UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act File Number 811-22321
MAINSTAY FUNDS TRUST
(Exact name of Registrant as specified in charter)
51 Madison Avenue, New York, NY 10010
(Address of principal executive offices) (Zip code)
J. Kevin Gao, Esq.
30 Hudson Street
Jersey City, New Jersey 07302
(Name and address of agent for service)
Registrant’s telephone number, including area code: (212) 576-7000
Date of fiscal year end: October 31
(MainStay Fiera SMID Growth, MainStay PineStone U.S. Equity Fund, MainStay PineStone International Equity Fund and MainStay PineStone Global Equity Fund only)
Date of reporting period: October 31, 2023
FORM N-CSR
The information presented in this Form N-CSR relates solely to the MainStay Fiera SMID Growth, MainStay PineStone U.S. Equity Fund, MainStay PineStone International Equity Fund and MainStay PineStone Global Equity Fund, each a series of the Registrant.
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 Period-Ended October 31, 2023 | |||||||
Class | Sales Charge | Inception Date1 | Seven Months2 | One Year | Since Inception | Gross Expense Ratio3 | |
Class A Shares4 | Maximum 5.50% Initial Sales Charge | With sales charges | 9/30/2019 | 2.51% | 12.15% | 12.97% | 1.12% |
Excluding sales charges | 2.51 | 12.15 | 12.97 | 1.12 | |||
Class C Shares | Maximum 1.00% CDSC | With sales charges | 8/28/2023 | N/A | N/A | -5.45 | 2.03 |
if Redeemed Within One Year of Purchase | Excluding sales charges | N/A | N/A | -4.50 | 2.03 | ||
Class I Shares4 | 9/30/2019 | 2.64 | 12.34 | 13.22 | 0.87 | ||
Class P Shares | 8/28/2023 | N/A | N/A | -4.30 | 0.78 | ||
Class R6 Shares | 8/28/2023 | N/A | N/A | -4.36 | 0.78 |
1. | Effective at the close of business on August 25, 2023, the Fund changed its fiscal and tax year end from March 31 to October 31. |
2. | Not annualized. |
3. | The gross expense ratios presented reflect the Fund’s “Total Annual Fund Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report. |
4. | Effective August 25, 2023, the Fiera Capital U.S. Equity Fund (the "Predecessor Fund") was reorganized into the Fund. As accounting successor to the Predecessor Fund, the Fund has assumed the Predecessor Fund's historical performance. Performance figures for Class A shares and Class I shares reflect the historical performance of the then-existing Investor Class shares and Institutional Class shares, respectively, of the Predecessor Fund, which was subject to a different fee structure for periods prior to August 28, 2023. The Fund commenced operations on August 28, 2023. |
Benchmark Performance* | Seven Months1 | One Year | Since Inception |
S&P 500® Index2 | 2.97% | 10.14% | 10.56% |
Morningstar Large Blend Category Average3 | 1.35 | 7.62 | 8.41 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | Not annualized. |
2. | The 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. |
3. | The Morningstar Large Blend Category Average is representative of funds that represent the overall U.S. stock market in size, growth rates and price. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. The blend style is assigned to portfolios where neither growth nor value characteristics predominate. These portfolios tend to invest across the spectrum of U.S. industries, and owing to their broad exposure, the portfolios' returns are often similar to those of the S&P 500® Index. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
6 | MainStay PineStone U.S. Equity Fund |
Share Class | Beginning Account Value 5/1/23 | Ending Account Value (Based on Actual Returns and Expenses) 10/31/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 10/31/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Class A Shares | $1,000.00 | $1,003.20 | $4.95 | $1,020.26 | $4.99 | 0.98% |
Class C Shares 3, 4 | $1,000.00 | $ 955.00 | $3.29 | $1,005.54 | $3.38 | 1.89% |
Class I Shares | $1,000.00 | $1,003.90 | $3.74 | $1,021.47 | $3.77 | 0.74% |
Class P Shares 4, 5 | $1,000.00 | $ 957.00 | $1.15 | $1,007.73 | $1.18 | 0.66% |
Class R6 Shares 4, 6 | $1,000.00 | $ 956.40 | $1.10 | $1,007.78 | $1.13 | 0.63% |
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) and 65 days for Class C, Class P, Class R6 (to reflect the since-inception 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. |
3. | Expenses paid during the period reflect ongoing costs for the period from inception through October 31, 2023. Had these shares been offered for the full six-month period ended October 31, 2023, and had the Fund provided a hypothetical 5% annualized return, expenses paid during the period would have been $9.60 for Class C shares and the ending account value would have been $1,015.68 for Class C shares. |
4. | The inception date of the class was August 28, 2023. |
5. | Expenses paid during the period reflect ongoing costs for the period from inception through October 31, 2023. Had these shares been offered for the full six-month period ended October 31, 2023, and had the Fund provided a hypothetical 5% annualized return, expenses paid during the period would have been $3.36 for Class P shares and the ending account value would have been $1,021.88 for Class P shares. |
6. | Expenses paid during the period reflect ongoing costs for the period from inception through October 31, 2023. Had these shares been offered for the full six-month period ended October 31, 2023, and had the Fund provided a hypothetical 5% annualized return, expenses paid during the period would have been $3.21 for Class R6 shares and the ending account value would have been $1,022.03 for Class R6 shares. |
Software | 16.0% |
Capital Markets | 14.6 |
Specialty Retail | 13.9 |
Machinery | 7.3 |
Chemicals | 7.3 |
Interactive Media & Services | 6.7 |
Health Care Providers & Services | 6.5 |
Financial Services | 5.1 |
Beverages | 3.9 |
Pharmaceuticals | 3.3 |
Semiconductors & Semiconductor Equipment | 2.8 |
Health Care Equipment & Supplies | 2.7% |
Building Products | 2.7 |
Life Sciences Tools & Services | 2.3 |
Textiles, Apparel & Luxury Goods | 2.3 |
Household Products | 1.5 |
Personal Care Products | 0.8 |
Short–Term Investment | 0.4 |
Other Assets, Less Liabilities | –0.1 |
100.0% |
1. | Microsoft Corp. |
2. | Alphabet, Inc., Class A |
3. | UnitedHealth Group, Inc. |
4. | AutoZone, Inc. |
5. | Moody's Corp. |
6. | Mastercard, Inc., Class A |
7. | Lowe's Cos., Inc. |
8. | Linde plc |
9. | PepsiCo, Inc. |
10. | TJX Cos., Inc. (The) |
8 | MainStay PineStone U.S. Equity Fund |
1. | See "Investment and Performance Comparison" for other share class returns, which may be higher or lower than Class I share returns, and for more information on benchmark and peer group returns. |
10 | MainStay PineStone U.S. Equity Fund |
Shares | Value | |
Common Stocks 99.7% | ||
Beverages 3.9% | ||
PepsiCo, Inc. | 48,109 | $ 7,855,238 |
Building Products 2.7% | ||
Carrier Global Corp. | 113,534 | 5,411,030 |
Capital Markets 14.6% | ||
CME Group, Inc. | 31,470 | 6,717,586 |
FactSet Research Systems, Inc. | 12,597 | 5,440,518 |
Moody's Corp. | 37,767 | 11,632,236 |
MSCI, Inc. | 12,434 | 5,863,253 |
29,653,593 | ||
Chemicals 7.3% | ||
Linde plc | 21,288 | 8,135,422 |
Sherwin-Williams Co. (The) | 27,842 | 6,632,243 |
14,767,665 | ||
Financial Services 5.1% | ||
Mastercard, Inc., Class A | 27,406 | 10,314,248 |
Health Care Equipment & Supplies 2.7% | ||
Becton Dickinson & Co. | 22,096 | 5,585,427 |
Health Care Providers & Services 6.5% | ||
UnitedHealth Group, Inc. | 24,633 | 13,192,449 |
Household Products 1.5% | ||
Colgate-Palmolive Co. | 41,153 | 3,091,413 |
Interactive Media & Services 6.7% | ||
Alphabet, Inc., Class A (a) | 109,819 | 13,626,342 |
Life Sciences Tools & Services 2.3% | ||
Mettler-Toledo International, Inc. (a) | 4,830 | 4,758,516 |
Machinery 7.3% | ||
Graco, Inc. | 73,802 | 5,487,179 |
Middleby Corp. (The) (a) | 36,023 | 4,065,916 |
Otis Worldwide Corp. | 68,858 | 5,316,526 |
14,869,621 | ||
Personal Care Products 0.8% | ||
Kenvue, Inc. | 91,814 | 1,707,740 |
Shares | Value | ||
Pharmaceuticals 3.3% | |||
Johnson & Johnson | 44,677 | $ 6,627,386 | |
Semiconductors & Semiconductor Equipment 2.8% | |||
Analog Devices, Inc. | 35,828 | 5,636,819 | |
Software 15.9% | |||
Adobe, Inc. (a) | 10,514 | 5,594,079 | |
Microsoft Corp. | 60,077 | 20,312,635 | |
Oracle Corp. | 62,343 | 6,446,266 | |
32,352,980 | |||
Specialty Retail 14.0% | |||
AutoZone, Inc. (a) | 5,001 | 12,388,127 | |
Lowe's Cos., Inc. | 42,967 | 8,188,221 | |
TJX Cos., Inc. (The) | 88,211 | 7,768,743 | |
28,345,091 | |||
Textiles, Apparel & Luxury Goods 2.3% | |||
NIKE, Inc., Class B | 45,836 | 4,710,566 | |
Total Common Stocks (Cost $178,798,037) | 202,506,124 | ||
Short-Term Investment 0.4% | |||
Affiliated Investment Company 0.4% | |||
MainStay U.S. Government Liquidity Fund, 5.275% (b) | 880,647 | 880,647 | |
Total Short-Term Investment (Cost $880,647) | 880,647 | ||
Total Investments (Cost $179,678,684) | 100.1% | 203,386,771 | |
Other Assets, Less Liabilities | (0.1) | (188,287) | |
Net Assets | 100.0% | $ 203,198,484 |
† | Percentages indicated are based on Fund net assets. |
^ | Industry classifications may be different than those used for compliance monitoring purposes. |
(a) | Non-income producing security. |
(b) | Current yield as of October 31, 2023. |
Affiliated Investment Companies | Value, Beginning of 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 | $ — | $ 114,236 | $ (113,355) | $ — | $ — | $ 881 | $ 27 | $ — | 881 |
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 | $ 202,506,124 | $ — | $ — | $ 202,506,124 | |||
Short-Term Investment | |||||||
Affiliated Investment Company | 880,647 | — | — | 880,647 | |||
Total Investments in Securities | $ 203,386,771 | $ — | $ — | $ 203,386,771 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
12 | MainStay PineStone U.S. Equity Fund |
Assets | |
Investment in unaffiliated securities, at value (identified cost $178,798,037) | $202,506,124 |
Investment in affiliated investment companies, at value (identified cost $880,647) | 880,647 |
Receivables: | |
Investment securities sold | 602,019 |
Dividends | 126,587 |
Other assets | 15,764 |
Total assets | 204,131,141 |
Liabilities | |
Payables: | |
Investment securities purchased | 798,931 |
Manager (See Note 3) | 90,867 |
Professional fees | 21,859 |
Transfer agent (See Note 3) | 16,410 |
Custodian | 1,801 |
Shareholder communication | 1,562 |
Fund shares redeemed | 415 |
NYLIFE Distributors (See Note 3) | 138 |
Accrued expenses | 674 |
Total liabilities | 932,657 |
Net assets | $203,198,484 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 13,049 |
Additional paid-in-capital | 179,372,771 |
179,385,820 | |
Total distributable earnings (loss) | 23,812,664 |
Net assets | $203,198,484 |
Class A | |
Net assets applicable to outstanding shares | $ 769,265 |
Shares of beneficial interest outstanding | 49,513 |
Net asset value per share outstanding | $ 15.54 |
Maximum sales charge (5.50% of offering price) | 0.90 |
Maximum offering price per share outstanding | $ 16.44 |
Class C | |
Net assets applicable to outstanding shares | $ 23,870 |
Shares of beneficial interest outstanding | 1,539 |
Net asset value and offering price per share outstanding | $ 15.51 |
Class I | |
Net assets applicable to outstanding shares | $ 96,987,830 |
Shares of beneficial interest outstanding | 6,227,897 |
Net asset value and offering price per share outstanding | $ 15.57 |
Class P | |
Net assets applicable to outstanding shares | $ 23,922 |
Shares of beneficial interest outstanding | 1,536 |
Net asset value and offering price per share outstanding(a) | $ 15.58 |
Class R6 | |
Net assets applicable to outstanding shares | $105,393,597 |
Shares of beneficial interest outstanding | 6,768,287 |
Net asset value and offering price per share outstanding | $ 15.57 |
(a) | The difference between the calculated and stated NAV was caused by rounding. |
Period April 1, 2023 through October 31, 2023(a) | Year Ended March 31, 2023 | |
Investment Income (Loss) | ||
Income | ||
Dividends-unaffiliated | $ 691,812 | $ 1,100,931 |
Dividends-affiliated | 27,175 | — |
Total income | 718,987 | 1,100,931 |
Expenses | ||
Investment advisory (See Note 3) | 365,883 | 481,055 |
Fund accounting and administration | 29,213 | 72,274 |
12b-1—Class A (See Note 3) | 176 | — |
12b-1—Class C (See Note 3) | 44 | — |
12b-1—Investor Class (See Note 3) | — | 38 |
Transfer agent (See Note 3) | 37,142 | 51,847 |
Registration | 25,747 | 36,123 |
Audit and tax | 24,942 | 37,513 |
Custodian | 4,120 | 6,402 |
Trustees | 21,171 | 50,000 |
Chief compliance officer | 8,435 | 21,000 |
Legal | 17,015 | 49,309 |
Licensing | 2,546 | 12,613 |
Miscellaneous | 14,097 | 23,602 |
Total expenses before waiver/reimbursement | 550,531 | 841,776 |
Expense waiver of fees and reimbursement of expenses (See Note 3) | (65,498) | (185,754) |
Net expenses | 485,033 | 656,022 |
Net investment income (loss) | 233,954 | 444,909 |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on unaffiliated investments | 387,691 | (109,569) |
Net change in unrealized appreciation (depreciation) on unaffiliated investments | (3,481,940) | (1,944,603) |
Net realized and unrealized gain (loss) | (3,094,249) | (2,054,172) |
Net increase (decrease) in net assets resulting from operations | $(2,860,295) | $(1,609,263) |
(a) | The Fund changed its fiscal year end from March 31 to October 31. |
14 | MainStay PineStone U.S. Equity Fund |
for the period April 1, 2023 through October 31, 2023 and the years ended March 31, 2023 and and March 31, 2022
Period April 1, 2023 through October 31, 2023(a) | Year Ended March 31, 2023 | Year Ended March 31, 2022 | |
Increase (Decrease) in Net Assets | |||
Operations: | |||
Net investment income (loss) | $ 233,954 | $ 444,909 | $ 317,654 |
Net realized gain (loss) | 387,691 | (109,569) | 2,164,104 |
Net change in unrealized appreciation (depreciation) | (3,481,940) | (1,944,603) | 10,205,524 |
Net increase (decrease) in net assets resulting from operations | (2,860,295) | (1,609,263) | 12,687,282 |
Distributions to shareholders: | |||
Class A | — | (508) | (170) |
Class I | — | (3,144,318) | (1,092,787) |
Total distributions to shareholders | — | (3,144,826) | (1,092,957) |
Capital share transactions: | |||
Net proceeds from sales of shares | 118,532,733 | 4,978,500 | 10,365,223 |
Net asset value of shares issued to shareholders in reinvestment of distributions | — | 1,975,733 | 647,152 |
Cost of shares redeemed | (1,742,748) | (10,015,209) | (7,182,480) |
Increase (decrease) in net assets derived from capital share transactions | 116,789,985 | (3,060,976) | 3,829,895 |
Net increase (decrease) in net assets | 113,929,690 | (7,815,065) | 15,424,220 |
Net Assets | |||
Beginning of period | 89,268,794 | 97,083,859 | 81,659,639 |
End of period | $203,198,484 | $ 89,268,794 | $97,083,859 |
(a) | The Fund changed its fiscal year end from March 31 to October 31. |
April 1, 2023 through October 31, | Year Ended March 31, | September 30, 2019^ March 31, | |||||||
Class A | 2023 #(a) | 2023 | 2022 | 2021 | 2020 | ||||
Net asset value at beginning of period | $ 15.16 | $ 15.92 | $ 13.93 | $ 9.28 | $ 10.00 | ||||
Net investment income (loss) (b) | (0.01) | 0.04 | 0.02 | 0.03 | 0.03 | ||||
Net realized and unrealized gain (loss) | 0.39 | (0.31) | 2.12 | 4.78 | (0.72) | ||||
Total from investment operations | 0.38 | (0.27) | 2.14 | 4.81 | (0.69) | ||||
Less distributions: | |||||||||
From net investment income | — | (0.03) | (0.02) | (0.03) | (0.03) | ||||
From net realized gain on investments | — | (0.46) | (0.13) | (0.13) | (0.00)‡ | ||||
Total distributions | — | (0.49) | (0.15) | (0.16) | (0.03) | ||||
Net asset value at end of period | $ 15.54 | $ 15.16 | $ 15.92 | $ 13.93 | $ 9.28 | ||||
Total investment return | 2.51%(c) | (1.45)% (d)(e) | 15.20% (d)(e) | 52.04% (d)(e) | (6.96)% (d)(e) | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | (0.12)%†† | 0.27% (f)(g) | 0.09% (f)(g) | 0.24% (f)(g) | 0.48% (f)(g) | ||||
Net expenses | 0.97%††(h) | 1.00% (f)(g) | 1.00% (f)(g) | 1.00% (f)(g) | 1.00% (f)(g) | ||||
Expenses (before waiver/reimbursement) | 0.99%††(h) | 1.21%(g) | 1.13%(g) | 1.29%(g) | 1.73%(g) | ||||
Portfolio turnover rate | 2% | 6%(e) | 10%(e) | 8%(e) | 6%(e) | ||||
Net assets at end of period (in 000's) | $ 769 | $ 17 | $ 16 | $ 14 | $ 9 |
# | The Fund changed its fiscal year end from March 31 to October 31. |
^ | Inception date. |
‡ | Less than one cent per share. |
†† | Annualized. |
(a) | Beginning with the period ended October 31, 2023, the Fund was audited by KPMG LLP. The previous years were audited by another independent registered public accounting firm. |
(b) | Per share data based on average shares outstanding during the period. |
(c) | 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. |
(d) | Based on net asset value as of end of period date. |
(e) | Not annualized for periods less than one year. |
(f) | The contractual and voluntary expense waivers pursuant to Note 3 of the financial statements are reflected in both the net expense and net investment income (loss) ratios. |
(g) | Annualized, with the exception of non-recurring organizational costs. |
(h) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share 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 PineStone U.S. Equity Fund |
August 28, 2023^ through October 31, | |
Class C | 2023 |
Net asset value at beginning of period | $ 16.32 |
Net investment income (loss) (a) | (0.02) |
Net realized and unrealized gain (loss) | (0.79) |
Total from investment operations | (0.81) |
Net asset value at end of period | $ 15.51 |
Total investment return (b)(c) | (4.96)% |
Ratios (to average net assets)/Supplemental Data: | |
Net investment income (loss)†† | (0.75)% |
Net expenses††(d) | 1.89% |
Expenses (before waiver/reimbursement)††(d) | 1.91% |
Portfolio turnover rate | 2% |
Net assets at end of period (in 000’s) | $ 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. 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. |
April 1, 2023 through October 31, | Year Ended March 31, | September 30, 2019^ March 31, | |||||||
Class I | 2023 #(a) | 2023 | 2022 | 2021 | 2020 | ||||
Net asset value at beginning of period | $ 15.17 | $ 15.94 | $ 13.95 | $ 9.28 | $ 10.00 | ||||
Net investment income (loss) (b) | 0.04 | 0.07 | 0.05 | 0.06 | 0.04 | ||||
Net realized and unrealized gain (loss) | 0.36 | (0.31) | 2.13 | 4.79 | (0.73) | ||||
Total from investment operations | 0.40 | (0.24) | 2.18 | 4.85 | (0.69) | ||||
Less distributions: | |||||||||
From net investment income | — | (0.07) | (0.06) | (0.05) | (0.03) | ||||
From net realized gain on investments | — | (0.46) | (0.13) | (0.13) | (0.00)‡ | ||||
Total distributions | — | (0.53) | (0.19) | (0.18) | (0.03) | ||||
Net asset value at end of period | $ 15.57 | $ 15.17 | $ 15.94 | $ 13.95 | $ 9.28 | ||||
Total investment return | 2.64%(c) | (1.26)% (d)(e) | 15.49% (d)(e) | 52.48% (d)(e) | (6.91)% (d)(e) | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.40%†† | 0.51% (f)(g) | 0.33% (f)(g) | 0.48% (f)(g) | 0.73% (f)(g) | ||||
Net expenses | 0.75%††(h) | 0.75% (f)(g) | 0.75% (f)(g) | 0.75% (f)(g) | 0.75% (f)(g) | ||||
Expenses (before waiver/reimbursement) | 0.86%††(h) | 0.96%(g) | 0.88%(g) | 1.04%(g) | 1.48%(g) | ||||
Portfolio turnover rate | 2% | 6%(e) | 10%(e) | 8%(e) | 6%(e) | ||||
Net assets at end of period (in 000's) | $ 96,988 | $ 89,251 | $ 97,068 | $ 81,645 | $ 43,299 |
# | The Fund changed its fiscal year end from March 31 to October 31. |
^ | Inception date. |
‡ | Less than one cent per share. |
†† | Annualized. |
(a) | Beginning with the period ended October 31, 2023, the Fund was audited by KPMG LLP. The previous years were audited by another independent registered public accounting firm. |
(b) | Per share data based on average shares outstanding during the period. |
(c) | 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. |
(d) | Based on net asset value as of end of period date. |
(e) | Not annualized for periods less than one year. |
(f) | The contractual and voluntary expense waivers pursuant to Note 3 of the financial statements are reflected in both the net expense and net investment income (loss) ratios. |
(g) | Annualized, with the exception of non-recurring organizational costs. |
(h) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share 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 PineStone U.S. Equity Fund |
August 28, 2023^ through October 31, | |
Class P | 2023 |
Net asset value at beginning of period | $ 16.35 |
Net investment income (loss) (a) | 0.01 |
Net realized and unrealized gain (loss) | (0.78) |
Total from investment operations | (0.77) |
Net asset value at end of period | $ 15.58 |
Total investment return (b)(c) | (4.71)% |
Ratios (to average net assets)/Supplemental Data: | |
Net investment income (loss)†† | 0.48% |
Net expenses††(d) | 0.66% |
Portfolio turnover rate | 2% |
Net assets at end of period (in 000’s) | $ 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. Class P shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
August 28, 2023^ through October 31, | |
Class R6 | 2023 |
Net asset value at beginning of period | $ 16.35 |
Net investment income (loss) (a) | 0.00‡ |
Net realized and unrealized gain (loss) | (0.78) |
Total from investment operations | (0.78) |
Net asset value at end of period | $ 15.57 |
Total investment return (b)(c) | (4.77)% |
Ratios (to average net assets)/Supplemental Data: | |
Net investment income (loss)†† | 0.10% |
Net expenses††(d) | 0.63% |
Portfolio turnover rate | 2% |
Net assets at end of period (in 000’s) | $ 105,394 |
^ | Inception date. |
‡ | Less than one cent per share. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R6 shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | 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. |
Class | Commenced Operations |
Class A | September 30, 2019 |
Class C | August 28, 2023 |
Class I | September 30, 2019 |
Class P | August 28, 2023 |
Class R6 | August 28, 2023 |
20 | MainStay PineStone U.S. Equity Fund |
• | Level 1—quoted prices (unadjusted) in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Fund's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• Broker/dealer quotes | • Benchmark securities |
• Two-sided markets | • Reference data (corporate actions or material event notices) |
• Bids/offers | • Monthly payment information |
• Industry and economic events | • Reported trades |
22 | MainStay PineStone U.S. Equity Fund |
Class | Expense | Waived |
Class A | $ 57 | $— |
Class C | 11 | — |
Class I | 16,399 | — |
Class P | — | — |
Class R6 | 410 | — |
Class | Expense | Waived |
Class A | $ 4 | $— |
Class C | — | — |
Class I | 20,261 | — |
Class R6 | — | — |
Class A | $23,660 | 3.1% |
Class C | 23,870 | 100.0 |
Class P | 23,922 | 100.0 |
Class R6 | 23,913 | 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 | $174,363,692 | $29,502,049 | $(478,970) | $29,023,079 |
Ordinary Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$332,110 | $245,735 | $— | $29,023,079 | $29,600,924 |
24 | MainStay PineStone U.S. Equity Fund |
2023 (a) | 2023 | 2022 | |
Distributions paid from: | |||
Ordinary Income | $— | $ 410,307 | $ 330,223 |
Long-Term Capital Gains | — | 2,734,519 | 762,734 |
Total | $— | $3,144,826 | $1,092,957 |
(a) | The Fund changed its fiscal year end from March 31 to October 31. |
Class A(a) | Shares | Amount |
Period ended October 31, 2023:(b) | ||
Shares sold | 48,365 | $ 774,250 |
Net increase (decrease) | 48,365 | $ 774,250 |
Year ended March 31, 2023: | ||
Shares sold | 88 | $ 1,300 |
Shares issued to shareholders in reinvestment of distributions | 36 | 507 |
Net increase (decrease) | 124 | $ 1,807 |
Year ended March 31, 2022: | ||
Shares sold | 147 | $ 2,300 |
Shares issued to shareholders in reinvestment of distributions | 10 | 171 |
Shares redeemed | (148) | (2,414) |
Net increase (decrease) | 9 | $ 57 |
Class C(c) | Shares | Amount |
Period ended October 31, 2023: | ||
Shares sold | 1,539 | $ 25,000 |
Net increase (decrease) | 1,539 | $ 25,000 |
Class I(d) | Shares | Amount |
Period ended October 31, 2023:(b) | ||
Shares sold | 456,905 | $ 7,342,486 |
Shares redeemed | (111,675) | (1,742,748) |
Net increase (decrease) | 345,230 | $ 5,599,738 |
Year ended March 31, 2023: | ||
Shares sold | 335,273 | $ 4,977,200 |
Shares issued to shareholders in reinvestment of distributions | 138,905 | 1,975,226 |
Shares redeemed | (681,833) | (10,015,209) |
Net increase (decrease) | (207,655) | $ (3,062,783) |
Year ended March 31, 2022: | ||
Shares sold | 624,195 | $ 10,362,923 |
Shares issued to shareholders in reinvestment of distributions | 37,463 | 646,981 |
Shares redeemed | (425,670) | (7,180,066) |
Net increase (decrease) | 235,988 | $ 3,829,838 |
Class P(c) | Shares | Amount |
Period ended October 31, 2023: | ||
Shares sold | 1,536 | $ 25,000 |
Net increase (decrease) | 1,536 | $ 25,000 |
Class R6(c) | Shares | Amount |
Period ended October 31, 2023: | ||
Shares sold | 6,768,287 | $110,365,997 |
Net increase (decrease) | 6,768,287 | $110,365,997 |
(a) | Investor Class converted to Class A on August 25, 2023. |
(b) | The Fund changed its fiscal year end from March 31 to October 31. |
(c) | The inception date of the class was August 28, 2023. |
(d) | Institutional Class converted to Class I on August 25, 2023. |
26 | MainStay PineStone U.S. Equity Fund |
MainStay Funds Trust:
28 | MainStay PineStone U.S. Equity Fund |
30 | MainStay PineStone U.S. Equity Fund |
32 | MainStay PineStone U.S. Equity Fund |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Naïm Abou-Jaoudé* 1966 | MainStay Funds: Trustee since 2023 MainStay Funds Trust: Trustee since 2023 | Chief Executive Officer of New York Life Investment Management LLC (since 2023). Chief Executive Officer of Candriam (an affiliate of New York Life Investment Management LLC) (2007 to 2023). | 81 | MainStay VP Funds Trust: Trustee since 2023 (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2023; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2023; and New York Life Investment Management International (Chair) since 2015 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of his affiliation with New York Life Investment Management LLC and Candriam, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
34 | MainStay PineStone U.S. Equity Fund |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015);MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC (since 1999) | 81 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2021; VanEck Vectors Group of Exchange-Traded Funds: Trustee since 2006 and Independent Chairman of the Board of Trustees from 2008 to 2022 (57 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Investment Committee since 2018 | |
Karen Hammond 1956 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021);MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 81 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Susan B. Kerley 1951 | MainStay Funds: Chair since January 2017 and Trustee since 2007;MainStay Funds Trust: Chair since January 2017 and Trustee since 1990*** | President, Strategic Management Advisors LLC (since 1990) | 81 | MainStay VP Funds Trust: Chair since January 2017 and Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chair since January 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Alan R. Latshaw 1951 | MainStay Funds: Trusteesince 2006;MainStay Funds Trust: Trustee since 2007*** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 81 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 | |
Jacques P. Perold 1958 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015to December 2015);MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 81 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay Funds: Trustee since 1994;MainStay Funds Trust: Trustee since 2007*** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) (since 2004); Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 81 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 |
** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
*** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
36 | MainStay PineStone U.S. Equity Fund |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay Funds, MainStay Funds Trust (since 2017) | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since 2018); President, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust (since 2017)**; Senior Managing Director, Global Product Development (2015 to 2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay Funds (since 2007), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2007)**; and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay Funds and MainStay Funds Trust (since 2010) | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2010)** | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay Funds and MainStay Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ Trust, IndexIQ ETF Trust and Index IQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund, MainStay VP Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012 to 2022) | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay Funds (since 2005), MainStay Funds Trust (since 2009) | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011) and MainStay VP Funds Trust (since 2005)** |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, New York Life Insurance Company, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
1.
2. | This Fund is registered for sale in CA, CT, DE, FL, MA, NJ, NY and VT. |
3. | An affiliate of New York Life Investment Management LLC. |
6092831MS139-23 | MSPUE11-12/23 |
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Period-Ended October 31, 2023 | ||||||||
Class | Sales Charge | Inception Date1 | Seven Months2 | One Year | Five Years | Ten Years or Since Inception | Gross Expense Ratio3 | |
Class A Shares4 | Maximum 5.50% Initial Sales Charge | With sales charges | 2/12/2018 | -1.29% | -1.59% | 9.55% | 8.08% | 1.34% |
Excluding sales charges | -1.29 | -1.59 | 9.55 | 8.08 | 1.34 | |||
Class C Shares | Maximum 1.00% CDSC | With sales charges | 7/24/2023 | N/A | N/A | N/A | -13.19 | 2.24 |
if Redeemed Within One Year of Purchase | Excluding sales charges | N/A | N/A | N/A | -12.31 | 2.24 | ||
Class I Shares4 | 6/29/2012 | -1.12 | -1.35 | 9.85 | 8.77 | 1.09 | ||
Class R6 Shares | 7/24/2023 | N/A | N/A | N/A | -12.02 | 0.99 |
1. | Effective at the close of business on July 21, 2023, the Fund changed its fiscal and tax year end from April 30 to October 31. |
2. | Not annualized. |
3. | The gross expense ratios presented reflect the Fund’s “Total Annual Fund Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report. |
4. | Effective July 21, 2023, the Fiera Capital Small/Mid-Cap Growth Fund (the "Predecessor Fund") was reorganized into the Fund. As accounting successor to the Predecessor Fund, the Fund has assumed the Predecessor Fund's historical performance. Therefore, the performance information shown below is that of the Predecessor Fund, which had a different fee structure from the Fund. The returns of the Predecessor Fund have not been adjusted to reflect the applicable expenses of the Fund. The historical performance presented prior to February 12, 2018 reflects the performance of APEXcm Small/Mid-Cap Growth Fund, a former series of The Ultimus Managers Trust (the "Prior Predecessor Fund"). The returns of the Prior Predecessor Fund have not been adjusted to reflect the applicable expenses of the Predecessor Fund or the Fund. The returns prior to February 12, 2018 are based on the previous performance and actual fees and expenses of the Prior Predecessor Fund's sole class of shares (i.e., the Predecessor Fund's Institutional Class shares, which commenced operations on June 29, 2012). The Predecessor Fund's Investor Class shares commenced operations on February 12, 2018. |
Benchmark Performance* | Seven Months1 | One Year | Five Years | Ten Years |
Russell 2500™ Growth Index2 | -7.74% | -4.80% | 5.22% | 7.35% |
Morningstar Mid Cap Growth3 | -5.82 | -0.45 | 6.77 | 7.96 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | Not annualized. |
2. | The Russell 2500™ Growth Index measures the performance of the small to mid-cap growth segment of the U.S. equity universe. It includes those Russell 2500 companies with higher price-to-book ratios and higher forecasted growth values. |
3. | The Morningstar Mid-Cap Growth Category Average is representative of funds that invest primarily in U.S. firms that are projected to grow faster than other mid-cap stocks, therefore commanding relatively higher prices. Stocks in the middle 20% of the capitalization of the U.S. equity market are defined as mid-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 Fiera SMID 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 | $976.60 | $6.03 | $1,019.11 | $6.16 | 1.21% |
Class C Shares 3, 4 | $1,000.00 | $876.90 | $5.27 | $1,008.08 | $5.64 | 2.05% |
Class I Shares | $1,000.00 | $977.80 | $4.64 | $1,020.52 | $4.74 | 0.93% |
Class R6 Shares 3, 5 | $1,000.00 | $879.80 | $2.16 | $1,011.40 | $2.31 | 0.84% |
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) and 100 days for Class C & Class R6 (to reflect the since-inception 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. |
3. | The inception date of the class was July 24, 2023. |
4. | Expenses paid during the period reflect ongoing costs for the period from inception through October 31, 2023. Had these shares been offered for the full six-month period ended October 31, 2023, and had the Fund provided a hypothetical 5% annualized return, expenses paid during the period would have been $10.41 for Class C shares and the ending account value would have been $1,014.87 for Class C shares. |
5. | Expenses paid during the period reflect ongoing costs for the period from inception through October 31, 2023. Had these shares been offered for the full six-month period ended October 31, 2023, and had the Fund provided a hypothetical 5% annualized return, expenses paid during the period would have been $4.28 for Class R6 shares and the ending account value would have been $1,020.97 for Class R6 shares. |
Biotechnology | 15.7% |
Software | 10.8 |
Health Care Equipment & Supplies | 6.1 |
Semiconductors & Semiconductor Equipment | 5.7 |
Hotels, Restaurants & Leisure | 5.5 |
IT Services | 5.3 |
Professional Services | 4.5 |
Capital Markets | 4.4 |
Machinery | 4.2 |
Health Care Providers & Services | 4.2 |
Household Durables | 4.0 |
Electrical Equipment | 3.8 |
Aerospace & Defense | 3.7 |
Media | 2.7 |
Construction & Engineering | 2.0 |
Building Products | 1.9% |
Specialty Retail | 1.7 |
Broadline Retail | 1.6 |
Insurance | 1.5 |
Energy Equipment & Services | 1.5 |
Textiles, Apparel & Luxury Goods | 1.3 |
Oil, Gas & Consumable Fuels | 1.2 |
Electronic Equipment, Instruments & Components | 1.1 |
Chemicals | 0.7 |
Commercial Services & Supplies | 0.7 |
Short–Term Investments | 4.1 |
Other Assets, Less Liabilities | 0.1 |
100.0% |
1. | MongoDB, Inc. |
2. | Entegris, Inc. |
3. | Argenx SE, ADR |
4. | HubSpot, Inc. |
5. | Molina Healthcare, Inc. |
6. | Tyler Technologies, Inc. |
7. | BWX Technologies, Inc. |
8. | GoDaddy, Inc., Class A |
9. | Hyatt Hotels Corp., Class A |
10. | PulteGroup, Inc. |
8 | MainStay Fiera SMID Growth Fund |
1. | See "Investment and Performance Comparison" for other share class returns, which may be higher or lower than Class I share returns, and for more information on benchmark and peer group returns. |
Shares | Value | |
Common Stocks 95.8% | ||
Aerospace & Defense 3.7% | ||
BWX Technologies, Inc. | 72,258 | $ 5,367,324 |
Curtiss-Wright Corp. | 13,091 | 2,602,622 |
7,969,946 | ||
Biotechnology 15.7% | ||
Amicus Therapeutics, Inc. (a) | 395,485 | 4,338,470 |
Apellis Pharmaceuticals, Inc. (a) | 72,282 | 3,517,242 |
Argenx SE, ADR (a) | 12,933 | 6,072,949 |
BioMarin Pharmaceutical, Inc. (a) | 51,280 | 4,176,756 |
Immunocore Holdings plc, ADR (a) | 54,060 | 2,400,264 |
Karuna Therapeutics, Inc. (a) | 18,630 | 3,103,944 |
Neurocrine Biosciences, Inc. (a) | 40,275 | 4,468,109 |
Sarepta Therapeutics, Inc. (a) | 28,587 | 1,924,191 |
SpringWorks Therapeutics, Inc. (a)(b) | 65,697 | 1,504,461 |
Veracyte, Inc. (a) | 45,064 | 933,726 |
Xenon Pharmaceuticals, Inc. (a) | 43,447 | 1,346,857 |
33,786,969 | ||
Broadline Retail 1.6% | ||
Etsy, Inc. (a) | 54,783 | 3,412,981 |
Building Products 1.9% | ||
A O Smith Corp. | 59,645 | 4,160,835 |
Capital Markets 4.4% | ||
Ares Management Corp. | 41,816 | 4,122,640 |
Raymond James Financial, Inc. | 35,126 | 3,352,425 |
Stifel Financial Corp. | 36,890 | 2,102,730 |
9,577,795 | ||
Chemicals 0.7% | ||
Avient Corp. | 50,227 | 1,588,178 |
Commercial Services & Supplies 0.7% | ||
RB Global, Inc. | 23,217 | 1,518,392 |
Construction & Engineering 2.0% | ||
EMCOR Group, Inc. | 21,209 | 4,382,840 |
Electrical Equipment 3.8% | ||
Hubbell, Inc. | 11,136 | 3,007,833 |
nVent Electric plc | 51,700 | 2,488,321 |
Regal Rexnord Corp. | 23,075 | 2,732,311 |
8,228,465 |
Shares | Value | |
Electronic Equipment, Instruments & Components 1.1% | ||
Cognex Corp. | 64,756 | $ 2,330,568 |
Energy Equipment & Services 1.5% | ||
ChampionX Corp. | 102,330 | 3,151,764 |
Health Care Equipment & Supplies 6.1% | ||
AtriCure, Inc. (a) | 52,281 | 1,811,014 |
Inari Medical, Inc. (a) | 43,699 | 2,652,966 |
iRhythm Technologies, Inc. (a) | 28,444 | 2,233,423 |
Lantheus Holdings, Inc. (a) | 36,397 | 2,351,246 |
Outset Medical, Inc. (a) | 42,825 | 151,601 |
Shockwave Medical, Inc. (a) | 18,631 | 3,842,830 |
13,043,080 | ||
Health Care Providers & Services 4.2% | ||
Guardant Health, Inc. (a) | 70,927 | 1,835,591 |
Molina Healthcare, Inc. (a) | 17,430 | 5,803,318 |
Option Care Health, Inc. (a) | 52,504 | 1,455,936 |
9,094,845 | ||
Hotels, Restaurants & Leisure 5.5% | ||
Hyatt Hotels Corp., Class A | 45,611 | 4,672,391 |
Royal Caribbean Cruises Ltd. (a) | 42,824 | 3,628,478 |
Wingstop, Inc. | 19,934 | 3,643,337 |
11,944,206 | ||
Household Durables 4.0% | ||
PulteGroup, Inc. | 61,159 | 4,500,691 |
TopBuild Corp. (a) | 17,548 | 4,014,280 |
8,514,971 | ||
Insurance 1.5% | ||
RenaissanceRe Holdings Ltd. | 15,065 | 3,308,123 |
IT Services 5.3% | ||
GoDaddy, Inc., Class A (a) | 66,739 | 4,887,297 |
MongoDB, Inc. (a) | 18,740 | 6,457,617 |
11,344,914 | ||
Machinery 4.2% | ||
Graco, Inc. | 37,496 | 2,787,828 |
Lincoln Electric Holdings, Inc. | 15,436 | 2,698,213 |
Nordson Corp. | 17,260 | 3,669,303 |
9,155,344 | ||
Media 2.7% | ||
New York Times Co. (The), Class A | 100,367 | 4,045,794 |
10 | MainStay Fiera SMID Growth Fund |
Shares | Value | |
Common Stocks (continued) | ||
Media (continued) | ||
Nexstar Media Group, Inc. | 13,170 | $ 1,844,853 |
5,890,647 | ||
Oil, Gas & Consumable Fuels 1.2% | ||
EQT Corp. | 61,999 | 2,627,518 |
Professional Services 4.5% | ||
Insperity, Inc. | 31,872 | 3,373,333 |
Jacobs Solutions, Inc. | 28,288 | 3,770,790 |
Paycom Software, Inc. | 10,542 | 2,582,474 |
9,726,597 | ||
Semiconductors & Semiconductor Equipment 5.7% | ||
Entegris, Inc. | 69,397 | 6,109,712 |
Lattice Semiconductor Corp. (a) | 65,046 | 3,617,208 |
Power Integrations, Inc. | 37,916 | 2,628,716 |
12,355,636 | ||
Software 10.8% | ||
ACI Worldwide, Inc. (a) | 71,138 | 1,449,081 |
Dolby Laboratories, Inc., Class A | 44,088 | 3,568,483 |
Gitlab, Inc., Class A (a) | 93,277 | 4,037,028 |
HubSpot, Inc. (a) | 13,801 | 5,848,450 |
JFrog Ltd. (a) | 120,131 | 2,701,746 |
Tyler Technologies, Inc. (a) | 15,500 | 5,779,950 |
23,384,738 | ||
Specialty Retail 1.7% | ||
Lithia Motors, Inc. | 14,920 | 3,613,773 |
Textiles, Apparel & Luxury Goods 1.3% | ||
Deckers Outdoor Corp. (a) | 4,547 | 2,714,832 |
Total Common Stocks (Cost $209,478,038) | 206,827,957 | |
Short-Term Investments 4.1% | ||
Affiliated Investment Company 4.1% | ||
MainStay U.S. Government Liquidity Fund, 5.275% (c) | 8,800,538 | 8,800,538 |
Shares | Value | ||
Unaffiliated Investment Company 0.0% ‡ | |||
Invesco Government & Agency Portfolio, 5.357% (c)(d) | 52,900 | $ 52,900 | |
Total Short-Term Investments (Cost $8,853,438) | 8,853,438 | ||
Total Investments (Cost $218,331,476) | 99.9% | 215,681,395 | |
Other Assets, Less Liabilities | 0.1 | 299,851 | |
Net Assets | 100.0% | $ 215,981,246 |
† | Percentages indicated are based on Fund net assets. |
^ | Industry classifications may be different than those used for compliance monitoring purposes. |
‡ | Less than one-tenth of a percent. |
(a) | Non-income producing security. |
(b) | All or a portion of this security was held on loan. As of October 31, 2023, the aggregate market value of securities on loan was $51,796. The Fund received cash collateral with a value of $52,900. (See Note 2(G)) |
(c) | Current yield as of October 31, 2023. |
(d) | Represents a security purchased with cash collateral received for securities on loan. |
Affiliated Investment Companies | Value, Beginning of 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 | $ — | $ 165,335 | $ (156,534) | $ — | $ — | $ 8,801 | $ 143 | $ — | 8,801 |
Abbreviation(s): |
ADR—American Depositary Receipt |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Common Stocks | $ 206,827,957 | $ — | $ — | $ 206,827,957 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 8,800,538 | — | — | 8,800,538 | |||
Unaffiliated Investment Company | 52,900 | — | — | 52,900 | |||
Total Short-Term Investments | 8,853,438 | — | — | 8,853,438 | |||
Total Investments in Securities | $ 215,681,395 | $ — | $ — | $ 215,681,395 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
12 | MainStay Fiera SMID Growth Fund |
Assets | |
Investment in unaffiliated securities, at value (identified cost $209,530,938) including securities on loan of $51,796 | $206,880,857 |
Investment in affiliated investment companies, at value (identified cost $8,800,538) | 8,800,538 |
Receivables: | |
Fund shares sold | 342,762 |
Dividends | 105,370 |
Other assets | 84,820 |
Total assets | 216,214,347 |
Liabilities | |
Cash collateral received for securities on loan | 52,900 |
Payables: | |
Manager (See Note 3) | 122,179 |
Professional fees | 26,336 |
Transfer agent (See Note 3) | 12,059 |
Fund shares redeemed | 10,743 |
Custodian | 1,293 |
Shareholder communication | 359 |
Trustees | 315 |
NYLIFE Distributors (See Note 3) | 100 |
Accrued expenses | 6,817 |
Total liabilities | 233,101 |
Net assets | $215,981,246 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 15,292 |
Additional paid-in-capital | 212,440,641 |
212,455,933 | |
Total distributable earnings (loss) | 3,525,313 |
Net assets | $215,981,246 |
Class A | |
Net assets applicable to outstanding shares | $ 446,286 |
Shares of beneficial interest outstanding | 32,383 |
Net asset value per share outstanding | $ 13.78 |
Maximum sales charge (5.50% of offering price) | 0.80 |
Maximum offering price per share outstanding | $ 14.58 |
Class C | |
Net assets applicable to outstanding shares | $ 28,155 |
Shares of beneficial interest outstanding | 2,048 |
Net asset value and offering price per share outstanding | $ 13.75 |
Class I | |
Net assets applicable to outstanding shares | $ 85,042,399 |
Shares of beneficial interest outstanding | 6,021,215 |
Net asset value and offering price per share outstanding | $ 14.12 |
Class R6 | |
Net assets applicable to outstanding shares | $130,464,406 |
Shares of beneficial interest outstanding | 9,235,869 |
Net asset value and offering price per share outstanding | $ 14.13 |
Period April 1, 2023 through October 31, 2023(a) | Year Ended March 31, 2023 | |
Investment Income (Loss) | ||
Income | ||
Dividends-unaffiliated (net of foreign tax withholding of $876, $2,360 respectively) | $ 361,390 | $ 659,966 |
Dividends-affiliated | 143,113 | — |
Total income | 504,503 | 659,966 |
Expenses | ||
Investment advisory (See Note 3) | 544,262 | 759,285 |
Fund accounting and administration | 8,435 | 74,094 |
12b-1—Class A (See Note 3) | 272 | — |
12b-1—Class C (See Note 3) | 70 | — |
12b-1—Investor Class (See Note 3) | — | 286 |
Transfer agent (See Note 3) | 43,805 | 62,999 |
Registration | 34,659 | 38,776 |
Audit and tax | 41,480 | 36,400 |
Custodian | 5,303 | 5,049 |
Trustees | 15,874 | 50,000 |
Chief compliance officer | 6,426 | 21,000 |
Legal | 11,320 | 49,291 |
Licensing | 2,490 | 13,314 |
Miscellaneous | 17,431 | 34,150 |
Total expenses before waiver/reimbursement | 731,827 | 1,144,644 |
Expense waiver of fees and reimbursement of expenses (See Note 3) | (109,714) | (258,525) |
Net expenses | 622,113 | 886,119 |
Net investment income (loss) | (117,610) | (226,153) |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on unaffiliated investments | 5,510,547 | 2,498,316 |
Net change in unrealized appreciation (depreciation) on unaffiliated investments | (18,985,744) | (19,943,100) |
Net realized and unrealized gain (loss) | (13,475,197) | (17,444,784) |
Net increase (decrease) in net assets resulting from operations | $(13,592,807) | $(17,670,937) |
(a) | The Fund changed its fiscal year end from March 31 to October 31. |
14 | MainStay Fiera SMID Growth Fund |
for the period April 1, 2023 through October 31, 2023 and the years ended March 31, 2023 and and March 31, 2022
Period April 1, 2023 through October 31, 2023(a) | Year Ended March 31, 2023 | Year Ended March 31, 2022 | |
Increase (Decrease) in Net Assets | |||
Operations: | |||
Net investment income (loss) | $ (117,610) | $ (226,153) | $ (438,359) |
Net realized gain (loss) | 5,510,547 | 2,498,316 | 21,029,499 |
Net change in unrealized appreciation (depreciation) | (18,985,744) | (19,943,100) | (16,580,668) |
Net increase (decrease) in net assets resulting from operations | (13,592,807) | (17,670,937) | 4,010,472 |
Distributions to shareholders: | |||
Class A | — | (15,686) | (12,304) |
Class I | — | (10,744,946) | (15,810,834) |
Total distributions to shareholders | — | (10,760,632) | (15,823,138) |
Capital share transactions: | |||
Net proceeds from sales of shares | 166,532,260 | 10,029,361 | 11,800,353 |
Net asset value of shares issued to shareholders in reinvestment of distributions | — | 9,770,035 | 14,533,832 |
Cost of shares redeemed | (11,007,782) | (40,845,009) | (40,672,287) |
Increase (decrease) in net assets derived from capital share transactions | 155,524,478 | (21,045,613) | (14,338,102) |
Net increase (decrease) in net assets | 141,931,671 | (49,477,182) | (26,150,768) |
Net Assets | |||
Beginning of period | 74,049,575 | 123,526,757 | 149,677,525 |
End of period | $215,981,246 | $ 74,049,575 | $123,526,757 |
(a) | The Fund changed its fiscal year end from March 31 to October 31. |
April 1 2023 through October 31, | Year Ended March 31, | ||||||||||
Class A | 2023 #(a) | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Net asset value at beginning of period | $ 13.96 | $ 19.12 | $ 20.85 | $ 12.68 | $ 16.71 | $ 21.20 | |||||
Net investment income (loss) | (0.04)(b) | (0.08)(b) | (0.12)(b) | (0.15)(b) | (0.12)(b) | (0.11) | |||||
Net realized and unrealized gain (loss) | (0.14) | (2.79) | 0.80 | 12.52 | (2.00) | (0.38) | |||||
Total from investment operations | (0.18) | (2.87) | 0.68 | 12.37 | (2.12) | (0.49) | |||||
Less distributions: | |||||||||||
From net realized gain on investments | — | (2.29) | (2.41) | (4.20) | (1.91) | (4.00) | |||||
Net asset value at end of period | $ 13.78 | $ 13.96 | $ 19.12 | $ 20.85 | $ 12.68 | $ 16.71 | |||||
Total investment return | (1.29)%(c) | (14.38)% (d)(e) | 2.64% (d)(e) | 99.38% (d)(e) | (15.36)% (d)(e) | 2.44% (d)(e) | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | (0.47)%†† | (0.52)% (f)(g) | (0.55)% (f)(g) | (0.78)% (f)(g) | (0.70)% (f)(g) | (0.73)% (f)(g) | |||||
Net expenses | 1.19%††(h) | 1.30% (f)(g) | 1.30% (f)(g) | 1.30% (f)(g) | 1.30% (f)(g) | 1.30% (f)(g) | |||||
Expenses (before waiver/reimbursement) | 1.35%††(h) | 1.61%(g) | 1.40%(g) | 1.41%(g) | 1.36%(g) | 1.36%(g) | |||||
Portfolio turnover rate | 24% | 88%(e) | 24%(e) | 53%(e) | 38%(e) | 50%(e) | |||||
Net assets at end of period (in 000's) | $ 446 | $ 122 | $ 108 | $ 70 | $ 11 | $ 11 |
# | The Fund changed its fiscal year end from March 31 to October 31. |
†† | Annualized. |
(a) | Beginning with the period ended October 31, 2023, the Fund was audited by KPMG LLP. The previous years were audited by another independent registered public accounting firm. |
(b) | Per share data based on average shares outstanding during the period. |
(c) | 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. |
(d) | Based on net asset value as of end of period date. |
(e) | Not annualized for periods less than one year. |
(f) | The contractual and voluntary expense waivers pursuant to Note 3 of the financial statements are reflected in both the net expense and net investment income (loss) ratios. |
(g) | Annualized, with the exception of non-recurring organizational costs. |
(h) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
July 24, 2023^ through October 31, | |
Class C | 2023 |
Net asset value at beginning of period | $ 15.58 |
Net investment income (loss) (a) | (0.05) |
Net realized and unrealized gain (loss) | (1.78) |
Total from investment operations | (1.83) |
Net asset value at end of period | $ 13.75 |
Total investment return (b)(c) | (11.75)% |
Ratios (to average net assets)/Supplemental Data: | |
Net investment income (loss)†† | (1.23)% |
Net expenses††(d) | 2.05% |
Expenses (before waiver/reimbursement)††(d) | 2.12% |
Portfolio turnover rate | 24% |
Net assets at end of period (in 000’s) | $ 28 |
^ | 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) | 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. |
16 | MainStay Fiera SMID Growth Fund |
April 1 2023 through October 31, | Year Ended March 31, | ||||||||||
Class I | 2023 #(a) | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Net asset value at beginning of period | $ 14.28 | $ 19.45 | $ 21.13 | $ 12.78 | $ 16.79 | $ 21.21 | |||||
Net investment income (loss) | (0.02)(b) | (0.04)(b) | (0.06)(b) | (0.10)(b) | (0.08)(b) | (0.10) | |||||
Net realized and unrealized gain (loss) | (0.14) | (2.84) | 0.79 | 12.65 | (2.02) | (0.32) | |||||
Total from investment operations | (0.16) | (2.88) | 0.73 | 12.55 | (2.10) | (0.42) | |||||
Less distributions: | |||||||||||
From net realized gain on investments | — | (2.29) | (2.41) | (4.20) | (1.91) | (4.00) | |||||
Net asset value at end of period | $ 14.12 | $ 14.28 | $ 19.45 | $ 21.13 | $ 12.78 | $ 16.79 | |||||
Total investment return | (1.12)%(c) | (14.18)% (d)(e) | 2.85% (d)(e) | 100.06% (d)(e) | (15.16)% (d)(e) | 2.81% (d)(e) | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | (0.25)%†† | (0.27)% (f)(g) | (0.30)% (f)(g) | (0.53)% (f)(g) | (0.45)% (f)(g) | (0.49)% (f)(g) | |||||
Net expenses | 0.95%††(h) | 1.05% (f)(g) | 1.05% (f)(g) | 1.05% (f)(g) | 1.05% (f)(g) | 1.05% (f)(g) | |||||
Expenses (before waiver/reimbursement) | 1.17%††(h) | 1.36%(g) | 1.15%(g) | 1.16%(g) | 1.11%(g) | 1.11%(g) | |||||
Portfolio turnover rate | 24% | 88%(e) | 24%(e) | 53%(e) | 38%(e) | 50%(e) | |||||
Net assets at end of period (in 000's) | $ 85,042 | $ 73,927 | $ 123,419 | $ 149,608 | $ 108,356 | $ 190,348 |
# | The Fund changed its fiscal year end from March 31 to October 31. |
†† | Annualized. |
(a) | Beginning with the period ended October 31, 2023, the Fund was audited by KPMG LLP. The previous years were audited by another independent registered public accounting firm. |
(b) | Per share data based on average shares outstanding during the period. |
(c) | 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. |
(d) | Based on net asset value as of end of period date. |
(e) | Not annualized for periods less than one year. |
(f) | The contractual and voluntary expense waivers pursuant to Note 3 of the financial statements are reflected in both the net expense and net investment income (loss) ratios. |
(g) | Annualized, with the exception of non-recurring organizational costs. |
(h) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
July 24, 2023^ through October 31, | |
Class R6 | 2023 |
Net asset value at beginning of period | $ 15.96 |
Net investment income (loss) (a) | 0.00‡ |
Net realized and unrealized gain (loss) | (1.83) |
Total from investment operations | (1.83) |
Net asset value at end of period | $ 14.13 |
Total investment return (b)(c) | (11.47)% |
Ratios (to average net assets)/Supplemental Data: | |
Net investment income (loss)†† | 0.00%‡ |
Net expenses††(d) | 0.84% |
Expenses (before waiver/reimbursement)††(d) | 0.86% |
Portfolio turnover rate | 24% |
Net assets at end of period (in 000’s) | $ 130,464 |
^ | Inception date. |
‡ | Less than one cent per share. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R6 shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | 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. |
Class | Commenced Operations |
Class A | February 12, 2018 |
Class C | July 24, 2023 |
Class I | June 29, 2012 |
Class R6 | July 24, 2023 |
18 | MainStay Fiera SMID Growth Fund |
• | Level 1—quoted prices (unadjusted) in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Fund's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• Broker/dealer quotes | • Benchmark securities |
• Two-sided markets | • Reference data (corporate actions or material event notices) |
• Bids/offers | • Monthly payment information |
• Industry and economic events | • Reported trades |
20 | MainStay Fiera SMID Growth Fund |
Class | Expense | Waived |
Class A | $ 70 | $— |
Class C | 17 | — |
Class I | 23,387 | — |
Class R6 | 834 | — |
Class | Expense | Waived |
Class A | $ 31 | $— |
Class C | — | — |
Class I | 19,466 | — |
Class R6 | — | — |
22 | MainStay Fiera SMID Growth Fund |
Class C | $21,920 | 77.9% |
Class R6 | 21,999 | 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 | $219,102,647 | $10,544,647 | $(13,965,899) | $(3,421,252) |
Ordinary Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$305,082 | $6,641,483 | $— | $(3,421,252) | $3,525,313 |
2023 (a) | 2023 | 2022 | |
Distributions paid from: | |||
Ordinary Income | $— | $ 1,125,818 | $ 2,197,147 |
Long-Term Capital Gains | — | 9,634,814 | 13,625,991 |
Total | $— | $10,760,632 | $15,823,138 |
(a) | The Fund changed its fiscal year end from March 31 to October 31. |
Class A(a) | Shares | Amount |
Period ended October 31, 2023:(b) | ||
Shares sold | 25,254 | $ 367,597 |
Shares redeemed | (1,636) | (25,233) |
Net increase (decrease) | 23,618 | $ 342,364 |
Year ended March 31, 2023: | ||
Shares sold | 3,267 | $ 52,602 |
Shares issued to shareholders in reinvestment of distributions | 1,182 | 15,686 |
Shares redeemed | (1,306) | (20,731) |
Net increase (decrease) | 3,143 | $ 47,557 |
Year ended March 31, 2022: | ||
Shares sold | 2,016 | $ 43,389 |
Shares issued to shareholders in reinvestment of distributions | 610 | 12,304 |
Shares redeemed | (351) | (7,703) |
Net increase (decrease) | 2,275 | $ 47,990 |
Class C(c) | Shares | Amount |
Period ended October 31, 2023: | ||
Shares sold | 2,048 | $ 31,523 |
Net increase (decrease) | 2,048 | $ 31,523 |
Class I(d) | Shares | Amount |
Period ended October 31, 2023:(b) | ||
Shares sold | 1,564,623 | $ 23,621,626 |
Shares redeemed | (718,580) | (10,881,720) |
Net increase (decrease) | 846,043 | $ 12,739,906 |
Year ended March 31, 2023: | ||
Shares sold | 640,282 | $ 9,976,759 |
Shares issued to shareholders in reinvestment of distributions | 718,817 | 9,754,349 |
Shares redeemed | (2,528,183) | (40,824,278) |
Net increase (decrease) | (1,169,084) | $ (21,093,170) |
Year ended March 31, 2022: | ||
Shares sold | 561,183 | $ 11,756,964 |
Shares issued to shareholders in reinvestment of distributions | 707,677 | 14,521,528 |
Shares redeemed | (2,006,116) | (40,664,584) |
Net increase (decrease) | (737,256) | $ (14,386,092) |
Class R6(c) | Shares | Amount |
Period ended October 31, 2023: | ||
Shares sold | 9,242,555 | $142,511,514 |
Shares redeemed | (6,686) | (100,829) |
Net increase (decrease) | 9,235,869 | $142,410,685 |
(a) | Investor Class converted to Class A on July 21, 2023. |
(b) | The Fund changed its fiscal year end from March 31 to October 31. |
(c) | The inception date of the class was July 24, 2023. |
(d) | Institutional Class converted to Class I on July 21, 2023. |
24 | MainStay Fiera SMID Growth Fund |
MainStay Fund Trust:
26 | MainStay Fiera SMID Growth Fund |
28 | MainStay Fiera SMID Growth Fund |
30 | MainStay Fiera SMID Growth Fund |
32 | MainStay Fiera SMID 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) |
34 | MainStay Fiera SMID 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. |
36 | MainStay Fiera SMID 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. |
6092842MS139-23 | MSFSG11-12/23 |
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Period-Ended October 31, 2023 | ||||||||
Class | Sales Charge | Inception Date1 | Seven Months2 | One Year | Five Years | Since Inception | Gross Expense Ratio3 | |
Class A Shares4 | Maximum 5.50% Initial Sales Charge | With sales charges | 9/29/2017 | -6.89% | 13.98% | 8.01% | 5.92% | 1.32% |
Excluding sales charges | -6.89 | 13.98 | 8.01 | 5.92 | 1.32 | |||
Investor Class Shares | Maximum 5.00% Initial Sales Charge | With sales charges | 8/28/2023 | N/A | N/A | N/A | -11.98 | 1.63 |
Excluding sales charges | N/A | N/A | N/A | -7.35 | 1.63 | |||
Class C Shares | Maximum 1.00% CDSC | With sales charges | 8/28/2023 | N/A | N/A | N/A | -8.41 | 2.38 |
if Redeemed Within One Year of Purchase | Excluding sales charges | N/A | N/A | N/A | -7.49 | 2.38 | ||
Class I Shares4 | No Sales Charge | 9/29/2017 | -6.73 | 14.26 | 8.23 | 6.14 | 1.07 | |
Class P Shares | No Sales Charge | 8/28/2023 | N/A | N/A | N/A | -7.27 | 0.91 | |
Class R1 Shares5 | No Sales Charge | 8/28/2023 | N/A | N/A | N/A | -7.33 | 1.17 | |
Class R2 Shares5 | No Sales Charge | 8/28/2023 | N/A | N/A | N/A | -7.33 | 1.42 | |
Class R3 Shares5 | No Sales Charge | 8/28/2023 | N/A | N/A | N/A | -7.40 | 1.67 | |
Class R6 Shares4 | No Sales Charge | 9/29/2017 | -6.66 | 14.39 | 8.45 | 6.35 | 0.91 |
1. | Effective at the close of business on August 25, 2023, the Fund changed its fiscal and tax year end from March 31 to October 31. |
2. | Not annualized. |
3. | The gross expense ratios presented reflect the Fund’s “Total Annual Fund Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report. |
4. | Effective August 25, 2023, the Fiera Capital International Equity Fund (the "Predecessor Fund") was reorganized into the Fund. As accounting successor to the Predecessor Fund, the Fund has assumed the Predecessor Fund's historical performance. Performance figures for Class A shares, Class I shares and Class R6 shares reflect the historical performance of the then-existing Investor Class shares, Institutional Class shares and Class Z shares, respectively, of the Predecessor Fund, which was subject to a different fee structure for periods prior to August 28, 2023. The Fund commenced operations on August 28, 2023. |
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. |
Benchmark Performance* | Seven Months1 | One Year | Five Years | Since Inception |
MSCI EAFE® Index (Net)2 | -5.28% | 14.40% | 4.10% | 2.41% |
Morningstar Foreign Large Growth Category Average3 | -8.85 | 9.08 | 4.18 | 1.93 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | Not annualized. |
2. | The Fund has selected the MSCI EAFE® Index (Net) as its primary benchmark. The MSCI EAFE® Index (Net) consists of international stocks representing the developed world outside of North America. |
3. | The Morningstar Foreign Large Growth Category Average is representative of funds that focus on high-priced growth stocks, mainly outside of the United States. Most of these funds divide their assets among a dozen or more developed markets, including Japan, Britain, France, and Germany. These funds primarily invest in stocks that have market caps in the top 70% of each economically integrated market and will have less than 20% of assets invested in U.S. stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
6 | MainStay PineStone International Equity Fund |
Share Class | Beginning Account Value 5/1/23 | Ending Account Value (Based on Actual Returns and Expenses) 10/31/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 10/31/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Class A Shares | $1,000.00 | $904.30 | $5.86 | $1,019.05 | $6.21 | 1.22% |
Investor Class Shares 3, 4 | $1,000.00 | $926.50 | $2.56 | $1,006.25 | $2.66 | 1.49% |
Class C Shares 3, 5 | $1,000.00 | $925.10 | $3.84 | $1,004.91 | $4.00 | 2.24% |
Class I Shares | $1,000.00 | $905.90 | $4.56 | $1,020.42 | $4.84 | 0.95% |
Class P Shares 3, 6 | $1,000.00 | $927.30 | $1.46 | $1,007.39 | $1.52 | 0.85% |
Class R1 Shares 3, 7 | $1,000.00 | $926.70 | $1.80 | $1,007.03 | $1.88 | 1.05% |
Class R2 Shares 3, 8 | $1,000.00 | $926.70 | $2.23 | $1,006.59 | $2.32 | 1.30% |
Class R3 Shares 3, 9 | $1,000.00 | $926.00 | $2.66 | $1,006.14 | $2.77 | 1.55% |
Class R6 Shares | $1,000.00 | $906.10 | $3.75 | $1,021.27 | $3.97 | 0.78% |
1. | Expenses are equal to the Fund’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 184 (to reflect the six-month period) and 65 days for Investor Class, Class C, Class P, Class R1, Class R2 and Class R3 (to reflect the since-inception 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. |
3. | The inception date of the class was August 28, 2023. |
4. | Expenses paid during the period reflect ongoing costs for the period from inception through October 31, 2023. Had these shares been offered for the full six-month period ended October 31, 2023, and had the Fund provided a hypothetical 5% annualized return, expenses paid during the period would have been $7.58 for Investor Class shares and the ending account value would have been $1,017.69 for Investor Class shares. |
5. | Expenses paid during the period reflect ongoing costs for the period from inception through October 31, 2023. Had these shares been offered for the full six-month period ended October 31, 2023, and had the Fund provided a hypothetical 5% annualized return, expenses paid during the period would have been $11.37 for Class C shares and the ending account value would have been $1,013.91 for Class C shares. |
6. | Expenses paid during the period reflect ongoing costs for the period from inception through October 31, 2023. Had these shares been offered for the full six-month period ended October 31, 2023, and had the Fund provided a hypothetical 5% annualized return, expenses paid during the period would have been $4.33 for Class P shares and the ending account value would have been $1,020.92 for Class P shares. |
7. | Expenses paid during the period reflect ongoing costs for the period from inception through October 31, 2023. Had these shares been offered for the full six-month period ended October 31, 2023, and had the Fund provided a hypothetical 5% annualized return, expenses paid during the period would have been $5.35 for Class R1 shares and the ending account value would have been $1,019.91 for Class R1 shares. |
8. | Expenses paid during the period reflect ongoing costs for the period from inception through October 31, 2023. Had these shares been offered for the full six-month period ended October 31, 2023, and had the Fund provided a hypothetical 5% annualized return, expenses paid during the period would have been $6.61 for Class R2 shares and the ending account value would have been $1,018.65 for Class R2 shares. |
9. | Expenses paid during the period reflect ongoing costs for the period from inception through October 31, 2023. Had these shares been offered for the full six-month period ended October 31, 2023, and had the Fund provided a hypothetical 5% annualized return, expenses paid during the period would have been $7.88 for Class R3 shares and the ending account value would have been $1,017.39 for Class R3 shares. |
8 | MainStay PineStone International Equity Fund |
United Kingdom | 24.6% |
France | 16.8 |
United States | 13.4 |
Switzerland | 10.5 |
Japan | 7.7 |
Denmark | 7.4 |
Taiwan | 5.4 |
Germany | 4.2 |
Netherlands | 3.3% |
Canada | 3.1 |
India | 2.1 |
Australia | 1.8 |
Other Assets, Less Liabilities | –0.3 |
100.0% |
1. | Novo Nordisk A/S, Class B |
2. | Nestle SA (Registered) |
3. | Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR |
4. | London Stock Exchange Group plc |
5. | LVMH Moet Hennessy Louis Vuitton SE |
6. | EssilorLuxottica SA |
7. | Diageo plc |
8. | InterContinental Hotels Group plc |
9. | Keyence Corp. |
10. | ASML Holding NV |
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 PineStone International Equity Fund |
Shares | Value | |
Common Stocks 99.7% | ||
Australia 1.8% | ||
Commonwealth Bank of Australia (Banks) | 104,864 | $ 6,423,217 |
Canada 3.1% | ||
Canadian National Railway Co. (Ground Transportation) | 104,509 | 11,054,962 |
Denmark 7.4% | ||
Novo Nordisk A/S, Class B (Pharmaceuticals) | 273,480 | 26,247,877 |
France 16.8% | ||
Air Liquide SA (Chemicals) | 66,697 | 11,410,097 |
Air Liquide SA, Loyalty Shares (Chemicals) | 18,480 | 3,161,440 |
EssilorLuxottica SA (Health Care Equipment & Supplies) | 81,046 | 14,633,194 |
L'Oreal SA (Personal Care Products) | 19,348 | 8,110,030 |
L'Oreal SA, Loyalty Shares (Personal Care Products) | 14,382 | 6,028,450 |
LVMH Moet Hennessy Louis Vuitton SE (Textiles, Apparel & Luxury Goods) | 23,202 | 16,558,999 |
59,902,210 | ||
Germany 4.2% | ||
Rational AG (Machinery) | 8,240 | 4,686,325 |
SAP SE (Software) | 77,910 | 10,448,011 |
15,134,336 | ||
India 2.1% | ||
HDFC Bank Ltd., ADR (Banks) | 129,718 | 7,335,553 |
Japan 7.7% | ||
Keyence Corp. (Electronic Equipment, Instruments & Components) | 34,020 | 13,051,381 |
Shimano, Inc. (Leisure Products) | 57,221 | 8,137,217 |
Unicharm Corp. (Household Products) | 187,411 | 6,331,728 |
27,520,326 | ||
Netherlands 3.3% | ||
ASML Holding NV (Semiconductors & Semiconductor Equipment) | 19,785 | 11,834,278 |
Switzerland 10.5% | ||
Alcon, Inc. (Health Care Equipment & Supplies) | 141,534 | 10,085,455 |
Cie Financiere Richemont SA (Registered) (Textiles, Apparel & Luxury Goods) | 94,265 | 11,077,808 |
Shares | Value | ||
Switzerland (continued) | |||
Geberit AG (Registered) (Building Products) | 16,083 | $ 7,457,604 | |
Schindler Holding AG (Machinery) | 44,132 | 8,888,015 | |
37,508,882 | |||
Taiwan 5.4% | |||
Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR (Semiconductors & Semiconductor Equipment) | 224,234 | 19,353,636 | |
United Kingdom 24.6% | |||
Ashtead Group plc (Trading Companies & Distributors) | 124,314 | 7,107,624 | |
Bunzl plc (Trading Companies & Distributors) | 216,728 | 7,723,534 | |
Diageo plc (Beverages) | 368,911 | 13,931,567 | |
Howden Joinery Group plc (Trading Companies & Distributors) | 1,010,913 | 7,834,282 | |
InterContinental Hotels Group plc (Hotels, Restaurants & Leisure) | 192,582 | 13,599,687 | |
Intertek Group plc (Professional Services) | 143,010 | 6,645,196 | |
London Stock Exchange Group plc (Capital Markets) | 171,080 | 17,217,364 | |
Spirax-Sarco Engineering plc (Machinery) | 70,541 | 7,023,744 | |
Unilever plc (Personal Care Products) | 138,692 | 6,551,654 | |
87,634,652 | |||
United States 12.8% | |||
Aon plc, Class A (Insurance) | 23,587 | 7,297,818 | |
Nestle SA (Registered) (Food Products) | 194,816 | 21,001,107 | |
Roche Holding AG (Pharmaceuticals) | 23,776 | 6,112,260 | |
S&P Global, Inc. (Capital Markets) | 32,183 | 11,241,844 | |
45,653,029 | |||
Total Common Stocks (Cost $328,846,721) | 355,602,958 | ||
Short-Term Investment 0.6% | |||
Affiliated Investment Company 0.6% | |||
United States 0.6% | |||
MainStay U.S. Government Liquidity Fund, 5.275% (a) | 1,961,335 | 1,961,335 | |
Total Short-Term Investment (Cost $1,961,335) | 1,961,335 | ||
Total Investments (Cost $330,808,056) | 100.3% | 357,564,293 | |
Other Assets, Less Liabilities | (0.3) | (920,858) | |
Net Assets | 100.0% | $ 356,643,435 |
12 | MainStay PineStone International Equity Fund |
† | Percentages indicated are based on Fund net assets. |
^ | Industry and country classifications may be different than those used for compliance monitoring purposes. |
(a) | Current yield as of October 31, 2023. |
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 | $ — | $ 23,774 | $ (21,813) | $ — | $ — | $ 1,961 | $ 22 | $ — | 1,961 |
Abbreviation(s): |
ADR—American Depositary Receipt |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Common Stocks | $ 355,602,958 | $ — | $ — | $ 355,602,958 | |||
Short-Term Investment | |||||||
Affiliated Investment Company | 1,961,335 | — | — | 1,961,335 | |||
Total Investments in Securities | $ 357,564,293 | $ — | $ — | $ 357,564,293 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
Value | Percent | ||
Banks | $ 13,758,770 | 3.9% | |
Beverages | 13,931,567 | 3.9 | |
Building Products | 7,457,604 | 2.1 | |
Capital Markets | 28,459,208 | 8.0 | |
Chemicals | 14,571,537 | 4.1 | |
Electronic Equipment, Instruments & Components | 13,051,381 | 3.7 | |
Food Products | 21,001,107 | 5.9 | |
Ground Transportation | 11,054,962 | 3.1 | |
Health Care Equipment & Supplies | 24,718,649 | 6.9 | |
Hotels, Restaurants & Leisure | 13,599,687 | 3.8 | |
Household Products | 6,331,728 | 1.8 | |
Insurance | 7,297,818 | 2.0 | |
Leisure Products | 8,137,217 | 2.3 | |
Machinery | 20,598,084 | 5.8 | |
Personal Care Products | 20,690,134 | 5.8 | |
Pharmaceuticals | 32,360,137 | 9.1 | |
Professional Services | 6,645,196 | 1.9 | |
Semiconductors & Semiconductor Equipment | 31,187,914 | 8.7 | |
Software | 10,448,011 | 2.9 | |
Textiles, Apparel & Luxury Goods | 27,636,807 | 7.7 | |
Trading Companies & Distributors | 22,665,440 | 6.3 | |
355,602,958 | 99.7 | ||
Short-Term Investment | 1,961,335 | 0.6 | |
Other Assets, Less Liabilities | (920,858) | (0.3) | |
Net Assets | $356,643,435 | 100.0% |
† | Percentages indicated are based on Fund net assets. |
^ | Industry and country classifications may be different than those used for compliance monitoring purposes. |
14 | MainStay PineStone International Equity Fund |
Assets | |
Investment in unaffiliated securities, at value (identified cost $328,846,721) | $355,602,958 |
Investment in affiliated investment companies, at value (identified cost $1,961,335) | 1,961,335 |
Due from Prior Custodian | 264,879 |
Receivables: | |
Dividends | 1,634,368 |
Fund shares sold | 35,293 |
Other assets | 82,856 |
Total assets | 359,581,689 |
Liabilities | |
Due to custodian | 1,431 |
Foreign currency due to custodian, at value | 166,794 |
Payables: | |
Fund shares redeemed | 1,712,875 |
Investment securities purchased | 670,413 |
Manager (See Note 3) | 202,825 |
Transfer agent (See Note 3) | 94,316 |
Professional fees | 61,829 |
NYLIFE Distributors (See Note 3) | 16,736 |
Custodian | 10,313 |
Trustees | 254 |
Accrued expenses | 468 |
Total liabilities | 2,938,254 |
Net assets | $356,643,435 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 26,346 |
Additional paid-in-capital | 359,251,977 |
359,278,323 | |
Total distributable earnings (loss) | (2,634,888) |
Net assets | $356,643,435 |
Class A | |
Net assets applicable to outstanding shares | $ 56,733,145 |
Shares of beneficial interest outstanding | 4,203,722 |
Net asset value per share outstanding | $ 13.50 |
Maximum sales charge (5.50% of offering price) | 0.79 |
Maximum offering price per share outstanding | $ 14.29 |
Investor Class | |
Net assets applicable to outstanding shares | $ 12,659,670 |
Shares of beneficial interest outstanding | 938,412 |
Net asset value per share outstanding | $ 13.49 |
Maximum sales charge (5.00% of offering price) | 0.71 |
Maximum offering price per share outstanding | $ 14.20 |
Class C | |
Net assets applicable to outstanding shares | $ 738,569 |
Shares of beneficial interest outstanding | 54,822 |
Net asset value and offering price per share outstanding | $ 13.47 |
Class I | |
Net assets applicable to outstanding shares | $190,763,826 |
Shares of beneficial interest outstanding | 14,102,385 |
Net asset value and offering price per share outstanding | $ 13.53 |
Class P | |
Net assets applicable to outstanding shares | $ 23,187 |
Shares of beneficial interest outstanding | 1,714 |
Net asset value and offering price per share outstanding | $ 13.53 |
Class R1 | |
Net assets applicable to outstanding shares | $ 131,752 |
Shares of beneficial interest outstanding | 9,743 |
Net asset value and offering price per share outstanding | $ 13.52 |
Class R2 | |
Net assets applicable to outstanding shares | $ 169,749 |
Shares of beneficial interest outstanding | 12,559 |
Net asset value and offering price per share outstanding | $ 13.52 |
Class R3 | |
Net assets applicable to outstanding shares | $ 627,353 |
Shares of beneficial interest outstanding | 46,429 |
Net asset value and offering price per share outstanding | $ 13.51 |
Class R6 | |
Net assets applicable to outstanding shares | $ 94,796,184 |
Shares of beneficial interest outstanding | 6,976,251 |
Net asset value and offering price per share outstanding | $ 13.59 |
Period April 1, 2023 through October 31, 2023(a) | Year Ended March 31, 2023 | |
Investment Income (Loss) | ||
Income | ||
Dividends-unaffiliated (net of foreign tax withholding of $374,988, $409,516 respectively) | $ 3,153,433 | $ 3,837,046 |
Dividends-affiliated | 22,428 | — |
Total income | 3,175,861 | 3,837,046 |
Expenses | ||
Investment advisory (See Note 3) | 1,336,475 | 1,756,691 |
Fund accounting and administration | 64,990 | 145,407 |
12b-1—Class A (See Note 3) | 28,298 | — |
12b-1—Investor Class (See Note 3) | 4,757 | 8,523 |
12b-1—Class C (See Note 3) | 1,125 | — |
12b-1—Class R2 (See Note 3) | 67 | — |
12b-1—Class R3 (See Note 3) | 555 | — |
Transfer agent (See Note 3) | 123,402 | 94,739 |
Registration | 47,964 | 55,908 |
Audit and tax | 30,802 | 36,400 |
Custodian | 6,648 | 18,874 |
Trustees | 22,252 | 50,000 |
Shareholder service (See Note 3) | 257,745 | 548,966 |
Chief compliance officer | 8,435 | 21,000 |
Legal | 19,717 | 49,291 |
Licensing | 6,094 | 30,691 |
Miscellaneous | 30,714 | 51,534 |
Total expenses before waiver/reimbursement | 1,990,040 | 2,868,024 |
Expense waiver of fees and reimbursement of expenses (See Note 3) | (402,448) | (735,852) |
Net expenses | 1,587,592 | 2,132,172 |
Net investment income (loss) | 1,588,269 | 1,704,874 |
Period April 1, 2023 through October 31, 2023(a) | Year Ended March 31, 2023 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Unaffiliated investment transactions | $ 2,065,033 | $(4,376,112) |
Foreign currency transactions | (3,210) | (43,460) |
Net realized gain (loss) | 2,061,823 | (4,419,572) |
Net change in unrealized appreciation (depreciation) on: | ||
Unaffiliated investments | (29,966,844) | (1,720,301) |
Translation of other assets and liabilities in foreign currencies | (42,719) | (1,177) |
Net change in unrealized appreciation (depreciation) | (30,009,563) | (1,721,478) |
Net realized and unrealized gain (loss) | (27,947,740) | (6,141,050) |
Net increase (decrease) in net assets resulting from operations | $(26,359,471) | $(4,436,176) |
(a) | The Fund changed its fiscal year end from March 31 to October 31. |
16 | MainStay PineStone International Equity Fund |
for the period April 1, 2023 through October 31, 2023 and the years ended March 31, 2023 and and March 31, 2022
Period April 1, 2023 through October 31, 2023(a) | Year Ended March 31, 2023 | Year Ended March 31, 2022 | |
Increase (Decrease) in Net Assets | |||
Operations: | |||
Net investment income (loss) | $ 1,588,269 | $ 1,704,874 | $ 1,382,909 |
Net realized gain (loss) | 2,061,823 | (4,419,572) | (47,869) |
Net change in unrealized appreciation (depreciation) | (30,009,563) | (1,721,478) | 6,991,827 |
Net increase (decrease) in net assets resulting from operations | (26,359,471) | (4,436,176) | 8,326,867 |
Distributions to shareholders: | |||
Class A | (5,619) | (26,566) | (6,405) |
Class I | (347,096) | (1,392,547) | (1,297,837) |
Class R6 | (101,817) | (371,742) | (357,311) |
Total distributions to shareholders | (454,532) | (1,790,855) | (1,661,553) |
Capital share transactions: | |||
Net proceeds from sales of shares | 38,109,004 | 48,942,377 | 64,126,804 |
Net asset value of shares issued in connection with the acquisition of MainStay MacKay International Equity Fund | 131,906,581 | — | — |
Net asset value of shares issued to shareholders in reinvestment of distributions | 418,920 | 1,710,586 | 1,475,910 |
Cost of shares redeemed | (28,443,427) | (66,334,154) | (12,059,117) |
Increase (decrease) in net assets derived from capital share transactions | 141,991,078 | (15,681,191) | 53,543,597 |
Net increase (decrease) in net assets | 115,177,075 | (21,908,222) | 60,208,911 |
Period April 1, 2023 through October 31, 2023(a) | Year Ended March 31, 2023 | Year Ended March 31, 2022 | |
Net Assets | |||
Beginning of period | $241,466,360 | $263,374,582 | $203,165,671 |
End of period | $356,643,435 | $241,466,360 | $263,374,582 |
(a) | The Fund changed its fiscal year end from March 31 to October 31. |
April 1, 2023 through October 31, | Year Ended March 31, | ||||||||||
Class A | 2023 #(a) | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Net asset value at beginning of period | $ 14.51 | $ 14.70 | $ 14.06 | $ 9.92 | $ 10.48 | $ 10.24 | |||||
Net investment income (loss) (b) | 0.02 | 0.07 | 0.04 | 0.03 | 0.05 | 0.08 | |||||
Net realized and unrealized gain (loss) | (1.02) | (0.16) | 0.65 | 4.37 | (0.50) | 0.26 | |||||
Total from investment operations | (1.00) | (0.09) | 0.69 | 4.40 | (0.45) | 0.34 | |||||
Less distributions: | |||||||||||
From net investment income | (0.01) | (0.10) | (0.03) | (0.04) | (0.08) | (0.08) | |||||
From net realized gain on investments | — | — | (0.02) | (0.22) | (0.03) | (0.02) | |||||
Total distributions | (0.01) | (0.10) | (0.05) | (0.26) | (0.11) | (0.10) | |||||
Net asset value at end of period | $ 13.50 | $ 14.51 | $ 14.70 | $ 14.06 | $ 9.92 | $ 10.48 | |||||
Total investment return | (6.89)%(c) | (0.57)% (d)(e) | 4.91% (d)(e) | 44.38% (d)(e) | (4.48)% (d)(e) | 3.51% (d)(e) | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 0.25%†† | 0.50% (f)(g) | 0.27% (f)(g) | 0.19% (f)(g) | 0.44% (f)(g) | 0.83% (f)(g) | |||||
Net expenses | 1.21%††(h) | 1.25% (f)(g) | 1.25% (f)(g) | 1.25% (f)(g) | 1.25% (f)(g) | 1.25% (f)(g) | |||||
Expenses (before waiver/reimbursement) | 1.36%††(h) | 1.55%(g) | 1.49%(g) | 1.55%(g) | 1.56%(g) | 1.73%(g) | |||||
Portfolio turnover rate | 12% | 11%(e) | 2%(e) | 12%(e) | 8%(e) | 38%(e) | |||||
Net assets at end of period (in 000's) | $ 56,733 | $ 5,162 | $ 2,260 | $ 1,516 | $ 324 | $ 94 |
# | The Fund changed its fiscal year end from March 31 to October 31. |
†† | Annualized. |
(a) | Beginning with the period ended October 31, 2023, the Fund was audited by KPMG LLP. The previous years were audited by another independent registered public accounting firm. |
(b) | Per share data based on average shares outstanding during the period. |
(c) | 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. |
(d) | Based on net asset value as of end of period date. |
(e) | Not annualized for periods less than one year. |
(f) | The contractual and voluntary expense waivers pursuant to Note 3 of the financial statements are reflected in both the net expense and net investment income (loss) ratios. |
(g) | Annualized, with the exception of non-recurring organizational costs. |
(h) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
August 28, 2023^ through October 31, | |
Investor Class | 2023 |
Net asset value at beginning of period | $ 14.71 |
Net investment income (loss) (a) | (0.01) |
Net realized and unrealized gain (loss) | (1.21) |
Total from investment operations | (1.22) |
Net asset value at end of period | $ 13.49 |
Total investment return (b)(c) | (8.29)% |
Ratios (to average net assets)/Supplemental Data: | |
Net investment income (loss)†† | (0.32)% |
Net expenses††(d) | 1.49% |
Expenses (before waiver/reimbursement)††(d) | 1.61% |
Portfolio turnover rate | 12% |
Net assets at end of period (in 000's) | $ 12,660 |
^ | 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) | 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 PineStone International Equity Fund |
August 28, 2023^ through October 31, | |
Class C | 2023 |
Net asset value at beginning of period | $ 14.71 |
Net investment income (loss) (a) | (0.03) |
Net realized and unrealized gain (loss) | (1.21) |
Total from investment operations | (1.24) |
Net asset value at end of period | $ 13.47 |
Total investment return (b)(c) | (8.43)% |
Ratios (to average net assets)/Supplemental Data: | |
Net investment income (loss)†† | (1.06)% |
Net expenses††(d) | 2.24% |
Expenses (before waiver/reimbursement)††(d) | 2.36% |
Portfolio turnover rate | 12% |
Net assets at end of period (in 000’s) | $ 739 |
^ | 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) | 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. |
April 1, 2023 through October 31, | Year Ended March 31, | ||||||||||
Class I | 2023 #(a) | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Net asset value at beginning of period | $ 14.53 | $ 14.70 | $ 14.06 | $ 9.92 | $ 10.48 | $ 10.25 | |||||
Net investment income (loss) (b) | 0.09 | 0.10 | 0.08 | 0.06 | 0.08 | 0.12 | |||||
Net realized and unrealized gain (loss) | (1.07) | (0.16) | 0.65 | 4.34 | (0.50) | 0.24 | |||||
Total from investment operations | (0.98) | (0.06) | 0.73 | 4.40 | (0.42) | 0.36 | |||||
Less distributions: | |||||||||||
From net investment income | (0.02) | (0.11) | (0.07) | (0.04) | (0.11) | (0.10) | |||||
From net realized gain on investments | — | — | (0.02) | (0.22) | (0.03) | (0.03) | |||||
Total distributions | (0.02) | (0.11) | (0.09) | (0.26) | (0.14) | (0.13) | |||||
Net asset value at end of period | $ 13.53 | $ 14.53 | $ 14.70 | $ 14.06 | $ 9.92 | $ 10.48 | |||||
Total investment return | (6.73)%(c) | (0.33)% (d)(e) | 5.16% (d)(e) | 44.43% (d)(e) | (4.23)% (d)(e) | 3.72% (d)(e) | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 1.03%†† | 0.75% (f)(g) | 0.52% (f)(g) | 0.44% (f)(g) | 0.69% (f)(g) | 1.21% (f)(g) | |||||
Net expenses | 0.95%††(h) | 1.00% (f)(g) | 1.00% (f)(g) | 1.00% (f)(g) | 1.00% (f)(g) | 1.00% (f)(g) | |||||
Expenses (before waiver/reimbursement) | 1.19%††(h) | 1.30%(g) | 1.24%(g) | 1.30%(g) | 1.31%(g) | 1.48%(g) | |||||
Portfolio turnover rate | 12% | 11%(e) | 2%(e) | 12%(e) | 8%(e) | 38%(e) | |||||
Net assets at end of period (in 000's) | $ 190,764 | $ 196,962 | $ 217,664 | $ 160,421 | $ 79,543 | $ 45,193 |
# | The Fund changed its fiscal year end from March 31 to October 31. |
†† | Annualized. |
(a) | Beginning with the period ended October 31, 2023, the Fund was audited by KPMG LLP. The previous years were audited by another independent registered public accounting firm. |
(b) | Per share data based on average shares outstanding during the period. |
(c) | 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. |
(d) | Based on net asset value as of end of period date. |
(e) | Not annualized for periods less than one year. |
(f) | The contractual and voluntary expense waivers pursuant to Note 3 of the financial statements are reflected in both the net expense and net investment income (loss) ratios. |
(g) | Annualized, with the exception of non-recurring organizational costs. |
(h) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share 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 PineStone International Equity Fund |
August 28, 2023^ through October 31, | |
Class P | 2023 |
Net asset value at beginning of period | $ 14.73 |
Net investment income (loss) (a) | 0.01 |
Net realized and unrealized gain (loss) | (1.21) |
Total from investment operations | (1.20) |
Net asset value at end of period | $ 13.53 |
Total investment return (b)(c) | (8.15)% |
Ratios (to average net assets)/Supplemental Data: | |
Net investment income (loss)†† | 0.33% |
Net expenses††(d) | 0.85% |
Expenses (before waiver/reimbursement)††(d) | 0.91% |
Portfolio turnover rate | 12% |
Net assets at end of period (in 000’s) | $ 23 |
^ | 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 P shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
August 28, 2023^ through October 31, | |
Class R1 | 2023 |
Net asset value at beginning of period | $ 14.73 |
Net investment income (loss) (a) | 0.00‡ |
Net realized and unrealized gain (loss) | (1.21) |
Total from investment operations | (1.21) |
Net asset value at end of period | $ 13.52 |
Total investment return (b)(c) | (8.21)% |
Ratios (to average net assets)/Supplemental Data: | |
Net investment income (loss)†† | 0.08% |
Net expenses††(d) | 1.05% |
Expenses (before waiver/reimbursement)††(d) | 1.12% |
Portfolio turnover rate | 12% |
Net assets at end of period (in 000’s) | $ 132 |
^ | Inception date. |
‡ | Less than one cent per share. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R1 shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
August 28, 2023^ through October 31, | |
Class R2 | 2023 |
Net asset value at beginning of period | $ 14.73 |
Net investment income (loss) (a) | (0.01) |
Net realized and unrealized gain (loss) | (1.20) |
Total from investment operations | (1.21) |
Net asset value at end of period | $ 13.52 |
Total investment return (b)(c) | (8.21)% |
Ratios (to average net assets)/Supplemental Data: | |
Net investment income (loss)†† | (0.22)% |
Net expenses††(d) | 1.30% |
Expenses (before waiver/reimbursement)††(d) | 1.31% |
Portfolio turnover rate | 12% |
Net assets at end of period (in 000’s) | $ 170 |
^ | Inception date. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R2 shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | 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. |
August 28, 2023^ through October 31, | |
Class R3 | 2023 |
Net asset value at beginning of period | $ 14.73 |
Net investment income (loss) (a) | (0.01) |
Net realized and unrealized gain (loss) | (1.21) |
Total from investment operations | (1.22) |
Net asset value at end of period | $ 13.51 |
Total investment return (b)(c) | (8.28)% |
Ratios (to average net assets)/Supplemental Data: | |
Net investment income (loss)†† | (0.38)% |
Net expenses††(d) | 1.55% |
Expenses (before waiver/reimbursement)††(d) | 1.67% |
Portfolio turnover rate | 12% |
Net assets at end of period (in 000’s) | $ 627 |
^ | 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 R3 shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
22 | MainStay PineStone International Equity Fund |
April 1, 2023 through October 31, | Year Ended March 31, | ||||||||||
Class R6 | 2023 #(a) | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Net asset value at beginning of period | $ 14.60 | $ 14.77 | $ 14.12 | $ 9.96 | $ 10.52 | $ 10.26 | |||||
Net investment income (loss) (b) | 0.08 | 0.13 | 0.11 | 0.08 | 0.10 | 0.13 | |||||
Net realized and unrealized gain (loss) | (1.05) | (0.16) | 0.66 | 4.36 | (0.51) | 0.26 | |||||
Total from investment operations | (0.97) | (0.03) | 0.77 | 4.44 | (0.41) | 0.39 | |||||
Less distributions: | |||||||||||
From net investment income | (0.04) | (0.14) | (0.10) | (0.06) | (0.12) | (0.10) | |||||
From net realized gain on investments | — | — | (0.02) | (0.22) | (0.03) | (0.03) | |||||
Total distributions | (0.04) | (0.14) | (0.12) | (0.28) | (0.15) | (0.13) | |||||
Net asset value at end of period | $ 13.59 | $ 14.60 | $ 14.77 | $ 14.12 | $ 9.96 | $ 10.52 | |||||
Total investment return | (6.66)%(c) | (0.10)% (d)(e) | 5.39% (d)(e) | 44.65% (d)(e) | (4.07)% (d)(e) | 4.02% (d)(e) | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 0.98%†† | 0.95% (f)(g) | 0.72% (f)(g) | 0.64% (f)(g) | 0.89% (f)(g) | 1.23% (f)(g) | |||||
Net expenses | 0.80%††(h) | 0.80% (f)(g) | 0.80% (f)(g) | 0.80% (f)(g) | 0.80% (f)(g) | 0.80% (f)(g) | |||||
Expenses (before waiver/reimbursement) | 1.09%††(h) | 1.30%(g) | 1.24%(g) | 1.30%(g) | 1.31%(g) | 1.48%(g) | |||||
Portfolio turnover rate | 12% | 11%(e) | 2%(e) | 12%(e) | 8%(e) | 38%(e) | |||||
Net assets at end of period (in 000's) | $ 94,796 | $ 39,343 | $ 43,451 | $ 41,229 | $ 45,405 | $ 57,026 |
# | The Fund changed its fiscal year end from March 31 to October 31. |
†† | Annualized. |
(a) | Beginning with the period ended October 31, 2023, the Fund was audited by KPMG LLP. The previous years were audited by another independent registered public accounting firm. |
(b) | Per share data based on average shares outstanding during the period. |
(c) | 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. |
(d) | Based on net asset value as of end of period date. |
(e) | Not annualized for periods less than one year. |
(f) | The contractual and voluntary expense waivers pursuant to Note 3 of the financial statements are reflected in both the net expense and net investment income (loss) ratios. |
(g) | Annualized, with the exception of non-recurring organizational costs. |
(h) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share 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 | September 29, 2017 |
Investor Class | August 28, 2023 |
Class C | August 28, 2023 |
Class I | September 29, 2017 |
Class P | August 28, 2023 |
Class R1* | August 28, 2023 |
Class R2* | August 28, 2023 |
Class R3* | August 28, 2023 |
Class R6 | September 29, 2017 |
* | As of October 31, 2023, Class R1, Class R2 and Class R3 shares are closed to new investors and, upon the close of business on December 29, 2023, Class R1, Class R2 and Class R3 shares are closed to additional investments by existing shareholders. |
24 | MainStay PineStone International Equity Fund |
• | Level 1—quoted prices (unadjusted) in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Fund's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• Broker/dealer quotes | • Benchmark securities |
• Two-sided markets | • Reference data (corporate actions or material event notices) |
• Bids/offers | • Monthly payment information |
• Industry and economic events | • Reported trades |
26 | MainStay PineStone International Equity Fund |
28 | MainStay PineStone International Equity Fund |
August 26 through October 31, 2023 | April 1, 2023 through August 25, 2023 | Year Ended March 31, 2023 | |||
Expense | Expense | Waiver | Expense | Waiver | |
Class A | $ — | $ 6,709 | $ (1,342) | $ 8,523 | $ (1,705) |
Class I | — | 211,420 | (42,284) | 451,416 | (91,276) |
Class R1 | 20 | — | — | — | — |
Class R2 | 27 | — | — | — | — |
Class R3 | 111 | — | — | — | — |
Class R6 | — | 39,458 | (39,458) | 89,027 | (89,027) |
The Fund's Class A, Class I and Class R6 shares are historically the Investor Class, Institutional Class and Class Z shares of the Predecessor Fund. | |||||
Class | Expense | Waived |
Class A | $13,817 | $ — |
Investor Class | 8,943 | (872) |
Class C | 529 | (54) |
Class I | 62,244 | — |
Class P | — | — |
Class R1 | 33 | — |
Class R2 | 43 | — |
Class R3 | 177 | — |
Class R6 | 572 | — |
Class | Expense | Waived |
Class A | $ 967 | $— |
Class I | 30,406 | — |
Class R6 | 5,671 | — |
Investor Class | $23,160 | 0.2% |
Class C | 23,126 | 3.1 |
Class P | 23,187 | 100.0 |
Class R1 | 23,173 | 17.6 |
Class R2 | 23,173 | 13.7 |
Class R3 | 23,156 | 3.7 |
Class R6 | 26,054 | 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 | $333,300,657 | $32,740,111 | $(8,476,475) | $24,263,636 |
Ordinary Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$1,584,807 | $(28,450,965) | $— | $24,231,270 | $(2,634,888) |
Total Distributable Earnings (Loss) | Additional Paid-In Capital | |
$(27,426,033) | $27,426,033 |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $27,493 | $958 |
30 | MainStay PineStone International Equity Fund |
2023 (a) | 2023 | 2022 | |
Distributions paid from: | |||
Ordinary Income | $454,532 | $1,790,855 | $1,269,274 |
Long-Term Capital Gains | — | — | 392,279 |
Total | $454,532 | $1,790,855 | $1,661,553 |
(a) | The Fund changed its fiscal year end from March 31 to October 31. |
Class A(a) | Shares | Amount |
Period ended October 31, 2023:(b) | ||
Shares sold | 388,513 | $ 5,588,183 |
Shares issued in connection with the acquisition of MainStay MacKay Fund International Equity Fund | 3,580,911 | 51,702,622 |
Shares issued to shareholders in reinvestment of distributions | 380 | 5,610 |
Shares redeemed | (129,124) | (1,822,996) |
Net increase (decrease) in shares outstanding before conversion | 3,840,680 | 55,473,419 |
Shares converted into Class A (See Note 1) | 7,220 | 100,056 |
Net increase (decrease) | 3,847,900 | $ 55,573,475 |
Year ended March 31, 2023: | ||
Shares sold | 299,422 | $ 4,026,503 |
Shares issued to shareholders in reinvestment of distributions | 2,036 | 26,553 |
Shares redeemed | (99,359) | (1,322,961) |
Net increase (decrease) | 202,099 | $ 2,730,095 |
Year ended March 31, 2022: | ||
Shares sold | 58,499 | $ 870,828 |
Shares issued to shareholders in reinvestment of distributions | 394 | 6,404 |
Shares redeemed | (13,017) | (201,352) |
Net increase (decrease) | 45,876 | $ 675,880 |
Investor Class(c) | Shares | Amount |
Period ended October 31, 2023: | ||
Shares sold | 7,729 | $ 109,898 |
Shares issued in connection with the acquisition of MainStay MacKay Fund International Equity Fund | 948,409 | 13,693,891 |
Shares redeemed | (11,837) | (164,520) |
Net increase (decrease) in shares outstanding before conversion | 944,301 | 13,639,269 |
Shares converted into Investor Class (See Note 1) | 980 | 14,087 |
Shares converted from Investor Class (See Note 1) | (6,869) | (94,988) |
Net increase (decrease) | 938,412 | $ 13,558,368 |
Class C(c) | Shares | Amount |
Period ended October 31, 2023: | ||
Shares sold | 2,005 | $ 28,980 |
Shares issued in connection with the acquisition of MainStay MacKay Fund International Equity Fund | 55,843 | 806,110 |
Shares redeemed | (1,690) | (23,215) |
Net increase (decrease) in shares outstanding before conversion | 56,158 | 811,875 |
Shares converted from Class C (See Note 1) | (1,336) | (19,155) |
Net increase (decrease) | 54,822 | $ 792,720 |
Class I(d) | Shares | Amount |
Period ended October 31, 2023:(b) | ||
Shares sold | 1,778,011 | $ 26,269,529 |
Shares issued in connection with the acquisition of MainStay MacKay Fund International Equity Fund | 1,074,843 | 15,546,857 |
Shares issued to shareholders in reinvestment of distributions | 21,090 | 311,493 |
Shares redeemed | (1,646,610) | (23,274,878) |
Net increase (decrease) in shares outstanding before conversion | 1,227,334 | 18,853,001 |
Shares converted from Class I (See Note 1) | (681,617) | (9,283,620) |
Net increase (decrease) | 545,717 | $ 9,569,381 |
Year ended March 31, 2023: | ||
Shares sold | 3,340,494 | $ 44,915,874 |
Shares issued to shareholders in reinvestment of distributions | 100,559 | 1,312,291 |
Shares redeemed | (4,691,151) | (61,011,193) |
Net increase (decrease) | (1,250,098) | $(14,783,028) |
Year ended March 31, 2022: | ||
Shares sold | 4,107,023 | $ 63,255,976 |
Shares issued to shareholders in reinvestment of distributions | 68,401 | 1,112,195 |
Shares redeemed | (779,689) | (11,857,765) |
Net increase (decrease) | 3,395,735 | $ 52,510,406 |
Class P(c) | Shares | Amount |
Period ended October 31, 2023: | ||
Shares sold | 1,714 | $ 25,000 |
Net increase (decrease) | 1,714 | $ 25,000 |
Class R1(c) | Shares | Amount |
Period ended October 31, 2023: | ||
Shares sold | 1,860 | $ 27,027 |
Shares issued in connection with the acquisition of MainStay MacKay Fund International Equity Fund | 7,884 | 114,043 |
Shares redeemed | (1) | (9) |
Net increase (decrease) | 9,743 | $ 141,061 |
Class R2(c) | Shares | Amount |
Period ended October 31, 2023: | ||
Shares sold | 1,799 | $ 26,181 |
Shares issued in connection with the acquisition of MainStay MacKay Fund International Equity Fund | 11,467 | 165,862 |
Shares redeemed | (707) | (9,677) |
Net increase (decrease) | 12,559 | $ 182,366 |
Class R3(c) | Shares | Amount |
Period ended October 31, 2023: | ||
Shares sold | 3,194 | $ 45,850 |
Shares issued in connection with the acquisition of MainStay MacKay Fund International Equity Fund | 52,160 | 754,368 |
Shares redeemed | (8,925) | (120,815) |
Net increase (decrease) | 46,429 | $ 679,403 |
32 | MainStay PineStone International Equity Fund |
Class R6(e) | Shares | Amount |
Period ended October 31, 2023:(b) | ||
Shares sold | 416,586 | $ 5,988,356 |
Shares issued in connection with the acquisition of MainStay MacKay Fund International Equity Fund | 3,381,136 | 49,122,828 |
Shares issued to shareholders in reinvestment of distributions | 6,861 | 101,817 |
Shares redeemed | (201,568) | (3,027,317) |
Net increase (decrease) in shares outstanding before conversion | 3,603,015 | 52,185,684 |
Shares converted into Class R6 (See Note 1) | 678,131 | 9,283,620 |
Net increase (decrease) | 4,281,146 | $ 61,469,304 |
Year ended March 31, 2023: | ||
Shares issued to shareholders in reinvestment of distributions | 28,377 | $ 371,742 |
Shares redeemed | (274,348) | (4,000,000) |
Net increase (decrease) | (245,971) | $ (3,628,258) |
Year ended March 31, 2022: | ||
Shares issued to shareholders in reinvestment of distributions | 21,867 | $ 357,311 |
Net increase (decrease) | 21,867 | $ 357,311 |
(a) | Investor Class converted to Class A on August 25, 2023. |
(b) | The Fund changed its fiscal year end from March 31 to October 31. |
(c) | The inception date of the class was August 28, 2023. |
(d) | Institutional Class converted to Class I on August 25, 2023. |
(e) | Class Z converted to Class R6 on August 25, 2023. |
Before Reorganization | After Reorganization | |||
MainStay MacKay International Equity Fund | MainStay PineStone International Equity Fund | MainStay PineStone International Equity Fund | ||
Net Assets: | ||||
Class A | $ 51,702,622 | $ 7,738,077 | $ 59,440,699 | |
Investor Class | 13,692,939 | 53,291 | 13,728,842 | |
Class B | 952 | — | — (a) | |
Class C | 806,110 | 24,782 | 830,892 | |
Class I | 15,546,857 | 212,809,630 | 228,356,487 | |
Class R1 | 114,043 | 24,793 | 138,836 | |
Class R2 | 165,862 | 24,791 | 190,653 | |
Class R3 | 754,368 | 24,789 | 779,157 | |
Class R6 | 49,122,828 | 36,355,714 | 85,478,542 | |
Class P | — | 24,794 | 24,794 | |
Shares Outstanding: | ||||
Class A | 3,620,911 | 535,938 | 4,116,848 | |
Investor Class | 980,969 | 3,691 | 952,100 | |
Class B | 82 | — | — (a) | |
Class C | 69,816 | 1,717 | 57,560 | |
Class I | 1,077,324 | 14,712,716 | 15,787,559 | |
Class R1 | 7,957 | 1,714 | 9,598 | |
Class R2 | 11,611 | 1,714 | 13,181 | |
Class R3 | 53,971 | 1,714 | 53,874 | |
Class R6 | 3,407,545 | 2,502,365 | 5,883,500 | |
Class P | — | 1,714 | 1,714 | |
Net Asset Value Per Share Outstanding: | ||||
Class A | $ 14.28 | $ 14.44 | $ 14.44 | |
Investor Class | $ 13.96 | $ 14.44 | $ 14.44 | |
Class B | $ 11.61 | $ — | $ — | |
Class C | $ 11.55 | $ 14.44 | $ 14.44 | |
Class I | $ 14.43 | $ 14.46 | $ 14.46 | |
Class R1 | $ 14.33 | $ 14.47 | $ 14.47 | |
Class R2 | $ 14.28 | $ 14.46 | $ 14.46 | |
Class R3 | $ 13.98 | $ 14.46 | $ 14.46 | |
Class R6 | $ 14.42 | $ 14.53 | $ 14.53 | |
Class P | $ — | $ 14.47 | $ 14.47 | |
Total distributable earnings (loss) | $(28,522,925) | $ 51,130,678 | $ 50,037,203 |
(a) | At the time of the Reorganization, Class B shareholders of the MainStay MacKay International Equity Fund received Investor Class shares of the MainStay PineStone International Equity Fund. |
34 | MainStay PineStone International Equity Fund |
Net investment income (loss) | $ 2,843,951 |
Net realized and unrealized gain (loss) | (49,115,069) |
Net change in net assets resulting from operations | $(46,271,118) |
MainStay Fund Trust:
36 | MainStay PineStone International Equity Fund |
38 | MainStay PineStone International Equity Fund |
40 | MainStay PineStone International Equity Fund |
42 | MainStay PineStone International Equity Fund |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
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) |
44 | MainStay PineStone International Equity Fund |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
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. |
46 | MainStay PineStone International Equity 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. |
6092863MS139-23 | MSPIE11-12/23 |
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Period-Ended October 31, 2023 | ||||||||
Class | Sales Charge | Inception Date1 | Seven Months2 | One Year | Five Years | Since Inception | Gross Expense Ratio3 | |
Class A Shares4 | Maximum 5.50% Initial Sales Charge | With sales charges | 4/28/2017 | -2.37% | 10.45% | 10.72% | 10.29% | 2.01% |
Excluding sales charges | -2.37 | 10.45 | 10.72 | 10.29 | 2.01 | |||
Class C Shares | Maximum 1.00% CDSC | With sales charges | 8/28/2023 | N/A | N/A | N/A | -6.78 | 2.85 |
if Redeemed Within One Year of Purchase | Excluding sales charges | N/A | N/A | N/A | -5.84 | 2.85 | ||
Class I Shares4 | 4/28/2017 | -2.19 | 10.77 | 11.02 | 10.57 | 1.76 | ||
Class P Shares | 8/28/2023 | N/A | N/A | N/A | -5.64 | 1.60 | ||
Class R6 Shares | 8/28/2023 | N/A | N/A | N/A | -5.64 | 1.60 |
1. | Effective at the close of business on August 25, 2023, the Fund changed its fiscal and tax year end from March 31 to October 31. |
2. | Not annualized. |
3. | The gross expense ratios presented reflect the Fund’s “Total Annual Fund Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report. |
4. | Effective August 25, 2023, the Fiera Capital Global Equity Fund (the "Predecessor Fund") was reorganized into the Fund. As accounting successor to the Predecessor Fund, the Fund has assumed the Predecessor Fund's historical performance. Performance figures for Class A shares and Class I shares reflect the historical performance of the then-existing Investor Class shares and Institutional Class shares, respectively, of the Predecessor Fund, which was subject to a different fee structure for periods prior to August 28, 2023. The Fund commenced operations on August 28, 2023. |
Benchmark Performance* | Seven Months1 | One Year | Five Years | Since Inception |
MSCI World Index (Net)2 | 0.14% | 10.48% | 8.27% | 7.98% |
Morningstar Global Large-Stock Growth3 | -3.63 | 9.54 | 7.61 | 7.29 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | Not annualized. |
2. | The 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. |
3. | The Morningstar Global Large-Stock Growth Category Average is a representative of funds that invest in a variety of international stocks and typically skew towards large caps that are more expensive or projected to grow faster than other global large-cap stocks. World large stock growth portfolios have few geographical limitations. It is common for these portfolios to invest the majority of their assets in developed markets, with the remainder divided among the globe's emerging markets. These portfolios are not significantly overweight U.S. equity exposure relative to the Morningstar Global Market Index and maintain at least a 20% absolute U.S. exposure. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
6 | MainStay PineStone Global Equity Fund |
Share Class | Beginning Account Value 5/1/23 | Ending Account Value (Based on Actual Returns and Expenses) 10/31/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 10/31/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Class A Shares | $1,000.00 | $957.00 | $5.72 | $1,019.36 | $5.90 | 1.16% |
Class C Shares 3, 4 | $1,000.00 | $941.60 | $3.46 | $1,005.34 | $3.57 | 2.00% |
Class I Shares | $1,000.00 | $958.30 | $4.34 | $1,020.77 | $4.48 | 0.88% |
Class P Shares 4, 5 | $1,000.00 | $943.60 | $1.47 | $1,007.39 | $1.52 | 0.85% |
Class R6 Shares 4, 6 | $1,000.00 | $943.60 | $1.45 | $1,007.41 | $1.50 | 0.84% |
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) and 65 days for Class C, Class P, Class R6 (to reflect the since-inception 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. |
3. | Expenses paid during the period reflect ongoing costs for the period from inception through October 31, 2023. Had these shares been offered for the full six-month period ended October 31, 2023, and had the Fund provided a hypothetical 5% annualized return, expenses paid during the period would have been $10.16 for Class C shares and the ending account value would have been $1,015.12 for Class C shares. |
4. | The inception date of the class was August 28, 2023. |
5. | Expenses paid during the period reflect ongoing costs for the period from inception through October 31, 2023. Had these shares been offered for the full six-month period ended October 31, 2023, and had the Fund provided a hypothetical 5% annualized return, expenses paid during the period would have been $4.33 for Class P shares and the ending account value would have been $1,020.92 for Class P shares. |
6. | Expenses paid during the period reflect ongoing costs for the period from inception through October 31, 2023. Had these shares been offered for the full six-month period ended October 31, 2023, and had the Fund provided a hypothetical 5% annualized return, expenses paid during the period would have been $4.28 for Class R6 shares and the ending account value would have been $1,020.97 for Class R6 shares. |
United States | 72.1% |
United Kingdom | 8.0 |
Taiwan | 4.3 |
Switzerland | 4.2 |
France | 3.6 |
Denmark | 2.8 |
Japan | 2.7% |
India | 1.9 |
Other Assets, Less Liabilities | 0.4 |
100.0% |
1. | Microsoft Corp. |
2. | Alphabet, Inc., Class A |
3. | Moody's Corp. |
4. | Mastercard, Inc., Class A |
5. | AutoZone, Inc. |
6. | UnitedHealth Group, Inc. |
7. | Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR |
8. | TJX Cos., Inc. (The) |
9. | LVMH Moet Hennessy Louis Vuitton SE |
10. | Nestle SA (Registered) |
8 | MainStay PineStone Global Equity Fund |
1. | See "Investment and Performance Comparison" for other share class returns, which may be higher or lower than Class I share returns, and for more information on benchmark and peer group returns. |
10 | MainStay PineStone Global Equity Fund |
Shares | Value | |
Common Stocks 99.2% | ||
Denmark 2.8% | ||
Novo Nordisk A/S, Class B (Pharmaceuticals) | 6,668 | $ 639,977 |
France 3.6% | ||
LVMH Moet Hennessy Louis Vuitton SE (Textiles, Apparel & Luxury Goods) | 1,133 | 808,609 |
India 1.9% | ||
HDFC Bank Ltd., ADR (Banks) | 7,685 | 434,587 |
Japan 2.7% | ||
Keyence Corp. (Electronic Equipment, Instruments & Components) | 1,567 | 601,161 |
Switzerland 4.2% | ||
Cie Financiere Richemont SA (Registered) (Textiles, Apparel & Luxury Goods) | 4,434 | 521,073 |
Geberit AG (Registered) (Building Products) | 925 | 428,918 |
949,991 | ||
Taiwan 4.3% | ||
Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR (Semiconductors & Semiconductor Equipment) | 11,391 | 983,157 |
United Kingdom 8.0% | ||
Diageo plc (Beverages) | 17,479 | 660,078 |
InterContinental Hotels Group plc (Hotels, Restaurants & Leisure) | 8,371 | 591,140 |
Intertek Group plc (Professional Services) | 5,656 | 262,815 |
Spirax-Sarco Engineering plc (Machinery) | 2,880 | 286,761 |
1,800,794 | ||
United States 71.7% | ||
Alphabet, Inc., Class A (Interactive Media & Services) (a) | 10,686 | 1,325,919 |
AutoZone, Inc. (Specialty Retail) (a) | 420 | 1,040,395 |
Becton Dickinson & Co. (Health Care Equipment & Supplies) | 2,246 | 567,744 |
Carrier Global Corp. (Building Products) | 10,168 | 484,607 |
CME Group, Inc. (Capital Markets) | 3,369 | 719,147 |
Shares | Value | ||
United States (continued) | |||
Graco, Inc. (Machinery) | 7,032 | $ 522,829 | |
Johnson & Johnson (Pharmaceuticals) | 3,854 | 571,702 | |
Kenvue, Inc. (Personal Care Products) | 7,205 | 134,013 | |
Mastercard, Inc., Class A (Financial Services) | 2,980 | 1,121,523 | |
Mettler-Toledo International, Inc. (Life Sciences Tools & Services) (a) | 472 | 465,014 | |
Microsoft Corp. (Software) | 5,531 | 1,870,086 | |
Moody's Corp. (Capital Markets) | 4,140 | 1,275,120 | |
MSCI, Inc. (Capital Markets) | 1,299 | 612,544 | |
Nestle SA (Registered) (Food Products) | 6,966 | 750,933 | |
NIKE, Inc., Class B (Textiles, Apparel & Luxury Goods) | 4,421 | 454,346 | |
Oracle Corp. (Software) | 6,477 | 669,722 | |
Otis Worldwide Corp. (Machinery) | 7,562 | 583,862 | |
PepsiCo, Inc. (Beverages) | 3,777 | 616,709 | |
Sherwin-Williams Co. (The) (Chemicals) | 2,430 | 578,850 | |
TJX Cos., Inc. (The) (Specialty Retail) | 9,388 | 826,801 | |
UnitedHealth Group, Inc. (Health Care Providers & Services) | 1,938 | 1,037,915 | |
16,229,781 | |||
Total Common Stocks (Cost $15,344,016) | 22,448,057 | ||
Short-Term Investment 0.4% | |||
Affiliated Investment Company 0.4% | |||
United States 0.4% | |||
MainStay U.S. Government Liquidity Fund, 5.275% (b) | 90,165 | 90,165 | |
Total Short-Term Investment (Cost $90,165) | 90,165 | ||
Total Investments (Cost $15,434,181) | 99.6% | 22,538,222 | |
Other Assets, Less Liabilities | 0.4 | 87,941 | |
Net Assets | 100.0% | $ 22,626,163 |
† | Percentages indicated are based on Fund net assets. |
^ | Industry and country classifications may be different than those used for compliance monitoring purposes. |
(a) | Non-income producing security. |
(b) | Current yield as of October 31, 2023. |
Affiliated Investment Companies | Value, Beginning of 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 | $ — | $ 854 | $ (764) | $ — | $ — | $ 90 | $ 1 | $ — | 90 |
Abbreviation(s): |
ADR—American Depositary Receipt |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Common Stocks | $ 22,448,057 | $ — | $ — | $ 22,448,057 | |||
Short-Term Investment | |||||||
Affiliated Investment Company | 90,165 | — | — | 90,165 | |||
Total Investments in Securities | $ 22,538,222 | $ — | $ — | $ 22,538,222 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
12 | MainStay PineStone Global Equity Fund |
Value | Percent | ||
Banks | $ 434,587 | 1.9% | |
Beverages | 1,276,787 | 5.6 | |
Building Products | 913,525 | 4.0 | |
Capital Markets | 2,606,810 | 11.5 | |
Chemicals | 578,850 | 2.6 | |
Electronic Equipment, Instruments & Components | 601,161 | 2.7 | |
Financial Services | 1,121,523 | 5.0 | |
Food Products | 750,933 | 3.3 | |
Health Care Equipment & Supplies | 567,744 | 2.5 | |
Health Care Providers & Services | 1,037,915 | 4.6 | |
Hotels, Restaurants & Leisure | 591,140 | 2.6 | |
Interactive Media & Services | 1,325,919 | 5.9 | |
Life Sciences Tools & Services | 465,014 | 2.0 | |
Machinery | 1,393,452 | 6.2 | |
Personal Care Products | 134,013 | 0.6 | |
Pharmaceuticals | 1,211,679 | 5.4 | |
Professional Services | 262,815 | 1.2 | |
Semiconductors & Semiconductor Equipment | 983,157 | 4.3 | |
Software | 2,539,808 | 11.2 | |
Specialty Retail | 1,867,196 | 8.2 | |
Textiles, Apparel & Luxury Goods | 1,784,029 | 7.9 | |
22,448,057 | 99.2 | ||
Short-Term Investment | 90,165 | 0.4 | |
Other Assets, Less Liabilities | 87,941 | 0.4 | |
Net Assets | $22,626,163 | 100.0% |
† | Percentages indicated are based on Fund net assets. |
Assets | |
Investment in unaffiliated securities, at value (identified cost $15,344,016) | $22,448,057 |
Investment in affiliated investment companies, at value (identified cost $90,165) | 90,165 |
Cash | 17,835 |
Due from Prior Custodian | 10,590 |
Receivables: | |
Dividends | 83,663 |
Manager (See Note 3) | 2,722 |
Other assets | 13,220 |
Total assets | 22,666,252 |
Liabilities | |
Payables: | |
Professional fees | 26,417 |
Transfer agent (See Note 3) | 6,139 |
Custodian | 5,693 |
Shareholder communication | 896 |
NYLIFE Distributors (See Note 3) | 262 |
Trustees | 19 |
Accrued expenses | 663 |
Total liabilities | 40,089 |
Net assets | $22,626,163 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 1,367 |
Additional paid-in-capital | 16,222,564 |
16,223,931 | |
Total distributable earnings (loss) | 6,402,232 |
Net assets | $22,626,163 |
Class A | |
Net assets applicable to outstanding shares | $ 1,117,051 |
Shares of beneficial interest outstanding | 67,812 |
Net asset value per share outstanding | $ 16.47 |
Maximum sales charge (5.50% of offering price) | 0.96 |
Maximum offering price per share outstanding | $ 17.43 |
Class C | |
Net assets applicable to outstanding shares | $ 23,536 |
Shares of beneficial interest outstanding | 1,431 |
Net asset value and offering price per share outstanding | $ 16.45 |
Class I | |
Net assets applicable to outstanding shares | $21,438,407 |
Shares of beneficial interest outstanding | 1,294,764 |
Net asset value and offering price per share outstanding | $ 16.56 |
Class P | |
Net assets applicable to outstanding shares | $ 23,584 |
Shares of beneficial interest outstanding | 1,424 |
Net asset value and offering price per share outstanding | $ 16.56 |
Class R6 | |
Net assets applicable to outstanding shares | $ 23,585 |
Shares of beneficial interest outstanding | 1,424 |
Net asset value and offering price per share outstanding | $ 16.56 |
14 | MainStay PineStone Global Equity Fund |
Period April 1, 2023 through October 31, 2023(a) | Year Ended March 31, 2023 | |
Investment Income (Loss) | ||
Income | ||
Dividends-unaffiliated (net of foreign tax withholding of $14,696, $16,140 respectively) | $ 216,440 | $ 371,582 |
Dividends-affiliated | 1,015 | — |
Total income | 217,455 | 371,582 |
Expenses | ||
Investment advisory (See Note 3) | 120,667 | 222,282 |
Fund accounting and administration | 21,551 | 50,979 |
12b-1—Class A (See Note 3) | 1,701 | — |
12b-1—Class C (See Note 3) | 43 | — |
12b-1—Investor Class (See Note 3) | — | 2,639 |
Transfer agent (See Note 3) | 24,930 | 45,259 |
Registration | 32,209 | 37,023 |
Audit and tax | 28,614 | 36,400 |
Custodian | 21,651 | 16,790 |
Trustees | 20,943 | 50,000 |
Chief compliance officer | 8,434 | 21,000 |
Legal | 16,444 | 49,291 |
Licensing | 818 | 4,021 |
Miscellaneous | 12,303 | 25,614 |
Total expenses before waiver/reimbursement | 310,308 | 561,298 |
Expense waiver of fees and reimbursement of expenses (See Note 3) | (174,946) | (308,591) |
Net expenses | 135,362 | 252,707 |
Net investment income (loss) | 82,093 | 118,875 |
Period April 1, 2023 through October 31, 2023(a) | Year Ended March 31, 2023 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Unaffiliated investment transactions | $ 42,525 | $ (635,915) |
Foreign currency transactions | 9,193 | (5,835) |
Net realized gain (loss) | 51,718 | (641,750) |
Net change in unrealized appreciation (depreciation) on: | ||
Unaffiliated investments | (473,325) | (489,668) |
Translation of other assets and liabilities in foreign currencies | (3,020) | 4,948 |
Net change in unrealized appreciation (depreciation) | (476,345) | (484,720) |
Net realized and unrealized gain (loss) | (424,627) | (1,126,470) |
Net increase (decrease) in net assets resulting from operations | $(342,534) | $(1,007,595) |
(a) | The Fund changed its fiscal year end from March 31 to October 31. |
for the period April 1, 2023 through October 31, 2023 and the years ended March 31, 2023 and March 31, 2022
Period April 1, 2023 through October 31, 2023(a) | Year Ended March 31, 2023 | Year Ended March 31, 2022 | |
Increase (Decrease) in Net Assets | |||
Operations: | |||
Net investment income (loss) | $ 82,093 | $ 118,875 | $ 80,067 |
Net realized gain (loss) | 51,718 | (641,750) | 2,052,189 |
Net change in unrealized appreciation (depreciation) | (476,345) | (484,720) | 210,223 |
Net increase (decrease) in net assets resulting from operations | (342,534) | (1,007,595) | 2,342,479 |
Distributions to shareholders: | |||
Class A | — | (55,479) | (39,388) |
Class I | — | (1,427,637) | (1,007,823) |
Total distributions to shareholders | — | (1,483,116) | (1,047,211) |
Capital share transactions: | |||
Net proceeds from sales of shares | 1,518,511 | 1,120,155 | 11,078,996 |
Net asset value of shares issued to shareholders in reinvestment of distributions | — | 755,146 | 648,548 |
Cost of shares redeemed | (6,910,150) | (3,353,013) | (8,051,056) |
Increase (decrease) in net assets derived from capital share transactions | (5,391,639) | (1,477,712) | 3,676,488 |
Net increase (decrease) in net assets | (5,734,173) | (3,968,423) | 4,971,756 |
Net Assets | |||
Beginning of period | 28,360,336 | 32,328,759 | 27,357,003 |
End of period | $22,626,163 | $28,360,336 | $32,328,759 |
(a) | The Fund changed its fiscal year end from March 31 to October 31. |
16 | MainStay PineStone Global Equity Fund |
April 1 2023 through October 31, | Year Ended March 31, | ||||||||||
Class A | 2023 #(a) | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Net asset value at beginning of period | $ 16.87 | $ 18.23 | $ 17.05 | $ 11.63 | $ 12.73 | $ 11.60 | |||||
Net investment income (loss) (b) | 0.03 | 0.03 | 0.00‡ | 0.02 | 0.05 | 0.04 | |||||
Net realized and unrealized gain (loss) | (0.43) | (0.51) | 1.83 | 5.49 | (0.63) | 1.19 | |||||
Total from investment operations | (0.40) | (0.48) | 1.83 | 5.51 | (0.58) | 1.23 | |||||
Less distributions: | |||||||||||
From net investment income | — | (0.03) | (0.01) | (0.03) | (0.11) | (0.07) | |||||
From net realized gain on investments | — | (0.85) | (0.64) | (0.06) | (0.41) | (0.03) | |||||
Total distributions | — | (0.88) | (0.65) | (0.09) | (0.52) | (0.10) | |||||
Net asset value at end of period | $ 16.47 | $ 16.87 | $ 18.23 | $ 17.05 | $ 11.63 | $ 12.73 | |||||
Total investment return | (2.37)%(c) | (2.19)% (d)(e) | 10.39% (d)(e) | 47.37% (d)(e) | (5.26)% (d)(e) | 10.75% (d)(e) | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 0.31%†† | 0.19% (f)(g) | 0.01% (f)(g) | 0.10% (f)(g) | 0.35% (f)(g) | 0.72% (f)(g) | |||||
Net expenses | 1.13%††(h) | 1.15% (f)(g) | 1.15% (f)(g) | 1.15% (f)(g) | 1.15% (f)(g) | 1.15% (f)(g) | |||||
Expenses (before waiver/reimbursement) | 2.28%††(h) | 2.26%(g) | 1.95%(g) | 2.30%(g) | 2.39%(g) | 3.59%(g) | |||||
Portfolio turnover rate | 7% | 11%(e) | 25%(e) | 16%(e) | 45%(e) | 28%(e) | |||||
Net assets at end of period (in 000's) | $ 1,117 | $ 1,104 | $ 1,157 | $ 996 | $ 340 | $ 144 |
# | The Fund changed its fiscal year end from March 31 to October 31. |
‡ | Less than one cent per share. |
†† | Annualized. |
(a) | Beginning with the period ended October 31, 2023, the Fund was audited by KPMG LLP. The previous years were audited by another independent registered public accounting firm. |
(b) | Per share data based on average shares outstanding during the period. |
(c) | 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. |
(d) | Based on net asset value as of end of period date. |
(e) | Not annualized for periods less than one year. |
(f) | The contractual and voluntary expense waivers pursuant to Note 3 of the financial statements are reflected in both the net expense and net investment income (loss) ratios. |
(g) | Annualized, with the exception of non-recurring organizational costs. |
(h) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
August 28, 2023^ through October 31, | |
Class C | 2023 |
Net asset value at beginning of period | $ 17.59 |
Net investment income (loss) (a) | (0.02) |
Net realized and unrealized gain (loss) | (1.12) |
Total from investment operations | (1.14) |
Net asset value at end of period | $ 16.45 |
Total investment return (b)(c) | (6.48)% |
Ratios (to average net assets)/Supplemental Data: | |
Net investment income (loss)†† | (0.71)% |
Net expenses††(d) | 2.00% |
Expenses (before waiver/reimbursement)††(d) | 2.94% |
Portfolio turnover rate | 7% |
Net assets at end of period (in 000’s) | $ 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. 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. |
April 1 2023 through October 31, | Year Ended March 31, | ||||||||||
Class I | 2023 #(a) | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Net asset value at beginning of period | $ 16.93 | $ 18.29 | $ 17.11 | $ 11.66 | $ 12.74 | $ 11.60 | |||||
Net investment income (loss) (b) | 0.06 | 0.07 | 0.05 | 0.05 | 0.08 | 0.11 | |||||
Net realized and unrealized gain (loss) | (0.43) | (0.50) | 1.82 | 5.52 | (0.62) | 1.15 | |||||
Total from investment operations | (0.37) | (0.43) | 1.87 | 5.57 | (0.54) | 1.26 | |||||
Less distributions: | |||||||||||
From net investment income | — | (0.08) | (0.05) | (0.06) | (0.13) | (0.09) | |||||
From net realized gain on investments | — | (0.85) | (0.64) | (0.06) | (0.41) | (0.03) | |||||
Total distributions | — | (0.93) | (0.69) | (0.12) | (0.54) | (0.12) | |||||
Net asset value at end of period | $ 16.56 | $ 16.93 | $ 18.29 | $ 17.11 | $ 11.66 | $ 12.74 | |||||
Total investment return | (2.19)%(c) | (1.92)% (d)(e) | 10.58% (d)(e) | 47.78% (d)(e) | (4.97)% (d)(e) | 11.07% (d)(e) | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 0.55%†† | 0.44% (f)(g) | 0.26% (f)(g) | 0.35% (f)(g) | 0.60% (f)(g) | 0.96% (f)(g) | |||||
Net expenses | 0.88%††(h) | 0.90% (f)(g) | 0.90% (f)(g) | 0.90% (f)(g) | 0.90% (f)(g) | 0.90% (f)(g) | |||||
Expenses (before waiver/reimbursement) | 2.04%††(h) | 2.01%(g) | 1.70%(g) | 2.05%(g) | 2.14%(g) | 3.34%(g) | |||||
Portfolio turnover rate | 7% | 11%(e) | 25%(e) | 16%(e) | 45%(e) | 28%(e) | |||||
Net assets at end of period (in 000's) | $ 21,438 | $ 27,257 | $ 31,172 | $ 26,361 | $ 15,613 | $ 12,478 |
# | The Fund changed its fiscal year end from March 31 to October 31. |
†† | Annualized. |
(a) | Beginning with the period ended October 31, 2023, the Fund was audited by KPMG LLP. The previous years were audited by another independent registered public accounting firm. |
(b) | Per share data based on average shares outstanding during the period. |
(c) | 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. |
(d) | Based on net asset value as of end of period date. |
(e) | Not annualized for periods less than one year. |
(f) | The contractual and voluntary expense waivers pursuant to Note 3 of the financial statements are reflected in both the net expense and net investment income (loss) ratios. |
(g) | Annualized, with the exception of non-recurring organizational costs. |
(h) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share 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 PineStone Global Equity Fund |
August 28, 2023^ through October 31, | |
Class P | 2023 |
Net asset value at beginning of period | $ 17.68 |
Net investment income (loss) (a) | 0.01 |
Net realized and unrealized gain (loss) | (1.13) |
Total from investment operations | (1.12) |
Net asset value at end of period | $ 16.56 |
Total investment return (b)(c) | (6.33)% |
Ratios (to average net assets)/Supplemental Data: | |
Net investment income (loss)†† | 0.44% |
Net expenses††(d) | 0.85% |
Expenses (before waiver/reimbursement)††(d) | 1.69% |
Portfolio turnover rate | 7% |
Net assets at end of period (in 000’s) | $ 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. Class P shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
August 28, 2023^ through October 31, | |
Class R6 | 2023 |
Net asset value at beginning of period | $ 17.68 |
Net investment income (loss) (a) | 0.01 |
Net realized and unrealized gain (loss) | (1.13) |
Total from investment operations | (1.12) |
Net asset value at end of period | $ 16.56 |
Total investment return (b)(c) | (6.33)% |
Ratios (to average net assets)/Supplemental Data: | |
Net investment income (loss)†† | 0.45% |
Net expenses††(d) | 0.84% |
Expenses (before waiver/reimbursement)††(d) | 1.69% |
Portfolio turnover rate | 7% |
Net assets at end of period (in 000’s) | $ 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. Class R6 shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Class | Commenced Operations |
Class A | April 28, 2017 |
Class C | August 28, 2023 |
Class I | April 28, 2017 |
Class P | August 28, 2023 |
Class R6 | August 28, 2023 |
20 | MainStay PineStone Global Equity Fund |
• | Level 1—quoted prices (unadjusted) in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Fund's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• Broker/dealer quotes | • Benchmark securities |
• Two-sided markets | • Reference data (corporate actions or material event notices) |
• Bids/offers | • Monthly payment information |
• Industry and economic events | • Reported trades |
22 | MainStay PineStone Global Equity Fund |
24 | MainStay PineStone Global Equity Fund |
Class | Expense | Waived |
Class A | $ 338 | $— |
Class C | 10 | — |
Class I | 6,486 | — |
Class P | — | — |
Class R6 | — | — |
Class | Expense | Waived |
Class A | $ 785 | $— |
Class C | — | — |
Class I | 17,311 | — |
Class A | $23,542 | 2.1% |
Class C | 23,536 | 100.0 |
Class P | 23,584 | 100.0 |
Class R6 | 23,585 | 100.0 |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $15,694,852 | $7,084,869 | $(241,499) | $6,843,370 |
Ordinary Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$120,543 | $(563,994) | $— | $6,845,683 | $6,402,232 |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $— | $564 |
2023 (a) | 2023 | 2022 | |
Distributions paid from: | |||
Ordinary Income | $— | $ 125,758 | $ 95,487 |
Long-Term Capital Gains | — | 1,357,358 | 951,724 |
Total | $— | $1,483,116 | $1,047,211 |
(a) | The Fund changed its fiscal year end from March 31 to October 31. |
Class A(a) | Shares | Amount |
Period ended October 31, 2023:(b) | ||
Shares sold | 9,421 | $ 165,573 |
Shares redeemed | (7,040) | (123,541) |
Net increase (decrease) | 2,381 | $ 42,032 |
Year ended March 31, 2023: | ||
Shares sold | 2,307 | $ 37,695 |
Shares issued to shareholders in reinvestment of distributions | 3,392 | 52,775 |
Shares redeemed | (3,723) | (62,689) |
Net increase (decrease) | 1,976 | $ 27,781 |
Year ended March 31, 2022: | ||
Shares sold | 19,210 | $ 361,730 |
Shares issued to shareholders in reinvestment of distributions | 1,865 | 37,403 |
Shares redeemed | (16,051) | (293,399) |
Net increase (decrease) | 5,024 | $ 105,734 |
Class C(c) | Shares | Amount |
Period ended October 31, 2023: | ||
Shares sold | 1,431 | $ 25,000 |
Net increase (decrease) | 1,431 | $ 25,000 |
26 | MainStay PineStone Global Equity Fund |
Class I(d) | Shares | Amount |
Period ended October 31, 2023:(b) | ||
Shares sold | 74,507 | $ 1,277,938 |
Shares redeemed | (389,688) | (6,786,609) |
Net increase (decrease) | (315,181) | $ (5,508,671) |
Year ended March 31, 2023: | ||
Shares sold | 66,898 | $ 1,082,460 |
Shares issued to shareholders in reinvestment of distributions | 45,024 | 702,371 |
Shares redeemed | (205,976) | (3,290,324) |
Net increase (decrease) | (94,054) | $ (1,505,493) |
Year ended March 31, 2022: | ||
Shares sold | 531,081 | $10,717,266 |
Shares issued to shareholders in reinvestment of distributions | 30,375 | 611,145 |
Shares redeemed | (398,341) | (7,757,657) |
Net increase (decrease) | 163,115 | $ 3,570,754 |
Class P(c) | Shares | Amount |
Period ended October 31, 2023: | ||
Shares sold | 1,424 | $ 25,000 |
Net increase (decrease) | 1,424 | $ 25,000 |
Class R6(c) | Shares | Amount |
Period ended October 31, 2023: | ||
Shares sold | 1,424 | $ 25,000 |
Net increase (decrease) | 1,424 | $ 25,000 |
(a) | Investor Class converted to Class A on August 25, 2023. |
(b) | The Fund changed its fiscal year end from March 31 to October 31. |
(c) | The inception date of the class was August 28, 2023. |
(d) | Institutional Class converted to Class I on August 25, 2023. |
MainStay Funds Trust:
28 | MainStay PineStone Global Equity Fund |
30 | MainStay PineStone Global Equity Fund |
32 | MainStay PineStone Global Equity Fund |
34 | MainStay PineStone Global Equity Fund |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Naïm Abou-Jaoudé* 1966 | MainStay Funds: Trustee since 2023 MainStay Funds Trust: Trustee since 2023 | Chief Executive Officer of New York Life Investment Management LLC (since 2023). Chief Executive Officer of Candriam (an affiliate of New York Life Investment Management LLC) (2007 to 2023). | 81 | MainStay VP Funds Trust: Trustee since 2023 (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2023; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2023; and New York Life Investment Management International (Chair) since 2015 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of his affiliation with New York Life Investment Management LLC and Candriam, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
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 PineStone Global Equity Fund |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
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 PineStone Global Equity 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. |
6092876MS139-23 | MSPGE11-12/23 |
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” (as defined by Item 3 of Form N-CSR) 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. |
MainStay Fiera SMID Growth commenced operations on July 24, 2023. MainStay PineStone U.S. Equity Fund, MainStay PineStone International Equity Fund and MainStay PineStone Global Equity Fund each commenced operations on August 28, 2023. Therefore, there is no information to report for the fiscal year ended October 31, 2022.
(a) Audit Fees
The aggregate fees billed for the fiscal period 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 $175,400.
(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 $0 for the fiscal period ended October 31, 2023.
(c) Tax Fees
The aggregate fees billed for professional services rendered by KPMG for tax compliance, tax advice, and tax planning were $0 during the fiscal period ended October 31, 2023. 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 $0 during the fiscal period ended October 31, 2023.
(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 period ended October 31, 2023 is 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 period ended October 31, 2023.
(h) The Registrant’s Audit Committee has determined that the non-audit services rendered by KPMG for the fiscal period 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 |
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: | December 20, 2023 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By: | /s/ Kirk C. Lehneis | |
Kirk C. Lehneis | ||
President and Principal Executive Officer | ||
Date: | December 20, 2023 | |
By: | /s/ Jack R. Benintende | |
Jack R. Benintende | ||
Treasurer and Principal Financial and Accounting Officer | ||
Date: | December 20, 2023 |