361,512 |
Home Partners of America Trust (a) | ||
Series 2021-2, Class A | ||
1.901%, due 12/17/26 | 653,173 | 570,453 |
Series 2021-2, Class B | ||
2.302%, due 12/17/26 | 1,299,578 | 1,142,281 |
Mosaic Solar Loan Trust | ||
Series 2020-1A, Class A | ||
2.10%, due 4/20/46 (a) | 1,527,428 | 1,277,992 |
Navient Private Education Refi Loan Trust (a) | ||
Series 2021-BA, Class A | ||
0.94%, due 7/15/69 | 478,914 | 406,660 |
Series 2020-EA, Class A | ||
1.69%, due 5/15/69 | 706,350 | 626,969 |
Principal Amount | Value | |
Asset-Backed Securities (continued) | ||
Other Asset-Backed Securities (continued) | ||
New Economy Assets Phase 1 Sponsor LLC (a) | ||
Series 2021-1, Class A1 | ||
1.91%, due 10/20/61 | $ 1,585,000 | $ 1,355,400 |
Series 2021-1, Class B1 | ||
2.41%, due 10/20/61 | 1,640,000 | 1,366,517 |
Taco Bell Funding LLC | ||
Series 2021-1A, Class A23 | ||
2.542%, due 8/25/51 (a) | 1,404,975 | 1,055,417 |
U.S. Airways Pass-Through Trust | ||
Series 2012-1, Class A | ||
5.90%, due 10/1/24 | 834,363 | 830,714 |
United Airlines Pass-Through Trust | ||
Series 2020-1, Class A | ||
5.875%, due 10/15/27 | 1,274,557 | 1,254,853 |
18,565,728 | ||
Total Asset-Backed Securities (Cost $38,128,913) | 34,432,745 | |
Corporate Bonds 17.1% | ||
Agriculture 0.1% | ||
BAT Capital Corp. | ||
3.734%, due 9/25/40 (United Kingdom) | 1,005,000 | 637,322 |
BAT International Finance plc | ||
4.448%, due 3/16/28 (United Kingdom) | 615,000 | 566,647 |
1,203,969 | ||
Airlines 0.6% | ||
American Airlines, Inc. (a) | ||
5.50%, due 4/20/26 | 1,166,667 | 1,134,523 |
5.75%, due 4/20/29 | 850,000 | 766,747 |
Delta Air Lines, Inc. (a) | ||
4.50%, due 10/20/25 | 720,000 | 699,823 |
4.75%, due 10/20/28 | 2,125,000 | 1,997,461 |
Mileage Plus Holdings LLC | ||
6.50%, due 6/20/27 (a) | 1,395,000 | 1,378,089 |
5,976,643 | ||
Auto Manufacturers 1.1% | ||
Ford Motor Credit Co. LLC | ||
2.30%, due 2/10/25 | 200,000 | 188,862 |
2.70%, due 8/10/26 | 940,000 | 842,556 |
4.125%, due 8/17/27 | 1,050,000 | 953,303 |
6.80%, due 5/12/28 | 730,000 | 727,914 |
Principal Amount | Value | |
Auto Manufacturers (continued) | ||
Ford Motor Credit Co. LLC (continued) | ||
6.95%, due 3/6/26 | $ 660,000 | $ 661,139 |
General Motors Financial Co., Inc. | ||
2.35%, due 1/8/31 | 810,000 | 603,122 |
2.70%, due 6/10/31 | 2,015,000 | 1,515,331 |
4.30%, due 4/6/29 | 1,125,000 | 999,622 |
Nissan Motor Acceptance Co. LLC (a) | ||
1.125%, due 9/16/24 | 1,935,000 | 1,846,219 |
1.85%, due 9/16/26 | 3,205,000 | 2,774,391 |
11,112,459 | ||
Banks 6.2% | ||
Banco Santander SA | ||
5.294%, due 8/18/27 (Spain) | 1,800,000 | 1,717,656 |
Bank of America Corp. (c) | ||
2.087%, due 6/14/29 | 820,000 | 677,029 |
2.496%, due 2/13/31 | 1,600,000 | 1,261,119 |
2.572%, due 10/20/32 | 1,195,000 | 894,987 |
Series MM | ||
4.30%, due 1/28/25 (d) | 1,424,000 | 1,279,498 |
Barclays plc (United Kingdom) (b)(d) | ||
4.375% (5 Year Treasury Constant Maturity Rate + 3.41%), due 3/15/28 | 2,000,000 | 1,366,938 |
8.00% (5 Year Treasury Constant Maturity Rate + 5.431%), due 3/15/29 | 1,035,000 | 915,458 |
BNP Paribas SA (France) (a) | ||
3.052%, due 1/13/31 (c) | 1,170,000 | 942,481 |
4.625% (5 Year Treasury Constant Maturity Rate + 3.196%), due 1/12/27 (b)(d) | 1,450,000 | 1,143,404 |
4.625% (5 Year Treasury Constant Maturity Rate + 3.34%), due 2/25/31 (b)(d) | 2,090,000 | 1,449,359 |
7.75% (5 Year Treasury Constant Maturity Rate + 4.899%), due 8/16/29 (b)(d) | 550,000 | 509,945 |
BPCE SA (France) (a) | ||
2.045%, due 10/19/27 (c) | 1,255,000 | 1,095,254 |
5.125%, due 1/18/28 | 420,000 | 400,291 |
6.714%, due 10/19/29 (c) | 490,000 | 483,092 |
Citigroup, Inc. | ||
3.668%, due 7/24/28 (c) | 1,180,000 | 1,068,989 |
3.98%, due 3/20/30 (c) | 2,370,000 | 2,096,785 |
14 | MainStay Income Builder Fund |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Banks (continued) | ||
Citigroup, Inc. (continued) | ||
Series Y | ||
4.15% (5 Year Treasury Constant Maturity Rate + 3.00%), due 11/15/26 (b)(d) | $ 1,760,000 | $ 1,370,362 |
6.625%, due 6/15/32 | 770,000 | 762,697 |
Citizens Bank NA | ||
6.064%, due 10/24/25 (c) | 555,000 | 530,731 |
Citizens Financial Group, Inc. | ||
2.638%, due 9/30/32 | 1,720,000 | 1,141,274 |
Credit Agricole SA | ||
4.75% (5 Year Treasury Constant Maturity Rate + 3.237%), due 3/23/29 (France) (a)(b)(d) | 2,340,000 | 1,732,084 |
Deutsche Bank AG (Germany) | ||
Series E | ||
0.962%, due 11/8/23 | 1,555,000 | 1,553,425 |
3.035%, due 5/28/32 (c) | 600,000 | 446,944 |
6.589% (SOFR + 1.219%), due 11/16/27 (b) | 1,945,000 | 1,867,055 |
First Horizon Bank | ||
5.75%, due 5/1/30 | 1,555,000 | 1,316,084 |
First Horizon Corp. | ||
4.00%, due 5/26/25 | 2,100,000 | 1,953,420 |
Freedom Mortgage Corp. | ||
7.625%, due 5/1/26 (a) | 790,000 | 727,026 |
Goldman Sachs Group, Inc. (The) | ||
1.431%, due 3/9/27 (c) | 1,255,000 | 1,114,598 |
1.948%, due 10/21/27 (c) | 1,435,000 | 1,258,517 |
1.992%, due 1/27/32 (c) | 1,165,000 | 854,653 |
6.75%, due 10/1/37 | 829,000 | 809,823 |
HSBC Holdings plc | ||
3.973%, due 5/22/30 (United Kingdom) (c) | 1,350,000 | 1,166,375 |
Intesa Sanpaolo SpA | ||
7.00%, due 11/21/25 (Italy) (a) | 585,000 | 587,482 |
JPMorgan Chase & Co. (c) | ||
2.182%, due 6/1/28 | 1,030,000 | 895,373 |
Series HH | ||
4.60%, due 2/1/25 (d) | 257,000 | 239,438 |
Lloyds Banking Group plc (United Kingdom) | ||
4.582%, due 12/10/25 | 1,038,000 | 987,207 |
4.65%, due 3/24/26 | 1,690,000 | 1,600,515 |
4.976% (1 Year Treasury Constant Maturity Rate + 2.30%), due 8/11/33 (b) | 870,000 | 755,212 |
Principal Amount | Value | |
Banks (continued) | ||
Macquarie Group Ltd. | ||
2.871%, due 1/14/33 (Australia) (a)(c) | $ 1,925,000 | $ 1,422,625 |
Mizuho Financial Group, Inc. | ||
3.261% (1 Year Treasury Constant Maturity Rate + 1.25%), due 5/22/30 (Japan) (b) | 795,000 | 676,086 |
Morgan Stanley (c) | ||
2.484%, due 9/16/36 | 2,115,000 | 1,496,182 |
2.511%, due 10/20/32 | 1,530,000 | 1,144,385 |
NatWest Group plc | ||
3.073% (1 Year Treasury Constant Maturity Rate + 2.55%), due 5/22/28 (United Kingdom) (b) | 3,705,000 | 3,277,254 |
Santander Holdings USA, Inc. | ||
6.499%, due 3/9/29 (c) | 735,000 | 710,873 |
Societe Generale SA (France) (a)(b)(d) | ||
4.75% (5 Year Treasury Constant Maturity Rate + 3.931%), due 5/26/26 | 935,000 | 749,647 |
5.375% (5 Year Treasury Constant Maturity Rate + 4.514%), due 11/18/30 | 2,240,000 | 1,606,542 |
Standard Chartered plc | ||
1.822% (1 Year Treasury Constant Maturity Rate + 0.95%), due 11/23/25 (United Kingdom) (a)(b) | 2,510,000 | 2,379,427 |
UBS Group AG (Switzerland) (a) | ||
3.091%, due 5/14/32 (c) | 1,040,000 | 799,921 |
4.375% (5 Year Treasury Constant Maturity Rate + 3.313%), due 2/10/31 (b)(d) | 2,350,000 | 1,631,496 |
4.751% (1 Year Treasury Constant Maturity Rate + 1.75%), due 5/12/28 (b) | 410,000 | 385,180 |
6.442%, due 8/11/28 (c) | 365,000 | 361,199 |
Wells Fargo & Co. (c) | ||
3.35%, due 3/2/33 | 935,000 | 736,188 |
5.557%, due 7/25/34 | 665,000 | 608,735 |
Westpac Banking Corp. | ||
3.02% (5 Year Treasury Constant Maturity Rate + 1.53%), due 11/18/36 (Australia) (b) | 1,255,000 | 902,718 |
59,861,038 | ||
Biotechnology 0.0% ‡ | ||
Amgen, Inc. | ||
5.75%, due 3/2/63 | 540,000 | 467,705 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Chemicals 0.3% | ||
Braskem Netherlands Finance BV | ||
4.50%, due 1/10/28 (Brazil) (a) | $ 1,535,000 | $ 1,295,147 |
Huntsman International LLC | ||
4.50%, due 5/1/29 | 1,862,000 | 1,665,437 |
2,960,584 | ||
Commercial Services 0.1% | ||
Ashtead Capital, Inc. | ||
4.00%, due 5/1/28 (United Kingdom) (a) | 935,000 | 835,803 |
California Institute of Technology | ||
3.65%, due 9/1/2119 | 898,000 | 519,340 |
1,355,143 | ||
Computers 0.4% | ||
Dell International LLC | ||
3.375%, due 12/15/41 | 2,090,000 | 1,346,368 |
5.30%, due 10/1/29 | 810,000 | 772,713 |
8.10%, due 7/15/36 | 1,242,000 | 1,347,006 |
3,466,087 | ||
Diversified Financial Services 1.7% | ||
AerCap Ireland Capital DAC | ||
2.45%, due 10/29/26 (Ireland) | 1,585,000 | 1,409,903 |
Air Lease Corp. | ||
2.30%, due 2/1/25 | 1,915,000 | 1,817,895 |
4.25%, due 9/15/24 | 630,000 | 619,076 |
Aircastle Ltd. | ||
5.25% (5 Year Treasury Constant Maturity Rate + 4.41%), due 6/15/26 (a)(b)(d) | 1,150,000 | 901,769 |
Ally Financial, Inc. | ||
6.992%, due 6/13/29 (c) | 550,000 | 525,715 |
8.00%, due 11/1/31 | 1,685,000 | 1,644,632 |
American Express Co. | ||
5.625%, due 7/28/34 (c) | 570,000 | 519,492 |
Aviation Capital Group LLC | ||
1.95%, due 1/30/26 (a) | 1,210,000 | 1,088,047 |
Avolon Holdings Funding Ltd. (Ireland) (a) | ||
2.125%, due 2/21/26 | 1,515,000 | 1,351,227 |
2.875%, due 2/15/25 | 1,830,000 | 1,729,734 |
Banco BTG Pactual SA | ||
2.75%, due 1/11/26 (Brazil) (a) | 1,050,000 | 966,007 |
Capital One Financial Corp. | ||
6.312%, due 6/8/29 (c) | 1,070,000 | 1,024,496 |
Nomura Holdings, Inc. | ||
5.099%, due 7/3/25 (Japan) | 1,845,000 | 1,809,541 |
Principal Amount | Value | |
Diversified Financial Services (continued) | ||
OneMain Finance Corp. | ||
3.50%, due 1/15/27 | $ 885,000 | $ 747,825 |
6.125%, due 3/15/24 | 270,000 | 269,277 |
16,424,636 | ||
Electric 1.9% | ||
AEP Texas, Inc. | ||
4.70%, due 5/15/32 | 1,135,000 | 1,007,411 |
Alabama Power Co. | ||
3.00%, due 3/15/52 | 785,000 | 442,713 |
Arizona Public Service Co. | ||
2.20%, due 12/15/31 | 1,930,000 | 1,426,759 |
Calpine Corp. | ||
5.125%, due 3/15/28 (a) | 615,000 | 550,383 |
Duke Energy Progress LLC | ||
5.35%, due 3/15/53 | 535,000 | 455,495 |
Duquesne Light Holdings, Inc. | ||
3.616%, due 8/1/27 (a) | 2,265,000 | 2,011,528 |
Edison International | ||
Series B | ||
5.00% (5 Year Treasury Constant Maturity Rate + 3.901%), due 12/15/26 (b)(d) | 2,140,000 | 1,904,519 |
Entergy Louisiana LLC | ||
4.00%, due 3/15/33 | 1,615,000 | 1,356,863 |
Georgia Power Co. | ||
4.95%, due 5/17/33 | 310,000 | 282,956 |
Jersey Central Power & Light Co. | ||
2.75%, due 3/1/32 (a) | 1,655,000 | 1,269,177 |
National Rural Utilities Cooperative Finance Corp. | ||
5.80%, due 1/15/33 | 1,065,000 | 1,030,069 |
Nevada Power Co. | ||
Series GG | ||
5.90%, due 5/1/53 | 530,000 | 482,309 |
Ohio Power Co. | ||
Series R | ||
2.90%, due 10/1/51 | 1,000,000 | 558,486 |
Public Service Co. of Oklahoma | ||
5.25%, due 1/15/33 | 415,000 | 382,026 |
Sempra | ||
5.50%, due 8/1/33 | 1,115,000 | 1,036,931 |
Southern California Edison Co. | ||
4.00%, due 4/1/47 | 660,000 | 451,760 |
5.70%, due 3/1/53 | 795,000 | 691,067 |
Virginia Electric and Power Co. | ||
2.95%, due 11/15/51 | 1,035,000 | 576,677 |
5.45%, due 4/1/53 | 480,000 | 409,134 |
16 | MainStay Income Builder Fund |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Electric (continued) | ||
WEC Energy Group, Inc. | ||
7.739% (3 Month SOFR + 2.374%), due 5/15/67 (b) | $ 1,095,000 | $ 951,992 |
Xcel Energy, Inc. | ||
5.45%, due 8/15/33 | 1,110,000 | 1,034,254 |
18,312,509 | ||
Entertainment 0.1% | ||
Warnermedia Holdings, Inc. | ||
4.279%, due 3/15/32 | 1,340,000 | 1,111,014 |
Food 0.3% | ||
J M Smucker Co. (The) | ||
6.50%, due 11/15/53 | 370,000 | 348,863 |
JBS USA LUX SA | ||
5.75%, due 4/1/33 | 1,690,000 | 1,492,640 |
Smithfield Foods, Inc. | ||
4.25%, due 2/1/27 (a) | 1,180,000 | 1,083,332 |
2,924,835 | ||
Gas 0.2% | ||
Brooklyn Union Gas Co. (The) | ||
6.388%, due 9/15/33 (a) | 865,000 | 825,896 |
National Fuel Gas Co. | ||
2.95%, due 3/1/31 | 375,000 | 285,061 |
Southern California Gas Co. | ||
Series VV | ||
4.30%, due 1/15/49 | 845,000 | 605,827 |
Southern Co. Gas Capital Corp. | ||
Series 21A | ||
3.15%, due 9/30/51 | 1,180,000 | 664,133 |
2,380,917 | ||
Insurance 0.7% | ||
Peachtree Corners Funding Trust | ||
3.976%, due 2/15/25 (a) | 940,000 | 908,296 |
Protective Life Corp. | ||
8.45%, due 10/15/39 | 1,195,000 | 1,339,295 |
Reliance Standard Life Global Funding II | ||
2.50%, due 10/30/24 (a) | 2,420,000 | 2,325,322 |
Willis North America, Inc. | ||
2.95%, due 9/15/29 | 1,735,000 | 1,454,674 |
3.875%, due 9/15/49 | 440,000 | 281,458 |
6,309,045 |
Principal Amount | Value | |
Lodging 0.3% | ||
Las Vegas Sands Corp. | ||
3.20%, due 8/8/24 | $ 1,415,000 | $ 1,376,870 |
Sands China Ltd. | ||
5.375%, due 8/8/25 (Macao) (e) | 1,310,000 | 1,267,912 |
2,644,782 | ||
Media 0.1% | ||
CCO Holdings LLC | ||
4.75%, due 3/1/30 (a) | 580,000 | 478,455 |
DISH DBS Corp. | ||
5.75%, due 12/1/28 (a) | 1,180,000 | 856,975 |
1,335,430 | ||
Miscellaneous—Manufacturing 0.2% | ||
Textron Financial Corp. | ||
7.361% (3 Month SOFR + 1.997%), due 2/15/42 (a)(b) | 2,720,000 | 2,121,683 |
Oil & Gas 0.1% | ||
Gazprom PJSC Via Gaz Capital SA | ||
7.288%, due 8/16/37 (Russia) (a)(f) | 745,000 | 577,375 |
Packaging & Containers 0.1% | ||
Berry Global, Inc. | ||
4.875%, due 7/15/26 (a) | 200,000 | 190,838 |
Owens-Brockway Glass Container, Inc. | ||
6.625%, due 5/13/27 (a) | 731,000 | 694,450 |
885,288 | ||
Pharmaceuticals 0.2% | ||
Teva Pharmaceutical Finance Netherlands III BV (Israel) | ||
3.15%, due 10/1/26 | 575,000 | 506,244 |
4.75%, due 5/9/27 | 1,335,000 | 1,212,098 |
1,718,342 | ||
Pipelines 1.0% | ||
Cheniere Corpus Christi Holdings LLC | ||
2.742%, due 12/31/39 | 1,580,000 | 1,139,083 |
Columbia Pipelines Operating Co. LLC | ||
6.544%, due 11/15/53 (a) | 740,000 | 679,710 |
DT Midstream, Inc. | ||
4.30%, due 4/15/32 (a) | 1,375,000 | 1,158,273 |
Enbridge, Inc. | ||
5.70%, due 3/8/33 (Canada) (g) | 1,075,000 | 1,005,161 |
Energy Transfer LP | ||
5.35%, due 5/15/45 | 1,000,000 | 785,815 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Pipelines (continued) | ||
EnLink Midstream LLC | ||
5.625%, due 1/15/28 (a) | $ 565,000 | $ 532,753 |
Flex Intermediate Holdco LLC | ||
3.363%, due 6/30/31 (a) | 2,030,000 | 1,529,932 |
MPLX LP | ||
2.65%, due 8/15/30 | 1,050,000 | 829,499 |
Transcontinental Gas Pipe Line Co. LLC | ||
4.60%, due 3/15/48 | 1,035,000 | 778,809 |
Venture Global LNG, Inc. | ||
9.875%, due 2/1/32 (a) | 630,000 | 638,813 |
Western Midstream Operating LP | ||
5.25%, due 2/1/50 (e) | 860,000 | 635,506 |
9,713,354 | ||
Real Estate Investment Trusts 0.8% | ||
American Tower Corp. | ||
3.60%, due 1/15/28 | 1,025,000 | 921,427 |
Digital Realty Trust LP | ||
4.45%, due 7/15/28 | 2,255,000 | 2,084,993 |
GLP Capital LP | ||
3.35%, due 9/1/24 | 1,280,000 | 1,243,153 |
Invitation Homes Operating Partnership LP | ||
2.00%, due 8/15/31 | 1,600,000 | 1,152,045 |
Starwood Property Trust, Inc. (a) | ||
3.75%, due 12/31/24 | 1,120,000 | 1,058,400 |
4.375%, due 1/15/27 | 940,000 | 806,435 |
7,266,453 | ||
Retail 0.1% | ||
AutoNation, Inc. | ||
4.75%, due 6/1/30 | 784,000 | 686,686 |
Nordstrom, Inc. | ||
4.25%, due 8/1/31 | 985,000 | 721,591 |
1,408,277 | ||
Software 0.1% | ||
Fidelity National Information Services, Inc. | ||
5.10%, due 7/15/32 | 655,000 | 604,335 |
Telecommunications 0.3% | ||
Altice France SA | ||
5.125%, due 7/15/29 (France) (a) | 2,100,000 | 1,437,789 |
AT&T, Inc. | ||
3.50%, due 9/15/53 | 1,344,000 | 791,414 |
Principal Amount | Value | |
Telecommunications (continued) | ||
T-Mobile USA, Inc. | ||
2.625%, due 2/15/29 | $ 715,000 | $ 599,424 |
2,828,627 | ||
Trucking & Leasing 0.1% | ||
Penske Truck Leasing Co. LP | ||
6.05%, due 8/1/28 (a) | 845,000 | 829,018 |
Total Corporate Bonds (Cost $195,526,203) | 165,799,548 | |
Foreign Government Bonds 0.3% | ||
Chile 0.1% | ||
Empresa Nacional del Petroleo | ||
3.45%, due 9/16/31 (a) | 1,695,000 | 1,314,905 |
Colombia 0.2% | ||
Colombia Government Bond | ||
3.25%, due 4/22/32 | 1,780,000 | 1,273,459 |
4.50%, due 1/28/26 | 560,000 | 535,448 |
1,808,907 | ||
Total Foreign Government Bonds (Cost $4,013,987) | 3,123,812 | |
Loan Assignments 0.1% | ||
Diversified/Conglomerate Service 0.1% | ||
TruGreen LP (b) | ||
First Lien Second Refinancing Term Loan | ||
9.424% (1 Month SOFR + 4.00%), due 11/2/27 | 746,671 | 698,884 |
Second Lien Initial Term Loan | ||
14.145% (3 Month SOFR + 8.50%), due 11/2/28 | 580,000 | 369,267 |
1,068,151 | ||
Total Loan Assignments (Cost $1,313,716) | 1,068,151 | |
Mortgage-Backed Securities 16.4% | ||
Agency (Collateralized Mortgage Obligations) 8.5% | ||
FHLMC | ||
REMIC, Series 5326, Class QO | ||
(zero coupon), due 9/25/50 | 1,678,055 | 1,096,553 |
18 | MainStay Income Builder Fund |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Agency (Collateralized Mortgage Obligations) (continued) | ||
FHLMC (continued) | ||
REMIC, Series 5021, Class SA | ||
(zero coupon) (SOFR 30A + 3.55%), due 10/25/50 (b)(h) | $ 2,984,480 | $ 30,018 |
REMIC, Series 5187, Class SA | ||
(zero coupon) (SOFR 30A + 1.80%), due 1/25/52 (b)(h) | 2,277,950 | 1,337 |
REMIC, Series 5200, Class SA | ||
(zero coupon) (SOFR 30A + 3.50%), due 2/25/52 (b)(h) | 437,478 | 3,994 |
REMIC, Series 5326 | ||
(zero coupon), due 8/25/53 | 519,034 | 361,347 |
REMIC, Series 5351, Class DO | ||
(zero coupon), due 9/25/53 | 990,000 | 663,640 |
REMIC, Series 5315, Class OQ | ||
(zero coupon), due 1/25/55 | 841,160 | 653,922 |
REMIC, Series 5328, Class JY | ||
0.25%, due 9/25/50 | 1,563,410 | 963,059 |
REMIC, Series 4993, Class KS | ||
0.615% (SOFR 30A + 5.936%), due 7/25/50 (b)(h) | 3,256,106 | 314,821 |
REMIC, Series 4994, Class TS | ||
0.665% (SOFR 30A + 5.986%), due 7/25/50 (b)(h) | 1,915,479 | 173,222 |
REMIC, Series 5092, Class XA | ||
1.00%, due 1/15/41 | 1,185,107 | 942,531 |
REMIC, Series 4988, Class BA | ||
1.50%, due 6/25/50 | 469,599 | 313,122 |
REMIC, Series 4120, Class ZA | ||
3.00%, due 10/15/42 | 827,285 | 692,613 |
REMIC, Series 5070, Class PI | ||
3.00%, due 8/25/50 (h) | 1,602,781 | 284,273 |
REMIC, Series 5011, Class MI | ||
3.00%, due 9/25/50 (h) | 1,826,149 | 284,029 |
REMIC, Series 5023, Class LI | ||
3.00%, due 10/25/50 (h) | 1,308,793 | 208,107 |
REMIC, Series 5094, Class IP | ||
3.00%, due 4/25/51 (h) | 1,402,040 | 218,209 |
REMIC, Series 5160 | ||
3.00%, due 10/25/51 (h) | 1,603,304 | 196,918 |
REMIC, Series 4710, Class WZ | ||
3.50%, due 8/15/47 | 1,029,620 | 854,966 |
REMIC, Series 4725, Class WZ | ||
3.50%, due 11/15/47 | 1,848,956 | 1,528,652 |
REMIC, Series 5040 | ||
3.50%, due 11/25/50 (h) | 1,141,381 | 183,401 |
Principal Amount | Value | |
Agency (Collateralized Mortgage Obligations) (continued) | ||
FHLMC (continued) | ||
REMIC, Series 5304, Class UB | ||
4.00%, due 2/25/52 | $ 1,370,776 | $ 1,192,055 |
REMIC, Series 5268, Class B | ||
4.50%, due 10/25/52 | 2,137,877 | 1,926,420 |
FHLMC, Strips | ||
Series 272 | ||
(zero coupon), due 8/15/42 | 1,119,831 | 791,890 |
Series 311 | ||
(zero coupon), due 8/15/43 | 661,282 | 462,938 |
Series 402 | ||
(zero coupon), due 9/25/53 | 1,191,954 | 886,943 |
Series 311, Class S1 | ||
0.515% (SOFR 30A + 5.836%), due 8/15/43 (b)(h) | 1,885,970 | 146,760 |
Series 389, Class C35 | ||
2.00%, due 6/15/52 (h) | 2,803,854 | 339,967 |
FNMA | ||
REMIC, Series 2022-5, Class SN | ||
(zero coupon) (SOFR 30A + 1.80%), due 2/25/52 (b)(h) | 1,330,407 | 553 |
REMIC, Series 2022-3, Class YS | ||
(zero coupon) (SOFR 30A + 2.55%), due 2/25/52 (b)(h) | 9,214,275 | 17,132 |
REMIC, Series 2023-45 | ||
(zero coupon), due 10/25/53 | 991,736 | 687,444 |
REMIC, Series 2023-24, Class OQ | ||
(zero coupon), due 7/25/54 | 1,078,864 | 841,869 |
REMIC, Series 2022-10, Class SA | ||
0.429% (SOFR 30A + 5.75%), due 2/25/52 (b)(h) | 1,891,353 | 171,047 |
REMIC, Series 2021-40, Class SI | ||
0.515% (SOFR 30A + 5.836%), due 9/25/47 (b)(h) | 2,295,073 | 163,986 |
REMIC, Series 2016-57, Class SN | ||
0.615% (SOFR 30A + 5.936%), due 6/25/46 (b)(h) | 1,860,145 | 137,152 |
REMIC, Series 2020-47, Class BD | ||
1.50%, due 7/25/50 | 406,804 | 269,921 |
REMIC, Series 2020-70, Class AD | ||
1.50%, due 10/25/50 | 2,138,044 | 1,563,123 |
REMIC, Series 2021-12, Class JI | ||
2.50%, due 3/25/51 (h) | 1,318,395 | 208,369 |
REMIC, Series 2021-10, Class LI | ||
2.50%, due 3/25/51 (h) | 883,612 | 124,807 |
REMIC, Series 2021-34, Class MI | ||
2.50%, due 3/25/51 (h) | 3,713,555 | 420,332 |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Agency (Collateralized Mortgage Obligations) (continued) | ||
FNMA (continued) | ||
REMIC, Series 2021-54, Class HI | ||
2.50%, due 6/25/51 (h) | $ 602,301 | $ 78,286 |
REMIC, Series 2013-77, Class CY | ||
3.00%, due 7/25/43 | 1,277,437 | 1,045,711 |
REMIC, Series 2021-53, Class GI | ||
3.00%, due 7/25/48 (h) | 4,954,717 | 764,269 |
REMIC, Series 2019-13, Class PE | ||
3.00%, due 3/25/49 | 716,189 | 605,153 |
REMIC, Series 2021-85, Class BI | ||
3.00%, due 12/25/51 (h) | 3,535,009 | 580,917 |
REMIC, Series 2021-12, Class GC | ||
3.50%, due 7/25/50 | 1,509,610 | 1,265,753 |
REMIC, Series 2021-8, Class ID | ||
3.50%, due 3/25/51 (h) | 2,342,653 | 465,290 |
REMIC, Series 2020-10, Class DA | ||
3.50%, due 3/25/60 | 1,435,385 | 1,170,832 |
FNMA, Strips (h) | ||
REMIC, Series 426, Class C32 | ||
1.50%, due 2/25/52 | 4,073,445 | 379,918 |
REMIC, Series 427, Class C77 | ||
2.50%, due 9/25/51 | 3,354,155 | 486,787 |
GNMA | ||
Series 2020-1, Class YS | ||
(zero coupon) (1 Month SOFR + 2.716%), due 1/20/50 (b)(h) | 3,234,263 | 11,007 |
Series 2023-101, Class KO | ||
(zero coupon), due 1/20/51 | 2,431,026 | 1,520,678 |
Series 2021-77, Class SN | ||
(zero coupon) (1 Month SOFR + 2.486%), due 5/20/51 (b)(h) | 6,678,269 | 18,994 |
Series 2021-97, Class SA | ||
(zero coupon) (SOFR 30A + 2.60%), due 6/20/51 (b)(h) | 6,258,917 | 17,418 |
Series 2021-136, Class SB | ||
(zero coupon) (SOFR 30A + 3.20%), due 8/20/51 (b)(h) | 16,836,620 | 94,546 |
Series 2021-158, Class SB | ||
(zero coupon) (SOFR 30A + 3.70%), due 9/20/51 (b)(h) | 3,613,990 | 48,386 |
Series 2021-205, Class DS | ||
(zero coupon) (SOFR 30A + 3.20%), due 11/20/51 (b)(h) | 6,695,764 | 33,208 |
Series 2022-19, Class SG | ||
(zero coupon) (SOFR 30A + 2.45%), due 1/20/52 (b)(h) | 5,788,117 | 10,941 |
Principal Amount | Value | |
Agency (Collateralized Mortgage Obligations) (continued) | ||
GNMA (continued) | ||
Series 2022-24, Class SC | ||
(zero coupon) (SOFR 30A + 2.37%), due 2/20/52 (b)(h) | $ 29,876,237 | $ 43,249 |
Series 2023-56 | ||
(zero coupon), due 7/20/52 | 1,529,902 | 1,357,164 |
Series 2023-66, Class OQ | ||
(zero coupon), due 7/20/52 | 1,497,028 | 1,095,814 |
Series 2023-53 | ||
(zero coupon), due 4/20/53 | 689,532 | 471,186 |
Series 2023-80, Class SA | ||
(zero coupon) (SOFR 30A + 5.25%), due 6/20/53 (b)(h) | 6,080,153 | 176,996 |
Series 2023-60, Class ES | ||
0.557% (SOFR 30A + 11.20%), due 4/20/53 (b) | 1,612,392 | 1,395,240 |
Series 2020-34, Class SC | ||
0.596% (1 Month SOFR + 5.936%), due 3/20/50 (b)(h) | 2,452,739 | 217,058 |
Series 2020-146, Class SA | ||
0.846% (1 Month SOFR + 6.186%), due 10/20/50 (b)(h) | 2,356,078 | 232,879 |
Series 2021-179, Class SA | ||
0.846% (1 Month SOFR + 6.186%), due 11/20/50 (b)(h) | 3,110,846 | 295,012 |
Series 2020-167, Class SN | ||
0.846% (1 Month SOFR + 6.186%), due 11/20/50 (b)(h) | 1,042,429 | 96,870 |
Series 2020-189, Class NS | ||
0.846% (1 Month SOFR + 6.186%), due 12/20/50 (b)(h) | 3,484,559 | 354,924 |
Series 2020-189, Class SU | ||
0.846% (1 Month SOFR + 6.186%), due 12/20/50 (b)(h) | 712,053 | 68,864 |
Series 2021-57, Class SA | ||
0.846% (1 Month SOFR + 6.186%), due 3/20/51 (b)(h) | 2,438,302 | 237,509 |
Series 2021-57, Class SD | ||
0.846% (1 Month SOFR + 6.186%), due 3/20/51 (b)(h) | 3,349,262 | 323,382 |
Series 2021-46, Class TS | ||
0.846% (1 Month SOFR + 6.186%), due 3/20/51 (b)(h) | 1,532,470 | 150,868 |
Series 2021-96, Class NS | ||
0.846% (1 Month SOFR + 6.186%), due 6/20/51 (b)(h) | 4,744,155 | 456,234 |
20 | MainStay Income Builder Fund |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Agency (Collateralized Mortgage Obligations) (continued) | ||
GNMA (continued) | ||
Series 2021-96, Class SN | ||
0.846% (1 Month SOFR + 6.186%), due 6/20/51 (b)(h) | $ 2,734,411 | $ 254,032 |
Series 2021-122, Class HS | ||
0.846% (1 Month SOFR + 6.186%), due 7/20/51 (b)(h) | 2,482,062 | 260,864 |
Series 2022-137, Class S | ||
0.846% (1 Month SOFR + 6.186%), due 7/20/51 (b)(h) | 2,804,156 | 268,673 |
Series 2021-96, Class JS | ||
0.896% (1 Month SOFR + 6.236%), due 6/20/51 (b)(h) | 2,200,077 | 181,213 |
Series 2020-97, Class HB | ||
1.00%, due 7/20/50 | 735,876 | 505,354 |
Series 2020-146, Class YK | ||
1.00%, due 10/20/50 | 1,332,276 | 928,828 |
Series 2020-166, Class CA | ||
1.00%, due 11/20/50 | 1,585,920 | 1,088,468 |
Series 2023-86, Class SE | ||
1.329% (SOFR 30A + 6.65%), due 9/20/50 (b)(h) | 1,867,860 | 199,025 |
Series 2020-165, Class UD | ||
1.50%, due 11/20/50 | 571,912 | 403,133 |
Series 2023-66, Class MP | ||
1.657% (SOFR 30A + 12.30%), due 5/20/53 (b) | 1,524,492 | 1,306,098 |
Series 2021-41, Class FS | ||
2.00% (SOFR 30A + 0.20%), due 10/20/50 (b)(h) | 3,479,496 | 379,283 |
Series 2020-166, Class IC | ||
2.00%, due 11/20/50 (h) | 771,528 | 77,034 |
Series 2020-188 | ||
2.00%, due 12/20/50 (h) | 3,644,513 | 367,839 |
Series 2020-185, Class BI | ||
2.00%, due 12/20/50 (h) | 1,572,873 | 171,565 |
Series 2022-10, Class IC | ||
2.00%, due 11/20/51 (h) | 2,269,511 | 263,069 |
Series 2021-97, Class IN | ||
2.50%, due 8/20/49 (h) | 3,960,370 | 421,227 |
Series 2019-159, Class P | ||
2.50%, due 9/20/49 | 1,346,148 | 1,093,204 |
Series 2022-1, Class IA | ||
2.50%, due 6/20/50 (h) | 602,327 | 81,337 |
Series 2020-122, Class IW | ||
2.50%, due 7/20/50 (h) | 1,957,840 | 252,178 |
Principal Amount | Value | |
Agency (Collateralized Mortgage Obligations) (continued) | ||
GNMA (continued) | ||
Series 2020-151, Class TI | ||
2.50%, due 10/20/50 (h) | $ 1,813,334 | $ 234,601 |
Series 2020-173, Class EI | ||
2.50%, due 11/20/50 (h) | 2,045,457 | 276,195 |
Series 2020-188, Class DI | ||
2.50%, due 12/20/50 (h) | 4,756,939 | 646,649 |
Series 2021-1, Class PI | ||
2.50%, due 12/20/50 (h) | 1,006,099 | 127,872 |
Series 2021-83, Class FM | ||
2.50% (SOFR 30A + 0.51%), due 5/20/51 (b) | 3,230,083 | 2,390,344 |
Series 2021-140, Class GF | ||
2.50% (1 Month SOFR + 0.764%), due 8/20/51 (b) | 1,081,608 | 800,182 |
Series 2021-188 | ||
2.50%, due 10/20/51 (h) | 3,917,447 | 561,455 |
Series 2021-177, Class CI | ||
2.50%, due 10/20/51 (h) | 2,114,395 | 273,979 |
Series 2022-83 | ||
2.50%, due 11/20/51 (h) | 3,192,322 | 417,327 |
Series 2021-1, Class IT | ||
3.00%, due 1/20/51 (h) | 2,196,302 | 327,863 |
Series 2021-44, Class IQ | ||
3.00%, due 3/20/51 (h) | 3,621,457 | 542,318 |
Series 2021-74, Class HI | ||
3.00%, due 4/20/51 (h) | 381,915 | 56,540 |
Series 2021-97, Class FA | ||
3.00% (SOFR 30A + 0.40%), due 6/20/51 (b) | 764,345 | 616,308 |
Series 2021-98, Class IN | ||
3.00%, due 6/20/51 (h) | 1,457,443 | 258,468 |
Series 2021-98, Class KI | ||
3.00%, due 6/20/51 (h) | 3,886,852 | 631,691 |
Series 2022-189, Class AT | ||
3.00%, due 7/20/51 | 2,278,845 | 1,855,312 |
Series 2022-207 | ||
3.00%, due 8/20/51 (h) | 2,450,821 | 387,461 |
Series 2021-139, Class IA | ||
3.00%, due 8/20/51 (h) | 5,048,041 | 796,716 |
Series 2021-158, Class NI | ||
3.00%, due 9/20/51 (h) | 3,742,899 | 568,398 |
Series 2021-177, Class IM | ||
3.00%, due 10/20/51 (h) | 3,352,784 | 461,006 |
Series 2023-19, Class CI | ||
3.00%, due 11/20/51 (h) | 2,791,624 | 430,834 |
Series 2022-207, Class NA | ||
3.00%, due 1/20/52 | 5,141,269 | 4,122,080 |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Agency (Collateralized Mortgage Obligations) (continued) | ||
GNMA (continued) | ||
Series 2022-206, Class CN | ||
3.00%, due 2/20/52 | $ 3,613,921 | $ 2,924,829 |
Series 2019-92, Class GF | ||
3.50% (1 Month SOFR + 0.804%), due 7/20/49 (b) | 707,195 | 575,313 |
Series 2019-97, Class FG | ||
3.50% (1 Month SOFR + 0.804%), due 8/20/49 (b) | 1,475,074 | 1,199,705 |
Series 2019-110, Class FG | ||
3.50% (1 Month SOFR + 0.764%), due 9/20/49 (b) | 509,315 | 413,891 |
Series 2019-128, Class KF | ||
3.50% (1 Month SOFR + 0.764%), due 10/20/49 (b) | 774,567 | 628,976 |
Series 2019-128, Class YF | ||
3.50% (1 Month SOFR + 0.764%), due 10/20/49 (b) | 1,007,791 | 820,577 |
Series 2020-5, Class FA | ||
3.50% (1 Month SOFR + 0.814%), due 1/20/50 (b) | 1,560,585 | 1,267,878 |
Series 2023-63, Class MA | ||
3.50%, due 5/20/50 | 2,092,801 | 1,782,873 |
Series 2021-125, Class AF | ||
3.50% (SOFR 30A + 0.25%), due 7/20/51 (b) | 1,538,040 | 1,262,787 |
Series 2021-146, Class IN | ||
3.50%, due 8/20/51 (h) | 2,411,302 | 437,308 |
Series 2023-1, Class HD | ||
3.50%, due 1/20/52 | 2,661,114 | 2,259,708 |
Series 2022-69, Class FA | ||
4.50% (SOFR 30A + 0.75%), due 4/20/52 (b) | 852,225 | 756,008 |
Series 2023-81, Class LA | ||
5.00%, due 6/20/52 | 1,009,815 | 955,713 |
Series 2023-38, Class WT | ||
6.768%, due 12/20/51 (i) | 654,308 | 657,670 |
Series 2023-59, Class YC | ||
6.954%, due 9/20/51 (i) | 1,440,031 | 1,483,731 |
Series 2023-55, Class CG | ||
7.496%, due 7/20/51 (i) | 1,607,119 | 1,677,002 |
Series 2023-55, Class LB | ||
7.917%, due 11/20/51 (i) | 1,830,529 | 1,995,569 |
Series 2019-136, Class YS | ||
9.674% (1 Month SOFR + 2.716%), due 11/20/49 (b)(h) | 1,013,535 | 3,180 |
82,281,526 |
Principal Amount | Value | |
Commercial Mortgage Loans (Collateralized Mortgage Obligations) 3.1% | ||
Bayview Commercial Asset Trust | ||
Series 2006-4A, Class A1 | ||
5.784% (1 Month SOFR + 0.459%), due 12/25/36 (a)(b) | $ 36,702 | $ 33,460 |
BBCMS Mortgage Trust (a)(b) | ||
Series 2018-TALL, Class C | ||
6.653% (1 Month SOFR + 1.318%), due 3/15/37 | 665,000 | 533,663 |
Series 2018-TALL, Class D | ||
6.981% (1 Month SOFR + 1.646%), due 3/15/37 | 430,000 | 326,579 |
Benchmark Mortgage Trust | ||
Series 2020-B19, Class A2 | ||
1.691%, due 9/15/53 | 1,775,000 | 1,570,221 |
BX Commercial Mortgage Trust (a)(j) | ||
Series 2020-VIV2, Class C | ||
3.542%, due 3/9/44 | 1,070,000 | 843,668 |
Series 2020-VIV3, Class B | ||
3.544%, due 3/9/44 | 1,007,236 | 815,956 |
Series 2020-VIVA, Class D | ||
3.549%, due 3/11/44 | 170,000 | 131,357 |
BX Trust (a) | ||
Series 2019-OC11, Class B | ||
3.605%, due 12/9/41 | 250,000 | 207,472 |
Series 2019-OC11, Class C | ||
3.856%, due 12/9/41 | 570,000 | 467,802 |
Series 2019-OC11, Class D | ||
3.944%, due 12/9/41 (j) | 975,000 | 782,575 |
Series 2021-ARIA, Class E | ||
7.693% (1 Month SOFR + 2.359%), due 10/15/36 (b) | 1,980,000 | 1,851,005 |
Series 2022-PSB, Class B | ||
8.283% (1 Month SOFR + 2.949%), due 8/15/39 (b) | 1,275,506 | 1,275,448 |
Series 2022-PSB, Class C | ||
9.032% (1 Month SOFR + 3.697%), due 8/15/39 (b) | 341,021 | 340,982 |
BXHPP Trust | ||
Series 2021-FILM, Class B | ||
6.348% (1 Month SOFR + 1.014%), due 8/15/36 (a)(b) | 1,280,000 | 1,168,047 |
Citigroup Commercial Mortgage Trust | ||
Series 2016-GC36, Class A5 | ||
3.616%, due 2/10/49 | 560,000 | 522,333 |
22 | MainStay Income Builder Fund |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Commercial Mortgage Loans (Collateralized Mortgage Obligations) (continued) | ||
DROP Mortgage Trust | ||
Series 2021-FILE, Class A | ||
6.598% (1 Month SOFR + 1.264%), due 10/15/43 (a)(b) | $ 610,000 | $ 566,761 |
Extended Stay America Trust | ||
Series 2021-ESH, Class D | ||
7.698% (1 Month SOFR + 2.364%), due 7/15/38 (a)(b) | 1,511,023 | 1,484,576 |
GNMA (h)(j) | ||
Series 2021-164 | ||
0.948%, due 10/16/63 | 3,864,783 | 262,899 |
Series 2021-108 | ||
0.967%, due 6/16/61 | 5,715,980 | 383,604 |
Series 2020-168, Class IA | ||
0.978%, due 12/16/62 | 2,945,498 | 202,489 |
Series 2021-47 | ||
0.992%, due 3/16/61 | 6,895,852 | 471,192 |
Hudson Yards Mortgage Trust | ||
Series 2019-30HY, Class A | ||
3.228%, due 7/10/39 (a) | 1,640,000 | 1,361,996 |
Manhattan West Mortgage Trust | ||
Series 2020-1MW, Class A | ||
2.13%, due 9/10/39 (a) | 3,015,000 | 2,557,208 |
Morgan Stanley Bank of America Merrill Lynch Trust | ||
Series 2017-C34, Class A4 | ||
3.536%, due 11/15/52 | 700,000 | 631,312 |
Series 2016-C28, Class A4 | ||
3.544%, due 1/15/49 | 560,000 | 522,811 |
Morgan Stanley Capital I Trust | ||
Series 2015-UBS8, Class A4 | ||
3.809%, due 12/15/48 | 860,000 | 807,373 |
Multifamily Connecticut Avenue Securities Trust (a)(b) | ||
Series 2019-01, Class M10 | ||
8.685% (SOFR 30A + 3.364%), due 10/25/49 | 2,525,969 | 2,432,292 |
Series 2020-01, Class M10 | ||
9.185% (SOFR 30A + 3.864%), due 3/25/50 | 2,020,143 | 1,929,371 |
One Bryant Park Trust | ||
Series 2019-OBP, Class A | ||
2.516%, due 9/15/54 (a) | 2,350,000 | 1,840,218 |
Principal Amount | Value | |
Commercial Mortgage Loans (Collateralized Mortgage Obligations) (continued) | ||
ORL Trust (a)(b) | ||
Series 2023-GLKS, Class C | ||
8.985% (1 Month SOFR + 3.651%), due 10/15/28 | $ 800,000 | $ 796,826 |
Series 2023-GLKS, Class D | ||
9.636% (1 Month SOFR + 4.301%), due 10/15/28 | 470,000 | 468,025 |
SLG Office Trust (a) | ||
Series 2021-OVA, Class A | ||
2.585%, due 7/15/41 | 705,000 | 534,750 |
Series 2021-OVA, Class F | ||
2.851%, due 7/15/41 | 785,000 | 510,221 |
Wells Fargo Commercial Mortgage Trust | ||
Series 2018-AUS, Class A | ||
4.058%, due 8/17/36 (a)(j) | 1,745,000 | 1,540,154 |
30,174,646 | ||
Whole Loan (Collateralized Mortgage Obligations) 4.8% | ||
CIM Trust | ||
Series 2021-J2, Class AS | ||
0.21%, due 4/25/51 (a)(h)(i) | 41,624,006 | 442,646 |
Connecticut Avenue Securities Trust (a)(b) | ||
Series 2022-R01, Class 1M2 | ||
7.221% (SOFR 30A + 1.90%), due 12/25/41 | 490,000 | 482,656 |
Series 2021-R03, Class 1B1 | ||
8.071% (SOFR 30A + 2.75%), due 12/25/41 | 1,120,000 | 1,107,646 |
Series 2021-R01, Class 1B1 | ||
8.421% (SOFR 30A + 3.10%), due 10/25/41 | 2,290,000 | 2,282,870 |
Series 2022-R02, Class 2B1 | ||
9.821% (SOFR 30A + 4.50%), due 1/25/42 | 1,865,000 | 1,901,970 |
Series 2022-R08, Class 1B1 | ||
10.921% (SOFR 30A + 5.60%), due 7/25/42 | 365,000 | 391,362 |
Series 2021-R01, Class 1B2 | ||
11.321% (SOFR 30A + 6.00%), due 10/25/41 | 2,070,000 | 2,057,062 |
FHLMC STACR REMIC Trust (a)(b) | ||
Series 2021-HQA3, Class M2 | ||
7.421% (SOFR 30A + 2.10%), due 9/25/41 | 1,715,000 | 1,665,694 |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Whole Loan (Collateralized Mortgage Obligations) (continued) | ||
FHLMC STACR REMIC Trust (a)(b) (continued) | ||
Series 2021-HQA4, Class M2 | ||
7.671% (SOFR 30A + 2.35%), due 12/25/41 | $ 1,760,000 | $ 1,705,000 |
Series 2022-DNA1, Class M2 | ||
7.821% (SOFR 30A + 2.50%), due 1/25/42 | 1,950,000 | 1,906,125 |
Series 2021-HQA1, Class B1 | ||
8.321% (SOFR 30A + 3.00%), due 8/25/33 | 3,225,000 | 3,178,657 |
Series 2021-DNA5, Class B1 | ||
8.371% (SOFR 30A + 3.05%), due 1/25/34 | 3,315,000 | 3,315,000 |
Series 2021-HQA2, Class B1 | ||
8.471% (SOFR 30A + 3.15%), due 12/25/33 | 1,445,000 | 1,426,938 |
Series 2021-HQA3, Class B1 | ||
8.671% (SOFR 30A + 3.35%), due 9/25/41 | 1,935,000 | 1,920,488 |
Series 2021-DNA6, Class B1 | ||
8.721% (SOFR 30A + 3.40%), due 10/25/41 | 1,235,000 | 1,241,175 |
Series 2022-DNA1, Class B1 | ||
8.721% (SOFR 30A + 3.40%), due 1/25/42 | 510,000 | 504,900 |
Series 2021-DNA7, Class B1 | ||
8.971% (SOFR 30A + 3.65%), due 11/25/41 | 1,655,000 | 1,675,897 |
Series 2021-HQA4, Class B1 | ||
9.071% (SOFR 30A + 3.75%), due 12/25/41 | 550,000 | 546,916 |
Series 2022-DNA2, Class M2 | ||
9.071% (SOFR 30A + 3.75%), due 2/25/42 | 2,470,000 | 2,503,962 |
Series 2020-HQA1, Class B2 | ||
10.535% (SOFR 30A + 5.214%), due 1/25/50 | 1,360,000 | 1,349,136 |
Series 2022-HQA3, Class M2 | ||
10.671% (SOFR 30A + 5.35%), due 8/25/42 | 1,530,000 | 1,616,008 |
Series 2022-DNA6, Class M2 | ||
11.071% (SOFR 30A + 5.75%), due 9/25/42 | 1,375,000 | 1,493,140 |
Series 2022-HQA1, Class B1 | ||
12.321% (SOFR 30A + 7.00%), due 3/25/42 | 1,150,000 | 1,237,963 |
Principal Amount | Value | |
Whole Loan (Collateralized Mortgage Obligations) (continued) | ||
FHLMC Structured Agency Credit Risk Debt Notes | ||
Series 2022-HQA2, Class M2 | ||
11.321% (SOFR 30A + 6.00%), due 7/25/42 (a)(b) | $ 1,505,000 | $ 1,627,656 |
Flagstar Mortgage Trust | ||
Series 2021-6INV, Class A18 | ||
2.50%, due 8/25/51 (a)(i) | 95,813 | 68,195 |
HarborView Mortgage Loan Trust | ||
Series 2007-3, Class 2A1A | ||
5.848% (1 Month SOFR + 0.514%), due 5/19/47 (b) | 816,951 | 739,742 |
J.P. Morgan Mortgage Trust | ||
Series 2021-LTV2, Class A1 | ||
2.519%, due 5/25/52 (a)(i) | 801,626 | 603,332 |
New Residential Mortgage Loan Trust (a) | ||
Series 2019-5A, Class B7 | ||
4.325%, due 8/25/59 (j) | 2,764,135 | 1,510,676 |
Series 2019-2A, Class B6 | ||
4.832%, due 12/25/57 (i) | 938,056 | 553,348 |
OBX Trust | ||
Series 2022-NQM1, Class A1 | ||
2.305%, due 11/25/61 (a)(i) | 862,490 | 701,519 |
Onslow Bay Mortgage Loan Trust | ||
Series 2021-NQM4, Class A1 | ||
1.957%, due 10/25/61 (a)(i) | 2,609,491 | 2,013,952 |
Sequoia Mortgage Trust | ||
Series 2021-4, Class A1 | ||
0.167%, due 6/25/51 (a)(h)(j) | 31,378,936 | 251,386 |
STACR Trust | ||
Series 2018-HRP2, Class B1 | ||
9.635% (SOFR 30A + 4.314%), due 2/25/47 (a)(b) | 1,900,000 | 2,032,335 |
46,055,352 | ||
Total Mortgage-Backed Securities (Cost $170,693,060) | 158,511,524 | |
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 | 1,815,000 | 1,079,864 |
Total Municipal Bond (Cost $1,815,000) | 1,079,864 |
24 | MainStay Income Builder Fund |
Principal Amount | Value | |
U.S. Government & Federal Agencies 3.6% | ||
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) 1.3% | ||
UMBS Pool, 20 Year | ||
5.00%, due 7/1/43 | $ 1,892,481 | $ 1,773,682 |
UMBS Pool, 30 Year | ||
3.50%, due 7/1/50 | 1,119,008 | 948,611 |
4.50%, due 10/1/52 | 883,443 | 789,606 |
5.50%, due 7/1/53 | 1,730,845 | 1,642,264 |
6.00%, due 10/1/53 | 2,787,202 | 2,717,618 |
6.50%, due 7/1/53 | 373,157 | 370,993 |
6.50%, due 10/1/53 | 2,011,345 | 2,000,846 |
6.50%, due 11/1/53 | 2,350,000 | 2,337,002 |
12,580,622 | ||
Federal National Mortgage Association (Mortgage Pass-Through Securities) 2.3% | ||
UMBS, 20 Year | ||
5.00%, due 5/1/43 | 2,142,252 | 2,008,660 |
UMBS, 30 Year | ||
2.50%, due 6/1/51 | 3,658,361 | 2,827,714 |
3.50%, due 7/1/52 | 751,704 | 626,882 |
4.00%, due 8/1/48 | 1,526,005 | 1,341,870 |
4.00%, due 2/1/49 | 250,645 | 219,654 |
4.00%, due 6/1/52 | 881,262 | 762,178 |
4.00%, due 6/1/52 | 1,439,585 | 1,244,942 |
5.00%, due 11/1/52 | 2,935,124 | 2,708,103 |
5.00%, due 3/1/53 | 1,725,927 | 1,591,871 |
5.50%, due 2/1/53 | 445,239 | 422,683 |
5.50%, due 8/1/53 | 460,160 | 437,100 |
6.00%, due 3/1/53 | 227,535 | 222,309 |
6.00%, due 8/1/53 | 1,011,906 | 985,551 |
6.00%, due 9/1/53 | 1,178,553 | 1,147,790 |
6.00%, due 9/1/53 | 4,520,202 | 4,401,849 |
6.50%, due 10/1/53 | 975,000 | 971,716 |
21,920,872 | ||
Government National Mortgage Association (Mortgage Pass-Through Securities) 0.0% ‡ | ||
GNMA I, Single Family, 30 Year | ||
6.50%, due 4/15/29 | 6 | 6 |
6.50%, due 8/15/29 | 3 | 3 |
9 | ||
Total U.S. Government & Federal Agencies (Cost $36,226,381) | 34,501,503 | |
Total Long-Term Bonds (Cost $447,717,260) | 398,517,147 | |
Shares | Value | |
Common Stocks 57.1% | ||
Aerospace & Defense 1.9% | ||
BAE Systems plc (United Kingdom) | 403,824 | $ 5,418,740 |
General Dynamics Corp. | 15,140 | 3,653,433 |
Lockheed Martin Corp. | 9,872 | 4,488,206 |
RTX Corp. | 56,295 | 4,581,850 |
18,142,229 | ||
Air Freight & Logistics 1.2% | ||
Deutsche Post AG (Germany) | 140,216 | 5,453,807 |
Hyundai Glovis Co. Ltd. (Republic of Korea) | 28,145 | 3,565,665 |
United Parcel Service, Inc., Class B | 18,866 | 2,664,823 |
11,684,295 | ||
Automobile Components 0.3% | ||
Cie Generale des Etablissements Michelin SCA (France) | 108,227 | 3,208,710 |
Automobiles 0.4% | ||
Toyota Motor Corp. (Japan) | 236,200 | 4,036,009 |
Banks 3.5% | ||
Bank of America Corp. | 199,166 | 5,246,032 |
BAWAG Group AG (Austria) (a) | 68,427 | 3,036,565 |
Columbia Banking System, Inc. | 161,467 | 3,176,056 |
JPMorgan Chase & Co. | 56,621 | 7,873,716 |
PNC Financial Services Group, Inc. (The) | 25,735 | 2,945,886 |
Regions Financial Corp. | 177,016 | 2,572,043 |
Royal Bank of Canada (Canada) | 34,820 | 2,781,080 |
Truist Financial Corp. | 102,181 | 2,897,853 |
U.S. Bancorp | 96,311 | 3,070,395 |
33,599,626 | ||
Beverages 1.9% | ||
Coca-Cola Co. (The) | 76,458 | 4,319,113 |
Coca-Cola Europacific Partners plc (United Kingdom) | 170,996 | 10,004,976 |
PepsiCo, Inc. | 26,126 | 4,265,853 |
18,589,942 | ||
Biotechnology 0.8% | ||
AbbVie, Inc. | 52,247 | 7,376,231 |
Capital Markets 0.9% | ||
BlackRock, Inc. | 4,815 | 2,948,129 |
Lazard Ltd., Class A | 115,308 | 3,202,103 |
Schroders plc (United Kingdom) | 649,362 | 2,914,763 |
9,064,995 |
Shares | Value | |
Common Stocks (continued) | ||
Chemicals 2.4% | ||
Air Products and Chemicals, Inc. | 14,136 | $ 3,992,572 |
Dow, Inc. | 76,690 | 3,707,195 |
Linde plc | 20,103 | 7,682,562 |
LyondellBasell Industries NV, Class A | 46,863 | 4,228,917 |
Nutrien Ltd. (Canada) | 69,712 | 3,743,534 |
23,354,780 | ||
Commercial Services & Supplies 0.0% ‡ | ||
Quad/Graphics, Inc. (k) | 10 | 49 |
Communications Equipment 1.1% | ||
Cisco Systems, Inc. | 208,301 | 10,858,731 |
Construction & Engineering 0.3% | ||
Vinci SA (France) | 29,747 | 3,288,539 |
Consumer Staples Distribution & Retail 0.9% | ||
Walmart, Inc. | 55,605 | 9,086,413 |
Diversified Telecommunication Services 2.3% | ||
BCE, Inc. (Canada) | 85,564 | 3,176,373 |
Deutsche Telekom AG (Registered) (Germany) | 398,432 | 8,631,869 |
Orange SA (France) | 386,467 | 4,543,109 |
TELUS Corp. (Canada) | 185,226 | 2,986,590 |
Verizon Communications, Inc. | 88,489 | 3,108,618 |
22,446,559 | ||
Electric Utilities 2.5% | ||
American Electric Power Co., Inc. | 78,465 | 5,927,246 |
Duke Energy Corp. | 35,330 | 3,140,484 |
Entergy Corp. | 35,532 | 3,396,504 |
Evergy, Inc. | 62,928 | 3,092,282 |
NextEra Energy, Inc. | 89,071 | 5,192,839 |
Pinnacle West Capital Corp. | 39,921 | 2,961,340 |
23,710,695 | ||
Electrical Equipment 1.2% | ||
Eaton Corp. plc | 28,249 | 5,873,250 |
Emerson Electric Co. | 61,952 | 5,511,869 |
11,385,119 | ||
Food Products 0.8% | ||
Nestle SA (Registered) | 36,907 | 3,978,564 |
Orkla ASA (Norway) | 495,871 | 3,415,315 |
7,393,879 |
Shares | Value | |
Gas Utilities 0.3% | ||
Snam SpA (Italy) | 668,982 | $ 3,064,990 |
Health Care Equipment & Supplies 0.6% | ||
Medtronic plc | 77,552 | 5,472,069 |
Health Care Providers & Services 1.2% | ||
CVS Health Corp. | 46,879 | 3,235,120 |
UnitedHealth Group, Inc. | 16,459 | 8,814,782 |
12,049,902 | ||
Hotels, Restaurants & Leisure 1.9% | ||
McDonald's Corp. | 16,501 | 4,326,067 |
Restaurant Brands International, Inc. (Canada) | 128,196 | 8,614,771 |
Vail Resorts, Inc. | 24,685 | 5,239,392 |
18,180,230 | ||
Household Durables 0.3% | ||
Garmin Ltd. | 29,462 | 3,020,739 |
Industrial Conglomerates 0.8% | ||
Honeywell International, Inc. | 16,086 | 2,947,920 |
Siemens AG (Registered) (Germany) | 35,403 | 4,680,991 |
7,628,911 | ||
Insurance 2.7% | ||
Allianz SE (Registered) (Germany) | 14,742 | 3,445,711 |
AXA SA (France) | 143,364 | 4,240,590 |
Manulife Financial Corp. (Canada) | 272,101 | 4,736,627 |
MetLife, Inc. | 105,408 | 6,325,534 |
Muenchener Rueckversicherungs-Gesellschaft AG (Registered) (Germany) | 10,112 | 4,049,764 |
Travelers Cos., Inc. (The) | 17,340 | 2,903,410 |
25,701,636 | ||
IT Services 1.5% | ||
International Business Machines Corp. | 76,710 | 11,095,334 |
NET One Systems Co. Ltd. (Japan) | 192,100 | 2,909,857 |
14,005,191 | ||
Leisure Products 0.3% | ||
Hasbro, Inc. | 70,189 | 3,169,033 |
Machinery 0.6% | ||
Cummins, Inc. | 28,350 | 6,132,105 |
26 | MainStay Income Builder Fund |
Shares | Value | |
Common Stocks (continued) | ||
Media 0.9% | ||
Comcast Corp., Class A | 125,216 | $ 5,170,169 |
Omnicom Group, Inc. | 42,530 | 3,185,922 |
8,356,091 | ||
Multi-Utilities 0.6% | ||
NiSource, Inc. | 119,769 | 3,013,388 |
WEC Energy Group, Inc. | 37,467 | 3,049,439 |
6,062,827 | ||
Oil, Gas & Consumable Fuels 2.3% | ||
Chevron Corp. | 23,720 | 3,456,716 |
Enterprise Products Partners LP | 113,054 | 2,943,926 |
MPLX LP | 83,695 | 3,016,368 |
TotalEnergies SE (France) | 144,352 | 9,653,095 |
Williams Cos., Inc. (The) | 94,106 | 3,237,246 |
22,307,351 | ||
Personal Care Products 0.3% | ||
Unilever plc (United Kingdom) | 63,764 | 3,014,051 |
Pharmaceuticals 6.3% | ||
Astellas Pharma, Inc. (Japan) | 344,000 | 4,312,057 |
AstraZeneca plc, Sponsored ADR (United Kingdom) | 137,588 | 8,699,689 |
Bayer AG (Registered) (Germany) | 63,477 | 2,730,929 |
Bristol-Myers Squibb Co. | 49,960 | 2,574,439 |
Eli Lilly & Co. | 14,882 | 8,243,586 |
GSK plc | 176,130 | 3,119,961 |
Johnson & Johnson | 26,733 | 3,965,573 |
Merck & Co., Inc. | 56,681 | 5,821,139 |
Novartis AG (Registered) (Switzerland) | 87,568 | 8,138,294 |
Pfizer, Inc. | 105,206 | 3,215,095 |
Roche Holding AG | 11,464 | 2,947,130 |
Sanofi SA | 84,123 | 7,628,204 |
61,396,096 | ||
Professional Services 0.4% | ||
Paychex, Inc. | 33,496 | 3,719,731 |
Retail REITs 0.3% | ||
Realty Income Corp. | 69,348 | 3,285,708 |
Semiconductors & Semiconductor Equipment 4.7% | ||
Analog Devices, Inc. | 70,969 | 11,165,553 |
Broadcom, Inc. | 15,611 | 13,134,627 |
KLA Corp. | 19,152 | 8,995,694 |
Shares | Value | |
Semiconductors & Semiconductor Equipment (continued) | ||
Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR (Taiwan) | 78,054 | $ 6,736,841 |
Texas Instruments, Inc. | 38,204 | 5,425,350 |
45,458,065 | ||
Software 1.4% | ||
Microsoft Corp. | 39,876 | 13,482,474 |
Specialized REITs 1.1% | ||
Iron Mountain, Inc. | 131,099 | 7,744,018 |
VICI Properties, Inc. | 118,394 | 3,303,193 |
11,047,211 | ||
Specialty Retail 0.7% | ||
Best Buy Co., Inc. | 45,345 | 3,029,953 |
Home Depot, Inc. (The) | 14,136 | 4,024,378 |
7,054,331 | ||
Technology Hardware, Storage & Peripherals 2.6% | ||
Apple, Inc. | 61,144 | 10,441,561 |
Dell Technologies, Inc., Class C | 66,536 | 4,451,924 |
NetApp, Inc. | 59,872 | 4,357,484 |
Samsung Electronics Co. Ltd., GDR (Republic of Korea) | 4,669 | 5,817,574 |
25,068,543 | ||
Tobacco 1.4% | ||
British American Tobacco plc (United Kingdom) | 100,919 | 3,010,125 |
Imperial Brands plc (United Kingdom) | 142,618 | 3,035,272 |
Philip Morris International, Inc. | 78,736 | 7,020,102 |
13,065,499 | ||
Trading Companies & Distributors 0.8% | ||
MSC Industrial Direct Co., Inc., Class A | 77,206 | 7,315,269 |
Wireless Telecommunication Services 0.7% | ||
Rogers Communications, Inc., Class B (Canada) | 82,400 | 3,052,974 |
SK Telecom Co. Ltd. (Republic of Korea) | 100,920 | 3,672,739 |
6,725,713 | ||
Total Common Stocks (Cost $464,105,256) | 553,010,567 |
Shares | Value | ||
Short-Term Investments 0.2% | |||
Affiliated Investment Company 0.2% | |||
MainStay U.S. Government Liquidity Fund, 5.275% (l) | 1,560,327 | $ 1,560,327 | |
Unaffiliated Investment Company 0.0% ‡ | |||
Invesco Government & Agency Portfolio, 5.357% (l)(m) | 24,125 | 24,125 | |
Total Short-Term Investments (Cost $1,584,452) | 1,584,452 | ||
Total Investments (Cost $913,406,968) | 98.4% | 953,112,166 | |
Other Assets, Less Liabilities | 1.6 | 15,897,401 | |
Net Assets | 100.0% | $ 969,009,567 |
† | Percentages indicated are based on Fund net assets. |
^ | Industry classifications may be different than those used for compliance monitoring purposes. |
‡ | Less than one-tenth of a percent. |
(a) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
(b) | Floating rate—Rate shown was the rate in effect as of October 31, 2023. |
(c) | Fixed to floating rate—Rate shown was the rate in effect as of October 31, 2023. |
(d) | Security is perpetual and, thus, does not have a predetermined maturity date. The date shown, if applicable, reflects the next call date. |
(e) | Step coupon—Rate shown was the rate in effect as of October 31, 2023. |
(f) | Illiquid security—As of October 31, 2023, the total market value deemed illiquid under procedures approved by the Board of Trustees was $577,375, which represented 0.1% of the Fund’s net assets. (Unaudited) |
(g) | All or a portion of this security was held on loan. As of October 31, 2023, the aggregate market value of securities on loan was $23,376. The Fund received cash collateral with a value of $24,125. (See Note 2(L)) |
(h) | Collateralized Mortgage Obligation Interest Only Strip—Pays a fixed or variable rate of interest based on mortgage loans or mortgage pass-through securities. The principal amount of the underlying pool represents the notional amount on which the current interest was calculated. The value of these stripped securities may be particularly sensitive to changes in prevailing interest rates and are typically more sensitive to changes in prepayment rates than traditional mortgage-backed securities. |
(i) | Coupon rate may change based on changes of the underlying collateral or prepayments of principal. Rate shown was the rate in effect as of October 31, 2023. |
(j) | Collateral strip rate—A bond whose interest was based on the weighted net interest rate of the collateral. The coupon rate adjusts periodically based on a predetermined schedule. Rate shown was the rate in effect as of October 31, 2023. |
(k) | Non-income producing security. |
(l) | Current yield as of October 31, 2023. |
(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 | $ 18,110 | $ 424,476 | $ (441,026) | $ — | $ — | $ 1,560 | $ 476 | $ — | 1,560 |
28 | MainStay Income Builder Fund |
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||
GBP | 36,000 | USD | 43,713 | JPMorgan Chase Bank N.A. | 11/7/23 | $ 44 |
USD | 5,986,501 | EUR | 5,385,336 | JPMorgan Chase Bank N.A. | 11/7/23 | 287,154 |
USD | 5,737,752 | EUR | 5,385,336 | JPMorgan Chase Bank N.A. | 2/1/24 | 14,375 |
USD | 46,488 | GBP | 36,000 | JPMorgan Chase Bank N.A. | 11/7/23 | 2,731 |
USD | 45,436,968 | JPY | 6,863,607,000 | JPMorgan Chase Bank N.A. | 11/7/23 | 119,865 |
Total Unrealized Appreciation | 424,169 | |||||
AUD | 23,293,000 | USD | 15,793,493 | JPMorgan Chase Bank N.A. | 11/7/23 | (1,014,966) |
AUD | 23,293,000 | USD | 14,821,923 | JPMorgan Chase Bank N.A. | 2/1/24 | (1,112) |
EUR | 5,385,336 | USD | 5,713,088 | JPMorgan Chase Bank N.A. | 11/7/23 | (13,740) |
JPY | 6,863,607,000 | USD | 49,723,599 | JPMorgan Chase Bank N.A. | 11/7/23 | (4,406,497) |
JPY | 6,863,607,000 | USD | 46,098,298 | JPMorgan Chase Bank N.A. | 2/1/24 | (110,979) |
USD | 14,777,345 | AUD | 23,293,000 | JPMorgan Chase Bank N.A. | 11/7/23 | (1,182) |
USD | 43,745 | GBP | 36,000 | JPMorgan Chase Bank N.A. | 2/1/24 | (44) |
Total Unrealized Depreciation | (5,548,520) | |||||
Net Unrealized Depreciation | $ (5,124,351) |
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 | 152 | December 2023 | $ 14,753,424 | $ 13,622,240 | $ (1,131,184) |
E-Mini Health Care Select Sector Index | 118 | December 2023 | 15,888,807 | 14,910,480 | (978,327) |
E-Mini Materials Select Sector Index | 195 | December 2023 | 17,045,340 | 15,779,400 | (1,265,940) |
E-Mini Utilities Select Sector Index | 170 | December 2023 | 10,873,540 | 10,268,000 | (605,540) |
S&P 500 E-Mini Index | 188 | December 2023 | 42,088,068 | 39,595,150 | (2,492,918) |
S&P Midcap 400 E-Mini Index | 20 | December 2023 | 5,203,340 | 4,750,200 | (453,140) |
U.S. Treasury 2 Year Notes | 36 | December 2023 | 7,317,923 | 7,287,187 | (30,736) |
U.S. Treasury 10 Year Notes | 114 | December 2023 | 12,343,171 | 12,103,594 | (239,577) |
U.S. Treasury 10 Year Ultra Bonds | 208 | December 2023 | 23,554,422 | 22,636,250 | (918,172) |
U.S. Treasury Long Bonds | 278 | December 2023 | 32,583,836 | 30,423,625 | (2,160,211) |
U.S. Treasury Ultra Bonds | 159 | December 2023 | 19,993,611 | 17,897,437 | (2,096,174) |
Yen Denominated Nikkei 225 Index | 778 | December 2023 | 83,565,604 | 80,469,042 | (3,096,562) |
Total Long Contracts | (15,468,481) | ||||
Short Contracts | |||||
Euro STOXX 50 Index | (810) | December 2023 | (36,728,241) | (34,882,383) | 1,845,858 |
FTSE 100 Index | (45) | December 2023 | (4,126,189) | (4,008,068) | 118,121 |
S&P E-Mini Commercial Service Equity Index | (180) | December 2023 | (15,952,140) | (15,311,250) | 640,890 |
U.S. Treasury 5 Year Notes | (86) | December 2023 | (9,066,666) | (8,984,984) | 81,682 |
Total Short Contracts | 2,686,551 | ||||
Net Unrealized Depreciation | $ (12,781,930) |
1. | As of October 31, 2023, cash in the amount of $15,395,059 was on deposit with a broker or futures commission merchant for futures transactions. |
2. | Represents the difference between the value of the contracts at the time they were opened and the value as of October 31, 2023. |
Abbreviation(s): |
ADR—American Depositary Receipt |
AUD—Australia Dollar |
EUR—Euro |
FHLMC—Federal Home Loan Mortgage Corp. |
FNMA—Federal National Mortgage Association |
FTSE—Financial Times Stock Exchange |
GBP—British Pound Sterling |
GDR—Global Depositary Receipt |
GNMA—Government National Mortgage Association |
JPY—Japanese Yen |
REIT—Real Estate Investment Trust |
REMIC—Real Estate Mortgage Investment Conduit |
SOFR—Secured Overnight Financing Rate |
STACR—Structured Agency Credit Risk |
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 | $ — | $ 34,432,745 | $ — | $ 34,432,745 | |||
Corporate Bonds | — | 165,799,548 | — | 165,799,548 | |||
Foreign Government Bonds | — | 3,123,812 | — | 3,123,812 | |||
Loan Assignments | — | 1,068,151 | — | 1,068,151 | |||
Mortgage-Backed Securities | — | 158,511,524 | — | 158,511,524 | |||
Municipal Bond | — | 1,079,864 | — | 1,079,864 | |||
U.S. Government & Federal Agencies | — | 34,501,503 | — | 34,501,503 | |||
Total Long-Term Bonds | — | 398,517,147 | — | 398,517,147 | |||
Common Stocks | 553,010,567 | — | — | 553,010,567 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 1,560,327 | — | — | 1,560,327 | |||
Unaffiliated Investment Company | 24,125 | — | — | 24,125 | |||
Total Short-Term Investments | 1,584,452 | — | — | 1,584,452 | |||
Total Investments in Securities | 554,595,019 | 398,517,147 | — | 953,112,166 | |||
Other Financial Instruments (b) | |||||||
Foreign Currency Forward Contracts | — | 424,169 | — | 424,169 | |||
Futures Contracts | 2,686,551 | — | — | 2,686,551 | |||
Total Other Financial Instruments | 2,686,551 | 424,169 | — | 3,110,720 | |||
Total Investments in Securities and Other Financial Instruments | $ 557,281,570 | $ 398,941,316 | $ — | $ 956,222,886 | |||
Liability Valuation Inputs | |||||||
Other Financial Instruments (b) | |||||||
Foreign Currency Forward Contracts | $ — | $ (5,548,520) | $ — | $ (5,548,520) | |||
Futures Contracts | (15,468,481) | — | — | (15,468,481) | |||
Total Other Financial Instruments | $ (15,468,481) | $ (5,548,520) | $ — | $ (21,017,001) |
(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 $911,846,641) including securities on loan of $23,376 | $ 951,551,839 |
Investment in affiliated investment companies, at value (identified cost $1,560,327) | 1,560,327 |
Cash denominated in foreign currencies (identified cost $9,432) | 9,442 |
Cash collateral on deposit at broker for futures contracts | 15,395,059 |
Receivables: | |
Dividends and interest | 4,911,097 |
Investment securities sold | 2,556,617 |
Variation margin on futures contracts | 1,869,799 |
Fund shares sold | 180,534 |
Securities lending | 2,343 |
Unrealized appreciation on foreign currency forward contracts | 424,169 |
Other assets | 104,387 |
Total assets | 978,565,613 |
Liabilities | |
Cash collateral received for securities on loan | 24,125 |
Due to custodian | 348,139 |
Payables: | |
Investment securities purchased | 1,239,292 |
Fund shares redeemed | 1,134,143 |
Manager (See Note 3) | 534,052 |
Transfer agent (See Note 3) | 249,724 |
NYLIFE Distributors (See Note 3) | 190,540 |
Shareholder communication | 111,327 |
Custodian | 36,565 |
Professional fees | 29,931 |
Trustees | 180 |
Accrued expenses | 1,056 |
Distributions payable | 108,452 |
Unrealized depreciation on foreign currency forward contracts | 5,548,520 |
Total liabilities | 9,556,046 |
Net assets | $ 969,009,567 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.01 per share) unlimited number of shares authorized | $ 575,837 |
Additional paid-in-capital | 1,076,818,988 |
1,077,394,825 | |
Total distributable earnings (loss) | (108,385,258) |
Net assets | $ 969,009,567 |
Class A | |
Net assets applicable to outstanding shares | $595,904,569 |
Shares of beneficial interest outstanding | 35,539,723 |
Net asset value per share outstanding | $ 16.77 |
Maximum sales charge (3.00% of offering price) | 0.52 |
Maximum offering price per share outstanding | $ 17.29 |
Investor Class | |
Net assets applicable to outstanding shares | $ 56,414,755 |
Shares of beneficial interest outstanding | 3,361,066 |
Net asset value per share outstanding | $ 16.78 |
Maximum sales charge (2.50% of offering price) | 0.43 |
Maximum offering price per share outstanding | $ 17.21 |
Class B | |
Net assets applicable to outstanding shares | $ 4,227,390 |
Shares of beneficial interest outstanding | 249,862 |
Net asset value and offering price per share outstanding | $ 16.92 |
Class C | |
Net assets applicable to outstanding shares | $ 49,577,402 |
Shares of beneficial interest outstanding | 2,936,653 |
Net asset value and offering price per share outstanding | $ 16.88 |
Class I | |
Net assets applicable to outstanding shares | $255,676,533 |
Shares of beneficial interest outstanding | 15,069,157 |
Net asset value and offering price per share outstanding | $ 16.97 |
Class R2 | |
Net assets applicable to outstanding shares | $ 884,109 |
Shares of beneficial interest outstanding | 52,708 |
Net asset value and offering price per share outstanding | $ 16.77 |
Class R3 | |
Net assets applicable to outstanding shares | $ 2,482,402 |
Shares of beneficial interest outstanding | 148,075 |
Net asset value and offering price per share outstanding | $ 16.76 |
Class R6 | |
Net assets applicable to outstanding shares | $ 3,806,612 |
Shares of beneficial interest outstanding | 224,299 |
Net asset value and offering price per share outstanding | $ 16.97 |
SIMPLE Class | |
Net assets applicable to outstanding shares | $ 35,795 |
Shares of beneficial interest outstanding | 2,133 |
Net asset value and offering price per share outstanding | $ 16.78 |
32 | MainStay Income Builder Fund |
Investment Income (Loss) | |
Income | |
Interest | $ 22,898,156 |
Dividends-unaffiliated (net of foreign tax withholding of $997,667) | 21,345,962 |
Dividends-affiliated | 476,182 |
Securities lending, net | 154,093 |
Total income | 44,874,393 |
Expenses | |
Manager (See Note 3) | 7,050,575 |
Distribution/Service—Class A (See Note 3) | 1,657,033 |
Distribution/Service—Investor Class (See Note 3) | 154,887 |
Distribution/Service—Class B (See Note 3) | 65,861 |
Distribution/Service—Class C (See Note 3) | 665,448 |
Distribution/Service—Class R2 (See Note 3) | 3,216 |
Distribution/Service—Class R3 (See Note 3) | 12,189 |
Distribution/Service—SIMPLE Class (See Note 3) | 179 |
Transfer agent (See Note 3) | 1,480,092 |
Professional fees | 172,262 |
Registration | 143,270 |
Custodian | 127,123 |
Shareholder communication | 35,961 |
Trustees | 28,932 |
Shareholder service (See Note 3) | 3,725 |
Miscellaneous | 47,929 |
Total expenses before waiver/reimbursement | 11,648,682 |
Expense waiver/reimbursement from Manager (See Note 3) | (16,438) |
Reimbursement from prior custodian(a) | (2,293) |
Net expenses | 11,629,951 |
Net investment income (loss) | 33,244,442 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | (25,520,313) |
Futures transactions | (8,928,968) |
Foreign currency transactions | (607,514) |
Foreign currency forward transactions | (4,068,368) |
Net realized gain (loss) | (39,125,163) |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | 52,283,975 |
Futures contracts | (12,214,433) |
Foreign currency forward contracts | (3,029,184) |
Translation of other assets and liabilities in foreign currencies | (472,804) |
Net change in unrealized appreciation (depreciation) | 36,567,554 |
Net realized and unrealized gain (loss) | (2,557,609) |
Net increase (decrease) in net assets resulting from operations | $ 30,686,833 |
(a) | Represents a refund for overbilling of custody fees. |
for the years ended October 31, 2023 and October 31, 2022
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 33,244,442 | $ 33,092,042 |
Net realized gain (loss) | (39,125,163) | (82,264,026) |
Net change in unrealized appreciation (depreciation) | 36,567,554 | (202,526,363) |
Net increase (decrease) in net assets resulting from operations | 30,686,833 | (251,698,347) |
Distributions to shareholders: | ||
Class A | (18,746,549) | (59,730,525) |
Investor Class | (1,598,498) | (5,452,199) |
Class B | (118,720) | (979,036) |
Class C | (1,191,343) | (8,023,824) |
Class I | (9,267,066) | (35,876,071) |
Class R2 | (32,710) | (207,016) |
Class R3 | (60,772) | (151,022) |
Class R6 | (389,844) | (8,154,514) |
SIMPLE Class | (900) | (2,491) |
(31,406,402) | (118,576,698) | |
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 | (31,406,402) | (119,501,027) |
Capital share transactions: | ||
Net proceeds from sales of shares | 86,579,835 | 167,690,377 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 29,119,425 | 110,787,284 |
Cost of shares redeemed | (390,559,146) | (328,996,310) |
Increase (decrease) in net assets derived from capital share transactions | (274,859,886) | (50,518,649) |
Net increase (decrease) in net assets | (275,579,455) | (421,718,023) |
Net Assets | ||
Beginning of year | 1,244,589,022 | 1,666,307,045 |
End of year | $ 969,009,567 | $1,244,589,022 |
34 | MainStay Income Builder Fund |
Year Ended October 31, | |||||||||
Class A | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 16.97 | $ 21.75 | $ 18.61 | $ 19.96 | $ 18.51 | ||||
Net investment income (loss) (a) | 0.53 | 0.42 | 0.43 | 0.44 | 0.54 | ||||
Net realized and unrealized gain (loss) | (0.23) | (3.63) | 3.22 | (0.61) | 1.79 | ||||
Total from investment operations | 0.30 | (3.21) | 3.65 | (0.17) | 2.33 | ||||
Less distributions: | |||||||||
From net investment income | (0.50) | (0.42) | (0.51) | (0.42) | (0.56) | ||||
From net realized gain on investments | — | (1.14) | — | (0.76) | (0.32) | ||||
Return of capital | — | (0.01) | — | — | — | ||||
Total distributions | (0.50) | (1.57) | (0.51) | (1.18) | (0.88) | ||||
Net asset value at end of year | $ 16.77 | $ 16.97 | $ 21.75 | $ 18.61 | $ 19.96 | ||||
Total investment return (b) | 1.66% | (15.75)% | 19.74% | (0.90)% | 13.09% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.96% | 2.24% | 2.04% | 2.32% | 2.83% | ||||
Net expenses (c) | 1.03% | 1.02% | 0.99% | 1.02% | 1.02% | ||||
Portfolio turnover rate | 56% | 61% | 57%(d) | 65%(d) | 62%(d) | ||||
Net assets at end of year (in 000’s) | $ 595,905 | $ 664,734 | $ 818,764 | $ 638,250 | $ 625,049 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | The portfolio turnover rates not including mortgage dollar rolls were 56%, 62%, and 54% for the years ended October 31, 2021, 2020 and 2019, respectively. |
Year Ended October 31, | |||||||||
Investor Class | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 16.99 | $ 21.77 | $ 18.62 | $ 19.98 | $ 18.52 | ||||
Net investment income (loss) (a) | 0.48 | 0.39 | 0.40 | 0.41 | 0.51 | ||||
Net realized and unrealized gain (loss) | (0.23) | (3.63) | 3.22 | (0.62) | 1.80 | ||||
Total from investment operations | 0.25 | (3.24) | 3.62 | (0.21) | 2.31 | ||||
Less distributions: | |||||||||
From net investment income | (0.46) | (0.39) | (0.47) | (0.39) | (0.53) | ||||
From net realized gain on investments | — | (1.14) | — | (0.76) | (0.32) | ||||
Return of capital | — | (0.01) | — | — | — | ||||
Total distributions | (0.46) | (1.54) | (0.47) | (1.15) | (0.85) | ||||
Net asset value at end of year | $ 16.78 | $ 16.99 | $ 21.77 | $ 18.62 | $ 19.98 | ||||
Total investment return (b) | 1.35% | (15.89)% | 19.56% | (1.11)% | 12.98% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.72% | 2.05% | 1.88% | 2.16% | 2.70% | ||||
Net expenses (c) | 1.28% | 1.20% | 1.18% | 1.17% | 1.16% | ||||
Expenses (before waiver/reimbursement) (c) | 1.29% | 1.20% | 1.18% | 1.17% | 1.17% | ||||
Portfolio turnover rate | 56% | 61% | 57%(d) | 65%(d) | 62%(d) | ||||
Net assets at end of year (in 000's) | $ 56,415 | $ 60,808 | $ 77,887 | $ 79,992 | $ 88,050 |
(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%, and 54% for the years ended October 31, 2021, 2020 and 2019, respectively. |
Year Ended October 31, | |||||||||
Class B | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 17.12 | $ 21.93 | $ 18.75 | $ 20.11 | $ 18.64 | ||||
Net investment income (loss) (a) | 0.36 | 0.25 | 0.24 | 0.27 | 0.37 | ||||
Net realized and unrealized gain (loss) | (0.24) | (3.67) | 3.25 | (0.62) | 1.81 | ||||
Total from investment operations | 0.12 | (3.42) | 3.49 | (0.35) | 2.18 | ||||
Less distributions: | |||||||||
From net investment income | (0.32) | (0.24) | (0.31) | (0.25) | (0.39) | ||||
From net realized gain on investments | — | (1.14) | — | (0.76) | (0.32) | ||||
Return of capital | — | (0.01) | — | — | — | ||||
Total distributions | (0.32) | (1.39) | (0.31) | (1.01) | (0.71) | ||||
Net asset value at end of year | $ 16.92 | $ 17.12 | $ 21.93 | $ 18.75 | $ 20.11 | ||||
Total investment return (b) | 0.63% | (16.56)% | 18.69% | (1.84)% | 12.11% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.98% | 1.28% | 1.13% | 1.42% | 1.96% | ||||
Net expenses (c) | 2.03% | 1.95% | 1.93% | 1.92% | 1.91% | ||||
Expenses (before waiver/reimbursement) (c) | 2.04% | 1.95% | 1.93% | 1.92% | 1.92% | ||||
Portfolio turnover rate | 56% | 61% | 57%(d) | 65%(d) | 62%(d) | ||||
Net assets at end of year (in 000’s) | $ 4,227 | $ 8,591 | $ 16,789 | $ 19,409 | $ 26,396 |
(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%, and 54% for the years ended October 31, 2021, 2020 and 2019, respectively. |
Year Ended October 31, | |||||||||
Class C | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 17.08 | $ 21.88 | $ 18.71 | $ 20.07 | $ 18.60 | ||||
Net investment income (loss) (a) | 0.35 | 0.25 | 0.24 | 0.27 | 0.37 | ||||
Net realized and unrealized gain (loss) | (0.23) | (3.66) | 3.24 | (0.62) | 1.81 | ||||
Total from investment operations | 0.12 | (3.41) | 3.48 | (0.35) | 2.18 | ||||
Less distributions: | |||||||||
From net investment income | (0.32) | (0.24) | (0.31) | (0.25) | (0.39) | ||||
From net realized gain on investments | — | (1.14) | — | (0.76) | (0.32) | ||||
Return of capital | — | (0.01) | — | — | — | ||||
Total distributions | (0.32) | (1.39) | (0.31) | (1.01) | (0.71) | ||||
Net asset value at end of year | $ 16.88 | $ 17.08 | $ 21.88 | $ 18.71 | $ 20.07 | ||||
Total investment return (b) | 0.63% | (16.55)% | 18.68% | (1.85)% | 12.13% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.98% | 1.29% | 1.13% | 1.42% | 1.95% | ||||
Net expenses (c) | 2.03% | 1.95% | 1.93% | 1.92% | 1.91% | ||||
Expenses (before waiver/reimbursement) (c) | 2.04% | 1.95% | 1.93% | 1.92% | 1.92% | ||||
Portfolio turnover rate | 56% | 61% | 57%(d) | 65%(d) | 62%(d) | ||||
Net assets at end of year (in 000’s) | $ 49,577 | $ 76,894 | $ 132,596 | $ 148,220 | $ 191,737 |
(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%, and 54% for the years ended October 31, 2021, 2020 and 2019, respectively. |
36 | MainStay Income Builder Fund |
Year Ended October 31, | |||||||||
Class I | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 17.17 | $ 21.99 | $ 18.80 | $ 20.16 | $ 18.68 | ||||
Net investment income (loss) (a) | 0.58 | 0.48 | 0.49 | 0.49 | 0.59 | ||||
Net realized and unrealized gain (loss) | (0.23) | (3.68) | 3.26 | (0.62) | 1.82 | ||||
Total from investment operations | 0.35 | (3.20) | 3.75 | (0.13) | 2.41 | ||||
Less distributions: | |||||||||
From net investment income | (0.55) | (0.47) | (0.56) | (0.47) | (0.61) | ||||
From net realized gain on investments | — | (1.14) | — | (0.76) | (0.32) | ||||
Return of capital | — | (0.01) | — | — | — | ||||
Total distributions | (0.55) | (1.62) | (0.56) | (1.23) | (0.93) | ||||
Net asset value at end of year | $ 16.97 | $ 17.17 | $ 21.99 | $ 18.80 | $ 20.16 | ||||
Total investment return (b) | 1.89% | (15.55)% | 20.10% | (0.69)% | 13.41% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 3.22% | 2.48% | 2.30% | 2.57% | 3.09% | ||||
Net expenses (c) | 0.78% | 0.77% | 0.74% | 0.77% | 0.77% | ||||
Portfolio turnover rate | 56% | 61% | 57%(d) | 65%(d) | 62%(d) | ||||
Net assets at end of year (in 000’s) | $ 255,677 | $ 339,868 | $ 505,806 | $ 448,922 | $ 484,614 |
(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%, and 54% for the years ended October 31, 2021, 2020 and 2019, respectively. |
Year Ended October 31, | |||||||||
Class R2 | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 16.97 | $ 21.75 | $ 18.61 | $ 19.95 | $ 18.50 | ||||
Net investment income (loss) (a) | 0.51 | 0.41 | 0.41 | 0.42 | 0.52 | ||||
Net realized and unrealized gain (loss) | (0.23) | (3.64) | 3.22 | (0.59) | 1.79 | ||||
Total from investment operations | 0.28 | (3.23) | 3.63 | (0.17) | 2.31 | ||||
Less distributions: | |||||||||
From net investment income | (0.48) | (0.40) | (0.49) | (0.41) | (0.54) | ||||
From net realized gain on investments | — | (1.14) | — | (0.76) | (0.32) | ||||
Return of capital | — | (0.01) | — | — | — | ||||
Total distributions | (0.48) | (1.55) | (0.49) | (1.17) | (0.86) | ||||
Net asset value at end of year | $ 16.77 | $ 16.97 | $ 21.75 | $ 18.61 | $ 19.95 | ||||
Total investment return (b) | 1.52% | (15.84)% | 19.68% | (1.00)% | 12.98% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.84% | 2.15% | 1.96% | 2.21% | 2.77% | ||||
Net expenses (c) | 1.13% | 1.12% | 1.09% | 1.11% | 1.12% | ||||
Portfolio turnover rate | 56% | 61% | 57%(d) | 65%(d) | 62%(d) | ||||
Net assets at end of year (in 000’s) | $ 884 | $ 1,713 | $ 2,961 | $ 3,044 | $ 2,524 |
(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%, and 54% for the years ended October 31, 2021, 2020 and 2019, respectively. |
Year Ended October 31, | |||||||||
Class R3 | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 16.97 | $ 21.75 | $ 18.61 | $ 19.96 | $ 18.51 | ||||
Net investment income (loss) (a) | 0.46 | 0.36 | 0.36 | 0.37 | 0.45 | ||||
Net realized and unrealized gain (loss) | (0.23) | (3.64) | 3.22 | (0.60) | 1.82 | ||||
Total from investment operations | 0.23 | (3.28) | 3.58 | (0.23) | 2.27 | ||||
Less distributions: | |||||||||
From net investment income | (0.44) | (0.35) | (0.44) | (0.36) | (0.50) | ||||
From net realized gain on investments | — | (1.14) | — | (0.76) | (0.32) | ||||
Return of capital | — | (0.01) | — | — | — | ||||
Total distributions | (0.44) | (1.50) | (0.44) | (1.12) | (0.82) | ||||
Net asset value at end of year | $ 16.76 | $ 16.97 | $ 21.75 | $ 18.61 | $ 19.96 | ||||
Total investment return (b) | 1.25% | (16.09)% | 19.39% | (1.24)% | 12.70% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.60% | 1.90% | 1.70% | 1.97% | 2.34% | ||||
Net expenses (c) | 1.38% | 1.37% | 1.34% | 1.37% | 1.36% | ||||
Portfolio turnover rate | 56% | 61% | 57%(d) | 65%(d) | 62%(d) | ||||
Net assets at end of year (in 000’s) | $ 2,482 | $ 2,255 | $ 2,088 | $ 1,196 | $ 590 |
(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%, and 54% for the years ended October 31, 2021, 2020 and 2019, respectively. |
Year Ended October 31, | |||||||||
Class R6 | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 17.17 | $ 21.99 | $ 18.80 | $ 20.16 | $ 18.68 | ||||
Net investment income (loss) (a) | 0.58 | 0.49 | 0.51 | 0.51 | 0.61 | ||||
Net realized and unrealized gain (loss) | (0.22) | (3.67) | 3.26 | (0.62) | 1.82 | ||||
Total from investment operations | 0.36 | (3.18) | 3.77 | (0.11) | 2.43 | ||||
Less distributions: | |||||||||
From net investment income | (0.56) | (0.49) | (0.58) | (0.49) | (0.63) | ||||
From net realized gain on investments | — | (1.14) | — | (0.76) | (0.32) | ||||
Return of capital | — | (0.01) | — | — | — | ||||
Total distributions | (0.56) | (1.64) | (0.58) | (1.25) | (0.95) | ||||
Net asset value at end of year | $ 16.97 | $ 17.17 | $ 21.99 | $ 18.80 | $ 20.16 | ||||
Total investment return (b) | 1.98% | (15.48)% | 20.20% | (0.60)% | 13.52% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 3.27% | 2.57% | 2.38% | 2.67% | 3.18% | ||||
Net expenses (c) | 0.69% | 0.68% | 0.66% | 0.67% | 0.67% | ||||
Portfolio turnover rate | 56% | 61% | 57%(d) | 65%(d) | 62%(d) | ||||
Net assets at end of year (in 000’s) | $ 3,807 | $ 89,692 | $ 109,387 | $ 91,551 | $ 101,685 |
(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. 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%, and 54% for the years ended October 31, 2021, 2020 and 2019, respectively. |
38 | MainStay Income Builder Fund |
Year Ended October 31, | August 31, 2020^ through October 31, | ||||||
SIMPLE Class | 2023 | 2022 | 2021 | 2020 | |||
Net asset value at beginning of period | $ 16.99 | $ 21.78 | $ 18.62 | $ 19.33 | |||
Net investment income (loss) (a) | 0.47 | 0.20 | 0.34 | 0.04 | |||
Net realized and unrealized gain (loss) | (0.23) | (3.50) | 3.24 | (0.69) | |||
Total from investment operations | 0.24 | (3.30) | 3.58 | (0.65) | |||
Less distributions: | |||||||
From net investment income | (0.45) | (0.34) | (0.42) | (0.06) | |||
From net realized gain on investments | — | (1.14) | — | — | |||
Return of capital | — | (0.01) | — | — | |||
Total distributions | (0.45) | (1.49) | (0.42) | (0.06) | |||
Net asset value at end of period | $ 16.78 | $ 16.99 | $ 21.78 | $ 18.62 | |||
Total investment return (b) | 1.31% | (16.10)% | 19.26% | (3.39)% | |||
Ratios (to average net assets)/Supplemental Data: | |||||||
Net investment income (loss) | 2.65% | 1.06% | 1.61% | 1.62%†† | |||
Net expenses (c) | 1.32% | 1.45% | 1.43% | 1.43%†† | |||
Portfolio turnover rate | 56% | 61% | 57%(d) | 65%(d) | |||
Net assets at end of period (in 000’s) | $ 36 | $ 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 |
* | As of October 31, 2023, Class R2 and Class R3 shares are closed to new investors and, upon the close of business on December 29, 2023, Class R2 and Class R3 shares are closed to additional investments by existing shareholders. Additionally, Class R2 and Class R3 shares will be liquidated on or about February 28, 2024 (the "Liquidation Date"). It is expected that the Fund will distribute to remaining shareholders invested in Class R2 or Class R3 shares, on or promptly after the Liquidation Date, a liquidating distribution in cash or cash equivalents equal to the net asset value of such shares. |
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 | Interest Rate Contracts Risk | Total |
Futures Contracts - Net Assets—Net unrealized appreciation on futures contracts (a) | $ — | $2,604,869 | $81,682 | $2,686,551 |
Forward Contracts - Unrealized appreciation on foreign currency forward contracts | 424,169 | — | — | 424,169 |
Total Fair Value | $424,169 | $2,604,869 | $81,682 | $3,110,720 |
(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) | $ — | $(10,023,611) | $(5,444,870) | $(15,468,481) |
Forward Contracts - Unrealized depreciation on foreign currency forward contracts | (5,548,520) | — | — | (5,548,520) |
Total Fair Value | $(5,548,520) | $(10,023,611) | $(5,444,870) | $(21,017,001) |
(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 Transactions | $ — | $2,434,632 | $(11,363,600) | $ (8,928,968) |
Forward Transactions | (4,068,368) | — | — | (4,068,368) |
Total Net Realized Gain (Loss) | $(4,068,368) | $2,434,632 | $(11,363,600) | $(12,997,336) |
Net Change in Unrealized Appreciation (Depreciation) | Foreign Exchange Contracts Risk | Equity Contracts Risk | Interest Rate Contracts Risk | Total |
Futures Contracts | $ — | $(14,437,896) | $2,223,463 | $(12,214,433) |
Forward Contracts | (3,029,184) | — | — | (3,029,184) |
Total Net Change in Unrealized Appreciation (Depreciation) | $(3,029,184) | $(14,437,896) | $2,223,463 | $(15,243,617) |
48 | MainStay Income Builder Fund |
Average Notional Amount | Total |
Futures Contracts Long | $324,689,540 |
Futures Contracts Short | $ (82,308,560) |
Forward Contracts Long | $ 67,852,104 |
Forward Contracts Short | $ (28,983,440) |
Class R2 | $1,287 |
Class R3 | 2,438 |
Class | Expense | Waived |
Class A | $674,670 | $ — |
Investor Class | 223,754 | (7,551) |
Class B | 23,811 | (808) |
Class C | 240,424 | (8,079) |
Class I | 312,972 | — |
Class R2 | 1,321 | — |
Class R3 | 2,474 | — |
Class R6 | 615 | — |
SIMPLE Class | 51 | — |
Class R2 | $31,216 | 3.5% |
Class R6 | 28,997 | 0.8 |
SIMPLE Class | 24,451 | 68.3 |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $917,416,444 | $115,967,622 | $(80,271,901) | $35,695,721 |
Ordinary Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$2,197,280 | $(141,562,671) | $(108,452) | $31,088,585 | $(108,385,258) |
Total Distributable Earnings (Loss) | Additional Paid-In Capital | |
$(135,566) | $135,566 |
50 | MainStay Income Builder Fund |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $68,552 | $73,011 |
2023 | 2022 | |
Distributions paid from: | ||
Ordinary Income | $31,406,402 | $ 66,389,313 |
Long-Term Capital Gains | — | 52,187,385 |
Return of Capital | — | 924,329 |
Total | $31,406,402 | $119,501,027 |
Class A | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 2,516,059 | $ 44,732,737 |
Shares issued to shareholders in reinvestment of distributions | 1,005,132 | 17,879,452 |
Shares redeemed | (7,406,928) | (131,321,645) |
Net increase (decrease) in shares outstanding before conversion | (3,885,737) | (68,709,456) |
Shares converted into Class A (See Note 1) | 291,472 | 5,184,646 |
Shares converted from Class A (See Note 1) | (36,894) | (662,235) |
Net increase (decrease) | (3,631,159) | $ (64,187,045) |
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 |
Investor Class | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 90,287 | $ 1,616,764 |
Shares issued to shareholders in reinvestment of distributions | 89,388 | 1,591,424 |
Shares redeemed | (311,892) | (5,555,979) |
Net increase (decrease) in shares outstanding before conversion | (132,217) | (2,347,791) |
Shares converted into Investor Class (See Note 1) | 73,402 | 1,313,515 |
Shares converted from Investor Class (See Note 1) | (159,583) | (2,836,066) |
Net increase (decrease) | (218,398) | $ (3,870,342) |
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 |
Class B | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 605 | $ 10,870 |
Shares issued to shareholders in reinvestment of distributions | 5,764 | 103,489 |
Shares redeemed | (138,480) | (2,470,402) |
Net increase (decrease) in shares outstanding before conversion | (132,111) | (2,356,043) |
Shares converted from Class B (See Note 1) | (119,904) | (2,158,112) |
Net increase (decrease) | (252,015) | $ (4,514,155) |
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) |
Class C | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 159,179 | $ 2,846,128 |
Shares issued to shareholders in reinvestment of distributions | 63,835 | 1,143,404 |
Shares redeemed | (1,697,231) | (30,355,059) |
Net increase (decrease) in shares outstanding before conversion | (1,474,217) | (26,365,527) |
Shares converted from Class C (See Note 1) | (90,561) | (1,625,127) |
Net increase (decrease) | (1,564,778) | $ (27,990,654) |
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) |
Class I | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 1,796,301 | $ 32,376,320 |
Shares issued to shareholders in reinvestment of distributions | 444,143 | 7,996,518 |
Shares redeemed | (7,013,152) | (125,777,077) |
Net increase (decrease) in shares outstanding before conversion | (4,772,708) | (85,404,239) |
Shares converted into Class I (See Note 1) | 46,598 | 844,048 |
Shares converted from Class I (See Note 1) | (3,335) | (60,669) |
Net increase (decrease) | (4,729,445) | $ (84,620,860) |
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) |
52 | MainStay Income Builder Fund |
Class R2 | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 2,805 | $ 50,119 |
Shares issued to shareholders in reinvestment of distributions | 1,039 | 18,485 |
Shares redeemed | (52,059) | (910,048) |
Net increase (decrease) | (48,215) | $ (841,444) |
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) |
Class R3 | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 43,427 | $ 771,918 |
Shares issued to shareholders in reinvestment of distributions | 3,348 | 59,503 |
Shares redeemed | (31,580) | (565,878) |
Net increase (decrease) | 15,195 | $ 265,543 |
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 |
Class R6 | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 231,026 | $ 4,169,733 |
Shares issued to shareholders in reinvestment of distributions | 17,949 | 326,250 |
Shares redeemed | (5,248,518) | (93,598,773) |
Net increase (decrease) | (4,999,543) | $ (89,102,790) |
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 |
SIMPLE Class | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 294 | $ 5,246 |
Shares issued to shareholders in reinvestment of distributions | 50 | 900 |
Shares redeemed | (235) | (4,285) |
Net increase (decrease) | 109 | $ 1,861 |
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 |
The MainStay Funds:
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 | |
Naïm Abou-Jaoudé* 1966 | MainStay Funds: Trustee since 2023 MainStay Funds Trust: Trustee since 2023 | Chief Executive Officer of New York Life Investment Management LLC (since 2023). Chief Executive Officer of Candriam (an affiliate of New York Life Investment Management LLC) (2007 to 2023). | 81 | MainStay VP Funds Trust: Trustee since 2023 (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2023; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2023; and New York Life Investment Management International (Chair) since 2015 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of his affiliation with New York Life Investment Management LLC and Candriam, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
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 | |
David H. Chow 1957 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015);MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC (since 1999) | 81 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2021; VanEck Vectors Group of Exchange-Traded Funds: Trustee since 2006 and Independent Chairman of the Board of Trustees from 2008 to 2022 (57 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Investment Committee since 2018 | |
Karen Hammond 1956 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021);MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 81 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Susan B. Kerley 1951 | MainStay Funds: Chair since January 2017 and Trustee since 2007;MainStay Funds Trust: Chair since January 2017 and Trustee since 1990*** | President, Strategic Management Advisors LLC (since 1990) | 81 | MainStay VP Funds Trust: Chair since January 2017 and Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chair since January 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Alan R. Latshaw 1951 | MainStay Funds: Trusteesince 2006;MainStay Funds Trust: Trustee since 2007*** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 81 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 | |
Jacques P. Perold 1958 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015to December 2015);MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 81 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay Funds: Trustee since 1994;MainStay Funds Trust: Trustee since 2007*** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) (since 2004); Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 81 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 |
** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
*** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
58 | MainStay Income Builder Fund |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay Funds, MainStay Funds Trust (since 2017) | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since 2018); President, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust (since 2017)**; Senior Managing Director, Global Product Development (2015 to 2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay Funds (since 2007), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2007)**; and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay Funds and MainStay Funds Trust (since 2010) | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2010)** | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay Funds and MainStay Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ Trust, IndexIQ ETF Trust and Index IQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund, MainStay VP Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012 to 2022) | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay Funds (since 2005), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2005)** |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, New York Life Insurance Company, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
1.
2. | This Fund is registered for sale in CA, CT, DE, FL, MA, NJ, NY and VT. |
3. | An affiliate of New York Life Investment Management LLC. |
5013889MS139-23 | MSIB11-12/23 |
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended October 31, 2023 | |||||||
Class | Sales Charge | Inception Date | One Year | Five Years | Ten Years | Gross Expense Ratio1 | |
Class A Shares | Maximum 5.50% Initial Sales Charge | With sales charges | 1/3/1995 | -6.95% | 7.45% | 7.08% | 0.92% |
Excluding sales charges | -1.54 | 8.68 | 7.69 | 0.92 | |||
Investor Class Shares2 | Maximum 5.00% Initial Sales Charge | With sales charges | 2/28/2008 | -6.68 | 7.23 | 6.88 | 1.11 |
Excluding sales charges | -1.77 | 8.45 | 7.49 | 1.11 | |||
Class B Shares3 | Maximum 5.00% CDSC | With sales charges | 5/1/1986 | -7.23 | 7.35 | 6.69 | 1.86 |
if Redeemed Within the First Six Years of Purchase | Excluding sales charges | -2.51 | 7.65 | 6.69 | 1.86 | ||
Class C Shares | Maximum 1.00% CDSC | With sales charges | 9/1/1998 | -3.46 | 7.65 | 6.68 | 1.86 |
if Redeemed Within One Year of Purchase | Excluding sales charges | -2.51 | 7.65 | 6.68 | 1.86 | ||
Class I Shares | No Sales Charge | 11/28/2008 | -1.20 | 9.04 | 8.03 | 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 5.50%, which is reflected in the applicable average annual total return figures shown. |
3. | Class B shares are closed to all new purchases as well as additional investments by existing Class B shareholders. |
Benchmark Performance* | One Year | Five Years | Ten Years |
ICE BofA U.S. Convertible Index1 | -0.48% | 8.73% | 8.12% |
Morningstar Convertibles Category Average2 | -1.23 | 6.87 | 6.50 |
* | 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 funds while also supplying some of the safety and yield of bond funds. 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 5/1/23 | Ending Account Value (Based on Actual Returns and Expenses) 10/31/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 10/31/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Class A Shares | $1,000.00 | $995.40 | $4.73 | $1,020.47 | $4.79 | 0.94% |
Investor Class Shares | $1,000.00 | $994.20 | $5.88 | $1,019.31 | $5.96 | 1.17% |
Class B Shares | $1,000.00 | $990.20 | $9.68 | $1,015.48 | $9.80 | 1.93% |
Class C Shares | $1,000.00 | $990.20 | $9.68 | $1,015.48 | $9.80 | 1.93% |
Class I Shares | $1,000.00 | $997.10 | $3.07 | $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. | EQT Corp., 1.75%, due 5/1/26 |
2. | Nice Ltd., (zero coupon), due 9/15/25 |
3. | Pioneer Natural Resources Co., 0.25%, due 5/15/25 |
4. | Permian Resources Operating LLC, 3.25%, due 4/1/28 |
5. | Microchip Technology, Inc., 0.125%, due 11/15/24 |
6. | Helix Energy Solutions Group, Inc., 6.75%, due 2/15/26 |
7. | BioMarin Pharmaceutical, Inc., 1.25%, due 5/15/27 |
8. | Liberty Media Corp., 2.25%-3.75%, due 8/15/27–3/15/28 |
9. | Oil States International, Inc., 4.75%, due 4/1/26 |
10. | Lantheus Holdings, Inc., 2.625%, due 12/15/27 |
8 | MainStay MacKay Convertible Fund |
1. | See "Investment and Performance Comparison" for other share class returns, which may be higher or lower than Class I share returns, and for more information on benchmark and peer group returns. |
10 | MainStay MacKay Convertible Fund |
Principal Amount | Value | |
Long-Term Bonds 0.8% | ||
Corporate Bonds 0.8% | ||
Biotechnology 0.5% | ||
Bridgebio Pharma, Inc. | ||
2.50%, due 3/15/27 | $ 6,975,000 | $ 6,628,689 |
Hotels, Restaurants & Leisure 0.3% | ||
NCL Corp. Ltd. | ||
5.375%, due 8/1/25 | 4,670,000 | 4,938,525 |
Total Corporate Bonds (Cost $11,645,000) | 11,567,214 | |
Total Long-Term Bonds (Cost $11,645,000) | 11,567,214 | |
Convertible Securities 88.0% | ||
Convertible Bonds 83.7% | ||
Automobile Components 1.0% | ||
Patrick Industries, Inc. | ||
1.75%, due 12/1/28 | 16,362,000 | 15,470,271 |
Automobiles 2.2% | ||
Ford Motor Co. | ||
(zero coupon), due 3/15/26 | 27,838,000 | 25,541,365 |
Rivian Automotive, Inc. | ||
4.625%, due 3/15/29 (a) | 8,144,000 | 8,604,136 |
34,145,501 | ||
Beverages 1.5% | ||
MGP Ingredients, Inc. | ||
1.875%, due 11/15/41 | 19,959,000 | 22,632,919 |
Biotechnology 5.9% | ||
Alnylam Pharmaceuticals, Inc. | ||
1.00%, due 9/15/27 | 5,460,000 | 4,747,674 |
BioMarin Pharmaceutical, Inc. | ||
1.25%, due 5/15/27 (b) | 34,659,000 | 33,495,949 |
Exact Sciences Corp. | ||
0.375%, due 3/1/28 | 22,800,000 | 18,952,680 |
Halozyme Therapeutics, Inc. | ||
1.00%, due 8/15/28 | 17,827,000 | 15,643,192 |
Ionis Pharmaceuticals, Inc. | ||
(zero coupon), due 4/1/26 | 9,349,000 | 9,063,856 |
Mirum Pharmaceuticals, Inc. | ||
4.00%, due 5/1/29 (a) | 6,681,000 | 7,804,243 |
89,707,594 |
Principal Amount | Value | |
Broadline Retail 1.2% | ||
Etsy, Inc. | ||
0.25%, due 6/15/28 | $ 25,139,000 | $ 18,577,721 |
Commercial Services & Supplies 1.0% | ||
Tetra Tech, Inc. | ||
2.25%, due 8/15/28 (a) | 15,927,000 | 15,488,954 |
Communications Equipment 2.7% | ||
Infinera Corp. | ||
2.50%, due 3/1/27 | 7,050,000 | 5,588,642 |
Lumentum Holdings, Inc. | ||
0.50%, due 12/15/26 | 25,385,000 | 20,816,203 |
Viavi Solutions, Inc. | ||
1.00%, due 3/1/24 | 14,679,000 | 14,395,172 |
40,800,017 | ||
Consumer Staples Distribution & Retail 0.6% | ||
Chefs' Warehouse, Inc. (The) | ||
2.375%, due 12/15/28 (a) | 11,305,000 | 8,727,460 |
Electric Utilities 1.7% | ||
NRG Energy, Inc. | ||
2.75%, due 6/1/48 | 23,454,000 | 26,315,388 |
Electrical Equipment 0.5% | ||
Array Technologies, Inc. | ||
1.00%, due 12/1/28 | 7,636,000 | 7,361,104 |
Electronic Equipment, Instruments & Components 0.6% | ||
Advanced Energy Industries, Inc. | ||
2.50%, due 9/15/28 (a) | 10,404,000 | 9,662,919 |
Energy Equipment & Services 4.0% | ||
Helix Energy Solutions Group, Inc. | ||
6.75%, due 2/15/26 | 21,575,000 | 33,775,663 |
Oil States International, Inc. | ||
4.75%, due 4/1/26 | 25,301,000 | 26,602,582 |
60,378,245 | ||
Entertainment 3.0% | ||
Liberty Media Corp. | ||
2.25%, due 8/15/27 (b) | 13,561,000 | 13,658,936 |
3.75%, due 3/15/28 (a) | 13,850,000 | 15,124,200 |
Live Nation Entertainment, Inc. | ||
3.125%, due 1/15/29 (a) | 16,065,000 | 16,169,423 |
44,952,559 |
Principal Amount | Value | |
Convertible Bonds (continued) | ||
Financial Services 2.8% | ||
Block, Inc. | ||
0.125%, due 3/1/25 | $ 19,416,000 | $ 17,979,216 |
Euronet Worldwide, Inc. | ||
0.75%, due 3/15/49 | 11,900,000 | 11,022,375 |
Shift4 Payments, Inc. | ||
(zero coupon), due 12/15/25 | 14,428,000 | 12,985,200 |
41,986,791 | ||
Food Products 0.9% | ||
Post Holdings, Inc. | ||
2.50%, due 8/15/27 | 14,839,000 | 14,148,986 |
Ground Transportation 0.8% | ||
Uber Technologies, Inc. | ||
(zero coupon), due 12/15/25 (b) | 13,355,000 | 12,203,484 |
Health Care Equipment & Supplies 9.7% | ||
CONMED Corp. | ||
2.25%, due 6/15/27 | 23,095,000 | 21,628,467 |
Dexcom, Inc. | ||
0.25%, due 11/15/25 | 16,375,000 | 15,556,250 |
Envista Holdings Corp. | ||
1.75%, due 8/15/28 (a) | 13,795,000 | 11,946,470 |
Haemonetics Corp. | ||
(zero coupon), due 3/1/26 | 9,226,000 | 7,957,883 |
Integer Holdings Corp. | ||
2.125%, due 2/15/28 (a) | 14,032,000 | 15,459,858 |
Integra LifeSciences Holdings Corp. | ||
0.50%, due 8/15/25 | 8,670,000 | 7,846,350 |
Lantheus Holdings, Inc. | ||
2.625%, due 12/15/27 (a) | 23,906,000 | 26,557,744 |
NuVasive, Inc. | ||
0.375%, due 3/15/25 | 8,085,000 | 7,430,115 |
Omnicell, Inc. | ||
0.25%, due 9/15/25 | 9,388,000 | 8,367,055 |
Shockwave Medical, Inc. | ||
1.00%, due 8/15/28 (a) | 13,928,000 | 13,524,088 |
TransMedics Group, Inc. | ||
1.50%, due 6/1/28 (a) | 14,963,000 | 11,564,953 |
147,839,233 | ||
Health Care Technology 0.6% | ||
Teladoc Health, Inc. | ||
1.25%, due 6/1/27 | 11,764,000 | 9,193,566 |
Principal Amount | Value | |
Hotel & Resort REITs 0.7% | ||
Summit Hotel Properties, Inc. | ||
1.50%, due 2/15/26 | $ 12,566,000 | $ 10,463,615 |
Hotels, Restaurants & Leisure 5.1% | ||
Booking Holdings, Inc. | ||
0.75%, due 5/1/25 | 10,000,000 | 15,288,627 |
Carnival Corp. | ||
5.75%, due 12/1/27 (a) | 10,297,000 | 12,241,997 |
Cheesecake Factory, Inc. (The) | ||
0.375%, due 6/15/26 | 9,208,000 | 7,686,544 |
Expedia Group, Inc. | ||
(zero coupon), due 2/15/26 | 2,822,000 | 2,466,286 |
Marriott Vacations Worldwide Corp. | ||
(zero coupon), due 1/15/26 | 3,110,000 | 2,680,820 |
NCL Corp. Ltd. | ||
6.00%, due 5/15/24 | 2,849,000 | 3,264,954 |
Royal Caribbean Cruises Ltd. | ||
6.00%, due 8/15/25 | 3,620,000 | 6,626,410 |
Sabre GLBL, Inc. | ||
4.00%, due 4/15/25 | 1,835,000 | 1,662,988 |
Vail Resorts, Inc. | ||
(zero coupon), due 1/1/26 (b) | 28,521,000 | 24,938,050 |
76,856,676 | ||
Interactive Media & Services 2.0% | ||
Match Group Financeco 2, Inc. | ||
0.875%, due 6/15/26 (a) | 12,450,000 | 10,757,538 |
Snap, Inc. | ||
(zero coupon), due 5/1/27 | 10,018,000 | 7,518,509 |
0.125%, due 3/1/28 | 12,073,000 | 8,239,822 |
Ziff Davis, Inc. | ||
1.75%, due 11/1/26 | 5,220,000 | 4,721,490 |
31,237,359 | ||
IT Services 2.2% | ||
Akamai Technologies, Inc. | ||
0.375%, due 9/1/27 | 16,529,000 | 16,884,373 |
MongoDB, Inc. | ||
0.25%, due 1/15/26 | 7,075,000 | 12,078,794 |
Okta, Inc. | ||
0.125%, due 9/1/25 | 5,611,000 | 5,024,651 |
33,987,818 | ||
Machinery 1.5% | ||
Chart Industries, Inc. | ||
1.00%, due 11/15/24 | 7,336,000 | 14,807,716 |
12 | MainStay MacKay Convertible Fund |
Principal Amount | Value | |
Convertible Bonds (continued) | ||
Machinery (continued) | ||
Greenbrier Cos., Inc. (The) | ||
2.875%, due 4/15/28 | $ 8,991,000 | $ 7,810,482 |
22,618,198 | ||
Media 0.6% | ||
Liberty Broadband Corp. | ||
3.125%, due 3/31/53 (a) | 9,263,000 | 9,234,356 |
Oil, Gas & Consumable Fuels 8.2% | ||
EQT Corp. | ||
1.75%, due 5/1/26 | 15,238,000 | 44,220,474 |
Northern Oil and Gas, Inc. | ||
3.625%, due 4/15/29 | 6,400,000 | 7,571,200 |
Permian Resources Operating LLC | ||
3.25%, due 4/1/28 | 14,317,000 | 35,291,161 |
Pioneer Natural Resources Co. | ||
0.25%, due 5/15/25 | 14,549,000 | 37,159,210 |
124,242,045 | ||
Passenger Airlines 2.2% | ||
American Airlines Group, Inc. | ||
6.50%, due 7/1/25 | 7,040,000 | 7,166,720 |
Southwest Airlines Co. | ||
1.25%, due 5/1/25 (b) | 27,566,000 | 26,249,723 |
33,416,443 | ||
Pharmaceuticals 1.8% | ||
Amphastar Pharmaceuticals, Inc. | ||
2.00%, due 3/15/29 (a) | 12,724,000 | 12,450,434 |
Pacira BioSciences, Inc. | ||
0.75%, due 8/1/25 | 16,524,000 | 14,892,255 |
27,342,689 | ||
Professional Services 0.4% | ||
Parsons Corp. | ||
0.25%, due 8/15/25 | 4,641,000 | 6,075,069 |
Real Estate Management & Development 1.1% | ||
Zillow Group, Inc. | ||
2.75%, due 5/15/25 (b) | 16,626,000 | 16,185,930 |
Semiconductors & Semiconductor Equipment 5.5% | ||
Enphase Energy, Inc. | ||
(zero coupon), due 3/1/26 | 15,816,000 | 13,538,496 |
Impinj, Inc. | ||
1.125%, due 5/15/27 | 4,665,000 | 4,320,887 |
Principal Amount | Value | |
Semiconductors & Semiconductor Equipment (continued) | ||
Microchip Technology, Inc. | ||
0.125%, due 11/15/24 (b) | $ 33,300,000 | $ 33,778,687 |
ON Semiconductor Corp. | ||
0.50%, due 3/1/29 (a) | 23,069,000 | 20,300,720 |
SolarEdge Technologies, Inc. | ||
(zero coupon), due 9/15/25 | 7,790,000 | 6,800,670 |
Wolfspeed, Inc. | ||
0.25%, due 2/15/28 | 8,931,000 | 5,577,410 |
1.875%, due 12/1/29 (a) | 1,000 | 600 |
84,317,470 | ||
Software 10.8% | ||
Bentley Systems, Inc. | ||
0.125%, due 1/15/26 | 3,570,000 | 3,400,649 |
BILL Holdings, Inc. | ||
(zero coupon), due 12/1/25 | 4,680,000 | 4,451,850 |
Datadog, Inc. | ||
0.125%, due 6/15/25 | 9,636,000 | 10,657,416 |
Dropbox, Inc. | ||
(zero coupon), due 3/1/28 | 11,036,000 | 10,256,583 |
Envestnet, Inc. | ||
2.625%, due 12/1/27 (a) | 14,212,000 | 12,222,320 |
InterDigital, Inc. | ||
2.00%, due 6/1/24 | 4,500,000 | 4,606,875 |
Model N, Inc. | ||
1.875%, due 3/15/28 (a) | 10,589,000 | 9,381,854 |
Nice Ltd. | ||
(zero coupon), due 9/15/25 | 46,000,000 | 40,940,000 |
Palo Alto Networks, Inc. | ||
0.375%, due 6/1/25 | 9,385,000 | 22,965,095 |
Q2 Holdings, Inc. | ||
0.75%, due 6/1/26 | 4,395,000 | 3,802,692 |
Rapid7, Inc. | ||
1.25%, due 3/15/29 (a) | 6,025,000 | 5,823,163 |
Splunk, Inc. | ||
1.125%, due 9/15/25 | 16,539,000 | 17,804,233 |
Workiva, Inc. | ||
1.25%, due 8/15/28 (a) | 7,850,000 | 7,139,575 |
Zscaler, Inc. | ||
0.125%, due 7/1/25 | 8,613,000 | 10,533,699 |
163,986,004 | ||
Specialty Retail 0.6% | ||
Burlington Stores, Inc. | ||
1.25%, due 12/15/27 (a) | 9,505,000 | 8,516,480 |
Principal Amount | Value | |
Convertible Bonds (continued) | ||
Technology Hardware, Storage & Peripherals 0.3% | ||
Seagate HDD Cayman | ||
3.50%, due 6/1/28 (a) | $ 4,610,000 | $ 4,801,315 |
Total Convertible Bonds (Cost $1,281,241,286) | 1,272,874,179 | |
Shares | ||
Convertible Preferred Stocks 4.3% | ||
Banks 1.7% | ||
Bank of America Corp. | ||
Series L | ||
7.25% (c) | 12,072 | 12,714,230 |
Wells Fargo & Co. | ||
Series L | ||
7.50% (c) | 11,552 | 12,202,378 |
24,916,608 | ||
Electric Utilities 0.6% | ||
NextEra Energy, Inc. | ||
6.926% | 250,000 | 9,385,000 |
Financial Services 0.9% | ||
Apollo Global Management, Inc. | ||
6.75% (b) | 289,050 | 13,906,196 |
Independent Power and Renewable Electricity Producers 0.6% | ||
AES Corp. (The) | ||
6.875% | 147,100 | 8,867,188 |
Machinery 0.5% | ||
Chart Industries, Inc. | ||
Series B | ||
6.75% | 163,900 | 8,057,324 |
Total Convertible Preferred Stocks (Cost $81,135,829) | 65,132,316 | |
Total Convertible Securities (Cost $1,362,377,115) | 1,338,006,495 | |
Common Stocks 2.9% | ||
Energy Equipment & Services 1.7% | ||
Weatherford International plc (d) | 272,914 | 25,405,564 |
Life Sciences Tools & Services 0.9% | ||
Danaher Corp. | 73,404 | 14,095,036 |
Shares | Value | ||
Oil, Gas & Consumable Fuels 0.3% | |||
Kosmos Energy Ltd. (d) | 731,525 | $ 5,296,241 | |
Total Common Stocks (Cost $29,034,267) | 44,796,841 | ||
Short-Term Investments 10.9% | |||
Affiliated Investment Company 8.0% | |||
MainStay U.S. Government Liquidity Fund, 5.275% (e)(f) | 121,939,037 | 121,939,037 | |
Unaffiliated Investment Companies 2.9% | |||
Goldman Sachs Financial Square Government Fund, 5.356% (f)(g) | 12,000,000 | 12,000,000 | |
Invesco Government & Agency Portfolio, 5.357% (f)(g) | 10,757,250 | 10,757,250 | |
RBC U.S. Government Money Market Fund, 5.399% (f)(g) | 1,000,000 | 1,000,000 | |
State Street Institutional U.S. Government Money Market Fund, 5.358% (f)(g) | 20,000,000 | 20,000,000 | |
43,757,250 | |||
Total Short-Term Investments (Cost $165,696,287) | 165,696,287 | ||
Total Investments (Cost $1,568,752,669) | 102.6% | 1,560,066,837 | |
Other Assets, Less Liabilities | (2.6) | (40,035,700) | |
Net Assets | 100.0% | $ 1,520,031,137 |
† | Percentages indicated are based on Fund net assets. |
^ | Industry classifications may be different than those used for compliance monitoring purposes. |
(a) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
(b) | All or a portion of this security was held on loan. As of October 31, 2023, the aggregate market value of securities on loan was $42,867,913. The Fund received cash collateral with a value of $43,757,250. (See Note 2(G)) |
(c) | Security is perpetual and, thus, does not have a predetermined maturity date. The date shown, if applicable, reflects the next call date. |
(d) | Non-income producing security. |
(e) | As of October 31, 2023, the Fund's ownership exceeds 5% of the outstanding shares of the Underlying Fund's share class. |
(f) | Current yield as of October 31, 2023. |
(g) | Represents a security purchased with cash collateral received for securities on loan. |
14 | MainStay MacKay Convertible Fund |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay U.S. Government Liquidity Fund | $ 90,286 | $ 472,760 | $ (441,107) | $ — | $ — | $ 121,939 | $ 5,509 | $ — | 121,939 |
Abbreviation(s): |
REIT—Real Estate Investment Trust |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Long-Term Bonds | |||||||
Corporate Bonds | $ — | $ 11,567,214 | $ — | $ 11,567,214 | |||
Total Corporate Bonds | — | 11,567,214 | — | 11,567,214 | |||
Convertible Securities | |||||||
Convertible Bonds | — | 1,272,874,179 | — | 1,272,874,179 | |||
Convertible Preferred Stocks | 65,132,316 | — | — | 65,132,316 | |||
Total Convertible Securities | 65,132,316 | 1,272,874,179 | — | 1,338,006,495 | |||
Common Stocks | 44,796,841 | — | — | 44,796,841 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 121,939,037 | — | — | 121,939,037 | |||
Unaffiliated Investment Companies | 43,757,250 | — | — | 43,757,250 | |||
Total Short-Term Investments | 165,696,287 | — | — | 165,696,287 | |||
Total Investments in Securities | $ 275,625,444 | $ 1,284,441,393 | $ — | $ 1,560,066,837 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
Assets | |
Investment in unaffiliated securities, at value (identified cost $1,446,813,632) including securities on loan of $42,867,913 | $1,438,127,800 |
Investment in affiliated investment companies, at value (identified cost $121,939,037) | 121,939,037 |
Receivables: | |
Dividends and interest | 5,435,413 |
Fund shares sold | 993,731 |
Securities lending | 125,214 |
Other assets | 57,564 |
Total assets | 1,566,678,759 |
Liabilities | |
Cash collateral received for securities on loan | 43,757,250 |
Payables: | |
Fund shares redeemed | 1,658,503 |
Manager (See Note 3) | 667,527 |
Transfer agent (See Note 3) | 330,692 |
NYLIFE Distributors (See Note 3) | 178,175 |
Professional fees | 31,446 |
Shareholder communication | 12,389 |
Custodian | 11,316 |
Accrued expenses | 324 |
Total liabilities | 46,647,622 |
Net assets | $1,520,031,137 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.01 per share) unlimited number of shares authorized | $ 882,571 |
Additional paid-in-capital | 1,503,132,386 |
1,504,014,957 | |
Total distributable earnings (loss) | 16,016,180 |
Net assets | $1,520,031,137 |
Class A | |
Net assets applicable to outstanding shares | $643,975,304 |
Shares of beneficial interest outstanding | 37,423,265 |
Net asset value per share outstanding | $ 17.21 |
Maximum sales charge (5.50% of offering price) | 1.00 |
Maximum offering price per share outstanding | $ 18.21 |
Investor Class | |
Net assets applicable to outstanding shares | $ 39,300,988 |
Shares of beneficial interest outstanding | 2,284,908 |
Net asset value per share outstanding | $ 17.20 |
Maximum sales charge (5.00% of offering price) | 0.91 |
Maximum offering price per share outstanding | $ 18.11 |
Class B | |
Net assets applicable to outstanding shares | $ 2,875,552 |
Shares of beneficial interest outstanding | 171,675 |
Net asset value and offering price per share outstanding | $ 16.75 |
Class C | |
Net assets applicable to outstanding shares | $ 30,340,387 |
Shares of beneficial interest outstanding | 1,814,490 |
Net asset value and offering price per share outstanding | $ 16.72 |
Class I | |
Net assets applicable to outstanding shares | $803,538,906 |
Shares of beneficial interest outstanding | 46,562,763 |
Net asset value and offering price per share outstanding | $ 17.26 |
16 | MainStay MacKay Convertible Fund |
Investment Income (Loss) | |
Income | |
Interest | $ 16,282,711 |
Dividends-unaffiliated | 7,113,968 |
Dividends-affiliated | 5,509,025 |
Securities lending, net | 2,735,361 |
Total income | 31,641,065 |
Expenses | |
Manager (See Note 3) | 8,851,765 |
Distribution/Service—Class A (See Note 3) | 1,717,927 |
Distribution/Service—Investor Class (See Note 3) | 106,118 |
Distribution/Service—Class B (See Note 3) | 43,879 |
Distribution/Service—Class C (See Note 3) | 354,304 |
Transfer agent (See Note 3) | 1,968,412 |
Professional fees | 187,173 |
Registration | 131,579 |
Shareholder communication | 50,073 |
Trustees | 40,984 |
Custodian | 33,247 |
Miscellaneous | 47,396 |
Total expenses before waiver/reimbursement | 13,532,857 |
Expense waiver/reimbursement from Manager (See Note 3) | (682,379) |
Reimbursement from prior custodian(a) | (3,161) |
Net expenses | 12,847,317 |
Net investment income (loss) | 18,793,748 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on unaffiliated investments | 37,264,047 |
Net change in unrealized appreciation (depreciation) on unaffiliated investments | (77,962,200) |
Net realized and unrealized gain (loss) | (40,698,153) |
Net increase (decrease) in net assets resulting from operations | $(21,904,405) |
(a) | Represents a refund for overbilling of custody fees. |
for the years ended October 31, 2023 and October 31, 2022
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 18,793,748 | $ 8,774,161 |
Net realized gain (loss) | 37,264,047 | 42,015,068 |
Net change in unrealized appreciation (depreciation) | (77,962,200) | (273,994,065) |
Net increase (decrease) in net assets resulting from operations | (21,904,405) | (223,204,836) |
Distributions to shareholders: | ||
Class A | (28,543,013) | (166,284,769) |
Investor Class | (1,663,727) | (9,946,970) |
Class B | (165,522) | (1,897,436) |
Class C | (1,214,881) | (10,369,117) |
Class I | (36,064,849) | (192,363,201) |
Total distributions to shareholders | (67,651,992) | (380,861,493) |
Capital share transactions: | ||
Net proceeds from sales of shares | 347,611,752 | 509,415,950 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 63,333,222 | 348,922,823 |
Cost of shares redeemed | (426,265,819) | (632,144,077) |
Increase (decrease) in net assets derived from capital share transactions | (15,320,845) | 226,194,696 |
Net increase (decrease) in net assets | (104,877,242) | (377,871,633) |
Net Assets | ||
Beginning of year | 1,624,908,379 | 2,002,780,012 |
End of year | $1,520,031,137 | $1,624,908,379 |
18 | MainStay MacKay Convertible Fund |
Year Ended October 31, | |||||||||
Class A | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 18.22 | $ 25.40 | $ 20.90 | $ 17.81 | $ 17.07 | ||||
Net investment income (loss) (a) | 0.18 | 0.07 | 0.05 | 0.06 | 0.12 | ||||
Net realized and unrealized gain (loss) | (0.45) | (2.50) | 6.01 | 3.47 | 1.60 | ||||
Total from investment operations | (0.27) | (2.43) | 6.06 | 3.53 | 1.72 | ||||
Less distributions: | |||||||||
From net investment income | (0.29) | (0.26) | (0.13) | (0.13) | (0.15) | ||||
From net realized gain on investments | (0.45) | (4.49) | (1.43) | (0.31) | (0.83) | ||||
Total distributions | (0.74) | (4.75) | (1.56) | (0.44) | (0.98) | ||||
Net asset value at end of year | $ 17.21 | $ 18.22 | $ 25.40 | $ 20.90 | $ 17.81 | ||||
Total investment return (b) | (1.54)% | (11.12)% | 30.06% | 20.27% | 10.75% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.03% | 0.37% | 0.19% | 0.33% | 0.67% | ||||
Net expenses (c) | 0.94% | 0.93% | 0.91% | 0.96% | 0.98% | ||||
Portfolio turnover rate | 33% | 14% | 49% | 46% | 23% | ||||
Net assets at end of year (in 000’s) | $ 643,975 | $ 710,774 | $ 891,433 | $ 657,626 | $ 545,605 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | |||||||||
Investor Class | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 18.21 | $ 25.39 | $ 20.90 | $ 17.80 | $ 17.07 | ||||
Net investment income (loss) (a) | 0.14 | 0.03 | (0.00)‡ | 0.03 | 0.09 | ||||
Net realized and unrealized gain (loss) | (0.45) | (2.50) | 6.00 | 3.47 | 1.59 | ||||
Total from investment operations | (0.31) | (2.47) | 6.00 | 3.50 | 1.68 | ||||
Less distributions: | |||||||||
From net investment income | (0.25) | (0.22) | (0.08) | (0.09) | (0.12) | ||||
From net realized gain on investments | (0.45) | (4.49) | (1.43) | (0.31) | (0.83) | ||||
Total distributions | (0.70) | (4.71) | (1.51) | (0.40) | (0.95) | ||||
Net asset value at end of year | $ 17.20 | $ 18.21 | $ 25.39 | $ 20.90 | $ 17.80 | ||||
Total investment return (b) | (1.77)% | (11.31)% | 29.77% | 20.08% | 10.50% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.79% | 0.17% | (0.01)% | 0.13% | 0.51% | ||||
Net expenses (c) | 1.18% | 1.12% | 1.12% | 1.16% | 1.15% | ||||
Expenses (before waiver/reimbursement) (c) | 1.18% | 1.12% | 1.12% | 1.16% | 1.17% | ||||
Portfolio turnover rate | 33% | 14% | 49% | 46% | 23% | ||||
Net assets at end of year (in 000's) | $ 39,301 | $ 43,581 | $ 53,738 | $ 57,829 | $ 59,242 |
‡ | 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 B | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 17.75 | $ 24.95 | $ 20.67 | $ 17.68 | $ 16.98 | ||||
Net investment income (loss) (a) | 0.01 | (0.11) | (0.18) | (0.11) | (0.04) | ||||
Net realized and unrealized gain (loss) | (0.44) | (2.45) | 5.93 | 3.44 | 1.60 | ||||
Total from investment operations | (0.43) | (2.56) | 5.75 | 3.33 | 1.56 | ||||
Less distributions: | |||||||||
From net investment income | (0.12) | (0.15) | (0.04) | (0.03) | (0.03) | ||||
From net realized gain on investments | (0.45) | (4.49) | (1.43) | (0.31) | (0.83) | ||||
Total distributions | (0.57) | (4.64) | (1.47) | (0.34) | (0.86) | ||||
Net asset value at end of year | $ 16.75 | $ 17.75 | $ 24.95 | $ 20.67 | $ 17.68 | ||||
Total investment return (b) | (2.51)% | (11.97)% | 28.79% | 19.15% | 9.76% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.04% | (0.59)% | (0.76)% | (0.61)% | (0.23)% | ||||
Net expenses (c) | 1.93% | 1.87% | 1.87% | 1.91% | 1.90% | ||||
Expenses (before waiver/reimbursement) (c) | 1.93% | 1.87% | 1.87% | 1.91% | 1.92% | ||||
Portfolio turnover rate | 33% | 14% | 49% | 46% | 23% | ||||
Net assets at end of year (in 000’s) | $ 2,876 | $ 6,170 | $ 10,226 | $ 10,454 | $ 11,786 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | |||||||||
Class C | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 17.72 | $ 24.92 | $ 20.64 | $ 17.65 | $ 16.96 | ||||
Net investment income (loss) (a) | 0.01 | (0.11) | (0.18) | (0.11) | (0.04) | ||||
Net realized and unrealized gain (loss) | (0.44) | (2.45) | 5.93 | 3.44 | 1.59 | ||||
Total from investment operations | (0.43) | (2.56) | 5.75 | 3.33 | 1.55 | ||||
Less distributions: | |||||||||
From net investment income | (0.12) | (0.15) | (0.04) | (0.03) | (0.03) | ||||
From net realized gain on investments | (0.45) | (4.49) | (1.43) | (0.31) | (0.83) | ||||
Total distributions | (0.57) | (4.64) | (1.47) | (0.34) | (0.86) | ||||
Net asset value at end of year | $ 16.72 | $ 17.72 | $ 24.92 | $ 20.64 | $ 17.65 | ||||
Total investment return (b) | (2.51)% | (11.99)% | 28.84% | 19.18% | 9.71% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.04% | (0.58)% | (0.77)% | (0.61)% | (0.23)% | ||||
Net expenses (c) | 1.93% | 1.87% | 1.87% | 1.91% | 1.90% | ||||
Expenses (before waiver/reimbursement) (c) | 1.93% | 1.87% | 1.87% | 1.91% | 1.92% | ||||
Portfolio turnover rate | 33% | 14% | 49% | 46% | 23% | ||||
Net assets at end of year (in 000’s) | $ 30,340 | $ 38,837 | $ 55,754 | $ 52,999 | $ 60,891 |
(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 I | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 18.27 | $ 25.46 | $ 20.95 | $ 17.85 | $ 17.11 | ||||
Net investment income (loss) (a) | 0.24 | 0.13 | 0.12 | 0.13 | 0.18 | ||||
Net realized and unrealized gain (loss) | (0.45) | (2.51) | 6.02 | 3.48 | 1.60 | ||||
Total from investment operations | (0.21) | (2.38) | 6.14 | 3.61 | 1.78 | ||||
Less distributions: | |||||||||
From net investment income | (0.35) | (0.32) | (0.20) | (0.20) | (0.21) | ||||
From net realized gain on investments | (0.45) | (4.49) | (1.43) | (0.31) | (0.83) | ||||
Total distributions | (0.80) | (4.81) | (1.63) | (0.51) | (1.04) | ||||
Net asset value at end of year | $ 17.26 | $ 18.27 | $ 25.46 | $ 20.95 | $ 17.85 | ||||
Total investment return (b) | (1.20)% | (10.84)% | 30.43% | 20.71% | 11.14% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.36% | 0.69% | 0.49% | 0.68% | 1.04% | ||||
Net expenses (c) | 0.61% | 0.61% | 0.61% | 0.61% | 0.61% | ||||
Expenses (before waiver/reimbursement) (c) | 0.69% | 0.68% | 0.66% | 0.71% | 0.73% | ||||
Portfolio turnover rate | 33% | 14% | 49% | 46% | 23% | ||||
Net assets at end of year (in 000’s) | $ 803,539 | $ 825,546 | $ 991,630 | $ 852,739 | $ 773,865 |
(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. |
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 |
22 | MainStay MacKay Convertible 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 |
24 | MainStay MacKay Convertible Fund |
26 | MainStay MacKay Convertible Fund |
Class | Expense | Waived |
Class A | $758,920 | $— |
Investor Class | 146,038 | — |
Class B | 15,120 | — |
Class C | 121,910 | — |
Class I | 926,424 | — |
Class I | $3,177,753 | 0.4% |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $1,581,930,931 | $140,651,939 | $(162,516,033) | $(21,864,094) |
Ordinary Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$48,715,573 | $(9,406,988) | $(1,428,310) | $(21,864,095) | $16,016,180 |
Total Distributable Earnings (Loss) | Additional Paid-In Capital | |
$(1,265,915) | $1,265,915 |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $2,578 | $6,829 |
2023 | 2022 | |
Distributions paid from: | ||
Ordinary Income | $40,381,747 | $ 65,835,785 |
Long-Term Capital Gains | 27,270,245 | 315,025,708 |
Total | $67,651,992 | $380,861,493 |
Class A | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 2,423,754 | $ 43,368,024 |
Shares issued to shareholders in reinvestment of distributions | 1,580,362 | 27,763,616 |
Shares redeemed | (5,759,217) | (102,449,513) |
Net increase (decrease) in shares outstanding before conversion | (1,755,101) | (31,317,873) |
Shares converted into Class A (See Note 1) | 292,723 | 5,217,744 |
Shares converted from Class A (See Note 1) | (120,039) | (2,134,796) |
Net increase (decrease) | (1,582,417) | $ (28,234,925) |
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 |
Investor Class | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 79,210 | $ 1,411,033 |
Shares issued to shareholders in reinvestment of distributions | 94,454 | 1,657,134 |
Shares redeemed | (216,142) | (3,855,341) |
Net increase (decrease) in shares outstanding before conversion | (42,478) | (787,174) |
Shares converted into Investor Class (See Note 1) | 52,216 | 943,603 |
Shares converted from Investor Class (See Note 1) | (117,435) | (2,079,514) |
Net increase (decrease) | (107,697) | $ (1,923,085) |
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 |
28 | MainStay MacKay Convertible Fund |
Class B | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 712 | $ 12,215 |
Shares issued to shareholders in reinvestment of distributions | 9,324 | 158,942 |
Shares redeemed | (47,825) | (826,321) |
Net increase (decrease) in shares outstanding before conversion | (37,789) | (655,164) |
Shares converted from Class B (See Note 1) | (138,081) | (2,414,958) |
Net increase (decrease) | (175,870) | $ (3,070,122) |
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) |
Class C | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 270,449 | $ 4,696,902 |
Shares issued to shareholders in reinvestment of distributions | 69,055 | 1,175,113 |
Shares redeemed | (660,914) | (11,384,382) |
Net increase (decrease) in shares outstanding before conversion | (321,410) | (5,512,367) |
Shares converted from Class C (See Note 1) | (55,296) | (966,980) |
Net increase (decrease) | (376,706) | $ (6,479,347) |
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) |
Class I | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 16,680,198 | $ 298,123,578 |
Shares issued to shareholders in reinvestment of distributions | 1,847,776 | 32,578,417 |
Shares redeemed | (17,223,174) | (307,750,262) |
Net increase (decrease) in shares outstanding before conversion | 1,304,800 | 22,951,733 |
Shares converted into Class I (See Note 1) | 119,564 | 2,132,701 |
Shares converted from Class I (See Note 1) | (39,362) | (697,800) |
Net increase (decrease) | 1,385,002 | $ 24,386,634 |
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 |
The MainStay Funds:
30 | 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 | |
Naïm Abou-Jaoudé* 1966 | MainStay Funds: Trustee since 2023 MainStay Funds Trust: Trustee since 2023 | Chief Executive Officer of New York Life Investment Management LLC (since 2023). Chief Executive Officer of Candriam (an affiliate of New York Life Investment Management LLC) (2007 to 2023). | 81 | MainStay VP Funds Trust: Trustee since 2023 (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2023; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2023; and New York Life Investment Management International (Chair) since 2015 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of his affiliation with New York Life Investment Management LLC and Candriam, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
32 | MainStay 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 January 2016, Advisory Board Member (June 2015 to December 2015);MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC (since 1999) | 81 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2021; VanEck Vectors Group of Exchange-Traded Funds: Trustee since 2006 and Independent Chairman of the Board of Trustees from 2008 to 2022 (57 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Investment Committee since 2018 | |
Karen Hammond 1956 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021);MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 81 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Susan B. Kerley 1951 | MainStay Funds: Chair since January 2017 and Trustee since 2007;MainStay Funds Trust: Chair since January 2017 and Trustee since 1990*** | President, Strategic Management Advisors LLC (since 1990) | 81 | MainStay VP Funds Trust: Chair since January 2017 and Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chair since January 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Alan R. Latshaw 1951 | MainStay Funds: Trusteesince 2006;MainStay Funds Trust: Trustee since 2007*** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 81 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 | |
Jacques P. Perold 1958 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015to December 2015);MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 81 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay Funds: Trustee since 1994;MainStay Funds Trust: Trustee since 2007*** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) (since 2004); Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 81 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 |
** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
*** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
34 | MainStay 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 2018); President, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust (since 2017)**; Senior Managing Director, Global Product Development (2015 to 2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay Funds (since 2007), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2007)**; and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay Funds and MainStay Funds Trust (since 2010) | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2010)** | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay Funds and MainStay Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ Trust, IndexIQ ETF Trust and Index IQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund, MainStay VP Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012 to 2022) | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay Funds (since 2005), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2005)** |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, New York Life Insurance Company, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
1.
2. | This Fund is registered for sale in CA, CT, DE, FL, MA, NJ, NY and VT. |
3. | An affiliate of New York Life Investment Management LLC. |
5013891MS139-23 | MSC11-12/23 |
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended October 31, 2023 | |||||||
Class | Sales Charge | Inception Date | One Year | Five Years | Ten Years or Since Inception | Gross Expense Ratio1 | |
Class A Shares | Maximum 4.50% Initial Sales Charge | With sales charges | 1/3/1995 | 1.53% | 2.17% | 3.28% | 0.95% |
Excluding sales charges | 6.31 | 3.11 | 3.76 | 0.95 | |||
Investor Class Shares2 | Maximum 4.00% Initial Sales Charge | With sales charges | 2/28/2008 | 1.63 | 2.00 | 3.18 | 1.09 |
Excluding sales charges | 5.87 | 2.95 | 3.66 | 1.09 | |||
Class B Shares3 | Maximum 5.00% CDSC | With sales charges | 5/1/1986 | 0.12 | 1.85 | 2.89 | 1.84 |
if Redeemed Within the First Six Years of Purchase | Excluding sales charges | 5.12 | 2.17 | 2.89 | 1.84 | ||
Class C Shares | Maximum 1.00% CDSC | With sales charges | 9/1/1998 | 4.34 | 2.21 | 2.90 | 1.84 |
if Redeemed Within One Year of Purchase | Excluding sales charges | 5.34 | 2.21 | 2.90 | 1.84 | ||
Class I Shares | No Sales Charge | 1/2/2004 | 6.57 | 3.35 | 4.03 | 0.70 | |
Class R1 Shares4 | No Sales Charge | 6/29/2012 | 6.48 | 3.24 | 3.91 | 0.80 | |
Class R2 Shares | No Sales Charge | 5/1/2008 | 6.19 | 3.01 | 3.66 | 1.05 | |
Class R3 Shares | No Sales Charge | 2/29/2016 | 5.72 | 2.71 | 4.69 | 1.30 | |
Class R6 Shares | No Sales Charge | 6/17/2013 | 6.54 | 3.46 | 4.14 | 0.57 | |
SIMPLE Class Shares | No Sales Charge | 8/31/2020 | 6.00 | N/A | 1.31 | 1.27 |
1. | The gross expense ratios presented reflect the Fund’s “Total Annual Fund Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report. |
2. | Prior to June 30, 2020, the maximum initial sales charge was 4.50%, which is reflected in the applicable average annual total return figures shown. |
3. | Class B shares are closed to all new purchases as well as additional investments by existing Class B shareholders. |
4. | As of October 31, 2023, Class R1 shares are closed to new investors and, upon the close of business on December 29, 2023, Class R1 shares are closed to additional investments by existing shareholders. Additionally, Class R1 shares will be liquidated on or about February 28, 2024 (the "Liquidation Date"). It is expected that the Fund will distribute to remaining shareholders invested in Class R1 shares, on or promptly after the Liquidation Date, a liquidating distribution in cash or cash equivalents equal to the net asset value of such shares. |
Benchmark Performance* | One Year | Five Years | Ten Years |
ICE BofA U.S. High Yield Constrained Index1 | 5.81% | 2.86% | 3.77% |
Morningstar High Yield Bond Category Average2 | 5.72 | 2.58 | 3.03 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | 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 ICE BofA U.S. High Yield Constrained 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 ICE BofA U.S. High Yield Constrained 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 funds primarily invest in U.S. high-income debt securities where at least 65% or more of bond assets are not rated or are rated by a major agency such as Standard & Poor’s or Moody’s at the level of BB and below. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
6 | MainStay MacKay High Yield Corporate Bond Fund |
Share Class | Beginning Account Value 5/1/23 | Ending Account Value (Based on Actual Returns and Expenses) 10/31/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 10/31/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Class A Shares | $1,000.00 | $1,002.80 | $4.90 | $1,020.32 | $4.94 | 0.97% |
Investor Class Shares | $1,000.00 | $ 999.90 | $5.75 | $1,019.46 | $5.80 | 1.14% |
Class B Shares | $1,000.00 | $ 996.10 | $9.51 | $1,015.68 | $9.60 | 1.89% |
Class C Shares | $1,000.00 | $ 998.10 | $9.52 | $1,015.68 | $9.60 | 1.89% |
Class I Shares | $1,000.00 | $1,004.00 | $3.64 | $1,021.58 | $3.67 | 0.72% |
Class R1 Shares | $1,000.00 | $1,003.50 | $4.14 | $1,021.07 | $4.18 | 0.82% |
Class R2 Shares | $1,000.00 | $1,002.30 | $5.40 | $1,019.81 | $5.45 | 1.07% |
Class R3 Shares | $1,000.00 | $1,001.00 | $6.66 | $1,018.55 | $6.72 | 1.32% |
Class R6 Shares | $1,000.00 | $1,002.80 | $2.83 | $1,022.38 | $2.85 | 0.56% |
SIMPLE Class Shares | $1,000.00 | $1,001.80 | $5.85 | $1,019.36 | $5.90 | 1.16% |
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. | TransDigm, Inc., 4.625%-7.50%, due 3/15/26–12/15/30 |
3. | Carnival Corp., 4.00%-9.875%, due 3/1/26–8/15/29 |
4. | HCA, Inc., 5.375%-7.69%, due 2/1/25–11/6/33 |
5. | Yum! Brands, Inc., 3.625%-5.375%, due 1/15/30–4/1/32 |
6. | IHO Verwaltungs GmbH, 4.75%-6.375%, due 9/15/26–5/15/29 |
7. | Gulfport Energy Corp. |
8. | Sprint Capital Corp., 6.875%, due 11/15/28 |
9. | VICI Properties LP, 3.875%-5.75%, due 5/1/24–2/15/29 |
10. | Churchill Downs, Inc., 4.75%-6.75%, due 4/1/27–5/1/31 |
8 | MainStay MacKay High Yield Corporate Bond Fund |
1. | See "Investment and Performance Comparison" for other share class returns, which may be higher or lower than Class I share returns, and for more information on benchmark and peer group returns. |
2. | An obligation rated ‘CCC’ by Standard & Poor’s (“S&P”) is deemed by S&P to be currently vulnerable to nonpayment and is dependent upon favorable business, financial and economic conditions for the obligor to meet its financial commitment on the obligation. It is the opinion of S&P that in the event of adverse business, financial or economic conditions, the obligor is not likely to have the capacity to meet its financial commitment on the obligation. When applied to Fund holdings, ratings are based solely on the creditworthiness of the bonds in the portfolio and are not meant to represent the security or safety of the Fund. |
3. | Duration is a measure of the price sensitivity of a fixed-income investment to changes in interest rates. Duration is expressed as a number of years and is considered a more accurate sensitivity gauge than average maturity. |
4. | Modified duration is inversely related to the approximate percentage change in price for a given change in yield. Duration to worst is the duration of a bond computed using the bond’s nearest call date or maturity. This measure ignores future cash flow fluctuations due to embedded optionality. |
Principal Amount | Value | |
Long-Term Bonds 91.7% | ||
Convertible Bonds 1.3% | ||
Energy-Alternate Sources 0.1% | ||
NextEra Energy Partners LP (a) | ||
(zero coupon), due 11/15/25 | $ 3,335,000 | $ 2,846,423 |
2.50%, due 6/15/26 | 9,500,000 | 8,236,500 |
11,082,923 | ||
Investment Companies 0.1% | ||
Ares Capital Corp. | ||
4.625%, due 3/1/24 | 9,585,000 | 9,632,925 |
Media 0.5% | ||
DISH Network Corp. | ||
2.375%, due 3/15/24 | 37,079,000 | 35,595,840 |
3.375%, due 8/15/26 | 30,780,000 | 15,928,650 |
51,524,490 | ||
Oil & Gas 0.4% | ||
Gulfport Energy Operating Corp. | ||
10.00% (10.00% Cash or 15.00% PIK), due 12/29/49 (b)(c) | 4,201,000 | 36,667,588 |
Oil & Gas Services 0.2% | ||
Forum Energy Technologies, Inc. | ||
9.00% (6.25% Cash and 2.75% PIK), due 8/4/25 (c) | 18,220,551 | 17,662,454 |
Total Convertible Bonds (Cost $106,749,142) | 126,570,380 | |
Corporate Bonds 84.9% | ||
Advertising 1.1% | ||
Lamar Media Corp. | ||
3.625%, due 1/15/31 | 35,590,000 | 28,767,753 |
3.75%, due 2/15/28 | 19,000,000 | 16,828,719 |
4.00%, due 2/15/30 | 28,300,000 | 23,944,630 |
4.875%, due 1/15/29 | 10,000,000 | 9,168,600 |
Outfront Media Capital LLC (a) | ||
5.00%, due 8/15/27 | 19,500,000 | 17,321,460 |
6.25%, due 6/15/25 | 15,216,000 | 15,006,324 |
111,037,486 | ||
Aerospace & Defense 2.0% | ||
F-Brasile SpA | ||
Series XR | ||
7.375%, due 8/15/26 (a) | 23,280,000 | 21,627,256 |
Principal Amount | Value | |
Aerospace & Defense (continued) | ||
Rolls-Royce plc | ||
5.75%, due 10/15/27 (a) | $ 7,000,000 | $ 6,633,024 |
TransDigm, Inc. | ||
4.625%, due 1/15/29 | 25,450,000 | 21,944,008 |
4.875%, due 5/1/29 | 18,920,000 | 16,391,974 |
5.50%, due 11/15/27 | 5,550,000 | 5,166,797 |
6.25%, due 3/15/26 (a) | 84,230,000 | 82,247,195 |
6.75%, due 8/15/28 (a) | 27,890,000 | 27,080,725 |
6.875%, due 12/15/30 (a) | 10,650,000 | 10,283,214 |
7.50%, due 3/15/27 | 11,915,000 | 11,900,415 |
203,274,608 | ||
Airlines 0.5% | ||
American Airlines, Inc. (a) | ||
5.50%, due 4/20/26 | 11,666,667 | 11,345,233 |
5.75%, due 4/20/29 | 11,500,000 | 10,373,630 |
Delta Air Lines, Inc. | ||
4.50%, due 10/20/25 (a) | 4,356,000 | 4,233,928 |
7.375%, due 1/15/26 | 7,000,000 | 7,069,650 |
Mileage Plus Holdings LLC | ||
6.50%, due 6/20/27 (a) | 14,182,500 | 14,010,574 |
47,033,015 | ||
Auto Manufacturers 1.7% | ||
Ford Holdings LLC | ||
9.30%, due 3/1/30 | 30,695,000 | 32,889,079 |
Ford Motor Credit Co. LLC | ||
4.271%, due 1/9/27 | 7,500,000 | 6,939,103 |
4.389%, due 1/8/26 | 2,500,000 | 2,369,755 |
5.125%, due 6/16/25 | 12,000,000 | 11,676,162 |
5.584%, due 3/18/24 | 3,660,000 | 3,643,245 |
6.80%, due 5/12/28 | 14,830,000 | 14,787,623 |
6.95%, due 6/10/26 | 8,000,000 | 8,020,000 |
7.20%, due 6/10/30 | 6,500,000 | 6,495,580 |
General Motors Financial Co., Inc. | ||
4.35%, due 4/9/25 | 5,000,000 | 4,861,468 |
5.25%, due 3/1/26 | 10,000,000 | 9,746,061 |
JB Poindexter & Co., Inc. | ||
7.125%, due 4/15/26 (a) | 51,815,000 | 49,406,191 |
PM General Purchaser LLC | ||
9.50%, due 10/1/28 (a) | 16,585,000 | 15,589,900 |
166,424,167 | ||
Auto Parts & Equipment 2.3% | ||
Adient Global Holdings Ltd. (a) | ||
4.875%, due 8/15/26 | 20,725,000 | 19,301,516 |
7.00%, due 4/15/28 | 3,340,000 | 3,287,563 |
8.25%, due 4/15/31 | 5,000,000 | 4,866,367 |
10 | MainStay MacKay High Yield Corporate Bond Fund |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Auto Parts & Equipment (continued) | ||
Dealer Tire LLC | ||
8.00%, due 2/1/28 (a) | $ 20,540,000 | $ 19,265,801 |
IHO Verwaltungs GmbH (a)(c) | ||
4.75% (4.75% Cash or 5.50% PIK), due 9/15/26 | 34,785,000 | 32,326,744 |
6.00% (6.00% Cash or 6.75% PIK), due 5/15/27 | 49,074,000 | 45,663,848 |
6.375% (6.375% Cash or 7.125% PIK), due 5/15/29 | 40,980,000 | 35,677,356 |
Real Hero Merger Sub 2, Inc. | ||
6.25%, due 2/1/29 (a) | 38,625,000 | 30,725,029 |
Tenneco, Inc. | ||
8.00%, due 11/17/28 (a) | 23,685,000 | 19,007,212 |
ZF North America Capital, Inc. (a) | ||
6.875%, due 4/14/28 | 8,000,000 | 7,752,384 |
7.125%, due 4/14/30 | 10,000,000 | 9,700,641 |
227,574,461 | ||
Building Materials 1.5% | ||
Builders FirstSource, Inc. | ||
6.375%, due 6/15/32 (a) | 10,385,000 | 9,505,086 |
Emerald Debt Merger Sub LLC | ||
6.625%, due 12/15/30 (a) | 29,000,000 | 27,586,250 |
James Hardie International Finance DAC | ||
5.00%, due 1/15/28 (a) | 32,195,000 | 29,716,037 |
Knife River Corp. | ||
7.75%, due 5/1/31 (a) | 16,630,000 | 16,568,025 |
New Enterprise Stone & Lime Co., Inc. | ||
5.25%, due 7/15/28 (a) | 9,500,000 | 8,383,669 |
PGT Innovations, Inc. | ||
4.375%, due 10/1/29 (a) | 17,000,000 | 15,870,775 |
Summit Materials LLC (a) | ||
5.25%, due 1/15/29 | 17,580,000 | 15,918,162 |
6.50%, due 3/15/27 | 22,730,000 | 22,104,867 |
145,652,871 | ||
Chemicals 3.0% | ||
ASP Unifrax Holdings, Inc. (a) | ||
5.25%, due 9/30/28 | 24,160,000 | 16,318,797 |
7.50%, due 9/30/29 | 21,280,000 | 11,384,800 |
Avient Corp. (a) | ||
5.75%, due 5/15/25 | 8,550,000 | 8,378,114 |
7.125%, due 8/1/30 | 13,745,000 | 13,223,948 |
CVR Partners LP | ||
6.125%, due 6/15/28 (a) | 6,175,000 | 5,449,437 |
Principal Amount | Value | |
Chemicals (continued) | ||
GPD Cos., Inc. | ||
10.125%, due 4/1/26 (a) | $ 35,822,000 | $ 32,262,471 |
Innophos Holdings, Inc. | ||
9.375%, due 2/15/28 (a) | 30,636,000 | 28,825,099 |
Iris Holdings, Inc. | ||
8.75% (8.75% Cash or 9.50% PIK), due 2/15/26 (a)(c) | 21,105,000 | 18,674,345 |
Mativ Holdings, Inc. | ||
6.875%, due 10/1/26 (a) | 12,500,000 | 11,250,000 |
NOVA Chemicals Corp. (a) | ||
4.875%, due 6/1/24 | 9,810,000 | 9,640,521 |
5.25%, due 6/1/27 | 21,100,000 | 17,822,425 |
Olympus Water US Holding Corp. (a) | ||
7.125%, due 10/1/27 | 7,400,000 | 6,813,311 |
9.75%, due 11/15/28 | 32,000,000 | 31,254,431 |
SCIH Salt Holdings, Inc. (a) | ||
4.875%, due 5/1/28 | 10,000,000 | 8,633,772 |
6.625%, due 5/1/29 | 29,460,000 | 24,694,129 |
SCIL IV LLC | ||
5.375%, due 11/1/26 (a) | 16,000,000 | 14,192,416 |
SK Invictus Intermediate II SARL | ||
5.00%, due 10/30/29 (a) | 41,855,000 | 31,604,001 |
WR Grace Holdings LLC | ||
7.375%, due 3/1/31 (a) | 7,000,000 | 6,483,890 |
296,905,907 | ||
Coal 0.1% | ||
Coronado Finance Pty. Ltd. | ||
10.75%, due 5/15/26 (a) | 8,720,000 | 9,012,709 |
Commercial Services 2.2% | ||
Alta Equipment Group, Inc. | ||
5.625%, due 4/15/26 (a) | 6,075,000 | 5,434,476 |
Gartner, Inc. (a) | ||
3.75%, due 10/1/30 | 19,870,000 | 16,446,193 |
4.50%, due 7/1/28 | 5,000,000 | 4,498,592 |
Graham Holdings Co. | ||
5.75%, due 6/1/26 (a) | 39,695,000 | 38,206,437 |
Korn Ferry | ||
4.625%, due 12/15/27 (a) | 10,685,000 | 9,718,749 |
MPH Acquisition Holdings LLC | ||
5.75%, due 11/1/28 (a) | 11,685,000 | 8,710,233 |
NESCO Holdings II, Inc. | ||
5.50%, due 4/15/29 (a) | 34,804,000 | 29,844,430 |
Service Corp. International | ||
3.375%, due 8/15/30 | 9,000,000 | 7,209,765 |
TriNet Group, Inc. | ||
7.125%, due 8/15/31 (a) | 5,000,000 | 4,834,100 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Commercial Services (continued) | ||
United Rentals North America, Inc. | ||
3.75%, due 1/15/32 | $ 4,790,000 | $ 3,808,567 |
3.875%, due 2/15/31 | 16,675,000 | 13,724,429 |
4.875%, due 1/15/28 | 10,700,000 | 9,927,216 |
5.25%, due 1/15/30 | 2,500,000 | 2,282,835 |
Williams Scotsman, Inc. (a) | ||
4.625%, due 8/15/28 | 17,860,000 | 15,866,377 |
6.125%, due 6/15/25 | 17,550,000 | 17,243,760 |
7.375%, due 10/1/31 | 11,515,000 | 11,326,389 |
WW International, Inc. | ||
4.50%, due 4/15/29 (a) | 28,565,000 | 17,853,125 |
216,935,673 | ||
Computers 0.1% | ||
McAfee Corp. | ||
7.375%, due 2/15/30 (a) | 18,010,000 | 14,407,561 |
Cosmetics & Personal Care 0.3% | ||
Edgewell Personal Care Co. (a) | ||
4.125%, due 4/1/29 | 22,500,000 | 18,815,625 |
5.50%, due 6/1/28 | 16,505,000 | 15,063,536 |
33,879,161 | ||
Distribution & Wholesale 0.7% | ||
G-III Apparel Group Ltd. | ||
7.875%, due 8/15/25 (a) | 23,000,000 | 22,789,606 |
H&E Equipment Services, Inc. | ||
3.875%, due 12/15/28 (a) | 7,855,000 | 6,653,465 |
Ritchie Bros Holdings, Inc. (a) | ||
6.75%, due 3/15/28 | 13,290,000 | 13,023,909 |
7.75%, due 3/15/31 | 28,245,000 | 28,315,613 |
70,782,593 | ||
Diversified Financial Services 2.1% | ||
AG TTMT Escrow Issuer LLC | ||
8.625%, due 9/30/27 (a) | 29,250,000 | 29,382,649 |
Aretec Escrow Issuer 2, Inc. | ||
10.00%, due 8/15/30 (a) | 10,600,000 | 10,719,250 |
Credit Acceptance Corp. | ||
5.125%, due 12/31/24 (a) | 15,215,000 | 14,709,943 |
6.625%, due 3/15/26 | 32,875,000 | 31,214,855 |
Enact Holdings, Inc. | ||
6.50%, due 8/15/25 (a) | 25,600,000 | 25,145,861 |
Jefferies Finance LLC | ||
5.00%, due 8/15/28 (a) | 37,570,000 | 29,984,091 |
LPL Holdings, Inc. (a) | ||
4.00%, due 3/15/29 | 20,810,000 | 17,893,820 |
Principal Amount | Value | |
Diversified Financial Services (continued) | ||
LPL Holdings, Inc. (a) (continued) | ||
4.375%, due 5/15/31 | $ 11,000,000 | $ 9,212,823 |
4.625%, due 11/15/27 | 15,000,000 | 13,716,715 |
Osaic Holdings, Inc. | ||
10.75%, due 8/1/27 (a) | 3,855,000 | 3,832,865 |
PennyMac Financial Services, Inc. (a) | ||
4.25%, due 2/15/29 | 10,150,000 | 8,290,968 |
5.75%, due 9/15/31 | 7,500,000 | 6,115,027 |
Radian Group, Inc. | ||
4.875%, due 3/15/27 | 3,000,000 | 2,784,185 |
StoneX Group, Inc. | ||
8.625%, due 6/15/25 (a) | 9,196,000 | 9,218,990 |
212,222,042 | ||
Electric 2.2% | ||
Clearway Energy Operating LLC | ||
4.75%, due 3/15/28 (a) | 23,940,000 | 21,369,993 |
DPL, Inc. | ||
4.125%, due 7/1/25 | 20,325,000 | 19,126,789 |
Keystone Power Pass-Through Holders LLC | ||
13.00% (1.00% Cash and 12.00% PIK), due 6/1/24 (a)(b)(c) | 8,864,393 | 5,761,856 |
Leeward Renewable Energy Operations LLC | ||
4.25%, due 7/1/29 (a) | 15,285,000 | 12,482,821 |
NextEra Energy Operating Partners LP (a) | ||
3.875%, due 10/15/26 | 14,542,000 | 13,221,864 |
4.50%, due 9/15/27 | 5,000,000 | 4,476,974 |
NRG Energy, Inc. | ||
6.625%, due 1/15/27 | 3,220,000 | 3,125,120 |
Pattern Energy Operations LP | ||
4.50%, due 8/15/28 (a) | 16,565,000 | 14,439,339 |
PG&E Corp. | ||
5.00%, due 7/1/28 | 19,460,000 | 17,629,695 |
5.25%, due 7/1/30 | 13,000,000 | 11,386,713 |
Talen Energy Supply LLC | ||
8.625%, due 6/1/30 (a) | 44,295,000 | 45,008,548 |
TransAlta Corp. | ||
7.75%, due 11/15/29 | 14,150,000 | 14,078,016 |
12 | MainStay MacKay High Yield Corporate Bond Fund |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Electric (continued) | ||
Vistra Corp. (a)(d)(e) | ||
7.00% (5 Year Treasury Constant Maturity Rate + 5.74%), due 12/15/26 | $ 10,280,000 | $ 9,354,800 |
8.00% (5 Year Treasury Constant Maturity Rate + 6.93%), due 10/15/26 (b) | 31,800,000 | 30,210,000 |
221,672,528 | ||
Electrical Components & Equipment 0.1% | ||
WESCO Distribution, Inc. | ||
7.125%, due 6/15/25 (a) | 6,665,000 | 6,661,128 |
Engineering & Construction 0.4% | ||
Great Lakes Dredge & Dock Corp. | ||
5.25%, due 6/1/29 (a) | 13,000,000 | 10,627,500 |
Railworks Holdings LP | ||
8.25%, due 11/15/28 (a) | 9,425,000 | 8,963,458 |
TopBuild Corp. | ||
4.125%, due 2/15/32 (a) | 6,500,000 | 5,142,150 |
Weekley Homes LLC | ||
4.875%, due 9/15/28 (a) | 21,580,000 | 18,531,825 |
43,264,933 | ||
Entertainment 3.4% | ||
Affinity Interactive | ||
6.875%, due 12/15/27 (a) | 13,590,000 | 11,077,019 |
Allen Media LLC | ||
10.50%, due 2/15/28 (a) | 11,130,000 | 5,796,561 |
Boyne USA, Inc. | ||
4.75%, due 5/15/29 (a) | 12,040,000 | 10,482,768 |
Caesars Entertainment, Inc. | ||
7.00%, due 2/15/30 (a) | 19,750,000 | 19,060,587 |
CCM Merger, Inc. | ||
6.375%, due 5/1/26 (a) | 5,000,000 | 4,732,888 |
CDI Escrow Issuer, Inc. | ||
5.75%, due 4/1/30 (a) | 20,000,000 | 17,868,096 |
Churchill Downs, Inc. (a) | ||
4.75%, due 1/15/28 | 53,025,000 | 47,485,218 |
5.50%, due 4/1/27 | 38,727,000 | 36,323,904 |
6.75%, due 5/1/31 | 12,800,000 | 11,808,000 |
International Game Technology plc | ||
6.25%, due 1/15/27 (a) | 25,700,000 | 25,047,392 |
Jacobs Entertainment, Inc. (a) | ||
6.75%, due 2/15/29 | 25,354,000 | 21,550,900 |
6.75%, due 2/15/29 | 8,775,000 | 7,458,750 |
Principal Amount | Value | |
Entertainment (continued) | ||
Light & Wonder International, Inc. | ||
7.50%, due 9/1/31 (a) | $ 17,500,000 | $ 17,087,499 |
Live Nation Entertainment, Inc. | ||
6.50%, due 5/15/27 (a) | 41,280,000 | 40,274,249 |
Merlin Entertainments Ltd. | ||
5.75%, due 6/15/26 (a) | 35,100,000 | 32,828,972 |
Midwest Gaming Borrower LLC | ||
4.875%, due 5/1/29 (a) | 5,000,000 | 4,162,500 |
Motion Bondco DAC | ||
6.625%, due 11/15/27 (a) | 16,100,000 | 14,409,500 |
Vail Resorts, Inc. | ||
6.25%, due 5/15/25 (a) | 10,095,000 | 10,032,714 |
337,487,517 | ||
Food 1.0% | ||
B&G Foods, Inc. | ||
5.25%, due 4/1/25 | 9,036,000 | 8,673,332 |
8.00%, due 9/15/28 (a) | 14,900,000 | 14,519,926 |
Kraft Heinz Foods Co. | ||
6.50%, due 2/9/40 | 12,500,000 | 12,163,502 |
Land O'Lakes Capital Trust I | ||
7.45%, due 3/15/28 (a) | 18,956,000 | 17,439,520 |
Nathan's Famous, Inc. | ||
6.625%, due 11/1/25 (a) | 2,132,000 | 2,110,680 |
Simmons Foods, Inc. | ||
4.625%, due 3/1/29 (a) | 30,315,000 | 24,625,474 |
United Natural Foods, Inc. | ||
6.75%, due 10/15/28 (a) | 26,018,000 | 20,473,044 |
100,005,478 | ||
Forest Products & Paper 1.1% | ||
Glatfelter Corp. | ||
4.75%, due 11/15/29 (a) | 4,075,000 | 2,677,397 |
Mercer International, Inc. | ||
5.125%, due 2/1/29 | 59,145,000 | 46,377,239 |
5.50%, due 1/15/26 | 6,500,000 | 6,045,000 |
12.875%, due 10/1/28 (a) | 16,750,000 | 16,915,741 |
Smurfit Kappa Treasury Funding DAC | ||
7.50%, due 11/20/25 | 36,120,000 | 36,750,402 |
108,765,779 | ||
Gas 0.3% | ||
AmeriGas Partners LP | ||
5.75%, due 5/20/27 | 11,060,000 | 10,164,536 |
5.875%, due 8/20/26 | 25,075,000 | 23,506,561 |
33,671,097 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Hand & Machine Tools 0.4% | ||
Regal Rexnord Corp. (a) | ||
6.05%, due 2/15/26 | $ 7,250,000 | $ 7,131,135 |
6.05%, due 4/15/28 | 7,000,000 | 6,696,151 |
6.30%, due 2/15/30 | 5,000,000 | 4,704,927 |
6.40%, due 4/15/33 | 3,750,000 | 3,440,232 |
Werner FinCo. LP (a) | ||
11.50%, due 6/15/28 | 5,500,000 | 5,553,515 |
14.50% (8.75% Cash and 5.75% PIK), due 10/15/28 (b)(c) | 13,254,767 | 10,802,635 |
38,328,595 | ||
Healthcare-Products 1.5% | ||
Bausch & Lomb Escrow Corp. | ||
8.375%, due 10/1/28 (a) | 32,540,000 | 32,320,355 |
Garden Spinco Corp. | ||
8.625%, due 7/20/30 (a) | 15,500,000 | 15,992,435 |
Hologic, Inc. (a) | ||
3.25%, due 2/15/29 | 39,100,000 | 32,825,209 |
4.625%, due 2/1/28 | 10,205,000 | 9,280,446 |
Teleflex, Inc. | ||
4.25%, due 6/1/28 (a) | 43,155,000 | 38,084,335 |
4.625%, due 11/15/27 | 3,525,000 | 3,225,375 |
Varex Imaging Corp. | ||
7.875%, due 10/15/27 (a) | 17,202,000 | 16,860,353 |
148,588,508 | ||
Healthcare-Services 4.4% | ||
Acadia Healthcare Co., Inc. (a) | ||
5.00%, due 4/15/29 | 10,000,000 | 8,916,149 |
5.50%, due 7/1/28 | 10,840,000 | 10,007,395 |
Catalent Pharma Solutions, Inc. (a) | ||
3.125%, due 2/15/29 | 23,500,000 | 18,476,875 |
3.50%, due 4/1/30 | 9,500,000 | 7,457,500 |
5.00%, due 7/15/27 | 13,395,000 | 11,953,028 |
CHS/Community Health Systems, Inc. | ||
5.25%, due 5/15/30 (a) | 10,500,000 | 7,456,617 |
DaVita, Inc. (a) | ||
3.75%, due 2/15/31 | 18,035,000 | 12,963,655 |
4.625%, due 6/1/30 | 15,790,000 | 12,374,783 |
Encompass Health Corp. | ||
4.50%, due 2/1/28 | 25,720,000 | 23,187,353 |
4.625%, due 4/1/31 | 8,200,000 | 6,825,977 |
4.75%, due 2/1/30 | 24,390,000 | 21,077,199 |
Fortrea Holdings, Inc. | ||
7.50%, due 7/1/30 (a) | 6,525,000 | 6,296,625 |
Principal Amount | Value | |
Healthcare-Services (continued) | ||
HCA, Inc. | ||
5.375%, due 2/1/25 | $ 26,525,000 | $ 26,243,541 |
5.875%, due 2/15/26 | 20,750,000 | 20,567,430 |
7.50%, due 11/6/33 | 44,975,000 | 45,953,064 |
7.58%, due 9/15/25 | 11,020,000 | 11,270,296 |
7.69%, due 6/15/25 | 31,650,000 | 32,315,335 |
IQVIA, Inc. (a) | ||
5.00%, due 10/15/26 | 29,113,000 | 27,753,930 |
5.00%, due 5/15/27 | 5,000,000 | 4,703,919 |
6.50%, due 5/15/30 | 10,750,000 | 10,427,500 |
LifePoint Health, Inc. (a) | ||
5.375%, due 1/15/29 | 17,978,000 | 10,891,941 |
11.00%, due 10/15/30 | 19,900,000 | 18,727,446 |
ModivCare Escrow Issuer, Inc. | ||
5.00%, due 10/1/29 (a) | 8,435,000 | 6,147,344 |
ModivCare, Inc. | ||
5.875%, due 11/15/25 (a) | 7,000,000 | 6,615,000 |
Molina Healthcare, Inc. (a) | ||
3.875%, due 11/15/30 | 2,500,000 | 2,039,050 |
4.375%, due 6/15/28 | 5,000,000 | 4,450,083 |
RegionalCare Hospital Partners Holdings, Inc. | ||
9.75%, due 12/1/26 (a) | 49,930,000 | 46,683,833 |
Tenet Healthcare Corp. | ||
6.125%, due 6/15/30 | 10,100,000 | 9,347,756 |
6.75%, due 5/15/31 (a) | 10,000,000 | 9,496,332 |
440,626,956 | ||
Holding Companies-Diversified 0.8% | ||
Benteler International AG | ||
10.50%, due 5/15/28 (a) | 42,015,000 | 42,318,924 |
Stena International SA | ||
6.125%, due 2/1/25 (a) | 34,995,000 | 34,295,100 |
76,614,024 | ||
Home Builders 1.9% | ||
Adams Homes, Inc. | ||
7.50%, due 2/15/25 (a) | 7,527,000 | 7,366,973 |
Ashton Woods USA LLC | ||
6.625%, due 1/15/28 (a) | 415,000 | 379,725 |
Brookfield Residential Properties, Inc. | ||
6.25%, due 9/15/27 (a) | 17,360,000 | 15,103,531 |
Century Communities, Inc. | ||
3.875%, due 8/15/29 (a) | 15,245,000 | 12,302,099 |
6.75%, due 6/1/27 | 26,205,000 | 25,297,204 |
Installed Building Products, Inc. | ||
5.75%, due 2/1/28 (a) | 25,430,000 | 22,942,675 |
14 | MainStay MacKay High Yield Corporate Bond Fund |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Home Builders (continued) | ||
M/I Homes, Inc. | ||
3.95%, due 2/15/30 | $ 5,000,000 | $ 3,977,300 |
4.95%, due 2/1/28 | 7,500,000 | 6,705,970 |
Meritage Homes Corp. | ||
3.875%, due 4/15/29 (a) | 17,490,000 | 14,693,874 |
5.125%, due 6/6/27 | 8,515,000 | 8,046,675 |
Shea Homes LP | ||
4.75%, due 2/15/28 | 26,925,000 | 23,663,899 |
4.75%, due 4/1/29 | 7,875,000 | 6,647,826 |
STL Holding Co. LLC | ||
7.50%, due 2/15/26 (a) | 12,000,000 | 11,220,000 |
Winnebago Industries, Inc. | ||
6.25%, due 7/15/28 (a) | 30,155,000 | 28,355,651 |
186,703,402 | ||
Household Products & Wares 0.2% | ||
Central Garden & Pet Co. | ||
4.125%, due 10/15/30 | 15,620,000 | 12,739,738 |
4.125%, due 4/30/31 (a) | 14,875,000 | 11,833,314 |
24,573,052 | ||
Housewares 0.5% | ||
Scotts Miracle-Gro Co. (The) | ||
4.00%, due 4/1/31 | 25,455,000 | 18,936,102 |
4.375%, due 2/1/32 | 12,430,000 | 9,109,947 |
4.50%, due 10/15/29 | 26,000,000 | 20,540,000 |
48,586,049 | ||
Insurance 1.0% | ||
BroadStreet Partners, Inc. | ||
5.875%, due 4/15/29 (a) | 11,800,000 | 10,287,853 |
Fairfax Financial Holdings Ltd. | ||
8.30%, due 4/15/26 | 5,435,000 | 5,631,890 |
Fidelity & Guaranty Life Holdings, Inc. | ||
5.50%, due 5/1/25 (a) | 14,850,000 | 14,513,778 |
MGIC Investment Corp. | ||
5.25%, due 8/15/28 | 25,957,000 | 23,859,033 |
NMI Holdings, Inc. | ||
7.375%, due 6/1/25 (a) | 16,000,000 | 16,016,551 |
USI, Inc. | ||
6.875%, due 5/1/25 (a) | 27,670,000 | 27,417,096 |
97,726,201 | ||
Internet 1.5% | ||
Cars.com, Inc. | ||
6.375%, due 11/1/28 (a) | 22,300,000 | 19,847,000 |
Principal Amount | Value | |
Internet (continued) | ||
Gen Digital, Inc. (a) | ||
6.75%, due 9/30/27 | $ 10,000,000 | $ 9,733,909 |
7.125%, due 9/30/30 | 8,000,000 | 7,782,806 |
Netflix, Inc. | ||
5.75%, due 3/1/24 | 10,461,000 | 10,440,078 |
5.875%, due 11/15/28 | 28,450,000 | 28,460,631 |
Uber Technologies, Inc. (a) | ||
6.25%, due 1/15/28 | 4,125,000 | 3,970,312 |
7.50%, due 5/15/25 | 12,075,000 | 12,089,987 |
7.50%, due 9/15/27 | 23,710,000 | 23,769,559 |
VeriSign, Inc. | ||
4.75%, due 7/15/27 | 17,744,000 | 16,912,865 |
5.25%, due 4/1/25 | 21,041,000 | 20,791,277 |
153,798,424 | ||
Investment Companies 0.6% | ||
Compass Group Diversified Holdings LLC (a) | ||
5.00%, due 1/15/32 | 8,370,000 | 6,581,670 |
5.25%, due 4/15/29 | 31,500,000 | 26,899,204 |
Icahn Enterprises LP | ||
5.25%, due 5/15/27 | 13,130,000 | 11,242,563 |
6.25%, due 5/15/26 | 12,770,000 | 11,672,696 |
56,396,133 | ||
Iron & Steel 1.5% | ||
Allegheny Ludlum LLC | ||
6.95%, due 12/15/25 | 22,688,000 | 22,573,993 |
Big River Steel LLC | ||
6.625%, due 1/31/29 (a) | 34,687,000 | 34,263,125 |
Mineral Resources Ltd. (a) | ||
8.00%, due 11/1/27 | 5,000,000 | 4,831,450 |
8.125%, due 5/1/27 | 53,640,000 | 52,183,706 |
8.50%, due 5/1/30 | 9,629,000 | 9,218,906 |
9.25%, due 10/1/28 | 22,835,000 | 22,835,000 |
145,906,180 | ||
Leisure Time 2.3% | ||
Carnival Corp. (a) | ||
4.00%, due 8/1/28 | 28,000,000 | 24,354,954 |
5.75%, due 3/1/27 | 57,175,000 | 51,049,384 |
6.00%, due 5/1/29 | 33,500,000 | 28,300,683 |
7.00%, due 8/15/29 | 7,000,000 | 6,863,782 |
7.625%, due 3/1/26 | 9,110,000 | 8,858,497 |
9.875%, due 8/1/27 | 31,843,000 | 33,189,959 |
Carnival Holdings Bermuda Ltd. | ||
10.375%, due 5/1/28 (a) | 20,500,000 | 21,857,390 |
Royal Caribbean Cruises Ltd. (a) | ||
5.375%, due 7/15/27 | 8,895,000 | 8,197,415 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Leisure Time (continued) | ||
Royal Caribbean Cruises Ltd. (a) (continued) | ||
5.50%, due 4/1/28 | $ 20,000,000 | $ 18,237,032 |
7.25%, due 1/15/30 | 18,215,000 | 17,968,628 |
9.25%, due 1/15/29 | 5,000,000 | 5,219,195 |
224,096,919 | ||
Lodging 1.6% | ||
Boyd Gaming Corp. | ||
4.75%, due 12/1/27 | 38,570,000 | 35,098,511 |
4.75%, due 6/15/31 (a) | 47,500,000 | 39,420,188 |
Hilton Domestic Operating Co., Inc. | ||
4.00%, due 5/1/31 (a) | 38,340,000 | 31,751,888 |
4.875%, due 1/15/30 | 35,110,000 | 31,519,150 |
5.375%, due 5/1/25 (a) | 5,000,000 | 4,915,260 |
5.75%, due 5/1/28 (a) | 12,500,000 | 11,976,065 |
Station Casinos LLC | ||
4.50%, due 2/15/28 (a) | 5,000,000 | 4,318,130 |
158,999,192 | ||
Machinery—Construction & Mining 0.3% | ||
Terex Corp. | ||
5.00%, due 5/15/29 (a) | 9,000,000 | 7,878,120 |
Vertiv Group Corp. | ||
4.125%, due 11/15/28 (a) | 27,920,000 | 24,402,214 |
32,280,334 | ||
Machinery-Diversified 0.7% | ||
Briggs & Stratton Corp. Escrow Claim Shares | ||
6.875%, due 12/15/20 (f)(g)(h) | 9,200,000 | — |
Chart Industries, Inc. | ||
7.50%, due 1/1/30 (a) | 12,000,000 | 11,783,825 |
Maxim Crane Works Holdings Capital LLC | ||
11.50%, due 9/1/28 (a) | 14,700,000 | 14,345,730 |
TK Elevator Holdco GmbH | ||
7.625%, due 7/15/28 (a) | 12,126,000 | 10,936,447 |
TK Elevator U.S. Newco, Inc. | ||
5.25%, due 7/15/27 (a) | 35,910,000 | 32,694,160 |
69,760,162 | ||
Media 5.7% | ||
Block Communications, Inc. | ||
4.875%, due 3/1/28 (a) | 16,000,000 | 13,137,760 |
Cable One, Inc. | ||
4.00%, due 11/15/30 (a) | 37,800,000 | 28,161,000 |
Principal Amount | Value | |
Media (continued) | ||
CCO Holdings LLC | ||
4.25%, due 2/1/31 (a) | $ 36,815,000 | $ 28,649,352 |
4.25%, due 1/15/34 (a) | 28,050,000 | 20,260,591 |
4.50%, due 8/15/30 (a) | 42,430,000 | 34,021,872 |
4.50%, due 5/1/32 | 47,500,000 | 36,361,098 |
4.50%, due 6/1/33 (a) | 14,500,000 | 10,816,500 |
4.75%, due 3/1/30 (a) | 31,835,000 | 26,261,420 |
5.00%, due 2/1/28 (a) | 24,000,000 | 21,550,494 |
5.125%, due 5/1/27 (a) | 41,225,000 | 37,955,721 |
5.375%, due 6/1/29 (a) | 13,495,000 | 11,811,897 |
CSC Holdings LLC (a) | ||
5.50%, due 4/15/27 | 5,000,000 | 4,178,153 |
5.75%, due 1/15/30 | 23,900,000 | 12,503,753 |
6.50%, due 2/1/29 | 14,230,000 | 11,251,540 |
7.50%, due 4/1/28 | 8,900,000 | 5,704,259 |
11.25%, due 5/15/28 | 15,585,000 | 14,865,201 |
Diamond Sports Group LLC | ||
6.625%, due 8/15/27 (a)(g)(i) | 7,000,000 | 70,000 |
DIRECTV Financing LLC | ||
5.875%, due 8/15/27 (a) | 37,250,000 | 32,639,754 |
DISH DBS Corp. | ||
7.75%, due 7/1/26 | 18,675,000 | 12,513,574 |
LCPR Senior Secured Financing DAC (a) | ||
5.125%, due 7/15/29 | 19,150,000 | 14,914,509 |
6.75%, due 10/15/27 | 56,337,000 | 50,984,985 |
News Corp. (a) | ||
3.875%, due 5/15/29 | 43,330,000 | 37,089,613 |
5.125%, due 2/15/32 | 11,110,000 | 9,594,041 |
Scripps Escrow II, Inc. | ||
3.875%, due 1/15/29 (a) | 6,765,000 | 5,135,447 |
Sirius XM Radio, Inc. (a) | ||
5.00%, due 8/1/27 | 7,425,000 | 6,807,983 |
5.50%, due 7/1/29 | 11,590,000 | 10,269,595 |
Sterling Entertainment Enterprises LLC | ||
10.25%, due 1/15/25 (b)(f)(h) | 20,000,000 | 18,048,000 |
Videotron Ltd. | ||
5.375%, due 6/15/24 (a) | 12,850,000 | 12,745,529 |
Virgin Media Finance plc | ||
5.00%, due 7/15/30 (a) | 25,000,000 | 19,654,590 |
Virgin Media Secured Finance plc | ||
5.50%, due 5/15/29 (a) | 5,545,000 | 4,910,083 |
VZ Secured Financing BV | ||
5.00%, due 1/15/32 (a) | 14,320,000 | 10,864,942 |
Ziggo BV | ||
4.875%, due 1/15/30 (a) | 10,500,000 | 8,383,184 |
572,116,440 |
16 | MainStay MacKay High Yield Corporate Bond Fund |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Metal Fabricate & Hardware 0.3% | ||
Advanced Drainage Systems, Inc. (a) | ||
5.00%, due 9/30/27 | $ 18,315,000 | $ 17,078,738 |
6.375%, due 6/15/30 | 12,615,000 | 11,910,687 |
28,989,425 | ||
Mining 1.4% | ||
Century Aluminum Co. | ||
7.50%, due 4/1/28 (a) | 34,830,000 | 32,864,280 |
Compass Minerals International, Inc. | ||
6.75%, due 12/1/27 (a) | 31,535,000 | 29,704,393 |
Constellium SE | ||
3.75%, due 4/15/29 (a) | 10,000,000 | 8,231,914 |
Eldorado Gold Corp. | ||
6.25%, due 9/1/29 (a) | 8,947,000 | 7,671,959 |
First Quantum Minerals Ltd. (a) | ||
6.875%, due 10/15/27 | 16,950,000 | 14,436,751 |
7.50%, due 4/1/25 | 10,500,000 | 9,847,836 |
8.625%, due 6/1/31 | 4,000,000 | 3,376,406 |
IAMGOLD Corp. | ||
5.75%, due 10/15/28 (a) | 39,275,000 | 30,938,096 |
Novelis Corp. | ||
4.75%, due 1/30/30 (a) | 7,713,000 | 6,544,283 |
143,615,918 | ||
Miscellaneous—Manufacturing 1.0% | ||
Amsted Industries, Inc. | ||
5.625%, due 7/1/27 (a) | 24,395,000 | 22,447,936 |
Calderys Financing LLC | ||
11.25%, due 6/1/28 (a) | 10,730,000 | 10,823,888 |
EnPro Industries, Inc. | ||
5.75%, due 10/15/26 | 25,784,000 | 24,424,860 |
Gates Global LLC | ||
6.25%, due 1/15/26 (a) | 6,750,000 | 6,610,950 |
Hillenbrand, Inc. | ||
5.75%, due 6/15/25 | 7,000,000 | 6,859,534 |
LSB Industries, Inc. | ||
6.25%, due 10/15/28 (a) | 16,905,000 | 14,996,625 |
Trinity Industries, Inc. | ||
7.75%, due 7/15/28 (a) | 12,725,000 | 12,565,937 |
98,729,730 | ||
Office Furnishings 0.1% | ||
Interface, Inc. | ||
5.50%, due 12/1/28 (a) | 16,952,000 | 14,251,716 |
Principal Amount | Value | |
Oil & Gas 6.5% | ||
Ascent Resources Utica Holdings LLC (a) | ||
7.00%, due 11/1/26 | $ 14,500,000 | $ 14,002,488 |
9.00%, due 11/1/27 | 11,295,000 | 14,259,937 |
California Resources Corp. | ||
7.125%, due 2/1/26 (a) | 10,000,000 | 10,037,500 |
Chevron USA, Inc. | ||
3.85%, due 1/15/28 | 5,560,000 | 5,263,341 |
Civitas Resources, Inc. | ||
5.00%, due 10/15/26 (a) | 5,500,000 | 5,146,162 |
Comstock Resources, Inc. | ||
6.75%, due 3/1/29 (a) | 12,120,000 | 11,029,470 |
Diamond Foreign Asset Co. | ||
8.50%, due 10/1/30 (a) | 18,250,000 | 17,788,355 |
Encino Acquisition Partners Holdings LLC | ||
8.50%, due 5/1/28 (a) | 41,705,000 | 40,662,375 |
Gulfport Energy Corp. | ||
8.00%, due 5/17/26 | 1,362,721 | 1,360,377 |
8.00%, due 5/17/26 (a) | 30,637,302 | 30,584,606 |
Gulfport Energy Operating Corp. Escrow Claim Shares (f)(g) | ||
6.00%, due 10/15/24 | 50,754,000 | — |
6.375%, due 5/15/25 | 24,354,000 | — |
6.375%, due 1/15/26 | 11,915,000 | — |
6.625%, due 5/1/23 | 17,072,000 | — |
Hilcorp Energy I LP (a) | ||
5.75%, due 2/1/29 | 5,000,000 | 4,501,400 |
6.00%, due 4/15/30 | 8,000,000 | 7,102,241 |
6.25%, due 4/15/32 | 2,775,000 | 2,423,412 |
Marathon Oil Corp. | ||
4.40%, due 7/15/27 | 6,825,000 | 6,395,484 |
6.80%, due 3/15/32 | 5,000,000 | 5,031,021 |
Matador Resources Co. | ||
5.875%, due 9/15/26 | 24,545,000 | 23,651,412 |
6.875%, due 4/15/28 (a) | 6,100,000 | 5,977,866 |
Moss Creek Resources Holdings, Inc. | ||
7.50%, due 1/15/26 (a) | 9,465,000 | 9,041,024 |
Noble Finance II LLC | ||
8.00%, due 4/15/30 (a) | 7,500,000 | 7,495,418 |
Occidental Petroleum Corp. | ||
5.55%, due 3/15/26 | 30,505,000 | 30,095,318 |
6.45%, due 9/15/36 | 6,850,000 | 6,653,268 |
6.95%, due 7/1/24 | 6,672,000 | 6,700,022 |
7.15%, due 5/15/28 | 4,000,000 | 4,080,000 |
Parkland Corp. (a) | ||
4.50%, due 10/1/29 | 24,035,000 | 20,672,503 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Oil & Gas (continued) | ||
Parkland Corp. (a) (continued) | ||
4.625%, due 5/1/30 | $ 13,075,000 | $ 11,146,437 |
5.875%, due 7/15/27 | 14,025,000 | 13,428,297 |
Permian Resources Operating LLC (a) | ||
5.375%, due 1/15/26 | 18,867,000 | 18,113,867 |
6.875%, due 4/1/27 | 23,400,000 | 22,958,676 |
7.75%, due 2/15/26 | 20,645,000 | 20,626,473 |
Rockcliff Energy II LLC | ||
5.50%, due 10/15/29 (a) | 42,725,000 | 38,562,880 |
Southwestern Energy Co. | ||
5.375%, due 3/15/30 | 13,830,000 | 12,685,529 |
5.70%, due 1/23/25 (j) | 3,504,000 | 3,461,825 |
Sunoco LP | ||
6.00%, due 4/15/27 | 18,965,000 | 18,261,256 |
Talos Production, Inc. | ||
12.00%, due 1/15/26 | 81,465,000 | 84,643,357 |
Transocean Aquila Ltd. | ||
8.00%, due 9/30/28 (a) | 5,000,000 | 4,926,800 |
Transocean Poseidon Ltd. | ||
6.875%, due 2/1/27 (a) | 29,283,750 | 28,698,075 |
Transocean, Inc. | ||
8.75%, due 2/15/30 (a) | 38,356,250 | 38,243,099 |
Viper Energy Partners LP | ||
5.375%, due 11/1/27 (a) | 7,000,000 | 6,634,250 |
Vital Energy, Inc. | ||
7.75%, due 7/31/29 (a) | 17,830,000 | 16,144,284 |
10.125%, due 1/15/28 | 14,374,000 | 14,411,884 |
642,901,989 | ||
Oil & Gas Services 1.0% | ||
Bristow Group, Inc. | ||
6.875%, due 3/1/28 (a) | 31,500,000 | 29,176,875 |
Nine Energy Service, Inc. | ||
13.00%, due 2/1/28 | 30,200,000 | 26,727,000 |
Oceaneering International, Inc. | ||
6.00%, due 2/1/28 (a) | 10,600,000 | 9,725,500 |
Weatherford International Ltd. (a) | ||
6.50%, due 9/15/28 | 18,013,000 | 18,105,804 |
8.625%, due 4/30/30 | 15,370,000 | 15,531,062 |
99,266,241 | ||
Packaging & Containers 0.5% | ||
ARD Finance SA | ||
6.50% (6.50% Cash or 7.25% PIK), due 6/30/27 (a)(c) | 11,208,936 | 6,525,613 |
Principal Amount | Value | |
Packaging & Containers (continued) | ||
Cascades USA, Inc. (a) | ||
5.125%, due 1/15/26 | $ 11,306,000 | $ 10,730,812 |
5.375%, due 1/15/28 | 23,385,000 | 21,132,245 |
Owens-Brockway Glass Container, Inc. | ||
7.25%, due 5/15/31 (a) | 6,000,000 | 5,490,000 |
Sealed Air Corp. | ||
6.125%, due 2/1/28 (a) | 2,500,000 | 2,379,548 |
46,258,218 | ||
Pharmaceuticals 3.0% | ||
1375209 BC Ltd. | ||
9.00%, due 1/30/28 (a) | 8,000,000 | 7,755,087 |
180 Medical, Inc. | ||
3.875%, due 10/15/29 (a) | 20,670,000 | 17,172,162 |
Bausch Health Cos., Inc. (a) | ||
7.00%, due 1/15/28 | 7,000,000 | 2,870,313 |
7.25%, due 5/30/29 | 5,000,000 | 1,875,000 |
11.00%, due 9/30/28 | 20,687,000 | 12,619,070 |
14.00%, due 10/15/30 | 1,974,000 | 1,063,113 |
BellRing Brands, Inc. | ||
7.00%, due 3/15/30 (a) | 20,880,000 | 20,279,700 |
Grifols SA | ||
4.75%, due 10/15/28 (a) | 11,595,000 | 9,739,800 |
Jazz Securities DAC | ||
4.375%, due 1/15/29 (a) | 49,390,000 | 42,952,928 |
Organon & Co. (a) | ||
4.125%, due 4/30/28 | 25,000,000 | 21,594,003 |
5.125%, due 4/30/31 | 17,890,000 | 13,970,605 |
Owens & Minor, Inc. (a) | ||
4.50%, due 3/31/29 | 24,155,000 | 19,380,540 |
6.625%, due 4/1/30 | 41,780,000 | 36,509,252 |
Par Pharmaceutical, Inc. | ||
7.50%, due 4/1/27 (a)(g)(i) | 53,067,000 | 35,985,263 |
Prestige Brands, Inc. (a) | ||
3.75%, due 4/1/31 | 39,485,000 | 31,360,961 |
5.125%, due 1/15/28 | 26,650,000 | 24,570,500 |
299,698,297 | ||
Pipelines 4.8% | ||
ANR Pipeline Co. | ||
7.375%, due 2/15/24 | 2,555,000 | 2,555,116 |
Antero Midstream Partners LP (a) | ||
5.375%, due 6/15/29 | 3,500,000 | 3,178,168 |
5.75%, due 3/1/27 | 5,000,000 | 4,778,864 |
5.75%, due 1/15/28 | 8,000,000 | 7,499,931 |
CNX Midstream Partners LP | ||
4.75%, due 4/15/30 (a) | 3,500,000 | 2,883,571 |
18 | MainStay MacKay High Yield Corporate Bond Fund |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Pipelines (continued) | ||
Crestwood Midstream Partners LP | ||
8.00%, due 4/1/29 (a) | $ 6,500,000 | $ 6,643,715 |
DT Midstream, Inc. | ||
4.375%, due 6/15/31 (a) | 7,255,000 | 6,024,985 |
Energy Transfer LP | ||
4.40%, due 3/15/27 | 14,700,000 | 13,845,572 |
4.95%, due 5/15/28 | 16,000,000 | 15,129,301 |
EQM Midstream Partners LP (a) | ||
4.75%, due 1/15/31 | 2,000,000 | 1,684,005 |
6.00%, due 7/1/25 | 4,497,000 | 4,397,765 |
6.50%, due 7/1/27 | 8,900,000 | 8,650,836 |
7.50%, due 6/1/27 | 5,000,000 | 4,951,899 |
7.50%, due 6/1/30 | 4,935,000 | 4,841,906 |
FTAI Infra Escrow Holdings LLC | ||
10.50%, due 6/1/27 (a) | 31,295,000 | 30,417,532 |
Genesis Energy LP | ||
6.25%, due 5/15/26 | 13,670,000 | 13,028,068 |
7.75%, due 2/1/28 | 26,315,000 | 24,778,583 |
8.00%, due 1/15/27 | 33,484,000 | 32,153,071 |
8.875%, due 4/15/30 | 1,340,000 | 1,295,386 |
Harvest Midstream I LP | ||
7.50%, due 9/1/28 (a) | 26,675,000 | 25,275,974 |
Hess Midstream Operations LP (a) | ||
4.25%, due 2/15/30 | 2,500,000 | 2,139,190 |
5.625%, due 2/15/26 | 1,000,000 | 968,439 |
Holly Energy Partners LP (a) | ||
5.00%, due 2/1/28 | 9,870,000 | 9,136,511 |
6.375%, due 4/15/27 | 10,625,000 | 10,285,934 |
ITT Holdings LLC | ||
6.50%, due 8/1/29 (a) | 22,620,000 | 18,915,975 |
MPLX LP | ||
4.875%, due 12/1/24 | 7,500,000 | 7,398,760 |
New Fortress Energy, Inc. | ||
6.50%, due 9/30/26 (a) | 12,930,000 | 11,581,360 |
NuStar Logistics LP | ||
5.75%, due 10/1/25 | 3,000,000 | 2,903,360 |
6.00%, due 6/1/26 | 15,000,000 | 14,472,905 |
Plains All American Pipeline LP | ||
Series B | ||
9.736% (3 Month SOFR + 4.372%), due 11/15/71 (b)(d)(e) | 45,303,000 | 42,571,827 |
Rockies Express Pipeline LLC | ||
4.80%, due 5/15/30 (a) | 10,270,000 | 8,633,500 |
Summit Midstream Holdings LLC | ||
9.00%, due 10/15/26 (a)(j) | 24,525,000 | 23,544,000 |
Principal Amount | Value | |
Pipelines (continued) | ||
Tallgrass Energy Partners LP (a) | ||
5.50%, due 1/15/28 | $ 5,000,000 | $ 4,380,252 |
6.00%, due 3/1/27 | 19,000,000 | 17,383,016 |
7.50%, due 10/1/25 | 8,500,000 | 8,373,783 |
TransMontaigne Partners LP | ||
6.125%, due 2/15/26 | 26,447,000 | 22,546,067 |
Venture Global LNG, Inc. (a) | ||
8.125%, due 6/1/28 | 26,310,000 | 25,542,302 |
9.50%, due 2/1/29 | 19,350,000 | 19,658,438 |
Western Midstream Operating LP | ||
4.65%, due 7/1/26 | 5,000,000 | 4,780,517 |
4.75%, due 8/15/28 | 12,000,000 | 11,162,807 |
5.25%, due 2/1/50 (j) | 3,000,000 | 2,216,880 |
482,610,071 | ||
Real Estate 0.3% | ||
Howard Hughes Corp. (The) (a) | ||
4.125%, due 2/1/29 | 4,000,000 | 3,210,000 |
4.375%, due 2/1/31 | 4,500,000 | 3,425,381 |
Newmark Group, Inc. | ||
6.125%, due 11/15/23 | 23,409,000 | 23,350,478 |
29,985,859 | ||
Real Estate Investment Trusts 2.3% | ||
CTR Partnership LP | ||
3.875%, due 6/30/28 (a) | 12,425,000 | 10,438,682 |
GLP Capital LP | ||
5.25%, due 6/1/25 | 10,000,000 | 9,753,943 |
5.30%, due 1/15/29 | 14,080,000 | 12,860,866 |
5.375%, due 4/15/26 | 5,620,000 | 5,386,219 |
MPT Operating Partnership LP | ||
4.625%, due 8/1/29 | 15,240,000 | 10,551,131 |
5.00%, due 10/15/27 | 37,735,000 | 29,133,175 |
5.25%, due 8/1/26 | 11,000,000 | 9,471,144 |
RHP Hotel Properties LP | ||
4.50%, due 2/15/29 (a) | 8,305,000 | 7,069,133 |
4.75%, due 10/15/27 | 28,050,000 | 25,486,230 |
7.25%, due 7/15/28 (a) | 8,660,000 | 8,394,646 |
VICI Properties LP (a) | ||
3.875%, due 2/15/29 | 13,475,000 | 11,439,346 |
4.625%, due 6/15/25 | 13,000,000 | 12,486,240 |
5.625%, due 5/1/24 | 52,060,000 | 51,703,066 |
5.75%, due 2/1/27 | 26,800,000 | 25,647,966 |
229,821,787 | ||
Retail 5.3% | ||
1011778 B.C. Unlimited Liability Co. (a) | ||
3.875%, due 1/15/28 | 22,685,000 | 20,253,111 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Retail (continued) | ||
1011778 B.C. Unlimited Liability Co. (a) (continued) | ||
4.00%, due 10/15/30 | $ 55,052,000 | $ 45,088,816 |
Asbury Automotive Group, Inc. | ||
4.50%, due 3/1/28 | 23,137,000 | 20,500,770 |
4.625%, due 11/15/29 (a) | 13,005,000 | 11,000,821 |
4.75%, due 3/1/30 | 17,525,000 | 14,871,697 |
5.00%, due 2/15/32 (a) | 9,910,000 | 8,037,614 |
CEC Entertainment LLC | ||
6.75%, due 5/1/26 (a) | 19,390,000 | 18,108,918 |
Dave & Buster's, Inc. | ||
7.625%, due 11/1/25 (a) | 7,500,000 | 7,443,750 |
Group 1 Automotive, Inc. | ||
4.00%, due 8/15/28 (a) | 16,000,000 | 13,771,958 |
Ken Garff Automotive LLC | ||
4.875%, due 9/15/28 (a) | 26,535,000 | 22,440,770 |
KFC Holding Co. | ||
4.75%, due 6/1/27 (a) | 18,287,000 | 17,282,129 |
LCM Investments Holdings II LLC (a) | ||
4.875%, due 5/1/29 | 51,000,000 | 42,736,858 |
8.25%, due 8/1/31 | 11,300,000 | 10,750,558 |
Murphy Oil USA, Inc. | ||
4.75%, due 9/15/29 | 7,500,000 | 6,640,266 |
5.625%, due 5/1/27 | 10,417,000 | 10,068,760 |
NMG Holding Co., Inc. | ||
7.125%, due 4/1/26 (a) | 85,205,000 | 79,701,958 |
Papa John's International, Inc. | ||
3.875%, due 9/15/29 (a) | 18,284,000 | 15,001,241 |
Patrick Industries, Inc. (a) | ||
4.75%, due 5/1/29 | 5,000,000 | 4,057,424 |
7.50%, due 10/15/27 | 21,040,000 | 20,040,600 |
Sonic Automotive, Inc. (a) | ||
4.625%, due 11/15/29 | 10,000,000 | 8,324,546 |
4.875%, due 11/15/31 | 10,795,000 | 8,596,349 |
Yum! Brands, Inc. | ||
3.625%, due 3/15/31 | 40,870,000 | 33,187,351 |
4.625%, due 1/31/32 | 40,600,000 | 34,594,351 |
4.75%, due 1/15/30 (a) | 32,185,000 | 28,651,409 |
5.375%, due 4/1/32 | 30,000,000 | 26,967,281 |
528,119,306 | ||
Software 3.8% | ||
ACI Worldwide, Inc. | ||
5.75%, due 8/15/26 (a) | 13,784,000 | 13,194,915 |
Camelot Finance SA | ||
4.50%, due 11/1/26 (a) | 19,590,000 | 18,108,786 |
Principal Amount | Value | |
Software (continued) | ||
Central Parent LLC | ||
8.00%, due 6/15/29 (a) | $ 7,500,000 | $ 7,407,995 |
Central Parent, Inc. | ||
7.25%, due 6/15/29 (a) | 12,750,000 | 12,248,771 |
Clarivate Science Holdings Corp. (a) | ||
3.875%, due 7/1/28 | 31,609,000 | 27,139,579 |
4.875%, due 7/1/29 | 63,726,000 | 53,745,559 |
Fair Isaac Corp. | ||
5.25%, due 5/15/26 (a) | 11,250,000 | 10,825,988 |
MSCI, Inc. (a) | ||
3.25%, due 8/15/33 | 12,095,000 | 8,948,834 |
3.625%, due 9/1/30 | 26,600,000 | 22,010,979 |
3.875%, due 2/15/31 | 36,500,000 | 30,127,001 |
4.00%, due 11/15/29 | 31,330,000 | 26,970,080 |
Open Text Corp. (a) | ||
3.875%, due 2/15/28 | 20,685,000 | 17,976,813 |
3.875%, due 12/1/29 | 13,000,000 | 10,631,150 |
6.90%, due 12/1/27 | 11,340,000 | 11,283,809 |
Open Text Holdings, Inc. | ||
4.125%, due 2/15/30 (a) | 31,547,000 | 26,139,813 |
PTC, Inc. (a) | ||
3.625%, due 2/15/25 | 9,000,000 | 8,675,708 |
4.00%, due 2/15/28 | 36,369,000 | 32,247,581 |
SS&C Technologies, Inc. | ||
5.50%, due 9/30/27 (a) | 24,745,000 | 23,217,547 |
Veritas US, Inc. | ||
7.50%, due 9/1/25 (a) | 16,665,000 | 13,642,346 |
374,543,254 | ||
Telecommunications 2.5% | ||
Connect Finco SARL | ||
6.75%, due 10/1/26 (a) | 56,200,000 | 52,408,533 |
Frontier Communications Holdings LLC (a) | ||
5.00%, due 5/1/28 | 4,000,000 | 3,453,562 |
8.625%, due 3/15/31 | 12,140,000 | 11,414,077 |
Hughes Satellite Systems Corp. | ||
6.625%, due 8/1/26 | 7,100,000 | 6,017,092 |
Sprint Capital Corp. | ||
6.875%, due 11/15/28 | 104,520,000 | 107,193,203 |
T-Mobile USA, Inc. | ||
2.875%, due 2/15/31 | 7,275,000 | 5,793,063 |
4.75%, due 2/1/28 | 32,555,000 | 30,971,671 |
5.375%, due 4/15/27 | 33,000,000 | 32,462,800 |
249,714,001 | ||
Toys, Games & Hobbies 0.2% | ||
Mattel, Inc. | ||
5.875%, due 12/15/27 (a) | 17,165,000 | 16,456,338 |
20 | MainStay MacKay High Yield Corporate Bond Fund |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Transportation 0.9% | ||
Forward Air Corp. | ||
9.50%, due 10/15/31 (a) | $ 18,500,000 | $ 18,037,500 |
RXO, Inc. | ||
7.50%, due 11/15/27 (a) | 4,000,000 | 3,998,920 |
Seaspan Corp. | ||
5.50%, due 8/1/29 (a) | 24,865,000 | 19,075,433 |
Watco Cos. LLC | ||
6.50%, due 6/15/27 (a) | 51,995,000 | 48,445,006 |
89,556,859 | ||
Total Corporate Bonds (Cost $9,242,778,385) | 8,456,290,294 | |
Loan Assignments 5.5% | ||
Automobile 0.3% | ||
Dealer Tire Financial LLC | ||
Term Loan B2 | ||
9.824% (1 Month SOFR + 4.50%), due 12/14/27 (d) | 10,917,500 | 10,903,853 |
Tenneco, Inc. | ||
First Lien Term Loan B 10.476% - 10.49% | ||
(3 Month SOFR + 5.00%), due 11/17/28 (d) | 21,550,000 | 17,883,138 |
28,786,991 | ||
Beverage, Food & Tobacco 0.1% | ||
United Natural Foods, Inc. | ||
Initial Term Loan | ||
8.689% (1 Month SOFR + 3.25%), due 10/22/25 (d) | 10,714,378 | 10,666,389 |
Capital Equipment 0.1% | ||
DexKo Global, Inc. | ||
First Lien 2023 Incremental Term Loan | ||
9.64% (3 Month SOFR + 4.25%), due 10/4/28 (d) | 8,000,000 | 7,707,504 |
Cargo Transport 0.2% | ||
Forward Air Corp.-Cov-Lite | ||
Senior Secured Term Loan B | ||
TBD, due 9/20/30 | 24,000,000 | 23,160,000 |
Principal Amount | Value | |
Chemicals, Plastics & Rubber 0.2% | ||
Jazz Pharmaceuticals plc | ||
Initial Dollar Term Loan | ||
8.939% (1 Month SOFR + 3.50%), due 5/5/28 (d) | $ 23,556,388 | $ 23,546,565 |
Electronics 0.1% | ||
Camelot U.S. Acquisition LLC (d) | ||
Initial Term Loan | ||
8.439% (1 Month SOFR + 3.00%), due 10/30/26 | 4,055,174 | 4,047,931 |
Amendment No. 2 Incremental Term Loan | ||
8.439% (1 Month SOFR + 3.00%), due 10/30/26 | 4,122,187 | 4,114,092 |
8,162,023 | ||
Energy (Electricity) 0.1% | ||
Talen Energy Supply LLC (d) | ||
Initial Term Loan B | ||
9.876% (3 Month SOFR + 4.50%), due 5/17/30 | 5,950,800 | 5,942,124 |
Initial Term Loan C | ||
9.876% (3 Month SOFR + 4.50%), due 5/17/30 | 4,834,286 | 4,827,237 |
10,769,361 | ||
Finance 0.3% | ||
Aretec Group, Inc. | ||
Term Loan B1 | ||
9.924% (1 Month SOFR + 4.50%), due 8/9/30 (d) | 15,461,250 | 14,995,001 |
RealTruck Group, Inc. | ||
Initial Term Loan | ||
9.189% (1 Month SOFR + 3.75%), due 1/31/28 (d) | 19,120,146 | 18,173,106 |
33,168,107 | ||
Healthcare, Education & Childcare 0.4% | ||
Endo Luxembourg Finance Co. I SARL | ||
2021 Term Loan | ||
14.50% (1 Month LIBOR + 6.00%), due 3/27/28 (d) | 27,200,000 | 18,156,000 |
LifePoint Health, Inc. | ||
2023 Refinancing Term Loan | ||
11.168% (3 Month SOFR + 5.50%), due 11/16/28 (d) | 17,000,000 | 16,864,000 |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Healthcare, Education & Childcare (continued) | ||
Organon & Co. | ||
Dollar Term Loan | ||
8.45% (1 Month SOFR + 3.00%), due 6/2/28 (d) | $ 9,322,500 | $ 9,275,888 |
44,295,888 | ||
High Tech Industries 0.2% | ||
Open Text Corp. | ||
2023 Replacement Term Loan | ||
8.174% (1 Month SOFR + 2.75%), due 1/31/30 (d) | 19,917,380 | 19,906,704 |
Insurance 0.2% | ||
USI, Inc. | ||
2022 Incremental Term Loan | ||
9.14% (3 Month SOFR + 3.75%), due 11/22/29 (d) | 16,830,000 | 16,790,550 |
Leisure, Amusement, Motion Pictures & Entertainment 0.1% | ||
Carnival Corp. | ||
Initial Advance Term Loan | ||
8.336% (1 Month SOFR + 3.00%), due 8/9/27 (d) | 9,975,000 | 9,775,500 |
NASCAR Holdings LLC | ||
Initial Term Loan | ||
7.939% (1 Month SOFR + 2.50%), due 10/19/26 (d) | 1,770,851 | 1,773,803 |
11,549,303 | ||
Manufacturing 0.1% | ||
Adient U.S. LLC | ||
Term Loan B1 | ||
8.689% (1 Month SOFR + 3.25%), due 4/10/28 (d) | 6,443,411 | 6,435,356 |
Media 0.4% | ||
DIRECTV Financing LLC | ||
Closing Date Term Loan | ||
10.439% (1 Month SOFR + 5.00%), due 8/2/27 (d) | 40,915,410 | 39,742,733 |
Oil & Gas 0.7% | ||
GIP III Stetson I LP | ||
Term Loan | ||
TBD, due 10/5/28 | 12,500,000 | 12,402,350 |
Principal Amount | Value | |
Oil & Gas (continued) | ||
New Fortress Energy, Inc. | ||
Initial Term Loan | ||
10.39% (3 Month SOFR + 5.00%), due 10/30/28 (d) | $ 24,750,000 | $ 22,770,000 |
PetroQuest Energy LLC (b)(f) | ||
Term Loan | ||
15.00% (12.07% PIK), due 11/8/23 (c) | 23,688,589 | 18,240,213 |
2020 Term Loan | ||
15.00% (15.00% PIK) (1 Month LIBOR + 6.50%), due 9/19/26 (c)(d) | 2,448,984 | 2,448,984 |
Term Loan | ||
15.00% (1 Month LIBOR + 6.50%), due 1/1/28 (d) | 3,188,388 | 3,188,388 |
TransMontaigne Operating Co. LP | ||
Tranche Term Loan B 8.939% - 8.941% | ||
(1 Month SOFR + 3.50%), due 11/17/28 (d) | 16,000,933 | 15,793,417 |
74,843,352 | ||
Retail 0.9% | ||
Great Outdoors Group LLC | ||
Term Loan B2 | ||
9.402% (3 Month SOFR + 3.75%), due 3/6/28 (d) | 93,337,265 | 92,462,228 |
Services: Business 0.3% | ||
Dun & Bradstreet Corp. (The) | ||
Refinancing Term Loan | ||
8.176% (1 Month SOFR + 2.75%), due 2/6/26 (d) | 10,971,001 | 10,955,324 |
GIP II Blue Holding LP | ||
Initial Term Loan | ||
9.939% (1 Month SOFR + 4.50%), due 9/29/28 (d) | 12,586,793 | 12,580,890 |
Icon plc (d) | ||
Lux Term Loan | ||
7.902% (3 Month SOFR + 2.25%), due 7/3/28 | 2,480,735 | 2,481,045 |
U.S. Term Loan | ||
7.902% (3 Month SOFR + 2.25%), due 7/3/28 | 618,077 | 618,154 |
26,635,413 |
22 | MainStay MacKay High Yield Corporate Bond Fund |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Software 0.3% | ||
Cloud Software Group, Inc. | ||
First Lien Term Loan A | ||
9.99% (3 Month SOFR + 4.50%), due 9/29/28 (d) | $ 26,848,580 | $ 25,422,249 |
Utilities 0.5% | ||
PG&E Corp. | ||
Term Loan | ||
8.439% (1 Month SOFR + 3.00%), due 6/23/25 (d) | 48,042,727 | 47,922,621 |
Total Loan Assignments (Cost $557,136,592) | 551,973,337 | |
Total Long-Term Bonds (Cost $9,906,664,119) | 9,134,834,011 | |
Shares | ||
Common Stocks 2.2% | ||
Consumer Staples Distribution & Retail 0.0% ‡ | ||
ASG warrant Corp. (b)(f)(k) | 12,502 | — |
Distributors 0.0% ‡ | ||
ATD New Holdings, Inc. (k) | 142,545 | 4,846,530 |
Electric Utilities 0.0% ‡ | ||
Keycon Power Holdings LLC (b)(f)(k) | 38,880 | 389 |
Electrical Equipment 0.1% | ||
Energy Technologies, Inc. (b)(f)(k) | 16,724 | 5,652,712 |
Energy Equipment & Services 0.1% | ||
Forum Energy Technologies, Inc. (k)(l) | 617,274 | 13,438,055 |
Nine Energy Service, Inc. (k) | 148,500 | 522,720 |
13,960,775 | ||
Independent Power and Renewable Electricity Producers 0.3% | ||
GenOn Energy, Inc. (h) | 386,241 | 29,547,436 |
Metals & Mining 0.1% | ||
Franco-Nevada Corp. | 65,000 | 7,900,750 |
Shares | Value | ||
Oil, Gas & Consumable Fuels 1.6% | |||
Chord Energy Corp. | 85,742 | $ 14,174,867 | |
Gulfport Energy Corp. (k) | 892,103 | 110,272,852 | |
PetroQuest Energy, Inc. (b)(f)(k) | 284,709 | — | |
Talos Energy, Inc. (k) | 2,074,193 | 32,149,992 | |
156,597,711 | |||
Total Common Stocks (Cost $236,743,383) | 218,506,303 | ||
Preferred Stock 0.3% | |||
Electrical Equipment 0.3% | |||
Energy Technologies Ltd. (b)(f)(k) | 37,258 | 28,874,950 | |
Total Preferred Stock (Cost $35,514,837) | 28,874,950 | ||
Exchange-Traded Funds 0.4% | |||
iShares Gold Trust (k) | 929,500 | 34,939,905 | |
SPDR Gold Shares (k) | 55,336 | 10,186,804 | |
Total Exchange-Traded Funds (Cost $33,598,418) | 45,126,709 | ||
Number of Warrants | |||
Warrants 0.0% ‡ | |||
Hotels, Restaurants & Leisure 0.0% ‡ | |||
CWT Travel Holdings, Inc. (f)(k) | |||
Expires 11/19/26 | 169,236 | — | |
Expires 11/19/28 | 178,143 | — | |
— | |||
Oil, Gas & Consumable Fuels 0.0% ‡ | |||
California Resources Corp. | |||
Expires 10/27/24 (k) | 36,093 | 643,899 | |
Total Warrants (Cost $32,627,513) | 643,899 | ||
Total Investments (Cost $10,245,148,270) | 94.6% | 9,427,985,872 | |
Other Assets, Less Liabilities | 5.4 | 534,603,383 | |
Net Assets | 100.0% | $ 9,962,589,255 |
† | Percentages indicated are based on Fund net assets. |
^ | Industry classifications may be different than those used for compliance monitoring purposes. |
‡ | Less than one-tenth of a percent. |
(a) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
(b) | Illiquid security—As of October 31, 2023, the total market value deemed illiquid under procedures approved by the Board of Trustees was $202,467,542, which represented 2.0% of the Fund’s net assets. (Unaudited) |
(c) | PIK ("Payment-in-Kind")—issuer may pay interest or dividends with additional securities and/or in cash. |
(d) | Floating rate—Rate shown was the rate in effect as of October 31, 2023. |
(e) | Security is perpetual and, thus, does not have a predetermined maturity date. The date shown, if applicable, reflects the next call date. |
(f) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
(g) | Issue in non-accrual status. |
(h) | Restricted security. (See Note 5) |
(i) | Issue in default. |
(j) | Step coupon—Rate shown was the rate in effect as of October 31, 2023. |
(k) | Non-income producing security. |
(l) | As of October 31, 2023, the Fund’s ownership exceeds 5% of the outstanding shares of the company. |
Abbreviation(s): |
LIBOR—London Interbank Offered Rate |
SOFR—Secured Overnight Financing 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 | $ — | $ 126,570,380 | $ — | $ 126,570,380 | |||
Corporate Bonds | — | 8,438,242,294 | 18,048,000 | 8,456,290,294 | |||
Loan Assignments | — | 528,095,752 | 23,877,585 | 551,973,337 | |||
Total Long-Term Bonds | — | 9,092,908,426 | 41,925,585 | 9,134,834,011 | |||
Common Stocks | 178,459,236 | 34,393,966 | 5,653,101 | 218,506,303 | |||
Preferred Stock | — | — | 28,874,950 | 28,874,950 | |||
Exchange-Traded Funds | 45,126,709 | — | — | 45,126,709 | |||
Warrants | 643,899 | — | — | 643,899 | |||
Total Investments in Securities | $ 224,229,844 | $ 9,127,302,392 | $ 76,453,636 | $ 9,427,985,872 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
24 | MainStay MacKay High Yield Corporate Bond Fund |
Assets | |
Investment in securities, at value (identified cost $10,245,148,270) | $ 9,427,985,872 |
Cash | 487,973,172 |
Due from custodian | 372,469 |
Receivables: | |
Interest | 151,292,869 |
Investment securities sold | 43,497,983 |
Fund shares sold | 14,595,546 |
Other assets | 2,257,578 |
Total assets | 10,127,975,489 |
Liabilities | |
Payables: | |
Investment securities purchased | 112,560,032 |
Fund shares redeemed | 41,893,347 |
Manager (See Note 3) | 4,591,561 |
Transfer agent (See Note 3) | 1,754,117 |
NYLIFE Distributors (See Note 3) | 732,717 |
Shareholder communication | 511,698 |
Professional fees | 148,651 |
Custodian | 42,524 |
Accrued expenses | 17,538 |
Distributions payable | 3,134,049 |
Total liabilities | 165,386,234 |
Net assets | $ 9,962,589,255 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.01 per share) unlimited number of shares authorized | $ 20,320,093 |
Additional paid-in-capital | 11,270,010,175 |
11,290,330,268 | |
Total distributable earnings (loss) | (1,327,741,013) |
Net assets | $ 9,962,589,255 |
Class A | |
Net assets applicable to outstanding shares | $2,876,676,576 |
Shares of beneficial interest outstanding | 586,159,003 |
Net asset value per share outstanding | $ 4.91 |
Maximum sales charge (4.50% of offering price) | 0.23 |
Maximum offering price per share outstanding | $ 5.14 |
Investor Class | |
Net assets applicable to outstanding shares | $ 111,540,539 |
Shares of beneficial interest outstanding | 22,560,860 |
Net asset value per share outstanding | $ 4.94 |
Maximum sales charge (4.00% of offering price) | 0.21 |
Maximum offering price per share outstanding | $ 5.15 |
Class B | |
Net assets applicable to outstanding shares | $ 7,690,195 |
Shares of beneficial interest outstanding | 1,574,815 |
Net asset value and offering price per share outstanding | $ 4.88 |
Class C | |
Net assets applicable to outstanding shares | $ 98,728,929 |
Shares of beneficial interest outstanding | 20,198,550 |
Net asset value and offering price per share outstanding | $ 4.89 |
Class I | |
Net assets applicable to outstanding shares | $3,001,067,203 |
Shares of beneficial interest outstanding | 611,323,098 |
Net asset value and offering price per share outstanding | $ 4.91 |
Class R1 | |
Net assets applicable to outstanding shares | $ 47,657 |
Shares of beneficial interest outstanding | 9,731 |
Net asset value and offering price per share outstanding | $ 4.90 |
Class R2 | |
Net assets applicable to outstanding shares | $ 6,547,701 |
Shares of beneficial interest outstanding | 1,333,496 |
Net asset value and offering price per share outstanding | $ 4.91 |
Class R3 | |
Net assets applicable to outstanding shares | $ 3,913,206 |
Shares of beneficial interest outstanding | 798,190 |
Net asset value and offering price per share outstanding | $ 4.90 |
Class R6 | |
Net assets applicable to outstanding shares | $3,856,329,974 |
Shares of beneficial interest outstanding | 788,041,971 |
Net asset value and offering price per share outstanding | $ 4.89 |
SIMPLE Class | |
Net assets applicable to outstanding shares | $ 47,275 |
Shares of beneficial interest outstanding | 9,559 |
Net asset value and offering price per share outstanding | $ 4.95 |
Investment Income (Loss) | |
Income | |
Interest | $ 632,454,627 |
Dividends (net of foreign tax withholding of $32,485) | 7,585,553 |
Other | 21,897,383 |
Total income | 661,937,563 |
Expenses | |
Manager (See Note 3) | 55,263,600 |
Transfer agent (See Note 3) | 10,468,151 |
Distribution/Service—Class A (See Note 3) | 7,564,987 |
Distribution/Service—Investor Class (See Note 3) | 290,639 |
Distribution/Service—Class B (See Note 3) | 101,353 |
Distribution/Service—Class C (See Note 3) | 1,180,886 |
Distribution/Service—Class R2 (See Note 3) | 16,718 |
Distribution/Service—Class R3 (See Note 3) | 19,499 |
Distribution/Service—SIMPLE Class (See Note 3) | 210 |
Professional fees | 797,738 |
Shareholder communication | 276,123 |
Registration | 268,931 |
Trustees | 262,675 |
Custodian | 123,113 |
Shareholder service (See Note 3) | 10,633 |
Miscellaneous | 248,754 |
Total expenses before waiver/reimbursement | 76,894,010 |
Reimbursement from prior custodian(a) | (19,662) |
Net expenses | 76,874,348 |
Net investment income (loss) | 585,063,215 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on investments | (220,955,580) |
Net change in unrealized appreciation (depreciation) on investments | 273,111,406 |
Net realized and unrealized gain (loss) | 52,155,826 |
Net increase (decrease) in net assets resulting from operations | $ 637,219,041 |
(a) | Represents a refund for overbilling of custody fees. |
26 | MainStay MacKay High Yield Corporate Bond Fund |
for the years ended October 31, 2023 and October 31, 2022
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 585,063,215 | $ 529,759,959 |
Net realized gain (loss) | (220,955,580) | (2,040,502) |
Net change in unrealized appreciation (depreciation) | 273,111,406 | (1,544,808,534) |
Net increase (decrease) in net assets resulting from operations | 637,219,041 | (1,017,089,077) |
Distributions to shareholders: | ||
Class A | (166,062,742) | (159,359,781) |
Investor Class | (6,127,715) | (5,731,011) |
Class B | (452,654) | (728,522) |
Class C | (5,318,208) | (6,351,592) |
Class I | (180,925,819) | (179,733,684) |
Class R1 | (2,626) | (2,576) |
Class R2 | (360,077) | (372,409) |
Class R3 | (202,281) | (154,687) |
Class R6 | (224,130,921) | (181,305,286) |
SIMPLE Class | (2,223) | (1,390) |
(583,585,266) | (533,740,938) | |
Distributions to shareholders from return of capital: | ||
Class A | — | (10,959,485) |
Investor Class | — | (394,133) |
Class B | — | (50,102) |
Class C | — | (436,811) |
Class I | — | (12,360,639) |
Class R1 | — | (177) |
Class R2 | — | (25,611) |
Class R3 | — | (10,638) |
Class R6 | — | (12,468,721) |
SIMPLE Class | — | (96) |
— | (36,706,413) | |
Total distributions to shareholders | (583,585,266) | (570,447,351) |
Capital share transactions: | ||
Net proceeds from sales of shares | 2,378,286,543 | 3,247,300,040 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 550,045,714 | 531,741,895 |
Cost of shares redeemed | (3,136,531,209) | (4,185,037,510) |
Increase (decrease) in net assets derived from capital share transactions | (208,198,952) | (405,995,575) |
Net increase (decrease) in net assets | (154,565,177) | (1,993,532,003) |
Net Assets | ||
Beginning of year | 10,117,154,432 | 12,110,686,435 |
End of year | $ 9,962,589,255 | $10,117,154,432 |
Year Ended October 31, | |||||||||
Class A | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 4.88 | $ 5.63 | $ 5.41 | $ 5.61 | $ 5.52 | ||||
Net investment income (loss) (a) | 0.28 | 0.24 | 0.25 | 0.29 | 0.29 | ||||
Net realized and unrealized gain (loss) | 0.03 | (0.73) | 0.25 | (0.17) | 0.12 | ||||
Total from investment operations | 0.31 | (0.49) | 0.50 | 0.12 | 0.41 | ||||
Less distributions: | |||||||||
From net investment income | (0.28) | (0.24) | (0.25) | (0.29) | (0.29) | ||||
Return of capital | — | (0.02) | (0.03) | (0.03) | (0.03) | ||||
Total distributions | (0.28) | (0.26) | (0.28) | (0.32) | (0.32) | ||||
Net asset value at end of year | $ 4.91 | $ 4.88 | $ 5.63 | $ 5.41 | $ 5.61 | ||||
Total investment return (b) | 6.31% | (8.88)% | 9.37% | 2.26% | 7.58% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 5.52% | 4.58% | 4.38% | 5.35% | 5.21% | ||||
Net expenses (c) | 0.96% | 0.95% | 0.95% | 0.97% | 0.99% | ||||
Portfolio turnover rate | 20% | 16% | 40% | 38% | 30% | ||||
Net assets at end of year (in 000’s) | $ 2,876,677 | $ 3,074,182 | $ 3,901,512 | $ 3,525,782 | $ 3,405,587 |
(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. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | |||||||||
Investor Class | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 4.92 | $ 5.67 | $ 5.45 | $ 5.65 | $ 5.57 | ||||
Net investment income (loss) (a) | 0.27 | 0.24 | 0.24 | 0.29 | 0.29 | ||||
Net realized and unrealized gain (loss) | 0.02 | (0.73) | 0.26 | (0.17) | 0.11 | ||||
Total from investment operations | 0.29 | (0.49) | 0.50 | 0.12 | 0.40 | ||||
Less distributions: | |||||||||
From net investment income | (0.27) | (0.24) | (0.25) | (0.29) | (0.29) | ||||
Return of capital | — | (0.02) | (0.03) | (0.03) | (0.03) | ||||
Total distributions | (0.27) | (0.26) | (0.28) | (0.32) | (0.32) | ||||
Net asset value at end of year | $ 4.94 | $ 4.92 | $ 5.67 | $ 5.45 | $ 5.65 | ||||
Total investment return (b) | 5.87% | (8.90)% | 9.25% | 2.24% | 7.33% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 5.35% | 4.45% | 4.26% | 5.27% | 5.15% | ||||
Net expenses (c) | 1.14% | 1.09% | 1.08% | 1.06% | 1.05% | ||||
Portfolio turnover rate | 20% | 16% | 40% | 38% | 30% | ||||
Net assets at end of year (in 000's) | $ 111,541 | $ 116,961 | $ 139,214 | $ 149,726 | $ 162,260 |
(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. |
28 | MainStay MacKay High Yield Corporate Bond Fund |
Year Ended October 31, | |||||||||
Class B | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 4.86 | $ 5.60 | $ 5.38 | $ 5.58 | $ 5.50 | ||||
Net investment income (loss) (a) | 0.23 | 0.19 | 0.20 | 0.25 | 0.24 | ||||
Net realized and unrealized gain (loss) | 0.02 | (0.72) | 0.25 | (0.18) | 0.11 | ||||
Total from investment operations | 0.25 | (0.53) | 0.45 | 0.07 | 0.35 | ||||
Less distributions: | |||||||||
From net investment income | (0.23) | (0.20) | (0.21) | (0.24) | (0.25) | ||||
Return of capital | — | (0.01) | (0.02) | (0.03) | (0.02) | ||||
Total distributions | (0.23) | (0.21) | (0.23) | (0.27) | (0.27) | ||||
Net asset value at end of year | $ 4.88 | $ 4.86 | $ 5.60 | $ 5.38 | $ 5.58 | ||||
Total investment return (b) | 5.12% | (9.61)% | 8.52% | 1.39% | 6.52% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 4.58% | 3.64% | 3.56% | 4.55% | 4.41% | ||||
Net expenses (c) | 1.89% | 1.84% | 1.83% | 1.81% | 1.80% | ||||
Portfolio turnover rate | 20% | 16% | 40% | 38% | 30% | ||||
Net assets at end of year (in 000’s) | $ 7,690 | $ 13,032 | $ 26,622 | $ 45,661 | $ 63,517 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | |||||||||
Class C | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 4.86 | $ 5.60 | $ 5.39 | $ 5.59 | $ 5.50 | ||||
Net investment income (loss) (a) | 0.23 | 0.19 | 0.20 | 0.25 | 0.24 | ||||
Net realized and unrealized gain (loss) | 0.03 | (0.72) | 0.24 | (0.18) | 0.12 | ||||
Total from investment operations | 0.26 | (0.53) | 0.44 | 0.07 | 0.36 | ||||
Less distributions: | |||||||||
From net investment income | (0.23) | (0.20) | (0.21) | (0.24) | (0.25) | ||||
Return of capital | — | (0.01) | (0.02) | (0.03) | (0.02) | ||||
Total distributions | (0.23) | (0.21) | (0.23) | (0.27) | (0.27) | ||||
Net asset value at end of year | $ 4.89 | $ 4.86 | $ 5.60 | $ 5.39 | $ 5.59 | ||||
Total investment return (b) | 5.34% | (9.62)% | 8.31% | 1.39% | 6.71% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 4.59% | 3.66% | 3.54% | 4.54% | 4.41% | ||||
Net expenses (c) | 1.89% | 1.84% | 1.83% | 1.81% | 1.80% | ||||
Portfolio turnover rate | 20% | 16% | 40% | 38% | 30% | ||||
Net assets at end of year (in 000’s) | $ 98,729 | $ 133,295 | $ 214,696 | $ 297,431 | $ 373,760 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | |||||||||
Class I | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 4.88 | $ 5.63 | $ 5.41 | $ 5.61 | $ 5.53 | ||||
Net investment income (loss) (a) | 0.29 | 0.25 | 0.26 | 0.30 | 0.30 | ||||
Net realized and unrealized gain (loss) | 0.03 | (0.73) | 0.26 | (0.17) | 0.11 | ||||
Total from investment operations | 0.32 | (0.48) | 0.52 | 0.13 | 0.41 | ||||
Less distributions: | |||||||||
From net investment income | (0.29) | (0.25) | (0.27) | (0.30) | (0.30) | ||||
Return of capital | — | (0.02) | (0.03) | (0.03) | (0.03) | ||||
Total distributions | (0.29) | (0.27) | (0.30) | (0.33) | (0.33) | ||||
Net asset value at end of year | $ 4.91 | $ 4.88 | $ 5.63 | $ 5.41 | $ 5.61 | ||||
Total investment return (b) | 6.57% | (8.65)% | 9.65% | 2.56% | 7.68% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 5.78% | 4.82% | 4.62% | 5.60% | 5.45% | ||||
Net expenses (c) | 0.71% | 0.70% | 0.70% | 0.72% | 0.74% | ||||
Portfolio turnover rate | 20% | 16% | 40% | 38% | 30% | ||||
Net assets at end of year (in 000’s) | $ 3,001,067 | $ 3,159,577 | $ 4,116,697 | $ 3,509,954 | $ 3,451,487 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | |||||||||
Class R1 | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 4.87 | $ 5.62 | $ 5.40 | $ 5.60 | $ 5.52 | ||||
Net investment income (loss) (a) | 0.28 | 0.25 | 0.25 | 0.30 | 0.30 | ||||
Net realized and unrealized gain (loss) | 0.03 | (0.73) | 0.26 | (0.17) | 0.11 | ||||
Total from investment operations | 0.31 | (0.48) | 0.51 | 0.13 | 0.41 | ||||
Less distributions: | |||||||||
From net investment income | (0.28) | (0.25) | (0.26) | (0.30) | (0.30) | ||||
Return of capital | — | (0.02) | (0.03) | (0.03) | (0.03) | ||||
Total distributions | (0.28) | (0.27) | (0.29) | (0.33) | (0.33) | ||||
Net asset value at end of year | $ 4.90 | $ 4.87 | $ 5.62 | $ 5.40 | $ 5.60 | ||||
Total investment return (b) | 6.48% | (8.77)% | 9.55% | 2.45% | 7.58% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 5.69% | 4.74% | 4.51% | 5.52% | 5.36% | ||||
Net expenses (c) | 0.81% | 0.80% | 0.80% | 0.82% | 0.84% | ||||
Portfolio turnover rate | 20% | 16% | 40% | 38% | 30% | ||||
Net assets at end of year (in 000’s) | $ 48 | $ 52 | $ 62 | $ 51 | $ 53 |
(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. |
30 | MainStay MacKay High Yield Corporate Bond Fund |
Year Ended October 31, | |||||||||
Class R2 | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 4.88 | $ 5.63 | $ 5.41 | $ 5.61 | $ 5.52 | ||||
Net investment income (loss) (a) | 0.27 | 0.23 | 0.24 | 0.29 | 0.28 | ||||
Net realized and unrealized gain (loss) | 0.03 | (0.73) | 0.26 | (0.18) | 0.12 | ||||
Total from investment operations | 0.30 | (0.50) | 0.50 | 0.11 | 0.40 | ||||
Less distributions: | |||||||||
From net investment income | (0.27) | (0.23) | (0.25) | (0.28) | (0.29) | ||||
Return of capital | — | (0.02) | (0.03) | (0.03) | (0.02) | ||||
Total distributions | (0.27) | (0.25) | (0.28) | (0.31) | (0.31) | ||||
Net asset value at end of year | $ 4.91 | $ 4.88 | $ 5.63 | $ 5.41 | $ 5.61 | ||||
Total investment return (b) | 6.19% | (8.98)% | 9.28% | 2.17% | 7.49% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 5.42% | 4.45% | 4.28% | 5.26% | 5.10% | ||||
Net expenses (c) | 1.06% | 1.05% | 1.05% | 1.07% | 1.09% | ||||
Portfolio turnover rate | 20% | 16% | 40% | 38% | 30% | ||||
Net assets at end of year (in 000’s) | $ 6,548 | $ 6,949 | $ 10,640 | $ 13,006 | $ 13,866 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R2 shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | |||||||||
Class R3 | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 4.88 | $ 5.62 | $ 5.40 | $ 5.60 | $ 5.52 | ||||
Net investment income (loss) (a) | 0.26 | 0.22 | 0.22 | 0.27 | 0.27 | ||||
Net realized and unrealized gain (loss) | 0.02 | (0.72) | 0.26 | (0.17) | 0.11 | ||||
Total from investment operations | 0.28 | (0.50) | 0.48 | 0.10 | 0.38 | ||||
Less distributions: | |||||||||
From net investment income | (0.26) | (0.22) | (0.23) | (0.27) | (0.28) | ||||
Return of capital | — | (0.02) | (0.03) | (0.03) | (0.02) | ||||
Total distributions | (0.26) | (0.24) | (0.26) | (0.30) | (0.30) | ||||
Net asset value at end of year | $ 4.90 | $ 4.88 | $ 5.62 | $ 5.40 | $ 5.60 | ||||
Total investment return (b) | 5.72% | (9.07)% | 9.01% | 1.90% | 7.03% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 5.18% | 4.25% | 3.98% | 4.96% | 4.84% | ||||
Net expenses (c) | 1.31% | 1.30% | 1.30% | 1.32% | 1.34% | ||||
Portfolio turnover rate | 20% | 16% | 40% | 38% | 30% | ||||
Net assets at end of year (in 000’s) | $ 3,913 | $ 3,482 | $ 3,630 | $ 1,924 | $ 1,281 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R3 shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | |||||||||
Class R6 | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 4.87 | $ 5.61 | $ 5.40 | $ 5.60 | $ 5.52 | ||||
Net investment income (loss) (a) | 0.30 | 0.26 | 0.27 | 0.31 | 0.31 | ||||
Net realized and unrealized gain (loss) | 0.02 | (0.72) | 0.24 | (0.17) | 0.11 | ||||
Total from investment operations | 0.32 | (0.46) | 0.51 | 0.14 | 0.42 | ||||
Less distributions: | |||||||||
From net investment income | (0.30) | (0.26) | (0.27) | (0.31) | (0.31) | ||||
Return of capital | — | (0.02) | (0.03) | (0.03) | (0.03) | ||||
Total distributions | (0.30) | (0.28) | (0.30) | (0.34) | (0.34) | ||||
Net asset value at end of year | $ 4.89 | $ 4.87 | $ 5.61 | $ 5.40 | $ 5.60 | ||||
Total investment return (b) | 6.54% | (8.36)% | 9.64% | 2.70% | 7.84% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 5.93% | 4.98% | 4.79% | 5.65% | 5.60% | ||||
Net expenses (c) | 0.56% | 0.57% | 0.57% | 0.58% | 0.58% | ||||
Portfolio turnover rate | 20% | 16% | 40% | 38% | 30% | ||||
Net assets at end of year (in 000’s) | $ 3,856,330 | $ 3,609,591 | $ 3,697,586 | $ 4,420,424 | $ 2,180,977 |
(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 | 2023 | 2022 | 2021 | 2020 | |||
Net asset value at beginning of period | $ 4.92 | $ 5.67 | $ 5.45 | $ 5.54 | |||
Net investment income (loss) | 0.27(a) | 0.22(a) | 0.23(a) | 0.04 | |||
Net realized and unrealized gain (loss) | 0.02 | (0.73) | 0.25 | (0.08) | |||
Total from investment operations | 0.29 | (0.51) | 0.48 | (0.04) | |||
Less distributions: | |||||||
From net investment income | (0.26) | (0.22) | (0.23) | (0.05) | |||
Return of capital | — | (0.02) | (0.03) | (0.00)‡ | |||
Total distributions | (0.26) | (0.24) | (0.26) | (0.05) | |||
Net asset value at end of period | $ 4.95 | $ 4.92 | $ 5.67 | $ 5.45 | |||
Total investment return (b) | 6.00% | (9.14)% | 8.98% | (0.72)% | |||
Ratios (to average net assets)/Supplemental Data: | |||||||
Net investment income (loss) | 5.30% | 4.23% | 4.00% | 4.74%†† | |||
Net expenses (c) | 1.21% | 1.34% | 1.33% | 1.30%†† | |||
Portfolio turnover rate | 20% | 16% | 40% | 38% | |||
Net assets at end of period (in 000’s) | $ 47 | $ 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. |
32 | MainStay MacKay High Yield Corporate Bond 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 | 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 |
* | As of October 31, 2023, Class R1 shares are closed to new investors and, upon the close of business on December 29, 2023, Class R1 shares are closed to additional investments by existing shareholders. Additionally, Class R1 shares will be liquidated on or about February 28, 2024 (the "Liquidation Date"). It is expected that the Fund will distribute to remaining shareholders invested in Class R1 shares, on or promptly after the Liquidation Date, a liquidating distribution in cash or cash equivalents equal to the net asset value of such shares. |
• | Level 1—quoted prices (unadjusted) in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Fund's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• Benchmark yields | • Reported trades |
• Broker/dealer quotes | • Issuer spreads |
• Two-sided markets | • Benchmark securities |
• Bids/offers | • Reference data (corporate actions or material event notices) |
• Industry and economic events | • Comparable bonds |
• Monthly payment information |
34 | MainStay MacKay High Yield Corporate Bond Fund |
36 | MainStay MacKay High Yield Corporate Bond Fund |
38 | MainStay MacKay High Yield Corporate Bond Fund |
Class R1 | $ 46 |
Class R2 | 6,687 |
Class R3 | 3,900 |
Class | Expense | Waived |
Class A | $4,648,550 | $— |
Investor Class | 383,181 | — |
Class B | 33,463 | — |
Class C | 389,671 | — |
Class I | 4,846,408 | — |
Class R1 | 71 | — |
Class R2 | 10,248 | — |
Class R3 | 6,010 | — |
Class R6 | 150,487 | — |
SIMPLE Class | 62 | — |
Class I | $10,387,715 | 0.3% |
Class R1 | 41,160 | 86.4 |
SIMPLE Class | 25,915 | 54.8 |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $10,221,181,273 | $157,661,804 | $(950,857,205) | $(793,195,401) |
Ordinary Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$6,073,942 | $(537,451,087) | $(3,134,049) | $(793,229,819) | $(1,327,741,013) |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $40,757 | $496,694 |
2023 | 2022 | |
Distributions paid from: | ||
Ordinary Income | $583,585,266 | $533,740,938 |
Return of Capital | — | 36,706,413 |
Total | $583,585,266 | $570,447,351 |
Security | Date(s) of Acquisition | Principal Amount/ Shares | Cost | 10/31/23 Value | Percent of Net Assets |
Briggs & Stratton Corp. Escrow Claim Shares | |||||
Corporate Bond 6.875%, due 12/15/20 | 2/26/21 | $ 9,200,000 | $ 9,323,706 | $ — | 0.0% |
GenOn Energy, Inc. | |||||
Common Stock | 12/14/18 | 386,241 | 43,250,890 | 29,547,436 | 0.3 |
Sterling Entertainment Enterprises LLC | |||||
Corporate Bond 10.25%, due 1/15/25 | 12/28/17 | $ 20,000,000 | 19,932,246 | 18,048,000 | 0.2 |
Total | $ 72,506,842 | $ 47,595,436 | 0.5% |
40 | MainStay MacKay High Yield Corporate Bond Fund |
Class A | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 78,051,343 | $ 389,132,502 |
Shares issued to shareholders in reinvestment of distributions | 28,889,335 | 144,137,090 |
Shares redeemed | (154,751,687) | (772,065,976) |
Net increase (decrease) in shares outstanding before conversion | (47,811,009) | (238,796,384) |
Shares converted into Class A (See Note 1) | 5,245,041 | 26,189,256 |
Shares converted from Class A (See Note 1) | (889,764) | (4,470,861) |
Net increase (decrease) | (43,455,732) | $ (217,077,989) |
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) |
Investor Class | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 1,017,985 | $ 5,121,893 |
Shares issued to shareholders in reinvestment of distributions | 1,173,564 | 5,897,791 |
Shares redeemed | (2,488,238) | (12,514,376) |
Net increase (decrease) in shares outstanding before conversion | (296,689) | (1,494,692) |
Shares converted into Investor Class (See Note 1) | 528,336 | 2,658,813 |
Shares converted from Investor Class (See Note 1) | (1,457,838) | (7,322,253) |
Net increase (decrease) | (1,226,191) | $ (6,158,132) |
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) |
Class B | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 21,680 | $ 107,706 |
Shares issued to shareholders in reinvestment of distributions | 73,983 | 367,385 |
Shares redeemed | (465,849) | (2,310,090) |
Net increase (decrease) in shares outstanding before conversion | (370,186) | (1,834,999) |
Shares converted from Class B (See Note 1) | (736,809) | (3,657,717) |
Net increase (decrease) | (1,106,995) | $ (5,492,716) |
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) |
Class C | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 1,129,297 | $ 5,594,569 |
Shares issued to shareholders in reinvestment of distributions | 1,028,914 | 5,113,581 |
Shares redeemed | (7,525,687) | (37,352,570) |
Net increase (decrease) in shares outstanding before conversion | (5,367,476) | (26,644,420) |
Shares converted from Class C (See Note 1) | (1,842,802) | (9,158,313) |
Net increase (decrease) | (7,210,278) | $ (35,802,733) |
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) |
Class I | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 188,810,621 | $ 943,198,625 |
Shares issued to shareholders in reinvestment of distributions | 34,478,584 | 172,086,582 |
Shares redeemed | (259,550,476) | (1,292,981,127) |
Net increase (decrease) in shares outstanding before conversion | (36,261,271) | (177,695,920) |
Shares converted into Class I (See Note 1) | 904,096 | 4,543,309 |
Shares converted from Class I (See Note 1) | (274,234) | (1,380,102) |
Net increase (decrease) | (35,631,409) | $ (174,532,713) |
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) |
Class R1 | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 1,055 | $ 5,252 |
Shares issued to shareholders in reinvestment of distributions | 518 | 2,582 |
Shares redeemed | (2,614) | (12,959) |
Net increase (decrease) | (1,041) | $ (5,125) |
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) |
Class R2 | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 276,469 | $ 1,378,905 |
Shares issued to shareholders in reinvestment of distributions | 50,618 | 252,583 |
Shares redeemed | (416,278) | (2,086,972) |
Net increase (decrease) | (89,191) | $ (455,484) |
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) |
Class R3 | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 259,260 | $ 1,296,592 |
Shares issued to shareholders in reinvestment of distributions | 37,303 | 185,998 |
Shares redeemed | (212,168) | (1,061,437) |
Net increase (decrease) | 84,395 | $ 421,153 |
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 |
42 | MainStay MacKay High Yield Corporate Bond Fund |
Class R6 | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 207,906,986 | $ 1,032,437,690 |
Shares issued to shareholders in reinvestment of distributions | 44,598,388 | 221,999,899 |
Shares redeemed | (204,221,976) | (1,016,145,702) |
Net increase (decrease) in shares outstanding before conversion | 48,283,398 | 238,291,887 |
Shares converted into Class R6 (See Note 1) | 9,706 | 49,014 |
Shares converted from Class R6 (See Note 1) | (1,494,935) | (7,451,146) |
Net increase (decrease) | 46,798,169 | $ 230,889,755 |
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 |
SIMPLE Class | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 2,520 | $ 12,809 |
Shares issued to shareholders in reinvestment of distributions | 442 | 2,223 |
Net increase (decrease) | 2,962 | $ 15,032 |
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 |
The MainStay Funds:
44 | 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 | |
Naïm Abou-Jaoudé* 1966 | MainStay Funds: Trustee since 2023 MainStay Funds Trust: Trustee since 2023 | Chief Executive Officer of New York Life Investment Management LLC (since 2023). Chief Executive Officer of Candriam (an affiliate of New York Life Investment Management LLC) (2007 to 2023). | 81 | MainStay VP Funds Trust: Trustee since 2023 (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2023; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2023; and New York Life Investment Management International (Chair) since 2015 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of his affiliation with New York Life Investment Management LLC and Candriam, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
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 | |
David H. Chow 1957 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015);MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC (since 1999) | 81 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2021; VanEck Vectors Group of Exchange-Traded Funds: Trustee since 2006 and Independent Chairman of the Board of Trustees from 2008 to 2022 (57 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Investment Committee since 2018 | |
Karen Hammond 1956 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021);MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 81 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Susan B. Kerley 1951 | MainStay Funds: Chair since January 2017 and Trustee since 2007;MainStay Funds Trust: Chair since January 2017 and Trustee since 1990*** | President, Strategic Management Advisors LLC (since 1990) | 81 | MainStay VP Funds Trust: Chair since January 2017 and Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chair since January 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Alan R. Latshaw 1951 | MainStay Funds: Trusteesince 2006;MainStay Funds Trust: Trustee since 2007*** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 81 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 | |
Jacques P. Perold 1958 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015to December 2015);MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 81 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay Funds: Trustee since 1994;MainStay Funds Trust: Trustee since 2007*** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) (since 2004); Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 81 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 |
** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
*** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
48 | 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 2018); President, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust (since 2017)**; Senior Managing Director, Global Product Development (2015 to 2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay Funds (since 2007), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2007)**; and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay Funds and MainStay Funds Trust (since 2010) | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2010)** | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay Funds and MainStay Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ Trust, IndexIQ ETF Trust and Index IQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund, MainStay VP Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012 to 2022) | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay Funds (since 2005), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2005)** |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, New York Life Insurance Company, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
1.
2. | This Fund is registered for sale in CA, CT, DE, FL, MA, NJ, NY and VT. |
3. | An affiliate of New York Life Investment Management LLC. |
5013763MS139-23 | MSHY11-12/23 |
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended October 31, 2023 | |||||||
Class | Sales Charge | Inception Date | One Year | Five Years | Ten Years or Since Inception | Gross Expense Ratio1 | |
Class A Shares | Maximum 4.50% Initial Sales Charge | With sales charges | 2/28/1997 | 0.56% | 0.41% | 1.24% | 1.03% |
Excluding sales charges | 5.30 | 1.34 | 1.71 | 1.03 | |||
Investor Class Shares2 | Maximum 4.00% Initial Sales Charge | With sales charges | 2/28/2008 | 0.83 | 0.28 | 1.17 | 1.17 |
Excluding sales charges | 5.03 | 1.21 | 1.64 | 1.17 | |||
Class B Shares3 | Maximum 5.00% CDSC | With sales charges | 2/28/1997 | -0.68 | 0.10 | 0.89 | 1.92 |
if Redeemed Within the First Six Years of Purchase | Excluding sales charges | 4.32 | 0.46 | 0.89 | 1.92 | ||
Class C Shares | Maximum 1.00% CDSC | With sales charges | 9/1/1998 | 3.33 | 0.46 | 0.89 | 1.92 |
if Redeemed Within One Year of Purchase | Excluding sales charges | 4.33 | 0.46 | 0.89 | 1.92 | ||
Class I Shares | No Sales Charge | 1/2/2004 | 5.64 | 1.63 | 1.98 | 0.78 | |
Class R2 Shares4 | No Sales Charge | 2/28/2014 | 5.19 | 1.23 | 1.42 | 1.13 | |
Class R3 Shares4 | No Sales Charge | 2/29/2016 | 4.92 | 0.97 | 2.41 | 1.38 | |
Class R6 Shares | No Sales Charge | 2/28/2018 | 5.68 | 1.78 | 1.66 | 0.65 |
1. | The gross expense ratios presented reflect the Fund’s “Total Annual Fund Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report. |
2. | Prior to June 30, 2020, the maximum initial sales charge was 4.50%, which is reflected in the applicable average annual total return figures shown. |
3. | Class B shares are closed to all new purchases as well as additional investments by existing Class B shareholders and will be converted into Class A or Investor Class shares based on shareholder eligibility on or about February 28, 2024. |
4. | As of October 31, 2023, Class R2 and Class R3 shares are closed to new investors and, upon the close of business on December 29, 2023, Class R2 and Class R3 shares are closed to additional investments by existing shareholders. Additionally, Class R2 and Class R3 shares will be liquidated on or about February 28, 2024 (the "Liquidation Date"). It is expected that the Fund will distribute to remaining shareholders invested in Class R2 or Class R3 shares, on or promptly after the Liquidation Date, a liquidating distribution in cash or cash equivalents equal to the net asset value of such shares. |
Benchmark Performance* | One Year | Five Years | Ten Years |
Bloomberg U.S. Aggregate Bond Index1 | 0.36% | -0.06% | 0.88% |
ICE BofA U.S. Dollar 3-Month Deposit Offered Rate Constant Maturity Index2 | 4.81 | 1.92 | 1.35 |
Morningstar Nontraditional Bond Category Average3 | 3.58 | 1.41 | 1.57 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | The 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 Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities. |
2. | The 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 5/1/23 | Ending Account Value (Based on Actual Returns and Expenses) 10/31/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 10/31/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Class A Shares | $1,000.00 | $989.00 | $5.16 | $1,020.01 | $ 5.24 | 1.03% |
Investor Class Shares | $1,000.00 | $986.90 | $6.21 | $1,018.95 | $ 6.31 | 1.24% |
Class B Shares | $1,000.00 | $984.20 | $9.95 | $1,015.17 | $10.11 | 1.99% |
Class C Shares | $1,000.00 | $983.00 | $9.95 | $1,015.17 | $10.11 | 1.99% |
Class I Shares | $1,000.00 | $990.70 | $3.51 | $1,021.68 | $ 3.57 | 0.70% |
Class R2 Shares | $1,000.00 | $987.30 | $5.66 | $1,019.51 | $ 5.75 | 1.13% |
Class R3 Shares | $1,000.00 | $985.90 | $6.96 | $1,018.20 | $ 7.07 | 1.39% |
Class R6 Shares | $1,000.00 | $989.80 | $3.26 | $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. |
1. | FHLMC STACR REMIC Trust, 6.821%-11.571%, due 8/25/33–1/25/51 |
2. | GNMA, (zero coupon)-9.674%, due 8/20/49–10/16/63 |
3. | Connecticut Avenue Securities Trust, 6.971%-14.821%, due 1/25/40–7/25/42 |
4. | UMBS Pool, 30 Year, 5.50%-6.50%, due 7/1/53–11/1/53 |
5. | UMBS, 30 Year, 4.00%-6.00%, due 6/1/52–9/1/53 |
6. | U.S. Treasury Notes, 5.00%, due 10/31/25 |
7. | Flagship Credit Auto Trust, 1.59%-4.98%, due 3/16/26–3/15/28 |
8. | FHLMC, (zero coupon)-3.50%, due 1/15/33–8/15/56 |
9. | BX Trust, 3.605%-9.032%, due 2/15/28–12/9/41 |
10. | FNMA, (zero coupon)-9.535%, due 3/25/31–3/25/60 |
8 | MainStay MacKay Strategic Bond Fund |
1. | See "Investment and Performance Comparison" for other share class returns, which may be higher or lower than Class I share returns, and for more information on benchmark and peer group returns. |
2. | Duration is a measure of the price sensitivity of a fixed-income investment to changes in interest rates. Duration is expressed as a number of years and is considered a more accurate sensitivity gauge than average maturity. |
3. | An obligation rated ‘BB’ by Standard & Poor’s (“S&P”) is deemed by S&P to be less vulnerable to nonpayment than other speculative issues. In the opinion of S&P, however, the obligor faces major ongoing uncertainties or exposure to adverse business, financial or economic conditions which could lead to the obligor’s inadequate capacity to meet its financial commitment on the obligation. When applied to Fund holdings, ratings are based solely on the creditworthiness of the bonds in the portfolio and are not meant to represent the security or safety of the Fund. Ratings from ‘AA’ to ‘CCC’ may be modified by the addition of a plus (+) or minus (–) sign to show relative standing within the major rating categories. |
4. | An obligation rated ‘BBB’ by S&P is deemed by S&P to exhibit adequate protection parameters. In the opinion of S&P, however, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation. When applied to Fund holdings, ratings are based solely on the creditworthiness of the bonds in the portfolio and are not meant to represent the security or safety of the Fund. |
10 | MainStay MacKay Strategic Bond Fund |
Principal Amount | Value | |
Long-Term Bonds 95.7% | ||
Asset-Backed Securities 15.5% | ||
Automobile Asset-Backed Securities 10.5% | ||
American Credit Acceptance Receivables Trust (a) | ||
Series 2021-2, Class D | ||
1.34%, due 7/13/27 | $ 1,715,000 | $ 1,654,020 |
Series 2021-4, Class D | ||
1.82%, due 2/14/28 | 1,520,000 | 1,442,146 |
Series 2022-1, Class D | ||
2.46%, due 3/13/28 | 3,050,000 | 2,893,570 |
Series 2021-2, Class E | ||
2.54%, due 7/13/27 | 2,400,000 | 2,281,799 |
Series 2020-2, Class C | ||
3.88%, due 4/13/26 | 239,500 | 239,299 |
Avis Budget Rental Car Funding AESOP LLC (a) | ||
Series 2021-1A, Class A | ||
1.38%, due 8/20/27 | 1,135,000 | 1,001,379 |
Series 2023-3A, Class A | ||
5.44%, due 2/22/28 | 1,415,000 | 1,377,959 |
CPS Auto Receivables Trust (a) | ||
Series 2021-A, Class E | ||
2.53%, due 3/15/28 | 3,000,000 | 2,823,262 |
Series 2021-C, Class E | ||
3.21%, due 9/15/28 | 2,820,000 | 2,611,111 |
Series 2020-C, Class E | ||
4.22%, due 5/17/27 | 2,215,000 | 2,148,222 |
Series 2019-C, Class E | ||
4.30%, due 7/15/25 | 728,648 | 725,180 |
Drive Auto Receivables Trust | ||
Series 2021-2, Class D | ||
1.39%, due 3/15/29 | 1,890,000 | 1,770,101 |
Series 2021-1, Class D | ||
1.45%, due 1/16/29 | 3,065,000 | 2,910,051 |
DT Auto Owner Trust (a) | ||
Series 2021-4A, Class D | ||
1.99%, due 9/15/27 | 1,385,000 | 1,265,175 |
Series 2021-3A, Class E | ||
2.65%, due 9/15/28 | 920,000 | 838,279 |
Series 2020-3A, Class E | ||
3.62%, due 10/15/27 | 2,295,000 | 2,191,229 |
Exeter Automobile Receivables Trust | ||
Series 2021-2A, Class D | ||
1.40%, due 4/15/27 | 1,605,000 | 1,492,965 |
Series 2021-3A, Class D | ||
1.55%, due 6/15/27 | 2,710,000 | 2,483,640 |
Series 2021-1A, Class E | ||
2.21%, due 2/15/28 (a) | 1,565,000 | 1,427,671 |
Series 2021-3A, Class E | ||
3.04%, due 12/15/28 (a) | 3,790,000 | 3,395,704 |
Principal Amount | Value | |
Automobile Asset-Backed Securities (continued) | ||
Flagship Credit Auto Trust (a) | ||
Series 2021-2, Class D | ||
1.59%, due 6/15/27 | $ 1,190,000 | $ 1,065,096 |
Series 2021-3, Class D | ||
1.65%, due 9/15/27 | 1,537,000 | 1,362,476 |
Series 2021-4, Class C | ||
1.96%, due 12/15/27 | 1,240,000 | 1,154,772 |
Series 2021-4, Class D | ||
2.26%, due 12/15/27 | 3,507,000 | 3,139,553 |
Series 2020-1, Class D | ||
2.48%, due 3/16/26 | 1,000,000 | 965,255 |
Series 2020-1, Class E | ||
3.52%, due 6/15/27 | 2,590,000 | 2,385,729 |
Series 2022-1, Class D | ||
3.64%, due 3/15/28 | 720,000 | 656,724 |
Series 2019-2, Class E | ||
4.52%, due 12/15/26 | 1,315,000 | 1,270,224 |
Series 2020-3, Class E | ||
4.98%, due 12/15/27 | 1,090,000 | 1,006,569 |
Ford Credit Auto Owner Trust | ||
Series 2023-2, Class B | ||
5.92%, due 2/15/36 (a) | 1,618,000 | 1,569,928 |
GLS Auto Receivables Issuer Trust (a) | ||
Series 2021-3A, Class D | ||
1.48%, due 7/15/27 | 2,635,000 | 2,409,631 |
Series 2021-4A, Class D | ||
2.48%, due 10/15/27 | 1,650,000 | 1,520,316 |
Series 2021-2A, Class E | ||
2.87%, due 5/15/28 | 2,340,000 | 2,136,295 |
Series 2021-1A, Class E | ||
3.14%, due 1/18/28 | 1,080,000 | 1,016,548 |
Series 2021-3A, Class E | ||
3.20%, due 10/16/28 | 2,485,000 | 2,259,121 |
Series 2020-1A, Class D | ||
3.68%, due 11/16/26 | 1,070,000 | 1,041,336 |
Hertz Vehicle Financing III LP (a) | ||
Series 2021-2A, Class C | ||
2.52%, due 12/27/27 | 3,285,000 | 2,847,565 |
Series 2021-2A, Class D | ||
4.34%, due 12/27/27 | 2,450,000 | 2,122,338 |
Hertz Vehicle Financing LLC | ||
Series 2021-1A, Class C | ||
2.05%, due 12/26/25 (a) | 870,000 | 827,711 |
Santander Drive Auto Receivables Trust | ||
Series 2021-3, Class D | ||
1.33%, due 9/15/27 | 550,000 | 518,053 |
Series 2021-4, Class D | ||
1.67%, due 10/15/27 | 2,385,000 | 2,212,434 |
Principal Amount | Value | |
Asset-Backed Securities (continued) | ||
Automobile Asset-Backed Securities (continued) | ||
Santander Drive Auto Receivables Trust (continued) | ||
Series 2022-2, Class C | ||
3.76%, due 7/16/29 | $ 1,635,000 | $ 1,549,195 |
72,009,631 | ||
Credit Card Asset-Backed Security 0.1% | ||
Golden Credit Card Trust | ||
Series 2021-1A, Class C | ||
1.74%, due 8/15/28 (a) | 510,000 | 447,122 |
Home Equity Asset-Backed Securities 0.1% | ||
First NLC Trust | ||
Series 2007-1, Class A1 | ||
5.509% (1 Month SOFR + 0.184%), due 8/25/37 (a)(b) | 232,305 | 112,649 |
GSAA Home Equity Trust | ||
Series 2007-8, Class A3 | ||
6.339% (1 Month SOFR + 1.014%), due 8/25/37 (b) | 29,657 | 28,620 |
J.P. Morgan Mortgage Acquisition Trust | ||
Series 2007-HE1, Class AF1 | ||
4.285% (1 Month SOFR + 0.214%), due 3/25/47 (b) | 80,329 | 47,207 |
Mastr Asset-Backed Securities Trust | ||
Series 2006-HE4, Class A1 | ||
5.539% (1 Month SOFR + 0.214%), due 11/25/36 (b) | 66,619 | 20,524 |
Morgan Stanley ABS Capital I, Inc. Trust (b) | ||
Series 2007-HE4, Class A2A | ||
5.549% (1 Month SOFR + 0.224%), due 2/25/37 | 71,271 | 21,966 |
Series 2007-HE7, Class M1 | ||
7.439% (1 Month SOFR + 2.114%), due 7/25/37 | 635,000 | 446,572 |
677,538 | ||
Other Asset-Backed Securities 4.8% | ||
American Airlines Pass-Through Trust | ||
Series 2019-1, Class B | ||
3.85%, due 2/15/28 | 716,624 | 623,139 |
Series 2021-1, Class B | ||
3.95%, due 7/11/30 | 1,110,200 | 952,738 |
Series 2016-1, Class A | ||
4.10%, due 1/15/28 | 850,237 | 755,102 |
CF Hippolyta Issuer LLC (a) | ||
Series 2021-1A, Class A1 | ||
1.53%, due 3/15/61 | 527,771 | 462,062 |
Principal Amount | Value | |
Other Asset-Backed Securities (continued) | ||
CF Hippolyta Issuer LLC (a) (continued) | ||
Series 2020-1, Class A1 | ||
1.69%, due 7/15/60 | $ 1,029,872 | $ 934,059 |
Series 2021-1A, Class B1 | ||
1.98%, due 3/15/61 | 3,977,129 | 3,417,327 |
Series 2020-1, Class A2 | ||
1.99%, due 7/15/60 | 1,530,495 | 1,275,386 |
Series 2020-1, Class B1 | ||
2.28%, due 7/15/60 | 2,122,707 | 1,873,787 |
Series 2020-1, Class B2 | ||
2.60%, due 7/15/60 | 2,401,537 | 1,882,478 |
CVS Pass-Through Trust | ||
5.789%, due 1/10/26 (a) | 17,364 | 17,102 |
DB Master Finance LLC | ||
Series 2021-1A, Class A23 | ||
2.791%, due 11/20/51 (a) | 1,218,300 | 920,041 |
DLLAA LLC | ||
Series 2023-1A, Class A3 | ||
5.64%, due 2/22/28 (a) | 975,000 | 965,436 |
FirstKey Homes Trust | ||
Series 2020-SFR2, Class E | ||
2.668%, due 10/19/37 (a) | 1,650,000 | 1,506,813 |
Hilton Grand Vacations Trust | ||
Series 2019-AA, Class B | ||
2.54%, due 7/25/33 (a) | 853,559 | 797,487 |
Home Partners of America Trust | ||
Series 2021-2, Class B | ||
2.302%, due 12/17/26 (a) | 1,699,077 | 1,493,426 |
Mosaic Solar Loan Trust | ||
Series 2021-2A, Class B | ||
2.09%, due 4/22/47 (a) | 1,582,485 | 1,137,581 |
MVW LLC | ||
Series 2021-1WA, Class B | ||
1.44%, due 1/22/41 (a) | 978,231 | 882,601 |
Navient Private Education Refi Loan Trust (a) | ||
Series 2021-BA, Class A | ||
0.94%, due 7/15/69 | 664,462 | 564,215 |
Series 2020-GA, Class B | ||
2.50%, due 9/16/69 | 1,145,000 | 820,056 |
Series 2020-HA, Class B | ||
2.78%, due 1/15/69 | 1,820,000 | 1,402,114 |
New Economy Assets Phase 1 Sponsor LLC (a) | ||
Series 2021-1, Class A1 | ||
1.91%, due 10/20/61 | 1,260,000 | 1,077,479 |
Series 2021-1, Class B1 | ||
2.41%, due 10/20/61 | 1,350,000 | 1,124,877 |
12 | MainStay MacKay Strategic Bond Fund |
Principal Amount | Value | |
Asset-Backed Securities (continued) | ||
Other Asset-Backed Securities (continued) | ||
PFS Financing Corp. | ||
Series 2022-D, Class B | ||
4.90%, due 8/15/27 (a) | $ 2,360,000 | $ 2,277,396 |
Progress Residential Trust | ||
Series 2021-SFR4, Class B | ||
1.808%, due 5/17/38 (a) | 1,340,000 | 1,184,923 |
Sierra Timeshare Receivables Funding LLC | ||
Series 2023-2A, Class C | ||
7.30%, due 4/20/40 (a) | 780,397 | 780,829 |
Taco Bell Funding LLC | ||
Series 2021-1A, Class A23 | ||
2.542%, due 8/25/51 (a) | 1,066,012 | 800,789 |
Tricon American Homes | ||
Series 2020-SFR1, Class C | ||
2.249%, due 7/17/38 (a) | 1,500,000 | 1,347,117 |
United Airlines Pass-Through Trust | ||
Series 2023-1, Class A | ||
5.80%, due 1/15/36 | 865,000 | 810,599 |
Series 2020-1, Class A | ||
5.875%, due 10/15/27 | 986,650 | 971,396 |
33,058,355 | ||
Total Asset-Backed Securities (Cost $112,712,846) | 106,192,646 | |
Corporate Bonds 31.0% | ||
Agriculture 0.2% | ||
BAT Capital Corp. | ||
3.734%, due 9/25/40 | 1,095,000 | 694,396 |
BAT International Finance plc | ||
4.448%, due 3/16/28 | 755,000 | 695,639 |
1,390,035 | ||
Airlines 1.1% | ||
American Airlines, Inc. (a) | ||
5.50%, due 4/20/26 | 916,667 | 891,411 |
5.75%, due 4/20/29 | 2,450,000 | 2,210,034 |
Delta Air Lines, Inc. (a) | ||
4.50%, due 10/20/25 | 561,006 | 545,284 |
4.75%, due 10/20/28 | 2,665,000 | 2,505,051 |
Mileage Plus Holdings LLC | ||
6.50%, due 6/20/27 (a) | 1,140,000 | 1,126,181 |
7,277,961 | ||
Auto Manufacturers 2.0% | ||
Ford Motor Credit Co. LLC | ||
2.30%, due 2/10/25 | 1,005,000 | 949,031 |
Principal Amount | Value | |
Auto Manufacturers (continued) | ||
Ford Motor Credit Co. LLC (continued) | ||
4.125%, due 8/17/27 | $ 1,295,000 | $ 1,175,741 |
6.80%, due 5/12/28 (c) | 2,105,000 | 2,098,985 |
6.95%, due 3/6/26 | 1,195,000 | 1,197,063 |
7.20%, due 6/10/30 | 960,000 | 959,347 |
General Motors Co. | ||
5.60%, due 10/15/32 | 625,000 | 570,710 |
General Motors Financial Co., Inc. | ||
2.35%, due 1/8/31 | 1,178,000 | 877,134 |
2.70%, due 6/10/31 | 1,525,000 | 1,146,838 |
4.30%, due 4/6/29 | 1,090,000 | 968,523 |
Nissan Motor Acceptance Co. LLC (a) | ||
1.85%, due 9/16/26 | 3,610,000 | 3,124,977 |
7.05%, due 9/15/28 | 975,000 | 962,942 |
14,031,291 | ||
Banks 10.4% | ||
Banco Santander SA | ||
4.175% (1 Year Treasury Constant Maturity Rate + 2.00%), due 3/24/28 (b) | 2,400,000 | 2,197,618 |
6.921%, due 8/8/33 | 1,000,000 | 928,779 |
Bank of America Corp. | ||
2.087%, due 6/14/29 (d) | 1,275,000 | 1,052,698 |
3.384%, due 4/2/26 (d) | 1,700,000 | 1,628,858 |
Series MM | ||
4.30%, due 1/28/25 (d)(e) | 1,516,000 | 1,362,162 |
8.57%, due 11/15/24 | 1,645,000 | 1,677,754 |
Barclays plc (b)(e) | ||
4.375% (5 Year Treasury Constant Maturity Rate + 3.41%), due 3/15/28 | 2,380,000 | 1,626,656 |
8.00% (5 Year Treasury Constant Maturity Rate + 5.431%), due 3/15/29 | 1,315,000 | 1,163,117 |
BNP Paribas SA (a) | ||
3.052%, due 1/13/31 (d) | 1,605,000 | 1,292,891 |
4.625% (5 Year Treasury Constant Maturity Rate + 3.196%), due 1/12/27 (b)(e) | 1,315,000 | 1,036,949 |
4.625% (5 Year Treasury Constant Maturity Rate + 3.34%), due 2/25/31 (b)(e) | 1,610,000 | 1,116,492 |
7.75% (5 Year Treasury Constant Maturity Rate + 4.899%), due 8/16/29 (b)(e) | 960,000 | 890,086 |
BPCE SA (a) | ||
2.045%, due 10/19/27 (d) | 2,240,000 | 1,954,876 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Banks (continued) | ||
BPCE SA (a) (continued) | ||
5.125%, due 1/18/28 | $ 570,000 | $ 543,252 |
6.714%, due 10/19/29 (d) | 665,000 | 655,625 |
Citigroup, Inc. | ||
2.52%, due 11/3/32 (d) | 2,115,000 | 1,573,439 |
Series Y | ||
4.15% (5 Year Treasury Constant Maturity Rate + 3.00%), due 11/15/26 (b)(e) | 1,395,000 | 1,086,167 |
Series M | ||
6.30%, due 5/15/24 (d)(e) | 3,260,000 | 3,161,268 |
Credit Agricole SA | ||
4.75% (5 Year Treasury Constant Maturity Rate + 3.237%), due 3/23/29 (a)(b)(e) | 2,370,000 | 1,754,290 |
Deutsche Bank AG | ||
3.035%, due 5/28/32 (d) | 460,000 | 342,657 |
4.875% (USISDA05 + 2.553%), due 12/1/32 (b) | 3,390,000 | 2,854,472 |
Fifth Third Bank NA | ||
3.85%, due 3/15/26 | 1,400,000 | 1,289,831 |
First Horizon Bank | ||
5.75%, due 5/1/30 | 1,673,000 | 1,415,954 |
Goldman Sachs Group, Inc. (The) | ||
1.948%, due 10/21/27 (d) | 3,260,000 | 2,859,071 |
Series V | ||
4.125% (5 Year Treasury Constant Maturity Rate + 2.949%), due 11/10/26 (b)(e) | 980,000 | 776,469 |
Intesa Sanpaolo SpA | ||
4.198% (1 Year Treasury Constant Maturity Rate + 2.60%), due 6/1/32 (a)(b) | 3,430,000 | 2,438,021 |
JPMorgan Chase & Co. | ||
Series HH | ||
4.60%, due 2/1/25 (d)(e) | 389,000 | 362,417 |
KeyBank NA | ||
4.15%, due 8/8/25 | 1,585,000 | 1,474,065 |
Lloyds Banking Group plc | ||
4.582%, due 12/10/25 | 1,365,000 | 1,298,206 |
4.65%, due 3/24/26 | 1,985,000 | 1,879,895 |
4.976% (1 Year Treasury Constant Maturity Rate + 2.30%), due 8/11/33 (b) | 995,000 | 863,720 |
Macquarie Group Ltd. | ||
2.871%, due 1/14/33 (a)(d) | 1,490,000 | 1,101,148 |
Principal Amount | Value | |
Banks (continued) | ||
Morgan Stanley (d) | ||
2.484%, due 9/16/36 | $ 2,170,000 | $ 1,535,090 |
2.511%, due 10/20/32 | 3,225,000 | 2,412,184 |
NatWest Group plc (b) | ||
3.073% (1 Year Treasury Constant Maturity Rate + 2.55%), due 5/22/28 | 2,145,000 | 1,897,357 |
4.60% (5 Year Treasury Constant Maturity Rate + 3.10%), due 6/28/31 (e) | 2,650,000 | 1,709,457 |
5.847% (1 Year Treasury Constant Maturity Rate + 1.35%), due 3/2/27 | 1,595,000 | 1,568,298 |
Santander Holdings USA, Inc. | ||
6.499%, due 3/9/29 (d) | 1,315,000 | 1,271,834 |
Societe Generale SA (a)(b)(e) | ||
4.75% (5 Year Treasury Constant Maturity Rate + 3.931%), due 5/26/26 | 1,240,000 | 994,184 |
5.375% (5 Year Treasury Constant Maturity Rate + 4.514%), due 11/18/30 | 1,920,000 | 1,377,036 |
Synchrony Bank | ||
5.40%, due 8/22/25 | 1,805,000 | 1,723,767 |
UBS Group AG (a) | ||
3.091%, due 5/14/32 (d) | 885,000 | 680,702 |
4.375% (5 Year Treasury Constant Maturity Rate + 3.313%), due 2/10/31 (b)(e) | 2,555,000 | 1,773,818 |
6.442%, due 8/11/28 (d) | 1,325,000 | 1,311,200 |
Wells Fargo & Co. | ||
3.35%, due 3/2/33 (d) | 2,330,000 | 1,834,564 |
3.584%, due 5/22/28 (d) | 380,000 | 345,891 |
5.557%, due 7/25/34 (d) | 275,000 | 251,733 |
Series S | ||
5.90% (3 Month LIBOR + 3.11%), due 6/15/24 (b)(e) | 3,295,000 | 3,239,991 |
Westpac Banking Corp. | ||
3.02% (5 Year Treasury Constant Maturity Rate + 1.53%), due 11/18/36 (b) | 1,692,000 | 1,217,051 |
70,803,060 | ||
Building Materials 0.4% | ||
CEMEX Materials LLC | ||
7.70%, due 7/21/25 (a) | 2,490,000 | 2,512,111 |
14 | MainStay MacKay Strategic Bond Fund |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Chemicals 0.8% | ||
Alpek SAB de CV | ||
3.25%, due 2/25/31 (a) | $ 1,255,000 | $ 958,035 |
Braskem Netherlands Finance BV (a) | ||
4.50%, due 1/10/28 | 1,650,000 | 1,392,178 |
8.50%, due 1/12/31 | 940,000 | 880,028 |
Sasol Financing USA LLC | ||
5.875%, due 3/27/24 | 2,075,000 | 2,055,018 |
5,285,259 | ||
Commercial Services 0.3% | ||
Ashtead Capital, Inc. | ||
4.25%, due 11/1/29 (a) | 1,640,000 | 1,429,536 |
California Institute of Technology | ||
3.65%, due 9/1/2119 | 1,118,000 | 646,573 |
2,076,109 | ||
Computers 0.4% | ||
Dell International LLC | ||
8.10%, due 7/15/36 | 879,000 | 953,316 |
NCR Voyix Corp. | ||
5.00%, due 10/1/28 (a) | 2,339,000 | 2,019,493 |
2,972,809 | ||
Diversified Financial Services 3.3% | ||
AerCap Ireland Capital DAC | ||
3.00%, due 10/29/28 | 1,650,000 | 1,389,704 |
Air Lease Corp. | ||
2.30%, due 2/1/25 | 3,275,000 | 3,108,933 |
3.25%, due 3/1/25 | 4,000,000 | 3,830,531 |
Aircastle Ltd. | ||
5.25% (5 Year Treasury Constant Maturity Rate + 4.41%), due 6/15/26 (a)(b)(e) | 1,770,000 | 1,387,941 |
Ally Financial, Inc. | ||
5.75%, due 11/20/25 | 3,820,000 | 3,649,121 |
8.00%, due 11/1/31 | 1,890,000 | 1,844,721 |
Avolon Holdings Funding Ltd. | ||
3.25%, due 2/15/27 (a) | 2,125,000 | 1,871,006 |
Banco BTG Pactual SA | ||
2.75%, due 1/11/26 (a) | 1,585,000 | 1,458,210 |
Capital One Financial Corp. | ||
6.312%, due 6/8/29 (d) | 1,860,000 | 1,780,900 |
Nomura Holdings, Inc. | ||
5.099%, due 7/3/25 | 1,660,000 | 1,628,096 |
OneMain Finance Corp. | ||
3.50%, due 1/15/27 | 1,100,000 | 929,500 |
22,878,663 |
Principal Amount | Value | |
Electric 2.7% | ||
AEP Texas, Inc. | ||
4.70%, due 5/15/32 (c) | $ 1,175,000 | $ 1,042,915 |
American Electric Power Co., Inc. | ||
5.625%, due 3/1/33 | 1,765,000 | 1,656,672 |
Calpine Corp. | ||
5.125%, due 3/15/28 (a) | 1,185,000 | 1,060,494 |
Dominion Energy, Inc. | ||
Series C | ||
4.35% (5 Year Treasury Constant Maturity Rate + 3.195%), due 1/15/27 (b)(e) | 780,000 | 634,647 |
Edison International | ||
Series B | ||
5.00% (5 Year Treasury Constant Maturity Rate + 3.901%), due 12/15/26 (b)(e) | 2,690,000 | 2,393,997 |
Ohio Power Co. | ||
Series R | ||
2.90%, due 10/1/51 | 955,000 | 533,354 |
Pacific Gas and Electric Co. | ||
3.50%, due 8/1/50 | 1,855,000 | 1,032,329 |
Sempra | ||
4.125% (5 Year Treasury Constant Maturity Rate + 2.868%), due 4/1/52 (b) | 2,150,000 | 1,656,090 |
Southern California Edison Co. | ||
5.30%, due 3/1/28 | 905,000 | 884,786 |
Virginia Electric and Power Co. | ||
5.70%, due 8/15/53 | 1,580,000 | 1,398,403 |
WEC Energy Group, Inc. | ||
7.739% (3 Month SOFR + 2.374%), due 5/15/67 (b) | 5,495,000 | 4,777,350 |
Xcel Energy, Inc. | ||
5.45%, due 8/15/33 | 1,330,000 | 1,239,241 |
18,310,278 | ||
Electronics 0.3% | ||
Arrow Electronics, Inc. | ||
6.125%, due 3/1/26 | 1,760,000 | 1,746,978 |
Environmental Control 0.1% | ||
Covanta Holding Corp. | ||
4.875%, due 12/1/29 (a) | 950,000 | 741,000 |
Food 0.6% | ||
JBS USA LUX SA | ||
5.75%, due 4/1/33 | 2,140,000 | 1,890,088 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Food (continued) | ||
Minerva Luxembourg SA | ||
8.875%, due 9/13/33 (a)(c) | $ 1,085,000 | $ 1,064,873 |
Smithfield Foods, Inc. | ||
3.00%, due 10/15/30 (a) | 1,520,000 | 1,149,937 |
4,104,898 | ||
Gas 0.8% | ||
Brooklyn Union Gas Co. (The) | ||
6.388%, due 9/15/33 (a) | 1,325,000 | 1,265,100 |
National Fuel Gas Co. | ||
2.95%, due 3/1/31 | 1,695,000 | 1,288,477 |
5.50%, due 10/1/26 | 1,395,000 | 1,364,028 |
Piedmont Natural Gas Co., Inc. | ||
5.05%, due 5/15/52 | 1,070,000 | 834,741 |
Southern Co. Gas Capital Corp. | ||
Series 21A | ||
3.15%, due 9/30/51 | 1,500,000 | 844,237 |
5,596,583 | ||
Household Products & Wares 0.4% | ||
Kronos Acquisition Holdings, Inc. | ||
5.00%, due 12/31/26 (a) | 2,770,000 | 2,505,608 |
Insurance 0.8% | ||
Lincoln National Corp. | ||
7.996% (3 Month LIBOR + 2.358%), due 5/17/66 (b) | 3,537,000 | 2,290,207 |
NMI Holdings, Inc. | ||
7.375%, due 6/1/25 (a) | 685,000 | 685,709 |
Protective Life Corp. | ||
8.45%, due 10/15/39 | 2,476,000 | 2,774,974 |
5,750,890 | ||
Media 0.2% | ||
CCO Holdings LLC | ||
4.75%, due 3/1/30 (a) | 825,000 | 680,561 |
DISH DBS Corp. | ||
5.75%, due 12/1/28 (a) | 1,250,000 | 907,813 |
1,588,374 | ||
Miscellaneous—Manufacturing 0.3% | ||
Textron Financial Corp. | ||
7.361% (3 Month SOFR + 1.997%), due 2/15/42 (a)(b) | 2,905,000 | 2,265,988 |
Principal Amount | Value | |
Oil & Gas 0.1% | ||
Gazprom PJSC Via Gaz Capital SA | ||
7.288%, due 8/16/37 (a)(f) | $ 850,000 | $ 658,750 |
Packaging & Containers 0.3% | ||
Berry Global, Inc. | ||
4.875%, due 7/15/26 (a) | 1,240,000 | 1,183,196 |
Owens-Brockway Glass Container, Inc. | ||
6.625%, due 5/13/27 (a) | 840,000 | 798,000 |
1,981,196 | ||
Pharmaceuticals 0.3% | ||
Teva Pharmaceutical Finance Netherlands III BV | ||
3.15%, due 10/1/26 | 221,000 | 194,574 |
4.75%, due 5/9/27 | 2,345,000 | 2,129,116 |
7.875%, due 9/15/29 | 10,000 | 9,861 |
2,333,551 | ||
Pipelines 3.4% | ||
Cheniere Corpus Christi Holdings LLC | ||
2.742%, due 12/31/39 | 1,710,000 | 1,232,806 |
CNX Midstream Partners LP | ||
4.75%, due 4/15/30 (a) | 2,570,000 | 2,117,365 |
DCP Midstream Operating LP | ||
3.25%, due 2/15/32 | 3,090,000 | 2,429,855 |
DT Midstream, Inc. | ||
4.30%, due 4/15/32 (a) | 1,715,000 | 1,444,682 |
Enbridge, Inc. | ||
5.70%, due 3/8/33 | 1,250,000 | 1,168,792 |
5.969%, due 3/8/26 | 2,355,000 | 2,338,593 |
Energy Transfer LP | ||
Series H | ||
6.50% (5 Year Treasury Constant Maturity Rate + 5.694%), due 11/15/26 (b)(e) | 2,520,000 | 2,282,313 |
EnLink Midstream LLC | ||
5.625%, due 1/15/28 (a) | 750,000 | 707,194 |
Flex Intermediate Holdco LLC | ||
3.363%, due 6/30/31 (a) | 1,540,000 | 1,160,638 |
Hess Midstream Operations LP | ||
5.625%, due 2/15/26 (a) | 367,000 | 355,417 |
Kinder Morgan, Inc. | ||
7.75%, due 1/15/32 | 2,035,000 | 2,159,847 |
MPLX LP | ||
4.00%, due 3/15/28 | 560,000 | 513,023 |
Plains All American Pipeline LP | ||
3.80%, due 9/15/30 | 1,040,000 | 876,400 |
16 | MainStay MacKay Strategic Bond Fund |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Pipelines (continued) | ||
Sabine Pass Liquefaction LLC | ||
5.75%, due 5/15/24 | $ 346,000 | $ 345,447 |
Targa Resources Corp. | ||
4.20%, due 2/1/33 | 725,000 | 600,925 |
Venture Global LNG, Inc. | ||
9.875%, due 2/1/32 (a) | 1,015,000 | 1,029,198 |
Western Midstream Operating LP | ||
5.25%, due 2/1/50 (g) | 1,800,000 | 1,330,128 |
Williams Cos., Inc. (The) | ||
3.50%, due 10/15/51 | 1,425,000 | 861,247 |
22,953,870 | ||
Real Estate Investment Trusts 0.8% | ||
GLP Capital LP | ||
3.35%, due 9/1/24 | 1,535,000 | 1,490,812 |
Iron Mountain, Inc. | ||
4.875%, due 9/15/29 (a) | 1,686,000 | 1,468,609 |
Starwood Property Trust, Inc. | ||
3.625%, due 7/15/26 (a) | 3,172,000 | 2,801,098 |
5,760,519 | ||
Retail 0.3% | ||
AutoNation, Inc. | ||
4.75%, due 6/1/30 | 1,116,000 | 977,477 |
Nordstrom, Inc. | ||
4.25%, due 8/1/31 | 1,635,000 | 1,197,768 |
2,175,245 | ||
Semiconductors 0.3% | ||
Broadcom, Inc. (a) | ||
3.469%, due 4/15/34 | 2,040,000 | 1,554,357 |
3.75%, due 2/15/51 | 620,000 | 395,329 |
1,949,686 | ||
Telecommunications 0.4% | ||
Altice France SA | ||
5.125%, due 7/15/29 (a) | 2,405,000 | 1,646,611 |
AT&T, Inc. | ||
3.50%, due 9/15/53 | 1,485,000 | 874,441 |
2,521,052 | ||
Total Corporate Bonds (Cost $246,300,376) | 212,171,764 | |
Foreign Government Bonds 1.6% | ||
Brazil 0.1% | ||
Brazil Government Bond | ||
3.75%, due 9/12/31 | 525,000 | 435,223 |
Principal Amount | Value | |
Chile 0.3% | ||
Empresa Nacional del Petroleo | ||
3.45%, due 9/16/31 (a) | $ 2,540,000 | $ 1,970,418 |
Colombia 0.3% | ||
Colombia Government Bond | ||
3.25%, due 4/22/32 | 2,335,000 | 1,670,520 |
4.50%, due 1/28/26 (c) | 500,000 | 478,079 |
2,148,599 | ||
Mexico 0.9% | ||
Comision Federal de Electricidad (a) | ||
3.875%, due 7/26/33 | 2,385,000 | 1,728,771 |
4.677%, due 2/9/51 | 1,855,000 | 1,102,193 |
Petroleos Mexicanos | ||
6.50%, due 3/13/27 | 2,535,000 | 2,236,125 |
6.75%, due 9/21/47 | 1,980,000 | 1,121,478 |
6,188,567 | ||
Total Foreign Government Bonds (Cost $14,480,518) | 10,742,807 | |
Loan Assignments 0.2% | ||
Diversified/Conglomerate Service 0.2% | ||
TruGreen LP (b) | ||
First Lien Second Refinancing Term Loan | ||
9.424% (1 Month SOFR + 4.00%), due 11/2/27 | 760,212 | 711,558 |
Second Lien Initial Term Loan | ||
14.145% (3 Month SOFR + 8.50%), due 11/2/28 | 450,000 | 286,500 |
998,058 | ||
Total Loan Assignments (Cost $1,199,105) | 998,058 | |
Mortgage-Backed Securities 34.5% | ||
Agency (Collateralized Mortgage Obligations) 7.7% | ||
FHLMC | ||
REMIC, Series 4660 | ||
(zero coupon), due 1/15/33 | 1,921,345 | 1,396,016 |
REMIC, Series 5326, Class QO | ||
(zero coupon), due 9/25/50 | 2,495,068 | 1,630,443 |
REMIC, Series 5021, Class SA | ||
(zero coupon) (SOFR 30A + 3.55%), due 10/25/50 (b)(h) | 3,217,642 | 32,363 |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Agency (Collateralized Mortgage Obligations) (continued) | ||
FHLMC (continued) | ||
REMIC, Series 5200, Class SA | ||
(zero coupon) (SOFR 30A + 3.50%), due 2/25/52 (b)(h) | $ 2,611,742 | $ 23,844 |
REMIC, Series 5326 | ||
(zero coupon), due 8/25/53 | 778,552 | 542,021 |
REMIC, Series 5351, Class EO | ||
(zero coupon), due 10/25/53 | 3,055,000 | 2,023,598 |
REMIC, Series 4839, Class WO | ||
(zero coupon), due 8/15/56 | 1,037,183 | 639,899 |
REMIC, Series 4993, Class KS | ||
0.615% (SOFR 30A + 5.936%), due 7/25/50 (b)(h) | 4,724,683 | 456,812 |
REMIC, Series 5031, Class IQ | ||
2.50%, due 10/25/50 (h) | 1,578,848 | 212,345 |
REMIC, Series 5038, Class IB | ||
2.50%, due 10/25/50 (h) | 1,032,695 | 147,502 |
REMIC, Series 5149, Class LI | ||
2.50%, due 10/25/51 (h) | 3,922,197 | 485,537 |
REMIC, Series 5205, Class KI | ||
3.00%, due 12/25/48 (h) | 1,759,874 | 198,584 |
REMIC, Series 5152, Class BI | ||
3.00%, due 7/25/50 (h) | 3,537,865 | 593,413 |
REMIC, Series 5023, Class LI | ||
3.00%, due 10/25/50 (h) | 1,319,235 | 209,768 |
REMIC, Series 5094, Class IP | ||
3.00%, due 4/25/51 (h) | 1,722,168 | 268,032 |
REMIC, Series 5155, Class KI | ||
3.00%, due 10/25/51 (h) | 4,389,313 | 610,635 |
REMIC, Series 5160 | ||
3.00%, due 10/25/51 (h) | 2,181,285 | 267,906 |
REMIC, Series 5167, Class GI | ||
3.00%, due 11/25/51 (h) | 4,112,853 | 637,475 |
REMIC, Series 5191 | ||
3.50%, due 9/25/50 (h) | 2,203,434 | 409,433 |
REMIC, Series 5036 | ||
3.50%, due 11/25/50 (h) | 2,591,932 | 507,131 |
REMIC, Series 5040 | ||
3.50%, due 11/25/50 (h) | 1,392,871 | 223,811 |
FHLMC, Strips | ||
Series 311 | ||
(zero coupon), due 8/15/43 | 708,164 | 495,759 |
Series 311, Class S1 | ||
0.515% (SOFR 30A + 5.836%), due 8/15/43 (b)(h) | 2,173,019 | 169,097 |
Series 389, Class C35 | ||
2.00%, due 6/15/52 (h) | 3,548,702 | 430,280 |
Principal Amount | Value | |
Agency (Collateralized Mortgage Obligations) (continued) | ||
FNMA | ||
REMIC, Series 2022-3, Class YS | ||
(zero coupon) (SOFR 30A + 2.55%), due 2/25/52 (b)(h) | $ 8,043,156 | $ 14,955 |
REMIC, Series 2022-5, Class SN | ||
(zero coupon) (SOFR 30A + 1.80%), due 2/25/52 (b)(h) | 1,500,149 | 624 |
REMIC, Series 2023-41 | ||
(zero coupon), due 9/25/53 | 1,225,336 | 856,288 |
REMIC, Series 2023-45 | ||
(zero coupon), due 10/25/53 | 1,522,585 | 1,055,413 |
REMIC, Series 2022-10, Class SA | ||
0.429% (SOFR 30A + 5.75%), due 2/25/52 (b)(h) | 2,341,046 | 211,716 |
REMIC, Series 2021-40, Class SI | ||
0.515% (SOFR 30A + 5.836%), due 9/25/47 (b)(h) | 2,825,592 | 201,892 |
REMIC, Series 2016-57, Class SN | ||
0.615% (SOFR 30A + 5.936%), due 6/25/46 (b)(h) | 2,153,513 | 158,783 |
REMIC, Series 2019-32, Class SB | ||
0.615% (SOFR 30A + 5.936%), due 6/25/49 (b)(h) | 1,673,477 | 123,043 |
REMIC, Series 2020-23, Class PS | ||
0.615% (SOFR 30A + 5.936%), due 2/25/50 (b)(h) | 2,617,861 | 222,656 |
REMIC, Series 2016-19, Class SD | ||
0.665% (SOFR 30A + 5.986%), due 4/25/46 (b)(h) | 4,776,929 | 267,020 |
REMIC, Series 2021-10, Class LI | ||
2.50%, due 3/25/51 (h) | 1,558,438 | 220,124 |
REMIC, Series 2021-12, Class JI | ||
2.50%, due 3/25/51 (h) | 1,900,389 | 300,352 |
REMIC, Series 2021-95, Class KI | ||
2.50%, due 4/25/51 (h) | 5,488,108 | 758,698 |
REMIC, Series 2021-54, Class HI | ||
2.50%, due 6/25/51 (h) | 738,588 | 96,001 |
REMIC, Series 2021-85, Class BI | ||
3.00%, due 12/25/51 (h) | 3,908,911 | 642,362 |
REMIC, Series 2021-8, Class ID | ||
3.50%, due 3/25/51 (h) | 2,468,498 | 490,285 |
REMIC, Series 2020-10, Class DA | ||
3.50%, due 3/25/60 | 1,504,762 | 1,227,422 |
REMIC, Series 2021-81, Class SA | ||
9.365% (SOFR 30A + 2.60%), due 12/25/51 (b)(h) | 13,879,561 | 31,852 |
18 | MainStay MacKay Strategic Bond Fund |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Agency (Collateralized Mortgage Obligations) (continued) | ||
FNMA, Strips (h) | ||
REMIC, Series 426, Class C32 | ||
1.50%, due 2/25/52 | $ 6,855,198 | $ 639,363 |
REMIC, Series 427, Class C77 | ||
2.50%, due 9/25/51 | 4,455,243 | 646,588 |
GNMA | ||
Series 2020-1, Class YS | ||
(zero coupon) (1 Month SOFR + 2.716%), due 1/20/50 (b)(h) | 3,634,578 | 12,369 |
Series 2020-129, Class SB | ||
(zero coupon) (1 Month SOFR + 3.086%), due 9/20/50 (b)(h) | 5,080,111 | 24,216 |
Series 2021-97, Class SD | ||
(zero coupon) (SOFR 30A + 2.60%), due 6/20/51 (b)(h) | 11,710,745 | 37,622 |
Series 2021-158, Class SB | ||
(zero coupon) (SOFR 30A + 3.70%), due 9/20/51 (b)(h) | 3,888,818 | 52,065 |
Series 2021-205, Class DS | ||
(zero coupon) (SOFR 30A + 3.20%), due 11/20/51 (b)(h) | 8,985,960 | 44,566 |
Series 2021-213, Class ES | ||
(zero coupon) (SOFR 30A + 1.70%), due 12/20/51 (b)(h) | 12,139,361 | 4,342 |
Series 2022-19, Class SG | ||
(zero coupon) (SOFR 30A + 2.45%), due 1/20/52 (b)(h) | 6,955,111 | 13,147 |
Series 2022-24, Class SC | ||
(zero coupon) (SOFR 30A + 2.37%), due 2/20/52 (b)(h) | 47,050,574 | 68,110 |
Series 2022-121, Class SG | ||
(zero coupon) (SOFR 30A + 3.97%), due 7/20/52 (b)(h) | 9,160,904 | 98,255 |
Series 2023-56 | ||
(zero coupon), due 7/20/52 | 2,023,273 | 1,794,830 |
Series 2023-66, Class OQ | ||
(zero coupon), due 7/20/52 | 1,938,459 | 1,418,939 |
Series 2023-53 | ||
(zero coupon), due 4/20/53 | 914,486 | 624,906 |
Series 2023-80, Class SA | ||
(zero coupon) (SOFR 30A + 5.25%), due 6/20/53 (b)(h) | 9,351,782 | 272,235 |
Series 2023-101, Class EO | ||
(zero coupon), due 7/20/53 | 1,334,638 | 1,055,572 |
Series 2023-60, Class ES | ||
0.557% (SOFR 30A + 11.20%), due 4/20/53 (b) | 2,240,787 | 1,939,005 |
Principal Amount | Value | |
Agency (Collateralized Mortgage Obligations) (continued) | ||
GNMA (continued) | ||
Series 2020-34, Class SC | ||
0.596% (1 Month SOFR + 5.936%), due 3/20/50 (b)(h) | $ 2,188,236 | $ 193,650 |
Series 2020-146, Class SA | ||
0.846% (1 Month SOFR + 6.186%), due 10/20/50 (b)(h) | 2,678,346 | 264,732 |
Series 2020-167, Class SN | ||
0.846% (1 Month SOFR + 6.186%), due 11/20/50 (b)(h) | 1,399,369 | 130,039 |
Series 2021-179, Class SA | ||
0.846% (1 Month SOFR + 6.186%), due 11/20/50 (b)(h) | 4,135,421 | 392,176 |
Series 2020-189, Class NS | ||
0.846% (1 Month SOFR + 6.186%), due 12/20/50 (b)(h) | 4,393,263 | 447,481 |
Series 2020-189, Class SU | ||
0.846% (1 Month SOFR + 6.186%), due 12/20/50 (b)(h) | 871,055 | 84,241 |
Series 2021-46, Class TS | ||
0.846% (1 Month SOFR + 6.186%), due 3/20/51 (b)(h) | 2,018,025 | 198,669 |
Series 2021-57, Class SA | ||
0.846% (1 Month SOFR + 6.186%), due 3/20/51 (b)(h) | 3,187,643 | 310,500 |
Series 2021-57, Class SD | ||
0.846% (1 Month SOFR + 6.186%), due 3/20/51 (b)(h) | 4,193,944 | 404,939 |
Series 2021-96, Class NS | ||
0.846% (1 Month SOFR + 6.186%), due 6/20/51 (b)(h) | 6,018,955 | 578,828 |
Series 2021-96, Class SN | ||
0.846% (1 Month SOFR + 6.186%), due 6/20/51 (b)(h) | 3,574,304 | 332,060 |
Series 2021-122, Class HS | ||
0.846% (1 Month SOFR + 6.186%), due 7/20/51 (b)(h) | 3,337,805 | 350,802 |
Series 2022-137, Class S | ||
0.846% (1 Month SOFR + 6.186%), due 7/20/51 (b)(h) | 3,586,209 | 343,604 |
Series 2021-135, Class GS | ||
0.846% (1 Month SOFR + 6.186%), due 8/20/51 (b)(h) | 6,948,402 | 674,210 |
Series 2021-96, Class JS | ||
0.896% (1 Month SOFR + 6.236%), due 6/20/51 (b)(h) | 3,424,011 | 282,025 |
Series 2020-166, Class CA | ||
1.00%, due 11/20/50 | 2,553,902 | 1,752,826 |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Agency (Collateralized Mortgage Obligations) (continued) | ||
GNMA (continued) | ||
Series 2023-86, Class SE | ||
1.329% (SOFR 30A + 6.65%), due 9/20/50 (b)(h) | $ 2,664,941 | $ 283,956 |
Series 2023-66, Class MP | ||
1.657% (SOFR 30A + 12.30%), due 5/20/53 (b) | 2,163,327 | 1,853,416 |
Series 2020-146, Class LI | ||
2.00%, due 10/20/50 (h) | 6,869,347 | 744,708 |
Series 2021-41, Class FS | ||
2.00% (SOFR 30A + 0.20%), due 10/20/50 (b)(h) | 4,280,305 | 466,575 |
Series 2020-166, Class IC | ||
2.00%, due 11/20/50 (h) | 1,393,037 | 139,089 |
Series 2020-176, Class AI | ||
2.00%, due 11/20/50 (h) | 8,142,515 | 793,303 |
Series 2020-185, Class BI | ||
2.00%, due 12/20/50 (h) | 2,120,276 | 231,274 |
Series 2020-188 | ||
2.00%, due 12/20/50 (h) | 3,225,482 | 325,547 |
Series 2021-30, Class HI | ||
2.00%, due 2/20/51 (h) | 6,262,721 | 637,875 |
Series 2021-57, Class AI | ||
2.00%, due 2/20/51 (h) | 4,388,360 | 434,833 |
Series 2021-49, Class YI | ||
2.00%, due 3/20/51 (h) | 643,189 | 68,086 |
Series 2021-205, Class GA | ||
2.00%, due 11/20/51 | 566,044 | 437,673 |
Series 2021-97, Class IN | ||
2.50%, due 8/20/49 (h) | 8,244,938 | 876,937 |
Series 2019-159, Class P | ||
2.50%, due 9/20/49 | 1,085,704 | 881,698 |
Series 2022-1, Class IA | ||
2.50%, due 6/20/50 (h) | 747,072 | 100,883 |
Series 2020-122, Class IW | ||
2.50%, due 7/20/50 (h) | 2,620,610 | 337,546 |
Series 2020-151, Class TI | ||
2.50%, due 10/20/50 (h) | 2,428,903 | 314,240 |
Series 2021-56, Class FE | ||
2.50% (SOFR 30A + 0.20%), due 10/20/50 (b)(h) | 4,188,269 | 518,302 |
Series 2020-173, Class EI | ||
2.50%, due 11/20/50 (h) | 2,744,192 | 370,544 |
Series 2021-1, Class PI | ||
2.50%, due 12/20/50 (h) | 1,293,555 | 164,407 |
Series 2021-137, Class HI | ||
2.50%, due 8/20/51 (h) | 2,997,849 | 409,960 |
Principal Amount | Value | |
Agency (Collateralized Mortgage Obligations) (continued) | ||
GNMA (continued) | ||
Series 2021-149, Class CI | ||
2.50%, due 8/20/51 (h) | $ 3,783,886 | $ 488,112 |
Series 2021-188 | ||
2.50%, due 10/20/51 (h) | 4,426,106 | 634,357 |
Series 2022-83 | ||
2.50%, due 11/20/51 (h) | 3,368,243 | 440,325 |
Series 2021-1, Class IT | ||
3.00%, due 1/20/51 (h) | 4,218,943 | 629,803 |
Series 2021-74, Class HI | ||
3.00%, due 4/20/51 (h) | 519,108 | 76,850 |
Series 2021-97, Class FA | ||
3.00% (SOFR 30A + 0.40%), due 6/20/51 (b) | 911,038 | 734,590 |
Series 2021-98, Class IN | ||
3.00%, due 6/20/51 (h) | 1,642,857 | 291,350 |
Series 2022-207 | ||
3.00%, due 8/20/51 (h) | 3,110,482 | 491,749 |
Series 2021-158, Class NI | ||
3.00%, due 9/20/51 (h) | 4,540,855 | 689,576 |
Series 2021-177, Class IM | ||
3.00%, due 10/20/51 (h) | 2,947,353 | 405,260 |
Series 2023-19, Class CI | ||
3.00%, due 11/20/51 (h) | 3,760,617 | 580,380 |
Series 2023-63, Class MA | ||
3.50%, due 5/20/50 | 1,547,901 | 1,318,669 |
Series 2021-146, Class IN | ||
3.50%, due 8/20/51 (h) | 3,024,010 | 548,427 |
Series 2019-136, Class YS | ||
9.674% (1 Month SOFR + 2.716%), due 11/20/49 (b)(h) | 638,918 | 2,005 |
52,700,407 | ||
Commercial Mortgage Loans (Collateralized Mortgage Obligations) 9.1% | ||
BAMLL Commercial Mortgage Securities Trust (a)(b) | ||
Series 2022-DKLX, Class E | ||
9.462% (1 Month SOFR + 4.127%), due 1/15/39 | 1,095,000 | 1,050,602 |
Series 2022-DKLX, Class F | ||
10.292% (1 Month SOFR + 4.957%), due 1/15/39 | 1,650,000 | 1,573,607 |
Bayview Commercial Asset Trust (a)(b) | ||
Series 2005-3A, Class A1 | ||
5.759% (1 Month SOFR + 0.594%), due 11/25/35 | 620,223 | 554,970 |
20 | MainStay MacKay Strategic Bond Fund |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Commercial Mortgage Loans (Collateralized Mortgage Obligations) (continued) | ||
Bayview Commercial Asset Trust (a)(b) (continued) | ||
Series 2006-4A, Class A1 | ||
5.784% (1 Month SOFR + 0.459%), due 12/25/36 | $ 7,839 | $ 7,147 |
Series 2007-2A, Class M1 | ||
5.809% (1 Month SOFR + 0.484%), due 7/25/37 | 1,010,574 | 860,284 |
BBCMS Mortgage Trust (a)(b) | ||
Series 2018-TALL, Class B | ||
6.503% (1 Month SOFR + 1.168%), due 3/15/37 | 345,000 | 299,287 |
Series 2018-TALL, Class C | ||
6.653% (1 Month SOFR + 1.318%), due 3/15/37 | 2,455,000 | 1,970,139 |
Series 2018-TALL, Class D | ||
6.981% (1 Month SOFR + 1.646%), due 3/15/37 | 1,150,000 | 873,410 |
BX Commercial Mortgage Trust (a)(i) | ||
Series 2020-VIV3, Class B | ||
3.544%, due 3/9/44 | 1,270,000 | 1,028,819 |
Series 2020-VIVA, Class D | ||
3.549%, due 3/11/44 | 960,000 | 741,779 |
BX Trust (a) | ||
Series 2019-OC11, Class B | ||
3.605%, due 12/9/41 | 205,000 | 170,127 |
Series 2019-OC11, Class C | ||
3.856%, due 12/9/41 | 1,145,000 | 939,708 |
Series 2019-OC11, Class D | ||
3.944%, due 12/9/41 (i) | 865,000 | 694,285 |
Series 2019-OC11, Class E | ||
3.944%, due 12/9/41 (i) | 1,745,000 | 1,354,871 |
Series 2023-LIFE, Class C | ||
5.884%, due 2/15/28 | 500,000 | 462,366 |
Series 2018-GW, Class C | ||
6.852% (1 Month SOFR + 1.517%), due 5/15/35 (b) | 940,000 | 920,515 |
Series 2021-LBA, Class DV | ||
7.049% (1 Month SOFR + 1.714%), due 2/15/36 (b) | 1,004,328 | 960,307 |
Series 2021-RISE, Class D | ||
7.198% (1 Month SOFR + 1.864%), due 11/15/36 (b) | 2,375,117 | 2,312,622 |
Series 2021-ARIA, Class E | ||
7.693% (1 Month SOFR + 2.359%), due 10/15/36 (b) | 3,015,000 | 2,818,576 |
Principal Amount | Value | |
Commercial Mortgage Loans (Collateralized Mortgage Obligations) (continued) | ||
BX Trust (a) (continued) | ||
Series 2022-PSB, Class C | ||
9.032% (1 Month SOFR + 3.697%), due 8/15/39 (b) | $ 819,336 | $ 819,243 |
BXHPP Trust (a)(b) | ||
Series 2021-FILM, Class B | ||
6.348% (1 Month SOFR + 1.014%), due 8/15/36 | 140,000 | 127,755 |
Series 2021-FILM, Class C | ||
6.548% (1 Month SOFR + 1.214%), due 8/15/36 | 1,745,000 | 1,566,475 |
Series 2021-FILM, Class D | ||
6.948% (1 Month SOFR + 1.614%), due 8/15/36 | 1,355,000 | 1,177,417 |
BXSC Commercial Mortgage Trust | ||
Series 2022-WSS, Class D | ||
8.523% (1 Month SOFR + 3.188%), due 3/15/35 (a)(b) | 1,570,000 | 1,538,534 |
Citigroup Commercial Mortgage Trust | ||
Series 2015-GC35, Class AS | ||
4.072%, due 11/10/48 (j) | 1,165,000 | 1,057,839 |
Commercial Mortgage Trust | ||
Series 2012-CR4, Class AM | ||
3.251%, due 10/15/45 | 1,050,000 | 886,459 |
CSMC WEST Trust | ||
Series 2020-WEST, Class A | ||
3.04%, due 2/15/35 (a) | 1,925,000 | 1,344,460 |
DROP Mortgage Trust | ||
Series 2021-FILE, Class A | ||
6.598% (1 Month SOFR + 1.264%), due 10/15/43 (a)(b) | 1,700,000 | 1,579,498 |
Extended Stay America Trust | ||
Series 2021-ESH, Class D | ||
7.698% (1 Month SOFR + 2.364%), due 7/15/38 (a)(b) | 3,585,719 | 3,522,958 |
GNMA (h)(i) | ||
Series 2020-177 | ||
0.817%, due 6/16/62 | 5,514,330 | 315,990 |
Series 2021-164 | ||
0.948%, due 10/16/63 | 6,035,223 | 410,542 |
Series 2021-108 | ||
0.967%, due 6/16/61 | 8,803,271 | 590,795 |
Series 2020-168, Class IA | ||
0.978%, due 12/16/62 | 4,683,972 | 322,001 |
Series 2021-47 | ||
0.992%, due 3/16/61 | 10,569,211 | 722,191 |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Commercial Mortgage Loans (Collateralized Mortgage Obligations) (continued) | ||
Hudson Yards Mortgage Trust | ||
Series 2019-30HY, Class A | ||
3.228%, due 7/10/39 (a) | $ 2,775,000 | $ 2,304,596 |
Manhattan West Mortgage Trust | ||
Series 2020-1MW, Class A | ||
2.13%, due 9/10/39 (a) | 2,301,000 | 1,951,621 |
Morgan Stanley Bank of America Merrill Lynch Trust | ||
Series 2017-C34, Class A4 | ||
3.536%, due 11/15/52 | 995,000 | 897,365 |
Multifamily Connecticut Avenue Securities Trust (a)(b) | ||
Series 2019-01, Class M10 | ||
8.685% (SOFR 30A + 3.364%), due 10/25/49 | 3,227,884 | 3,108,176 |
Series 2020-01, Class M10 | ||
9.185% (SOFR 30A + 3.864%), due 3/25/50 | 3,317,025 | 3,167,980 |
Series 2019-01, Class B10 | ||
10.935% (SOFR 30A + 5.614%), due 10/25/49 | 1,680,000 | 1,570,851 |
One Bryant Park Trust | ||
Series 2019-OBP, Class A | ||
2.516%, due 9/15/54 (a) | 3,425,000 | 2,682,020 |
One Market Plaza Trust | ||
Series 2017-1MKT, Class A | ||
3.614%, due 2/10/32 (a) | 2,005,000 | 1,824,550 |
ORL Trust (a)(b) | ||
Series 2023-GLKS, Class C | ||
8.985% (1 Month SOFR + 3.651%), due 10/15/28 | 565,000 | 562,758 |
Series 2023-GLKS, Class D | ||
9.636% (1 Month SOFR + 4.301%), due 10/15/28 | 675,000 | 672,164 |
SLG Office Trust (a) | ||
Series 2021-OVA, Class A | ||
2.585%, due 7/15/41 | 895,000 | 678,867 |
Series 2021-OVA, Class F | ||
2.851%, due 7/15/41 | 1,510,000 | 981,444 |
SMRT | ||
Series 2022-MINI, Class D | ||
7.285% (1 Month SOFR + 1.95%), due 1/15/39 (a)(b) | 2,760,000 | 2,611,326 |
Wells Fargo Commercial Mortgage Trust | ||
Series 2018-AUS, Class A | ||
4.058%, due 8/17/36 (a)(i) | 1,985,000 | 1,751,980 |
Principal Amount | Value | |
Commercial Mortgage Loans (Collateralized Mortgage Obligations) (continued) | ||
WFRBS Commercial Mortgage Trust | ||
Series 2014-C21, Class AS | ||
3.891%, due 8/15/47 | $ 2,175,000 | $ 2,060,601 |
62,401,877 | ||
Whole Loan (Collateralized Mortgage Obligations) 17.7% | ||
Alternative Loan Trust | ||
Series 2005-31, Class 1A1 | ||
5.999% (1 Month SOFR + 0.674%), due 8/25/35 (b) | 1,620,287 | 1,374,481 |
American Home Mortgage Investment Trust | ||
Series 2005-4, Class 3A1 | ||
6.039% (1 Month SOFR + 0.714%), due 11/25/45 (b) | 1,172,882 | 790,336 |
Bayview Commercial Asset Trust | ||
Series 2007-4A, Class A1 | ||
6.114% (1 Month SOFR + 0.789%), due 9/25/37 (a)(b) | 848,597 | 759,532 |
CIM Trust | ||
Series 2021-J2, Class AS | ||
0.21%, due 4/25/51 (a)(h)(j) | 47,016,806 | 499,996 |
Connecticut Avenue Securities Trust (a)(b) | ||
Series 2021-R03, Class 1M2 | ||
6.971% (SOFR 30A + 1.65%), due 12/25/41 | 2,025,924 | 1,991,524 |
Series 2022-R01, Class 1M2 | ||
7.221% (SOFR 30A + 1.90%), due 12/25/41 | 675,000 | 664,884 |
Series 2020-R02, Class 2M2 | ||
7.435% (SOFR 30A + 2.114%), due 1/25/40 | 1,116,072 | 1,117,463 |
Series 2021-R03, Class 1B1 | ||
8.071% (SOFR 30A + 2.75%), due 12/25/41 | 2,385,000 | 2,358,693 |
Series 2021-R01, Class 1B1 | ||
8.421% (SOFR 30A + 3.10%), due 10/25/41 | 4,480,000 | 4,466,051 |
Series 2022-R01, Class 1B1 | ||
8.471% (SOFR 30A + 3.15%), due 12/25/41 | 1,875,000 | 1,869,152 |
Series 2022-R02, Class 2B1 | ||
9.821% (SOFR 30A + 4.50%), due 1/25/42 | 3,725,000 | 3,798,842 |
Series 2021-R03, Class 1B2 | ||
10.821% (SOFR 30A + 5.50%), due 12/25/41 | 1,425,000 | 1,395,900 |
22 | MainStay MacKay Strategic Bond Fund |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Whole Loan (Collateralized Mortgage Obligations) (continued) | ||
Connecticut Avenue Securities Trust (a)(b) (continued) | ||
Series 2022-R08, Class 1B1 | ||
10.921% (SOFR 30A + 5.60%), due 7/25/42 | $ 600,000 | $ 643,335 |
Series 2021-R01, Class 1B2 | ||
11.321% (SOFR 30A + 6.00%), due 10/25/41 | 3,210,000 | 3,189,937 |
Series 2022-R01, Class 1B2 | ||
11.321% (SOFR 30A + 6.00%), due 12/25/41 | 1,285,000 | 1,278,119 |
Series 2020-SBT1, Class 1B1 | ||
12.185% (SOFR 30A + 6.864%), due 2/25/40 | 2,300,000 | 2,353,170 |
Series 2022-R04, Class 1B2 | ||
14.821% (SOFR 30A + 9.50%), due 3/25/42 | 975,000 | 1,055,382 |
FHLMC STACR REMIC Trust (a)(b) | ||
Series 2021-DNA6, Class M2 | ||
6.821% (SOFR 30A + 1.50%), due 10/25/41 | 1,041,000 | 1,025,192 |
Series 2021-HQA2, Class M2 | ||
7.371% (SOFR 30A + 2.05%), due 12/25/33 | 3,665,000 | 3,614,455 |
Series 2021-HQA3, Class M2 | ||
7.421% (SOFR 30A + 2.10%), due 9/25/41 | 2,615,000 | 2,539,819 |
Series 2021-HQA4, Class M2 | ||
7.671% (SOFR 30A + 2.35%), due 12/25/41 | 2,275,000 | 2,203,906 |
Series 2020-HQA1, Class B1 | ||
7.785% (SOFR 30A + 2.464%), due 1/25/50 | 1,815,000 | 1,791,728 |
Series 2022-DNA1, Class M2 | ||
7.821% (SOFR 30A + 2.50%), due 1/25/42 | 1,435,000 | 1,402,712 |
Series 2020-DNA2, Class B1 | ||
7.935% (SOFR 30A + 2.614%), due 2/25/50 | 3,015,000 | 3,030,035 |
Series 2021-DNA1, Class B1 | ||
7.971% (SOFR 30A + 2.65%), due 1/25/51 | 2,760,000 | 2,694,481 |
Series 2021-HQA1, Class B1 | ||
8.321% (SOFR 30A + 3.00%), due 8/25/33 | 4,061,290 | 4,002,929 |
Series 2020-DNA6, Class B1 | ||
8.321% (SOFR 30A + 3.00%), due 12/25/50 | 1,805,000 | 1,811,749 |
Principal Amount | Value | |
Whole Loan (Collateralized Mortgage Obligations) (continued) | ||
FHLMC STACR REMIC Trust (a)(b) (continued) | ||
Series 2021-DNA5, Class B1 | ||
8.371% (SOFR 30A + 3.05%), due 1/25/34 | $ 3,395,000 | $ 3,395,000 |
Series 2021-HQA2, Class B1 | ||
8.471% (SOFR 30A + 3.15%), due 12/25/33 | 2,955,000 | 2,918,062 |
Series 2021-HQA3, Class B1 | ||
8.671% (SOFR 30A + 3.35%), due 9/25/41 | 2,870,000 | 2,848,475 |
Series 2021-DNA6, Class B1 | ||
8.721% (SOFR 30A + 3.40%), due 10/25/41 | 4,020,000 | 4,040,100 |
Series 2022-DNA1, Class B1 | ||
8.721% (SOFR 30A + 3.40%), due 1/25/42 | 4,470,295 | 4,425,592 |
Series 2021-DNA3, Class B1 | ||
8.821% (SOFR 30A + 3.50%), due 10/25/33 | 2,860,000 | 2,918,975 |
Series 2021-DNA7, Class B1 | ||
8.971% (SOFR 30A + 3.65%), due 11/25/41 | 3,905,000 | 3,954,307 |
Series 2021-HQA4, Class B1 | ||
9.071% (SOFR 30A + 3.75%), due 12/25/41 | 3,435,000 | 3,415,741 |
Series 2022-DNA2, Class M2 | ||
9.071% (SOFR 30A + 3.75%), due 2/25/42 | 2,745,000 | 2,782,744 |
Series 2022-DNA3, Class M2 | ||
9.671% (SOFR 30A + 4.35%), due 4/25/42 | 675,000 | 699,995 |
Series 2020-HQA1, Class B2 | ||
10.535% (SOFR 30A + 5.214%), due 1/25/50 | 2,035,000 | 2,018,744 |
Series 2022-HQA3, Class M2 | ||
10.671% (SOFR 30A + 5.35%), due 8/25/42 | 1,590,000 | 1,679,381 |
Series 2020-DNA1, Class B2 | ||
10.685% (SOFR 30A + 5.364%), due 1/25/50 | 750,000 | 757,500 |
Series 2022-DNA6, Class M2 | ||
11.071% (SOFR 30A + 5.75%), due 9/25/42 | 2,115,000 | 2,296,721 |
Series 2021-DNA3, Class B2 | ||
11.571% (SOFR 30A + 6.25%), due 10/25/33 | 1,895,000 | 1,982,567 |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Whole Loan (Collateralized Mortgage Obligations) (continued) | ||
FHLMC STACR Trust | ||
Series 2018-HQA2, Class B2 | ||
16.435% (SOFR 30A + 11.114%), due 10/25/48 (a)(b) | $ 2,380,000 | $ 2,878,951 |
FHLMC Structured Agency Credit Risk Debt Notes (a)(b) | ||
Series 2021-DNA2, Class B1 | ||
8.721% (SOFR 30A + 3.40%), due 8/25/33 | 1,565,000 | 1,594,744 |
Series 2022-HQA2, Class M2 | ||
11.321% (SOFR 30A + 6.00%), due 7/25/42 | 2,755,000 | 2,979,529 |
FNMA (b) | ||
Series 2021-R02, Class 2M2 | ||
7.321% (SOFR 30A + 2.00%), due 11/25/41 (a) | 505,000 | 495,582 |
Series 2021-R02, Class 2B1 | ||
8.621% (SOFR 30A + 3.30%), due 11/25/41 (a) | 1,450,000 | 1,439,125 |
Series 2018-C06, Class 2B1 | ||
9.535% (SOFR 30A + 4.214%), due 3/25/31 | 2,015,000 | 2,185,950 |
Galton Funding Mortgage Trust | ||
Series 2018-2, Class A51 | ||
4.50%, due 10/25/58 (a)(j) | 348,522 | 312,504 |
GreenPoint Mortgage Funding Trust | ||
Series 2007-AR3, Class A1 | ||
5.879% (1 Month SOFR + 0.554%), due 6/25/37 (b) | 350,463 | 296,849 |
HarborView Mortgage Loan Trust | ||
Series 2007-3, Class 2A1A | ||
5.848% (1 Month SOFR + 0.514%), due 5/19/47 (b) | 1,278,324 | 1,157,511 |
MASTR Alternative Loan Trust | ||
Series 2005-6, Class 1A2 | ||
5.50%, due 12/25/35 | 1,176,256 | 748,151 |
Series 2005-5, Class 3A1 | ||
5.75%, due 8/25/35 | 1,444,441 | 712,134 |
New Residential Mortgage Loan Trust (a) | ||
Series 2019-5A, Class B7 | ||
4.325%, due 8/25/59 (i) | 2,310,857 | 1,262,947 |
Series 2019-4A, Class B6 | ||
4.621%, due 12/25/58 (j) | 2,355,945 | 1,290,205 |
Series 2019-2A, Class B6 | ||
4.832%, due 12/25/57 (j) | 1,071,429 | 632,023 |
OBX Trust | ||
Series 2022-NQM1, Class A1 | ||
2.305%, due 11/25/61 (a)(j) | 901,694 | 733,406 |
Principal Amount | Value | |
Whole Loan (Collateralized Mortgage Obligations) (continued) | ||
Onslow Bay Mortgage Loan Trust | ||
Series 2021-NQM4, Class A1 | ||
1.957%, due 10/25/61 (a)(j) | $ 4,161,185 | $ 3,211,518 |
Sequoia Mortgage Trust (a) | ||
Series 2021-4, Class A1 | ||
0.167%, due 6/25/51 (h)(i) | 34,526,137 | 276,599 |
Series 2018-7, Class B3 | ||
4.25%, due 9/25/48 (j) | 1,336,226 | 1,053,570 |
STACR Trust | ||
Series 2018-HRP2, Class B1 | ||
9.635% (SOFR 30A + 4.314%), due 2/25/47 (a)(b) | 2,995,000 | 3,203,601 |
WaMu Mortgage Pass-Through Certificates Trust | ||
Series 2006-AR9, Class 2A | ||
5.848% (12 Month Monthly Treasury Average Index + 1.048%), due 8/25/46 (b) | 526,424 | 411,323 |
120,733,929 | ||
Total Mortgage-Backed Securities (Cost $246,608,618) | 235,836,213 | |
Municipal Bond 0.2% | ||
California 0.2% | ||
Regents of the University of California Medical Center, Pooled Revenue Bonds | ||
Series N | ||
3.006%, due 5/15/50 | 2,760,000 | 1,642,107 |
Total Municipal Bond (Cost $2,760,000) | 1,642,107 | |
U.S. Government & Federal Agencies 12.7% | ||
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) 4.2% | ||
UMBS Pool, 20 Year | ||
5.00%, due 7/1/43 | 2,805,768 | 2,629,638 |
UMBS Pool, 30 Year | ||
5.50%, due 7/1/53 | 2,663,954 | 2,527,618 |
6.00%, due 9/1/53 | 4,087,466 | 3,981,497 |
6.50%, due 7/1/53 | 1,306,048 | 1,298,473 |
6.50%, due 10/1/53 | 7,697,868 | 7,657,685 |
6.50%, due 11/1/53 | 10,360,000 | 10,302,699 |
28,397,610 |
24 | MainStay MacKay Strategic Bond Fund |
Principal Amount | Value | |
U.S. Government & Federal Agencies (continued) | ||
Federal National Mortgage Association (Mortgage Pass-Through Securities) 3.6% | ||
UMBS, 30 Year | ||
4.00%, due 6/1/52 | $ 4,172,225 | $ 3,608,436 |
4.00%, due 7/1/52 | 3,122,002 | 2,696,046 |
5.00%, due 11/1/52 | 8,645,956 | 7,977,224 |
5.00%, due 3/1/53 | 114,426 | 105,538 |
5.00%, due 3/1/53 | 663,445 | 611,887 |
5.50%, due 6/1/53 | 430,630 | 408,591 |
5.50%, due 8/1/53 | 1,253,203 | 1,190,399 |
6.00%, due 3/1/53 | 300,346 | 293,447 |
6.00%, due 8/1/53 | 1,320,960 | 1,286,557 |
6.00%, due 9/1/53 | 554,319 | 539,850 |
6.00%, due 9/1/53 | 6,084,319 | 5,925,014 |
24,642,989 | ||
United States Treasury Bonds 0.4% | ||
U.S. Treasury Bonds | ||
4.375%, due 8/15/43 (c) | 2,955,000 | 2,635,491 |
United States Treasury Inflation - Indexed Notes 1.5% | ||
U.S. Treasury Inflation Linked Notes | ||
1.375%, due 7/15/33 (k) | 11,226,267 | 10,155,057 |
United States Treasury Notes 3.0% | ||
U.S. Treasury Notes | ||
5.00%, due 10/31/25 | 20,875,000 | 20,849,722 |
Total U.S. Government & Federal Agencies (Cost $89,348,928) | 86,680,869 | |
Total Long-Term Bonds (Cost $713,410,391) | 654,264,464 | |
Shares | ||
Common Stocks 0.0% ‡ | ||
Commercial Services & Supplies 0.0% ‡ | ||
Quad/Graphics, Inc. (l) | 14 | 69 |
Tobacco 0.0% ‡ | ||
Turning Point Brands, Inc. | 6,802 | 136,380 |
Total Common Stocks (Cost $0) | 136,449 |
Shares | Value | ||
Short-Term Investments 4.1% | |||
Affiliated Investment Company 0.9% | |||
MainStay U.S. Government Liquidity Fund, 5.275% (m) | 6,230,614 | $ 6,230,614 | |
Unaffiliated Investment Company 0.3% | |||
Invesco Government & Agency Portfolio, 5.357% (m)(n) | 2,116,256 | 2,116,256 | |
Principal Amount | |||
U.S. Treasury Debt 2.9% | |||
U.S. Treasury Bills (o) | |||
5.347%, due 12/12/23 | $ 13,100,000 | 13,021,076 | |
5.401%, due 1/25/24 | 6,800,000 | 6,714,799 | |
19,735,875 | |||
Total Short-Term Investments (Cost $28,082,353) | 28,082,745 | ||
Total Investments (Cost $741,492,744) | 99.8% | 682,483,658 | |
Other Assets, Less Liabilities | 0.2 | 1,253,749 | |
Net Assets | 100.0% | $ 683,737,407 |
† | Percentages indicated are based on Fund net assets. |
^ | Industry classifications may be different than those used for compliance monitoring purposes. |
‡ | Less than one-tenth of a percent. |
(a) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
(b) | Floating rate—Rate shown was the rate in effect as of October 31, 2023. |
(c) | All or a portion of this security was held on loan. As of October 31, 2023, the aggregate market value of securities on loan was $4,673,039; the total market value of collateral held by the Fund was $4,842,954. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $2,726,698. The Fund received cash collateral with a value of $2,116,256. (See Note 2(K)) |
(d) | Fixed to floating rate—Rate shown was the rate in effect as of October 31, 2023. |
(e) | Security is perpetual and, thus, does not have a predetermined maturity date. The date shown, if applicable, reflects the next call date. |
(f) | Illiquid security—As of October 31, 2023, the total market value deemed illiquid under procedures approved by the Board of Trustees was $658,750, which represented 0.1% of the Fund’s net assets. (Unaudited) |
(g) | Step coupon—Rate shown was the rate in effect as of October 31, 2023. |
(h) | Collateralized Mortgage Obligation Interest Only Strip—Pays a fixed or variable rate of interest based on mortgage loans or mortgage pass-through securities. The principal amount of the underlying pool represents the notional amount on which the current interest was calculated. The value of these stripped securities may be particularly sensitive to changes in prevailing interest rates and are typically more sensitive to changes in prepayment rates than traditional mortgage-backed securities. |
(i) | Collateral strip rate—A bond whose interest was based on the weighted net interest rate of the collateral. The coupon rate adjusts periodically based on a predetermined schedule. Rate shown was the rate in effect as of October 31, 2023. |
(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, 2023. |
(k) | Treasury Inflation Protected Security—Pays a fixed rate of interest on a principal amount that is continuously adjusted for inflation based on the Consumer Price Index-Urban Consumers. |
(l) | Non-income producing security. |
(m) | Current yield as of October 31, 2023. |
(n) | Represents a security purchased with cash collateral received for securities on loan. |
(o) | Interest rate shown represents yield to maturity. |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay U.S. Government Liquidity Fund | $ 10,062 | $ 247,829 | $ (251,660) | $ — | $ — | $ 6,231 | $ 298 | $ — | 6,231 |
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 | 737 | December 2023 | $ 83,769,976 | $ 80,206,328 | $ (3,563,648) |
U.S. Treasury Long Bonds | 47 | December 2023 | 5,642,316 | 5,143,563 | (498,753) |
U.S. Treasury Ultra Bonds | 65 | December 2023 | 7,932,379 | 7,316,562 | (615,817) |
Total Long Contracts | (4,678,218) | ||||
Short Contracts | |||||
U.S. Treasury 2 Year Notes | (687) | December 2023 | (139,631,225) | (139,063,829) | 567,396 |
U.S. Treasury 5 Year Notes | (664) | December 2023 | (70,132,888) | (69,372,438) | 760,450 |
26 | MainStay MacKay Strategic Bond Fund |
Type | Number of Contracts | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)2 |
U.S. Treasury 10 Year Notes | (112) | December 2023 | $ (12,143,350) | $ (11,891,250) | $ 252,100 |
Total Short Contracts | 1,579,946 | ||||
Net Unrealized Depreciation | $ (3,098,272) |
1. | As of October 31, 2023, cash in the amount of $1,970,955 was on deposit with a broker or futures commission merchant for futures transactions. |
2. | Represents the difference between the value of the contracts at the time they were opened and the value as of October 31, 2023. |
Abbreviation(s): |
FHLMC—Federal Home Loan Mortgage Corp. |
FNMA—Federal National Mortgage Association |
GNMA—Government National Mortgage Association |
LIBOR—London Interbank Offered Rate |
REMIC—Real Estate Mortgage Investment Conduit |
SOFR—Secured Overnight Financing Rate |
STACR—Structured Agency Credit Risk |
UMBS—Uniform Mortgage Backed Securities |
USISDA—U.S. International Swaps and Derivatives 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 | |||||||
Asset-Backed Securities | $ — | $ 106,192,646 | $ — | $ 106,192,646 | |||
Corporate Bonds | — | 212,171,764 | — | 212,171,764 | |||
Foreign Government Bonds | — | 10,742,807 | — | 10,742,807 | |||
Loan Assignments | — | 998,058 | — | 998,058 | |||
Mortgage-Backed Securities | — | 235,836,213 | — | 235,836,213 | |||
Municipal Bond | — | 1,642,107 | — | 1,642,107 | |||
U.S. Government & Federal Agencies | — | 86,680,869 | — | 86,680,869 | |||
Total Long-Term Bonds | — | 654,264,464 | — | 654,264,464 | |||
Common Stocks | 136,449 | — | — | 136,449 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 6,230,614 | — | — | 6,230,614 | |||
Unaffiliated Investment Company | 2,116,256 | ��— | — | 2,116,256 | |||
U.S. Treasury Debt | — | 19,735,875 | — | 19,735,875 | |||
Total Short-Term Investments | 8,346,870 | 19,735,875 | — | 28,082,745 | |||
Total Investments in Securities | 8,483,319 | 674,000,339 | — | 682,483,658 | |||
Other Financial Instruments | |||||||
Futures Contracts (b) | 1,579,946 | — | — | 1,579,946 | |||
Total Investments in Securities and Other Financial Instruments | $ 10,063,265 | $ 674,000,339 | $ — | $ 684,063,604 | |||
Liability Valuation Inputs | |||||||
Other Financial Instruments | |||||||
Futures Contracts (b) | $ (4,678,218) | $ — | $ — | $ (4,678,218) |
(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. |
28 | MainStay MacKay Strategic Bond Fund |
Assets | |
Investment in unaffiliated securities, at value (identified cost $735,262,130) including securities on loan of $4,673,039 | $ 676,253,044 |
Investment in affiliated investment companies, at value (identified cost $6,230,614) | 6,230,614 |
Cash | 54,790 |
Cash denominated in foreign currencies (identified cost $932) | 917 |
Cash collateral on deposit at broker for futures contracts | 1,970,955 |
Receivables: | |
Dividends and interest | 4,377,893 |
Fund shares sold | 1,736,778 |
Investment securities sold | 426,313 |
Variation margin on futures contracts | 378,617 |
Securities lending | 1,321 |
Other assets | 47,538 |
Total assets | 691,478,780 |
Liabilities | |
Cash collateral received for securities on loan | 2,116,256 |
Payables: | |
Investment securities purchased | 3,634,761 |
Fund shares redeemed | 1,102,050 |
Manager (See Note 3) | 305,675 |
Transfer agent (See Note 3) | 175,571 |
NYLIFE Distributors (See Note 3) | 52,657 |
Custodian | 21,630 |
Professional fees | 18,881 |
Shareholder communication | 7,395 |
Accrued expenses | 931 |
Distributions payable | 305,566 |
Total liabilities | 7,741,373 |
Net assets | $ 683,737,407 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.01 per share) unlimited number of shares authorized | $ 854,184 |
Additional paid-in-capital | 941,252,826 |
942,107,010 | |
Total distributable earnings (loss) | (258,369,603) |
Net assets | $ 683,737,407 |
Class A | |
Net assets applicable to outstanding shares | $182,026,837 |
Shares of beneficial interest outstanding | 22,760,144 |
Net asset value per share outstanding | $ 8.00 |
Maximum sales charge (4.50% of offering price) | 0.38 |
Maximum offering price per share outstanding | $ 8.38 |
Investor Class | |
Net assets applicable to outstanding shares | $ 12,923,364 |
Shares of beneficial interest outstanding | 1,600,579 |
Net asset value per share outstanding | $ 8.07 |
Maximum sales charge (4.00% of offering price) | 0.34 |
Maximum offering price per share outstanding | $ 8.41 |
Class B | |
Net assets applicable to outstanding shares | $ 537,062 |
Shares of beneficial interest outstanding | 67,496 |
Net asset value and offering price per share outstanding | $ 7.96 |
Class C | |
Net assets applicable to outstanding shares | $ 12,333,752 |
Shares of beneficial interest outstanding | 1,551,356 |
Net asset value and offering price per share outstanding | $ 7.95 |
Class I | |
Net assets applicable to outstanding shares | $470,565,955 |
Shares of beneficial interest outstanding | 58,771,959 |
Net asset value and offering price per share outstanding | $ 8.01 |
Class R2 | |
Net assets applicable to outstanding shares | $ 1,055,651 |
Shares of beneficial interest outstanding | 131,942 |
Net asset value and offering price per share outstanding | $ 8.00 |
Class R3 | |
Net assets applicable to outstanding shares | $ 369,498 |
Shares of beneficial interest outstanding | 46,174 |
Net asset value and offering price per share outstanding | $ 8.00 |
Class R6 | |
Net assets applicable to outstanding shares | $ 3,925,288 |
Shares of beneficial interest outstanding | 488,728 |
Net asset value and offering price per share outstanding | $ 8.03 |
Investment Income (Loss) | |
Income | |
Interest | $ 36,609,158 |
Dividends-affiliated | 298,432 |
Securities lending, net | 52,782 |
Dividends-unaffiliated | 1,735 |
Total income | 36,962,107 |
Expenses | |
Manager (See Note 3) | 4,073,232 |
Transfer agent (See Note 3) | 1,029,413 |
Distribution/Service—Class A (See Note 3) | 452,921 |
Distribution/Service—Investor Class (See Note 3) | 34,632 |
Distribution/Service—Class B (See Note 3) | 9,254 |
Distribution/Service—Class C (See Note 3) | 164,194 |
Distribution/Service—Class R2 (See Note 3) | 2,646 |
Distribution/Service—Class R3 (See Note 3) | 2,466 |
Registration | 135,709 |
Professional fees | 128,389 |
Custodian | 65,386 |
Trustees | 18,012 |
Shareholder communication | 14,785 |
Shareholder service (See Note 3) | 1,551 |
Miscellaneous | 22,800 |
Total expenses before waiver/reimbursement | 6,155,390 |
Expense waiver/reimbursement from Manager (See Note 3) | (411,848) |
Reimbursement from prior custodian(a) | (1,338) |
Net expenses | 5,742,204 |
Net investment income (loss) | 31,219,903 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | (28,120,679) |
Futures transactions | 2,542,758 |
Swap transactions | 492,299 |
Foreign currency transactions | (10) |
Net realized gain (loss) | (25,085,632) |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | 34,350,920 |
Futures contracts | (3,984,032) |
Swap contracts | (564,729) |
Translation of other assets and liabilities in foreign currencies | 43 |
Net change in unrealized appreciation (depreciation) | 29,802,202 |
Net realized and unrealized gain (loss) | 4,716,570 |
Net increase (decrease) in net assets resulting from operations | $ 35,936,473 |
(a) | Represents a refund for overbilling of custody fees. |
30 | MainStay MacKay Strategic Bond Fund |
for the years ended October 31, 2023 and October 31, 2022
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 31,219,903 | $ 20,275,770 |
Net realized gain (loss) | (25,085,632) | 13,644,876 |
Net change in unrealized appreciation (depreciation) | 29,802,202 | (111,167,582) |
Net increase (decrease) in net assets resulting from operations | 35,936,473 | (77,246,936) |
Distributions to shareholders: | ||
Class A | (7,998,314) | (4,730,207) |
Investor Class | (573,435) | (353,497) |
Class B | (30,984) | (31,662) |
Class C | (558,210) | (480,971) |
Class I | (22,468,698) | (12,885,438) |
Class R2 | (45,621) | (24,679) |
Class R3 | (19,860) | (12,448) |
Class R6 | (99,707) | (39,398) |
Total distributions to shareholders | (31,794,829) | (18,558,300) |
Capital share transactions: | ||
Net proceeds from sales of shares | 242,538,209 | 301,260,901 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 27,732,279 | 16,426,709 |
Cost of shares redeemed | (241,754,978) | (281,548,790) |
Increase (decrease) in net assets derived from capital share transactions | 28,515,510 | 36,138,820 |
Net increase (decrease) in net assets | 32,657,154 | (59,666,416) |
Net Assets | ||
Beginning of year | 651,080,253 | 710,746,669 |
End of year | $ 683,737,407 | $ 651,080,253 |
Year Ended October 31, | |||||||||
Class A | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 7.94 | $ 9.10 | $ 8.80 | $ 8.74 | $ 8.65 | ||||
Net investment income (loss) (a) | 0.35 | 0.24 | 0.22 | 0.22 | 0.23 | ||||
Net realized and unrealized gain (loss) | 0.07 | (1.19) | 0.27 | 0.06 | 0.11 | ||||
Total from investment operations | 0.42 | (0.95) | 0.49 | 0.28 | 0.34 | ||||
Less distributions: | |||||||||
From net investment income | (0.36) | (0.21) | (0.18) | (0.21) | (0.25) | ||||
Return of capital | — | — | (0.01) | (0.01) | — | ||||
Total distributions | (0.36) | (0.21) | (0.19) | (0.22) | (0.25) | ||||
Net asset value at end of year | $ 8.00 | $ 7.94 | $ 9.10 | $ 8.80 | $ 8.74 | ||||
Total investment return (b) | 5.30% | (10.51)% | 5.61% | 3.27% | 3.99% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 4.32% | 2.75% | 2.43% | 2.60% | 2.66% | ||||
Net expenses (c) | 1.04% | 1.04% | 1.07%(d) | 1.18%(d) | 1.27%(d) | ||||
Portfolio turnover rate | 92% | 86% | 53% | 56%(e) | 50%(e) | ||||
Net assets at end of year (in 000’s) | $ 182,027 | $ 178,508 | $ 192,190 | $ 175,682 | $ 197,686 |
(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% |
(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, | |||||||||
Investor Class | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 8.01 | $ 9.18 | $ 8.88 | $ 8.81 | $ 8.72 | ||||
Net investment income (loss) (a) | 0.34 | 0.22 | 0.21 | 0.22 | 0.23 | ||||
Net realized and unrealized gain (loss) | 0.06 | (1.19) | 0.27 | 0.06 | 0.11 | ||||
Total from investment operations | 0.40 | (0.97) | 0.48 | 0.28 | 0.34 | ||||
Less distributions: | |||||||||
From net investment income | (0.34) | (0.20) | (0.17) | (0.20) | (0.25) | ||||
Return of capital | — | — | (0.01) | (0.01) | — | ||||
Total distributions | (0.34) | (0.20) | (0.18) | (0.21) | (0.25) | ||||
Net asset value at end of year | $ 8.07 | $ 8.01 | $ 9.18 | $ 8.88 | $ 8.81 | ||||
Total investment return (b) | 5.03% | (10.65)% | 5.41% | 3.29% | 3.93% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 4.11% | 2.59% | 2.30% | 2.54% | 2.63% | ||||
Net expenses (c) | 1.25% | 1.18% | 1.20%(d) | 1.24%(d) | 1.29%(d) | ||||
Expenses (before waiver/reimbursement) (c) | 1.26% | 1.18% | 1.20% | 1.24% | 1.29% | ||||
Portfolio turnover rate | 92% | 86% | 53% | 56%(e) | 50%(e) | ||||
Net assets at end of year (in 000's) | $ 12,923 | $ 13,795 | $ 16,874 | $ 18,139 | $ 19,748 |
(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% |
(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 B | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 7.90 | $ 9.06 | $ 8.76 | $ 8.70 | $ 8.61 | ||||
Net investment income (loss) (a) | 0.27 | 0.15 | 0.14 | 0.15 | 0.16 | ||||
Net realized and unrealized gain (loss) | 0.07 | (1.17) | 0.27 | 0.06 | 0.11 | ||||
Total from investment operations | 0.34 | (1.02) | 0.41 | 0.21 | 0.27 | ||||
Less distributions: | |||||||||
From net investment income | (0.28) | (0.14) | (0.10) | (0.15) | (0.18) | ||||
Return of capital | — | — | (0.01) | (0.00)‡ | — | ||||
Total distributions | (0.28) | (0.14) | (0.11) | (0.15) | (0.18) | ||||
Net asset value at end of year | $ 7.96 | $ 7.90 | $ 9.06 | $ 8.76 | $ 8.70 | ||||
Total investment return (b) | 4.32% | (11.27)% | 4.57% | 2.44% | 3.20% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 3.32% | 1.74% | 1.55% | 1.77% | 1.90% | ||||
Net expenses (c) | 2.00% | 1.93% | 1.95%(d) | 2.00%(d) | 2.04%(d) | ||||
Expenses (before waiver/reimbursement) (c) | 2.01% | 1.93% | 1.95% | 2.00% | 2.04% | ||||
Portfolio turnover rate | 92% | 86% | 53% | 56%(e) | 50%(e) | ||||
Net assets at end of year (in 000’s) | $ 537 | $ 1,327 | $ 3,191 | $ 4,872 | $ 7,970 |
‡ | 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% |
(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 C | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 7.89 | $ 9.05 | $ 8.75 | $ 8.69 | $ 8.60 | ||||
Net investment income (loss) (a) | 0.27 | 0.15 | 0.14 | 0.15 | 0.16 | ||||
Net realized and unrealized gain (loss) | 0.07 | (1.17) | 0.27 | 0.06 | 0.11 | ||||
Total from investment operations | 0.34 | (1.02) | 0.41 | 0.21 | 0.27 | ||||
Less distributions: | |||||||||
From net investment income | (0.28) | (0.14) | (0.10) | (0.15) | (0.18) | ||||
Return of capital | — | — | (0.01) | (0.00)‡ | — | ||||
Total distributions | (0.28) | (0.14) | (0.11) | (0.15) | (0.18) | ||||
Net asset value at end of year | $ 7.95 | $ 7.89 | $ 9.05 | $ 8.75 | $ 8.69 | ||||
Total investment return (b) | 4.33% | (11.38)% | 4.69% | 2.45% | 3.21% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 3.34% | 1.75% | 1.55% | 1.78% | 1.90% | ||||
Net expenses (c) | 2.00% | 1.93% | 1.95%(d) | 2.00%(d) | 2.04%(d) | ||||
Expenses (before waiver/reimbursement) (c) | 2.01% | 1.93% | 1.95% | 2.00% | 2.04% | ||||
Portfolio turnover rate | 92% | 86% | 53% | 56%(e) | 50%(e) | ||||
Net assets at end of year (in 000’s) | $ 12,334 | $ 20,804 | $ 46,537 | $ 65,158 | $ 91,598 |
‡ | 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% |
(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 I | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 7.95 | $ 9.11 | $ 8.81 | $ 8.75 | $ 8.66 | ||||
Net investment income (loss) (a) | 0.38 | 0.27 | 0.25 | 0.24 | 0.25 | ||||
Net realized and unrealized gain (loss) | 0.07 | (1.19) | 0.27 | 0.06 | 0.11 | ||||
Total from investment operations | 0.45 | (0.92) | 0.52 | 0.30 | 0.36 | ||||
Less distributions: | |||||||||
From net investment income | (0.39) | (0.24) | (0.21) | (0.23) | (0.27) | ||||
Return of capital | — | — | (0.01) | (0.01) | — | ||||
Total distributions | (0.39) | (0.24) | (0.22) | (0.24) | (0.27) | ||||
Net asset value at end of year | $ 8.01 | $ 7.95 | $ 9.11 | $ 8.81 | $ 8.75 | ||||
Total investment return (b) | 5.64% | (10.19)% | 5.88% | 3.53% | 4.24% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 4.66% | 3.09% | 2.70% | 2.83% | 2.91% | ||||
Net expenses (c) | 0.70% | 0.70% | 0.79%(d) | 0.94%(d) | 1.02%(d) | ||||
Expenses (before waiver/reimbursement) (c) | 0.79% | 0.79% | 0.82% | 0.94% | 1.02% | ||||
Portfolio turnover rate | 92% | 86% | 53% | 56%(e) | 50%(e) | ||||
Net assets at end of year (in 000’s) | $ 470,566 | $ 433,814 | $ 448,881 | $ 404,964 | $ 604,981 |
(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% |
(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 R2 | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 7.94 | $ 9.11 | $ 8.81 | $ 8.74 | $ 8.65 | ||||
Net investment income (loss) (a) | 0.35 | 0.23 | 0.21 | 0.21 | 0.22 | ||||
Net realized and unrealized gain (loss) | 0.06 | (1.19) | 0.27 | 0.07 | 0.11 | ||||
Total from investment operations | 0.41 | (0.96) | 0.48 | 0.28 | 0.33 | ||||
Less distributions: | |||||||||
From net investment income | (0.35) | (0.21) | (0.17) | (0.20) | (0.24) | ||||
Return of capital | — | — | (0.01) | (0.01) | — | ||||
Total distributions | (0.35) | (0.21) | (0.18) | (0.21) | (0.24) | ||||
Net asset value at end of year | $ 8.00 | $ 7.94 | $ 9.11 | $ 8.81 | $ 8.74 | ||||
Total investment return (b) | 5.19% | (10.69)% | 5.49% | 3.27% | 3.89% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 4.23% | 2.64% | 2.33% | 2.49% | 2.54% | ||||
Net expenses (c) | 1.14% | 1.14% | 1.17%(d) | 1.29%(d) | 1.37%(d) | ||||
Portfolio turnover rate | 92% | 86% | 53% | 56%(e) | 50%(e) | ||||
Net assets at end of year (in 000’s) | $ 1,056 | $ 983 | $ 1,047 | $ 934 | $ 7,232 |
(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% |
(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 R3 | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 7.94 | $ 9.10 | $ 8.80 | $ 8.74 | $ 8.65 | ||||
Net investment income (loss) (a) | 0.33 | 0.20 | 0.19 | 0.20 | 0.20 | ||||
Net realized and unrealized gain (loss) | 0.06 | (1.18) | 0.27 | 0.05 | 0.11 | ||||
Total from investment operations | 0.39 | (0.98) | 0.46 | 0.25 | 0.31 | ||||
Less distributions: | |||||||||
From net investment income | (0.33) | (0.18) | (0.15) | (0.18) | (0.22) | ||||
Return of capital | — | — | (0.01) | (0.01) | — | ||||
Total distributions | (0.33) | (0.18) | (0.16) | (0.19) | (0.22) | ||||
Net asset value at end of year | $ 8.00 | $ 7.94 | $ 9.10 | $ 8.80 | $ 8.74 | ||||
Total investment return (b) | 4.92% | (10.83)% | 5.21% | 2.90% | 3.63% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 3.96% | 2.38% | 2.05% | 2.27% | 2.29% | ||||
Net expenses (c) | 1.39% | 1.39% | 1.42%(d) | 1.52%(d) | 1.62%(d) | ||||
Portfolio turnover rate | 92% | 86% | 53% | 56%(e) | 50%(e) | ||||
Net assets at end of year (in 000’s) | $ 369 | $ 501 | $ 619 | $ 276 | $ 218 |
(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% |
(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 |
Year Ended October 31, | |||||||||
Class R6 | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 7.97 | $ 9.14 | $ 8.84 | $ 8.75 | $ 8.66 | ||||
Net investment income (loss) (a) | 0.39 | 0.27 | 0.26 | 0.25 | 0.27 | ||||
Net realized and unrealized gain (loss) | 0.06 | (1.19) | 0.26 | 0.09 | 0.11 | ||||
Total from investment operations | 0.45 | (0.92) | 0.52 | 0.34 | 0.38 | ||||
Less distributions: | |||||||||
From net investment income | (0.39) | (0.25) | (0.21) | (0.24) | (0.29) | ||||
Return of capital | — | — | (0.01) | (0.01) | — | ||||
Total distributions | (0.39) | (0.25) | (0.22) | (0.25) | (0.29) | ||||
Net asset value at end of year | $ 8.03 | $ 7.97 | $ 9.14 | $ 8.84 | $ 8.75 | ||||
Total investment return (b) | 5.68% | (10.23)% | 5.97% | 4.04% | 4.43% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 4.76% | 3.14% | 2.83% | 2.88% | 3.13% | ||||
Net expenses (c) | 0.65% | 0.66% | 0.69%(d) | 0.82%(d) | 0.84%(d) | ||||
Portfolio turnover rate | 92% | 86% | 53% | 56%(e) | 50%(e) | ||||
Net assets at end of year (in 000’s) | $ 3,925 | $ 1,349 | $ 1,407 | $ 465 | $ 22,632 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class 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: |
Year 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% |
(e) | The portfolio turnover rate not including mortgage dollar rolls was 53% and 44% for the years ended October 31, 2020 and 2019, respectively. |
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 |
^ | Class B shares are closed to all new purchases as well as additional investments by existing Class B shareholders and will be converted into Class A or Investor Class shares based on shareholder eligibility on or about February 28, 2024. |
* | As of October 31, 2023, Class R2 and Class R3 shares are closed to new investors and, upon the close of business on December 29, 2023, Class R2 and Class R3 shares are closed to additional investments by existing shareholders. Additionally, Class R2 and Class R3 shares will be liquidated on or about February 28, 2024 (the "Liquidation Date"). It is expected that the Fund will distribute to remaining shareholders invested in Class R2 or Class R3 shares, on or promptly after the Liquidation Date, a liquidating distribution in cash or cash equivalents equal to the net asset value of such shares. |
40 | MainStay MacKay Strategic 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 |
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) | $1,579,946 | $1,579,946 |
Total Fair Value | $1,579,946 | $1,579,946 |
(a) | Includes cumulative appreciation (depreciation) of futures contracts as reported in the Portfolio of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Liability Derivatives | Interest Rate Contracts Risk | Total |
Futures Contracts - Net Assets—Net unrealized depreciation on futures contracts (a) | $(4,678,218) | $(4,678,218) |
Total Fair Value | $(4,678,218) | $(4,678,218) |
(a) | Includes cumulative appreciation (depreciation) of futures contracts as reported in the Portfolio of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Net Realized Gain (Loss) from: | Interest Rate Contracts Risk | Total |
Futures Transactions | $2,542,758 | $2,542,758 |
Swap Transactions | 492,299 | 492,299 |
Total Net Realized Gain (Loss) | $3,035,057 | $3,035,057 |
Net Change in Unrealized Appreciation (Depreciation) | Interest Rate Contracts Risk | Total |
Futures Contracts | $(3,984,032) | $(3,984,032) |
Swap Contracts | (564,729) | (564,729) |
Total Net Change in Unrealized Appreciation (Depreciation) | $(4,548,761) | $(4,548,761) |
Average Notional Amount | Total |
Futures Contracts Long | $ 82,407,953 |
Futures Contracts Short | $(189,622,758) |
Swap Contracts Long (a) | $ 81,000,000 |
(a) | Positions were open for four months during the reporting period. |
48 | MainStay MacKay Strategic Bond Fund |
Class R2 | $1,058 |
Class R3 | 493 |
Class | Expense | Waived |
Class A | $252,964 | $ — |
Investor Class | 49,829 | (1,564) |
Class B | 3,353 | (124) |
Class C | 59,288 | (2,028) |
Class I | 661,732 | — |
Class R2 | 1,479 | — |
Class R3 | 687 | — |
Class R6 | 81 | — |
Class I | $967,605 | 0.2% |
Class R3 | 29,909 | 8.1 |
Class R6 | 27,344 | 0.7 |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $742,152,053 | $4,040,892 | $(63,709,287) | $(59,668,395) |
Ordinary Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$845,933 | $(199,241,977) | $(305,566) | $(59,667,993) | $(258,369,603) |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $26,022 | $173,220 |
2023 | 2022 | |
Distributions paid from: | ||
Ordinary Income | $31,794,829 | $18,558,300 |
50 | MainStay MacKay Strategic Bond Fund |
Class A | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 4,144,382 | $ 33,821,811 |
Shares issued to shareholders in reinvestment of distributions | 900,510 | 7,387,865 |
Shares redeemed | (4,890,143) | (40,075,857) |
Net increase (decrease) in shares outstanding before conversion | 154,749 | 1,133,819 |
Shares converted into Class A (See Note 1) | 145,028 | 1,189,857 |
Shares converted from Class A (See Note 1) | (25,889) | (213,426) |
Net increase (decrease) | 273,888 | $ 2,110,250 |
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 |
Investor Class | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 41,924 | $ 347,440 |
Shares issued to shareholders in reinvestment of distributions | 68,195 | 564,774 |
Shares redeemed | (225,662) | (1,871,230) |
Net increase (decrease) in shares outstanding before conversion | (115,543) | (959,016) |
Shares converted into Investor Class (See Note 1) | 65,242 | 541,003 |
Shares converted from Investor Class (See Note 1) | (71,152) | (589,109) |
Net increase (decrease) | (121,453) | $ (1,007,122) |
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) |
Class B | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 905 | $ 7,420 |
Shares issued to shareholders in reinvestment of distributions | 3,214 | 26,255 |
Shares redeemed | (60,188) | (490,718) |
Net increase (decrease) in shares outstanding before conversion | (56,069) | (457,043) |
Shares converted from Class B (See Note 1) | (44,394) | (362,382) |
Net increase (decrease) | (100,463) | $ (819,425) |
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) |
Class C | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 238,636 | $ 1,942,371 |
Shares issued to shareholders in reinvestment of distributions | 64,957 | 529,902 |
Shares redeemed | (1,293,692) | (10,548,035) |
Net increase (decrease) in shares outstanding before conversion | (990,099) | (8,075,762) |
Shares converted from Class C (See Note 1) | (94,324) | (770,651) |
Net increase (decrease) | (1,084,423) | $ (8,846,413) |
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) |
Class I | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 24,753,093 | $ 203,140,277 |
Shares issued to shareholders in reinvestment of distributions | 2,321,193 | 19,064,568 |
Shares redeemed | (22,915,910) | (187,890,601) |
Net increase (decrease) in shares outstanding before conversion | 4,158,376 | 34,314,244 |
Shares converted into Class I (See Note 1) | 31,439 | 260,010 |
Shares converted from Class I (See Note 1) | (6,780) | (55,302) |
Net increase (decrease) | 4,183,035 | $ 34,518,952 |
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 |
Class R2 | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 14,150 | $ 116,117 |
Shares issued to shareholders in reinvestment of distributions | 5,559 | 45,621 |
Shares redeemed | (11,519) | (94,722) |
Net increase (decrease) | 8,190 | $ 67,016 |
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 |
Class R3 | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 12,072 | $ 99,196 |
Shares issued to shareholders in reinvestment of distributions | 1,671 | 13,710 |
Shares redeemed | (30,618) | (252,824) |
Net increase (decrease) | (16,875) | $ (139,918) |
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) |
52 | MainStay MacKay Strategic Bond Fund |
Class R6 | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 371,977 | $ 3,063,577 |
Shares issued to shareholders in reinvestment of distributions | 12,123 | 99,584 |
Shares redeemed | (64,521) | (530,991) |
Net increase (decrease) | 319,579 | $ 2,632,170 |
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 |
The MainStay Funds:
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 | |
Naïm Abou-Jaoudé* 1966 | MainStay Funds: Trustee since 2023 MainStay Funds Trust: Trustee since 2023 | Chief Executive Officer of New York Life Investment Management LLC (since 2023). Chief Executive Officer of Candriam (an affiliate of New York Life Investment Management LLC) (2007 to 2023). | 81 | MainStay VP Funds Trust: Trustee since 2023 (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2023; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2023; and New York Life Investment Management International (Chair) since 2015 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of his affiliation with New York Life Investment Management LLC and Candriam, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
56 | 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 January 2016, Advisory Board Member (June 2015 to December 2015);MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC (since 1999) | 81 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2021; VanEck Vectors Group of Exchange-Traded Funds: Trustee since 2006 and Independent Chairman of the Board of Trustees from 2008 to 2022 (57 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Investment Committee since 2018 | |
Karen Hammond 1956 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021);MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 81 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Susan B. Kerley 1951 | MainStay Funds: Chair since January 2017 and Trustee since 2007;MainStay Funds Trust: Chair since January 2017 and Trustee since 1990*** | President, Strategic Management Advisors LLC (since 1990) | 81 | MainStay VP Funds Trust: Chair since January 2017 and Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chair since January 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Alan R. Latshaw 1951 | MainStay Funds: Trusteesince 2006;MainStay Funds Trust: Trustee since 2007*** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 81 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 | |
Jacques P. Perold 1958 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015to December 2015);MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 81 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay Funds: Trustee since 1994;MainStay Funds Trust: Trustee since 2007*** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) (since 2004); Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 81 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 |
** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
*** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
58 | 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 2018); President, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust (since 2017)**; Senior Managing Director, Global Product Development (2015 to 2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay Funds (since 2007), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2007)**; and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay Funds and MainStay Funds Trust (since 2010) | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2010)** | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay Funds and MainStay Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ Trust, IndexIQ ETF Trust and Index IQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund, MainStay VP Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012 to 2022) | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay Funds (since 2005), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2005)** |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, New York Life Insurance Company, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
1.
2. | This Fund is registered for sale in CA, CT, DE, FL, MA, NJ, NY and VT. |
3. | An affiliate of New York Life Investment Management LLC. |
5013948MS139-23 | MSSB11-12/23 |
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended October 31, 2023 | |||||||
Class | Sales Charge | Inception Date | One Year | Five Years | Ten Years or Since Inception | Gross Expense Ratio1 | |
Class A Shares2 | Maximum 3.00% Initial Sales Charge | With sales charges | 1/3/1995 | -0.46% | -0.30% | 2.05% | 0.75% |
Excluding sales charges | 2.62 | 0.62 | 2.52 | 0.75 | |||
Investor Class Shares3, 4 | Maximum 2.50% Initial Sales Charge | With sales charges | 2/28/2008 | 0.00 | -0.31 | 2.02 | 0.77 |
Excluding sales charges | 2.57 | 0.61 | 2.49 | 0.77 | |||
Class B Shares5 | Maximum 5.00% CDSC | With sales charges | 5/1/1986 | -2.63 | 0.00 | 2.25 | 1.02 |
if Redeemed Within the First Six Years of Purchase | Excluding sales charges | 2.32 | 0.36 | 2.25 | 1.02 | ||
Class C Shares | Maximum 1.00% CDSC | With sales charges | 9/1/1998 | 1.45 | 0.38 | 2.25 | 1.02 |
if Redeemed Within One Year of Purchase | Excluding sales charges | 2.44 | 0.38 | 2.25 | 1.02 | ||
Class C2 Shares | Maximum 1.00% CDSC | With sales charges | 8/31/2020 | 1.18 | N/A | -3.27 | 1.17 |
if Redeemed Within One Year of Purchase | Excluding sales charges | 2.17 | N/A | -3.27 | 1.17 | ||
Class I Shares | No Sales Charge | 12/21/2009 | 2.99 | 0.90 | 2.77 | 0.50 | |
Class R6 Shares | No Sales Charge | 11/1/2019 | 2.93 | N/A | -0.97 | 0.44 |
1. | The gross expense ratios presented reflect the Fund’s “Total Annual Fund Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report. |
2. | Prior to August 10, 2022, the maximum initial sales charge was 4.50%, which is reflected in the applicable average annual total return figures shown. |
3. | Prior to June 30, 2020, the maximum initial sales charge was 4.50%, which is reflected in the applicable average annual total return figures shown. |
4. | Prior to August 10, 2022, the maximum initial sales charge was 4.00%, which is reflected in the applicable average annual total return figures shown. |
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 | 2.64% | 1.00% | 2.12% |
Morningstar Muni National Long Category Average2 | 2.12 | 0.38 | 1.95 |
* | 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 Bloomberg Municipal Bond Index is the Fund's primary broad-based securities market index for comparison purposes. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded. |
2. | The 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 funds 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 5/1/23 | Ending Account Value (Based on Actual Returns and Expenses) 10/31/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 10/31/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Class A Shares | $1,000.00 | $948.90 | $3.64 | $1,021.47 | $3.77 | 0.74% |
Investor Class Shares | $1,000.00 | $949.00 | $3.78 | $1,021.32 | $3.92 | 0.77% |
Class B Shares | $1,000.00 | $947.50 | $5.06 | $1,020.01 | $5.24 | 1.03% |
Class C Shares | $1,000.00 | $948.60 | $5.01 | $1,020.06 | $5.19 | 1.02% |
Class C2 Shares | $1,000.00 | $946.80 | $5.74 | $1,019.31 | $5.96 | 1.17% |
Class I Shares | $1,000.00 | $951.20 | $2.41 | $1,022.73 | $2.50 | 0.49% |
Class R6 Shares | $1,000.00 | $950.40 | $2.11 | $1,023.04 | $2.19 | 0.43% |
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 | 14.8% |
California | 12.3 |
Texas | 11.1 |
Illinois | 7.4 |
Florida | 4.6 |
Pennsylvania | 3.8 |
Georgia | 3.4 |
New Jersey | 3.2 |
Alabama | 2.8 |
Utah | 2.7 |
District of Columbia | 2.6 |
Washington | 2.6 |
Colorado | 2.4 |
Massachusetts | 2.4 |
Nevada | 1.7 |
Ohio | 1.7 |
Connecticut | 1.6 |
Michigan | 1.6 |
Nebraska | 1.4 |
South Carolina | 1.2 |
Tennessee | 1.1 |
U.S. Virgin Islands | 1.0 |
Minnesota | 0.9 |
Indiana | 0.9 |
Oklahoma | 0.8 |
Arizona | 0.7 |
Kentucky | 0.7 |
Virginia | 0.7 |
Missouri | 0.7 |
Oregon | 0.7% |
Wisconsin | 0.7 |
Hawaii | 0.6 |
North Carolina | 0.5 |
Montana | 0.3 |
Iowa | 0.3 |
Louisiana | 0.3 |
Maryland | 0.3 |
West Virginia | 0.3 |
Puerto Rico | 0.2 |
Alaska | 0.2 |
New Mexico | 0.2 |
Arkansas | 0.2 |
Vermont | 0.2 |
Guam | 0.1 |
Kansas | 0.1 |
South Dakota | 0.1 |
New Hampshire | 0.1 |
Wyoming | 0.1 |
Mississippi | 0.0‡ |
Rhode Island | 0.0‡ |
Delaware | 0.0‡ |
Maine | 0.0‡ |
Idaho | 0.0‡ |
Short–Term Investment | 2.2 |
Other Assets, Less Liabilities | –0.5 |
100.0% |
‡ | Less than one–tenth of a percent. |
1. | New York City Transitional Finance Authority, 3.00%-5.50%, due 5/1/33–7/15/49 |
2. | State of California, 3.00%-5.00%, due 11/1/28–4/1/52 |
3. | Triborough Bridge & Tunnel Authority, 3.00%-5.50%, due 1/1/32–5/15/63 |
4. | New York State Dormitory Authority, 3.00%-5.75%, due 7/1/27–7/1/50 |
5. | City of Chicago, 4.00%-6.00%, due 1/1/28–11/1/62 |
6. | Port Authority of New York & New Jersey, 4.00%-5.50%, due 9/1/27–8/1/52 |
7. | Metropolitan Transportation Authority, 4.00%-5.25%, due 11/15/26–11/15/49 |
8. | Black Belt Energy Gas District, 4.00%-5.408%, due 6/1/49–12/1/53 |
9. | San Francisco City & County Airport Commission, 5.00%, due 5/1/33–5/1/50 |
10. | State of Connecticut, 3.00%-5.25%, due 9/15/28–7/1/42 |
8 | MainStay MacKay Tax Free Bond Fund |
1. | See "Investment and Performance Comparison" for other share class returns, which may be higher or lower than Class I share returns, and for more information on benchmark and peer group returns. |
2. | An obligation rated ‘AA’ by Standard & Poor’s (“S&P”) is deemed by S&P to differ from the highest-rated obligations only to a small degree. In the opinion of S&P, the obligor's capacity to meet its financial commitment on the obligation is very strong. When applied to Fund holdings, ratings are based solely on the creditworthiness of the bonds in the portfolio and are not meant to represent the security or safety of the Fund. |
3. | 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. |
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. This measure ignores future cash flow fluctuations due to embedded optionality. |
6. | An obligation rated ‘AAA’ has the highest rating assigned by S&P, and in the opinion of S&P, the obligor’s capacity to meet its financial commitment on the obligation is extremely strong. When applied to Fund holdings, ratings are based solely on the creditworthiness of the bonds in the portfolio and are not meant to represent the security or safety of the Fund. |
7. | 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 MacKay Tax Free Bond Fund |
Principal Amount | Value | |
Municipal Bonds 98.3% | ||
Long-Term Municipal Bonds 96.2% | ||
Alabama 2.7% | ||
Black Belt Energy Gas District, Gas Project, Revenue Bonds | ||
Series D-1 | ||
4.00%, due 7/1/52 (a) | $ 3,000,000 | $ 2,894,146 |
Series B-1 | ||
4.00%, due 4/1/53 (a) | 19,350,000 | 18,548,769 |
Series B | ||
4.74%, due 4/1/53 | 36,990,000 | 36,308,189 |
Series B-2 | ||
5.25%, due 12/1/53 (a) | 12,500,000 | 12,601,275 |
Series D-3 | ||
5.408%, due 6/1/49 | 9,250,000 | 9,232,607 |
Black Belt Energy Gas District, Gas Project No.6, Revenue Bonds | ||
Series B | ||
4.00%, due 10/1/52 (a) | 31,755,000 | 30,595,193 |
Black Belt Energy Gas District, Gas Project No.7, Revenue Bonds | ||
Series C-2 | ||
4.44%, due 10/1/52 | 6,710,000 | 6,538,811 |
County of Jefferson, Sewer, Revenue Bonds, Sub. Lien | ||
Series D | ||
6.00%, due 10/1/42 | 4,910,000 | 5,051,918 |
Energy Southeast, A Cooperative District, Revenue Bonds | ||
Series B-1 | ||
5.75%, due 4/1/54 (a) | 16,850,000 | 17,440,441 |
Series B-2 | ||
5.758%, due 4/1/54 | 20,000,000 | 19,974,600 |
Lower Alabama Gas District (The), Revenue Bonds | ||
Series A | ||
5.00%, due 9/1/46 | 20,795,000 | 19,370,534 |
Southeast Energy Authority, A Cooperative District, Project No. 2, Revenue Bonds | ||
Series B | ||
4.00%, due 12/1/51 (a) | 14,815,000 | 13,517,974 |
Southeast Energy Authority, A Cooperative District, Project No. 4, Revenue Bonds | ||
Series B-1 | ||
5.00%, due 5/1/53 (a) | 12,230,000 | 12,116,447 |
Principal Amount | Value | |
Alabama (continued) | ||
Town of Pike Road, Limited General Obligation | ||
5.00%, due 3/1/52 | $ 7,750,000 | $ 7,824,674 |
212,015,578 | ||
Alaska 0.2% | ||
Alaska Housing Finance Corp., General Mortgage, Revenue Bonds | ||
Series C-II, Insured: GNMA / FNMA / FHLMC | ||
5.75%, due 12/1/52 | 6,350,000 | 6,523,750 |
Alaska Industrial Development & Export Authority, Greater Fairbanks Community Hospital Foundation Obligated Group, Revenue Bonds | ||
5.00%, due 4/1/32 | 3,050,000 | 3,054,595 |
Municipality of Anchorage, Unlimited General Obligation | ||
Series B | ||
5.00%, due 9/1/26 | 5,340,000 | 5,448,844 |
15,027,189 | ||
Arizona 0.7% | ||
Arizona Board of Regents, Arizona State University, Revenue Bonds | ||
Series A | ||
5.50%, due 7/1/48 | 8,500,000 | 9,002,402 |
City of Phoenix Civic Improvement Corp., Airport, Revenue Bonds, Junior Lien | ||
Series D | ||
5.00%, due 7/1/37 | 5,000,000 | 5,023,894 |
City of Phoenix Civic Improvement Corp., Water System, Revenue Bonds, Junior Lien | ||
Series A | ||
5.00%, due 7/1/44 | 10,180,000 | 10,418,156 |
Coconino County Unified School District No. 1, Flagstaff, Unlimited General Obligation | ||
Series B | ||
1.75%, due 7/1/35 | 2,375,000 | 1,602,317 |
Series B | ||
1.75%, due 7/1/36 | 2,760,000 | 1,788,484 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Arizona (continued) | ||
Maricopa County Industrial Development Authority, Banner Health, Revenue Bonds | ||
Series D | ||
4.00%, due 1/1/48 | $ 6,000,000 | $ 4,958,977 |
Salt River Project Agricultural Improvement & Power District, Revenue Bonds | ||
Series A | ||
5.00%, due 12/1/45 | 5,000,000 | 5,074,669 |
Series A | ||
5.00%, due 1/1/50 | 14,250,000 | 14,530,444 |
52,399,343 | ||
Arkansas 0.2% | ||
Little Rock School District, Limited General Obligation | ||
Series A, Insured: BAM State Aid Withholding | ||
3.00%, due 2/1/46 | 15,230,000 | 10,404,216 |
Series A, Insured: BAM State Aid Withholding | ||
3.00%, due 2/1/50 | 6,180,000 | 4,048,731 |
State of Arkansas, Unlimited General Obligation | ||
3.00%, due 10/1/24 | 2,000,000 | 1,977,380 |
16,430,327 | ||
California 12.3% | ||
Alameda Corridor Transportation Authority, Revenue Bonds | ||
Series A, Insured: NATL-RE | ||
(zero coupon), due 10/1/36 | 23,000,000 | 12,301,019 |
Series C, Insured: AGM | ||
5.00%, due 10/1/52 | 4,750,000 | 4,750,316 |
Allan Hancock Joint Community College District, Unlimited General Obligation | ||
Series C | ||
(zero coupon), due 8/1/44 | 8,500,000 | 5,278,456 |
Anaheim City School District, Election of 2010, Unlimited General Obligation | ||
Insured: AGM | ||
5.00%, due 8/1/51 | 4,670,000 | 4,730,861 |
Principal Amount | Value | |
California (continued) | ||
Antelope Valley Community College District, Election of 2016, Unlimited General Obligation | ||
Series B | ||
3.00%, due 8/1/50 | $ 3,750,000 | $ 2,501,202 |
Cabrillo Unified School District, Election of 2018, Unlimited General Obligation | ||
Series B, Insured: AGM-CR | ||
5.00%, due 8/1/50 | 4,105,000 | 4,135,602 |
California Community Choice Financing Authority, Clean Energy Project, Revenue Bonds | ||
Series A-1 | ||
4.00%, due 5/1/53 (a) | 4,555,000 | 4,334,469 |
Series E-1 | ||
5.00%, due 2/1/54 (a) | 4,160,000 | 4,146,740 |
Series E-2 | ||
5.228%, due 2/1/54 | 27,500,000 | 27,298,516 |
Series C | ||
5.25%, due 1/1/54 (a) | 22,825,000 | 22,345,184 |
Series A-2 | ||
5.508%, due 12/1/53 | 14,250,000 | 14,383,205 |
California Health Facilities Financing Authority, CommonSpirit Health, Revenue Bonds | ||
Series A, Insured: BAM | ||
3.00%, due 4/1/44 | 2,075,000 | 1,428,697 |
Series A | ||
4.00%, due 4/1/49 | 5,000,000 | 3,963,353 |
California Infrastructure & Economic Development Bank, Brightline West Passenger Rail Project, Revenue Bonds | ||
Series A | ||
3.65%, due 1/1/50 (a)(b)(c) | 8,600,000 | 8,552,116 |
California Infrastructure & Economic Development Bank, Clean Water and Drinking Water, Revenue Bonds | ||
4.00%, due 10/1/40 | 5,100,000 | 4,728,867 |
4.00%, due 10/1/42 | 1,500,000 | 1,374,224 |
4.00%, due 10/1/45 | 7,400,000 | 6,675,924 |
California Municipal Finance Authority, Community Health System, Revenue Bonds | ||
Series A, Insured: AGM-CR | ||
4.00%, due 2/1/41 | 2,500,000 | 2,200,828 |
12 | MainStay MacKay Tax Free Bond Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
California (continued) | ||
California Municipal Finance Authority, CHF-Davis I LLC, West Village Student Housing Project, Revenue Bonds | ||
5.00%, due 5/15/32 | $ 1,570,000 | $ 1,612,824 |
Insured: BAM | ||
5.00%, due 5/15/36 | 3,400,000 | 3,481,483 |
Insured: BAM | ||
5.00%, due 5/15/39 | 8,215,000 | 8,281,183 |
California Public Finance Authority, Hoag Memorial Hospital Presbyterian, Revenue Bonds | ||
Series A | ||
4.00%, due 7/15/51 | 15,000,000 | 13,058,909 |
California State University, Systemwide, Revenue Bonds | ||
Series C | ||
3.00%, due 11/1/40 | 6,000,000 | 4,575,510 |
Series A | ||
5.00%, due 11/1/42 | 9,725,000 | 9,826,649 |
Carlsbad Unified School District, Election of 2018, Unlimited General Obligation | ||
Series B | ||
3.00%, due 8/1/46 | 2,725,000 | 1,877,669 |
Center Joint Unified School District, Election of 2008, Unlimited General Obligation | ||
Series B, Insured: BAM | ||
3.00%, due 8/1/51 | 4,750,000 | 3,140,934 |
Chabot-Las Positas Community College District, Unlimited General Obligation | ||
Series C | ||
5.25%, due 8/1/48 | 5,000,000 | 5,248,282 |
City of Escondido, Unlimited General Obligation | ||
5.00%, due 9/1/36 | 4,000,000 | 4,069,396 |
City of Long Beach, Harbor, Revenue Bonds | ||
Series A | ||
5.00%, due 5/15/44 | 6,070,000 | 6,250,954 |
City of Los Angeles, Department of Airports, Revenue Bonds (c) | ||
Series D | ||
3.00%, due 5/15/39 | 170,000 | 155,248 |
Principal Amount | Value | |
California (continued) | ||
City of Los Angeles, Department of Airports, Revenue Bonds (c) (continued) | ||
Series D | ||
4.00%, due 5/15/40 | $ 2,200,000 | $ 1,902,207 |
Series A | ||
5.00%, due 5/15/44 | 3,535,000 | 3,411,745 |
City of Los Angeles, Department of Airports, Revenue Bonds, Senior Lien | ||
Series C | ||
4.00%, due 5/15/50 (c) | 11,000,000 | 8,942,228 |
Series A | ||
4.75%, due 5/15/40 (c) | 6,000,000 | 5,726,471 |
Series A | ||
5.00%, due 5/15/33 (c) | 3,330,000 | 3,323,518 |
Series G | ||
5.00%, due 5/15/47 (c) | 3,250,000 | 3,138,193 |
Series I | ||
5.00%, due 5/15/48 | 5,800,000 | 5,915,238 |
Series G | ||
5.50%, due 5/15/36 (c) | 15,175,000 | 16,111,900 |
Series G | ||
5.50%, due 5/15/39 (c) | 3,250,000 | 3,374,361 |
Series G | ||
5.50%, due 5/15/40 (c) | 6,700,000 | 6,944,856 |
Series H | ||
5.50%, due 5/15/47 (c) | 8,150,000 | 8,289,320 |
City of Los Angeles, Wastewater System, Revenue Bonds | ||
Series A | ||
5.00%, due 6/1/43 | 3,000,000 | 2,999,951 |
Coalinga-Huron Joint Unified School District, Election of 2016, Unlimited General Obligation | ||
Series B, Insured: BAM | ||
5.00%, due 8/1/48 | 4,985,000 | 5,010,965 |
El Camino Community College District Foundation (The), Election of 2002, Unlimited General Obligation | ||
Series C | ||
(zero coupon), due 8/1/38 | 11,750,000 | 5,749,975 |
Fontana Public Facilities Financing Authority, City of Fontana, Revenue Bonds | ||
Series A, Insured: BAM | ||
5.00%, due 9/1/32 | 1,320,000 | 1,329,263 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
California (continued) | ||
Fresno Unified School District, Unlimited General Obligation | ||
Series B | ||
3.00%, due 8/1/43 | $ 7,500,000 | $ 5,388,982 |
Irvine Facilities Financing Authority, Community Facilities District No. 2013-3, Special Tax | ||
Series A, Insured: BAM | ||
5.00%, due 9/1/48 | 8,500,000 | 8,684,937 |
Irvine Facilities Financing Authority, Gateway Preserve Land Acquisition Project, Revenue Bonds | ||
Series A | ||
5.25%, due 5/1/43 | 3,800,000 | 3,853,854 |
Jurupa Unified School District, Election 2014, Unlimited General Obligation | ||
Series C | ||
5.25%, due 8/1/43 | 4,450,000 | 4,592,116 |
Live Oak Elementary School District, Certificate of Participation | ||
Insured: AGM | ||
5.00%, due 8/1/39 | 2,455,000 | 2,493,813 |
Long Beach Unified School District, Unlimited General Obligation | ||
Series D-1 | ||
(zero coupon), due 8/1/30 | 4,450,000 | 3,291,773 |
Los Angeles Unified School District, Unlimited General Obligation | ||
Series C | ||
4.00%, due 7/1/33 | 2,750,000 | 2,760,463 |
Series C | ||
4.00%, due 7/1/38 | 5,750,000 | 5,416,487 |
Series A | ||
5.00%, due 7/1/32 | 7,080,000 | 7,674,275 |
Series A | ||
5.00%, due 7/1/33 | 7,620,000 | 8,233,997 |
Los Angeles Unified School District, Election of 2008, Unlimited General Obligation | ||
Series B-1, Insured: AGM-CR | ||
5.25%, due 7/1/42 | 41,155,000 | 42,510,942 |
Principal Amount | Value | |
California (continued) | ||
Metropolitan Water District of Southern California, Waterworks, Revenue Bonds | ||
Series C | ||
4.23%, due 7/1/47 | $ 12,850,000 | $ 12,823,745 |
Modesto Irrigation District, Domestic Water Project, Revenue Bonds | ||
Series F, Insured: NATL-RE | ||
4.38%, due 9/1/27 | 5,805,000 | 5,731,511 |
Moreno Valley Unified School District, Election 2014, Unlimited General Obligation | ||
Series C, Insured: BAM | ||
3.00%, due 8/1/46 | 4,750,000 | 3,273,000 |
Murrieta Valley Unified School District, Election of 2014, Unlimited General Obligation | ||
5.25%, due 9/1/51 | 9,700,000 | 9,922,329 |
Napa Valley Community College District, Unlimited General Obligation | ||
4.00%, due 8/1/29 | 5,250,000 | 5,268,081 |
4.00%, due 8/1/32 | 5,250,000 | 5,233,660 |
North Lake Tahoe Public Financing Authority, Health & Human Services Center, Revenue Bonds | ||
4.50%, due 12/1/52 | 4,350,000 | 4,126,556 |
Oak Grove School District, Unlimited General Obligation | ||
Series A-2, Insured: BAM | ||
5.00%, due 8/1/52 | 4,330,000 | 4,416,965 |
Oakland Unified School District, Alameda County, Unlimited General Obligation | ||
Insured: AGM | ||
5.00%, due 8/1/27 | 1,160,000 | 1,181,525 |
Insured: AGM | ||
5.00%, due 8/1/28 | 1,755,000 | 1,784,307 |
Insured: AGM | ||
5.00%, due 8/1/29 | 2,285,000 | 2,318,371 |
Ocean View School District of Orange County, Unlimited General Obligation | ||
Series C, Insured: AGM | ||
3.00%, due 8/1/47 | 4,250,000 | 2,845,090 |
14 | MainStay MacKay Tax Free Bond Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
California (continued) | ||
Ontario Montclair School District, Election of 2016, Unlimited General Obligation | ||
Series A | ||
5.00%, due 8/1/46 | $ 3,250,000 | $ 3,291,534 |
Orange County Sanitation District, Revenue Bonds | ||
Series A | ||
5.00%, due 2/1/30 | 8,500,000 | 8,585,560 |
Palomar Community College District, Election of 2006, Unlimited General Obligation | ||
Series D | ||
5.25%, due 8/1/45 | 10,000,000 | 10,220,895 |
Panama-Buena Vista Union School District, Election of 2022, Unlimited General Obligation | ||
0.05%, due 8/1/24 | 4,170,000 | 4,028,382 |
Peninsula Corridor Joint Powers Board, Green Bond, Revenue Bonds | ||
Series A | ||
5.00%, due 6/1/47 | 3,000,000 | 3,063,250 |
Richmond Joint Powers Financing Authority, Civic Center Project, Revenue Bonds | ||
Series A, Insured: AGM | ||
5.00%, due 11/1/36 | 2,750,000 | 2,858,079 |
Riverside County Transportation Commission, Sales Tax, Revenue Bonds | ||
Series B | ||
4.00%, due 6/1/36 | 15,950,000 | 15,517,032 |
Sacramento Area Flood Control Agency, Consolidated Capital Assessment District No. 2, Special Assessment | ||
Series A | ||
5.00%, due 10/1/36 | 3,195,000 | 3,262,755 |
Sacramento City Unified School District, Election of 2020, Unlimited General Obligation | ||
Series A, Insured: BAM | ||
5.50%, due 8/1/47 | 8,840,000 | 9,207,797 |
Series A, Insured: BAM | ||
5.50%, due 8/1/52 | 14,920,000 | 15,508,988 |
Principal Amount | Value | |
California (continued) | ||
Sacramento Municipal Utility District, Revenue Bonds | ||
Series H | ||
4.00%, due 8/15/45 | $ 5,200,000 | $ 4,627,188 |
San Bernardino City Unified School District, Election of 2012, Unlimited General Obligation | ||
Series F, Insured: AGM | ||
3.00%, due 8/1/44 | 5,650,000 | 3,897,009 |
San Diego County Regional Airport Authority, Revenue Bonds | ||
Series B | ||
5.00%, due 7/1/33 (c) | 4,990,000 | 5,124,836 |
San Diego Public Facilities Financing Authority, Water Utility, Revenue Bonds | ||
Series A | ||
5.25%, due 8/1/48 | 5,250,000 | 5,523,689 |
San Diego Unified School District, Election of 2012, Unlimited General Obligation | ||
Series R-2 | ||
(zero coupon), due 7/1/41 | 11,000,000 | 9,021,702 |
Series M-2 | ||
3.00%, due 7/1/50 | 10,000,000 | 6,674,914 |
Series B-4 | ||
5.00%, due 7/1/40 | 4,570,000 | 4,864,021 |
Series I | ||
5.00%, due 7/1/41 | 3,750,000 | 3,826,521 |
San Francisco City & County Airport Commission, San Francisco International Airport, Revenue Bonds, Second Series (c) | ||
Series C | ||
5.00%, due 5/1/33 (d) | 35,000,000 | 35,887,320 |
Series A | ||
5.00%, due 5/1/34 | 7,350,000 | 7,509,762 |
Series E | ||
5.00%, due 5/1/50 | 46,725,000 | 44,649,644 |
San Francisco City & County Airport Commission, San Francisco International Airport, Revenue Bonds (c) | ||
Series A | ||
5.00%, due 5/1/44 | 10,740,000 | 10,353,116 |
Series A | ||
5.00%, due 5/1/49 | 5,330,000 | 5,115,391 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
California (continued) | ||
San Joaquin Hills Transportation Corridor Agency, Revenue Bonds, Junior Lien | ||
Series B | ||
5.25%, due 1/15/49 | $ 3,220,000 | $ 3,226,075 |
San Jose Evergreen Community College District, Election of 2016, Unlimited General Obligation | ||
Series B | ||
3.00%, due 9/1/41 | 1,065,000 | 796,917 |
San Leandro Unified School District, Election of 2020, Unlimited General Obligation | ||
Series B | ||
5.25%, due 8/1/48 | 10,900,000 | 11,345,643 |
San Marcos Schools Financing Authority, San Marcos Unified School District, Revenue Bonds | ||
Insured: AGM | ||
5.00%, due 8/15/34 | 1,000,000 | 1,033,181 |
San Mateo Union High School District, Capital Appreciation, Election of 2010, Unlimited General Obligation | ||
Series A | ||
(zero coupon), due 9/1/41 | 6,750,000 | 6,073,990 |
Santa Ana Unified School District, Capital Appreciation, Election 2008, Unlimited General Obligation | ||
Series B, Insured: AGC | ||
(zero coupon), due 8/1/33 | 14,955,000 | 9,198,107 |
Silicon Valley Clean Water, Revenue Bonds | ||
Series A | ||
0.25%, due 3/1/24 | 7,300,000 | 7,143,416 |
Southern California Public Power Authority, Southern Transmissional System Renewal Project, Revenue Bonds | ||
Series A-1 | ||
5.25%, due 7/1/53 | 41,725,000 | 43,747,995 |
State of California, Various Purpose, Unlimited General Obligation | ||
3.00%, due 10/1/36 | 5,810,000 | 4,867,810 |
3.00%, due 10/1/37 | 8,565,000 | 7,025,998 |
3.00%, due 4/1/52 | 5,590,000 | 3,913,556 |
Principal Amount | Value | |
California (continued) | ||
State of California, Various Purpose, Unlimited General Obligation (continued) | ||
4.00%, due 3/1/36 | $ 30,200,000 | $ 29,757,742 |
4.00%, due 10/1/36 | 3,150,000 | 3,030,300 |
4.00%, due 10/1/37 | 10,800,000 | 10,329,503 |
4.00%, due 10/1/39 | 5,775,000 | 5,458,631 |
5.00%, due 11/1/28 | 3,845,000 | 3,849,641 |
5.00%, due 11/1/28 | 3,655,000 | 3,658,256 |
Series B | ||
5.00%, due 11/1/32 | 30,350,000 | 33,297,753 |
5.00%, due 9/1/41 | 6,150,000 | 6,413,742 |
5.00%, due 10/1/41 | 16,065,000 | 16,712,813 |
5.00%, due 9/1/42 | 10,000,000 | 10,432,688 |
5.00%, due 4/1/47 | 10,500,000 | 10,814,782 |
Stockton Unified School District, Unlimited General Obligation | ||
Series A, Insured: AGM | ||
5.00%, due 8/1/42 | 4,400,000 | 4,414,886 |
Sunnyvale School District, Election of 2013, Unlimited General Obligation | ||
Series C | ||
3.00%, due 9/1/44 | 6,750,000 | 4,856,489 |
Tahoe-Truckee Unified School District, Election 2014, Unlimited General Obligation | ||
Series B | ||
5.00%, due 8/1/41 | 1,950,000 | 1,976,120 |
Temecula Valley Unified School District, Election 2012, Unlimited General Obligation | ||
Series D | ||
3.00%, due 8/1/47 | 5,000,000 | 3,526,353 |
Twin Rivers Unified School District, Election 2006, Unlimited General Obligation | ||
Series 2008, Insured: AGM | ||
(zero coupon), due 8/1/32 | 4,370,000 | 2,943,146 |
University of California, Revenue Bonds | ||
Series AO | ||
3.25%, due 5/15/29 | 6,750,000 | 6,436,725 |
Series AR | ||
5.00%, due 5/15/41 | 12,260,000 | 12,340,215 |
Series BN | ||
5.50%, due 5/15/40 | 10,000,000 | 11,034,962 |
16 | MainStay MacKay Tax Free Bond Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
California (continued) | ||
Val Verde Unified School District, Election of 2012, Unlimited General Obligation | ||
Series F, Insured: AGM | ||
3.00%, due 8/1/47 | $ 8,910,000 | $ 5,876,576 |
Vista Unified School District, Election of 2018, Unlimited General Obligation | ||
Series B, Insured: BAM | ||
5.25%, due 8/1/48 | 6,000,000 | 6,184,451 |
Yosemite Community College District, Unlimited General Obligation | ||
Series D | ||
(zero coupon), due 8/1/42 | 17,500,000 | 12,100,669 |
959,144,106 | ||
Colorado 2.4% | ||
Arapahoe County School District No. 5, Cherry Creek, Unlimited General Obligation | ||
Series B, Insured: State Aid Withholding | ||
2.30%, due 12/15/28 | 5,790,000 | 5,062,598 |
City & County of Denver, Airport System, Revenue Bonds (c) | ||
Series A | ||
5.00%, due 12/1/25 | 4,370,000 | 4,410,364 |
Series A | ||
5.00%, due 12/1/34 | 6,000,000 | 6,115,847 |
Series A | ||
5.00%, due 12/1/36 | 12,115,000 | 11,883,979 |
Series A | ||
5.00%, due 12/1/37 | 11,000,000 | 10,774,205 |
Series A | ||
5.00%, due 12/1/43 | 10,940,000 | 10,534,160 |
Series A | ||
5.00%, due 12/1/48 | 3,790,000 | 3,553,223 |
Series A | ||
5.50%, due 11/15/27 | 6,000,000 | 6,001,106 |
Series A | ||
5.50%, due 11/15/35 | 5,250,000 | 5,580,260 |
Series A | ||
5.50%, due 11/15/40 | 17,760,000 | 18,460,337 |
Series D | ||
5.75%, due 11/15/38 | 3,000,000 | 3,214,185 |
Principal Amount | Value | |
Colorado (continued) | ||
City & County of Denver, Airport System, Revenue Bonds (c) (continued) | ||
Series D | ||
5.75%, due 11/15/45 | $ 7,100,000 | $ 7,448,641 |
City & County of Denver, Convention Center Expansion Project, Certificate of Participation | ||
Series A | ||
5.375%, due 6/1/43 | 4,250,000 | 4,313,630 |
City of Colorado Springs, Utilities System, Revenue Bonds | ||
Series A-2 | ||
5.00%, due 11/15/44 | 2,750,000 | 2,762,742 |
Series B | ||
5.25%, due 11/15/52 | 11,150,000 | 11,464,820 |
Colorado Health Facilities Authority, AdventHealth, Revenue Bonds | ||
Series A | ||
3.00%, due 11/15/51 | 4,500,000 | 2,906,743 |
Series A | ||
4.00%, due 11/15/48 | 28,000,000 | 23,151,512 |
Denver City & County School District No. 1, Unlimited General Obligation | ||
Insured: State Aid Withholding | ||
4.00%, due 12/1/31 | 6,000,000 | 5,926,192 |
Denver Convention Center Hotel Authority, Revenue Bonds, Senior Lien | ||
5.00%, due 12/1/36 | 1,000,000 | 949,074 |
Regional Transportation District Sales Tax, Fastracks Project, Revenue Bonds | ||
Series A | ||
5.00%, due 11/1/31 | 6,500,000 | 7,048,603 |
State of Colorado, Certificate of Participation | ||
6.00%, due 12/15/40 | 5,025,000 | 5,606,095 |
6.00%, due 12/15/41 | 4,560,000 | 5,071,421 |
Vista Ridge Metropolitan District, Unlimited General Obligation | ||
Series A, Insured: BAM | ||
5.00%, due 12/1/31 | 1,250,000 | 1,281,459 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Colorado (continued) | ||
Weld County School District No. RE-4, Unlimited General Obligation | ||
Insured: State Aid Withholding | ||
5.25%, due 12/1/41 | $ 8,250,000 | $ 8,399,574 |
Insured: State Aid Withholding | ||
5.25%, due 12/1/47 | 14,150,000 | 14,636,462 |
186,557,232 | ||
Connecticut 1.6% | ||
City of Bridgeport, Unlimited General Obligation | ||
Series D, Insured: AGM | ||
5.00%, due 8/15/35 | 2,590,000 | 2,613,062 |
Series D, Insured: AGM | ||
5.00%, due 8/15/36 | 2,590,000 | 2,604,666 |
City of Hartford, Unlimited General Obligation | ||
Series C, Insured: AGM State Guaranteed | ||
5.00%, due 7/15/32 | 6,370,000 | 6,446,920 |
Series C, Insured: AGM State Guaranteed | ||
5.00%, due 7/15/34 | 2,250,000 | 2,276,203 |
State of Connecticut, Unlimited General Obligation | ||
Series A | ||
3.00%, due 1/15/37 | 6,420,000 | 5,145,772 |
Series F | ||
5.00%, due 9/15/28 | 6,610,000 | 6,994,579 |
Series A | ||
5.00%, due 3/15/29 | 5,300,000 | 5,359,908 |
State of Connecticut, Transportation Infrastructure, Special Tax, Revenue Bonds | ||
Series A | ||
5.00%, due 9/1/33 | 10,950,000 | 11,187,082 |
Series A | ||
5.25%, due 7/1/40 | 20,420,000 | 21,806,326 |
Series A | ||
5.25%, due 7/1/41 | 21,480,000 | 22,822,500 |
Series A | ||
5.25%, due 7/1/42 | 25,220,000 | 26,637,112 |
Principal Amount | Value | |
Connecticut (continued) | ||
State of Connecticut Clean Water Fund, State Revolving Fund, Revenue Bonds | ||
Series A | ||
5.00%, due 5/1/33 | $ 2,250,000 | $ 2,335,756 |
Town of North Branford, Unlimited General Obligation | ||
5.00%, due 8/2/24 | 9,500,000 | 9,563,675 |
125,793,561 | ||
Delaware 0.0% ‡ | ||
Delaware State Health Facilities Authority, Christiana Care Health System, Revenue Bonds | ||
Series A | ||
5.00%, due 10/1/36 | 3,185,000 | 3,282,305 |
District of Columbia 2.6% | ||
District of Columbia, Water & Sewer Authority, Revenue Bonds, Sub. Lien | ||
Series C | ||
4.00%, due 10/1/32 | 6,975,000 | 6,787,808 |
District of Columbia, Unlimited General Obligation | ||
Series D | ||
5.00%, due 6/1/32 | 3,500,000 | 3,510,407 |
Series A | ||
5.00%, due 10/15/44 | 11,255,000 | 11,448,791 |
Series A | ||
5.25%, due 1/1/48 | 13,850,000 | 14,368,871 |
District of Columbia, Revenue Bonds | ||
Series A | ||
5.00%, due 7/1/36 | 7,675,000 | 8,230,985 |
Series A | ||
5.50%, due 7/1/47 | 28,705,000 | 30,367,878 |
Metropolitan Washington Airports Authority, Dulles Toll Road, Metrorail & Capital Improvement Project, Revenue Bonds, Senior Lien | ||
Series A, Insured: AGM | ||
4.00%, due 10/1/52 | 20,435,000 | 16,959,456 |
Series B | ||
6.50%, due 10/1/44 | 6,040,000 | 6,373,628 |
Series B | ||
6.50%, due 10/1/44 | 2,600,000 | 2,743,615 |
18 | MainStay MacKay Tax Free Bond Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
District of Columbia (continued) | ||
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 | $ 6,730,000 | $ 7,222,857 |
Metropolitan Washington Airports Authority, Revenue Bonds (c) | ||
Series A | ||
5.00%, due 10/1/28 | 2,700,000 | 2,696,221 |
Series A | ||
5.00%, due 10/1/29 | 25,250,000 | 25,206,542 |
Series A | ||
5.00%, due 10/1/35 | 3,955,000 | 3,963,668 |
Series A | ||
5.00%, due 10/1/36 | 3,750,000 | 3,757,515 |
Series A | ||
5.00%, due 10/1/43 | 6,000,000 | 5,814,312 |
Series A | ||
5.25%, due 10/1/48 | 5,000,000 | 4,965,413 |
Washington Metropolitan Area Transit Authority, Green bond, Revenue Bonds | ||
Series A, Insured: BAM | ||
3.00%, due 7/15/36 | 5,175,000 | 4,252,595 |
Series A | ||
4.00%, due 7/15/39 | 5,600,000 | 5,081,910 |
Series A | ||
5.50%, due 7/15/51 | 13,275,000 | 13,937,594 |
Washington Metropolitan Area Transit Authority, Green bond, Revenue Bonds, Second Lien | ||
Series A | ||
5.00%, due 7/15/44 | 4,500,000 | 4,593,353 |
Series A | ||
5.00%, due 7/15/48 | 6,105,000 | 6,174,778 |
Series A | ||
5.25%, due 7/15/53 | 16,225,000 | 16,618,567 |
205,076,764 | ||
Florida 4.6% | ||
City of Cape Coral, Water & Sewer, Revenue Bonds | ||
Insured: BAM | ||
4.00%, due 10/1/42 | 7,000,000 | 6,088,345 |
Principal Amount | Value | |
Florida (continued) | ||
City of Fort Lauderdale, Parks and Recreation Project, Unlimited General Obligation | ||
Series A | ||
5.00%, due 7/1/48 | $ 4,255,000 | $ 4,337,997 |
City of Gainesville, Utilities System, Revenue Bonds | ||
Series A | ||
5.00%, due 10/1/44 | 14,645,000 | 14,742,870 |
City of Miami, Beach Parking, Revenue Bonds | ||
Insured: BAM | ||
5.00%, due 9/1/40 | 510,000 | 510,023 |
City of South Miami, Miami Health Facilities Authority, Inc., Revenue Bonds | ||
5.00%, due 8/15/42 | 17,115,000 | 16,577,118 |
City of Tampa, Revenue Bonds | ||
Series C, Insured: BAM | ||
3.00%, due 10/1/36 | 4,440,000 | 3,641,141 |
City of Tampa, BayCare, Revenue Bonds | ||
Series A | ||
5.00%, due 11/15/46 | 6,000,000 | 5,737,061 |
County of Brevard, Solid Waste Management System, Revenue Bonds | ||
5.50%, due 9/1/53 | 8,720,000 | 8,965,040 |
County of Broward, Tourist Development Tax, Revenue Bonds | ||
4.00%, due 9/1/40 | 5,000,000 | 4,319,407 |
County of Broward, Airport System, Revenue Bonds | ||
5.00%, due 10/1/42 (c) | 5,045,000 | 4,893,229 |
County of Lee, Airport, Revenue Bonds (c) | ||
Series A | ||
5.00%, due 10/1/24 | 3,785,000 | 3,801,614 |
Series A | ||
5.00%, due 10/1/24 | 815,000 | 818,577 |
Series A | ||
5.00%, due 10/1/29 | 11,000,000 | 11,246,191 |
Series A | ||
5.00%, due 10/1/30 | 8,030,000 | 8,189,583 |
Series B | ||
5.00%, due 10/1/37 | 3,750,000 | 3,676,534 |
Series B | ||
5.00%, due 10/1/46 | 4,750,000 | 4,512,847 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Florida (continued) | ||
County of Miami-Dade, Water & Sewer System, Revenue Bonds | ||
Insured: BAM | ||
3.00%, due 10/1/36 | $ 2,100,000 | $ 1,672,572 |
Series B | ||
4.00%, due 10/1/38 | 5,000,000 | 4,565,636 |
Series B, Insured: BAM | ||
4.00%, due 10/1/49 | 39,630,000 | 32,702,724 |
Series B | ||
5.00%, due 10/1/33 | 4,250,000 | 4,299,719 |
County of Miami-Dade, Transit System, Revenue Bonds | ||
3.00%, due 7/1/37 | 4,000,000 | 3,143,155 |
County of Miami-Dade, Aviation, Revenue Bonds | ||
Series A | ||
5.00%, due 10/1/38 (c) | 4,650,000 | 4,545,648 |
County of Pasco, State of Florida Cigarette Tax Revenue, Revenue Bonds | ||
Series A, Insured: AGM | ||
5.75%, due 9/1/54 | 17,500,000 | 18,293,289 |
County of Sarasota, Utility System, Revenue Bonds | ||
5.25%, due 10/1/52 | 12,795,000 | 13,237,631 |
Florida Municipal Power Agency, All-Requirements Power Supply Project, Revenue Bonds | ||
Series A | ||
5.00%, due 10/1/26 | 3,500,000 | 3,601,184 |
Greater Orlando Aviation Authority, Revenue Bonds | ||
Series A | ||
5.00%, due 10/1/33 (c) | 1,205,000 | 1,222,824 |
Hillsborough County Aviation Authority, Tampa International Airport, Revenue Bonds | ||
Series A | ||
5.00%, due 10/1/47 (c) | 7,000,000 | 6,701,966 |
Miami-Dade County Health Facilities Authority, Nicklaus Children's Hospital Project, Revenue Bonds | ||
Series A, Insured: AGM-CR | ||
4.00%, due 8/1/46 | 5,000,000 | 4,123,516 |
Principal Amount | Value | |
Florida (continued) | ||
North Broward Hospital District, Revenue Bonds | ||
Series B | ||
5.00%, due 1/1/42 | $ 6,500,000 | $ 6,144,775 |
Orange County Health Facilities Authority, Orlando Health, Revenue Bonds | ||
Series A | ||
4.00%, due 10/1/49 | 3,530,000 | 2,875,310 |
4.00%, due 10/1/52 | 7,000,000 | 5,636,053 |
Series A | ||
5.00%, due 10/1/39 | 2,875,000 | 2,788,365 |
School Board of Miami-Dade County (The), Unlimited General Obligation | ||
Series A, Insured: BAM | ||
5.00%, due 3/15/35 | 6,060,000 | 6,541,498 |
Series A, Insured: BAM | ||
5.00%, due 3/15/47 | 8,240,000 | 8,374,317 |
Series A, Insured: BAM | ||
5.00%, due 3/15/52 | 5,755,000 | 5,781,123 |
School District of Broward County, Certificate of Participation | ||
Series A, Insured: AGM | ||
5.00%, due 7/1/27 | 3,750,000 | 3,814,326 |
South Broward Hospital District, Revenue Bonds | ||
Series A | ||
3.00%, due 5/1/51 | 8,000,000 | 5,025,525 |
Series A, Insured: BAM | ||
3.00%, due 5/1/51 | 21,200,000 | 13,929,362 |
4.00%, due 5/1/48 | 4,750,000 | 3,813,033 |
South Florida Water Management District, Certificate of Participation | ||
5.00%, due 10/1/34 | 12,955,000 | 13,217,818 |
State of Florida, Department of Transportation Turnpike System, Revenue Bonds | ||
Series B | ||
3.00%, due 7/1/49 | 3,750,000 | 2,557,459 |
Series C | ||
3.00%, due 7/1/51 | 8,150,000 | 5,509,072 |
Series A | ||
3.50%, due 7/1/29 | 7,250,000 | 6,918,745 |
Series A | ||
4.00%, due 7/1/32 | 4,250,000 | 4,219,338 |
20 | MainStay MacKay Tax Free Bond Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Florida (continued) | ||
State of Florida, Capital Outlay, Unlimited General Obligation | ||
Series C | ||
3.15%, due 6/1/29 | $ 4,750,000 | $ 4,442,350 |
Series C | ||
4.00%, due 6/1/32 | 3,400,000 | 3,408,641 |
Tampa Bay Water, Revenue Bonds | ||
Series A | ||
5.00%, due 10/1/26 | 5,780,000 | 5,896,590 |
Village Community Development District No. 8, Special Assessment | ||
Insured: AGM | ||
3.50%, due 5/1/40 | 4,945,000 | 4,055,949 |
Volusia County Educational Facility Authority, Embry-Riddle Aeronautical University, Revenue Bonds | ||
Series A | ||
5.00%, due 10/15/49 | 3,650,000 | 3,527,077 |
West Palm Beach Community Redevelopment Agency, City center community redevelopment, Tax Allocation | ||
Insured: AGM-CR | ||
5.00%, due 3/1/34 | 8,450,000 | 8,981,196 |
Insured: AGM-CR | ||
5.00%, due 3/1/35 | 9,020,000 | 9,556,003 |
Wildwood Utility Dependent District, Revenue Bonds | ||
Insured: AGM | ||
5.25%, due 10/1/43 | 10,250,000 | 10,531,459 |
Insured: AGM | ||
5.50%, due 10/1/53 | 14,000,000 | 14,338,762 |
362,051,587 | ||
Georgia 2.6% | ||
Augusta Development Authority, WellStar Health System Project, Revenue Bonds | ||
Series A, Insured: AGM | ||
5.125%, due 4/1/53 | 5,400,000 | 5,343,548 |
Brookhaven Development Authority, Children's Healthcare of Atlanta, Revenue Bonds | ||
Series A | ||
4.00%, due 7/1/44 | 10,935,000 | 9,445,752 |
Principal Amount | Value | |
Georgia (continued) | ||
Brookhaven Development Authority, Children's Healthcare of Atlanta, Revenue Bonds (continued) | ||
Series A | ||
4.00%, due 7/1/49 | $ 15,325,000 | $ 12,920,604 |
City of Atlanta, Airport Passenger Facility Charge, Revenue Bonds, Sub. Lien | ||
Series D | ||
4.00%, due 7/1/35 (c) | 13,820,000 | 12,917,959 |
City of Atlanta, Water & Wastewater, Revenue Bonds | ||
Series C | ||
4.00%, due 11/1/37 | 4,750,000 | 4,363,603 |
5.00%, due 11/1/29 | 4,250,000 | 4,311,457 |
City of Atlanta, Department of Aviation, Revenue Bonds (c) | ||
Series C | ||
5.00%, due 1/1/27 | 2,750,000 | 2,753,640 |
Series C | ||
5.00%, due 1/1/28 | 2,250,000 | 2,252,978 |
Series C | ||
5.00%, due 1/1/29 | 2,000,000 | 2,002,647 |
City of Atlanta, Public Improvement, Unlimited General Obligation | ||
Series A-1 | ||
5.00%, due 12/1/42 | 11,750,000 | 12,172,499 |
City of Dalton (The), Georgia Combined Utilities, Revenue Bonds | ||
5.00%, due 3/1/30 | 2,055,000 | 2,079,548 |
Dalton Whitfield County Joint Development Authority, Hamilton Health Care System, Revenue Bonds | ||
4.00%, due 8/15/48 | 4,375,000 | 3,622,891 |
Development Authority of Appling County, Oglethorpe Power Corp. Project, Revenue Bonds | ||
Series A | ||
1.50%, due 1/1/38 (a) | 2,500,000 | 2,366,667 |
Development Authority of Burke County (The), Oglethorpe Power Corp. Project, Revenue Bonds | ||
Series A | ||
1.50%, due 1/1/40 (a) | 6,315,000 | 5,978,200 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Georgia (continued) | ||
Development Authority of Monroe County (The), Oglethorpe Power Corp. Scherer Project, Revenue Bonds | ||
Series A | ||
1.50%, due 1/1/39 (a) | $ 3,250,000 | $ 3,076,667 |
Gainesville & Hall County Hospital Authority, Northeast Georgia Health System, Revenue Bonds | ||
Series A | ||
2.50%, due 2/15/51 | 8,500,000 | 4,658,146 |
Georgia Ports Authority, Revenue Bonds | ||
4.00%, due 7/1/47 | 3,000,000 | 2,545,472 |
5.25%, due 7/1/39 | 2,500,000 | 2,642,795 |
5.25%, due 7/1/43 | 4,695,000 | 4,896,398 |
5.25%, due 7/1/52 | 4,750,000 | 4,879,612 |
Griffin-Spalding County Hospital Authority, WellStar Health System, Revenue Bonds | ||
4.00%, due 4/1/42 | 3,500,000 | 3,017,126 |
Main Street Natural Gas, Inc., Revenue Bonds | ||
Series C | ||
4.00%, due 3/1/50 (a) | 2,500,000 | 2,429,224 |
Series C | ||
4.00%, due 5/1/52 (a) | 6,960,000 | 6,529,042 |
Series A | ||
4.00%, due 7/1/52 (a) | 21,645,000 | 20,832,464 |
Series A | ||
4.00%, due 9/1/52 (a) | 21,190,000 | 19,711,175 |
Series A | ||
5.00%, due 5/15/34 | 2,750,000 | 2,713,417 |
Series A | ||
5.00%, due 5/15/37 | 2,265,000 | 2,187,939 |
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 | 2,250,256 |
Series A | ||
4.00%, due 1/1/49 | 4,850,000 | 3,920,410 |
Series A | ||
5.00%, due 1/1/45 | 2,185,000 | 2,130,346 |
Series A, Insured: BAM | ||
5.00%, due 1/1/45 | 3,050,000 | 3,016,158 |
Principal Amount | Value | |
Georgia (continued) | ||
Municipal Electric Authority of Georgia, Plant Vogtle Units 3&4 Project, Revenue Bonds | ||
Series B | ||
4.00%, due 1/1/49 | $ 5,500,000 | $ 4,293,489 |
Series A | ||
5.00%, due 1/1/39 | 10,000,000 | 9,752,894 |
Municipal Electric Authority of Georgia, Power, Revenue Bonds | ||
Series HH | ||
5.00%, due 1/1/36 | 3,515,000 | 3,551,862 |
Series GG | ||
5.00%, due 1/1/43 | 3,000,000 | 2,933,924 |
Series HH | ||
5.00%, due 1/1/44 | 2,700,000 | 2,642,747 |
Municipal Electric Authority of Georgia, Plant Vogtle Units 3 & 4 Project, Revenue Bonds | ||
Series A | ||
5.25%, due 7/1/64 | 6,500,000 | 6,265,742 |
203,409,298 | ||
Guam 0.1% | ||
Guam Government Waterworks Authority, Water and Wastewater System, Revenue Bonds | ||
5.00%, due 1/1/46 | 6,000,000 | 5,501,979 |
Series A | ||
5.00%, due 1/1/50 | 1,660,000 | 1,491,581 |
Guam Power Authority, Revenue Bonds | ||
Series A, Insured: AGM | ||
5.00%, due 10/1/44 | 655,000 | 631,111 |
7,624,671 | ||
Hawaii 0.6% | ||
City & County of Honolulu, Wastewater System, Revenue Bonds, Senior Lien | ||
Series B | ||
4.00%, due 7/1/29 | 8,450,000 | 8,419,981 |
City & County of Honolulu, Unlimited General Obligation | ||
Series C | ||
4.00%, due 10/1/31 | 5,500,000 | 5,454,204 |
Series B | ||
5.00%, due 10/1/25 | 3,725,000 | 3,805,495 |
Series D | ||
5.00%, due 3/1/26 | 2,500,000 | 2,568,024 |
22 | MainStay MacKay Tax Free Bond Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Hawaii (continued) | ||
State of Hawaii, Unlimited General Obligation | ||
Series FH | ||
4.00%, due 10/1/30 | $ 12,250,000 | $ 12,165,667 |
Series FB | ||
4.00%, due 4/1/31 | 6,300,000 | 6,247,913 |
Series FK | ||
4.00%, due 5/1/32 | 4,300,000 | 4,234,870 |
State of Hawaii Department of Budget & Finance, Hawaiian Electric Co., Inc., Revenue Bonds | ||
Insured: AGM-CR | ||
3.50%, due 10/1/49 (c) | 5,675,000 | 3,983,363 |
46,879,517 | ||
Idaho 0.0% ‡ | ||
Boise State University, Revenue Bonds | ||
Series A | ||
5.25%, due 4/1/53 | 3,600,000 | 3,636,744 |
Illinois 7.4% | ||
Chicago Board of Education, Capital Appreciation, School Reform, Unlimited General Obligation | ||
Series A, Insured: NATL-RE | ||
(zero coupon), due 12/1/26 | 17,245,000 | 14,821,867 |
Chicago Board of Education, Unlimited General Obligation | ||
Series A, Insured: AGM | ||
5.00%, due 12/1/27 | 7,000,000 | 7,087,276 |
Chicago Board of Education, Dedicated Capital Improvement, Revenue Bonds | ||
5.75%, due 4/1/48 | 17,500,000 | 17,599,071 |
6.00%, due 4/1/46 | 16,560,000 | 16,659,637 |
Chicago Midway International Airport, Revenue Bonds, Second Lien | ||
Series B | ||
5.00%, due 1/1/26 | 2,880,000 | 2,887,733 |
Chicago O'Hare International Airport, General, Revenue Bonds, Senior Lien | ||
Series A, Insured: AGM | ||
4.00%, due 1/1/36 | 8,100,000 | 7,732,224 |
Principal Amount | Value | |
Illinois (continued) | ||
Chicago O'Hare International Airport, General, Revenue Bonds, Senior Lien (continued) | ||
Series A | ||
4.00%, due 1/1/36 | $ 12,500,000 | $ 11,932,444 |
Series A, Insured: BAM | ||
4.00%, due 1/1/43 (c) | 7,250,000 | 6,106,784 |
Series D, Insured: AGM | ||
5.00%, due 1/1/38 | 4,750,000 | 4,868,722 |
Series D | ||
5.00%, due 1/1/52 (c) | 3,250,000 | 3,001,221 |
Series F | ||
5.25%, due 1/1/29 | 3,060,000 | 3,166,627 |
Series A, Insured: AGM | ||
5.50%, due 1/1/53 (c) | 23,525,000 | 23,645,500 |
Chicago O'Hare International Airport, General, Revenue Bonds | ||
Series A | ||
5.00%, due 1/1/31 (c) | 8,500,000 | 8,428,106 |
Series B | ||
5.00%, due 1/1/33 | 3,600,000 | 3,575,826 |
Chicago O'Hare International Airport, Passenger Facility Charge, Revenue Bonds | ||
Series A | ||
5.00%, due 1/1/30 | 2,665,000 | 2,656,982 |
Chicago Park District, Limited Tax, Limited General Obligation | ||
Series C | ||
4.00%, due 1/1/35 | 4,000,000 | 3,695,004 |
Series B | ||
5.00%, due 1/1/25 | 2,140,000 | 2,142,535 |
Series A | ||
5.00%, due 1/1/28 | 1,000,000 | 1,006,919 |
Series A | ||
5.00%, due 1/1/31 | 1,000,000 | 1,005,806 |
Series A | ||
5.00%, due 1/1/35 | 2,000,000 | 2,008,389 |
Chicago Transit Authority Sales Tax Receipts Fund, Revenue Bonds, Second Lien | ||
5.00%, due 12/1/46 | 4,530,000 | 4,359,662 |
City of Chicago, Waterworks, Revenue Bonds, Second Lien | ||
4.00%, due 11/1/37 | 265,000 | 232,910 |
5.00%, due 11/1/29 | 1,700,000 | 1,708,766 |
Series 2, Insured: AGM | ||
5.00%, due 11/1/32 | 4,000,000 | 4,084,160 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Illinois (continued) | ||
City of Chicago, Waterworks, Revenue Bonds, Second Lien (continued) | ||
Series 2, Insured: AGM | ||
5.00%, due 11/1/33 | $ 8,550,000 | $ 8,739,073 |
Series 2, Insured: AGM | ||
5.00%, due 11/1/38 | 2,750,000 | 2,719,091 |
Insured: AGM | ||
5.25%, due 11/1/33 | 4,000,000 | 4,145,516 |
Insured: AGM | ||
5.25%, due 11/1/34 | 1,860,000 | 1,924,545 |
Insured: AGM | ||
5.25%, due 11/1/35 | 2,275,000 | 2,344,885 |
Series A, Insured: AGM | ||
5.25%, due 11/1/48 | 5,000,000 | 5,048,406 |
Series A, Insured: AGM | ||
5.50%, due 11/1/62 | 7,000,000 | 7,266,659 |
City of Chicago, Unlimited General Obligation | ||
Series B | ||
4.00%, due 1/1/38 | 4,750,000 | 4,058,364 |
Series A | ||
5.00%, due 1/1/32 | 1,400,000 | 1,423,560 |
Series A | ||
5.00%, due 1/1/33 | 1,425,000 | 1,448,728 |
Series A | ||
5.50%, due 1/1/40 | 4,650,000 | 4,689,646 |
Series A | ||
5.50%, due 1/1/49 | 8,550,000 | 8,355,703 |
Series A | ||
6.00%, due 1/1/38 | 39,050,000 | 40,007,690 |
Series A, Insured: BAM | ||
6.00%, due 1/1/38 | 5,000,000 | 5,163,942 |
City of Chicago, Wastewater Transmission Project, Revenue Bonds, Second Lien | ||
5.00%, due 1/1/28 | 1,000,000 | 1,000,679 |
Series B, Insured: AGM-CR | ||
5.00%, due 1/1/30 | 6,435,000 | 6,475,474 |
Insured: BAM | ||
5.00%, due 1/1/44 | 11,240,000 | 10,770,815 |
Series A, Insured: AGM | ||
5.25%, due 1/1/42 | 3,750,000 | 3,788,887 |
City of Chicago, Motor Fuel Tax, Revenue Bonds | ||
Insured: AGM | ||
5.00%, due 1/1/33 | 3,770,000 | 3,775,614 |
Principal Amount | Value | |
Illinois (continued) | ||
City of Chicago Heights, Unlimited General Obligation | ||
Series B, Insured: BAM | ||
5.25%, due 12/1/34 | $ 1,865,000 | $ 1,956,821 |
Cook County High School District No. 209, Proviso Township, Limited General Obligation | ||
Series B, Insured: AGM | ||
4.00%, due 12/1/38 | 3,000,000 | 2,651,495 |
County of Cook, Unlimited General Obligation | ||
Series A | ||
5.00%, due 11/15/24 | 3,750,000 | 3,784,443 |
Illinois Finance Authority, Northwestern Memorial Healthcare, Revenue Bonds | ||
Series A | ||
4.00%, due 7/15/47 | 16,660,000 | 13,835,730 |
Illinois Municipal Electric Agency, Revenue Bonds | ||
Series A | ||
4.00%, due 2/1/34 | 5,650,000 | 5,224,647 |
Illinois Sports Facilities Authority (The), Revenue Bonds | ||
Insured: AGM | ||
5.25%, due 6/15/31 | 4,000,000 | 4,017,509 |
Illinois State Toll Highway Authority, Revenue Bonds, Senior Lien | ||
Series B | ||
5.00%, due 1/1/34 | 3,250,000 | 3,249,619 |
Series B | ||
5.00%, due 1/1/41 | 6,000,000 | 6,020,026 |
Illinois State Toll Highway Authority, Revenue Bonds | ||
Series A | ||
5.00%, due 1/1/37 | 5,000,000 | 5,000,133 |
Lake County Community High School District No. 115, Lake Forest, Unlimited General Obligation | ||
4.25%, due 11/1/41 | 7,260,000 | 6,735,006 |
4.50%, due 11/1/42 | 7,585,000 | 7,210,357 |
Metropolitan Pier & Exposition Authority, McCormick Place Expansion Project, Capital Appreciation, Revenue Bonds | ||
Series A, Insured: NATL-RE | ||
(zero coupon), due 6/15/35 | 20,150,000 | 11,415,733 |
24 | MainStay MacKay Tax Free Bond Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Illinois (continued) | ||
Metropolitan Pier & Exposition Authority, McCormick Place Expansion Project, Capital Appreciation, Revenue Bonds (continued) | ||
Series A, Insured: NATL-RE | ||
(zero coupon), due 6/15/36 | $ 30,550,000 | $ 16,230,063 |
Series B-1, Insured: AGM | ||
(zero coupon), due 6/15/43 | 13,720,000 | 4,730,161 |
Rock Island County Public Building Commission, County of Rock Island, Revenue Bonds | ||
Insured: AGM | ||
5.00%, due 12/1/36 | 2,145,000 | 2,193,375 |
Sales Tax Securitization Corp., Revenue Bonds | ||
Series A | ||
4.00%, due 1/1/48 | 10,000,000 | 8,084,490 |
Series A, Insured: BAM | ||
4.00%, due 1/1/48 | 9,500,000 | 7,765,611 |
Series C | ||
5.00%, due 1/1/25 | 4,000,000 | 4,044,765 |
Series A | ||
5.00%, due 1/1/28 | 3,685,000 | 3,815,269 |
Series C | ||
5.25%, due 1/1/34 | 7,500,000 | 7,749,797 |
Series C, Insured: BAM | ||
5.25%, due 1/1/48 | 32,200,000 | 32,298,635 |
Sangamon County School District No. 186, Springfield, Unlimited General Obligation | ||
Insured: AGM | ||
5.50%, due 6/1/58 | 9,475,000 | 9,628,699 |
Southern Illinois University, Housing & Auxiliary Facilities System, Revenue Bonds | ||
Series B, Insured: BAM | ||
5.00%, due 4/1/26 | 1,175,000 | 1,186,458 |
Series B, Insured: BAM | ||
5.00%, due 4/1/29 | 1,620,000 | 1,630,933 |
Series B, Insured: BAM | ||
5.00%, due 4/1/30 | 1,000,000 | 1,005,932 |
State of Illinois, Unlimited General Obligation | ||
Insured: BAM | ||
4.00%, due 6/1/41 | 6,450,000 | 5,561,256 |
Principal Amount | Value | |
Illinois (continued) | ||
State of Illinois, Unlimited General Obligation (continued) | ||
Series D | ||
5.00%, due 11/1/26 | $ 7,375,000 | $ 7,514,747 |
5.00%, due 2/1/27 | 3,980,000 | 4,062,368 |
Series D | ||
5.00%, due 11/1/27 | 10,000,000 | 10,249,154 |
5.00%, due 1/1/28 | 5,155,000 | 5,221,428 |
Series D | ||
5.00%, due 11/1/28 | 6,280,000 | 6,422,293 |
5.00%, due 5/1/29 | 2,660,000 | 2,641,895 |
Series A | ||
5.00%, due 12/1/34 | 4,500,000 | 4,531,839 |
5.25%, due 2/1/32 | 8,550,000 | 8,490,464 |
Series A | ||
5.50%, due 3/1/47 | 4,750,000 | 4,778,180 |
5.75%, due 5/1/45 | 4,250,000 | 4,337,014 |
Series A | ||
6.00%, due 5/1/27 | 8,190,000 | 8,624,882 |
State of Illinois, Sales Tax, Revenue Bonds, Junior Lien | ||
Series C | ||
5.00%, due 6/15/30 | 3,000,000 | 3,093,561 |
State of Illinois, Build America Bonds, Unlimited General Obligation | ||
Series 4, Insured: AGM-CR | ||
6.875%, due 7/1/25 | 6,335,000 | 6,405,913 |
United City of Yorkville, Special Tax | ||
Insured: AGM | ||
5.00%, due 3/1/32 | 3,017,000 | 3,054,458 |
Village of Bellwood, Unlimited General Obligation | ||
Insured: AGM | ||
5.00%, due 12/1/29 | 1,500,000 | 1,530,172 |
Village of Rosemont, Corporate Purpose, Unlimited General Obligation | ||
Series A, Insured: AGM | ||
5.00%, due 12/1/40 | 6,790,000 | 6,866,827 |
Village of Schaumburg, Unlimited General Obligation | ||
Series A, Insured: BAM | ||
4.00%, due 12/1/41 | 32,050,000 | 28,656,142 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Illinois (continued) | ||
Will County School District No. 114, Manhattan, Unlimited General Obligation | ||
Insured: BAM | ||
5.50%, due 1/1/49 | $ 6,210,000 | $ 6,415,621 |
577,485,369 | ||
Indiana 0.9% | ||
Greater Clark Building Corp., Revenue Bonds | ||
Insured: State Intercept | ||
6.00%, due 7/15/38 | 5,700,000 | 6,297,556 |
Indiana Finance Authority, Indiana University Health, Revenue Bonds | ||
Series L | ||
0.70%, due 12/1/46 (a) | 5,000,000 | 4,528,777 |
Series A | ||
5.00%, due 10/1/41 | 7,750,000 | 7,927,895 |
Series A | ||
5.00%, due 10/1/42 | 12,220,000 | 12,408,124 |
Series A | ||
5.00%, due 10/1/46 | 4,000,000 | 3,950,716 |
Indiana Finance Authority, CWA Authority, Inc., Revenue Bonds, First Lien | ||
Series B | ||
5.25%, due 10/1/47 | 13,695,000 | 13,881,026 |
Indiana Housing & Community Development Authority, Revenue Bonds | ||
Series A-1, Insured: GNMA / FNMA / FHLMC | ||
5.75%, due 7/1/53 | 2,745,000 | 2,816,684 |
Indiana Municipal Power Agency, Revenue Bonds | ||
Series A | ||
5.00%, due 1/1/42 | 15,425,000 | 15,372,637 |
Indianapolis Local Public Improvement Bond Bank, Revenue Bonds | ||
Series C | ||
5.00%, due 1/1/52 | 6,350,000 | 6,379,182 |
73,562,597 |
Principal Amount | Value | |
Iowa 0.3% | ||
Ames Community School District, Unlimited General Obligation | ||
1.875%, due 6/1/36 | $ 4,000,000 | $ 2,779,372 |
1.875%, due 6/1/37 | 4,000,000 | 2,643,909 |
City of Des Moines, Unlimited General Obligation | ||
Series F | ||
2.00%, due 6/1/37 | 4,450,000 | 3,066,722 |
PEFA, Inc., Revenue Bonds | ||
5.00%, due 9/1/49 (a) | 8,175,000 | 8,121,417 |
Waukee Community School District, Unlimited General Obligation | ||
Series B | ||
2.00%, due 6/1/37 | 4,265,000 | 2,843,582 |
19,455,002 | ||
Kansas 0.1% | ||
City of Hutchinson, Hutchinson Regional Medical Center, Inc., Revenue Bonds | ||
5.00%, due 12/1/26 | 565,000 | 545,973 |
5.00%, due 12/1/28 | 410,000 | 387,773 |
5.00%, due 12/1/30 | 500,000 | 464,088 |
City of Topeka, Combined Utility, Revenue Bonds | ||
Series A | ||
4.00%, due 8/1/48 | 6,000,000 | 4,874,376 |
University of Kansas Hospital Authority, KU Health System, Revenue Bonds | ||
5.00%, due 9/1/33 | 2,500,000 | 2,516,092 |
5.00%, due 9/1/35 | 2,550,000 | 2,558,356 |
11,346,658 | ||
Kentucky 0.7% | ||
Kentucky Public Energy Authority, Gas Supply, Revenue Bonds | ||
Series C | ||
4.00%, due 2/1/50 (a) | 8,640,000 | 8,200,112 |
Series A-1 | ||
4.00%, due 8/1/52 (a) | 9,125,000 | 8,434,649 |
Series A-2 | ||
4.758%, due 8/1/52 | 18,960,000 | 18,172,586 |
Series C-2 | ||
4.938%, due 12/1/49 | 5,750,000 | 5,750,815 |
26 | MainStay MacKay Tax Free Bond Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Kentucky (continued) | ||
Louisville & Jefferson County Visitors and Convention Commission, Revenue Bonds | ||
Insured: AGM-CR | ||
4.00%, due 6/1/29 | $ 3,320,000 | $ 3,251,483 |
Louisville/Jefferson County Metropolitan Government, UofL Health Project, Revenue Bonds | ||
Series A, Insured: AGM | ||
5.00%, due 5/15/47 | 8,250,000 | 7,913,916 |
51,723,561 | ||
Louisiana 0.3% | ||
City of Shreveport, Unlimited General Obligation | ||
Insured: BAM | ||
5.00%, due 8/1/30 | 4,355,000 | 4,425,415 |
Ernest N Morial New Orleans Exhibition Hall Authority, Special Tax | ||
5.50%, due 7/15/53 | 15,135,000 | 15,451,497 |
19,876,912 | ||
Maine 0.0% ‡ | ||
Maine Municipal Bond Bank, Revenue Bonds | ||
Series B | ||
3.50%, due 11/1/29 | 3,700,000 | 3,542,626 |
Maryland 0.3% | ||
County of Baltimore, Unlimited General Obligation | ||
3.50%, due 8/1/29 | 8,200,000 | 7,849,395 |
County of Frederick, Public Facilities Project, Unlimited General Obligation | ||
Series A | ||
1.75%, due 10/1/36 | 5,630,000 | 3,868,815 |
State of Maryland, Department of Transportation, Revenue Bonds | ||
Series A | ||
3.00%, due 10/1/33 | 1,550,000 | 1,358,286 |
State of Maryland, State and Local Facilities Loan, Unlimited General Obligation | ||
Series A | ||
5.00%, due 6/1/33 | 4,250,000 | 4,667,280 |
Principal Amount | Value | |
Maryland (continued) | ||
State of Maryland, Unlimited General Obligation | ||
Series A | ||
5.00%, due 3/15/36 | $ 4,010,000 | $ 4,370,196 |
22,113,972 | ||
Massachusetts 2.4% | ||
City of Boston, Unlimited General Obligation | ||
Series A | ||
5.00%, due 11/1/38 | 5,750,000 | 6,171,955 |
City of Cambridge, Limited General Obligation | ||
5.00%, due 2/15/26 | 2,000,000 | 2,063,462 |
City of Worcester, Limited General Obligation | ||
Insured: AGM | ||
3.00%, due 2/1/37 | 2,750,000 | 2,227,118 |
Commonwealth of Massachusetts, Consolidated Loan, Limited General Obligation | ||
Series B | ||
3.00%, due 4/1/47 | 6,725,000 | 4,571,218 |
Series B | ||
3.00%, due 2/1/48 | 31,045,000 | 20,886,887 |
Series B | ||
3.00%, due 4/1/48 | 5,000,000 | 3,359,963 |
Series C | ||
3.00%, due 3/1/49 | 13,250,000 | 8,816,318 |
Series B | ||
3.00%, due 4/1/49 | 7,465,000 | 4,964,315 |
Series D | ||
5.00%, due 7/1/25 | 9,500,000 | 9,699,889 |
Series A | ||
5.00%, due 4/1/37 | 2,950,000 | 3,008,330 |
Series D | ||
5.00%, due 7/1/45 | 20,280,000 | 20,581,991 |
Series E | ||
5.00%, due 11/1/50 | 4,050,000 | 4,087,029 |
Series A | ||
5.00%, due 5/1/53 | 17,010,000 | 17,174,698 |
Commonwealth of Massachusetts Transportation Fund, Rail Enhancement Program, Revenue Bonds | ||
Series A | ||
5.00%, due 6/1/50 | 14,200,000 | 14,320,334 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Massachusetts (continued) | ||
Massachusetts Bay Transportation Authority, Sales Tax, Revenue Bonds | ||
Series A | ||
(zero coupon), due 7/1/31 | $ 11,500,000 | $ 7,890,925 |
Massachusetts Development Finance Agency, Partners Healthcare System Issue, Revenue Bonds | ||
Series O-2 | ||
5.00%, due 7/1/27 | 4,700,000 | 4,788,405 |
Massachusetts Development Finance Agency, Harvard University Issue, Revenue Bonds | ||
Series B | ||
5.00%, due 11/15/32 | 11,735,000 | 13,097,728 |
Massachusetts Development Finance Agency, Dana-Farber Cancer Institute, Revenue Bonds | ||
Series N | ||
5.00%, due 12/1/41 | 15,500,000 | 15,367,012 |
Massachusetts Development Finance Agency, Trustees of Boston University, Revenue Bonds | ||
Series P | ||
5.45%, due 5/15/59 | 5,305,000 | 5,519,998 |
Massachusetts School Building Authority, Revenue Bonds, Senior Lien | ||
Series B | ||
5.00%, due 11/15/33 | 8,500,000 | 8,732,643 |
Town of Middleton, Limited General Obligation | ||
2.00%, due 12/15/39 | 2,675,000 | 1,687,973 |
Town of Natick, Qualified Municipal Purpose Loan, Limited General Obligation | ||
4.00%, due 7/15/36 | 3,280,000 | 3,274,173 |
Town of Stoneham, Limited General Obligation | ||
2.25%, due 1/15/39 | 4,430,000 | 2,982,388 |
185,274,752 |
Principal Amount | Value | |
Michigan 1.6% | ||
Downriver Utility Wastewater Authority, Revenue Bonds | ||
Insured: AGM | ||
5.00%, due 4/1/31 | $ 1,600,000 | $ 1,661,634 |
Flat Rock Community School District, Unlimited General Obligation | ||
Insured: Q-SBLF | ||
5.25%, due 5/1/52 | 2,365,000 | 2,367,610 |
Great Lakes Water Authority, Water Supply System, Revenue Bonds, Senior Lien | ||
Series C | ||
5.25%, due 7/1/34 | 15,350,000 | 15,616,720 |
Holly Area School District, Unlimited General Obligation | ||
Series I, Insured: Q-SBLF | ||
5.25%, due 5/1/48 | 3,415,000 | 3,429,348 |
Lapeer Community Schools, Unlimited General Obligation | ||
Insured: AGM | ||
5.25%, due 5/1/46 | 9,000,000 | 9,019,079 |
Lincoln Consolidated School District, Unlimited General Obligation | ||
Series A, Insured: AGM Q-SBLF | ||
5.00%, due 5/1/30 | 1,455,000 | 1,481,166 |
Series A, Insured: AGM Q-SBLF | ||
5.00%, due 5/1/40 | 1,300,000 | 1,293,437 |
Michigan Finance Authority, McLaren Health Care Corp., Revenue Bonds | ||
Series A | ||
4.00%, due 2/15/44 | 8,500,000 | 7,179,844 |
Michigan Finance Authority, BHSH System Obligated Group, Revenue Bonds | ||
Series A | ||
5.00%, due 4/15/28 | 6,600,000 | 6,845,610 |
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 | 2,000,000 | 2,010,458 |
28 | MainStay MacKay Tax Free Bond Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Michigan (continued) | ||
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 | $ 2,500,000 | $ 2,513,398 |
Michigan Finance Authority, Great Lakes Water Authority Water Supply System, Revenue Bonds | ||
Series D-1, Insured: AGM | ||
5.00%, due 7/1/35 | 1,750,000 | 1,757,667 |
Series D-6, Insured: NATL-RE | ||
5.00%, due 7/1/36 | 6,350,000 | 6,362,546 |
Michigan Finance Authority, Beaumont Health Obligated Group, Revenue Bonds | ||
Series A | ||
5.00%, due 11/1/44 | 4,860,000 | 4,617,548 |
Michigan Finance Authority, Bronson Health Care Group, Revenue Bonds | ||
Series A | ||
5.00%, due 5/15/54 | 11,870,000 | 11,331,420 |
Michigan State Housing Development Authority, Revenue Bonds | ||
Series A | ||
3.75%, due 4/1/27 | 8,500,000 | 8,193,444 |
Southgate Community School District, Unlimited General Obligation | ||
Series II, Insured: Q-SBLF | ||
5.25%, due 5/1/49 | 9,440,000 | 9,588,561 |
State of Michigan, Trunk Line, Revenue Bonds | ||
Series A | ||
4.00%, due 11/15/44 | 31,625,000 | 27,669,759 |
122,939,249 | ||
Minnesota 0.9% | ||
City of Rochester, Mayo Clinic, Revenue Bonds | ||
4.00%, due 11/15/39 | 16,425,000 | 14,782,204 |
Principal Amount | Value | |
Minnesota (continued) | ||
Elk River Independent School District No. 728, Unlimited General Obligation | ||
Series A, Insured: SD CRED PROG | ||
2.25%, due 2/1/36 | $ 5,250,000 | $ 3,900,852 |
Series A, Insured: SD CRED PROG | ||
2.50%, due 2/1/38 | 9,000,000 | 6,497,705 |
Metropolitan Council, Minneapolis-St.Paul Metropolitan Area, Unlimited General Obligation | ||
Series A | ||
3.00%, due 3/1/29 | 5,500,000 | 5,170,421 |
Minneapolis-St Paul Metropolitan Airports Commission, Revenue Bonds | ||
Series B | ||
5.00%, due 1/1/28 (c) | 5,000,000 | 5,073,361 |
Minnesota Housing Finance Agency, Residential Housing Finance, Revenue Bonds | ||
Series E, Insured: GNMA / FNMA / FHLMC | ||
4.25%, due 1/1/49 | 30,000 | 29,378 |
Moorhead Independent School District No. 152, Unlimited General Obligation | ||
Series A, Insured: SD CRED PROG | ||
2.50%, due 2/1/38 | 8,000,000 | 5,811,776 |
State of Minnesota, Unlimited General Obligation | ||
Series B | ||
1.625%, due 8/1/37 | 4,000,000 | 2,563,277 |
Series B | ||
5.00%, due 8/1/26 | 11,000,000 | 11,377,629 |
White Bear Lake Independent School District No. 624, Unlimited General Obligation | ||
Series A, Insured: SD CRED PROG | ||
2.50%, due 2/1/39 | 8,300,000 | 5,873,195 |
Series A, Insured: SD CRED PROG | ||
2.50%, due 2/1/40 | 8,105,000 | 5,620,664 |
Series A, Insured: SD CRED PROG | ||
3.00%, due 2/1/43 | 4,060,000 | 2,933,603 |
69,634,065 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Mississippi 0.0% ‡ | ||
Mississippi Home Corp., Single Family Mortgage Housing, Revenue Bonds | ||
Series A, Insured: GNMA / FNMA / FHLMC | ||
4.00%, due 12/1/44 | $ 950,000 | $ 929,016 |
Missouri 0.7% | ||
Health & Educational Facilities Authority of the State of Missouri, Mercy Health, Revenue Bonds | ||
3.00%, due 6/1/53 | 4,500,000 | 2,810,806 |
4.00%, due 6/1/53 | 9,750,000 | 7,724,663 |
5.50%, due 12/1/48 | 11,300,000 | 11,561,354 |
Health & Educational Facilities Authority of the State of Missouri, St Luke's Health System, Revenue Bonds | ||
Series A | ||
4.00%, due 11/15/48 | 8,500,000 | 6,946,306 |
Health & Educational Facilities Authority of the State of Missouri, CoxHealth, Revenue Bonds | ||
Series A | ||
4.00%, due 11/15/49 | 6,750,000 | 5,493,665 |
Health & Educational Facilities Authority of the State of Missouri, BJC Healthcare, Revenue Bonds | ||
Series D | ||
4.00%, due 1/1/58 (a) | 13,000,000 | 10,724,665 |
Missouri Housing Development Commission, First Place Homeownership Loan Program, Revenue Bonds | ||
Series A, Insured: GNMA / FNMA / FHLMC | ||
4.25%, due 5/1/47 | 210,000 | 205,791 |
Missouri Joint Municipal Electric Utility Commission, Prairie State Project, Revenue Bonds | ||
Series A | ||
5.00%, due 12/1/31 | 3,000,000 | 3,033,098 |
Principal Amount | Value | |
Missouri (continued) | ||
St. Charles County School District No. R-IV, Wentzville, Unlimited General Obligation | ||
Insured: State Aid Direct Deposit | ||
1.875%, due 3/1/40 | $ 11,145,000 | $ 6,626,658 |
55,127,006 | ||
Montana 0.3% | ||
Montana Board of Housing, Single Family Mortgage, Revenue Bonds | ||
Series B | ||
3.40%, due 12/1/33 | 685,000 | 615,688 |
Series B | ||
3.60%, due 6/1/37 | 890,000 | 758,872 |
Montana Facility Finance Authority, Benefis Health System Obligated Group, Revenue Bonds | ||
5.00%, due 2/15/31 | 1,500,000 | 1,504,647 |
5.00%, due 2/15/33 | 1,320,000 | 1,323,111 |
5.00%, due 2/15/34 | 1,200,000 | 1,203,262 |
Montana State Board of Regents, University of Montana/Missoula, Revenue Bonds | ||
Insured: AGM | ||
5.25%, due 11/15/52 | 7,370,000 | 7,497,182 |
Silver Bow County School District No. 1, School Building, Unlimited General Obligation | ||
4.00%, due 7/1/32 | 1,945,000 | 1,864,830 |
4.00%, due 7/1/33 | 2,020,000 | 1,928,028 |
Yellowstone County K-12, School District No. 26 Lockwood, Unlimited General Obligation | ||
5.00%, due 7/1/29 | 2,010,000 | 2,108,307 |
5.00%, due 7/1/30 | 2,000,000 | 2,092,135 |
5.00%, due 7/1/31 | 2,265,000 | 2,363,774 |
5.00%, due 7/1/32 | 2,550,000 | 2,654,897 |
25,914,733 | ||
Nebraska 1.4% | ||
Central Plains Energy, Nebraska Gas Project No. 4, Revenue Bonds | ||
Series A | ||
5.00%, due 3/1/50 (a) | 42,065,000 | 42,194,165 |
County of Sarpy, Highway Allocation Fund, Limited General Obligation | ||
1.875%, due 6/1/39 | 2,890,000 | 1,757,093 |
30 | MainStay MacKay Tax Free Bond Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Nebraska (continued) | ||
Metropolitan Utilities District of Omaha, Revenue Bonds | ||
3.30%, due 12/1/29 | $ 2,845,000 | $ 2,634,067 |
3.40%, due 12/1/30 | 7,000,000 | 6,423,767 |
Nebraska Investment Finance Authority, Single Family Housing, Revenue Bonds | ||
Series C | ||
4.00%, due 9/1/48 | 100,000 | 97,768 |
Omaha Public Power District, Revenue Bonds | ||
Series C | ||
5.00%, due 2/1/43 | 4,500,000 | 4,511,659 |
Series A | ||
5.25%, due 2/1/52 | 21,430,000 | 22,165,988 |
Omaha Public Power District, Electric System, Revenue Bonds | ||
Series A | ||
5.00%, due 2/1/47 | 19,000,000 | 19,361,612 |
Omaha School District, Unlimited General Obligation | ||
1.75%, due 12/15/36 | 7,635,000 | 5,104,385 |
1.75%, due 12/15/37 | 6,755,000 | 4,310,282 |
108,560,786 | ||
Nevada 1.7% | ||
City of Reno, Capital Improvement, Revenue Bonds | ||
Series A-1, Insured: AGM | ||
4.00%, due 6/1/46 | 1,600,000 | 1,281,270 |
Clark County School District, Limited General Obligation | ||
Series B, Insured: BAM | ||
3.00%, due 6/15/36 | 5,500,000 | 4,425,646 |
County of Clark, Regional Transportation Commission of Southern Nevada Motor Fuel Tax, Revenue Bonds | ||
Insured: AGM | ||
4.00%, due 7/1/40 | 16,500,000 | 14,682,924 |
County of Clark, Limited General Obligation | ||
4.00%, due 7/1/44 | 4,900,000 | 4,220,259 |
Principal Amount | Value | |
Nevada (continued) | ||
County of Clark, Stadium Improvements, Limited General Obligation | ||
Series A | ||
5.00%, due 6/1/43 | $ 12,500,000 | $ 12,624,768 |
Las Vegas Convention & Visitors Authority, Convention Center Expansion, Revenue Bonds | ||
Series B | ||
4.00%, due 7/1/49 | 28,845,000 | 23,799,346 |
Series B | ||
5.00%, due 7/1/34 | 2,500,000 | 2,668,674 |
Series B | ||
5.00%, due 7/1/43 | 25,635,000 | 25,754,300 |
Series A | ||
5.00%, due 7/1/49 | 8,150,000 | 8,068,707 |
Series B | ||
5.25%, due 7/1/49 | 8,000,000 | 8,092,111 |
Las Vegas Valley Water District, Limited General Obligation | ||
5.00%, due 6/1/33 | 7,600,000 | 7,675,675 |
Las Vegas Valley Water District, Water Improvement, Limited General Obligation | ||
Series A | ||
5.00%, due 6/1/41 | 6,500,000 | 6,546,632 |
Series A | ||
5.00%, due 6/1/46 | 14,265,000 | 14,312,344 |
134,152,656 | ||
New Hampshire 0.1% | ||
New Hampshire Health and Education Facilities Authority Act, University System of New Hampshire, Revenue Bonds | ||
5.00%, due 7/1/40 | 7,250,000 | 7,268,814 |
New Jersey 3.2% | ||
City of Atlantic City, Unlimited General Obligation | ||
Series B, Insured: AGM State Aid Withholding | ||
5.00%, due 3/1/32 | 2,650,000 | 2,705,583 |
New Jersey Building Authority, Revenue Bonds | ||
Series A, Insured: BAM | ||
5.00%, due 6/15/28 | 1,805,000 | 1,849,322 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
New Jersey (continued) | ||
New Jersey Economic Development Authority, New Jersey-American Water Co., Inc., Revenue Bonds (a)(c) | ||
Series D | ||
1.10%, due 11/1/29 | $ 6,500,000 | $ 5,329,824 |
Series A | ||
2.20%, due 10/1/39 | 12,000,000 | 9,771,042 |
New Jersey Economic Development Authority, The Goethals Bridge Replacement Project, Revenue Bonds (c) | ||
5.00%, due 1/1/28 | 1,000,000 | 1,000,431 |
5.50%, due 1/1/26 | 1,000,000 | 1,001,074 |
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 | 2,050,410 |
New Jersey Health Care Facilities Financing Authority, RWJ Barnabas Health, Revenue Bonds | ||
Series A | ||
4.00%, due 7/1/36 | 6,500,000 | 6,089,842 |
New Jersey Health Care Facilities Financing Authority, Hackensack Meridian Health, Inc., Revenue Bonds | ||
Series A | ||
5.00%, due 7/1/38 | 8,400,000 | 8,492,109 |
New Jersey Transportation Trust Fund Authority, Transportation System, Revenue Bonds | ||
Series C, Insured: NATL-RE | ||
(zero coupon), due 12/15/27 | 7,960,000 | 6,680,749 |
Series C, Insured: NATL-RE | ||
(zero coupon), due 12/15/30 | 17,075,000 | 12,385,618 |
Series C, Insured: AGM | ||
(zero coupon), due 12/15/34 | 25,900,000 | 15,574,652 |
Series A | ||
(zero coupon), due 12/15/37 | 25,000,000 | 11,960,840 |
Series A | ||
5.00%, due 12/15/26 | 3,500,000 | 3,596,775 |
Principal Amount | Value | |
New Jersey (continued) | ||
New Jersey Transportation Trust Fund Authority, Transportation Program, Revenue Bonds | ||
Series AA | ||
5.00%, due 6/15/46 | $ 6,115,000 | $ 6,029,035 |
Series AA | ||
5.25%, due 6/15/43 | 8,655,000 | 8,737,012 |
New Jersey Transportation Trust Fund Authority, Build America Bonds, Revenue Bonds | ||
Series C | ||
5.754%, due 12/15/28 | 2,500,000 | 2,499,059 |
New Jersey Turnpike Authority, Revenue Bonds | ||
Series D-1 | ||
4.50%, due 1/1/24 | 22,000,000 | 21,996,388 |
Series E | ||
5.00%, due 1/1/25 | 2,720,000 | 2,755,704 |
Series B | ||
5.25%, due 1/1/52 | 40,755,000 | 41,584,156 |
State of New Jersey, COVID-19 General Obligation Emergency Bonds, Unlimited General Obligation | ||
Series A | ||
5.00%, due 6/1/24 | 10,165,000 | 10,228,891 |
State of New Jersey, Various Purpose, Unlimited General Obligation | ||
5.00%, due 6/1/38 | 3,685,000 | 3,776,498 |
5.00%, due 6/1/40 | 5,585,000 | 5,697,389 |
5.00%, due 6/1/41 | 11,100,000 | 11,302,956 |
Tobacco Settlement Financing Corp., Revenue Bonds | ||
Series A | ||
5.00%, due 6/1/30 | 1,815,000 | 1,872,637 |
Series A | ||
5.00%, due 6/1/33 | 5,400,000 | 5,553,196 |
Series A | ||
5.00%, due 6/1/34 | 2,000,000 | 2,054,922 |
Series A | ||
5.00%, due 6/1/36 | 4,950,000 | 5,041,403 |
Series A | ||
5.25%, due 6/1/46 | 4,000,000 | 3,932,304 |
Township of Bridgewater, Unlimited General Obligation | ||
4.50%, due 7/31/24 | 10,000,000 | 10,025,585 |
32 | MainStay MacKay Tax Free Bond Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
New Jersey (continued) | ||
Township of East Hanover, Unlimited General Obligation | ||
Series A | ||
4.75%, due 8/8/24 | $ 10,685,000 | $ 10,743,698 |
Township of Edison, Unlimited General Obligation | ||
2.00%, due 3/15/36 | 4,545,000 | 3,189,827 |
245,508,931 | ||
New Mexico 0.2% | ||
New Mexico Hospital Equipment Loan Council, Presbyterian Healthcare Services, Revenue Bonds | ||
Series A | ||
4.00%, due 8/1/37 | 3,650,000 | 3,189,582 |
Series A | ||
5.00%, due 8/1/44 | 6,835,000 | 6,676,515 |
State of New Mexico, Severance Tax Permanent Fund, Revenue Bonds | ||
Series A | ||
5.00%, due 7/1/24 | 9,400,000 | 9,473,122 |
19,339,219 | ||
New York 14.5% | ||
Battery Park City Authority, Revenue Bonds, Senior Lien | ||
Series A | ||
5.00%, due 11/1/53 | 12,500,000 | 12,665,514 |
City of New York, Unlimited General Obligation | ||
Series A, Insured: BAM | ||
3.00%, due 8/1/36 | 12,320,000 | 10,147,750 |
Series A-1 | ||
4.00%, due 8/1/37 | 2,000,000 | 1,858,693 |
Series E-1 | ||
4.00%, due 4/1/42 | 17,770,000 | 15,621,916 |
Series D-1 | ||
4.00%, due 3/1/50 | 7,000,000 | 5,859,559 |
Series A-1 | ||
5.00%, due 9/1/37 | 4,250,000 | 4,451,335 |
Series C | ||
5.00%, due 8/1/42 | 2,160,000 | 2,189,154 |
Series F-1 | ||
5.00%, due 3/1/43 | 4,315,000 | 4,364,307 |
Series B-1 | ||
5.25%, due 10/1/33 | 6,260,000 | 6,526,915 |
Principal Amount | Value | |
New York (continued) | ||
Hudson Yards Infrastructure Corp., Second Indenture, Revenue Bonds | ||
Series A | ||
4.00%, due 2/15/37 | $ 2,175,000 | $ 2,027,093 |
Series A | ||
5.00%, due 2/15/39 | 4,700,000 | 4,728,282 |
Long Island Power Authority, Electric System, Revenue Bonds | ||
5.00%, due 9/1/37 | 2,000,000 | 2,051,816 |
Series A, Insured: BAM | ||
5.00%, due 9/1/39 | 8,500,000 | 8,508,673 |
Series A | ||
5.00%, due 9/1/44 | 5,875,000 | 5,811,789 |
Metropolitan Transportation Authority, Revenue Bonds | ||
Series B | ||
4.00%, due 11/15/36 | 3,500,000 | 3,200,510 |
Series D-2B, Insured: AGM | ||
4.108%, due 11/1/32 | 24,100,000 | 24,094,418 |
Series D-1 | ||
5.00%, due 11/15/26 | 2,285,000 | 2,303,290 |
Series C-1 | ||
5.00%, due 11/15/35 | 4,250,000 | 4,256,106 |
Series A-1 | ||
5.00%, due 11/15/37 | 1,300,000 | 1,290,723 |
Series C | ||
5.00%, due 11/15/38 | 6,300,000 | 6,311,699 |
Series A-1 | ||
5.00%, due 11/15/40 | 4,140,000 | 4,079,066 |
Series C | ||
5.00%, due 11/15/42 | 8,525,000 | 8,540,831 |
Series E | ||
5.00%, due 11/15/43 | 2,250,000 | 2,200,276 |
Series C-1 | ||
5.25%, due 11/15/29 | 2,230,000 | 2,245,214 |
Series B | ||
5.25%, due 11/15/35 | 2,370,000 | 2,372,300 |
Series D-1 | ||
5.25%, due 11/15/44 | 6,355,000 | 6,306,889 |
Metropolitan Transportation Authority, Metropolitan Transportation Authority Dedicated Tax Fund, Revenue Bonds | ||
Series A | ||
4.00%, due 11/15/40 | 4,120,000 | 3,628,018 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
New York (continued) | ||
Metropolitan Transportation Authority, Metropolitan Transportation Authority Dedicated Tax Fund, Revenue Bonds (continued) | ||
Series A | ||
5.00%, due 11/15/42 | $ 13,250,000 | $ 13,262,472 |
Series A | ||
5.00%, due 11/15/45 | 6,725,000 | 6,748,042 |
Metropolitan Transportation Authority, Dedicated Tax Fund, Revenue Bonds | ||
Series B-1 | ||
5.00%, due 11/15/36 | 4,675,000 | 4,730,072 |
Series A | ||
5.00%, due 11/15/44 | 4,250,000 | 4,276,349 |
Series A | ||
5.00%, due 11/15/49 | 5,250,000 | 5,205,043 |
Metropolitan Transportation Authority, Green Bond, Revenue Bonds | ||
Series A-1 | ||
5.00%, due 11/15/41 | 2,815,000 | 2,767,637 |
Series C, Insured: BAM | ||
5.00%, due 11/15/42 | 7,700,000 | 7,697,438 |
Series D | ||
5.00%, due 11/15/44 | 10,450,000 | 10,189,731 |
New York City Housing Development Corp., Revenue Bonds | ||
Series A-1 | ||
4.15%, due 11/1/38 | 15,130,000 | 13,802,035 |
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 | 18,700,000 | 13,209,452 |
Series DD-1 | ||
3.00%, due 6/15/50 | 4,515,000 | 2,978,480 |
Series FF-2 | ||
4.00%, due 6/15/41 | 6,975,000 | 6,209,935 |
Series AA-2 | ||
4.00%, due 6/15/43 | 6,200,000 | 5,409,451 |
Series AA-2 | ||
5.00%, due 6/15/28 | 1,000,000 | 1,033,465 |
Series AA-2 | ||
5.00%, due 6/15/29 | 1,100,000 | 1,149,193 |
Principal Amount | Value | |
New York (continued) | ||
New York City Municipal Water Finance Authority, Water & Sewer System Second General Resolution, Revenue Bonds (continued) | ||
Series AA-2 | ||
5.00%, due 6/15/32 | $ 1,000,000 | $ 1,081,384 |
Series AA | ||
5.00%, due 6/15/37 | 3,750,000 | 3,820,798 |
Series AA | ||
5.00%, due 6/15/38 | 3,750,000 | 3,807,047 |
Series FF | ||
5.00%, due 6/15/38 | 4,565,000 | 4,659,410 |
Series EE | ||
5.00%, due 6/15/40 | 6,905,000 | 7,003,841 |
Series BB-1 | ||
5.00%, due 6/15/44 | 3,250,000 | 3,306,229 |
Series GG-1 | ||
5.00%, due 6/15/48 | 4,350,000 | 4,374,105 |
Series AA-1 | ||
5.00%, due 6/15/50 | 5,570,000 | 5,594,740 |
Series CC-1 | ||
5.00%, due 6/15/51 | 5,385,000 | 5,409,082 |
Series DD-2 | ||
5.25%, due 6/15/47 | 6,915,000 | 7,154,112 |
Series AA-1 | ||
5.25%, due 6/15/52 | 11,190,000 | 11,500,011 |
New York City Transitional Finance Authority, Building Aid, Revenue Bonds | ||
Series S-1A, Insured: State Aid Withholding | ||
3.00%, due 7/15/39 | 5,000,000 | 3,827,186 |
Series S-1B, Insured: State Aid Withholding | ||
3.00%, due 7/15/49 | 10,000,000 | 6,688,808 |
Series S-1A, Insured: State Aid Withholding | ||
4.00%, due 7/15/36 | 5,750,000 | 5,439,094 |
Series S-1, Insured: State Aid Withholding | ||
5.00%, due 7/15/36 | 8,450,000 | 8,390,863 |
New York City Transitional Finance Authority, Future Tax Secured, Revenue Bonds | ||
Series B-1 | ||
3.00%, due 11/1/47 | 8,410,000 | 5,682,108 |
34 | MainStay MacKay Tax Free Bond Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
New York (continued) | ||
New York City Transitional Finance Authority, Future Tax Secured, Revenue Bonds (continued) | ||
Series A-1 | ||
4.00%, due 11/1/35 | $ 8,750,000 | $ 8,415,836 |
Series C-1 | ||
4.00%, due 11/1/36 | 3,520,000 | 3,318,167 |
Series C-1 | ||
4.00%, due 11/1/42 | 8,540,000 | 7,545,918 |
Series E-1 | ||
4.00%, due 2/1/46 | 16,085,000 | 13,794,712 |
Series A-1 | ||
5.00%, due 5/1/33 | 8,475,000 | 8,648,570 |
Series B-1 | ||
5.00%, due 11/1/36 | 17,000,000 | 17,586,284 |
Series A-1 | ||
5.00%, due 8/1/40 | 4,400,000 | 4,437,925 |
Series C-3 | ||
5.00%, due 5/1/41 | 5,400,000 | 5,433,006 |
Series F-1 | ||
5.00%, due 2/1/42 | 5,000,000 | 5,100,371 |
Series E-1 | ||
5.00%, due 2/1/43 | 2,545,000 | 2,525,515 |
Series A-1 | ||
5.25%, due 8/1/42 | 6,350,000 | 6,601,137 |
Series C | ||
5.50%, due 5/1/42 | 10,000,000 | 10,696,190 |
Series C | ||
5.50%, due 5/1/43 | 5,000,000 | 5,331,754 |
Series C | ||
5.50%, due 5/1/44 | 22,000,000 | 23,373,095 |
Series D-1 | ||
5.50%, due 11/1/45 | 21,025,000 | 22,159,713 |
New York Liberty Development Corp., Bank of America Tower at One Bryant Park Project, Revenue Bonds | ||
2.45%, due 9/15/69 | 11,125,000 | 9,537,303 |
New York Liberty Development Corp., 1 World Trade Center, Revenue Bonds | ||
Insured: BAM | ||
2.75%, due 2/15/44 | 18,000,000 | 12,059,545 |
Insured: AGM-CR | ||
3.00%, due 2/15/42 | 10,000,000 | 7,152,600 |
Insured: BAM | ||
4.00%, due 2/15/43 | 3,250,000 | 2,757,568 |
Principal Amount | Value | |
New York (continued) | ||
New York Liberty Development Corp., 1 World Trade Center, Revenue Bonds (continued) | ||
Insured: AGM-CR | ||
4.00%, due 2/15/43 | $ 9,500,000 | $ 8,060,583 |
New York Liberty Development Corp., 4 World Trade Center LLC, Revenue Bonds | ||
Series A | ||
2.875%, due 11/15/46 | 14,060,000 | 9,069,047 |
New York Power Authority, Revenue Bonds | ||
Series A | ||
4.00%, due 11/15/50 | 5,000,000 | 4,142,890 |
New York State Dormitory Authority, State Personal Income Tax, Revenue Bonds | ||
Series A | ||
3.00%, due 3/15/39 | 11,585,000 | 8,940,709 |
Series A | ||
3.00%, due 3/15/42 | 6,315,000 | 4,598,292 |
Series A | ||
4.00%, due 3/15/36 | 6,750,000 | 6,408,567 |
Series D | ||
4.00%, due 2/15/37 | 5,250,000 | 4,911,344 |
Series A | ||
4.00%, due 3/15/37 | 4,000,000 | 3,735,522 |
Series A | ||
4.00%, due 3/15/37 | 3,200,000 | 2,988,418 |
Series A | ||
4.00%, due 3/15/39 | 17,200,000 | 15,487,836 |
Series A | ||
4.00%, due 3/15/40 | 16,840,000 | 15,077,618 |
Series A | ||
4.00%, due 3/15/41 | 3,180,000 | 2,835,075 |
Series E | ||
4.00%, due 3/15/45 | 2,550,000 | 2,208,608 |
Series E | ||
5.00%, due 2/15/35 | 2,905,000 | 3,067,926 |
Series A | ||
5.00%, due 3/15/39 | 5,000,000 | 5,075,517 |
Series A | ||
5.00%, due 3/15/46 | 4,750,000 | 4,788,060 |
New York State Dormitory Authority, NYU Langone Hospitals Obligated Group, Revenue Bonds | ||
Series A | ||
3.00%, due 7/1/48 | 9,000,000 | 5,970,691 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
New York (continued) | ||
New York State Dormitory Authority, NYU Langone Hospitals Obligated Group, Revenue Bonds (continued) | ||
Series A | ||
4.00%, due 7/1/50 | $ 15,000,000 | $ 12,068,641 |
New York State Dormitory Authority, School Districts Financing Program, Revenue Bonds | ||
Series A, Insured: AGM | ||
5.00%, due 10/1/34 | 5,000 | 5,298 |
Series A, Insured: BAM | ||
5.00%, due 10/1/36 | 3,750,000 | 3,903,515 |
New York State Dormitory Authority, St John's University, Revenue Bonds | ||
5.00%, due 7/1/39 | 7,450,000 | 7,615,021 |
5.00%, due 7/1/40 | 7,835,000 | 7,941,579 |
New York State Dormitory Authority, Sales Tax, Revenue Bonds | ||
Series A | ||
5.00%, due 3/15/42 | 4,750,000 | 4,790,043 |
New York State Dormitory Authority, Northwell Health, Revenue Bonds | ||
Series B-3 | ||
5.00%, due 5/1/48 (a) | 5,000,000 | 5,058,207 |
New York State Dormitory Authority, New York University, Revenue Bonds | ||
Series A, Insured: NATL-RE | ||
5.75%, due 7/1/27 | 2,625,000 | 2,709,372 |
New York State Environmental Facilities Corp., Clean Water & Drinking Water, Revenue Bonds | ||
Series B | ||
3.00%, due 6/15/38 | 8,100,000 | 6,411,959 |
New York State Thruway Authority, Revenue Bonds | ||
Series B | ||
4.00%, due 1/1/38 | 4,250,000 | 3,787,340 |
Series N | ||
5.00%, due 1/1/36 | 5,000,000 | 5,271,066 |
New York State Thruway Authority, Revenue Bonds, Junior Lien | ||
Series A | ||
5.00%, due 1/1/46 | 5,440,000 | 5,310,227 |
Principal Amount | Value | |
New York (continued) | ||
New York State Thruway Authority, State Personal Income Tax, Revenue Bonds | ||
Series A-1 | ||
4.00%, due 3/15/43 | $ 7,500,000 | $ 6,580,935 |
New York State Thruway Authority, General Revenue Junior Indebtedness Obligation, Revenue Bonds, Junior Lien | ||
Series B, Insured: BAM | ||
4.00%, due 1/1/45 | 4,650,000 | 3,941,314 |
New York State Urban Development Corp., Sales Tax, Revenue Bonds | ||
Series A | ||
3.00%, due 3/15/40 | 6,750,000 | 5,107,110 |
Series A | ||
4.00%, due 3/15/37 | 14,250,000 | 13,493,123 |
Series A | ||
4.00%, due 3/15/38 | 5,550,000 | 5,145,423 |
Series A | ||
5.00%, due 3/15/36 | 5,360,000 | 5,592,534 |
New York State Urban Development Corp., Personal Income Tax, Revenue Bonds | ||
Series A | ||
5.00%, due 3/15/42 | 15,250,000 | 15,497,683 |
Series C | ||
5.00%, due 3/15/50 | 4,750,000 | 4,726,042 |
New York Transportation Development Corp., LaGuardia Airport Terminal B Redevelopment Project, Revenue Bonds (c) | ||
Series A, Insured: AGM | ||
4.00%, due 7/1/35 | 10,730,000 | 9,984,000 |
Series A, Insured: AGM | ||
4.00%, due 7/1/37 | 11,770,000 | 10,577,311 |
New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project, Revenue Bonds (c) | ||
Insured: AGM-CR | ||
5.00%, due 12/1/27 | 4,250,000 | 4,363,328 |
Insured: AGM-CR | ||
5.00%, due 12/1/28 | 4,250,000 | 4,358,779 |
Insured: AGM-CR | ||
5.00%, due 12/1/29 | 7,900,000 | 8,101,168 |
5.00%, due 12/1/30 | 1,700,000 | 1,722,092 |
36 | MainStay MacKay Tax Free Bond Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
New York (continued) | ||
Onondaga County Trust for Cultural Resources, Syracuse University Project, Revenue Bonds | ||
5.00%, due 12/1/43 | $ 10,210,000 | $ 10,351,387 |
5.00%, due 12/1/45 | 8,140,000 | 8,220,912 |
Oswego City School District, Unlimited General Obligation | ||
Insured: State Aid Withholding | ||
4.75%, due 7/19/24 | 7,500,000 | 7,526,134 |
Port Authority of New York & New Jersey, Revenue Bonds (c) | ||
Series 207 | ||
4.00%, due 3/15/30 | 16,000,000 | 15,361,818 |
4.00%, due 3/15/35 | 9,560,000 | 8,866,985 |
Series 223 | ||
4.00%, due 7/15/46 | 4,175,000 | 3,370,686 |
Series 185 | ||
5.00%, due 9/1/27 | 6,200,000 | 6,201,329 |
Series 178 | ||
5.00%, due 12/1/28 | 6,850,000 | 6,857,256 |
Series 242 | ||
5.00%, due 12/1/30 | 17,705,000 | 18,213,516 |
Series 185 | ||
5.00%, due 9/1/31 | 6,750,000 | 6,722,203 |
Series 242 | ||
5.00%, due 12/1/31 | 18,000,000 | 18,544,406 |
Series 185 | ||
5.00%, due 9/1/32 | 6,000,000 | 5,971,574 |
Series 218 | ||
5.00%, due 11/1/44 | 2,750,000 | 2,680,219 |
Series 231 | ||
5.50%, due 8/1/40 | 9,205,000 | 9,544,888 |
Series 231 | ||
5.50%, due 8/1/47 | 18,000,000 | 18,340,778 |
Series 231 | ||
5.50%, due 8/1/52 | 3,415,000 | 3,464,549 |
Series 234 | ||
5.50%, due 8/1/52 | 4,665,000 | 4,732,686 |
Rensselaer City School District, Certificate of Participation | ||
Insured: AGM State Aid Withholding | ||
5.00%, due 6/1/30 | 1,880,000 | 1,915,899 |
Insured: AGM State Aid Withholding | ||
5.00%, due 6/1/32 | 2,000,000 | 2,036,721 |
Principal Amount | Value | |
New York (continued) | ||
State of New York, Mortgage Agency, Revenue Bonds | ||
Series 227 | ||
2.30%, due 10/1/40 | $ 6,250,000 | $ 4,033,069 |
State of New York, Unlimited General Obligation | ||
Series A | ||
3.00%, due 3/15/34 | 2,250,000 | 1,952,813 |
Suffolk County Water Authority, Revenue Bonds | ||
Series B | ||
3.00%, due 6/1/45 | 3,875,000 | 2,716,927 |
Suffolk County Water Authority, Waterworks, Revenue Bonds | ||
Series A | ||
3.75%, due 6/1/36 | 15,470,000 | 14,297,714 |
Town of Hempstead, Limited General Obligation | ||
2.125%, due 6/15/38 | 6,720,000 | 4,595,490 |
Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels, Revenue Bonds, Senior Lien | ||
Series C-3 | ||
3.00%, due 5/15/51 | 18,415,000 | 11,904,312 |
Series C-3, Insured: AGM-CR | ||
3.00%, due 5/15/51 | 14,520,000 | 9,435,508 |
Series D-2 | ||
4.50%, due 5/15/47 | 10,000,000 | 9,411,571 |
Series C | ||
5.25%, due 11/15/40 | 5,000,000 | 5,253,444 |
Series D-2 | ||
5.25%, due 5/15/47 | 22,750,000 | 23,281,406 |
Series D-2 | ||
5.50%, due 5/15/52 | 28,550,000 | 29,831,738 |
Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels, Revenue Bonds | ||
Series B-4A | ||
3.938%, due 1/1/32 | 2,440,000 | 2,432,821 |
Series C | ||
4.00%, due 11/15/41 | 10,250,000 | 9,043,002 |
Series A | ||
4.00%, due 5/15/52 | 5,500,000 | 4,568,282 |
Series B | ||
5.00%, due 11/15/37 | 2,850,000 | 2,905,026 |
Series C-2 | ||
5.00%, due 11/15/42 | 4,750,000 | 4,782,232 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
New York (continued) | ||
Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels, Revenue Bonds (continued) | ||
Series A | ||
5.00%, due 11/15/43 | $ 4,000,000 | $ 4,004,404 |
Series A | ||
5.00%, due 5/15/53 | 5,250,000 | 5,261,178 |
Series A | ||
5.25%, due 5/15/52 | 3,750,000 | 3,839,497 |
Series A | ||
5.50%, due 5/15/63 | 4,340,000 | 4,512,448 |
TSASC, Inc., Tobacco Settlement Bonds, Revenue Bonds | ||
Series A | ||
5.00%, due 6/1/33 | 5,890,000 | 5,993,968 |
Series A | ||
5.00%, due 6/1/35 | 2,365,000 | 2,396,833 |
Utility Debt Securitization Authority, Revenue Bonds | ||
Series E-1 | ||
5.00%, due 12/15/39 | 9,500,000 | 10,035,424 |
1,127,367,824 | ||
North Carolina 0.5% | ||
City of Fayetteville, Public Works Commission, Revenue Bonds | ||
2.00%, due 3/1/35 | 3,330,000 | 2,475,597 |
2.00%, due 3/1/37 | 3,465,000 | 2,387,955 |
2.00%, due 3/1/38 | 3,535,000 | 2,319,926 |
2.125%, due 3/1/39 | 3,605,000 | 2,350,733 |
2.125%, due 3/1/40 | 3,680,000 | 2,340,657 |
County of Brunswick, School, Unlimited General Obligation | ||
2.85%, due 8/1/29 | 2,475,000 | 2,257,962 |
2.95%, due 8/1/30 | 2,500,000 | 2,260,145 |
County of Durham, Unlimited General Obligation | ||
3.00%, due 10/1/29 | 3,750,000 | 3,470,770 |
County of Union, Unlimited General Obligation | ||
Series C | ||
2.50%, due 9/1/36 | 4,000,000 | 3,061,226 |
North Carolina Housing Finance Agency, Revenue Bonds | ||
Series 49, Insured: GNMA / FNMA / FHLMC | ||
6.00%, due 7/1/53 | 8,470,000 | 8,778,132 |
Principal Amount | Value | |
North Carolina (continued) | ||
North Carolina Turnpike Authority, Triangle Expressway System, Revenue Bonds, Senior Lien | ||
Insured: AGM | ||
5.00%, due 1/1/27 | $ 3,250,000 | $ 3,335,747 |
35,038,850 | ||
Ohio 1.0% | ||
American Municipal Power, Inc., Prairie State Energy Campus Project, Revenue Bonds | ||
Series A, Insured: BAM | ||
4.00%, due 2/15/34 | 10,000,000 | 9,566,590 |
Series A, Insured: BAM | ||
5.00%, due 2/15/33 | 3,450,000 | 3,606,322 |
Buckeye Tobacco Settlement Financing Authority, Revenue Bonds, Senior Lien | ||
Series A-2 | ||
3.00%, due 6/1/48 | 9,915,000 | 6,535,359 |
Series A-2, Class 1 | ||
5.00%, due 6/1/36 | 4,250,000 | 4,347,986 |
Clermont County Port Authority, West Clermont Local School District Project, Revenue Bonds | ||
Insured: BAM | ||
5.00%, due 12/1/32 | 2,200,000 | 2,236,335 |
Insured: BAM | ||
5.00%, due 12/1/33 | 1,335,000 | 1,357,315 |
Cleveland-Cuyahoga County Port Authority, Annual Appropriation Bonds, Revenue Bonds | ||
6.00%, due 11/15/25 | 1,260,000 | 1,262,003 |
County of Franklin, Ohio Hospital, Revenue Bonds | ||
Series A | ||
4.00%, due 5/15/47 | 3,950,000 | 3,229,482 |
5.00%, due 5/15/40 | 5,750,000 | 5,631,046 |
Ohio Higher Educational Facility Commission, Ashtabula County Medical Center Obligated Group, Revenue Bonds | ||
5.00%, due 1/1/30 | 210,000 | 210,913 |
5.00%, due 1/1/34 | 360,000 | 363,141 |
5.25%, due 1/1/36 | 495,000 | 503,246 |
5.25%, due 1/1/52 | 2,500,000 | 2,255,992 |
38 | MainStay MacKay Tax Free Bond Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Ohio (continued) | ||
Ohio Housing Finance Agency, Residential Mortgage, Revenue Bonds | ||
Series A, Insured: GNMA / FNMA / FHLMC | ||
4.50%, due 9/1/48 | $ 2,380,000 | $ 2,351,291 |
Pickerington Local School District, Unlimited General Obligation | ||
5.00%, due 12/1/53 | 5,000,000 | 5,006,513 |
Worthington City School District, Unlimited General Obligation | ||
5.50%, due 12/1/54 | 25,055,000 | 26,086,569 |
74,550,103 | ||
Oklahoma 0.8% | ||
Edmond Public Works Authority, Revenue Bonds | ||
5.00%, due 7/1/42 | 9,405,000 | 9,434,244 |
Lincoln County Educational Facilities Authority, Stroud Public Schools Project, Revenue Bonds | ||
5.00%, due 9/1/28 | 2,450,000 | 2,492,649 |
5.00%, due 9/1/29 | 2,120,000 | 2,153,517 |
Oklahoma Turnpike Authority, Revenue Bonds | ||
5.50%, due 1/1/53 | 41,000,000 | 43,082,361 |
Weatherford Industrial Trust, Custer County Independent School District No. 26 Weatherford, Revenue Bonds | ||
5.00%, due 3/1/31 | 1,820,000 | 1,885,025 |
5.00%, due 3/1/33 | 2,000,000 | 2,067,854 |
61,115,650 | ||
Oregon 0.7% | ||
Multnomah County School District No. 1, Portland Bidding Group 1, Unlimited General Obligation | ||
Insured: School Bond Guaranty | ||
5.00%, due 6/15/25 | 17,500,000 | 17,833,702 |
Multnomah County School District No. 40, Unlimited General Obligation | ||
Series B, Insured: School Bond Guaranty | ||
5.50%, due 6/15/53 | 8,875,000 | 9,333,685 |
Principal Amount | Value | |
Oregon (continued) | ||
Oregon State Lottery, Revenue Bonds | ||
Series C, Insured: Moral Obligation | ||
5.00%, due 4/1/24 | $ 4,500,000 | $ 4,520,444 |
Port of Portland, Airport, Revenue Bonds (c) | ||
Series A-27 | ||
5.00%, due 7/1/37 | 5,550,000 | 5,541,967 |
Series 29-A | ||
5.00%, due 7/1/45 | 3,300,000 | 3,170,784 |
Series 29 | ||
5.50%, due 7/1/48 | 5,750,000 | 5,848,705 |
State of Oregon, Unlimited General Obligation | ||
Series A | ||
5.00%, due 5/1/42 | 2,795,000 | 2,831,420 |
Washington Clackamas & Yamhill Counties School District No. 88J, Sherwood, Unlimited General Obligation | ||
Series B, Insured: School Bond Guaranty | ||
5.00%, due 6/15/30 | 4,000,000 | 4,148,732 |
53,229,439 | ||
Pennsylvania 3.8% | ||
Allegheny County Airport Authority, Revenue Bonds | ||
Series A | ||
4.00%, due 1/1/38 (c) | 4,665,000 | 4,109,369 |
Bethel Park School District, Limited General Obligation (d) | ||
Insured: State Aid Withholding | ||
5.00%, due 8/1/46 | 2,500,000 | 2,465,969 |
Insured: State Aid Withholding | ||
5.50%, due 8/1/48 | 2,500,000 | 2,571,686 |
City of Philadelphia, Water & Wastewater, Revenue Bonds | ||
Series C | ||
5.50%, due 6/1/47 | 14,055,000 | 14,454,913 |
Series B, Insured: AGM | ||
5.50%, due 9/1/53 | 8,865,000 | 9,101,697 |
Commonwealth Financing Authority, Revenue Bonds | ||
Series C, Insured: AGM | ||
5.197%, due 6/1/26 | 6,140,000 | 6,040,030 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Pennsylvania (continued) | ||
Commonwealth of Pennsylvania, Unlimited General Obligation | ||
Series 2 | ||
4.00%, due 10/15/28 | $ 6,000,000 | $ 5,949,330 |
Series 1 | ||
4.00%, due 4/1/31 | 9,500,000 | 9,365,847 |
Series 1 | ||
4.00%, due 4/1/32 | 20,600,000 | 20,197,350 |
Delaware Valley Regional Finance Authority, Revenue Bonds | ||
Series E | ||
4.517%, due 9/1/48 | 17,500,000 | 17,238,293 |
Pennsylvania Economic Development Financing Authority, UPMC Obligated Group, Revenue Bonds | ||
Series A-2 | ||
4.00%, due 5/15/48 | 6,090,000 | 4,889,272 |
Pennsylvania Economic Development Financing Authority, Waste Management, Inc. Project, Revenue Bonds | ||
Series A | ||
4.49%, due 6/1/41 (c) | 13,500,000 | 13,394,763 |
Pennsylvania Economic Development Financing Authority, Penndot Major Bridges Project, Revenue Bonds | ||
Insured: AGM | ||
5.75%, due 12/31/62 (c) | 24,960,000 | 26,057,783 |
Pennsylvania Higher Educational Facilities Authority, University of Pennsylvania Health System, Revenue Bonds | ||
Series A | ||
4.00%, due 8/15/42 | 4,000,000 | 3,442,870 |
4.00%, due 8/15/49 | 19,640,000 | 16,058,774 |
Series A | ||
5.00%, due 8/15/42 | 5,370,000 | 5,245,051 |
5.00%, due 8/15/49 | 4,450,000 | 4,382,825 |
Pennsylvania Housing Finance Agency, Revenue Bonds | ||
Series A-141 | ||
5.75%, due 10/1/53 | 6,510,000 | 6,682,663 |
Principal Amount | Value | |
Pennsylvania (continued) | ||
Pennsylvania Turnpike Commission, Revenue Bonds | ||
Series B | ||
5.00%, due 12/1/30 | $ 6,355,000 | $ 6,384,964 |
Series B | ||
5.25%, due 12/1/39 | 4,000,000 | 4,004,293 |
Series B | ||
5.25%, due 12/1/44 | 4,085,000 | 4,218,178 |
Philadelphia Authority for Industrial Development, St. Joseph's University Project, Revenue Bonds | ||
5.25%, due 11/1/52 | 3,250,000 | 3,137,735 |
Pittsburgh Water & Sewer Authority, Revenue Bonds | ||
Series B, Insured: AGM | ||
4.00%, due 9/1/34 | 2,400,000 | 2,251,133 |
School District of Philadelphia (The), Revenue Notes | ||
Series A | ||
5.00%, due 6/28/24 | 82,500,000 | 82,917,945 |
State Public School Building Authority, Philadelphia Community College, Revenue Bonds | ||
Series A, Insured: BAM | ||
5.00%, due 6/15/28 | 4,505,000 | 4,554,929 |
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 | 20,000,000 | 20,335,414 |
299,453,076 | ||
Puerto Rico 0.2% | ||
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds, Senior Lien | ||
Series A, Insured: AGC-ICC | ||
6.125%, due 7/1/24 | 150,000 | 151,115 |
Puerto Rico Electric Power Authority, Revenue Bonds | ||
Series UU, Insured: AGC | ||
4.25%, due 7/1/27 | 2,345,000 | 2,276,054 |
Series NN, Insured: NATL-RE | ||
4.75%, due 7/1/33 | 1,140,000 | 1,101,340 |
Series PP, Insured: NATL-RE | ||
5.00%, due 7/1/24 | 2,415,000 | 2,415,331 |
40 | MainStay MacKay Tax Free Bond Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Puerto Rico (continued) | ||
Puerto Rico Electric Power Authority, Revenue Bonds (continued) | ||
Series UU, Insured: AGM | ||
5.00%, due 7/1/24 | $ 3,915,000 | $ 3,910,072 |
Series TT, Insured: AGM-CR | ||
5.00%, due 7/1/27 | 500,000 | 496,667 |
Series SS, Insured: AGM | ||
5.00%, due 7/1/30 | 550,000 | 543,285 |
Series VV, Insured: NATL-RE | ||
5.25%, due 7/1/26 | 1,575,000 | 1,556,666 |
Series VV, Insured: NATL-RE | ||
5.25%, due 7/1/29 | 1,470,000 | 1,456,145 |
Series VV, Insured: NATL-RE | ||
5.25%, due 7/1/32 | 1,225,000 | 1,208,662 |
Series VV, Insured: NATL-RE | ||
5.25%, due 7/1/34 | 550,000 | 543,774 |
Puerto Rico Municipal Finance Agency, Revenue Bonds | ||
Series A, Insured: AGM | ||
5.00%, due 8/1/27 | 195,000 | 196,281 |
Series A, Insured: AGM | ||
5.00%, due 8/1/30 | 1,440,000 | 1,449,457 |
Puerto Rico Sales Tax Financing Corp., Revenue Bonds | ||
Insured: BHAC-CR | ||
(zero coupon), due 8/1/54 | 98,098 | 17,732 |
17,322,581 | ||
Rhode Island 0.0% ‡ | ||
Providence Public Building Authority, Various Capital Projects, Revenue Bonds | ||
Series A, Insured: AGM | ||
5.875%, due 6/15/26 | 990,000 | 991,575 |
South Carolina 1.2% | ||
Beaufort County School District, Unlimited General Obligation | ||
Series B, Insured: SCSDE | ||
3.50%, due 3/1/30 | 5,330,000 | 5,045,967 |
Berkeley County School District, Unlimited General Obligation | ||
Series C, Insured: SCSDE | ||
2.50%, due 3/1/24 | 4,110,000 | 4,067,677 |
Principal Amount | Value | |
South Carolina (continued) | ||
South Carolina Jobs-Economic Development Authority, AnMed Health, Revenue Bonds | ||
4.25%, due 2/1/48 | $ 13,580,000 | $ 11,625,148 |
5.25%, due 2/1/53 | 6,500,000 | 6,430,035 |
South Carolina Public Service Authority, Santee Cooper Project, Revenue Bonds | ||
Series B, Insured: AGM-CR | ||
4.00%, due 12/1/29 | 4,167,000 | 4,074,371 |
Series A, Insured: BAM | ||
4.00%, due 12/1/40 | 5,450,000 | 4,776,098 |
Series B, Insured: BAM | ||
4.00%, due 12/1/55 | 3,000 | 2,363 |
Series A, Insured: AGM-CR | ||
5.00%, due 12/1/31 | 2,250,000 | 2,349,660 |
Series A, Insured: AGM-CR | ||
5.00%, due 12/1/32 | 8,500,000 | 8,628,884 |
Series A, Insured: AGM-CR | ||
5.00%, due 12/1/36 | 12,750,000 | 13,169,532 |
Series E, Insured: AGM | ||
5.00%, due 12/1/52 | 14,550,000 | 13,990,385 |
Series E, Insured: AGM | ||
5.50%, due 12/1/42 | 9,125,000 | 9,472,919 |
South Carolina Transportation Infrastructure Bank, Revenue Bonds | ||
Series A | ||
5.00%, due 10/1/36 | 12,950,000 | 13,250,210 |
96,883,249 | ||
South Dakota 0.1% | ||
South Dakota Conservancy District, State Revolving Fund Program, Revenue Bonds | ||
5.00%, due 8/1/37 | 1,750,000 | 1,804,580 |
5.00%, due 8/1/38 | 2,250,000 | 2,314,034 |
South Dakota Housing Development Authority, Revenue Bonds | ||
Series A, Insured: GNMA / FNMA / FHLMC | ||
6.00%, due 5/1/54 | 5,230,000 | 5,410,177 |
9,528,791 | ||
Tennessee 1.1% | ||
County of Knox, Unlimited General Obligation | ||
Series B | ||
3.00%, due 6/1/34 | 3,665,000 | 3,163,370 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Tennessee (continued) | ||
County of Rutherford, Unlimited General Obligation | ||
1.625%, due 4/1/34 | $ 5,375,000 | $ 3,971,498 |
1.875%, due 4/1/39 | 4,120,000 | 2,630,647 |
Metropolitan Government of Nashville & Davidson County, Water & Sewer, Revenue Bonds | ||
Series A | ||
3.00%, due 7/1/40 | 4,000,000 | 2,993,720 |
Metropolitan Nashville Airport Authority (The), Revenue Bonds (c) | ||
Series B | ||
5.00%, due 7/1/44 | 10,225,000 | 9,792,334 |
Series B | ||
5.50%, due 7/1/40 | 2,000,000 | 2,057,700 |
Series B | ||
5.50%, due 7/1/41 | 3,000,000 | 3,075,141 |
Series B | ||
5.50%, due 7/1/52 | 7,000,000 | 7,018,856 |
State of Tennessee, Unlimited General Obligation | ||
Series A | ||
5.00%, due 5/1/36 | 19,000,000 | 20,603,129 |
Series A | ||
5.00%, due 5/1/40 | 14,500,000 | 15,142,994 |
Series A | ||
5.00%, due 5/1/42 | 10,000,000 | 10,349,764 |
Series A | ||
5.00%, due 5/1/43 | 3,630,000 | 3,748,586 |
Tennessee Energy Acquisition Corp., Revenue Bonds | ||
4.00%, due 11/1/49 (a) | 1,250,000 | 1,223,057 |
85,770,796 | ||
Texas 11.0% | ||
Aldine Independent School District, Unlimited General Obligation | ||
Insured: PSF-GTD | ||
4.00%, due 2/15/31 | 11,000,000 | 10,823,721 |
Arlington Higher Education Finance Corp., Harmony Public Schools, Revenue Bonds | ||
Series A, Insured: PSF-GTD | ||
5.00%, due 2/15/35 | 3,450,000 | 3,466,295 |
Principal Amount | Value | |
Texas (continued) | ||
Bastrop Independent School District, Unlimited General Obligation | ||
Insured: PSF-GTD | ||
5.00%, due 2/15/48 | $ 6,785,000 | $ 6,863,265 |
Bexar County Hospital District, Certificates of Obligation, Limited General Obligation | ||
4.00%, due 2/15/37 | 3,450,000 | 3,228,654 |
Central Texas Regional Mobility Authority, Revenue Bonds, Sub. Lien | ||
Series F | ||
5.00%, due 1/1/25 | 5,130,000 | 5,150,235 |
Central Texas Turnpike System, Revenue Bonds | ||
Series C | ||
5.00%, due 8/15/28 | 2,070,000 | 2,070,068 |
Series C | ||
5.00%, due 8/15/42 | 2,135,000 | 2,019,745 |
City of Austin, Water & Wastewater System, Revenue Bonds | ||
Series A | ||
3.35%, due 5/15/29 | 4,250,000 | 3,899,447 |
City of Austin, Electric Utility, Revenue Bonds | ||
Series A | ||
5.00%, due 11/15/45 | 4,025,000 | 3,989,460 |
City of Austin, Airport System, Revenue Bonds | ||
Series B | ||
5.00%, due 11/15/48 (c) | 4,250,000 | 4,006,910 |
City of Celina, Limited General Obligation | ||
1.75%, due 9/1/36 | 3,395,000 | 2,216,131 |
1.875%, due 9/1/37 | 3,455,000 | 2,203,172 |
1.875%, due 9/1/39 | 3,585,000 | 2,131,579 |
City of Dallas, Hotel Occupancy Tax, Revenue Bonds | ||
4.00%, due 8/15/36 | 1,150,000 | 994,611 |
City of El Paso, Limited General Obligation | ||
Insured: BAM | ||
4.00%, due 8/15/42 | 16,040,000 | 13,635,110 |
City of El Paso, Water & Sewer, Revenue Bonds | ||
5.00%, due 3/1/52 | 20,000,000 | 19,783,900 |
5.25%, due 3/1/49 | 18,010,000 | 18,305,551 |
42 | MainStay MacKay Tax Free Bond Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Texas (continued) | ||
City of Fort Worth, General purpose, Limited General Obligation | ||
2.00%, due 3/1/38 | $ 5,000,000 | $ 3,233,702 |
2.00%, due 3/1/41 | 5,470,000 | 3,230,300 |
City of Frisco, Limited General Obligation | ||
2.00%, due 2/15/38 | 4,740,000 | 3,103,183 |
City of Georgetown, Utility System, Revenue Bonds | ||
Insured: AGM | ||
5.25%, due 8/15/52 | 4,700,000 | 4,751,377 |
City of Houston, Public Improvement, Limited General Obligation | ||
Series A | ||
5.00%, due 3/1/28 | 3,445,000 | 3,566,303 |
City of Houston, Hotel Occupancy Tax & Special Tax, Revenue Bonds | ||
5.00%, due 9/1/31 | 2,200,000 | 2,211,681 |
5.00%, due 9/1/34 | 1,550,000 | 1,556,092 |
City of Houston, Combined Utility System, Revenue Bonds, First Lien | ||
Series A | ||
5.00%, due 11/15/36 | 9,500,000 | 9,575,280 |
City of Houston, Airport System, Revenue Bonds, Sub. Lien | ||
Series A, Insured: AGM | ||
5.25%, due 7/1/48 (c) | 6,980,000 | 6,884,497 |
City of Lubbock, Electric Light & Power System, Revenue Bonds | ||
Insured: AGM-CR | ||
4.00%, due 4/15/46 | 8,150,000 | 6,799,749 |
Insured: AGM-CR | ||
4.00%, due 4/15/51 | 6,290,000 | 5,098,266 |
City of San Antonio, Electric & Gas Systems, Revenue Bonds | ||
4.00%, due 2/1/28 | 2,750,000 | 2,704,361 |
4.00%, due 2/1/47 | 7,735,000 | 6,466,101 |
Series B | ||
5.00%, due 2/1/34 | 6,900,000 | 7,439,325 |
Series A | ||
5.50%, due 2/1/50 | 37,280,000 | 39,128,603 |
Cleburne Independent School District, Unlimited General Obligation | ||
Insured: PSF-GTD | ||
5.00%, due 2/15/35 | 6,000,000 | 6,085,780 |
Principal Amount | Value | |
Texas (continued) | ||
Collin County Community College District, Limited General Obligation | ||
3.50%, due 8/15/37 | $ 4,250,000 | $ 3,539,969 |
Comal Independent School District, School Building, Unlimited General Obligation | ||
Insured: PSF-GTD | ||
3.00%, due 2/1/39 | 7,670,000 | 5,879,448 |
Insured: PSF-GTD | ||
3.00%, due 2/1/40 | 12,500,000 | 9,380,646 |
Conroe Independent School District, Unlimited General Obligation | ||
Insured: PSF-GTD | ||
2.50%, due 2/15/37 | 4,000,000 | 2,979,044 |
County of Collin, Limited General Obligation | ||
2.25%, due 2/15/41 | 4,740,000 | 3,005,102 |
County of Harris, Unlimited General Obligation | ||
Series A | ||
5.00%, due 10/1/31 | 4,000,000 | 4,056,217 |
Crowley Independent School District, Unlimited General Obligation | ||
Insured: PSF-GTD | ||
5.25%, due 2/1/53 | 4,795,000 | 4,960,614 |
Cypress-Fairbanks Independent School District, Unlimited General Obligation | ||
Series A, Insured: PSF-GTD | ||
3.30%, due 2/15/30 | 3,500,000 | 3,247,736 |
Dallas Fort Worth International Airport, Revenue Bonds | ||
Series A | ||
4.00%, due 11/1/34 | 18,000,000 | 17,414,392 |
Dallas Independent School District, Unlimited General Obligation | ||
Series A, Insured: PSF-GTD | ||
5.00%, due 2/15/27 | 3,485,000 | 3,530,159 |
Denton Independent School District, Unlimited General Obligation | ||
Insured: PSF-GTD | ||
1.80%, due 8/15/37 | 6,000,000 | 3,835,633 |
El Paso Independent School District, Unlimited General Obligation | ||
Insured: PSF-GTD | ||
4.00%, due 8/15/45 | 4,750,000 | 4,052,392 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Texas (continued) | ||
Frisco Independent School District, Unlimited General Obligation | ||
Insured: PSF-GTD | ||
4.00%, due 8/15/44 | $ 4,250,000 | $ 3,670,546 |
Harris County Cultural Education Facilities Finance Corp., Texas Children's Hospital, Revenue Bonds | ||
Series A | ||
3.00%, due 10/1/51 | 3,400,000 | 2,149,288 |
Highland Park Independent School District, Unlimited General Obligation | ||
Insured: PSF-GTD | ||
5.00%, due 2/15/27 | 6,000,000 | 6,083,023 |
Irving Independent School District, Unlimited General Obligation | ||
Insured: PSF-GTD | ||
5.00%, due 2/15/40 | 4,500,000 | 4,653,600 |
Klein Independent School District, Schoolhouse, Unlimited General Obligation | ||
Series A, Insured: PSF-GTD | ||
5.00%, due 8/1/27 | 3,500,000 | 3,566,737 |
Lamar Consolidated Independent School District, Unlimited General Obligation | ||
Insured: AGM | ||
5.50%, due 2/15/58 | 78,550,000 | 82,376,241 |
Leander Independent School District, Unlimited General Obligation | ||
Series A, Insured: PSF-GTD | ||
5.00%, due 8/15/38 | 8,910,000 | 8,974,837 |
Series A, Insured: PSF-GTD | ||
5.00%, due 8/15/39 | 6,325,000 | 6,363,478 |
Love Field Airport Modernization Corp., Revenue Bonds | ||
Insured: AGM | ||
4.00%, due 11/1/40 (c) | 5,750,000 | 4,923,308 |
Lower Colorado River Authority, LCRA Transmission Services Corp., Revenue Bonds | ||
Insured: AGM | ||
5.50%, due 5/15/48 | 8,100,000 | 8,322,268 |
Insured: AGM | ||
5.50%, due 5/15/53 | 26,875,000 | 27,469,247 |
Principal Amount | Value | |
Texas (continued) | ||
Lubbock-Cooper Independent School District, Unlimited General Obligation | ||
Insured: PSF-GTD | ||
5.00%, due 2/15/46 | $ 5,000,000 | $ 5,094,019 |
Marshall Independent School District, Unlimited General Obligation | ||
Insured: PSF-GTD | ||
4.00%, due 2/15/48 | 3,620,000 | 3,001,398 |
Matagorda County Navigation District No. 1, Central Power and Light Company Project, Revenue Bonds | ||
Series A | ||
2.60%, due 11/1/29 | 13,500,000 | 11,525,796 |
New Caney Independent School District, Unlimited General Obligation | ||
Insured: PSF-GTD | ||
5.00%, due 2/15/48 | 6,000,000 | 6,087,728 |
North Texas Municipal Water District, Sabine Creek Regional Wastewater System, Revenue Bonds | ||
Insured: AGM | ||
4.375%, due 6/1/52 | 7,200,000 | 6,112,566 |
North Texas Tollway Authority, Revenue Bonds, First Tier | ||
Series A | ||
4.00%, due 1/1/43 | 7,250,000 | 6,084,550 |
Series A | ||
4.125%, due 1/1/39 | 2,250,000 | 2,026,634 |
Series A | ||
4.125%, due 1/1/40 | 4,750,000 | 4,234,947 |
Series A | ||
5.00%, due 1/1/27 | 7,270,000 | 7,281,429 |
Series A | ||
5.25%, due 1/1/38 | 6,700,000 | 7,037,292 |
North Texas Tollway Authority, Revenue Bonds | ||
Series A | ||
5.00%, due 1/1/33 | 4,500,000 | 4,513,059 |
Series A | ||
5.00%, due 1/1/34 | 1,400,000 | 1,403,200 |
Series A | ||
5.00%, due 1/1/35 | 2,450,000 | 2,454,212 |
44 | 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 | $ 8,175,000 | $ 8,097,946 |
North Texas Tollway Authority, Revenue Bonds, Second Tier | ||
Series B | ||
5.00%, due 1/1/39 | 4,500,000 | 4,528,494 |
Northwest Independent School District, Unlimited General Obligation | ||
Series B, Insured: PSF-GTD | ||
5.00%, due 2/15/25 | 4,500,000 | 4,568,094 |
Pearland Independent School District, Unlimited General Obligation | ||
Insured: PSF-GTD | ||
5.25%, due 2/15/32 | 5,000,000 | 5,127,969 |
Port Authority of Houston of Harris County Texas, Revenue Bonds, First Lien | ||
5.00%, due 10/1/53 | 15,000,000 | 14,926,858 |
Royse City Independent School District, Unlimited General Obligation | ||
Insured: PSF-GTD | ||
5.00%, due 2/15/53 | 19,570,000 | 19,679,852 |
San Antonio Independent School District, Unlimited General Obligation | ||
Insured: PSF-GTD | ||
5.00%, due 8/15/52 | 8,715,000 | 8,839,990 |
San Antonio Water System, Revenue Bonds, Junior Lien | ||
Series B | ||
5.25%, due 5/15/52 | 42,750,000 | 43,860,136 |
San Marcos Consolidated Independent School District, Unlimited General Obligation | ||
Insured: PSF-GTD | ||
5.25%, due 8/15/47 | 9,000,000 | 9,386,736 |
Spring Independent School District, Unlimited General Obligation | ||
5.00%, due 8/15/47 | 5,000,000 | 5,024,115 |
Principal Amount | Value | |
Texas (continued) | ||
State of Texas, Water Financial Assistance, Unlimited General Obligation | ||
Series A | ||
3.00%, due 8/1/27 | $ 2,075,000 | $ 1,948,046 |
Series D | ||
3.40%, due 5/15/31 | 2,000,000 | 1,824,598 |
Series B | ||
5.00%, due 8/1/39 | 10,490,000 | 10,545,384 |
State of Texas, College Student Loan, Unlimited General Obligation (c) | ||
Series B | ||
4.00%, due 8/1/26 | 10,595,000 | 10,350,764 |
Series B | ||
4.00%, due 8/1/27 | 6,000,000 | 5,805,853 |
Series B | ||
4.00%, due 8/1/28 | 3,105,000 | 2,976,302 |
5.00%, due 8/1/27 | 7,750,000 | 7,846,715 |
5.50%, due 8/1/32 | 3,500,000 | 3,612,049 |
State of Texas, Transportation Commission, Highway Improvement, Unlimited General Obligation | ||
5.00%, due 4/1/33 | 5,500,000 | 5,611,906 |
Series A | ||
5.00%, due 4/1/37 | 4,525,000 | 4,590,041 |
5.00%, due 4/1/43 | 7,390,000 | 7,444,014 |
State of Texas, Mobility Fund, Unlimited General Obligation | ||
Series B | ||
5.00%, due 10/1/36 | 23,250,000 | 23,457,532 |
Tarrant County Cultural Education Facilities Finance Corp., Buckner Retirement Services, Revenue Bonds | ||
Series B | ||
5.00%, due 11/15/46 | 2,745,000 | 2,364,423 |
Texas Department of Housing & Community Affairs, Revenue Bonds | ||
Series A, Insured: GNMA / FNMA | ||
3.95%, due 1/1/50 | 2,285,000 | 1,861,535 |
Series B, Insured: GNMA | ||
6.00%, due 3/1/53 | 11,665,000 | 12,221,994 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
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 | $ 14,900 |
Texas Municipal Gas Acquisition & Supply Corp. II, Revenue Bonds | ||
Series C | ||
4.433%, due 9/15/27 | 30,410,000 | 29,746,052 |
Texas Municipal Gas Acquisition & Supply Corp. III, Gas Supply, Revenue Bonds | ||
5.00%, due 12/15/25 | 1,525,000 | 1,521,143 |
5.00%, due 12/15/26 | 4,925,000 | 4,907,399 |
5.00%, due 12/15/27 | 5,180,000 | 5,145,787 |
5.00%, due 12/15/28 | 3,000,000 | 2,962,291 |
5.00%, due 12/15/32 | 10,075,000 | 9,779,271 |
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 | 2,142,075 |
Texas Private Activity Bond Surface Transportation Corp., North Tarrant Express Managed Lanes Project, Revenue Bonds, Senior Lien | ||
5.50%, due 12/31/58 (c) | 13,200,000 | 13,279,174 |
Texas State Technical College, Revenue Bonds | ||
Series A, Insured: AGM | ||
5.50%, due 8/1/42 | 3,750,000 | 3,913,262 |
Texas Transportation Commission, State Highway, Revenue Bonds, First Tier | ||
5.00%, due 10/1/25 | 9,000,000 | 9,196,153 |
Texas Water Development Board, State Water Implementation Fund, Revenue Bonds | ||
4.65%, due 10/15/40 | 3,505,000 | 3,472,137 |
5.00%, due 8/1/42 | 3,375,000 | 3,452,553 |
5.00%, due 10/15/47 | 4,385,000 | 4,440,053 |
Series A | ||
5.25%, due 10/15/51 | 22,000,000 | 22,656,128 |
Principal Amount | Value | |
Texas (continued) | ||
Upper Brushy Creek Water Control and Improvement District, Unlimited General Obligation | ||
3.00%, due 8/15/47 | $ 2,885,000 | $ 1,928,940 |
Waxahachie Independent School District, Unlimited General Obligation | ||
Insured: PSF-GTD | ||
5.00%, due 2/15/48 | 3,035,000 | 3,079,376 |
856,051,249 | ||
U.S. Virgin Islands 1.0% | ||
Matching Fund Special Purpose Securitization Corp., Revenue Bonds | ||
Series A | ||
5.00%, due 10/1/28 | 5,000,000 | 4,977,347 |
Series A | ||
5.00%, due 10/1/30 | 11,805,000 | 11,685,171 |
Series A | ||
5.00%, due 10/1/32 | 11,805,000 | 11,607,854 |
Series A | ||
5.00%, due 10/1/39 | 35,670,000 | 33,829,275 |
Virgin Islands Public Finance Authority, Revenue Bonds | ||
5.00%, due 9/1/30 (b) | 4,700,000 | 4,643,711 |
Series C, Insured: AGM-CR | ||
5.00%, due 10/1/39 | 7,575,000 | 7,199,478 |
73,942,836 | ||
Utah 2.7% | ||
City of Salt Lake City, Airport, Revenue Bonds (c) | ||
Series A | ||
4.00%, due 7/1/41 | 5,750,000 | 4,900,846 |
Series A | ||
5.00%, due 7/1/31 | 6,155,000 | 6,318,013 |
Series A | ||
5.00%, due 7/1/32 | 3,750,000 | 3,841,065 |
Series A | ||
5.00%, due 7/1/35 | 4,500,000 | 4,549,920 |
Series A | ||
5.00%, due 7/1/36 | 4,250,000 | 4,260,021 |
Series A | ||
5.00%, due 7/1/43 | 7,250,000 | 7,027,060 |
Series A | ||
5.00%, due 7/1/46 | 8,250,000 | 7,840,202 |
Series A | ||
5.00%, due 7/1/47 | 29,570,000 | 27,974,453 |
46 | MainStay MacKay Tax Free Bond Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Utah (continued) | ||
City of Salt Lake City, Airport, Revenue Bonds (c) (continued) | ||
Series A | ||
5.50%, due 7/1/53 | $ 8,500,000 | $ 8,549,044 |
Intermountain Power Agency, Revenue Bonds | ||
Series A | ||
4.00%, due 7/1/36 | 9,500,000 | 9,258,226 |
Series A | ||
5.00%, due 7/1/33 | 5,950,000 | 6,408,105 |
Series A | ||
5.00%, due 7/1/42 | 4,045,000 | 4,163,890 |
Series A | ||
5.00%, due 7/1/45 | 15,550,000 | 15,779,140 |
Series A | ||
5.25%, due 7/1/43 | 7,435,000 | 7,807,940 |
Series A | ||
5.25%, due 7/1/44 | 8,155,000 | 8,513,461 |
Series A | ||
5.25%, due 7/1/45 | 17,910,000 | 18,645,703 |
Jordan School District, School Building, Unlimited General Obligation | ||
Insured: School Bond Guaranty | ||
2.25%, due 6/15/36 | 1,225,000 | 875,201 |
State of Utah, Unlimited General Obligation | ||
3.00%, due 7/1/33 | 5,450,000 | 4,961,582 |
University of Utah (The), Revenue Bonds | ||
Series B | ||
5.25%, due 8/1/53 | 7,830,000 | 8,063,372 |
Utah Board of Higher Education, Revenue Bonds | ||
Series A, Insured: NATL-RE | ||
5.50%, due 4/1/29 | 8,000,000 | 8,425,520 |
Utah Charter School Finance Authority, Spectrum Academy Project, Revenue Bonds | ||
Insured: BAM UT CSCE | ||
4.00%, due 4/15/45 | 1,750,000 | 1,426,351 |
Utah Housing Corp., Mortgage-Backed, Revenue Bonds | ||
Series H-G2, Insured: GNMA | ||
4.50%, due 10/21/48 | 517,713 | 495,572 |
Principal Amount | Value | |
Utah (continued) | ||
Utah Housing Corp., Mortgage-Backed, Revenue Bonds (continued) | ||
Series J-G2, Insured: GNMA | ||
4.50%, due 12/21/48 | $ 494,926 | $ 472,219 |
Series A, Insured: GNMA | ||
4.50%, due 1/21/49 | 1,167,297 | 1,118,800 |
Series B-G2, Insured: GNMA | ||
4.50%, due 2/21/49 | 1,147,246 | 1,068,708 |
Series G-2, Insured: GNMA | ||
5.00%, due 7/21/52 | 13,892,065 | 12,643,347 |
Series H-G2, Insured: GNMA | ||
5.00%, due 8/21/52 | 20,481,788 | 19,074,855 |
Series C-G2, Insured: GNMA | ||
5.50%, due 4/21/53 | 4,970,305 | 4,759,333 |
Utah Infrastructure Agency, Telecommunication, Revenue Bonds | ||
5.00%, due 10/15/38 | 1,990,000 | 2,016,585 |
211,238,534 | ||
Vermont 0.2% | ||
University of Vermont and State Agricultural College, Revenue Bonds | ||
5.00%, due 10/1/40 | 14,000,000 | 14,036,287 |
Virginia 0.7% | ||
Arlington County Industrial Development Authority, Virginia Hospital Center, Revenue Bonds | ||
4.00%, due 7/1/45 | 4,750,000 | 3,963,072 |
Series A | ||
5.00%, due 7/1/53 (a) | 10,000,000 | 10,349,399 |
City of Alexandria, Unlimited General Obligation | ||
Series A, Insured: State Aid Withholding | ||
2.00%, due 12/15/39 | 1,550,000 | 971,544 |
City of Harrisonburg, Unlimited General Obligation | ||
Series A, Insured: State Aid Withholding | ||
1.875%, due 7/15/37 | 3,200,000 | 2,095,593 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Virginia (continued) | ||
County of Fairfax, Unlimited General Obligation | ||
Series B, Insured: State Aid Withholding | ||
3.00%, due 10/1/26 | $ 7,750,000 | $ 7,403,907 |
Hampton Roads Transportation Accountability Commission, Revenue Bonds, Senior Lien | ||
Series A | ||
5.00%, due 7/1/45 | 4,750,000 | 4,836,624 |
Roanoke Economic Development Authority, Carilion Clinic Obligated Group, Revenue Bonds | ||
Series A | ||
3.00%, due 7/1/45 | 9,000,000 | 6,156,342 |
Virginia College Building Authority, 21st Century College & Equipment Programs, Revenue Bonds | ||
Series D, Insured: State Intercept | ||
3.00%, due 2/1/26 | 6,000,000 | 5,822,271 |
Series D, Insured: State Intercept | ||
3.15%, due 2/1/28 | 5,800,000 | 5,520,703 |
Virginia Public Building Authority, Revenue Bonds | ||
Series A | ||
3.30%, due 8/1/28 | 6,750,000 | 6,383,488 |
53,502,943 | ||
Washington 2.6% | ||
City of Seattle, Municipal Light & Power, Revenue Bonds | ||
4.00%, due 9/1/31 | 5,285,000 | 5,289,736 |
County of King, Sewer, Limited General Obligation | ||
5.00%, due 1/1/37 | 4,125,000 | 4,295,195 |
Douglas County Public Utility District No. 1, Wells Hydroelectric Project, Revenue Bonds | ||
Series B | ||
5.00%, due 9/1/47 | 10,030,000 | 10,088,928 |
Energy Northwest, Bonneville Power Administration, Revenue Bonds | ||
Series C | ||
5.00%, due 7/1/28 | 11,400,000 | 11,478,975 |
Series A | ||
5.00%, due 7/1/35 | 4,250,000 | 4,501,133 |
Principal Amount | Value | |
Washington (continued) | ||
Energy Northwest, Bonneville Power Administration, Revenue Bonds (continued) | ||
Series A | ||
5.00%, due 7/1/36 | $ 5,000,000 | $ 5,221,277 |
Series A | ||
5.00%, due 7/1/36 | 6,100,000 | 6,492,840 |
North Thurston Public Schools, Unlimited General Obligation | ||
Insured: School Bond Guaranty | ||
3.50%, due 12/1/29 | 4,360,000 | 4,120,045 |
Port of Seattle, Revenue Bonds (c) | ||
5.00%, due 4/1/27 | 6,835,000 | 6,962,755 |
5.00%, due 7/1/28 | 8,500,000 | 8,501,600 |
5.00%, due 7/1/29 | 6,585,000 | 6,586,062 |
Series C | ||
5.00%, due 4/1/30 | 2,000,000 | 2,002,480 |
Series C | ||
5.00%, due 8/1/30 | 5,000,000 | 5,126,502 |
Series C | ||
5.00%, due 4/1/32 | 3,000,000 | 2,996,395 |
Series C | ||
5.00%, due 4/1/34 | 4,400,000 | 4,380,869 |
Port of Seattle, Intermediate Lien, Revenue Bonds | ||
Series C | ||
5.00%, due 8/1/38 (c) | 8,965,000 | 8,949,200 |
Snohomish County Public Utility District No. 1, Generation System, Revenue Bonds | ||
5.00%, due 12/1/45 | 6,200,000 | 6,225,083 |
Southwest Suburban Sewer District, Revenue Bonds | ||
Series A | ||
3.00%, due 5/1/29 | 2,050,000 | 1,882,840 |
State of Washington, Various Purpose, Unlimited General Obligation | ||
Series R-2023A | ||
5.00%, due 8/1/25 | 22,500,000 | 22,958,645 |
Series C | ||
5.00%, due 2/1/29 | 5,900,000 | 6,281,129 |
Series D | ||
5.00%, due 2/1/30 | 8,145,000 | 8,160,199 |
Series R-2015D | �� | |
5.00%, due 7/1/32 | 5,000,000 | 5,054,724 |
Series A | ||
5.00%, due 8/1/35 | 4,700,000 | 5,064,835 |
48 | MainStay MacKay Tax Free Bond Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Washington (continued) | ||
State of Washington, Various Purpose, Unlimited General Obligation (continued) | ||
Series A | ||
5.00%, due 8/1/38 | $ 10,565,000 | $ 11,124,066 |
Series C | ||
5.00%, due 2/1/41 | 4,250,000 | 4,367,513 |
Series A | ||
5.00%, due 8/1/41 | 11,700,000 | 12,159,453 |
State of Washington, Motor Vehicle Fuel Tax, Unlimited General Obligation | ||
Series R-2022B | ||
5.00%, due 2/1/29 | 4,750,000 | 5,056,841 |
Series E | ||
5.00%, due 2/1/33 | 10,970,000 | 10,991,560 |
Series B | ||
5.00%, due 6/1/37 | 5,540,000 | 5,889,856 |
Washington State Housing Finance Commission, Single Family Program, Revenue Bonds | ||
Series 1N | ||
4.00%, due 6/1/49 | 170,000 | 166,387 |
202,377,123 | ||
West Virginia 0.3% | ||
West Virginia Hospital Finance Authority, United Health System, Revenue Bonds | ||
Series A | ||
5.00%, due 6/1/52 | 13,280,000 | 12,612,674 |
West Virginia Hospital Finance Authority, Vandalia Health, Inc., Revenue Bonds | ||
Series B, Insured: AGM | ||
5.50%, due 9/1/48 | 8,600,000 | 8,657,722 |
21,270,396 | ||
Wisconsin 0.6% | ||
County of Milwaukee, Unlimited General Obligation | ||
Series A | ||
3.00%, due 12/1/25 | 2,515,000 | 2,423,947 |
Howard-Suamico School District, Unlimited General Obligation | ||
2.00%, due 3/1/36 | 4,825,000 | 3,518,171 |
2.00%, due 3/1/39 | 5,200,000 | 3,404,779 |
Principal Amount | Value | |
Wisconsin (continued) | ||
Howard-Suamico School District, Unlimited General Obligation (continued) | ||
2.00%, due 3/1/40 | $ 3,245,000 | $ 2,072,828 |
2.00%, due 3/1/41 | 4,540,000 | 2,829,531 |
Sun Prairie Area School District, Unlimited General Obligation | ||
2.00%, due 3/1/41 | 9,755,000 | 5,856,478 |
Waunakee Community School District, Unlimited General Obligation | ||
3.25%, due 4/1/28 | 13,000,000 | 12,172,894 |
Wisconsin Health & Educational Facilities Authority, Children's Hospital of Wisconsin, Revenue Bonds | ||
4.00%, due 8/15/42 | 6,350,000 | 5,417,718 |
4.00%, due 8/15/47 | 3,750,000 | 3,103,344 |
Wisconsin Health & Educational Facilities Authority, Aspirus, Inc. Obligated Group, Revenue Bonds | ||
4.00%, due 8/15/48 | 4,015,000 | 3,201,778 |
44,001,468 | ||
Wyoming 0.1% | ||
Wyoming Community Development Authority, Revenue Bonds | ||
Series 1 | ||
5.75%, due 6/1/53 | 5,200,000 | 5,337,108 |
Total Long-Term Municipal Bonds (Cost $7,816,423,341) | 7,496,094,024 | |
Short-Term Municipal Notes 2.1% | ||
Alabama 0.1% | ||
Walker County Economic & Industrial Development Authority, Alabama Power Co., Revenue Bonds, First Series | ||
Series 1 | ||
4.25%, due 8/1/63 (c)(e) | 10,000,000 | 10,000,000 |
Florida 0.0% ‡ | ||
City of Orlando, Tourist Development Tax, Revenue Bonds, Third Lien | ||
Series C, Insured: AGC | ||
5.50%, due 11/1/38 (e) | 1,145,000 | 1,145,000 |
Principal Amount | Value | |
Short-Term Municipal Notes (continued) | ||
Georgia 0.8% | ||
Bartow County Development Authority, Georgia Power Company Plant Bowen Project, Revenue Bonds | ||
Series 1 | ||
4.25%, due 11/1/62 (c)(e) | $ 24,000,000 | $ 24,000,000 |
Development Authority of Burke County (The), Georgia Power Co. Vogtle Project, Revenue Bonds | ||
Series 1 | ||
4.30%, due 11/1/48 (e) | 38,935,000 | 38,935,000 |
62,935,000 | ||
New York 0.3% | ||
Long Island Power Authority, Electric System, Revenue Bonds | ||
Series D | ||
3.98%, due 5/1/33 (e) | 25,500,000 | 25,500,000 |
Ohio 0.7% | ||
Ohio State University (The), Revenue Bonds | ||
Series A-1 | ||
3.95%, due 6/1/43 (e) | 50,000,000 | 50,000,000 |
Texas 0.1% | ||
Dallas Fort Worth International Airport, Revenue Bonds (e) | ||
Series C | ||
0.632%, due 11/1/23 | 1,705,000 | 1,705,000 |
Series E | ||
5.25%, due 11/1/33 (c) | 3,220,000 | 3,220,000 |
4,925,000 | ||
Wisconsin 0.1% | ||
Nuveen AMT-Free Quality Municipal Income Fund | ||
Series D | ||
4.54%, due 3/1/29 (e) | 10,600,000 | 10,600,000 |
Total Short-Term Municipal Notes (Cost $165,105,000) | 165,105,000 | |
Total Municipal Bonds (Cost $7,981,528,341) | 7,661,199,024 | |
Shares | Value | ||
Short-Term Investment 2.2% | |||
Unaffiliated Investment Company 2.2% | |||
BlackRock Liquidity Funds MuniCash, 3.821% (f) | 169,770,554 | $ 169,770,484 | |
Total Short-Term Investment (Cost $169,770,484) | 169,770,484 | ||
Total Investments (Cost $8,151,298,825) | 100.5% | 7,830,969,508 | |
Other Assets, Less Liabilities | (0.5) | (38,100,761) | |
Net Assets | 100.0% | $ 7,792,868,747 |
† | Percentages indicated are based on Fund net assets. |
^ | Industry classifications may be different than those used for compliance monitoring purposes. |
‡ | Less than one-tenth of a percent. |
(a) | Coupon rate may change based on changes of the underlying collateral or prepayments of principal. Rate shown was the rate in effect as of October 31, 2023. |
(b) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
(c) | Interest on these securities was subject to alternative minimum tax. |
(d) | Delayed delivery security. |
(e) | Variable-rate demand notes (VRDNs)—Provide the right to sell the security at face value on either that day or within the rate-reset period. VRDNs will normally trade as if the maturity is the earlier put date, even though stated maturity is longer. The interest rate is reset on the put date at a stipulated daily, weekly, monthly, quarterly, or other specified time interval to reflect current market conditions. These securities do not indicate a reference rate and spread in their description. The maturity date shown is the final maturity. |
(f) | Current yield as of October 31, 2023. |
Abbreviation(s): |
AGC—Assured Guaranty Corp. |
AGM—Assured Guaranty Municipal Corp. |
BAM—Build America Mutual Assurance Co. |
BHAC—Berkshire Hathaway Assurance Corp. |
CHF—Collegiate Housing Foundation |
CR—Custodial Receipts |
FHLMC—Federal Home Loan Mortgage Corp. |
FNMA—Federal National Mortgage Association |
GNMA—Government National Mortgage Association |
ICC—Insured Custody Certificates |
MTA—Metropolitan Transportation Authority |
50 | MainStay MacKay Tax Free Bond Fund |
NATL-RE—National Public Finance Guarantee Corp. |
PSF-GTD—Permanent School Fund Guaranteed |
Q-SBLF—Qualified School Board Loan Fund |
SCSDE—South Carolina State Department of Education |
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 | $ — | $ 7,496,094,024 | $ — | $ 7,496,094,024 | |||
Short-Term Municipal Notes | — | 165,105,000 | — | 165,105,000 | |||
Total Municipal Bonds | — | 7,661,199,024 | — | 7,661,199,024 | |||
Short-Term Investment | |||||||
Unaffiliated Investment Company | 169,770,484 | — | — | 169,770,484 | |||
Total Investments in Securities | $ 169,770,484 | $ 7,661,199,024 | $ — | $ 7,830,969,508 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
52 | MainStay MacKay Tax Free Bond Fund |
Assets | |
Investment in securities, at value (identified cost $8,151,298,825) | $ 7,830,969,508 |
Receivables: | |
Investment securities sold | 120,356,122 |
Interest | 98,105,992 |
Fund shares sold | 43,284,069 |
Other assets | 136,964 |
Total assets | 8,092,852,655 |
Liabilities | |
Due to custodian | 28,910 |
Payables: | |
Investment securities purchased | 237,331,517 |
Fund shares redeemed | 50,685,558 |
Manager (See Note 3) | 2,738,409 |
Transfer agent (See Note 3) | 742,668 |
NYLIFE Distributors (See Note 3) | 310,772 |
Professional fees | 94,247 |
Custodian | 60,284 |
Shareholder communication | 57,207 |
Trustees | 1,747 |
Accrued expenses | 14,305 |
Distributions payable | 7,918,284 |
Total liabilities | 299,983,908 |
Net assets | $ 7,792,868,747 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.01 per share) unlimited number of shares authorized | $ 8,879,633 |
Additional paid-in-capital | 9,089,894,141 |
9,098,773,774 | |
Total distributable earnings (loss) | (1,305,905,027) |
Net assets | $ 7,792,868,747 |
Class A | |
Net assets applicable to outstanding shares | $1,200,332,891 |
Shares of beneficial interest outstanding | 136,807,516 |
Net asset value per share outstanding | $ 8.77 |
Maximum sales charge (3.00% of offering price) | 0.27 |
Maximum offering price per share outstanding | $ 9.04 |
Investor Class | |
Net assets applicable to outstanding shares | $ 6,247,619 |
Shares of beneficial interest outstanding | 708,833 |
Net asset value per share outstanding | $ 8.81 |
Maximum sales charge (2.50% of offering price) | 0.23 |
Maximum offering price per share outstanding | $ 9.04 |
Class B | |
Net assets applicable to outstanding shares | $ 1,919,502 |
Shares of beneficial interest outstanding | 218,836 |
Net asset value and offering price per share outstanding | $ 8.77 |
Class C | |
Net assets applicable to outstanding shares | $ 103,571,203 |
Shares of beneficial interest outstanding | 11,801,715 |
Net asset value and offering price per share outstanding | $ 8.78 |
Class C2 | |
Net assets applicable to outstanding shares | $ 5,349,644 |
Shares of beneficial interest outstanding | 609,995 |
Net asset value and offering price per share outstanding | $ 8.77 |
Class I | |
Net assets applicable to outstanding shares | $5,868,538,956 |
Shares of beneficial interest outstanding | 668,688,394 |
Net asset value and offering price per share outstanding | $ 8.78 |
Class R6 | |
Net assets applicable to outstanding shares | $ 606,908,932 |
Shares of beneficial interest outstanding | 69,127,973 |
Net asset value and offering price per share outstanding | $ 8.78 |
Investment Income (Loss) | |
Income | |
Interest | $ 297,873,326 |
Expenses | |
Manager (See Note 3) | 31,862,362 |
Transfer agent (See Note 3) | 4,362,308 |
Distribution/Service—Class A (See Note 3) | 3,346,713 |
Distribution/Service—Investor Class (See Note 3) | 17,054 |
Distribution/Service—Class B (See Note 3) | 13,909 |
Distribution/Service—Class C (See Note 3) | 609,859 |
Distribution/Service—Class C2 (See Note 3) | 34,112 |
Professional fees | 535,795 |
Registration | 362,624 |
Trustees | 200,754 |
Custodian | 194,434 |
Shareholder communication | 61,332 |
Miscellaneous | 185,120 |
Total expenses before waiver/reimbursement | 41,786,376 |
Reimbursement from prior custodian(a) | (14,394) |
Net expenses | 41,771,982 |
Net investment income (loss) | 256,101,344 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | (220,785,463) |
In-kind Transactions | 3,292,526 |
Futures transactions | 13,344,679 |
Net realized gain (loss) | (204,148,258) |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | 117,408,010 |
Futures contracts | (31,453,455) |
Net change in unrealized appreciation (depreciation) | 85,954,555 |
Net realized and unrealized gain (loss) | (118,193,703) |
Net increase (decrease) in net assets resulting from operations | $ 137,907,641 |
(a) | Represents a refund for overbilling of custody fees. |
54 | MainStay MacKay Tax Free Bond Fund |
for the years ended October 31, 2023 and October 31, 2022
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 256,101,344 | $ 179,472,941 |
Net realized gain (loss) | (204,148,258) | (568,250,184) |
Net change in unrealized appreciation (depreciation) | 85,954,555 | (795,183,757) |
Net increase (decrease) in net assets resulting from operations | 137,907,641 | (1,183,961,000) |
Distributions to shareholders: | ||
Class A | (46,644,991) | (63,381,043) |
Investor Class | (234,139) | (229,133) |
Class B | (88,640) | (153,810) |
Class C | (3,895,641) | (4,398,849) |
Class C2 | (160,027) | (90,208) |
Class I | (216,236,340) | (168,558,373) |
Class R6 | (18,378,828) | (15,713,711) |
Total distributions to shareholders | (285,638,606) | (252,525,127) |
Capital share transactions: | ||
Net proceeds from sales of shares | 5,473,281,465 | 6,084,451,250 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 203,066,915 | 183,548,070 |
Cost of shares redeemed | (3,880,913,107) | (6,715,327,651) |
Redemptions in-kind | (373,829,325) | (930,537,398) |
Increase (decrease) in net assets derived from capital share transactions | 1,421,605,948 | (1,377,865,729) |
Net increase (decrease) in net assets | 1,273,874,983 | (2,814,351,856) |
Net Assets | ||
Beginning of year | 6,518,993,764 | 9,333,345,620 |
End of year | $ 7,792,868,747 | $ 6,518,993,764 |
Year Ended October 31, | |||||||||
Class A | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 8.85 | $ 10.60 | $ 10.43 | $ 10.33 | $ 9.80 | ||||
Net investment income (loss) | 0.29(a) | 0.20(a) | 0.17(a) | 0.26 | 0.30 | ||||
Net realized and unrealized gain (loss) | (0.05) | (1.66) | 0.23 | 0.11 | 0.53 | ||||
Total from investment operations | 0.24 | (1.46) | 0.40 | 0.37 | 0.83 | ||||
Less distributions: | |||||||||
From net investment income | (0.32) | (0.26) | (0.23) | (0.27) | (0.30) | ||||
From net realized gain on investments | — | (0.03) | — | — | — | ||||
Total distributions | (0.32) | (0.29) | (0.23) | (0.27) | (0.30) | ||||
Net asset value at end of year | $ 8.77 | $ 8.85 | $ 10.60 | $ 10.43 | $ 10.33 | ||||
Total investment return (b) | 2.62% | (13.96)% | 3.84% | 3.66% | 8.55% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 3.10% | 2.03% | 1.63% | 2.04% | 2.93% | ||||
Net expenses (c) | 0.74% | 0.75% | 0.73% | 0.75% | 0.78% | ||||
Portfolio turnover rate (d) | 75%(e) | 127%(e) | 39% | 72% | 38% | ||||
Net assets at end of year (in 000’s) | $ 1,200,333 | $ 1,552,537 | $ 3,134,090 | $ 2,674,765 | $ 1,728,643 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | The portfolio turnover rate includes variable rate demand notes. |
(e) | The portfolio turnover rate excludes in-kind transactions. |
Year Ended October 31, | |||||||||
Investor Class | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 8.89 | $ 10.65 | $ 10.48 | $ 10.38 | $ 9.84 | ||||
Net investment income (loss) | 0.28(a) | 0.20(a) | 0.17(a) | 0.20 | 0.30 | ||||
Net realized and unrealized gain (loss) | (0.04) | (1.67) | 0.23 | 0.17 | 0.54 | ||||
Total from investment operations | 0.24 | (1.47) | 0.40 | 0.37 | 0.84 | ||||
Less distributions: | |||||||||
From net investment income | (0.32) | (0.26) | (0.23) | (0.27) | (0.30) | ||||
From net realized gain on investments | — | (0.03) | — | — | — | ||||
Total distributions | (0.32) | (0.29) | (0.23) | (0.27) | (0.30) | ||||
Net asset value at end of year | $ 8.81 | $ 8.89 | $ 10.65 | $ 10.48 | $ 10.38 | ||||
Total investment return (b) | 2.57% | (14.01)% | 3.80% | 3.64% | 8.63% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 3.05% | 2.07% | 1.61% | 2.04% | 2.95% | ||||
Net expenses (c) | 0.78% | 0.77% | 0.76% | 0.76% | 0.77% | ||||
Portfolio turnover rate (d) | 75%(e) | 127%(e) | 39% | 72% | 38% | ||||
Net assets at end of year (in 000's) | $ 6,248 | $ 6,622 | $ 9,027 | $ 9,334 | $ 9,815 |
(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. |
56 | MainStay MacKay Tax Free Bond Fund |
Year Ended October 31, | |||||||||
Class B | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 8.85 | $ 10.60 | $ 10.43 | $ 10.33 | $ 9.80 | ||||
Net investment income (loss) | 0.26(a) | 0.18(a) | 0.15(a) | 0.12 | 0.27 | ||||
Net realized and unrealized gain (loss) | (0.04) | (1.66) | 0.22 | 0.23 | 0.53 | ||||
Total from investment operations | 0.22 | (1.48) | 0.37 | 0.35 | 0.80 | ||||
Less distributions: | |||||||||
From net investment income | (0.30) | (0.24) | (0.20) | (0.25) | (0.27) | ||||
From net realized gain on investments | — | (0.03) | — | — | — | ||||
Total distributions | (0.30) | (0.27) | (0.20) | (0.25) | (0.27) | ||||
Net asset value at end of year | $ 8.77 | $ 8.85 | $ 10.60 | $ 10.43 | $ 10.33 | ||||
Total investment return (b) | 2.32% | (14.19)% | 3.56% | 3.38% | 8.28% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.80% | 1.80% | 1.38% | 1.80% | 2.71% | ||||
Net expenses (c) | 1.03% | 1.02% | 1.01% | 1.01% | 1.02% | ||||
Portfolio turnover rate (d) | 75%(e) | 127%(e) | 39% | 72% | 38% | ||||
Net assets at end of year (in 000’s) | $ 1,920 | $ 3,959 | $ 7,006 | $ 9,286 | $ 12,354 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | The portfolio turnover rate includes variable rate demand notes. |
(e) | The portfolio turnover rate excludes in-kind transactions. |
Year Ended October 31, | |||||||||
Class C | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 8.85 | $ 10.60 | $ 10.44 | $ 10.34 | $ 9.80 | ||||
Net investment income (loss) | 0.26(a) | 0.18(a) | 0.15(a) | 0.18 | 0.27 | ||||
Net realized and unrealized gain (loss) | (0.03) | (1.66) | 0.21 | 0.17 | 0.54 | ||||
Total from investment operations | 0.23 | (1.48) | 0.36 | 0.35 | 0.81 | ||||
Less distributions: | |||||||||
From net investment income | (0.30) | (0.24) | (0.20) | (0.25) | (0.27) | ||||
From net realized gain on investments | — | (0.03) | — | — | — | ||||
Total distributions | (0.30) | (0.27) | (0.20) | (0.25) | (0.27) | ||||
Net asset value at end of year | $ 8.78 | $ 8.85 | $ 10.60 | $ 10.44 | $ 10.34 | ||||
Total investment return (b) | 2.44% | (14.19)% | 3.46% | 3.38% | 8.39% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.81% | 1.81% | 1.37% | 1.79% | 2.69% | ||||
Net expenses (c) | 1.03% | 1.02% | 1.01% | 1.01% | 1.02% | ||||
Portfolio turnover rate (d) | 75%(e) | 127%(e) | 39% | 72% | 38% | ||||
Net assets at end of year (in 000’s) | $ 103,571 | $ 125,521 | $ 194,545 | $ 220,146 | $ 225,762 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(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, | ||||||
Class C2 | 2023 | 2022 | 2021 | 2020 | |||
Net asset value at beginning of period | $ 8.85 | $ 10.60 | $ 10.43 | $ 10.52 | |||
Net investment income (loss) | 0.25(a) | 0.17(a) | 0.12(a) | 0.03 | |||
Net realized and unrealized gain (loss) | (0.05) | (1.67) | 0.23 | (0.09) | |||
Total from investment operations | 0.20 | (1.50) | 0.35 | (0.06) | |||
Less distributions: | |||||||
From net investment income | (0.28) | (0.22) | (0.18) | (0.03) | |||
From net realized gain on investments | — | (0.03) | — | — | |||
Total distributions | (0.28) | (0.25) | (0.18) | (0.03) | |||
Net asset value at end of period | $ 8.77 | $ 8.85 | $ 10.60 | $ 10.43 | |||
Total investment return (b) | 2.17% | (14.32)% | 3.39% | (0.54)% | |||
Ratios (to average net assets)/Supplemental Data: | |||||||
Net investment income (loss) | 2.67% | 1.75% | 1.12% | 1.02%†† | |||
Net expenses (c) | 1.18% | 1.17% | 1.15% | 1.15%†† | |||
Portfolio turnover rate (d) | 75%(e) | 127%(e) | 39% | 72% | |||
Net assets at end of period (in 000’s) | $ 5,350 | $ 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 | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 8.85 | $ 10.60 | $ 10.44 | $ 10.34 | $ 9.80 | ||||
Net investment income (loss) | 0.31(a) | 0.23(a) | 0.20(a) | 0.29 | 0.32 | ||||
Net realized and unrealized gain (loss) | (0.03) | (1.66) | 0.22 | 0.11 | 0.54 | ||||
Total from investment operations | 0.28 | (1.43) | 0.42 | 0.40 | 0.86 | ||||
Less distributions: | |||||||||
From net investment income | (0.35) | (0.29) | (0.26) | (0.30) | (0.32) | ||||
From net realized gain on investments | — | (0.03) | — | — | — | ||||
Total distributions | (0.35) | (0.32) | (0.26) | (0.30) | (0.32) | ||||
Net asset value at end of year | $ 8.78 | $ 8.85 | $ 10.60 | $ 10.44 | $ 10.34 | ||||
Total investment return (b) | 2.99% | (13.75)% | 4.00% | 3.91% | 8.93% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 3.35% | 2.33% | 1.87% | 2.28% | 3.14% | ||||
Net expenses (c) | 0.49% | 0.50% | 0.48% | 0.50% | 0.52% | ||||
Portfolio turnover rate (d) | 75%(e) | 127%(e) | 39% | 72% | 38% | ||||
Net assets at end of year (in 000’s) | $ 5,868,539 | $ 4,357,422 | $ 5,709,408 | $ 4,430,985 | $ 2,866,903 |
(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. |
58 | MainStay MacKay Tax Free Bond Fund |
Year Ended October 31, | November 1, 2019^ through October 31, | ||||||
Class R6 | 2023 | 2022 | 2021 | 2020 | |||
Net asset value at beginning of period | $ 8.86 | $ 10.61 | $ 10.44 | $ 10.34 | |||
Net investment income (loss) | 0.32(a) | 0.24(a) | 0.21(a) | 0.27 | |||
Net realized and unrealized gain (loss) | (0.05) | (1.66) | 0.22 | 0.13 | |||
Total from investment operations | 0.27 | (1.42) | 0.43 | 0.40 | |||
Less distributions: | |||||||
From net investment income | (0.35) | (0.30) | (0.26) | (0.30) | |||
From net realized gain on investments | — | (0.03) | — | — | |||
Total distributions | (0.35) | (0.33) | (0.26) | (0.30) | |||
Net asset value at end of period | $ 8.78 | $ 8.86 | $ 10.61 | $ 10.44 | |||
Total investment return (b) | 2.93% | (13.68)% | 4.15% | 3.95% | |||
Ratios (to average net assets)/Supplemental Data: | |||||||
Net investment income (loss) | 3.40% | 2.51% | 1.92% | 2.27% | |||
Net expenses (c) | 0.43% | 0.44% | 0.43% | 0.44% | |||
Portfolio turnover rate (d) | 75%(e) | 127%(e) | 39% | 72% | |||
Net assets at end of period (in 000’s) | $ 606,909 | $ 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 |
60 | 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 |
62 | MainStay MacKay Tax Free Bond Fund |
Net Realized Gain (Loss) from: | Interest Rate Contracts Risk | Total |
Futures Transactions | $13,344,679 | $13,344,679 |
Total Net Realized Gain (Loss) | $13,344,679 | $13,344,679 |
Net Change in Unrealized Appreciation (Depreciation) | Interest Rate Contracts Risk | Total |
Futures Contracts | $(31,453,455) | $(31,453,455) |
Total Net Change in Unrealized Appreciation (Depreciation) | $(31,453,455) | $(31,453,455) |
64 | MainStay MacKay Tax Free Bond Fund |
Average Notional Amount | Total |
Futures Contracts Short (a) | $(378,273,438) |
(a) | Positions were open six months during the reporting period. |
Class | Expense | Waived |
Class A | $ 783,589 | $— |
Investor Class | 6,496 | — |
Class B | 2,651 | — |
Class C | 116,193 | — |
Class C2 | 4,998 | — |
Class I | 3,428,918 | — |
Class R6 | 19,463 | — |
Class C2 | $22,439 | 0.4% |
Class R6 | 23,963 | 0.0‡ |
‡ | Less than one-tenth of a percent. |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $8,187,698,346 | $4,783,984 | $(361,512,822) | $(356,728,838) |
Ordinary Income | Undistributed Tax Exempt Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$— | $7,177,506 | $(948,435,411) | $(7,918,284) | $(356,728,838) | $(1,305,905,027) |
Total Distributable Earnings (Loss) | Additional Paid-In Capital | |
$(788,844) | $788,844 |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $565,664 | $382,771 |
66 | MainStay MacKay Tax Free Bond Fund |
2023 | 2022 | |
Distributions paid from: | ||
Ordinary Income | $ 6,696,558 | $ 3,636,127 |
Long-Term Capital Gains | — | 26,911,851 |
Exempt Interest Dividends | 278,942,048 | 221,977,149 |
Total | $285,638,606 | $252,525,127 |
Class A | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 47,760,222 | $ 442,488,108 |
Shares issued to shareholders in reinvestment of distributions | 4,007,599 | 37,098,862 |
Shares redeemed | (50,435,605) | (465,236,589) |
Shares redeemed in connection with in-kind transactions | (39,952,689) | (373,829,325) |
Net increase (decrease) in shares outstanding before conversion | (38,620,473) | (359,478,944) |
Shares converted into Class A (See Note 1) | 321,509 | 3,003,490 |
Shares converted from Class A (See Note 1) | (311,175) | (2,883,763) |
Net increase (decrease) | (38,610,139) | $ (359,359,217) |
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) |
Investor Class | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 21,923 | $ 205,436 |
Shares issued to shareholders in reinvestment of distributions | 23,957 | 222,827 |
Shares redeemed | (85,065) | (791,986) |
Net increase (decrease) in shares outstanding before conversion | (39,185) | (363,723) |
Shares converted into Investor Class (See Note 1) | 34,707 | 322,690 |
Shares converted from Investor Class (See Note 1) | (31,523) | (294,482) |
Net increase (decrease) | (36,001) | $ (335,515) |
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) |
Class B | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 10,162 | $ 92,414 |
Shares issued to shareholders in reinvestment of distributions | 9,094 | 84,378 |
Shares redeemed | (225,573) | (2,110,439) |
Net increase (decrease) in shares outstanding before conversion | (206,317) | (1,933,647) |
Shares converted from Class B (See Note 1) | (22,298) | (206,802) |
Net increase (decrease) | (228,615) | $ (2,140,449) |
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) |
Class C | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 2,263,361 | $ 21,043,323 |
Shares issued to shareholders in reinvestment of distributions | 335,827 | 3,111,757 |
Shares redeemed | (4,817,895) | (44,653,513) |
Net increase (decrease) in shares outstanding before conversion | (2,218,707) | (20,498,433) |
Shares converted from Class C (See Note 1) | (158,785) | (1,474,192) |
Net increase (decrease) | (2,377,492) | $ (21,972,625) |
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) |
Class C2 | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 382,509 | $ 3,563,900 |
Shares issued to shareholders in reinvestment of distributions | 17,308 | 160,027 |
Shares redeemed | (232,963) | (2,161,230) |
Net increase (decrease) | 166,854 | $ 1,562,697 |
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 |
68 | MainStay MacKay Tax Free Bond Fund |
Class I | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 463,833,414 | $ 4,298,291,795 |
Shares issued to shareholders in reinvestment of distributions | 17,389,207 | 160,931,629 |
Shares redeemed | (304,933,040) | (2,803,075,906) |
Net increase (decrease) in shares outstanding before conversion | 176,289,581 | 1,656,147,518 |
Shares converted into Class I (See Note 1) | 328,304 | 3,044,015 |
Shares converted from Class I (See Note 1) | (136,968) | (1,281,488) |
Net increase (decrease) | 176,480,917 | $ 1,657,910,045 |
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) |
Class R6 | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 77,829,474 | $ 707,596,489 |
Shares issued to shareholders in reinvestment of distributions | 157,438 | 1,457,435 |
Shares redeemed | (61,792,901) | (562,883,444) |
Net increase (decrease) in shares outstanding before conversion | 16,194,011 | 146,170,480 |
Shares converted into Class R6 (See Note 1) | 116,991 | 1,096,842 |
Shares converted from Class R6 (See Note 1) | (140,796) | (1,326,310) |
Net increase (decrease) | 16,170,206 | $ 145,941,012 |
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 |
The MainStay Funds:
70 | 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 | |
Naïm Abou-Jaoudé* 1966 | MainStay Funds: Trustee since 2023 MainStay Funds Trust: Trustee since 2023 | Chief Executive Officer of New York Life Investment Management LLC (since 2023). Chief Executive Officer of Candriam (an affiliate of New York Life Investment Management LLC) (2007 to 2023). | 81 | MainStay VP Funds Trust: Trustee since 2023 (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2023; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2023; and New York Life Investment Management International (Chair) since 2015 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of his affiliation with New York Life Investment Management LLC and Candriam, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
72 | 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 January 2016, Advisory Board Member (June 2015 to December 2015);MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC (since 1999) | 81 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2021; VanEck Vectors Group of Exchange-Traded Funds: Trustee since 2006 and Independent Chairman of the Board of Trustees from 2008 to 2022 (57 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Investment Committee since 2018 | |
Karen Hammond 1956 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021);MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 81 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Susan B. Kerley 1951 | MainStay Funds: Chair since January 2017 and Trustee since 2007;MainStay Funds Trust: Chair since January 2017 and Trustee since 1990*** | President, Strategic Management Advisors LLC (since 1990) | 81 | MainStay VP Funds Trust: Chair since January 2017 and Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chair since January 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Alan R. Latshaw 1951 | MainStay Funds: Trusteesince 2006;MainStay Funds Trust: Trustee since 2007*** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 81 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 | |
Jacques P. Perold 1958 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015to December 2015);MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 81 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay Funds: Trustee since 1994;MainStay Funds Trust: Trustee since 2007*** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) (since 2004); Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 81 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 |
** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
*** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
74 | MainStay MacKay Tax Free Bond Fund |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay Funds, MainStay Funds Trust (since 2017) | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since 2018); President, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust (since 2017)**; Senior Managing Director, Global Product Development (2015 to 2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay Funds (since 2007), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2007)**; and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay Funds and MainStay Funds Trust (since 2010) | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2010)** | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay Funds and MainStay Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ Trust, IndexIQ ETF Trust and Index IQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund, MainStay VP Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012 to 2022) | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay Funds (since 2005), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2005)** |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, New York Life Insurance Company, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
1.
2. | This Fund is registered for sale in CA, CT, DE, FL, MA, NJ, NY and VT. |
3. | An affiliate of New York Life Investment Management LLC. |
5013754MS139-23 | MST11-12/23 |
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended October 31, 2023 | |||||||
Class | Sales Charge | Inception Date1 | One Year | Five Years | Ten Years or Since Inception | Gross Expense Ratio2 | |
Class A Shares3 | Maximum 3.00% Initial Sales Charge | With sales charges | 1/3/1995 | -0.81% | -0.35% | 0.22% | 0.98% |
Excluding sales charges | 2.26 | 0.57 | 0.68 | 0.98 | |||
Investor Class Shares4 | Maximum 2.50% Initial Sales Charge | With sales charges | 2/28/2008 | -0.74 | -0.68 | -0.08 | 1.25 |
Excluding sales charges | 1.80 | 0.24 | 0.38 | 1.25 | |||
Class B Shares5 | Maximum 5.00% CDSC | With sales charges | 5/1/1986 | -3.72 | -0.86 | -0.36 | 2.00 |
if Redeemed Within the First Six Years of Purchase | Excluding sales charges | 1.19 | -0.50 | -0.36 | 2.00 | ||
Class C Shares | Maximum 1.00% CDSC | With sales charges | 9/1/1998 | 0.21 | -0.47 | -0.35 | 2.00 |
if Redeemed Within One Year of Purchase | Excluding sales charges | 1.19 | -0.47 | -0.35 | 2.00 | ||
Class I Shares | No Sales Charge | 1/2/2004 | 2.48 | 0.79 | 0.93 | 0.73 | |
Class R6 Shares | No Sales Charge | 11/1/2019 | 2.55 | N/A | -1.72 | 0.57 |
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 4.50%, which is reflected in the applicable average annual total return figures shown. |
4. | Prior to August 10, 2022, the maximum initial sales charge was 4.00%, which is reflected in the applicable average annual total return figures shown. |
5. | Class B shares are closed to all new purchases as well as additional investments by existing Class B shareholders and will be converted into Class A or Investor Class shares based on shareholder eligibility on or about February 28, 2024. |
Benchmark Performance* | One Year | Five Years | Ten Years |
Bloomberg 5-10 Year Taxable Municipal Bond Index1 | 3.08% | 1.14% | 2.32% |
Morningstar Intermediate Core Bond Category Average2 | 0.55 | -0.16 | 0.76 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | The Fund has selected the 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 5/1/23 | Ending Account Value (Based on Actual Returns and Expenses) 10/31/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 10/31/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Class A Shares | $1,000.00 | $953.60 | $4.19 | $1,020.92 | $4.33 | 0.85% |
Investor Class Shares | $1,000.00 | $952.50 | $5.56 | $1,019.51 | $5.75 | 1.13% |
Class B Shares | $1,000.00 | $948.70 | $9.28 | $1,015.68 | $9.60 | 1.89% |
Class C Shares | $1,000.00 | $949.90 | $9.29 | $1,015.68 | $9.60 | 1.89% |
Class I Shares | $1,000.00 | $955.30 | $2.96 | $1,022.18 | $3.06 | 0.60% |
Class R6 Shares | $1,000.00 | $955.70 | $2.61 | $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. | State of Illinois, 2.159%-7.35%, due 6/15/29–4/1/38 |
2. | Commonwealth of Massachusetts, 1.52%-5.50%, due 7/15/29–10/1/31 |
3. | State of Texas, 2.526%-4.98%, due 10/1/31–10/1/36 |
4. | City of New York, 1.623%-5.625%, due 8/1/28–4/1/34 |
5. | New York City Transitional Finance Authority, 1.55%-5.65%, due 5/1/28–11/1/35 |
6. | City of Oakland, 5.50%-5.85%, due 7/15/31–7/15/35 |
7. | Alabama Federal Aid Highway Finance Authority, 1.727%-2.256%, due 9/1/28–9/1/33 |
8. | Oregon State Lottery, 1.641%-4.303%, due 4/1/28–4/1/31 |
9. | State of Connecticut, 2.677%-5.459%, due 5/15/30–11/1/30 |
10. | State of Hawaii, 1.395%-2.642%, due 10/1/28–10/1/36 |
8 | MainStay MacKay U.S. Infrastructure Bond Fund |
1. | See "Investment and Performance Comparison" for other share class returns, which may be higher or lower than Class I share returns, and for more information on benchmark and peer group returns. |
2. | An obligation rated ‘AA’ by Standard & Poor’s (“S&P”), is deemed by S&P to differ from the highest-rated obligations only to a small degree. In the opinion of S&P, the obligor's capacity to meet its financial commitment on the obligation is very strong. An obligation rated ‘AAA’ has the highest rating assigned by S&P, and in the opinion of S&P, the obligor’s capacity to meet its financial commitment on the obligation is extremely strong. When applied to Fund holdings, ratings are based solely on the creditworthiness of the bonds in the portfolio and are not meant to represent the security or safety of the Fund. |
3. | 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. 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 95.4% | ||
Corporate Bonds 3.5% | ||
Commercial Services 2.4% | ||
Chapman University | ||
Series 2021 | ||
2.067%, due 4/1/31 | $ 2,680,000 | $ 2,010,353 |
Emory University | ||
Series 2020 | ||
2.143%, due 9/1/30 | 10,240,000 | 8,226,712 |
Johns Hopkins University | ||
Series A | ||
4.705%, due 7/1/32 | 12,391,000 | 11,734,605 |
21,971,670 | ||
Healthcare-Services 1.1% | ||
Advocate Health & Hospitals Corp. | ||
3.829%, due 8/15/28 | 6,590,000 | 6,100,889 |
OhioHealth Corp. | ||
2.297%, due 11/15/31 | 5,000,000 | 3,864,467 |
9,965,356 | ||
Total Corporate Bonds (Cost $33,500,901) | 31,937,026 | |
Municipal Bonds 91.9% | ||
Alabama 2.0% | ||
Alabama Federal Aid Highway Finance Authority Revenue Bonds | ||
Series B | ||
1.727%, due 9/1/28 | 8,000,000 | 6,852,294 |
Series B | ||
1.856%, due 9/1/29 | 2,160,000 | 1,800,906 |
Series B | ||
2.156%, due 9/1/32 | 4,000,000 | 3,083,916 |
Series B | ||
2.256%, due 9/1/33 | 5,725,000 | 4,328,262 |
City of Birmingham Unlimited General Obligation | ||
2.128%, due 3/1/31 | 1,135,000 | 913,156 |
City of Huntsville, Water System Revenue Bonds | ||
Series B | ||
1.187%, due 11/1/27 | 1,000,000 | 855,771 |
17,834,305 |
Principal Amount | Value | |
Arizona 0.8% | ||
Arizona Board of Regents, Arizona State University Revenue Bonds | ||
Series C | ||
4.531%, due 7/1/29 | $ 1,525,000 | $ 1,446,505 |
Arizona Industrial Development Authority, Voyager Foundation Inc., Project Revenue Bonds | ||
Series 2020 | ||
3.65%, due 10/1/29 | 1,115,000 | 945,232 |
Series 2020 | ||
3.90%, due 10/1/34 | 1,900,000 | 1,374,670 |
City of Phoenix Unlimited General Obligation | ||
Series A | ||
5.269%, due 7/1/34 | 3,980,000 | 3,870,383 |
7,636,790 | ||
Arkansas 1.2% | ||
City of Springdale, Sales & Use Tax Revenue Bonds | ||
Series A, Insured: BAM | ||
5.025%, due 8/1/28 | 1,200,000 | 1,181,080 |
Series A, Insured: BAM | ||
5.053%, due 8/1/29 | 3,345,000 | 3,275,113 |
Series A, Insured: BAM | ||
5.103%, due 8/1/30 | 1,500,000 | 1,459,782 |
Series A, Insured: BAM | ||
5.11%, due 8/1/31 | 2,100,000 | 2,025,966 |
Series A, Insured: BAM | ||
5.16%, due 8/1/32 | 2,000,000 | 1,921,346 |
Series A, Insured: BAM | ||
5.21%, due 8/1/33 | 1,150,000 | 1,101,049 |
10,964,336 | ||
California 18.0% | ||
Alameda Corridor Transportation Authority Revenue Bonds, Sub. Lien | ||
Series B, Insured: BAM AMBAC | ||
(zero coupon), due 10/1/32 | 5,000,000 | 2,925,250 |
Anaheim Public Financing Authority, Convention Center Expansion Revenue Bonds | ||
Series A, Insured: AGM | ||
2.971%, due 7/1/33 | 2,800,000 | 2,186,061 |
Principal Amount | Value | |
Municipal Bonds (continued) | ||
California (continued) | ||
California Community Choice Financing Authority, Clean Energy Project (a) Revenue Bonds | ||
Series A-1 | ||
4.00%, due 5/1/53 | $ 5,405,000 | $ 5,143,316 |
Series C | ||
5.25%, due 1/1/54 | 5,725,000 | 5,604,652 |
California Health Facilities Financing Authority Revenue Bonds, Senior Lien | ||
1.829%, due 6/1/29 | 2,500,000 | 2,073,058 |
California State University, Systemwide Revenue Bonds | ||
Series B | ||
1.674%, due 11/1/29 | 2,710,000 | 2,197,099 |
Series B | ||
1.994%, due 11/1/32 | 1,000,000 | 741,991 |
Series B | ||
4.90%, due 11/1/34 | 2,750,000 | 2,545,574 |
Series B | ||
5.00%, due 11/1/35 | 4,750,000 | 4,392,192 |
Central Basin Municipal Water District Revenue Bonds | ||
Series B, Insured: BAM | ||
3.56%, due 8/1/33 | 1,345,000 | 1,098,711 |
City of Los Angeles, Department of Airports Revenue Bonds | ||
Series C | ||
1.613%, due 5/15/30 | 1,000,000 | 785,848 |
City of Los Angeles Unlimited General Obligation | ||
Series A | ||
2.15%, due 9/1/32 | 2,500,000 | 1,912,704 |
City of Los Angeles, Department of Airports Customer Facility Charge Revenue Bonds | ||
Series A, Insured: AGM | ||
3.258%, due 5/15/30 | 2,620,000 | 2,292,363 |
Series A, Insured: AGM | ||
3.408%, due 5/15/32 | 2,410,000 | 2,035,390 |
City of Oakland Unlimited General Obligation | ||
Series A-2 | ||
5.50%, due 7/15/31 | 3,000,000 | 2,980,509 |
Series A-2 | ||
5.60%, due 7/15/32 | 2,580,000 | 2,568,430 |
Principal Amount | Value | |
California (continued) | ||
City of Oakland Unlimited General Obligation (continued) | ||
Series A-2 | ||
5.65%, due 7/15/33 | $ 2,000,000 | $ 1,990,359 |
Series A-2 | ||
5.75%, due 7/15/34 | 4,205,000 | 4,196,125 |
Series A-2 | ||
5.85%, due 7/15/35 | 4,430,000 | 4,433,836 |
Contra Costa Community College District Unlimited General Obligation | ||
1.75%, due 8/1/28 | 1,500,000 | 1,284,622 |
Series B | ||
6.504%, due 8/1/34 | 2,270,000 | 2,391,536 |
Contra Costa Transportation Authority, Sales Tax Revenue Bonds | ||
Series B | ||
2.25%, due 3/1/34 | 1,580,000 | 1,167,889 |
County of Alameda Unlimited General Obligation | ||
Series B | ||
3.599%, due 8/1/29 | 9,185,000 | 8,453,371 |
Series B | ||
3.749%, due 8/1/32 | 2,000,000 | 1,760,058 |
Cupertino Union School District Unlimited General Obligation | ||
2.65%, due 8/1/31 | 1,000,000 | 820,049 |
East Side Union High School District Unlimited General Obligation | ||
Series B, Insured: BAM | ||
2.027%, due 8/1/30 | 1,195,000 | 967,098 |
Foothill-De Anza Community College District, Election of 2006 Unlimited General Obligation | ||
Series E | ||
2.896%, due 8/1/31 | 1,025,000 | 859,140 |
Glendale Community College District Unlimited General Obligation | ||
2.268%, due 8/1/30 | 1,500,000 | 1,234,113 |
2.568%, due 8/1/33 | 2,145,000 | 1,655,108 |
2.668%, due 8/1/34 | 2,545,000 | 1,929,665 |
Glendale Unified School District Unlimited General Obligation | ||
Series B | ||
1.83%, due 9/1/32 | 1,280,000 | 943,593 |
12 | MainStay MacKay U.S. Infrastructure Bond Fund |
Principal Amount | Value | |
Municipal Bonds (continued) | ||
California (continued) | ||
Long Beach Community College District Unlimited General Obligation | ||
Series H | ||
2.387%, due 8/1/29 | $ 1,695,000 | $ 1,444,707 |
Los Angeles Community College District, Election of 2008 Unlimited General Obligation | ||
Series B | ||
7.53%, due 8/1/29 | 6,000,000 | 6,523,312 |
Los Angeles Unified School District Unlimited General Obligation | ||
Series RY | ||
6.758%, due 7/1/34 | 2,360,000 | 2,497,727 |
Marin Community College District Unlimited General Obligation | ||
Series B | ||
1.89%, due 8/1/32 | 2,400,000 | 1,770,479 |
Marin Community College District, Election of 2016 Unlimited General Obligation | ||
Series A-1 | ||
3.272%, due 8/1/27 | 1,425,000 | 1,324,558 |
Oakland Unified School District, Alameda County Unlimited General Obligation | ||
Insured: BAM | ||
2.774%, due 8/1/34 | 1,000,000 | 749,867 |
Insured: BAM | ||
2.874%, due 8/1/35 | 7,405,000 | 5,447,677 |
Oxnard Financing Authority Revenue Bonds | ||
Series B | ||
6.819%, due 6/1/30 | 4,910,000 | 5,097,625 |
Port of Oakland Revenue Bonds, Senior Lien | ||
Series R | ||
1.949%, due 5/1/28 | 4,000,000 | 3,464,213 |
Series R | ||
2.099%, due 5/1/30 | 2,360,000 | 1,919,485 |
Series R | ||
2.349%, due 5/1/33 | 1,205,000 | 905,775 |
Redondo Beach Unified School District Unlimited General Obligation | ||
Series B | ||
2.211%, due 8/1/36 | 2,100,000 | 1,416,396 |
Principal Amount | Value | |
California (continued) | ||
San Diego Community College District Unlimited General Obligation | ||
2.113%, due 8/1/31 | $ 3,470,000 | $ 2,738,937 |
San Diego County Regional Transportation Commission Revenue Bonds | ||
Series A | ||
2.499%, due 4/1/30 | 1,570,000 | 1,321,019 |
San Francisco City & County Public Utilities Commission, Wastewater Revenue Bonds | ||
Series B | ||
5.60%, due 10/1/30 | 6,620,000 | 6,634,199 |
San Francisco City & County Redevelopment Agency Successor Agency Tax Allocation, Third Lien | ||
Series A, Insured: AGM | ||
2.543%, due 8/1/30 | 2,000,000 | 1,618,560 |
Series A, Insured: AGM | ||
2.643%, due 8/1/31 | 1,780,000 | 1,406,609 |
San Joaquin Hills Transportation Corridor Agency Revenue Bonds, Senior Lien | ||
Series B, Insured: AGM | ||
2.571%, due 1/15/30 | 1,250,000 | 1,049,352 |
San Jose Evergreen Community College District Unlimited General Obligation | ||
Series B | ||
6.649%, due 7/1/43 | 5,000,000 | 4,930,352 |
San Jose Unified School District Unlimited General Obligation | ||
1.847%, due 8/1/33 | 1,685,000 | 1,215,248 |
Santa Monica-Malibu Unified School District Unlimited General Obligation | ||
1.51%, due 7/1/30 | 2,510,000 | 1,971,785 |
Silicon Valley Clean Water Revenue Bonds | ||
Series A | ||
1.962%, due 8/1/31 | 2,950,000 | 2,276,858 |
Southern California Public Power Authority, National Gas Project Revenue Bonds | ||
Series A, Insured: AGM | ||
5.93%, due 7/1/32 | 1,800,000 | 1,814,428 |
Principal Amount | Value | |
Municipal Bonds (continued) | ||
California (continued) | ||
Southern California Public Power Authority, National Gas Project Revenue Bonds (continued) | ||
Series A, Insured: AGM | ||
6.03%, due 7/1/32 | $ 7,030,000 | $ 7,116,875 |
State of California, Various Purpose Unlimited General Obligation | ||
3.00%, due 11/1/30 | 3,225,000 | 2,741,495 |
5.20%, due 3/1/43 | 1,000,000 | 876,959 |
5.875%, due 10/1/41 | 4,000,000 | 3,836,844 |
7.50%, due 4/1/34 | 4,000,000 | 4,483,713 |
State of California Department of Water Resources, Central Valley Project Revenue Bonds | ||
Series BC | ||
1.16%, due 12/1/27 | 2,180,000 | 1,862,280 |
Series BE | ||
2.132%, due 12/1/33 | 7,500,000 | 5,510,140 |
Vacaville Unified School District Unlimited General Obligation | ||
1.639%, due 8/1/29 | 2,000,000 | 1,621,234 |
163,158,418 | ||
Colorado 1.6% | ||
City & County of Denver, Airport System Revenue Bonds | ||
Series C | ||
2.237%, due 11/15/30 | 6,645,000 | 5,388,847 |
Series C | ||
2.617%, due 11/15/33 | 3,000,000 | 2,300,346 |
City & County of Denver, Pledged Excise Tax Revenue Bonds | ||
Series B | ||
3.696%, due 8/1/28 | 4,670,000 | 4,303,186 |
Colorado Housing and Finance Authority Revenue Bonds | ||
Series K-1, Insured: GNMA | ||
5.75%, due 11/1/53 | 3,000,000 | 2,798,129 |
14,790,508 | ||
Connecticut 1.8% | ||
State of Connecticut Unlimited General Obligation | ||
Series A | ||
2.677%, due 7/1/30 | 3,805,000 | 3,217,103 |
Principal Amount | Value | |
Connecticut (continued) | ||
State of Connecticut Unlimited General Obligation (continued) | ||
Series A | ||
4.06%, due 6/15/30 | $ 4,600,000 | $ 4,243,566 |
Series A | ||
4.657%, due 5/15/30 | 7,000,000 | 6,694,004 |
State of Connecticut, Transportation Infrastructure, Special Tax Revenue Bonds | ||
Series B | ||
5.459%, due 11/1/30 | 1,860,000 | 1,831,552 |
15,986,225 | ||
District of Columbia 0.2% | ||
District of Columbia Revenue Bonds | ||
Series B | ||
3.759%, due 7/1/29 | 1,870,000 | 1,723,344 |
Florida 3.1% | ||
Bay Laurel Center Community Development District, Water & Sewer Revenue Bonds | ||
Series B, Insured: AGM | ||
5.60%, due 9/1/42 | 1,000,000 | 949,088 |
City of Miami, Beach Parking Unlimited General Obligation | ||
Series B | ||
4.661%, due 5/1/31 | 1,310,000 | 1,239,725 |
Series B | ||
4.674%, due 5/1/29 | 1,900,000 | 1,844,948 |
Series B | ||
5.261%, due 5/1/38 | 2,010,000 | 1,879,438 |
County of Broward, Airport System Revenue Bonds | ||
Series C | ||
2.504%, due 10/1/28 | 2,360,000 | 2,070,148 |
County of Miami-Dade, Seaport Department Revenue Bonds | ||
Series A-3, Insured: AGM | ||
2.012%, due 10/1/31 | 6,940,000 | 5,256,057 |
Series A-3, Insured: AGM | ||
2.162%, due 10/1/32 | 4,000,000 | 2,964,479 |
14 | MainStay MacKay U.S. Infrastructure Bond Fund |
Principal Amount | Value | |
Municipal Bonds (continued) | ||
Florida (continued) | ||
County of Miami-Dade, Aviation Revenue Bonds | ||
Series B | ||
2.287%, due 10/1/29 | $ 1,000,000 | $ 833,586 |
Series B | ||
3.406%, due 10/1/32 | 1,500,000 | 1,243,017 |
Florida Development Finance Corp., UF Health Jacksonville Project Revenue Bonds | ||
Series B, Insured: AGM | ||
3.223%, due 2/1/32 | 8,500,000 | 6,737,198 |
Tampa-Hillsborough County Expressway Authority Revenue Bonds | ||
Series B, Insured: BAM | ||
2.142%, due 7/1/31 | 4,375,000 | 3,405,166 |
28,422,850 | ||
Georgia 1.1% | ||
City of Atlanta, Water & Wastewater Revenue Bonds | ||
1.637%, due 11/1/29 | 1,000,000 | 812,465 |
2.257%, due 11/1/35 | 5,560,000 | 4,114,491 |
Municipal Electric Authority of Georgia, Project One Subordinated Bonds Revenue Bonds | ||
Series B | ||
2.257%, due 1/1/29 | 1,425,000 | 1,201,311 |
Oglethorpe Power Corp. Revenue Bonds | ||
Insured: NATL-RE | ||
5.534%, due 1/1/35 (b) | 2,300,000 | 2,178,222 |
State of Georgia Unlimited General Obligation | ||
Series H | ||
5.114%, due 11/1/29 | 1,500,000 | 1,491,770 |
9,798,259 | ||
Guam 0.9% | ||
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds | ||
Series B | ||
2.75%, due 7/1/30 | 6,500,000 | 5,426,180 |
Series B | ||
3.25%, due 7/1/34 | 2,000,000 | 1,565,992 |
Principal Amount | Value | |
Guam (continued) | ||
Port Authority of Guam Revenue Bonds | ||
Series C | ||
4.532%, due 7/1/27 | $ 500,000 | $ 470,352 |
Series C | ||
4.582%, due 7/1/28 | 1,000,000 | 923,794 |
8,386,318 | ||
Hawaii 2.2% | ||
City & County of Honolulu, Wastewater System Revenue Bonds | ||
Series A | ||
1.623%, due 7/1/31 | 3,080,000 | 2,333,171 |
City & County of Honolulu Unlimited General Obligation | ||
Series D | ||
3.068%, due 10/1/30 | 1,980,000 | 1,721,443 |
State of Hawaii Unlimited General Obligation | ||
Series FZ | ||
1.395%, due 8/1/30 | 7,520,000 | 5,841,447 |
Series GD | ||
1.71%, due 10/1/28 | 1,000,000 | 849,941 |
Series GC | ||
1.868%, due 10/1/31 | 6,000,000 | 4,619,338 |
Series FZ | ||
2.065%, due 8/1/35 | 1,100,000 | 761,755 |
Series GE | ||
2.642%, due 10/1/36 | 4,725,000 | 3,398,041 |
19,525,136 | ||
Illinois 6.0% | ||
Chicago Board of Education Unlimited General Obligation | ||
Series C, Insured: BAM | ||
6.319%, due 11/1/29 | 2,000,000 | 1,991,863 |
Chicago Transit Authority Sales Tax Receipts Fund Revenue Bonds | ||
Series B, Insured: BAM | ||
3.102%, due 12/1/30 | 2,100,000 | 1,805,815 |
City of Chicago Unlimited General Obligation | ||
Series B, Insured: AGM-CR | ||
7.375%, due 1/1/33 | 1,200,000 | 1,269,087 |
Principal Amount | Value | |
Municipal Bonds (continued) | ||
Illinois (continued) | ||
County of Cook Unlimited General Obligation | ||
Series C | ||
5.79%, due 11/15/29 | $ 1,290,000 | $ 1,290,988 |
Illinois Finance Authority, Ann & Robert H Lurie Children's Hospital Revenue Bonds | ||
3.548%, due 8/15/29 | 2,525,000 | 2,267,887 |
3.598%, due 8/15/30 | 1,000,000 | 881,028 |
Illinois Municipal Electric Agency Revenue Bonds | ||
Series C | ||
6.832%, due 2/1/35 | 5,000,000 | 5,143,156 |
Sales Tax Securitization Corp. Revenue Bonds, Second Lien | ||
Series B, Insured: BAM | ||
2.857%, due 1/1/31 | 6,000,000 | 5,031,225 |
Sales Tax Securitization Corp. Revenue Bonds | ||
Series C | ||
3.23%, due 1/1/28 | 2,160,000 | 1,990,885 |
State of Illinois, Sales Tax Revenue Bonds, Junior Lien | ||
Series B | ||
2.159%, due 6/15/29 | 2,500,000 | 2,038,217 |
Series B | ||
2.509%, due 6/15/32 | 1,000,000 | 746,303 |
State of Illinois, Sales Tax Revenue Bonds | ||
3.45%, due 6/15/29 | 3,170,000 | 2,775,339 |
State of Illinois Unlimited General Obligation | ||
Series B | ||
5.52%, due 4/1/38 | 11,950,000 | 10,835,257 |
Series 3 | ||
6.725%, due 4/1/35 | 10,153,846 | 10,061,178 |
State of Illinois, Build America Bonds Unlimited General Obligation | ||
Series 5 | ||
7.35%, due 7/1/35 | 5,931,429 | 6,040,261 |
54,168,489 |
Principal Amount | Value | |
Indiana 0.7% | ||
Indianapolis Local Public Improvement Bond Bank Revenue Bonds | ||
Series G-3 | ||
5.04%, due 1/1/29 | $ 1,115,000 | $ 1,083,878 |
Series A-2 | ||
5.854%, due 1/15/30 | 5,325,000 | 5,329,701 |
6,413,579 | ||
Iowa 0.5% | ||
Iowa Finance Authority, State Revolving Fund Revenue Bonds | ||
Series B | ||
4.40%, due 8/1/29 | 3,250,000 | 3,132,975 |
Series B | ||
4.45%, due 8/1/30 | 1,500,000 | 1,433,777 |
4,566,752 | ||
Kansas 1.1% | ||
County of Johnson Unlimited General Obligation | ||
Series D | ||
1.70%, due 9/1/32 | 5,025,000 | 3,697,777 |
Series D | ||
2.00%, due 9/1/29 | 4,515,000 | 3,788,600 |
State of Kansas Department of Transportation Revenue Bonds | ||
Series A | ||
4.596%, due 9/1/35 | 2,500,000 | 2,297,934 |
9,784,311 | ||
Louisiana 1.2% | ||
Louisiana Local Government Environmental Facilities & Community Development Authority, Utilities Restoration Corp. Project Revenue Bonds | ||
5.197%, due 9/1/39 | 3,917,220 | 3,739,520 |
5.198%, due 12/1/39 | 4,830,000 | 4,520,183 |
State of Louisiana Unlimited General Obligation | ||
Series C-1 | ||
1.804%, due 6/1/31 | 3,710,000 | 2,880,530 |
11,140,233 |
16 | MainStay MacKay U.S. Infrastructure Bond Fund |
Principal Amount | Value | |
Municipal Bonds (continued) | ||
Maryland 1.0% | ||
County of Baltimore Unlimited General Obligation | ||
3.569%, due 8/1/32 | $ 3,015,000 | $ 2,691,608 |
County of Howard Unlimited General Obligation | ||
Series E | ||
1.55%, due 8/15/31 | 3,000,000 | 2,287,923 |
Maryland Stadium Authority, Baltimore City Public School Construction Financing Fund Revenue Bonds | ||
Series C, Insured: State Intercept | ||
2.207%, due 5/1/31 | 1,510,000 | 1,203,362 |
Maryland State Transportation Authority Revenue Bonds | ||
Series B | ||
5.604%, due 7/1/30 | 3,000,000 | 2,973,927 |
9,156,820 | ||
Massachusetts 5.4% | ||
Commonwealth of Massachusetts Limited General Obligation | ||
Series E | ||
1.52%, due 11/1/30 | 2,000,000 | 1,552,647 |
Series D | ||
4.50%, due 8/1/31 | 1,320,000 | 1,231,205 |
Series E | ||
5.50%, due 10/1/29 | 9,000,000 | 9,078,819 |
Series E | ||
5.50%, due 10/1/31 | 5,050,000 | 5,052,284 |
Commonwealth of Massachusetts, COVID-19 Recovery Assessment Revenue Bonds | ||
Series A | ||
3.769%, due 7/15/29 | 7,250,000 | 6,734,431 |
Series A | ||
3.881%, due 1/15/31 | 7,900,000 | 7,177,781 |
Massachusetts Bay Transportation Authority, Sales Tax Revenue Bonds | ||
Series B | ||
2.235%, due 7/1/31 | 7,795,000 | 6,130,219 |
Massachusetts Port Authority Revenue Bonds | ||
Series C | ||
1.679%, due 7/1/31 | 1,625,000 | 1,239,173 |
Principal Amount | Value | |
Massachusetts (continued) | ||
Massachusetts School Building Authority Revenue Bonds, Senior Lien | ||
Series B | ||
1.753%, due 8/15/30 | $ 3,725,000 | $ 3,016,790 |
Massachusetts Water Resources Authority Revenue Bonds | ||
Series C | ||
1.94%, due 8/1/30 | 1,500,000 | 1,209,426 |
Series C | ||
2.09%, due 8/1/31 | 1,055,000 | 830,643 |
Series E | ||
2.323%, due 8/1/29 | 2,015,000 | 1,721,047 |
University of Massachusetts, Building Authority Revenue Bonds, Senior Lien | ||
Series 4 | ||
2.008%, due 11/1/31 | 2,730,000 | 2,104,873 |
Series 2 | ||
3.646%, due 11/1/34 | 2,495,000 | 2,077,819 |
49,157,157 | ||
Michigan 1.3% | ||
Great Lakes Water Authority, Sewage Disposal System Revenue Bonds, Senior Lien | ||
Series A | ||
2.365%, due 7/1/32 | 1,000,000 | 784,256 |
Michigan Finance Authority, Local Government Loan Program Revenue Bonds | ||
Series E, Insured: State Aid Direct Deposit | ||
8.369%, due 11/1/35 | 715,000 | 816,468 |
Michigan State Building Authority Revenue Bonds | ||
Series II | ||
1.812%, due 10/15/31 | 2,000,000 | 1,525,001 |
University of Michigan Revenue Bonds | ||
Series B | ||
1.672%, due 4/1/30 | 5,120,000 | 4,121,617 |
Series D | ||
5.183%, due 4/1/35 | 5,000,000 | 4,798,729 |
12,046,071 |
Principal Amount | Value | |
Municipal Bonds (continued) | ||
Minnesota 0.9% | ||
University of Minnesota Revenue Bonds | ||
Series B | ||
5.018%, due 8/1/35 | $ 7,685,000 | $ 7,272,786 |
Western Minnesota Municipal Power Agency Revenue Bonds | ||
Series A | ||
2.595%, due 1/1/29 | 1,000,000 | 884,170 |
8,156,956 | ||
Mississippi 1.6% | ||
State of Mississippi Unlimited General Obligation | ||
Series B | ||
1.699%, due 6/1/29 | 2,935,000 | 2,440,768 |
Series B | ||
1.849%, due 6/1/30 | 2,135,000 | 1,735,780 |
Series E | ||
1.987%, due 10/1/30 | 7,835,000 | 6,355,654 |
Series D | ||
2.187%, due 10/1/32 | 4,000,000 | 3,077,152 |
Series D | ||
3.729%, due 10/1/32 | 1,000,000 | 877,704 |
14,487,058 | ||
Missouri 1.2% | ||
Health & Educational Facilities Authority of the State of Missouri, Washington University (The) Revenue Bonds | ||
Series A | ||
3.471%, due 1/15/36 | 5,000,000 | 4,004,431 |
Series A | ||
3.535%, due 2/15/33 | 1,300,000 | 1,102,196 |
Missouri Highway & Transportation Commission, Federal Reimbursement State Road Revenue Bonds | ||
Series B | ||
5.445%, due 5/1/33 | 6,120,000 | 6,009,818 |
11,116,445 | ||
Nebraska 0.3% | ||
City of Lincoln, Electric System Revenue Bonds | ||
Series B | ||
1.499%, due 9/1/30 | 3,000,000 | 2,325,120 |
Principal Amount | Value | |
New Jersey 1.5% | ||
New Jersey Turnpike Authority Revenue Bonds | ||
Series B | ||
1.483%, due 1/1/28 | $ 2,000,000 | $ 1,726,779 |
Series B | ||
1.713%, due 1/1/29 | 3,235,000 | 2,725,914 |
Series B | ||
2.213%, due 1/1/34 | 1,220,000 | 902,499 |
State of New Jersey Unlimited General Obligation | ||
Series A | ||
2.30%, due 6/1/27 | 1,000,000 | 904,987 |
Series A | ||
2.75%, due 6/1/31 | 3,900,000 | 3,243,925 |
Series A, Insured: BAM | ||
2.90%, due 6/1/33 | 5,180,000 | 4,184,525 |
13,688,629 | ||
New Mexico 0.1% | ||
City of Albuquerque, Gross Receipts Tax Revenue Bonds | ||
Series C | ||
2.205%, due 7/1/32 | 1,420,000 | 1,094,013 |
New York 10.0% | ||
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 | 1,842,116 |
City of New York Unlimited General Obligation | ||
Series D | ||
1.623%, due 8/1/28 | 6,500,000 | 5,471,133 |
Series D | ||
1.723%, due 8/1/29 | 1,300,000 | 1,059,114 |
Series D-2 | ||
1.75%, due 3/1/30 | 2,450,000 | 1,954,287 |
Series D-3 | ||
1.97%, due 3/1/31 | 1,000,000 | 779,486 |
Series A-3 | ||
2.80%, due 8/1/30 | 2,820,000 | 2,376,422 |
Series E-2 | ||
4.90%, due 4/1/34 | 2,000,000 | 1,850,651 |
Series B-2 | ||
5.514%, due 10/1/30 | 3,880,000 | 3,838,574 |
18 | MainStay MacKay U.S. Infrastructure Bond Fund |
Principal Amount | Value | |
Municipal Bonds (continued) | ||
New York (continued) | ||
City of New York Unlimited General Obligation (continued) | ||
Series B-2 | ||
5.625%, due 10/1/31 | $ 2,110,000 | $ 2,087,657 |
Metropolitan Transportation Authority Revenue Bonds | ||
Series B-1 | ||
6.548%, due 11/15/31 | 6,245,000 | 6,285,449 |
New York City Transitional Finance Authority, Future Tax Secured Revenue Bonds | ||
Series C-2 | ||
1.55%, due 5/1/28 | 1,000,000 | 845,621 |
Series B-3 | ||
3.00%, due 11/1/33 | 1,000,000 | 782,766 |
Series C-3 | ||
3.35%, due 11/1/30 | 4,000,000 | 3,461,452 |
Series A-2 | ||
4.60%, due 5/1/30 | 6,000,000 | 5,659,322 |
Series D-3 | ||
5.65%, due 11/1/35 | 6,000,000 | 5,820,118 |
New York Power Authority Revenue Bonds | ||
Series A, Insured: AGM | ||
5.749%, due 11/15/33 | 6,530,000 | 6,592,214 |
New York State Dormitory Authority, State University of New York Dormitory Facilities Revenue Bonds | ||
Series A | ||
2.462%, due 7/1/32 | 4,750,000 | 3,686,715 |
New York State Dormitory Authority, State Personal Income Tax Revenue Bonds | ||
Series H | ||
5.289%, due 3/15/33 | 6,935,000 | 6,716,690 |
New York State Urban Development Corp., Sales Tax Revenue Bonds | ||
Series B | ||
1.75%, due 3/15/28 | 3,580,000 | 3,083,649 |
New York State Urban Development Corp., Personal Income Tax Revenue Bonds | ||
Series B | ||
1.777%, due 3/15/28 | 3,500,000 | 3,006,032 |
Principal Amount | Value | |
New York (continued) | ||
New York State Urban Development Corp., Personal Income Tax Revenue Bonds (continued) | ||
Series D | ||
3.32%, due 3/15/29 | $ 4,990,000 | $ 4,488,346 |
New York Transportation Development Corp., LaGuardia Airport Terminal B Redevelopment Project Revenue Bonds | ||
Series B, Insured: AGM-CR | ||
3.473%, due 7/1/28 | 4,860,000 | 4,460,089 |
Port Authority of New York & New Jersey Revenue Bonds | ||
Series 159 | ||
6.04%, due 12/1/29 | 5,000,000 | 5,124,495 |
State of New York Unlimited General Obligation | ||
Series B | ||
2.10%, due 3/15/33 | 2,490,000 | 1,854,016 |
Series B | ||
2.95%, due 2/15/34 | 2,500,000 | 1,976,667 |
State of New York, Build America Bonds Unlimited General Obligation | ||
Series C | ||
5.54%, due 3/1/30 | 5,000,000 | 5,015,926 |
90,119,007 | ||
North Carolina 0.9% | ||
City of Charlotte Unlimited General Obligation | ||
Series A | ||
4.75%, due 6/1/29 | 3,630,000 | 3,545,514 |
North Carolina Turnpike Authority, Monroe Connector System Revenue Bonds | ||
Series A | ||
5.318%, due 1/1/31 | 3,000,000 | 2,959,120 |
University of North Carolina at Chapel Hill Revenue Bonds | ||
3.847%, due 12/1/34 | 1,530,000 | 1,326,363 |
7,830,997 | ||
Ohio 3.0% | ||
American Municipal Power, Inc., Combined Hydroelectric Revenue Bonds | ||
Series B | ||
6.424%, due 2/15/32 | 1,455,000 | 1,498,394 |
Principal Amount | Value | |
Municipal Bonds (continued) | ||
Ohio (continued) | ||
County of Lucas Revenue Notes | ||
6.25%, due 10/11/24 | $ 8,330,000 | $ 8,344,149 |
Franklin County Convention Facilities Authority Revenue Bonds | ||
Series B | ||
2.022%, due 12/1/30 | 4,795,000 | 3,762,661 |
JobsOhio Beverage System Revenue Bonds, Senior Lien | ||
4.433%, due 1/1/33 | 7,000,000 | 6,671,528 |
Ohio Higher Educational Facility Commission, Ashtabula County Medical Center Obligated Group Revenue Bonds | ||
5.25%, due 1/1/42 | 2,000,000 | 1,896,130 |
Ohio State University (The), General Receipts Revenue Bonds | ||
Series B | ||
3.673%, due 6/1/33 | 1,000,000 | 908,224 |
State of Ohio, Build America Bonds Unlimited General Obligation | ||
Series B | ||
5.462%, due 9/1/30 | 2,000,000 | 2,013,319 |
Summit County Development Finance Authority, Franciscan University of Steubenville Project Revenue Bonds | ||
Series A | ||
6.00%, due 11/1/48 (b) | 1,750,000 | 1,621,746 |
26,716,151 | ||
Oklahoma 0.1% | ||
Oklahoma Municipal Power Authority, Power Supply System Revenue Bonds | ||
Series B, Insured: AGM | ||
2.251%, due 1/1/32 | 1,300,000 | 1,002,717 |
Oregon 3.3% | ||
City of Portland, Affordable Housing Project Unlimited General Obligation | ||
Series A | ||
4.37%, due 6/15/28 | 1,855,000 | 1,803,868 |
Principal Amount | Value | |
Oregon (continued) | ||
City of Portland, Affordable Housing Project Unlimited General Obligation (continued) | ||
Series A | ||
4.43%, due 6/15/29 | $ 2,270,000 | $ 2,194,327 |
Metro Unlimited General Obligation | ||
3.10%, due 6/1/31 | 1,000,000 | 853,210 |
Oregon State Lottery Revenue Bonds | ||
Series B | ||
1.641%, due 4/1/28 | 9,500,000 | 8,186,902 |
Series B | ||
1.875%, due 4/1/29 | 3,900,000 | 3,286,415 |
Series B | ||
3.821%, due 4/1/31 | 3,000,000 | 2,705,437 |
Series B, Insured: Moral Obligation | ||
4.303%, due 4/1/31 | 2,000,000 | 1,850,248 |
Port of Morrow, Bonneville Power Administration Revenue Bonds | ||
Series 1 | ||
2.987%, due 9/1/36 | 5,810,000 | 4,449,518 |
State of Oregon, Department of Transportation Revenue Bonds, Senior Lien | ||
Series B | ||
1.53%, due 11/15/30 | 2,500,000 | 1,950,536 |
State of Oregon Unlimited General Obligation | ||
Series C | ||
1.975%, due 5/1/31 | 1,000,000 | 788,153 |
Tri-County Metropolitan Transportation, District of Oregon Revenue Bonds, Senior Lien | ||
Series B | ||
2.583%, due 9/1/36 | 2,100,000 | 1,516,677 |
29,585,291 | ||
Pennsylvania 1.6% | ||
Authority Improvement Municipalities, Carlow University Revenue Bonds | ||
Series B | ||
5.00%, due 11/1/53 | 750,000 | 483,219 |
20 | MainStay MacKay U.S. Infrastructure Bond Fund |
Principal Amount | Value | |
Municipal Bonds (continued) | ||
Pennsylvania (continued) | ||
City of Philadelphia Unlimited General Obligation | ||
Series B, Insured: AGM | ||
1.618%, due 7/15/29 | $ 2,505,000 | $ 2,026,215 |
Series B, Insured: AGM | ||
1.738%, due 7/15/30 | 2,250,000 | 1,761,282 |
City of Philadelphia, Water & Wastewater Revenue Bonds | ||
Series B | ||
2.034%, due 11/1/31 | 1,000,000 | 804,254 |
City of Pittsburgh Unlimited General Obligation | ||
Series B | ||
1.619%, due 9/1/29 | 1,570,000 | 1,284,214 |
Commonwealth of Pennsylvania Unlimited General Obligation | ||
Series 1 | ||
2.05%, due 8/1/31 | 4,020,000 | 3,133,312 |
County of Allegheny Unlimited General Obligation | ||
Series C-79 | ||
1.786%, due 11/1/30 | 1,000,000 | 787,628 |
Erie City Water Authority Revenue Bonds | ||
Series D, Insured: AGM | ||
1.961%, due 12/1/30 | 2,945,000 | 2,333,227 |
University of Pittsburgh-of the Commonwealth System of Higher Education Revenue Bonds | ||
Series B | ||
3.596%, due 9/15/30 | 2,000,000 | 1,783,833 |
14,397,184 | ||
Rhode Island 1.4% | ||
State of Rhode Island Unlimited General Obligation | ||
Series B | ||
4.79%, due 8/1/31 | 4,000,000 | 3,789,272 |
Series B | ||
4.90%, due 8/1/32 | 6,000,000 | 5,673,728 |
Series B | ||
5.00%, due 8/1/29 | 3,145,000 | 3,077,226 |
12,540,226 |
Principal Amount | Value | |
South Carolina 0.4% | ||
South Carolina Public Service Authority, Santee Cooper Project Revenue Bonds | ||
Series F, Insured: AGM-CR | ||
5.74%, due 1/1/30 | $ 3,690,000 | $ 3,685,492 |
Tennessee 0.8% | ||
City of Memphis Unlimited General Obligation | ||
Series F | ||
6.042%, due 7/1/34 | 2,000,000 | 2,036,703 |
Metropolitan Government Nashville & Davidson County Sports Authority, Stadium Project Revenue Bonds | ||
Series D | ||
4.98%, due 7/1/29 | 1,315,000 | 1,283,086 |
Series D | ||
5.03%, due 7/1/30 | 1,000,000 | 969,409 |
Series D | ||
5.068%, due 7/1/31 | 1,600,000 | 1,539,712 |
Series D | ||
5.168%, due 7/1/33 | 1,550,000 | 1,479,045 |
7,307,955 | ||
Texas 9.3% | ||
Central Texas Regional Mobility Authority Revenue Bonds, Senior Lien | ||
Series C | ||
2.635%, due 1/1/32 | 1,500,000 | 1,185,585 |
City of Corpus Christi, Utility System Revenue Bonds, Junior Lien | ||
Series B | ||
2.166%, due 7/15/32 | 2,500,000 | 1,902,548 |
City of Dallas, Waterworks & Sewer System Revenue Bonds | ||
Series B | ||
3.648%, due 10/1/30 | 2,000,000 | 1,810,520 |
City of Frisco Limited General Obligation | ||
Series B | ||
5.25%, due 2/15/33 | 2,120,000 | 2,090,125 |
City of Houston, Combined Utility System Revenue Bonds, First Lien | ||
Series D | ||
1.972%, due 11/15/34 | 1,000,000 | 694,592 |
Principal Amount | Value | |
Municipal Bonds (continued) | ||
Texas (continued) | ||
City of Houston, Combined Utility System Revenue Bonds, First Lien (continued) | ||
Series D | ||
2.022%, due 11/15/35 | $ 2,000,000 | $ 1,350,985 |
Series B | ||
3.828%, due 5/15/28 | 2,575,000 | 2,464,504 |
City of Houston, Airport System Revenue Bonds, Sub. Lien | ||
Series C | ||
2.485%, due 7/1/32 | 1,470,000 | 1,149,234 |
City of Midland Limited General Obligation | ||
Series A | ||
3.601%, due 3/1/31 | 1,420,000 | 1,274,076 |
City of San Antonio, Electric & Gas Systems Limited General Obligation | ||
1.763%, due 2/1/31 | 4,500,000 | 3,521,220 |
County of Bexar, Combined Venue Tax Revenue Bonds | ||
Insured: AGM | ||
2.434%, due 8/15/33 | 1,000,000 | 748,884 |
County of Williamson Limited General Obligation | ||
1.486%, due 2/15/31 | 1,500,000 | 1,152,668 |
Dallas Area Rapid Transit Revenue Bonds, Senior Lien | ||
Series D | ||
1.828%, due 12/1/29 | 3,600,000 | 2,972,209 |
Dallas Area Rapid Transit Revenue Bonds | ||
Series C | ||
1.946%, due 12/1/31 | 1,730,000 | 1,342,497 |
Dallas Fort Worth International Airport Revenue Bonds | ||
Series C | ||
2.246%, due 11/1/31 | 2,585,000 | 2,039,495 |
Series A | ||
2.454%, due 11/1/29 | 1,000,000 | 853,007 |
Series A | ||
4.892%, due 11/1/34 | 1,750,000 | 1,636,329 |
Series A | ||
4.942%, due 11/1/35 | 4,670,000 | 4,344,261 |
Principal Amount | Value | |
Texas (continued) | ||
Dallas Independent School District Unlimited General Obligation | ||
Series A, Insured: PSF-GTD | ||
2.533%, due 2/15/32 | $ 7,500,000 | $ 6,027,143 |
Metropolitan Transit Authority of Harris County Revenue Bonds | ||
Series A | ||
2.499%, due 11/1/34 | 4,000,000 | 2,938,793 |
North Texas Tollway Authority Revenue Bonds, First Tier | ||
Series B | ||
1.827%, due 1/1/29 | 3,300,000 | 2,777,440 |
Northwest Independent School District Unlimited General Obligation | ||
Series A, Insured: PSF-GTD | ||
1.776%, due 2/15/31 | 3,665,000 | 2,881,643 |
State of Texas, Public Finance Authority Unlimited General Obligation | ||
2.526%, due 10/1/31 | 4,000,000 | 3,280,449 |
2.746%, due 10/1/33 | 1,000,000 | 795,284 |
4.68%, due 10/1/32 | 7,470,000 | 7,050,859 |
4.70%, due 10/1/33 | 1,000,000 | 937,609 |
4.90%, due 10/1/35 | 5,100,000 | 4,779,756 |
4.98%, due 10/1/36 | 4,250,000 | 3,975,832 |
State of Texas, Water Financial Assistance, Economically Distressed Areas Program Unlimited General Obligation | ||
Series D | ||
4.616%, due 8/1/34 | 1,000,000 | 914,956 |
State of Texas, Transportation Commission, Highway Improvement Unlimited General Obligation | ||
Series A | ||
4.631%, due 4/1/33 | 3,000,000 | 2,846,614 |
Texas Natural Gas Securitization Finance Corp. Revenue Bonds | ||
Series A-1 | ||
5.102%, due 4/1/35 | 9,000,000 | 8,717,928 |
Texas Public Finance Authority, Texas Facilities Commission Revenue Bonds | ||
1.62%, due 2/1/31 | 3,655,000 | 2,819,744 |
22 | MainStay MacKay U.S. Infrastructure Bond Fund |
Principal Amount | Value | |
Municipal Bonds (continued) | ||
Texas (continued) | ||
Texas Tech University System Revenue Bonds | ||
1.653%, due 2/15/29 | $ 1,250,000 | $ 1,043,181 |
84,319,970 | ||
U.S. Virgin Islands 0.6% | ||
Matching Fund Special Purpose Securitization Corp. Revenue Bonds | ||
Series B | ||
6.00%, due 10/1/25 | 5,875,000 | 5,809,363 |
Utah 0.9% | ||
County of Salt Lake, Convention Hotel Revenue Bonds | ||
5.25%, due 10/1/34 (b) | 3,610,000 | 3,101,141 |
Intermountain Power Agency Revenue Bonds | ||
Series B | ||
4.978%, due 7/1/31 | 1,020,000 | 979,599 |
Series B | ||
5.228%, due 7/1/35 | 2,520,000 | 2,391,793 |
Utah Board of Higher Education Revenue Bonds | ||
Series B | ||
1.656%, due 8/1/31 | 1,000,000 | 760,264 |
Utah Transit Authority Revenue Bonds | ||
2.038%, due 12/15/31 | 1,050,000 | 811,222 |
8,044,019 | ||
Virginia 0.6% | ||
Farmville Industrial Development Authority, Longwood University Student Housing Project Revenue Bonds | ||
Series B | ||
5.00%, due 1/1/34 | 2,000,000 | 1,743,325 |
Virginia College Building Authority, 21st Century College & Equipment Programs Revenue Bonds | ||
Series B | ||
1.865%, due 2/1/31 | 3,000,000 | 2,364,086 |
Principal Amount | Value | |
Virginia (continued) | ||
Virginia Commonwealth Transportation Board, Build America Bonds Revenue Bonds | ||
Series A-2, Insured: State Appropriations | ||
5.35%, due 5/15/35 | $ 1,255,000 | $ 1,219,266 |
5,326,677 | ||
Washington 2.2% | ||
County of King, Sewer Revenue Bonds | ||
Series B | ||
1.30%, due 1/1/28 | 2,140,000 | 1,838,966 |
Series A | ||
2.091%, due 7/1/34 | 1,880,000 | 1,361,872 |
Energy Northwest, Bonneville Power Administration Revenue Bonds | ||
Series B | ||
2.166%, due 7/1/32 | 2,740,000 | 2,114,955 |
Port of Seattle, Intermediate Lien Revenue Bonds | ||
Series C | ||
3.913%, due 8/1/30 | 2,200,000 | 1,997,855 |
Spokane Public Facilities District, Sales & Lodging tax Revenue Bonds | ||
Series B | ||
1.996%, due 12/1/30 | 1,950,000 | 1,551,845 |
State of Washington, Motor Vehicle Fuel Tax Unlimited General Obligation | ||
Series F | ||
5.09%, due 8/1/33 | 11,750,000 | 11,333,096 |
20,198,589 | ||
West Virginia 0.3% | ||
County of Ohio, Special District Excise Tax Revenue Bonds | ||
Series A | ||
4.00%, due 3/1/40 | 3,500,000 | 2,336,093 |
Wisconsin 0.8% | ||
State of Wisconsin Unlimited General Obligation | ||
Series 3 | ||
1.122%, due 5/1/28 | 4,100,000 | 3,446,168 |
Principal Amount | Value | |
Municipal Bonds (continued) | ||
Wisconsin (continued) | ||
State of Wisconsin Unlimited General Obligation (continued) | ||
Series 2 | ||
2.614%, due 5/1/32 | $ 4,250,000 | $ 3,407,614 |
Wisconsin Department of Transportation Revenue Bonds | ||
Series 1 | ||
1.789%, due 7/1/33 | 1,000,000 | 719,602 |
7,573,384 | ||
Total Municipal Bonds (Cost $863,898,234) | 832,321,237 | |
U.S. Government & Federal Agencies 0.0% ‡ | ||
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) 0.0% ‡ | ||
FHLMC Gold Pools, 30 Year | ||
4.00%, due 10/1/48 | 112,624 | 99,368 |
6.50%, due 4/1/37 | 22,186 | 22,815 |
122,183 | ||
Government National Mortgage Association (Mortgage Pass-Through Security) 0.0% ‡ | ||
GNMA I, 30 Year | ||
6.50%, due 4/15/31 | 67,762 | 67,695 |
Total U.S. Government & Federal Agencies (Cost $204,171) | 189,878 | |
Total Long-Term Bonds (Cost $897,603,306) | 864,448,141 | |
Shares | ||
Short-Term Investments 1.6% | ||
Affiliated Investment Company 0.1% | ||
MainStay U.S. Government Liquidity Fund, 5.275% (c) | 825,933 | 825,933 |
Principal Amount | Value | ||
Short-Term Municipal Notes 1.5% | |||
Mizuho Floater (b)(d) | |||
5.73%, due 12/1/52 | $ 4,750,000 | $ 4,750,000 | |
5.73%, due 12/1/62 | 8,750,000 | 8,750,000 | |
Total Short-Term Municipal Notes (Cost $13,500,000) | 13,500,000 | ||
Total Short-Term Investments (Cost $14,325,933) | 14,325,933 | ||
Total Investments (Cost $911,929,239) | 97.0% | 878,774,074 | |
Other Assets, Less Liabilities | 3.0 | 27,590,875 | |
Net Assets | 100.0% | $ 906,364,949 |
† | Percentages indicated are based on Fund net assets. |
^ | Industry classifications may be different than those used for compliance monitoring purposes. |
‡ | Less than one-tenth of a percent. |
(a) | Coupon rate may change based on changes of the underlying collateral or prepayments of principal. Rate shown was the rate in effect as of October 31, 2023. |
(b) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
(c) | Current yield as of October 31, 2023. |
(d) | 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. |
24 | MainStay MacKay U.S. Infrastructure Bond Fund |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay U.S. Government Liquidity Fund | $ 40,537 | $ 741,248 | $ (780,959) | $ — | $ — | $ 826 | $ 1,099 | $ — | 826 |
Abbreviation(s): |
AGM—Assured Guaranty Municipal Corp. |
AMBAC—Ambac Assurance Corp. |
BAM—Build America Mutual Assurance Co. |
CR—Custodial Receipts |
FHLMC—Federal Home Loan Mortgage Corp. |
GNMA—Government National Mortgage Association |
NATL-RE—National Public Finance Guarantee Corp. |
PSF-GTD—Permanent School Fund Guaranteed |
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 | $ — | $ 31,937,026 | $ — | $ 31,937,026 | |||
Municipal Bonds | — | 832,321,237 | — | 832,321,237 | |||
U.S. Government & Federal Agencies | — | 189,878 | — | 189,878 | |||
Total Long-Term Bonds | — | 864,448,141 | — | 864,448,141 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 825,933 | — | — | 825,933 | |||
Short-Term Municipal Notes | — | 13,500,000 | — | 13,500,000 | |||
Total Short-Term Investments | 825,933 | 13,500,000 | — | 14,325,933 | |||
Total Investments in Securities | $ 825,933 | $ 877,948,141 | $ — | $ 878,774,074 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
Assets | |
Investment in unaffiliated securities, at value (identified cost $911,103,306) | $ 877,948,141 |
Investment in affiliated investment companies, at value (identified cost $825,933) | 825,933 |
Receivables: | |
Investment securities sold | 24,775,607 |
Dividends and interest | 9,416,335 |
Fund shares sold | 4,362,359 |
Other assets | 87,433 |
Total assets | 917,415,808 |
Liabilities | |
Payables: | |
Investment securities purchased | 5,659,908 |
Fund shares redeemed | 4,101,754 |
Manager (See Note 3) | 266,335 |
Transfer agent (See Note 3) | 197,578 |
NYLIFE Distributors (See Note 3) | 24,210 |
Custodian | 23,464 |
Professional fees | 13,116 |
Shareholder communication | 5,350 |
Accrued expenses | 770 |
Distributions payable | 758,374 |
Total liabilities | 11,050,859 |
Net assets | $ 906,364,949 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.01 per share) unlimited number of shares authorized | $ 1,268,771 |
Additional paid-in-capital | 1,030,238,024 |
1,031,506,795 | |
Total distributable earnings (loss) | (125,141,846) |
Net assets | $ 906,364,949 |
Class A | |
Net assets applicable to outstanding shares | $ 78,067,730 |
Shares of beneficial interest outstanding | 11,040,143 |
Net asset value per share outstanding | $ 7.07 |
Maximum sales charge (3.00% of offering price) | 0.22 |
Maximum offering price per share outstanding | $ 7.29 |
Investor Class | |
Net assets applicable to outstanding shares | $ 13,065,575 |
Shares of beneficial interest outstanding | 1,839,223 |
Net asset value per share outstanding | $ 7.10 |
Maximum sales charge (2.50% of offering price) | 0.18 |
Maximum offering price per share outstanding | $ 7.28 |
Class B | |
Net assets applicable to outstanding shares | $ 293,812 |
Shares of beneficial interest outstanding | 41,541 |
Net asset value and offering price per share outstanding | $ 7.07 |
Class C | |
Net assets applicable to outstanding shares | $ 4,733,547 |
Shares of beneficial interest outstanding | 669,821 |
Net asset value and offering price per share outstanding | $ 7.07 |
Class I | |
Net assets applicable to outstanding shares | $683,014,266 |
Shares of beneficial interest outstanding | 95,513,190 |
Net asset value and offering price per share outstanding | $ 7.15 |
Class R6 | |
Net assets applicable to outstanding shares | $127,190,019 |
Shares of beneficial interest outstanding | 17,773,135 |
Net asset value and offering price per share outstanding | $ 7.16 |
26 | MainStay MacKay U.S. Infrastructure Bond Fund |
Investment Income (Loss) | |
Income | |
Interest | $ 32,495,276 |
Dividends-affiliated | 1,099,146 |
Total income | 33,594,422 |
Expenses | |
Manager (See Note 3) | 3,416,982 |
Transfer agent (See Note 3) | 1,129,656 |
Distribution/Service—Class A (See Note 3) | 196,618 |
Distribution/Service—Investor Class (See Note 3) | 34,940 |
Distribution/Service—Class B (See Note 3) | 4,854 |
Distribution/Service—Class C (See Note 3) | 57,298 |
Registration | 131,055 |
Professional fees | 115,349 |
Custodian | 81,558 |
Shareholder communication | 35,294 |
Trustees | 17,157 |
Miscellaneous | 25,240 |
Total expenses before waiver/reimbursement | 5,246,001 |
Expense waiver/reimbursement from Manager (See Note 3) | (807,420) |
Reimbursement from prior custodian(a) | (1,101) |
Net expenses | 4,437,480 |
Net investment income (loss) | 29,156,942 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | (28,130,346) |
Futures transactions | 1,339,322 |
Net realized gain (loss) | (26,791,024) |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | (940,190) |
Futures contracts | (1,701,802) |
Net change in unrealized appreciation (depreciation) | (2,641,992) |
Net realized and unrealized gain (loss) | (29,433,016) |
Net increase (decrease) in net assets resulting from operations | $ (276,074) |
(a) | Represents a refund for overbilling of custody fees. |
for the years ended October 31, 2023 and October 31, 2022
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 29,156,942 | $ 13,838,405 |
Net realized gain (loss) | (26,791,024) | (64,129,820) |
Net change in unrealized appreciation (depreciation) | (2,641,992) | (41,992,401) |
Net increase (decrease) in net assets resulting from operations | (276,074) | (92,283,816) |
Distributions to shareholders: | ||
Class A | (3,190,609) | (2,991,990) |
Investor Class | (522,064) | (464,952) |
Class B | (14,468) | (21,454) |
Class C | (171,500) | (166,814) |
Class I | (20,530,573) | (10,840,872) |
Class R6 | (4,837,944) | (4,569,870) |
Total distributions to shareholders | (29,267,158) | (19,055,952) |
Capital share transactions: | ||
Net proceeds from sales of shares | 673,028,663 | 323,563,093 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 22,229,651 | 13,320,339 |
Cost of shares redeemed | (264,606,267) | (336,252,102) |
Increase (decrease) in net assets derived from capital share transactions | 430,652,047 | 631,330 |
Net increase (decrease) in net assets | 401,108,815 | (110,708,438) |
Net Assets | ||
Beginning of year | 505,256,134 | 615,964,572 |
End of year | $ 906,364,949 | $ 505,256,134 |
28 | MainStay MacKay U.S. Infrastructure Bond Fund |
Year Ended October 31, | |||||||||
Class A | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 7.20 | $ 8.74 | $ 8.77 | $ 8.64 | $ 7.93 | ||||
Net investment income (loss) (a) | 0.30 | 0.18 | 0.13 | 0.16 | 0.21 | ||||
Net realized and unrealized gain (loss) | (0.13) | (1.47) | 0.07 | 0.14 | 0.71 | ||||
Total from investment operations | 0.17 | (1.29) | 0.20 | 0.30 | 0.92 | ||||
Less distributions: | |||||||||
From net investment income | (0.30) | (0.18) | (0.13) | (0.17) | (0.21) | ||||
From net realized gain on investments | — | (0.07) | (0.10) | — | — | ||||
Return of capital | — | — | — | — | (0.00)‡ | ||||
Total distributions | (0.30) | (0.25) | (0.23) | (0.17) | (0.21) | ||||
Net asset value at end of year | $ 7.07 | $ 7.20 | $ 8.74 | $ 8.77 | $ 8.64 | ||||
Total investment return (b) | 2.26% | (14.98)% | 2.36% | 3.45% | 11.76% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 4.04% | 2.20% | 1.49% | 1.84% | 2.52% | ||||
Net expenses (c) | 0.85% | 0.85% | 0.85% | 0.85% | 0.89% | ||||
Expenses (before waiver/reimbursement) (c) | 0.99% | 0.98% | 0.96% | 0.98% | 1.02% | ||||
Portfolio turnover rate (d) | 130% | 170% | 51% | 89% | 124% | ||||
Net assets at end of year (in 000’s) | $ 78,068 | $ 75,780 | $ 111,626 | $ 103,475 | $ 84,513 |
‡ | Less than one cent per share. |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | The portfolio turnover rate includes variable rate demand notes. |
Year Ended October 31, | |||||||||
Investor Class | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 7.24 | $ 8.78 | $ 8.81 | $ 8.68 | $ 7.97 | ||||
Net investment income (loss) (a) | 0.28 | 0.16 | 0.10 | 0.14 | 0.19 | ||||
Net realized and unrealized gain (loss) | (0.14) | (1.47) | 0.07 | 0.13 | 0.71 | ||||
Total from investment operations | 0.14 | (1.31) | 0.17 | 0.27 | 0.90 | ||||
Less distributions: | |||||||||
From net investment income | (0.28) | (0.16) | (0.10) | (0.14) | (0.19) | ||||
From net realized gain on investments | — | (0.07) | (0.10) | — | — | ||||
Return of capital | — | — | — | — | (0.00)‡ | ||||
Total distributions | (0.28) | (0.23) | (0.20) | (0.14) | (0.19) | ||||
Net asset value at end of year | $ 7.10 | $ 7.24 | $ 8.78 | $ 8.81 | $ 8.68 | ||||
Total investment return (b) | 1.80% | (15.14)% | 2.02% | 3.14% | 11.36% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 3.72% | 1.95% | 1.16% | 1.57% | 2.21% | ||||
Net expenses (c) | 1.15% | 1.12% | 1.17% | 1.15% | 1.21% | ||||
Expenses (before waiver/reimbursement) (c) | 1.37% | 1.25% | 1.33% | 1.28% | 1.35% | ||||
Portfolio turnover rate (d) | 130% | 170% | 51% | 89% | 124% | ||||
Net assets at end of year (in 000's) | $ 13,066 | $ 13,974 | $ 17,994 | $ 19,459 | $ 20,520 |
‡ | Less than one cent per share. |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | The portfolio turnover rate includes variable rate demand notes. |
Year Ended October 31, | |||||||||
Class B | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 7.20 | $ 8.74 | $ 8.77 | $ 8.64 | $ 7.94 | ||||
Net investment income (loss) (a) | 0.22 | 0.09 | 0.04 | 0.07 | 0.12 | ||||
Net realized and unrealized gain (loss) | (0.13) | (1.46) | 0.07 | 0.14 | 0.70 | ||||
Total from investment operations | 0.09 | (1.37) | 0.11 | 0.21 | 0.82 | ||||
Less distributions: | |||||||||
From net investment income | (0.22) | (0.10) | (0.04) | (0.08) | (0.12) | ||||
From net realized gain on investments | — | (0.07) | (0.10) | — | — | ||||
Return of capital | — | — | — | — | (0.00)‡ | ||||
Total distributions | (0.22) | (0.17) | (0.14) | (0.08) | (0.12) | ||||
Net asset value at end of year | $ 7.07 | $ 7.20 | $ 8.74 | $ 8.77 | $ 8.64 | ||||
Total investment return (b) | 1.19% | (15.84)% | 1.28% | 2.39% | 10.46% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.96% | 1.11% | 0.42% | 0.85% | 1.46% | ||||
Net expenses (c) | 1.91% | 1.87% | 1.92% | 1.90% | 1.96% | ||||
Expenses (before waiver/reimbursement) (c) | 2.13% | 2.00% | 2.08% | 2.03% | 2.10% | ||||
Portfolio turnover rate (d) | 130% | 170% | 51% | 89% | 124% | ||||
Net assets at end of year (in 000’s) | $ 294 | $ 623 | $ 1,343 | $ 1,902 | $ 2,621 |
‡ | Less than one cent per share. |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | The portfolio turnover rate includes variable rate demand notes. |
Year Ended October 31, | |||||||||
Class C | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 7.20 | $ 8.74 | $ 8.77 | $ 8.64 | $ 7.93 | ||||
Net investment income (loss) (a) | 0.22 | 0.11 | 0.04 | 0.08 | 0.12 | ||||
Net realized and unrealized gain (loss) | (0.13) | (1.48) | 0.07 | 0.13 | 0.71 | ||||
Total from investment operations | 0.09 | (1.37) | 0.11 | 0.21 | 0.83 | ||||
Less distributions: | |||||||||
From net investment income | (0.22) | (0.10) | (0.04) | (0.08) | (0.12) | ||||
From net realized gain on investments | — | (0.07) | (0.10) | — | — | ||||
Return of capital | — | — | — | — | (0.00)‡ | ||||
Total distributions | (0.22) | (0.17) | (0.14) | (0.08) | (0.12) | ||||
Net asset value at end of year | $ 7.07 | $ 7.20 | $ 8.74 | $ 8.77 | $ 8.64 | ||||
Total investment return (b) | 1.19% | (15.84)% | 1.27% | 2.38% | 10.59% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.98% | 1.38% | 0.42% | 0.88% | 1.47% | ||||
Net expenses (c) | 1.91% | 1.87% | 1.92% | 1.90% | 1.96% | ||||
Expenses (before waiver/reimbursement) (c) | 2.13% | 2.00% | 2.08% | 2.02% | 2.10% | ||||
Portfolio turnover rate (d) | 130% | 170% | 51% | 89% | 124% | ||||
Net assets at end of year (in 000’s) | $ 4,734 | $ 7,037 | $ 6,481 | $ 8,708 | $ 14,152 |
‡ | Less than one cent per share. |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | The portfolio turnover rate includes variable rate demand notes. |
30 | MainStay MacKay U.S. Infrastructure Bond Fund |
Year Ended October 31, | |||||||||
Class I | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 7.28 | $ 8.84 | $ 8.87 | $ 8.73 | $ 8.02 | ||||
Net investment income (loss) (a) | 0.32 | 0.20 | 0.15 | 0.17 | 0.24 | ||||
Net realized and unrealized gain (loss) | (0.13) | (1.49) | 0.07 | 0.16 | 0.71 | ||||
Total from investment operations | 0.19 | (1.29) | 0.22 | 0.33 | 0.95 | ||||
Less distributions: | |||||||||
From net investment income | (0.32) | (0.20) | (0.15) | (0.19) | (0.24) | ||||
From net realized gain on investments | — | (0.07) | (0.10) | — | — | ||||
Return of capital | — | — | — | — | (0.00)‡ | ||||
Total distributions | (0.32) | (0.27) | (0.25) | (0.19) | (0.24) | ||||
Net asset value at end of year | $ 7.15 | $ 7.28 | $ 8.84 | $ 8.87 | $ 8.73 | ||||
Total investment return (b) | 2.48% | (14.83)% | 2.58% | 3.78% | 11.95% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 4.24% | 2.47% | 1.71% | 1.97% | 2.64% | ||||
Net expenses (c) | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% | ||||
Expenses (before waiver/reimbursement) (c) | 0.74% | 0.73% | 0.71% | 0.72% | 0.74% | ||||
Portfolio turnover rate (d) | 130% | 170% | 51% | 89% | 124% | ||||
Net assets at end of year (in 000’s) | $ 683,014 | $ 297,386 | $ 329,021 | $ 292,000 | $ 177,305 |
‡ | 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. |
Year Ended October 31, | November 1, 2019^ through October 31, | ||||||
Class R6 | 2023 | 2022 | 2021 | 2020 | |||
Net asset value at beginning of period | $ 7.29 | $ 8.84 | $ 8.87 | $ 8.72 | |||
Net investment income (loss) (a) | 0.32 | 0.20 | 0.16 | 0.19 | |||
Net realized and unrealized gain (loss) | (0.13) | (1.47) | 0.07 | 0.15 | |||
Total from investment operations | 0.19 | (1.27) | 0.23 | 0.34 | |||
Less distributions: | |||||||
From net investment income | (0.32) | (0.21) | (0.16) | (0.19) | |||
From net realized gain on investments | — | (0.07) | (0.10) | — | |||
Total distributions | (0.32) | (0.28) | (0.26) | (0.19) | |||
Net asset value at end of period | $ 7.16 | $ 7.29 | $ 8.84 | $ 8.87 | |||
Total investment return (b) | 2.55% | (14.66)% | 2.65% | 3.85% | |||
Ratios (to average net assets)/Supplemental Data: | |||||||
Net investment income (loss) | 4.30% | 2.50% | 1.77% | 2.16% | |||
Net expenses (c) | 0.53% | 0.53% | 0.53% | 0.53% | |||
Expenses (before waiver/reimbursement) (c) | 0.56% | 0.57% | 0.56% | 0.58% | |||
Portfolio turnover rate (d) | 130% | 170% | 51% | 89% | |||
Net assets at end of period (in 000’s) | $ 127,190 | $ 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. |
32 | MainStay MacKay U.S. Infrastructure Bond 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 | January 2, 2004 |
Class R6 | November 1, 2019 |
^ | Class B shares are closed to all new purchases as well as additional investments by existing Class B shareholders and will be converted into Class A or Investor Class shares based on shareholder eligibility on or about February 28, 2024. |
• | 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 |
Net Realized Gain (Loss) from: | Interest Rate Contracts Risk | Total |
Futures Transactions | $1,339,322 | $1,339,322 |
Total Net Realized Gain (Loss) | $1,339,322 | $1,339,322 |
Net Change in Unrealized Appreciation (Depreciation) | Interest Rate Contracts Risk | Total |
Futures Contracts | $(1,701,802) | $(1,701,802) |
Total Net Change in Unrealized Appreciation (Depreciation) | $(1,701,802) | $(1,701,802) |
Average Notional Amount | Total |
Futures Contracts Long (a) | $ 6,217,453 |
Futures Contracts Short (b) | $(13,768,333) |
(a) | Position was open one month during the reporting period. |
(b) | Positions were open seven months during the reporting period. |
Class | Expense | Waived |
Class A | $142,986 | $ — |
Investor Class | 79,102 | (11,856) |
Class B | 2,749 | (376) |
Class C | 32,366 | (4,589) |
Class I | 867,967 | — |
Class R6 | 4,486 | — |
38 | MainStay MacKay U.S. Infrastructure Bond Fund |
Class R6 | $23,260 | 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 | $913,563,254 | $278,563 | $(35,067,743) | $(34,789,180) |
Ordinary Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$831,960 | $(90,426,252) | $(758,374) | $(34,789,180) | $(125,141,846) |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $53,934 | $36,492 |
2023 | 2022 | |
Distributions paid from: | ||
Ordinary Income | $29,267,158 | $16,251,597 |
Long-Term Capital Gains | — | 2,804,355 |
Total | $29,267,158 | $19,055,952 |
Class A | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 3,242,640 | $ 24,038,951 |
Shares issued to shareholders in reinvestment of distributions | 392,218 | 2,894,696 |
Shares redeemed | (3,218,969) | (23,728,902) |
Net increase (decrease) in shares outstanding before conversion | 415,889 | 3,204,745 |
Shares converted into Class A (See Note 1) | 108,943 | 809,230 |
Shares converted from Class A (See Note 1) | (6,067) | (46,047) |
Net increase (decrease) | 518,765 | $ 3,967,928 |
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) |
Investor Class | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 58,734 | $ 439,185 |
Shares issued to shareholders in reinvestment of distributions | 68,232 | 506,179 |
Shares redeemed | (190,031) | (1,411,925) |
Net increase (decrease) in shares outstanding before conversion | (63,065) | (466,561) |
Shares converted into Investor Class (See Note 1) | 31,293 | 231,512 |
Shares converted from Investor Class (See Note 1) | (60,321) | (451,493) |
Net increase (decrease) | (92,093) | $ (686,542) |
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) |
Class B | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 48 | $ 459 |
Shares issued to shareholders in reinvestment of distributions | 1,862 | 13,788 |
Shares redeemed | (7,935) | (58,774) |
Net increase (decrease) in shares outstanding before conversion | (6,025) | (44,527) |
Shares converted from Class B (See Note 1) | (38,870) | (286,065) |
Net increase (decrease) | (44,895) | $ (330,592) |
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) |
40 | MainStay MacKay U.S. Infrastructure Bond Fund |
Class C | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 259,903 | $ 1,923,254 |
Shares issued to shareholders in reinvestment of distributions | 22,463 | 165,942 |
Shares redeemed | (568,869) | (4,205,610) |
Net increase (decrease) in shares outstanding before conversion | (286,503) | (2,116,414) |
Shares converted from Class C (See Note 1) | (21,091) | (155,454) |
Net increase (decrease) | (307,594) | $ (2,271,868) |
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 |
Class I | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 78,116,291 | $ 585,268,003 |
Shares issued to shareholders in reinvestment of distributions | 2,482,267 | 18,466,059 |
Shares redeemed | (25,920,656) | (193,052,091) |
Net increase (decrease) in shares outstanding before conversion | 54,677,902 | 410,681,971 |
Shares converted into Class I (See Note 1) | 5,996 | 46,047 |
Net increase (decrease) | 54,683,898 | $ 410,728,018 |
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 |
Class R6 | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 8,280,249 | $ 61,358,811 |
Shares issued to shareholders in reinvestment of distributions | 24,490 | 182,987 |
Shares redeemed | (5,666,639) | (42,148,965) |
Net increase (decrease) in shares outstanding before conversion | 2,638,100 | 19,392,833 |
Shares converted from Class R6 (See Note 1) | (19,584) | (147,730) |
Net increase (decrease) | 2,618,516 | $ 19,245,103 |
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) |
The MainStay Funds:
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 | |
Naïm Abou-Jaoudé* 1966 | MainStay Funds: Trustee since 2023 MainStay Funds Trust: Trustee since 2023 | Chief Executive Officer of New York Life Investment Management LLC (since 2023). Chief Executive Officer of Candriam (an affiliate of New York Life Investment Management LLC) (2007 to 2023). | 81 | MainStay VP Funds Trust: Trustee since 2023 (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2023; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2023; and New York Life Investment Management International (Chair) since 2015 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of his affiliation with New York Life Investment Management LLC and Candriam, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
44 | MainStay MacKay 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 January 2016, Advisory Board Member (June 2015 to December 2015);MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC (since 1999) | 81 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2021; VanEck Vectors Group of Exchange-Traded Funds: Trustee since 2006 and Independent Chairman of the Board of Trustees from 2008 to 2022 (57 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Investment Committee since 2018 | |
Karen Hammond 1956 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021);MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 81 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Susan B. Kerley 1951 | MainStay Funds: Chair since January 2017 and Trustee since 2007;MainStay Funds Trust: Chair since January 2017 and Trustee since 1990*** | President, Strategic Management Advisors LLC (since 1990) | 81 | MainStay VP Funds Trust: Chair since January 2017 and Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chair since January 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Alan R. Latshaw 1951 | MainStay Funds: Trusteesince 2006;MainStay Funds Trust: Trustee since 2007*** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 81 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 | |
Jacques P. Perold 1958 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015to December 2015);MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 81 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay Funds: Trustee since 1994;MainStay Funds Trust: Trustee since 2007*** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) (since 2004); Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 81 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 |
** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
*** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
46 | MainStay MacKay U.S. Infrastructure Bond Fund |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay Funds, MainStay Funds Trust (since 2017) | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since 2018); President, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust (since 2017)**; Senior Managing Director, Global Product Development (2015 to 2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay Funds (since 2007), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2007)**; and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay Funds and MainStay Funds Trust (since 2010) | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2010)** | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay Funds and MainStay Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ Trust, IndexIQ ETF Trust and Index IQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund, MainStay VP Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012 to 2022) | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay Funds (since 2005), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2005)** |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, New York Life Insurance Company, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
1.
2. | This Fund is registered for sale in CA, CT, DE, FL, MA, NJ, NY and VT. |
3. | An affiliate of New York Life Investment Management LLC. |
5013941MS139-23 | MSINF11-12/23 |
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended October 31, 2023 | |||||||
Class | Sales Charge | Inception Date | One Year | Five Years | Ten Years or Since Inception | Gross Expense Ratio1 | |
Class A Shares2 | No Sales Charge | 1/3/1995 | 4.42% | 1.47% | 0.89% | 0.52% | |
Investor Class Shares2 | No Sales Charge | 2/28/2008 | 4.13 | 1.32 | 0.78 | 0.84 | |
Class B Shares2, 3 | No Sales Charge | 5/1/1986 | 4.13 | 1.32 | 0.78 | 0.84 | |
Class C Shares2 | No Sales Charge | 9/1/1998 | 4.13 | 1.32 | 0.78 | 0.84 | |
SIMPLE Class Shares2 | No Sales Charge | 8/31/2020 | 4.33 | N/A | 1.53 | 0.65 |
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, 2023, MainStay Money Market Fund had an effective 7-day yield of 5.06% for Class A, 4.77% for Investor Class, 4.77% for Class B, 4.77% for Class C and 5.13% for SIMPLE Class shares. The 7-day current yield was 4.94% for Class A, 4.66% for Investor Class, 4.66% for Class B, 4.66% for Class C and 5.00% 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 5.06%, 4.95%, 4.95%, 4.95% and 5.13%, for Class A, Investor Class, Class B, Class C and SIMPLE Class shares, respectively, and the 7-day current yield would have been 4.94%, 4.83%, 4.83%, 4.83% and 5.00%, 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 | 4.55% | 1.56% | 0.99% |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | The 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 Reuters Group PLC, is an independent monitor of mutual fund performance. 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 5/1/23 | Ending Account Value (Based on Actual Returns and Expenses) 10/31/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 10/31/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Class A Shares | $1,000.00 | $1,024.20 | $2.70 | $1,022.53 | $2.70 | 0.53% |
Investor Class Shares | $1,000.00 | $1,022.80 | $4.08 | $1,021.17 | $4.08 | 0.80% |
Class B Shares | $1,000.00 | $1,022.80 | $4.08 | $1,021.17 | $4.08 | 0.80% |
Class C Shares | $1,000.00 | $1,022.80 | $4.08 | $1,021.17 | $4.08 | 0.80% |
SIMPLE Class Shares | $1,000.00 | $1,024.40 | $2.70 | $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. |
8 | MainStay Money Market Fund |
1. | See "Investment and Performance Comparison" for other share class returns, which may be higher or lower than Class A share returns, and for more information on benchmark and peer group returns. |
2. | Duration is a measure of the price sensitivity of a fixed-income investment to changes in interest rates. Duration is expressed as a number of years and is considered a more accurate sensitivity gauge than average maturity. |
3. | The effective federal funds rate (EFFR) is calculated as the effective median interest rate of overnight federal funds transactions during the previous business day. It is published daily by the Federal Reserve Bank of New York. |
4. | The Bloomberg 1 Month T-Bill Index represents a hypothetical one-month T-bill curve. |
5. | 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 103.7% | ||
Commercial Paper 62.7% | ||
Alabama Power Co. | ||
5.382%, due 11/2/23 | $ 20,000,000 | $ 19,997,011 |
American Transmission Co. LLC | ||
5.371%, due 11/8/23 | 20,000,000 | 19,979,195 |
Analog Devices, Inc. | ||
5.423%, due 11/9/23 | 20,000,000 | 19,976,000 |
CDP Financial, Inc. | ||
5.405%, due 11/6/23 | 20,000,000 | 19,985,056 |
Cummins, Inc. | ||
5.474%, due 11/13/23 | 20,000,000 | 19,963,733 |
Emerson Electric Co. | ||
5.405%, due 11/2/23 | 20,000,000 | 19,997,011 |
Estee Lauder Cos., Inc. (The) | ||
5.438%, due 12/4/23 | 20,000,000 | 19,901,000 |
Henkel Corp. | ||
5.401%, due 11/27/23 | 20,000,000 | 19,922,289 |
Hydro-Quebec | ||
5.37%, due 11/6/23 | 20,000,000 | 19,985,139 |
John Deere Financial, Inc. | ||
5.433%, due 12/4/23 | 20,000,000 | 19,901,000 |
Microsoft Corp. | ||
5.364%, due 11/3/23 | 20,000,000 | 19,994,078 |
National Rural Utilities Cooperative Finance Corp. | ||
5.464%, due 11/9/23 | 20,000,000 | 19,975,778 |
Natixis SA | ||
5.465%, due 11/22/23 | 20,000,000 | 19,936,533 |
PACCAR Financial Corp. | ||
5.403%, due 11/29/23 | 20,000,000 | 19,916,467 |
Protective Life Short Term Funding LLC | ||
5.423%, due 11/14/23 | 20,000,000 | 19,961,000 |
Southern California Gas Co. | ||
5.351%, due 11/8/23 | 20,000,000 | 19,979,233 |
TotalEnergies Capital SA | ||
5.347%, due 11/16/23 | 20,000,000 | 19,955,583 |
Total Commercial Paper (Cost $339,326,106) | 339,326,106 |
Principal Amount | Value | |
Repurchase Agreements 11.2% | ||
Bofa Securities, Inc. 5.29%, dated 10/31/23 due 11/1/23 Proceeds at Maturity $30,000,046 (Collateralized by United States Treasury security with a rate of 2.75% and with maturity date of 07/31/27, with a Principal Amount of $32,717,700 and a Market Value of $30,600,047) | $ 30,000,000 | $ 30,000,000 |
RBC Capital Markets LLC 5.29%, dated 10/31/23 due 11/1/23 Proceeds at Maturity $15,479,354 (Collateralized by United States Treasury securities with rates between 0.00% and 5.419% and maturity dates between 07/31/24 and 05/15/32, with a Principal Amount of $16,547,031 and a Market Value of $15,788,942) | 15,477,000 | 15,477,000 |
TD Securities, Inc. 5.30%, dated 10/31/23 due 11/1/23 Proceeds at Maturity $15,000,022 (Collateralized by United States Treasury securities with rates between 0.75% and 4.125% and maturity dates between 06/30/24 and 10/31/27, with a Principal Amount of $15,898,500 and a Market Value of $15,300,022) | 15,000,000 | 15,000,000 |
Total Repurchase Agreements (Cost $60,477,000) | 60,477,000 | |
U.S. Treasury Debt 29.8% | ||
U.S. Treasury Bills (a) | ||
5.307%, due 11/28/23 | 45,000,000 | 44,821,640 |
5.31%, due 11/14/23 | 11,000,000 | 10,978,990 |
10 | MainStay Money Market Fund |
Principal Amount | Value | ||
Short-Term Investments (continued) | |||
U.S. Treasury Debt (continued) | |||
U.S. Treasury Bills (a) (continued) | |||
5.317%, due 11/21/23 | $ 28,000,000 | $ 27,917,635 | |
5.335%, due 11/7/23 | 78,000,000 | 77,930,937 | |
Total U.S. Treasury Debt (Cost $161,649,202) | 161,649,202 | ||
Total Short-Term Investments (Cost $561,452,308) | 103.7% | 561,452,308 | |
Other Assets, Less Liabilities | (3.7) | (19,899,834) | |
Net Assets | 100.0% | $ 541,552,474 |
† | Percentages indicated are based on Fund net assets. |
^ | Industry classifications may be different than those used for compliance monitoring purposes. |
(a) | Interest rate shown represents yield to maturity. |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Short-Term Investments | |||||||
Commercial Paper | $ — | $ 339,326,106 | $ — | $ 339,326,106 | |||
Repurchase Agreements | — | 60,477,000 | — | 60,477,000 | |||
U.S. Treasury Debt | — | 161,649,202 | — | 161,649,202 | |||
Total Investments in Securities | $ — | $ 561,452,308 | $ — | $ 561,452,308 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
Assets | |
Investment in securities, at value (amortized cost $500,975,308) | $500,975,308 |
Repurchase agreements, at value (amortized cost $60,477,000) | 60,477,000 |
Cash | 1,510 |
Receivables: | |
Fund shares sold | 328,653 |
Interest | 8,870 |
Other assets | 51,232 |
Total assets | 561,842,573 |
Liabilities | |
Payables: | |
Investment securities purchased | 19,922,289 |
Manager (See Note 3) | 184,042 |
Transfer agent (See Note 3) | 102,718 |
Fund shares redeemed | 35,172 |
Professional fees | 13,856 |
Custodian | 3,988 |
Shareholder communication | 453 |
Accrued expenses | 228 |
Dividends payable | 27,353 |
Total liabilities | 20,290,099 |
Net assets | $541,552,474 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.01 per share) unlimited number of shares authorized | $ 5,415,654 |
Additional paid-in-capital | 536,109,303 |
541,524,957 | |
Total distributable earnings (loss) | 27,517 |
Net assets | $541,552,474 |
Class A | |
Net assets applicable to outstanding shares | $487,114,201 |
Shares of beneficial interest outstanding | 487,114,210 |
Net asset value and offering price per share outstanding | $ 1.00 |
Investor Class | |
Net assets applicable to outstanding shares | $ 17,024,680 |
Shares of beneficial interest outstanding | 17,034,338 |
Net asset value and offering price per share outstanding | $ 1.00 |
Class B | |
Net assets applicable to outstanding shares | $ 22,152,105 |
Shares of beneficial interest outstanding | 22,155,435 |
Net asset value and offering price per share outstanding | $ 1.00 |
Class C | |
Net assets applicable to outstanding shares | $ 15,086,614 |
Shares of beneficial interest outstanding | 15,086,524 |
Net asset value and offering price per share outstanding | $ 1.00 |
SIMPLE Class | |
Net assets applicable to outstanding shares | $ 174,874 |
Shares of beneficial interest outstanding | 174,873 |
Net asset value and offering price per share outstanding | $ 1.00 |
12 | MainStay Money Market Fund |
Investment Income (Loss) | |
Income | |
Interest | $24,409,371 |
Expenses | |
Manager (See Note 3) | 2,001,310 |
Transfer agent (See Note 3) | 552,677 |
Registration | 123,807 |
Professional fees | 98,924 |
Custodian | 24,610 |
Trustees | 12,567 |
Shareholder communication | 4,719 |
Miscellaneous | 5,549 |
Total expenses before waiver/reimbursement | 2,824,163 |
Expense waiver/reimbursement from Manager (See Note 3) | (41,368) |
Reimbursement from prior custodian(a) | (934) |
Net expenses | 2,781,861 |
Net investment income (loss) | 21,627,510 |
Realized Gain (Loss) | |
Net realized gain (loss) on investments | 3,598 |
Net increase (decrease) in net assets resulting from operations | $21,631,108 |
(a) | Represents a refund for overbilling of custody fees. |
for the years ended October 31, 2023 and October 31, 2022
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 21,627,510 | $ 3,266,263 |
Net realized gain (loss) | 3,598 | (8,910) |
Net increase (decrease) in net assets resulting from operations | 21,631,108 | 3,257,353 |
Distributions to shareholders: | ||
Class A | (19,296,985) | (2,920,592) |
Investor Class | (738,241) | (109,797) |
Class B | (920,152) | (132,408) |
Class C | (664,134) | (103,073) |
SIMPLE Class | (7,996) | (394) |
Total distributions to shareholders | (21,627,508) | (3,266,264) |
Capital share transactions: | ||
Net proceeds from sales of shares | 467,513,223 | 533,186,206 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 21,108,528 | 3,179,577 |
Cost of shares redeemed | (436,011,790) | (467,932,037) |
Increase (decrease) in net assets derived from capital share transactions | 52,609,961 | 68,433,746 |
Net increase (decrease) in net assets | 52,613,561 | 68,424,835 |
Net Assets | ||
Beginning of year | 488,938,913 | 420,514,078 |
End of year | $ 541,552,474 | $ 488,938,913 |
14 | MainStay Money Market Fund |
Year Ended October 31, | |||||||||
Class A | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | ||||
Net investment income (loss) (a) | 0.04 | 0.01 | 0.00‡ | 0.00‡ | 0.02 | ||||
Net realized and unrealized gain (loss) | 0.00‡ | 0.00‡ | 0.00‡ | 0.00‡ | 0.00‡ | ||||
Total from investment operations | 0.04 | 0.01 | 0.00‡ | 0.00‡ | 0.02 | ||||
Less distributions: | |||||||||
From net investment income | (0.04) | (0.01) | (0.00)‡ | (0.00)‡ | (0.02) | ||||
Net asset value at end of year | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | ||||
Total investment return (b) | 4.42% | 0.70% | 0.01% | 0.45% | 1.84% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 4.35% | 0.75% | 0.01% | 0.37% | 1.82% | ||||
Net expenses | 0.52% | 0.37% | 0.12% | 0.39% | 0.56% | ||||
Expenses (before waiver/reimbursement) | 0.52% | 0.52% | 0.54% | 0.55% | 0.56% | ||||
Net assets at end of year (in 000’s) | $ 487,114 | $ 427,378 | $ 354,743 | $ 415,041 | $ 290,421 |
‡ | 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 | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | ||||
Net investment income (loss) (a) | 0.04 | 0.01 | 0.00‡ | 0.00‡ | 0.02 | ||||
Net realized and unrealized gain (loss) | 0.00‡ | 0.00‡ | 0.00‡ | 0.00‡ | 0.00‡ | ||||
Total from investment operations | 0.04 | 0.01 | 0.00‡ | 0.00‡ | 0.02 | ||||
Less distributions: | |||||||||
From net investment income | (0.04) | (0.01) | (0.00)‡ | (0.00)‡ | (0.02) | ||||
Net asset value at end of year | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | ||||
Total investment return (b) | 4.13% | 0.56% | 0.01% | 0.35% | 1.59% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 4.04% | 0.53% | 0.01% | 0.33% | 1.58% | ||||
Net expenses | 0.80% | 0.49% | 0.12% | 0.51% | 0.80% | ||||
Expenses (before waiver/reimbursement) | 0.87% | 0.84% | 0.96% | 0.91% | 0.88% | ||||
Net assets at end of year (in 000's) | $ 17,025 | $ 19,327 | $ 22,096 | $ 28,427 | $ 28,133 |
‡ | 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 | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | ||||
Net investment income (loss) (a) | 0.04 | 0.01 | 0.00‡ | 0.00‡ | 0.02 | ||||
Net realized and unrealized gain (loss) | 0.00‡ | 0.00‡ | 0.00‡ | 0.00‡ | 0.00‡ | ||||
Total from investment operations | 0.04 | 0.01 | 0.00‡ | 0.00‡ | 0.02 | ||||
Less distributions: | |||||||||
From net investment income | (0.04) | (0.01) | (0.00)‡ | (0.00)‡ | (0.02) | ||||
Net asset value at end of year | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | ||||
Total investment return (b) | 4.13% | 0.56% | 0.01% | 0.35% | 1.59% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 4.05% | 0.54% | 0.01% | 0.35% | 1.59% | ||||
Net expenses | 0.80% | 0.49% | 0.12% | 0.52% | 0.80% | ||||
Expenses (before waiver/reimbursement) | 0.87% | 0.84% | 0.97% | 0.90% | 0.88% | ||||
Net assets at end of year (in 000’s) | $ 22,152 | $ 23,696 | $ 25,709 | $ 30,215 | $ 32,981 |
‡ | 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 | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | ||||
Net investment income (loss) (a) | 0.04 | 0.01 | 0.00‡ | 0.00‡ | 0.02 | ||||
Net realized and unrealized gain (loss) | 0.00‡ | 0.00‡ | 0.00‡ | 0.00‡ | 0.00‡ | ||||
Total from investment operations | 0.04 | 0.01 | 0.00‡ | 0.00‡ | 0.02 | ||||
Less distributions: | |||||||||
From net investment income | (0.04) | (0.01) | (0.00)‡ | (0.00)‡ | (0.02) | ||||
Net asset value at end of year | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | ||||
Total investment return (b) | 4.13% | 0.56% | 0.01% | 0.35% | 1.60% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 4.02% | 0.55% | 0.01% | 0.27% | 1.59% | ||||
Net expenses | 0.80% | 0.52% | 0.12% | 0.50% | 0.80% | ||||
Expenses (before waiver/reimbursement) | 0.87% | 0.84% | 0.96% | 0.90% | 0.88% | ||||
Net assets at end of year (in 000’s) | $ 15,087 | $ 18,464 | $ 17,941 | $ 28,171 | $ 20,308 |
‡ | 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 | 2023 | 2022 | 2021 | 2020 | |||
Net asset value at beginning of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | |||
Net investment income (loss) (a) | 0.04 | 0.01 | 0.00‡ | (0.00)‡ | |||
Net realized and unrealized gain (loss) | 0.00‡ | 0.00‡ | 0.00‡ | 0.00‡ | |||
Total from investment operations | 0.04 | 0.01 | 0.00‡ | 0.00‡ | |||
Less distributions: | |||||||
From net investment income | (0.04) | (0.01) | (0.00)‡ | (0.00)‡ | |||
Net asset value at end of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | |||
Total investment return (b) | 4.33% | 0.56% | 0.01% | 0.00%‡‡ | |||
Ratios (to average net assets)/Supplemental Data: | |||||||
Net investment income (loss) | 4.32% | 0.58% | 0.01% | (0.02)%†† | |||
Net expenses | 0.59% | 0.51% | 0.12% | 0.19%†† | |||
Expenses (before waiver/reimbursement) | 0.59% | 0.84% | 0.97% | 0.95%†† | |||
Net assets at end of period (in 000’s) | $ 175 | $ 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 |
18 | MainStay Money Market 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 |
20 | MainStay Money Market Fund |
Class | Expense | Waived |
Class A | $311,578 | $— |
Investor Class | 76,568 | — |
Class B | 95,085 | — |
Class C | 69,185 | — |
SIMPLE Class | 261 | — |
22 | MainStay Money Market Fund |
SIMPLE Class | $26,123 | 14.9% |
Ordinary Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$60,318 | $(5,448) | $(27,353) | $— | $27,517 |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $5 | $— |
2023 | 2022 | |
Distributions paid from: | ||
Ordinary Income | $21,627,508 | $3,266,264 |
Class A (at $1 per share) | Shares |
Year ended October 31, 2023: | |
Shares sold | 448,938,701 |
Shares issued to shareholders in reinvestment of distributions | 18,818,104 |
Shares redeemed | (414,117,186) |
Net increase (decrease) in shares outstanding before conversion | 53,639,619 |
Shares converted into Class A (See Note 1) | 6,170,381 |
Shares converted from Class A (See Note 1) | (77,698) |
Net increase (decrease) | 59,732,302 |
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 |
Investor Class (at $1 per share) | Shares |
Year ended October 31, 2023: | |
Shares sold | 11,047,443 |
Shares issued to shareholders in reinvestment of distributions | 717,723 |
Shares redeemed | (8,087,178) |
Net increase (decrease) in shares outstanding before conversion | 3,677,988 |
Shares converted into Investor Class (See Note 1) | 82,400 |
Shares converted from Investor Class (See Note 1) | (6,062,419) |
Net increase (decrease) | (2,302,031) |
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) |
Class B (at $1 per share) | Shares |
Year ended October 31, 2023: | |
Shares sold | 817,072 |
Shares issued to shareholders in reinvestment of distributions | 909,328 |
Shares redeemed | (3,183,969) |
Net increase (decrease) in shares outstanding before conversion | (1,457,569) |
Shares converted into Class B (See Note 1) | 20,761 |
Shares converted from Class B (See Note 1) | (107,393) |
Net increase (decrease) | (1,544,201) |
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) |
Class C (at $1 per share) | Shares |
Year ended October 31, 2023: | |
Shares sold | 6,312,161 |
Shares issued to shareholders in reinvestment of distributions | 655,669 |
Shares redeemed | (10,319,185) |
Net increase (decrease) in shares outstanding before conversion | (3,351,355) |
Shares converted from Class C (See Note 1) | (26,031) |
Net increase (decrease) | (3,377,386) |
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 |
SIMPLE Class (at $1 per share) | Shares |
Year ended October 31, 2023: | |
Shares sold | 397,607 |
Shares issued to shareholders in reinvestment of distributions | 7,704 |
Shares redeemed | (304,265) |
Net increase (decrease) | 101,046 |
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 |
24 | MainStay Money Market Fund |
The MainStay Funds:
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 | |
Naïm Abou-Jaoudé* 1966 | MainStay Funds: Trustee since 2023 MainStay Funds Trust: Trustee since 2023 | Chief Executive Officer of New York Life Investment Management LLC (since 2023). Chief Executive Officer of Candriam (an affiliate of New York Life Investment Management LLC) (2007 to 2023). | 81 | MainStay VP Funds Trust: Trustee since 2023 (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2023; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2023; and New York Life Investment Management International (Chair) since 2015 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of his affiliation with New York Life Investment Management LLC and Candriam, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015);MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC (since 1999) | 81 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2021; VanEck Vectors Group of Exchange-Traded Funds: Trustee since 2006 and Independent Chairman of the Board of Trustees from 2008 to 2022 (57 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Investment Committee since 2018 | |
Karen Hammond 1956 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021);MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 81 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Susan B. Kerley 1951 | MainStay Funds: Chair since January 2017 and Trustee since 2007;MainStay Funds Trust: Chair since January 2017 and Trustee since 1990*** | President, Strategic Management Advisors LLC (since 1990) | 81 | MainStay VP Funds Trust: Chair since January 2017 and Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chair since January 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) |
28 | MainStay Money Market Fund |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Alan R. Latshaw 1951 | MainStay Funds: Trusteesince 2006;MainStay Funds Trust: Trustee since 2007*** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 81 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 | |
Jacques P. Perold 1958 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015to December 2015);MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 81 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay Funds: Trustee since 1994;MainStay Funds Trust: Trustee since 2007*** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) (since 2004); Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 81 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 |
** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
*** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay Funds, MainStay Funds Trust (since 2017) | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since 2018); President, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust (since 2017)**; Senior Managing Director, Global Product Development (2015 to 2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay Funds (since 2007), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2007)**; and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay Funds and MainStay Funds Trust (since 2010) | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2010)** | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay Funds and MainStay Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ Trust, IndexIQ ETF Trust and Index IQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund, MainStay VP Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012 to 2022) | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay Funds (since 2005), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2005)** |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, New York Life Insurance Company, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
30 | MainStay Money Market Fund |
1.
2. | This Fund is registered for sale in CA, CT, DE, FL, MA, NJ, NY and VT. |
3. | An affiliate of New York Life Investment Management LLC. |
5013932MS139-23 | MSMM11-12/23 |
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended October 31, 2023 | |||||||
Class | Sales Charge | Inception Date | One Year | Five Years | Ten Years or Since Inception | Gross Expense Ratio1 | |
Class A Shares | Maximum 5.50% Initial Sales Charge | With sales charges | 7/1/1995 | 12.99% | 10.69% | 11.27% | 0.96% |
Excluding sales charges | 19.57 | 11.95 | 11.90 | 0.96 | |||
Investor Class Shares2 | Maximum 5.00% Initial Sales Charge | With sales charges | 2/28/2008 | 13.30 | 10.54 | 11.15 | 1.11 |
Excluding sales charges | 19.26 | 11.80 | 11.78 | 1.11 | |||
Class B Shares3 | Maximum 5.00% CDSC | With sales charges | 4/1/2005 | 13.61 | 10.78 | 10.96 | 1.86 |
if Redeemed Within the First Six Years of Purchase | Excluding sales charges | 18.40 | 10.94 | 10.96 | 1.86 | ||
Class C Shares | Maximum 1.00% CDSC | With sales charges | 4/1/2005 | 17.29 | 10.92 | 10.93 | 1.86 |
if Redeemed Within One Year of Purchase | Excluding sales charges | 18.24 | 10.92 | 10.93 | 1.86 | ||
Class I Shares | No Sales Charge | 4/1/2005 | 19.89 | 12.22 | 12.18 | 0.71 | |
Class R1 Shares | No Sales Charge | 4/1/2005 | 19.73 | 12.11 | 12.07 | 0.81 | |
Class R2 Shares | No Sales Charge | 4/1/2005 | 19.29 | 11.81 | 11.79 | 1.06 | |
Class R3 Shares | No Sales Charge | 4/28/2006 | 19.11 | 11.54 | 11.50 | 1.31 | |
Class R6 Shares | No Sales Charge | 6/17/2013 | 19.95 | 12.32 | 12.29 | 0.64 | |
SIMPLE Class Shares | No Sales Charge | 8/31/2020 | 19.28 | N/A | 1.59 | 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 5.50%, which is reflected in the applicable average annual total return figures shown. |
3. | Class B shares are closed to all new purchases as well as additional investments by existing Class B shareholders. |
Benchmark Performance* | One Year | Five Years | Ten Years |
Russell 1000® Growth Index1 | 18.95% | 14.22% | 13.82% |
S&P 500® Index2 | 10.14 | 11.01 | 11.18 |
Morningstar Large Growth Category Average3 | 14.19 | 10.68 | 10.98 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | The Russell 1000® Growth Index is the Fund's primary benchmark. The Russell 1000® Growth Index is a broad-based benchmark that measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000® Index companies with higher price-to-book ratios and higher forecasted growth values. |
2. | The 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 5/1/23 | Ending Account Value (Based on Actual Returns and Expenses) 10/31/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 10/31/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Class A Shares | $1,000.00 | $1,063.40 | $5.04 | $1,020.32 | $4.94 | 0.97% |
Investor Class Shares | $1,000.00 | $1,063.20 | $6.03 | $1,019.36 | $5.90 | 1.16% |
Class B Shares | $1,000.00 | $1,058.70 | $9.96 | $1,015.53 | $9.75 | 1.92% |
Class C Shares | $1,000.00 | $1,056.80 | $9.90 | $1,015.58 | $9.70 | 1.91% |
Class I Shares | $1,000.00 | $1,064.90 | $3.75 | $1,021.58 | $3.67 | 0.72% |
Class R1 Shares | $1,000.00 | $1,063.90 | $4.27 | $1,021.07 | $4.18 | 0.82% |
Class R2 Shares | $1,000.00 | $1,063.10 | $5.56 | $1,019.81 | $5.45 | 1.07% |
Class R3 Shares | $1,000.00 | $1,061.50 | $6.86 | $1,018.55 | $6.72 | 1.32% |
Class R6 Shares | $1,000.00 | $1,065.00 | $3.28 | $1,022.03 | $3.21 | 0.63% |
SIMPLE Class Shares | $1,000.00 | $1,062.40 | $6.13 | $1,019.26 | $6.01 | 1.18% |
1. | Expenses are equal to the Fund’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 184 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Fund's annualized expense ratio to reflect the six-month period. |
Software | 23.9% |
Semiconductors & Semiconductor Equipment | 13.6 |
Interactive Media & Services | 10.5 |
Technology Hardware, Storage & Peripherals | 6.3 |
Health Care Equipment & Supplies | 5.9 |
Broadline Retail | 5.6 |
Hotels, Restaurants & Leisure | 5.4 |
Financial Services | 4.3 |
Ground Transportation | 2.7 |
IT Services | 2.3 |
Capital Markets | 2.1 |
Pharmaceuticals | 2.0 |
Biotechnology | 2.0 |
Entertainment | 1.9% |
Chemicals | 1.8 |
Textiles, Apparel & Luxury Goods | 1.7 |
Specialty Retail | 1.7 |
Health Care Providers & Services | 1.4 |
Machinery | 1.4 |
Automobiles | 1.4 |
Consumer Staples Distribution & Retail | 1.2 |
Short–Term Investments | 0.4 |
Other Assets, Less Liabilities | 0.5 |
100.0% |
1. | Microsoft Corp. |
2. | Apple, Inc. |
3. | Amazon.com, Inc. |
4. | Alphabet, Inc. |
5. | Meta Platforms, Inc., Class A |
6. | NVIDIA Corp. |
7. | ServiceNow, Inc. |
8. | Uber Technologies, Inc. |
9. | Workday, Inc., Class A |
10. | Chipotle Mexican Grill, Inc. |
8 | MainStay Winslow Large Cap Growth Fund |
1. | See "Investment and Performance Comparison" for other share class returns, which may be higher or lower than Class I share returns, and for more information on benchmark and peer group returns. |
10 | MainStay Winslow Large Cap Growth Fund |
Shares | Value | |
Common Stocks 99.1% | ||
Automobiles 1.4% | ||
Tesla, Inc. (a) | 806,200 | $ 161,917,208 |
Biotechnology 2.0% | ||
Vertex Pharmaceuticals, Inc. (a) | 644,200 | 233,271,262 |
Broadline Retail 5.6% | ||
Amazon.com, Inc. (a) | 5,014,500 | 667,379,805 |
Capital Markets 2.1% | ||
Moody's Corp. | 413,150 | 127,250,200 |
MSCI, Inc. | 266,300 | 125,573,765 |
252,823,965 | ||
Chemicals 1.8% | ||
Linde plc | 569,030 | 217,460,505 |
Consumer Staples Distribution & Retail 1.2% | ||
Costco Wholesale Corp. | 253,200 | 139,877,808 |
Entertainment 1.9% | ||
Netflix, Inc. (a) | 547,500 | 225,400,275 |
Financial Services 4.3% | ||
Mastercard, Inc., Class A | 797,500 | 300,139,125 |
Visa, Inc., Class A (b) | 910,600 | 214,082,060 |
514,221,185 | ||
Ground Transportation 2.7% | ||
Uber Technologies, Inc. (a) | 7,543,600 | 326,487,008 |
Health Care Equipment & Supplies 5.9% | ||
Boston Scientific Corp. (a) | 3,056,700 | 156,472,473 |
DexCom, Inc. (a) | 1,377,800 | 122,389,974 |
IDEXX Laboratories, Inc. (a) | 467,200 | 186,632,384 |
Intuitive Surgical, Inc. (a) | 933,390 | 244,753,526 |
710,248,357 | ||
Health Care Providers & Services 1.4% | ||
UnitedHealth Group, Inc. | 322,800 | 172,878,768 |
Hotels, Restaurants & Leisure 5.4% | ||
Chipotle Mexican Grill, Inc. (a) | 155,870 | 302,730,714 |
Hilton Worldwide Holdings, Inc. | 867,700 | 131,482,581 |
Shares | Value | |
Hotels, Restaurants & Leisure (continued) | ||
McDonald's Corp. | 790,160 | $ 207,156,247 |
641,369,542 | ||
Interactive Media & Services 10.5% | ||
Alphabet, Inc. (a) | ||
Class A | 2,798,620 | 347,252,769 |
Class C | 2,464,320 | 308,779,296 |
Meta Platforms, Inc., Class A (a) | 1,992,200 | 600,190,094 |
1,256,222,159 | ||
IT Services 2.3% | ||
Gartner, Inc. (a) | 450,340 | 149,530,894 |
Snowflake, Inc., Class A (a) | 823,400 | 119,500,042 |
269,030,936 | ||
Machinery 1.4% | ||
Parker-Hannifin Corp. | 466,100 | 171,948,951 |
Pharmaceuticals 2.0% | ||
Eli Lilly & Co. | 427,000 | 236,528,110 |
Semiconductors & Semiconductor Equipment 13.6% | ||
Analog Devices, Inc. | 611,940 | 96,276,520 |
ASML Holding NV (Registered) | 466,570 | 279,386,782 |
Broadcom, Inc. | 348,900 | 293,553,993 |
Lam Research Corp. (b) | 475,690 | 279,810,372 |
Monolithic Power Systems, Inc. | 272,400 | 120,329,976 |
NVIDIA Corp. | 1,354,950 | 552,548,610 |
1,621,906,253 | ||
Software 23.9% | ||
Atlassian Corp., Class A (a) | 868,250 | 156,840,680 |
Microsoft Corp. | 4,262,330 | 1,441,136,396 |
Salesforce, Inc. (a) | 1,355,500 | 272,225,065 |
ServiceNow, Inc. (a) | 787,210 | 458,038,139 |
Synopsys, Inc. (a) | 448,600 | 210,590,784 |
Workday, Inc., Class A (a) | 1,481,100 | 313,563,681 |
2,852,394,745 | ||
Specialty Retail 1.7% | ||
O'Reilly Automotive, Inc. (a) | 215,120 | 200,156,253 |
Technology Hardware, Storage & Peripherals 6.3% | ||
Apple, Inc. | 4,396,780 | 750,838,120 |
Shares | Value | ||
Common Stocks (continued) | |||
Textiles, Apparel & Luxury Goods 1.7% | |||
Lululemon Athletica, Inc. (a) | 513,600 | $ 202,091,328 | |
Total Common Stocks (Cost $8,478,612,203) | 11,824,452,543 | ||
Short-Term Investments 0.4% | |||
Affiliated Investment Company 0.3% | |||
MainStay U.S. Government Liquidity Fund, 5.275% (c) | 38,040,328 | 38,040,328 | |
Unaffiliated Investment Company 0.1% | |||
Invesco Government & Agency Portfolio, 5.357% (c)(d) | 8,416,095 | 8,416,095 | |
Total Short-Term Investments (Cost $46,456,423) | 46,456,423 | ||
Total Investments (Cost $8,525,068,626) | 99.5% | 11,870,908,966 | |
Other Assets, Less Liabilities | 0.5 | 57,874,405 | |
Net Assets | 100.0% | $ 11,928,783,371 |
† | Percentages indicated are based on Fund net assets. |
^ | Industry classifications may be different than those used for compliance monitoring purposes. |
(a) | Non-income producing security. |
(b) | All or a portion of this security was held on loan. As of October 31, 2023, the aggregate market value of securities on loan was $8,250,658. The Fund received cash collateral with a value of $8,416,095. (See Note 2(H)) |
(c) | Current yield as of October 31, 2023. |
(d) | Represents a security purchased with cash collateral received for securities on loan. |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay U.S. Government Liquidity Fund | $ 209,899 | $ 2,119,285 | $ (2,291,144) | $ — | $ — | $ 38,040 | $ 2,978 | $ — | 38,040 |
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 | $ 11,824,452,543 | $ — | $ — | $ 11,824,452,543 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 38,040,328 | — | — | 38,040,328 | |||
Unaffiliated Investment Company | 8,416,095 | — | — | 8,416,095 | |||
Total Short-Term Investments | 46,456,423 | — | — | 46,456,423 | |||
Total Investments in Securities | $ 11,870,908,966 | $ — | $ — | $ 11,870,908,966 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
Assets | |
Investment in unaffiliated securities, at value (identified cost $8,487,028,298) including securities on loan of $8,250,658 | $11,832,868,638 |
Investment in affiliated investment companies, at value (identified cost $38,040,328) | 38,040,328 |
Receivables: | |
Investment securities sold | 195,420,034 |
Fund shares sold | 12,124,809 |
Dividends | 1,500,290 |
Securities lending | 126 |
Other assets | 170,761 |
Total assets | 12,080,124,986 |
Liabilities | |
Cash collateral received for securities on loan | 8,416,095 |
Payables: | |
Investment securities purchased | 125,728,254 |
Fund shares redeemed | 8,794,292 |
Manager (See Note 3) | 6,352,085 |
Transfer agent (See Note 3) | 1,369,522 |
NYLIFE Distributors (See Note 3) | 426,635 |
Professional fees | 146,382 |
Shareholder communication | 69,042 |
Custodian | 37,385 |
Trustees | 838 |
Accrued expenses | 1,085 |
Total liabilities | 151,341,615 |
Net assets | $11,928,783,371 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.01 per share) unlimited number of shares authorized | $ 12,404,203 |
Additional paid-in-capital | 7,461,681,027 |
7,474,085,230 | |
Total distributable earnings (loss) | 4,454,698,141 |
Net assets | $11,928,783,371 |
Class A | |
Net assets applicable to outstanding shares | $1,153,265,396 |
Shares of beneficial interest outstanding | 137,502,914 |
Net asset value per share outstanding | $ 8.39 |
Maximum sales charge (5.50% of offering price) | 0.49 |
Maximum offering price per share outstanding | $ 8.88 |
Investor Class | |
Net assets applicable to outstanding shares | $ 61,360,460 |
Shares of beneficial interest outstanding | 7,605,969 |
Net asset value per share outstanding | $ 8.07 |
Maximum sales charge (5.00% of offering price) | 0.42 |
Maximum offering price per share outstanding | $ 8.49 |
Class B | |
Net assets applicable to outstanding shares | $ 6,235,347 |
Shares of beneficial interest outstanding | 1,235,622 |
Net asset value and offering price per share outstanding | $ 5.05 |
Class C | |
Net assets applicable to outstanding shares | $ 38,923,323 |
Shares of beneficial interest outstanding | 7,746,106 |
Net asset value and offering price per share outstanding | $ 5.02 |
Class I | |
Net assets applicable to outstanding shares | $6,217,494,308 |
Shares of beneficial interest outstanding | 631,337,660 |
Net asset value and offering price per share outstanding | $ 9.85 |
Class R1 | |
Net assets applicable to outstanding shares | $ 850,154,840 |
Shares of beneficial interest outstanding | 91,190,710 |
Net asset value and offering price per share outstanding | $ 9.32 |
Class R2 | |
Net assets applicable to outstanding shares | $ 111,520,078 |
Shares of beneficial interest outstanding | 13,511,106 |
Net asset value and offering price per share outstanding | $ 8.25 |
Class R3 | |
Net assets applicable to outstanding shares | $ 34,337,499 |
Shares of beneficial interest outstanding | 4,733,244 |
Net asset value and offering price per share outstanding | $ 7.25 |
Class R6 | |
Net assets applicable to outstanding shares | $3,455,133,732 |
Shares of beneficial interest outstanding | 345,512,158 |
Net asset value and offering price per share outstanding | $ 10.00 |
14 | MainStay Winslow Large Cap Growth Fund |
SIMPLE Class | |
Net assets applicable to outstanding shares | $358,388 |
Shares of beneficial interest outstanding | 44,815 |
Net asset value and offering price per share outstanding | $ 8.00 |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated (net of foreign tax withholding of $477,803) | $ 67,057,581 |
Dividends-affiliated | 2,978,487 |
Securities lending, net | 1,425 |
Total income | 70,037,493 |
Expenses | |
Manager (See Note 3) | 74,084,253 |
Transfer agent (See Note 3) | 8,291,610 |
Distribution/Service—Class A (See Note 3) | 2,841,738 |
Distribution/Service—Investor Class (See Note 3) | 163,658 |
Distribution/Service—Class B (See Note 3) | 80,095 |
Distribution/Service—Class C (See Note 3) | 435,721 |
Distribution/Service—Class R2 (See Note 3) | 275,960 |
Distribution/Service—Class R3 (See Note 3) | 186,976 |
Distribution/Service—SIMPLE Class (See Note 3) | 1,511 |
Shareholder service (See Note 3) | 958,081 |
Professional fees | 773,703 |
Registration | 484,402 |
Trustees | 310,753 |
Shareholder communication | 102,089 |
Custodian | 99,089 |
Miscellaneous | 261,978 |
Total expenses before waiver/reimbursement | 89,351,617 |
Expense waiver/reimbursement from Manager (See Note 3) | (245,068) |
Reimbursement from prior custodian(a) | (22,061) |
Net expenses | 89,084,488 |
Net investment income (loss) | (19,046,995) |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | 1,300,343,605 |
Foreign currency transactions | (2,655) |
Net realized gain (loss) | 1,300,340,950 |
Net change in unrealized appreciation (depreciation) on unaffiliated investments | 841,465,661 |
Net realized and unrealized gain (loss) | 2,141,806,611 |
Net increase (decrease) in net assets resulting from operations | $2,122,759,616 |
(a) | Represents a refund for overbilling of custody fees. |
16 | MainStay Winslow Large Cap Growth Fund |
for the years ended October 31, 2023 and October 31, 2022
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ (19,046,995) | $ (18,381,730) |
Net realized gain (loss) | 1,300,340,950 | 1,364,007,827 |
Net change in unrealized appreciation (depreciation) | 841,465,661 | (6,575,829,012) |
Net increase (decrease) in net assets resulting from operations | 2,122,759,616 | (5,230,202,915) |
Distributions to shareholders: | ||
Class A | (137,076,160) | (364,397,755) |
Investor Class | (8,619,202) | (22,722,175) |
Class B | (1,794,965) | (5,810,514) |
Class C | (8,883,388) | (25,393,609) |
Class I | (674,639,763) | (1,557,071,002) |
Class R1 | (86,323,034) | (230,113,135) |
Class R2 | (13,562,024) | (37,915,929) |
Class R3 | (5,552,262) | (14,198,963) |
Class R6 | (369,612,028) | (894,224,087) |
SIMPLE Class | (30,895) | (16,490) |
Total distributions to shareholders | (1,306,093,721) | (3,151,863,659) |
Capital share transactions: | ||
Net proceeds from sales of shares | 1,751,093,329 | 3,411,138,066 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 1,210,855,286 | 2,914,756,292 |
Cost of shares redeemed | (3,204,378,874) | (3,229,423,183) |
Increase (decrease) in net assets derived from capital share transactions | (242,430,259) | 3,096,471,175 |
Net increase (decrease) in net assets | 574,235,636 | (5,285,595,399) |
Net Assets | ||
Beginning of year | 11,354,547,735 | 16,640,143,134 |
End of year | $11,928,783,371 | $11,354,547,735 |
Year Ended October 31, | |||||||||
Class A | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 8.03 | $ 14.92 | $ 11.08 | $ 9.59 | $ 9.95 | ||||
Net investment income (loss) (a) | (0.03) | (0.04) | (0.07) | (0.03) | (0.02) | ||||
Net realized and unrealized gain (loss) | 1.44 | (3.74) | 4.55 | 2.58 | 1.48 | ||||
Total from investment operations | 1.41 | (3.78) | 4.48 | 2.55 | 1.46 | ||||
Less distributions: | |||||||||
From net realized gain on investments | (1.05) | (3.11) | (0.64) | (1.06) | (1.82) | ||||
Net asset value at end of year | $ 8.39 | $ 8.03 | $ 14.92 | $ 11.08 | $ 9.59 | ||||
Total investment return (b) | 19.57% | (31.71)% | 42.16% | 29.44% | 17.05% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | (0.39)% | (0.37)% | (0.53)% | (0.31)% | (0.20)% | ||||
Net expenses (c) | 0.98% | 0.96% | 0.93% | 0.97% | 0.99% | ||||
Expenses (before waiver/reimbursement) (c) | 0.98%(d) | 0.96%(d) | 0.94% | 0.97% | 0.99% | ||||
Portfolio turnover rate | 81% | 77% | 66% | 44% | 54% | ||||
Net assets at end of year (in 000’s) | $ 1,153,265 | $ 1,065,870 | $ 1,745,833 | $ 1,341,381 | $ 1,008,608 |
(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 | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 7.78 | $ 14.56 | $ 10.84 | $ 9.42 | $ 9.81 | ||||
Net investment income (loss) (a) | (0.05) | (0.05) | (0.08) | (0.04) | (0.03) | ||||
Net realized and unrealized gain (loss) | 1.39 | (3.62) | 4.44 | 2.52 | 1.46 | ||||
Total from investment operations | 1.34 | (3.67) | 4.36 | 2.48 | 1.43 | ||||
Less distributions: | |||||||||
From net realized gain on investments | (1.05) | (3.11) | (0.64) | (1.06) | (1.82) | ||||
Net asset value at end of year | $ 8.07 | $ 7.78 | $ 14.56 | $ 10.84 | $ 9.42 | ||||
Total investment return (b) | 19.26% | (31.75)% | 41.98% | 29.19% | 16.96% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | (0.59)% | (0.52)% | (0.67)% | (0.43)% | (0.31)% | ||||
Net expenses (c) | 1.19% | 1.11% | 1.08% | 1.10% | 1.09% | ||||
Expenses (before waiver/reimbursement) (c) | 1.19%(d) | 1.11%(d) | 1.09% | 1.10% | 1.10% | ||||
Portfolio turnover rate | 81% | 77% | 66% | 44% | 54% | ||||
Net assets at end of year (in 000's) | $ 61,360 | $ 64,065 | $ 106,354 | $ 110,831 | $ 109,236 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | Expense waiver/reimbursement less than 0.01%. |
18 | MainStay Winslow Large Cap Growth Fund |
Year Ended October 31, | |||||||||
Class B | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 5.28 | $ 10.96 | $ 8.37 | $ 7.55 | $ 8.26 | ||||
Net investment income (loss) (a) | (0.06) | (0.08) | (0.13) | (0.09) | (0.08) | ||||
Net realized and unrealized gain (loss) | 0.88 | (2.49) | 3.36 | 1.97 | 1.19 | ||||
Total from investment operations | 0.82 | (2.57) | 3.23 | 1.88 | 1.11 | ||||
Less distributions: | |||||||||
From net realized gain on investments | (1.05) | (3.11) | (0.64) | (1.06) | (1.82) | ||||
Net asset value at end of year | $ 5.05 | $ 5.28 | $ 10.96 | $ 8.37 | $ 7.55 | ||||
Total investment return (b) | 18.40% | (32.29)% | 40.80% | 28.37% | 15.96% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | (1.32)% | (1.27)% | (1.42)% | (1.17)% | (1.05)% | ||||
Net expenses (c) | 1.94% | 1.86% | 1.83% | 1.85% | 1.84% | ||||
Expenses (before waiver/reimbursement) (c) | 1.94%(d) | 1.86%(d) | 1.84% | 1.85% | 1.85% | ||||
Portfolio turnover rate | 81% | 77% | 66% | 44% | 54% | ||||
Net assets at end of year (in 000’s) | $ 6,235 | $ 9,408 | $ 20,533 | $ 20,172 | $ 21,015 |
(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 C | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 5.26 | $ 10.93 | $ 8.35 | $ 7.53 | $ 8.25 | ||||
Net investment income (loss) (a) | (0.07) | (0.08) | (0.13) | (0.09) | (0.07) | ||||
Net realized and unrealized gain (loss) | 0.88 | (2.48) | 3.35 | 1.97 | 1.17 | ||||
Total from investment operations | 0.81 | (2.56) | 3.22 | 1.88 | 1.10 | ||||
Less distributions: | |||||||||
From net realized gain on investments | (1.05) | (3.11) | (0.64) | (1.06) | (1.82) | ||||
Net asset value at end of year | $ 5.02 | $ 5.26 | $ 10.93 | $ 8.35 | $ 7.53 | ||||
Total investment return (b) | 18.24% | (32.29)% | 40.77% | 28.46% | 15.97% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | (1.34)% | (1.27)% | (1.42)% | (1.17)% | (1.04)% | ||||
Net expenses (c) | 1.94% | 1.86% | 1.83% | 1.85% | 1.84% | ||||
Expenses (before waiver/reimbursement) (c) | 1.94%(d) | 1.86%(d) | 1.84% | 1.85% | 1.85% | ||||
Portfolio turnover rate | 81% | 77% | 66% | 44% | 54% | ||||
Net assets at end of year (in 000’s) | $ 38,923 | $ 46,833 | $ 90,377 | $ 95,761 | $ 131,945 |
(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 | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 9.24 | $ 16.66 | $ 12.28 | $ 10.49 | $ 10.69 | ||||
Net investment income (loss) (a) | (0.01) | (0.01) | (0.04) | (0.01) | 0.00‡ | ||||
Net realized and unrealized gain (loss) | 1.68 | (4.30) | 5.06 | 2.86 | 1.62 | ||||
Total from investment operations | 1.67 | (4.31) | 5.02 | 2.85 | 1.62 | ||||
Less distributions: | |||||||||
From net investment income | (0.01) | — | — | — | — | ||||
From net realized gain on investments | (1.05) | (3.11) | (0.64) | (1.06) | (1.82) | ||||
Total distributions | (1.06) | (3.11) | (0.64) | (1.06) | (1.82) | ||||
Net asset value at end of year | $ 9.85 | $ 9.24 | $ 16.66 | $ 12.28 | $ 10.49 | ||||
Total investment return (b) | 19.89% | (31.55)% | 42.46% | 29.80% | 17.29% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | (0.14)% | (0.11)% | (0.28)% | (0.06)% | 0.05% | ||||
Net expenses (c) | 0.73% | 0.71% | 0.68% | 0.72% | 0.74% | ||||
Expenses (before waiver/reimbursement) (c) | 0.73%(d) | 0.71%(d) | 0.69% | 0.72% | 0.74% | ||||
Portfolio turnover rate | 81% | 77% | 66% | 44% | 54% | ||||
Net assets at end of year (in 000’s) | $ 6,217,494 | $ 6,016,574 | $ 8,434,291 | $ 6,824,224 | $ 6,080,320 |
‡ | 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) | Expense waiver/reimbursement less than 0.01%. |
Year Ended October 31, | |||||||||
Class R1 | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 8.80 | $ 16.03 | $ 11.85 | $ 10.17 | $ 10.43 | ||||
Net investment income (loss) (a) | (0.02) | (0.02) | (0.05) | (0.02) | (0.00)‡ | ||||
Net realized and unrealized gain (loss) | 1.59 | (4.10) | 4.87 | 2.76 | 1.56 | ||||
Total from investment operations | 1.57 | (4.12) | 4.82 | 2.74 | 1.56 | ||||
Less distributions: | |||||||||
From net investment income | (0.00)‡ | — | — | — | — | ||||
From net realized gain on investments | (1.05) | (3.11) | (0.64) | (1.06) | (1.82) | ||||
Total distributions | (1.05) | (3.11) | (0.64) | (1.06) | (1.82) | ||||
Net asset value at end of year | $ 9.32 | $ 8.80 | $ 16.03 | $ 11.85 | $ 10.17 | ||||
Total investment return (b) | 19.73% | (31.62)% | 42.30% | 29.64% | 17.25% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | (0.25)% | (0.22)% | (0.38)% | (0.15)% | (0.04)% | ||||
Net expenses (c) | 0.83% | 0.81% | 0.78% | 0.82% | 0.84% | ||||
Expenses (before waiver/reimbursement) (c) | 0.83%(d) | 0.81%(d) | 0.79% | 0.82% | 0.84% | ||||
Portfolio turnover rate | 81% | 77% | 66% | 44% | 54% | ||||
Net assets at end of year (in 000’s) | $ 850,155 | $ 721,142 | $ 1,207,903 | $ 914,359 | $ 919,236 |
‡ | 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 | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 7.93 | $ 14.78 | $ 10.99 | $ 9.53 | $ 9.90 | ||||
Net investment income (loss) (a) | (0.04) | (0.04) | (0.08) | (0.04) | (0.03) | ||||
Net realized and unrealized gain (loss) | 1.41 | (3.70) | 4.51 | 2.56 | 1.48 | ||||
Total from investment operations | 1.37 | (3.74) | 4.43 | 2.52 | 1.45 | ||||
Less distributions: | |||||||||
From net realized gain on investments | (1.05) | (3.11) | (0.64) | (1.06) | (1.82) | ||||
Net asset value at end of year | $ 8.25 | $ 7.93 | $ 14.78 | $ 10.99 | $ 9.53 | ||||
Total investment return (b) | 19.29% | (31.74)% | 42.04% | 29.29% | 16.89% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | (0.49)% | (0.47)% | (0.63)% | (0.40)% | (0.29)% | ||||
Net expenses (c) | 1.08% | 1.06% | 1.03% | 1.07% | 1.09% | ||||
Expenses (before waiver/reimbursement) (c) | 1.08%(d) | 1.06%(d) | 1.04% | 1.07% | 1.09% | ||||
Portfolio turnover rate | 81% | 77% | 66% | 44% | 54% | ||||
Net assets at end of year (in 000’s) | $ 111,520 | $ 106,414 | $ 188,790 | $ 159,297 | $ 163,288 |
(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. 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%. |
Year Ended October 31, | |||||||||
Class R3 | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 7.10 | $ 13.60 | $ 10.19 | $ 8.93 | $ 9.41 | ||||
Net investment income (loss) (a) | (0.05) | (0.06) | (0.10) | (0.06) | (0.05) | ||||
Net realized and unrealized gain (loss) | 1.25 | (3.33) | 4.15 | 2.38 | 1.39 | ||||
Total from investment operations | 1.20 | (3.39) | 4.05 | 2.32 | 1.34 | ||||
Less distributions: | |||||||||
From net realized gain on investments | (1.05) | (3.11) | (0.64) | (1.06) | (1.82) | ||||
Net asset value at end of year | $ 7.25 | $ 7.10 | $ 13.60 | $ 10.19 | $ 8.93 | ||||
Total investment return (b) | 19.11% | (31.98)% | 41.60% | 28.99% | 16.69% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | (0.73)% | (0.72)% | (0.88)% | (0.65)% | (0.55)% | ||||
Net expenses (c) | 1.33% | 1.31% | 1.28% | 1.32% | 1.34% | ||||
Expenses (before waiver/reimbursement) (c) | 1.33%(d) | 1.31%(d) | 1.29% | 1.32% | 1.34% | ||||
Portfolio turnover rate | 81% | 77% | 66% | 44% | 54% | ||||
Net assets at end of year (in 000’s) | $ 34,337 | $ 38,027 | $ 63,195 | $ 56,657 | $ 57,283 |
(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 | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 9.37 | $ 16.84 | $ 12.39 | $ 10.58 | $ 10.76 | ||||
Net investment income (loss) (a) | (0.01) | (0.00)‡ | (0.03) | 0.00‡ | 0.01 | ||||
Net realized and unrealized gain (loss) | 1.71 | (4.36) | 5.12 | 2.88 | 1.63 | ||||
Total from investment operations | 1.70 | (4.36) | 5.09 | 2.88 | 1.64 | ||||
Less distributions: | |||||||||
From net investment income | (0.02) | — | — | (0.01) | — | ||||
From net realized gain on investments | (1.05) | (3.11) | (0.64) | (1.06) | (1.82) | ||||
Total distributions | (1.07) | (3.11) | (0.64) | (1.07) | (1.82) | ||||
Net asset value at end of year | $ 10.00 | $ 9.37 | $ 16.84 | $ 12.39 | $ 10.58 | ||||
Total investment return (b) | 19.95% | (31.50)% | 42.65% | 29.83% | 17.49% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | (0.05)% | (0.04)% | (0.22)% | 0.02% | 0.13% | ||||
Net expenses (c) | 0.64% | 0.63% | 0.62% | 0.64% | 0.64% | ||||
Expenses (before waiver/reimbursement) (c) | 0.64%(d) | 0.64% | 0.63% | 0.64% | 0.64% | ||||
Portfolio turnover rate | 81% | 77% | 66% | 44% | 54% | ||||
Net assets at end of year (in 000’s) | $ 3,455,134 | $ 3,285,993 | $ 4,782,798 | $ 3,981,812 | $ 3,148,459 |
‡ | Less than one cent per share. |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R6 shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | Expense waiver/reimbursement less than 0.01%. |
Year Ended October 31, | August 31, 2020^ through October 31, | ||||||
SIMPLE Class | 2023 | 2022 | 2021 | 2020 | |||
Net asset value at beginning of period | $ 7.72 | $ 14.52 | $ 10.84 | $ 11.84* | |||
Net investment income (loss) (a) | (0.05) | (0.07) | (0.12) | (0.02) | |||
Net realized and unrealized gain (loss) | 1.38 | (3.62) | 4.44 | (0.98) | |||
Total from investment operations | 1.33 | (3.69) | 4.32 | (1.00) | |||
Less distributions: | |||||||
From net realized gain on investments | (1.05) | (3.11) | (0.64) | — | |||
Net asset value at end of period | $ 8.00 | $ 7.72 | $ 14.52 | $ 10.84 | |||
Total investment return (b) | 19.28% | (32.02)% | 41.59% | (8.45)% | |||
Ratios (to average net assets)/Supplemental Data: | |||||||
Net investment income (loss) | (0.68)% | (0.77)% | (0.96)% | (1.00)%†† | |||
Net expenses (c) | 1.24% | 1.37% | 1.33% | 1.32%†† | |||
Expenses (before waiver/reimbursement) (c) | 1.24%(d) | 1.38% | 1.34% | 1.33%†† | |||
Portfolio turnover rate | 81% | 77% | 66% | 44% | |||
Net assets at end of period (in 000’s) | $ 358 | $ 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. |
(d) | Expense waiver/reimbursement less than 0.01%. |
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 | $810,302 |
Class R2 | 110,384 |
Class R3 | 37,395 |
Class | Expense | Waived |
Class A | $1,053,807 | $— |
Investor Class | 197,284 | — |
Class B | 24,326 | — |
Class C | 131,468 | — |
Class I | 5,859,551 | — |
Class R1 | 749,951 | — |
Class R2 | 102,406 | — |
Class R3 | 34,851 | — |
Class R6 | 137,647 | — |
SIMPLE Class | 319 | — |
SIMPLE Class | $26,277 | 7.3% |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $8,574,572,721 | $3,385,257,017 | $(88,920,772) | $3,296,336,245 |
Ordinary Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$172,974,004 | $985,387,892 | $— | $3,296,336,245 | $4,454,698,141 |
28 | MainStay Winslow Large Cap Growth Fund |
Total Distributable Earnings (Loss) | Additional Paid-In Capital | |
$(108,617,957) | $108,617,957 |
2023 | 2022 | |
Distributions paid from: | ||
Ordinary Income | $ 13,433,752 | $ 549,987,364 |
Long-Term Capital Gains | 1,292,659,969 | 2,601,876,295 |
Total | $1,306,093,721 | $3,151,863,659 |
Class A | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 15,983,106 | $ 129,616,235 |
Shares issued to shareholders in reinvestment of distributions | 17,289,578 | 125,347,772 |
Shares redeemed | (29,604,181) | (235,655,363) |
Net increase (decrease) in shares outstanding before conversion | 3,668,503 | 19,308,644 |
Shares converted into Class A (See Note 1) | 1,268,493 | 10,288,730 |
Shares converted from Class A (See Note 1) | (174,362) | (1,381,429) |
Net increase (decrease) | 4,762,634 | $ 28,215,945 |
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 |
Investor Class | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 594,759 | $ 4,639,901 |
Shares issued to shareholders in reinvestment of distributions | 1,231,575 | 8,608,707 |
Shares redeemed | (2,052,819) | (15,881,811) |
Net increase (decrease) in shares outstanding before conversion | (226,485) | (2,633,203) |
Shares converted into Investor Class (See Note 1) | 193,762 | 1,546,555 |
Shares converted from Investor Class (See Note 1) | (599,739) | (4,736,436) |
Net increase (decrease) | (632,462) | $ (5,823,084) |
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 |
Class B | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 13,930 | $ 64,994 |
Shares issued to shareholders in reinvestment of distributions | 401,754 | 1,767,718 |
Shares redeemed | (298,158) | (1,460,234) |
Net increase (decrease) in shares outstanding before conversion | 117,526 | 372,478 |
Shares converted from Class B (See Note 1) | (665,391) | (3,230,081) |
Net increase (decrease) | (547,865) | $ (2,857,603) |
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 |
Class C | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 907,854 | $ 4,372,020 |
Shares issued to shareholders in reinvestment of distributions | 1,816,650 | 7,956,928 |
Shares redeemed | (3,484,405) | (16,834,402) |
Net increase (decrease) in shares outstanding before conversion | (759,901) | (4,505,454) |
Shares converted from Class C (See Note 1) | (399,925) | (1,981,428) |
Net increase (decrease) | (1,159,826) | $ (6,486,882) |
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 |
Class I | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 87,063,257 | $ 813,021,273 |
Shares issued to shareholders in reinvestment of distributions | 72,242,661 | 614,062,619 |
Shares redeemed | (178,838,638) | (1,685,015,501) |
Net increase (decrease) in shares outstanding before conversion | (19,532,720) | (257,931,609) |
Shares converted into Class I (See Note 1) | 157,330 | 1,466,305 |
Shares converted from Class I (See Note 1) | (201,120) | (1,891,775) |
Net increase (decrease) | (19,576,510) | $ (258,357,079) |
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 |
30 | MainStay Winslow Large Cap Growth Fund |
Class R1 | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 18,440,679 | $ 167,960,802 |
Shares issued to shareholders in reinvestment of distributions | 10,722,851 | 86,318,947 |
Shares redeemed | (19,868,278) | (178,889,345) |
Net increase (decrease) in shares outstanding before conversion | 9,295,252 | 75,390,404 |
Shares converted into Class R1 (See Note 1) | 7,150 | 60,468 |
Shares converted from Class R1 (See Note 1) | (23,920) | (240,876) |
Net increase (decrease) | 9,278,482 | $ 75,209,996 |
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 |
Class R2 | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 2,296,843 | $ 17,881,375 |
Shares issued to shareholders in reinvestment of distributions | 1,391,973 | 9,938,687 |
Shares redeemed | (3,601,858) | (28,456,267) |
Net increase (decrease) in shares outstanding before conversion | 86,958 | (636,205) |
Shares converted from Class R2 (See Note 1) | (2,389) | (17,227) |
Net increase (decrease) | 84,569 | $ (653,432) |
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 |
Class R3 | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 922,756 | $ 6,449,354 |
Shares issued to shareholders in reinvestment of distributions | 870,215 | 5,473,601 |
Shares redeemed | (2,412,610) | (16,649,602) |
Net increase (decrease) | (619,639) | $ (4,726,647) |
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 |
Class R6 | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 63,800,380 | $ 606,984,764 |
Shares issued to shareholders in reinvestment of distributions | 40,759,793 | 351,349,412 |
Shares redeemed | (109,697,203) | (1,025,523,675) |
Net increase (decrease) in shares outstanding before conversion | (5,137,030) | (67,189,499) |
Shares converted into Class R6 (See Note 1) | 11,946 | 117,194 |
Net increase (decrease) | (5,125,084) | $ (67,072,305) |
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 |
SIMPLE Class | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 13,600 | $ 102,611 |
Shares issued to shareholders in reinvestment of distributions | 4,458 | 30,895 |
Shares redeemed | (1,770) | (12,674) |
Net increase (decrease) | 16,288 | $ 120,832 |
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 |
32 | MainStay Winslow Large Cap Growth Fund |
The MainStay Funds:
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 | |
Naïm Abou-Jaoudé* 1966 | MainStay Funds: Trustee since 2023 MainStay Funds Trust: Trustee since 2023 | Chief Executive Officer of New York Life Investment Management LLC (since 2023). Chief Executive Officer of Candriam (an affiliate of New York Life Investment Management LLC) (2007 to 2023). | 81 | MainStay VP Funds Trust: Trustee since 2023 (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2023; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2023; and New York Life Investment Management International (Chair) since 2015 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of his affiliation with New York Life Investment Management LLC and Candriam, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015);MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC (since 1999) | 81 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2021; VanEck Vectors Group of Exchange-Traded Funds: Trustee since 2006 and Independent Chairman of the Board of Trustees from 2008 to 2022 (57 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Investment Committee since 2018 | |
Karen Hammond 1956 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021);MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 81 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Susan B. Kerley 1951 | MainStay Funds: Chair since January 2017 and Trustee since 2007;MainStay Funds Trust: Chair since January 2017 and Trustee since 1990*** | President, Strategic Management Advisors LLC (since 1990) | 81 | MainStay VP Funds Trust: Chair since January 2017 and Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chair since January 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) |
36 | 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 | |
Alan R. Latshaw 1951 | MainStay Funds: Trusteesince 2006;MainStay Funds Trust: Trustee since 2007*** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 81 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 | |
Jacques P. Perold 1958 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015to December 2015);MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 81 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay Funds: Trustee since 1994;MainStay Funds Trust: Trustee since 2007*** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) (since 2004); Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 81 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 |
** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
*** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay Funds, MainStay Funds Trust (since 2017) | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since 2018); President, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust (since 2017)**; Senior Managing Director, Global Product Development (2015 to 2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay Funds (since 2007), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2007)**; and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay Funds and MainStay Funds Trust (since 2010) | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2010)** | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay Funds and MainStay Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ Trust, IndexIQ ETF Trust and Index IQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund, MainStay VP Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012 to 2022) | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay Funds (since 2005), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2005)** |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, New York Life Insurance Company, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
38 | MainStay Winslow Large Cap Growth Fund |
1.
2. | This Fund is registered for sale in CA, CT, DE, FL, MA, NJ, NY and VT. |
3. | An affiliate of New York Life Investment Management LLC. |
5013907MS139-23 | MSLG11-12/23 |
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended October 31, 2023 | |||||||
Class | Sales Charge | Inception Date1 | One Year | Five Years | Ten Years or Since Inception | Gross Expense Ratio2 | |
Class A Shares | Maximum 5.50% Initial Sales Charge | With sales charges | 6/1/1998 | -2.33% | 7.98% | 9.38% | 0.94% |
Excluding sales charges | 3.36 | 9.21 | 10.00 | 0.94 | |||
Investor Class Shares3 | Maximum 5.00% Initial Sales Charge | With sales charges | 2/28/2008 | -2.02 | 7.71 | 9.11 | 1.11 |
Excluding sales charges | 3.13 | 8.94 | 9.73 | 1.11 | |||
Class B Shares4 | Maximum 5.00% CDSC | With sales charges | 6/1/1998 | -2.57 | 7.83 | 8.91 | 1.86 |
if Redeemed Within the First Six Years of Purchase | Excluding sales charges | 2.34 | 8.12 | 8.91 | 1.86 | ||
Class C Shares | Maximum 1.00% CDSC | With sales charges | 9/1/1998 | 1.40 | 8.13 | 8.91 | 1.86 |
if Redeemed Within One Year of Purchase | Excluding sales charges | 2.39 | 8.13 | 8.91 | 1.86 | ||
Class I Shares | No Sales Charge | 12/28/2004 | 3.60 | 9.49 | 10.28 | 0.69 | |
Class R3 Shares5 | No Sales Charge | 2/29/2016 | 2.99 | 8.82 | 10.83 | 1.30 | |
Class R6 Shares | No Sales Charge | 4/26/2021 | 3.69 | N/A | 1.53 | 0.63 |
1. | Effective March 5, 2021, the Fund replaced its subadvisor and modified its principal investment strategies. The past performance in the graph and table prior to March 5, 2021 reflects the Fund's prior subadvisor and principal investment strategies. |
2. | The gross expense ratios presented reflect the Fund’s “Total Annual Fund Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report. |
3. | Prior to June 30, 2020, the maximum initial sales charge was 5.50%, which is reflected in the applicable average annual total return figures shown. |
4. | Class B shares are closed to all new purchases as well as additional investments by existing Class B shareholders. |
5. | As of October 31, 2023, Class R3 shares are closed to new investors and, upon the close of business on December 29, 2023, Class R3 shares are closed to additional investments by existing shareholders. Additionally, Class R3 shares will be liquidated on or about February 28, 2024 (the "Liquidation Date"). It is expected that the Fund will distribute to remaining shareholders invested in Class R3 shares, on or promptly after the Liquidation Date, a liquidating distribution in cash or cash equivalents equal to the net asset value of such shares. |
Benchmark Performance* | One Year | Five Years | Ten Years |
S&P 500® Index1 | 10.14% | 11.01% | 11.18% |
Russell 3000® Index2 | 8.38 | 10.23 | 10.52 |
Morningstar Large Blend Category Average3 | 7.62 | 9.67 | 9.69 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | The S&P 500® Index is the Fund's primary 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 funds where neither growth nor value characteristics predominate. These funds tend to invest across the spectrum of U.S. industries, and owing to their broad exposure, the funds' returns are often similar to those of the S&P 500® Index. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
6 | MainStay WMC Enduring Capital Fund |
Share Class | Beginning Account Value 5/1/23 | Ending Account Value (Based on Actual Returns and Expenses) 10/31/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 10/31/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Class A Shares | $1,000.00 | $989.10 | $4.81 | $1,020.37 | $4.89 | 0.96% |
Investor Class Shares | $1,000.00 | $987.70 | $5.91 | $1,019.26 | $6.01 | 1.18% |
Class B Shares | $1,000.00 | $984.10 | $9.65 | $1,015.48 | $9.80 | 1.93% |
Class C Shares | $1,000.00 | $984.40 | $9.65 | $1,015.48 | $9.80 | 1.93% |
Class I Shares | $1,000.00 | $990.10 | $3.56 | $1,021.63 | $3.62 | 0.71% |
Class R3 Shares | $1,000.00 | $987.30 | $6.56 | $1,018.60 | $6.67 | 1.31% |
Class R6 Shares | $1,000.00 | $990.80 | $3.06 | $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. |
Machinery | 11.8% |
Insurance | 10.6 |
Commercial Services & Supplies | 10.6 |
Chemicals | 7.5 |
Software | 6.8 |
Ground Transportation | 6.5 |
Capital Markets | 4.9 |
Household Durables | 4.7 |
Financial Services | 4.6 |
Air Freight & Logistics | 4.0 |
Trading Companies & Distributors | 3.9 |
Consumer Staples Distribution & Retail | 3.7 |
Specialized REITs | 3.6% |
Health Care Providers & Services | 2.6 |
Banks | 2.5 |
Consumer Finance | 2.3 |
Containers & Packaging | 2.3 |
Life Sciences Tools & Services | 2.2 |
Electric Utilities | 2.0 |
Media | 2.0 |
Short–Term Investments | 1.4 |
Other Assets, Less Liabilities | –0.5 |
100.0% |
1. | Constellation Software, Inc. |
2. | Markel Group, Inc. |
3. | Progressive Corp. (The) |
4. | PACCAR, Inc. |
5. | NVR, Inc. |
6. | Berkshire Hathaway, Inc., Class B |
7. | Copart, Inc. |
8. | Linde plc |
9. | Expeditors International of Washington, Inc. |
10. | Watsco, Inc. |
8 | MainStay WMC Enduring Capital Fund |
1. | See "Investment and Performance Comparison" for other share class returns, which may be higher or lower than Class I share returns, and for more information on benchmark and peer group returns. |
10 | MainStay WMC Enduring Capital Fund |
Shares | Value | |
Common Stocks 99.1% | ||
Air Freight & Logistics 4.0% | ||
Expeditors International of Washington, Inc. | 172,133 | $ 18,805,530 |
Banks 2.5% | ||
M&T Bank Corp. | 102,990 | 11,612,123 |
Capital Markets 4.9% | ||
Brookfield Asset Management Ltd., Class A (a) | 165,325 | 4,739,868 |
Brookfield Corp. | 254,798 | 7,427,362 |
Charles Schwab Corp. (The) | 205,784 | 10,708,999 |
22,876,229 | ||
Chemicals 7.5% | ||
Linde plc | 54,813 | 20,947,336 |
Sherwin-Williams Co. (The) | 59,167 | 14,094,171 |
35,041,507 | ||
Commercial Services & Supplies 10.6% | ||
Cintas Corp. | 29,193 | 14,804,354 |
Copart, Inc. (b) | 486,455 | 21,170,522 |
Waste Connections, Inc. | 104,421 | 13,522,519 |
49,497,395 | ||
Consumer Finance 2.3% | ||
Credit Acceptance Corp. (a)(b) | 27,368 | 11,013,704 |
Consumer Staples Distribution & Retail 3.7% | ||
Costco Wholesale Corp. | 31,172 | 17,220,660 |
Containers & Packaging 2.3% | ||
Ball Corp. | 221,532 | 10,666,766 |
Electric Utilities 2.0% | ||
NextEra Energy, Inc. | 164,402 | 9,584,637 |
Financial Services 4.6% | ||
Berkshire Hathaway, Inc., Class B (b) | 62,652 | 21,385,007 |
Ground Transportation 6.5% | ||
Canadian National Railway Co. | 126,339 | 13,367,746 |
Old Dominion Freight Line, Inc. | 45,757 | 17,234,831 |
30,602,577 | ||
Health Care Providers & Services 2.6% | ||
UnitedHealth Group, Inc. | 22,876 | 12,251,471 |
Shares | Value | |
Household Durables 4.7% | ||
NVR, Inc. (b) | 4,068 | $ 22,018,538 |
Insurance 10.6% | ||
Brookfield Reinsurance Ltd. | 3,730 | 108,953 |
Markel Group, Inc. (b) | 17,633 | 25,929,679 |
Progressive Corp. (The) | 151,164 | 23,897,517 |
49,936,149 | ||
Life Sciences Tools & Services 2.2% | ||
Danaher Corp. | 54,460 | 10,457,409 |
Machinery 11.8% | ||
Deere & Co. | 27,675 | 10,111,338 |
Fortive Corp. | 168,606 | 11,006,600 |
IDEX Corp. | 63,067 | 12,071,654 |
PACCAR, Inc. | 269,921 | 22,276,580 |
55,466,172 | ||
Media 2.0% | ||
Cable One, Inc. | 17,186 | 9,450,066 |
Software 6.8% | ||
Constellation Software, Inc. | 15,501 | 31,074,768 |
Lumine Group, Inc. (b) | 61,645 | 775,258 |
31,850,026 | ||
Specialized REITs 3.6% | ||
American Tower Corp. | 50,390 | 8,978,994 |
Public Storage | 33,839 | 8,077,708 |
17,056,702 | ||
Trading Companies & Distributors 3.9% | ||
Watsco, Inc. | 52,159 | 18,197,754 |
Total Common Stocks (Cost $404,934,106) | 464,990,422 | |
Number of Warrants | ||
Warrants 0.0% ‡ | ||
Software 0.0% ‡ | ||
Constellation Software, Inc. | ||
Expires 3/31/40 (b)(c)(d) | 16,496 | — |
Total Warrants (Cost $0) | — | |
Shares | Value | ||
Short-Term Investments 1.4% | |||
Affiliated Investment Company 1.1% | |||
MainStay U.S. Government Liquidity Fund, 5.275% (e) | 5,151,776 | $ 5,151,776 | |
Unaffiliated Investment Companies 0.3% | |||
Fidelity Government Portfolio, 5.338% (e)(f) | 1,000,000 | 1,000,000 | |
Invesco Government & Agency Portfolio, 5.357% (e)(f) | 447,829 | 447,829 | |
1,447,829 | |||
Total Short-Term Investments (Cost $6,599,605) | 6,599,605 | ||
Total Investments (Cost $411,533,711) | 100.5% | 471,590,027 | |
Other Assets, Less Liabilities | (0.5) | (2,282,945) | |
Net Assets | 100.0% | $ 469,307,082 |
† | Percentages indicated are based on Fund net assets. |
^ | Industry classifications may be different than those used for compliance monitoring purposes. |
‡ | Less than one-tenth of a percent. |
(a) | All or a portion of this security was held on loan. As of October 31, 2023, the aggregate market value of securities on loan was $1,418,057. The Fund received cash collateral with a value of $1,447,829. (See Note 2(I)) |
(b) | Non-income producing security. |
(c) | Illiquid security—As of October 31, 2023, the total market value deemed illiquid under procedures approved by the Board of Trustees was $0, which represented less than one-tenth of a percent of the Fund’s net assets. (Unaudited) |
(d) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
(e) | Current yield as of October 31, 2023. |
(f) | Represents a security purchased with cash collateral received for securities on loan. |
Affiliated Investment Companies | Value, Beginning of 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 | $ 148 | $ 144,808 | $ (139,804) | $ — | $ — | $ 5,152 | $ 207 | $ — | 5,152 |
12 | MainStay WMC Enduring Capital Fund |
Abbreviation(s): |
REIT—Real Estate Investment Trust |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Common Stocks | $ 464,990,422 | $ — | $ — | $ 464,990,422 | |||
Warrants | — | — | — | — | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 5,151,776 | — | — | 5,151,776 | |||
Unaffiliated Investment Companies | 1,447,829 | — | — | 1,447,829 | |||
Total Short-Term Investments | 6,599,605 | — | — | 6,599,605 | |||
Total Investments in Securities | $ 471,590,027 | $ — | $ — | $ 471,590,027 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
Assets | |
Investment in unaffiliated securities, at value (identified cost $406,381,935) including securities on loan of $1,418,057 | $466,438,251 |
Investment in affiliated investment companies, at value (identified cost $5,151,776) | 5,151,776 |
Cash | 49,567 |
Receivables: | |
Fund shares sold | 84,766 |
Dividends | 57,876 |
Securities lending | 1,608 |
Other assets | 52,923 |
Total assets | 471,836,767 |
Liabilities | |
Cash collateral received for securities on loan | 1,447,829 |
Foreign currency due to custodian, at value | 372 |
Payables: | |
Fund shares redeemed | 295,959 |
Investment securities purchased | 235,048 |
Manager (See Note 3) | 227,279 |
Shareholder communication | 114,225 |
Transfer agent (See Note 3) | 66,038 |
NYLIFE Distributors (See Note 3) | 64,218 |
Custodian | 56,585 |
Professional fees | 20,743 |
Trustees | 439 |
Accrued expenses | 950 |
Total liabilities | 2,529,685 |
Net assets | $469,307,082 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.01 per share) unlimited number of shares authorized | $ 157,494 |
Additional paid-in-capital | 414,071,041 |
414,228,535 | |
Total distributable earnings (loss) | 55,078,547 |
Net assets | $469,307,082 |
Class A | |
Net assets applicable to outstanding shares | $197,726,087 |
Shares of beneficial interest outstanding | 6,621,727 |
Net asset value per share outstanding | $ 29.86 |
Maximum sales charge (5.50% of offering price) | 1.74 |
Maximum offering price per share outstanding | $ 31.60 |
Investor Class | |
Net assets applicable to outstanding shares | $ 21,764,050 |
Shares of beneficial interest outstanding | 730,270 |
Net asset value per share outstanding | $ 29.80 |
Maximum sales charge (5.00% of offering price) | 1.57 |
Maximum offering price per share outstanding | $ 31.37 |
Class B | |
Net assets applicable to outstanding shares | $ 1,527,200 |
Shares of beneficial interest outstanding | 58,826 |
Net asset value and offering price per share outstanding | $ 25.96 |
Class C | |
Net assets applicable to outstanding shares | $ 16,624,348 |
Shares of beneficial interest outstanding | 640,960 |
Net asset value and offering price per share outstanding | $ 25.94 |
Class I | |
Net assets applicable to outstanding shares | $ 75,684,057 |
Shares of beneficial interest outstanding | 2,514,965 |
Net asset value and offering price per share outstanding | $ 30.09 |
Class R3 | |
Net assets applicable to outstanding shares | $ 847,758 |
Shares of beneficial interest outstanding | 28,725 |
Net asset value and offering price per share outstanding | $ 29.51 |
Class R6 | |
Net assets applicable to outstanding shares | $155,133,582 |
Shares of beneficial interest outstanding | 5,153,911 |
Net asset value and offering price per share outstanding | $ 30.10 |
14 | MainStay WMC Enduring Capital Fund |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated (net of foreign tax withholding of $131,385) | $ 7,334,128 |
Dividends-affiliated | 206,607 |
Securities lending, net | 12,946 |
Total income | 7,553,681 |
Expenses | |
Manager (See Note 3) | 3,152,197 |
Distribution/Service—Class A (See Note 3) | 514,527 |
Distribution/Service—Investor Class (See Note 3) | 58,258 |
Distribution/Service—Class B (See Note 3) | 22,341 |
Distribution/Service—Class C (See Note 3) | 205,994 |
Distribution/Service—Class R3 (See Note 3) | 3,786 |
Transfer agent (See Note 3) | 405,566 |
Registration | 112,948 |
Professional fees | 107,559 |
Custodian | 72,476 |
Shareholder communication | 23,237 |
Trustees | 14,660 |
Shareholder service (See Note 3) | 757 |
Miscellaneous | 12,648 |
Total expenses before waiver/reimbursement | 4,706,954 |
Reimbursement from prior custodian(a) | (2,079) |
Net expenses | 4,704,875 |
Net investment income (loss) | 2,848,806 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | (6,909,949) |
Foreign currency transactions | 18,141 |
Net realized gain (loss) | (6,891,808) |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | 28,352,457 |
Translation of other assets and liabilities in foreign currencies | 5 |
Net change in unrealized appreciation (depreciation) | 28,352,462 |
Net realized and unrealized gain (loss) | 21,460,654 |
Net increase (decrease) in net assets resulting from operations | $24,309,460 |
(a) | Represents a refund for overbilling of custody fees. |
for the years ended October 31, 2023 and October 31, 2022
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 2,848,806 | $ 1,692,280 |
Net realized gain (loss) | (6,891,808) | 19,226,663 |
Net change in unrealized appreciation (depreciation) | 28,352,462 | (87,315,486) |
Net increase (decrease) in net assets resulting from operations | 24,309,460 | (66,396,543) |
Distributions to shareholders: | ||
Class A | (7,743,520) | (19,185,374) |
Investor Class | (859,939) | (2,404,448) |
Class B | (113,221) | (453,565) |
Class C | (929,434) | (3,325,977) |
Class I | (3,690,395) | (10,230,592) |
Class R3 | (21,276) | (40,016) |
Class R6 | (8,289,276) | (22,407,486) |
Total distributions to shareholders | (21,647,061) | (58,047,458) |
Capital share transactions: | ||
Net proceeds from sales of shares | 125,928,585 | 86,455,226 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 21,396,272 | 57,355,353 |
Cost of shares redeemed | (197,554,301) | (201,267,040) |
Increase (decrease) in net assets derived from capital share transactions | (50,229,444) | (57,456,461) |
Net increase (decrease) in net assets | (47,567,045) | (181,900,462) |
Net Assets | ||
Beginning of year | 516,874,127 | 698,774,589 |
End of year | $ 469,307,082 | $ 516,874,127 |
16 | MainStay WMC Enduring Capital Fund |
Year Ended October 31, | |||||||||
Class A | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 30.01 | $ 36.76 | $ 24.95 | $ 24.92 | $ 26.31 | ||||
Net investment income (loss) (a) | 0.11 | 0.06 | 0.06 | 0.16 | 0.26 | ||||
Net realized and unrealized gain (loss) | 0.92 | (3.74) | 11.99 | 1.36 | 1.28 | ||||
Total from investment operations | 1.03 | (3.68) | 12.05 | 1.52 | 1.54 | ||||
Less distributions: | |||||||||
From net investment income | (0.08) | (0.04) | (0.24) | (0.27) | (0.22) | ||||
From net realized gain on investments | (1.10) | (3.03) | — | (1.22) | (2.71) | ||||
Total distributions | (1.18) | (3.07) | (0.24) | (1.49) | (2.93) | ||||
Net asset value at end of year | $ 29.86 | $ 30.01 | $ 36.76 | $ 24.95 | $ 24.92 | ||||
Total investment return (b) | 3.36% | (10.96)% | 48.53% | 6.42% | 6.80% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.35% | 0.18% | 0.19% | 0.64% | 1.08% | ||||
Net expenses (c) | 0.94% | 0.94% | 0.91% | 0.99% | 0.97% | ||||
Portfolio turnover rate | 17% | 2% | 24% | 166% | 164% | ||||
Net assets at end of year (in 000’s) | $ 197,726 | $ 196,218 | $ 228,700 | $ 62,611 | $ 63,814 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | |||||||||
Investor Class | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 29.97 | $ 36.73 | $ 24.92 | $ 24.90 | $ 26.29 | ||||
Net investment income (loss) (a) | 0.04 | 0.01 | (0.01) | 0.08 | 0.20 | ||||
Net realized and unrealized gain (loss) | 0.91 | (3.74) | 11.98 | 1.37 | 1.27 | ||||
Total from investment operations | 0.95 | (3.73) | 11.97 | 1.45 | 1.47 | ||||
Less distributions: | |||||||||
From net investment income | (0.02) | — | (0.16) | (0.21) | (0.15) | ||||
From net realized gain on investments | (1.10) | (3.03) | — | (1.22) | (2.71) | ||||
Total distributions | (1.12) | (3.03) | (0.16) | (1.43) | (2.86) | ||||
Net asset value at end of year | $ 29.80 | $ 29.97 | $ 36.73 | $ 24.92 | $ 24.90 | ||||
Total investment return (b) | 3.13% | (11.13)% | 48.22% | 6.05% | 6.51% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.13% | 0.03% | (0.02)% | 0.35% | 0.82% | ||||
Net expenses (c) | 1.17% | 1.11% | 1.19% | 1.30% | 1.23% | ||||
Expenses (before waiver/reimbursement) (c) | 1.17% | 1.11% | 1.19% | 1.31% | 1.27% | ||||
Portfolio turnover rate | 17% | 2% | 24% | 166% | 164% | ||||
Net assets at end of year (in 000's) | $ 21,764 | $ 22,977 | $ 29,293 | $ 15,544 | $ 17,203 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | |||||||||
Class B | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 26.41 | $ 32.96 | $ 22.40 | $ 22.50 | $ 24.04 | ||||
Net investment income (loss) (a) | (0.15) | (0.21) | (0.22) | (0.08) | 0.02 | ||||
Net realized and unrealized gain (loss) | 0.80 | (3.31) | 10.78 | 1.22 | 1.15 | ||||
Total from investment operations | 0.65 | (3.52) | 10.56 | 1.14 | 1.17 | ||||
Less distributions: | |||||||||
From net investment income | — | — | — | (0.02) | — | ||||
From net realized gain on investments | (1.10) | (3.03) | — | (1.22) | (2.71) | ||||
Total distributions | (1.10) | (3.03) | — | (1.24) | (2.71) | ||||
Net asset value at end of year | $ 25.96 | $ 26.41 | $ 32.96 | $ 22.40 | $ 22.50 | ||||
Total investment return (b) | 2.34% | (11.79)% | 47.14%(c) | 5.28% | 5.71% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | (0.57)% | (0.72)% | (0.77)% | (0.39)% | 0.10% | ||||
Net expenses (d) | 1.92% | 1.86% | 1.95% | 2.05% | 1.98% | ||||
Expenses (before waiver/reimbursement) (d) | 1.92% | 1.86% | 1.95% | 2.06% | 2.02% | ||||
Portfolio turnover rate | 17% | 2% | 24% | 166% | 164% | ||||
Net assets at end of year (in 000’s) | $ 1,527 | $ 2,824 | $ 5,007 | $ 3,666 | $ 4,718 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | |||||||||
Class C | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 26.39 | $ 32.93 | $ 22.38 | $ 22.48 | $ 24.02 | ||||
Net investment income (loss) (a) | (0.16) | (0.21) | (0.24) | (0.08) | 0.02 | ||||
Net realized and unrealized gain (loss) | 0.81 | (3.30) | 10.79 | 1.22 | 1.15 | ||||
Total from investment operations | 0.65 | (3.51) | 10.55 | 1.14 | 1.17 | ||||
Less distributions: | |||||||||
From net investment income | — | — | — | (0.02) | — | ||||
From net realized gain on investments | (1.10) | (3.03) | — | (1.22) | (2.71) | ||||
Total distributions | (1.10) | (3.03) | — | (1.24) | (2.71) | ||||
Net asset value at end of year | $ 25.94 | $ 26.39 | $ 32.93 | $ 22.38 | $ 22.48 | ||||
Total investment return (b) | 2.39% | (11.80)% | 47.14%(c) | 5.29% | 5.72% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | (0.60)% | (0.72)% | (0.80)% | (0.38)% | 0.10% | ||||
Net expenses (d) | 1.92% | 1.86% | 1.89% | 2.05% | 1.98% | ||||
Expenses (before waiver/reimbursement) (d) | 1.92% | 1.86% | 1.89% | 2.06% | 2.02% | ||||
Portfolio turnover rate | 17% | 2% | 24% | 166% | 164% | ||||
Net assets at end of year (in 000’s) | $ 16,624 | $ 23,500 | $ 37,234 | $ 6,641 | $ 10,946 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
18 | MainStay WMC Enduring Capital Fund |
Year Ended October 31, | |||||||||
Class I | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 30.24 | $ 36.99 | $ 25.09 | $ 25.05 | $ 26.44 | ||||
Net investment income (loss) (a) | 0.19 | 0.15 | 0.16 | 0.23 | 0.32 | ||||
Net realized and unrealized gain (loss) | 0.92 | (3.77) | 12.03 | 1.37 | 1.28 | ||||
Total from investment operations | 1.11 | (3.62) | 12.19 | 1.60 | 1.60 | ||||
Less distributions: | |||||||||
From net investment income | (0.16) | (0.10) | (0.29) | (0.34) | (0.28) | ||||
From net realized gain on investments | (1.10) | (3.03) | — | (1.22) | (2.71) | ||||
Total distributions | (1.26) | (3.13) | (0.29) | (1.56) | (2.99) | ||||
Net asset value at end of year | $ 30.09 | $ 30.24 | $ 36.99 | $ 25.09 | $ 25.05 | ||||
Total investment return (b) | 3.60% | (10.72)% | 48.97% | 6.66% | 7.06% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.62% | 0.45% | 0.48% | 0.96% | 1.34% | ||||
Net expenses (c) | 0.69% | 0.69% | 0.66% | 0.74% | 0.72% | ||||
Portfolio turnover rate | 17% | 2% | 24% | 166% | 164% | ||||
Net assets at end of year (in 000’s) | $ 75,684 | $ 73,935 | $ 135,219 | $ 37,491 | $ 97,903 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | |||||||||
Class R3 | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 29.71 | $ 36.51 | $ 24.78 | $ 24.77 | $ 26.17 | ||||
Net investment income (loss) (a) | (0.01) | (0.05) | (0.04) | 0.07 | 0.17 | ||||
Net realized and unrealized gain (loss) | 0.92 | (3.72) | 11.91 | 1.36 | 1.28 | ||||
Total from investment operations | 0.91 | (3.77) | 11.87 | 1.43 | 1.45 | ||||
Less distributions: | |||||||||
From net investment income | (0.01) | — | (0.14) | (0.20) | (0.14) | ||||
From net realized gain on investments | (1.10) | (3.03) | — | (1.22) | (2.71) | ||||
Total distributions | (1.11) | (3.03) | (0.14) | (1.42) | (2.85) | ||||
Net asset value at end of year | $ 29.51 | $ 29.71 | $ 36.51 | $ 24.78 | $ 24.77 | ||||
Total investment return (b) | 2.99% | (11.29)% | 48.07% | 6.02% | 6.42% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | (0.03)% | (0.17)% | (0.13)% | 0.30% | 0.70% | ||||
Net expenses (c) | 1.29% | 1.30% | 1.28% | 1.34% | 1.32% | ||||
Portfolio turnover rate | 17% | 2% | 24% | 166% | 164% | ||||
Net assets at end of year (in 000’s) | $ 848 | $ 561 | $ 479 | $ 207 | $ 227 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R3 shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | April 26, 2021^ through October 31, | ||||
Class R6 | 2023 | 2022 | 2021 | ||
Net asset value at beginning of period | $ 30.24 | $ 37.00 | $ 33.07 | ||
Net investment income (loss) (a) | 0.22 | 0.16 | 0.14 | ||
Net realized and unrealized gain (loss) | 0.92 | (3.77) | 3.79 | ||
Total from investment operations | 1.14 | (3.61) | 3.93 | ||
Less distributions: | |||||
From net investment income | (0.18) | (0.12) | — | ||
From net realized gain on investments | (1.10) | (3.03) | — | ||
Total distributions | (1.28) | (3.15) | — | ||
Net asset value at end of period | $ 30.10 | $ 30.24 | $ 37.00 | ||
Total investment return (b) | 3.69% | (10.69)% | 11.88% | ||
Ratios (to average net assets)/Supplemental Data: | |||||
Net investment income (loss) | 0.71% | 0.50% | 0.44%†† | ||
Net expenses (c) | 0.61% | 0.63% | 0.60%†† | ||
Portfolio turnover rate | 17% | 2% | 24% | ||
Net assets at end of period (in 000’s) | $ 155,134 | $ 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. |
20 | MainStay WMC Enduring Capital 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 | December 28, 2004 |
Class R3* | February 29, 2016 |
Class R6 | April 26, 2021 |
* | As of October 31, 2023, Class R3 shares are closed to new investors and, upon the close of business on December 29, 2023, Class R3 shares are closed to additional investments by existing shareholders. Additionally, Class R3 shares will be liquidated on or about February 28, 2024 (the "Liquidation Date"). It is expected that the Fund will distribute to remaining shareholders invested in Class R3 shares, on or promptly after the Liquidation Date, a liquidating distribution in cash or cash equivalents equal to the net asset value of such shares. |
• | Level 1—quoted prices (unadjusted) in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Fund's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• Broker/dealer quotes | • Benchmark securities |
• Two-sided markets | • Reference data (corporate actions or material event notices) |
• Bids/offers | • Monthly payment information |
• Industry and economic events | • Reported trades |
22 | MainStay WMC Enduring Capital Fund |
24 | MainStay WMC Enduring Capital Fund |
Class R3 | $757 |
Class | Expense | Waived |
Class A | $175,360 | $— |
Investor Class | 73,030 | — |
Class B | 7,007 | — |
Class C | 64,586 | — |
Class I | 75,538 | — |
Class R3 | 650 | — |
Class R6 | 9,395 | — |
Class R3 | $55,044 | 6.5% |
Class R6 | 39,288 | 0.0‡ |
‡ | Less than one-tenth of a percent. |
26 | MainStay WMC Enduring Capital Fund |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $411,844,749 | $98,058,826 | $(38,313,548) | $59,745,278 |
Ordinary Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$2,572,169 | $(7,238,905) | $— | $59,745,283 | $55,078,547 |
Total Distributable Earnings (Loss) | Additional Paid-In Capital | |
$(40,917) | $40,917 |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $1,196 | $6,043 |
2023 | 2022 | |
Distributions paid from: | ||
Ordinary Income | $13,213,407 | $24,964,525 |
Long-Term Capital Gains | 8,433,654 | 33,082,933 |
Total | $21,647,061 | $58,047,458 |
Class A | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 777,331 | $ 23,810,633 |
Shares issued to shareholders in reinvestment of distributions | 247,479 | 7,533,253 |
Shares redeemed | (1,019,479) | (31,269,191) |
Net increase (decrease) in shares outstanding before conversion | 5,331 | 74,695 |
Shares converted into Class A (See Note 1) | 78,147 | 2,366,476 |
Shares converted from Class A (See Note 1) | (151) | (4,661) |
Net increase (decrease) | 83,327 | $ 2,436,510 |
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 |
Investor Class | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 29,849 | $ 915,511 |
Shares issued to shareholders in reinvestment of distributions | 28,225 | 859,163 |
Shares redeemed | (67,503) | (2,064,768) |
Net increase (decrease) in shares outstanding before conversion | (9,429) | (290,094) |
Shares converted into Investor Class (See Note 1) | 18,857 | 587,855 |
Shares converted from Investor Class (See Note 1) | (45,909) | (1,390,486) |
Net increase (decrease) | (36,481) | $ (1,092,725) |
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) |
Class B | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 73 | $ 2,000 |
Shares issued to shareholders in reinvestment of distributions | 4,112 | 109,752 |
Shares redeemed | (16,415) | (431,503) |
Net increase (decrease) in shares outstanding before conversion | (12,230) | (319,751) |
Shares converted from Class B (See Note 1) | (35,872) | (966,410) |
Net increase (decrease) | (48,102) | $ (1,286,161) |
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) |
Class C | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 32,846 | $ 872,256 |
Shares issued to shareholders in reinvestment of distributions | 34,072 | 908,718 |
Shares redeemed | (294,528) | (7,872,021) |
Net increase (decrease) in shares outstanding before conversion | (227,610) | (6,091,047) |
Shares converted from Class C (See Note 1) | (22,080) | (583,195) |
Net increase (decrease) | (249,690) | $ (6,674,242) |
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) |
28 | MainStay WMC Enduring Capital Fund |
Class I | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 1,177,378 | $ 35,968,422 |
Shares issued to shareholders in reinvestment of distributions | 120,167 | 3,678,308 |
Shares redeemed | (1,227,165) | (37,749,795) |
Net increase (decrease) in shares outstanding before conversion | 70,380 | 1,896,935 |
Shares converted into Class I (See Note 1) | 150 | 4,661 |
Shares converted from Class I (See Note 1) | (466) | (14,240) |
Net increase (decrease) | 70,064 | $ 1,887,356 |
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) |
Class R3 | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 10,803 | $ 327,040 |
Shares issued to shareholders in reinvestment of distributions | 590 | 17,802 |
Shares redeemed | (1,533) | (48,413) |
Net increase (decrease) | 9,860 | $ 296,429 |
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 |
Class R6 | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 2,095,234 | $ 64,032,723 |
Shares issued to shareholders in reinvestment of distributions | 270,980 | 8,289,276 |
Shares redeemed | (3,722,309) | (118,118,610) |
Net increase (decrease) | (1,356,095) | $ (45,796,611) |
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) |
The MainStay Funds:
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 | |
Naïm Abou-Jaoudé* 1966 | MainStay Funds: Trustee since 2023 MainStay Funds Trust: Trustee since 2023 | Chief Executive Officer of New York Life Investment Management LLC (since 2023). Chief Executive Officer of Candriam (an affiliate of New York Life Investment Management LLC) (2007 to 2023). | 81 | MainStay VP Funds Trust: Trustee since 2023 (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2023; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2023; and New York Life Investment Management International (Chair) since 2015 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of his affiliation with New York Life Investment Management LLC and Candriam, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
32 | MainStay 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 January 2016, Advisory Board Member (June 2015 to December 2015);MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC (since 1999) | 81 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2021; VanEck Vectors Group of Exchange-Traded Funds: Trustee since 2006 and Independent Chairman of the Board of Trustees from 2008 to 2022 (57 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Investment Committee since 2018 | |
Karen Hammond 1956 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021);MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 81 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Susan B. Kerley 1951 | MainStay Funds: Chair since January 2017 and Trustee since 2007;MainStay Funds Trust: Chair since January 2017 and Trustee since 1990*** | President, Strategic Management Advisors LLC (since 1990) | 81 | MainStay VP Funds Trust: Chair since January 2017 and Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chair since January 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Alan R. Latshaw 1951 | MainStay Funds: Trusteesince 2006;MainStay Funds Trust: Trustee since 2007*** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 81 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 | |
Jacques P. Perold 1958 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015to December 2015);MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 81 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay Funds: Trustee since 1994;MainStay Funds Trust: Trustee since 2007*** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) (since 2004); Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 81 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 |
** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
*** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
34 | MainStay 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 2018); President, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust (since 2017)**; Senior Managing Director, Global Product Development (2015 to 2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay Funds (since 2007), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2007)**; and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay Funds and MainStay Funds Trust (since 2010) | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2010)** | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay Funds and MainStay Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ Trust, IndexIQ ETF Trust and Index IQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund, MainStay VP Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012 to 2022) | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay Funds (since 2005), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2005)** |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, New York Life Insurance Company, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
1.
2. | This Fund is registered for sale in CA, CT, DE, FL, MA, NJ, NY and VT. |
3. | An affiliate of New York Life Investment Management LLC. |
5013911 MS139-23 | MSWEC11-12/23 |
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended October 31, 2023 | |||||||
Class | Sales Charge | Inception Date1 | One Year | Five Years | Ten Years or Since Inception | Gross Expense Ratio2 | |
Class A Shares | Maximum 5.50% Initial Sales Charge | With sales charges | 6/9/1999 | -7.55% | 8.55% | 8.33% | 1.02% |
Excluding sales charges | -2.17 | 9.79 | 8.95 | 1.02 | |||
Investor Class Shares3 | Maximum 5.00% Initial Sales Charge | With sales charges | 2/28/2008 | -7.31 | 8.26 | 8.09 | 1.26 |
Excluding sales charges | -2.43 | 9.50 | 8.70 | 1.26 | |||
Class B Shares4 | Maximum 5.00% CDSC | With sales charges | 6/9/1999 | -7.69 | 8.53 | 7.89 | 2.01 |
if Redeemed Within the First Six Years of Purchase | Excluding sales charges | -3.18 | 8.67 | 7.89 | 2.01 | ||
Class C Shares | Maximum 1.00% CDSC | With sales charges | 6/9/1999 | -4.08 | 8.67 | 7.89 | 2.01 |
if Redeemed Within One Year of Purchase | Excluding sales charges | -3.18 | 8.67 | 7.89 | 2.01 | ||
Class I Shares | No Sales Charge | 1/21/1971 | -1.88 | 10.10 | 9.24 | 0.77 | |
Class R1 Shares5 | No Sales Charge | 1/2/2004 | -2.02 | 9.96 | 9.11 | 0.87 | |
Class R2 Shares5 | No Sales Charge | 1/2/2004 | -2.28 | 9.68 | 8.83 | 1.12 | |
Class R3 Shares5 | No Sales Charge | 4/28/2006 | -2.53 | 9.40 | 8.56 | 1.37 | |
Class R6 Shares | No Sales Charge | 4/26/2021 | -1.88 | N/A | 0.86 | 0.70 |
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 5.50%, which is reflected in the applicable average annual total return figures shown. |
4. | Class B shares are closed to all new purchases as well as additional investments by existing Class B shareholders. |
5. | As of October 31, 2023, Class R1, Class R2 and Class R3 shares are closed to new investors and, upon the close of business on December 29, 2023, Class R1, Class R2 and Class R3 shares are closed to additional investments by existing shareholders. Additionally, Class R1, Class R2 and Class R3 shares will be liquidated on or about February 28, 2024 (the "Liquidation Date"). It is expected that the Fund will distribute to remaining shareholders invested in Class R1, Class R2 or Class R3 shares, on or promptly after the Liquidation Date, a liquidating distribution in cash or cash equivalents equal to the net asset value of such shares. |
Benchmark Performance* | One Year | Five Years | Ten Years |
Russell 1000® Value Index1 | 0.13% | 6.60% | 7.60% |
Morningstar Large Value Category Average2 | 0.68 | 7.10 | 7.62 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | The Fund has selected the Russell 1000® Value Index as its primary benchmark 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. | 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 5/1/23 | Ending Account Value (Based on Actual Returns and Expenses) 10/31/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 10/31/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Class A Shares | $1,000.00 | $968.70 | $ 5.16 | $1,019.96 | $ 5.30 | 1.04% |
Investor Class Shares | $1,000.00 | $967.60 | $ 6.45 | $1,018.65 | $ 6.61 | 1.30% |
Class B Shares | $1,000.00 | $963.70 | $10.15 | $1,014.87 | $10.41 | 2.05% |
Class C Shares | $1,000.00 | $963.70 | $10.15 | $1,014.87 | $10.41 | 2.05% |
Class I Shares | $1,000.00 | $970.30 | $ 3.48 | $1,021.68 | $ 3.57 | 0.70% |
Class R1 Shares | $1,000.00 | $969.60 | $ 4.42 | $1,020.72 | $ 4.53 | 0.89% |
Class R2 Shares | $1,000.00 | $968.00 | $ 5.65 | $1,019.46 | $ 5.80 | 1.14% |
Class R3 Shares | $1,000.00 | $966.90 | $ 6.89 | $1,018.20 | $ 7.07 | 1.39% |
Class R6 Shares | $1,000.00 | $970.20 | $ 3.48 | $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. |
Oil, Gas & Consumable Fuels | 9.3% |
Banks | 8.4 |
Capital Markets | 7.5 |
Pharmaceuticals | 7.4 |
Health Care Providers & Services | 6.2 |
Insurance | 5.5 |
Communications Equipment | 4.4 |
Semiconductors & Semiconductor Equipment | 3.9 |
Health Care Equipment & Supplies | 3.2 |
Aerospace & Defense | 3.2 |
Beverages | 2.5 |
Building Products | 2.4 |
Health Care REITs | 1.7 |
Biotechnology | 1.6 |
Electrical Equipment | 1.6 |
Specialized REITs | 1.5 |
Multi–Utilities | 1.5 |
Food Products | 1.5 |
Automobile Components | 1.5 |
Entertainment | 1.5 |
Diversified Consumer Services | 1.5 |
Gas Utilities | 1.4 |
Electronic Equipment, Instruments & Components | 1.4% |
Electric Utilities | 1.4 |
Personal Care Products | 1.3 |
Distributors | 1.3 |
Air Freight & Logistics | 1.3 |
Interactive Media & Services | 1.3 |
Media | 1.3 |
Real Estate Management & Development | 1.3 |
Hotel & Resort REITs | 1.2 |
IT Services | 1.2 |
Ground Transportation | 1.2 |
Financial Services | 1.1 |
Chemicals | 1.1 |
Machinery | 1.0 |
Household Durables | 1.0 |
Containers & Packaging | 0.8 |
Specialty Retail | 0.6 |
Short–Term Investment | 1.0 |
Other Assets, Less Liabilities | –0.0‡ |
100.0% |
‡ | Less than one–tenth of a percent. |
1. | JPMorgan Chase & Co. |
2. | Cisco Systems, Inc. |
3. | Pfizer, Inc. |
4. | Merck & Co., Inc. |
5. | ConocoPhillips |
6. | Elevance Health, Inc. |
7. | UnitedHealth Group, Inc. |
8. | Centene Corp. |
9. | Phillips 66 |
10. | Chubb Ltd. |
8 | MainStay WMC Value Fund |
1. | See "Investment and Performance Comparison" for other share class returns, which may be higher or lower than Class I share returns, and for more information on benchmark and peer group returns. |
Shares | Value | |
Common Stocks 99.0% | ||
Aerospace & Defense 3.2% | ||
General Dynamics Corp. | 65,039 | $ 15,694,561 |
L3Harris Technologies, Inc. | 70,603 | 12,666,884 |
28,361,445 | ||
Air Freight & Logistics 1.3% | ||
United Parcel Service, Inc., Class B | 85,033 | 12,010,911 |
Automobile Components 1.5% | ||
Gentex Corp. | 464,998 | 13,336,143 |
Banks 8.4% | ||
JPMorgan Chase & Co. | 228,577 | 31,785,918 |
M&T Bank Corp. | 139,400 | 15,717,350 |
New York Community Bancorp, Inc. | 1,314,838 | 12,464,664 |
PNC Financial Services Group, Inc. (The) | 137,468 | 15,735,962 |
75,703,894 | ||
Beverages 2.5% | ||
Keurig Dr Pepper, Inc. | 408,627 | 12,393,657 |
Pernod Ricard SA, Sponsored ADR (a) | 280,123 | 9,950,249 |
22,343,906 | ||
Biotechnology 1.6% | ||
Gilead Sciences, Inc. | 188,136 | 14,776,201 |
Building Products 2.4% | ||
Fortune Brands Innovations, Inc. | 152,398 | 8,503,808 |
Johnson Controls International plc | 262,602 | 12,872,750 |
21,376,558 | ||
Capital Markets 7.5% | ||
Ares Management Corp. | 119,466 | 11,778,153 |
Blackstone, Inc. | 85,039 | 7,853,351 |
Intercontinental Exchange, Inc. | 118,493 | 12,730,888 |
LPL Financial Holdings, Inc. | 40,229 | 9,032,215 |
Morgan Stanley | 172,229 | 12,197,258 |
Raymond James Financial, Inc. | 143,604 | 13,705,566 |
67,297,431 | ||
Chemicals 1.1% | ||
Axalta Coating Systems Ltd. (b) | 378,001 | 9,914,966 |
Communications Equipment 4.4% | ||
Cisco Systems, Inc. | 505,088 | 26,330,237 |
F5, Inc. (b) | 87,393 | 13,247,905 |
39,578,142 |
Shares | Value | |
Containers & Packaging 0.8% | ||
Sealed Air Corp. | 238,882 | $ 7,355,177 |
Distributors 1.3% | ||
LKQ Corp. | 275,158 | 12,084,939 |
Diversified Consumer Services 1.5% | ||
H&R Block, Inc. | 318,312 | 13,066,708 |
Electric Utilities 1.4% | ||
Exelon Corp. | 312,961 | 12,186,701 |
Electrical Equipment 1.6% | ||
Emerson Electric Co. | 160,343 | 14,265,717 |
Electronic Equipment, Instruments & Components 1.4% | ||
Corning, Inc. | 462,762 | 12,383,511 |
Entertainment 1.5% | ||
Electronic Arts, Inc. | 106,407 | 13,172,123 |
Financial Services 1.1% | ||
Global Payments, Inc. | 97,411 | 10,346,996 |
Food Products 1.5% | ||
Archer-Daniels-Midland Co. | 187,256 | 13,401,912 |
Gas Utilities 1.4% | ||
Atmos Energy Corp. | 115,764 | 12,463,152 |
Ground Transportation 1.2% | ||
Knight-Swift Transportation Holdings, Inc. | 212,400 | 10,384,236 |
Health Care Equipment & Supplies 3.2% | ||
Becton Dickinson & Co. | 59,866 | 15,132,928 |
Boston Scientific Corp. (b) | 262,200 | 13,422,018 |
28,554,946 | ||
Health Care Providers & Services 6.2% | ||
Centene Corp. (b) | 253,704 | 17,500,502 |
Elevance Health, Inc. | 42,905 | 19,311,111 |
UnitedHealth Group, Inc. | 35,264 | 18,885,988 |
55,697,601 | ||
Health Care REITs 1.7% | ||
Welltower, Inc. | 178,408 | 14,916,693 |
10 | MainStay WMC Value Fund |
Shares | Value | |
Common Stocks (continued) | ||
Hotel & Resort REITs 1.2% | ||
Host Hotels & Resorts, Inc. | 710,898 | $ 11,004,701 |
Household Durables 1.0% | ||
Lennar Corp., Class A | 84,623 | 9,027,582 |
Insurance 5.5% | ||
American International Group, Inc. | 263,514 | 16,156,044 |
Chubb Ltd. | 78,773 | 16,906,261 |
MetLife, Inc. | 267,486 | 16,051,835 |
49,114,140 | ||
Interactive Media & Services 1.3% | ||
Alphabet, Inc., Class C (b) | 93,973 | 11,774,817 |
IT Services 1.2% | ||
Amdocs Ltd. | 131,219 | 10,518,515 |
Machinery 1.0% | ||
Middleby Corp. (The) (b) | 82,548 | 9,317,193 |
Media 1.3% | ||
Omnicom Group, Inc. | 152,081 | 11,392,388 |
Multi-Utilities 1.5% | ||
Sempra | 193,555 | 13,554,657 |
Oil, Gas & Consumable Fuels 9.3% | ||
ConocoPhillips | 186,794 | 22,191,127 |
Coterra Energy, Inc. | 521,965 | 14,354,038 |
Diamondback Energy, Inc. | 92,140 | 14,771,885 |
EOG Resources, Inc. | 115,540 | 14,586,925 |
Phillips 66 | 151,348 | 17,264,266 |
83,168,241 | ||
Personal Care Products 1.3% | ||
Unilever plc, Sponsored ADR | 255,606 | 12,102,944 |
Pharmaceuticals 7.4% | ||
AstraZeneca plc, Sponsored ADR | 181,344 | 11,466,381 |
Merck & Co., Inc. | 224,616 | 23,068,063 |
Pfizer, Inc. | 756,491 | 23,118,365 |
Roche Holding AG | 32,902 | 8,458,344 |
66,111,153 |
Shares | Value | ||
Real Estate Management & Development 1.3% | |||
CBRE Group, Inc., Class A (b) | 162,774 | $ 11,286,749 | |
Semiconductors & Semiconductor Equipment 3.9% | |||
Analog Devices, Inc. | 73,465 | 11,558,249 | |
NXP Semiconductors NV | 62,896 | 10,845,157 | |
QUALCOMM, Inc. | 116,794 | 12,729,378 | |
35,132,784 | |||
Specialized REITs 1.5% | |||
Gaming and Leisure Properties, Inc. | 302,778 | 13,743,093 | |
Specialty Retail 0.6% | |||
GCI Liberty, Inc. (b)(c)(d) | 15,319 | — | |
Victoria's Secret & Co. (b) | 299,467 | 5,354,470 | |
5,354,470 | |||
Total Common Stocks (Cost $871,899,743) | 887,583,436 | ||
Short-Term Investment 1.0% | |||
Affiliated Investment Company 1.0% | |||
MainStay U.S. Government Liquidity Fund, 5.275% (e) | 9,392,880 | 9,392,880 | |
Total Short-Term Investment (Cost $9,392,880) | 9,392,880 | ||
Total Investments (Cost $881,292,623) | 100.0% | 896,976,316 | |
Other Assets, Less Liabilities | (0.0)‡ | (390,162) | |
Net Assets | 100.0% | $ 896,586,154 |
† | Percentages indicated are based on Fund net assets. |
^ | Industry classifications may be different than those used for compliance monitoring purposes. |
‡ | Less than one-tenth of a percent. |
(a) | All or a portion of this security was held on loan. As of October 31, 2023, the aggregate market value of securities on loan was $4,649,699. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $4,730,691. (See Note 2(H)) |
(b) | Non-income producing security. |
(c) | Illiquid security—As of October 31, 2023, the total market value deemed illiquid under procedures approved by the Board of Trustees was $0, which represented less than one-tenth of a percent of the Fund’s net assets. (Unaudited) |
(d) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
(e) | Current yield as of October 31, 2023. |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay U.S. Government Liquidity Fund | $ 41,010 | $ 151,284 | $ (182,901) | $ — | $ — | $ 9,393 | $ 658 | $ — | 9,393 |
Abbreviation(s): |
ADR—American Depositary Receipt |
REIT—Real Estate Investment Trust |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Common Stocks | $ 887,583,436 | $ — | $ — | $ 887,583,436 | |||
Short-Term Investment | |||||||
Affiliated Investment Company | 9,392,880 | — | — | 9,392,880 | |||
Total Investments in Securities | $ 896,976,316 | $ — | $ — | $ 896,976,316 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
12 | MainStay WMC Value Fund |
Assets | |
Investment in unaffiliated securities, at value (identified cost $871,899,743) including securities on loan of $4,649,699 | $887,583,436 |
Investment in affiliated investment companies, at value (identified cost $9,392,880) | 9,392,880 |
Cash | 61,714 |
Receivables: | |
Dividends | 683,711 |
Fund shares sold | 140,918 |
Securities lending | 1,653 |
Other assets | 69,993 |
Total assets | 897,934,305 |
Liabilities | |
Payables: | |
Manager (See Note 3) | 501,253 |
Fund shares redeemed | 493,717 |
Transfer agent (See Note 3) | 145,255 |
NYLIFE Distributors (See Note 3) | 134,138 |
Shareholder communication | 44,989 |
Professional fees | 21,720 |
Custodian | 6,049 |
Trustees | 60 |
Accrued expenses | 970 |
Total liabilities | 1,348,151 |
Net assets | $896,586,154 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.01 per share) unlimited number of shares authorized | $ 338,617 |
Additional paid-in-capital | 844,119,964 |
844,458,581 | |
Total distributable earnings (loss) | 52,127,573 |
Net assets | $896,586,154 |
Class A | |
Net assets applicable to outstanding shares | $485,176,900 |
Shares of beneficial interest outstanding | 18,677,764 |
Net asset value per share outstanding | $ 25.98 |
Maximum sales charge (5.50% of offering price) | 1.51 |
Maximum offering price per share outstanding | $ 27.49 |
Investor Class | |
Net assets applicable to outstanding shares | $ 50,023,902 |
Shares of beneficial interest outstanding | 1,927,138 |
Net asset value per share outstanding | $ 25.96 |
Maximum sales charge (5.00% of offering price) | 1.37 |
Maximum offering price per share outstanding | $ 27.33 |
Class B | |
Net assets applicable to outstanding shares | $ 4,502,535 |
Shares of beneficial interest outstanding | 245,998 |
Net asset value and offering price per share outstanding | $ 18.30 |
Class C | |
Net assets applicable to outstanding shares | $ 14,603,180 |
Shares of beneficial interest outstanding | 797,343 |
Net asset value and offering price per share outstanding | $ 18.31 |
Class I | |
Net assets applicable to outstanding shares | $141,185,174 |
Shares of beneficial interest outstanding | 5,030,799 |
Net asset value and offering price per share outstanding | $ 28.06 |
Class R1 | |
Net assets applicable to outstanding shares | $ 161,464 |
Shares of beneficial interest outstanding | 6,094 |
Net asset value and offering price per share outstanding | $ 26.50 |
Class R2 | |
Net assets applicable to outstanding shares | $ 1,006,449 |
Shares of beneficial interest outstanding | 38,223 |
Net asset value and offering price per share outstanding | $ 26.33 |
Class R3 | |
Net assets applicable to outstanding shares | $ 1,465,141 |
Shares of beneficial interest outstanding | 56,389 |
Net asset value and offering price per share outstanding | $ 25.98 |
Class R6 | |
Net assets applicable to outstanding shares | $198,461,409 |
Shares of beneficial interest outstanding | 7,081,928 |
Net asset value and offering price per share outstanding | $ 28.02 |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated (net of foreign tax withholding of $96,280) | $ 24,173,023 |
Dividends-affiliated | 657,762 |
Securities lending, net | 12,106 |
Total income | 24,842,891 |
Expenses | |
Manager (See Note 3) | 6,667,683 |
Distribution/Service—Class A (See Note 3) | 1,304,948 |
Distribution/Service—Investor Class (See Note 3) | 136,759 |
Distribution/Service—Class B (See Note���3) | 63,710 |
Distribution/Service—Class C (See Note 3) | 151,119 |
Distribution/Service—Class R2 (See Note 3) | 2,612 |
Distribution/Service—Class R3 (See Note 3) | 7,415 |
Transfer agent (See Note 3) | 849,206 |
Registration | 187,885 |
Professional fees | 144,554 |
Trustees | 26,044 |
Shareholder communication | 16,990 |
Custodian | 16,749 |
Shareholder service (See Note 3) | 2,699 |
Miscellaneous | 30,968 |
Total expenses before waiver/reimbursement | 9,609,341 |
Expense waiver/reimbursement from Manager (See Note 3) | (157,654) |
Reimbursement from prior custodian(a) | (2,055) |
Net expenses | 9,449,632 |
Net investment income (loss) | 15,393,259 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | 27,324,222 |
Foreign currency transactions | 757 |
Net realized gain (loss) | 27,324,979 |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | (58,743,452) |
Translation of other assets and liabilities in foreign currencies | 7,357 |
Net change in unrealized appreciation (depreciation) | (58,736,095) |
Net realized and unrealized gain (loss) | (31,411,116) |
Net increase (decrease) in net assets resulting from operations | $(16,017,857) |
(a) | Represents a refund for overbilling of custody fees. |
14 | MainStay WMC Value Fund |
for the years ended October 31, 2023 and October 31, 2022
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 15,393,259 | $ 13,384,235 |
Net realized gain (loss) | 27,324,979 | 43,070,782 |
Net change in unrealized appreciation (depreciation) | (58,736,095) | (83,059,547) |
Net increase (decrease) in net assets resulting from operations | (16,017,857) | (26,604,530) |
Distributions to shareholders: | ||
Class A | (29,416,342) | (254,684,263) |
Investor Class | (3,013,210) | (30,552,543) |
Class B | (545,950) | (7,017,069) |
Class C | (977,214) | (6,589,112) |
Class I | (8,145,019) | (44,509,475) |
Class R1 | (9,920) | (21,242) |
Class R2 | (56,602) | (492,154) |
Class R3 | (81,173) | (528,702) |
Class R6 | (14,701,579) | (161,084,996) |
Total distributions to shareholders | (56,947,009) | (505,479,556) |
Capital share transactions: | ||
Net proceeds from sales of shares | 126,738,662 | 167,876,878 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 55,819,279 | 492,255,863 |
Cost of shares redeemed | (226,681,810) | (213,638,603) |
Increase (decrease) in net assets derived from capital share transactions | (44,123,869) | 446,494,138 |
Net increase (decrease) in net assets | (117,088,735) | (85,589,948) |
Net Assets | ||
Beginning of year | 1,013,674,889 | 1,099,264,837 |
End of year | $ 896,586,154 | $1,013,674,889 |
Year Ended October 31, | |||||||||
Class A | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 28.11 | $ 55.21 | $ 39.49 | $ 42.24 | $ 41.20 | ||||
Net investment income (loss) (a) | 0.39 | 0.36 | 0.30 | 0.21 | 0.26 | ||||
Net realized and unrealized gain (loss) | (0.94) | (1.68) | 17.09 | 0.55 | 4.88 | ||||
Total from investment operations | (0.55) | (1.32) | 17.39 | 0.76 | 5.14 | ||||
Less distributions: | |||||||||
From net investment income | (0.42) | (0.38) | (0.25) | (0.31) | (0.28) | ||||
From net realized gain on investments | (1.16) | (25.40) | (1.42) | (3.20) | (3.82) | ||||
Total distributions | (1.58) | (25.78) | (1.67) | (3.51) | (4.10) | ||||
Net asset value at end of year | $ 25.98 | $ 28.11 | $ 55.21 | $ 39.49 | $ 42.24 | ||||
Total investment return (b) | (2.17)% | (2.68)% | 45.14% | 1.66% | 13.54% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.42% | 1.21% | 0.60% | 0.55% | 0.67% | ||||
Net expenses (c) | 1.03%(d) | 1.02%(d) | 1.06% | 1.10%(e) | 1.11% | ||||
Portfolio turnover rate | 29% | 37% | 23% | 16% | 20% | ||||
Net assets at end of year (in 000’s) | $ 485,177 | $ 522,937 | $ 547,299 | $ 389,530 | $ 427,040 |
(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 | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 28.09 | $ 55.08 | $ 39.40 | $ 42.17 | $ 41.15 | ||||
Net investment income (loss) (a) | 0.31 | 0.29 | 0.14 | 0.10 | 0.18 | ||||
Net realized and unrealized gain (loss) | (0.93) | (1.69) | 17.09 | 0.53 | 4.86 | ||||
Total from investment operations | (0.62) | (1.40) | 17.23 | 0.63 | 5.04 | ||||
Less distributions: | |||||||||
From net investment income | (0.35) | (0.19) | (0.13) | (0.20) | (0.20) | ||||
From net realized gain on investments | (1.16) | (25.40) | (1.42) | (3.20) | (3.82) | ||||
Total distributions | (1.51) | (25.59) | (1.55) | (3.40) | (4.02) | ||||
Net asset value at end of year | $ 25.96 | $ 28.09 | $ 55.08 | $ 39.40 | $ 42.17 | ||||
Total investment return (b) | (2.43)% | (2.91)% | 44.73% | 1.35% | 13.27% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.16% | 0.97% | 0.28% | 0.25% | 0.46% | ||||
Net expenses (c) | 1.30% | 1.26% | 1.36% | 1.40%(d) | 1.33% | ||||
Expenses (before waiver/reimbursement) (c) | 1.30%(e) | 1.26%(e) | 1.36% | 1.41% | 1.38% | ||||
Portfolio turnover rate | 29% | 37% | 23% | 16% | 20% | ||||
Net assets at end of year (in 000's) | $ 50,024 | $ 56,061 | $ 66,193 | $ 69,423 | $ 80,733 |
(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%. |
16 | MainStay WMC Value Fund |
Year Ended October 31, | |||||||||
Class B | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 20.29 | $ 47.03 | $ 33.97 | $ 36.88 | $ 36.53 | ||||
Net investment income (loss) (a) | 0.08 | 0.05 | (0.20) | (0.16) | (0.09) | ||||
Net realized and unrealized gain (loss) | (0.66) | (1.39) | 14.68 | 0.45 | 4.26 | ||||
Total from investment operations | (0.58) | (1.34) | 14.48 | 0.29 | 4.17 | ||||
Less distributions: | |||||||||
From net investment income | (0.25) | — | — | — | — | ||||
From net realized gain on investments | (1.16) | (25.40) | (1.42) | (3.20) | (3.82) | ||||
Total distributions | (1.41) | (25.40) | (1.42) | (3.20) | (3.82) | ||||
Net asset value at end of year | $ 18.30 | $ 20.29 | $ 47.03 | $ 33.97 | $ 36.88 | ||||
Total investment return (b) | (3.18)% | (3.66)% | 43.67% | 0.57% | 12.45% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.43% | 0.23% | (0.47)% | (0.48)% | (0.27)% | ||||
Net expenses (c) | 2.05% | 2.01% | 2.11% | 2.15%(d) | 2.08% | ||||
Expenses (before waiver/reimbursement) (c) | 2.05%(e) | 2.01%(e) | 2.11% | 2.16% | 2.13% | ||||
Portfolio turnover rate | 29% | 37% | 23% | 16% | 20% | ||||
Net assets at end of year (in 000’s) | $ 4,503 | $ 8,045 | $ 13,100 | $ 14,212 | $ 21,088 |
(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 | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 20.30 | $ 47.04 | $ 33.98 | $ 36.88 | $ 36.53 | ||||
Net investment income (loss) (a) | 0.08 | 0.05 | (0.21) | (0.16) | (0.07) | ||||
Net realized and unrealized gain (loss) | (0.66) | (1.39) | 14.69 | 0.46 | 4.24 | ||||
Total from investment operations | (0.58) | (1.34) | 14.48 | 0.30 | 4.17 | ||||
Less distributions: | |||||||||
From net investment income | (0.25) | — | — | — | — | ||||
From net realized gain on investments | (1.16) | (25.40) | (1.42) | (3.20) | (3.82) | ||||
Total distributions | (1.41) | (25.40) | (1.42) | (3.20) | (3.82) | ||||
Net asset value at end of year | $ 18.31 | $ 20.30 | $ 47.04 | $ 33.98 | $ 36.88 | ||||
Total investment return (b) | (3.18)% | (3.66)% | 43.65% | 0.60% | 12.45% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.41% | 0.22% | (0.50)% | (0.48)% | (0.22)% | ||||
Net expenses (c) | 2.05% | 2.00% | 2.11% | 2.15%(d) | 2.07% | ||||
Expenses (before waiver/reimbursement) (c) | 2.05%(e) | 2.01% | 2.11% | 2.16% | 2.12% | ||||
Portfolio turnover rate | 29% | 37% | 23% | 16% | 20% | ||||
Net assets at end of year (in 000’s) | $ 14,603 | $ 14,564 | $ 11,119 | $ 14,315 | $ 22,933 |
(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 I | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 30.24 | $ 57.43 | $ 40.99 | $ 43.71 | $ 42.51 | ||||
Net investment income (loss) (a) | 0.51 | 0.48 | 0.30 | 0.32 | 0.38 | ||||
Net realized and unrealized gain (loss) | (1.02) | (1.76) | 17.91 | 0.57 | 5.02 | ||||
Total from investment operations | (0.51) | (1.28) | 18.21 | 0.89 | 5.40 | ||||
Less distributions: | |||||||||
From net investment income | (0.51) | (0.51) | (0.35) | (0.41) | (0.38) | ||||
From net realized gain on investments | (1.16) | (25.40) | (1.42) | (3.20) | (3.82) | ||||
Total distributions | (1.67) | (25.91) | (1.77) | (3.61) | (4.20) | ||||
Net asset value at end of year | $ 28.06 | $ 30.24 | $ 57.43 | $ 40.99 | $ 43.71 | ||||
Total investment return (b) | (1.88)% | (2.37)% | 45.57% | 1.92% | 13.80% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.76% | 1.51% | 0.61% | 0.81% | 0.93% | ||||
Net expenses (c) | 0.70% | 0.70% | 0.82% | 0.85%(d) | 0.86% | ||||
Expenses (before waiver/reimbursement) (c) | 0.79% | 0.77% | 0.83% | 0.85% | 0.86% | ||||
Portfolio turnover rate | 29% | 37% | 23% | 16% | 20% | ||||
Net assets at end of year (in 000’s) | $ 141,185 | $ 137,117 | $ 102,714 | $ 417,329 | $ 488,730 |
(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 | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 28.67 | $ 55.81 | $ 39.90 | $ 42.64 | $ 41.53 | ||||
Net investment income (loss) (a) | 0.43 | 0.37 | 0.38 | 0.27 | 0.33 | ||||
Net realized and unrealized gain (loss) | (0.95) | (1.67) | 17.27 | 0.56 | 4.91 | ||||
Total from investment operations | (0.52) | (1.30) | 17.65 | 0.83 | 5.24 | ||||
Less distributions: | |||||||||
From net investment income | (0.49) | (0.44) | (0.32) | (0.37) | (0.31) | ||||
From net realized gain on investments | (1.16) | (25.40) | (1.42) | (3.20) | (3.82) | ||||
Total distributions | (1.65) | (25.84) | (1.74) | (3.57) | (4.13) | ||||
Net asset value at end of year | $ 26.50 | $ 28.67 | $ 55.81 | $ 39.90 | $ 42.64 | ||||
Total investment return (b) | (2.02)% | (2.54)% | 45.37% | 1.82% | 13.71% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.57% | 1.24% | 0.75% | 0.69% | 0.83% | ||||
Net expenses (c) | 0.89%(d) | 0.87%(d) | 0.91% | 0.95%(e) | 0.96% | ||||
Portfolio turnover rate | 29% | 37% | 23% | 16% | 20% | ||||
Net assets at end of year (in 000’s) | $ 161 | $ 172 | $ 57 | $ 38 | $ 35 |
(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. |
18 | MainStay WMC Value Fund |
Year Ended October 31, | |||||||||
Class R2 | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 28.47 | $ 55.57 | $ 39.74 | $ 42.48 | $ 41.38 | ||||
Net investment income (loss) (a) | 0.36 | 0.33 | 0.25 | 0.18 | 0.23 | ||||
Net realized and unrealized gain (loss) | (0.95) | (1.70) | 17.21 | 0.55 | 4.89 | ||||
Total from investment operations | (0.59) | (1.37) | 17.46 | 0.73 | 5.12 | ||||
Less distributions: | |||||||||
From net investment income | (0.39) | (0.33) | (0.21) | (0.27) | (0.20) | ||||
From net realized gain on investments | (1.16) | (25.40) | (1.42) | (3.20) | (3.82) | ||||
Total distributions | (1.55) | (25.73) | (1.63) | (3.47) | (4.02) | ||||
Net asset value at end of year | $ 26.33 | $ 28.47 | $ 55.57 | $ 39.74 | $ 42.48 | ||||
Total investment return (b) | (2.28)% | (2.79)% | 45.01% | 1.57% | 13.42% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.32% | 1.10% | 0.50% | 0.45% | 0.59% | ||||
Net expenses (c) | 1.13%(d) | 1.12%(d) | 1.16% | 1.20%(e) | 1.21% | ||||
Portfolio turnover rate | 29% | 37% | 23% | 16% | 20% | ||||
Net assets at end of year (in 000’s) | $ 1,006 | $ 1,034 | $ 1,066 | $ 716 | $ 780 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. 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 | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 28.14 | $ 55.17 | $ 39.48 | $ 42.24 | $ 41.15 | ||||
Net investment income (loss) (a) | 0.29 | 0.25 | 0.12 | 0.07 | 0.13 | ||||
Net realized and unrealized gain (loss) | (0.94) | (1.69) | 17.12 | 0.54 | 4.87 | ||||
Total from investment operations | (0.65) | (1.44) | 17.24 | 0.61 | 5.00 | ||||
Less distributions: | |||||||||
From net investment income | (0.35) | (0.19) | (0.13) | (0.17) | (0.09) | ||||
From net realized gain on investments | (1.16) | (25.40) | (1.42) | (3.20) | (3.82) | ||||
Total distributions | (1.51) | (25.59) | (1.55) | (3.37) | (3.91) | ||||
Net asset value at end of year | $ 25.98 | $ 28.14 | $ 55.17 | $ 39.48 | $ 42.24 | ||||
Total investment return (b) | (2.53)% | (3.03)% | 44.66% | 1.29% | 13.14% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.08% | 0.85% | 0.25% | 0.19% | 0.32% | ||||
Net expenses (c) | 1.38%(d) | 1.37%(d) | 1.42% | 1.45%(e) | 1.46% | ||||
Portfolio turnover rate | 29% | 37% | 23% | 16% | 20% | ||||
Net assets at end of year (in 000’s) | $ 1,465 | $ 1,471 | $ 1,137 | $ 2,442 | $ 2,314 |
(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. |
Year Ended October 31, | April 26, 2021^ through October 31, | ||||
Class R6 | 2023 | 2022 | 2021 | ||
Net asset value at beginning of period | $ 30.20 | $ 57.42 | $ 53.83* | ||
Net investment income (loss) (a) | 0.52 | 0.49 | 0.65 | ||
Net realized and unrealized gain (loss) | (1.03) | (1.77) | 2.94 | ||
Total from investment operations | (0.51) | (1.28) | 3.59 | ||
Less distributions: | |||||
From net investment income | (0.51) | (0.54) | — | ||
From net realized gain on investments | (1.16) | (25.40) | — | ||
Total distributions | (1.67) | (25.94) | — | ||
Net asset value at end of period | $ 28.02 | $ 30.20 | $ 57.42 | ||
Total investment return (b) | (1.88)% | (2.37)% | 6.67% | ||
Ratios (to average net assets)/Supplemental Data: | |||||
Net investment income (loss) | 1.77% | 1.52% | 1.25%†† | ||
Net expenses (c) | 0.70% | 0.70% | 0.72%†† | ||
Expenses (before waiver/reimbursement) (c) | 0.71% | 0.71% | 0.72%†† | ||
Portfolio turnover rate | 29% | 37% | 23% | ||
Net assets at end of period (in 000’s) | $ 198,461 | $ 272,274 | $ 356,580 |
* | Based on the net asset value of Class I as of April 26, 2021. |
^ | 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. |
20 | MainStay WMC Value Fund |
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 |
* | As of October 31, 2023, Class R1, Class R2 and Class R3 shares are closed to new investors and, upon the close of business on December 29, 2023, Class R1, Class R2 and Class R3 shares are closed to additional investments by existing shareholders. Additionally, Class R1, Class R2 and Class R3 shares will be liquidated on or about February 28, 2024 (the "Liquidation Date"). It is expected that the Fund will distribute to remaining shareholders invested in Class R1, Class R2 or Class R3 shares, on or promptly after the Liquidation Date, a liquidating distribution in cash or cash equivalents equal to the net asset value of such shares. |
• | Level 1—quoted prices (unadjusted) in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Fund's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• Broker/dealer quotes | • Benchmark securities |
• Two-sided markets | • Reference data (corporate actions or material event notices) |
• Bids/offers | • Monthly payment information |
• Industry and economic events | • Reported trades |
22 | MainStay WMC Value Fund |
24 | MainStay WMC Value Fund |
Class R1 | $ 171 |
Class R2 | 1,045 |
Class R3 | 1,483 |
Class | Expense | Waived |
Class A | $438,907 | $ — |
Investor Class | 192,141 | (2,102) |
Class B | 22,458 | (294) |
Class C | 53,058 | (575) |
Class I | 130,162 | — |
Class R1 | 144 | — |
Class R2 | 880 | — |
Class R3 | 1,242 | — |
Class R6 | 10,214 | — |
Class R6 | $25,547 | 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 | $886,014,895 | $85,396,022 | $(74,434,601) | $10,961,421 |
Ordinary Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$12,231,909 | $28,931,082 | $— | $10,964,582 | $52,127,573 |
Total Distributable Earnings (Loss) | Additional Paid-In Capital | |
$38,700 | $(38,700) |
2023 | 2022 | |
Distributions paid from: | ||
Ordinary Income | $17,709,162 | $ 44,602,455 |
Long-Term Capital Gains | 39,237,847 | 460,877,101 |
Total | $56,947,009 | $505,479,556 |
26 | MainStay WMC Value Fund |
Sales (000's) | Realized Gain / (Loss) (000's) |
$1,455 | $194 |
Class A | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 1,590,537 | $ 43,127,887 |
Shares issued to shareholders in reinvestment of distributions | 1,052,417 | 28,541,623 |
Shares redeemed | (2,737,252) | (74,286,857) |
Net increase (decrease) in shares outstanding before conversion | (94,298) | (2,617,347) |
Shares converted into Class A (See Note 1) | 179,908 | 4,832,388 |
Shares converted from Class A (See Note 1) | (11,768) | (323,015) |
Net increase (decrease) | 73,842 | $ 1,892,026 |
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 |
Investor Class | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 51,736 | $ 1,400,586 |
Shares issued to shareholders in reinvestment of distributions | 110,738 | 3,007,651 |
Shares redeemed | (174,718) | (4,739,165) |
Net increase (decrease) in shares outstanding before conversion | (12,244) | (330,928) |
Shares converted into Investor Class (See Note 1) | 31,998 | 887,420 |
Shares converted from Investor Class (See Note 1) | (88,401) | (2,373,861) |
Net increase (decrease) | (68,647) | $ (1,817,369) |
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 |
Class B | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 1,127 | $ 22,150 |
Shares issued to shareholders in reinvestment of distributions | 28,265 | 544,951 |
Shares redeemed | (39,346) | (753,882) |
Net increase (decrease) in shares outstanding before conversion | (9,954) | (186,781) |
Shares converted from Class B (See Note 1) | (140,526) | (2,699,233) |
Net increase (decrease) | (150,480) | $ (2,886,014) |
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 |
Class C | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 296,509 | $ 5,705,628 |
Shares issued to shareholders in reinvestment of distributions | 50,505 | 974,235 |
Shares redeemed | (234,517) | (4,556,446) |
Net increase (decrease) in shares outstanding before conversion | 112,497 | 2,123,417 |
Shares converted from Class C (See Note 1) | (32,491) | (625,729) |
Net increase (decrease) | 80,006 | $ 1,497,688 |
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 |
Class I | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 2,437,113 | $ 71,634,987 |
Shares issued to shareholders in reinvestment of distributions | 270,746 | 7,908,495 |
Shares redeemed | (2,222,127) | (64,985,391) |
Net increase (decrease) in shares outstanding before conversion | 485,732 | 14,558,091 |
Shares converted into Class I (See Note 1) | 11,171 | 330,560 |
Shares converted from Class I (See Note 1) | (970) | (28,530) |
Net increase (decrease) | 495,933 | $ 14,860,121 |
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 |
28 | MainStay WMC Value Fund |
Class R1 | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 197 | $ 5,380 |
Shares issued to shareholders in reinvestment of distributions | 359 | 9,920 |
Shares redeemed | (473) | (13,122) |
Net increase (decrease) | 83 | $ 2,178 |
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 |
Class R2 | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 1,806 | $ 49,580 |
Shares issued to shareholders in reinvestment of distributions | 1,923 | 52,887 |
Shares redeemed | (1,834) | (50,187) |
Net increase (decrease) | 1,895 | $ 52,280 |
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 |
Class R3 | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 18,812 | $ 507,413 |
Shares issued to shareholders in reinvestment of distributions | 2,864 | 77,938 |
Shares redeemed | (17,565) | (458,612) |
Net increase (decrease) | 4,111 | $ 126,739 |
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 |
Class R6 | Shares | Amount |
Year ended October 31, 2023: | ||
Shares sold | 148,724 | $ 4,285,051 |
Shares issued to shareholders in reinvestment of distributions | 503,997 | 14,701,579 |
Shares redeemed | (2,587,712) | (76,838,148) |
Net increase (decrease) | (1,934,991) | $ (57,851,518) |
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 |
The MainStay Funds:
30 | 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 | |
Naïm Abou-Jaoudé* 1966 | MainStay Funds: Trustee since 2023 MainStay Funds Trust: Trustee since 2023 | Chief Executive Officer of New York Life Investment Management LLC (since 2023). Chief Executive Officer of Candriam (an affiliate of New York Life Investment Management LLC) (2007 to 2023). | 81 | MainStay VP Funds Trust: Trustee since 2023 (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2023; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2023; and New York Life Investment Management International (Chair) since 2015 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of his affiliation with New York Life Investment Management LLC and Candriam, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
32 | MainStay 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 January 2016, Advisory Board Member (June 2015 to December 2015);MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC (since 1999) | 81 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2021; VanEck Vectors Group of Exchange-Traded Funds: Trustee since 2006 and Independent Chairman of the Board of Trustees from 2008 to 2022 (57 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Investment Committee since 2018 | |
Karen Hammond 1956 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021);MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 81 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Susan B. Kerley 1951 | MainStay Funds: Chair since January 2017 and Trustee since 2007;MainStay Funds Trust: Chair since January 2017 and Trustee since 1990*** | President, Strategic Management Advisors LLC (since 1990) | 81 | MainStay VP Funds Trust: Chair since January 2017 and Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chair since January 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Alan R. Latshaw 1951 | MainStay Funds: Trusteesince 2006;MainStay Funds Trust: Trustee since 2007*** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 81 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 | |
Jacques P. Perold 1958 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015to December 2015);MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 81 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay Funds: Trustee since 1994;MainStay Funds Trust: Trustee since 2007*** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) (since 2004); Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 81 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 |
** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
*** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
34 | MainStay 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 2018); President, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust (since 2017)**; Senior Managing Director, Global Product Development (2015 to 2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay Funds (since 2007), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2007)**; and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay Funds and MainStay Funds Trust (since 2010) | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2010)** | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay Funds and MainStay Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ Trust, IndexIQ ETF Trust and Index IQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund, MainStay VP Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012 to 2022) | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay Funds (since 2005), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2005)** |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, New York Life Insurance Company, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
1.
2. | This Fund is registered for sale in CA, CT, DE, FL, MA, NJ, NY and VT. |
3. | An affiliate of New York Life Investment Management LLC. |
5013939MS139-23 | MSWV11-12/23 |
Item 2. | Code of Ethics. |
As of the end of the period covered by this report, the Registrant has adopted a code of ethics (the “Code”) that applies to the Registrant’s principal executive officer (“PEO”) and principal financial officer (“PFO”). During the period covered by this report, no amendments were made to the provisions of the Code. The Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code to the PEO or PFO during the period covered by this report. A copy of the Code is filed herewith.
Item 3. | Audit Committee Financial Expert. |
The Board of Trustees has determined that the Registrant has three “audit committee financial experts” serving on its Audit Committee. The Audit Committee financial experts are Alan R. Latshaw, Karen Hammond and Susan B. Kerley. Mr. Latshaw, Ms. Hammond and Ms. Kerley are “independent” as defined by Item 3 of Form N-CSR.
Item 4. | Principal Accountant Fees and Services. |
(a) Audit Fees
The aggregate fees billed for the fiscal year ended October 31, 2023 for professional services rendered by KPMG LLP (“KPMG”) for the audit of the Registrant’s annual financial statements or services that are normally provided by KPMG in connection with statutory and regulatory filings or engagements for that fiscal year were $815,850.
The aggregate fees billed for the fiscal year ended October 31, 2022 for professional services rendered by KPMG for the audit of the Registrant’s annual financial statements or services that are normally provided by KPMG in connection with statutory and regulatory filings or engagements for that fiscal year were
$874,450.
(b) Audit-Related Fees
The aggregate fees billed for assurance and related services by KPMG that are reasonably related to the performance of the audit of the Registrant’s financial statements and are not reported under paragraph (a) of this Item were: (i) $0 for the fiscal year ended October 31, 2023, and (ii) $0 for the fiscal year ended October 31, 2022.
(c) Tax | Fees |
The aggregate fees billed for professional services rendered by KPMG for tax compliance, tax advice, and tax planning were: (i) $0 during the fiscal year ended October 31, 2023, and (ii) $0 during the fiscal year ended October 31, 2022. These services primarily included preparation of federal, state and local income tax returns and excise tax returns, as well as services relating to excise tax distribution requirements.
(d) All Other Fees
The aggregate fees billed for products and services provided by KPMG, other than the services reported in paragraphs (a) through (c) of this Item were: (i) $0 during the fiscal year ended October 31, 2023, and (ii) $0 during the fiscal year ended October 31, 2022.
(e) Pre-Approval Policies and Procedures
(1) | The Registrant’s Audit Committee has adopted pre-approval policies and procedures (the “Procedures”) to govern the Committee’s pre-approval of (i) all audit services and permissible non-audit services to be provided to the Registrant by its independent accountant, and (ii) all permissible non-audit services to be provided by such independent accountant to the Registrant’s investment adviser and to any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the Registrant (collectively, the “Service Affiliates”) if the services directly relate to the Registrant’s operations and financial reporting. In accordance with the Procedures, the Audit Committee is responsible for the engagement of the independent accountant to certify the Registrant’s financial statements for each fiscal year. With respect to the pre-approval of non-audit services provided to the Registrant and its Service Affiliates, the Procedures provide that the Audit Committee may annually pre-approve a list of the types of services that may be provided to the Registrant or its Service Affiliates, or the Audit Committee may pre-approve such services on a project-by-project basis as they arise. Unless a type of service has received general pre-approval, it will require specific pre-approval by the Audit Committee if it is to be provided by the independent accountant. The Procedures also permit the Audit Committee to delegate authority to one or more of its members to pre-approve any proposed non-audit services that have not been previously pre-approved by the Audit Committee, subject to the ratification by the full Audit Committee no later than its next scheduled meeting. To date, the Audit Committee has not delegated such authority. |
(2) | With respect to the services described in paragraphs (b) through (d) of this Item 4, no amount was approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. |
(f) There were no hours expended on KPMG’s engagement to audit the Registrant’s financial statements for the most recent fiscal year was attributable to work performed by persons other than KPMG’s full-time, permanent employees.
(g) All non-audit fees billed by KPMG for services rendered to the Registrant for the fiscal years ended October 31, 2023 and October 31, 2022 are disclosed in 4(b)-(d) above.
The aggregate non-audit fees billed by KPMG for services rendered to the Registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant were approximately: (i) $252,428 for the fiscal year ended October 31, 2023, and (ii) $193,405 for the fiscal year ended October 31, 2022.
(h) The Registrant’s Audit Committee has determined that the non-audit services rendered by KPMG for the fiscal year ended October 31, 2023 to the Registrant’s investment adviser and any entity controlling, controlled by, or under common control with the Registrant’s investment adviser that provides ongoing services to the Registrant that were not required to be pre-approved by the Audit Committee because they
did not relate directly to the operations and financial reporting of the registrant were compatible with maintaining the respective independence of KPMG during the relevant time period.
Item 5. | Audit Committee of Listed Registrants. |
Not applicable.
Item 6. | Investments. |
The Schedule of Investments is included as part of Item 1 of this report.
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable.
Item 8. | Portfolio Managers of Closed-End Management Investment Companies. |
Not applicable.
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Not applicable.
Item 10. | Submission of Matters to a Vote of Security Holders. |
Since the Registrant’s last response to this Item, there have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.
Item 11. Controls and Procedures.
(a) Based on an evaluation of the Registrant’s Disclosure Controls and Procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) (the “Disclosure Controls”), as of a date within 90 days prior to the filing date (the “Filing Date”) of this Form N-CSR (the “Report”), the Registrant’s principal executive officer and principal financial officer have concluded that the Disclosure Controls are reasonably designed to ensure that information required to be disclosed by the Registrant in the Report is recorded, processed, summarized and reported by the Filing Date, including ensuring that information required to be disclosed in the Report is accumulated and communicated to the Registrant’s management, including the Registrant’s principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.
(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d)) under the Investment Company Act of 1940 that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed End Management Investment Companies.
Not applicable.
Item 13. Exhibits.
(a)(1) | Code of Ethics | |
(a)(2) | Section 302 Certifications are attached. | |
(b) | Section 906 Certifications are attached. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
THE MAINSTAY FUNDS | ||
By: | /s/ Kirk C. Lehneis | |
Kirk C. Lehneis | ||
President and Principal Executive Officer | ||
Date: January 5, 2024 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By: | /s/ Kirk C. Lehneis | |
Kirk C. Lehneis | ||
President and Principal Executive Officer | ||
Date: January 5, 2024 |
By: | /s/ Jack R. Benintende | |
Jack R. Benintende | ||
Treasurer and Principal Financial and Accounting Officer | ||
Date: January 5, 2024 |