UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act File Number 811-22321
MAINSTAY FUNDS TRUST
(Exact name of Registrant as specified in charter)
51 Madison Avenue, New York, NY 10010
(Address of principal executive offices) (Zip code)
J. Kevin Gao, Esq.
30 Hudson Street
Jersey City, New Jersey 07302
(Name and address of agent for service)
Registrant’s telephone number, including area code: (212) 576-7000
Date of fiscal year end: November 30
(MainStay Cushing MLP Premier Fund)
Date of reporting period: May 31, 2021
FORM N-CSR
The information presented in this Form N-CSR relates solely to MainStay Cushing MLP Premier Fund
series of the Registrant.
Item 1. Reports to Stockholders.
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Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Period-Ended May 31, 2021 | ||||||||
Class | Sales Charge | Inception Date | Six Months | One Year | Five Years | Ten Years or Since Inception | Gross Expense Ratio1 | |
Class A Shares2 | Maximum 5.5% Initial Sales Charge | With sales charges | 10/20/2010 | 25.91% | 27.34% | -1.95% | -1.62% | 1.60% |
Excluding sales charges | 33.24 | 34.75 | -0.84 | -1.06 | 1.60 | |||
Investor Class Shares3 | Maximum 5% Initial Sales Charge | With sales charges | 7/11/2014 | 26.52 | 27.28 | -1.94 | -7.08 | 1.64 |
Excluding sales charges | 33.18 | 34.69 | -0.82 | -6.32 | 1.64 | |||
Class C Shares2 | Maximum 1% CDSC | With sales charges | 10/20/2010 | 31.49 | 32.72 | -1.62 | -1.82 | 2.39 |
if Redeemed Within One Year of Purchase | Excluding sales charges | 32.49 | 33.72 | -1.62 | -1.82 | 2.39 | ||
Class I Shares2 | No Sales Charge | 10/20/2010 | 33.30 | 34.96 | -0.61 | -0.81 | 1.35 |
1. | The gross expense ratios presented reflect the Fund’s “Total Annual Fund Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report. |
2. | Performance figures for Class A shares, Class C shares and Class I shares reflect the historical performance of the then–existing Class A shares, Class C shares and Class I shares, respectively, of the Cushing® MLP Premier Fund (the predecessor to the Fund, which was subject to a different fee structure) for periods prior to July 12, 2014. The Cushing® MLP Premier Fund commenced operations on October 20, 2010. |
3. | Prior to June 30, 2020, the maximum initial sales charge was 5.5%, which is reflected in the average annual total return figures shown. |
Benchmark Performance | Six Months | One Year | Five Years | Ten Years |
Alerian Midstream Energy Select Index1 | 37.98% | 45.59% | 4.77% | 5.84% |
Cushing MLP Premier Tiered Index2 | 37.98 | 37.54 | -1.91 | 0.24 |
Alerian MLP Index3 | 44.09 | 43.63 | -1.06 | 0.67 |
Morningstar Energy Limited Partnership Category Average4 | 35.26 | 41.21 | 0.20 | 0.57 |
1. | Effective, December 1, 2020, the Alerian Midstream Energy Select Index replaced the Alerian MLP Index as the Fund’s primary benchmark. The Alerian Midstream Energy Select Index is a broad-based composite of North American energy infrastructure companies. The Alerian Midstream Energy Select Index is a capped, float-adjusted, capitalization weighted index, whose constituents earn the majority of their cash flow from midstream activities involving energy commodities. |
2. | The returns for the tiered benchmark represent the returns of the Alerian MLP Index prior to December 1, 2020 and the returns of the Alerian Midstream Energy Select Index thereafter. |
3. | The Alerian MLP Index is an unmanaged, capped, floatadjusted, capitalization-weighted index and a leading gauge of energy MLPs. |
4. | The Morningstar Energy Limited Partnership Category Average is representative of funds that invest primarily a significant amount of their portfolio in energy master limited partnerships. These include but are not limited to limited partnerships specializing in midstream operations in the energy industry. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
6 | MainStay Cushing® MLP Premier Fund |
Share Class | Beginning Account Value 12/1/20 | Ending Account Value (Based on Actual Returns and Expenses) 5/31/21 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 5/31/21 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Class A Shares | $1,000.00 | $1,332.40 | $ 9.48 | $1,016.80 | $ 8.20 | 1.63% |
Investor Class Shares | $1,000.00 | $1,331.80 | $ 9.65 | $1,016.65 | $ 8.35 | 1.66% |
Class C Shares | $1,000.00 | $1,324.90 | $14.03 | $1,012.87 | $12.14 | 2.42% |
Class I Shares | $1,000.00 | $1,333.00 | $ 8.08 | $1,018.00 | $ 6.99 | 1.39% |
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 182 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. |
2. | Expenses are equal to the Fund's annualized expense ratio to reflect the six-month period. |
1. | Targa Resources Corp. |
2. | Energy Transfer LP |
3. | Plains GP Holdings LP |
4. | Enbridge, Inc. |
5. | Williams Cos., Inc. (The) |
6. | TC Energy Corp. |
7. | Cheniere Energy, Inc. |
8. | Pembina Pipeline Corp. |
9. | Enterprise Products Partners LP |
10. | ONEOK, Inc. |
8 | MainStay Cushing® MLP Premier Fund |
1. | See page 5 for other share class returns, which may be higher or lower than Class I share returns. See page 6 for more information on benchmark and peer group returns. |
10 | MainStay Cushing® MLP Premier Fund |
Shares | Value | |
Common Stocks 56.1% | ||
Canadian Midstream 3.0% | ||
Canada 3.0% | ||
Keyera Corp. | 778,500 | $ 19,307,032 |
General Partnerships 1.0% | ||
United States 1.0% | ||
EnLink Midstream LLC | 1,250,000 | 6,100,000 |
Large Cap Diversified C Corps 34.6% | ||
Canada 15.5% | ||
Enbridge, Inc. | 960,000 | 36,940,800 |
Pembina Pipeline Corp. | 960,000 | 31,027,200 |
TC Energy Corp. | 617,000 | 31,504,020 |
United States 19.1% | ||
Cheniere Energy, Inc. (a) | 367,000 | 31,158,300 |
Kinder Morgan, Inc. | 1,440,000 | 26,409,600 |
ONEOK, Inc. | 560,000 | 29,534,400 |
Williams Cos., Inc. (The) | 1,340,000 | 35,295,600 |
221,869,920 | ||
Natural Gas Gatherers & Processors 9.0% | ||
United States 9.0% | ||
Antero Midstream Corp. | 490,312 | 4,706,994 |
Targa Resources Corp. | 1,370,000 | 53,238,200 |
57,945,194 | ||
Natural Gas Transportation & Storage 3.0% | ||
United States 3.0% | ||
Equitrans Midstream Corp. | 2,370,000 | 19,528,800 |
Refiners 1.5% | ||
United States 1.5% | ||
Marathon Petroleum Corp. | 150,000 | 9,270,000 |
YieldCo 4.0% | ||
Spain 2.0% | ||
Atlantica Sustainable Infrastructure plc | 344,000 | 12,504,400 |
United States 2.0% | ||
Clearway Energy, Inc. | 489,000 | 13,119,870 |
25,624,270 | ||
Total Common Stocks (Cost $302,196,514) | 359,645,216 | |
MLP Investments and Related Companies 38.7% | ||
Large Cap Diversified C Corps 7.5% | ||
United States 7.5% | ||
Plains GP Holdings LP | 4,400,000 | 48,004,000 |
Shares | Value | ||
Large Cap MLP 19.8% | |||
United States 19.8% | |||
Energy Transfer LP | 4,850,000 | $ 48,015,000 | |
Enterprise Products Partners LP | 1,260,000 | 29,748,600 | |
Magellan Midstream Partners LP | 400,000 | 19,716,000 | |
MPLX LP | 1,030,000 | 29,488,900 | |
126,968,500 | |||
Natural Gas Gatherers & Processors 7.5% | |||
United States 7.5% | |||
DCP Midstream LP | 270,000 | 6,795,900 | |
Hess Midstream LP | 824,841 | 21,008,700 | |
Rattler Midstream LP | 1,292,595 | 13,623,952 | |
Western Midstream Partners LP | 360,000 | 7,192,800 | |
48,621,352 | |||
YieldCo 3.9% | |||
United States 3.9% | |||
NextEra Energy Partners LP | 365,000 | 24,955,050 | |
Total MLP Investments and Related Companies (Cost $185,700,498) | 248,548,902 | ||
Convertible Preferred Stock 1.2% | |||
Natural Gas Gatherers & Processors 1.2% | |||
United States 1.2% | |||
Crestwood Equity Partners LP 8.72% | 260,000 | 7,451,600 | |
Total Convertible Preferred Stock (Cost $5,720,000) | 7,451,600 | ||
Short-Term Investment 4.4% | |||
Affiliated Investment Company 4.4% | |||
United States 4.4% | |||
MainStay U.S. Government Liquidity Fund 0.01% (b) | 28,315,882 | 28,315,882 | |
Total Short-Term Investment (Cost $28,315,882) | 28,315,882 | ||
Total Investments (Cost $521,932,894) | 100.4% | 643,961,600 | |
Other Assets, Less Liabilities | (0.4) | (2,741,999) | |
Net Assets | 100.0% | $ 641,219,601 |
† | Percentages indicated are based on Fund net assets. |
(a) | Non-income producing security. |
(b) | Current yield as of May 31, 2021. |
Abbreviation(s): |
MLP—Master limited partnership |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Common Stocks | $ 359,645,216 | $ — | $ — | $ 359,645,216 | |||
MLP Investments and Related Companies | 248,548,902 | — | — | 248,548,902 | |||
Convertible Preferred Stock | 7,451,600 | — | — | 7,451,600 | |||
Short-Term Investment | |||||||
Affiliated Investment Company | 28,315,882 | — | — | 28,315,882 | |||
Total Investments in Securities | $ 643,961,600 | $ — | $ — | $ 643,961,600 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
12 | MainStay Cushing® MLP Premier Fund |
Assets | |
Investment in unaffiliated securities, at value (identified cost $493,617,012) | $ 615,645,718 |
Investment in affiliated investment companies, at value (identified cost $28,315,882) | 28,315,882 |
Cash denominated in foreign currencies (identified cost $240,136) | 242,304 |
Receivables: | |
Dividends and interest | 1,667,989 |
Fund shares sold | 628,477 |
Other assets | 236,010 |
Total assets | 646,736,380 |
Liabilities | |
Payables: | |
Fund shares redeemed | 3,398,777 |
Manager fees (See Note 3) | 591,243 |
Transfer agent (See Note 3) | 450,338 |
Investments purchased | 293,210 |
NYLIFE Distributors (See Note 3) | 173,379 |
Shareholder communication | 108,554 |
Professional fees | 67,556 |
Trustees | 12,529 |
Custodian | 3,299 |
Franchise taxes | 265,833 |
Accrued expenses | 16,578 |
Distributions payable | 135,483 |
Total liabilities | 5,516,779 |
Net assets | $ 641,219,601 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 88,579 |
Additional paid-in-capital | 2,090,982,803 |
2,091,071,382 | |
Total distributable earnings (loss) | (1,449,851,781) |
Net assets | $ 641,219,601 |
Class A | |
Net assets applicable to outstanding shares | $227,488,576 |
Shares of beneficial interest outstanding | 30,827,397 |
Net asset value per share outstanding | $ 7.38 |
Maximum sales charge (5.50% of offering price) | 0.43 |
Maximum offering price per share outstanding | $ 7.81 |
Investor Class | |
Net assets applicable to outstanding shares | $ 2,150,027 |
Shares of beneficial interest outstanding | 290,783 |
Net asset value per share outstanding | $ 7.39 |
Maximum sales charge (5.00% of offering price) | 0.39 |
Maximum offering price per share outstanding | $ 7.78 |
Class C | |
Net assets applicable to outstanding shares | $148,531,628 |
Shares of beneficial interest outstanding | 23,448,289 |
Net asset value and offering price per share outstanding | $ 6.33 |
Class I | |
Net assets applicable to outstanding shares | $263,049,370 |
Shares of beneficial interest outstanding | 34,012,153 |
Net asset value and offering price per share outstanding | $ 7.73 |
Investment Income (Loss) | |
Income | |
Dividends and distributions (Net of return of capital of $36,974,526) (a) | $ 11,047,634 |
Interest | 576 |
Dividends-affiliated | 158 |
Total income | 11,048,368 |
Expenses | |
Manager (See Note 3) | 3,159,951 |
Distribution/Service—Class A (See Note 3) | 243,954 |
Distribution/Service—Investor Class (See Note 3) | 2,411 |
Distribution/Service—Class C (See Note 3) | 706,984 |
Transfer agent (See Note 3) | 473,684 |
Professional fees | 114,684 |
Shareholder communication | 109,699 |
Registration | 64,659 |
Franchise tax | 49,863 |
Trustees | 12,465 |
Custodian | 6,483 |
Insurance | 3,305 |
Miscellaneous | 15,956 |
Total expenses | 4,964,098 |
Net investment income (loss) | 6,084,270 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions, before income taxes | 28,370,046 |
Foreign currency transactions | 35,290 |
Net realized gain (loss) | 28,405,336 |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments, before income taxes | 129,878,234 |
Translation of other assets and liabilities in foreign currencies | 20,059 |
Net change in unrealized appreciation (depreciation) | 129,898,293 |
Net realized and unrealized gain (loss) | 158,303,629 |
Net increase (decrease) in net assets resulting from operations | $164,387,899 |
(a) | Dividends and distributions recorded net of foreign withholding taxes in the amount of $600,880. |
14 | MainStay Cushing® MLP Premier Fund |
for the six months ended May 31, 2021 (Unaudited) and the year ended November 30, 2020
2021 | 2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 6,084,270 | $ (1,197,031) |
Net realized gain (loss) | 28,405,336 | (140,409,298) |
Net change in unrealized appreciation (depreciation) | 129,898,293 | (117,991,143) |
Net increase (decrease) in net assets resulting from operations | 164,387,899 | (259,597,472) |
Distributions to shareholders: | ||
Class A | (680,745) | — |
Investor Class | (4,691) | — |
Class C | (1,736,857) | — |
Class I | 62,219 | — |
(2,360,074) | — | |
Distributions to shareholders from return of capital: | ||
Class A | (12,559,748) | (24,903,370) |
Investor Class | (124,138) | (259,009) |
Class C | (9,099,580) | (26,398,607) |
Class I | (15,191,060) | (38,015,735) |
(36,974,526) | — | |
Total distributions to shareholders | (39,334,600) | (89,576,721) |
Capital share transactions: | ||
Net proceeds from sales of shares | 74,665,766 | 314,160,378 |
Net asset value of shares issued to shareholder in reinvestment of distributions | 38,533,616 | 88,011,831 |
Cost of shares redeemed | (125,026,663) | (510,449,466) |
Increase (decrease) in net assets derived from capital share transactions | (11,827,281) | (108,277,257) |
Net increase (decrease) in net assets | 113,226,018 | (457,451,450) |
Net Assets | ||
Beginning of period | 527,993,583 | 985,445,033 |
End of period | $ 641,219,601 | $ 527,993,583 |
Six months ended May 31, 2021* | Year Ended November 30, | ||||||||||
Class A | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||
Net asset value at beginning of period | $ 5.93 | $ 9.09 | $ 10.64 | $ 11.71 | $ 14.09 | $ 14.47 | |||||
Net investment income (loss) (a) | 0.08 | (0.01) | (0.09) | (0.08) | (0.17) | (0.16) | |||||
Net realized and unrealized gain (loss) on investments | 1.82 | (2.25) | (0.52) | 0.35 | (0.87) | 1.23 | |||||
Net realized and unrealized gain (loss) on foreign currency transactions | 0.00‡ | — | — | — | — | — | |||||
Total from investment operations | 1.90 | (2.26) | (0.61) | 0.27 | (1.04) | 1.07 | |||||
Less distributions: | |||||||||||
From net investment income | (0.02) | — | — | — | — | — | |||||
Return of capital | (0.43) | (0.90) | (0.94) | (1.34) | (1.34) | (1.45) | |||||
Total distributions | (0.45) | (0.90) | (0.94) | (1.34) | (1.34) | (1.45) | |||||
Net asset value at end of period | $ 7.38 | $ 5.93 | $ 9.09 | $ 10.64 | $ 11.71 | $ 14.09 | |||||
Total investment return (b) | 33.24% | (24.48)% | (6.40)% | 1.90% | (8.19)% | 8.75% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) (including net deferred income tax benefit (expense)) (c) | 2.31%†† | (0.13)% | (0.92)% | (0.67)% | (1.21)% | (1.21)% | |||||
Net investment income (loss) (excluding net deferred income tax benefit (expense)) (c) | 2.31%†† | (0.11)% | (0.90)% | (0.66)% | (1.20)% | (1.22)% | |||||
Net expenses (including net deferred income tax benefit (expense)) (c)(d)(e) | 1.63%†† | 1.60% | 1.54% | 1.51% | 1.51% | 1.52% | |||||
Portfolio turnover rate | 17% | 33% | 50% | 50% | 29% | 52% | |||||
Net assets at end of period (in 000’s) | $ 227,489 | $ 168,532 | $ 249,399 | $ 278,507 | $ 264,449 | $ 360,473 |
* | Unaudited. |
‡ | Less than one cent per share. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | Ratios including/excluding tax benefit (expense) includes applicable franchise tax expense for the period. For the period from December 1, 2020 to May 31, 2021, the Fund accrued $(49,863) in franchise tax expense, of which $(16,868) is attributable to Class A. For the year ended November 30, 2020, the Fund accrued $(111,509) in franchise tax expense, of which $(30,329) is attributable to Class A. For the year ended November 30, 2019, the Fund accrued $(209,064) in franchise tax expense, of which $(48,618) is attributable to Class A. For the year ended November 30, 2018, the Fund accrued $(107,814) in franchise tax expense, of which $(22,756) is attributable to Class A. For the year ended November 30, 2017, the Fund accrued $(131,121) in franchise tax expense, of which $(29,083) is attributable to Class A. For the year ended November 30, 2016, the Fund accrued $43,881 in franchise tax benefit, of which $14,819 is attributable to Class A. |
(d) | The ratio of expenses excluding tax expense to average net assets before waiver and recoupment was 1.61%, 1.59%, 1.53%, 1.50%, 1.50% and 1.53% for the period from December 1, 2020 to May 31, 2021 and fiscal years ended November 30, 2020, 2019, 2018, 2017 and 2016, respectively. The ratio of expenses excluding tax expense to average net assets after waiver and recoupment was 1.61%, 1.59%, 1.53%, 1.50%, 1.50% and 1.53% for the period from December 1, 2020 to May 31, 2021 and fiscal years ended November 30, 2020, 2019, 2018, 2017 and 2016, respectively. |
(e) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
16 | MainStay Cushing® MLP Premier Fund |
Six months ended May 31, 2021* | Year Ended November 30, | ||||||||||
Investor Class | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||
Net asset value at beginning of period | $ 5.94 | $ 9.10 | $ 10.65 | $ 11.71 | $ 14.09 | $ 14.47 | |||||
Net investment income (loss) (a) | 0.07 | (0.01) | (0.09) | (0.08) | (0.17) | (0.15) | |||||
Net realized and unrealized gain (loss) on investments | 1.83 | (2.25) | (0.52) | 0.36 | (0.87) | 1.22 | |||||
Net realized and unrealized gain (loss) on foreign currency transactions | 0.00‡ | — | — | — | — | — | |||||
Total from investment operations | 1.90 | (2.26) | (0.61) | 0.28 | (1.04) | 1.07 | |||||
Less distributions: | |||||||||||
From net investment income | (0.02) | — | — | — | — | — | |||||
Return of capital | (0.43) | (0.90) | (0.94) | (1.34) | (1.34) | (1.45) | |||||
Total distributions | (0.45) | (0.90) | (0.94) | (1.34) | (1.34) | (1.45) | |||||
Net asset value at end of period | $ 7.39 | $ 5.94 | $ 9.10 | $ 10.65 | $ 11.71 | $ 14.09 | |||||
Total investment return (b) | 33.18% | (24.45)% | (6.04)% | 1.99% | (8.19)% | 8.75% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) (including net deferred income tax benefit (expense)) (c) | 2.16%†† | (0.18)% | (0.92)% | (0.71)% | (1.22)% | (1.16)% | |||||
Net investment income (loss) (excluding net deferred income tax benefit (expense)) (c) | 2.16%†† | (0.17)% | (0.91)% | (0.70)% | (1.21)% | (1.16)% | |||||
Net expenses (including net deferred income tax benefit (expense)) (c)(d)(e) | 1.66%†† | 1.64% | 1.54% | 1.53% | 1.53% | 1.55% | |||||
Portfolio turnover rate | 17% | 33% | 50% | 50% | 29% | 52% | |||||
Net assets at end of period (in 000’s) | $ 2,150 | $ 1,783 | $ 2,446 | $ 2,575 | $ 2,616 | $ 3,157 |
* | Unaudited. |
‡ | Less than one cent per share. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | Ratios including/excluding tax benefit (expense) includes applicable franchise tax expense for the period. For the period from December 1, 2020 to May 31, 2021, the Fund accrued $(49,863) in franchise tax expense, of which $(168) is attributable to Investor Class. For the year ended November 30, 2020, The Fund accrued $(111,509) in franchise tax expense, of which $(313) is attributable to Investor Class. For the year ended November 30, 2019, the Fund accrued $(209,064) in franchise tax expense, of which $(466) is attributable to Investor Class. For the year ended November 30, 2018, the Fund accrued $(107,814) in franchise tax expense, of which $(218) is attributable to Investor Class. For the year ended November 30, 2017, the Fund accrued $(131,121) in franchise tax expense, of which $(333) is attributable to Investor Class. For the year ended November 30, 2016, the Fund accrued $43,881 in franchise tax benefit, of which $50 is attributable to Investor Class. |
(d) | The ratio of expenses excluding tax expense to average net assets before waiver was 1.64%, 1.63%, 1.53%, 1.52%, 1.52%, 1.55% and 1.50% for the period from December 1, 2020 to May 31, 2021 and fiscal years ended November 30, 2020, 2019, 2018, 2017 and 2016, respectively. The ratio of expenses excluding tax expense to average net assets after waiver was 1.64% 1.63%, 1.53%, 1.52%, 1.52% and 1.55% for the period from December 1, 2020 to May 31, 2021 and fiscal years ended November 30, 2020, 2019, 2018, 2017 and 2016, respectively. |
(e) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Six months ended May 31, 2021* | Year Ended November 30, | ||||||||||
Class C | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||
Net asset value at beginning of period | $ 5.17 | $ 8.14 | $ 9.69 | $ 10.86 | $ 13.26 | $ 13.81 | |||||
Net investment income (loss) (a) | 0.04 | (0.05) | (0.15) | (0.16) | (0.25) | (0.24) | |||||
Net realized and unrealized gain (loss) on investments | 1.57 | (2.02) | (0.46) | 0.33 | (0.81) | 1.14 | |||||
Net realized and unrealized gain (loss) on foreign currency transactions | 0.00‡ | — | — | — | — | — | |||||
Total from investment operations | 1.61 | (2.07) | (0.61) | 0.17 | (1.06) | 0.90 | |||||
Less distributions: | |||||||||||
From net investment income | (0.08) | — | — | — | — | — | |||||
Return of capital | (0.37) | (0.90) | (0.94) | (1.34) | (1.34) | (1.45) | |||||
Total distributions | (0.45) | (0.90) | (0.94) | (1.34) | (1.34) | (1.45) | |||||
Net asset value at end of period | $ 6.33 | $ 5.17 | $ 8.14 | $ 9.69 | $ 10.86 | $ 13.26 | |||||
Total investment return (b) | 32.49% | (25.03)% | (7.06)% | 1.09% | (8.88)% | 7.89% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) (including net deferred income tax benefit (expense)) (c) | 1.31%†† | (0.87)% | (1.65)% | (1.45)% | (1.99)% | (1.95)% | |||||
Net investment income (loss) (excluding net deferred income tax benefit (expense)) (c) | 1.31%†† | (0.85)% | (1.64)% | (1.44)% | (1.98)% | (1.95)% | |||||
Net expenses (including net deferred income tax benefit (expense)) (c)(d)(e) | 2.42%†† | 2.39% | 2.29% | 2.28% | 2.28% | 2.30% | |||||
Portfolio turnover rate | 17% | 33% | 50% | 50% | 29% | 52% | |||||
Net assets at end of period (in 000’s) | $ 148,532 | $ 138,776 | $ 272,423 | $ 397,557 | $ 445,524 | $ 538,336 |
* | Unaudited. |
‡ | Less than one cent per share. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | Ratios including/excluding tax benefit (expense) includes applicable franchise tax expense for the period. For the period from December 1, 2020 to May 31, 2021, the Fund accrued $(49,863) in franchise tax expense, of which $(12,318) is attributable to Class C. For the year ended November 30, 2020, the Fund accrued $(111,509) in franchise tax expense, of which $(29,666) is attributable to Class C. For the year ended November 30, 2019, the Fund accrued $(209,064) in franchise tax expense, of which $(60,864) is attributable to Class C. For the year ended November 30, 2018, the Fund accrued $(107,814) in franchise tax expense, of which $(34,832) is attributable to Class C. For the year ended November 30, 2017, the Fund accrued $(131,121) in franchise tax expense, of which $(50,302) is attributable to Class C. For the year ended November 30, 2016, the Fund accrued $43,881 in franchise tax benefit, of which $14,231 is attributable to Class C. |
(d) | The ratio of expenses excluding tax expense to average net assets before waiver and recoupment was 2.40%, 2.38%, 2.28%, 2.27%, 2.27% and 2.30% for the period from December 1, 2020 to May 31, 2021 and fiscal years ended November 30, 2020, 2019, 2018, 2017 and 2016, respectively. The ratio of expenses excluding tax expense to average net assets after waiver and recoupment was 2.40%, 2.38%, 2.28%, 2.27%, 2.27% and 2.30% for the period from December 1, 2020 to May 31, 2021 and fiscal years ended November 30, 2020, 2019, 2018, 2017 and 2016, respectively. |
(e) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
18 | MainStay Cushing® MLP Premier Fund |
Six months ended May 31, 2021* | Year Ended November 30, | ||||||||||
Class I | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||
Net asset value at beginning of period | $ 6.19 | $ 9.41 | $ 10.95 | $ 11.99 | $ 14.36 | $ 14.69 | |||||
Net investment income (loss) (a) | 0.09 | 0.01 | (0.07) | (0.05) | (0.14) | (0.12) | |||||
Net realized and unrealized gain (loss) on investments | 1.90 | (2.33) | (0.53) | 0.35 | (0.89) | 1.24 | |||||
Net realized and unrealized gain (loss) on foreign currency transactions | 0.00‡ | — | — | — | — | — | |||||
Total from investment operations | 1.99 | (2.32) | (0.60) | 0.30 | (1.03) | 1.12 | |||||
Less distributions: | |||||||||||
From net investment income | (0.00) | — | — | — | — | — | |||||
Return of capital | (0.45) | (0.90) | (0.94) | (1.34) | (1.34) | (1.45) | |||||
Net asset value at end of period | $ 7.73 | $ 6.19 | $ 9.41 | $ 10.95 | $ 11.99 | $ 14.36 | |||||
Total investment return (b) | 33.30% | (24.27)% | (6.12)% | 2.12% | (7.95)% | 8.97% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) (including net deferred income tax benefit (expense)) (c) | 2.44%†† | 0.19% | (0.65)% | (0.41)% | (1.01)% | (0.93)% | |||||
Net investment income (loss) (excluding net deferred income tax benefit (expense)) (c) | 2.44%†† | 0.21% | (0.63)% | (0.40)% | (1.00)% | (0.93)% | |||||
Net expenses (including net deferred income tax benefit (expense)) (c)(d)(e) | 1.39%†† | 1.35% | 1.29% | 1.26% | 1.26% | 1.28% | |||||
Portfolio turnover rate | 17% | 33% | 50% | 50% | 29% | 52% | |||||
Net assets at end of period (in 000’s) | $ 263,049 | $ 218,903 | $ 461,177 | $ 663,220 | $ 536,749 | $ 481,819 |
* | Unaudited. |
‡ | Less than one cent per share. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | Ratios including/excluding tax benefit (expense) includes applicable franchise tax expense for the period. For the period from December 1, 2020 to May 31, 2021, the Fund accrued $(49,863) in franchise tax expense, of which $(20,509) is attributable to Class I. For the year ended November 30, 2020, the Fund accrued $(111,509) in franchise tax expense, of which $(51,201) is attributable to Class I. For the year ended November 30, 2019, the Fund accrued $(209,064) in franchise tax expense, of which $(99,116) is attributable to Class I. For the year ended November 30, 2018, the Fund accrued $(107,814) in franchise tax expense, of which $(50,008) is attributable to Class I. For the year ended November 30, 2017, the Fund accrued $(131,121) in franchise tax expense, of which $(51,403) is attributable to Class I. For the year ended November 30, 2016, the Fund accrued $43,881 in franchise tax benefit, of which $14,781 is attributable to Class I. |
(d) | The ratio of expenses excluding tax expense to average net assets before waiver and recoupment was 1.37%, 1.34%, 1.27%, 1.25%, 1.25% and 1.28% for the period from December 1, 2020 to May 31, 2021 and fiscal years ended November 30, 2020, 2019, 2018, 2017 and 2016, respectively. The ratio of expenses excluding tax expense to average net assets after waiver and recoupment was 1.37%, 1.34%, 1.27%, 1.25%, 1.25% and 1.28% for the period from December 1, 2020 to May 31, 2021 and fiscal years ended November 30, 2020, 2019, 2018, 2017 and 2016, respectively. |
(e) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Class | Commenced Operations |
Class A | October 20, 2010 |
Investor Class | July 11, 2014 |
Class C | October 20, 2010 |
Class I | October 20, 2010 |
Class R6 | N/A* |
SIMPLE Class | N/A* |
* | Class R6 shares were registered for sale effective as of February 28, 2017 and SIMPLE Class shares were registered for sale effective as of August 31, 2020 but have not yet commenced operations. |
20 | MainStay Cushing® MLP Premier Fund |
• | Level 1—quoted prices in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Fund's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• Benchmark yields | • Reported trades |
• Broker/dealer quotes | • Issuer spreads |
• Two-sided markets | • Benchmark securities |
• Bids/offers | • Reference data (corporate actions or material event notices) |
• Industry and economic events | • Comparable bonds |
• Monthly payment information |
22 | MainStay Cushing® MLP Premier Fund |
Class | Expense | Waived |
Class A | $143,956 | $— |
Investor Class | 1,738 | — |
Class C | 134,745 | — |
Class I | 193,245 | — |
24 | MainStay Cushing® MLP Premier Fund |
Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
MainStay U.S. Government Liquidity Fund | $ — | $ 44,942 | $ (16,626) | $ — | $ — | $ 28,316 | $ —(a) | $ — | 28,316 |
(a) | Less than $500. |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $492,523,911 | $157,324,239 | $(5,886,550) | $151,437,689 |
Fiscal Year Ended Capital Loss | Amount | Expiration |
November 30, 2016 | $308,877,920 | November 30, 2021 |
November 30, 2019 | 42,091,646 | November 30, 2024 |
November 30, 2020 | 236,963,055 | November 30, 2025 |
Total | $587,932,621 |
2020 | |
Distributions paid from: | |
Return of Capital | $89,576,721 |
Class A | Shares | Amount |
Period ended May 31, 2021: | ||
Shares sold | 4,482,884 | $ 30,026,964 |
Shares issued to shareholders in reinvestment of distributions | 1,943,249 | 12,774,051 |
Shares redeemed | (4,130,982) | (27,160,882) |
Net increase (decrease) in shares outstanding before conversion | 2,295,151 | 15,640,133 |
Shares converted into Class A (See Note 1) | 111,307 | 736,407 |
Net increase (decrease) | 2,406,458 | $ 16,376,540 |
Year ended November 30, 2020: | ||
Shares sold | 10,534,350 | $ 66,605,135 |
Shares issued to shareholders in reinvestment of distributions | 3,956,505 | 24,098,042 |
Shares redeemed | (13,511,714) | (85,800,906) |
Net increase (decrease) in shares outstanding before conversion | 979,141 | 4,902,271 |
Shares converted into Class A (See Note 1) | 22,677 | 139,851 |
Shares converted from Class A (See Note 1) | (10,281) | (56,392) |
Net increase (decrease) | 991,537 | $ 4,985,730 |
Investor Class | Shares | Amount |
Period ended May 31, 2021: | ||
Shares sold | 14,919 | $ 101,915 |
Shares issued to shareholders in reinvestment of distributions | 18,205 | 119,594 |
Shares redeemed | (25,152) | (165,522) |
Net increase (decrease) in shares outstanding before conversion | 7,972 | 55,987 |
Shares converted into Investor Class (See Note 1) | 2,533 | 17,670 |
Shares converted from Investor Class (See Note 1) | (19,826) | (129,014) |
Net increase (decrease) | (9,321) | $ (55,357) |
Year ended November 30, 2020: | ||
Shares sold | 64,698 | $ 427,870 |
Shares issued to shareholders in reinvestment of distributions | 38,954 | 237,373 |
Shares redeemed | (58,047) | (397,439) |
Net increase (decrease) in shares outstanding before conversion | 45,605 | 267,804 |
Shares converted into Investor Class (See Note 1) | 6,998 | 37,557 |
Shares converted from Investor Class (See Note 1) | (21,260) | (130,642) |
Net increase (decrease) | 31,343 | $ 174,719 |
Class C | Shares | Amount |
Period ended May 31, 2021: | ||
Shares sold | 1,670,605 | $ 9,730,100 |
Shares issued to shareholders in reinvestment of distributions | 1,867,995 | 10,553,307 |
Shares redeemed | (6,861,773) | (39,136,622) |
Net increase (decrease) in shares outstanding before conversion | (3,323,173) | (18,853,215) |
Shares converted from Class C (See Note 1) | (95,412) | (549,469) |
Net increase (decrease) | (3,418,585) | $ (19,402,684) |
Year ended November 30, 2020: | ||
Shares sold | 3,360,709 | $ 22,836,675 |
Shares issued to shareholders in reinvestment of distributions | 4,737,869 | 25,759,285 |
Shares redeemed | (14,667,180) | (87,750,462) |
Net increase (decrease) in shares outstanding before conversion | (6,568,602) | (39,154,502) |
Shares converted from Class C (See Note 1) | (35,232) | (233,492) |
Net increase (decrease) | (6,603,834) | $ (39,387,994) |
26 | MainStay Cushing® MLP Premier Fund |
Class I | Shares | Amount |
Period ended May 31, 2021: | ||
Shares sold | 5,044,421 | $ 34,806,787 |
Shares issued to shareholders in reinvestment of distributions | 2,198,833 | 15,086,664 |
Shares redeemed | (8,588,012) | (58,563,637) |
Net increase (decrease) in shares outstanding before conversion | (1,344,758) | (8,670,186) |
Shares converted into Class I (See Note 1) | 5,831 | 41,516 |
Shares converted from Class I (See Note 1) | (16,948) | (117,110) |
Net increase (decrease) | (1,355,875) | $ (8,745,780) |
Year ended November 30, 2020: | ||
Shares sold | 30,089,959 | $ 224,290,698 |
Shares issued to shareholders in reinvestment of distributions | 5,857,068 | 37,917,131 |
Shares redeemed | (49,611,395) | (336,500,659) |
Net increase (decrease) in shares outstanding before conversion | (13,664,368) | (74,292,830) |
Shares converted into Class I (See Note 1) | 31,947 | 243,118 |
Net increase (decrease) | (13,632,421) | $ (74,049,712) |
28 | MainStay Cushing® MLP Premier Fund |
30 | MainStay Cushing® MLP Premier Fund |
32 | MainStay Cushing® MLP Premier Fund |
34 | MainStay Cushing® MLP Premier Fund |
1. | This Fund is registered for sale in AZ, CA, NV, OR, TX, UT,WA and MI (Class A and Class I shares only), and CO, FL, GA, HI, ID, MA, MD, NH, NJ and NY (Class I shares only). |
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. |
1740752MS125-21 | MSCU10-07/21 |
Item 2. Code of Ethics.
Not applicable.
Item 3. | Audit Committee Financial Expert. |
Not applicable.
Item 4. | Principal Accountant Fees and Services. |
Not applicable.
Item 5. | Audit Committee of Listed Registrants. |
Not applicable.
Item 6. | Investments. |
The Schedule of Investments is included as part of Item 1 of this report.
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable.
Item 8. | Portfolio Managers of Closed-End Management Investment Companies. |
Not applicable.
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Not applicable.
Item 10. | Submission of Matters to a Vote of Security Holders. |
Since the Registrant’s last response to this Item, there have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.
Item 11. Controls and Procedures.
(a) | Based on an evaluation of the Registrant’s Disclosure Controls and Procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) (the “Disclosure Controls”), as of a |
date within 90 days prior to the filing date (the “Filing Date”) of this Form N-CSR (the “Report”), the Registrant’s principal executive officer and principal financial officer have concluded that the Disclosure Controls are reasonably designed to ensure that information required to be disclosed by the Registrant in the Report is recorded, processed, summarized and reported by the Filing Date, including ensuring that information required to be disclosed in the Report is accumulated and communicated to the Registrant’s management, including the Registrant’s principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure. |
(b) | There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d)) under the Investment Company Act of 1940 that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
Item 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. |
Not applicable.
Item 13. Exhibits.
(a) |
(b) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
MAINSTAY FUNDS TRUST | ||
By: | /s/ Kirk C. Lehneis | |
Kirk C. Lehneis | ||
President and Principal Executive Officer | ||
Date: | August 6, 2021 | |
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: | August 6, 2021 | |
By: | /s/ Jack R. Benintende | |
Jack R. Benintende | ||
Treasurer and Principal Financial and Accounting Officer | ||
Date: | August 6, 2021 |
EXHIBIT INDEX
(a) |
(b) |