UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act File Number 811-04550
THE MAINSTAY FUNDS
(Exact name of Registrant as specified in charter)
51 Madison Avenue, New York, NY 10010
(Address of principal executive offices) (Zip code)
J. Kevin Gao, Esq.
30 Hudson Street
Jersey City, New Jersey 07302
(Name and address of agent for service)
Registrant’s telephone number, including area code: (212) 576-7000
Date of fiscal year end: October 31
Date of reporting period: October 31, 2021
FORM N-CSR
Item 1. | Reports to Stockholders. |
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Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended October 31, 2021 | |||||||
Class | Sales Charge | Inception Date1 | One Year | Five Years | Ten Years | Gross Expense Ratio2 | |
Class A Shares | Maximum 4.5% Initial Sales Charge | With sales charges | 6/1/1998 | -0.68% | 2.11% | 3.50% | 1.33% |
Excluding sales charges | 4.00 | 3.05 | 3.98 | 1.33 | |||
Investor Class Shares3 | Maximum 4% Initial Sales Charge | With sales charges | 2/28/2008 | -0.44 | 1.84 | 3.27 | 1.66 |
Excluding sales charges | 3.70 | 2.78 | 3.75 | 1.66 | |||
Class B Shares4 | Maximum 5% CDSC | With sales charges | 6/1/1998 | -2.08 | 1.65 | 2.97 | 2.40 |
if Redeemed Within the First Six Years of Purchase | Excluding sales charges | 2.87 | 2.00 | 2.97 | 2.40 | ||
Class C Shares | Maximum 1% CDSC | With sales charges | 9/1/1998 | 1.87 | 2.01 | 2.98 | 2.40 |
if Redeemed Within One Year of Purchase | Excluding sales charges | 2.87 | 2.01 | 2.98 | 2.40 | ||
Class I Shares | No Sales Charge | 8/31/2007 | 4.42 | 3.36 | 4.26 | 1.07 |
1. | Prior to February 28, 2017, the Fund's primary investment strategies were changed. Effective June 21, 2019, the Fund replaced its prior subadvisor and modified its investment objective and principal investment strategies. The performance in the graph and table prior to those dates reflects its prior subadvisor's, investment objective and principal investment strategies. |
2. | The gross expense ratios presented reflect the Fund’s “Total Annual Fund Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report. |
3. | Prior to June 30, 2020, the maximum initial sales charge was 4.5%, which is reflected in the average annual total return figures shown. |
4. | Class B shares are closed to all new purchases as well as additional investments by existing Class B shareholders. |
Benchmark Performance* | One Year | Five Years | Ten Years |
JPMorgan EMBI Global Diversified Index1 | 4.41% | 4.15% | 5.35% |
Morningstar Emerging Markets Bond Category Average2 | 4.66 | 3.51 | 3.04 |
1. | The JPMorgan EMBI Global Diversified Index is the Fund’s primary broad-based securities market index for comparison purposes. The JPMorgan EMBI Global Diversified Index is a market-capitalization weighted, total return index tracking the traded market for U.S. dollar-denominated Brady Bonds, Eurobonds, traded loans and local market debt instruments issued by sovereign and quasi-sovereign entities. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
2. | The Morningstar Emerging Markets Bond Category Average is representative of funds that invest more than 65% of their assets in foreign bonds from developing countries. The largest portion of the emerging-markets bond market comes from Latin America, followed by Eastern Europe. Africa, the Middle East, and Asia make up the rest. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. |
6 | MainStay Candriam Emerging Markets Debt Fund |
Share Class | Beginning Account Value 5/1/21 | Ending Account Value (Based on Actual Returns and Expenses) 10/31/21 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 10/31/21 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Class A Shares | $1,000.00 | $995.50 | $ 5.78 | $1,019.41 | $ 5.85 | 1.15% |
Investor Class Shares | $1,000.00 | $993.60 | $ 7.69 | $1,017.49 | $ 7.78 | 1.53% |
Class B Shares | $1,000.00 | $989.70 | $11.43 | $1,013.71 | $11.57 | 2.28% |
Class C Shares | $1,000.00 | $990.70 | $11.44 | $1,013.71 | $11.57 | 2.28% |
Class I Shares | $1,000.00 | $997.10 | $ 4.28 | $1,020.92 | $ 4.33 | 0.85% |
1. | Expenses are equal to the Fund’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 184 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Fund's annualized expense ratio to reflect the six-month period. |
Mexico | 5.1% |
Colombia | 4.1 |
Azerbaijan | 3.4 |
Indonesia | 3.4 |
United Arab Emirates | 3.2 |
Russia | 3.2 |
Argentina | 3.1 |
South Africa | 3.1 |
Nigeria | 3.1 |
Chile | 3.0 |
Cote D'Ivoire | 2.9 |
Dominican Republic | 2.8 |
Ukraine | 2.8 |
Kenya | 2.7 |
Saudi Arabia | 2.5 |
Oman | 2.4 |
United States | 2.3 |
Ghana | 2.3 |
Bahrain | 2.2 |
Republic Of Serbia | 2.0 |
Peru | 2.0 |
Romania | 2.0 |
Panama | 2.0 |
Kazakhstan | 1.8 |
Brazil | 1.7 |
Hungary | 1.6 |
Iraq | 1.5 |
El Salvador | 1.5 |
India | 1.5 |
Bahamas | 1.4% |
Morocco | 1.3 |
Qatar | 1.3 |
Costa Rica | 1.3 |
Ecuador | 1.2 |
Senegal | 1.0 |
Namibia | 1.0 |
Tunisia | 1.0 |
Mongolia | 1.0 |
Turkey | 1.0 |
Georgia | 0.9 |
Egypt | 0.9 |
Philippines | 0.9 |
Zambia | 0.9 |
Pakistan | 0.8 |
Venezuela | 0.7 |
Guatemala | 0.7 |
Jordan | 0.7 |
Jamaica | 0.7 |
Paraguay | 0.7 |
Honduras | 0.7 |
Uruguay | 0.5 |
Sri Lanka | 0.5 |
Armenia | 0.5 |
Lebanon | 0.3 |
Other Assets, Less Liabilities | 2.9 |
100.0% |
1. | Colombia Government Bond, 3.00%-6.125%, due 1/30/30–6/15/45 |
2. | Nigeria Government Bond, 6.50%-7.875%, due 11/21/25–11/28/47 |
3. | Chile Government Bond, 2.45%-3.50%, due 1/31/31–1/22/61 |
4. | Mexico Government Bond, 2.659%-3.771%, due 5/24/31–4/19/71 |
5. | Ivory Coast Government Bond, 4.875%-6.125%, due 1/30/32–6/15/33 |
6. | Dominican Republic Government Bond, 4.50%-6.85%, due 1/25/27–1/30/60 |
7. | Kenya Government Bond, 6.875%-8.00%, due 6/24/24–5/22/32 |
8. | State Agency of Roads of Ukraine, 6.25%, due 6/24/28 |
9. | Ghana Government Bond, 7.75%-8.627%, due 4/7/29–6/16/49 |
10. | Finance Department Government of Sharjah, 3.625%-4.00%, due 3/10/33–7/28/50 |
8 | MainStay Candriam Emerging Markets Debt Fund |
−1.05 years) as we reduced emerging-market exposure on a net basis and implemented an outright 10-year U.S. Treasury hedge (one year in modified duration3 terms). (A basis point is one one-hundredth of a percentage point.)
1. | See page 5 for other share class returns, which may be higher or lower than Class I share returns. See page 6 for more information on benchmark and peer group returns. |
2. | Duration is a measure of the price sensitivity of a fixed-income investment to changes in interest rates. Duration is expressed as a number of years and is considered a more accurate sensitivity gauge than average maturity. Modified duration is inversely related to the approximate percentage change in price for a given change in yield. |
3. | Modified duration is inversely related to the approximate percentage change in price for a given change in yield. |
10 | MainStay Candriam Emerging Markets Debt Fund |
4. | Beta is a measure of volatility in relation to the market as a whole. A beta higher than 1 indicates that a security or portfolio will tend to exhibit higher volatility than the market. A beta lower than 1 indicates that a security or portfolio will tend to exhibit lower volatility than the market. |
5. | An obligation rated 'B' by Standard & Poor's ("S&P") is deemed by S&P to be more vulnerable to nonpayment than obligations rated 'BB', but the obligor currently has the capacity to meet its financial commitment on the obligation. Adverse business, financial, or economic conditions will likely impair the obligor's capacity or willingness to meet its financial commitment on the obligation. When applied to Fund holdings, ratings are based solely on the creditworthiness of the bonds in the portfolio and are not meant to represent the security or safety of the Fund. |
6. | An obligation rated ‘BB’ by S&P is deemed by S&P to be less vulnerable to nonpayment than other speculative issues. In the opinion of S&P, however, the obligor faces major ongoing uncertainties or exposure to adverse business, financial or economic conditions which could lead to the obligor’s inadequate capacity to meet its financial commitment on the obligation. When applied to Fund holdings, ratings are based solely on the creditworthiness of the bonds in the portfolio and are not meant to represent the security or safety of the Fund. |
12 | MainStay Candriam Emerging Markets Debt Fund |
Principal Amount | Value | |
Long-Term Bonds 94.8% | ||
Corporate Bonds 10.0% | ||
Brazil 1.7% | ||
Braskem Netherlands Finance BV | ||
Series Reg S | ||
4.50%, due 1/10/28 | $ 500,000 | $ 510,630 |
Series Reg S | ||
4.50%, due 1/31/30 | 700,000 | 710,332 |
Light Servicos de Eletricidade SA | ||
Series Reg S | ||
4.375%, due 6/18/26 | 550,000 | 537,081 |
1,758,043 | ||
Georgia 0.9% | ||
Georgian Railway JSC | ||
Series Reg S | ||
4.00%, due 6/17/28 | 950,000 | 959,500 |
Mexico 1.1% | ||
Cemex SAB de CV | ||
Series Reg S | ||
3.875%, due 7/11/31 | 800,000 | 802,960 |
Series Reg S | ||
5.20%, due 9/17/30 (a) | 300,000 | 324,810 |
1,127,770 | ||
Russia 3.2% | ||
ALROSA Finance SA | ||
3.10%, due 6/25/27 | 600,000 | 612,306 |
Lukoil Capital DAC | ||
3.60%, due 10/26/31 | 1,350,000 | 1,347,211 |
Novolipetsk Steel | ||
4.70%, due 5/30/26 | 208,000 | 227,742 |
Phosagro OAO | ||
2.60%, due 9/16/28 | 1,100,000 | 1,092,300 |
3,279,559 | ||
Saudi Arabia 0.5% | ||
SA Global Sukuk Ltd. | ||
Series Reg S | ||
1.602%, due 6/17/26 | 200,000 | 197,430 |
Series Reg S | ||
2.694%, due 6/17/31 | 350,000 | 350,560 |
547,990 | ||
South Africa 0.9% | ||
Bidvest Group UK plc (The) | ||
3.625%, due 9/23/26 | 950,000 | 952,375 |
Principal Amount | Value | |
Turkey 1.0% | ||
Aydem Yenilenebilir Enerji A/S | ||
Series Reg S | ||
7.75%, due 2/2/27 | $ 1,050,000 | $ 997,185 |
United Arab Emirates 0.6% | ||
DP World Crescent Ltd. | ||
Series Reg S | ||
3.875%, due 7/18/29 | 600,000 | 637,729 |
Venezuela 0.1% | ||
Petroleos de Venezuela SA | ||
5.375%, due 4/12/27 (b)(c)(d) | 3,000,000 | 150,000 |
Total Corporate Bonds (Cost $11,415,801) | 10,410,151 | |
Foreign Government Bonds 84.8% | ||
Argentina 3.1% | ||
Argentine Republic Government Bond | ||
0.50%, due 7/9/30 (e) | 513,757 | 175,243 |
1.00%, due 7/9/29 | 233,373 | 84,600 |
1.125%, due 7/9/35 (e) | 3,366,242 | 1,038,519 |
Buenos Aires Government Bond | ||
Series Reg S | ||
3.90%, due 9/1/37 (d)(e) | 4,452,803 | 1,959,278 |
3,257,640 | ||
Armenia 0.5% | ||
Armenia Government Bond | ||
Series Reg S | ||
3.95%, due 9/26/29 | 500,000 | 486,250 |
Azerbaijan 3.4% | ||
Southern Gas Corridor CJSC | ||
Series Reg S | ||
6.875%, due 3/24/26 | 1,300,000 | 1,522,898 |
State Oil Co. of the Azerbaijan Republic | ||
Series Reg S | ||
6.95%, due 3/18/30 | 1,700,000 | 2,078,209 |
3,601,107 | ||
Bahamas 1.4% | ||
Bahamas Government Bond | ||
Series Reg S | ||
6.00%, due 11/21/28 | 1,600,000 | 1,445,216 |
Principal Amount | Value | |
Foreign Government Bonds (continued) | ||
Bahrain 2.2% | ||
Bahrain Government Bond | ||
Series Reg S | ||
4.25%, due 1/25/28 | $ 300,000 | $ 294,450 |
Series Reg S | ||
5.25%, due 1/25/33 | 1,000,000 | 955,040 |
Series Reg S | ||
5.25%, due 1/25/33 | 400,000 | 382,016 |
Series Reg S | ||
6.25%, due 1/25/51 | 700,000 | 651,608 |
2,283,114 | ||
Chile 3.0% | ||
Chile Government Bond | ||
2.45%, due 1/31/31 | 1,000,000 | 984,410 |
2.55%, due 1/27/32 | 500,000 | 493,285 |
2.55%, due 7/27/33 | 700,000 | 675,717 |
3.10%, due 1/22/61 | 500,000 | 460,865 |
3.50%, due 4/15/53 | 550,000 | 558,305 |
3,172,582 | ||
Colombia 4.1% | ||
Colombia Government Bond | ||
3.00%, due 1/30/30 (a) | 1,000,000 | 942,840 |
3.125%, due 4/15/31 | 500,000 | 468,265 |
4.125%, due 2/22/42 | 250,000 | 226,372 |
5.00%, due 6/15/45 | 500,000 | 492,390 |
6.125%, due 1/18/41 | 1,000,000 | 1,110,620 |
Ecopetrol SA | ||
4.625%, due 11/2/31 | 1,000,000 | 992,500 |
4,232,987 | ||
Costa Rica 1.3% | ||
Costa Rica Government Bond | ||
Series Reg S | ||
4.375%, due 4/30/25 | 400,000 | 410,600 |
Series Reg S | ||
6.125%, due 2/19/31 | 500,000 | 511,750 |
Series Reg S | ||
7.00%, due 4/4/44 | 400,000 | 399,004 |
1,321,354 | ||
Cote D'Ivoire 2.9% | ||
Ivory Coast Government Bond | ||
Series Reg S | ||
4.875%, due 1/30/32 | EUR 1,000,000 | 1,128,392 |
Series Reg S | ||
5.75%, due 12/31/32 (e) | $ 1,227,501 | 1,227,501 |
Principal Amount | Value | |
Cote D'Ivoire (continued) | ||
Ivory Coast Government Bond (continued) | ||
Series Reg S | ||
6.125%, due 6/15/33 | $ 650,000 | $ 682,344 |
3,038,237 | ||
Dominican Republic 2.8% | ||
Dominican Republic Government Bond | ||
Series Reg S | ||
4.50%, due 1/30/30 (a) | 400,000 | 405,004 |
Series Reg S | ||
4.875%, due 9/23/32 | 600,000 | 609,006 |
Series Reg S | ||
5.875%, due 1/30/60 | 500,000 | 490,000 |
Series Reg S | ||
5.95%, due 1/25/27 | 250,000 | 278,752 |
Series Reg S | ||
5.95%, due 1/25/27 | 750,000 | 836,257 |
Series Reg S | ||
6.85%, due 1/27/45 | 250,000 | 278,753 |
2,897,772 | ||
Ecuador 1.2% | ||
Ecuador Government Bond | ||
Series Reg S | ||
(zero coupon), due 7/31/30 | 208,496 | 111,287 |
Series Reg S | ||
0.50%, due 7/31/40 (e) | 1,500,000 | 896,250 |
Series Reg S | ||
1.00%, due 7/31/35 (e) | 400,000 | 263,504 |
1,271,041 | ||
Egypt 0.9% | ||
Egypt Government Bond | ||
Series Reg S | ||
5.875%, due 2/16/31 | 250,000 | 225,690 |
Series Reg S | ||
6.875%, due 4/30/40 (a) | 300,000 | 265,860 |
Series Reg S | ||
8.70%, due 3/1/49 | 500,000 | 466,290 |
957,840 | ||
El Salvador 1.5% | ||
El Salvador Government Bond | ||
Series Reg S | ||
5.875%, due 1/30/25 | 89,000 | 70,755 |
Series Reg S | ||
6.375%, due 1/18/27 (a) | 511,000 | 392,192 |
14 | MainStay Candriam Emerging Markets Debt Fund |
Principal Amount | Value | |
Foreign Government Bonds (continued) | ||
El Salvador (continued) | ||
El Salvador Government Bond (continued) | ||
Series Reg S | ||
7.625%, due 2/1/41 | $ 1,500,000 | $ 1,098,750 |
1,561,697 | ||
Ghana 2.3% | ||
Ghana Government Bond | ||
Series Reg S | ||
7.75%, due 4/7/29 | 1,700,000 | 1,511,103 |
Series Reg S | ||
7.875%, due 2/11/35 | 500,000 | 424,677 |
Series Reg S | ||
8.625%, due 4/7/34 | 200,000 | 176,956 |
Series Reg S | ||
8.627%, due 6/16/49 | 300,000 | 253,291 |
2,366,027 | ||
Guatemala 0.7% | ||
Guatemala Government Bond | ||
Series Reg S | ||
4.90%, due 6/1/30 | 500,000 | 541,505 |
Series Reg S | ||
6.125%, due 6/1/50 | 200,000 | 234,600 |
776,105 | ||
Honduras 0.7% | ||
Honduras Government Bond | ||
Series Reg S | ||
5.625%, due 6/24/30 | 700,000 | 696,500 |
Hungary 1.6% | ||
Hungary Government Bond | ||
2.125%, due 9/22/31 | 1,200,000 | 1,170,590 |
3.125%, due 9/21/51 | 500,000 | 486,391 |
1,656,981 | ||
India 1.5% | ||
Export-Import Bank of India | ||
Series Reg S | ||
2.25%, due 1/13/31 | 500,000 | 466,366 |
Series Reg S | ||
3.875%, due 2/1/28 | 1,000,000 | 1,070,084 |
1,536,450 | ||
Indonesia 3.4% | ||
Indonesia Government Bond | ||
5.125%, due 1/15/45 (f) | 1,000,000 | 1,214,726 |
Principal Amount | Value | |
Indonesia (continued) | ||
Indonesia Government Bond (continued) | ||
Series Reg S | ||
6.625%, due 2/17/37 | $ 500,000 | $ 684,069 |
Pertamina Persero PT | ||
Series Reg S | ||
4.175%, due 1/21/50 | 400,000 | 408,285 |
5.625%, due 5/20/43 (f) | 500,000 | 596,503 |
Perusahaan Penerbit SBSN Indonesia III | ||
Series Reg S | ||
2.55%, due 6/9/31 | 600,000 | 601,446 |
3,505,029 | ||
Iraq 1.5% | ||
Iraq Government Bond | ||
Series Reg S | ||
5.80%, due 1/15/28 | 792,187 | 770,054 |
Series Reg S | ||
6.752%, due 3/9/23 | 800,000 | 816,240 |
1,586,294 | ||
Jamaica 0.7% | ||
Jamaica Government Bond | ||
7.875%, due 7/28/45 | 500,000 | 707,250 |
Jordan 0.7% | ||
Jordan Government Bond | ||
Series Reg S | ||
7.375%, due 10/10/47 | 750,000 | 774,525 |
Kazakhstan 1.8% | ||
Kazakhstan Government Bond | ||
Series Reg S | ||
6.50%, due 7/21/45 | 1,300,000 | 1,872,078 |
Kenya 2.7% | ||
Kenya Government Bond | ||
Series Reg S | ||
6.875%, due 6/24/24 | 1,900,000 | 2,046,992 |
7.25%, due 2/28/28 (f) | 200,000 | 215,160 |
Series Reg S | ||
8.00%, due 5/22/32 | 500,000 | 543,090 |
2,805,242 | ||
Lebanon 0.3% | ||
Lebanon Government Bond (b)(d) | ||
Series Reg S | ||
6.65%, due 4/22/24 | 1,200,000 | 180,240 |
Principal Amount | Value | |
Foreign Government Bonds (continued) | ||
Lebanon (continued) | ||
Lebanon Government Bond (b)(d) (continued) | ||
Series Reg S | ||
6.85%, due 3/23/27 | $ 1,000,000 | $ 150,000 |
330,240 | ||
Mexico 4.0% | ||
Comision Federal de Electricidad | ||
Series Reg S | ||
3.875%, due 7/26/33 | 500,000 | 481,250 |
Series Reg S | ||
4.677%, due 2/9/51 | 700,000 | 650,132 |
Mexico Government Bond | ||
2.659%, due 5/24/31 | 1,277,000 | 1,232,433 |
3.75%, due 4/19/71 | 1,000,000 | 895,740 |
3.771%, due 5/24/61 | 1,000,000 | 920,750 |
4,180,305 | ||
Mongolia 1.0% | ||
Mongolia Government Bond | ||
Series Reg S | ||
3.50%, due 7/7/27 | 200,000 | 190,576 |
Series Reg S | ||
4.45%, due 7/7/31 | 200,000 | 190,744 |
Series Reg S | ||
5.125%, due 4/7/26 | 400,000 | 414,862 |
Series Reg S | ||
5.625%, due 5/1/23 | 200,000 | 208,484 |
1,004,666 | ||
Morocco 1.3% | ||
Morocco Government Bond | ||
Series Reg S | ||
3.00%, due 12/15/32 | 250,000 | 237,095 |
OCP SA | ||
Series Reg S | ||
3.75%, due 6/23/31 | 200,000 | 195,998 |
Series Reg S | ||
5.125%, due 6/23/51 | 1,000,000 | 973,500 |
1,406,593 | ||
Namibia 1.0% | ||
Namibia Government Bond | ||
Series Reg S | ||
5.25%, due 10/29/25 | 1,000,000 | 1,062,780 |
Principal Amount | Value | |
Nigeria 3.1% | ||
Nigeria Government Bond | ||
6.50%, due 11/28/27 (f) | $ 500,000 | $ 510,430 |
Series Reg S | ||
7.625%, due 11/21/25 | 500,000 | 544,075 |
Series Reg S | ||
7.625%, due 11/28/47 | 1,000,000 | 932,460 |
Series Reg S | ||
7.875%, due 2/16/32 | 1,200,000 | 1,221,706 |
3,208,671 | ||
Oman 2.4% | ||
Oman Government Bond | ||
Series Reg S | ||
4.875%, due 2/1/25 | 400,000 | 416,929 |
Series Reg S | ||
4.875%, due 2/1/25 | 200,000 | 208,464 |
Series Reg S | ||
6.25%, due 1/25/31 | 1,000,000 | 1,081,250 |
Series Reg S | ||
7.00%, due 1/25/51 | 200,000 | 208,308 |
Oman Sovereign Sukuk Co. | ||
Series Reg S | ||
4.875%, due 6/15/30 | 600,000 | 638,382 |
2,553,333 | ||
Pakistan 0.8% | ||
Pakistan Government Bond | ||
Series Reg S | ||
7.375%, due 4/8/31 | 800,000 | 811,984 |
Panama 2.0% | ||
Aeropuerto Internacional de Tocumen SA | ||
Series Reg S | ||
5.125%, due 8/11/61 | 1,000,000 | 1,041,260 |
Panama Government Bond | ||
2.252%, due 9/29/32 | 300,000 | 282,564 |
3.87%, due 7/23/60 | 750,000 | 746,302 |
2,070,126 | ||
Paraguay 0.7% | ||
Paraguay Government Bond | ||
Series Reg S | ||
2.739%, due 1/29/33 | 495,000 | 475,200 |
Series Reg S | ||
5.40%, due 3/30/50 | 200,000 | 225,500 |
700,700 |
16 | MainStay Candriam Emerging Markets Debt Fund |
Principal Amount | Value | |
Foreign Government Bonds (continued) | ||
Peru 2.0% | ||
Peruvian Government Bond | ||
2.783%, due 1/23/31 | $ 500,000 | $ 497,250 |
3.00%, due 1/15/34 | 800,000 | 791,200 |
3.55%, due 3/10/51 | 800,000 | 806,056 |
2,094,506 | ||
Philippines 0.9% | ||
Philippine Government Bond | ||
1.648%, due 6/10/31 (a) | 300,000 | 286,721 |
3.70%, due 3/1/41 | 300,000 | 322,519 |
3.75%, due 1/14/29 | 300,000 | 334,941 |
944,181 | ||
Qatar 1.3% | ||
Qatar Petroleum | ||
Series Reg S | ||
2.25%, due 7/12/31 | 900,000 | 886,500 |
Series Reg S | ||
3.30%, due 7/12/51 | 450,000 | 458,568 |
1,345,068 | ||
Republic Of Serbia 2.0% | ||
Serbia Government Bond | ||
Series Reg S | ||
1.00%, due 9/23/28 | EUR 698,000 | 778,647 |
2.05%, due 9/23/36 | 750,000 | 805,261 |
Series Reg S | ||
2.125%, due 12/1/30 | $ 550,000 | 512,655 |
2,096,563 | ||
Romania 2.0% | ||
Romanian Government Bond | ||
Series Reg S | ||
3.00%, due 2/14/31 | 300,000 | 301,712 |
Series Reg S | ||
3.375%, due 2/8/38 | EUR 500,000 | 587,858 |
Series Reg S | ||
4.00%, due 2/14/51 | $ 600,000 | 603,540 |
Series Reg S | ||
5.125%, due 6/15/48 | 500,000 | 587,500 |
2,080,610 | ||
Saudi Arabia 2.0% | ||
Saudi Arabian Oil Co. | ||
Series Reg S | ||
1.625%, due 11/24/25 | 250,000 | 248,530 |
Series Reg S | ||
2.25%, due 11/24/30 | 700,000 | 678,034 |
Principal Amount | Value | |
Saudi Arabia (continued) | ||
Saudi Arabian Oil Co. (continued) | ||
Series Reg S | ||
2.25%, due 11/24/30 | $ 300,000 | $ 290,586 |
Series Reg S | ||
3.25%, due 11/24/50 | 900,000 | 863,100 |
2,080,250 | ||
Senegal 1.0% | ||
Senegal Government Bond | ||
Series Reg S | ||
5.375%, due 6/8/37 | EUR 400,000 | 443,904 |
Series Reg S | ||
6.25%, due 5/23/33 | $ 400,000 | 412,315 |
Series Reg S | ||
6.75%, due 3/13/48 | 250,000 | 247,516 |
1,103,735 | ||
South Africa 2.2% | ||
South Africa Government Bond | ||
4.30%, due 10/12/28 | 700,000 | 705,250 |
4.85%, due 9/30/29 | 500,000 | 512,490 |
4.875%, due 4/14/26 | 700,000 | 747,082 |
6.25%, due 3/8/41 | 300,000 | 313,230 |
2,278,052 | ||
Sri Lanka 0.5% | ||
Sri Lanka Government Bond | ||
Series Reg S | ||
6.20%, due 5/11/27 | 200,000 | 124,856 |
Series Reg S | ||
6.75%, due 4/18/28 | 400,000 | 249,396 |
Series Reg S | ||
6.85%, due 11/3/25 | 200,000 | 127,930 |
502,182 | ||
Tunisia 1.0% | ||
Banque Centrale de Tunisie | ||
Series Reg S | ||
5.625%, due 2/17/24 | EUR 650,000 | 611,940 |
Series Reg S | ||
5.75%, due 1/30/25 | $ 200,000 | 159,727 |
Series Reg S | ||
5.75%, due 1/30/25 | 350,000 | 279,522 |
1,051,189 | ||
Ukraine 2.8% | ||
State Agency of Roads of Ukraine | ||
Series Reg S | ||
6.25%, due 6/24/28 | 2,500,000 | 2,450,500 |
Principal Amount | Value | |
Foreign Government Bonds (continued) | ||
Ukraine (continued) | ||
Ukraine Government Bond | ||
Series Reg S | ||
7.75%, due 9/1/27 | $ 400,000 | $ 430,955 |
2,881,455 | ||
United Arab Emirates 2.6% | ||
Finance Department Government of Sharjah | ||
Series Reg S | ||
3.625%, due 3/10/33 | 1,600,000 | 1,572,064 |
Series Reg S | ||
4.00%, due 7/28/50 | 800,000 | 721,000 |
United Arab Emirates Government Bond | ||
Series Reg S | ||
3.90%, due 9/9/50 | 500,000 | 471,805 |
2,764,869 | ||
Uruguay 0.5% | ||
Uruguay Government Bond | ||
5.10%, due 6/18/50 | 400,000 | 520,572 |
Venezuela 0.6% | ||
Petroleos de Venezuela SA (b)(c)(d) | ||
Series Reg S | ||
6.00%, due 5/16/24 | 2,500,000 | 125,000 |
Series Reg S | ||
6.00%, due 11/15/26 (g) | 2,500,000 | 125,000 |
Venezuela Government Bond | ||
Series Reg S | ||
9.25%, due 5/7/28 (b)(c)(d) | 4,095,000 | 394,349 |
644,349 | ||
Zambia 0.9% | ||
Zambia Government Bond | ||
Series Reg S | ||
8.97%, due 7/30/27 (d) | 1,200,000 | 940,212 |
Total Foreign Government Bonds (Cost $96,815,628) | 88,466,509 | |
Total Long-Term Bonds (Cost $108,231,429) | 98,876,660 | |
Shares | Value | ||
Short-Term Investments 2.3% | |||
Unaffiliated Investment Companies 2.3% | |||
United States 2.3% | |||
BlackRock Liquidity FedFund, 0.025% (h)(i) | 500,000 | $ 500,000 | |
Wells Fargo Government Money Market Fund, 0.025% (h)(i) | 1,876,964 | 1,876,964 | |
Total Short-Term Investments (Cost $2,376,964) | 2,376,964 | ||
Total Investments (Cost $110,608,393) | 97.1% | 101,253,624 | |
Other Assets, Less Liabilities | 2.9 | 3,013,075 | |
Net Assets | 100.0% | $ 104,266,699 |
† | Percentages indicated are based on Fund net assets. |
(a) | All or a portion of this security was held on loan. As of October 31, 2021, the aggregate market value of securities on loan was $2,288,217. The Fund received cash collateral with a value of $2,376,964. (See Note 2(K)) |
(b) | Issue in default. |
(c) | Illiquid security—As of October 31, 2021, the total market value deemed illiquid under procedures approved by the Board of Trustees was $794,349, which represented 0.8% of the Fund’s net assets. (Unaudited) |
(d) | Issue in non-accrual status. |
(e) | Step coupon—Rate shown was the rate in effect as of October 31, 2021. |
(f) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
(g) | Coupon rate may change based on changes of the underlying collateral or prepayments of principal. Rate shown was the rate in effect as of October 31, 2021. |
(h) | Current yield as of October 31, 2021. |
(i) | Represents a security purchased with cash collateral received for securities on loan. |
18 | MainStay Candriam Emerging Markets Debt Fund |
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation)2 | ||
USD | 3,065,180 | EUR | 2,600,000 | JPMorgan Chase Bank N.A. | 11/17/21 | $ 58,704 |
USD | 1,758,944 | EUR | 1,500,000 | JPMorgan Chase Bank N.A. | 11/17/21 | 24,439 |
USD | 1,883,912 | ZAR | 27,000,000 | JPMorgan Chase Bank N.A. | 11/17/21 | 119,427 |
Total Unrealized Appreciation | 202,570 | |||||
ZAR | 26,800,000 | USD | 1,819,472 | JPMorgan Chase Bank N.A. | 11/17/21 | (68,058) |
Total Unrealized Depreciation | (68,058) | |||||
Net Unrealized Appreciation | $ 134,512 |
1. | Foreign Currency Forward Contracts are subject to limitations such that they cannot be “sold or repurchased,” although the Fund would be able to exit the transaction through other means, such as through the execution of an offsetting transaction. |
2. | As of October 31, 2021, cash in the amount of $520,000 was on deposit with a broker or forward commission merchant for forward transactions. |
Type | Number of Contracts | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)2 |
Short Contracts | |||||
U.S. Treasury 10 Year Ultra Bonds | (140) | December 2021 | $ (20,630,359) | $ (20,304,375) | $ 325,984 |
1. | As of October 31, 2021, cash in the amount of $338,800 was on deposit with a broker or futures commission merchant for futures transactions. |
2. | Represents the difference between the value of the contracts at the time they were opened and the value as of October 31, 2021. |
Abbreviation(s): |
EUR—Euro |
USD—United States Dollar |
ZAR—South African Rand |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Long-Term Bonds | |||||||
Corporate Bonds | $ — | $ 10,410,151 | $ — | $ 10,410,151 | |||
Foreign Government Bonds | — | 88,466,509 | — | 88,466,509 | |||
Total Long-Term Bonds | — | 98,876,660 | — | 98,876,660 | |||
Short-Term Investments | |||||||
Unaffiliated Investment Companies | 2,376,964 | — | — | 2,376,964 | |||
Total Investments in Securities | 2,376,964 | 98,876,660 | — | 101,253,624 | |||
Other Financial Instruments | |||||||
Foreign Currency Forward Contracts (b) | — | 202,570 | — | 202,570 | |||
Futures Contracts (b) | 325,984 | — | — | 325,984 | |||
Total Other Financial Instruments | 325,984 | 202,570 | — | 528,554 | |||
Total Investments in Securities and Other Financial Instruments | $ 2,702,948 | $ 99,079,230 | $ — | $ 101,782,178 | |||
Liability Valuation Inputs | |||||||
Other Financial Instruments | |||||||
Foreign Currency Forward Contracts (b) | $ — | $ (68,058) | $ — | $ (68,058) |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
(b) | The value listed for these securities reflects unrealized appreciation (depreciation) as shown on the Portfolio of Investments. |
20 | MainStay Candriam Emerging Markets Debt Fund |
Assets | |
Investment in securities, at value (identified cost $110,608,393) including securities on loan of $2,288,217 | $101,253,624 |
Cash | 5,141,109 |
Cash denominated in foreign currencies (identified cost $178,834) | 176,041 |
Cash collateral on deposit at broker for futures contracts | 338,800 |
Cash collateral on deposit at broker for forward contracts | 520,000 |
Receivables: | |
Interest | 1,221,669 |
Variation margin on futures contracts | 1,156,431 |
Fund shares sold | 29,809 |
Securities lending | 348 |
Unrealized appreciation on foreign currency forward contracts | 202,570 |
Other assets | 34,941 |
Total assets | 110,075,342 |
Liabilities | |
Cash collateral received for securities on loan | 2,376,964 |
Payables: | |
Investment securities purchased | 2,887,414 |
Fund shares redeemed | 293,153 |
Transfer agent (See Note 3) | 43,114 |
Manager (See Note 3) | 37,887 |
Shareholder communication | 33,721 |
NYLIFE Distributors (See Note 3) | 24,042 |
Professional fees | 13,960 |
Custodian | 4,288 |
Trustees | 365 |
Accrued expenses | 10,510 |
Distributions payable | 15,167 |
Unrealized depreciation on foreign currency forward contracts | 68,058 |
Total liabilities | 5,808,643 |
Net assets | $104,266,699 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.01 per share) unlimited number of shares authorized | $ 107,086 |
Additional paid-in-capital | 127,600,232 |
127,707,318 | |
Total distributable earnings (loss) | (23,440,619) |
Net assets | $104,266,699 |
Class A | |
Net assets applicable to outstanding shares | $81,092,299 |
Shares of beneficial interest outstanding | 8,332,498 |
Net asset value per share outstanding | $ 9.73 |
Maximum sales charge (4.50% of offering price) | 0.46 |
Maximum offering price per share outstanding | $ 10.19 |
Investor Class | |
Net assets applicable to outstanding shares | $12,805,923 |
Shares of beneficial interest outstanding | 1,301,698 |
Net asset value per share outstanding | $ 9.84 |
Maximum sales charge (4.00% of offering price) | 0.41 |
Maximum offering price per share outstanding | $ 10.25 |
Class B | |
Net assets applicable to outstanding shares | $ 1,128,563 |
Shares of beneficial interest outstanding | 118,530 |
Net asset value and offering price per share outstanding | $ 9.52 |
Class C | |
Net assets applicable to outstanding shares | $ 3,510,625 |
Shares of beneficial interest outstanding | 368,118 |
Net asset value and offering price per share outstanding | $ 9.54 |
Class I | |
Net assets applicable to outstanding shares | $ 5,729,289 |
Shares of beneficial interest outstanding | 587,805 |
Net asset value and offering price per share outstanding | $ 9.75 |
Investment Income (Loss) | |
Income | |
Interest (net of foreign tax withholding of $1,084) | $5,258,744 |
Securities lending | 8,098 |
Dividends-affiliated | 7 |
Total income | 5,266,849 |
Expenses | |
Manager (See Note 3) | 777,933 |
Distribution/Service—Class A (See Note 3) | 211,427 |
Distribution/Service—Investor Class (See Note 3) | 34,015 |
Distribution/Service—Class B (See Note 3) | 14,228 |
Distribution/Service—Class C (See Note 3) | 48,217 |
Transfer agent (See Note 3) | 220,254 |
Registration | 85,931 |
Professional fees | 72,208 |
Custodian | 42,109 |
Shareholder communication | 37,650 |
Trustees | 2,707 |
Insurance | 909 |
Miscellaneous | 20,680 |
Total expenses before waiver/reimbursement | 1,568,268 |
Expense waiver/reimbursement from Manager (See Note 3) | (182,027) |
Net expenses | 1,386,241 |
Net investment income (loss) | 3,880,608 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | 649,083 |
Futures transactions | (244,309) |
Foreign currency transactions | 92,219 |
Foreign currency forward transactions | (234,802) |
Net realized gain (loss) | 262,191 |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | (100,839) |
Futures contracts | 325,984 |
Foreign currency forward contracts | 104,138 |
Translation of other assets and liabilities in foreign currencies | 7,320 |
Net change in unrealized appreciation (depreciation) | 336,603 |
Net realized and unrealized gain (loss) | 598,794 |
Net increase (decrease) in net assets resulting from operations | $4,479,402 |
22 | MainStay Candriam Emerging Markets Debt Fund |
for the years ended October 31, 2021 and October 31, 2020
2021 | 2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 3,880,608 | $ 5,646,222 |
Net realized gain (loss) | 262,191 | (4,508,919) |
Net change in unrealized appreciation (depreciation) | 336,603 | (6,122,854) |
Net increase (decrease) in net assets resulting from operations | 4,479,402 | (4,985,551) |
Distributions to shareholders: | ||
Class A | (4,028,577) | (3,904,404) |
Investor Class | (598,582) | (606,354) |
Class B | (56,287) | (75,657) |
Class C | (199,315) | (304,393) |
Class I | (337,673) | (515,800) |
Total distributions to shareholders | (5,220,434) | (5,406,608) |
Capital share transactions: | ||
Net proceeds from sales of shares | 10,338,246 | 12,038,594 |
Net asset value of shares issued to shareholder in reinvestment of distributions | 4,945,465 | 5,139,994 |
Cost of shares redeemed | (21,792,166) | (35,678,634) |
Increase (decrease) in net assets derived from capital share transactions | (6,508,455) | (18,500,046) |
Net increase (decrease) in net assets | (7,249,487) | (28,892,205) |
Net Assets | ||
Beginning of year | 111,516,186 | 140,408,391 |
End of year | $104,266,699 | $111,516,186 |
Year Ended October 31, | |||||||||
Class A | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 9.81 | $ 10.46 | $ 9.71 | $ 10.88 | $ 10.52 | ||||
Net investment income (loss) (a) | 0.36 | 0.47 | 0.49 | 0.45 | 0.53 | ||||
Net realized and unrealized gain (loss) | 0.04 | (0.67) | 0.76 | (1.19) | 0.30 | ||||
Total from investment operations | 0.40 | (0.20) | 1.25 | (0.74) | 0.83 | ||||
Less distributions: | |||||||||
From net investment income | (0.48) | (0.45) | (0.50) | (0.43) | (0.36) | ||||
Return of capital | — | — | — | — | (0.11) | ||||
Total distributions | (0.48) | (0.45) | (0.50) | (0.43) | (0.47) | ||||
Net asset value at end of year | $ 9.73 | $ 9.81 | $ 10.46 | $ 9.71 | $ 10.88 | ||||
Total investment return (b) | 4.00% | (1.80)% | 13.05% | (6.95)% | 8.18% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 3.58% | 4.70% | 4.78% | 4.36% | 5.04% | ||||
Net expenses (c) | 1.16% | 1.17% | 1.23% | 1.26% | 1.22% | ||||
Expenses (before waiver/reimbursement) (c) | 1.31% | 1.33% | 1.26% | 1.26% | 1.22% | ||||
Portfolio turnover rate | 112% | 102% | 102% | 44% | 37% | ||||
Net assets at end of year (in 000’s) | $ 81,092 | $ 82,874 | $ 93,472 | $ 86,452 | $ 110,238 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | |||||||||
Investor Class | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 9.91 | $ 10.57 | $ 9.80 | $ 10.98 | $ 10.61 | ||||
Net investment income (loss) (a) | 0.33 | 0.44 | 0.47 | 0.43 | 0.52 | ||||
Net realized and unrealized gain (loss) | 0.04 | (0.68) | 0.77 | (1.20) | 0.30 | ||||
Total from investment operations | 0.37 | (0.24) | 1.24 | (0.77) | 0.82 | ||||
Less distributions: | |||||||||
From net investment income | (0.44) | (0.42) | (0.47) | (0.41) | (0.35) | ||||
Return of capital | — | — | — | — | (0.10) | ||||
Total distributions | (0.44) | (0.42) | (0.47) | (0.41) | (0.45) | ||||
Net asset value at end of year | $ 9.84 | $ 9.91 | $ 10.57 | $ 9.80 | $ 10.98 | ||||
Total investment return (b) | 3.70% | (2.20)% | 12.82% | (7.18)% | 7.99% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 3.21% | 4.38% | 4.50% | 4.15% | 4.86% | ||||
Net expenses (c) | 1.53% | 1.49% | 1.52% | 1.47% | 1.42% | ||||
Expenses (before waiver/reimbursement) (c) | 1.70% | 1.66% | 1.56% | 1.49% | 1.42% | ||||
Portfolio turnover rate | 112% | 102% | 102% | 44% | 37% | ||||
Net assets at end of year (in 000's) | $ 12,806 | $ 13,801 | $ 16,024 | $ 15,911 | $ 18,613 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
24 | MainStay Candriam Emerging Markets Debt Fund |
Year Ended October 31, | |||||||||
Class B | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 9.61 | $ 10.26 | $ 9.52 | $ 10.69 | $ 10.34 | ||||
Net investment income (loss) (a) | 0.24 | 0.36 | 0.38 | 0.34 | 0.43 | ||||
Net realized and unrealized gain (loss) | 0.04 | (0.66) | 0.75 | (1.18) | 0.29 | ||||
Total from investment operations | 0.28 | (0.30) | 1.13 | (0.84) | 0.72 | ||||
Less distributions: | |||||||||
From net investment income | (0.37) | (0.35) | (0.39) | (0.33) | (0.29) | ||||
Return of capital | — | — | — | — | (0.08) | ||||
Total distributions | (0.37) | (0.35) | (0.39) | (0.33) | (0.37) | ||||
Net asset value at end of year | $ 9.52 | $ 9.61 | $ 10.26 | $ 9.52 | $ 10.69 | ||||
Total investment return (b) | 2.87% | (2.91)% | 12.04% | (7.98)% | 7.20% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.49% | 3.66% | 3.76% | 3.37% | 4.11% | ||||
Net expenses (c) | 2.28% | 2.24% | 2.27% | 2.22% | 2.17% | ||||
Expenses (before waiver/reimbursement) (c) | 2.45% | 2.40% | 2.31% | 2.24% | 2.17% | ||||
Portfolio turnover rate | 112% | 102% | 102% | 44% | 37% | ||||
Net assets at end of year (in 000’s) | $ 1,129 | $ 1,789 | $ 2,663 | $ 3,660 | $ 6,012 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | |||||||||
Class C | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 9.63 | $ 10.27 | $ 9.54 | $ 10.70 | $ 10.35 | ||||
Net investment income (loss) (a) | 0.25 | 0.36 | 0.38 | 0.35 | 0.43 | ||||
Net realized and unrealized gain (loss) | 0.03 | (0.66) | 0.74 | (1.18) | 0.29 | ||||
Total from investment operations | 0.28 | (0.30) | 1.12 | (0.83) | 0.72 | ||||
Less distributions: | |||||||||
From net investment income | (0.37) | (0.34) | (0.39) | (0.33) | (0.29) | ||||
Return of capital | — | — | — | — | (0.08) | ||||
Total distributions | (0.37) | (0.34) | (0.39) | (0.33) | (0.37) | ||||
Net asset value at end of year | $ 9.54 | $ 9.63 | $ 10.27 | $ 9.54 | $ 10.70 | ||||
Total investment return (b) | 2.87% | (2.81)% | 11.91% | (7.88)% | 7.19% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.52% | 3.68% | 3.78% | 3.39% | 4.11% | ||||
Net expenses (c) | 2.28% | 2.24% | 2.27% | 2.22% | 2.17% | ||||
Expenses (before waiver/reimbursement) (c) | 2.45% | 2.40% | 2.31% | 2.24% | 2.17% | ||||
Portfolio turnover rate | 112% | 102% | 102% | 44% | 37% | ||||
Net assets at end of year (in 000’s) | $ 3,511 | $ 6,365 | $ 11,150 | $ 19,246 | $ 28,270 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | |||||||||
Class I | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 9.82 | $ 10.48 | $ 9.72 | $ 10.90 | $ 10.53 | ||||
Net investment income (loss) (a) | 0.39 | 0.51 | 0.52 | 0.48 | 0.56 | ||||
Net realized and unrealized gain (loss) | 0.05 | (0.69) | 0.76 | (1.20) | 0.31 | ||||
Total from investment operations | 0.44 | (0.18) | 1.28 | (0.72) | 0.87 | ||||
Less distributions: | |||||||||
From net investment income | (0.51) | (0.48) | (0.52) | (0.46) | (0.39) | ||||
Return of capital | — | — | — | — | (0.11) | ||||
Total distributions | (0.51) | (0.48) | (0.52) | (0.46) | (0.50) | ||||
Net asset value at end of year | $ 9.75 | $ 9.82 | $ 10.48 | $ 9.72 | $ 10.90 | ||||
Total investment return (b) | 4.42% | (1.59)% | 13.46% | (6.80)% | 8.54% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 3.86% | 5.09% | 4.99% | 4.60% | 5.22% | ||||
Net expenses (c) | 0.85% | 0.85% | 0.94% | 1.01% | 0.97% | ||||
Expenses (before waiver/reimbursement) (c) | 1.06% | 1.07% | 1.01% | 1.01% | 0.97% | ||||
Portfolio turnover rate | 112% | 102% | 102% | 44% | 37% | ||||
Net assets at end of year (in 000’s) | $ 5,729 | $ 6,687 | $ 17,100 | $ 10,428 | $ 22,717 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
26 | MainStay Candriam Emerging Markets Debt Fund |
Class | Commenced Operations |
Class A | June 1, 1998 |
Investor Class | February 28, 2008 |
Class B | June 1, 1998 |
Class C | September 1, 1998 |
Class I | August 31, 2007 |
Class R6 | N/A* |
SIMPLE Class | N/A* |
* | Class R6 shares were registered for sale effective as of February 28, 2017 and SIMPLE Class shares were registered for sale effective as of August 31, 2020 but have not yet commenced operations. |
• | Level 1—quoted prices in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Fund's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• Benchmark yields | • Reported trades |
• Broker/dealer quotes | • Issuer spreads |
• Two-sided markets | • Benchmark securities |
• Bids/offers | • Reference data (corporate actions or material event notices) |
• Industry and economic events | • Comparable bonds |
• Monthly payment information |
28 | MainStay Candriam Emerging Markets Debt Fund |
30 | MainStay Candriam Emerging Markets Debt Fund |
32 | MainStay Candriam Emerging Markets Debt Fund |
Asset Derivatives | Foreign Exchange Contracts Risk | Interest Rate Contracts Risk | Total |
Futures Contracts - Net Assets—Net unrealized appreciation on futures contracts (a) | $ — | $325,984 | $325,984 |
Forward Contracts - Unrealized appreciation on foreign currency forward contracts | 202,570 | — | 202,570 |
Total Fair Value | $202,570 | $325,984 | $528,554 |
(a) | Includes cumulative appreciation (depreciation) of futures contracts as reported in the Portfolio of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Liability Derivatives | Foreign Exchange Contracts Risk | Total |
Forward Contracts - Unrealized depreciation on foreign currency forward contracts | $(68,058) | $(68,058) |
Total Fair Value | $(68,058) | $(68,058) |
Net Realized Gain (Loss) from: | Foreign Exchange Contracts Risk | Interest Rate Contracts Risk | Total |
Futures Contracts | $ — | $(244,309) | $(244,309) |
Forward Contracts | (234,802) | — | (234,802) |
Total Net Realized Gain (Loss) | $(234,802) | $(244,309) | $(479,111) |
Net Change in Unrealized Appreciation (Depreciation) | Foreign Exchange Contracts Risk | Interest Rate Contracts Risk | Total |
Futures Contracts | $ — | $325,984 | $325,984 |
Forward Contracts | 104,138 | — | 104,138 |
Total Net Change in Unrealized Appreciation (Depreciation) | $104,138 | $325,984 | $430,122 |
Average Notional Amount | Total |
Futures Contracts Short (a) | $(18,633,005) |
Forward Contracts Long (b) | $ 1,578,110 |
Forward Contracts Short | $ (4,989,624) |
(a) | Positions were open nine months during the reporting period. |
(b) | Positions were open three months during the reporting period. |
Class | Expense | Waived |
Class A | $108,329 | $ — |
Investor Class | 71,173 | (3,175) |
Class B | 7,365 | (291) |
Class C | 24,820 | (908) |
Class I | 8,567 | — |
34 | MainStay Candriam Emerging Markets Debt Fund |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay U.S. Government Liquidity Fund | $ 5,821 | $ 5,161 | $ (10,982) | $ — | $ — | $ — | $ —(a) | $ — | — |
(a) | Less than $500. |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $110,631,903 | $1,605,297 | $(11,174,188) | $(9,568,891) |
Ordinary income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$1,289,921 | $(13,076,685) | $(2,270,378) | $(9,383,477) | $(23,440,619) |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $3,366 | $9,520 |
2021 | 2020 | |
Distributions paid from: | ||
Ordinary Income | $5,220,434 | $5,406,608 |
Class A | Shares | Amount |
Year ended October 31, 2021: | ||
Shares sold | 713,529 | $ 7,173,220 |
Shares issued to shareholders in reinvestment of distributions | 375,840 | 3,784,034 |
Shares redeemed | (1,340,827) | (13,453,470) |
Net increase (decrease) in shares outstanding before conversion | (251,458) | (2,496,216) |
Shares converted into Class A (See Note 1) | 134,443 | 1,350,648 |
Net increase (decrease) | (117,015) | $ (1,145,568) |
Year ended October 31, 2020: | ||
Shares sold | 696,868 | $ 6,940,578 |
Shares issued to shareholders in reinvestment of distributions | 375,972 | 3,684,567 |
Shares redeemed | (1,678,861) | (16,459,620) |
Net increase (decrease) in shares outstanding before conversion | (606,021) | (5,834,475) |
Shares converted into Class A (See Note 1) | 125,083 | 1,241,731 |
Shares converted from Class A (See Note 1) | (3,814) | (32,724) |
Net increase (decrease) | (484,752) | $ (4,625,468) |
Investor Class | Shares | Amount |
Year ended October 31, 2021: | ||
Shares sold | 40,079 | $ 408,621 |
Shares issued to shareholders in reinvestment of distributions | 57,221 | 582,738 |
Shares redeemed | (157,005) | (1,594,511) |
Net increase (decrease) in shares outstanding before conversion | (59,705) | (603,152) |
Shares converted into Investor Class (See Note 1) | 58,165 | 584,574 |
Shares converted from Investor Class (See Note 1) | (89,102) | (911,035) |
Net increase (decrease) | (90,642) | $ (929,613) |
Year ended October 31, 2020: | ||
Shares sold | 84,985 | $ 814,508 |
Shares issued to shareholders in reinvestment of distributions | 60,127 | 595,107 |
Shares redeemed | (219,231) | (2,167,018) |
Net increase (decrease) in shares outstanding before conversion | (74,119) | (757,403) |
Shares converted into Investor Class (See Note 1) | 43,802 | 437,065 |
Shares converted from Investor Class (See Note 1) | (93,645) | (945,640) |
Net increase (decrease) | (123,962) | $ (1,265,978) |
Class B | Shares | Amount |
Year ended October 31, 2021: | ||
Shares sold | 841 | $ 8,312 |
Shares issued to shareholders in reinvestment of distributions | 4,840 | 47,946 |
Shares redeemed | (44,755) | (440,956) |
Net increase (decrease) in shares outstanding before conversion | (39,074) | (384,698) |
Shares converted from Class B (See Note 1) | (28,531) | (281,622) |
Net increase (decrease) | (67,605) | $ (666,320) |
Year ended October 31, 2020: | ||
Shares sold | 3,472 | $ 31,047 |
Shares issued to shareholders in reinvestment of distributions | 6,737 | 64,708 |
Shares redeemed | (47,132) | (446,113) |
Net increase (decrease) in shares outstanding before conversion | (36,923) | (350,358) |
Shares converted from Class B (See Note 1) | (36,532) | (357,664) |
Net increase (decrease) | (73,455) | $ (708,022) |
36 | MainStay Candriam Emerging Markets Debt Fund |
Class C | Shares | Amount |
Year ended October 31, 2021: | ||
Shares sold | 31,829 | $ 312,265 |
Shares issued to shareholders in reinvestment of distributions | 19,879 | 197,409 |
Shares redeemed | (268,085) | (2,624,073) |
Net increase (decrease) in shares outstanding before conversion | (216,377) | (2,114,399) |
Shares converted from Class C (See Note 1) | (76,752) | (742,565) |
Net increase (decrease) | (293,129) | $ (2,856,964) |
Year ended October 31, 2020: | ||
Shares sold | 60,247 | $ 591,756 |
Shares issued to shareholders in reinvestment of distributions | 29,700 | 285,515 |
Shares redeemed | (478,295) | (4,597,030) |
Net increase (decrease) in shares outstanding before conversion | (388,348) | (3,719,759) |
Shares converted from Class C (See Note 1) | (35,796) | (342,768) |
Net increase (decrease) | (424,144) | $ (4,062,527) |
Class I | Shares | Amount |
Year ended October 31, 2021: | ||
Shares sold | 241,535 | $ 2,435,828 |
Shares issued to shareholders in reinvestment of distributions | 33,069 | 333,338 |
Shares redeemed | (367,578) | (3,679,156) |
Net increase (decrease) | (92,974) | $ (909,990) |
Year ended October 31, 2020: | ||
Shares sold | 353,067 | $ 3,660,705 |
Shares issued to shareholders in reinvestment of distributions | 51,147 | 510,097 |
Shares redeemed | (1,355,592) | (12,008,853) |
Net increase (decrease) | (951,378) | $ (7,838,051) |
The MainStay Funds:
December 24, 2021
38 | MainStay Candriam Emerging Markets Debt Fund |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Yie-Hsin Hung* 1962 | MainStay Funds: Trustee since 2017; MainStay Funds Trust: Trustee since 2017 | Senior Vice President of New York Life since joining in 2010, Member of the Executive Management Committee since 2017, Chief Executive Officer, New York Life Investment Management Holdings LLC & New York Life Investment Management LLC since 2015. Senior Managing Director and Co-President of New York Life Investment Management LLC from January 2014 to May 2015. Previously held positions of increasing responsibility, including head of NYLIM International, Alternative Growth Businesses, and Institutional investments since joining New York Life in 2010 | 78 | MainStay VP Funds Trust: Trustee since 2017 (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2017; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of her affiliation with New York Life Insurance Company, New York Life Investment Management LLC, Candriam Belgium S.A., Candriam Luxembourg S.C.A., IndexIQ Advisors LLC, MacKay Shields LLC, NYL Investors LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
40 | MainStay Candriam Emerging Markets Debt Fund |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay Funds: Trustee since 2016, Advisory Board Member (June 2015 to December 2015);MainStay Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 78 | MainStay VP Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Market Vectors Group of Exchange-Traded Funds: Independent Chairman of the Board of Trustees since 2008 and Trustee since 2006 (56 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Investment Committee since 2018 | |
Susan B. Kerley 1951 | MainStay Funds: Chairman since 2017 and Trustee since 2007;MainStay Funds Trust: Chairman since 2017 and Trustee since 1990** | President, Strategic Management Advisors LLC since 1990 | 78 | MainStay VP Funds Trust: Chairman since January 2017 and Trustee since 2007 (31 portfolios)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) | |
Alan R. Latshaw 1951 | MainStay Funds: Trustee;MainStay Funds Trust: Trustee since 2007** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 78 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 | |
Richard H. Nolan, Jr. 1946 | MainStay Funds: Trustee since 2007;MainStay Funds Trust: Trustee since 2007** | Managing Director, ICC Capital Management since 2004; President—Shields/Alliance, Alliance Capital Management (1994 to 2004) | 78 | MainStay VP Funds Trust: Trustee since 2006 (31 portfolios)***; and MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011 | |
Jacques P. Perold 1958 | MainStay Funds: Trustee since 2016, Advisory Board Member (June 2015 to December 2015);MainStay Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, Capshift Advisors LLC (Since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 78 | MainStay VP Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Partners in Health: Trustee since 2019; Allstate Corporation: Director since 2015; and MSCI, Inc.: Director since 2017 |
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 | |
Richard S. Trutanic 1952 | MainStay Funds: Trustee since 1994;MainStay Funds Trust: Trustee since 2007** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 78 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund; Trustee since June 2021 |
** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
*** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Karen Hammond 1956 | MainStay Funds: Advisory Board Member since June 2021;MainStay Funds Trust: Advisory Board Member since June 2021 | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 78 | MainStay VP Funds Trust: Advisory Board Member since June 2021 (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Advisory Board Member since June 2021; MainStay CBRE Global Infrastructure Megatrends Fund: Advisory Board Member since June 2021; Two Harbors Investment Corp: Trustee since 2018, Chair of the Special Committee since 2019; Rhode Island School of Design: Trustee and Chair of the Finance Committee since 2015 |
Advisory Board Member | Independent Trustees |
42 | MainStay Candriam Emerging Markets Debt Fund |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay Funds, MainStay Funds Trust since 2017 | Chief Operating Officer and Senior Managing Director since 2016, New York Life Investment Management LLC; Chairman of the Board since 2017, NYLIFE Distributors LLC; Chairman of the Board, NYLIM Service Company LLC since 2017; Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust since January 2018; President, MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust since 2017** and MainStay CBRE Global Infrastructure Megatrends Fund since June 2021; 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 MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay VP Funds Trust since 2007** and MainStay CBRE Global Infrastructure Megatrends Fund since June 2021; 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 MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay VP Funds Trust since 2010** and MainStay CBRE Global Infrastructure Megatrends Fund since June 2021 | ||
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 MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay VP Funds Trust since 2005** and MainStay CBRE Global Infrastructure Megatrends Fund since June 2021 | ||
Kevin M. Bopp 1969 | Vice President and Chief Compliance Officer, MainStay Funds and MainStay Funds Trust since 2021 and 2014 to 2020 | Vice President and Chief Compliance Officer, New York Life Investments Alternatives LLC and New York Life Investment Management Holdings LLC since 2020; Vice President since 2018 and Chief Compliance Officer since 2016, New York Life Investment Management LLC; Vice President and Chief Compliance Officer, IndexIQ Advisors LLC, IndexIQ Holdings Inc., IndexIQ LLC and IndexIQ Trust since 2017; Director and Associate General Counsel (2011 to 2014) and Vice President and Assistant General Counsel (2010 to 2011), New York Life Investment Management LLC;Vice President and Chief Compliance Officer, MainStay VP Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund since June 2021 and 2014 to 2020 and MainStay CBRE Global Infrastructure Megatrends Fund since June 2021; Assistant Secretary, MainStay Funds, MainStay Funds Trust and MainStay VP Funds Trust (2010 to 2014)**, MainStay MacKay DefinedTerm Municipal Opportunities Fund (2011 to 2014) |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
1.
2. | This Fund is registered for sale in CA, CT, DE, FL, MA, NJ, NY and VT. |
3. | Prior to November 30, 2021, the Fund's name was formerly MainStay MacKay Intermediate Tax Free Bond Fund. |
4. | An affiliate of New York Life Investment Management LLC. |
1717391MS180-21 | MSCEMD11-12/21 |
please log in to newyorklifeinvestments.com/accounts.
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended October 31, 2021 | |||||||
Class | Sales Charge | Inception Date | One Year | Five Years | Ten Years or Since Inception | Gross Expense Ratio1 | |
Class A Shares2 | Maximum 3% Initial Sales Charge | With sales charges | 1/3/1995 | 16.15% | 6.81% | 7.84% | 1.03% |
Excluding sales charges | 19.74 | 8.03 | 8.45 | 1.03 | |||
Investor Class Shares3 | Maximum 2.5% Initial Sales Charge | With sales charges | 2/28/2008 | 16.57 | 6.65 | 7.63 | 1.18 |
Excluding sales charges | 19.56 | 7.87 | 8.24 | 1.18 | |||
Class B Shares4 | Maximum 5% CDSC | With sales charges | 12/29/1987 | 13.69 | 6.75 | 7.44 | 1.93 |
if Redeemed Within the First Six Years of Purchase | Excluding sales charges | 18.69 | 7.06 | 7.44 | 1.93 | ||
Class C Shares | Maximum 1% CDSC | With sales charges | 9/1/1998 | 17.68 | 7.06 | 7.44 | 1.93 |
if Redeemed Within One Year of Purchase | Excluding sales charges | 18.68 | 7.06 | 7.44 | 1.93 | ||
Class I Shares | No Sales Charge | 1/2/2004 | 20.10 | 8.30 | 8.72 | 0.78 | |
Class R2 Shares | No Sales Charge | 2/27/2015 | 19.68 | 7.93 | 5.87 | 1.12 | |
Class R3 Shares | No Sales Charge | 2/29/2016 | 19.39 | 7.66 | 8.43 | 1.38 | |
Class R6 Shares | No Sales Charge | 2/28/2018 | 20.20 | N/A | 8.47 | 0.68 | |
SIMPLE Class Shares | No Sales Charge | 8/31/2020 | 19.26 | N/A | 12.91 | 1.43 |
1. | The gross expense ratios presented reflect the Fund’s “Total Annual Fund Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report. |
2. | Prior to November 4, 2019, the maximum initial sales charge applicable was 5.5%, which is reflected in the average annual total return figures shown. |
3. | Prior to June 30, 2020, the maximum initial sales charge was 3%, which is reflected in the average annual total return figures shown. |
4. | Class B shares are closed to all new purchases as well as additional investments by existing Class B shareholders. |
Benchmark Performance* | One Year | Five Years | Ten Years |
MSCI World Index (Net)1 | 40.42% | 15.45% | 12.19% |
Bloomberg U.S. Aggregate Bond Index2 | -0.48 | 3.10 | 3.00 |
Blended Benchmark Index3 | 22.71 | 10.66 | 8.66 |
Morningstar Allocation - 30% to 50% Equity Category Average4 | 16.78 | 7.06 | 5.82 |
1. | The MSCI World Index (Net) is the Fund's primary broad-based securities market index for comparison purposes. The MSCI World Index (Net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
2. | The Fund has selected the Bloomberg U.S. Aggregate Bond Index as a secondary benchmark. The Bloomberg U.S. Aggregate Bond Index measures performance of the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasurys, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
3. | The Fund has selected the Blended Benchmark Index as an additional benchmark. The Blended Benchmark Index consists of the 60% MSCI World Index and 40% of the Bloomberg U.S. Aggregate Bond Index, respectively. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
4. | The Morningstar Allocation – 30% to 50% Equity Category Average is representative of funds that seek to provide both income and capital appreciation by investing in multiple asset classes, including stocks, bonds, and cash. These portfolios are dominated by domestic holdings and have equity exposures between 30% and 50%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. |
6 | MainStay Income Builder Fund |
Share Class | Beginning Account Value 5/1/21 | Ending Account Value (Based on Actual Returns and Expenses) 10/31/21 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 10/31/21 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Class A Shares | $1,000.00 | $1,032.20 | $5.02 | $1,020.26 | $4.99 | 0.98% |
Investor Class Shares | $1,000.00 | $1,031.10 | $6.04 | $1,019.26 | $6.01 | 1.18% |
Class B Shares | $1,000.00 | $1,027.50 | $9.86 | $1,015.48 | $9.80 | 1.93% |
Class C Shares | $1,000.00 | $1,027.60 | $9.86 | $1,015.48 | $9.80 | 1.93% |
Class I Shares | $1,000.00 | $1,034.10 | $3.74 | $1,021.53 | $3.72 | 0.73% |
Class R2 Shares | $1,000.00 | $1,032.10 | $5.53 | $1,019.76 | $5.50 | 1.08% |
Class R3 Shares | $1,000.00 | $1,030.80 | $6.81 | $1,018.50 | $6.77 | 1.33% |
Class R6 Shares | $1,000.00 | $1,034.00 | $3.33 | $1,021.93 | $3.31 | 0.65% |
SIMPLE Class Shares | $1,000.00 | $1,029.80 | $7.32 | $1,018.00 | $7.27 | 1.43% |
1. | Expenses are equal to the Fund’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 184 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Fund's annualized expense ratio to reflect the six-month period. |
1. | U.S. Treasury Notes, 0.375%-1.25%, due 10/31/23–8/15/31 |
2. | U.S. Treasury Bonds, 1.75%-4.375%, due 11/15/39–8/15/51 |
3. | Microsoft Corp. |
4. | Apple, Inc. |
5. | UMBS, 30 Year, 2.00%-4.00%, due 8/1/48–11/1/51 |
6. | JPMorgan Chase & Co. |
7. | Bank of America Corp., 2.087%-8.57%, due 12/20/23–10/20/32 |
8. | GNMA, 1.00%-3.25%, due 8/16/41–9/20/51 |
9. | AbbVie, Inc. |
10. | Broadcom, Inc. |
8 | MainStay Income Builder Fund |
1. | See page 5 for other share class returns, which may be higher or lower than Class I share returns. See page 6 for more information on benchmark and peer group returns. |
2. | Duration is a measure of the price sensitivity of a fixed-income investment to changes in interest rates. Duration is expressed as a number of years and is considered a more accurate sensitivity gauge than average maturity. |
10 | MainStay Income Builder Fund |
3. | The terms “spread” and “yield spread” may refer to the difference in yield between a security or type of security and comparable U.S. Treasury issues. The terms may also refer to the difference in yield between two specific securities or types of securities at a given time. |
4. | An obligation rated ‘AAA’ has the highest rating assigned by Standard & Poor’s (“S&P”), and in the opinion of S&P, the obligor’s capacity to meet its financial commitment on the obligation is extremely strong. When applied to Fund holdings, ratings are based solely on the creditworthiness of the bonds in the portfolio and are not meant to represent the security or safety of the Fund. |
12 | MainStay Income Builder Fund |
Principal Amount | Value | |
Long-Term Bonds 48.0% | ||
Asset-Backed Securities 4.3% | ||
Automobile Asset-Backed Securities 1.3% | ||
American Credit Acceptance Receivables Trust | ||
Series 2021-3, Class D | ||
1.34%, due 11/15/27 (a) | $ 1,535,000 | $ 1,521,480 |
Avis Budget Rental Car Funding AESOP LLC (a) | ||
Series 2021-1A, Class A | ||
1.38%, due 8/20/27 | 2,700,000 | 2,668,812 |
Series 2020-2A, Class A | ||
2.02%, due 2/20/27 | 845,000 | 858,540 |
Series 2020-1A, Class A | ||
2.33%, due 8/20/26 | 1,135,000 | 1,168,365 |
Drive Auto Receivables Trust | ||
Series 2021-2, Class D | ||
1.39%, due 3/15/29 | 1,200,000 | 1,186,569 |
Ford Credit Auto Owner Trust (a) | ||
Series 2020-2, Class A | ||
1.06%, due 4/15/33 | 1,105,000 | 1,091,378 |
Series 2020-1, Class A | ||
2.04%, due 8/15/31 | 1,005,000 | 1,030,495 |
Ford Credit Floorplan Master Owner Trust | ||
Series 2019-4, Class A | ||
2.44%, due 9/15/26 | 2,015,000 | 2,090,702 |
Series 2017-3, Class A | ||
2.48%, due 9/15/24 | 1,270,000 | 1,293,551 |
Series 2018-4, Class A | ||
4.06%, due 11/15/30 | 1,480,000 | 1,665,448 |
GM Financial Revolving Receivables Trust | ||
Series 2021-1, Class A | ||
1.17%, due 6/12/34 (a) | 2,320,000 | 2,291,475 |
Hertz Vehicle Financing III LP (a) | ||
Series 2021-2A, Class A | ||
1.68%, due 12/27/27 | 1,915,000 | 1,902,509 |
Series 2021-2A, Class B | ||
2.12%, due 12/27/27 | 540,000 | 537,858 |
Hertz Vehicle Financing LLC | ||
Series 2021-1A, Class B | ||
1.56%, due 12/26/25 (a) | 1,235,000 | 1,232,188 |
JPMorgan Chase Bank NA | ||
Series 2020-1, Class B | ||
0.991%, due 1/25/28 (a) | 487,603 | 488,498 |
Principal Amount | Value | |
Automobile Asset-Backed Securities (continued) | ||
Santander Revolving Auto Loan Trust | ||
Series 2019-A, Class A | ||
2.51%, due 1/26/32 (a) | $ 720,000 | $ 749,139 |
21,777,007 | ||
Credit Card Asset-Backed Security 0.1% | ||
Capital One Multi-Asset Execution Trust | ||
Series 2019-A3, Class A3 | ||
2.06%, due 8/15/28 | 1,330,000 | 1,377,305 |
Home Equity Asset-Backed Securities 0.2% | ||
Carrington Mortgage Loan Trust | ||
Series 2007-HE1, Class A3 | ||
0.279% (1 Month LIBOR + 0.19%), due 6/25/37 (b) | 2,669,800 | 2,645,022 |
Chase Funding Trust | ||
Series 2002-2, Class 1A5 | ||
6.333%, due 4/25/32 (c) | 23,775 | 24,099 |
Equity One Mortgage Pass-Through Trust | ||
Series 2003-3, Class AF4 | ||
5.495%, due 12/25/33 (c) | 47,728 | 48,131 |
JPMorgan Mortgage Acquisition Trust | ||
Series 2007-HE1, Class AF1 | ||
0.189% (1 Month LIBOR + 0.10%), due 3/25/47 (b) | 344,103 | 234,520 |
Mastr Asset-Backed Securities Trust | ||
Series 2006-HE4, Class A1 | ||
0.189% (1 Month LIBOR + 0.10%), due 11/25/36 (b) | 513,011 | 220,342 |
3,172,114 | ||
Other Asset-Backed Securities 2.7% | ||
American Airlines Pass-Through Trust | ||
Series 2016-2, Class AA | ||
3.20%, due 6/15/28 | 535,160 | 544,179 |
Series 2016-2, Class A | ||
3.65%, due 6/15/28 | 1,243,460 | 1,219,990 |
Series 2013-2, Class A | ||
4.95%, due 1/15/23 | 1,796,123 | 1,831,310 |
British Airways Pass-Through Trust | ||
Series 2021-1, Class A | ||
2.90%, due 3/15/35 (United Kingdom) (a) | 1,990,000 | 2,008,045 |
CF Hippolyta LLC (a) | ||
Series 2021-1A, Class A1 | ||
1.53%, due 3/15/61 | 1,157,106 | 1,145,618 |
Principal Amount | Value | |
Asset-Backed Securities (continued) | ||
Other Asset-Backed Securities (continued) | ||
CF Hippolyta LLC (a) (continued) | ||
Series 2020-1, Class A1 | ||
1.69%, due 7/15/60 | $ 1,076,360 | $ 1,076,331 |
Series 2020-1, Class A2 | ||
1.99%, due 7/15/60 | 1,187,158 | 1,179,445 |
Crown Castle Towers LLC | ||
4.241%, due 7/15/28 (a) | 2,680,000 | 2,972,745 |
CVS Pass-Through Trust | ||
5.789%, due 1/10/26 (a) | 98,389 | 107,005 |
DB Master Finance LLC | ||
Series 2021-1A, Class A23 | ||
2.791%, due 11/20/51 (a) | 2,255,000 | 2,264,563 |
FirstKey Homes Trust | ||
Series 2021-SFR1, Class A | ||
1.538%, due 8/17/38 (a) | 2,774,165 | 2,731,107 |
Home Partners of America Trust (a)(d) | ||
Series 2021-2, Class A | ||
1.901%, due 12/17/26 | 720,000 | 720,053 |
Series 2021-2, Class B | ||
2.302%, due 12/17/26 | 1,350,000 | 1,350,112 |
MMAF Equipment Finance LLC | ||
Series 2020-BA, Class A4 | ||
0.66%, due 11/15/27 (a) | 3,750,000 | 3,692,328 |
Navient Private Education Refi Loan Trust (a) | ||
Series 2020-DA, Class A | ||
1.69%, due 5/15/69 | 475,841 | 479,490 |
Series 2020-EA, Class A | ||
1.69%, due 5/15/69 | 1,004,063 | 1,011,056 |
Series 2021-EA, Class B | ||
2.03%, due 12/16/69 | 2,765,000 | 2,701,089 |
New Economy Assets Phase 1 Sponsor LLC (a) | ||
Series 2021-1, Class A1 | ||
1.91%, due 10/20/61 | 1,585,000 | 1,559,090 |
Series 2021-1, Class B1 | ||
2.41%, due 10/20/61 | 1,535,000 | 1,528,142 |
Progress Residential (a) | ||
Series 2021-SFR1, Class A | ||
1.052%, due 4/17/38 | 1,565,000 | 1,524,275 |
Series 2021-SFR3, Class A | ||
1.637%, due 5/17/26 | 927,818 | 921,173 |
Series 2021-SFR4, Class B | ||
1.808%, due 5/17/38 | 1,780,000 | 1,761,228 |
Progress Residential Trust (a) | ||
Series 2021-SFR2, Class A | ||
1.546%, due 4/19/38 | 885,000 | 877,565 |
Principal Amount | Value | |
Other Asset-Backed Securities (continued) | ||
Progress Residential Trust (a) (continued) | ||
Series 2021-SFR2, Class B | ||
1.796%, due 4/19/38 | $ 2,500,000 | $ 2,473,763 |
Sierra Timeshare Receivables Funding LLC | ||
Series 2020-2A, Class A | ||
1.33%, due 7/20/37 (a) | 820,167 | 815,540 |
Taco Bell Funding LLC | ||
Series 2021-1A, Class A23 | ||
2.542%, due 8/25/51 (a) | 2,105,000 | 2,112,039 |
U.S. Airways Pass-Through Trust | ||
Series 2012-1, Class A | ||
5.90%, due 10/1/24 | 1,118,181 | 1,169,674 |
Series 2010-1, Class A | ||
6.25%, due 4/22/23 | 483,193 | 497,917 |
United Airlines Pass-Through Trust | ||
Series 2020-1, Class A | ||
5.875%, due 10/15/27 | 1,779,501 | 1,990,851 |
Series 2007-1 | ||
6.636%, due 7/2/22 | 834,823 | 853,607 |
45,119,330 | ||
Total Asset-Backed Securities (Cost $70,624,637) | 71,445,756 | |
Corporate Bonds 28.5% | ||
Aerospace & Defense 0.3% | ||
BAE Systems plc | ||
3.00%, due 9/15/50 (United Kingdom) (a) | 1,285,000 | 1,275,298 |
Howmet Aerospace, Inc. | ||
3.00%, due 1/15/29 | 1,990,000 | 1,960,150 |
L3Harris Technologies, Inc. | ||
4.40%, due 6/15/28 | 2,215,000 | 2,527,143 |
5,762,591 | ||
Agriculture 0.1% | ||
BAT Capital Corp. | ||
3.734%, due 9/25/40 (United Kingdom) | 2,105,000 | 2,046,651 |
Airlines 0.5% | ||
American Airlines, Inc. (a) | ||
5.50%, due 4/20/26 | 1,400,000 | 1,468,600 |
5.75%, due 4/20/29 | 850,000 | 914,813 |
Delta Air Lines, Inc. (a) | ||
4.50%, due 10/20/25 | 1,080,000 | 1,152,431 |
14 | MainStay Income Builder Fund |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Airlines (continued) | ||
Delta Air Lines, Inc. (a) (continued) | ||
4.75%, due 10/20/28 | $ 755,000 | $ 838,375 |
7.00%, due 5/1/25 | 2,310,000 | 2,695,656 |
Mileage Plus Holdings LLC | ||
6.50%, due 6/20/27 (a) | 1,860,000 | 2,024,350 |
9,094,225 | ||
Auto Manufacturers 1.4% | ||
Ford Motor Co. | ||
8.50%, due 4/21/23 | 2,100,000 | 2,302,650 |
9.00%, due 4/22/25 | 2,200,000 | 2,645,500 |
Ford Motor Credit Co. LLC | ||
2.70%, due 8/10/26 | 940,000 | 938,910 |
3.35%, due 11/1/22 | 820,000 | 832,464 |
4.063%, due 11/1/24 | 1,935,000 | 2,029,234 |
4.25%, due 9/20/22 | 655,000 | 669,941 |
General Motors Co. | ||
6.125%, due 10/1/25 | 670,000 | 777,609 |
General Motors Financial Co., Inc. | ||
2.35%, due 1/8/31 | 810,000 | 787,100 |
2.70%, due 6/10/31 | 2,015,000 | 1,991,625 |
3.15%, due 6/30/22 | 900,000 | 913,519 |
3.45%, due 4/10/22 | 3,800,000 | 3,831,974 |
Nissan Motor Acceptance Co. LLC (a) | ||
1.125%, due 9/16/24 | 1,935,000 | 1,919,698 |
1.85%, due 9/16/26 | 3,205,000 | 3,127,922 |
22,768,146 | ||
Banks 6.9% | ||
Bank of America Corp. | ||
2.087%, due 6/14/29 (e) | 1,690,000 | 1,671,111 |
2.496%, due 2/13/31 (e) | 1,600,000 | 1,606,657 |
2.572%, due 10/20/32 (e) | 1,195,000 | 1,197,421 |
3.004%, due 12/20/23 (e) | 1,794,000 | 1,840,964 |
3.194%, due 7/23/30 (e) | 1,425,000 | 1,510,954 |
3.458%, due 3/15/25 (e) | 1,700,000 | 1,791,965 |
4.20%, due 8/26/24 | 2,615,000 | 2,829,192 |
Series MM | ||
4.30%, due 1/28/25 (e)(f) | 2,739,000 | 2,773,237 |
Series DD | ||
6.30%, due 3/10/26 (e)(f) | 2,085,000 | 2,409,217 |
8.57%, due 11/15/24 | 485,000 | 585,640 |
BNP Paribas SA (France) (a) | ||
3.052%, due 1/13/31 (e) | 3,630,000 | 3,774,996 |
4.625% (5 Year Treasury Constant Maturity Rate + 3.34%), due 2/25/31 (b)(f)(g) | 2,090,000 | 2,100,450 |
Principal Amount | Value | |
Banks (continued) | ||
BPCE SA | ||
2.045%, due 10/19/27 (France) (a)(e) | $ 1,255,000 | $ 1,250,038 |
Citigroup, Inc. | ||
3.352%, due 4/24/25 (e) | 2,565,000 | 2,702,408 |
3.668%, due 7/24/28 (e) | 1,180,000 | 1,277,098 |
3.98%, due 3/20/30 (e) | 2,370,000 | 2,642,708 |
4.05%, due 7/30/22 | 105,000 | 107,772 |
Series Y | ||
4.15% (5 Year Treasury Constant Maturity Rate + 3.00%), due 11/15/26 (b)(f) | 2,005,000 | 2,012,017 |
5.30%, due 5/6/44 | 1,200,000 | 1,585,955 |
6.625%, due 6/15/32 | 770,000 | 1,027,720 |
6.875%, due 6/1/25 (g) | 1,715,000 | 2,021,100 |
Citizens Financial Group, Inc. | ||
2.638%, due 9/30/32 | 3,405,000 | 3,402,298 |
Credit Suisse Group AG (Switzerland) (a)(e) | ||
2.593%, due 9/11/25 | 3,000,000 | 3,084,918 |
3.091%, due 5/14/32 | 1,930,000 | 1,965,052 |
Deutsche Bank AG | ||
3.035%, due 5/28/32 (Germany) (e) | 600,000 | 606,352 |
First Horizon Bank | ||
5.75%, due 5/1/30 | 1,555,000 | 1,881,483 |
First Horizon Corp. | ||
4.00%, due 5/26/25 | 2,100,000 | 2,267,977 |
Freedom Mortgage Corp. | ||
7.625%, due 5/1/26 (a) | 1,595,000 | 1,555,125 |
Goldman Sachs Group, Inc. (The) | ||
1.295% (3 Month LIBOR + 1.17%), due 5/15/26 (b) | 2,245,000 | 2,294,322 |
1.431%, due 3/9/27 (e) | 1,255,000 | 1,235,698 |
1.948%, due 10/21/27 (e) | 1,435,000 | 1,436,392 |
1.992%, due 1/27/32 (e) | 1,370,000 | 1,312,603 |
2.615%, due 4/22/32 (e) | 1,005,000 | 1,009,132 |
2.905%, due 7/24/23 (e) | 880,000 | 893,960 |
2.908%, due 6/5/23 (e) | 800,000 | 810,492 |
2.908%, due 7/21/42 (e) | 510,000 | 508,815 |
3.50%, due 11/16/26 | 1,085,000 | 1,162,524 |
6.75%, due 10/1/37 | 829,000 | 1,180,070 |
HSBC Holdings plc | ||
3.973%, due 5/22/30 (United Kingdom) (e) | 2,365,000 | 2,586,620 |
JPMorgan Chase & Co. (e) | ||
2.182%, due 6/1/28 | 1,800,000 | 1,810,949 |
2.956%, due 5/13/31 | 1,115,000 | 1,151,064 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Banks (continued) | ||
JPMorgan Chase & Co. (e) (continued) | ||
3.54%, due 5/1/28 | $ 1,980,000 | $ 2,138,480 |
Series HH | ||
4.60%, due 2/1/25 (f) | 2,687,000 | 2,748,443 |
Lloyds Banking Group plc (United Kingdom) | ||
4.582%, due 12/10/25 | 1,633,000 | 1,805,540 |
4.65%, due 3/24/26 | 3,090,000 | 3,433,334 |
Macquarie Group Ltd. | ||
2.871%, due 1/14/33 (Australia) (a)(e) | 1,925,000 | 1,913,687 |
Morgan Stanley | ||
2.484%, due 9/16/36 (e) | 1,710,000 | 1,661,425 |
2.511%, due 10/20/32 (e) | 855,000 | 852,924 |
3.125%, due 1/23/23 | 4,435,000 | 4,573,037 |
5.00%, due 11/24/25 | 2,855,000 | 3,215,429 |
7.25%, due 4/1/32 | 490,000 | 706,537 |
NatWest Group plc | ||
3.073% (1 Year Treasury Constant Maturity Rate + 2.55%), due 5/22/28 (United Kingdom) (b) | 3,705,000 | 3,882,459 |
PNC Bank NA | ||
2.55%, due 12/9/21 | 2,185,000 | 2,185,997 |
PNC Financial Services Group, Inc. (The) | ||
2.55%, due 1/22/30 | 985,000 | 1,017,215 |
Societe Generale SA (France) (a)(b)(f) | ||
4.75% (5 Year Treasury Constant Maturity Rate + 3.93%), due 5/26/26 | 935,000 | 957,767 |
5.375% (5 Year Treasury Constant Maturity Rate + 4.51%), due 11/18/30 | 2,795,000 | 2,969,687 |
Standard Chartered plc (United Kingdom) (a)(b) | ||
2.678% (1 Year Treasury Constant Maturity Rate + 1.20%), due 6/29/32 | 735,000 | 719,927 |
4.75% (5 Year Treasury Constant Maturity Rate + 3.81%), due 1/14/31 (f)(g) | 1,225,000 | 1,203,563 |
SVB Financial Group | ||
Series C | ||
4.00% (5 Year Treasury Constant Maturity Rate + 3.20%), due 5/15/26 (b)(f) | 1,810,000 | 1,814,525 |
Principal Amount | Value | |
Banks (continued) | ||
Truist Bank | ||
2.636% (5 Year Treasury Constant Maturity Rate + 1.15%), due 9/17/29 (b) | $ 1,900,000 | $ 1,968,648 |
UBS Group AG | ||
4.375% (5 Year Treasury Constant Maturity Rate + 3.31%), due 2/10/31 (Switzerland) (a)(b)(f) | 2,350,000 | 2,334,137 |
Wachovia Corp. | ||
5.50%, due 8/1/35 | 315,000 | 406,286 |
Wells Fargo & Co. | ||
2.406%, due 10/30/25 (e) | 1,795,000 | 1,853,749 |
4.90%, due 11/17/45 | 55,000 | 70,726 |
Wells Fargo Bank NA | ||
5.85%, due 2/1/37 | 140,000 | 189,572 |
115,497,560 | ||
Beverages 0.2% | ||
Anheuser-Busch InBev Worldwide, Inc. | ||
4.75%, due 1/23/29 (Belgium) | 3,075,000 | 3,610,344 |
Biotechnology 0.2% | ||
Biogen, Inc. | ||
3.625%, due 9/15/22 | 3,480,000 | 3,575,575 |
Building Materials 0.4% | ||
Carrier Global Corp. | ||
2.722%, due 2/15/30 | 2,265,000 | 2,324,542 |
Cemex SAB de CV | ||
3.125%, due 3/19/26 (Mexico) (a) | EUR 4,255,000 | 5,015,090 |
7,339,632 | ||
Chemicals 0.5% | ||
Braskem Netherlands Finance BV | ||
4.50%, due 1/10/28 (Brazil) (a) | $ 2,135,000 | 2,180,390 |
Huntsman International LLC | ||
4.50%, due 5/1/29 | 1,862,000 | 2,091,739 |
International Flavors & Fragrances, Inc. | ||
1.832%, due 10/15/27 (a) | 2,300,000 | 2,269,653 |
Orbia Advance Corp. SAB de CV | ||
4.00%, due 10/4/27 (Mexico) (a) | 1,800,000 | 1,944,018 |
8,485,800 | ||
Commercial Services 0.6% | ||
Allied Universal Holdco LLC | ||
6.625%, due 7/15/26 (a) | 1,650,000 | 1,733,539 |
16 | MainStay Income Builder Fund |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Commercial Services (continued) | ||
Ashtead Capital, Inc. | ||
4.00%, due 5/1/28 (United Kingdom) (a) | $ 935,000 | $ 986,464 |
California Institute of Technology | ||
3.65%, due 9/1/19 | 1,413,000 | 1,640,024 |
Cintas Corp. No. 2 | ||
3.70%, due 4/1/27 | 2,740,000 | 3,019,958 |
Sodexo, Inc. | ||
2.718%, due 4/16/31 (France) (a) | 2,370,000 | 2,420,958 |
9,800,943 | ||
Computers 0.8% | ||
Apple, Inc. | ||
2.75%, due 1/13/25 | 1,990,000 | 2,090,838 |
Dell International LLC | ||
4.90%, due 10/1/26 | 1,749,000 | 1,992,909 |
5.30%, due 10/1/29 | 810,000 | 974,308 |
8.10%, due 7/15/36 | 2,300,000 | 3,484,545 |
International Business Machines Corp. | ||
7.00%, due 10/30/25 | 2,050,000 | 2,503,607 |
NCR Corp. | ||
5.00%, due 10/1/28 (a) | 2,376,000 | 2,405,700 |
13,451,907 | ||
Diversified Financial Services 2.1% | ||
AerCap Ireland Capital DAC (Ireland) | ||
2.45%, due 10/29/26 | 1,585,000 | 1,599,882 |
3.30%, due 1/23/23 | 1,275,000 | 1,311,881 |
4.45%, due 12/16/21 | 1,465,000 | 1,467,191 |
4.625%, due 7/1/22 | 964,000 | 989,066 |
Air Lease Corp. | ||
2.30%, due 2/1/25 | 2,990,000 | 3,050,445 |
2.75%, due 1/15/23 | 1,850,000 | 1,891,056 |
3.50%, due 1/15/22 | 890,000 | 895,286 |
4.25%, due 9/15/24 | 1,185,000 | 1,276,898 |
Aircastle Ltd. | ||
5.25% (5 Year Treasury Constant Maturity Rate + 4.41%), due 6/15/26 (a)(b)(f) | 1,765,000 | 1,809,125 |
Ally Financial, Inc. | ||
3.875%, due 5/21/24 | 810,000 | 863,541 |
8.00%, due 11/1/31 | 3,260,000 | 4,667,745 |
Aviation Capital Group LLC | ||
1.95%, due 1/30/26 (a) | 1,210,000 | 1,194,346 |
Avolon Holdings Funding Ltd. (Ireland) (a) | ||
2.125%, due 2/21/26 | 1,515,000 | 1,498,197 |
Principal Amount | Value | |
Diversified Financial Services (continued) | ||
Avolon Holdings Funding Ltd. (Ireland) (a) (continued) | ||
2.875%, due 2/15/25 | $ 2,720,000 | $ 2,789,177 |
Banco BTG Pactual SA (Brazil) (a) | ||
2.75%, due 1/11/26 | 2,630,000 | 2,524,826 |
4.50%, due 1/10/25 | 850,000 | 863,813 |
Capital One Financial Corp. | ||
4.20%, due 10/29/25 | 435,000 | 475,702 |
Discover Financial Services | ||
3.85%, due 11/21/22 | 1,491,000 | 1,541,216 |
OneMain Finance Corp. | ||
3.50%, due 1/15/27 | 885,000 | 865,088 |
3.875%, due 9/15/28 | 1,085,000 | 1,057,875 |
6.125%, due 3/15/24 | 540,000 | 574,425 |
PennyMac Financial Services, Inc. | ||
4.25%, due 2/15/29 (a) | 1,275,000 | 1,201,687 |
34,408,468 | ||
Electric 1.1% | ||
Arizona Public Service Co. | ||
2.20%, due 12/15/31 | 1,930,000 | 1,889,740 |
Connecticut Light and Power Co. (The) | ||
4.00%, due 4/1/48 | 1,145,000 | 1,400,985 |
Duquesne Light Holdings, Inc. | ||
3.616%, due 8/1/27 (a) | 2,265,000 | 2,416,349 |
Entergy Louisiana LLC | ||
4.00%, due 3/15/33 | 2,200,000 | 2,523,952 |
Evergy, Inc. | ||
5.292%, due 6/15/22 (c) | 1,130,000 | 1,149,457 |
Jersey Central Power & Light Co. | ||
2.75%, due 3/1/32 (a) | 1,655,000 | 1,691,612 |
Ohio Power Co. | ||
Series R | ||
2.90%, due 10/1/51 | 1,000,000 | 995,634 |
Public Service Electric and Gas Co. | ||
3.00%, due 5/15/27 | 2,235,000 | 2,400,529 |
Puget Energy, Inc. | ||
5.625%, due 7/15/22 | 815,000 | 833,840 |
Southern California Edison Co. | ||
Series E | ||
3.70%, due 8/1/25 | 870,000 | 939,859 |
4.00%, due 4/1/47 | 1,320,000 | 1,467,511 |
WEC Energy Group, Inc. | ||
2.237% (3 Month LIBOR + 2.11%), due 5/15/67 (b) | 1,095,000 | 1,023,825 |
18,733,293 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Environmental Control 0.3% | ||
Republic Services, Inc. | ||
4.75%, due 5/15/23 | $ 881,000 | $ 927,384 |
Stericycle, Inc. | ||
3.875%, due 1/15/29 (a) | 280,000 | 275,800 |
Waste Connections, Inc. | ||
2.20%, due 1/15/32 | 1,100,000 | 1,079,792 |
Waste Management, Inc. | ||
2.40%, due 5/15/23 | 2,275,000 | 2,331,934 |
4,614,910 | ||
Food 1.1% | ||
JBS USA Food Co. | ||
7.00%, due 1/15/26 (a) | 585,000 | 608,400 |
Kraft Heinz Foods Co. | ||
4.25%, due 3/1/31 | 2,888,000 | 3,261,780 |
5.00%, due 7/15/35 | 1,199,000 | 1,474,250 |
Nestle Holdings, Inc. | ||
1.00%, due 9/15/27 (a) | 3,750,000 | 3,613,673 |
Performance Food Group, Inc. (a) | ||
4.25%, due 8/1/29 | 785,000 | 785,000 |
5.50%, due 10/15/27 | 2,681,000 | 2,794,943 |
Smithfield Foods, Inc. | ||
4.25%, due 2/1/27 (a) | 1,180,000 | 1,279,790 |
Sysco Corp. | ||
3.30%, due 2/15/50 | 1,130,000 | 1,178,770 |
5.95%, due 4/1/30 | 770,000 | 974,560 |
Tyson Foods, Inc. | ||
3.95%, due 8/15/24 | 2,255,000 | 2,417,926 |
18,389,092 | ||
Gas 0.3% | ||
National Fuel Gas Co. | ||
2.95%, due 3/1/31 | 1,050,000 | 1,061,818 |
Southern California Gas Co. | ||
Series VV | ||
4.30%, due 1/15/49 | 845,000 | 1,062,002 |
Southern Co. Gas Capital Corp. | ||
Series 21A | ||
3.15%, due 9/30/51 | 1,970,000 | 1,994,115 |
4,117,935 | ||
Healthcare-Services 0.2% | ||
Health Care Service Corp. A Mutual Legal Reserve Co. | ||
2.20%, due 6/1/30 (a) | 1,185,000 | 1,178,649 |
Principal Amount | Value | |
Healthcare-Services (continued) | ||
NYU Langone Hospitals | ||
Series 2020 | ||
3.38%, due 7/1/55 | $ 1,490,000 | $ 1,582,133 |
2,760,782 | ||
Home Builders 0.1% | ||
Lennar Corp. | ||
5.875%, due 11/15/24 | 1,345,000 | 1,499,460 |
Thor Industries, Inc. | ||
4.00%, due 10/15/29 (a) | 915,000 | 906,124 |
2,405,584 | ||
Insurance 1.4% | ||
Athene Global Funding | ||
2.50%, due 3/24/28 (a) | 2,405,000 | 2,434,163 |
Equitable Holdings, Inc. | ||
5.00%, due 4/20/48 | 2,305,000 | 2,951,136 |
Liberty Mutual Group, Inc. | ||
4.25%, due 6/15/23 (a) | 850,000 | 895,618 |
MassMutual Global Funding II (a) | ||
2.50%, due 10/17/22 | 3,347,000 | 3,410,400 |
2.95%, due 1/11/25 | 1,105,000 | 1,165,581 |
Peachtree Corners Funding Trust | ||
3.976%, due 2/15/25 (a) | 940,000 | 1,008,521 |
Principal Life Global Funding II | ||
2.375%, due 11/21/21 (a) | 4,070,000 | 4,074,598 |
Protective Life Corp. | ||
8.45%, due 10/15/39 | 1,640,000 | 2,603,565 |
Reliance Standard Life Global Funding II | ||
2.50%, due 10/30/24 (a) | 2,420,000 | 2,504,725 |
Voya Financial, Inc. | ||
3.65%, due 6/15/26 | 690,000 | 748,780 |
Willis North America, Inc. | ||
2.95%, due 9/15/29 | 1,735,000 | 1,791,613 |
3.875%, due 9/15/49 | 440,000 | 488,418 |
24,077,118 | ||
Internet 0.4% | ||
Cablevision Lightpath LLC | ||
3.875%, due 9/15/27 (a) | 2,035,000 | 1,981,480 |
Expedia Group, Inc. | ||
3.25%, due 2/15/30 | 3,165,000 | 3,253,940 |
3.60%, due 12/15/23 | 1,135,000 | 1,193,825 |
3.80%, due 2/15/28 | 440,000 | 474,927 |
5.00%, due 2/15/26 (g) | 60,000 | 67,388 |
6.25%, due 5/1/25 (a) | 207,000 | 236,414 |
7,207,974 |
18 | MainStay Income Builder Fund |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Iron & Steel 0.3% | ||
Vale Overseas Ltd. (Brazil) | ||
6.25%, due 8/10/26 | $ 2,585,000 | $ 2,997,980 |
6.875%, due 11/21/36 | 864,000 | 1,129,706 |
4,127,686 | ||
Lodging 0.6% | ||
Hilton Domestic Operating Co., Inc. | ||
4.875%, due 1/15/30 | 1,715,000 | 1,830,728 |
5.75%, due 5/1/28 (a) | 740,000 | 794,575 |
Las Vegas Sands Corp. | ||
3.20%, due 8/8/24 | 1,415,000 | 1,446,792 |
Marriott International, Inc. | ||
2.30%, due 1/15/22 (g) | 2,450,000 | 2,455,062 |
Series X | ||
4.00%, due 4/15/28 | 1,625,000 | 1,779,287 |
Sands China Ltd. | ||
5.125%, due 8/8/25 (Macao) | 1,310,000 | 1,392,399 |
9,698,843 | ||
Machinery-Diversified 0.1% | ||
CNH Industrial Capital LLC | ||
4.20%, due 1/15/24 | 1,435,000 | 1,530,827 |
Media 0.6% | ||
Comcast Corp. | ||
2.937%, due 11/1/56 (a) | 1,914,000 | 1,845,495 |
3.25%, due 11/1/39 | 1,665,000 | 1,749,716 |
Grupo Televisa SAB | ||
5.25%, due 5/24/49 (Mexico) | 1,230,000 | 1,598,844 |
Sirius XM Radio, Inc. | ||
4.125%, due 7/1/30 (a) | 2,200,000 | 2,190,188 |
Sky Ltd. | ||
3.75%, due 9/16/24 (United Kingdom) (a) | 950,000 | 1,023,527 |
Time Warner Entertainment Co. LP | ||
8.375%, due 3/15/23 | 800,000 | 882,439 |
9,290,209 | ||
Metal Fabricate & Hardware 0.3% | ||
Precision Castparts Corp. | ||
3.25%, due 6/15/25 | 4,040,000 | 4,325,503 |
Mining 0.2% | ||
Glencore Funding LLC | ||
1.625%, due 9/1/25 (Australia) (a) | 2,805,000 | 2,787,380 |
Principal Amount | Value | |
Miscellaneous—Manufacturing 0.2% | ||
Textron Financial Corp. | ||
1.86% (3 Month LIBOR + 1.74%), due 2/15/42 (a)(b) | $ 3,540,000 | $ 3,115,200 |
Oil & Gas 0.8% | ||
Gazprom PJSC Via Gaz Capital SA | ||
7.288%, due 8/16/37 (Russia) (a) | 2,065,000 | 2,783,777 |
Marathon Petroleum Corp. | ||
4.50%, due 5/1/23 | 1,455,000 | 1,528,404 |
4.70%, due 5/1/25 | 1,585,000 | 1,751,191 |
5.125%, due 12/15/26 | 1,260,000 | 1,449,669 |
Occidental Petroleum Corp. | ||
3.50%, due 8/15/29 | 1,050,000 | 1,065,750 |
4.30%, due 8/15/39 | 545,000 | 547,725 |
Petrobras Global Finance BV | ||
5.50%, due 6/10/51 (Brazil) | 1,310,000 | 1,149,879 |
Valero Energy Corp. | ||
4.00%, due 4/1/29 | 1,435,000 | 1,574,544 |
6.625%, due 6/15/37 | 1,050,000 | 1,434,692 |
13,285,631 | ||
Packaging & Containers 0.2% | ||
Berry Global, Inc. | ||
4.875%, due 7/15/26 (a) | 200,000 | 209,500 |
Owens-Brockway Glass Container, Inc. | ||
6.625%, due 5/13/27 (a) | 2,640,000 | 2,821,500 |
3,031,000 | ||
Pharmaceuticals 0.9% | ||
AbbVie, Inc. | ||
3.45%, due 3/15/22 | 2,715,000 | 2,731,712 |
4.05%, due 11/21/39 | 2,780,000 | 3,194,020 |
Becton Dickinson and Co. | ||
4.669%, due 6/6/47 | 1,635,000 | 2,078,374 |
CVS Health Corp. | ||
2.70%, due 8/21/40 | 2,930,000 | 2,809,238 |
4.78%, due 3/25/38 | 1,110,000 | 1,358,088 |
Teva Pharmaceutical Finance Netherlands III BV | ||
3.15%, due 10/1/26 (Israel) | 2,995,000 | 2,822,788 |
14,994,220 | ||
Pipelines 1.0% | ||
Cheniere Corpus Christi Holdings LLC | ||
2.742%, due 12/31/39 (a) | 1,550,000 | 1,514,656 |
Energy Transfer LP | ||
4.95%, due 6/15/28 | 980,000 | 1,119,167 |
5.35%, due 5/15/45 | 1,000,000 | 1,182,478 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Pipelines (continued) | ||
Enterprise Products Operating LLC | ||
3.125%, due 7/31/29 | $ 1,595,000 | $ 1,700,752 |
3.95%, due 1/31/60 | 1,460,000 | 1,600,573 |
4.20%, due 1/31/50 | 405,000 | 463,571 |
Flex Intermediate Holdco LLC | ||
3.363%, due 6/30/31 (a) | 2,030,000 | 2,054,433 |
MPLX LP | ||
2.65%, due 8/15/30 | 1,705,000 | 1,696,898 |
4.875%, due 6/1/25 | 100,000 | 110,420 |
Spectra Energy Partners LP | ||
4.75%, due 3/15/24 | 1,740,000 | 1,874,448 |
Transcontinental Gas Pipe Line Co. LLC | ||
4.60%, due 3/15/48 | 2,340,000 | 2,857,170 |
Western Midstream Operating LP | ||
6.50%, due 2/1/50 (c) | 860,000 | 1,029,403 |
17,203,969 | ||
Real Estate 0.1% | ||
Realogy Group LLC | ||
5.75%, due 1/15/29 (a) | 1,305,000 | 1,352,306 |
Real Estate Investment Trusts 1.2% | ||
Alexandria Real Estate Equities, Inc. | ||
3.375%, due 8/15/31 | 1,290,000 | 1,394,323 |
American Tower Corp. | ||
3.375%, due 10/15/26 | 1,920,000 | 2,051,762 |
3.60%, due 1/15/28 | 1,025,000 | 1,108,973 |
Digital Realty Trust LP | ||
3.70%, due 8/15/27 | 500,000 | 547,653 |
4.45%, due 7/15/28 | 2,985,000 | 3,395,214 |
Equinix, Inc. | ||
1.25%, due 7/15/25 | 1,645,000 | 1,628,296 |
2.625%, due 11/18/24 | 1,820,000 | 1,890,489 |
GLP Capital LP | ||
3.35%, due 9/1/24 | 1,280,000 | 1,348,634 |
Invitation Homes Operating Partnership LP | ||
2.00%, due 8/15/31 | 1,600,000 | 1,518,230 |
Iron Mountain, Inc. | ||
5.25%, due 7/15/30 (a) | 1,690,000 | 1,764,715 |
Kilroy Realty LP | ||
3.45%, due 12/15/24 | 2,060,000 | 2,183,752 |
Office Properties Income Trust | ||
2.40%, due 2/1/27 | 1,335,000 | 1,301,613 |
20,133,654 |
Principal Amount | Value | |
Retail 1.0% | ||
AutoNation, Inc. | ||
4.75%, due 6/1/30 | $ 2,430,000 | $ 2,822,794 |
Macy's Retail Holdings LLC | ||
5.875%, due 4/1/29 (a)(g) | 1,500,000 | 1,598,528 |
McDonald's Corp. | ||
3.35%, due 4/1/23 | 2,875,000 | 2,983,180 |
Nordstrom, Inc. (g) | ||
4.00%, due 3/15/27 | 1,520,000 | 1,561,800 |
4.25%, due 8/1/31 | 1,260,000 | 1,259,559 |
QVC, Inc. | ||
4.375%, due 9/1/28 | 2,655,000 | 2,714,738 |
Starbucks Corp. | ||
4.45%, due 8/15/49 | 1,305,000 | 1,624,945 |
Victoria's Secret & Co. | ||
4.625%, due 7/15/29 (a) | 1,830,000 | 1,838,052 |
16,403,596 | ||
Semiconductors 0.1% | ||
Broadcom, Inc. | ||
3.50%, due 2/15/41 (a) | 760,000 | 753,920 |
NXP BV | ||
3.40%, due 5/1/30 (China) (a) | 1,255,000 | 1,348,733 |
2,102,653 | ||
Software 0.3% | ||
Fiserv, Inc. | ||
3.20%, due 7/1/26 | 525,000 | 558,087 |
MSCI, Inc. | ||
3.25%, due 8/15/33 (a) | 510,000 | 511,974 |
Oracle Corp. | ||
3.65%, due 3/25/41 | 575,000 | 602,372 |
salesforce.com, Inc. | ||
3.25%, due 4/11/23 | 1,300,000 | 1,348,997 |
3.70%, due 4/11/28 | 1,915,000 | 2,141,026 |
5,162,456 | ||
Telecommunications 1.7% | ||
Altice France SA | ||
5.125%, due 7/15/29 (France) (a) | 2,100,000 | 2,045,253 |
AT&T, Inc. | ||
3.50%, due 9/15/53 | 2,184,000 | 2,218,680 |
4.35%, due 3/1/29 | 795,000 | 902,639 |
CommScope, Inc. | ||
7.125%, due 7/1/28 (a) | 1,755,000 | 1,730,869 |
Level 3 Financing, Inc. | ||
3.40%, due 3/1/27 (a) | 2,545,000 | 2,653,137 |
Sprint Spectrum Co. LLC | ||
4.738%, due 3/20/25 (a) | 3,648,750 | 3,849,431 |
20 | MainStay Income Builder Fund |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Telecommunications (continued) | ||
T-Mobile US, Inc. | ||
2.625%, due 2/15/29 | $ 2,335,000 | $ 2,314,569 |
3.50%, due 4/15/31 (a) | 1,180,000 | 1,221,182 |
VEON Holdings BV | ||
4.95%, due 6/16/24 (Netherlands) (a) | 2,430,000 | 2,578,910 |
Verizon Communications, Inc. | ||
1.225% (3 Month LIBOR + 1.10%), due 5/15/25 (b) | 2,705,000 | 2,764,856 |
3.40%, due 3/22/41 | 770,000 | 807,730 |
4.016%, due 12/3/29 | 1,970,000 | 2,207,754 |
Vodafone Group plc | ||
4.25%, due 9/17/50 (United Kingdom) (g) | 2,830,000 | 3,317,283 |
28,612,293 | ||
Total Corporate Bonds (Cost $454,340,697) | 475,305,956 | |
Foreign Government Bonds 1.5% | ||
Brazil 0.4% | ||
Brazil Government Bond | ||
3.75%, due 9/12/31 | 2,295,000 | 2,094,187 |
Federative Republic of Brazil | ||
4.625%, due 1/13/28 | 3,783,000 | 3,881,245 |
5,975,432 | ||
Chile 0.5% | ||
Chile Government Bond | ||
2.55%, due 7/27/33 | 2,580,000 | 2,490,500 |
Corp. Nacional del Cobre de Chile | ||
3.00%, due 9/30/29 (a) | 2,825,000 | 2,860,146 |
Empresa Nacional del Petroleo | ||
3.45%, due 9/16/31 (a) | 2,340,000 | 2,220,075 |
7,570,721 | ||
Colombia 0.1% | ||
Colombia Government Bond | ||
3.25%, due 4/22/32 | 1,780,000 | 1,661,238 |
Mexico 0.5% | ||
Comision Federal de Electricidad | ||
3.875%, due 7/26/33 (a) | 2,755,000 | 2,651,688 |
Principal Amount | Value | |
Mexico (continued) | ||
Mexico Government Bond | ||
2.659%, due 5/24/31 | $ 4,502,000 | $ 4,344,880 |
3.75%, due 4/19/71 | 1,860,000 | 1,666,076 |
8,662,644 | ||
Total Foreign Government Bonds (Cost $24,969,614) | 23,870,035 | |
Loan Assignments 0.6% | ||
Containers, Packaging & Glass 0.2% | ||
Mauser Packaging Solutions Holding Co. | ||
Initial Term Loan | ||
3.337% (1 Month LIBOR + 3.25%), due 4/3/24 (b) | 3,100,243 | 3,014,986 |
Diversified/Conglomerate Service 0.1% | ||
TruGreen LP (b) | ||
First Lien Second Refinancing Term Loan | ||
4.75% (1 Month LIBOR + 4.00%), due 11/2/27 | 1,334,913 | 1,334,913 |
Second Lien Initial Term Loan | ||
9.25% (3 Month LIBOR + 8.50%), due 11/2/28 | 580,000 | 585,800 |
1,920,713 | ||
Finance 0.2% | ||
Alliant Holdings Intermediate LLC | ||
2018 Initial Term Loan | ||
3.337% (1 Month LIBOR + 3.25%), due 5/9/25 (b) | 3,091,101 | 3,065,461 |
Telecommunications 0.1% | ||
Level 3 Financing, Inc. | ||
Tranche 2027 Term Loan B | ||
1.837% (1 Month LIBOR + 1.75%), due 3/1/27 (b) | 2,142,032 | 2,113,247 |
Total Loan Assignments (Cost $10,169,543) | 10,114,407 | |
Mortgage-Backed Securities 8.0% | ||
Agency (Collateralized Mortgage Obligations) 2.6% | ||
FHLMC | ||
REMIC, Series 5073, Class DG | ||
1.50%, due 8/25/38 | 2,050,000 | 2,062,312 |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Agency (Collateralized Mortgage Obligations) (continued) | ||
FHLMC (continued) | ||
REMIC, Series 4993, Class D | ||
2.00%, due 9/25/47 | $ 2,150,000 | $ 2,170,990 |
REMIC, Series 5049, Class UI | ||
3.00%, due 12/25/50 (h) | 5,010,844 | 898,563 |
REMIC, Series 4888, Class BA | ||
3.50%, due 9/15/48 | 570,475 | 585,977 |
REMIC, Series 4877, Class AT | ||
3.50%, due 11/15/48 | 1,034,886 | 1,086,808 |
REMIC, Series 4877, Class BE | ||
3.50%, due 11/15/48 | 1,279,347 | 1,331,879 |
FHLMC, STRIPS | ||
REMIC, Series 358, Class PO | ||
(zero coupon), due 10/15/47 | 4,543,264 | 4,283,714 |
FNMA | ||
REMIC, Series 2021-33, Class AI | ||
2.50%, due 5/25/47 (h) | 6,429,580 | 796,645 |
REMIC, Series 2021-34, Class MI | ||
2.50%, due 3/25/51 (h) | 4,219,793 | 579,802 |
REMIC, Series 2013-77, Class CY | ||
3.00%, due 7/25/43 | 1,777,517 | 1,801,979 |
REMIC, Series 2021-53, Class GI | ||
3.00%, due 7/25/48 (h) | 5,687,749 | 895,316 |
REMIC, Series 2019-13, Class PE | ||
3.00%, due 3/25/49 | 1,129,358 | 1,185,454 |
REMIC, Series 2019-13, Class CA | ||
3.50%, due 4/25/49 | 1,971,968 | 2,123,331 |
REMIC, Series 2021-12, Class GC | ||
3.50%, due 7/25/50 | 2,208,045 | 2,352,799 |
REMIC, Series 2020-10, Class DA | ||
3.50%, due 3/25/60 | 2,208,966 | 2,368,519 |
GNMA | ||
REMIC, Series 2021-78, Class LA | ||
1.00%, due 5/20/51 | 1,806,109 | 1,790,236 |
REMIC, Series 2021-91, Class MF | ||
1.00%, due 5/20/51 | 1,837,260 | 1,810,646 |
REMIC, Series 2021-105, Class DB | ||
1.00%, due 6/20/51 | 2,166,084 | 2,040,841 |
REMIC, Series 2021-15, Class AI | ||
2.00%, due 1/20/51 (h) | 5,172,061 | 583,370 |
REMIC, Series 2020-188, Class DI | ||
2.50%, due 12/20/50 (h) | 7,133,681 | 995,982 |
REMIC, Series 2021-25, Class LI | ||
2.50%, due 2/20/51 (h) | 6,312,930 | 730,538 |
REMIC, Series 2021-30, Class WI | ||
2.50%, due 2/20/51 (h) | 7,452,962 | 1,021,032 |
Principal Amount | Value | |
Agency (Collateralized Mortgage Obligations) (continued) | ||
GNMA (continued) | ||
REMIC, Series 2021-44, Class IQ | ||
3.00%, due 3/20/51 (h) | $ 6,783,760 | $ 891,183 |
REMIC, Series 2021-74, Class HI | ||
3.00%, due 4/20/51 (h) | 6,540,690 | 892,322 |
REMIC, Series 2021-98, Class KI | ||
3.00%, due 6/20/51 (h) | 4,492,581 | 714,591 |
REMIC, Series 2021-136, Class TI | ||
3.00%, due 8/20/51 (h) | 4,226,332 | 584,032 |
REMIC, Series 2021-139, Class IA | ||
3.00%, due 8/20/51 (h) | 5,799,527 | 794,263 |
REMIC, Series 2021-158, Class NI | ||
3.00%, due 9/20/51 (h) | 6,942,452 | 968,098 |
REMIC, Series 2013-149, Class BA | ||
3.25%, due 8/16/41 | 4,150,547 | 4,337,700 |
42,678,922 | ||
Commercial Mortgage Loans (Collateralized Mortgage Obligations) 3.0% | ||
Arbor Multi-family Mortgage Securities Trust (a) | ||
Series 2021-MF2, Class AS | ||
2.70%, due 6/15/54 (i) | 1,770,000 | 1,814,760 |
Series 2021-MF3, Class AS | ||
2.748%, due 10/15/54 | 2,200,000 | 2,260,410 |
Bayview Commercial Asset Trust | ||
Series 2006-4A, Class A1 | ||
0.434% (1 Month LIBOR + 0.35%), due 12/25/36 (a)(b) | 53,411 | 51,941 |
Benchmark Mortgage Trust | ||
Series 2020-B19, Class A2 | ||
1.691%, due 9/15/53 | 2,175,000 | 2,182,859 |
BX Commercial Mortgage Trust (a) | ||
Series 2021-VOLT, Class C | ||
1.19% (1 Month LIBOR + 1.10%), due 9/15/36 (b) | 2,310,000 | 2,288,228 |
Series 2020-VIV2, Class C | ||
3.542%, due 3/9/44 (j) | 2,295,000 | 2,388,414 |
Series 2020-VIV3, Class B | ||
3.544%, due 3/9/44 (j) | 1,622,236 | 1,712,826 |
BX Trust (a) | ||
Series 2021-LBA, Class AV | ||
0.891% (1 Month LIBOR + 0.80%), due 2/15/36 (b) | 1,910,000 | 1,905,761 |
Series 2021-ARIA, Class E | ||
2.324% (1 Month LIBOR + 2.24%), due 10/15/36 (b) | 3,500,000 | 3,484,642 |
Series 2019-OC11, Class A | ||
3.202%, due 12/9/41 | 1,255,000 | 1,327,801 |
22 | MainStay Income Builder Fund |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Commercial Mortgage Loans (Collateralized Mortgage Obligations) (continued) | ||
BX Trust (a) (continued) | ||
Series 2019-OC11, Class C | ||
3.856%, due 12/9/41 | $ 570,000 | $ 605,954 |
BXHPP Trust (a)(b) | ||
Series 2021-FILM, Class A | ||
0.74% (1 Month LIBOR + 0.65%), due 8/15/36 | 695,000 | 694,163 |
Series 2021-FILM, Class B | ||
0.99% (1 Month LIBOR + 0.90%), due 8/15/36 | 2,080,000 | 2,077,500 |
Citigroup Commercial Mortgage Trust | ||
Series 2016-GC36, Class A5 | ||
3.616%, due 2/10/49 | 560,000 | 603,419 |
Series 2015-P1, Class A5 | ||
3.717%, due 9/15/48 | 1,950,000 | 2,105,313 |
CSAIL Commercial Mortgage Trust | ||
Series 2015-C3, Class A4 | ||
3.718%, due 8/15/48 | 2,050,254 | 2,199,646 |
Extended Stay America Trust | ||
Series 2021-ESH, Class C | ||
1.791% (1 Month LIBOR + 1.70%), due 7/15/38 (a)(b) | 2,303,019 | 2,305,182 |
FREMF Mortgage Trust (a)(j) | ||
REMIC, Series 2019-K98, Class C | ||
3.737%, due 10/25/52 | 780,000 | 826,262 |
REMIC, Series 2018-K86, Class C | ||
4.293%, due 11/25/51 | 700,000 | 765,968 |
Hudson Yards Mortgage Trust | ||
Series 2019-30HY, Class A | ||
3.228%, due 7/10/39 (a) | 1,615,000 | 1,735,611 |
Manhattan West Mortgage Trust | ||
Series 2020-1MW, Class A | ||
2.13%, due 9/10/39 (a) | 2,910,000 | 2,945,954 |
Morgan Stanley Bank of America Merrill Lynch Trust | ||
Series 2015-C23, Class A3 | ||
3.451%, due 7/15/50 | 1,162,420 | 1,227,095 |
Series 2016-C28, Class A4 | ||
3.544%, due 1/15/49 | 560,000 | 599,988 |
Morgan Stanley Capital I Trust | ||
Series 2015-UBS8, Class A4 | ||
3.809%, due 12/15/48 | 1,830,000 | 1,972,081 |
One Bryant Park Trust | ||
Series 2019-OBP, Class A | ||
2.516%, due 9/15/54 (a) | 4,140,000 | 4,244,627 |
Principal Amount | Value | |
Commercial Mortgage Loans (Collateralized Mortgage Obligations) (continued) | ||
Wells Fargo Commercial Mortgage Trust (a)(j) | ||
Series 2018-1745, Class A | ||
3.749%, due 6/15/36 | $ 2,750,000 | $ 3,012,373 |
Series 2018-AUS, Class A | ||
4.058%, due 8/17/36 | 3,220,000 | 3,568,290 |
50,907,068 | ||
Whole Loan (Collateralized Mortgage Obligations) 2.4% | ||
FHLMC STACR REMIC Trust | ||
Series 2020-DNA6, Class M2 | ||
2.049% (SOFR 30A + 2.00%), due 12/25/50 (a)(b) | 2,975,000 | 2,997,291 |
FHLMC STACR Trust (a)(b) | ||
Series 2018-DNA2, Class M2 | ||
2.239% (1 Month LIBOR + 2.15%), due 12/25/30 | 2,985,000 | 3,014,320 |
Series 2021-DNA5, Class B1 | ||
3.099% (SOFR 30A + 3.05%), due 1/25/34 | 3,405,000 | 3,443,304 |
Series 2018-DNA2, Class B1 | ||
3.789% (1 Month LIBOR + 3.70%), due 12/25/30 | 1,340,000 | 1,395,041 |
FHLMC Structured Agency Credit Risk Debt Notes (b) | ||
Series 2015-DNA3, Class M3 | ||
4.789% (1 Month LIBOR + 4.70%), due 4/25/28 | 1,843,006 | 1,908,147 |
Series 2016-DNA1, Class M3 | ||
5.639% (1 Month LIBOR + 5.55%), due 7/25/28 | 1,168,816 | 1,224,417 |
Flagstar Mortgage Trust | ||
Series 2021-2, Class A2 | ||
2.50%, due 4/25/51 (a)(i) | 1,847,690 | 1,862,607 |
FNMA (b) | ||
Series 2017-C01, Class 1M2 | ||
3.639% (1 Month LIBOR + 3.55%), due 7/25/29 | 2,822,864 | 2,913,061 |
Series 2017-C02, Class 2M2 | ||
3.739% (1 Month LIBOR + 3.65%), due 9/25/29 | 1,080,451 | 1,118,340 |
GS Mortgage-Backed Securities Corp. Trust (a)(i) | ||
Series 2021-PJ5, Class A8 | ||
2.50%, due 10/25/51 | 1,369,267 | 1,395,048 |
Series 2021-PJ7, Class A2 | ||
2.50%, due 1/25/52 | 4,894,796 | 4,932,843 |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Whole Loan (Collateralized Mortgage Obligations) (continued) | ||
JPMorgan Mortgage Trust (a)(i) | ||
Series 2021-6, Class A4 | ||
2.50%, due 10/25/51 | $ 1,803,590 | $ 1,833,039 |
Series 2021-7, Class A3 | ||
2.50%, due 11/25/51 | 830,139 | 837,090 |
Series 2021-7, Class A4 | ||
2.50%, due 11/25/51 | 1,567,980 | 1,593,582 |
Mello Mortgage Capital Acceptance | ||
Series 2021-MTG2, Class A1 | ||
2.50%, due 6/25/51 (a)(i) | 2,327,210 | 2,340,466 |
Mello Warehouse Securitization Trust | ||
Series 2021-2, Class A | ||
0.839% (1 Month LIBOR + 0.75%), due 4/25/55 (a)(b) | 1,035,000 | 1,031,150 |
New Residential Mortgage Loan Trust (a) | ||
Series 2019-5A, Class B7 | ||
4.446%, due 8/25/59 (j) | 3,033,596 | 2,271,475 |
Series 2019-2A, Class B6 | ||
4.946%, due 12/25/57 (i) | 938,577 | 748,737 |
NewRez Warehouse Securitization Trust | ||
Series 2021-1, Class A | ||
0.839% (1 Month LIBOR + 0.75%), due 5/25/55 (a)(b) | 1,565,000 | 1,563,390 |
OBX Trust | ||
Series 2021-J1, Class A1 | ||
2.50%, due 5/25/51 (a)(i) | 867,916 | 874,923 |
Seasoned Loans Structured Transaction | ||
Series 2019-1, Class A1 | ||
3.50%, due 5/25/29 | 739,818 | 772,360 |
40,070,631 | ||
Total Mortgage-Backed Securities (Cost $133,062,117) | 133,656,621 | |
Municipal Bond 0.2% | ||
California 0.2% | ||
Regents of the University of California Medical Center, Pooled, Revenue Bonds | ||
Series N | ||
3.006%, due 5/15/50 | 2,700,000 | 2,805,219 |
Total Municipal Bond (Cost $2,700,000) | 2,805,219 |
Principal Amount | Value | |
U.S. Government & Federal Agencies 4.9% | ||
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) 0.3% | ||
UMBS, 30 Year | ||
2.00%, due 8/1/50 | $ 2,871,432 | $ 2,873,062 |
2.50%, due 10/1/51 | 700,000 | 719,433 |
3.50%, due 7/1/50 | 1,285,447 | 1,358,173 |
4,950,668 | ||
Federal National Mortgage Association (Mortgage Pass-Through Securities) 1.0% | ||
FNMA, Other | ||
3.50%, due 2/1/42 | 1,935,044 | 2,084,605 |
UMBS, 20 Year | ||
2.50%, due 5/1/41 | 808,706 | 834,357 |
UMBS, 30 Year | ||
2.00%, due 10/1/50 | 383,007 | 385,001 |
2.00%, due 12/1/50 | 637,166 | 637,528 |
2.00%, due 11/1/51 | 2,650,000 | 2,651,504 |
2.50%, due 8/1/50 | 218,158 | 224,840 |
2.50%, due 10/1/50 | 191,989 | 197,358 |
2.50%, due 11/1/50 | 1,121,738 | 1,167,155 |
2.50%, due 1/1/51 | 1,087,955 | 1,122,350 |
2.50%, due 8/1/51 | 1,748,778 | 1,802,722 |
3.00%, due 3/1/50 | 1,310,531 | 1,378,225 |
3.00%, due 6/1/51 | 967,594 | 1,015,119 |
4.00%, due 8/1/48 | 2,493,582 | 2,673,835 |
4.00%, due 2/1/49 | 462,994 | 499,736 |
16,674,335 | ||
Government National Mortgage Association (Mortgage Pass-Through Securities) 0.0% ‡ | ||
GNMA I, 30 Year | ||
6.50%, due 4/15/29 | 9 | 10 |
6.50%, due 8/15/29 | 6 | 7 |
17 | ||
United States Treasury Bonds 1.3% | ||
U.S. Treasury Bonds | ||
1.75%, due 8/15/41 | 935,000 | 900,084 |
2.00%, due 8/15/51 | 6,265,000 | 6,354,080 |
4.375%, due 11/15/39 | 6,581,000 | 9,124,711 |
4.375%, due 5/15/40 | 4,235,000 | 5,902,531 |
22,281,406 | ||
United States Treasury Inflation - Indexed Notes 0.9% | ||
U.S. Treasury Inflation Linked Notes (k) | ||
0.125%, due 1/15/30 | 3,349,363 | 3,708,155 |
24 | MainStay Income Builder Fund |
Principal Amount | Value | |
U.S. Government & Federal Agencies (continued) | ||
United States Treasury Inflation - Indexed Notes (continued) | ||
U.S. Treasury Inflation Linked Notes (k) (continued) | ||
0.125%, due 7/15/30 | $ 5,943,134 | $ 6,612,511 |
0.875%, due 1/15/29 | 4,371,600 | 5,074,642 |
15,395,308 | ||
United States Treasury Notes 1.4% | ||
U.S. Treasury Notes | ||
0.375%, due 10/31/23 | 11,630,000 | 11,602,288 |
0.625%, due 10/15/24 (g) | 3,760,000 | 3,745,606 |
1.125%, due 10/31/26 | 4,630,000 | 4,614,808 |
1.25%, due 8/15/31 | 2,785,000 | 2,706,237 |
22,668,939 | ||
Total U.S. Government & Federal Agencies (Cost $79,475,398) | 81,970,673 | |
Total Long-Term Bonds (Cost $775,342,006) | 799,168,667 | |
Shares | ||
Common Stocks 45.0% | ||
Aerospace & Defense 1.1% | ||
BAE Systems plc (United Kingdom) | 762,114 | 5,755,225 |
Lockheed Martin Corp. | 16,193 | 5,381,258 |
Raytheon Technologies Corp. | 73,160 | 6,500,997 |
17,637,480 | ||
Air Freight & Logistics 1.0% | ||
Deutsche Post AG (Registered) (Germany) | 135,769 | 8,399,909 |
United Parcel Service, Inc., Class B | 37,816 | 8,072,581 |
16,472,490 | ||
Automobiles 0.3% | ||
Toyota Motor Corp. (Japan) | 291,000 | 5,122,979 |
Banks 2.1% | ||
JPMorgan Chase & Co. | 62,983 | 10,700,182 |
PNC Financial Services Group, Inc. (The) | 28,791 | 6,075,765 |
Royal Bank of Canada (Canada) | 104,006 | 10,825,834 |
Truist Financial Corp. | 124,002 | 7,870,407 |
35,472,188 |
Shares | Value | |
Beverages 1.2% | ||
Coca-Cola Co. (The) | 123,594 | $ 6,966,994 |
Coca-Cola Europacific Partners plc (United Kingdom) | 149,273 | 7,859,223 |
PepsiCo, Inc. | 30,747 | 4,968,715 |
19,794,932 | ||
Biotechnology 1.0% | ||
AbbVie, Inc. | 103,356 | 11,851,832 |
Amgen, Inc. | 21,809 | 4,513,809 |
16,365,641 | ||
Capital Markets 1.4% | ||
BlackRock, Inc. | 11,723 | 11,060,182 |
Lazard Ltd., Class A | 150,188 | 7,357,710 |
T. Rowe Price Group, Inc. | 22,915 | 4,969,805 |
23,387,697 | ||
Chemicals 2.3% | ||
BASF SE (Germany) | 81,771 | 5,887,159 |
Dow, Inc. | 99,950 | 5,594,202 |
Linde plc (United Kingdom) | 22,804 | 7,279,037 |
LyondellBasell Industries NV, Class A | 58,109 | 5,393,677 |
Nutrien Ltd. (Canada) | 191,417 | 13,381,962 |
37,536,037 | ||
Commercial Services & Supplies 0.0% ‡ | ||
Quad/Graphics, Inc. (l) | 10 | 39 |
Communications Equipment 0.7% | ||
Cisco Systems, Inc. | 210,487 | 11,780,957 |
Diversified Telecommunication Services 2.3% | ||
AT&T, Inc. | 145,586 | 3,677,502 |
BCE, Inc. (Canada) | 78,043 | 4,017,550 |
Deutsche Telekom AG (Registered) (Germany) | 576,909 | 10,722,528 |
Orange SA (France) | 401,504 | 4,379,148 |
Telenor ASA (Norway) | 220,882 | 3,486,620 |
TELUS Corp. (Canada) | 238,014 | 5,459,936 |
Verizon Communications, Inc. | 118,003 | 6,252,979 |
37,996,263 | ||
Electric Utilities 2.0% | ||
American Electric Power Co., Inc. | 71,512 | 6,057,781 |
Duke Energy Corp. | 36,798 | 3,753,764 |
Entergy Corp. | 42,086 | 4,335,700 |
Evergy, Inc. | 81,799 | 5,214,686 |
Fortis, Inc. (Canada) | 83,196 | 3,703,351 |
NextEra Energy, Inc. | 83,542 | 7,128,639 |
Shares | Value | |
Common Stocks (continued) | ||
Electric Utilities (continued) | ||
Terna - Rete Elettrica Nazionale (Italy) | 471,354 | $ 3,510,151 |
33,704,072 | ||
Electrical Equipment 1.5% | ||
Eaton Corp. plc | 52,976 | 8,728,326 |
Emerson Electric Co. | 153,211 | 14,862,999 |
Hubbell, Inc. | 4,286 | 854,500 |
24,445,825 | ||
Equity Real Estate Investment Trusts 1.1% | ||
American Tower Corp. | 15,802 | 4,455,690 |
Iron Mountain, Inc. | 134,202 | 6,124,979 |
Welltower, Inc. | 51,760 | 4,161,504 |
WP Carey, Inc. | 56,635 | 4,367,126 |
19,109,299 | ||
Food Products 0.8% | ||
Danone SA (France) | 52,222 | 3,401,772 |
Nestle SA (Registered) (Switzerland) | 38,754 | 5,113,869 |
Orkla ASA (Norway) | 564,458 | 5,489,633 |
14,005,274 | ||
Gas Utilities 0.2% | ||
Snam SpA (Italy) | 669,240 | 3,788,522 |
Health Care Equipment & Supplies 0.8% | ||
Medtronic plc | 115,762 | 13,875,233 |
Hotels, Restaurants & Leisure 1.4% | ||
McDonald's Corp. | 21,256 | 5,219,411 |
Restaurant Brands International, Inc. (Canada) | 212,380 | 12,029,203 |
Vail Resorts, Inc. | 18,476 | 6,368,862 |
23,617,476 | ||
Household Durables 0.3% | ||
Leggett & Platt, Inc. | 104,982 | 4,918,407 |
Household Products 0.5% | ||
Kimberly-Clark Corp. | 31,620 | 4,094,474 |
Procter & Gamble Co. (The) | 29,058 | 4,155,003 |
8,249,477 | ||
Industrial Conglomerates 0.3% | ||
Siemens AG (Registered) (Germany) | 35,595 | 5,772,216 |
Shares | Value | |
Insurance 2.9% | ||
Allianz SE (Registered) (Germany) | 30,567 | $ 7,107,726 |
Assicurazioni Generali SpA (Italy) | 242,950 | 5,294,026 |
AXA SA (France) | 267,041 | 7,766,877 |
Great-West Lifeco, Inc. (Canada) | 123,296 | 3,627,349 |
MetLife, Inc. | 181,323 | 11,387,085 |
Muenchener Rueckversicherungs-Gesellschaft AG (Registered) (Germany) | 25,011 | 7,407,438 |
Tokio Marine Holdings, Inc. (Japan) | 96,900 | 5,099,418 |
47,689,919 | ||
IT Services 0.7% | ||
International Business Machines Corp. | 87,646 | 10,964,515 |
Leisure Products 0.5% | ||
Hasbro, Inc. | 83,864 | 8,030,817 |
Machinery 0.5% | ||
Cummins, Inc. | 33,621 | 8,063,661 |
Media 0.2% | ||
Omnicom Group, Inc. | 53,525 | 3,643,982 |
Multiline Retail 0.5% | ||
Target Corp. | 32,799 | 8,515,276 |
Multi-Utilities 1.2% | ||
Ameren Corp. | 45,203 | 3,810,161 |
Dominion Energy, Inc. | 66,982 | 5,085,943 |
National Grid plc (United Kingdom) | 298,953 | 3,827,022 |
NiSource, Inc. | 153,490 | 3,786,598 |
WEC Energy Group, Inc. | 40,943 | 3,687,327 |
20,197,051 | ||
Oil, Gas & Consumable Fuels 2.1% | ||
Chevron Corp. | 61,919 | 7,089,106 |
Enterprise Products Partners LP | 349,384 | 7,924,029 |
Magellan Midstream Partners LP | 128,718 | 6,307,182 |
Phillips 66 | 48,452 | 3,623,241 |
TotalEnergies SE (France) | 202,938 | 10,174,443 |
35,118,001 | ||
Personal Products 0.3% | ||
Unilever plc (United Kingdom) | 94,393 | 5,053,582 |
26 | MainStay Income Builder Fund |
Shares | Value | |
Common Stocks (continued) | ||
Pharmaceuticals 3.6% | ||
AstraZeneca plc, Sponsored ADR (United Kingdom) | 205,716 | $ 12,832,564 |
Bayer AG (Registered) (Germany) | 55,195 | 3,105,410 |
GlaxoSmithKline plc (United Kingdom) | 193,928 | 4,003,827 |
Johnson & Johnson | 34,515 | 5,621,803 |
Merck & Co., Inc. | 95,173 | 8,379,983 |
Novartis AG (Registered) (Switzerland) | 58,361 | 4,821,348 |
Pfizer, Inc. | 102,334 | 4,476,089 |
Roche Holding AG (Switzerland) | 10,130 | 3,917,132 |
Sanofi (France) | 70,910 | 7,084,837 |
Takeda Pharmaceutical Co. Ltd. (Japan) | 199,800 | 5,614,910 |
59,857,903 | ||
Semiconductors & Semiconductor Equipment 4.1% | ||
Analog Devices, Inc. | 89,871 | 15,591,720 |
Broadcom, Inc. | 30,392 | 16,158,514 |
Intel Corp. | 191,390 | 9,378,110 |
KLA Corp. | 26,620 | 9,922,871 |
Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR (Taiwan) | 77,887 | 8,855,752 |
Texas Instruments, Inc. | 46,806 | 8,775,189 |
68,682,156 | ||
Software 1.2% | ||
Microsoft Corp. | 62,072 | 20,584,317 |
Specialty Retail 0.8% | ||
Home Depot, Inc. (The) | 24,695 | 9,180,119 |
Industria de Diseno Textil SA (Spain) (g) | 102,859 | 3,714,593 |
12,894,712 | ||
Technology Hardware, Storage & Peripherals 1.5% | ||
Apple, Inc. | 113,527 | 17,006,344 |
Samsung Electronics Co. Ltd. GDR (Republic of Korea) | 5,552 | 8,289,136 |
25,295,480 | ||
Textiles, Apparel & Luxury Goods 0.3% | ||
Hanesbrands, Inc. | 246,524 | 4,200,769 |
Tobacco 1.4% | ||
Altria Group, Inc. | 134,295 | 5,923,753 |
British American Tobacco plc (United Kingdom) | 195,704 | 6,820,309 |
Shares | Value | ||
Tobacco (continued) | |||
British American Tobacco plc, Sponsored ADR (United Kingdom) | 63,382 | $ 2,213,299 | |
Philip Morris International, Inc. | 88,967 | 8,410,940 | |
23,368,301 | |||
Trading Companies & Distributors 0.7% | |||
MSC Industrial Direct Co., Inc., Class A | 90,477 | 7,606,402 | |
Watsco, Inc. | 14,466 | 4,189,064 | |
11,795,466 | |||
Wireless Telecommunication Services 0.2% | |||
Rogers Communications, Inc., Class B (Canada) | 71,874 | 3,342,815 | |
Total Common Stocks (Cost $594,380,330) | 750,351,227 | ||
Short-Term Investments 5.8% | |||
Affiliated Investment Company 5.2% | |||
MainStay U.S. Government Liquidity Fund, 0.01% (m) | 87,327,730 | 87,327,730 | |
Unaffiliated Investment Companies 0.6% | |||
BlackRock Liquidity FedFund, 0.025% (m)(n) | 208,933 | 208,933 | |
Wells Fargo Government Money Market Fund, 0.025% (m)(n) | 9,687,306 | 9,687,306 | |
Total Unaffiliated Investment Companies (Cost $9,896,239) | 9,896,239 | ||
Total Short-Term Investments (Cost $97,223,969) | 97,223,969 | ||
Total Investments (Cost $1,466,946,305) | 98.8% | 1,646,743,863 | |
Other Assets, Less Liabilities | 1.2 | 19,563,182 | |
Net Assets | 100.0% | $ 1,666,307,045 |
† | Percentages indicated are based on Fund net assets. |
‡ | Less than one-tenth of a percent. |
(a) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
(b) | Floating rate—Rate shown was the rate in effect as of October 31, 2021. |
(c) | Step coupon—Rate shown was the rate in effect as of October 31, 2021. |
(d) | Delayed delivery security. |
(e) | Fixed to floating rate—Rate shown was the rate in effect as of October 31, 2021. |
(f) | Security is perpetual and, thus, does not have a predetermined maturity date. The date shown, if applicable, reflects the next call date. |
(g) | All or a portion of this security was held on loan. As of October 31, 2021, the aggregate market value of securities on loan was $11,161,549; the total market value of collateral held by the Fund was $11,558,631. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $1,662,392. The Fund received cash collateral with a value of $9,896,239. (See Note 2(L)) |
(h) | Collateralized Mortgage Obligation Interest Only Strip—Pays a fixed or variable rate of interest based on mortgage loans or mortgage pass-through securities. The principal amount of the underlying pool represents the notional amount on which the current interest was calculated. The value of these stripped securities may be particularly sensitive to changes in prevailing interest rates and are typically more sensitive to changes in prepayment rates than traditional mortgage-backed securities. |
(i) | Coupon rate may change based on changes of the underlying collateral or prepayments of principal. Rate shown was the rate in effect as of October 31, 2021. |
(j) | Collateral strip rate—A bond whose interest was based on the weighted net interest rate of the collateral. The coupon rate adjusts periodically based on a predetermined schedule. Rate shown was the rate in effect as of October 31, 2021. |
(k) | Treasury Inflation Protected Security—Pays a fixed rate of interest on a principal amount that is continuously adjusted for inflation based on the Consumer Price Index-Urban Consumers. |
(l) | Non-income producing security. |
(m) | Current yield as of October 31, 2021. |
(n) | Represents a security purchased with cash collateral received for securities on loan. |
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||
AUD | 23,293,000 | USD | 17,159,930 | JPMorgan Chase Bank N.A. | 11/1/21 | $ 362,230 |
AUD | 23,293,000 | USD | 17,508,579 | JPMorgan Chase Bank N.A. | 2/1/22 | 13,580 |
JPY | 5,081,523,000 | USD | 44,545,106 | JPMorgan Chase Bank N.A. | 2/1/22 | 39,435 |
USD | 48,024,657 | EUR | 41,207,000 | JPMorgan Chase Bank N.A. | 11/1/21 | 389,365 |
USD | 42,737,793 | GBP | 30,915,000 | JPMorgan Chase Bank N.A. | 11/1/21 | 429,069 |
Total Unrealized Appreciation | 1,233,679 |
28 | MainStay Income Builder Fund |
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||
EUR | 41,207,000 | USD | 48,851,146 | JPMorgan Chase Bank N.A. | 11/1/21 | $ (1,215,854) |
EUR | 41,207,000 | USD | 48,140,243 | JPMorgan Chase Bank N.A. | 2/1/22 | (504,950) |
GBP | 30,915,000 | USD | 42,941,244 | JPMorgan Chase Bank N.A. | 11/1/21 | (632,521) |
GBP | 30,915,000 | USD | 42,733,217 | JPMorgan Chase Bank N.A. | 2/1/22 | (424,494) |
JPY | 5,081,523,000 | USD | 46,400,797 | JPMorgan Chase Bank N.A. | 11/1/21 | (1,816,257) |
USD | 17,499,845 | AUD | 23,293,000 | JPMorgan Chase Bank N.A. | 11/1/21 | (22,315) |
USD | 44,491,634 | JPY | 5,081,523,000 | JPMorgan Chase Bank N.A. | 11/1/21 | (92,906) |
Total Unrealized Depreciation | (4,709,297) | |||||
Net Unrealized Depreciation | $ (3,475,618) |
1. | Foreign Currency Forward Contracts are subject to limitations such that they cannot be “sold or repurchased,” although the Fund would be able to exit the transaction through other means, such as through the execution of an offsetting transaction. |
Type | Number of Contracts | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)2 |
Long Contracts | |||||
U.S. Treasury 2 Year Notes | 814 | December 2021 | $ 179,148,955 | $ 178,469,500 | $ (679,455) |
U.S. Treasury 5 Year Notes | 467 | December 2021 | 57,472,256 | 56,857,250 | (615,006) |
Euro STOXX 50 Index | 1,112 | December 2021 | 53,733,555 | 54,465,449 | 731,894 |
FTSE 100 Index | 172 | December 2021 | 16,636,407 | 17,004,617 | 368,210 |
Russell 2000 E-Mini Index | 295 | December 2021 | 32,784,598 | 33,855,675 | 1,071,077 |
S&P 500 E-Mini Index | 278 | December 2021 | 61,441,899 | 63,898,300 | 2,456,401 |
U.S. Treasury Long Bonds | 109 | December 2021 | 17,736,329 | 17,531,969 | (204,360) |
U.S. Treasury Ultra Bonds | 408 | December 2021 | 80,272,123 | 80,133,750 | (138,373) |
XAF Financial Index | 421 | December 2021 | 48,453,163 | 52,114,537 | 3,661,374 |
XAI E-Mini Industrial Equity Index | 620 | December 2021 | 63,638,753 | 65,100,000 | 1,461,247 |
Yen Denominated Nikkei 225 Index | 465 | December 2021 | 60,026,863 | 59,137,311 | (889,552) |
Total Long Contracts | 7,223,457 | ||||
Short Contracts | |||||
U.S. Treasury 10 Year Notes | (232) | December 2021 | (30,492,973) | (30,323,125) | 169,848 |
U.S. Treasury 10 Year Ultra Bonds | (388) | December 2021 | (57,227,788) | (56,272,125) | 955,663 |
Total Short Contracts | 1,125,511 | ||||
Net Unrealized Appreciation | $ 8,348,968 |
1. | As of October 31, 2021, cash in the amount of $24,903,060 was on deposit with a broker or futures commission merchant for futures transactions. |
2. | Represents the difference between the value of the contracts at the time they were opened and the value as of October 31, 2021. |
Abbreviation(s): |
ADR—American Depositary Receipt |
AUD—Australia Dollar |
EUR—Euro |
FHLMC—Federal Home Loan Mortgage Corp. |
FNMA—Federal National Mortgage Association |
FREMF—Freddie Mac Multifamily |
FTSE—Financial Times Stock Exchange |
GBP—British Pound Sterling |
GDR—Global Depositary Receipt |
GNMA—Government National Mortgage Association |
JPY—Japanese Yen |
LIBOR—London Interbank Offered Rate |
REMIC—Real Estate Mortgage Investment Conduit |
SOFR—Secured Overnight Financing Rate |
UMBS—Uniform Mortgage Backed Securities |
USD—United States Dollar |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Long-Term Bonds | |||||||
Asset-Backed Securities | $ — | $ 71,445,756 | $ — | $ 71,445,756 | |||
Corporate Bonds | — | 475,305,956 | — | 475,305,956 | |||
Foreign Government Bonds | — | 23,870,035 | — | 23,870,035 | |||
Loan Assignments | — | 10,114,407 | — | 10,114,407 | |||
Mortgage-Backed Securities | — | 133,656,621 | — | 133,656,621 | |||
Municipal Bond | — | 2,805,219 | — | 2,805,219 | |||
U.S. Government & Federal Agencies | — | 81,970,673 | — | 81,970,673 | |||
Total Long-Term Bonds | — | 799,168,667 | — | 799,168,667 | |||
Common Stocks | 750,351,227 | — | — | 750,351,227 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 87,327,730 | — | — | 87,327,730 | |||
Unaffiliated Investment Companies | 9,896,239 | — | — | 9,896,239 | |||
Total Short-Term Investments | 97,223,969 | — | — | 97,223,969 | |||
Total Investments in Securities | 847,575,196 | 799,168,667 | — | 1,646,743,863 | |||
Other Financial Instruments | |||||||
Foreign Currency Forward Contracts (b) | — | 1,233,679 | — | 1,233,679 | |||
Futures Contracts (b) | 10,875,714 | — | — | 10,875,714 | |||
Total Other Financial Instruments | 10,875,714 | 1,233,679 | — | 12,109,393 | |||
Total Investments in Securities and Other Financial Instruments | $ 858,450,910 | $ 800,402,346 | $ — | $ 1,658,853,256 | |||
Liability Valuation Inputs | |||||||
Other Financial Instruments | |||||||
Foreign Currency Forward Contracts (b) | $ — | $ (4,709,297) | $ — | $ (4,709,297) | |||
Futures Contracts (b) | (2,526,746) | — | — | (2,526,746) | |||
Total Other Financial Instruments | $ (2,526,746) | $ (4,709,297) | $ — | $ (7,236,043) |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
(b) | The value listed for these securities reflects unrealized appreciation (depreciation) as shown on the Portfolio of Investments. |
30 | MainStay Income Builder Fund |
Assets | |
Investment in unaffiliated securities, at value (identified cost $1,379,618,575) including securities on loan of $11,161,549 | $1,559,416,133 |
Investment in affiliated investment companies, at value (identified cost $87,327,730) | 87,327,730 |
Cash | 22,745 |
Cash denominated in foreign currencies (identified cost $3,288,239) | 3,280,290 |
Cash collateral on deposit at broker for futures contracts | 24,903,060 |
Receivables: | |
Investment securities sold | 20,436,072 |
Dividends and interest | 8,074,515 |
Fund shares sold | 712,747 |
Variation margin on futures contracts | 462,911 |
Securities lending | 16,743 |
Unrealized appreciation on foreign currency forward contracts | 1,233,679 |
Other assets | 131,832 |
Total assets | 1,706,018,457 |
Liabilities | |
Cash collateral received for securities on loan | 9,896,239 |
Payables: | |
Investment securities purchased | 22,386,968 |
Fund shares redeemed | 1,023,832 |
Manager (See Note 3) | 860,281 |
Transfer agent (See Note 3) | 348,607 |
NYLIFE Distributors (See Note 3) | 316,862 |
Shareholder communication | 37,979 |
Professional fees | 12,230 |
Custodian | 9,655 |
Trustees | 2,062 |
Accrued expenses | 3,017 |
Distributions payable | 104,383 |
Unrealized depreciation on foreign currency forward contracts | 4,709,297 |
Total liabilities | 39,711,412 |
Net assets | $1,666,307,045 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.01 per share) unlimited number of shares authorized | $ 762,511 |
Additional paid-in-capital | 1,402,801,455 |
1,403,563,966 | |
Total distributable earnings (loss) | 262,743,079 |
Net assets | $1,666,307,045 |
Class A | |
Net assets applicable to outstanding shares | $818,764,276 |
Shares of beneficial interest outstanding | 37,636,807 |
Net asset value per share outstanding | $ 21.75 |
Maximum sales charge (3.00% of offering price) | 0.67 |
Maximum offering price per share outstanding | $ 22.42 |
Investor Class | |
Net assets applicable to outstanding shares | $ 77,887,040 |
Shares of beneficial interest outstanding | 3,576,946 |
Net asset value per share outstanding | $ 21.77 |
Maximum sales charge (2.50% of offering price) | 0.56 |
Maximum offering price per share outstanding | $ 22.33 |
Class B | |
Net assets applicable to outstanding shares | $ 16,788,892 |
Shares of beneficial interest outstanding | 765,635 |
Net asset value and offering price per share outstanding | $ 21.93 |
Class C | |
Net assets applicable to outstanding shares | $132,596,338 |
Shares of beneficial interest outstanding | 6,059,437 |
Net asset value and offering price per share outstanding | $ 21.88 |
Class I | |
Net assets applicable to outstanding shares | $505,805,811 |
Shares of beneficial interest outstanding | 23,004,759 |
Net asset value and offering price per share outstanding | $ 21.99 |
Class R2 | |
Net assets applicable to outstanding shares | $ 2,961,185 |
Shares of beneficial interest outstanding | 136,132 |
Net asset value and offering price per share outstanding | $ 21.75 |
Class R3 | |
Net assets applicable to outstanding shares | $ 2,087,547 |
Shares of beneficial interest outstanding | 95,958 |
Net asset value and offering price per share outstanding | $ 21.75 |
Class R6 | |
Net assets applicable to outstanding shares | $109,387,145 |
Shares of beneficial interest outstanding | 4,974,101 |
Net asset value and offering price per share outstanding | $ 21.99 |
SIMPLE Class | |
Net assets applicable to outstanding shares | $ 28,811 |
Shares of beneficial interest outstanding | 1,323 |
Net asset value and offering price per share outstanding | $ 21.78 |
Investment Income (Loss) | |
Income | |
Interest (net of foreign tax withholding of $2,165) | $ 25,272,012 |
Dividends-unaffiliated (net of foreign tax withholding of $1,449,859) | 23,675,873 |
Securities lending | 118,205 |
Dividends-affiliated | 6,535 |
Total income | 49,072,625 |
Expenses | |
Manager (See Note 3) | 9,919,000 |
Distribution/Service—Class A (See Note 3) | 1,892,319 |
Distribution/Service—Investor Class (See Note 3) | 204,873 |
Distribution/Service—Class B (See Note 3) | 190,486 |
Distribution/Service—Class C (See Note 3) | 1,475,651 |
Distribution/Service—Class R2 (See Note 3) | 7,940 |
Distribution/Service—Class R3 (See Note 3) | 9,723 |
Distribution/Service—SIMPLE Class (See Note 3) | 139 |
Transfer agent (See Note 3) | 1,803,895 |
Registration | 186,218 |
Professional fees | 128,596 |
Shareholder communication | 127,114 |
Custodian | 81,682 |
Trustees | 36,247 |
Insurance | 11,811 |
Shareholder service (See Note 3) | 5,121 |
Miscellaneous | 66,838 |
Total expenses | 16,147,653 |
Net investment income (loss) | 32,924,972 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | 49,220,858 |
Futures transactions | 76,202,951 |
Foreign currency transactions | (369,926) |
Foreign currency forward transactions | (1,869,708) |
Net realized gain (loss) | 123,184,175 |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | 116,865,987 |
Futures contracts | 12,826,575 |
Foreign currency forward contracts | (4,530,111) |
Translation of other assets and liabilities in foreign currencies | (1,699,765) |
Net change in unrealized appreciation (depreciation) | 123,462,686 |
Net realized and unrealized gain (loss) | 246,646,861 |
Net increase (decrease) in net assets resulting from operations | $279,571,833 |
32 | MainStay Income Builder Fund |
for the years ended October 31, 2021 and October 31, 2020
2021 | 2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 32,924,972 | $ 33,859,779 |
Net realized gain (loss) | 123,184,175 | (32,719,980) |
Net change in unrealized appreciation (depreciation) | 123,462,686 | (19,728,631) |
Net increase (decrease) in net assets resulting from operations | 279,571,833 | (18,588,832) |
Distributions to shareholders: | ||
Class A | (18,176,751) | (38,695,065) |
Investor Class | (1,829,216) | (4,945,627) |
Class B | (282,317) | (1,245,001) |
Class C | (2,183,521) | (9,531,711) |
Class I | (13,104,698) | (30,256,759) |
Class R2 | (74,013) | (155,024) |
Class R3 | (40,509) | (49,678) |
Class R6 | (2,830,897) | (6,279,420) |
SIMPLE Class | (545) | (72) |
Total distributions to shareholders | (38,522,467) | (91,158,357) |
Capital share transactions: | ||
Net proceeds from sales of shares | 258,084,982 | 320,543,037 |
Net asset value of shares issued to shareholder in reinvestment of distributions | 35,293,233 | 83,497,446 |
Cost of shares redeemed | (298,729,082) | (384,329,610) |
Increase (decrease) in net assets derived from capital share transactions | (5,350,867) | 19,710,873 |
Net increase (decrease) in net assets | 235,698,499 | (90,036,316) |
Net Assets | ||
Beginning of year | 1,430,608,546 | 1,520,644,862 |
End of year | $1,666,307,045 | $1,430,608,546 |
Year Ended October 31, | |||||||||
Class A | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 18.61 | $ 19.96 | $ 18.51 | $ 19.97 | $ 18.30 | ||||
Net investment income (loss) (a) | 0.43 | 0.44 | 0.54 | 0.52 | 0.48 | ||||
Net realized and unrealized gain (loss) | 3.22 | (0.61) | 1.79 | (0.97) | 1.74 | ||||
Total from investment operations | 3.65 | (0.17) | 2.33 | (0.45) | 2.22 | ||||
Less distributions: | |||||||||
From net investment income | (0.51) | (0.42) | (0.56) | (0.52) | (0.55) | ||||
From net realized gain on investments | — | (0.76) | (0.32) | (0.49) | — | ||||
Total distributions | (0.51) | (1.18) | (0.88) | (1.01) | (0.55) | ||||
Net asset value at end of year | $ 21.75 | $ 18.61 | $ 19.96 | $ 18.51 | $ 19.97 | ||||
Total investment return (b) | 19.74% | (0.90)% | 13.09% | (2.38)% | 12.30% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.04% | 2.32% | 2.83% | 2.72% | 2.52% | ||||
Net expenses (c) | 0.99% | 1.02% | 1.02% | 1.01% | 1.01% | ||||
Portfolio turnover rate | 57%(d) | 65%(d) | 62%(d) | 44%(d) | 29% | ||||
Net assets at end of year (in 000’s) | $ 818,764 | $ 638,250 | $ 625,049 | $ 571,206 | $ 652,333 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | The portfolio turnover rates not including mortgage dollar rolls were 56%, 62%, 54% and 36% for the years ended October 31, 2021, 2020, 2019 and 2018, respectively. |
Year Ended October 31, | |||||||||
Investor Class | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 18.62 | $ 19.98 | $ 18.52 | $ 19.99 | $ 18.31 | ||||
Net investment income (loss) (a) | 0.40 | 0.41 | 0.51 | 0.50 | 0.47 | ||||
Net realized and unrealized gain (loss) | 3.22 | (0.62) | 1.80 | (0.98) | 1.73 | ||||
Total from investment operations | 3.62 | (0.21) | 2.31 | (0.48) | 2.20 | ||||
Less distributions: | |||||||||
From net investment income | (0.47) | (0.39) | (0.53) | (0.50) | (0.52) | ||||
From net realized gain on investments | — | (0.76) | (0.32) | (0.49) | — | ||||
Total distributions | (0.47) | (1.15) | (0.85) | (0.99) | (0.52) | ||||
Net asset value at end of year | $ 21.77 | $ 18.62 | $ 19.98 | $ 18.52 | $ 19.99 | ||||
Total investment return (b) | 19.56% | (1.11)% | 12.98% | (2.56)% | 12.19% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.88% | 2.16% | 2.70% | 2.59% | 2.45% | ||||
Net expenses (c) | 1.18% | 1.17% | 1.16% | 1.13% | 1.14% | ||||
Expenses (before waiver/reimbursement) (c) | 1.18% | 1.17% | 1.17% | 1.14% | 1.14% | ||||
Portfolio turnover rate | 57%(d) | 65%(d) | 62%(d) | 44%(d) | 29% | ||||
Net assets at end of year (in 000's) | $ 77,887 | $ 79,992 | $ 88,050 | $ 85,132 | $ 94,000 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | The portfolio turnover rates not including mortgage dollar rolls were 56%, 62%, 54% and 36% for the years ended October 31, 2021, 2020, 2019 and 2018, respectively. |
34 | MainStay Income Builder Fund |
Year Ended October 31, | |||||||||
Class B | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 18.75 | $ 20.11 | $ 18.64 | $ 20.10 | $ 18.40 | ||||
Net investment income (loss) (a) | 0.24 | 0.27 | 0.37 | 0.36 | 0.32 | ||||
Net realized and unrealized gain (loss) | 3.25 | (0.62) | 1.81 | (0.98) | 1.74 | ||||
Total from investment operations | 3.49 | (0.35) | 2.18 | (0.62) | 2.06 | ||||
Less distributions: | |||||||||
From net investment income | (0.31) | (0.25) | (0.39) | (0.35) | (0.36) | ||||
From net realized gain on investments | — | (0.76) | (0.32) | (0.49) | — | ||||
Total distributions | (0.31) | (1.01) | (0.71) | (0.84) | (0.36) | ||||
Net asset value at end of year | $ 21.93 | $ 18.75 | $ 20.11 | $ 18.64 | $ 20.10 | ||||
Total investment return (b) | 18.69% | (1.84)% | 12.11% | (3.22)% | 11.27% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.13% | 1.42% | 1.96% | 1.85% | 1.67% | ||||
Net expenses (c) | 1.93% | 1.92% | 1.91% | 1.88% | 1.89% | ||||
Expenses (before waiver/reimbursement) (c) | 1.93% | 1.92% | 1.92% | 1.89% | 1.89% | ||||
Portfolio turnover rate | 57%(d) | 65%(d) | 62%(d) | 44%(d) | 29% | ||||
Net assets at end of year (in 000’s) | $ 16,789 | $ 19,409 | $ 26,396 | $ 30,343 | $ 39,475 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | The portfolio turnover rates not including mortgage dollar rolls were 56%, 62%, 54% and 36% for the years ended October 31, 2021, 2020, 2019 and 2018, respectively. |
Year Ended October 31, | |||||||||
Class C | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 18.71 | $ 20.07 | $ 18.60 | $ 20.07 | $ 18.37 | ||||
Net investment income (loss) (a) | 0.24 | 0.27 | 0.37 | 0.36 | 0.32 | ||||
Net realized and unrealized gain (loss) | 3.24 | (0.62) | 1.81 | (0.99) | 1.74 | ||||
Total from investment operations | 3.48 | (0.35) | 2.18 | (0.63) | 2.06 | ||||
Less distributions: | |||||||||
From net investment income | (0.31) | (0.25) | (0.39) | (0.35) | (0.36) | ||||
From net realized gain on investments | — | (0.76) | (0.32) | (0.49) | — | ||||
Total distributions | (0.31) | (1.01) | (0.71) | (0.84) | (0.36) | ||||
Net asset value at end of year | $ 21.88 | $ 18.71 | $ 20.07 | $ 18.60 | $ 20.07 | ||||
Total investment return (b) | 18.68% | (1.85)% | 12.13% | (3.28)% | 11.35% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.13% | 1.42% | 1.95% | 1.85% | 1.65% | ||||
Net expenses (c) | 1.93% | 1.92% | 1.91% | 1.88% | 1.89% | ||||
Expenses (before waiver/reimbursement) (c) | 1.93% | 1.92% | 1.92% | 1.89% | 1.89% | ||||
Portfolio turnover rate | 57%(d) | 65%(d) | 62%(d) | 44%(d) | 29% | ||||
Net assets at end of year (in 000’s) | $ 132,596 | $ 148,220 | $ 191,737 | $ 212,400 | $ 266,592 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | The portfolio turnover rates not including mortgage dollar rolls were 56%, 62%, 54% and 36% for the years ended October 31, 2021, 2020, 2019 and 2018, respectively. |
Year Ended October 31, | |||||||||
Class I | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 18.80 | $ 20.16 | $ 18.68 | $ 20.15 | $ 18.46 | ||||
Net investment income (loss) (a) | 0.49 | 0.49 | 0.59 | 0.58 | 0.54 | ||||
Net realized and unrealized gain (loss) | 3.26 | (0.62) | 1.82 | (0.99) | 1.75 | ||||
Total from investment operations | 3.75 | (0.13) | 2.41 | (0.41) | 2.29 | ||||
Less distributions: | |||||||||
From net investment income | (0.56) | (0.47) | (0.61) | (0.57) | (0.60) | ||||
From net realized gain on investments | — | (0.76) | (0.32) | (0.49) | — | ||||
Total distributions | (0.56) | (1.23) | (0.93) | (1.06) | (0.60) | ||||
Net asset value at end of year | $ 21.99 | $ 18.80 | $ 20.16 | $ 18.68 | $ 20.15 | ||||
Total investment return (b) | 20.10% | (0.69)% | 13.41% | (2.17)% | 12.60% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.30% | 2.57% | 3.09% | 3.03% | 2.77% | ||||
Net expenses (c) | 0.74% | 0.77% | 0.77% | 0.76% | 0.76% | ||||
Portfolio turnover rate | 57%(d) | 65%(d) | 62%(d) | 44%(d) | 29% | ||||
Net assets at end of year (in 000’s) | $ 505,806 | $ 448,922 | $ 484,614 | $ 499,675 | $ 766,054 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | The portfolio turnover rates not including mortgage dollar rolls were 56%, 62%, 54% and 36% for the years ended October 31, 2021, 2020, 2019 and 2018, respectively. |
Year Ended October 31, | |||||||||
Class R2 | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 18.61 | $ 19.95 | $ 18.50 | $ 19.96 | $ 18.29 | ||||
Net investment income (loss) (a) | 0.41 | 0.42 | 0.52 | 0.50 | 0.46 | ||||
Net realized and unrealized gain (loss) | 3.22 | (0.59) | 1.79 | (0.97) | 1.74 | ||||
Total from investment operations | 3.63 | (0.17) | 2.31 | (0.47) | 2.20 | ||||
Less distributions: | |||||||||
From net investment income | (0.49) | (0.41) | (0.54) | (0.50) | (0.53) | ||||
From net realized gain on investments | — | (0.76) | (0.32) | (0.49) | — | ||||
Total distributions | (0.49) | (1.17) | (0.86) | (0.99) | (0.53) | ||||
Net asset value at end of year | $ 21.75 | $ 18.61 | $ 19.95 | $ 18.50 | $ 19.96 | ||||
Total investment return (b) | 19.68% | (1.00)% | 12.98% | (2.48)% | 12.20% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.96% | 2.21% | 2.77% | 2.61% | 2.36% | ||||
Net expenses (c) | 1.09% | 1.11% | 1.12% | 1.11% | 1.11% | ||||
Portfolio turnover rate | 57%(d) | 65%(d) | 62%(d) | 44%(d) | 29% | ||||
Net assets at end of year (in 000’s) | $ 2,961 | $ 3,044 | $ 2,524 | $ 3,587 | $ 4,409 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R2 shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | The portfolio turnover rates not including mortgage dollar rolls were 56%, 62%, 54% and 36% for the years ended October 31, 2021, 2020, 2019 and 2018, respectively. |
36 | MainStay Income Builder Fund |
Year Ended October 31, | |||||||||
Class R3 | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 18.61 | $ 19.96 | $ 18.51 | $ 19.97 | $ 18.30 | ||||
Net investment income (loss) (a) | 0.36 | 0.37 | 0.45 | 0.42 | 0.42 | ||||
Net realized and unrealized gain (loss) | 3.22 | (0.60) | 1.82 | (0.94) | 1.73 | ||||
Total from investment operations | 3.58 | (0.23) | 2.27 | (0.52) | 2.15 | ||||
Less distributions: | |||||||||
From net investment income | (0.44) | (0.36) | (0.50) | (0.45) | (0.48) | ||||
From net realized gain on investments | — | (0.76) | (0.32) | (0.49) | — | ||||
Total distributions | (0.44) | (1.12) | (0.82) | (0.94) | (0.48) | ||||
Net asset value at end of year | $ 21.75 | $ 18.61 | $ 19.96 | $ 18.51 | $ 19.97 | ||||
Total investment return (b) | 19.39% | (1.24)% | 12.70% | (2.73)% | 11.89% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.70% | 1.97% | 2.34% | 2.19% | 2.16% | ||||
Net expenses (c) | 1.34% | 1.37% | 1.36% | 1.35% | 1.36% | ||||
Portfolio turnover rate | 57%(d) | 65%(d) | 62%(d) | 44%(d) | 29% | ||||
Net assets at end of year (in 000’s) | $ 2,088 | $ 1,196 | $ 590 | $ 136 | $ 201 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R3 shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | The portfolio turnover rates not including mortgage dollar rolls were 56%, 62%, 54% and 36% for the years ended October 31, 2021, 2020, 2019 and 2018, respectively. |
Year Ended October 31, | February 28, 2018^ through October 31, 2018 | ||||||
Class R6 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of period | $ 18.80 | $ 20.16 | $ 18.68 | $ 19.19 | |||
Net investment income (loss) (a) | 0.51 | 0.51 | 0.61 | 0.33 | |||
Net realized and unrealized gain (loss) | 3.26 | (0.62) | 1.82 | (0.44) | |||
Total from investment operations | 3.77 | (0.11) | 2.43 | (0.11) | |||
Less distributions: | |||||||
From net investment income | (0.58) | (0.49) | (0.63) | (0.40) | |||
From net realized gain on investments | — | (0.76) | (0.32) | — | |||
Total distributions | (0.58) | (1.25) | (0.95) | (0.40) | |||
Net asset value at end of period | $ 21.99 | $ 18.80 | $ 20.16 | $ 18.68 | |||
Total investment return (b) | 20.20% | (0.60)% | 13.52% | (0.61)% | |||
Ratios (to average net assets)/Supplemental Data: | |||||||
Net investment income (loss) | 2.38% | 2.67% | 3.18% | 2.55%†† | |||
Net expenses (c) | 0.66% | 0.67% | 0.67% | 0.66%†† | |||
Portfolio turnover rate (d) | 57% | 65% | 62% | 44% | |||
Net assets at end of period (in 000’s) | $ 109,387 | $ 91,551 | $ 101,685 | $ 94,869 |
^ | Inception date. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R6 shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | The portfolio turnover rates not including mortgage dollar rolls were 56%, 62%, 54% and 36% for the years ended October 31, 2021, 2020, 2019 and 2018, respectively. |
Year Ended October 31, | August 31, 2020^ through October 31, | ||
SIMPLE Class | 2021 | 2020 | |
Net asset value at beginning of period | $ 18.62 | $ 19.33 | |
Net investment income (loss) (a) | 0.34 | 0.04 | |
Net realized and unrealized gain (loss) | 3.24 | (0.69) | |
Total from investment operations | 3.58 | (0.65) | |
Less distributions: | |||
From net investment income | (0.42) | (0.06) | |
Net asset value at end of period | $ 21.78 | $ 18.62 | |
Total investment return (b) | 19.26% | (3.39)% | |
Ratios (to average net assets)/Supplemental Data: | |||
Net investment income (loss) | 1.61% | 1.62% | |
Net expenses (c) | 1.43% | 1.43% | |
Portfolio turnover rate (d) | 57% | 65% | |
Net assets at end of period (in 000’s) | $ 29 | $ 24 |
^ | Inception date. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. SIMPLE Class shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | The portfolio turnover rates not including mortgage dollar rolls were 56% and 62% for the years ended October 31, 2021 and 2020 respectively. |
38 | MainStay Income Builder Fund |
Class | Commenced Operations |
Class A | January 3, 1995 |
Investor Class | February 28, 2008 |
Class B | December 29, 1987 |
Class C | September 1, 1998 |
Class I | January 2, 2004 |
Class R2 | February 27, 2015 |
Class R3 | February 29, 2016 |
Class R6 | February 28, 2018 |
SIMPLE Class | August 31, 2020 |
• | Level 1—quoted prices in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Fund's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• 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 |
40 | MainStay Income Builder Fund |
42 | MainStay Income Builder Fund |
44 | MainStay Income Builder Fund |
46 | MainStay Income Builder Fund |
Asset Derivatives | Foreign Exchange Contracts Risk | Equity Contracts Risk | Interest Rate Contracts Risk | Total |
Futures Contracts - Net Assets—Net unrealized appreciation on futures contracts (a) | $ — | $9,750,203 | $1,125,511 | $10,875,714 |
Forward Contracts - Unrealized appreciation on foreign currency forward contracts | 1,233,679 | — | — | 1,233,679 |
Total Fair Value | $1,233,679 | $9,750,203 | $1,125,511 | $12,109,393 |
(a) | Includes cumulative appreciation (depreciation) of futures contracts as reported in the Portfolio of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Liability Derivatives | Foreign Exchange Contracts Risk | Equity Contracts Risk | Interest Rate Contracts Risk | Total |
Futures Contracts - Net Assets—Net unrealized depreciation on futures contracts (a) | $ — | $(889,552) | $(1,637,194) | $(2,526,746) |
Forward Contracts - Unrealized depreciation on foreign currency forward contracts | (4,709,297) | — | — | (4,709,297) |
Total Fair Value | $(4,709,297) | $(889,552) | $(1,637,194) | $(7,236,043) |
(a) | Includes cumulative appreciation (depreciation) of futures contracts as reported in the Portfolio of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Net Realized Gain (Loss) from: | Foreign Exchange Contracts Risk | Equity Contracts Risk | Interest Rate Contracts Risk | Total |
Futures Contracts | $ — | $80,790,234 | $(4,587,283) | $76,202,951 |
Forward Contracts | (1,869,708) | — | — | (1,869,708) |
Total Net Realized Gain (Loss) | $(1,869,708) | $80,790,234 | $(4,587,283) | $74,333,243 |
Net Change in Unrealized Appreciation (Depreciation) | Foreign Exchange Contracts Risk | Equity Contracts Risk | Interest Rate Contracts Risk | Total |
Futures Contracts | $ — | $11,093,324 | $1,733,251 | $12,826,575 |
Forward Contracts | (4,530,111) | — | — | (4,530,111) |
Total Net Change in Unrealized Appreciation (Depreciation) | $(4,530,111) | $11,093,324 | $1,733,251 | $ 8,296,464 |
Average Notional Amount | Total |
Futures Contracts Long | $540,009,211 |
Futures Contracts Short | $ (58,448,659) |
Forward Contracts Long | $158,596,266 |
Forward Contracts Short (a) | $ (39,208,212) |
(a) | Positions were open five months during the reporting period. |
Class R2 | $ 3,176 |
Class R3 | 1,945 |
48 | MainStay Income Builder Fund |
Class | Expense | Waived |
Class A | $674,019 | $— |
Investor Class | 222,947 | — |
Class B | 51,736 | — |
Class C | 400,983 | — |
Class I | 445,368 | — |
Class R2 | 2,849 | — |
Class R3 | 1,734 | — |
Class R6 | 4,183 | — |
SIMPLE Class | 76 | — |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay U.S. Government Liquidity Fund | $ 48,170 | $ 645,012 | $ (605,854) | $ — | $ — | $ 87,328 | $ 7 | $ — | 87,328 |
Class R2 | $ 36,564 | 1.2% |
Class R6 | 105,917,362 | 96.8 |
SIMPLE Class | 28,796 | 99.9 |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $1,466,638,888 | $211,299,275 | $(28,456,214) | $182,843,061 |
Ordinary income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$34,684,850 | $49,648,259 | $(104,383) | $178,514,353 | $262,743,079 |
Total Distributable Earnings (Loss) | Additional Paid-In Capital | |
$(3,602,339) | $3,602,339 |
2021 | 2020 | |
Distributions paid from: | ||
Ordinary Income | $38,522,467 | $54,765,080 |
Long-Term Capital Gains | — | 36,393,277 |
Total | $38,522,467 | $91,158,357 |
50 | MainStay Income Builder Fund |
Class A | Shares | Amount |
Year ended October 31, 2021: | ||
Shares sold | 6,718,778 | $ 142,135,384 |
Shares issued to shareholders in reinvestment of distributions | 822,923 | 17,256,179 |
Shares redeemed | (5,138,682) | (108,230,051) |
Net increase (decrease) in shares outstanding before conversion | 2,403,019 | 51,161,512 |
Shares converted into Class A (See Note 1) | 947,002 | 19,889,012 |
Shares converted from Class A (See Note 1) | (12,521) | (262,968) |
Net increase (decrease) | 3,337,500 | $ 70,787,556 |
Year ended October 31, 2020: | ||
Shares sold | 7,127,473 | $ 133,913,849 |
Shares issued to shareholders in reinvestment of distributions | 1,951,567 | 37,506,471 |
Shares redeemed | (6,670,244) | (123,495,824) |
Net increase (decrease) in shares outstanding before conversion | 2,408,796 | 47,924,496 |
Shares converted into Class A (See Note 1) | 608,398 | 11,635,143 |
Shares converted from Class A (See Note 1) | (31,742) | (572,507) |
Net increase (decrease) | 2,985,452 | $ 58,987,132 |
Investor Class | Shares | Amount |
Year ended October 31, 2021: | ||
Shares sold | 223,896 | $ 4,726,482 |
Shares issued to shareholders in reinvestment of distributions | 86,505 | 1,810,808 |
Shares redeemed | (321,356) | (6,764,643) |
Net increase (decrease) in shares outstanding before conversion | (10,955) | (227,353) |
Shares converted into Investor Class (See Note 1) | 67,450 | 1,433,967 |
Shares converted from Investor Class (See Note 1) | (774,517) | (16,270,731) |
Net increase (decrease) | (718,022) | $ (15,064,117) |
Year ended October 31, 2020: | ||
Shares sold | 468,570 | $ 8,788,800 |
Shares issued to shareholders in reinvestment of distributions | 255,745 | 4,923,774 |
Shares redeemed | (419,834) | (7,927,609) |
Net increase (decrease) in shares outstanding before conversion | 304,481 | 5,784,965 |
Shares converted into Investor Class (See Note 1) | 67,654 | 1,261,890 |
Shares converted from Investor Class (See Note 1) | (484,829) | (9,324,546) |
Net increase (decrease) | (112,694) | $ (2,277,691) |
Class B | Shares | Amount |
Year ended October 31, 2021: | ||
Shares sold | 19,890 | $ 424,962 |
Shares issued to shareholders in reinvestment of distributions | 10,799 | 226,696 |
Shares redeemed | (179,895) | (3,820,460) |
Net increase (decrease) in shares outstanding before conversion | (149,206) | (3,168,802) |
Shares converted from Class B (See Note 1) | (120,192) | (2,566,421) |
Net increase (decrease) | (269,398) | $ (5,735,223) |
Year ended October 31, 2020: | ||
Shares sold | 30,233 | $ 569,662 |
Shares issued to shareholders in reinvestment of distributions | 54,023 | 1,052,476 |
Shares redeemed | (224,781) | (4,229,189) |
Net increase (decrease) in shares outstanding before conversion | (140,525) | (2,607,051) |
Shares converted from Class B (See Note 1) | (137,306) | (2,609,221) |
Net increase (decrease) | (277,831) | $ (5,216,272) |
Class C | Shares | Amount |
Year ended October 31, 2021: | ||
Shares sold | 430,737 | $ 9,167,564 |
Shares issued to shareholders in reinvestment of distributions | 99,113 | 2,076,448 |
Shares redeemed | (2,273,458) | (48,234,588) |
Net increase (decrease) in shares outstanding before conversion | (1,743,608) | (36,990,576) |
Shares converted from Class C (See Note 1) | (117,199) | (2,478,192) |
Net increase (decrease) | (1,860,807) | $ (39,468,768) |
Year ended October 31, 2020: | ||
Shares sold | 917,156 | $ 17,512,908 |
Shares issued to shareholders in reinvestment of distributions | 442,234 | 8,593,985 |
Shares redeemed | (2,960,648) | (55,532,149) |
Net increase (decrease) in shares outstanding before conversion | (1,601,258) | (29,425,256) |
Shares converted from Class C (See Note 1) | (33,696) | (627,959) |
Net increase (decrease) | (1,634,954) | $ (30,053,215) |
Class I | Shares | Amount |
Year ended October 31, 2021: | ||
Shares sold | 4,197,725 | $ 89,307,598 |
Shares issued to shareholders in reinvestment of distributions | 523,290 | 11,087,943 |
Shares redeemed | (5,605,451) | (118,883,473) |
Net increase (decrease) in shares outstanding before conversion | (884,436) | (18,487,932) |
Shares converted into Class I (See Note 1) | 12,027 | 255,333 |
Net increase (decrease) | (872,409) | $ (18,232,599) |
Year ended October 31, 2020: | ||
Shares sold | 8,019,937 | $ 150,877,719 |
Shares issued to shareholders in reinvestment of distributions | 1,292,612 | 25,075,976 |
Shares redeemed | (9,493,240) | (176,280,540) |
Net increase (decrease) in shares outstanding before conversion | (180,691) | (326,845) |
Shares converted into Class I (See Note 1) | 14,271 | 262,557 |
Net increase (decrease) | (166,420) | $ (64,288) |
Class R2 | Shares | Amount |
Year ended October 31, 2021: | ||
Shares sold | 11,932 | $ 250,387 |
Shares issued to shareholders in reinvestment of distributions | 1,273 | 26,494 |
Shares redeemed | (40,653) | (863,142) |
Net increase (decrease) | (27,448) | $ (586,261) |
Year ended October 31, 2020: | ||
Shares sold | 39,504 | $ 733,426 |
Shares issued to shareholders in reinvestment of distributions | 3,946 | 75,822 |
Shares redeemed | (6,397) | (122,183) |
Net increase (decrease) | 37,053 | $ 687,065 |
Class R3 | Shares | Amount |
Year ended October 31, 2021: | ||
Shares sold | 54,676 | $ 1,117,408 |
Shares issued to shareholders in reinvestment of distributions | 1,901 | 39,796 |
Shares redeemed | (24,888) | (524,738) |
Net increase (decrease) | 31,689 | $ 632,466 |
Year ended October 31, 2020: | ||
Shares sold | 36,748 | $ 715,768 |
Shares issued to shareholders in reinvestment of distributions | 2,565 | 49,126 |
Shares redeemed | (4,574) | (86,605) |
Net increase (decrease) | 34,739 | $ 678,289 |
Class R6 | Shares | Amount |
Year ended October 31, 2021: | ||
Shares sold | 514,043 | $ 10,955,197 |
Shares issued to shareholders in reinvestment of distributions | 130,575 | 2,768,324 |
Shares redeemed | (538,974) | (11,407,987) |
Net increase (decrease) | 105,644 | $ 2,315,534 |
Year ended October 31, 2020: | ||
Shares sold | 393,526 | $ 7,405,905 |
Shares issued to shareholders in reinvestment of distributions | 320,653 | 6,219,744 |
Shares redeemed | (888,573) | (16,655,511) |
Net increase (decrease) in shares outstanding before conversion | (174,394) | (3,029,862) |
Shares converted from Class R6 (See Note 1) | (1,261) | (25,357) |
Net increase (decrease) | (175,655) | $ (3,055,219) |
SIMPLE Class | Shares | Amount |
Year ended October 31, 2021: | ||
Shares issued to shareholders in reinvestment of distributions | 26 | $ 545 |
Net increase (decrease) | 26 | $ 545 |
Period ended October 31, 2020:(a) | ||
Shares sold | 1,293 | $ 25,000 |
Shares issued to shareholders in reinvestment of distributions | 4 | 72 |
Net increase (decrease) | 1,297 | $ 25,072 |
(a) | The inception date of the class was August 31, 2020. |
52 | MainStay Income Builder Fund |
The MainStay Funds:
December 24, 2021
54 | MainStay Income Builder Fund |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Yie-Hsin Hung* 1962 | MainStay Funds: Trustee since 2017; MainStay Funds Trust: Trustee since 2017 | Senior Vice President of New York Life since joining in 2010, Member of the Executive Management Committee since 2017, Chief Executive Officer, New York Life Investment Management Holdings LLC & New York Life Investment Management LLC since 2015. Senior Managing Director and Co-President of New York Life Investment Management LLC from January 2014 to May 2015. Previously held positions of increasing responsibility, including head of NYLIM International, Alternative Growth Businesses, and Institutional investments since joining New York Life in 2010 | 78 | MainStay VP Funds Trust: Trustee since 2017 (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2017; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of her affiliation with New York Life Insurance Company, New York Life Investment Management LLC, Candriam Belgium S.A., Candriam Luxembourg S.C.A., IndexIQ Advisors LLC, MacKay Shields LLC, NYL Investors LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
56 | MainStay Income Builder Fund |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay Funds: Trustee since 2016, Advisory Board Member (June 2015 to December 2015);MainStay Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 78 | MainStay VP Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Market Vectors Group of Exchange-Traded Funds: Independent Chairman of the Board of Trustees since 2008 and Trustee since 2006 (56 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Investment Committee since 2018 | |
Susan B. Kerley 1951 | MainStay Funds: Chairman since 2017 and Trustee since 2007;MainStay Funds Trust: Chairman since 2017 and Trustee since 1990** | President, Strategic Management Advisors LLC since 1990 | 78 | MainStay VP Funds Trust: Chairman since January 2017 and Trustee since 2007 (31 portfolios)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) | |
Alan R. Latshaw 1951 | MainStay Funds: Trustee;MainStay Funds Trust: Trustee since 2007** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 78 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 | |
Richard H. Nolan, Jr. 1946 | MainStay Funds: Trustee since 2007;MainStay Funds Trust: Trustee since 2007** | Managing Director, ICC Capital Management since 2004; President—Shields/Alliance, Alliance Capital Management (1994 to 2004) | 78 | MainStay VP Funds Trust: Trustee since 2006 (31 portfolios)***; and MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011 | |
Jacques P. Perold 1958 | MainStay Funds: Trustee since 2016, Advisory Board Member (June 2015 to December 2015);MainStay Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, Capshift Advisors LLC (Since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 78 | MainStay VP Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Partners in Health: Trustee since 2019; Allstate Corporation: Director since 2015; and MSCI, Inc.: Director since 2017 |
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 | |
Richard S. Trutanic 1952 | MainStay Funds: Trustee since 1994;MainStay Funds Trust: Trustee since 2007** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 78 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund; Trustee since June 2021 |
** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
*** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Karen Hammond 1956 | MainStay Funds: Advisory Board Member since June 2021;MainStay Funds Trust: Advisory Board Member since June 2021 | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 78 | MainStay VP Funds Trust: Advisory Board Member since June 2021 (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Advisory Board Member since June 2021; MainStay CBRE Global Infrastructure Megatrends Fund: Advisory Board Member since June 2021; Two Harbors Investment Corp: Trustee since 2018, Chair of the Special Committee since 2019; Rhode Island School of Design: Trustee and Chair of the Finance Committee since 2015 |
Advisory Board Member | Independent Trustees |
58 | MainStay Income Builder Fund |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay Funds, MainStay Funds Trust since 2017 | Chief Operating Officer and Senior Managing Director since 2016, New York Life Investment Management LLC; Chairman of the Board since 2017, NYLIFE Distributors LLC; Chairman of the Board, NYLIM Service Company LLC since 2017; Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust since January 2018; President, MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust since 2017** and MainStay CBRE Global Infrastructure Megatrends Fund since June 2021; 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 MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay VP Funds Trust since 2007** and MainStay CBRE Global Infrastructure Megatrends Fund since June 2021; 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 MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay VP Funds Trust since 2010** and MainStay CBRE Global Infrastructure Megatrends Fund since June 2021 | ||
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 MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay VP Funds Trust since 2005** and MainStay CBRE Global Infrastructure Megatrends Fund since June 2021 | ||
Kevin M. Bopp 1969 | Vice President and Chief Compliance Officer, MainStay Funds and MainStay Funds Trust since 2021 and 2014 to 2020 | Vice President and Chief Compliance Officer, New York Life Investments Alternatives LLC and New York Life Investment Management Holdings LLC since 2020; Vice President since 2018 and Chief Compliance Officer since 2016, New York Life Investment Management LLC; Vice President and Chief Compliance Officer, IndexIQ Advisors LLC, IndexIQ Holdings Inc., IndexIQ LLC and IndexIQ Trust since 2017; Director and Associate General Counsel (2011 to 2014) and Vice President and Assistant General Counsel (2010 to 2011), New York Life Investment Management LLC;Vice President and Chief Compliance Officer, MainStay VP Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund since June 2021 and 2014 to 2020 and MainStay CBRE Global Infrastructure Megatrends Fund since June 2021; Assistant Secretary, MainStay Funds, MainStay Funds Trust and MainStay VP Funds Trust (2010 to 2014)**, MainStay MacKay DefinedTerm Municipal Opportunities Fund (2011 to 2014) |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
1.
2. | This Fund is registered for sale in CA, CT, DE, FL, MA, NJ, NY and VT. |
3. | Prior to November 30, 2021, the Fund's name was formerly MainStay MacKay Intermediate Tax Free Bond Fund. |
4. | An affiliate of New York Life Investment Management LLC. |
1717042MS180-21 | MSIB11-12/21 |
please log in to newyorklifeinvestments.com/accounts.
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended October 31, 2021 | |||||||
Class | Sales Charge | Inception Date | One Year | Five Years | Ten Years | Gross Expense Ratio1 | |
Class A Shares | Maximum 5.5% Initial Sales Charge | With sales charges | 1/3/1995 | 22.91% | 14.48% | 11.52% | 0.96% |
Excluding sales charges | 30.06 | 15.78 | 12.15 | 0.96 | |||
Investor Class Shares2 | Maximum 5% Initial Sales Charge | With sales charges | 2/28/2008 | 23.28 | 14.27 | 11.31 | 1.16 |
Excluding sales charges | 29.77 | 15.57 | 11.94 | 1.16 | |||
Class B Shares3 | Maximum 5% CDSC | With sales charges | 5/1/1986 | 23.79 | 14.48 | 11.11 | 1.91 |
if Redeemed Within the First Six Years of Purchase | Excluding sales charges | 28.79 | 14.71 | 11.11 | 1.91 | ||
Class C Shares | Maximum 1% CDSC | With sales charges | 9/1/1998 | 27.84 | 14.72 | 11.11 | 1.91 |
if Redeemed Within One Year of Purchase | Excluding sales charges | 28.84 | 14.72 | 11.11 | 1.91 | ||
Class I Shares | No Sales Charge | 11/28/2008 | 30.43 | 16.18 | 12.49 | 0.71 |
1. | The gross expense ratios presented reflect the Fund’s “Total Annual Fund Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report. |
2. | Prior to June 30, 2020, the maximum initial sales charge was 5.5%, which is reflected in the average annual total return figures shown. |
3. | Class B shares are closed to all new purchases as well as additional investments by existing Class B shareholders. |
Benchmark Performance* | One Year | Five Years | Ten Years |
ICE BofA U.S. Convertible Index1 | 32.95% | 18.58% | 14.04% |
Morningstar Convertibles Category Average2 | 24.57 | 15.05 | 11.05 |
1. | The ICE BofA U.S. Convertible Index is the Fund’s primary broad–based securities market index for comparison purposes. The ICE BofA U.S. Convertible Index is a market-capitalization weighted index of domestic corporate convertible securities. In order to be included in this Index, bonds and preferred stocks must be convertible only to common stock. Results assume reinvestment of all income and capital gains. An investment cannot be made directly in an index. |
2. | The Morningstar Convertibles Category Average is representative of funds that are designed to offer some of the capital-appreciation potential of stock portfolios while also supplying some of the safety and yield of bond portfolios. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. |
6 | MainStay MacKay Convertible Fund |
Share Class | Beginning Account Value 5/1/21 | Ending Account Value (Based on Actual Returns and Expenses) 10/31/21 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 10/31/21 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Class A Shares | $1,000.00 | $1,043.30 | $4.64 | $1,020.67 | $4.58 | 0.90% |
Investor Class Shares | $1,000.00 | $1,042.30 | $5.66 | $1,019.66 | $5.60 | 1.10% |
Class B Shares | $1,000.00 | $1,038.30 | $9.50 | $1,015.88 | $9.40 | 1.85% |
Class C Shares | $1,000.00 | $1,038.30 | $9.50 | $1,015.88 | $9.40 | 1.85% |
Class I Shares | $1,000.00 | $1,044.80 | $3.14 | $1,022.13 | $3.11 | 0.61% |
1. | Expenses are equal to the Fund’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 184 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Fund's annualized expense ratio to reflect the six-month period. |
1. | Danaher Corp. |
2. | NICE Ltd., (zero coupon), due 9/15/25 |
3. | Pioneer Natural Resources Co., 0.25%, due 5/15/25 |
4. | Anthem, Inc., 2.75%, due 10/15/42 |
5. | Palo Alto Networks, Inc., 0.375%-0.75%, due 7/1/23–6/1/25 |
6. | Chart Industries, Inc., 1.00%, due 11/15/24 |
7. | Southwest Airlines Co., 1.25%, due 5/1/25 |
8. | Microchip Technology, Inc., 0.125%, due 11/15/24 |
9. | Ford Motor Co., (zero coupon), due 3/15/26 |
10. | Bank of America Corp. |
8 | MainStay MacKay Convertible Fund |
1. | See page 5 for other share class returns, which may be higher or lower than Class I share returns. See page 6 for more information on benchmark and peer group returns. |
10 | MainStay MacKay Convertible Fund |
Principal Amount | Value | |
Long-Term Bonds 2.7% | ||
Corporate Bonds 2.7% | ||
Biotechnology 0.5% | ||
Bridgebio Pharma, Inc. | ||
2.50%, due 3/15/27 | $ 6,975,000 | $ 9,954,269 |
Leisure Time 0.4% | ||
NCL Corp. Ltd. | ||
5.375%, due 8/1/25 | 4,670,000 | 7,778,712 |
Oil & Gas 0.1% | ||
Valaris Ltd. | ||
Series 1145 | ||
8.25% (8.25% Cash or 12.00% PIK), due 4/30/28 (a) | 1,461,000 | 1,519,440 |
Oil & Gas Services 0.0% ‡ | ||
Weatherford International Ltd. | ||
11.00%, due 12/1/24 (b) | 238,000 | 248,115 |
Semiconductors 1.4% | ||
Silicon Laboratories, Inc. | ||
0.625%, due 6/15/25 | 18,021,000 | 29,002,997 |
Software 0.3% | ||
Five9, Inc. | ||
0.50%, due 6/1/25 | 4,675,000 | 6,253,831 |
Total Corporate Bonds (Cost $40,661,503) | 54,757,364 | |
Total Long-Term Bonds (Cost $40,661,503) | 54,757,364 | |
Convertible Securities 89.6% | ||
Convertible Bonds 79.3% | ||
Airlines 2.8% | ||
American Airlines Group, Inc. | ||
6.50%, due 7/1/25 | 7,040,000 | 10,304,156 |
JetBlue Airways Corp. | ||
0.50%, due 4/1/26 (b) | 4,632,000 | 4,470,882 |
Southwest Airlines Co. | ||
1.25%, due 5/1/25 | 27,566,000 | 38,799,145 |
Spirit Airlines, Inc. | ||
1.00%, due 5/15/26 | 3,315,000 | 2,998,086 |
56,572,269 |
Principal Amount | Value | |
Auto Manufacturers 1.8% | ||
Ford Motor Co. | ||
(zero coupon), due 3/15/26 (b) | $ 31,175,000 | $ 37,032,373 |
Biotechnology 5.3% | ||
Apellis Pharmaceuticals, Inc. | ||
3.50%, due 9/15/26 | 4,878,000 | 5,853,600 |
BioMarin Pharmaceutical, Inc. | ||
0.599%, due 8/1/24 | 10,875,000 | 11,221,913 |
1.25%, due 5/15/27 | 23,660,000 | 23,925,620 |
Exact Sciences Corp. | ||
0.375%, due 3/1/28 | 22,800,000 | 24,510,000 |
Guardant Health, Inc. | ||
(zero coupon), due 11/15/27 (b) | 7,026,000 | 7,772,793 |
Halozyme Therapeutics, Inc. | ||
0.25%, due 3/1/27 (b) | 3,556,000 | 3,163,512 |
Illumina, Inc. | ||
(zero coupon), due 8/15/23 (c) | 18,223,000 | 21,430,776 |
Ionis Pharmaceuticals, Inc. | ||
(zero coupon), due 4/1/26 (b) | 9,349,000 | 8,515,069 |
106,393,283 | ||
Building Materials 1.0% | ||
Patrick Industries, Inc. | ||
1.00%, due 2/1/23 | 17,232,000 | 19,170,203 |
Commercial Services 3.3% | ||
Alarm.com Holdings, Inc. | ||
(zero coupon), due 1/15/26 (b) | 3,775,000 | 3,482,944 |
Chegg, Inc. | ||
(zero coupon), due 9/1/26 | 8,817,000 | 8,277,077 |
Euronet Worldwide, Inc. | ||
0.75%, due 3/15/49 (c) | 11,900,000 | 12,894,946 |
Repay Holdings Corp. | ||
(zero coupon), due 2/1/26 (b) | 2,525,000 | 2,344,164 |
Sabre GLBL, Inc. | ||
4.00%, due 4/15/25 | 1,835,000 | 2,892,670 |
Shift4 Payments, Inc. (b) | ||
(zero coupon), due 12/15/25 | 3,720,000 | 4,052,568 |
0.50%, due 8/1/27 | 1,145,000 | 1,059,812 |
Square, Inc. (b)(c) | ||
(zero coupon), due 5/1/26 | 14,521,000 | 17,073,891 |
0.25%, due 11/1/27 | 11,637,000 | 14,117,438 |
66,195,510 | ||
Computers 2.5% | ||
Lumentum Holdings, Inc. | ||
0.50%, due 12/15/26 | 25,385,000 | 27,733,112 |
Principal Amount | Value | |
Convertible Bonds (continued) | ||
Computers (continued) | ||
Parsons Corp. | ||
0.25%, due 8/15/25 | $ 4,641,000 | $ 4,729,993 |
Zscaler, Inc. | ||
0.125%, due 7/1/25 | 8,613,000 | 18,622,743 |
51,085,848 | ||
Cosmetics & Personal Care 0.3% | ||
Beauty Health Co. (The) | ||
1.25%, due 10/1/26 (b) | 5,383,000 | 6,136,767 |
Diversified Financial Services 0.4% | ||
LendingTree, Inc. | ||
0.625%, due 6/1/22 | 4,144,000 | 4,300,810 |
Upstart Holdings, Inc. | ||
0.25%, due 8/15/26 (b) | 2,265,000 | 3,173,757 |
7,474,567 | ||
Electric 1.4% | ||
NRG Energy, Inc. | ||
2.75%, due 6/1/48 | 23,454,000 | 27,325,306 |
Energy-Alternate Sources 2.1% | ||
Enphase Energy, Inc. | ||
(zero coupon), due 3/1/26 (b) | 9,485,000 | 10,311,453 |
NextEra Energy Partners LP | ||
(zero coupon), due 11/15/25 (b) | 9,417,000 | 10,946,353 |
SolarEdge Technologies, Inc. | ||
(zero coupon), due 9/15/25 | 14,777,000 | 21,918,391 |
43,176,197 | ||
Entertainment 2.3% | ||
Live Nation Entertainment, Inc. | ||
2.50%, due 3/15/23 | 6,833,000 | 10,689,545 |
Marriott Vacations Worldwide Corp. | ||
(zero coupon), due 1/15/26 (b) | 3,110,000 | 3,503,567 |
Vail Resorts, Inc. | ||
(zero coupon), due 1/1/26 (b) | 28,521,000 | 31,537,010 |
45,730,122 | ||
Food 0.6% | ||
Chefs' Warehouse, Inc. (The) | ||
1.875%, due 12/1/24 | 11,507,000 | 12,701,427 |
Healthcare-Products 2.6% | ||
CONMED Corp. | ||
2.625%, due 2/1/24 | 14,746,000 | 25,326,992 |
Principal Amount | Value | |
Healthcare-Products (continued) | ||
Haemonetics Corp. | ||
(zero coupon), due 3/1/26 (b) | $ 4,672,000 | $ 4,102,365 |
Integra LifeSciences Holdings Corp. | ||
0.50%, due 8/15/25 | 8,670,000 | 9,444,231 |
NuVasive, Inc. | ||
0.375%, due 3/15/25 | 8,085,000 | 7,660,538 |
Omnicell, Inc. | ||
0.25%, due 9/15/25 | 2,760,000 | 5,141,148 |
51,675,274 | ||
Healthcare-Services 3.8% | ||
Anthem, Inc. | ||
2.75%, due 10/15/42 | 7,380,000 | 45,493,679 |
Teladoc Health, Inc. | ||
1.25%, due 6/1/27 | 29,441,000 | 30,268,292 |
75,761,971 | ||
Internet 9.4% | ||
Booking Holdings, Inc. | ||
0.75%, due 5/1/25 (c) | 10,000,000 | 14,884,929 |
Etsy, Inc. | ||
0.25%, due 6/15/28 (b) | 25,139,000 | 32,237,582 |
Expedia Group, Inc. | ||
(zero coupon), due 2/15/26 (b)(c) | 2,822,000 | 3,060,708 |
Match Group Financeco 2, Inc. | ||
0.875%, due 6/15/26 (b) | 12,450,000 | 22,678,704 |
Match Group Financeco, Inc. | ||
0.875%, due 10/1/22 (b) | 2,000 | 6,942 |
Okta, Inc. | ||
0.125%, due 9/1/25 | 5,611,000 | 8,160,421 |
Palo Alto Networks, Inc. | ||
0.375%, due 6/1/25 | 9,385,000 | 16,452,844 |
0.75%, due 7/1/23 | 13,659,000 | 26,305,775 |
Q2 Holdings, Inc. | ||
0.75%, due 6/1/26 | 4,395,000 | 4,879,733 |
Shopify, Inc. | ||
0.125%, due 11/1/25 | 16,390,000 | 20,876,763 |
Snap, Inc. | ||
(zero coupon), due 5/1/27 (b) | 10,018,000 | 10,194,401 |
Twitter, Inc. | ||
(zero coupon), due 3/15/26 (b) | 7,010,000 | 6,459,416 |
Uber Technologies, Inc. | ||
(zero coupon), due 12/15/25 (b) | 4,665,000 | 4,511,176 |
Wix.com Ltd. | ||
(zero coupon), due 7/1/23 | 4,632,000 | 6,596,785 |
Zendesk, Inc. | ||
0.625%, due 6/15/25 | 8,790,000 | 10,388,723 |
187,694,902 |
12 | MainStay MacKay Convertible Fund |
Principal Amount | Value | |
Convertible Bonds (continued) | ||
Leisure Time 0.8% | ||
NCL Corp. Ltd. | ||
6.00%, due 5/15/24 | $ 2,849,000 | $ 5,896,116 |
Royal Caribbean Cruises Ltd. | ||
4.25%, due 6/15/23 | 8,243,000 | 11,159,600 |
17,055,716 | ||
Machinery-Diversified 2.1% | ||
Chart Industries, Inc. | ||
1.00%, due 11/15/24 (b) | 13,592,000 | 41,296,159 |
Media 3.7% | ||
Cable One, Inc. | ||
1.125%, due 3/15/28 (b) | 17,808,000 | 17,531,244 |
DISH Network Corp. | ||
(zero coupon), due 12/15/25 (b) | 23,010,000 | 26,519,716 |
Liberty Media Corp. | ||
1.375%, due 10/15/23 | 11,345,000 | 16,457,612 |
Liberty Media Corp-Liberty Formula One | ||
1.00%, due 1/30/23 | 9,441,000 | 14,419,505 |
74,928,077 | ||
Oil & Gas 5.0% | ||
Centennial Resource Production LLC | ||
3.25%, due 4/1/28 | 14,317,000 | 19,899,470 |
EQT Corp. | ||
1.75%, due 5/1/26 | 22,078,000 | 34,614,180 |
Pioneer Natural Resources Co. | ||
0.25%, due 5/15/25 | 26,272,000 | 46,561,030 |
101,074,680 | ||
Oil & Gas Services 2.2% | ||
Helix Energy Solutions Group, Inc. | ||
6.75%, due 2/15/26 | 17,843,000 | 18,465,346 |
Oil States International, Inc. | ||
1.50%, due 2/15/23 | 1,104,000 | 1,032,041 |
4.75%, due 4/1/26 (b) | 25,301,000 | 24,061,110 |
43,558,497 | ||
Pharmaceuticals 3.2% | ||
Dexcom, Inc. | ||
0.25%, due 11/15/25 (c) | 23,353,000 | 29,928,076 |
Neurocrine Biosciences, Inc. | ||
2.25%, due 5/15/24 (c) | 14,430,000 | 20,526,675 |
Principal Amount | Value | |
Pharmaceuticals (continued) | ||
Pacira BioSciences, Inc. | ||
0.75%, due 8/1/25 | $ 11,078,000 | $ 11,656,061 |
2.375%, due 4/1/22 | 1,655,000 | 1,704,855 |
63,815,667 | ||
Real Estate Investment Trusts 0.7% | ||
Summit Hotel Properties, Inc. | ||
1.50%, due 2/15/26 | 12,566,000 | 13,498,759 |
Retail 2.2% | ||
American Eagle Outfitters, Inc. | ||
3.75%, due 4/15/25 | 2,695,000 | 7,688,217 |
Burlington Stores, Inc. | ||
2.25%, due 4/15/25 | 19,158,000 | 27,547,657 |
Cheesecake Factory, Inc. (The) | ||
0.375%, due 6/15/26 | 9,208,000 | 8,392,055 |
43,627,929 | ||
Semiconductors 3.1% | ||
Microchip Technology, Inc. | ||
0.125%, due 11/15/24 (c) | 33,300,000 | 37,379,250 |
ON Semiconductor Corp. | ||
1.625%, due 10/15/23 | 2,305,000 | 5,428,008 |
Rambus, Inc. | ||
1.375%, due 2/1/23 | 9,996,000 | 13,125,747 |
Wolfspeed, Inc. | ||
1.75%, due 5/1/26 | 2,320,000 | 6,025,021 |
61,958,026 | ||
Software 10.4% | ||
Akamai Technologies, Inc. | ||
0.375%, due 9/1/27 | 16,529,000 | 18,212,892 |
Avalara, Inc. | ||
0.25%, due 8/1/26 (b) | 2,285,000 | 2,397,612 |
Bentley Systems, Inc. | ||
0.125%, due 1/15/26 (b) | 3,570,000 | 4,069,800 |
Bill.com Holdings, Inc. | ||
(zero coupon), due 12/1/25 (b) | 4,680,000 | 9,058,842 |
Coupa Software, Inc. | ||
0.375%, due 6/15/26 | 10,679,000 | 11,740,780 |
Datadog, Inc. | ||
0.125%, due 6/15/25 | 9,636,000 | 18,296,634 |
Envestnet, Inc. | ||
1.75%, due 6/1/23 | 20,827,000 | 27,231,053 |
Everbridge, Inc. | ||
0.125%, due 12/15/24 | 12,641,000 | 19,263,975 |
MongoDB, Inc. | ||
0.25%, due 1/15/26 | 7,075,000 | 17,804,050 |
Principal Amount | Value | |
Convertible Bonds (continued) | ||
Software (continued) | ||
RingCentral, Inc. | ||
(zero coupon), due 3/1/25 | $ 21,079,000 | $ 21,724,544 |
Splunk, Inc. | ||
0.50%, due 9/15/23 | 16,180,000 | 20,267,294 |
Workday, Inc. | ||
0.25%, due 10/1/22 | 11,093,000 | 21,923,096 |
Ziff Davis, Inc. | ||
1.75%, due 11/1/26 (b)(c) | 5,220,000 | 7,139,281 |
Zynga, Inc. | ||
(zero coupon), due 12/15/26 (b) | 8,635,000 | 8,339,275 |
207,469,128 | ||
Telecommunications 4.8% | ||
Infinera Corp. | ||
2.50%, due 3/1/27 | 7,050,000 | 8,854,719 |
InterDigital, Inc. | ||
2.00%, due 6/1/24 | 4,500,000 | 4,874,063 |
NICE Ltd. | ||
(zero coupon), due 9/15/25 (c) | 46,000,000 | 54,222,657 |
Viavi Solutions, Inc. | ||
1.00%, due 3/1/24 | 14,679,000 | 18,878,442 |
Vonage Holdings Corp. | ||
1.75%, due 6/1/24 | 8,091,000 | 9,479,813 |
96,309,694 | ||
Transportation 1.0% | ||
Atlas Air Worldwide Holdings, Inc. | ||
1.875%, due 6/1/24 | 14,207,000 | 20,706,702 |
Trucking & Leasing 0.5% | ||
Greenbrier Cos., Inc. (The) | ||
2.875%, due 4/15/28 (b) | 8,991,000 | 9,378,920 |
Total Convertible Bonds (Cost $1,315,369,984) | 1,588,803,973 | |
Shares | ||
Convertible Preferred Stocks 10.3% | ||
Banks 1.7% | ||
Bank of America Corp. | ||
Series L | ||
7.25% (d) | 12,072 | 17,289,760 |
Wells Fargo & Co. | ||
Series L | ||
7.50% (d) | 11,552 | 17,558,693 |
34,848,453 |
Shares | Value | |
Capital Markets 0.8% | ||
KKR & Co., Inc. | ||
Series C | ||
6.00% (c) | 165,650 | $ 16,571,626 |
Chemicals 0.3% | ||
Lyondellbasell Advanced Polymers, Inc. | ||
6.00% (d) | 5,832 | 5,832,000 |
Electric Utilities 0.9% | ||
PG&E Corp. | ||
5.50% | 160,900 | 18,197,790 |
Health Care Equipment & Supplies 3.9% | ||
Becton Dickinson and Co. | ||
Series B | ||
6.00% (c) | 86,450 | 4,547,270 |
Danaher Corp. | ||
Series A | ||
4.75% | 34,880 | 72,733,520 |
77,280,790 | ||
Independent Power and Renewable Electricity Producers 0.8% | ||
AES Corp. (The) | ||
6.875% (c) | 147,100 | 14,858,571 |
Machinery 1.1% | ||
RBC Bearings, Inc. | ||
Series A | ||
5.00% | 15,834 | 1,893,588 |
Stanley Black & Decker, Inc. | ||
5.25% (c) | 182,200 | 19,663,024 |
21,556,612 | ||
Semiconductors & Semiconductor Equipment 0.8% | ||
Broadcom, Inc. | ||
Series A | ||
8.00% | 9,655 | 16,194,718 |
Total Convertible Preferred Stocks (Cost $166,879,731) | 205,340,560 | |
Total Convertible Securities (Cost $1,482,249,715) | 1,794,144,533 | |
Common Stocks 1.7% | ||
Banks 0.9% | ||
Bank of America Corp. | 398,621 | 19,046,112 |
14 | MainStay MacKay Convertible Fund |
Shares | Value | ||
Common Stocks (continued) | |||
Energy Equipment & Services 0.8% | |||
Valaris Ltd. (e) | 204,006 | $ 7,185,091 | |
Weatherford International plc (e) | 272,914 | 7,930,881 | |
15,115,972 | |||
Total Common Stocks (Cost $16,882,330) | 34,162,084 | ||
Short-Term Investments 10.9% | |||
Affiliated Investment Company 5.7% | |||
MainStay U.S. Government Liquidity Fund, 0.01% (f) | 113,964,023 | 113,964,023 | |
Unaffiliated Investment Companies 5.2% | |||
BlackRock Liquidity FedFund, 0.025% (f)(g) | 45,000,000 | 45,000,000 | |
Wells Fargo Government Money Market Fund, 0.025% (f)(g) | 58,859,614 | 58,859,614 | |
103,859,614 | |||
Total Short-Term Investments (Cost $217,823,637) | 217,823,637 | ||
Total Investments (Cost $1,757,617,185) | 104.9% | 2,100,887,618 | |
Other Assets, Less Liabilities | (4.9) | (98,107,606) | |
Net Assets | 100.0% | $ 2,002,780,012 |
† | Percentages indicated are based on Fund net assets. |
‡ | Less than one-tenth of a percent. |
(a) | PIK ("Payment-in-Kind")—issuer may pay interest or dividends with additional securities and/or in cash. |
(b) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
(c) | All or a portion of this security was held on loan. As of October 31, 2021, the aggregate market value of securities on loan was $102,400,480; the total market value of collateral held by the Fund was $103,921,914. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $62,300. The Fund received cash collateral with a value of $103,859,614. (See Note 2(G)) |
(d) | Security is perpetual and, thus, does not have a predetermined maturity date. The date shown, if applicable, reflects the next call date. |
(e) | Non-income producing security. |
(f) | Current yield as of October 31, 2021. |
(g) | Represents a security purchased with cash collateral received for securities on loan. |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Long-Term Bonds | |||||||
Corporate Bonds | $ — | $ 54,757,364 | $ — | $ 54,757,364 | |||
Total Corporate Bonds | — | 54,757,364 | — | 54,757,364 | |||
Convertible Securities | |||||||
Convertible Bonds | — | 1,588,803,973 | — | 1,588,803,973 | |||
Convertible Preferred Stocks | 205,340,560 | — | — | 205,340,560 | |||
Total Convertible Securities | 205,340,560 | 1,588,803,973 | — | 1,794,144,533 | |||
Common Stocks | 34,162,084 | — | — | 34,162,084 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 113,964,023 | — | — | 113,964,023 | |||
Unaffiliated Investment Companies | 103,859,614 | — | — | 103,859,614 | |||
Total Short-Term Investments | 217,823,637 | — | — | 217,823,637 | |||
Total Investments in Securities | $ 457,326,281 | $ 1,643,561,337 | $ — | $ 2,100,887,618 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
16 | MainStay MacKay Convertible Fund |
Assets | |
Investment in unaffiliated securities, at value (identified cost $1,643,653,162) including securities on loan of $102,400,480 | $1,986,923,595 |
Investment in affiliated investment companies, at value (identified cost $113,964,023) | 113,964,023 |
Cash | 244 |
Due from custodian | 1,404,408 |
Receivables: | |
Fund shares sold | 4,649,446 |
Dividends and interest | 3,892,822 |
Investment securities sold | 980,459 |
Securities lending | 45,972 |
Other assets | 52,116 |
Total assets | 2,111,913,085 |
Liabilities | |
Cash collateral received for securities on loan | 103,859,614 |
Payables: | |
Investment securities purchased | 2,671,551 |
Fund shares redeemed | 1,030,416 |
Manager (See Note 3) | 892,131 |
Transfer agent (See Note 3) | 350,877 |
NYLIFE Distributors (See Note 3) | 253,360 |
Shareholder communication | 50,978 |
Professional fees | 17,956 |
Custodian | 3,911 |
Trustees | 1,979 |
Accrued expenses | 300 |
Total liabilities | 109,133,073 |
Net assets | $2,002,780,012 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.01 per share) unlimited number of shares authorized | $ 788,098 |
Additional paid-in-capital | 1,291,087,093 |
1,291,875,191 | |
Total distributable earnings (loss) | 710,904,821 |
Net assets | $2,002,780,012 |
Class A | |
Net assets applicable to outstanding shares | $891,432,997 |
Shares of beneficial interest outstanding | 35,096,749 |
Net asset value per share outstanding | $ 25.40 |
Maximum sales charge (5.50% of offering price) | 1.48 |
Maximum offering price per share outstanding | $ 26.88 |
Investor Class | |
Net assets applicable to outstanding shares | $ 53,737,673 |
Shares of beneficial interest outstanding | 2,116,644 |
Net asset value per share outstanding | $ 25.39 |
Maximum sales charge (5.00% of offering price) | 1.34 |
Maximum offering price per share outstanding | $ 26.73 |
Class B | |
Net assets applicable to outstanding shares | $ 10,226,124 |
Shares of beneficial interest outstanding | 409,900 |
Net asset value and offering price per share outstanding | $ 24.95 |
Class C | |
Net assets applicable to outstanding shares | $ 55,753,638 |
Shares of beneficial interest outstanding | 2,237,716 |
Net asset value and offering price per share outstanding | $ 24.92 |
Class I | |
Net assets applicable to outstanding shares | $991,629,580 |
Shares of beneficial interest outstanding | 38,948,800 |
Net asset value and offering price per share outstanding | $ 25.46 |
Investment Income (Loss) | |
Income | |
Interest | $ 13,032,077 |
Dividends-unaffiliated | 7,685,069 |
Securities lending | 321,478 |
Dividends-affiliated | 8,159 |
Total income | 21,046,783 |
Expenses | |
Manager (See Note 3) | 10,523,166 |
Distribution/Service—Class A (See Note 3) | 2,070,016 |
Distribution/Service—Investor Class (See Note 3) | 141,925 |
Distribution/Service—Class B (See Note 3) | 110,866 |
Distribution/Service—Class C (See Note 3) | 578,301 |
Transfer agent (See Note 3) | 1,898,953 |
Professional fees | 133,719 |
Registration | 125,365 |
Shareholder communication | 102,441 |
Trustees | 42,619 |
Custodian | 33,068 |
Insurance | 12,054 |
Miscellaneous | 46,311 |
Total expenses before waiver/reimbursement | 15,818,804 |
Expense waiver/reimbursement from Manager (See Note 3) | (503,766) |
Net expenses | 15,315,038 |
Net investment income (loss) | 5,731,745 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on unaffiliated investments | 418,909,274 |
Net change in unrealized appreciation (depreciation) on unaffiliated investments | 55,935,875 |
Net realized and unrealized gain (loss) | 474,845,149 |
Net increase (decrease) in net assets resulting from operations | $480,576,894 |
18 | MainStay MacKay Convertible Fund |
for the years ended October 31, 2021 and October 31, 2020
2021 | 2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 5,731,745 | $ 7,023,112 |
Net realized gain (loss) | 418,909,274 | 136,092,037 |
Net change in unrealized appreciation (depreciation) | 55,935,875 | 126,219,090 |
Net increase (decrease) in net assets resulting from operations | 480,576,894 | 269,334,239 |
Distributions to shareholders: | ||
Class A | (49,364,131) | (13,476,076) |
Investor Class | (4,182,074) | (1,333,183) |
Class B | (728,517) | (222,915) |
Class C | (3,711,279) | (1,152,529) |
Class I | (65,504,118) | (21,838,382) |
Total distributions to shareholders | (123,490,119) | (38,023,085) |
Capital share transactions: | ||
Net proceeds from sales of shares | 391,249,469 | 441,125,603 |
Net asset value of shares issued to shareholder in reinvestment of distributions | 109,969,298 | 34,121,687 |
Cost of shares redeemed | (487,172,790) | (526,300,928) |
Increase (decrease) in net assets derived from capital share transactions | 14,045,977 | (51,053,638) |
Net increase (decrease) in net assets | 371,132,752 | 180,257,516 |
Net Assets | ||
Beginning of year | 1,631,647,260 | 1,451,389,744 |
End of year | $2,002,780,012 | $1,631,647,260 |
Year Ended October 31, | |||||||||
Class A | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 20.90 | $ 17.81 | $ 17.07 | $ 17.75 | $ 15.72 | ||||
Net investment income (loss) (a) | 0.05 | 0.06 | 0.12 | 0.15 | 0.19 | ||||
Net realized and unrealized gain (loss) | 6.01 | 3.47 | 1.60 | 0.40 | 2.34 | ||||
Total from investment operations | 6.06 | 3.53 | 1.72 | 0.55 | 2.53 | ||||
Less distributions: | |||||||||
From net investment income | (0.13) | (0.13) | (0.15) | (0.22) | (0.24) | ||||
From net realized gain on investments | (1.43) | (0.31) | (0.83) | (1.01) | (0.26) | ||||
Total distributions | (1.56) | (0.44) | (0.98) | (1.23) | (0.50) | ||||
Net asset value at end of year | $ 25.40 | $ 20.90 | $ 17.81 | $ 17.07 | $ 17.75 | ||||
Total investment return (b) | 30.06% | 20.27% | 10.75% | 3.28% | 16.30% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.19% | 0.33% | 0.67% | 0.87% | 1.12% | ||||
Net expenses (c) | 0.91% | 0.96% | 0.98% | 0.98% | 0.98% | ||||
Expenses (before waiver/reimbursement) (c) | 0.91% | 0.96% | 0.98% | 0.98% | 0.99% | ||||
Portfolio turnover rate | 49% | 46% | 23% | 43% | 38% | ||||
Net assets at end of year (in 000’s) | $ 891,433 | $ 657,626 | $ 545,605 | $ 518,381 | $ 482,341 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | |||||||||
Investor Class | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 20.90 | $ 17.80 | $ 17.07 | $ 17.75 | $ 15.72 | ||||
Net investment income (loss) (a) | (0.00)‡ | 0.03 | 0.09 | 0.13 | 0.16 | ||||
Net realized and unrealized gain (loss) | 6.00 | 3.47 | 1.59 | 0.39 | 2.34 | ||||
Total from investment operations | 6.00 | 3.50 | 1.68 | 0.52 | 2.50 | ||||
Less distributions: | |||||||||
From net investment income | (0.08) | (0.09) | (0.12) | (0.19) | (0.21) | ||||
From net realized gain on investments | (1.43) | (0.31) | (0.83) | (1.01) | (0.26) | ||||
Total distributions | (1.51) | (0.40) | (0.95) | (1.20) | (0.47) | ||||
Net asset value at end of year | $ 25.39 | $ 20.90 | $ 17.80 | $ 17.07 | $ 17.75 | ||||
Total investment return (b) | 29.77% | 20.08% | 10.50% | 3.12% | 16.11% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | (0.01)% | 0.13% | 0.51% | 0.72% | 0.95% | ||||
Net expenses (c) | 1.12% | 1.16% | 1.15% | 1.13% | 1.14% | ||||
Expenses (before waiver/reimbursement) (c) | 1.12% | 1.16% | 1.17% | 1.14% | 1.15% | ||||
Portfolio turnover rate | 49% | 46% | 23% | 43% | 38% | ||||
Net assets at end of year (in 000's) | $ 53,738 | $ 57,829 | $ 59,242 | $ 52,723 | $ 56,289 |
‡ | Less than one cent per share. |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
20 | MainStay MacKay Convertible Fund |
Year Ended October 31, | |||||||||
Class B | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 20.67 | $ 17.68 | $ 16.98 | $ 17.67 | $ 15.66 | ||||
Net investment income (loss) (a) | (0.18) | (0.11) | (0.04) | (0.01) | 0.04 | ||||
Net realized and unrealized gain (loss) | 5.93 | 3.44 | 1.60 | 0.39 | 2.32 | ||||
Total from investment operations | 5.75 | 3.33 | 1.56 | 0.38 | 2.36 | ||||
Less distributions: | |||||||||
From net investment income | (0.04) | (0.03) | (0.03) | (0.06) | (0.09) | ||||
From net realized gain on investments | (1.43) | (0.31) | (0.83) | (1.01) | (0.26) | ||||
Total distributions | (1.47) | (0.34) | (0.86) | (1.07) | (0.35) | ||||
Net asset value at end of year | $ 24.95 | $ 20.67 | $ 17.68 | $ 16.98 | $ 17.67 | ||||
Total investment return (b) | 28.79% | 19.15% | 9.76% | 2.35% | 15.21% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | (0.76)% | (0.61)% | (0.23)% | (0.03)% | 0.21% | ||||
Net expenses (c) | 1.87% | 1.91% | 1.90% | 1.88% | 1.89% | ||||
Expenses (before waiver/reimbursement) (c) | 1.87% | 1.91% | 1.92% | 1.89% | 1.90% | ||||
Portfolio turnover rate | 49% | 46% | 23% | 43% | 38% | ||||
Net assets at end of year (in 000’s) | $ 10,226 | $ 10,454 | $ 11,786 | $ 15,051 | $ 19,290 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | |||||||||
Class C | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 20.64 | $ 17.65 | $ 16.96 | $ 17.65 | $ 15.64 | ||||
Net investment income (loss) (a) | (0.18) | (0.11) | (0.04) | (0.00)‡ | 0.04 | ||||
Net realized and unrealized gain (loss) | 5.93 | 3.44 | 1.59 | 0.38 | 2.32 | ||||
Total from investment operations | 5.75 | 3.33 | 1.55 | 0.38 | 2.36 | ||||
Less distributions: | |||||||||
From net investment income | (0.04) | (0.03) | (0.03) | (0.06) | (0.09) | ||||
From net realized gain on investments | (1.43) | (0.31) | (0.83) | (1.01) | (0.26) | ||||
Total distributions | (1.47) | (0.34) | (0.86) | (1.07) | (0.35) | ||||
Net asset value at end of year | $ 24.92 | $ 20.64 | $ 17.65 | $ 16.96 | $ 17.65 | ||||
Total investment return (b) | 28.84% | 19.18% | 9.71% | 2.35% | 15.23% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | (0.77)% | (0.61)% | (0.23)% | (0.03)% | 0.21% | ||||
Net expenses (c) | 1.87% | 1.91% | 1.90% | 1.88% | 1.89% | ||||
Expenses (before waiver/reimbursement) (c) | 1.87% | 1.91% | 1.92% | 1.89% | 1.90% | ||||
Portfolio turnover rate | 49% | 46% | 23% | 43% | 38% | ||||
Net assets at end of year (in 000’s) | $ 55,754 | $ 52,999 | $ 60,891 | $ 80,830 | $ 82,335 |
‡ | Less than one cent per share. |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | |||||||||
Class I | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 20.95 | $ 17.85 | $ 17.11 | $ 17.79 | $ 15.75 | ||||
Net investment income (loss) (a) | 0.12 | 0.13 | 0.18 | 0.22 | 0.25 | ||||
Net realized and unrealized gain (loss) | 6.02 | 3.48 | 1.60 | 0.39 | 2.34 | ||||
Total from investment operations | 6.14 | 3.61 | 1.78 | 0.61 | 2.59 | ||||
Less distributions: | |||||||||
From net investment income | (0.20) | (0.20) | (0.21) | (0.28) | (0.29) | ||||
From net realized gain on investments | (1.43) | (0.31) | (0.83) | (1.01) | (0.26) | ||||
Total distributions | (1.63) | (0.51) | (1.04) | (1.29) | (0.55) | ||||
Net asset value at end of year | $ 25.46 | $ 20.95 | $ 17.85 | $ 17.11 | $ 17.79 | ||||
Total investment return (b) | 30.43% | 20.71% | 11.14% | 3.65% | 16.69% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.49% | 0.68% | 1.04% | 1.25% | 1.45% | ||||
Net expenses (c) | 0.61% | 0.61% | 0.61% | 0.61% | 0.64% | ||||
Expenses (before waiver/reimbursement) (c) | 0.66% | 0.71% | 0.73% | 0.73% | 0.74% | ||||
Portfolio turnover rate | 49% | 46% | 23% | 43% | 38% | ||||
Net assets at end of year (in 000’s) | $ 991,630 | $ 852,739 | $ 773,865 | $ 683,594 | $ 562,526 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
22 | MainStay MacKay Convertible Fund |
Class | Commenced Operations |
Class A | January 3, 1995 |
Investor Class | February 28, 2008 |
Class B | May 1, 1986 |
Class C | September 1, 1998 |
Class I | November 28, 2008 |
Class R6 | N/A* |
SIMPLE Class | N/A* |
* | Class R6 shares were registered for sale effective as of February 28, 2017 and SIMPLE Class shares were registered for sale effective as of August 31, 2020 but have not yet commenced operations. |
• | Level 1—quoted prices in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Fund's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• Benchmark yields | • Reported trades |
• Broker/dealer quotes | • Issuer spreads |
• Two-sided markets | • Benchmark securities |
• Bids/offers | • Reference data (corporate actions or material event notices) |
• Industry and economic events | • Comparable bonds |
• Monthly payment information |
24 | MainStay MacKay Convertible Fund |
26 | MainStay MacKay Convertible Fund |
Class | Expense | Waived |
Class A | $709,625 | $— |
Investor Class | 165,438 | — |
Class B | 32,335 | — |
Class C | 168,448 | — |
Class I | 823,107 | — |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay U.S. Government Liquidity Fund | $ 60,631 | $ 600,809 | $ (547,476) | $ — | $ — | $ 113,964 | $ 8 | $ — | 113,964 |
Class I | $3,944,215 | 0.4% |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $1,762,524,671 | $365,936,403 | $(27,573,456) | $338,362,947 |
Ordinary income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$58,945,159 | $315,025,026 | $(1,428,311) | $338,362,947 | $710,904,821 |
Total Distributable Earnings (Loss) | Additional Paid-In Capital | |
$(36,219,192) | $36,219,192 |
2021 | 2020 | |
Distributions paid from: | ||
Ordinary Income | $ 22,294,305 | $12,864,160 |
Long-Term Capital Gains | 101,195,814 | 25,158,925 |
Total | $123,490,119 | $38,023,085 |
28 | MainStay MacKay Convertible Fund |
Class A | Shares | Amount |
Year ended October 31, 2021: | ||
Shares sold | 5,285,332 | $ 126,501,641 |
Shares issued to shareholders in reinvestment of distributions | 2,139,264 | 47,470,507 |
Shares redeemed | (4,849,726) | (115,920,808) |
Net increase (decrease) in shares outstanding before conversion | 2,574,870 | 58,051,340 |
Shares converted into Class A (See Note 1) | 1,081,489 | 25,339,661 |
Shares converted from Class A (See Note 1) | (19,008) | (458,361) |
Net increase (decrease) | 3,637,351 | $ 82,932,640 |
Year ended October 31, 2020: | ||
Shares sold | 4,824,291 | $ 91,966,797 |
Shares issued to shareholders in reinvestment of distributions | 740,743 | 13,145,043 |
Shares redeemed | (5,573,401) | (102,784,136) |
Net increase (decrease) in shares outstanding before conversion | (8,367) | 2,327,704 |
Shares converted into Class A (See Note 1) | 880,877 | 16,956,773 |
Shares converted from Class A (See Note 1) | (53,288) | (999,795) |
Net increase (decrease) | 819,222 | $ 18,284,682 |
Investor Class | Shares | Amount |
Year ended October 31, 2021: | ||
Shares sold | 213,974 | $ 5,108,766 |
Shares issued to shareholders in reinvestment of distributions | 188,154 | 4,165,962 |
Shares redeemed | (205,771) | (4,914,608) |
Net increase (decrease) in shares outstanding before conversion | 196,357 | 4,360,120 |
Shares converted into Investor Class (See Note 1) | 61,379 | 1,489,594 |
Shares converted from Investor Class (See Note 1) | (908,162) | (21,202,336) |
Net increase (decrease) | (650,426) | $ (15,352,622) |
Year ended October 31, 2020: | ||
Shares sold | 437,729 | $ 8,173,460 |
Shares issued to shareholders in reinvestment of distributions | 74,975 | 1,326,608 |
Shares redeemed | (338,316) | (6,247,912) |
Net increase (decrease) in shares outstanding before conversion | 174,388 | 3,252,156 |
Shares converted into Investor Class (See Note 1) | 61,840 | 1,123,928 |
Shares converted from Investor Class (See Note 1) | (796,900) | (15,363,947) |
Net increase (decrease) | (560,672) | $ (10,987,863) |
Class B | Shares | Amount |
Year ended October 31, 2021: | ||
Shares sold | 21,411 | $ 501,679 |
Shares issued to shareholders in reinvestment of distributions | 31,173 | 683,004 |
Shares redeemed | (62,432) | (1,473,676) |
Net increase (decrease) in shares outstanding before conversion | (9,848) | (288,993) |
Shares converted from Class B (See Note 1) | (86,082) | (2,040,685) |
Net increase (decrease) | (95,930) | $ (2,329,678) |
Year ended October 31, 2020: | ||
Shares sold | 28,921 | $ 552,676 |
Shares issued to shareholders in reinvestment of distributions | 11,800 | 208,506 |
Shares redeemed | (110,550) | (2,042,015) |
Net increase (decrease) in shares outstanding before conversion | (69,829) | (1,280,833) |
Shares converted from Class B (See Note 1) | (91,151) | (1,666,664) |
Net increase (decrease) | (160,980) | $ (2,947,497) |
Class C | Shares | Amount |
Year ended October 31, 2021: | ||
Shares sold | 362,202 | $ 8,480,082 |
Shares issued to shareholders in reinvestment of distributions | 162,889 | 3,564,001 |
Shares redeemed | (702,549) | (16,493,148) |
Net increase (decrease) in shares outstanding before conversion | (177,458) | (4,449,065) |
Shares converted from Class C (See Note 1) | (152,398) | (3,586,031) |
Net increase (decrease) | (329,856) | $ (8,035,096) |
Year ended October 31, 2020: | ||
Shares sold | 464,089 | $ 8,568,551 |
Shares issued to shareholders in reinvestment of distributions | 54,069 | 954,315 |
Shares redeemed | (1,360,299) | (25,010,993) |
Net increase (decrease) in shares outstanding before conversion | (842,141) | (15,488,127) |
Shares converted from Class C (See Note 1) | (39,567) | (762,500) |
Net increase (decrease) | (881,708) | $ (16,250,627) |
Class I | Shares | Amount |
Year ended October 31, 2021: | ||
Shares sold | 10,387,931 | $ 250,657,301 |
Shares issued to shareholders in reinvestment of distributions | 2,426,302 | 54,085,824 |
Shares redeemed | (14,587,388) | (348,370,550) |
Net increase (decrease) in shares outstanding before conversion | (1,773,155) | (43,627,425) |
Shares converted into Class I (See Note 1) | 18,947 | 458,158 |
Net increase (decrease) | (1,754,208) | $ (43,169,267) |
Year ended October 31, 2020: | ||
Shares sold | 17,361,683 | $ 331,864,119 |
Shares issued to shareholders in reinvestment of distributions | 1,037,248 | 18,487,215 |
Shares redeemed | (21,094,224) | (390,215,872) |
Net increase (decrease) in shares outstanding before conversion | (2,695,293) | (39,864,538) |
Shares converted into Class I (See Note 1) | 36,723 | 712,205 |
Net increase (decrease) | (2,658,570) | $ (39,152,333) |
30 | MainStay MacKay Convertible Fund |
The MainStay Funds:
December 24, 2021
32 | MainStay MacKay Convertible Fund |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Yie-Hsin Hung* 1962 | MainStay Funds: Trustee since 2017; MainStay Funds Trust: Trustee since 2017 | Senior Vice President of New York Life since joining in 2010, Member of the Executive Management Committee since 2017, Chief Executive Officer, New York Life Investment Management Holdings LLC & New York Life Investment Management LLC since 2015. Senior Managing Director and Co-President of New York Life Investment Management LLC from January 2014 to May 2015. Previously held positions of increasing responsibility, including head of NYLIM International, Alternative Growth Businesses, and Institutional investments since joining New York Life in 2010 | 78 | MainStay VP Funds Trust: Trustee since 2017 (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2017; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of her affiliation with New York Life Insurance Company, New York Life Investment Management LLC, Candriam Belgium S.A., Candriam Luxembourg S.C.A., IndexIQ Advisors LLC, MacKay Shields LLC, NYL Investors LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay Funds: Trustee since 2016, Advisory Board Member (June 2015 to December 2015);MainStay Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 78 | MainStay VP Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Market Vectors Group of Exchange-Traded Funds: Independent Chairman of the Board of Trustees since 2008 and Trustee since 2006 (56 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Investment Committee since 2018 | |
Susan B. Kerley 1951 | MainStay Funds: Chairman since 2017 and Trustee since 2007;MainStay Funds Trust: Chairman since 2017 and Trustee since 1990** | President, Strategic Management Advisors LLC since 1990 | 78 | MainStay VP Funds Trust: Chairman since January 2017 and Trustee since 2007 (31 portfolios)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) | |
Alan R. Latshaw 1951 | MainStay Funds: Trustee;MainStay Funds Trust: Trustee since 2007** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 78 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 | |
Richard H. Nolan, Jr. 1946 | MainStay Funds: Trustee since 2007;MainStay Funds Trust: Trustee since 2007** | Managing Director, ICC Capital Management since 2004; President—Shields/Alliance, Alliance Capital Management (1994 to 2004) | 78 | MainStay VP Funds Trust: Trustee since 2006 (31 portfolios)***; and MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011 | |
Jacques P. Perold 1958 | MainStay Funds: Trustee since 2016, Advisory Board Member (June 2015 to December 2015);MainStay Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, Capshift Advisors LLC (Since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 78 | MainStay VP Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Partners in Health: Trustee since 2019; Allstate Corporation: Director since 2015; and MSCI, Inc.: Director since 2017 |
34 | MainStay MacKay Convertible Fund |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Richard S. Trutanic 1952 | MainStay Funds: Trustee since 1994;MainStay Funds Trust: Trustee since 2007** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 78 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund; Trustee since June 2021 |
** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
*** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Karen Hammond 1956 | MainStay Funds: Advisory Board Member since June 2021;MainStay Funds Trust: Advisory Board Member since June 2021 | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 78 | MainStay VP Funds Trust: Advisory Board Member since June 2021 (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Advisory Board Member since June 2021; MainStay CBRE Global Infrastructure Megatrends Fund: Advisory Board Member since June 2021; Two Harbors Investment Corp: Trustee since 2018, Chair of the Special Committee since 2019; Rhode Island School of Design: Trustee and Chair of the Finance Committee since 2015 |
Advisory Board Member | Independent Trustees |
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; Chairman of the Board since 2017, NYLIFE Distributors LLC; Chairman of the Board, NYLIM Service Company LLC since 2017; Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust since January 2018; President, MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust since 2017** and MainStay CBRE Global Infrastructure Megatrends Fund since June 2021; 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 MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay VP Funds Trust since 2007** and MainStay CBRE Global Infrastructure Megatrends Fund since June 2021; 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 MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay VP Funds Trust since 2010** and MainStay CBRE Global Infrastructure Megatrends Fund since June 2021 | ||
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 MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay VP Funds Trust since 2005** and MainStay CBRE Global Infrastructure Megatrends Fund since June 2021 | ||
Kevin M. Bopp 1969 | Vice President and Chief Compliance Officer, MainStay Funds and MainStay Funds Trust since 2021 and 2014 to 2020 | Vice President and Chief Compliance Officer, New York Life Investments Alternatives LLC and New York Life Investment Management Holdings LLC since 2020; Vice President since 2018 and Chief Compliance Officer since 2016, New York Life Investment Management LLC; Vice President and Chief Compliance Officer, IndexIQ Advisors LLC, IndexIQ Holdings Inc., IndexIQ LLC and IndexIQ Trust since 2017; Director and Associate General Counsel (2011 to 2014) and Vice President and Assistant General Counsel (2010 to 2011), New York Life Investment Management LLC;Vice President and Chief Compliance Officer, MainStay VP Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund since June 2021 and 2014 to 2020 and MainStay CBRE Global Infrastructure Megatrends Fund since June 2021; Assistant Secretary, MainStay Funds, MainStay Funds Trust and MainStay VP Funds Trust (2010 to 2014)**, MainStay MacKay DefinedTerm Municipal Opportunities Fund (2011 to 2014) |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
36 | MainStay MacKay Convertible Fund |
1.
2. | This Fund is registered for sale in CA, CT, DE, FL, MA, NJ, NY and VT. |
3. | Prior to November 30, 2021, the Fund's name was formerly MainStay MacKay Intermediate Tax Free Bond Fund. |
4. | An affiliate of New York Life Investment Management LLC. |
1716013MS180-21 | MSC11-12/21 |
please log in to newyorklifeinvestments.com/accounts.
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended October 31, 2021 | |||||||
Class | Sales Charge | Inception Date | One Year | Five Years | Ten Years or Since Inception | Gross Expense Ratio1 | |
Class A Shares | Maximum 4.5% Initial Sales Charge | With sales charges | 1/3/1995 | 4.45% | 4.47% | 5.50% | 0.99% |
Excluding sales charges | 9.37 | 5.44 | 5.98 | 0.99 | |||
Investor Class Shares2 | Maximum 4% Initial Sales Charge | With sales charges | 2/28/2008 | 4.88 | 4.39 | 5.45 | 1.08 |
Excluding sales charges | 9.25 | 5.36 | 5.94 | 1.08 | |||
Class B Shares3 | Maximum 5% CDSC | With sales charges | 5/1/1986 | 3.52 | 4.25 | 5.14 | 1.83 |
if Redeemed Within the First Six Years of Purchase | Excluding sales charges | 8.52 | 4.58 | 5.14 | 1.83 | ||
Class C Shares | Maximum 1% CDSC | With sales charges | 9/1/1998 | 7.31 | 4.54 | 5.14 | 1.83 |
if Redeemed Within One Year of Purchase | Excluding sales charges | 8.31 | 4.54 | 5.14 | 1.83 | ||
Class I Shares | No Sales Charge | 1/2/2004 | 9.65 | 5.68 | 6.25 | 0.74 | |
Class R1 Shares | No Sales Charge | 6/29/2012 | 9.55 | 5.58 | 5.87 | 0.84 | |
Class R2 Shares | No Sales Charge | 5/1/2008 | 9.28 | 5.34 | 5.88 | 1.09 | |
Class R3 Shares | No Sales Charge | 2/29/2016 | 9.01 | 5.05 | 7.14 | 1.34 | |
Class R6 Shares | No Sales Charge | 6/17/2013 | 9.64 | 5.80 | 5.61 | 0.60 | |
SIMPLE Class Shares | No Sales Charge | 8/31/2020 | 8.98 | N/A | 6.98 | 1.33 |
1. | The gross expense ratios presented reflect the Fund’s “Total Annual Fund Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report. |
2. | Prior to June 30, 2020, the maximum initial sales charge was 4.5%, which is reflected in the average annual total return figures shown. |
3. | Class B shares are closed to all new purchases as well as additional investments by existing Class B shareholders. |
Benchmark Performance* | One Year | Five Years | Ten Years |
ICE BofA U.S. High Yield Constrained Index1 | 10.75% | 6.23% | 6.65% |
Morningstar High Yield Bond Category Average2 | 9.99 | 5.18 | 5.50 |
1. | The ICE BofA U.S. High Yield Constrained Index is the Fund's primary broad-based securities market index for comparison purposes. The ICE BofA U.S. High Yield Constrained Index is a market value-weighted index of all domestic and Yankee high-yield bonds, including deferred interest bonds and payment-in-kind securities. Issuers included in the Index have maturities of one year or more and have a credit rating lower than BBB-/Baa3, but are not in default. No single issuer may constitute greater than 2% of the Index. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
2. | The Morningstar High Yield Bond Category Average is representative of funds that concentrate on lower-quality bonds, which are riskier than those of higher-quality companies. These portfolios primarily invest in U.S. high-income debt securities where at least 65% or more of bond assets are not rated or are rated by a major agency such as Standard & Poor’s or Moody’s at the level of BB and below. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. |
6 | MainStay MacKay High Yield Corporate Bond Fund |
Share Class | Beginning Account Value 5/1/21 | Ending Account Value (Based on Actual Returns and Expenses) 10/31/21 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 10/31/21 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Class A Shares | $1,000.00 | $1,021.40 | $4.84 | $1,020.42 | $4.84 | 0.95% |
Investor Class Shares | $1,000.00 | $1,021.00 | $5.60 | $1,019.66 | $5.60 | 1.10% |
Class B Shares | $1,000.00 | $1,017.30 | $9.41 | $1,015.88 | $9.40 | 1.85% |
Class C Shares | $1,000.00 | $1,015.50 | $9.40 | $1,015.88 | $9.40 | 1.85% |
Class I Shares | $1,000.00 | $1,022.70 | $3.57 | $1,021.68 | $3.57 | 0.70% |
Class R1 Shares | $1,000.00 | $1,022.20 | $4.08 | $1,021.17 | $4.08 | 0.80% |
Class R2 Shares | $1,000.00 | $1,021.00 | $5.35 | $1,019.91 | $5.35 | 1.05% |
Class R3 Shares | $1,000.00 | $1,019.70 | $6.62 | $1,018.65 | $6.61 | 1.30% |
Class R6 Shares | $1,000.00 | $1,021.70 | $2.90 | $1,022.33 | $2.91 | 0.57% |
SIMPLE Class Shares | $1,000.00 | $1,019.80 | $6.82 | $1,018.45 | $6.82 | 1.34% |
1. | Expenses are equal to the Fund’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 184 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Fund's annualized expense ratio to reflect the six-month period. |
1. | CCO Holdings LLC, 4.25%-5.50%, due 5/1/26–1/15/34 |
2. | HCA, Inc., 3.50%-8.36%, due 5/1/23–11/6/33 |
3. | Carnival Corp., 4.00%-10.50%, due 2/1/26–5/1/29 |
4. | MGM Growth Properties Operating Partnership LP, 3.875%-5.75%, due 5/1/24–2/15/29 |
5. | MSCI, Inc., 3.25%-4.00%, due 11/15/29–8/15/33 |
6. | TransDigm, Inc., 4.625%-8.00%, due 12/15/25–5/1/29 |
7. | Netflix, Inc., 3.625%-5.875%, due 2/15/22–6/15/30 |
8. | T-Mobile US, Inc., 2.625%-5.375%, due 4/15/22–4/15/50 |
9. | Sprint Capital Corp., 6.875%, due 11/15/28 |
10. | Gulfport Energy Operating Corp. |
8 | MainStay MacKay High Yield Corporate Bond Fund |
1. | See page 5 for other share class returns, which may be higher or lower than Class I share returns. See page 6 for more information on benchmark and peer group returns. |
2. | An obligation rated ‘CCC’ by Standard & Poor’s (“S&P”) is deemed by S&P to be currently vulnerable to nonpayment and is dependent upon favorable business, financial and economic conditions for the obligor to meet its financial commitment on the obligation. It is the opinion of S&P that in the event of adverse business, financial or economic conditions, the obligor is not likely to have the capacity to meet its financial commitment on the obligation. When applied to Fund holdings, ratings are based solely on the creditworthiness of the bonds in the portfolio and are not meant to represent the security or safety of the Fund. |
3. | The terms “spread” and “yield spread” may refer to the difference in yield between a security or type of security and comparable U.S. Treasury issues. The terms may also refer to the difference in yield between two specific securities or types of securities at a given time. |
4. | Duration is a measure of the price sensitivity of a fixed-income investment to changes in interest rates. Duration is expressed as a number of years and is considered a more accurate sensitivity gauge than average maturity. |
5. | Modified duration is inversely related to the approximate percentage change in price for a given change in yield. Duration to worst is the duration of a bond computed using the bond’s nearest call date or maturity, whichever comes first. This measure ignores future cash flow fluctuations due to embedded optionality. |
10 | MainStay MacKay High Yield Corporate Bond Fund |
Principal Amount | Value | |
Long-Term Bonds 92.3% | ||
Convertible Bonds 1.2% | ||
Investment Companies 0.2% | ||
Ares Capital Corp. | ||
4.625%, due 3/1/24 | $ 17,785,000 | $ 20,298,021 |
Media 0.5% | ||
DISH Network Corp. | ||
2.375%, due 3/15/24 | 37,079,000 | 36,105,676 |
3.375%, due 8/15/26 | 25,200,000 | 25,737,676 |
61,843,352 | ||
Oil & Gas 0.2% | ||
Gulfport Energy Operating Corp. | ||
10.00% (10.00% Cash or 15.00% PIK), due 11/29/21 (a) | 4,051,000 | 23,951,537 |
Oil & Gas Services 0.3% | ||
Forum Energy Technologies, Inc. | ||
9.00% (6.25% Cash and 2.75% PIK), due 8/4/25 (b) | 34,886,987 | 34,362,500 |
Total Convertible Bonds (Cost $111,484,495) | 140,455,410 | |
Corporate Bonds 87.9% | ||
Advertising 1.1% | ||
Lamar Media Corp. | ||
3.625%, due 1/15/31 | 38,590,000 | 37,842,898 |
3.75%, due 2/15/28 | 21,000,000 | 21,226,800 |
4.00%, due 2/15/30 | 18,500,000 | 18,781,940 |
4.875%, due 1/15/29 | 5,000,000 | 5,237,500 |
Outfront Media Capital LLC (c) | ||
4.25%, due 1/15/29 | 7,275,000 | 7,129,500 |
4.625%, due 3/15/30 | 6,305,000 | 6,303,108 |
5.00%, due 8/15/27 | 19,500,000 | 19,890,000 |
6.25%, due 6/15/25 | 15,216,000 | 15,919,740 |
132,331,486 | ||
Aerospace & Defense 1.8% | ||
F-Brasile SpA | ||
Series XR | ||
7.375%, due 8/15/26 (c) | 23,280,000 | 23,629,200 |
Rolls-Royce plc | ||
5.75%, due 10/15/27 (c) | 9,000,000 | 9,958,950 |
TransDigm UK Holdings plc | ||
6.875%, due 5/15/26 | 18,100,000 | 19,063,282 |
Principal Amount | Value | |
Aerospace & Defense (continued) | ||
TransDigm, Inc. | ||
4.625%, due 1/15/29 | $ 30,700,000 | $ 30,508,125 |
4.875%, due 5/1/29 | 22,920,000 | 22,987,183 |
6.25%, due 3/15/26 (c) | 80,375,000 | 83,891,407 |
7.50%, due 3/15/27 | 11,915,000 | 12,495,856 |
8.00%, due 12/15/25 (c) | 11,000,000 | 11,701,250 |
214,235,253 | ||
Airlines 0.9% | ||
American Airlines, Inc. (c) | ||
5.50%, due 4/20/26 | 18,160,000 | 19,049,840 |
5.75%, due 4/20/29 | 11,500,000 | 12,376,875 |
Delta Air Lines, Inc. | ||
4.50%, due 10/20/25 (c) | 17,200,000 | 18,353,535 |
4.75%, due 10/20/28 (c) | 23,500,000 | 26,095,129 |
7.00%, due 5/1/25 (c) | 3,506,000 | 4,091,330 |
7.375%, due 1/15/26 | 7,000,000 | 8,232,776 |
Mileage Plus Holdings LLC | ||
6.50%, due 6/20/27 (c) | 18,910,000 | 20,580,888 |
Spirit Loyalty Cayman Ltd. | ||
8.00%, due 9/20/25 (c) | 4,487,951 | 5,023,532 |
113,803,905 | ||
Auto Manufacturers 2.1% | ||
Ford Holdings LLC | ||
9.30%, due 3/1/30 | 30,695,000 | 41,843,731 |
Ford Motor Co. | ||
7.45%, due 7/16/31 | 16,935,000 | 22,417,706 |
9.00%, due 4/22/25 | 8,400,000 | 10,101,000 |
9.625%, due 4/22/30 | 7,000,000 | 10,084,410 |
Ford Motor Credit Co. LLC | ||
3.339%, due 3/28/22 | 6,000,000 | 6,034,200 |
3.375%, due 11/13/25 | 12,000,000 | 12,330,000 |
4.00%, due 11/13/30 | 25,000,000 | 26,093,750 |
4.125%, due 8/17/27 | 4,000,000 | 4,245,000 |
4.271%, due 1/9/27 | 7,500,000 | 7,959,675 |
4.389%, due 1/8/26 | 2,500,000 | 2,675,000 |
5.125%, due 6/16/25 | 13,000,000 | 14,105,000 |
5.584%, due 3/18/24 | 3,660,000 | 3,943,650 |
General Motors Co. | ||
6.80%, due 10/1/27 | 5,500,000 | 6,779,671 |
General Motors Financial Co., Inc. | ||
4.35%, due 4/9/25 | 7,410,000 | 8,063,070 |
5.25%, due 3/1/26 | 14,220,000 | 16,081,653 |
JB Poindexter & Co., Inc. | ||
7.125%, due 4/15/26 (c) | 41,745,000 | 43,884,432 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Auto Manufacturers (continued) | ||
PM General Purchaser LLC | ||
9.50%, due 10/1/28 (c) | $ 16,140,000 | $ 16,825,950 |
253,467,898 | ||
Auto Parts & Equipment 2.2% | ||
Adient Global Holdings Ltd. | ||
4.875%, due 8/15/26 (c) | 24,525,000 | 24,968,532 |
Adient US LLC | ||
9.00%, due 4/15/25 (c) | 8,635,000 | 9,239,450 |
Dealer Tire LLC | ||
8.00%, due 2/1/28 (c) | 15,045,000 | 15,646,800 |
Exide Global Holding Netherlands CV | ||
10.75%, due 10/26/24 (d)(e)(f) | 13,730,000 | 13,482,860 |
Goodyear Tire & Rubber Co. (The) (c) | ||
5.00%, due 7/15/29 | 14,400,000 | 15,192,000 |
5.25%, due 7/15/31 | 8,220,000 | 8,747,724 |
IHO Verwaltungs GmbH (b)(c) | ||
4.75% (4.75% Cash or 5.50% PIK), due 9/15/26 | 34,785,000 | 35,610,448 |
6.00% (6.00% Cash or 6.75% PIK), due 5/15/27 | 36,674,000 | 38,049,275 |
6.375% (6.375% Cash or 7.125% PIK), due 5/15/29 | 32,170,000 | 34,783,813 |
Meritor, Inc. | ||
6.25%, due 6/1/25 (c) | 8,000,000 | 8,370,000 |
Real Hero Merger Sub 2, Inc. | ||
6.25%, due 2/1/29 (c) | 39,945,000 | 41,043,487 |
Tenneco, Inc. | ||
5.375%, due 12/15/24 | 4,100,000 | 4,063,100 |
7.875%, due 1/15/29 (c) | 13,000,000 | 14,218,750 |
263,416,239 | ||
Beverages 0.0% ‡ | ||
Primo Water Holdings, Inc. | ||
4.375%, due 4/30/29 (c) | 5,000,000 | 4,955,360 |
Biotechnology 0.1% | ||
Grifols Escrow Issuer SA | ||
4.75%, due 10/15/28 (c) | 12,595,000 | 12,783,925 |
Building Materials 1.3% | ||
Griffon Corp. | ||
5.75%, due 3/1/28 | 5,300,000 | 5,538,500 |
Principal Amount | Value | |
Building Materials (continued) | ||
James Hardie International Finance DAC | ||
5.00%, due 1/15/28 (c) | $ 31,840,000 | $ 33,113,600 |
Koppers, Inc. | ||
6.00%, due 2/15/25 (c) | 27,535,000 | 28,193,913 |
New Enterprise Stone & Lime Co., Inc. | ||
5.25%, due 7/15/28 (c) | 9,400,000 | 9,483,472 |
Patrick Industries, Inc. (c) | ||
4.75%, due 5/1/29 | 6,090,000 | 6,044,325 |
7.50%, due 10/15/27 | 21,040,000 | 22,539,100 |
PGT Innovations, Inc. | ||
4.375%, due 10/1/29 (c) | 14,700,000 | 14,571,375 |
Summit Materials LLC (c) | ||
5.25%, due 1/15/29 | 15,500,000 | 16,236,250 |
6.50%, due 3/15/27 | 21,730,000 | 22,707,850 |
158,428,385 | ||
Chemicals 2.1% | ||
CVR Partners LP | ||
6.125%, due 6/15/28 (c) | 6,175,000 | 6,391,125 |
EverArc Escrow SARL | ||
5.00%, due 10/30/29 (c) | 24,585,000 | 24,585,000 |
GPD Cos., Inc. | ||
10.125%, due 4/1/26 (c) | 32,307,000 | 34,568,490 |
Innophos Holdings, Inc. | ||
9.375%, due 2/15/28 (c) | 27,851,000 | 30,079,080 |
Iris Holdings, Inc. | ||
8.75% (8.75% Cash or 9.50% PIK), due 2/15/26 (b)(c) | 16,675,000 | 16,925,125 |
NOVA Chemicals Corp. (c) | ||
4.875%, due 6/1/24 | 9,810,000 | 10,209,757 |
5.25%, due 6/1/27 | 12,500,000 | 13,155,875 |
SCIH Salt Holdings, Inc. (c) | ||
4.875%, due 5/1/28 | 10,000,000 | 9,775,000 |
6.625%, due 5/1/29 | 28,755,000 | 27,065,644 |
SCIL IV LLC | ||
5.375%, due 11/1/26 (c) | 10,200,000 | 10,282,926 |
SPCM SA (c) | ||
3.125%, due 3/15/27 | 5,750,000 | 5,685,313 |
3.375%, due 3/15/30 | 5,750,000 | 5,620,625 |
TPC Group, Inc. (c) | ||
10.50%, due 8/1/24 | 12,082,000 | 10,994,620 |
10.875%, due 8/1/24 | 22,000,721 | 23,458,269 |
TPC Group, Inc. Escrow Claim Shares | ||
(zero coupon), due 12/31/49 (d)(e)(f)(g) | 220,007 | — |
12 | MainStay MacKay High Yield Corporate Bond Fund |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Chemicals (continued) | ||
Unifrax Escrow Issuer Corp. (c) | ||
5.25%, due 9/30/28 | $ 12,210,000 | $ 12,179,475 |
7.50%, due 9/30/29 | 7,630,000 | 7,582,312 |
WR Grace Holdings LLC | ||
5.625%, due 8/15/29 (c) | 11,650,000 | 11,751,937 |
260,310,573 | ||
Coal 0.2% | ||
Coronado Finance Pty. Ltd. | ||
10.75%, due 5/15/26 (c) | 9,800,000 | 10,656,422 |
Natural Resource Partners LP | ||
9.125%, due 6/30/25 (c) | 14,600,000 | 14,700,740 |
25,357,162 | ||
Commercial Services 3.1% | ||
Allied Universal Holdco LLC | ||
6.625%, due 7/15/26 (c) | 6,460,000 | 6,787,070 |
AMN Healthcare, Inc. (c) | ||
4.00%, due 4/15/29 | 7,500,000 | 7,612,500 |
4.625%, due 10/1/27 | 10,977,000 | 11,279,089 |
Ashtead Capital, Inc. (c) | ||
4.00%, due 5/1/28 | 13,500,000 | 14,243,057 |
4.25%, due 11/1/29 | 7,000,000 | 7,584,763 |
Cimpress plc | ||
7.00%, due 6/15/26 (c) | 30,585,000 | 31,770,169 |
Gartner, Inc. (c) | ||
3.75%, due 10/1/30 | 18,870,000 | 19,129,463 |
4.50%, due 7/1/28 | 4,000,000 | 4,164,800 |
Graham Holdings Co. | ||
5.75%, due 6/1/26 (c) | 39,695,000 | 41,350,281 |
HealthEquity, Inc. | ||
4.50%, due 10/1/29 (c) | 6,000,000 | 6,067,500 |
IHS Markit Ltd. (c) | ||
4.75%, due 2/15/25 | 3,000,000 | 3,296,250 |
5.00%, due 11/1/22 | 28,545,000 | 29,472,713 |
Korn Ferry | ||
4.625%, due 12/15/27 (c) | 10,685,000 | 11,018,906 |
MPH Acquisition Holdings LLC (c) | ||
5.50%, due 9/1/28 | 11,150,000 | 11,072,315 |
5.75%, due 11/1/28 | 19,705,000 | 17,972,832 |
NESCO Holdings II, Inc. | ||
5.50%, due 4/15/29 (c) | 12,650,000 | 12,808,125 |
Nielsen Finance LLC (c) | ||
4.50%, due 7/15/29 | 5,995,000 | 5,861,611 |
4.75%, due 7/15/31 | 4,000,000 | 3,898,400 |
Ritchie Bros Auctioneers, Inc. | ||
5.375%, due 1/15/25 (c) | 30,925,000 | 31,466,188 |
Principal Amount | Value | |
Commercial Services (continued) | ||
Service Corp. International | ||
3.375%, due 8/15/30 | $ 17,700,000 | $ 17,434,500 |
Square, Inc. | ||
3.50%, due 6/1/31 (c) | 4,000,000 | 4,100,000 |
United Rentals North America, Inc. | ||
3.75%, due 1/15/32 | 10,000,000 | 9,976,000 |
3.875%, due 11/15/27 | 10,735,000 | 11,247,918 |
3.875%, due 2/15/31 | 17,500,000 | 17,629,500 |
4.875%, due 1/15/28 | 10,700,000 | 11,294,385 |
5.25%, due 1/15/30 | 3,500,000 | 3,788,750 |
WW International, Inc. | ||
4.50%, due 4/15/29 (c) | 23,110,000 | 22,127,825 |
374,454,910 | ||
Computers 0.0% ‡ | ||
Booz Allen Hamilton, Inc. | ||
4.00%, due 7/1/29 (c) | 5,000,000 | 5,062,500 |
Cosmetics & Personal Care 0.3% | ||
Edgewell Personal Care Co. (c) | ||
4.125%, due 4/1/29 | 27,480,000 | 26,999,100 |
5.50%, due 6/1/28 | 13,505,000 | 14,128,333 |
41,127,433 | ||
Distribution & Wholesale 0.6% | ||
Avient Corp. | ||
5.25%, due 3/15/23 | 26,406,000 | 27,660,285 |
5.75%, due 5/15/25 (c) | 8,550,000 | 8,934,750 |
G-III Apparel Group Ltd. | ||
7.875%, due 8/15/25 (c) | 22,000,000 | 23,457,500 |
H&E Equipment Services, Inc. | ||
3.875%, due 12/15/28 (c) | 13,920,000 | 13,815,600 |
73,868,135 | ||
Diversified Financial Services 1.8% | ||
Credit Acceptance Corp. | ||
5.125%, due 12/31/24 (c) | 15,215,000 | 15,557,337 |
6.625%, due 3/15/26 | 32,875,000 | 34,231,094 |
Enact Holdings, Inc. | ||
6.50%, due 8/15/25 (c) | 25,600,000 | 28,032,000 |
Jefferies Finance LLC | ||
5.00%, due 8/15/28 (c) | 26,800,000 | 27,163,408 |
LPL Holdings, Inc. (c) | ||
4.00%, due 3/15/29 | 29,810,000 | 30,406,200 |
4.375%, due 5/15/31 | 9,000,000 | 9,213,750 |
4.625%, due 11/15/27 | 9,000,000 | 9,270,000 |
Oxford Finance LLC | ||
6.375%, due 12/15/22 (c) | 17,860,000 | 17,946,085 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Diversified Financial Services (continued) | ||
PennyMac Financial Services, Inc. (c) | ||
4.25%, due 2/15/29 | $ 13,000,000 | $ 12,252,500 |
5.75%, due 9/15/31 | 11,600,000 | 11,411,500 |
PRA Group, Inc. | ||
7.375%, due 9/1/25 (c) | 16,400,000 | 17,486,500 |
StoneX Group, Inc. | ||
8.625%, due 6/15/25 (c) | 8,196,000 | 8,708,250 |
221,678,624 | ||
Electric 1.6% | ||
Clearway Energy Operating LLC | ||
4.75%, due 3/15/28 (c) | 22,940,000 | 24,270,520 |
DPL, Inc. | ||
4.125%, due 7/1/25 | 22,825,000 | 24,140,405 |
Keystone Power Pass-Through Holders LLC | ||
13.00% (13.00% PIK), due 6/1/24 (b)(c)(e) | 11,715,981 | 8,552,666 |
Leeward Renewable Energy Operations LLC | ||
4.25%, due 7/1/29 (c) | 16,665,000 | 16,746,659 |
NextEra Energy Operating Partners LP | ||
3.875%, due 10/15/26 (c) | 16,330,000 | 17,371,037 |
NRG Energy, Inc. | ||
5.75%, due 1/15/28 | 3,000,000 | 3,180,000 |
6.625%, due 1/15/27 | 3,220,000 | 3,334,680 |
Pattern Energy Operations LP | ||
4.50%, due 8/15/28 (c) | 18,500,000 | 19,147,500 |
PG&E Corp. | ||
5.00%, due 7/1/28 | 23,300,000 | 24,232,000 |
5.25%, due 7/1/30 | 13,000,000 | 13,581,750 |
Vistra Corp. | ||
8.00% (5 Year Treasury Constant Maturity Rate + 6.93%), due 10/15/26 (a)(c)(h) | 26,800,000 | 28,109,716 |
Vistra Operations Co. LLC (c) | ||
4.375%, due 5/1/29 | 5,000,000 | 4,950,000 |
5.00%, due 7/31/27 | 10,500,000 | 10,762,500 |
198,379,433 |
Principal Amount | Value | |
Electrical Components & Equipment 0.1% | ||
WESCO Distribution, Inc. (c) | ||
7.125%, due 6/15/25 | $ 6,665,000 | $ 7,064,900 |
7.25%, due 6/15/28 | 5,000,000 | 5,514,550 |
12,579,450 | ||
Energy-Alternate Sources 0.1% | ||
Renewable Energy Group, Inc. | ||
5.875%, due 6/1/28 (c) | 16,550,000 | 17,398,187 |
Engineering & Construction 0.6% | ||
Arcosa, Inc. | ||
4.375%, due 4/15/29 (c) | 5,345,000 | 5,455,588 |
Artera Services LLC | ||
9.033%, due 12/4/25 (c) | 15,425,000 | 16,466,187 |
Great Lakes Dredge & Dock Corp. | ||
5.25%, due 6/1/29 (c) | 8,385,000 | 8,529,809 |
TopBuild Corp. | ||
4.125%, due 2/15/32 (c) | 16,250,000 | 16,392,188 |
Weekley Homes LLC | ||
4.875%, due 9/15/28 (c) | 21,580,000 | 22,335,300 |
69,179,072 | ||
Entertainment 2.4% | ||
Affinity Gaming | ||
6.875%, due 12/15/27 (c) | 11,640,000 | 12,067,188 |
Allen Media LLC | ||
10.50%, due 2/15/28 (c) | 14,870,000 | 15,929,487 |
Caesars Entertainment, Inc. | ||
4.625%, due 10/15/29 (c) | 5,000,000 | 5,024,000 |
CCM Merger, Inc. | ||
6.375%, due 5/1/26 (c) | 5,000,000 | 5,237,500 |
Churchill Downs, Inc. (c) | ||
4.75%, due 1/15/28 | 40,625,000 | 41,996,094 |
5.50%, due 4/1/27 | 38,727,000 | 40,034,036 |
International Game Technology plc | ||
6.25%, due 1/15/27 (c) | 25,700,000 | 28,912,500 |
Jacobs Entertainment, Inc. | ||
7.875%, due 2/1/24 (c) | 10,359,000 | 10,669,770 |
Live Nation Entertainment, Inc. (c) | ||
3.75%, due 1/15/28 | 5,980,000 | 5,920,200 |
6.50%, due 5/15/27 | 39,280,000 | 43,011,600 |
Merlin Entertainments Ltd. | ||
5.75%, due 6/15/26 (c) | 34,400,000 | 35,617,072 |
Midwest Gaming Borrower LLC | ||
4.875%, due 5/1/29 (c) | 6,750,000 | 6,809,940 |
Motion Bondco DAC | ||
6.625%, due 11/15/27 (c) | 15,100,000 | 15,100,000 |
14 | MainStay MacKay High Yield Corporate Bond Fund |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Entertainment (continued) | ||
Powdr Corp. | ||
6.00%, due 8/1/25 (c) | $ 11,070,000 | $ 11,568,150 |
Vail Resorts, Inc. | ||
6.25%, due 5/15/25 (c) | 10,095,000 | 10,633,064 |
288,530,601 | ||
Environmental Control 0.1% | ||
Madison IAQ LLC (c) | ||
4.125%, due 6/30/28 | 8,250,000 | 8,207,265 |
5.875%, due 6/30/29 | 4,245,000 | 4,213,163 |
12,420,428 | ||
Food 2.1% | ||
B&G Foods, Inc. | ||
5.25%, due 4/1/25 | 24,375,000 | 24,862,500 |
Kraft Heinz Foods Co. | ||
3.875%, due 5/15/27 | 17,155,000 | 18,589,674 |
4.25%, due 3/1/31 | 9,500,000 | 10,729,538 |
6.50%, due 2/9/40 | 24,794,000 | 35,385,550 |
6.875%, due 1/26/39 | 34,650,000 | 50,750,894 |
7.125%, due 8/1/39 (c) | 8,225,000 | 12,481,472 |
Lamb Weston Holdings, Inc. | ||
4.875%, due 5/15/28 (c) | 12,310,000 | 13,209,985 |
Land O' Lakes, Inc. | ||
6.00%, due 11/15/22 (c) | 21,000,000 | 21,851,983 |
Land O'Lakes Capital Trust I | ||
7.45%, due 3/15/28 (c) | 18,586,000 | 21,407,818 |
Nathan's Famous, Inc. | ||
6.625%, due 11/1/25 (c) | 4,000,000 | 4,073,000 |
Post Holdings, Inc. | ||
4.625%, due 4/15/30 (c) | 5,000,000 | 5,025,000 |
Simmons Foods, Inc. | ||
4.625%, due 3/1/29 (c) | 17,350,000 | 17,523,500 |
TreeHouse Foods, Inc. | ||
4.00%, due 9/1/28 | 13,600,000 | 12,989,337 |
248,880,251 | ||
Food Service 0.2% | ||
Aramark Services, Inc. | ||
6.375%, due 5/1/25 (c) | 26,315,000 | 27,693,643 |
Forest Products & Paper 1.0% | ||
Glatfelter Corp. | ||
4.75%, due 11/15/29 (c) | 9,550,000 | 9,729,062 |
Mercer International, Inc. | ||
5.125%, due 2/1/29 | 36,710,000 | 36,497,816 |
5.50%, due 1/15/26 | 2,585,000 | 2,617,313 |
Principal Amount | Value | |
Forest Products & Paper (continued) | ||
Schweitzer-Mauduit International, Inc. | ||
6.875%, due 10/1/26 (c) | $ 12,500,000 | $ 13,046,874 |
Smurfit Kappa Treasury Funding DAC | ||
7.50%, due 11/20/25 | 45,070,000 | 54,760,050 |
116,651,115 | ||
Gas 0.7% | ||
AmeriGas Partners LP | ||
5.625%, due 5/20/24 | 20,106,000 | 21,714,480 |
5.75%, due 5/20/27 | 13,560,000 | 15,168,894 |
5.875%, due 8/20/26 | 25,075,000 | 27,958,625 |
Rockpoint Gas Storage Canada Ltd. | ||
7.00%, due 3/31/23 (c) | 19,230,000 | 19,278,075 |
84,120,074 | ||
Hand & Machine Tools 0.1% | ||
Werner FinCo. LP | ||
8.75%, due 7/15/25 (c) | 13,030,000 | 13,551,200 |
Healthcare-Products 1.1% | ||
Hologic, Inc. (c) | ||
3.25%, due 2/15/29 | 29,000,000 | 28,764,375 |
4.625%, due 2/1/28 | 10,205,000 | 10,625,956 |
Mozart Debt Merger Sub, Inc. (c) | ||
3.875%, due 4/1/29 | 16,125,000 | 16,044,375 |
5.25%, due 10/1/29 | 9,250,000 | 9,388,750 |
Teleflex, Inc. | ||
4.25%, due 6/1/28 (c) | 39,005,000 | 40,075,687 |
4.625%, due 11/15/27 | 5,000,000 | 5,181,250 |
Varex Imaging Corp. | ||
7.875%, due 10/15/27 (c) | 18,002,000 | 20,030,826 |
130,111,219 | ||
Healthcare-Services 4.8% | ||
Acadia Healthcare Co., Inc. (c) | ||
5.00%, due 4/15/29 | 7,000,000 | 7,140,000 |
5.50%, due 7/1/28 | 8,950,000 | 9,330,375 |
Catalent Pharma Solutions, Inc. (c) | ||
3.125%, due 2/15/29 | 27,560,000 | 26,767,650 |
3.50%, due 4/1/30 | 11,155,000 | 11,071,337 |
5.00%, due 7/15/27 | 15,395,000 | 15,895,337 |
Centene Corp. | ||
3.00%, due 10/15/30 | 11,700,000 | 11,891,646 |
4.625%, due 12/15/29 | 15,070,000 | 16,256,762 |
Charles River Laboratories International, Inc. | ||
4.00%, due 3/15/31 (c) | 5,000,000 | 5,168,750 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Healthcare-Services (continued) | ||
DaVita, Inc. (c) | ||
3.75%, due 2/15/31 | $ 7,500,000 | $ 7,106,250 |
4.625%, due 6/1/30 | 10,780,000 | 10,833,469 |
Encompass Health Corp. | ||
4.50%, due 2/1/28 | 25,720,000 | 26,185,468 |
4.625%, due 4/1/31 | 5,000,000 | 5,087,500 |
4.75%, due 2/1/30 | 25,390,000 | 26,024,750 |
HCA, Inc. | ||
3.50%, due 9/1/30 | 20,920,000 | 22,000,518 |
5.25%, due 4/15/25 | 10,000,000 | 11,213,378 |
5.375%, due 2/1/25 | 26,525,000 | 29,509,062 |
5.375%, due 9/1/26 | 4,170,000 | 4,748,998 |
5.625%, due 9/1/28 | 11,000,000 | 12,891,779 |
5.875%, due 5/1/23 | 7,240,000 | 7,737,750 |
5.875%, due 2/15/26 | 25,000,000 | 28,468,750 |
5.875%, due 2/1/29 | 4,565,000 | 5,433,309 |
7.50%, due 11/6/33 | 44,975,000 | 64,089,375 |
7.58%, due 9/15/25 | 11,020,000 | 13,224,000 |
7.69%, due 6/15/25 | 31,650,000 | 37,980,000 |
8.36%, due 4/15/24 | 4,524,000 | 5,219,565 |
IQVIA, Inc. (c) | ||
5.00%, due 10/15/26 | 30,113,000 | 30,939,605 |
5.00%, due 5/15/27 | 5,000,000 | 5,182,850 |
Legacy LifePoint Health LLC | ||
6.75%, due 4/15/25 (c) | 9,190,000 | 9,626,525 |
LifePoint Health, Inc. | ||
5.375%, due 1/15/29 (c) | 17,378,000 | 17,030,440 |
ModivCare Escrow Issuer, Inc. | ||
5.00%, due 10/1/29 (c) | 13,200,000 | 13,426,644 |
ModivCare, Inc. | ||
5.875%, due 11/15/25 (c) | 6,000,000 | 6,300,000 |
Molina Healthcare, Inc. | ||
3.875%, due 11/15/30 (c) | 13,500,000 | 13,921,875 |
4.375%, due 6/15/28 (c) | 6,335,000 | 6,556,725 |
5.375%, due 11/15/22 (i) | 8,180,000 | 8,404,950 |
RegionalCare Hospital Partners Holdings, Inc. | ||
9.75%, due 12/1/26 (c) | 35,490,000 | 37,441,950 |
Select Medical Corp. | ||
6.25%, due 8/15/26 (c) | 9,950,000 | 10,407,367 |
580,514,709 | ||
Holding Companies-Diversified 0.3% | ||
Stena International SA (c) | ||
5.75%, due 3/1/24 | 5,000,000 | 5,150,000 |
6.125%, due 2/1/25 | 34,995,000 | 35,869,875 |
41,019,875 |
Principal Amount | Value | |
Home Builders 2.2% | ||
Adams Homes, Inc. | ||
7.50%, due 2/15/25 (c) | $ 21,730,000 | $ 22,653,525 |
Ashton Woods USA LLC | ||
6.625%, due 1/15/28 (c) | 6,000,000 | 6,345,000 |
Brookfield Residential Properties, Inc. | ||
6.25%, due 9/15/27 (c) | 17,360,000 | 18,076,100 |
Century Communities, Inc. | ||
3.875%, due 8/15/29 (c) | 15,245,000 | 15,192,557 |
6.75%, due 6/1/27 | 26,205,000 | 27,824,469 |
Installed Building Products, Inc. | ||
5.75%, due 2/1/28 (c) | 17,080,000 | 17,891,300 |
M/I Homes, Inc. | ||
3.95%, due 2/15/30 (c) | 7,950,000 | 7,850,625 |
4.95%, due 2/1/28 | 7,500,000 | 7,800,000 |
Meritage Homes Corp. | ||
3.875%, due 4/15/29 (c) | 21,415,000 | 22,191,294 |
5.125%, due 6/6/27 | 8,515,000 | 9,387,788 |
Picasso Finance Sub, Inc. | ||
6.125%, due 6/15/25 (c) | 16,550,000 | 17,418,875 |
Shea Homes LP (c) | ||
4.75%, due 2/15/28 | 26,925,000 | 27,126,937 |
4.75%, due 4/1/29 | 9,875,000 | 9,924,375 |
STL Holding Co. LLC | ||
7.50%, due 2/15/26 (c) | 12,000,000 | 12,600,000 |
Thor Industries, Inc. | ||
4.00%, due 10/15/29 (c) | 5,500,000 | 5,446,650 |
Williams Scotsman International, Inc. | ||
4.625%, due 8/15/28 (c) | 15,700,000 | 16,229,875 |
Winnebago Industries, Inc. | ||
6.25%, due 7/15/28 (c) | 15,795,000 | 17,078,344 |
261,037,714 | ||
Home Furnishings 0.0% ‡ | ||
Tempur Sealy International, Inc. | ||
3.875%, due 10/15/31 (c) | 2,000,000 | 1,981,900 |
Household Products & Wares 0.2% | ||
Central Garden & Pet Co. | ||
4.125%, due 10/15/30 | 9,350,000 | 9,419,658 |
Spectrum Brands, Inc. | ||
5.75%, due 7/15/25 | 11,687,000 | 11,949,957 |
21,369,615 | ||
Housewares 0.2% | ||
Newell Brands, Inc. | ||
4.875%, due 6/1/25 | 5,035,000 | 5,515,037 |
16 | MainStay MacKay High Yield Corporate Bond Fund |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Housewares (continued) | ||
Scotts Miracle-Gro Co. (The) (c) | ||
4.00%, due 4/1/31 | $ 13,565,000 | $ 13,454,445 |
4.375%, due 2/1/32 | 8,115,000 | 8,156,021 |
27,125,503 | ||
Insurance 0.9% | ||
BroadStreet Partners, Inc. | ||
5.875%, due 4/15/29 (c) | 9,225,000 | 9,063,562 |
Fairfax Financial Holdings Ltd. | ||
8.30%, due 4/15/26 | 5,435,000 | 6,682,743 |
Fidelity & Guaranty Life Holdings, Inc. | ||
5.50%, due 5/1/25 (c) | 15,725,000 | 17,711,838 |
MGIC Investment Corp. | ||
5.25%, due 8/15/28 | 20,175,000 | 21,464,788 |
NMI Holdings, Inc. | ||
7.375%, due 6/1/25 (c) | 16,000,000 | 18,383,520 |
Radian Group, Inc. | ||
4.875%, due 3/15/27 | 5,000,000 | 5,456,250 |
USI, Inc. | ||
6.875%, due 5/1/25 (c) | 25,170,000 | 25,547,550 |
104,310,251 | ||
Internet 2.3% | ||
Cars.com, Inc. | ||
6.375%, due 11/1/28 (c) | 17,470,000 | 18,284,102 |
Match Group Holdings II LLC | ||
3.625%, due 10/1/31 (c) | 12,750,000 | 12,376,935 |
Netflix, Inc. | ||
3.625%, due 6/15/25 (c) | 10,000,000 | 10,632,443 |
4.875%, due 4/15/28 | 10,131,000 | 11,606,276 |
4.875%, due 6/15/30 (c) | 11,000,000 | 12,925,000 |
5.375%, due 11/15/29 (c) | 9,430,000 | 11,374,277 |
5.50%, due 2/15/22 | 22,265,000 | 22,571,144 |
5.75%, due 3/1/24 | 24,961,000 | 27,488,301 |
5.875%, due 2/15/25 | 7,411,000 | 8,402,221 |
5.875%, due 11/15/28 | 32,450,000 | 39,498,140 |
Northwest Fiber LLC | ||
4.75%, due 4/30/27 (c) | 8,250,000 | 8,054,063 |
Uber Technologies, Inc. (c) | ||
6.25%, due 1/15/28 | 4,125,000 | 4,429,425 |
7.50%, due 5/15/25 | 12,075,000 | 12,871,588 |
7.50%, due 9/15/27 | 23,710,000 | 25,935,183 |
VeriSign, Inc. | ||
4.75%, due 7/15/27 | 19,419,000 | 20,329,751 |
5.25%, due 4/1/25 | 26,661,000 | 29,793,668 |
276,572,517 |
Principal Amount | Value | |
Investment Companies 1.3% | ||
ARES Capital Corp. | ||
4.20%, due 6/10/24 | $ 5,000,000 | $ 5,322,781 |
Compass Group Diversified Holdings LLC | ||
5.25%, due 4/15/29 (c) | 34,750,000 | 36,140,000 |
FS Energy and Power Fund | ||
7.50%, due 8/15/23 (c) | 84,732,000 | 88,121,280 |
Icahn Enterprises LP | ||
5.25%, due 5/15/27 | 13,705,000 | 14,253,200 |
6.25%, due 5/15/26 | 12,770,000 | 13,376,575 |
157,213,836 | ||
Iron & Steel 0.9% | ||
Allegheny Ludlum LLC | ||
6.95%, due 12/15/25 | 22,688,000 | 24,786,640 |
Big River Steel LLC | ||
6.625%, due 1/31/29 (c) | 29,600,000 | 32,153,000 |
Mineral Resources Ltd. | ||
8.125%, due 5/1/27 (c) | 48,540,000 | 52,404,755 |
109,344,395 | ||
Leisure Time 2.5% | ||
Carlson Travel, Inc. (c) | ||
6.75%, due 12/15/25 (g)(j) | 52,916,000 | 25,399,680 |
10.50%, due 3/31/25 (i) | 47,513,112 | 49,176,071 |
11.50% (9.50% Cash and 2.00% PIK), due 12/15/26 (b)(g)(j)(k) | 32,358,545 | 970,756 |
Carnival Corp. (c) | ||
4.00%, due 8/1/28 | 34,500,000 | 34,500,000 |
5.75%, due 3/1/27 | 61,000,000 | 62,067,500 |
6.00%, due 5/1/29 | 32,000,000 | 31,980,000 |
7.625%, due 3/1/26 | 8,500,000 | 8,955,515 |
9.875%, due 8/1/27 | 31,843,000 | 36,659,254 |
10.50%, due 2/1/26 | 28,445,000 | 33,053,090 |
Royal Caribbean Cruises Ltd. | ||
5.50%, due 4/1/28 (c) | 22,770,000 | 23,168,475 |
305,930,341 | ||
Lodging 1.6% | ||
Boyd Gaming Corp. | ||
4.75%, due 12/1/27 | 28,435,000 | 29,296,580 |
4.75%, due 6/15/31 (c) | 39,725,000 | 40,867,384 |
8.625%, due 6/1/25 (c) | 8,000,000 | 8,620,000 |
Hilton Domestic Operating Co., Inc. | ||
3.75%, due 5/1/29 (c) | 5,000,000 | 5,000,000 |
4.00%, due 5/1/31 (c) | 23,090,000 | 23,200,486 |
4.875%, due 1/15/30 | 24,325,000 | 25,966,451 |
5.375%, due 5/1/25 (c) | 5,000,000 | 5,212,250 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Lodging (continued) | ||
Hilton Domestic Operating Co., Inc. (continued) | ||
5.75%, due 5/1/28 (c) | $ 12,500,000 | $ 13,421,875 |
Hyatt Hotels Corp. | ||
5.375%, due 4/23/25 | 7,715,000 | 8,595,932 |
5.75%, due 4/23/30 | 8,095,000 | 9,747,328 |
Marriott International, Inc. | ||
Series GG | ||
3.50%, due 10/15/32 | 9,200,000 | 9,730,195 |
Series FF | ||
4.625%, due 6/15/30 | 3,000,000 | 3,416,260 |
Series EE | ||
5.75%, due 5/1/25 | 2,957,000 | 3,351,525 |
Station Casinos LLC | ||
4.50%, due 2/15/28 (c) | 9,820,000 | 9,893,650 |
196,319,916 | ||
Machinery—Construction & Mining 0.3% | ||
Terex Corp. | ||
5.00%, due 5/15/29 (c) | 7,000,000 | 7,140,000 |
Vertiv Group Corp. | ||
4.125%, due 11/15/28 (c) | 24,150,000 | 23,999,062 |
31,139,062 | ||
Machinery-Diversified 0.6% | ||
Briggs & Stratton Corp. Escrow Claim Shares | ||
6.875%, due 12/15/20 (g)(j)(l) | 9,200,000 | 759,000 |
Colfax Corp. | ||
6.375%, due 2/15/26 (c) | 13,980,000 | 14,539,200 |
Stevens Holding Co., Inc. | ||
6.125%, due 10/1/26 (c) | 19,315,000 | 20,811,913 |
TK Elevator Holdco GmbH | ||
7.625%, due 7/15/28 (c) | 9,526,000 | 10,097,560 |
TK Elevator U.S. Newco, Inc. | ||
5.25%, due 7/15/27 (c) | 21,025,000 | 21,399,245 |
67,606,918 | ||
Media 6.2% | ||
Block Communications, Inc. | ||
4.875%, due 3/1/28 (c) | 15,000,000 | 15,300,000 |
Cable One, Inc. | ||
4.00%, due 11/15/30 (c) | 37,800,000 | 37,129,806 |
CCO Holdings LLC | ||
4.25%, due 2/1/31 (c) | 34,815,000 | 34,658,332 |
4.25%, due 1/15/34 (c) | 25,550,000 | 24,778,645 |
4.50%, due 8/15/30 (c) | 42,430,000 | 43,188,648 |
4.50%, due 5/1/32 | 41,900,000 | 42,098,187 |
Principal Amount | Value | |
Media (continued) | ||
CCO Holdings LLC (continued) | ||
4.50%, due 6/1/33 (c) | $ 16,100,000 | $ 16,059,750 |
4.75%, due 3/1/30 (c) | 31,835,000 | 32,869,637 |
5.00%, due 2/1/28 (c) | 21,000,000 | 21,840,000 |
5.125%, due 5/1/27 (c) | 41,225,000 | 42,719,406 |
5.375%, due 6/1/29 (c) | 13,495,000 | 14,500,378 |
5.50%, due 5/1/26 (c) | 413,000 | 426,629 |
CSC Holdings LLC (c) | ||
5.75%, due 1/15/30 | 23,900,000 | 23,582,130 |
6.50%, due 2/1/29 | 7,000,000 | 7,507,500 |
Diamond Sports Group LLC | ||
6.625%, due 8/15/27 (c) | 7,000,000 | 2,087,505 |
DIRECTV Holdings LLC | ||
5.875%, due 8/15/27 (c) | 11,700,000 | 12,128,805 |
DISH DBS Corp. | ||
5.875%, due 7/15/22 | 14,537,000 | 14,900,425 |
7.75%, due 7/1/26 | 30,375,000 | 33,754,219 |
LCPR Senior Secured Financing DAC (c) | ||
5.125%, due 7/15/29 | 12,100,000 | 12,190,750 |
6.75%, due 10/15/27 | 53,680,000 | 56,364,000 |
Meredith Corp. | ||
6.50%, due 7/1/25 | 5,000,000 | 5,338,500 |
6.875%, due 2/1/26 | 69,733,000 | 72,375,881 |
News Corp. | ||
3.875%, due 5/15/29 (c) | 42,070,000 | 42,701,050 |
Quebecor Media, Inc. | ||
5.75%, due 1/15/23 | 25,505,000 | 26,844,012 |
Scripps Escrow, Inc. | ||
5.875%, due 7/15/27 (c) | 5,000,000 | 5,075,000 |
Sirius XM Radio, Inc. (c) | ||
3.125%, due 9/1/26 | 11,000,000 | 11,013,750 |
3.875%, due 9/1/31 | 20,330,000 | 19,529,608 |
4.00%, due 7/15/28 | 2,970,000 | 2,991,384 |
5.00%, due 8/1/27 | 13,000,000 | 13,568,750 |
5.50%, due 7/1/29 | 11,590,000 | 12,502,713 |
Sterling Entertainment Enterprises LLC | ||
10.25%, due 1/15/25 (d)(e)(f)(l) | 20,000,000 | 20,000,000 |
Townsquare Media, Inc. | ||
6.875%, due 2/1/26 (c) | 4,155,000 | 4,341,975 |
Videotron Ltd. | ||
5.375%, due 6/15/24 (c) | 17,850,000 | 19,166,438 |
Virgin Media Finance plc | ||
5.00%, due 7/15/30 (c) | 12,500,000 | 12,429,219 |
755,963,032 |
18 | MainStay MacKay High Yield Corporate Bond Fund |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Metal Fabricate & Hardware 0.4% | ||
Advanced Drainage Systems, Inc. | ||
5.00%, due 9/30/27 (c) | $ 18,315,000 | $ 19,047,600 |
Park-Ohio Industries, Inc. | ||
6.625%, due 4/15/27 | 12,415,000 | 11,670,100 |
Roller Bearing Co. of America, Inc. | ||
4.375%, due 10/15/29 (c) | 11,500,000 | 11,715,625 |
42,433,325 | ||
Mining 2.0% | ||
Arconic Corp. | ||
6.00%, due 5/15/25 (c) | 8,695,000 | 9,097,144 |
Century Aluminum Co. | ||
7.50%, due 4/1/28 (c) | 23,550,000 | 24,904,125 |
Compass Minerals International, Inc. (c) | ||
4.875%, due 7/15/24 | 7,000,000 | 7,288,750 |
6.75%, due 12/1/27 | 31,535,000 | 33,387,681 |
First Quantum Minerals Ltd. (c) | ||
6.875%, due 10/15/27 | 10,000,000 | 10,675,000 |
7.25%, due 4/1/23 | 25,027,000 | 25,482,491 |
7.50%, due 4/1/25 | 5,000,000 | 5,175,000 |
IAMGOLD Corp. | ||
5.75%, due 10/15/28 (c) | 28,000,000 | 27,475,000 |
Joseph T Ryerson & Son, Inc. | ||
8.50%, due 8/1/28 (c) | 7,800,000 | 8,677,500 |
Novelis Corp. (c) | ||
3.25%, due 11/15/26 | 25,000,000 | 24,937,500 |
3.875%, due 8/15/31 | 28,645,000 | 27,966,114 |
4.75%, due 1/30/30 | 30,955,000 | 32,193,200 |
237,259,505 | ||
Miscellaneous—Manufacturing 1.0% | ||
Amsted Industries, Inc. (c) | ||
4.625%, due 5/15/30 | 2,100,000 | 2,157,750 |
5.625%, due 7/1/27 | 24,395,000 | 25,370,800 |
EnPro Industries, Inc. | ||
5.75%, due 10/15/26 | 21,784,000 | 22,791,512 |
FXI Holdings, Inc. (c) | ||
7.875%, due 11/1/24 | 2,445,000 | 2,490,844 |
12.25%, due 11/15/26 | 22,892,000 | 25,468,037 |
Hillenbrand, Inc. | ||
3.75%, due 3/1/31 | 5,395,000 | 5,273,612 |
5.00%, due 9/15/26 (i) | 5,000,000 | 5,593,750 |
5.75%, due 6/15/25 | 7,850,000 | 8,271,937 |
LSB Industries, Inc. | ||
6.25%, due 10/15/28 (c) | 19,205,000 | 19,385,335 |
116,803,577 |
Principal Amount | Value | |
Office Furnishings 0.1% | ||
Interface, Inc. | ||
5.50%, due 12/1/28 (c) | $ 16,952,000 | $ 17,587,700 |
Oil & Gas 7.0% | ||
Apache Corp. | ||
4.625%, due 11/15/25 | 6,000,000 | 6,467,940 |
Ascent Resources Utica Holdings LLC (c) | ||
7.00%, due 11/1/26 | 10,000,000 | 10,325,000 |
9.00%, due 11/1/27 | 11,295,000 | 15,445,913 |
Bonanza Creek Energy, Inc. | ||
5.00%, due 10/15/26 (c) | 5,500,000 | 5,556,100 |
7.50%, due 4/30/26 | 6,800,000 | 6,800,000 |
California Resources Corp. | ||
7.125%, due 2/1/26 (c) | 11,000,000 | 11,604,615 |
Callon Petroleum Co. | ||
6.125%, due 10/1/24 | 17,750,000 | 17,511,263 |
9.00%, due 4/1/25 (c) | 25,965,000 | 27,912,375 |
Centennial Resource Production LLC (c) | ||
5.375%, due 1/15/26 | 15,572,000 | 15,494,140 |
6.875%, due 4/1/27 | 23,400,000 | 23,926,500 |
Chevron USA, Inc. | ||
3.85%, due 1/15/28 | 5,560,000 | 6,230,635 |
3.90%, due 11/15/24 | 5,815,000 | 6,294,894 |
Colgate Energy Partners III LLC | ||
7.75%, due 2/15/26 (c) | 20,645,000 | 22,038,537 |
Comstock Resources, Inc. | ||
6.75%, due 3/1/29 (c) | 8,080,000 | 8,686,000 |
Continental Resources, Inc. | ||
4.50%, due 4/15/23 | 2,500,000 | 2,599,800 |
Encino Acquisition Partners Holdings LLC | ||
8.50%, due 5/1/28 (c) | 38,705,000 | 40,446,725 |
Endeavor Energy Resources LP | ||
6.625%, due 7/15/25 (c) | 7,025,000 | 7,408,124 |
EQT Corp. | ||
6.625%, due 2/1/25 (i) | 18,899,000 | 21,261,375 |
Gulfport Energy Operating Corp. | ||
8.00%, due 5/17/26 (c) | 30,637,302 | 33,930,812 |
Gulfport Energy Operating Corp. Escrow Claim Shares (g) | ||
6.00%, due 10/15/24 | 50,754,000 | 2,791,470 |
6.375%, due 5/15/25 | 24,354,000 | 1,339,470 |
6.375%, due 1/15/26 | 11,915,000 | 655,325 |
6.625%, due 5/1/23 | 17,072,000 | 938,960 |
Hilcorp Energy I LP (c) | ||
5.75%, due 2/1/29 | 4,000,000 | 4,060,000 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Oil & Gas (continued) | ||
Hilcorp Energy I LP (c) (continued) | ||
6.00%, due 2/1/31 | $ 4,395,000 | $ 4,510,911 |
Laredo Petroleum, Inc. | ||
7.75%, due 7/31/29 (c) | 13,095,000 | 12,898,575 |
Marathon Oil Corp. | ||
4.40%, due 7/15/27 | 7,825,000 | 8,677,870 |
6.80%, due 3/15/32 | 5,000,000 | 6,505,521 |
Matador Resources Co. | ||
5.875%, due 9/15/26 | 20,495,000 | 21,163,342 |
Moss Creek Resources Holdings, Inc. | ||
7.50%, due 1/15/26 (c) | 12,465,000 | 11,339,411 |
Murphy Oil Corp. | ||
6.875%, due 8/15/24 | 6,528,000 | 6,656,602 |
Occidental Petroleum Corp. | ||
3.20%, due 8/15/26 | 12,000,000 | 12,150,000 |
3.40%, due 4/15/26 | 2,744,000 | 2,799,813 |
3.50%, due 8/15/29 | 5,000,000 | 5,075,000 |
5.55%, due 3/15/26 | 30,505,000 | 33,669,894 |
5.875%, due 9/1/25 | 6,000,000 | 6,660,000 |
6.125%, due 1/1/31 | 10,000,000 | 11,975,000 |
6.375%, due 9/1/28 | 6,635,000 | 7,777,083 |
6.45%, due 9/15/36 | 6,850,000 | 8,716,625 |
6.625%, due 9/1/30 | 13,270,000 | 16,237,836 |
6.95%, due 7/1/24 | 13,950,000 | 15,693,750 |
7.15%, due 5/15/28 | 4,000,000 | 4,726,720 |
Parkland Corp. (c) | ||
4.50%, due 10/1/29 | 14,985,000 | 15,078,656 |
5.875%, due 7/15/27 | 12,025,000 | 12,701,406 |
PBF Holding Co. LLC | ||
6.00%, due 2/15/28 | 5,555,000 | 4,026,292 |
7.25%, due 6/15/25 | 9,205,000 | 7,207,929 |
9.25%, due 5/15/25 (c) | 23,790,000 | 23,076,300 |
PDC Energy, Inc. | ||
6.125%, due 9/15/24 | 22,880,000 | 23,194,600 |
Range Resources Corp. | ||
5.875%, due 7/1/22 | 9,604,000 | 9,676,030 |
9.25%, due 2/1/26 | 36,000,000 | 38,880,000 |
Rockcliff Energy II LLC | ||
5.50%, due 10/15/29 (c) | 19,500,000 | 20,007,000 |
Southwestern Energy Co. | ||
5.375%, due 3/15/30 | 15,330,000 | 16,172,843 |
6.45%, due 1/23/25 (i) | 13,932,000 | 15,185,880 |
7.75%, due 10/1/27 | 2,500,000 | 2,684,375 |
8.375%, due 9/15/28 | 3,000,000 | 3,345,000 |
Sunoco LP | ||
6.00%, due 4/15/27 | 19,965,000 | 20,913,337 |
Principal Amount | Value | |
Oil & Gas (continued) | ||
Talos Production, Inc. | ||
12.00%, due 1/15/26 | $ 81,465,000 | $ 88,386,267 |
Transocean Guardian Ltd. | ||
5.875%, due 1/15/24 (c) | 8,780,350 | 8,560,841 |
Transocean Pontus Ltd. | ||
6.125%, due 8/1/25 (c) | 1,862,600 | 1,862,600 |
Transocean Poseidon Ltd. | ||
6.875%, due 2/1/27 (c) | 11,750,000 | 11,720,625 |
Transocean Sentry Ltd. | ||
5.375%, due 5/15/23 (c) | 11,487,151 | 11,257,408 |
Viper Energy Partners LP | ||
5.375%, due 11/1/27 (c) | 14,350,000 | 14,959,875 |
845,857,190 | ||
Oil & Gas Services 0.8% | ||
Bristow Group, Inc. | ||
6.875%, due 3/1/28 (c) | 22,350,000 | 23,188,125 |
Nine Energy Service, Inc. | ||
8.75%, due 11/1/23 (c) | 26,500,000 | 13,647,500 |
TechnipFMC plc | ||
6.50%, due 2/1/26 (c) | 28,615,000 | 30,513,716 |
Weatherford International Ltd. (c) | ||
6.50%, due 9/15/28 | 11,500,000 | 12,146,875 |
8.625%, due 4/30/30 | 12,195,000 | 12,526,338 |
92,022,554 | ||
Packaging & Containers 0.5% | ||
ARD Finance SA | ||
6.50% (6.50% Cash or 7.25% PIK), due 6/30/27 (b)(c) | 19,985,000 | 20,934,288 |
Cascades, Inc. (c) | ||
5.125%, due 1/15/26 | 11,306,000 | 11,927,830 |
5.375%, due 1/15/28 | 22,385,000 | 23,420,306 |
Graphic Packaging International LLC | ||
3.50%, due 3/1/29 (c) | 5,000,000 | 4,950,000 |
61,232,424 | ||
Pharmaceuticals 2.4% | ||
180 Medical, Inc. | ||
3.875%, due 10/15/29 (c) | 9,740,000 | 9,794,909 |
Bausch Health Americas, Inc. (c) | ||
8.50%, due 1/31/27 | 11,915,000 | 12,644,794 |
9.25%, due 4/1/26 | 14,000,000 | 14,875,000 |
Bausch Health Cos., Inc. (c) | ||
5.00%, due 1/30/28 | 10,315,000 | 9,520,951 |
5.25%, due 1/30/30 | 2,390,000 | 2,157,033 |
5.25%, due 2/15/31 | 2,140,000 | 1,923,389 |
6.125%, due 4/15/25 | 14,676,000 | 14,947,800 |
20 | MainStay MacKay High Yield Corporate Bond Fund |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Pharmaceuticals (continued) | ||
Bausch Health Cos., Inc. (c) (continued) | ||
6.25%, due 2/15/29 | $ 9,000,000 | $ 8,718,750 |
7.00%, due 1/15/28 | 7,000,000 | 7,088,445 |
7.25%, due 5/30/29 | 5,000,000 | 5,067,550 |
Cheplapharm Arzneimittel GmbH | ||
5.50%, due 1/15/28 (c) | 5,000,000 | 5,153,125 |
Jazz Securities DAC | ||
4.375%, due 1/15/29 (c) | 36,540,000 | 37,544,850 |
Organon & Co. (c) | ||
4.125%, due 4/30/28 | 31,900,000 | 32,338,625 |
5.125%, due 4/30/31 | 25,000,000 | 25,785,750 |
Owens & Minor, Inc. | ||
4.50%, due 3/31/29 (c) | 13,570,000 | 13,620,887 |
Par Pharmaceutical, Inc. | ||
7.50%, due 4/1/27 (c) | 26,701,000 | 26,934,634 |
Prestige Brands, Inc. (c) | ||
3.75%, due 4/1/31 | 18,985,000 | 18,342,832 |
5.125%, due 1/15/28 | 24,750,000 | 25,801,875 |
Vizient, Inc. | ||
6.25%, due 5/15/27 (c) | 14,300,000 | 14,987,973 |
287,249,172 | ||
Pipelines 4.9% | ||
ANR Pipeline Co. | ||
7.375%, due 2/15/24 | 2,555,000 | 2,863,890 |
9.625%, due 11/1/21 | 10,349,000 | 10,349,000 |
Antero Midstream Partners LP (c) | ||
5.375%, due 6/15/29 | 6,000,000 | 6,269,700 |
5.75%, due 1/15/28 | 8,000,000 | 8,370,000 |
Cheniere Energy Partners LP (c) | ||
3.25%, due 1/31/32 | 8,500,000 | 8,425,200 |
4.00%, due 3/1/31 | 25,000,000 | 26,000,400 |
CNX Midstream Partners LP | ||
4.75%, due 4/15/30 (c) | 5,360,000 | 5,366,700 |
DT Midstream, Inc. (c) | ||
4.125%, due 6/15/29 | 5,000,000 | 5,035,750 |
4.375%, due 6/15/31 | 11,195,000 | 11,342,326 |
Enable Midstream Partners LP | ||
3.90%, due 5/15/24 (i) | 3,000,000 | 3,161,908 |
4.40%, due 3/15/27 | 15,475,000 | 16,920,977 |
4.95%, due 5/15/28 | 16,610,000 | 18,556,844 |
EQM Midstream Partners LP (c) | ||
4.50%, due 1/15/29 | 7,705,000 | 7,926,519 |
4.75%, due 1/15/31 | 11,005,000 | 11,393,752 |
6.00%, due 7/1/25 | 12,250,000 | 13,291,250 |
6.50%, due 7/1/27 | 8,900,000 | 9,901,250 |
Principal Amount | Value | |
Pipelines (continued) | ||
Genesis Energy LP | ||
6.25%, due 5/15/26 | $ 8,635,000 | $ 8,354,362 |
7.75%, due 2/1/28 | 15,300,000 | 15,112,422 |
8.00%, due 1/15/27 | 17,300,000 | 17,381,310 |
Harvest Midstream I LP | ||
7.50%, due 9/1/28 (c) | 23,250,000 | 24,412,500 |
Hess Midstream Operations LP | ||
5.625%, due 2/15/26 (c) | 1,000,000 | 1,036,250 |
Holly Energy Partners LP | ||
5.00%, due 2/1/28 (c) | 9,870,000 | 9,894,675 |
ITT Holdings LLC | ||
6.50%, due 8/1/29 (c) | 8,800,000 | 8,822,000 |
MPLX LP | ||
4.875%, due 12/1/24 | 12,000,000 | 13,154,712 |
New Fortress Energy, Inc. | ||
6.50%, due 9/30/26 (c) | 12,705,000 | 12,347,227 |
NGL Energy Operating LLC | ||
7.50%, due 2/1/26 (c) | 11,760,000 | 11,925,463 |
NGPL PipeCo LLC (c) | ||
4.875%, due 8/15/27 | 16,630,000 | 18,659,630 |
7.768%, due 12/15/37 | 10,630,000 | 15,278,970 |
NuStar Logistics LP | ||
5.75%, due 10/1/25 | 3,000,000 | 3,210,000 |
6.00%, due 6/1/26 | 15,000,000 | 15,937,500 |
Oasis Midstream Partners LP | ||
8.00%, due 4/1/29 (c) | 8,600,000 | 9,341,750 |
PBF Logistics LP | ||
6.875%, due 5/15/23 | 6,050,000 | 5,878,845 |
Plains All American Pipeline LP | ||
Series B | ||
6.125%, due 11/15/22 (a)(m) | 43,828,000 | 39,554,770 |
Rockies Express Pipeline LLC (c) | ||
3.60%, due 5/15/25 | 7,000,000 | 7,287,630 |
4.80%, due 5/15/30 | 15,220,000 | 16,209,300 |
Ruby Pipeline LLC | ||
8.00%, due 4/1/22 (c)(i) | 54,771,243 | 50,938,495 |
Summit Midstream Holdings LLC | ||
8.50%, due 10/15/26 (c) | 21,455,000 | 21,567,210 |
Tallgrass Energy Partners LP (c) | ||
6.00%, due 3/1/27 | 19,000,000 | 19,688,750 |
7.50%, due 10/1/25 | 8,500,000 | 9,190,625 |
Targa Resources Partners LP | ||
5.00%, due 1/15/28 | 6,320,000 | 6,650,789 |
5.875%, due 4/15/26 | 7,590,000 | 7,924,491 |
6.50%, due 7/15/27 | 10,116,000 | 10,836,765 |
TransMontaigne Partners LP | ||
6.125%, due 2/15/26 | 22,140,000 | 22,361,400 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Pipelines (continued) | ||
Western Midstream Operating LP | ||
4.65%, due 7/1/26 | $ 5,000,000 | $ 5,400,000 |
4.75%, due 8/15/28 | 12,000,000 | 13,202,400 |
6.50%, due 2/1/50 (i) | 3,000,000 | 3,590,940 |
590,326,647 | ||
Real Estate 0.7% | ||
Howard Hughes Corp. (The) (c) | ||
4.125%, due 2/1/29 | 10,000,000 | 10,010,100 |
4.375%, due 2/1/31 | 10,155,000 | 10,157,234 |
Newmark Group, Inc. | ||
6.125%, due 11/15/23 | 43,914,000 | 47,427,120 |
Realogy Group LLC | ||
9.375%, due 4/1/27 (c) | 18,500,000 | 20,234,375 |
87,828,829 | ||
Real Estate Investment Trusts 3.0% | ||
CTR Partnership LP | ||
3.875%, due 6/30/28 (c) | 12,425,000 | 12,611,375 |
GLP Capital LP | ||
5.25%, due 6/1/25 | 10,000,000 | 11,093,100 |
5.30%, due 1/15/29 | 14,080,000 | 16,108,365 |
5.375%, due 11/1/23 | 6,000,000 | 6,437,340 |
5.375%, due 4/15/26 | 5,620,000 | 6,337,618 |
5.75%, due 6/1/28 | 3,850,000 | 4,470,505 |
Host Hotels & Resorts LP | ||
Series I | ||
3.50%, due 9/15/30 | 10,650,000 | 10,984,526 |
MGM Growth Properties Operating Partnership LP | ||
3.875%, due 2/15/29 (c) | 44,460,000 | 47,084,029 |
4.625%, due 6/15/25 (c) | 21,650,000 | 23,273,750 |
5.625%, due 5/1/24 | 63,960,000 | 69,386,891 |
5.75%, due 2/1/27 | 26,800,000 | 30,552,000 |
MPT Operating Partnership LP | ||
3.50%, due 3/15/31 | 2,000,000 | 2,015,200 |
4.625%, due 8/1/29 | 3,940,000 | 4,166,550 |
5.00%, due 10/15/27 | 23,425,000 | 24,659,497 |
5.25%, due 8/1/26 | 5,500,000 | 5,665,000 |
RHP Hotel Properties LP | ||
4.50%, due 2/15/29 (c) | 10,755,000 | 10,647,450 |
4.75%, due 10/15/27 | 28,050,000 | 28,611,000 |
SBA Communications Corp. | ||
3.125%, due 2/1/29 (c) | 18,000,000 | 17,280,000 |
3.875%, due 2/15/27 | 10,000,000 | 10,312,800 |
Principal Amount | Value | |
Real Estate Investment Trusts (continued) | ||
VICI Properties LP (c) | ||
3.75%, due 2/15/27 | $ 12,987,000 | $ 13,344,143 |
4.125%, due 8/15/30 | 7,080,000 | 7,434,000 |
362,475,139 | ||
Retail 4.0% | ||
1011778 B.C. Unlimited Liability Co. (c) | ||
3.50%, due 2/15/29 | 11,305,000 | 10,965,850 |
3.875%, due 1/15/28 | 26,885,000 | 26,819,938 |
4.00%, due 10/15/30 | 48,877,000 | 47,348,616 |
Asbury Automotive Group, Inc. | ||
4.50%, due 3/1/28 | 23,137,000 | 23,541,898 |
4.75%, due 3/1/30 | 16,525,000 | 16,855,500 |
CEC Entertainment LLC | ||
6.75%, due 5/1/26 (c) | 12,950,000 | 12,941,971 |
Dave & Buster's, Inc. | ||
7.625%, due 11/1/25 (c) | 6,947,000 | 7,460,105 |
Group 1 Automotive, Inc. | ||
4.00%, due 8/15/28 (c) | 15,250,000 | 15,253,050 |
Ken Garff Automotive LLC | ||
4.875%, due 9/15/28 (c) | 24,000,000 | 24,300,000 |
KFC Holding Co. | ||
4.75%, due 6/1/27 (c) | 18,287,000 | 18,927,045 |
LCM Investments Holdings II LLC | ||
4.875%, due 5/1/29 (c) | 38,515,000 | 39,547,972 |
Lithia Motors, Inc. (c) | ||
3.875%, due 6/1/29 | 10,000,000 | 10,362,500 |
4.375%, due 1/15/31 | 5,000,000 | 5,324,550 |
Murphy Oil USA, Inc. | ||
4.75%, due 9/15/29 | 7,500,000 | 7,900,875 |
5.625%, due 5/1/27 | 10,417,000 | 10,820,659 |
NMG Holding Co., Inc. | ||
7.125%, due 4/1/26 (c) | 64,485,000 | 67,728,595 |
Sonic Automotive, Inc. (c) | ||
4.625%, due 11/15/29 | 14,390,000 | 14,431,731 |
4.875%, due 11/15/31 | 12,335,000 | 12,335,000 |
Ultra Resources, Inc. Escrow Claim Shares | ||
6.875%, due 4/15/22 (d)(e)(f)(g) | 28,880,000 | — |
Yum! Brands, Inc. | ||
3.625%, due 3/15/31 | 36,870,000 | 36,440,465 |
4.625%, due 1/31/32 | 36,000,000 | 37,440,000 |
4.75%, due 1/15/30 (c) | 33,885,000 | 36,172,238 |
7.75%, due 4/1/25 (c) | 4,500,000 | 4,785,525 |
487,704,083 |
22 | MainStay MacKay High Yield Corporate Bond Fund |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Software 3.9% | ||
ACI Worldwide, Inc. | ||
5.75%, due 8/15/26 (c) | $ 7,500,000 | $ 7,837,500 |
Ascend Learning LLC | ||
6.875%, due 8/1/25 (c) | 27,000,000 | 27,472,500 |
Camelot Finance SA | ||
4.50%, due 11/1/26 (c) | 15,990,000 | 16,609,613 |
CDK Global, Inc. | ||
4.875%, due 6/1/27 | 8,570,000 | 8,920,990 |
5.25%, due 5/15/29 (c) | 5,000,000 | 5,362,500 |
Change Healthcare Holdings LLC | ||
5.75%, due 3/1/25 (c) | 13,500,000 | 13,601,250 |
Clarivate Science Holdings Corp. (c) | ||
3.875%, due 7/1/28 | 18,535,000 | 18,326,481 |
4.875%, due 7/1/29 | 27,900,000 | 27,780,030 |
Fair Isaac Corp. | ||
5.25%, due 5/15/26 (c) | 12,250,000 | 13,658,750 |
MSCI, Inc. (c) | ||
3.25%, due 8/15/33 | 23,000,000 | 23,089,010 |
3.625%, due 9/1/30 | 32,125,000 | 32,928,125 |
3.625%, due 11/1/31 | 30,375,000 | 31,286,250 |
3.875%, due 2/15/31 | 44,255,000 | 45,653,339 |
4.00%, due 11/15/29 | 34,330,000 | 35,874,850 |
Open Text Corp. (c) | ||
3.875%, due 2/15/28 | 17,385,000 | 17,515,388 |
5.875%, due 6/1/26 | 30,090,000 | 31,067,925 |
Open Text Holdings, Inc. | ||
4.125%, due 2/15/30 (c) | 30,047,000 | 30,545,789 |
PTC, Inc. (c) | ||
3.625%, due 2/15/25 | 11,000,000 | 11,179,025 |
4.00%, due 2/15/28 | 32,619,000 | 33,067,511 |
SS&C Technologies, Inc. | ||
5.50%, due 9/30/27 (c) | 22,995,000 | 24,202,237 |
Veritas US, Inc. | ||
7.50%, due 9/1/25 (c) | 11,000,000 | 11,398,750 |
467,377,813 | ||
Telecommunications 4.4% | ||
CommScope Technologies LLC | ||
6.00%, due 6/15/25 (c) | 3,000,000 | 2,969,490 |
CommScope, Inc. | ||
8.25%, due 3/1/27 (c) | 25,815,000 | 26,303,936 |
Connect Finco SARL | ||
6.75%, due 10/1/26 (c) | 54,590,000 | 56,637,125 |
Hughes Satellite Systems Corp. | ||
5.25%, due 8/1/26 | 18,000,000 | 20,092,500 |
6.625%, due 8/1/26 | 19,275,000 | 21,852,068 |
Principal Amount | Value | |
Telecommunications (continued) | ||
Level 3 Financing, Inc. | ||
5.375%, due 5/1/25 | $ 31,477,000 | $ 32,216,710 |
Lumen Technologies, Inc. | ||
Series T | ||
5.80%, due 3/15/22 | 28,940,000 | 29,269,337 |
Sprint Capital Corp. | ||
6.875%, due 11/15/28 | 104,520,000 | 132,159,269 |
Sprint Corp. | ||
7.875%, due 9/15/23 | 46,900,000 | 52,000,375 |
Switch Ltd. | ||
3.75%, due 9/15/28 (c) | 18,195,000 | 18,104,025 |
T-Mobile US, Inc. | ||
2.625%, due 2/15/29 | 9,690,000 | 9,605,213 |
2.875%, due 2/15/31 | 34,390,000 | 34,175,062 |
4.00%, due 4/15/22 | 3,000,000 | 3,037,500 |
4.50%, due 4/15/50 | 15,000,000 | 17,729,484 |
4.75%, due 2/1/28 | 37,210,000 | 39,256,550 |
5.375%, due 4/15/27 | 33,000,000 | 34,361,250 |
Vmed O2 UK Financing I plc | ||
4.75%, due 7/15/31 (c) | 8,130,000 | 8,170,650 |
537,940,544 | ||
Toys, Games & Hobbies 0.3% | ||
Mattel, Inc. (c) | ||
3.375%, due 4/1/26 | 6,600,000 | 6,789,618 |
3.75%, due 4/1/29 | 10,000,000 | 10,388,000 |
5.875%, due 12/15/27 | 19,775,000 | 21,258,125 |
38,435,743 | ||
Transportation 0.5% | ||
Seaspan Corp. | ||
5.50%, due 8/1/29 (c) | 10,500,000 | 10,604,055 |
Teekay Corp. | ||
9.25%, due 11/15/22 (c) | 6,000,000 | 6,187,500 |
Watco Cos. LLC | ||
6.50%, due 6/15/27 (c) | 43,800,000 | 46,537,500 |
63,329,055 | ||
Total Corporate Bonds (Cost $10,210,499,810) | 10,648,089,345 | |
Loan Assignments 3.2% | ||
Automobile 0.3% | ||
Dealer Tire LLC | ||
Term Loan B1 | ||
4.337% (1 Month LIBOR + 4.25%), due 1/1/38 (h) | 17,178,901 | 17,174,606 |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Automobile (continued) | ||
Neenah Foundry Co. | ||
Term Loan | ||
TBD, due 10/1/26 (d) | $ 19,695,000 | $ 19,498,050 |
36,672,656 | ||
Beverage, Food & Tobacco 0.1% | ||
United Natural Foods, Inc. | ||
O Facility | ||
3.587% (1 Month LIBOR + 3.50%), due 10/22/25 (h) | 15,898,102 | 15,900,312 |
Electronics 0.1% | ||
Camelot U.S. Acquisition 1 Co. (h) | ||
Initial Term Loan | ||
3.087% (1 Month LIBOR + 3.00%), due 10/30/26 | 4,882,180 | 4,859,806 |
Amendment No. 2 Incremental Term Loan | ||
4.00% (1 Month LIBOR + 3.00%), due 10/30/26 | 4,962,500 | 4,968,703 |
9,828,509 | ||
Finance 0.2% | ||
Icon plc | ||
Lux Term Loan | ||
3.00% (3 Month LIBOR + 2.50%), due 7/1/28 (h) | 7,985,426 | 7,985,426 |
Truck Hero, Inc. | ||
Initial Term Loan | ||
4.00% (1 Month LIBOR + 3.25%), due 1/31/28 (h) | 8,877,694 | 8,835,525 |
16,820,951 | ||
Healthcare 0.1% | ||
Medline Borrower LP | ||
Initial Dollar Term Loan | ||
3.75% (1 Month LIBOR + 3.25%), due 10/23/28 (h) | 12,000,000 | 12,012,060 |
Healthcare, Education & Childcare 0.3% | ||
Ascend Learning LLC | ||
Initial Term Loan | ||
4.00% (1 Month LIBOR + 3.00%), due 7/12/24 (h) | 5,850,195 | 5,843,796 |
LifePoint Health, Inc. | ||
First Lien Term Loan B | ||
3.837% (1 Month LIBOR + 3.75%), due 11/16/25 (h) | 20,153,924 | 20,095,981 |
Principal Amount | Value | |
Healthcare, Education & Childcare (continued) | ||
Organon & Co. | ||
Dollar Term Loan | ||
3.50% (3 Month LIBOR + 3.00%), due 6/2/28 (h) | $ 10,972,500 | $ 10,991,362 |
36,931,139 | ||
Insurance 0.1% | ||
USI, Inc. | ||
2017 New Term Loan | ||
3.132% (3 Month LIBOR + 3.00%), due 5/16/24 (h) | 14,408,643 | 14,295,434 |
Leisure, Amusement, Motion Pictures & Entertainment 0.1% | ||
Carnival Corp. | ||
2021 Incremental Term Advance B | ||
4.00% (3 Month LIBOR + 3.25%), due 10/18/28 (h) | 12,000,000 | 11,985,000 |
NASCAR Holdings LLC | ||
Initial Term Loan | ||
2.587% (1 Month LIBOR + 2.50%), due 10/19/26 (h) | 4,205,745 | 4,191,407 |
16,176,407 | ||
Manufacturing 0.1% | ||
Adient US LLC | ||
Term Loan B1 | ||
3.587% (1 Month LIBOR + 3.50%), due 4/8/28 (h) | 15,960,000 | 15,957,510 |
Media 0.2% | ||
DIRECTV Financing LLC | ||
Closing Date Term Loan | ||
5.75% (3 Month LIBOR + 5.00%), due 8/2/27 (h) | 23,500,000 | 23,509,800 |
Mining, Steel, Iron & Non-Precious Metals 0.1% | ||
Keystone Power Pass-Through Ho | ||
Term Loan | ||
TBD (3 Month LIBOR + 18.00%), due 4/30/22 (d)(e)(h) | 5,180,750 | 5,180,750 |
Oil & Gas 0.2% | ||
Ascent Resources Utica Holdings LLC | ||
Second Lien Term Loan | ||
10.00% (3 Month LIBOR + 9.00%), due 11/1/25 (h) | 9,011,000 | 9,867,045 |
24 | MainStay MacKay High Yield Corporate Bond Fund |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Oil & Gas (continued) | ||
PetroQuest Energy LLC (b)(d)(e) | ||
2020 Term Loan | ||
TBD (8.50% PIK), due 9/19/26 | $ 1,975,292 | $ 1,975,292 |
Term Loan | ||
8.50% (8.50% PIK) (1 Month LIBOR + 7.50%), due 11/8/23 (f)(h) | 19,254,478 | 15,403,582 |
27,245,919 | ||
Personal & Nondurable Consumer Products 0.7% | ||
Great Outdoors Group LLC | ||
Term Loan B1 | ||
5.00% (3 Month LIBOR + 4.25%), due 3/6/28 (h) | 79,400,000 | 79,648,125 |
Pharmaceuticals 0.1% | ||
Bausch Health Cos., Inc. | ||
First Incremental Term Loan | ||
2.837% (1 Month LIBOR + 2.75%), due 11/27/25 (h) | 12,074,417 | 12,044,231 |
Services: Business 0.1% | ||
GIP II Blue Holding LP | ||
Initial Term Loan | ||
5.50% (3 Month LIBOR + 4.50%), due 9/29/28 (h) | 12,000,000 | 12,015,000 |
Icon plc | ||
U.S. Term Loan | ||
3.00% (3 Month LIBOR + 2.50%), due 7/3/28 (h) | 1,989,574 | 1,989,574 |
14,004,574 | ||
Utilities 0.4% | ||
PG&E Corp. | ||
Term Loan | ||
3.50% (3 Month LIBOR + 3.00%), due 6/23/25 (h) | 49,035,859 | 48,484,205 |
Total Loan Assignments (Cost $384,857,550) | 384,712,582 | |
Total Long-Term Bonds (Cost $10,706,841,855) | 11,173,257,337 | |
Shares | Value | |
Common Stocks 2.0% | ||
Commercial Services & Supplies 0.1% | ||
ATD New Holdings, Inc. (d)(n) | 142,545 | $ 10,263,240 |
Electric Utilities 0.0% ‡ | ||
Keycon Power Holdings LLC (d)(e)(f)(n) | 38,880 | 389 |
Electrical Equipment 0.3% | ||
Energy Technologies, Inc. (d)(e)(f)(n) | 16,724 | 30,521,300 |
Hotels, Restaurants & Leisure 0.0% ‡ | ||
Carlson Travel, Inc. (d)(f)(l)(n) | 25,452 | — |
Independent Power and Renewable Electricity Producers 0.3% | ||
GenOn Energy, Inc. (d)(l) | 386,241 | 40,555,305 |
Metals & Mining 0.1% | ||
Franco-Nevada Corp. | 65,000 | 9,283,950 |
Neenah Enterprises, Inc. (d)(e)(f)(l)(n) | 720,961 | 7,584,510 |
16,868,460 | ||
Oil, Gas & Consumable Fuels 1.2% | ||
California Resources Corp. (n) | 72,364 | 3,338,151 |
Gulfport Energy Operating Corp. (n) | 1,150,446 | 94,382,590 |
PetroQuest Energy, Inc. (d)(e)(f)(n) | 28,470,874 | — |
Talos Energy, Inc. (n) | 2,074,193 | 26,902,283 |
Titan Energy LLC (d)(e)(f)(n) | 91,174 | — |
Whiting Petroleum Corp. (n) | 232,077 | 15,115,175 |
139,738,199 | ||
Software 0.0% ‡ | ||
ASG Warrant Corp. (d)(e)(f)(n) | 12,502 | — |
Total Common Stocks (Cost $255,911,376) | 237,946,893 | |
Preferred Stocks 0.2% | ||
Electrical Equipment 0.2% | ||
Energy Technologies Ltd. (d)(e)(f)(n) | 37,258 | 27,850,355 |
Shares | Value | ||
Preferred Stocks (continued) | |||
Oil, Gas & Consumable Fuels 0.0% ‡ | |||
Gulfport Energy Operating Corp., 10.00%(10.00% Cash or 15.00% PIK) (b)(d)(e)(f)(l) | 145 | $ 771,581 | |
Total Preferred Stocks (Cost $35,657,837) | 28,621,936 | ||
Exchange-Traded Funds 0.5% | |||
iShares Gold Trust (n) | 929,500 | 31,537,935 | |
iShares iBoxx High Yield Corporate Bond ETF | 65,000 | 5,650,450 | |
SPDR Gold Shares (n) | 130,336 | 21,720,494 | |
Vanguard Value ETF | 36,762 | 5,247,408 | |
Total Exchange-Traded Funds (Cost $51,581,299) | 64,156,287 | ||
Number of Warrants | |||
Warrant 0.0% ‡ | |||
Oil, Gas & Consumable Fuels 0.0% ‡ | |||
California Resources Corp. | |||
Expires 10/27/24 (n) | 36,093 | 559,081 | |
Total Warrant (Cost $14,437) | 559,081 | ||
Total Investments (Cost $11,050,006,804) | 95.0% | 11,504,541,534 | |
Other Assets, Less Liabilities | 5.0 | 606,144,901 | |
Net Assets | 100.0% | $ 12,110,686,435 |
† | Percentages indicated are based on Fund net assets. |
‡ | Less than one-tenth of a percent. |
(a) | Security is perpetual and, thus, does not have a predetermined maturity date. The date shown, if applicable, reflects the next call date. |
(b) | PIK ("Payment-in-Kind")—issuer may pay interest or dividends with additional securities and/or in cash. |
(c) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
(d) | Fair valued security—Represents fair value as measured in good faith under procedures approved by the Board of Trustees. As of October 31, 2021, the total market value was $193,087,214, which represented 1.6% of the Fund’s net assets. |
(e) | Illiquid security—As of October 31, 2021, the total market value deemed illiquid under procedures approved by the Board of Trustees was $131,323,285, which represented 1.1% of the Fund’s net assets. (Unaudited) |
(f) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
(g) | Issue in non-accrual status. |
(h) | Floating rate—Rate shown was the rate in effect as of October 31, 2021. |
(i) | Step coupon—Rate shown was the rate in effect as of October 31, 2021. |
(j) | Issue in default. |
(k) | Coupon rate may change based on changes of the underlying collateral or prepayments of principal. Rate shown was the rate in effect as of October 31, 2021. |
(l) | Restricted security. (See Note 6) |
(m) | Fixed to floating rate—Rate shown was the rate in effect as of October 31, 2021. |
(n) | Non-income producing security. |
Abbreviation(s): |
ETF—Exchange-Traded Fund |
LIBOR—London Interbank Offered Rate |
SPDR—Standard & Poor’s Depositary Receipt |
TBD—To Be Determined |
26 | MainStay MacKay High Yield Corporate Bond Fund |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Long-Term Bonds | |||||||
Convertible Bonds | $ — | $ 140,455,410 | $ — | $ 140,455,410 | |||
Corporate Bonds | — | 10,614,606,485 | 33,482,860 | 10,648,089,345 | |||
Loan Assignments | — | 369,309,000 | 15,403,582 | 384,712,582 | |||
Total Long-Term Bonds | — | 11,124,370,895 | 48,886,442 | 11,173,257,337 | |||
Common Stocks | 149,022,149 | 50,818,545 | 38,106,199 | 237,946,893 | |||
Preferred Stocks | — | — | 28,621,936 | 28,621,936 | |||
Exchange-Traded Funds | 64,156,287 | — | — | 64,156,287 | |||
Warrant | 559,081 | — | — | 559,081 | |||
Total Investments in Securities | $ 213,737,517 | $ 11,175,189,440 | $ 115,614,577 | $ 11,504,541,534 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
Investments in Securities | Balance as of October 31, 2020 | Accrued Discounts (Premiums) | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Purchases | Sales | Transfers in to Level 3 | Transfers out of Level 3 | Balance as of October 31, 2021 | Change in Unrealized Appreciation (Depreciation) from Investments Still Held as of October 31, 2021 | |||||||||
Long-Term Bonds | |||||||||||||||||||
Corporate Bonds | $ 32,017,390 | $316,950 | $(37,348,307) | $38,496,827 | $ — | $ — | $ — | $ — | $ 33,482,860 | $ 972,215 | |||||||||
Loan Assignments | 21,944,560 | 35,037 | 2,921 | 602,250 | 1,866,338 | (9,047,524) | — | — | 15,403,582 | (696,356) | |||||||||
Common Stocks | 80,034,187 | — | 2,091,567 | 19,769,990 | 110,502 | (2,105,138) | 3,651 | (61,798,560) | 38,106,199 | 21,567,722 | |||||||||
Preferred Stocks | 33,565,732 | — | — | (5,086,796) | 143,000 | — | — | — | 28,621,936 | (5,086,796) | |||||||||
Total | $167,561,869 | $351,987 | $(35,253,819) | $53,782,271 | $2,119,840 | $(11,152,662) | $3,651 | $(61,798,560) | $115,614,577 | $16,756,785 |
Assets | |
Investment in securities, at value (identified cost $11,050,006,804) | $11,504,541,534 |
Cash | 546,942,271 |
Due from custodian | 592,178 |
Receivables: | |
Interest | 157,242,977 |
Fund shares sold | 22,541,292 |
Investment securities sold | 11,335,022 |
Other assets | 120,892 |
Total assets | 12,243,316,166 |
Liabilities | |
Payables: | |
Investment securities purchased | 91,229,372 |
Fund shares redeemed | 28,358,323 |
Manager (See Note 3) | 5,531,364 |
Transfer agent (See Note 3) | 2,084,653 |
NYLIFE Distributors (See Note 3) | 1,077,236 |
Shareholder communication | 804,742 |
Professional fees | 73,379 |
Trustees | 21,270 |
Custodian | 10,482 |
Accrued expenses | 6,901 |
Distributions payable | 3,432,009 |
Total liabilities | 132,629,731 |
Net assets | $12,110,686,435 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.01 per share) unlimited number of shares authorized | $ 21,536,766 |
Additional paid-in-capital | 11,919,694,442 |
11,941,231,208 | |
Total distributable earnings (loss) | 169,455,227 |
Net assets | $12,110,686,435 |
Class A | |
Net assets applicable to outstanding shares | $3,901,512,239 |
Shares of beneficial interest outstanding | 693,387,075 |
Net asset value per share outstanding | $ 5.63 |
Maximum sales charge (4.50% of offering price) | 0.27 |
Maximum offering price per share outstanding | $ 5.90 |
Investor Class | |
Net assets applicable to outstanding shares | $ 139,214,110 |
Shares of beneficial interest outstanding | 24,568,176 |
Net asset value per share outstanding | $ 5.67 |
Maximum sales charge (4.00% of offering price) | 0.24 |
Maximum offering price per share outstanding | $ 5.91 |
Class B | |
Net assets applicable to outstanding shares | $ 26,622,272 |
Shares of beneficial interest outstanding | 4,755,989 |
Net asset value and offering price per share outstanding | $ 5.60 |
Class C | |
Net assets applicable to outstanding shares | $ 214,695,902 |
Shares of beneficial interest outstanding | 38,331,823 |
Net asset value and offering price per share outstanding | $ 5.60 |
Class I | |
Net assets applicable to outstanding shares | $4,116,696,726 |
Shares of beneficial interest outstanding | 731,476,162 |
Net asset value and offering price per share outstanding | $ 5.63 |
Class R1 | |
Net assets applicable to outstanding shares | $ 61,986 |
Shares of beneficial interest outstanding | 11,035 |
Net asset value and offering price per share outstanding | $ 5.62 |
Class R2 | |
Net assets applicable to outstanding shares | $ 10,639,847 |
Shares of beneficial interest outstanding | 1,890,481 |
Net asset value and offering price per share outstanding | $ 5.63 |
Class R3 | |
Net assets applicable to outstanding shares | $ 3,630,288 |
Shares of beneficial interest outstanding | 645,967 |
Net asset value and offering price per share outstanding | $ 5.62 |
Class R6 | |
Net assets applicable to outstanding shares | $3,697,586,031 |
Shares of beneficial interest outstanding | 658,605,135 |
Net asset value and offering price per share outstanding | $ 5.61 |
SIMPLE Class | |
Net assets applicable to outstanding shares | $ 27,034 |
Shares of beneficial interest outstanding | 4,770 |
Net asset value and offering price per share outstanding | $ 5.67 |
28 | MainStay MacKay High Yield Corporate Bond Fund |
Investment Income (Loss) | |
Income | |
Interest | $ 638,367,323 |
Dividends (net of foreign tax withholding of $7,196) | 16,825,172 |
Securities lending | 112 |
Other | 1,301,359 |
Total income | 656,493,966 |
Expenses | |
Manager (See Note 3) | 65,815,700 |
Distribution/Service—Class A (See Note 3) | 9,843,143 |
Distribution/Service—Investor Class (See Note 3) | 369,961 |
Distribution/Service—Class B (See Note 3) | 342,235 |
Distribution/Service—Class C (See Note 3) | 2,554,645 |
Distribution/Service—Class R2 (See Note 3) | 27,057 |
Distribution/Service—Class R3 (See Note 3) | 15,313 |
Distribution/Service—SIMPLE Class (See Note 3) | 132 |
Transfer agent (See Note 3) | 11,897,579 |
Shareholder communication | 1,693,329 |
Professional fees | 625,558 |
Registration | 520,224 |
Trustees | 283,766 |
Custodian | 120,115 |
Insurance | 80,555 |
Shareholder service (See Note 3) | 13,945 |
Miscellaneous | 336,640 |
Total expenses | 94,539,897 |
Net investment income (loss) | 561,954,069 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on investments | 219,481,230 |
Net change in unrealized appreciation (depreciation) on investments | 336,122,360 |
Net realized and unrealized gain (loss) | 555,603,590 |
Net increase (decrease) in net assets resulting from operations | $1,117,557,659 |
for the years ended October 31, 2021 and October 31, 2020
2021 | 2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 561,954,069 | $ 581,584,037 |
Net realized gain (loss) | 219,481,230 | (211,397,989) |
Net change in unrealized appreciation (depreciation) | 336,122,360 | 64,514,837 |
Net increase (decrease) in net assets resulting from operations | 1,117,557,659 | 434,700,885 |
Distributions to shareholders: | ||
Class A | (176,416,889) | (177,680,636) |
Investor Class | (6,494,080) | (8,009,437) |
Class B | (1,264,772) | (2,399,380) |
Class C | (9,396,090) | (15,036,249) |
Class I | (186,334,257) | (186,258,181) |
Class R1 | (2,744) | (2,637) |
Class R2 | (475,941) | (677,108) |
Class R3 | (129,139) | (79,045) |
Class R6 | (190,139,469) | (193,592,509) |
SIMPLE Class | (1,106) | (205) |
(570,654,487) | (583,735,387) | |
Distributions to shareholders from return of capital: | ||
Class A | (19,429,957) | (18,631,215) |
Investor Class | (715,236) | (839,853) |
Class B | (139,298) | (251,594) |
Class C | (1,034,853) | (1,576,669) |
Class I | (20,522,222) | (19,530,637) |
Class R1 | (302) | (276) |
Class R2 | (52,419) | (71,000) |
Class R3 | (14,223) | (8,289) |
Class R6 | (20,941,315) | (20,299,700) |
SIMPLE Class | (122) | (21) |
(62,849,947) | (61,209,254) | |
Total distributions to shareholders | (633,504,434) | (644,944,641) |
Capital share transactions: | ||
Net proceeds from sales of shares | 3,657,661,509 | 5,414,314,356 |
Net asset value of shares issued to shareholder in reinvestment of distributions | 591,279,027 | 598,382,398 |
Cost of shares redeemed | (4,586,290,263) | (3,491,257,176) |
Increase (decrease) in net assets derived from capital share transactions | (337,349,727) | 2,521,439,578 |
Net increase (decrease) in net assets | 146,703,498 | 2,311,195,822 |
2021 | 2020 | |
Net Assets | ||
Beginning of year | $11,963,982,937 | $ 9,652,787,115 |
End of year | $12,110,686,435 | $11,963,982,937 |
30 | MainStay MacKay High Yield Corporate Bond Fund |
Year Ended October 31, | |||||||||
Class A | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 5.41 | $ 5.61 | $ 5.52 | $ 5.77 | $ 5.74 | ||||
Net investment income (loss) (a) | 0.25 | 0.29 | 0.29 | 0.29 | 0.30 | ||||
Net realized and unrealized gain (loss) | 0.25 | (0.17) | 0.12 | (0.22) | 0.09 | ||||
Total from investment operations | 0.50 | 0.12 | 0.41 | 0.07 | 0.39 | ||||
Less distributions: | |||||||||
From net investment income | (0.25) | (0.29) | (0.29) | (0.29) | (0.31) | ||||
Return of capital | (0.03) | (0.03) | (0.03) | (0.03) | (0.05) | ||||
Total distributions | (0.28) | (0.32) | (0.32) | (0.32) | (0.36) | ||||
Net asset value at end of year | $ 5.63 | $ 5.41 | $ 5.61 | $ 5.52 | $ 5.77 | ||||
Total investment return (b) | 9.37% | 2.26% | 7.58% | 1.29% | 6.91% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 4.38% | 5.35% | 5.21% | 5.15% | 5.25% | ||||
Net expenses (c) | 0.95% | 0.97% | 0.99% | 0.99% | 0.97% | ||||
Portfolio turnover rate | 40% | 38% | 30% | 30% | 43% | ||||
Net assets at end of year (in 000’s) | $ 3,901,512 | $ 3,525,782 | $ 3,405,587 | $ 3,290,659 | $ 3,683,113 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | |||||||||
Investor Class | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 5.45 | $ 5.65 | $ 5.57 | $ 5.82 | $ 5.79 | ||||
Net investment income (loss) (a) | 0.24 | 0.29 | 0.29 | 0.29 | 0.30 | ||||
Net realized and unrealized gain (loss) | 0.26 | (0.17) | 0.11 | (0.22) | 0.09 | ||||
Total from investment operations | 0.50 | 0.12 | 0.40 | 0.07 | 0.39 | ||||
Less distributions: | |||||||||
From net investment income | (0.25) | (0.29) | (0.29) | (0.29) | (0.31) | ||||
Return of capital | (0.03) | (0.03) | (0.03) | (0.03) | (0.05) | ||||
Total distributions | (0.28) | (0.32) | (0.32) | (0.32) | (0.36) | ||||
Net asset value at end of year | $ 5.67 | $ 5.45 | $ 5.65 | $ 5.57 | $ 5.82 | ||||
Total investment return (b) | 9.25% | 2.24% | 7.33% | 1.29% | 6.90% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 4.26% | 5.27% | 5.15% | 5.12% | 5.21% | ||||
Net expenses (c) | 1.08% | 1.06% | 1.05% | 1.03% | 1.02% | ||||
Portfolio turnover rate | 40% | 38% | 30% | 30% | 43% | ||||
Net assets at end of year (in 000's) | $ 139,214 | $ 149,726 | $ 162,260 | $ 159,970 | $ 167,139 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | |||||||||
Class B | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 5.38 | $ 5.58 | $ 5.50 | $ 5.74 | $ 5.71 | ||||
Net investment income (loss) (a) | 0.20 | 0.25 | 0.24 | 0.25 | 0.26 | ||||
Net realized and unrealized gain (loss) | 0.25 | (0.18) | 0.11 | (0.21) | 0.08 | ||||
Total from investment operations | 0.45 | 0.07 | 0.35 | 0.04 | 0.34 | ||||
Less distributions: | |||||||||
From net investment income | (0.21) | (0.24) | (0.25) | (0.26) | (0.27) | ||||
Return of capital | (0.02) | (0.03) | (0.02) | (0.02) | (0.04) | ||||
Total distributions | (0.23) | (0.27) | (0.27) | (0.28) | (0.31) | ||||
Net asset value at end of year | $ 5.60 | $ 5.38 | $ 5.58 | $ 5.50 | $ 5.74 | ||||
Total investment return (b) | 8.52% | 1.39% | 6.52% | 0.64% | 6.06% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 3.56% | 4.55% | 4.41% | 4.37% | 4.47% | ||||
Net expenses (c) | 1.83% | 1.81% | 1.80% | 1.78% | 1.77% | ||||
Portfolio turnover rate | 40% | 38% | 30% | 30% | 43% | ||||
Net assets at end of year (in 000’s) | $ 26,622 | $ 45,661 | $ 63,517 | $ 81,221 | $ 108,263 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | |||||||||
Class C | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 5.39 | $ 5.59 | $ 5.50 | $ 5.74 | $ 5.72 | ||||
Net investment income (loss) (a) | 0.20 | 0.25 | 0.24 | 0.25 | 0.26 | ||||
Net realized and unrealized gain (loss) | 0.24 | (0.18) | 0.12 | (0.21) | 0.07 | ||||
Total from investment operations | 0.44 | 0.07 | 0.36 | 0.04 | 0.33 | ||||
Less distributions: | |||||||||
From net investment income | (0.21) | (0.24) | (0.25) | (0.26) | (0.27) | ||||
Return of capital | (0.02) | (0.03) | (0.02) | (0.02) | (0.04) | ||||
Total distributions | (0.23) | (0.27) | (0.27) | (0.28) | (0.31) | ||||
Net asset value at end of year | $ 5.60 | $ 5.39 | $ 5.59 | $ 5.50 | $ 5.74 | ||||
Total investment return (b) | 8.31% | 1.39% | 6.71% | 0.64% | 5.87% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 3.54% | 4.54% | 4.41% | 4.36% | 4.45% | ||||
Net expenses (c) | 1.83% | 1.81% | 1.80% | 1.78% | 1.77% | ||||
Portfolio turnover rate | 40% | 38% | 30% | 30% | 43.0% | ||||
Net assets at end of year (in 000’s) | $ 214,696 | $ 297,431 | $ 373,760 | $ 550,819 | $ 676,463 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
32 | MainStay MacKay High Yield Corporate Bond Fund |
Year Ended October 31, | |||||||||
Class I | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 5.41 | $ 5.61 | $ 5.53 | $ 5.78 | $ 5.75 | ||||
Net investment income (loss) (a) | 0.26 | 0.30 | 0.30 | 0.31 | 0.32 | ||||
Net realized and unrealized gain (loss) | 0.26 | (0.17) | 0.11 | (0.22) | 0.08 | ||||
Total from investment operations | 0.52 | 0.13 | 0.41 | 0.09 | 0.40 | ||||
Less distributions: | |||||||||
From net investment income | (0.27) | (0.30) | (0.30) | (0.31) | (0.32) | ||||
Return of capital | (0.03) | (0.03) | (0.03) | (0.03) | (0.05) | ||||
Total distributions | (0.30) | (0.33) | (0.33) | (0.34) | (0.37) | ||||
Net asset value at end of year | $ 5.63 | $ 5.41 | $ 5.61 | $ 5.53 | $ 5.78 | ||||
Total investment return (b) | 9.65% | 2.56% | 7.68% | 1.57% | 7.17% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 4.62% | 5.60% | 5.45% | 5.40% | 5.51% | ||||
Net expenses (c) | 0.70% | 0.72% | 0.74% | 0.74% | 0.72% | ||||
Portfolio turnover rate | 40% | 38% | 30% | 30% | 43% | ||||
Net assets at end of year (in 000’s) | $ 4,116,697 | $ 3,509,954 | $ 3,451,487 | $ 3,709,306 | $ 4,067,560 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | |||||||||
Class R1 | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 5.40 | $ 5.60 | $ 5.52 | $ 5.77 | $ 5.74 | ||||
Net investment income (loss) (a) | 0.25 | 0.30 | 0.30 | 0.30 | 0.32 | ||||
Net realized and unrealized gain (loss) | 0.26 | (0.17) | 0.11 | (0.22) | 0.07 | ||||
Total from investment operations | 0.51 | 0.13 | 0.41 | 0.08 | 0.39 | ||||
Less distributions: | |||||||||
From net investment income | (0.26) | (0.30) | (0.30) | (0.30) | (0.31) | ||||
Return of capital | (0.03) | (0.03) | (0.03) | (0.03) | (0.05) | ||||
Total distributions | (0.29) | (0.33) | (0.33) | (0.33) | (0.36) | ||||
Net asset value at end of year | $ 5.62 | $ 5.40 | $ 5.60 | $ 5.52 | $ 5.77 | ||||
Total investment return (b) | 9.55% | 2.45% | 7.58% | 1.46% | 7.07% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 4.51% | 5.52% | 5.36% | 5.25% | 5.48% | ||||
Net expenses (c) | 0.80% | 0.82% | 0.84% | 0.84% | 0.82% | ||||
Portfolio turnover rate | 40% | 38% | 30% | 30% | 43% | ||||
Net assets at end of year (in 000’s) | $ 62 | $ 51 | $ 53 | $ 72 | $ 37 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R1 shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | |||||||||
Class R2 | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 5.41 | $ 5.61 | $ 5.52 | $ 5.77 | $ 5.74 | ||||
Net investment income (loss) (a) | 0.24 | 0.29 | 0.28 | 0.29 | 0.30 | ||||
Net realized and unrealized gain (loss) | 0.26 | (0.18) | 0.12 | (0.22) | 0.08 | ||||
Total from investment operations | 0.50 | 0.11 | 0.40 | 0.07 | 0.38 | ||||
Less distributions: | |||||||||
From net investment income | (0.25) | (0.28) | (0.29) | (0.29) | (0.30) | ||||
Return of capital | (0.03) | (0.03) | (0.02) | (0.03) | (0.05) | ||||
Total distributions | (0.28) | (0.31) | (0.31) | (0.32) | (0.35) | ||||
Net asset value at end of year | $ 5.63 | $ 5.41 | $ 5.61 | $ 5.52 | $ 5.77 | ||||
Total investment return (b) | 9.28% | 2.17% | 7.49% | 1.20% | 6.80% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 4.28% | 5.26% | 5.10% | 5.06% | 5.16% | ||||
Net expenses (c) | 1.05% | 1.07% | 1.09% | 1.09% | 1.07% | ||||
Portfolio turnover rate | 40% | 38% | 30% | 30% | 43% | ||||
Net assets at end of year (in 000’s) | $ 10,640 | $ 13,006 | $ 13,866 | $ 11,116 | $ 9,562 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R2 shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | |||||||||
Class R3 | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 5.40 | $ 5.60 | $ 5.52 | $ 5.77 | $ 5.74 | ||||
Net investment income (loss) (a) | 0.22 | 0.27 | 0.27 | 0.27 | 0.28 | ||||
Net realized and unrealized gain (loss) | 0.26 | (0.17) | 0.11 | (0.22) | 0.09 | ||||
Total from investment operations | 0.48 | 0.10 | 0.38 | 0.05 | 0.37 | ||||
Less distributions: | |||||||||
From net investment income | (0.23) | (0.27) | (0.28) | (0.28) | (0.29) | ||||
Return of capital | (0.03) | (0.03) | (0.02) | (0.02) | (0.05) | ||||
Total distributions | (0.26) | (0.30) | (0.30) | (0.30) | (0.34) | ||||
Net asset value at end of year | $ 5.62 | $ 5.40 | $ 5.60 | $ 5.52 | $ 5.77 | ||||
Total investment return (b) | 9.01% | 1.90% | 7.03% | 0.96% | 6.58% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 3.98% | 4.96% | 4.84% | 4.77% | 4.81% | ||||
Net expenses (c) | 1.30% | 1.32% | 1.34% | 1.34% | 1.32% | ||||
Portfolio turnover rate | 40% | 38% | 30% | 30% | 43% | ||||
Net assets at end of year (in 000’s) | $ 3,630 | $ 1,924 | $ 1,281 | $ 606 | $ 392 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R3 shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
34 | MainStay MacKay High Yield Corporate Bond Fund |
Year Ended October 31, | |||||||||
Class R6 | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 5.40 | $ 5.60 | $ 5.52 | $ 5.77 | $ 5.74 | ||||
Net investment income (loss) (a) | 0.27 | 0.31 | 0.31 | 0.31 | 0.32 | ||||
Net realized and unrealized gain (loss) | 0.24 | (0.17) | 0.11 | (0.21) | 0.09 | ||||
Total from investment operations | 0.51 | 0.14 | 0.42 | 0.10 | 0.41 | ||||
Less distributions: | |||||||||
From net investment income | (0.27) | (0.31) | (0.31) | (0.32) | 0.33 | ||||
Return of capital | (0.03) | (0.03) | (0.03) | (0.03) | (0.05) | ||||
Total distributions | (0.30) | (0.34) | (0.34) | (0.35) | (0.38) | ||||
Net asset value at end of year | $ 5.61 | $ 5.40 | $ 5.60 | $ 5.52 | $ 5.77 | ||||
Total investment return (b) | 9.64% | 2.70% | 7.84% | 1.71% | 7.36% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 4.79% | 5.65% | 5.60% | 5.54% | 5.45% | ||||
Net expenses (c) | 0.57% | 0.58% | 0.58% | 0.58% | 0.58% | ||||
Portfolio turnover rate | 40% | 38% | 30% | 30% | 43% | ||||
Net assets at end of year (in 000’s) | $ 3,697,586 | $ 4,420,424 | $ 2,180,977 | $ 904,028 | $ 1,668,163 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R6 shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | August 31, 2020^ through October 31, | ||
SIMPLE Class | 2021 | 2020 | |
Net asset value at beginning of period | $ 5.45 | $ 5.54 | |
Net investment income (loss) (a) | 0.23 | 0.04 | |
Net realized and unrealized gain (loss) | 0.25 | (0.08) | |
Total from investment operations | 0.48 | (0.04) | |
Less distributions: | |||
From net investment income | (0.23) | (0.05) | |
Return of capital | (0.03) | (0.00)‡ | |
Total distributions | (0.26) | (0.05) | |
Net asset value at end of period | $ 5.67 | $ 5.45 | |
Total investment return (b) | 8.98% | (0.72)% | |
Ratios (to average net assets)/Supplemental Data: | |||
Net investment income (loss) | 4.00% | 4.74%†† | |
Net expenses (c) | 1.33% | 1.30%†† | |
Portfolio turnover rate | 40% | 38% | |
Net assets at end of period (in 000’s) | $ 27 | $ 25 |
^ | Inception date. |
‡ | Less than one cent per share. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. SIMPLE Class shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Class | Commenced Operations |
Class A | January 3, 1995 |
Investor Class | February 28, 2008 |
Class B | May 1, 1986 |
Class C | September 1, 1998 |
Class I | January 2, 2004 |
Class R1 | June 29, 2012 |
Class R2 | May 1, 2008 |
Class R3 | February 29, 2016 |
Class R6 | June 17, 2013 |
SIMPLE Class | August 31, 2020 |
36 | MainStay MacKay High Yield Corporate Bond Fund |
• | Level 1—quoted prices in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Fund's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• Benchmark yields | • Reported trades |
• Broker/dealer quotes | • Issuer spreads |
• Two-sided markets | • Benchmark securities |
• Bids/offers | • Reference data (corporate actions or material event notices) |
• Industry and economic events | • Comparable bonds |
• Monthly payment information |
Asset Class | Fair Value at 10/31/21 | Valuation Technique | Unobserva- ble Inputs | Inputs /Range |
Corporate Bonds* | $13,482,860 | Income Approach | Spread Adjustment | 0.72% |
Loan Assignments | 15,403,582 | Market Approach | Implied natural gas price | $2.70 |
Discount Rate | 10.00% | |||
Common Stocks | 389 | Market Approach | Ownership % of equity interest | 16.56%-39.70% |
30,521,300 | Market Approach | EBITDA Multiple | 6.50x-9.00x | |
7,584,510 | Market Approach | EBITDA Multiple | 5.75x | |
0 | Market Approach | Implied natural gas price | $2.70 | |
Discount Rate | 10.00% | |||
Preferred Stock | 27,850,355 | Income Approach | Spread Adjustment | 4.21% |
771,581 | Market Approach | Liquidity discount | 10.00% | |
$95,614,577 | ||||
* The table above does not include a level 3 investment that was valued by a broker. As of October 31, 2021, the value of this investment was $20,000,000. The inputs for this investment were not readily available or cannot be reasonably estimated. |
38 | MainStay MacKay High Yield Corporate Bond Fund |
40 | MainStay MacKay High Yield Corporate Bond Fund |
Class R1 | $ 59 |
Class R2 | 10,823 |
Class R3 | 3,063 |
Class | Expense | Waived |
Class A | $5,278,141 | $— |
Investor Class | 389,078 | — |
Class B | 89,013 | — |
Class C | 666,814 | — |
Class I | 5,297,101 | — |
Class R1 | 80 | — |
Class R2 | 14,512 | — |
Class R3 | 4,101 | — |
Class R6 | 158,669 | — |
SIMPLE Class | 70 | — |
42 | MainStay MacKay High Yield Corporate Bond Fund |
Class I | $13,427,086 | 0.3% |
Class R1 | 42,422 | 68.4 |
SIMPLE Class | 27,034 | 100.0 |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $11,022,446,500 | $685,754,401 | $(203,659,367) | $482,095,034 |
Ordinary income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$— | $(295,865,044) | $(16,747,334) | $482,067,605 | $169,455,227 |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $— | $295,865 |
2021 | 2020 | |
Distributions paid from: | ||
Ordinary Income | $570,654,487 | $583,735,387 |
Return of Capital | 62,849,947 | 61,209,254 |
Total | $633,504,434 | $644,944,641 |
Borrower | Unfunded Commitments | Unrealized Appreciation/ (Depreciation) |
Neenah Foundry, Term Loan, TBD, due 4/1/23 | $1,285,000 | $— |
Security | Date(s) of Acquisition | Principal Amount/ Shares | Cost | 10/31/21 Value | Percent of Net Assets |
Briggs & Stratton Corp. Escrow Claim Shares | |||||
Corporate Bond 6.875%, due 12/15/20 | 2/26/21 | $ 9,200,000 | $ 9,323,706 | $ 759,000 | 0.0%‡ |
Carlson Travel, Inc. | |||||
Common Stock | 9/4/20 - 2/4/21 | 25,452 | — | — | 0.0 |
GenOn Energy, Inc. | |||||
Common Stock | 12/14/18 | 386,241 | 43,250,890 | 40,555,305 | 0.3 |
Gulfport Energy Operating Corp. | |||||
Preferred Stock | 8/4/21 - 9/2/21 | 145 | 143,000 | 771,581 | 0.0‡ |
Neenah Enterprises, Inc. | |||||
Common Stock | 4/12/20 | 720,961 | 6,114,571 | 7,584,510 | 0.1 |
Sterling Entertainment Enterprises LLC | |||||
Corporate Bond 10.25%, due 1/15/25 | 12/28/17 | $ 20,000,000 | 19,836,675 | 20,000,000 | 0.2 |
Total | $ 78,668,842 | $ 69,670,396 | 0.6% |
‡ | Less than one-tenth of a percent. |
44 | MainStay MacKay High Yield Corporate Bond Fund |
Class A | Shares | Amount |
Year ended October 31, 2021: | ||
Shares sold | 182,959,300 | $ 1,025,339,543 |
Shares issued to shareholders in reinvestment of distributions | 30,312,090 | 170,864,213 |
Shares redeemed | (184,263,914) | (1,037,267,473) |
Net increase (decrease) in shares outstanding before conversion | 29,007,476 | 158,936,283 |
Shares converted into Class A (See Note 1) | 13,304,124 | 74,965,256 |
Shares converted from Class A (See Note 1) | (738,769) | (4,105,394) |
Net increase (decrease) | 41,572,831 | $ 229,796,145 |
Year ended October 31, 2020: | ||
Shares sold | 162,189,152 | $ 862,805,279 |
Shares issued to shareholders in reinvestment of distributions | 31,290,846 | 168,572,345 |
Shares redeemed | (153,726,255) | (818,209,762) |
Net increase (decrease) in shares outstanding before conversion | 39,753,743 | 213,167,862 |
Shares converted into Class A (See Note 1) | 7,327,259 | 39,745,182 |
Shares converted from Class A (See Note 1) | (2,426,758) | (13,511,692) |
Net increase (decrease) | 44,654,244 | $ 239,401,352 |
Investor Class | Shares | Amount |
Year ended October 31, 2021: | ||
Shares sold | 2,019,528 | $ 11,484,430 |
Shares issued to shareholders in reinvestment of distributions | 1,208,390 | 6,860,244 |
Shares redeemed | (2,683,946) | (15,254,757) |
Net increase (decrease) in shares outstanding before conversion | 543,972 | 3,089,917 |
Shares converted into Investor Class (See Note 1) | 1,170,092 | 6,648,892 |
Shares converted from Investor Class (See Note 1) | (4,618,620) | (26,265,419) |
Net increase (decrease) | (2,904,556) | $ (16,526,610) |
Year ended October 31, 2020: | ||
Shares sold | 3,476,036 | $ 18,943,660 |
Shares issued to shareholders in reinvestment of distributions | 1,553,045 | 8,430,250 |
Shares redeemed | (3,567,862) | (19,332,577) |
Net increase (decrease) in shares outstanding before conversion | 1,461,219 | 8,041,333 |
Shares converted into Investor Class (See Note 1) | 949,252 | 5,122,805 |
Shares converted from Investor Class (See Note 1) | (3,638,926) | (19,982,653) |
Net increase (decrease) | (1,228,455) | $ (6,818,515) |
Class B | Shares | Amount |
Year ended October 31, 2021: | ||
Shares sold | 88,863 | $ 498,977 |
Shares issued to shareholders in reinvestment of distributions | 223,935 | 1,254,633 |
Shares redeemed | (2,893,905) | (16,203,403) |
Net increase (decrease) in shares outstanding before conversion | (2,581,107) | (14,449,793) |
Shares converted from Class B (See Note 1) | (1,142,315) | (6,416,728) |
Net increase (decrease) | (3,723,422) | $ (20,866,521) |
Year ended October 31, 2020: | ||
Shares sold | 220,973 | $ 1,194,012 |
Shares issued to shareholders in reinvestment of distributions | 453,682 | 2,434,490 |
Shares redeemed | (2,243,156) | (12,006,607) |
Net increase (decrease) in shares outstanding before conversion | (1,568,501) | (8,378,105) |
Shares converted from Class B (See Note 1) | (1,327,691) | (7,151,912) |
Net increase (decrease) | (2,896,192) | $ (15,530,017) |
Class C | Shares | Amount |
Year ended October 31, 2021: | ||
Shares sold | 5,342,346 | $ 29,948,303 |
Shares issued to shareholders in reinvestment of distributions | 1,751,952 | 9,827,127 |
Shares redeemed | (17,257,202) | (96,733,225) |
Net increase (decrease) in shares outstanding before conversion | (10,162,904) | (56,957,795) |
Shares converted from Class C (See Note 1) | (6,710,654) | (37,512,191) |
Net increase (decrease) | (16,873,558) | $ (94,469,986) |
Year ended October 31, 2020: | ||
Shares sold | 9,226,500 | $ 48,471,453 |
Shares issued to shareholders in reinvestment of distributions | 2,812,640 | 15,100,791 |
Shares redeemed | (22,129,547) | (118,456,173) |
Net increase (decrease) in shares outstanding before conversion | (10,090,407) | (54,883,929) |
Shares converted from Class C (See Note 1) | (1,610,770) | (8,681,316) |
Net increase (decrease) | (11,701,177) | $ (63,565,245) |
Class I | Shares | Amount |
Year ended October 31, 2021: | ||
Shares sold | 252,182,456 | $ 1,423,359,102 |
Shares issued to shareholders in reinvestment of distributions | 34,136,456 | 192,459,085 |
Shares redeemed | (200,939,792) | (1,134,669,152) |
Net increase (decrease) in shares outstanding before conversion | 85,379,120 | 481,149,035 |
Shares converted into Class I (See Note 1) | 745,634 | 4,142,155 |
Shares converted from Class I (See Note 1) | (3,354,187) | (18,908,988) |
Net increase (decrease) | 82,770,567 | $ 466,382,202 |
Year ended October 31, 2020: | ||
Shares sold | 316,267,141 | $ 1,685,293,008 |
Shares issued to shareholders in reinvestment of distributions | 35,224,225 | 189,883,002 |
Shares redeemed | (318,299,322) | (1,713,046,438) |
Net increase (decrease) in shares outstanding before conversion | 33,192,044 | 162,129,572 |
Shares converted into Class I (See Note 1) | 570,677 | 3,030,446 |
Net increase (decrease) | 33,762,721 | $ 165,160,018 |
Class R1 | Shares | Amount |
Year ended October 31, 2021: | ||
Shares sold | 1,473 | $ 8,263 |
Shares issued to shareholders in reinvestment of distributions | 541 | 3,046 |
Shares redeemed | (366) | (2,073) |
Net increase (decrease) | 1,648 | $ 9,236 |
Year ended October 31, 2020: | ||
Shares sold | 638 | $ 3,461 |
Shares issued to shareholders in reinvestment of distributions | 542 | 2,913 |
Shares redeemed | (1,231) | (6,888) |
Net increase (decrease) | (51) | $ (514) |
Class R2 | Shares | Amount |
Year ended October 31, 2021: | ||
Shares sold | 452,963 | $ 2,558,748 |
Shares issued to shareholders in reinvestment of distributions | 76,461 | 431,139 |
Shares redeemed | (1,040,259) | (5,766,291) |
Net increase (decrease) in shares outstanding before conversion | (510,835) | (2,776,404) |
Shares converted from Class R2 (See Note 1) | (2,744) | (15,506) |
Net increase (decrease) | (513,579) | $ (2,791,910) |
Year ended October 31, 2020: | ||
Shares sold | 385,054 | $ 2,096,445 |
Shares issued to shareholders in reinvestment of distributions | 119,352 | 643,342 |
Shares redeemed | (565,097) | (3,035,083) |
Net increase (decrease) in shares outstanding before conversion | (60,691) | (295,296) |
Shares converted from Class R2 (See Note 1) | (6,682) | (36,415) |
Net increase (decrease) | (67,373) | $ (331,711) |
Class R3 | Shares | Amount |
Year ended October 31, 2021: | ||
Shares sold | 365,846 | $ 2,061,921 |
Shares issued to shareholders in reinvestment of distributions | 24,106 | 135,884 |
Shares redeemed | (99,976) | (563,591) |
Net increase (decrease) | 289,976 | $ 1,634,214 |
Year ended October 31, 2020: | ||
Shares sold | 166,149 | $ 909,222 |
Shares issued to shareholders in reinvestment of distributions | 15,330 | 82,408 |
Shares redeemed | (52,384) | (283,628) |
Net increase (decrease) in shares outstanding before conversion | 129,095 | 708,002 |
Shares converted from Class R3 (See Note 1) | (1,651) | (9,031) |
Net increase (decrease) | 127,444 | $ 698,971 |
46 | MainStay MacKay High Yield Corporate Bond Fund |
Class R6 | Shares | Amount |
Year ended October 31, 2021: | ||
Shares sold | 206,190,406 | $ 1,162,402,222 |
Shares issued to shareholders in reinvestment of distributions | 37,259,768 | 209,442,428 |
Shares redeemed | (405,022,996) | (2,279,825,918) |
Net increase (decrease) in shares outstanding before conversion | (161,572,822) | (907,981,268) |
Shares converted into Class R6 (See Note 1) | 3,360,148 | 18,908,988 |
Shares converted from Class R6 (See Note 1) | (2,026,448) | (11,445,445) |
Net increase (decrease) | (160,239,122) | $ (900,517,725) |
Year ended October 31, 2020: | ||
Shares sold | 541,233,062 | $ 2,794,572,816 |
Shares issued to shareholders in reinvestment of distributions | 39,761,619 | 213,232,631 |
Shares redeemed | (151,718,551) | (806,880,020) |
Net increase (decrease) in shares outstanding before conversion | 429,276,130 | 2,200,925,427 |
Shares converted into Class R6 (See Note 1) | 1,761,091 | 10,020,608 |
Shares converted from Class R6 (See Note 1) | (1,588,011) | (8,546,022) |
Net increase (decrease) | 429,449,210 | $ 2,202,400,013 |
SIMPLE Class | Shares | Amount |
Year ended October 31, 2021: | ||
Shares issued to shareholders in reinvestment of distributions | 216 | $ 1,228 |
Shares redeemed | (774) | (4,380) |
Net increase (decrease) in shares outstanding before conversion | (558) | (3,152) |
Shares converted into SIMPLE Class (See Note 1) | 774 | 4,380 |
Net increase (decrease) | 216 | $ 1,228 |
Period ended October 31, 2020:(a) | ||
Shares sold | 4,513 | $ 25,000 |
Shares issued to shareholders in reinvestment of distributions | 41 | 226 |
Net increase (decrease) | 4,554 | $ 25,226 |
(a) | The inception date of the class was August 31, 2020. |
The MainStay Funds:
December 24, 2021
48 | MainStay MacKay High Yield Corporate Bond Fund |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Yie-Hsin Hung* 1962 | MainStay Funds: Trustee since 2017; MainStay Funds Trust: Trustee since 2017 | Senior Vice President of New York Life since joining in 2010, Member of the Executive Management Committee since 2017, Chief Executive Officer, New York Life Investment Management Holdings LLC & New York Life Investment Management LLC since 2015. Senior Managing Director and Co-President of New York Life Investment Management LLC from January 2014 to May 2015. Previously held positions of increasing responsibility, including head of NYLIM International, Alternative Growth Businesses, and Institutional investments since joining New York Life in 2010 | 78 | MainStay VP Funds Trust: Trustee since 2017 (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2017; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of her affiliation with New York Life Insurance Company, New York Life Investment Management LLC, Candriam Belgium S.A., Candriam Luxembourg S.C.A., IndexIQ Advisors LLC, MacKay Shields LLC, NYL Investors LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
50 | MainStay MacKay High Yield Corporate Bond Fund |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay Funds: Trustee since 2016, Advisory Board Member (June 2015 to December 2015);MainStay Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 78 | MainStay VP Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Market Vectors Group of Exchange-Traded Funds: Independent Chairman of the Board of Trustees since 2008 and Trustee since 2006 (56 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Investment Committee since 2018 | |
Susan B. Kerley 1951 | MainStay Funds: Chairman since 2017 and Trustee since 2007;MainStay Funds Trust: Chairman since 2017 and Trustee since 1990** | President, Strategic Management Advisors LLC since 1990 | 78 | MainStay VP Funds Trust: Chairman since January 2017 and Trustee since 2007 (31 portfolios)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) | |
Alan R. Latshaw 1951 | MainStay Funds: Trustee;MainStay Funds Trust: Trustee since 2007** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 78 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 | |
Richard H. Nolan, Jr. 1946 | MainStay Funds: Trustee since 2007;MainStay Funds Trust: Trustee since 2007** | Managing Director, ICC Capital Management since 2004; President—Shields/Alliance, Alliance Capital Management (1994 to 2004) | 78 | MainStay VP Funds Trust: Trustee since 2006 (31 portfolios)***; and MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011 | |
Jacques P. Perold 1958 | MainStay Funds: Trustee since 2016, Advisory Board Member (June 2015 to December 2015);MainStay Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, Capshift Advisors LLC (Since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 78 | MainStay VP Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Partners in Health: Trustee since 2019; Allstate Corporation: Director since 2015; and MSCI, Inc.: Director since 2017 |
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 | |
Richard S. Trutanic 1952 | MainStay Funds: Trustee since 1994;MainStay Funds Trust: Trustee since 2007** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 78 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund; Trustee since June 2021 |
** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
*** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Karen Hammond 1956 | MainStay Funds: Advisory Board Member since June 2021;MainStay Funds Trust: Advisory Board Member since June 2021 | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 78 | MainStay VP Funds Trust: Advisory Board Member since June 2021 (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Advisory Board Member since June 2021; MainStay CBRE Global Infrastructure Megatrends Fund: Advisory Board Member since June 2021; Two Harbors Investment Corp: Trustee since 2018, Chair of the Special Committee since 2019; Rhode Island School of Design: Trustee and Chair of the Finance Committee since 2015 |
Advisory Board Member | Independent Trustees |
52 | MainStay MacKay High Yield Corporate Bond Fund |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay Funds, MainStay Funds Trust since 2017 | Chief Operating Officer and Senior Managing Director since 2016, New York Life Investment Management LLC; Chairman of the Board since 2017, NYLIFE Distributors LLC; Chairman of the Board, NYLIM Service Company LLC since 2017; Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust since January 2018; President, MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust since 2017** and MainStay CBRE Global Infrastructure Megatrends Fund since June 2021; 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 MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay VP Funds Trust since 2007** and MainStay CBRE Global Infrastructure Megatrends Fund since June 2021; 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 MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay VP Funds Trust since 2010** and MainStay CBRE Global Infrastructure Megatrends Fund since June 2021 | ||
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 MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay VP Funds Trust since 2005** and MainStay CBRE Global Infrastructure Megatrends Fund since June 2021 | ||
Kevin M. Bopp 1969 | Vice President and Chief Compliance Officer, MainStay Funds and MainStay Funds Trust since 2021 and 2014 to 2020 | Vice President and Chief Compliance Officer, New York Life Investments Alternatives LLC and New York Life Investment Management Holdings LLC since 2020; Vice President since 2018 and Chief Compliance Officer since 2016, New York Life Investment Management LLC; Vice President and Chief Compliance Officer, IndexIQ Advisors LLC, IndexIQ Holdings Inc., IndexIQ LLC and IndexIQ Trust since 2017; Director and Associate General Counsel (2011 to 2014) and Vice President and Assistant General Counsel (2010 to 2011), New York Life Investment Management LLC;Vice President and Chief Compliance Officer, MainStay VP Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund since June 2021 and 2014 to 2020 and MainStay CBRE Global Infrastructure Megatrends Fund since June 2021; Assistant Secretary, MainStay Funds, MainStay Funds Trust and MainStay VP Funds Trust (2010 to 2014)**, MainStay MacKay DefinedTerm Municipal Opportunities Fund (2011 to 2014) |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
1.
2. | This Fund is registered for sale in CA, CT, DE, FL, MA, NJ, NY and VT. |
3. | Prior to November 30, 2021, the Fund's name was formerly MainStay MacKay Intermediate Tax Free Bond Fund. |
4. | An affiliate of New York Life Investment Management LLC. |
1717584MS180-21 | MSHY11-12/21 |
please log in to newyorklifeinvestments.com/accounts.
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended October 31, 2021 | |||||||
Class | Sales Charge | Inception Date | One Year | Five Years | Ten Years or Since Inception | Gross Expense Ratio1 | |
Class A Shares | Maximum 5.5% Initial Sales Charge | With sales charges | 1/3/1995 | 26.92% | 12.47% | 8.96% | 1.40% |
Excluding sales charges | 34.31 | 13.75 | 9.57 | 1.40 | |||
Investor Class Shares2 | Maximum 5% Initial Sales Charge | With sales charges | 2/28/2008 | 27.11 | 12.06 | 8.57 | 1.75 |
Excluding sales charges | 33.80 | 13.34 | 9.18 | 1.75 | |||
Class B Shares3 | Maximum 5% CDSC | With sales charges | 9/13/1994 | 27.84 | 12.25 | 8.37 | 2.50 |
if Redeemed Within the First Six Years of Purchase | Excluding sales charges | 32.84 | 12.50 | 8.37 | 2.50 | ||
Class C Shares | Maximum 1% CDSC | With sales charges | 9/1/1998 | 31.69 | 12.48 | 8.36 | 2.50 |
if Redeemed Within One Year of Purchase | Excluding sales charges | 32.69 | 12.48 | 8.36 | 2.50 | ||
Class I Shares | No Sales Charge | 1/2/2004 | 34.72 | 14.10 | 9.87 | 1.15 | |
Class R1 Shares | No Sales Charge | 1/2/2004 | 34.46 | 13.93 | 9.74 | 1.25 | |
Class R2 Shares | No Sales Charge | 1/2/2004 | 34.14 | 13.64 | 9.46 | 1.50 | |
Class R3 Shares | No Sales Charge | 4/28/2006 | 33.77 | 13.35 | 9.18 | 1.75 | |
Class R6 Shares | No Sales Charge | 2/28/2019 | 34.74 | N/A | 18.99 | 1.02 |
1. | The gross expense ratios presented reflect the Fund’s “Total Annual Fund Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report. |
2. | Prior to June 30, 2020, the maximum initial sales charge was 5.5%, which is reflected in the average annual total return figures shown. |
3. | Class B shares are closed to all new purchases as well as additional investments by existing Class B shareholders. |
Benchmark Performance* | One Year | Five Years | Ten Years |
MSCI ACWI® Ex. U.S. Index (Net)1 | 29.66% | 9.77% | 6.66% |
MSCI EAFE Index® (Net)2 | 34.18 | 9.79 | 7.37 |
Morningstar Foreign Large Growth Category Average3 | 28.48 | 13.68 | 9.29 |
1. | The Fund has selected the MSCI ACWI® (All Country World Index) Ex U.S. Index (Net) as its primary benchmark. The MSCI ACWI® Ex U.S. Index (Net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Results assume reinvestment of all income and capital gains. An investment cannot be made directly in an index. |
2. | The MSCI EAFE® Index (Net) is the Fund's secondary benchmark. The MSCI EAFE® Index (Net) consists of international stocks representing the developed world outside of North America. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
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. |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. |
6 | MainStay MacKay International Equity Fund |
Share Class | Beginning Account Value 5/1/21 | Ending Account Value (Based on Actual Returns and Expenses) 10/31/21 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 10/31/21 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Class A Shares | $1,000.00 | $1,080.80 | $ 6.19 | $1,019.26 | $ 6.01 | 1.18% |
Investor Class Shares | $1,000.00 | $1,078.70 | $ 8.28 | $1,017.24 | $ 8.03 | 1.58% |
Class B Shares | $1,000.00 | $1,075.10 | $12.19 | $1,013.46 | $11.82 | 2.33% |
Class C Shares | $1,000.00 | $1,074.00 | $12.18 | $1,013.46 | $11.82 | 2.33% |
Class I Shares | $1,000.00 | $1,082.80 | $ 4.46 | $1,020.92 | $ 4.33 | 0.85% |
Class R1 Shares | $1,000.00 | $1,082.00 | $ 5.41 | $1,020.01 | $ 5.24 | 1.03% |
Class R2 Shares | $1,000.00 | $1,080.30 | $ 6.71 | $1,018.75 | $ 6.51 | 1.28% |
Class R3 Shares | $1,000.00 | $1,079.10 | $ 8.02 | $1,017.49 | $ 7.78 | 1.53% |
Class R6 Shares | $1,000.00 | $1,083.20 | $ 4.36 | $1,021.02 | $ 4.23 | 0.83% |
1. | Expenses are equal to the Fund’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 184 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Fund's annualized expense ratio to reflect the six-month period. |
United Kingdom | 15.2% |
Germany | 12.8 |
United States | 12.5 |
Japan | 11.7 |
France | 9.3 |
Netherlands | 6.6 |
India | 4.8 |
China | 3.8 |
Switzerland | 3.7 |
Taiwan | 3.4 |
Ireland | 3.2 |
Spain | 3.0 |
Denmark | 2.3% |
Sweden | 2.2 |
Brazil | 2.1 |
Mexico | 1.1 |
Canada | 1.0 |
Italy | 0.9 |
Israel | 0.9 |
Finland | 0.4 |
Other Assets, Less Liabilities | –0.9 |
100.0% |
1. | Tencent Holdings Ltd. |
2. | CyberAgent, Inc. |
3. | Taiwan Semiconductor Manufacturing Co. Ltd.,Sponsored ADR |
4. | Prudential plc |
5. | Koninklijke Philips NV |
6. | ICON plc |
7. | Industria de Diseno Textil SA |
8. | Teleperformance |
9. | Deutsche Boerse AG |
10. | St James's Place plc |
8 | MainStay MacKay International Equity Fund |
1. | See page 5 for other share class returns, which may be higher or lower than Class I share returns. See page 6 for more information on benchmark and peer group returns. |
2. | Beta is a measure of volatility in relation to the market as a whole. A beta higher than 1 indicates that a security or portfolio will tend to exhibit higher volatility than the market. A beta lower than 1 indicates that a security or portfolio will tend to exhibit lower volatility than the market. |
10 | MainStay MacKay International Equity Fund |
Shares | Value | |
Common Stocks 97.5% | ||
Brazil 2.1% | ||
Notre Dame Intermedica Participacoes SA (Health Care Providers & Services) | 817,252 | $ 9,293,602 |
Canada 1.0% | ||
Constellation Software, Inc. (Software) | 2,410 | 4,235,396 |
China 3.8% | ||
Tencent Holdings Ltd. (Interactive Media & Services) | 267,499 | 16,537,114 |
Denmark 2.3% | ||
Chr Hansen Holding A/S (Chemicals) | 128,842 | 10,251,298 |
Finland 0.4% | ||
Musti Group Oyj (Specialty Retail) | 48,544 | 1,906,851 |
France 9.3% | ||
BioMerieux (Health Care Equipment & Supplies) | 31,634 | 4,024,408 |
Dassault Systemes SE (Software) | 74,267 | 4,325,257 |
Edenred (IT Services) | 195,359 | 10,562,303 |
Sartorius Stedim Biotech (Life Sciences Tools & Services) | 15,573 | 8,572,737 |
Teleperformance (Professional Services) | 32,113 | 13,404,981 |
40,889,686 | ||
Germany 12.8% | ||
Carl Zeiss Meditec AG (Health Care Equipment & Supplies) | 17,252 | 3,469,139 |
Deutsche Boerse AG (Capital Markets) | 78,074 | 12,960,409 |
SAP SE (Software) | 82,166 | 11,903,382 |
Scout24 SE (Interactive Media & Services) (a) | 132,485 | 9,219,790 |
Symrise AG (Chemicals) | 49,076 | 6,782,293 |
Zalando SE (Internet & Direct Marketing Retail) (a)(b) | 130,964 | 12,350,754 |
56,685,767 | ||
India 4.8% | ||
HDFC Bank Ltd. (Banks) | 532,415 | 11,254,260 |
Housing Development Finance Corp. Ltd. (Thrifts & Mortgage Finance) | 258,682 | 9,827,196 |
21,081,456 |
Shares | Value | |
Ireland 3.2% | ||
ICON plc (Life Sciences Tools & Services) (b) | 49,201 | $ 14,109,371 |
Israel 0.9% | ||
NICE Ltd., Sponsored ADR (Software) (b) | 13,633 | 3,858,412 |
Italy 0.9% | ||
Reply SpA (IT Services) | 20,549 | 3,983,654 |
Japan 11.7% | ||
CyberAgent, Inc. (Media) | 901,600 | 15,029,963 |
JMDC, Inc. (Health Care Technology) (b) | 56,600 | 4,240,965 |
Menicon Co. Ltd. (Health Care Equipment & Supplies) | 154,200 | 5,790,533 |
Relo Group, Inc. (Real Estate Management & Development) | 441,900 | 9,138,480 |
SMS Co. Ltd. (Professional Services) | 195,500 | 7,581,575 |
TechnoPro Holdings, Inc. (Professional Services) | 313,000 | 9,955,034 |
51,736,550 | ||
Mexico 1.1% | ||
Regional SAB de CV (Banks) | 923,101 | 4,828,480 |
Netherlands 6.6% | ||
Adyen NV (IT Services) (a)(b) | 1,287 | 3,883,829 |
Koninklijke DSM NV (Chemicals) | 47,812 | 10,448,920 |
Koninklijke Philips NV (Health Care Equipment & Supplies) | 311,611 | 14,670,054 |
29,002,803 | ||
Spain 3.0% | ||
Industria de Diseno Textil SA (Specialty Retail) (c) | 372,225 | 13,442,325 |
Sweden 2.2% | ||
Hexagon AB, Class B (Electronic Equipment, Instruments & Components) | 273,273 | 4,391,206 |
MIPS AB (Leisure Products) | 45,089 | 5,444,491 |
9,835,697 | ||
Switzerland 3.7% | ||
Belimo Holding AG (Registered) (Building Products) | 7,737 | 4,495,505 |
Shares | Value | |
Common Stocks (continued) | ||
Switzerland (continued) | ||
Lonza Group AG (Registered) (Life Sciences Tools & Services) | 14,501 | $ 11,887,779 |
16,383,284 | ||
Taiwan 3.4% | ||
Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR (Semiconductors & Semiconductor Equipment) | 131,852 | 14,991,572 |
United Kingdom 15.2% | ||
Diageo plc (Beverages) | 234,994 | 11,680,550 |
Experian plc (Professional Services) | 229,667 | 10,519,982 |
HomeServe plc (Commercial Services & Supplies) | 523,546 | 6,126,065 |
Linde plc (Chemicals) | 35,953 | 11,476,198 |
Prudential plc (Insurance) | 719,908 | 14,724,264 |
St James's Place plc (Capital Markets) | 572,555 | 12,376,490 |
66,903,549 | ||
United States 9.1% | ||
Accenture plc, Class A (IT Services) | 12,934 | 4,640,590 |
Aon plc, Class A (Insurance) | 36,715 | 11,745,863 |
Fiverr International Ltd. (Internet & Direct Marketing Retail) (b) | 21,392 | 3,644,127 |
Globant SA (IT Services) (b) | 12,019 | 3,836,345 |
STERIS plc (Health Care Equipment & Supplies) | 19,987 | 4,671,761 |
TE Connectivity Ltd. (Electronic Equipment, Instruments & Components) | 80,707 | 11,783,222 |
40,321,908 | ||
Total Common Stocks (Cost $334,178,768) | 430,278,775 |
Shares | Value | ||
Short-Term Investments 3.4% | |||
Affiliated Investment Company 0.2% | |||
United States 0.2% | |||
MainStay U.S. Government Liquidity Fund, 0.01% (d) | 611,447 | $ 611,447 | |
Unaffiliated Investment Company 3.2% | |||
United States 3.2% | |||
Wells Fargo Government Money Market Fund, 0.025% (d)(e) | 14,181,658 | 14,181,658 | |
Total Short-Term Investments (Cost $14,793,105) | 14,793,105 | ||
Total Investments (Cost $348,971,873) | 100.9% | 445,071,880 | |
Other Assets, Less Liabilities | (0.9) | (3,764,494) | |
Net Assets | 100.0% | $ 441,307,386 |
† | Percentages indicated are based on Fund net assets. |
(a) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
(b) | Non-income producing security. |
(c) | All or a portion of this security was held on loan. As of October 31, 2021, the aggregate market value of securities on loan was $13,442,217. The Fund received cash collateral with a value of $14,181,658. (See Note 2(I)) |
(d) | Current yield as of October 31, 2021. |
(e) | Represents a security purchased with cash collateral received for securities on loan. |
Abbreviation(s): |
ADR—American Depositary Receipt |
12 | MainStay MacKay International Equity Fund |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Common Stocks | $ 430,278,775 | $ — | $ — | $ 430,278,775 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 611,447 | — | — | 611,447 | |||
Unaffiliated Investment Company | 14,181,658 | — | — | 14,181,658 | |||
Total Short-Term Investments | 14,793,105 | — | — | 14,793,105 | |||
Total Investments in Securities | $ 445,071,880 | $ — | $ — | $ 445,071,880 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
Value | Percent | ||
Banks | $ 16,082,740 | 3.7% | |
Beverages | 11,680,550 | 2.7 | |
Building Products | 4,495,505 | 1.0 | |
Capital Markets | 25,336,899 | 5.7 | |
Chemicals | 38,958,709 | 8.8 | |
Commercial Services & Supplies | 6,126,065 | 1.4 | |
Electronic Equipment, Instruments & Components | 16,174,428 | 3.7 | |
Health Care Equipment & Supplies | 32,625,895 | 7.3 | |
Health Care Providers & Services | 9,293,602 | 2.1 | |
Health Care Technology | 4,240,965 | 1.0 | |
Insurance | 26,470,127 | 6.0 | |
Interactive Media & Services | 25,756,904 | 5.9 | |
Internet & Direct Marketing Retail | 15,994,881 | 3.6 | |
IT Services | 26,906,721 | 6.1 | |
Leisure Products | 5,444,491 | 1.2 | |
Life Sciences Tools & Services | 34,569,887 | 7.9 | |
Media | 15,029,963 | 3.4 | |
Professional Services | 41,461,572 | 9.3 | |
Real Estate Management & Development | 9,138,480 | 2.1 | |
Semiconductors & Semiconductor Equipment | 14,991,572 | 3.4 | |
Software | 24,322,447 | 5.6 | |
Specialty Retail | 15,349,176 | 3.4 | |
Thrifts & Mortgage Finance | 9,827,196 | 2.2 | |
430,278,775 | 97.5 | ||
Short-Term Investments | 14,793,105 | 3.4 | |
Other Assets, Less Liabilities | (3,764,494) | (0.9) | |
Net Assets | $441,307,386 | 100.0% |
† | Percentages indicated are based on Fund net assets. |
14 | MainStay MacKay International Equity Fund |
Assets | |
Investment in unaffiliated securities, at value (identified cost $348,360,426) including securities on loan of $13,442,217 | $444,460,433 |
Investment in affiliated investment companies, at value (identified cost $611,447) | 611,447 |
Cash | 100 |
Cash denominated in foreign currencies (identified cost $12,898,856) | 12,936,132 |
Due from custodian | 1,772,481 |
Receivables: | |
Investment securities sold | 2,274,305 |
Dividends and interest | 672,191 |
Fund shares sold | 188,008 |
Securities lending | 619 |
Other assets | 34,558 |
Total assets | 462,950,274 |
Liabilities | |
Cash collateral received for securities on loan | 14,181,658 |
Payables: | |
Investment securities purchased | 6,641,369 |
Foreign capital gains tax (See Note 2) | 377,345 |
Manager (See Note 3) | 265,746 |
Fund shares redeemed | 59,876 |
Transfer agent (See Note 3) | 59,504 |
NYLIFE Distributors (See Note 3) | 27,682 |
Shareholder communication | 17,576 |
Professional fees | 6,079 |
Custodian | 3,749 |
Trustees | 388 |
Accrued expenses | 1,916 |
Total liabilities | 21,642,888 |
Net assets | $441,307,386 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.01 per share) unlimited number of shares authorized | $ 185,357 |
Additional paid-in-capital | 293,053,041 |
293,238,398 | |
Total distributable earnings (loss) | 148,068,988 |
Net assets | $441,307,386 |
Class A | |
Net assets applicable to outstanding shares | $ 89,075,631 |
Shares of beneficial interest outstanding | 3,763,675 |
Net asset value per share outstanding | $ 23.67 |
Maximum sales charge (5.50% of offering price) | 1.38 |
Maximum offering price per share outstanding | $ 25.05 |
Investor Class | |
Net assets applicable to outstanding shares | $ 21,990,380 |
Shares of beneficial interest outstanding | 943,759 |
Net asset value per share outstanding | $ 23.30 |
Maximum sales charge (5.00% of offering price) | 1.23 |
Maximum offering price per share outstanding | $ 24.53 |
Class B | |
Net assets applicable to outstanding shares | $ 2,191,959 |
Shares of beneficial interest outstanding | 109,333 |
Net asset value and offering price per share outstanding | $ 20.05 |
Class C | |
Net assets applicable to outstanding shares | $ 2,470,497 |
Shares of beneficial interest outstanding | 123,262 |
Net asset value and offering price per share outstanding | $ 20.04 |
Class I | |
Net assets applicable to outstanding shares | $ 53,913,946 |
Shares of beneficial interest outstanding | 2,253,284 |
Net asset value and offering price per share outstanding | $ 23.93 |
Class R1 | |
Net assets applicable to outstanding shares | $ 157,487 |
Shares of beneficial interest outstanding | 6,632 |
Net asset value and offering price per share outstanding | $ 23.75 |
Class R2 | |
Net assets applicable to outstanding shares | $ 291,116 |
Shares of beneficial interest outstanding | 12,294 |
Net asset value and offering price per share outstanding | $ 23.68 |
Class R3 | |
Net assets applicable to outstanding shares | $ 942,312 |
Shares of beneficial interest outstanding | 40,409 |
Net asset value and offering price per share outstanding | $ 23.32 |
Class R6 | |
Net assets applicable to outstanding shares | $270,274,058 |
Shares of beneficial interest outstanding | 11,283,025 |
Net asset value and offering price per share outstanding | $ 23.95 |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated (net of foreign tax withholding of $464,548) | $ 4,998,971 |
Securities lending | 29,817 |
Dividends-affiliated | 52 |
Total income | 5,028,840 |
Expenses | |
Manager (See Note 3) | 3,622,937 |
Distribution/Service—Class A (See Note 3) | 199,335 |
Distribution/Service—Investor Class (See Note 3) | 58,957 |
Distribution/Service—Class B (See Note 3) | 24,433 |
Distribution/Service—Class C (See Note 3) | 28,084 |
Distribution/Service—Class R2 (See Note 3) | 1,263 |
Distribution/Service—Class R3 (See Note 3) | 6,570 |
Transfer agent (See Note 3) | 282,838 |
Registration | 123,885 |
Professional fees | 78,691 |
Custodian | 68,412 |
Shareholder communication | 36,608 |
Trustees | 8,952 |
Insurance | 2,532 |
Shareholder service (See Note 3) | 1,984 |
Miscellaneous | 35,053 |
Total expenses before waiver/reimbursement | 4,580,534 |
Expense waiver/reimbursement from Manager (See Note 3) | (652,212) |
Net expenses | 3,928,322 |
Net investment income (loss) | 1,100,518 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | 57,581,749 |
Foreign currency transactions | 684,157 |
Net realized gain (loss) | 58,265,906 |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments(a) | 53,675,535 |
Translation of other assets and liabilities in foreign currencies | 164,385 |
Net change in unrealized appreciation (depreciation) | 53,839,920 |
Net realized and unrealized gain (loss) | 112,105,826 |
Net increase (decrease) in net assets resulting from operations | $113,206,344 |
(a) | Net change in unrealized appreciation (depreciation) on investments recorded net of foreign capital gains tax in the amount of $(306,185). |
16 | MainStay MacKay International Equity Fund |
for the years ended October 31, 2021 and October 31, 2020
2021 | 2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 1,100,518 | $ 461,055 |
Net realized gain (loss) | 58,265,906 | 10,333,966 |
Net change in unrealized appreciation (depreciation) | 53,839,920 | 17,780,932 |
Net increase (decrease) in net assets resulting from operations | 113,206,344 | 28,575,953 |
Distributions to shareholders: | ||
Class A | (2,496,321) | (1,722,435) |
Investor Class | (878,981) | (658,491) |
Class B | (104,666) | (97,268) |
Class C | (133,782) | (119,383) |
Class I | (1,460,845) | (1,446,255) |
Class R1 | (5,793) | (8,457) |
Class R2 | (19,645) | (12,558) |
Class R3 | (47,741) | (31,572) |
Class R6 | (8,406,730) | (6,312,311) |
Total distributions to shareholders | (13,554,504) | (10,408,730) |
Capital share transactions: | ||
Net proceeds from sales of shares | 44,435,679 | 37,289,281 |
Net asset value of shares issued to shareholder in reinvestment of distributions | 13,508,107 | 10,370,218 |
Cost of shares redeemed | (43,961,450) | (49,485,401) |
Increase (decrease) in net assets derived from capital share transactions | 13,982,336 | (1,825,902) |
Net increase (decrease) in net assets | 113,634,176 | 16,341,321 |
Net Assets | ||
Beginning of year | 327,673,210 | 311,331,889 |
End of year | $441,307,386 | $327,673,210 |
Year Ended October 31, | |||||||||
Class A | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 18.27 | $ 17.12 | $ 15.48 | $ 16.38 | $ 13.51 | ||||
Net investment income (loss) (a) | 0.01 | (0.01) | 0.09 | 0.03 | 0.00‡ | ||||
Net realized and unrealized gain (loss) | 6.13 | 1.68 | 1.70 | (0.84) | 2.91 | ||||
Total from investment operations | 6.14 | 1.67 | 1.79 | (0.81) | 2.91 | ||||
Less distributions: | |||||||||
From net investment income | — | (0.05) | — | (0.09) | (0.04) | ||||
From net realized gain on investments | (0.74) | (0.47) | (0.15) | — | — | ||||
Total distributions | (0.74) | (0.52) | (0.15) | (0.09) | (0.04) | ||||
Net asset value at end of year | $ 23.67 | $ 18.27 | $ 17.12 | $ 15.48 | $ 16.38 | ||||
Total investment return (b) | 34.31% | 9.84% | 11.74% | (4.98)% | 21.59% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.05% | (0.09)% | 0.57% | 0.17% | 0.01% | ||||
Net expenses (c) | 1.18% | 1.21% | 1.21% | 1.32% | 1.34% | ||||
Expenses (before waiver/reimbursement) (c) | 1.33% | 1.40% | 1.35% | 1.32% | 1.34% | ||||
Portfolio turnover rate | 101% | 135% | 58% | 53% | 45% | ||||
Net assets at end of year (in 000’s) | $ 89,076 | $ 61,795 | $ 57,566 | $ 59,304 | $ 54,553 |
‡ | Less than one cent per share. |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | |||||||||
Investor Class | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 18.06 | $ 16.94 | $ 15.38 | $ 16.27 | $ 13.43 | ||||
Net investment income (loss) (a) | (0.06) | (0.07) | 0.03 | (0.03) | (0.04) | ||||
Net realized and unrealized gain (loss) | 6.04 | 1.66 | 1.68 | (0.83) | 2.88 | ||||
Total from investment operations | 5.98 | 1.59 | 1.71 | (0.86) | 2.84 | ||||
Less distributions: | |||||||||
From net investment income | — | — | — | (0.03) | — | ||||
From net realized gain on investments | (0.74) | (0.47) | (0.15) | — | — | ||||
Total distributions | (0.74) | (0.47) | (0.15) | (0.03) | — | ||||
Net asset value at end of year | $ 23.30 | $ 18.06 | $ 16.94 | $ 15.38 | $ 16.27 | ||||
Total investment return (b) | 33.80% | 9.40% | 11.36% | (5.31)% | 21.15% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | (0.30)% | (0.43)% | 0.21% | (0.19)% | (0.26)% | ||||
Net expenses (c) | 1.56% | 1.56% | 1.59% | 1.66% | 1.69% | ||||
Expenses (before waiver/reimbursement) (c) | 1.71% | 1.75% | 1.75% | 1.70% | 1.69% | ||||
Portfolio turnover rate | 101% | 135% | 58% | 53% | 45% | ||||
Net assets at end of year (in 000's) | $ 21,990 | $ 21,699 | $ 23,870 | $ 21,679 | $ 25,029 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
18 | MainStay MacKay International Equity Fund |
Year Ended October 31, | |||||||||
Class B | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 15.74 | $ 14.94 | $ 13.68 | $ 14.55 | $ 12.10 | ||||
Net investment income (loss) (a) | (0.20) | (0.18) | (0.08) | (0.14) | (0.14) | ||||
Net realized and unrealized gain (loss) | 5.25 | 1.45 | 1.49 | (0.73) | 2.59 | ||||
Total from investment operations | 5.05 | 1.27 | 1.41 | (0.87) | 2.45 | ||||
Less distributions: | |||||||||
From net realized gain on investments | (0.74) | (0.47) | (0.15) | — | — | ||||
Net asset value at end of year | $ 20.05 | $ 15.74 | $ 14.94 | $ 13.68 | $ 14.55 | ||||
Total investment return (b) | 32.84% | 8.57% | 10.49% | (5.98)% | 20.25% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | (1.06)% | (1.20)% | (0.59)% | (0.95)% | (1.05)% | ||||
Net expenses (c) | 2.31% | 2.31% | 2.35% | 2.41% | 2.44% | ||||
Expenses (before waiver/reimbursement) (c) | 2.46% | 2.50% | 2.50% | 2.44% | 2.44% | ||||
Portfolio turnover rate | 101% | 135% | 58% | 53% | 45% | ||||
Net assets at end of year (in 000’s) | $ 2,192 | $ 2,368 | $ 3,345 | $ 4,404 | $ 6,210 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | |||||||||
Class C | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 15.75 | $ 14.93 | $ 13.68 | $ 14.56 | $ 12.10 | ||||
Net investment income (loss) (a) | (0.21) | (0.18) | (0.09) | (0.14) | (0.14) | ||||
Net realized and unrealized gain (loss) | 5.24 | 1.47 | 1.49 | (0.74) | 2.60 | ||||
Total from investment operations | 5.03 | 1.29 | 1.40 | (0.88) | 2.46 | ||||
Less distributions: | |||||||||
From net realized gain on investments | (0.74) | (0.47) | (0.15) | — | — | ||||
Net asset value at end of year | $ 20.04 | $ 15.75 | $ 14.93 | $ 13.68 | $ 14.56 | ||||
Total investment return (b) | 32.69% | 8.64% | 10.49% | (6.04)% | 20.33% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | (1.12)% | (1.20)% | (0.65)% | (0.93)% | (1.05)% | ||||
Net expenses (c) | 2.31% | 2.31% | 2.35% | 2.41% | 2.44% | ||||
Expenses (before waiver/reimbursement) (c) | 2.46% | 2.50% | 2.50% | 2.44% | 2.44% | ||||
Portfolio turnover rate | 101% | 135% | 58% | 53% | 45% | ||||
Net assets at end of year (in 000’s) | $ 2,470 | $ 2,952 | $ 3,915 | $ 6,960 | $ 7,564 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | |||||||||
Class I | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 18.43 | $ 17.28 | $ 15.57 | $ 16.48 | $ 13.59 | ||||
Net investment income (loss) (a) | 0.09 | 0.05 | 0.09 | 0.07 | 0.05 | ||||
Net realized and unrealized gain (loss) | 6.17 | 1.69 | 1.78 | (0.85) | 2.91 | ||||
Total from investment operations | 6.26 | 1.74 | 1.87 | (0.78) | 2.96 | ||||
Less distributions: | |||||||||
From net investment income | (0.02) | (0.12) | (0.01) | (0.13) | (0.07) | ||||
From net realized gain on investments | (0.74) | (0.47) | (0.15) | — | — | ||||
Total distributions | (0.76) | (0.59) | (0.16) | (0.13) | (0.07) | ||||
Net asset value at end of year | $ 23.93 | $ 18.43 | $ 17.28 | $ 15.57 | $ 16.48 | ||||
Total investment return (b) | 34.72% | 10.22% | 12.19% | (4.80)% | 21.94% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.39% | 0.27% | 0.55% | 0.42% | 0.31% | ||||
Net expenses (c) | 0.85% | 0.85% | 0.92% | 1.07% | 1.09% | ||||
Expenses (before waiver/reimbursement) (c) | 1.08% | 1.16% | 1.10% | 1.07% | 1.09% | ||||
Portfolio turnover rate | 101% | 135% | 58% | 53% | 45% | ||||
Net assets at end of year (in 000’s) | $ 53,914 | $ 35,880 | $ 43,280 | $ 213,030 | $ 205,009 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | |||||||||
Class R1 | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 18.31 | $ 17.15 | $ 15.48 | $ 16.38 | $ 13.51 | ||||
Net investment income (loss) (a) | 0.05 | (0.01) | 0.05 | 0.05 | 0.03 | ||||
Net realized and unrealized gain (loss) | 6.13 | 1.71 | 1.77 | (0.84) | 2.90 | ||||
Total from investment operations | 6.18 | 1.70 | 1.82 | (0.79) | 2.93 | ||||
Less distributions: | |||||||||
From net investment income | — | (0.07) | — | (0.11) | (0.06) | ||||
From net realized gain on investments | (0.74) | (0.47) | (0.15) | — | — | ||||
Total distributions | (0.74) | (0.54) | (0.15) | (0.11) | (0.06) | ||||
Net asset value at end of year | $ 23.75 | $ 18.31 | $ 17.15 | $ 15.48 | $ 16.38 | ||||
Total investment return (b) | 34.46% | 10.05% | 11.93% | (4.86)% | 21.78% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.23% | (0.05)% | 0.33% | 0.29% | 0.21% | ||||
Net expenses (c) | 1.03% | 1.06% | 1.11% | 1.17% | 1.19% | ||||
Expenses (before waiver/reimbursement) (c) | 1.18% | 1.25% | 1.19% | 1.17% | 1.19% | ||||
Portfolio turnover rate | 101% | 135% | 58% | 53% | 45% | ||||
Net assets at end of year (in 000’s) | $ 157 | $ 143 | $ 265 | $ 2,109 | $ 2,616 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R1 shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
20 | MainStay MacKay International Equity Fund |
Year Ended October 31, | |||||||||
Class R2 | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 18.30 | $ 17.15 | $ 15.52 | $ 16.42 | $ 13.54 | ||||
Net investment income (loss) (a) | (0.01) | (0.03) | 0.06 | (0.02) | 0.01 | ||||
Net realized and unrealized gain (loss) | 6.13 | 1.68 | 1.72 | (0.80) | 2.89 | ||||
Total from investment operations | 6.12 | 1.65 | 1.78 | (0.82) | 2.90 | ||||
Less distributions: | |||||||||
From net investment income | — | (0.03) | — | (0.08) | (0.02) | ||||
From net realized gain on investments | (0.74) | (0.47) | (0.15) | — | — | ||||
Total distributions | (0.74) | (0.50) | (0.15) | (0.08) | (0.02) | ||||
Net asset value at end of year | $ 23.68 | $ 18.30 | $ 17.15 | $ 15.52 | $ 16.42 | ||||
Total investment return (b) | 34.14% | 9.72% | 11.64% | (5.06)%(c) | 21.55%(c) | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | (0.06)% | (0.18)% | 0.38% | (0.13)% | 0.06% | ||||
Net expenses (d) | 1.28% | 1.31% | 1.31% | 1.42% | 1.44% | ||||
Expenses (before waiver/reimbursement) (d) | 1.43% | 1.50% | 1.45% | 1.42% | 1.44% | ||||
Portfolio turnover rate | 101% | 135% | 58% | 53% | 45% | ||||
Net assets at end of year (in 000’s) | $ 291 | $ 486 | $ 454 | $ 602 | $ 1,201 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R2 shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | |||||||||
Class R3 | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 18.08 | $ 16.96 | $ 15.38 | $ 16.29 | $ 13.44 | ||||
Net investment income (loss) (a) | (0.06) | (0.08) | 0.03 | (0.04) | (0.04) | ||||
Net realized and unrealized gain (loss) | 6.04 | 1.67 | 1.70 | (0.83) | 2.89 | ||||
Total from investment operations | 5.98 | 1.59 | 1.73 | (0.87) | 2.85 | ||||
Less distributions: | |||||||||
From net investment income | — | — | — | (0.04) | — | ||||
From net realized gain on investments | (0.74) | (0.47) | (0.15) | — | — | ||||
Total distributions | (0.74) | (0.47) | (0.15) | (0.04) | — | ||||
Net asset value at end of year | $ 23.32 | $ 18.08 | $ 16.96 | $ 15.38 | $ 16.29 | ||||
Total investment return (b) | 33.77% | 9.46% | 11.35% | (5.39)%(c) | 21.21% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | (0.28)% | (0.46)% | 0.22% | (0.21)% | (0.27)% | ||||
Net expenses (d) | 1.53% | 1.56% | 1.56% | 1.67% | 1.69% | ||||
Expenses (before waiver/reimbursement) (d) | 1.68% | 1.75% | 1.70% | 1.67% | 1.69% | ||||
Portfolio turnover rate | 101% | 135% | 58% | 53% | 45% | ||||
Net assets at end of year (in 000’s) | $ 942 | $ 1,140 | $ 1,154 | $ 1,057 | $ 1,446 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. 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. |
Year Ended October 31, | February 28, 2019^ through October 31, 2019 | ||||
Class R6 | 2021 | 2020 | |||
Net asset value at beginning of period | $ 18.45 | $ 17.28 | $ 16.13 | ||
Net investment income (loss) (a) | 0.09 | 0.05 | 0.15 | ||
Net realized and unrealized gain (loss) | 6.18 | 1.70 | 1.00 | ||
Total from investment operations | 6.27 | 1.75 | 1.15 | ||
Less distributions: | |||||
From net investment income | (0.03) | (0.11) | — | ||
From net realized gain on investments | (0.74) | (0.47) | — | ||
Total distributions | (0.77) | (0.58) | — | ||
Net asset value at end of period | $ 23.95 | $ 18.45 | $ 17.28 | ||
Total investment return (b) | 34.74% | 10.27% | 7.13% | ||
Ratios (to average net assets)/Supplemental Data: | |||||
Net investment income (loss) | 0.40% | 0.31% | 1.37%†† | ||
Net expenses (c) | 0.83% | 0.83% | 0.83%†† | ||
Expenses (before waiver/reimbursement) (c) | 0.98% | 1.02% | 1.00%†† | ||
Portfolio turnover rate | 101% | 135% | 58% | ||
Net assets at end of period (in 000’s) | $ 270,274 | $ 201,210 | $ 177,483 |
^ | Inception date. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R6 shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
22 | MainStay MacKay International Equity Fund |
Class | Commenced Operations |
Class A | January 3, 1995 |
Investor Class | February 28, 2008 |
Class B | September 13, 1994 |
Class C | September 1, 1998 |
Class I | January 2, 2004 |
Class R1 | January 2, 2004 |
Class R2 | January 2, 2004 |
Class R3 | April 28, 2006 |
Class R6 | February 28, 2019 |
SIMPLE Class | N/A* |
* | SIMPLE Class shares were registered for sale effective as of August 31, 2020 but have not yet commenced operations. |
• | Level 1—quoted prices in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Fund's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• Broker/dealer quotes | • Benchmark securities |
• Two-sided markets | • Reference data (corporate actions or material event notices) |
• Bids/offers | • Monthly payment information |
• Industry and economic events | • Reported trades |
24 | MainStay MacKay International Equity Fund |
26 | MainStay MacKay International Equity Fund |
Class R1 | $ 165 |
Class R2 | 505 |
Class R3 | 1,314 |
Class | Expense | Waived |
Class A | $ 83,243 | $— |
Investor Class | 113,387 | — |
Class B | 11,704 | — |
Class C | 13,429 | — |
Class I | 48,981 | — |
Class R1 | 174 | — |
Class R2 | 542 | — |
Class R3 | 1,398 | — |
Class R6 | 9,980 | — |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay U.S. Government Liquidity Fund | $ 565 | $ 28,110 | $ (28,064) | $ — | $ — | $ 611 | $ —(a) | $ — | 611 |
(a) | Less than $500. |
28 | MainStay MacKay International Equity Fund |
Class I | $ 17,676,326 | 32.8% |
Class R6 | 211,720,188 | 78.3 |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $352,795,388 | $95,833,501 | $(3,557,009) | $92,276,492 |
Ordinary income | Accumulated Capital and Other Gain (Loss) | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$22,636,720 | $33,444,767 | $91,987,501 | $148,068,988 |
Total Distributable Earnings (Loss) | Additional Paid-In Capital | |
$(3,023,988) | $3,023,988 |
2021 | 2020 | |
Distributions paid from: | ||
Ordinary Income | $ 8,006,740 | $ 1,693,597 |
Long-Term Capital Gains | 5,547,764 | 8,715,133 |
Total | $13,554,504 | $10,408,730 |
Class A | Shares | Amount |
Year ended October 31, 2021: | ||
Shares sold | 439,982 | $ 9,546,189 |
Shares issued to shareholders in reinvestment of distributions | 122,230 | 2,462,926 |
Shares redeemed | (481,241) | (10,442,551) |
Net increase (decrease) in shares outstanding before conversion | 80,971 | 1,566,564 |
Shares converted into Class A (See Note 1) | 301,169 | 6,650,481 |
Shares converted from Class A (See Note 1) | (115) | (2,340) |
Net increase (decrease) | 382,025 | $ 8,214,705 |
Year ended October 31, 2020: | ||
Shares sold | 305,883 | $ 5,330,979 |
Shares issued to shareholders in reinvestment of distributions | 95,951 | 1,698,341 |
Shares redeemed | (600,551) | (10,083,501) |
Net increase (decrease) in shares outstanding before conversion | (198,717) | (3,054,181) |
Shares converted into Class A (See Note 1) | 223,664 | 4,030,614 |
Shares converted from Class A (See Note 1) | (5,124) | (79,523) |
Net increase (decrease) | 19,823 | $ 896,910 |
Investor Class | Shares | Amount |
Year ended October 31, 2021: | ||
Shares sold | 53,338 | $ 1,151,658 |
Shares issued to shareholders in reinvestment of distributions | 44,113 | 877,859 |
Shares redeemed | (92,836) | (1,997,436) |
Net increase (decrease) in shares outstanding before conversion | 4,615 | 32,081 |
Shares converted into Investor Class (See Note 1) | 22,666 | 486,379 |
Shares converted from Investor Class (See Note 1) | (284,938) | (6,205,441) |
Net increase (decrease) | (257,657) | $ (5,686,981) |
Year ended October 31, 2020: | ||
Shares sold | 83,420 | $ 1,384,378 |
Shares issued to shareholders in reinvestment of distributions | 37,405 | 656,557 |
Shares redeemed | (147,323) | (2,489,350) |
Net increase (decrease) in shares outstanding before conversion | (26,498) | (448,415) |
Shares converted into Investor Class (See Note 1) | 27,800 | 458,079 |
Shares converted from Investor Class (See Note 1) | (208,691) | (3,739,070) |
Net increase (decrease) | (207,389) | $ (3,729,406) |
Class B | Shares | Amount |
Year ended October 31, 2021: | ||
Shares sold | 2,841 | $ 51,762 |
Shares issued to shareholders in reinvestment of distributions | 6,071 | 104,666 |
Shares redeemed | (19,104) | (357,112) |
Net increase (decrease) in shares outstanding before conversion | (10,192) | (200,684) |
Shares converted from Class B (See Note 1) | (30,867) | (579,598) |
Net increase (decrease) | (41,059) | $ (780,282) |
Year ended October 31, 2020: | ||
Shares sold | 1,072 | $ 15,470 |
Shares issued to shareholders in reinvestment of distributions | 6,316 | 97,267 |
Shares redeemed | (39,599) | (579,400) |
Net increase (decrease) in shares outstanding before conversion | (32,211) | (466,663) |
Shares converted from Class B (See Note 1) | (41,338) | (610,299) |
Net increase (decrease) | (73,549) | $ (1,076,962) |
30 | MainStay MacKay International Equity Fund |
Class C | Shares | Amount |
Year ended October 31, 2021: | ||
Shares sold | 9,708 | $ 182,118 |
Shares issued to shareholders in reinvestment of distributions | 7,760 | 133,783 |
Shares redeemed | (62,839) | (1,151,894) |
Net increase (decrease) in shares outstanding before conversion | (45,371) | (835,993) |
Shares converted from Class C (See Note 1) | (18,849) | (349,481) |
Net increase (decrease) | (64,220) | $ (1,185,474) |
Year ended October 31, 2020: | ||
Shares sold | 17,456 | $ 265,182 |
Shares issued to shareholders in reinvestment of distributions | 7,668 | 118,089 |
Shares redeemed | (95,370) | (1,445,206) |
Net increase (decrease) in shares outstanding before conversion | (70,246) | (1,061,935) |
Shares converted from Class C (See Note 1) | (4,412) | (64,219) |
Net increase (decrease) | (74,658) | $ (1,126,154) |
Class I | Shares | Amount |
Year ended October 31, 2021: | ||
Shares sold | 508,899 | $ 11,312,447 |
Shares issued to shareholders in reinvestment of distributions | 71,624 | 1,454,680 |
Shares redeemed | (274,230) | (6,066,101) |
Net increase (decrease) | 306,293 | $ 6,701,026 |
Year ended October 31, 2020: | ||
Shares sold | 176,080 | $ 3,133,855 |
Shares issued to shareholders in reinvestment of distributions | 80,878 | 1,438,833 |
Shares redeemed | (815,405) | (13,551,566) |
Net increase (decrease) in shares outstanding before conversion | (558,447) | (8,978,878) |
Shares converted into Class I (See Note 1) | 232 | 4,418 |
Net increase (decrease) | (558,215) | $ (8,974,460) |
Class R1 | Shares | Amount |
Year ended October 31, 2021: | ||
Shares sold | 977 | $ 21,179 |
Shares issued to shareholders in reinvestment of distributions | 287 | 5,793 |
Shares redeemed | (2,424) | (53,729) |
Net increase (decrease) | (1,160) | $ (26,757) |
Year ended October 31, 2020: | ||
Shares sold | 1,016 | $ 17,294 |
Shares issued to shareholders in reinvestment of distributions | 478 | 8,457 |
Shares redeemed | (9,157) | (160,158) |
Net increase (decrease) | (7,663) | $ (134,407) |
Class R2 | Shares | Amount |
Year ended October 31, 2021: | ||
Shares sold | 787 | $ 16,945 |
Shares issued to shareholders in reinvestment of distributions | 697 | 14,076 |
Shares redeemed | (15,737) | (367,300) |
Net increase (decrease) | (14,253) | $ (336,279) |
Year ended October 31, 2020: | ||
Shares sold | 1,521 | $ 26,460 |
Shares issued to shareholders in reinvestment of distributions | 501 | 8,885 |
Shares redeemed | (1,949) | (34,210) |
Net increase (decrease) | 73 | $ 1,135 |
Class R3 | Shares | Amount |
Year ended October 31, 2021: | ||
Shares sold | 9,642 | $ 204,513 |
Shares issued to shareholders in reinvestment of distributions | 2,389 | 47,594 |
Shares redeemed | (34,705) | (776,187) |
Net increase (decrease) | (22,674) | $ (524,080) |
Year ended October 31, 2020: | ||
Shares sold | 14,635 | $ 248,807 |
Shares issued to shareholders in reinvestment of distributions | 1,793 | 31,478 |
Shares redeemed | (21,410) | (336,531) |
Net increase (decrease) | (4,982) | $ (56,246) |
Class R6 | Shares | Amount |
Year ended October 31, 2021: | ||
Shares sold | 982,195 | $ 21,948,868 |
Shares issued to shareholders in reinvestment of distributions | 413,514 | 8,406,730 |
Shares redeemed | (1,021,160) | (22,749,140) |
Net increase (decrease) | 374,549 | $ 7,606,458 |
Year ended October 31, 2020: | ||
Shares sold | 1,496,857 | $ 26,866,856 |
Shares issued to shareholders in reinvestment of distributions | 354,425 | 6,312,311 |
Shares redeemed | (1,215,108) | (20,805,479) |
Net increase (decrease) | 636,174 | $ 12,373,688 |
32 | MainStay MacKay International Equity Fund |
The MainStay Funds:
December 24, 2021
34 | MainStay MacKay International Equity Fund |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Yie-Hsin Hung* 1962 | MainStay Funds: Trustee since 2017; MainStay Funds Trust: Trustee since 2017 | Senior Vice President of New York Life since joining in 2010, Member of the Executive Management Committee since 2017, Chief Executive Officer, New York Life Investment Management Holdings LLC & New York Life Investment Management LLC since 2015. Senior Managing Director and Co-President of New York Life Investment Management LLC from January 2014 to May 2015. Previously held positions of increasing responsibility, including head of NYLIM International, Alternative Growth Businesses, and Institutional investments since joining New York Life in 2010 | 78 | MainStay VP Funds Trust: Trustee since 2017 (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2017; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of her affiliation with New York Life Insurance Company, New York Life Investment Management LLC, Candriam Belgium S.A., Candriam Luxembourg S.C.A., IndexIQ Advisors LLC, MacKay Shields LLC, NYL Investors LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay Funds: Trustee since 2016, Advisory Board Member (June 2015 to December 2015);MainStay Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 78 | MainStay VP Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Market Vectors Group of Exchange-Traded Funds: Independent Chairman of the Board of Trustees since 2008 and Trustee since 2006 (56 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Investment Committee since 2018 | |
Susan B. Kerley 1951 | MainStay Funds: Chairman since 2017 and Trustee since 2007;MainStay Funds Trust: Chairman since 2017 and Trustee since 1990** | President, Strategic Management Advisors LLC since 1990 | 78 | MainStay VP Funds Trust: Chairman since January 2017 and Trustee since 2007 (31 portfolios)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) | |
Alan R. Latshaw 1951 | MainStay Funds: Trustee;MainStay Funds Trust: Trustee since 2007** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 78 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 | |
Richard H. Nolan, Jr. 1946 | MainStay Funds: Trustee since 2007;MainStay Funds Trust: Trustee since 2007** | Managing Director, ICC Capital Management since 2004; President—Shields/Alliance, Alliance Capital Management (1994 to 2004) | 78 | MainStay VP Funds Trust: Trustee since 2006 (31 portfolios)***; and MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011 | |
Jacques P. Perold 1958 | MainStay Funds: Trustee since 2016, Advisory Board Member (June 2015 to December 2015);MainStay Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, Capshift Advisors LLC (Since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 78 | MainStay VP Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Partners in Health: Trustee since 2019; Allstate Corporation: Director since 2015; and MSCI, Inc.: Director since 2017 |
36 | MainStay MacKay International Equity Fund |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Richard S. Trutanic 1952 | MainStay Funds: Trustee since 1994;MainStay Funds Trust: Trustee since 2007** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 78 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund; Trustee since June 2021 |
** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
*** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Karen Hammond 1956 | MainStay Funds: Advisory Board Member since June 2021;MainStay Funds Trust: Advisory Board Member since June 2021 | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 78 | MainStay VP Funds Trust: Advisory Board Member since June 2021 (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Advisory Board Member since June 2021; MainStay CBRE Global Infrastructure Megatrends Fund: Advisory Board Member since June 2021; Two Harbors Investment Corp: Trustee since 2018, Chair of the Special Committee since 2019; Rhode Island School of Design: Trustee and Chair of the Finance Committee since 2015 |
Advisory Board Member | Independent Trustees |
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; Chairman of the Board since 2017, NYLIFE Distributors LLC; Chairman of the Board, NYLIM Service Company LLC since 2017; Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust since January 2018; President, MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust since 2017** and MainStay CBRE Global Infrastructure Megatrends Fund since June 2021; 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 MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay VP Funds Trust since 2007** and MainStay CBRE Global Infrastructure Megatrends Fund since June 2021; 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 MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay VP Funds Trust since 2010** and MainStay CBRE Global Infrastructure Megatrends Fund since June 2021 | ||
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 MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay VP Funds Trust since 2005** and MainStay CBRE Global Infrastructure Megatrends Fund since June 2021 | ||
Kevin M. Bopp 1969 | Vice President and Chief Compliance Officer, MainStay Funds and MainStay Funds Trust since 2021 and 2014 to 2020 | Vice President and Chief Compliance Officer, New York Life Investments Alternatives LLC and New York Life Investment Management Holdings LLC since 2020; Vice President since 2018 and Chief Compliance Officer since 2016, New York Life Investment Management LLC; Vice President and Chief Compliance Officer, IndexIQ Advisors LLC, IndexIQ Holdings Inc., IndexIQ LLC and IndexIQ Trust since 2017; Director and Associate General Counsel (2011 to 2014) and Vice President and Assistant General Counsel (2010 to 2011), New York Life Investment Management LLC;Vice President and Chief Compliance Officer, MainStay VP Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund since June 2021 and 2014 to 2020 and MainStay CBRE Global Infrastructure Megatrends Fund since June 2021; Assistant Secretary, MainStay Funds, MainStay Funds Trust and MainStay VP Funds Trust (2010 to 2014)**, MainStay MacKay DefinedTerm Municipal Opportunities Fund (2011 to 2014) |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
38 | MainStay MacKay International Equity Fund |
1.
2. | This Fund is registered for sale in CA, CT, DE, FL, MA, NJ, NY and VT. |
3. | Prior to November 30, 2021, the Fund's name was formerly MainStay MacKay Intermediate Tax Free Bond Fund. |
4. | An affiliate of New York Life Investment Management LLC. |
1715994MS180-21 | MSIE11-12/21 |
please log in to newyorklifeinvestments.com/accounts.
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended October 31, 2021 | |||||||
Class | Sales Charge | Inception Date | One Year | Five Years | Ten Years or Since Inception | Gross Expense Ratio1 | |
Class A Shares | Maximum 4.5% Initial Sales Charge | With sales charges | 2/28/1997 | 0.85% | 2.59% | 3.44% | 1.19% |
Excluding sales charges | 5.61 | 3.54 | 3.91 | 1.19 | |||
Investor Class Shares2 | Maximum 4.0% Initial Sales Charge | With sales charges | 2/28/2008 | 1.20 | 2.53 | 3.36 | 1.25 |
Excluding sales charges | 5.41 | 3.48 | 3.84 | 1.25 | |||
Class B Shares3 | Maximum 5.0% CDSC | With sales charges | 2/28/1997 | -0.43 | 2.33 | 3.06 | 2.01 |
if Redeemed Within the First Six Years of Purchase | Excluding sales charges | 4.57 | 2.70 | 3.06 | 2.01 | ||
Class C Shares | Maximum 1% CDSC | With sales charges | 9/1/1998 | 3.69 | 2.72 | 3.08 | 2.01 |
if Redeemed Within One Year of Purchase | Excluding sales charges | 4.69 | 2.72 | 3.08 | 2.01 | ||
Class I Shares | No Sales Charge | 1/2/2004 | 5.88 | 3.80 | 4.17 | 0.95 | |
Class R2 Shares | No Sales Charge | 2/28/2014 | 5.49 | 3.46 | 2.62 | 1.30 | |
Class R3 Shares | No Sales Charge | 2/29/2016 | 5.21 | 3.17 | 4.49 | 1.53 | |
Class R6 Shares | No Sales Charge | 2/28/2018 | 5.97 | N/A | 4.06 | 0.83 |
1. | The gross expense ratios presented reflect the Fund’s “Total Annual Fund Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report. |
2. | Prior to June 30, 2020, the maximum initial sales charge was 4.5%, which is reflected in the average annual total return figures shown. |
3. | Class B shares are closed to all new purchases as well as additional investments by existing Class B shareholders. |
Benchmark Performance* | One Year | Five Years | Ten Years |
Bloomberg U.S. Aggregate Bond Index1 | -0.48% | 3.10% | 3.00% |
ICE BofA U.S. Dollar 3-Month Deposit Offered Rate Constant Maturity Index2 | 0.19 | 1.43 | 0.90 |
Morningstar Nontraditional Bond Category Average3 | 5.21 | 3.00 | 2.57 |
1. | The Bloomberg U.S. Aggregate Bond Index is the Fund's primary benchmark. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar denominated, fixed-rate taxable bond market, including Treasurys, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage passthroughs), asset-backed securities and commercial mortgage-backed securities. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
2. | The Fund has selected the ICE BofA U.S. Dollar 3-Month Deposit Offered Rate Constant Maturity Index as a secondary benchmark. The ICE BofA U.S. Dollar 3-Month Deposit Offered Rate Constant Maturity Index is unmanaged and tracks the performance of a synthetic asset paying London Interbank Offered Rate to a stated maturity. The index is based on the assumed purchase at par of a synthetic instrument having exactly its stated maturity and with a coupon equal to that day’s fixing rate. That issue is assumed to be sold the following business day (priced at a yield equal to the current day fixing rate) and rolled into a new instrument. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
3. | The Fund has selected the Morningstar Nontraditional Bond Category Average as an additional benchmark. The Morningstar Nontraditional Bond Category Average contains funds that pursue strategies divergent in one or more ways from conventional practice in the broader bond-fund universe. Morningstar category averages are equal-weighted returns based on constituents of the category at the end of the period. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. |
6 | MainStay MacKay Strategic Bond Fund |
Share Class | Beginning Account Value 5/1/21 | Ending Account Value (Based on Actual Returns and Expenses) 10/31/21 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 10/31/21 | Expenses Paid During Period1 | Net Expense Ratio During Period2, 3 |
Class A Shares | $1,000.00 | $1,011.20 | $5.32 | $1,019.91 | $5.35 | 1.05% |
Investor Class Shares | $1,000.00 | $1,010.30 | $6.08 | $1,019.16 | $6.11 | 1.20% |
Class B Shares | $1,000.00 | $1,006.60 | $9.86 | $1,015.37 | $9.91 | 1.95% |
Class C Shares | $1,000.00 | $1,006.60 | $9.86 | $1,015.37 | $9.91 | 1.95% |
Class I Shares | $1,000.00 | $1,012.70 | $3.86 | $1,021.37 | $3.87 | 0.76% |
Class R2 Shares | $1,000.00 | $1,011.80 | $5.83 | $1,019.41 | $5.85 | 1.15% |
Class R3 Shares | $1,000.00 | $1,009.10 | $7.04 | $1,018.20 | $7.07 | 1.39% |
Class R6 Shares | $1,000.00 | $1,013.00 | $3.45 | $1,021.78 | $3.47 | 0.68% |
1. | Expenses are equal to the Fund’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 184 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Fund's annualized expense ratio to reflect the six-month period. |
3. | Expenses are inclusive of dividends and interest on investments sold short. |
1. | FNMA, (zero coupon)-5.961%, due 4/25/28–3/25/60 |
2. | U.S. Treasury Inflation Linked Notes, 0.125%-0.875%, due 1/15/29–7/15/30 |
3. | Bank of America Corp., 2.087%-8.57%, due 11/15/24–10/20/32 |
4. | Ally Financial, Inc., 5.75%-8.00%, due 11/20/25–11/1/31 |
5. | Air Lease Corp., 2.30%-3.25%, due 2/1/25–3/1/25 |
6. | Federative Republic of Brazil, 4.625%, due 1/13/28 |
7. | Petroleos Mexicanos, 6.50%-6.75%, due 3/13/27–9/21/47 |
8. | Dell International LLC, 4.90%-8.10%, due 10/1/26–7/15/36 |
9. | Goldman Sachs Group, Inc. (The), 1.948%-4.125%, due 11/10/26–7/21/42 |
10. | FHLMC, STRIPS, (zero coupon), due 10/15/47 |
8 | MainStay MacKay Strategic Bond Fund |
1. | See page 5 for other share class returns, which may be higher or lower than Class I share returns. See page 6 for more information on benchmark and peer group returns. |
2. | The terms “spread” and “yield spread” may refer to the difference in yield between a security or type of security and comparable U.S. Treasury issues. The terms may also refer to the difference in yield between two specific securities or types of securities at a given time. |
3. | An obligation rated ‘AAA’ has the highest rating assigned by Standard & Poor’s (“S&P”), and in the opinion of S&P, the obligor’s capacity to meet its financial commitment on the obligation is extremely strong. When applied to Fund holdings, ratings are based solely on the creditworthiness of the bonds in the portfolio and are not meant to represent the security or safety of the Fund. |
4. | Duration is a measure of the price sensitivity of a fixed-income investment to changes in interest rates. Duration is expressed as a number of years and is considered a more accurate sensitivity gauge than average maturity. |
10 | MainStay MacKay Strategic Bond Fund |
Principal Amount | Value | |
Long-Term Bonds 91.7% | ||
Asset-Backed Securities 11.3% | ||
Automobile Asset-Backed Securities 4.1% | ||
American Credit Acceptance Receivables Trust (a) | ||
Series 2021-4, Class D | ||
1.82%, due 2/14/28 | $ 1,520,000 | $ 1,517,781 |
Series 2020-2, Class C | ||
3.88%, due 4/13/26 | 2,725,000 | 2,830,404 |
Avis Budget Rental Car Funding AESOP LLC (a) | ||
Series 2021-1A, Class A | ||
1.38%, due 8/20/27 | 2,000,000 | 1,976,898 |
Series 2020-2A, Class A | ||
2.02%, due 2/20/27 | 1,775,000 | 1,803,442 |
Series 2020-1A, Class A | ||
2.33%, due 8/20/26 | 1,260,000 | 1,297,039 |
Drive Auto Receivables Trust | ||
Series 2021-2, Class D | ||
1.39%, due 3/15/29 | 1,000,000 | 988,808 |
Series 2021-1, Class D | ||
1.45%, due 1/16/29 | 2,215,000 | 2,211,884 |
Flagship Credit Auto Trust | ||
Series 2019-2, Class E | ||
4.52%, due 12/15/26 (a) | 815,000 | 849,227 |
Ford Credit Floorplan Master Owner Trust | ||
Series 2019-4, Class A | ||
2.44%, due 9/15/26 | 1,465,000 | 1,520,039 |
Series 2018-4, Class A | ||
4.06%, due 11/15/30 | 1,570,000 | 1,766,725 |
GLS Auto Receivables Issuer Trust | ||
Series 2021-3A, Class D | ||
1.48%, due 7/15/27 (a) | 2,455,000 | 2,425,920 |
GLS Auto Receivables Trust | ||
Series 2021-2A, Class D | ||
1.42%, due 4/15/27 (a) | 915,000 | 904,473 |
Hertz Vehicle Financing III LP (a) | ||
Series 2021-2A, Class B | ||
2.12%, due 12/27/27 | 1,325,000 | 1,319,744 |
Series 2021-2A, Class C | ||
2.52%, due 12/27/27 | 3,285,000 | 3,299,900 |
Hertz Vehicle Financing LLC | ||
Series 2021-1A, Class C | ||
2.05%, due 12/26/25 (a) | 1,225,000 | 1,225,832 |
Santander Drive Auto Receivables Trust | ||
Series 2021-4, Class D | ||
1.67%, due 10/15/27 | 2,760,000 | 2,751,792 |
Santander Revolving Auto Loan Trust | ||
Series 2019-A, Class A | ||
2.51%, due 1/26/32 (a) | 675,000 | 702,318 |
29,392,226 |
Principal Amount | Value | |
Home Equity Asset-Backed Securities 0.5% | ||
Carrington Mortgage Loan Trust | ||
Series 2007-HE1, Class A3 | ||
0.279% (1 Month LIBOR + 0.19%), due 6/25/37 (b) | $ 2,452,879 | $ 2,430,115 |
First NLC Trust | ||
Series 2007-1, Class A1 | ||
0.159% (1 Month LIBOR + 0.07%), due 8/25/37 (a)(b) | 265,569 | 170,714 |
GSAA Home Equity Trust | ||
Series 2007-8, Class A3 | ||
0.989% (1 Month LIBOR + 0.90%), due 8/25/37 (b) | 73,452 | 73,684 |
JPMorgan Mortgage Acquisition Trust | ||
Series 2007-HE1, Class AF1 | ||
0.189% (1 Month LIBOR + 0.10%), due 3/25/47 (b) | 95,328 | 64,970 |
Mastr Asset-Backed Securities Trust | ||
Series 2006-HE4, Class A1 | ||
0.189% (1 Month LIBOR + 0.10%), due 11/25/36 (b) | 72,453 | 31,119 |
Morgan Stanley ABS Capital I, Inc. Trust (b) | ||
Series 2007-HE4, Class A2A | ||
0.199% (1 Month LIBOR + 0.11%), due 2/25/37 | 77,212 | 32,989 |
Series 2007-HE7, Class M1 | ||
2.089% (1 Month LIBOR + 2.00%), due 7/25/37 | 635,000 | 670,502 |
3,474,093 | ||
Other Asset-Backed Securities 6.7% | ||
American Airlines Pass-Through Trust | ||
Series 2019-1, Class B | ||
3.85%, due 2/15/28 | 922,816 | 879,115 |
Series 2016-1, Class A | ||
4.10%, due 1/15/28 | 971,376 | 980,379 |
Series 2013-2, Class A | ||
4.95%, due 1/15/23 | 1,358,528 | 1,385,143 |
Series 2016-1, Class B | ||
5.25%, due 1/15/24 | 1,006,712 | 992,008 |
CF Hippolyta LLC (a) | ||
Series 2020-1, Class A1 | ||
1.69%, due 7/15/60 | 843,382 | 843,358 |
Series 2021-1A, Class B1 | ||
1.98%, due 3/15/61 | 3,813,079 | 3,790,182 |
Series 2020-1, Class A2 | ||
1.99%, due 7/15/60 | 1,201,883 | 1,194,074 |
Principal Amount | Value | |
Asset-Backed Securities (continued) | ||
Other Asset-Backed Securities (continued) | ||
Continental Airlines Pass-Through Trust | ||
Series 2007-1, Class A | ||
5.983%, due 4/19/22 | $ 584,300 | $ 592,903 |
Crown Castle Towers LLC | ||
4.241%, due 7/15/28 (a) | 3,825,000 | 4,242,817 |
CVS Pass-Through Trust | ||
5.789%, due 1/10/26 (a) | 31,370 | 34,118 |
DB Master Finance LLC (a) | ||
Series 2021-1A, Class A23 | ||
2.791%, due 11/20/51 | 1,780,000 | 1,787,549 |
Series 2019-1A, Class A23 | ||
4.352%, due 5/20/49 | 1,421,000 | 1,534,877 |
Domino's Pizza Master Issuer LLC (a) | ||
Series 2018-1A, Class A2I | ||
4.116%, due 7/25/48 | 155,200 | 159,542 |
Series 2015-1A, Class A2II | ||
4.474%, due 10/25/45 | 2,037,750 | 2,109,352 |
FirstKey Homes Trust (a) | ||
Series 2021-SFR2, Class B | ||
1.607%, due 9/17/38 | 1,355,000 | 1,324,987 |
Series 2021-SFR1, Class B | ||
1.788%, due 8/17/38 | 2,015,000 | 2,001,129 |
Series 2021-SFR1, Class C | ||
1.888%, due 8/17/38 | 2,650,000 | 2,615,074 |
Home Partners of America Trust | ||
Series 2021-2, Class B | ||
2.302%, due 12/17/26 (a)(c) | 1,765,000 | 1,765,146 |
Navient Private Education Refi Loan Trust (a) | ||
Series 2021-EA, Class B | ||
2.03%, due 12/16/69 | 2,025,000 | 1,978,194 |
Series 2020-GA, Class B | ||
2.50%, due 9/16/69 | 1,145,000 | 1,152,238 |
Series 2020-HA, Class B | ||
2.78%, due 1/15/69 | 500,000 | 512,109 |
New Economy Assets Phase 1 Sponsor LLC (a) | ||
Series 2021-1, Class A1 | ||
1.91%, due 10/20/61 | 1,260,000 | 1,239,403 |
Series 2021-1, Class B1 | ||
2.41%, due 10/20/61 | 1,215,000 | 1,209,571 |
Progress Residential | ||
Series 2021-SFR4, Class B | ||
1.808%, due 5/17/38 (a) | 1,340,000 | 1,325,868 |
Progress Residential Trust | ||
Series 2021-SFR2, Class B | ||
1.796%, due 4/19/38 (a) | 2,000,000 | 1,979,010 |
Principal Amount | Value | |
Other Asset-Backed Securities (continued) | ||
Sierra Timeshare Receivables Funding LLC | ||
Series 2021-1A, Class C | ||
1.79%, due 11/20/37 (a) | $ 516,656 | $ 513,008 |
Taco Bell Funding LLC | ||
Series 2021-1A, Class A23 | ||
2.542%, due 8/25/51 (a) | 1,575,000 | 1,580,267 |
U.S. Airways Pass-Through Trust | ||
Series 2010-1, Class A | ||
6.25%, due 4/22/23 | 3,301,816 | 3,402,436 |
United Airlines Pass-Through Trust | ||
Series 2014-2, Class B | ||
4.625%, due 9/3/22 | 2,750,333 | 2,815,223 |
Series 2020-1, Class A | ||
5.875%, due 10/15/27 | 1,377,532 | 1,541,141 |
47,480,221 | ||
Total Asset-Backed Securities (Cost $79,528,857) | 80,346,540 | |
Corporate Bonds 47.1% | ||
Aerospace & Defense 0.3% | ||
BAE Systems plc | ||
3.00%, due 9/15/50 (a) | 605,000 | 600,432 |
Howmet Aerospace, Inc. | ||
3.00%, due 1/15/29 | 1,500,000 | 1,477,500 |
2,077,932 | ||
Agriculture 0.2% | ||
BAT Capital Corp. | ||
3.734%, due 9/25/40 | 1,330,000 | 1,293,133 |
Airlines 1.0% | ||
American Airlines, Inc. (a) | ||
5.50%, due 4/20/26 | 1,100,000 | 1,153,900 |
5.75%, due 4/20/29 | 660,000 | 710,325 |
Delta Air Lines, Inc. (a) | ||
4.50%, due 10/20/25 | 845,000 | 901,671 |
4.75%, due 10/20/28 | 590,000 | 655,155 |
7.00%, due 5/1/25 | 2,010,000 | 2,345,571 |
Mileage Plus Holdings LLC | ||
6.50%, due 6/20/27 (a) | 1,520,000 | 1,654,307 |
7,420,929 | ||
Auto Manufacturers 2.5% | ||
Ford Motor Co. | ||
8.50%, due 4/21/23 | 1,925,000 | 2,110,762 |
9.00%, due 4/22/25 | 2,000,000 | 2,405,000 |
12 | MainStay MacKay Strategic Bond Fund |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Auto Manufacturers (continued) | ||
Ford Motor Credit Co. LLC | ||
3.35%, due 11/1/22 | $ 1,115,000 | $ 1,131,948 |
4.063%, due 11/1/24 | 2,280,000 | 2,391,036 |
4.25%, due 9/20/22 | 860,000 | 879,617 |
General Motors Co. | ||
6.125%, due 10/1/25 | 585,000 | 678,957 |
General Motors Financial Co., Inc. | ||
2.35%, due 1/8/31 | 708,000 | 687,984 |
2.70%, due 6/10/31 | 1,525,000 | 1,507,309 |
2.90%, due 2/26/25 | 2,500,000 | 2,601,436 |
Nissan Motor Acceptance Co. LLC | ||
1.85%, due 9/16/26 (a) | 3,610,000 | 3,523,182 |
17,917,231 | ||
Banks 10.4% | ||
Bank of America Corp. | ||
2.087%, due 6/14/29 (d) | 1,275,000 | 1,260,749 |
2.572%, due 10/20/32 (d) | 940,000 | 941,905 |
Series MM | ||
4.30%, due 1/28/25 (d)(e) | 2,656,000 | 2,689,200 |
Series DD | ||
6.30%, due 3/10/26 (d)(e)(f) | 3,570,000 | 4,125,135 |
8.57%, due 11/15/24 | 1,645,000 | 1,986,346 |
Barclays plc | ||
2.852%, due 5/7/26 (d) | 2,375,000 | 2,471,161 |
4.375% (5 Year Treasury Constant Maturity Rate + 3.41%), due 3/15/28 (b)(e) | 2,535,000 | 2,493,933 |
BNP Paribas SA (a) | ||
3.052%, due 1/13/31 (d) | 2,135,000 | 2,220,280 |
4.625% (5 Year Treasury Constant Maturity Rate + 3.34%), due 2/25/31 (b)(e) | 1,610,000 | 1,618,050 |
BPCE SA | ||
2.045%, due 10/19/27 (a)(d) | 990,000 | 986,086 |
Citigroup, Inc. (e) | ||
Series Y | ||
4.15% (5 Year Treasury Constant Maturity Rate + 3.00%), due 11/15/26 (b) | 1,590,000 | 1,595,565 |
Series M | ||
6.30%, due 5/15/24 (d) | 3,260,000 | 3,471,248 |
Citizens Financial Group, Inc. | ||
2.638%, due 9/30/32 | 2,270,000 | 2,268,198 |
Principal Amount | Value | |
Banks (continued) | ||
Citizens Financial Group, Inc. (continued) | ||
Series G | ||
4.00% (5 Year Treasury Constant Maturity Rate + 3.22%), due 10/6/26 (b)(e) | $ 1,095,000 | $ 1,103,213 |
Credit Suisse Group AG | ||
3.091%, due 5/14/32 (a)(d) | 1,485,000 | 1,511,970 |
Deutsche Bank AG | ||
3.035%, due 5/28/32 (d) | 460,000 | 464,870 |
4.875% (USISDA05 + 2.55%), due 12/1/32 (b) | 1,710,000 | 1,857,858 |
Freedom Mortgage Corp. | ||
7.625%, due 5/1/26 (a) | 1,955,000 | 1,906,125 |
Goldman Sachs Group, Inc. (The) | ||
1.948%, due 10/21/27 (d) | 2,830,000 | 2,832,745 |
2.908%, due 7/21/42 (d) | 380,000 | 379,117 |
3.21%, due 4/22/42 (d) | 1,330,000 | 1,378,486 |
Series V | ||
4.125% (5 Year Treasury Constant Maturity Rate + 2.95%), due 11/10/26 (b)(e) | 1,430,000 | 1,434,576 |
Intesa Sanpaolo SpA | ||
4.198%, due 6/1/32 (a) | 2,350,000 | 2,369,052 |
JPMorgan Chase & Co. (d) | ||
2.956%, due 5/13/31 | 980,000 | 1,011,697 |
Series HH | ||
4.60%, due 2/1/25 (e) | 2,457,000 | 2,513,183 |
Lloyds Banking Group plc | ||
4.582%, due 12/10/25 | 1,365,000 | 1,509,224 |
4.65%, due 3/24/26 | 1,985,000 | 2,205,556 |
Macquarie Group Ltd. | ||
2.871%, due 1/14/33 (a)(d) | 1,490,000 | 1,481,244 |
Morgan Stanley (d) | ||
2.484%, due 9/16/36 | 1,300,000 | 1,263,072 |
2.511%, due 10/20/32 | 670,000 | 668,373 |
NatWest Group plc (b) | ||
3.073% (1 Year Treasury Constant Maturity Rate + 2.55%), due 5/22/28 | 2,145,000 | 2,247,739 |
4.60% (5 Year Treasury Constant Maturity Rate + 3.10%), due 6/28/31 (e) | 1,860,000 | 1,832,100 |
Popular, Inc. | ||
6.125%, due 9/14/23 | 1,582,000 | 1,689,124 |
Santander Holdings USA, Inc. | ||
3.40%, due 1/18/23 | 1,500,000 | 1,543,689 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Banks (continued) | ||
Societe Generale SA (a)(b)(e) | ||
4.75% (5 Year Treasury Constant Maturity Rate + 3.93%), due 5/26/26 | $ 715,000 | $ 732,410 |
5.375% (5 Year Treasury Constant Maturity Rate + 4.51%), due 11/18/30 | 2,015,000 | 2,140,938 |
Standard Chartered plc (a)(b) | ||
2.678% (1 Year Treasury Constant Maturity Rate + 1.20%), due 6/29/32 | 780,000 | 764,004 |
4.75% (5 Year Treasury Constant Maturity Rate + 3.81%), due 1/14/31 (e)(f) | 945,000 | 928,463 |
SVB Financial Group | ||
Series C | ||
4.00% (5 Year Treasury Constant Maturity Rate + 3.20%), due 5/15/26 (b)(e) | 1,385,000 | 1,388,463 |
Texas Capital Bancshares, Inc. | ||
4.00% (5 Year Treasury Constant Maturity Rate + 3.15%), due 5/6/31 (b) | 1,075,000 | 1,119,242 |
UBS Group AG | ||
4.375% (5 Year Treasury Constant Maturity Rate + 3.31%), due 2/10/31 (a)(b)(e) | 1,825,000 | 1,812,681 |
Wells Fargo & Co. (d) | ||
3.584%, due 5/22/28 | 380,000 | 409,849 |
Series S | ||
5.90%, due 6/15/24 (e) | 3,295,000 | 3,512,997 |
74,139,916 | ||
Beverages 0.3% | ||
Anheuser-Busch InBev Worldwide, Inc. | ||
4.75%, due 1/23/29 | 1,770,000 | 2,078,149 |
Biotechnology 0.1% | ||
Biogen, Inc. | ||
3.15%, due 5/1/50 | 890,000 | 874,142 |
Chemicals 0.9% | ||
Alpek SAB de CV | ||
3.25%, due 2/25/31 (a) | 825,000 | 816,758 |
Braskem Netherlands Finance BV | ||
4.50%, due 1/10/28 (a) | 1,250,000 | 1,276,575 |
Principal Amount | Value | |
Chemicals (continued) | ||
International Flavors & Fragrances, Inc. | ||
2.30%, due 11/1/30 (a) | $ 1,475,000 | $ 1,454,585 |
Orbia Advance Corp. SAB de CV | ||
4.00%, due 10/4/27 (a) | 2,600,000 | 2,808,026 |
6,355,944 | ||
Commercial Services 1.6% | ||
Allied Universal Holdco LLC | ||
6.625%, due 7/15/26 (a) | 2,130,000 | 2,237,842 |
Ashtead Capital, Inc. | ||
4.25%, due 11/1/29 (a) | 2,060,000 | 2,232,087 |
California Institute of Technology | ||
3.65%, due 9/1/19 | 1,118,000 | 1,297,627 |
IHS Markit Ltd. | ||
3.625%, due 5/1/24 | 3,710,000 | 3,914,050 |
Sodexo, Inc. | ||
2.718%, due 4/16/31 (a) | 1,805,000 | 1,843,810 |
11,525,416 | ||
Computers 1.3% | ||
Dell International LLC | ||
4.90%, due 10/1/26 | 4,000,000 | 4,557,825 |
8.10%, due 7/15/36 | 1,045,000 | 1,583,195 |
NCR Corp. (a) | ||
5.00%, due 10/1/28 | 1,629,000 | 1,649,362 |
6.125%, due 9/1/29 | 717,000 | 770,335 |
Teledyne FLIR LLC | ||
2.50%, due 8/1/30 | 965,000 | 969,285 |
9,530,002 | ||
Diversified Financial Services 4.0% | ||
AerCap Ireland Capital DAC | ||
3.00%, due 10/29/28 | 1,650,000 | 1,672,986 |
3.50%, due 5/26/22 | 892,000 | 904,487 |
Air Lease Corp. | ||
2.30%, due 2/1/25 | 3,275,000 | 3,341,207 |
3.25%, due 3/1/25 | 4,000,000 | 4,191,825 |
Aircastle Ltd. | ||
5.25% (5 Year Treasury Constant Maturity Rate + 4.41%), due 6/15/26 (a)(b)(e) | 1,325,000 | 1,358,125 |
Ally Financial, Inc. | ||
5.75%, due 11/20/25 | 3,820,000 | 4,336,493 |
8.00%, due 11/1/31 | 3,280,000 | 4,696,382 |
Avolon Holdings Funding Ltd. | ||
3.25%, due 2/15/27 (a) | 2,125,000 | 2,181,117 |
Banco BTG Pactual SA | ||
2.75%, due 1/11/26 (a) | 2,695,000 | 2,587,227 |
14 | MainStay MacKay Strategic Bond Fund |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Diversified Financial Services (continued) | ||
OneMain Finance Corp. | ||
3.50%, due 1/15/27 | $ 1,835,000 | $ 1,793,712 |
X-Caliber Funding LLC | ||
Series A | ||
5.00%, due 9/24/24 (a)(g)(h) | 1,340,000 | 1,341,675 |
28,405,236 | ||
Electric 1.9% | ||
Appalachian Power Co. | ||
Series X | ||
3.30%, due 6/1/27 | 1,800,000 | 1,935,527 |
Duke Energy Corp. | ||
4.875% (5 Year Treasury Constant Maturity Rate + 3.39%), due 9/16/24 (b)(e) | 2,415,000 | 2,563,523 |
Ohio Power Co. | ||
Series R | ||
2.90%, due 10/1/51 | 955,000 | 950,831 |
Pacific Gas and Electric Co. | ||
3.50%, due 8/1/50 | 1,205,000 | 1,145,323 |
Potomac Electric Power Co. | ||
4.15%, due 3/15/43 | 1,305,000 | 1,553,888 |
WEC Energy Group, Inc. | ||
2.237% (3 Month LIBOR + 2.11%), due 5/15/67 (b) | 5,495,000 | 5,137,824 |
13,286,916 | ||
Environmental Control 0.0% ‡ | ||
Stericycle, Inc. | ||
3.875%, due 1/15/29 (a) | 215,000 | 211,775 |
Food 1.2% | ||
JBS USA Food Co. | ||
7.00%, due 1/15/26 (a) | 960,000 | 998,400 |
Kraft Heinz Foods Co. | ||
4.25%, due 3/1/31 | 1,722,000 | 1,944,870 |
5.00%, due 7/15/35 | 809,000 | 994,719 |
Performance Food Group, Inc. (a) | ||
4.25%, due 8/1/29 | 660,000 | 660,000 |
5.50%, due 10/15/27 | 1,946,000 | 2,028,705 |
Smithfield Foods, Inc. | ||
3.00%, due 10/15/30 (a) | 1,520,000 | 1,520,407 |
Tyson Foods, Inc. | ||
3.95%, due 8/15/24 | 2,000 | 2,145 |
8,149,246 |
Principal Amount | Value | |
Gas 0.3% | ||
National Fuel Gas Co. | ||
2.95%, due 3/1/31 | $ 810,000 | $ 819,116 |
Southern Co. Gas Capital Corp. | ||
Series 21A | ||
3.15%, due 9/30/51 (f) | 1,500,000 | 1,518,362 |
2,337,478 | ||
Healthcare-Services 0.4% | ||
Health Care Service Corp. A Mutual Legal Reserve Co. | ||
3.20%, due 6/1/50 (a) | 1,165,000 | 1,228,012 |
NYU Langone Hospitals | ||
Series 2020 | ||
3.38%, due 7/1/55 | 1,635,000 | 1,736,099 |
2,964,111 | ||
Home Builders 0.4% | ||
Lennar Corp. | ||
4.75%, due 11/29/27 | 188,000 | 213,690 |
Thor Industries, Inc. | ||
4.00%, due 10/15/29 (a) | 1,575,000 | 1,559,722 |
Toll Brothers Finance Corp. | ||
3.80%, due 11/1/29 (f) | 495,000 | 530,269 |
4.35%, due 2/15/28 | 303,000 | 330,649 |
2,634,330 | ||
Household Products & Wares 0.2% | ||
Kronos Acquisition Holdings, Inc. | ||
5.00%, due 12/31/26 (a) | 1,710,000 | 1,692,900 |
Insurance 2.1% | ||
Athene Global Funding | ||
2.50%, due 3/24/28 (a) | 1,900,000 | 1,923,040 |
Empower Finance 2020 LP | ||
3.075%, due 9/17/51 (a) | 1,495,000 | 1,558,979 |
Lincoln National Corp. | ||
2.482% (3 Month LIBOR + 2.36%), due 5/17/66 (b) | 3,537,000 | 3,183,300 |
NMI Holdings, Inc. | ||
7.375%, due 6/1/25 (a) | 685,000 | 787,044 |
Protective Life Corp. | ||
8.45%, due 10/15/39 | 2,476,000 | 3,930,747 |
Reliance Standard Life Global Funding II | ||
2.50%, due 10/30/24 (a) | 2,900,000 | 3,001,530 |
Willis North America, Inc. | ||
3.875%, due 9/15/49 | 425,000 | 471,768 |
14,856,408 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Internet 1.1% | ||
Cablevision Lightpath LLC | ||
3.875%, due 9/15/27 (a) | $ 1,480,000 | $ 1,441,076 |
Expedia Group, Inc. | ||
3.25%, due 2/15/30 | 3,920,000 | 4,030,156 |
3.60%, due 12/15/23 | 895,000 | 941,386 |
6.25%, due 5/1/25 (a) | 189,000 | 215,856 |
Match Group Holdings II LLC (a) | ||
3.625%, due 10/1/31 | 1,400,000 | 1,359,036 |
4.125%, due 8/1/30 | 122,000 | 125,508 |
8,113,018 | ||
Iron & Steel 0.6% | ||
Vale Overseas Ltd. | ||
3.75%, due 7/8/30 | 1,660,000 | 1,688,967 |
6.25%, due 8/10/26 | 1,980,000 | 2,296,325 |
3,985,292 | ||
Lodging 1.7% | ||
Hilton Domestic Operating Co., Inc. | ||
4.875%, due 1/15/30 | 1,930,000 | 2,060,237 |
5.375%, due 5/1/25 (a) | 935,000 | 974,691 |
Hyatt Hotels Corp. | ||
1.80%, due 10/1/24 | 3,920,000 | 3,934,504 |
Marriott International, Inc. | ||
3.75%, due 10/1/25 (f) | 4,253,000 | 4,563,722 |
Series X | ||
4.00%, due 4/15/28 | 605,000 | 662,442 |
12,195,596 | ||
Machinery-Diversified 0.2% | ||
Clark Equipment Co. | ||
5.875%, due 6/1/25 (a) | 1,225,000 | 1,277,063 |
Media 0.5% | ||
Grupo Televisa SAB | ||
5.25%, due 5/24/49 | 1,695,000 | 2,203,285 |
Time Warner Entertainment Co. LP | ||
8.375%, due 3/15/23 | 1,087,000 | 1,199,014 |
3,402,299 | ||
Mining 0.6% | ||
Glencore Funding LLC | ||
1.625%, due 9/1/25 (a) | 2,225,000 | 2,211,024 |
Industrias Penoles SAB de CV | ||
4.75%, due 8/6/50 (a) | 1,962,000 | 2,128,770 |
4,339,794 |
Principal Amount | Value | |
Miscellaneous—Manufacturing 0.5% | ||
Textron Financial Corp. | ||
1.86% (3 Month LIBOR + 1.74%), due 2/15/42 (a)(b) | $ 4,350,000 | $ 3,828,000 |
Oil & Gas 1.2% | ||
Gazprom PJSC Via Gaz Capital SA | ||
7.288%, due 8/16/37 (a) | 2,520,000 | 3,397,151 |
Marathon Petroleum Corp. | ||
4.50%, due 5/1/23 | 1,330,000 | 1,397,098 |
4.70%, due 5/1/25 | 1,450,000 | 1,602,036 |
Occidental Petroleum Corp. | ||
3.50%, due 8/15/29 | 775,000 | 786,625 |
4.30%, due 8/15/39 | 400,000 | 402,000 |
Petrobras Global Finance BV | ||
5.50%, due 6/10/51 (f) | 810,000 | 710,994 |
8,295,904 | ||
Packaging & Containers 0.4% | ||
Berry Global, Inc. | ||
4.875%, due 7/15/26 (a) | 135,000 | 141,412 |
Owens-Brockway Glass Container, Inc. | ||
6.625%, due 5/13/27 (a) | 2,325,000 | 2,484,844 |
2,626,256 | ||
Pharmaceuticals 0.8% | ||
AbbVie, Inc. | ||
4.25%, due 11/21/49 | 2,790,000 | 3,355,302 |
Teva Pharmaceutical Finance Netherlands III BV | ||
3.15%, due 10/1/26 | 2,146,000 | 2,022,605 |
5,377,907 | ||
Pipelines 3.3% | ||
Cheniere Corpus Christi Holdings LLC | ||
2.742%, due 12/31/39 (a) | 1,150,000 | 1,123,777 |
CNX Midstream Partners LP | ||
4.75%, due 4/15/30 (a) | 1,490,000 | 1,491,862 |
Energy Transfer LP | ||
Series H | ||
6.50% (5 Year Treasury Constant Maturity Rate + 5.69%), due 11/15/26 (b)(e) | 1,395,000 | 1,443,825 |
Enterprise Products Operating LLC | ||
3.95%, due 1/31/60 | 1,630,000 | 1,786,941 |
4.20%, due 1/31/50 | 520,000 | 595,202 |
Flex Intermediate Holdco LLC | ||
3.363%, due 6/30/31 (a) | 1,540,000 | 1,558,535 |
Hess Midstream Operations LP (a) | ||
4.25%, due 2/15/30 | 1,820,000 | 1,820,000 |
16 | MainStay MacKay Strategic Bond Fund |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Pipelines (continued) | ||
Hess Midstream Operations LP (a) (continued) | ||
5.625%, due 2/15/26 | $ 367,000 | $ 380,304 |
Kinder Morgan, Inc. | ||
5.625%, due 11/15/23 (a) | 2,449,000 | 2,648,074 |
7.75%, due 1/15/32 | 2,035,000 | 2,885,717 |
MPLX LP | ||
4.00%, due 3/15/28 | 560,000 | 615,940 |
Plains All American Pipeline LP | ||
3.80%, due 9/15/30 | 1,040,000 | 1,098,757 |
Sabine Pass Liquefaction LLC | ||
5.75%, due 5/15/24 | 2,146,000 | 2,362,689 |
Western Midstream Operating LP | ||
6.50%, due 2/1/50 (i) | 1,800,000 | 2,154,564 |
Williams Cos., Inc. (The) | ||
3.50%, due 10/15/51 | 1,425,000 | 1,458,455 |
23,424,642 | ||
Real Estate Investment Trusts 1.1% | ||
CyrusOne LP | ||
3.45%, due 11/15/29 | 1,850,000 | 1,941,464 |
GLP Capital LP | ||
3.35%, due 9/1/24 | 1,535,000 | 1,617,307 |
Host Hotels & Resorts LP | ||
Series D | ||
3.75%, due 10/15/23 | 472,000 | 491,712 |
Iron Mountain, Inc. | ||
4.875%, due 9/15/29 (a) | 1,941,000 | 2,005,247 |
Office Properties Income Trust | ||
2.65%, due 6/15/26 | 1,520,000 | 1,519,080 |
7,574,810 | ||
Retail 2.4% | ||
AutoNation, Inc. | ||
4.75%, due 6/1/30 | 2,300,000 | 2,671,780 |
Darden Restaurants, Inc. | ||
3.85%, due 5/1/27 | 3,512,000 | 3,817,813 |
Macy's Retail Holdings LLC | ||
5.875%, due 4/1/29 (a)(f) | 1,170,000 | 1,246,852 |
Nordstrom, Inc. | ||
4.00%, due 3/15/27 | 595,000 | 611,362 |
4.25%, due 8/1/31 (f) | 2,150,000 | 2,149,247 |
QVC, Inc. | ||
4.375%, due 9/1/28 | 2,100,000 | 2,147,250 |
Starbucks Corp. | ||
4.45%, due 8/15/49 | 1,970,000 | 2,452,982 |
Principal Amount | Value | |
Retail (continued) | ||
Victoria's Secret & Co. | ||
4.625%, due 7/15/29 (a) | $ 1,680,000 | $ 1,687,392 |
16,784,678 | ||
Semiconductors 0.6% | ||
Broadcom, Inc. (a) | ||
3.469%, due 4/15/34 | 2,040,000 | 2,104,627 |
3.75%, due 2/15/51 | 620,000 | 640,754 |
NXP BV | ||
3.40%, due 5/1/30 (a) | 1,135,000 | 1,219,771 |
3,965,152 | ||
Software 0.1% | ||
MSCI, Inc. | ||
3.25%, due 8/15/33 (a) | 405,000 | 406,567 |
Oracle Corp. | ||
3.65%, due 3/25/41 | 450,000 | 471,422 |
877,989 | ||
Telecommunications 2.9% | ||
Altice France SA | ||
5.125%, due 7/15/29 (a) | 1,655,000 | 1,611,854 |
AT&T, Inc. | ||
3.65%, due 6/1/51 | 1,485,000 | 1,544,557 |
CommScope Technologies LLC | ||
5.00%, due 3/15/27 (a) | 794,000 | 736,704 |
Sprint Corp. | ||
7.875%, due 9/15/23 | 3,620,000 | 4,013,675 |
Sprint Spectrum Co. LLC | ||
4.738%, due 3/20/25 (a) | 1,973,125 | 2,081,647 |
T-Mobile US, Inc. | ||
2.625%, due 2/15/29 | 1,790,000 | 1,774,337 |
3.50%, due 4/15/31 (a) | 885,000 | 915,887 |
VEON Holdings BV | ||
4.95%, due 6/16/24 (a) | 3,345,000 | 3,549,982 |
Verizon Communications, Inc. | ||
3.40%, due 3/22/41 | 600,000 | 629,400 |
4.016%, due 12/3/29 | 1,495,000 | 1,675,428 |
Vodafone Group plc | ||
4.25%, due 9/17/50 (f) | 1,815,000 | 2,127,516 |
20,660,987 | ||
Total Corporate Bonds (Cost $319,109,502) | 334,480,581 | |
Foreign Government Bonds 4.3% | ||
Brazil 1.2% | ||
Brazil Government Bond | ||
3.75%, due 9/12/31 | 1,770,000 | 1,615,125 |
Principal Amount | Value | |
Foreign Government Bonds (continued) | ||
Brazil (continued) | ||
Federative Republic of Brazil | ||
4.625%, due 1/13/28 | $ 7,099,000 | $ 7,283,361 |
8,898,486 | ||
Chile 1.0% | ||
Chile Government Bond | ||
2.55%, due 7/27/33 | 1,915,000 | 1,848,569 |
Corp. Nacional del Cobre de Chile (a) | ||
3.00%, due 9/30/29 | 1,890,000 | 1,913,513 |
3.75%, due 1/15/31 | 1,290,000 | 1,366,667 |
Empresa Nacional del Petroleo | ||
3.45%, due 9/16/31 (a) | 1,780,000 | 1,688,775 |
6,817,524 | ||
Colombia 0.2% | ||
Colombia Government Bond | ||
3.25%, due 4/22/32 | 1,365,000 | 1,273,927 |
Mexico 1.9% | ||
Comision Federal de Electricidad (a) | ||
3.875%, due 7/26/33 | 525,000 | 505,313 |
4.677%, due 2/9/51 | 1,855,000 | 1,722,850 |
Mexico Government Bond | ||
2.659%, due 5/24/31 | 2,802,000 | 2,704,210 |
3.75%, due 4/19/71 | 1,480,000 | 1,325,695 |
Petroleos Mexicanos | ||
6.50%, due 3/13/27 | 2,535,000 | 2,702,310 |
6.75%, due 9/21/47 | 4,835,000 | 4,276,557 |
13,236,935 | ||
Total Foreign Government Bonds (Cost $31,767,776) | 30,226,872 | |
Loan Assignments 2.9% | ||
Containers, Packaging & Glass 0.6% | ||
Mauser Packaging Solutions Holding Co. | ||
Initial Term Loan | ||
3.337% (1 Month LIBOR + 3.25%), due 4/3/24 (b) | 4,559,757 | 4,434,364 |
Diversified/Conglomerate Service 0.7% | ||
Change Healthcare Holdings, Inc. | ||
Closing Date Term Loan | ||
3.50% (1 Month LIBOR + 2.50%), due 3/1/24 (b) | 3,584,878 | 3,580,397 |
Principal Amount | Value | |
Diversified/Conglomerate Service (continued) | ||
TruGreen LP (b) | ||
First Lien Second Refinancing Term Loan | ||
4.75% (1 Month LIBOR + 4.00%), due 11/2/27 | $ 1,037,162 | $ 1,037,162 |
Second Lien Initial Term Loan | ||
9.25% (3 Month LIBOR + 8.50%), due 11/2/28 | 450,000 | 454,500 |
5,072,059 | ||
Finance 0.5% | ||
Alliant Holdings Intermediate LLC | ||
2018 Initial Term Loan | ||
3.337% (1 Month LIBOR + 3.25%), due 5/9/25 (b) | 3,605,468 | 3,575,561 |
Personal, Food & Miscellaneous Services 0.2% | ||
1011778 B.C. Unlimited Liability Co. | ||
Term Loan B4 | ||
1.837% (1 Month LIBOR + 1.75%), due 11/19/26 (b) | 1,381,917 | 1,353,587 |
Telecommunications 0.9% | ||
Level 3 Financing, Inc. | ||
Tranche 2027 Term Loan B | ||
1.837% (1 Month LIBOR + 1.75%), due 3/1/27 (b) | 2,698,623 | 2,662,359 |
SBA Senior Finance II LLC | ||
Initial Term Loan | ||
1.84% (1 Month LIBOR + 1.75%), due 4/11/25 (b) | 3,437,211 | 3,406,276 |
6,068,635 | ||
Total Loan Assignments (Cost $20,666,538) | 20,504,206 | |
Mortgage-Backed Securities 22.4% | ||
Agency (Collateralized Mortgage Obligations) 3.0% | ||
FHLMC (j) | ||
REMIC, Series 5070, Class IG | ||
1.50%, due 1/25/44 | 6,412,636 | 361,798 |
REMIC, Series 5048, Class IC | ||
2.00%, due 12/25/50 | 6,934,877 | 684,125 |
REMIC, Series 5051, Class KI | ||
2.50%, due 12/25/50 | 4,282,774 | 704,396 |
REMIC, Series 5036, Class IO | ||
3.50%, due 11/25/50 | 3,827,099 | 625,088 |
18 | MainStay MacKay Strategic Bond Fund |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Agency (Collateralized Mortgage Obligations) (continued) | ||
FHLMC (j) (continued) | ||
REMIC, Series 4924, Class NS | ||
5.961% (1 Month LIBOR + 6.05%), due 10/25/49 (b) | $ 3,151,237 | $ 436,016 |
REMIC, Series 4957, Class SB | ||
5.961% (1 Month LIBOR + 6.05%), due 11/25/49 (b) | 1,953,718 | 361,056 |
FHLMC, STRIPS | ||
REMIC, Series 358, Class PO | ||
(zero coupon), due 10/15/47 | 3,485,780 | 3,286,643 |
FNMA | ||
REMIC, Series 2013-110, Class CO | ||
(zero coupon), due 12/25/39 | 1,472,465 | 1,383,190 |
REMIC, Series 2013-105, Class QO | ||
(zero coupon), due 5/25/40 | 542,107 | 504,764 |
REMIC, Series 2013-105, Class KO | ||
(zero coupon), due 10/25/43 | 453,046 | 429,750 |
REMIC, Series 2013-110, Class DO | ||
(zero coupon), due 11/25/43 | 641,271 | 594,370 |
REMIC, Series 2020-78, Class TI | ||
2.00%, due 11/25/50 (j) | 4,111,645 | 467,182 |
REMIC, Series 2020-91, Class MI | ||
2.00%, due 12/25/50 (j) | 4,859,114 | 526,153 |
REMIC, Series 2021-2, Class AI | ||
2.00%, due 2/25/51 (j) | 10,001,919 | 1,093,710 |
REMIC, Series 2020-91, Class AI | ||
2.50%, due 12/25/50 (j) | 4,045,161 | 621,986 |
REMIC, Series 2021-7, Class EI | ||
2.50%, due 2/25/51 (j) | 2,901,689 | 369,648 |
REMIC, Series 2021-13, Class BI | ||
3.00%, due 2/25/50 (j) | 2,441,100 | 254,183 |
REMIC, Series 2020-10, Class DA | ||
3.50%, due 3/25/60 | 2,315,733 | 2,482,998 |
REMIC, Series 2019-32, Class SB | ||
5.961% (1 Month LIBOR + 6.05%), due 6/25/49 (b)(j) | 2,857,099 | 473,093 |
FREMF Mortgage Trust | ||
REMIC, Series 2017-K63, Class C | ||
3.872%, due 2/25/50 (a)(k) | 1,275,000 | 1,351,759 |
GNMA | ||
REMIC, Series 2021-78, Class LA | ||
1.00%, due 5/20/51 | 799,203 | 792,180 |
REMIC, Series 2021-91, Class MF | ||
1.00%, due 5/20/51 | 973,748 | 959,642 |
REMIC, Series 2021-15, Class AI | ||
2.00%, due 1/20/51 (j) | 3,809,529 | 429,686 |
Principal Amount | Value | |
Agency (Collateralized Mortgage Obligations) (continued) | ||
GNMA (continued) | ||
REMIC, Series 2021-57, Class AI | ||
2.00%, due 2/20/51 (j) | $ 5,072,156 | $ 591,959 |
REMIC, Series 2021-57, Class IB | ||
2.50%, due 2/20/51 (j) | 3,270,221 | 428,026 |
REMIC, Series 2021-25, Class LI | ||
2.50%, due 2/20/51 (j) | 2,910,446 | 336,799 |
REMIC, Series 2021-158, Class NI | ||
3.00%, due 9/20/51 (j) | 5,265,483 | 734,252 |
21,284,452 | ||
Commercial Mortgage Loans (Collateralized Mortgage Obligations) 10.7% | ||
Bayview Commercial Asset Trust (a)(b) | ||
Series 2006-4A, Class A1 | ||
0.434% (1 Month LIBOR + 0.35%), due 12/25/36 | 11,408 | 11,094 |
Series 2005-3A, Class A1 | ||
0.569% (1 Month LIBOR + 0.48%), due 11/25/35 | 856,264 | 818,543 |
BX Commercial Mortgage Trust (a) | ||
Series 2021-VOLT, Class D | ||
1.74% (1 Month LIBOR + 1.65%), due 9/15/36 (b) | 1,540,000 | 1,539,541 |
Series 2021-VOLT, Class E | ||
2.09% (1 Month LIBOR + 2.00%), due 9/15/36 (b) | 2,125,000 | 2,124,998 |
Series 2020-VIV2, Class C | ||
3.542%, due 3/9/44 (k) | 1,705,000 | 1,774,399 |
Series 2020-VIV3, Class B | ||
3.544%, due 3/9/44 (k) | 1,380,000 | 1,457,063 |
Series 2020-VIVA, Class D | ||
3.549%, due 3/11/44 (k) | 750,000 | 758,892 |
BX Trust (a) | ||
Series 2021-MFM1, Class C | ||
1.29% (1 Month LIBOR + 1.20%), due 1/15/34 (b) | 2,695,000 | 2,694,999 |
Series 2021-MFM1, Class D | ||
1.59% (1 Month LIBOR + 1.50%), due 1/15/34 (b) | 1,010,000 | 1,010,300 |
Series 2021-LBA, Class DV | ||
1.691% (1 Month LIBOR + 1.60%), due 2/15/36 (b) | 1,270,000 | 1,263,616 |
Series 2021-ARIA, Class E | ||
2.324% (1 Month LIBOR + 2.24%), due 10/15/36 (b) | 2,700,000 | 2,688,152 |
Series 2019-OC11, Class A | ||
3.202%, due 12/9/41 | 1,020,000 | 1,079,169 |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Commercial Mortgage Loans (Collateralized Mortgage Obligations) (continued) | ||
BX Trust (a) (continued) | ||
Series 2019-OC11, Class C | ||
3.856%, due 12/9/41 | $ 1,265,000 | $ 1,344,793 |
Series 2019-OC11, Class E | ||
4.075%, due 12/9/41 (k) | 3,495,000 | 3,503,240 |
BXHPP Trust | ||
Series 2021-FILM, Class C | ||
1.19% (1 Month LIBOR + 1.10%), due 8/15/36 (a)(b) | 1,090,000 | 1,087,269 |
Citigroup Commercial Mortgage Trust | ||
Series 2015-GC27, Class AS | ||
3.571%, due 2/10/48 | 840,000 | 879,070 |
COMM Mortgage Trust | ||
Series 2012-CR4, Class AM | ||
3.251%, due 10/15/45 | 1,280,000 | 1,291,836 |
Commercial Mortgage Trust | ||
Series 2013-CR9, Class B | ||
4.269%, due 7/10/45 (a)(k) | 1,020,000 | 1,023,391 |
CSAIL Commercial Mortgage Trust | ||
Series 2015-C3, Class A4 | ||
3.718%, due 8/15/48 | 2,636,000 | 2,828,072 |
CSMC WEST Trust | ||
Series 2020-WEST, Class A | ||
3.04%, due 2/15/35 (a) | 2,250,000 | 2,332,812 |
DROP Mortgage Trust | ||
Series 2021-FILE, Class A | ||
1.24% (1 Month LIBOR + 1.15%), due 4/15/26 (a)(b) | 1,065,000 | 1,066,845 |
Extended Stay America Trust | ||
Series 2021-ESH, Class D | ||
2.341% (1 Month LIBOR + 2.25%), due 7/15/38 (a)(b) | 1,611,616 | 1,615,653 |
FREMF Mortgage Trust (a)(k) | ||
REMIC, Series 2018-K154, Class B | ||
4.02%, due 11/25/32 | 1,750,000 | 1,857,334 |
REMIC, Series 2018-K155, Class B | ||
4.163%, due 4/25/33 | 2,135,000 | 2,309,566 |
REMIC, Series 2018-K81, Class C | ||
4.168%, due 9/25/51 | 1,385,000 | 1,504,985 |
REMIC, Series 2019-K87, Class C | ||
4.322%, due 1/25/51 | 950,000 | 1,040,658 |
REMIC, Series 2019-K88, Class C | ||
4.38%, due 2/25/52 | 1,470,000 | 1,621,895 |
Principal Amount | Value | |
Commercial Mortgage Loans (Collateralized Mortgage Obligations) (continued) | ||
GS Mortgage Securities Corp. Trust | ||
Series 2019-BOCA, Class A | ||
1.29% (1 Month LIBOR + 1.20%), due 6/15/38 (a)(b) | $ 4,110,000 | $ 4,116,676 |
GS Mortgage Securities Trust | ||
Series 2017-GS7, Class A4 | ||
3.43%, due 8/10/50 | 2,720,000 | 2,943,081 |
Hudson Yards Mortgage Trust | ||
Series 2019-30HY, Class A | ||
3.228%, due 7/10/39 (a) | 1,480,000 | 1,590,529 |
JPMBB Commercial Mortgage Securities Trust | ||
Series 2014-C26, Class A3 | ||
3.231%, due 1/15/48 | 1,885,680 | 1,958,005 |
JPMorgan Chase Commercial Mortgage Securities Corp. | ||
Series 2018-AON, Class B | ||
4.379%, due 7/5/31 (a)(k) | 1,330,000 | 1,388,195 |
Manhattan West Mortgage Trust | ||
Series 2020-1MW, Class A | ||
2.13%, due 9/10/39 (a) | 1,260,000 | 1,275,568 |
Morgan Stanley Bank of America Merrill Lynch Trust | ||
Series 2015-C23, Class A3 | ||
3.451%, due 7/15/50 | 1,254,830 | 1,324,647 |
One Bryant Park Trust | ||
Series 2019-OBP, Class A | ||
2.516%, due 9/15/54 (a) | 3,825,000 | 3,921,666 |
SLG Office Trust | ||
Series 2021-OVA, Class D | ||
2.851%, due 7/15/41 (a) | 1,100,000 | 1,085,820 |
UBS-Barclays Commercial Mortgage Trust | ||
Series 2013-C6, Class B | ||
3.875%, due 4/10/46 (a)(l) | 1,010,000 | 1,015,784 |
Wells Fargo Commercial Mortgage Trust | ||
Series 2019-C53, Class A4 | ||
3.04%, due 10/15/52 | 3,100,000 | 3,304,846 |
Series 2018-1745, Class A | ||
3.749%, due 6/15/36 (a)(k) | 2,900,000 | 3,176,685 |
Series 2018-AUS, Class A | ||
4.058%, due 8/17/36 (a)(k) | 4,410,000 | 4,887,006 |
WFRBS Commercial Mortgage Trust | ||
Series 2012-C7, Class AS | ||
4.09%, due 6/15/45 (l) | 1,480,000 | 1,486,056 |
76,002,749 |
20 | MainStay MacKay Strategic Bond Fund |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Whole Loan (Collateralized Mortgage Obligations) 8.7% | ||
Alternative Loan Trust | ||
Series 2005-31, Class 1A1 | ||
0.649% (1 Month LIBOR + 0.56%), due 8/25/35 (b) | $ 2,318,814 | $ 2,214,902 |
Banc of America Alternative Loan Trust | ||
Series 2005-11, Class 2CB1 | ||
6.00%, due 12/25/35 | 454,070 | 453,363 |
Connecticut Avenue Securities Trust (a)(b) | ||
Series 2020-R02, Class 2M2 | ||
2.089% (1 Month LIBOR + 2.00%), due 1/25/40 | 1,992,602 | 1,999,121 |
Series 2021-R01, Class 1B1 | ||
3.15% (SOFR 30A + 3.10%), due 10/25/41 | 2,205,000 | 2,215,337 |
FHLMC STACR REMIC Trust | ||
Series 2020-DNA6, Class M2 | ||
2.049% (SOFR 30A + 2.00%), due 12/25/50 (a)(b) | 3,395,000 | 3,420,438 |
FHLMC STACR Trust (a)(b) | ||
Series 2018-DNA2, Class M2 | ||
2.239% (1 Month LIBOR + 2.15%), due 12/25/30 | 2,265,000 | 2,287,248 |
Series 2018-HQA2, Class M2 | ||
2.389% (1 Month LIBOR + 2.30%), due 10/25/48 | 665,000 | 673,685 |
Series 2021-DNA5, Class B1 | ||
3.099% (SOFR 30A + 3.05%), due 1/25/34 | 1,840,000 | 1,860,699 |
Series 2019-DNA3, Class B1 | ||
3.339% (1 Month LIBOR + 3.25%), due 7/25/49 | 1,590,000 | 1,612,138 |
Series 2018-DNA2, Class B1 | ||
3.789% (1 Month LIBOR + 3.70%), due 12/25/30 | 2,850,000 | 2,967,065 |
FHLMC Structured Agency Credit Risk Debt Notes (b) | ||
Series 2018-HQA1, Class M2 | ||
2.389% (1 Month LIBOR + 2.30%), due 9/25/30 | 1,189,893 | 1,199,860 |
Series 2016-DNA4, Class M3 | ||
3.889% (1 Month LIBOR + 3.80%), due 3/25/29 | 1,482,293 | 1,532,586 |
FNMA (b) | ||
Series 2017-C05, Class 1M2 | ||
2.289% (1 Month LIBOR + 2.20%), due 1/25/30 | 990,626 | 1,008,268 |
Principal Amount | Value | |
Whole Loan (Collateralized Mortgage Obligations) (continued) | ||
FNMA (b) (continued) | ||
Series 2018-C02, Class 2M2 | ||
2.289% (1 Month LIBOR + 2.20%), due 8/25/30 | $ 1,645,086 | $ 1,660,783 |
Series 2017-C07, Class 2M2 | ||
2.589% (1 Month LIBOR + 2.50%), due 5/25/30 | 3,329,485 | 3,386,163 |
Series 2018-C04, Class 2M2 | ||
2.639% (1 Month LIBOR + 2.55%), due 12/25/30 | 2,085,519 | 2,119,492 |
Series 2017-C04, Class 2M2 | ||
2.939% (1 Month LIBOR + 2.85%), due 11/25/29 | 1,132,123 | 1,161,209 |
Series 2017-C02, Class 2M2 | ||
3.739% (1 Month LIBOR + 3.65%), due 9/25/29 | 1,768,011 | 1,830,010 |
Series 2016-C06, Class 1M2 | ||
4.339% (1 Month LIBOR + 4.25%), due 4/25/29 | 2,542,180 | 2,640,981 |
Series 2016-C07, Class 2M2 | ||
4.439% (1 Month LIBOR + 4.35%), due 5/25/29 | 2,180,454 | 2,273,606 |
Series 2015-C04, Class 1M2 | ||
5.789% (1 Month LIBOR + 5.70%), due 4/25/28 | 777,603 | 822,716 |
Galton Funding Mortgage Trust | ||
Series 2018-2, Class A51 | ||
4.50%, due 10/25/58 (a)(l) | 1,293,897 | 1,315,484 |
GreenPoint Mortgage Funding Trust | ||
Series 2007-AR3, Class A1 | ||
0.529% (1 Month LIBOR + 0.44%), due 6/25/37 (b) | 455,266 | 457,963 |
GS Mortgage-Backed Securities Corp. Trust | ||
Series 2021-PJ7, Class A2 | ||
2.50%, due 1/25/52 (a)(l) | 2,202,658 | 2,219,780 |
Impac Secured Assets Trust | ||
Series 2006-5, Class 2A | ||
0.489% (1 Month LIBOR + 0.40%), due 12/25/36 (b) | 53,665 | 52,879 |
Mello Warehouse Securitization Trust | ||
Series 2021-1, Class B | ||
0.989% (1 Month LIBOR + 0.90%), due 2/25/55 (a)(b) | 1,060,000 | 1,057,541 |
New Residential Mortgage Loan Trust (a) | ||
Series 2019-5A, Class B7 | ||
4.446%, due 8/25/59 (k) | 2,377,908 | 1,780,513 |
Series 2019-4A, Class B6 | ||
4.744%, due 12/25/58 (l) | 2,050,055 | 1,587,524 |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Whole Loan (Collateralized Mortgage Obligations) (continued) | ||
New Residential Mortgage Loan Trust (a) (continued) | ||
Series 2019-2A, Class B6 | ||
4.946%, due 12/25/57 (l) | $ 845,164 | $ 674,218 |
NewRez Warehouse Securitization Trust | ||
Series 2021-1, Class B | ||
0.989% (1 Month LIBOR + 0.90%), due 5/25/55 (a)(b) | 3,085,000 | 3,077,090 |
Sequoia Mortgage Trust | ||
Series 2018-7, Class B3 | ||
4.235%, due 9/25/48 (a)(l) | 1,418,200 | 1,427,222 |
STACR Trust (a)(b) | ||
Series 2018-DNA3, Class M2 | ||
2.189% (1 Month LIBOR + 2.10%), due 9/25/48 | 1,425,000 | 1,443,751 |
Series 2018-HRP2, Class M3 | ||
2.489% (1 Month LIBOR + 2.40%), due 2/25/47 | 4,080,000 | 4,164,783 |
Series 2018-HRP1, Class B1 | ||
3.839% (1 Month LIBOR + 3.75%), due 4/25/43 | 1,785,000 | 1,833,067 |
Series 2018-HRP2, Class B1 | ||
4.289% (1 Month LIBOR + 4.20%), due 2/25/47 | 600,000 | 639,187 |
WaMu Mortgage Pass-Through Certificates Trust | ||
Series 2006-AR9, Class 2A | ||
1.738% (11th District Cost of Funds Index + 1.50%), due 8/25/46 (b) | 635,211 | 627,176 |
61,697,848 | ||
Total Mortgage-Backed Securities (Cost $156,602,341) | 158,985,049 | |
Municipal Bonds 0.5% | ||
California 0.5% | ||
Golden State Tobacco Securitization Corp. Revenue Bonds | ||
Series B, Insured: State Appropriations | ||
3.293%, due 6/1/42 | 1,040,000 | 1,054,847 |
Principal Amount | Value | |
California (continued) | ||
Regents of the University of California Medical Center, Pooled Revenue Bonds | ||
Series N | ||
3.006%, due 5/15/50 | $ 2,760,000 | $ 2,867,557 |
3,922,404 | ||
Total Municipal Bonds (Cost $3,800,000) | 3,922,404 | |
U.S. Government & Federal Agencies 3.2% | ||
United States Treasury Inflation - Indexed Notes 3.2% | ||
U.S. Treasury Inflation Linked Notes (m) | ||
0.125%, due 1/15/30 | 9,697,204 | 10,735,993 |
0.125%, due 7/15/30 | 6,626,008 | 7,372,296 |
0.875%, due 1/15/29 | 4,160,333 | 4,829,399 |
22,937,688 | ||
Total U.S. Government & Federal Agencies (Cost $21,774,136) | 22,937,688 | |
Total Long-Term Bonds (Cost $633,249,150) | 651,403,340 | |
Shares | ||
Common Stocks 0.0% ‡ | ||
Commercial Services & Supplies 0.0% ‡ | ||
Quad/Graphics, Inc. (n) | 14 | 55 |
Tobacco 0.0% ‡ | ||
Turning Point Brands, Inc. | 6,802 | 259,632 |
Total Common Stocks (Cost $0) | 259,687 | |
Short-Term Investments 8.4% | ||
Affiliated Investment Company 7.5% | ||
MainStay U.S. Government Liquidity Fund, 0.01% (o) | 53,258,649 | 53,258,649 |
Unaffiliated Investment Companies 0.9% | ||
BlackRock Liquidity FedFund, 0.025% (o)(p) | 3,728,236 | 3,728,236 |
22 | MainStay MacKay Strategic Bond Fund |
Shares | Value | ||
Short-Term Investments (continued) | |||
Unaffiliated Investment Companies (continued) | |||
Wells Fargo Government Money Market Fund, 0.025% (o)(p) | 3,071,746 | $ 3,071,746 | |
Total Unaffiliated Investment Companies (Cost $6,799,982) | 6,799,982 | ||
Total Short-Term Investments (Cost $60,058,631) | 60,058,631 | ||
Total Investments (Cost $693,307,781) | 100.1% | 711,721,658 | |
Other Assets, Less Liabilities | (0.1) | (974,989) | |
Net Assets | 100.0% | $ 710,746,669 |
† | Percentages indicated are based on Fund net assets. |
‡ | Less than one-tenth of a percent. |
(a) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
(b) | Floating rate—Rate shown was the rate in effect as of October 31, 2021. |
(c) | Delayed delivery security. |
(d) | Fixed to floating rate—Rate shown was the rate in effect as of October 31, 2021. |
(e) | Security is perpetual and, thus, does not have a predetermined maturity date. The date shown, if applicable, reflects the next call date. |
(f) | All or a portion of this security was held on loan. As of October 31, 2021, the aggregate market value of securities on loan was $6,587,220. The Fund received cash collateral with a value of $6,799,982. (See Note 2(N)) |
(g) | Fair valued security—Represents fair value as measured in good faith under procedures approved by the Board of Trustees. As of October 31, 2021, the total market value was $1,341,675, which represented 0.2% of the Fund’s net assets. |
(h) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
(i) | Step coupon—Rate shown was the rate in effect as of October 31, 2021. |
(j) | Collateralized Mortgage Obligation Interest Only Strip—Pays a fixed or variable rate of interest based on mortgage loans or mortgage pass-through securities. The principal amount of the underlying pool represents the notional amount on which the current interest was calculated. The value of these stripped securities may be particularly sensitive to changes in prevailing interest rates and are typically more sensitive to changes in prepayment rates than traditional mortgage-backed securities. |
(k) | Collateral strip rate—A bond whose interest was based on the weighted net interest rate of the collateral. The coupon rate adjusts periodically based on a predetermined schedule. Rate shown was the rate in effect as of October 31, 2021. |
(l) | Coupon rate may change based on changes of the underlying collateral or prepayments of principal. Rate shown was the rate in effect as of October 31, 2021. |
(m) | Treasury Inflation Protected Security—Pays a fixed rate of interest on a principal amount that is continuously adjusted for inflation based on the Consumer Price Index-Urban Consumers. |
(n) | Non-income producing security. |
(o) | Current yield as of October 31, 2021. |
(p) | Represents a security purchased with cash collateral received for securities on loan. |
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||
USD | 4,318,798 | EUR | 3,643,000 | JPMorgan Chase Bank N.A. | 11/1/21 | $ 107,491 |
USD | 4,266,464 | EUR | 3,652,000 | JPMorgan Chase Bank N.A. | 2/1/22 | 44,752 |
Total Unrealized Appreciation | 152,243 | |||||
EUR | 3,643,000 | USD | 4,245,731 | JPMorgan Chase Bank N.A. | 11/1/21 | (34,423) |
EUR | 3,600,000 | USD | 4,190,000 | JPMorgan Chase Bank N.A. | 2/1/22 | (18,698) |
Total Unrealized Depreciation | (53,121) | |||||
Net Unrealized Appreciation | $ 99,122 |
1. | Foreign Currency Forward Contracts are subject to limitations such that they cannot be “sold or repurchased,” although the Fund would be able to exit the transaction through other means, such as through the execution of an offsetting transaction. |
Type | Number of Contracts | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)2 |
Long Contracts | |||||
U.S. Treasury 2 Year Notes | 60 | December 2021 | $ 13,210,911 | $ 13,155,000 | $ (55,911) |
U.S. Treasury Long Bonds | 21 | December 2021 | 3,387,781 | 3,377,719 | (10,062) |
Total Long Contracts | (65,973) | ||||
Short Contracts | |||||
U.S. Treasury 5 Year Notes | (515) | December 2021 | (63,336,753) | (62,701,251) | 635,502 |
U.S. Treasury 10 Year Notes | (911) | December 2021 | (120,993,410) | (119,070,547) | 1,922,863 |
U.S. Treasury 10 Year Ultra Bonds | (358) | December 2021 | (52,806,035) | (51,921,187) | 884,848 |
U.S. Treasury Ultra Bonds | (46) | December 2021 | (9,024,152) | (9,034,687) | (10,535) |
Total Short Contracts | 3,432,678 | ||||
Net Unrealized Appreciation | $ 3,366,705 |
1. | As of October 31, 2021, cash in the amount of $2,736,451 was on deposit with a broker or futures commission merchant for futures transactions. |
2. | Represents the difference between the value of the contracts at the time they were opened and the value as of October 31, 2021. |
Notional Amount | Currency | Expiration Date | Payments made by Fund | Payments Received by Fund | Payment Frequency Paid/Received | Upfront Premiums Paid/ (Received) | Value | Unrealized Appreciation/ (Depreciation) | ||
$ 40,000,000 | USD | 3/16/23 | Fixed 2.793% | 3 month USD LIBOR | Semi-Annually/Quarterly | $ — | $ (1,290,032) | $ (1,290,032) | ||
41,000,000 | USD | 3/29/23 | Fixed 2.762% | 3 month USD LIBOR | Semi-Annually/Quarterly | — | (1,331,772) | (1,331,772) | ||
$ — | $ (2,621,804) | $ (2,621,804) |
1. | As of October 31, 2021, cash in the amount of $542,403 was on deposit with a broker for centrally cleared swap agreements. |
Abbreviation(s): |
EUR—Euro |
FHLMC—Federal Home Loan Mortgage Corp. |
FNMA—Federal National Mortgage Association |
FREMF—Freddie Mac Multifamily |
GNMA—Government National Mortgage Association |
LIBOR—London Interbank Offered Rate |
REMIC—Real Estate Mortgage Investment Conduit |
SOFR—Secured Overnight Financing Rate |
USD—United States Dollar |
USISDA—U.S. dollar International Swaps and Derivatives Association |
24 | MainStay MacKay Strategic Bond Fund |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Long-Term Bonds | |||||||
Asset-Backed Securities | $ — | $ 80,346,540 | $ — | $ 80,346,540 | |||
Corporate Bonds | — | 333,138,906 | 1,341,675 | 334,480,581 | |||
Foreign Government Bonds | — | 30,226,872 | — | 30,226,872 | |||
Loan Assignments | — | 20,504,206 | — | 20,504,206 | |||
Mortgage-Backed Securities | — | 158,985,049 | — | 158,985,049 | |||
Municipal Bonds | — | 3,922,404 | — | 3,922,404 | |||
U.S. Government & Federal Agencies | — | 22,937,688 | — | 22,937,688 | |||
Total Long-Term Bonds | — | 650,061,665 | 1,341,675 | 651,403,340 | |||
Common Stocks | 259,687 | — | — | 259,687 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 53,258,649 | — | — | 53,258,649 | |||
Unaffiliated Investment Companies | 6,799,982 | — | — | 6,799,982 | |||
Total Short-Term Investments | 60,058,631 | — | — | 60,058,631 | |||
Total Investments in Securities | 60,318,318 | 650,061,665 | 1,341,675 | 711,721,658 | |||
Other Financial Instruments | |||||||
Foreign Currency Forward Contracts (b) | — | 152,243 | — | 152,243 | |||
Futures Contracts (b) | 3,443,213 | — | — | 3,443,213 | |||
Total Other Financial Instruments | 3,443,213 | 152,243 | — | 3,595,456 | |||
Total Investments in Securities and Other Financial Instruments | $ 63,761,531 | $ 650,213,908 | $ 1,341,675 | $ 715,317,114 | |||
Liability Valuation Inputs | |||||||
Other Financial Instruments | |||||||
Foreign Currency Forward Contracts (b) | $ — | $ (53,121) | $ — | $ (53,121) | |||
Futures Contracts (b) | (76,508) | — | — | (76,508) | |||
Interest Rate Swaps (b) | — | (2,621,804) | — | (2,621,804) | |||
Total Other Financial Instruments | (76,508) | (2,674,925) | — | (2,751,433) | |||
Total Investments in Securities and Other Financial Instruments | $ (76,508) | $ (2,674,925) | $ — | $ (2,751,433) |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
(b) | The value listed for these securities reflects unrealized appreciation (depreciation) as shown on the Portfolio of Investments. |
Assets | |
Investment in unaffiliated securities, at value (identified cost $640,049,132) including securities on loan of $6,587,220 | $ 658,463,009 |
Investment in affiliated investment companies, at value (identified cost $53,258,649) | 53,258,649 |
Cash | 39,298 |
Cash denominated in foreign currencies (identified cost $60,312) | 60,116 |
Cash collateral on deposit at broker for futures contracts | 2,736,451 |
Cash collateral on deposit at broker for swap contracts | 542,403 |
Receivables: | |
Interest | 4,461,630 |
Fund shares sold | 1,012,242 |
Variation margin on futures contracts | 215,284 |
Investment securities sold | 97,582 |
Variation margin on centrally cleared swap contracts | 66,455 |
Securities lending | 4,413 |
Unrealized appreciation on foreign currency forward contracts | 152,243 |
Other assets | 34,410 |
Total assets | 721,144,185 |
Liabilities | |
Cash collateral received for securities on loan | 6,799,982 |
Payables: | |
Investment securities purchased | 1,764,982 |
Fund shares redeemed | 956,598 |
Manager (See Note 3) | 342,082 |
Transfer agent (See Note 3) | 176,831 |
NYLIFE Distributors (See Note 3) | 87,909 |
Shareholder communication | 65,508 |
Professional fees | 17,609 |
Custodian | 4,246 |
Trustees | 2,108 |
Accrued expenses | 7,717 |
Distributions payable | 118,823 |
Unrealized depreciation on foreign currency forward contracts | 53,121 |
Total liabilities | 10,397,516 |
Net assets | $ 710,746,669 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.01 per share) unlimited number of shares authorized | $ 780,484 |
Additional paid-in-capital | 876,672,196 |
877,452,680 | |
Total distributable earnings (loss) | (166,706,011) |
Net assets | $ 710,746,669 |
Class A | |
Net assets applicable to outstanding shares | $192,190,316 |
Shares of beneficial interest outstanding | 21,114,158 |
Net asset value per share outstanding | $ 9.10 |
Maximum sales charge (4.50% of offering price) | 0.43 |
Maximum offering price per share outstanding | $ 9.53 |
Investor Class | |
Net assets applicable to outstanding shares | $ 16,874,179 |
Shares of beneficial interest outstanding | 1,837,563 |
Net asset value per share outstanding | $ 9.18 |
Maximum sales charge (4.00% of offering price) | 0.38 |
Maximum offering price per share outstanding | $ 9.56 |
Class B | |
Net assets applicable to outstanding shares | $ 3,191,345 |
Shares of beneficial interest outstanding | 352,439 |
Net asset value and offering price per share outstanding | $ 9.06 |
Class C | |
Net assets applicable to outstanding shares | $ 46,536,505 |
Shares of beneficial interest outstanding | 5,143,006 |
Net asset value and offering price per share outstanding | $ 9.05 |
Class I | |
Net assets applicable to outstanding shares | $448,881,341 |
Shares of beneficial interest outstanding | 49,264,320 |
Net asset value and offering price per share outstanding | $ 9.11 |
Class R2 | |
Net assets applicable to outstanding shares | $ 1,046,685 |
Shares of beneficial interest outstanding | 114,949 |
Net asset value and offering price per share outstanding | $ 9.11 |
Class R3 | |
Net assets applicable to outstanding shares | $ 619,222 |
Shares of beneficial interest outstanding | 68,011 |
Net asset value and offering price per share outstanding | $ 9.10 |
Class R6 | |
Net assets applicable to outstanding shares | $ 1,407,076 |
Shares of beneficial interest outstanding | 153,944 |
Net asset value and offering price per share outstanding | $ 9.14 |
26 | MainStay MacKay Strategic Bond Fund |
Investment Income (Loss) | |
Income | |
Interest | $23,731,393 |
Securities lending | 12,377 |
Dividends-affiliated | 3,426 |
Dividends-unaffiliated (net of foreign tax withholding of $100) | 1,348 |
Total income | 23,748,544 |
Expenses | |
Manager (See Note 3) | 4,077,850 |
Distribution/Service—Class A (See Note 3) | 457,404 |
Distribution/Service—Investor Class (See Note 3) | 44,125 |
Distribution/Service—Class B (See Note 3) | 40,384 |
Distribution/Service—Class C (See Note 3) | 553,934 |
Distribution/Service—Class R2 (See Note 3) | 2,535 |
Distribution/Service—Class R3 (See Note 3) | 1,798 |
Transfer agent (See Note 3) | 954,610 |
Interest on investments sold short | 176,208 |
Registration | 153,738 |
Shareholder communication | 94,743 |
Professional fees | 91,962 |
Custodian | 42,530 |
Trustees | 16,556 |
Insurance | 6,253 |
Broker fees and charges on short sales | 3,758 |
Shareholder service (See Note 3) | 1,374 |
Miscellaneous | 30,041 |
Total expenses before waiver/reimbursement | 6,749,803 |
Expense waiver/reimbursement from Manager (See Note 3) | (95,224) |
Net expenses | 6,654,579 |
Net investment income (loss) | 17,093,965 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | 18,884,659 |
Futures transactions | 5,857,439 |
Investments sold short | (323,676) |
Swap transactions | (2,115,186) |
Foreign currency transactions | (439,795) |
Foreign currency forward transactions | (718,128) |
Net realized gain (loss) | 21,145,313 |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | (4,967,426) |
Futures contracts | 907,704 |
Investments sold short | 130,500 |
Swap contracts | 2,276,063 |
Foreign currency forward contracts | 663,375 |
Translation of other assets and liabilities in foreign currencies | (3,454) |
Net change in unrealized appreciation (depreciation) | (993,238) |
Net realized and unrealized gain (loss) | 20,152,075 |
Net increase (decrease) in net assets resulting from operations | $37,246,040 |
for the years ended October 31, 2021 and October 31, 2020
2021 | 2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 17,093,965 | $ 20,944,697 |
Net realized gain (loss) | 21,145,313 | (4,133,341) |
Net change in unrealized appreciation (depreciation) | (993,238) | (1,070,079) |
Net increase (decrease) in net assets resulting from operations | 37,246,040 | 15,741,277 |
Distributions to shareholders: | ||
Class A | (3,635,420) | (4,402,631) |
Investor Class | (323,097) | (440,469) |
Class B | (45,962) | (108,106) |
Class C | (629,126) | (1,281,225) |
Class I | (9,317,197) | (13,052,942) |
Class R2 | (19,150) | (143,506) |
Class R3 | (5,926) | (5,136) |
Class R6 | (24,072) | (197,722) |
(13,999,950) | (19,631,737) | |
Distributions to shareholders from return of capital: | ||
Class A | (221,004) | (131,689) |
Investor Class | (19,642) | (13,175) |
Class B | (2,794) | (3,234) |
Class C | (38,246) | (38,323) |
Class I | (566,411) | (390,433) |
Class R2 | (1,164) | (4,292) |
Class R3 | (360) | (154) |
Class R6 | (1,463) | (5,914) |
(851,084) | (587,214) | |
Total distributions to shareholders | (14,851,034) | (20,218,951) |
Capital share transactions: | ||
Net proceeds from sales of shares | 165,058,912 | 207,685,790 |
Net asset value of shares issued to shareholder in reinvestment of distributions | 13,300,032 | 18,303,153 |
Cost of shares redeemed | (160,495,682) | (503,088,197) |
Increase (decrease) in net assets derived from capital share transactions | 17,863,262 | (277,099,254) |
Net increase (decrease) in net assets | 40,258,268 | (281,576,928) |
Net Assets | ||
Beginning of year | 670,488,401 | 952,065,329 |
End of year | $ 710,746,669 | $ 670,488,401 |
28 | MainStay MacKay Strategic Bond Fund |
Year Ended October 31, | |||||||||
Class A | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 8.80 | $ 8.74 | $ 8.65 | $ 8.90 | $ 8.81 | ||||
Net investment income (loss) (a) | 0.22 | 0.22 | 0.23 | 0.24 | 0.25 | ||||
Net realized and unrealized gain (loss) | 0.27 | 0.06 | 0.11 | (0.22) | 0.15 | ||||
Total from investment operations | 0.49 | 0.28 | 0.34 | 0.02 | 0.40 | ||||
Less distributions: | |||||||||
From net investment income | (0.18) | (0.21) | (0.25) | (0.27) | (0.31) | ||||
Return of capital | (0.01) | (0.01) | — | (0.00)‡ | (0.00)‡ | ||||
Total distributions | (0.19) | (0.22) | (0.25) | (0.27) | (0.31) | ||||
Net asset value at end of year | $ 9.10 | $ 8.80 | $ 8.74 | $ 8.65 | $ 8.90 | ||||
Total investment return (b) | 5.61% | 3.27% | 3.99% | 0.25% | 4.65% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.43% | 2.60% | 2.66% | 2.69% | 2.79% | ||||
Net expenses (c)(d) | 1.07% | 1.18% | 1.27% | 1.25% | 1.13% | ||||
Portfolio turnover rate | 53% | 56%(e) | 50%(e) | 22% | 41% | ||||
Net assets at end of year (in 000’s) | $ 192,190 | $ 175,682 | $ 197,686 | $ 220,618 | $ 302,192 |
‡ | Less than one cent per share. |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | The expense ratios presented below show the impact of short sales expense: |
Year Ended | Net Expenses (excluding short sale expenses) | Short Sales Expenses | ||
October 31, 2021 | 1.04% | 0.03% | ||
October 31, 2020 | 1.07% | 0.11% | ||
October 31, 2019 | 1.07% | 0.20% | ||
October 31, 2018 | 1.03% | 0.22% | ||
October 31, 2017 | 1.01% | 0.12% |
(e) | The portfolio turnover rate not including mortgage dollar rolls was 53% and 44% for the years ended October 31, 2020 and 2019, respectively. |
Year Ended October 31, | |||||||||
Investor Class | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 8.88 | $ 8.81 | $ 8.72 | $ 8.97 | $ 8.88 | ||||
Net investment income (loss) (a) | 0.21 | 0.22 | 0.23 | 0.24 | 0.24 | ||||
Net realized and unrealized gain (loss) | 0.27 | 0.06 | 0.11 | (0.22) | 0.16 | ||||
Total from investment operations | 0.48 | 0.28 | 0.34 | 0.02 | 0.40 | ||||
Less distributions: | |||||||||
From net investment income | (0.17) | (0.20) | (0.25) | (0.27) | (0.31) | ||||
Return of capital | (0.01) | (0.01) | — | (0.00)‡ | (0.00)‡ | ||||
Total distributions | (0.18) | (0.21) | (0.25) | (0.27) | (0.31) | ||||
Net asset value at end of year | $ 9.18 | $ 8.88 | $ 8.81 | $ 8.72 | $ 8.97 | ||||
Total investment return (b) | 5.41% | 3.29% | 3.93% | 0.23% | 4.59% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.30% | 2.54% | 2.63% | 2.68% | 2.74% | ||||
Net expenses (c)(d) | 1.20% | 1.24% | 1.29% | 1.27% | 1.15% | ||||
Portfolio turnover rate | 53% | 56%(e) | 50%(e) | 22% | 41% | ||||
Net assets at end of year (in 000's) | $ 16,874 | $ 18,139 | $ 19,748 | $ 20,451 | $ 22,033 |
‡ | Less than one cent per share. |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | The expense ratios presented below show the impact of short sales expense: |
Year Ended | Net Expenses (excluding short sale expenses) | Short Sales Expenses | ||
October 31, 2021 | 1.17% | 0.03% | ||
October 31, 2020 | 1.13% | 0.11% | ||
October 31, 2019 | 1.09% | 0.20% | ||
October 31, 2018 | 1.05% | 0.22% | ||
October 31, 2017 | 1.03% | 0.12% |
(e) | The portfolio turnover rate not including mortgage dollar rolls was 53% and 44% for the years ended October 31, 2020 and 2019, respectively. |
30 | MainStay MacKay Strategic Bond Fund |
Year Ended October 31, | |||||||||
Class B | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 8.76 | $ 8.70 | $ 8.61 | $ 8.86 | $ 8.77 | ||||
Net investment income (loss) (a) | 0.14 | 0.15 | 0.16 | 0.17 | 0.18 | ||||
Net realized and unrealized gain (loss) | 0.27 | 0.06 | 0.11 | (0.22) | 0.15 | ||||
Total from investment operations | 0.41 | 0.21 | 0.27 | (0.05) | 0.33 | ||||
Less distributions: | |||||||||
From net investment income | (0.10) | (0.15) | (0.18) | (0.20) | (0.24) | ||||
Return of capital | (0.01) | (0.00)‡ | — | (0.00)‡ | (0.00)‡ | ||||
Total distributions | (0.11) | (0.15) | (0.18) | (0.20) | (0.24) | ||||
Net asset value at end of year | $ 9.06 | $ 8.76 | $ 8.70 | $ 8.61 | $ 8.86 | ||||
Total investment return (b) | 4.57% | 2.44% | 3.20% | (0.52)% | 3.86% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.55% | 1.77% | 1.90% | 1.92% | 2.00% | ||||
Net expenses (c)(d) | 1.95% | 2.00% | 2.04% | 2.02% | 1.90% | ||||
Portfolio turnover rate | 53% | 56%(e) | 50%(e) | 22% | 41% | ||||
Net assets at end of year (in 000’s) | $ 3,191 | $ 4,872 | $ 7,970 | $ 11,015 | $ 15,223 |
‡ | Less than one cent per share. |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | The expense ratios presented below show the impact of short sales expense: |
Year Ended | Net Expenses (excluding short sale expenses) | Short Sales Expenses | ||
October 31, 2021 | 1.92% | 0.03% | ||
October 31, 2020 | 1.89% | 0.11% | ||
October 31, 2019 | 1.84% | 0.20% | ||
October 31, 2018 | 1.80% | 0.22% | ||
October 31, 2017 | 1.78% | 0.12% |
(e) | The portfolio turnover rate not including mortgage dollar rolls was 53% and 44% for the years ended October 31, 2020 and 2019, respectively. |
Year Ended October 31, | |||||||||
Class C | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 8.75 | $ 8.69 | $ 8.60 | $ 8.85 | $ 8.76 | ||||
Net investment income (loss) (a) | 0.14 | 0.15 | 0.16 | 0.17 | 0.18 | ||||
Net realized and unrealized gain (loss) | 0.27 | 0.06 | 0.11 | (0.22) | 0.15 | ||||
Total from investment operations | 0.41 | 0.21 | 0.27 | (0.05) | 0.33 | ||||
Less distributions: | |||||||||
From net investment income | (0.10) | (0.15) | (0.18) | (0.20) | (0.24) | ||||
Return of capital | (0.01) | (0.00)‡ | — | (0.00)‡ | (0.00)‡ | ||||
Total distributions | (0.11) | (0.15) | (0.18) | (0.20) | (0.24) | ||||
Net asset value at end of year | $ 9.05 | $ 8.75 | $ 8.69 | $ 8.60 | $ 8.85 | ||||
Total investment return (b) | 4.69% | 2.45% | 3.21% | (0.52)% | 3.86% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.55% | 1.78% | 1.90% | 1.92% | 2.00% | ||||
Net expenses (c)(d) | 1.95% | 2.00% | 2.04% | 2.02% | 1.90% | ||||
Portfolio turnover rate | 53% | 56%(e) | 50%(e) | 22% | 41% | ||||
Net assets at end of year (in 000’s) | $ 46,537 | $ 65,158 | $ 91,598 | $ 128,279 | $ 167,595 |
‡ | Less than one cent per share. |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | The expense ratios presented below show the impact of short sales expense: |
Year Ended | Net Expenses (excluding short sale expenses) | Short Sales Expenses | ||
October 31, 2021 | 1.92% | 0.03% | ||
October 31, 2020 | 1.89% | 0.11% | ||
October 31, 2019 | 1.84% | 0.20% | ||
October 31, 2018 | 1.80% | 0.22% | ||
October 31, 2017 | 1.78% | 0.12% |
(e) | The portfolio turnover rate not including mortgage dollar rolls was 53% and 44% for the years ended October 31, 2020 and 2019, respectively. |
32 | MainStay MacKay Strategic Bond Fund |
Year Ended October 31, | |||||||||
Class I | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 8.81 | $ 8.75 | $ 8.66 | $ 8.91 | $ 8.82 | ||||
Net investment income (loss) (a) | 0.25 | 0.24 | 0.25 | 0.26 | 0.26 | ||||
Net realized and unrealized gain (loss) | 0.27 | 0.06 | 0.11 | (0.22) | 0.16 | ||||
Total from investment operations | 0.52 | 0.30 | 0.36 | 0.04 | 0.42 | ||||
Less distributions: | |||||||||
From net investment income | (0.21) | (0.23) | (0.27) | (0.29) | (0.33) | ||||
Return of capital | (0.01) | (0.01) | — | (0.00)‡ | (0.00)‡ | ||||
Total distributions | (0.22) | (0.24) | (0.27) | (0.29) | (0.33) | ||||
Net asset value at end of year | $ 9.11 | $ 8.81 | $ 8.75 | $ 8.66 | $ 8.91 | ||||
Total investment return (b) | 5.88% | 3.53% | 4.24% | 0.51% | 4.90% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.70% | 2.83% | 2.91% | 2.94% | 2.99% | ||||
Net expenses (c)(d) | 0.79% | 0.94% | 1.02% | 1.00% | 0.88% | ||||
Expenses (before waiver/reimbursement) | 0.82% | 0.94% | 1.02% | 1.00% | 0.88% | ||||
Portfolio turnover rate | 53% | 56%(e) | 50%(e) | 22% | 41% | ||||
Net assets at end of year (in 000’s) | $ 448,881 | $ 404,964 | $ 604,981 | $ 717,129 | $ 837,363 |
‡ | Less than one cent per share. |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | The expense ratios presented below show the impact of short sales expense: |
Year Ended | Net Expenses (excluding short sale expenses) | Short Sales Expenses | ||
October 31, 2021 | 0.76% | 0.03% | ||
October 31, 2020 | 0.83% | 0.11% | ||
October 31, 2019 | 0.82% | 0.20% | ||
October 31, 2018 | 0.78% | 0.22% | ||
October 31, 2017 | 0.76% | 0.12% |
(e) | The portfolio turnover rate not including mortgage dollar rolls was 53% and 44% for the years ended October 31, 2020 and 2019, respectively. |
Year Ended October 31, | |||||||||
Class R2 | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 8.81 | $ 8.74 | $ 8.65 | $ 8.90 | $ 8.81 | ||||
Net investment income (loss) (a) | 0.21 | 0.21 | 0.22 | 0.23 | 0.23 | ||||
Net realized and unrealized gain (loss) | 0.27 | 0.07 | 0.11 | (0.22) | 0.16 | ||||
Total from investment operations | 0.48 | 0.28 | 0.33 | 0.01 | 0.39 | ||||
Less distributions: | |||||||||
From net investment income | (0.17) | (0.20) | (0.24) | (0.26) | (0.30) | ||||
Return of capital | (0.01) | (0.01) | — | (0.00)‡ | (0.00)‡ | ||||
Total distributions | (0.18) | (0.21) | (0.24) | (0.26) | (0.30) | ||||
Net asset value at end of year | $ 9.11 | $ 8.81 | $ 8.74 | $ 8.65 | $ 8.90 | ||||
Total investment return (b) | 5.49% | 3.27% | 3.89% | 0.16% | 4.54% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.33% | 2.49% | 2.54% | 2.67% | 2.63% | ||||
Net expenses (c)(d) | 1.17% | 1.29% | 1.37% | 1.34% | 1.23% | ||||
Portfolio turnover rate | 53% | 56%(e) | 50%(e) | 22% | 41% | ||||
Net assets at end of year (in 000’s) | $ 1,047 | $ 934 | $ 7,232 | $ 6,657 | $ 773 |
‡ | Less than one cent per share. |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R2 shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | The expense ratios presented below show the impact of short sales expense: |
Year Ended | Net Expenses (excluding short sale expenses) | Short Sales Expenses | ||
October 31, 2021 | 1.14% | 0.03% | ||
October 31, 2020 | 1.18% | 0.11% | ||
October 31, 2019 | 1.17% | 0.20% | ||
October 31, 2018 | 1.14% | 0.20% | ||
October 31, 2017 | 1.11% | 0.12% |
(e) | The portfolio turnover rate not including mortgage dollar rolls was 53% and 44% for the years ended October 31, 2020 and 2019, respectively. |
34 | MainStay MacKay Strategic Bond Fund |
Year Ended October 31, | |||||||||
Class R3 | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 8.80 | $ 8.74 | $ 8.65 | $ 8.90 | $ 8.81 | ||||
Net investment income (loss) (a) | 0.19 | 0.20 | 0.20 | 0.21 | 0.21 | ||||
Net realized and unrealized gain (loss) | 0.27 | 0.05 | 0.11 | (0.22) | 0.16 | ||||
Total from investment operations | 0.46 | 0.25 | 0.31 | (0.01) | 0.37 | ||||
Less distributions: | |||||||||
From net investment income | (0.15) | (0.18) | (0.22) | (0.24) | (0.28) | ||||
Return of capital | (0.01) | (0.01) | — | (0.00)‡ | (0.00)‡ | ||||
Total distributions | (0.16) | (0.19) | (0.22) | (0.24) | (0.28) | ||||
Net asset value at end of year | $ 9.10 | $ 8.80 | $ 8.74 | $ 8.65 | $ 8.90 | ||||
Total investment return (b) | 5.21% | 2.90% | 3.63% | (0.09)% | 4.28% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.05% | 2.27% | 2.29% | 2.36% | 2.34% | ||||
Net expenses (c)(d) | 1.42% | 1.52% | 1.62% | 1.60% | 1.48% | ||||
Portfolio turnover rate | 53% | 56%(e) | 50%(e) | 22% | 41% | ||||
Net assets at end of year (in 000’s) | $ 619 | $ 276 | $ 218 | $ 190 | $ 114 |
‡ | Less than one cent per share. |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R3 shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | The expense ratios presented below show the impact of short sales expense: |
Year Ended | Net Expenses (excluding short sale expenses) | Short Sales Expenses | ||
October 31, 2021 | 1.39% | 0.03% | ||
October 31, 2020 | 1.41% | 0.11% | ||
October 31, 2019 | 1.42% | 0.20% | ||
October 31, 2018 | 1.38% | 0.22% | ||
October 31, 2017 | 1.36% | 0.12% |
(e) | The portfolio turnover rate not including mortgage dollar rolls was 53% and 44% for the years ended October 31, 2020 and 2019, respectively. |
Year Ended October 31, | February 28, 2018^ through October 31, 2018 | ||||||
Class R6 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of period | $ 8.84 | $ 8.75 | $ 8.66 | $ 8.83 | |||
Net investment income (loss) (a) | 0.26 | 0.25 | 0.27 | 0.19 | |||
Net realized and unrealized gain (loss) | 0.26 | 0.09 | 0.11 | (0.14) | |||
Total from investment operations | 0.52 | 0.34 | 0.38 | 0.05 | |||
Less distributions: | |||||||
From net investment income | (0.21) | (0.24) | (0.29) | (0.22) | |||
Return of capital | (0.01) | (0.01) | — | (0.00)‡ | |||
Total distributions | (0.22) | (0.25) | (0.29) | (0.22) | |||
Net asset value at end of period | $ 9.14 | $ 8.84 | $ 8.75 | $ 8.66 | |||
Total investment return (b) | 5.97% | 4.04% | 4.43% | 0.54% | |||
Ratios (to average net assets)/Supplemental Data: | |||||||
Net investment income (loss) | 2.83% | 2.88% | 3.13% | 3.18%†† | |||
Net expenses (c)(d) | 0.69% | 0.82% | 0.84% | 0.85%†† | |||
Portfolio turnover rate | 53% | 56%(e) | 50%(e) | 22% | |||
Net assets at end of period (in 000’s) | $ 1,407 | $ 465 | $ 22,632 | $ 52,504 |
^ | Inception date. |
‡ | Less than one cent per share. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R6 shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | The expense ratios presented below show the impact of short sales expense: |
Year Ended | Net Expenses (excluding short sale expenses) | Short Sales Expenses | ||
October 31, 2021 | 0.67% | 0.02% | ||
October 31, 2020 | 0.66% | 0.16% | ||
October 31, 2019 | 0.64% | 0.20% | ||
October 31, 2018 | 0.62% | 0.23% |
(e) | The portfolio turnover rate not including mortgage dollar rolls was 53% and 44% for the years ended October 31, 2020 and 2019, respectively. |
36 | MainStay MacKay Strategic Bond Fund |
Class | Commenced Operations |
Class A | February 28, 1997 |
Investor Class | February 28, 2008 |
Class B | February 28, 1997 |
Class C | September 1, 1998 |
Class I | January 2, 2004 |
Class R2 | February 28, 2014 |
Class R3 | February 29, 2016 |
Class R6 | February 28, 2018 |
SIMPLE Class | N/A* |
* | SIMPLE Class shares were registered for sale effective as of August 31, 2020 but have not yet commenced operations. |
• | Level 1—quoted prices in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Fund's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• Benchmark yields | • Reported trades |
• Broker/dealer quotes | • Issuer spreads |
• Two-sided markets | • Benchmark securities |
• Bids/offers | • Reference data (corporate actions or material event notices) |
• Industry and economic events | • Comparable bonds |
• Monthly payment information |
38 | MainStay MacKay Strategic Bond Fund |
40 | MainStay MacKay Strategic Bond Fund |
42 | MainStay MacKay Strategic Bond Fund |
44 | MainStay MacKay Strategic Bond Fund |
Asset Derivatives | Foreign Exchange Contracts Risk | Interest Rate Contracts Risk | Total |
Futures Contracts - Net Assets—Net unrealized appreciation on futures contracts (a) | $ — | $3,443,213 | $3,443,213 |
Forward Contracts - Unrealized appreciation on foreign currency forward contracts | 152,243 | — | 152,243 |
Total Fair Value | $152,243 | $3,443,213 | $3,595,456 |
(a) | Includes cumulative appreciation (depreciation) of futures contracts as reported in the Portfolio of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Liability Derivatives | Foreign Exchange Contracts Risk | Interest Rate Contracts Risk | Total |
Futures Contracts - Net Assets—Net unrealized depreciation on futures contracts (a) | $ — | $ (76,508) | $ (76,508) |
Centrally Cleared Swap Contracts - Net Assets—Net unrealized depreciation on swap contracts (b) | — | (2,621,804) | (2,621,804) |
Forward Contracts - Unrealized depreciation on foreign currency forward contracts | (53,121) | — | (53,121) |
Total Fair Value | $(53,121) | $(2,698,312) | $(2,751,433) |
(a) | Includes cumulative appreciation (depreciation) of futures contracts as reported in the Portfolio of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
(b) | Includes cumulative appreciation (depreciation) of centrally cleared swap agreements as reported in the Portfolio of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Net Realized Gain (Loss) from: | Foreign Exchange Contracts Risk | Interest Rate Contracts Risk | Total |
Futures Contracts | $ — | $ 5,857,439 | $ 5,857,439 |
Swap Contracts | — | (2,115,186) | (2,115,186) |
Forward Contracts | (718,128) | — | (718,128) |
Total Net Realized Gain (Loss) | $(718,128) | $ 3,742,253 | $ 3,024,125 |
Net Change in Unrealized Appreciation (Depreciation) | Foreign Exchange Contracts Risk | Interest Rate Contracts Risk | Total |
Futures Contracts | $ — | $ 907,704 | $ 907,704 |
Swap Contracts | — | 2,276,063 | 2,276,063 |
Forward Contracts | 663,375 | — | 663,375 |
Total Net Change in Unrealized Appreciation (Depreciation) | $663,375 | $3,183,767 | $3,847,142 |
Average Notional Amount | Total |
Futures Contracts Long | $ 47,402,877 |
Futures Contracts Short | $(152,049,425) |
Swap Contracts Long | $ 81,000,000 |
Forward Contracts Long (a) | $ 3,887,358 |
Forward Contracts Short | $ (8,793,432) |
(a) | Positions were open five months during the reporting period. |
46 | MainStay MacKay Strategic Bond Fund |
Class R2 | $ 1,014 |
Class R3 | 360 |
Class | Expense | Waived |
Class A | $231,144 | $— |
Investor Class | 45,196 | — |
Class B | 10,242 | — |
Class C | 140,930 | — |
Class I | 525,326 | — |
Class R2 | 1,283 | — |
Class R3 | 449 | — |
Class R6 | 40 | — |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay U.S. Government Liquidity Fund | $ 30,619 | $ 276,655 | $ (254,015) | $ — | $ — | $ 53,259 | $ 3 | $ — | 53,259 |
Class I | $985,602 | 0.2% |
Class R3 | 32,034 | 5.2 |
Class R6 | 28,888 | 2.1 |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $693,297,558 | $22,420,105 | $(7,935,344) | $14,484,761 |
Ordinary income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$— | $(181,892,991) | $(118,823) | $15,305,804 | $(166,706,011) |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $27,869 | $152,707 |
2021 | 2020 | |
Distributions paid from: | ||
Ordinary Income | $13,999,950 | $19,631,737 |
Return of Capital | 851,084 | 587,214 |
Total | $14,851,034 | $20,218,951 |
48 | MainStay MacKay Strategic Bond Fund |
Class A | Shares | Amount |
Year ended October 31, 2021: | ||
Shares sold | 4,142,465 | $ 37,695,529 |
Shares issued to shareholders in reinvestment of distributions | 386,703 | 3,514,807 |
Shares redeemed | (3,881,418) | (35,230,020) |
Net increase (decrease) in shares outstanding before conversion | 647,750 | 5,980,316 |
Shares converted into Class A (See Note 1) | 598,420 | 5,426,216 |
Shares converted from Class A (See Note 1) | (90,110) | (816,457) |
Net increase (decrease) | 1,156,060 | $ 10,590,075 |
Year ended October 31, 2020: | ||
Shares sold | 3,549,959 | $ 30,759,137 |
Shares issued to shareholders in reinvestment of distributions | 488,987 | 4,220,842 |
Shares redeemed | (6,892,108) | (59,273,038) |
Net increase (decrease) in shares outstanding before conversion | (2,853,162) | (24,293,059) |
Shares converted into Class A (See Note 1) | 265,023 | 2,297,846 |
Shares converted from Class A (See Note 1) | (70,039) | (603,380) |
Net increase (decrease) | (2,658,178) | $ (22,598,593) |
Investor Class | Shares | Amount |
Year ended October 31, 2021: | ||
Shares sold | 113,560 | $ 1,040,464 |
Shares issued to shareholders in reinvestment of distributions | 36,650 | 335,936 |
Shares redeemed | (273,230) | (2,505,424) |
Net increase (decrease) in shares outstanding before conversion | (123,020) | (1,129,024) |
Shares converted into Investor Class (See Note 1) | 155,880 | 1,424,394 |
Shares converted from Investor Class (See Note 1) | (238,288) | (2,185,706) |
Net increase (decrease) | (205,428) | $ (1,890,336) |
Year ended October 31, 2020: | ||
Shares sold | 155,915 | $ 1,356,863 |
Shares issued to shareholders in reinvestment of distributions | 51,115 | 444,676 |
Shares redeemed | (304,909) | (2,639,908) |
Net increase (decrease) in shares outstanding before conversion | (97,879) | (838,369) |
Shares converted into Investor Class (See Note 1) | 83,544 | 726,787 |
Shares converted from Investor Class (See Note 1) | (183,114) | (1,598,912) |
Net increase (decrease) | (197,449) | $ (1,710,494) |
Class B | Shares | Amount |
Year ended October 31, 2021: | ||
Shares sold | 8,800 | $ 78,983 |
Shares issued to shareholders in reinvestment of distributions | 4,318 | 39,009 |
Shares redeemed | (146,647) | (1,325,666) |
Net increase (decrease) in shares outstanding before conversion | (133,529) | (1,207,674) |
Shares converted from Class B (See Note 1) | (70,410) | (635,484) |
Net increase (decrease) | (203,939) | $ (1,843,158) |
Year ended October 31, 2020: | ||
Shares sold | 13,761 | $ 117,932 |
Shares issued to shareholders in reinvestment of distributions | 10,913 | 93,552 |
Shares redeemed | (309,879) | (2,667,687) |
Net increase (decrease) in shares outstanding before conversion | (285,205) | (2,456,203) |
Shares converted from Class B (See Note 1) | (74,998) | (645,966) |
Net increase (decrease) | (360,203) | $ (3,102,169) |
Class C | Shares | Amount |
Year ended October 31, 2021: | ||
Shares sold | 471,716 | $ 4,268,995 |
Shares issued to shareholders in reinvestment of distributions | 72,232 | 652,329 |
Shares redeemed | (2,400,170) | (21,673,078) |
Net increase (decrease) in shares outstanding before conversion | (1,856,222) | (16,751,754) |
Shares converted from Class C (See Note 1) | (447,633) | (4,024,920) |
Net increase (decrease) | (2,303,855) | $ (20,776,674) |
Year ended October 31, 2020: | ||
Shares sold | 425,749 | $ 3,655,007 |
Shares issued to shareholders in reinvestment of distributions | 140,651 | 1,205,409 |
Shares redeemed | (3,582,005) | (30,766,598) |
Net increase (decrease) in shares outstanding before conversion | (3,015,605) | (25,906,182) |
Shares converted from Class C (See Note 1) | (79,690) | (688,962) |
Net increase (decrease) | (3,095,295) | $ (26,595,144) |
Class I | Shares | Amount |
Year ended October 31, 2021: | ||
Shares sold | 13,192,767 | $ 120,262,456 |
Shares issued to shareholders in reinvestment of distributions | 956,891 | 8,707,229 |
Shares redeemed | (10,934,086) | (99,338,416) |
Net increase (decrease) in shares outstanding before conversion | 3,215,572 | 29,631,269 |
Shares converted into Class I (See Note 1) | 89,508 | 811,957 |
Net increase (decrease) | 3,305,080 | $ 30,443,226 |
Year ended October 31, 2020: | ||
Shares sold | 19,754,574 | $ 169,630,141 |
Shares issued to shareholders in reinvestment of distributions | 1,386,876 | 11,983,027 |
Shares redeemed | (44,391,197) | (377,209,880) |
Net increase (decrease) in shares outstanding before conversion | (23,249,747) | (195,596,712) |
Shares converted into Class I (See Note 1) | 59,162 | 512,587 |
Net increase (decrease) | (23,190,585) | $(195,084,125) |
Class R2 | Shares | Amount |
Year ended October 31, 2021: | ||
Shares sold | 14,072 | $ 127,816 |
Shares issued to shareholders in reinvestment of distributions | 2,234 | 20,315 |
Shares redeemed | (7,400) | (67,031) |
Net increase (decrease) | 8,906 | $ 81,100 |
Year ended October 31, 2020: | ||
Shares sold | 134,616 | $ 1,173,741 |
Shares issued to shareholders in reinvestment of distributions | 17,187 | 147,798 |
Shares redeemed | (873,599) | (7,642,240) |
Net increase (decrease) | (721,796) | $ (6,320,701) |
Class R3 | Shares | Amount |
Year ended October 31, 2021: | ||
Shares sold | 57,029 | $ 519,396 |
Shares issued to shareholders in reinvestment of distributions | 536 | 4,872 |
Shares redeemed | (20,844) | (189,665) |
Net increase (decrease) | 36,721 | $ 334,603 |
Year ended October 31, 2020: | ||
Shares sold | 7,100 | $ 62,561 |
Shares issued to shareholders in reinvestment of distributions | 488 | 4,213 |
Shares redeemed | (1,200) | (10,300) |
Net increase (decrease) | 6,388 | $ 56,474 |
50 | MainStay MacKay Strategic Bond Fund |
Class R6 | Shares | Amount |
Year ended October 31, 2021: | ||
Shares sold | 116,756 | $ 1,065,273 |
Shares issued to shareholders in reinvestment of distributions | 2,794 | 25,535 |
Shares redeemed | (18,194) | (166,382) |
Net increase (decrease) | 101,356 | $ 924,426 |
Year ended October 31, 2020: | ||
Shares sold | 107,790 | $ 930,408 |
Shares issued to shareholders in reinvestment of distributions | 23,680 | 203,636 |
Shares redeemed | (2,666,072) | (22,878,546) |
Net increase (decrease) | (2,534,602) | $ (21,744,502) |
The MainStay Funds:
December 24, 2021
52 | MainStay MacKay Strategic Bond Fund |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Yie-Hsin Hung* 1962 | MainStay Funds: Trustee since 2017; MainStay Funds Trust: Trustee since 2017 | Senior Vice President of New York Life since joining in 2010, Member of the Executive Management Committee since 2017, Chief Executive Officer, New York Life Investment Management Holdings LLC & New York Life Investment Management LLC since 2015. Senior Managing Director and Co-President of New York Life Investment Management LLC from January 2014 to May 2015. Previously held positions of increasing responsibility, including head of NYLIM International, Alternative Growth Businesses, and Institutional investments since joining New York Life in 2010 | 78 | MainStay VP Funds Trust: Trustee since 2017 (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2017; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of her affiliation with New York Life Insurance Company, New York Life Investment Management LLC, Candriam Belgium S.A., Candriam Luxembourg S.C.A., IndexIQ Advisors LLC, MacKay Shields LLC, NYL Investors LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
54 | MainStay MacKay Strategic Bond Fund |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay Funds: Trustee since 2016, Advisory Board Member (June 2015 to December 2015);MainStay Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 78 | MainStay VP Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Market Vectors Group of Exchange-Traded Funds: Independent Chairman of the Board of Trustees since 2008 and Trustee since 2006 (56 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Investment Committee since 2018 | |
Susan B. Kerley 1951 | MainStay Funds: Chairman since 2017 and Trustee since 2007;MainStay Funds Trust: Chairman since 2017 and Trustee since 1990** | President, Strategic Management Advisors LLC since 1990 | 78 | MainStay VP Funds Trust: Chairman since January 2017 and Trustee since 2007 (31 portfolios)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) | |
Alan R. Latshaw 1951 | MainStay Funds: Trustee;MainStay Funds Trust: Trustee since 2007** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 78 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 | |
Richard H. Nolan, Jr. 1946 | MainStay Funds: Trustee since 2007;MainStay Funds Trust: Trustee since 2007** | Managing Director, ICC Capital Management since 2004; President—Shields/Alliance, Alliance Capital Management (1994 to 2004) | 78 | MainStay VP Funds Trust: Trustee since 2006 (31 portfolios)***; and MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011 | |
Jacques P. Perold 1958 | MainStay Funds: Trustee since 2016, Advisory Board Member (June 2015 to December 2015);MainStay Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, Capshift Advisors LLC (Since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 78 | MainStay VP Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Partners in Health: Trustee since 2019; Allstate Corporation: Director since 2015; and MSCI, Inc.: Director since 2017 |
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 | |
Richard S. Trutanic 1952 | MainStay Funds: Trustee since 1994;MainStay Funds Trust: Trustee since 2007** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 78 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund; Trustee since June 2021 |
** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
*** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Karen Hammond 1956 | MainStay Funds: Advisory Board Member since June 2021;MainStay Funds Trust: Advisory Board Member since June 2021 | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 78 | MainStay VP Funds Trust: Advisory Board Member since June 2021 (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Advisory Board Member since June 2021; MainStay CBRE Global Infrastructure Megatrends Fund: Advisory Board Member since June 2021; Two Harbors Investment Corp: Trustee since 2018, Chair of the Special Committee since 2019; Rhode Island School of Design: Trustee and Chair of the Finance Committee since 2015 |
Advisory Board Member | Independent Trustees |
56 | MainStay MacKay Strategic Bond Fund |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay Funds, MainStay Funds Trust since 2017 | Chief Operating Officer and Senior Managing Director since 2016, New York Life Investment Management LLC; Chairman of the Board since 2017, NYLIFE Distributors LLC; Chairman of the Board, NYLIM Service Company LLC since 2017; Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust since January 2018; President, MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust since 2017** and MainStay CBRE Global Infrastructure Megatrends Fund since June 2021; 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 MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay VP Funds Trust since 2007** and MainStay CBRE Global Infrastructure Megatrends Fund since June 2021; 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 MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay VP Funds Trust since 2010** and MainStay CBRE Global Infrastructure Megatrends Fund since June 2021 | ||
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 MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay VP Funds Trust since 2005** and MainStay CBRE Global Infrastructure Megatrends Fund since June 2021 | ||
Kevin M. Bopp 1969 | Vice President and Chief Compliance Officer, MainStay Funds and MainStay Funds Trust since 2021 and 2014 to 2020 | Vice President and Chief Compliance Officer, New York Life Investments Alternatives LLC and New York Life Investment Management Holdings LLC since 2020; Vice President since 2018 and Chief Compliance Officer since 2016, New York Life Investment Management LLC; Vice President and Chief Compliance Officer, IndexIQ Advisors LLC, IndexIQ Holdings Inc., IndexIQ LLC and IndexIQ Trust since 2017; Director and Associate General Counsel (2011 to 2014) and Vice President and Assistant General Counsel (2010 to 2011), New York Life Investment Management LLC;Vice President and Chief Compliance Officer, MainStay VP Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund since June 2021 and 2014 to 2020 and MainStay CBRE Global Infrastructure Megatrends Fund since June 2021; Assistant Secretary, MainStay Funds, MainStay Funds Trust and MainStay VP Funds Trust (2010 to 2014)**, MainStay MacKay DefinedTerm Municipal Opportunities Fund (2011 to 2014) |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
1.
2. | This Fund is registered for sale in CA, CT, DE, FL, MA, NJ, NY and VT. |
3. | Prior to November 30, 2021, the Fund's name was formerly MainStay MacKay Intermediate Tax Free Bond Fund. |
4. | An affiliate of New York Life Investment Management LLC. |
1717044MS180-21 | MSSB11-12/21 |
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Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended October 31, 2021 | |||||||
Class | Sales Charge | Inception Date | One Year | Five Years | Ten Years or Since Inception | Gross Expense Ratio1 | |
Class A Shares | Maximum 4.5% Initial Sales Charge | With sales charges | 1/3/1995 | -0.83% | 2.71% | 4.20% | 0.75% |
Excluding sales charges | 3.84 | 3.66 | 4.68 | 0.75 | |||
Investor Class Shares2 | Maximum 4% Initial Sales Charge | With sales charges | 2/28/2008 | -0.35 | 2.71 | 4.18 | 0.76 |
Excluding sales charges | 3.80 | 3.66 | 4.66 | 0.76 | |||
Class B Shares3 | Maximum 5% CDSC | With sales charges | 5/1/1986 | -1.44 | 3.05 | 4.40 | 1.01 |
if Redeemed Within the First Six Years of Purchase | Excluding sales charges | 3.56 | 3.41 | 4.40 | 1.01 | ||
Class C Shares | Maximum 1% CDSC | With sales charges | 9/1/1998 | 2.46 | 3.40 | 4.39 | 1.01 |
if Redeemed Within One Year of Purchase | Excluding sales charges | 3.46 | 3.40 | 4.39 | 1.01 | ||
Class C2 Shares | Maximum 1% CDSC | With sales charges | 8/31/2020 | 2.39 | N/A | 2.42 | 1.16 |
if Redeemed Within One Year of Purchase | Excluding sales charges | 3.39 | N/A | 2.42 | 1.16 | ||
Class I Shares | No Sales Charge | 12/21/2009 | 4.00 | 3.92 | 4.93 | 0.50 | |
Class R6 Shares | No Sales Charge | 11/1/2019 | 4.15 | N/A | 4.04 | 0.44 |
1. | The gross expense ratios presented reflect the Fund’s “Total Annual Fund Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report. |
2. | Prior to June 30, 2020, the maximum initial sales charge was 4.5%, which is reflected in the average annual total return figures shown. |
3. | Class B shares are closed to all new purchases as well as additional investments by existing Class B shareholders. |
Benchmark Performance* | One Year | Five Years | Ten Years |
Bloomberg Municipal Bond Index1 | 2.64% | 3.41% | 3.88% |
Morningstar Muni National Long Category Average2 | 4.57 | 3.49 | 4.02 |
1. | The Bloomberg Municipal Bond Index is the Fund's primary broadbased securities market index for comparison purposes. The Bloomberg Municipal Bond Index is considered representative of the broadbased market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
2. | The Morningstar Muni National Long Category Average is representative of funds that invest in bonds issued by various state and local governments to fund public projects. The income from these bonds is generally free from federal taxes. These portfolios have durations of more than 7 years. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. |
6 | MainStay MacKay Tax Free Bond Fund |
Share Class | Beginning Account Value 5/1/21 | Ending Account Value (Based on Actual Returns and Expenses) 10/31/21 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 10/31/21 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Class A Shares | $1,000.00 | $1,000.80 | $3.73 | $1,021.47 | $3.77 | 0.74% |
Investor Class Shares | $1,000.00 | $1,000.70 | $3.83 | $1,021.37 | $3.87 | 0.76% |
Class B Shares | $1,000.00 | $ 999.40 | $5.09 | $1,020.11 | $5.14 | 1.01% |
Class C Shares | $1,000.00 | $ 998.50 | $5.09 | $1,020.11 | $5.14 | 1.01% |
Class C2 Shares | $1,000.00 | $ 998.70 | $5.79 | $1,019.41 | $5.85 | 1.15% |
Class I Shares | $1,000.00 | $1,001.10 | $2.47 | $1,022.73 | $2.50 | 0.49% |
Class R6 Shares | $1,000.00 | $1,002.30 | $2.17 | $1,023.04 | $2.19 | 0.43% |
1. | Expenses are equal to the Fund’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 184 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Fund's annualized expense ratio to reflect the six-month period. |
New York | 20.7% |
California | 14.2 |
Illinois | 8.8 |
Texas | 5.7 |
New Jersey | 4.8 |
Florida | 4.0 |
Utah | 3.4 |
Georgia | 2.9 |
Connecticut | 2.4 |
Pennsylvania | 2.2 |
South Carolina | 1.9 |
Nevada | 1.7 |
Nebraska | 1.5 |
Iowa | 1.4 |
Alabama | 1.2 |
District of Columbia | 1.2 |
Washington | 1.2 |
Ohio | 1.2 |
Maryland | 1.2 |
Michigan | 1.1 |
Virginia | 1.1 |
Wisconsin | 1.0 |
Puerto Rico | 1.0 |
Colorado | 1.0 |
Indiana | 0.9 |
Missouri | 0.8 |
Oregon | 0.8 |
Arizona | 0.6 |
Delaware | 0.6 |
Tennessee | 0.6% |
U.S. Virgin Islands | 0.5 |
Louisiana | 0.5 |
Massachusetts | 0.5 |
Minnesota | 0.5 |
Arkansas | 0.5 |
Oklahoma | 0.4 |
Idaho | 0.4 |
Guam | 0.3 |
Kentucky | 0.3 |
Rhode Island | 0.3 |
Montana | 0.3 |
North Carolina | 0.2 |
Hawaii | 0.2 |
North Dakota | 0.2 |
New Mexico | 0.1 |
Kansas | 0.1 |
New Hampshire | 0.1 |
South Dakota | 0.1 |
Wyoming | 0.1 |
Alaska | 0.0‡ |
Maine | 0.0‡ |
Mississippi | 0.0‡ |
Vermont | 0.0‡ |
Short–Term Investments | 4.7 |
Other Assets, Less Liabilities | –1.4 |
100.0% |
1. | Metropolitan Transportation Authority, 0.584%-5.25%, due 11/15/21–11/15/48 |
2. | New York State Urban Development Corp., 3.00%-5.00%, due 3/15/28–3/15/50 |
3. | New York State Dormitory Authority, 3.00%-5.25%, due 10/1/33–3/15/49 |
4. | New York City Transitional Finance Authority, 3.00%-5.00%, due 5/1/32–11/1/42 |
5. | City of Salt Lake City UT, 4.00%-5.00%, due 7/1/42–7/1/51 |
6. | New York State Thruway Authority, 3.50%-5.00%, due 1/1/31–1/1/50 |
7. | City of New York NY, 0.11%-5.25%, due 8/1/23–3/1/50 |
8. | State of New Jersey, 2.00%-5.00%, due 6/1/28–6/1/42 |
9. | State of California, 0.01%-5.25%, due 10/1/34–5/1/48 |
10. | San Francisco City & County Airport Commission, 5.00%, due 5/1/35–5/1/50 |
8 | MainStay MacKay Tax Free Bond Fund |
1. | See page 5 for other share class returns, which may be higher or lower than Class I share returns. See page 6 for more information on benchmark and peer group returns. |
2. | The yield curve is a line that plots the yields of various securities of similar quality—typically U.S. Treasury issues—across a range of maturities. The U.S. Treasury yield curve serves as a benchmark for other debt and is used in economic forecasting. |
3. | An obligation rated ‘AAA’ has the highest rating assigned by Standard & Poor’s (“S&P”), and in the opinion of S&P, the obligor’s capacity to meet its financial commitment on the obligation is extremely strong. An obligation rated ‘AA’ by S&P is deemed by S&P to differ from the highest-rated obligations only to a small degree. In the opinion of S&P, the obligor's capacity to meet its financial commitment on the obligation is very strong. When applied to Fund holdings, ratings are based solely on the creditworthiness of the bonds in the portfolio and are not meant to represent the security or safety of the Fund. |
4. | Duration is a measure of the price sensitivity of a fixed-income investment to changes in interest rates. Duration is expressed as a number of years and is considered a more accurate sensitivity gauge than average maturity. |
5. | Modified duration is inversely related to the approximate percentage change in price for a given change in yield. Duration to worst is the duration of a bond computed using the bond’s nearest call date or maturity, whichever comes first. This measure ignores future cash flow fluctuations due to embedded optionality. |
6. | An obligation rated ‘A’ by S&P is deemed by S&P to be somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. In the opinion of S&P, however, the obligor's capacity to meet its financial commitment on the obligation is still strong. When applied to Fund holdings, ratings are based solely on the creditworthiness of the bonds in the portfolio and are not meant to represent the security or safety of the Fund. |
10 | MainStay MacKay Tax Free Bond Fund |
Principal Amount | Value | |
Municipal Bonds 95.5% | ||
Long-Term Municipal Bonds 90.0% | ||
Alabama 1.2% | ||
City of Birmingham AL, Unlimited General Obligation | ||
Series A | ||
5.00%, due 3/1/43 (a) | $ 2,650,000 | $ 2,818,718 |
County of Jefferson AL, Sewer, Revenue Bonds, Sub. Lien | ||
Series D | ||
6.00%, due 10/1/42 | 5,910,000 | 6,754,151 |
Health Care Authority of the City of Huntsville (The), HH Health System, Revenue Bonds | ||
Series B | ||
4.00%, due 6/1/45 | 20,370,000 | 23,400,145 |
Houston County Health Care Authority, Southeast Alabama Medical Centre, Revenue Bonds | ||
Series A | ||
5.00%, due 10/1/25 | 1,000,000 | 1,155,683 |
Lower Alabama Gas District (The), Gas Project, Project No. 2, Revenue Bonds | ||
4.00%, due 12/1/50 (b) | 750,000 | 841,484 |
Lower Alabama Gas District (The), Revenue Bonds | ||
Series A | ||
5.00%, due 9/1/46 | 10,000,000 | 14,223,616 |
Southeast Energy Authority, A Cooperative District, Project No. 1, Revenue Bonds | ||
Series A | ||
4.00%, due 10/1/28 | 2,400,000 | 2,811,418 |
Series A | ||
4.00%, due 11/1/51 (b) | 38,500,000 | 44,958,510 |
University of South Alabama, Revenue Bonds | ||
Insured: AGM | ||
4.00%, due 11/1/35 | 2,000,000 | 2,249,007 |
Insured: AGM | ||
5.00%, due 11/1/29 | 1,110,000 | 1,310,964 |
Insured: AGM | ||
5.00%, due 11/1/30 | 2,000,000 | 2,358,209 |
Principal Amount | Value | |
Alabama (continued) | ||
Water Works Board of the City of Birmingham (The), Revenue Bonds | ||
Series B | ||
5.00%, due 1/1/32 | $ 6,140,000 | $ 7,485,909 |
110,367,814 | ||
Alaska 0.0% ‡ | ||
Alaska Industrial Development & Export Authority, Greater Fairbanks Community Hospital Foundation Obligated Group, Revenue Bonds | ||
5.00%, due 4/1/32 | 3,550,000 | 3,729,699 |
Arizona 0.6% | ||
Arizona Board of Regents, Revenue Bonds | ||
Series A | ||
5.00%, due 7/1/39 | 2,000,000 | 2,555,438 |
Series A | ||
5.00%, due 7/1/43 | 3,480,000 | 4,406,884 |
Arizona Health Facilities Authority, Phoenix Children's Hospital, Revenue Bonds | ||
Series A | ||
5.00%, due 2/1/42 | 1,000,000 | 1,011,609 |
Arizona Industrial Development Authority, Provident Group, NCCU Properties LLC, Central University Project, Revenue Bonds | ||
Series A, Insured: BAM | ||
4.00%, due 6/1/44 | 940,000 | 1,053,856 |
Arizona Industrial Development Authority, Phoenix Children's Hospital, Revenue Bonds | ||
Series A | ||
4.00%, due 2/1/50 | 18,850,000 | 21,654,381 |
Maricopa County Industrial Development Authority, Banner Health Obligated Group, Revenue Bonds | ||
Series A | ||
4.00%, due 1/1/41 | 11,010,000 | 12,464,766 |
Series E | ||
4.00%, due 1/1/45 | 7,000,000 | 8,098,483 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Arizona (continued) | ||
Maricopa County Unified School District No. 090 Saddle Mountain, Unlimited General Obligation | ||
Insured: AGM | ||
4.00%, due 7/1/35 | $ 7,175,000 | $ 8,415,189 |
59,660,606 | ||
Arkansas 0.4% | ||
County of Pulaski AR, Arkansas Children's Hospital, Revenue Bonds | ||
5.00%, due 3/1/34 | 2,000,000 | 2,368,588 |
Pulaski County Special School District, Arkansas Construction Bonds, Limited General Obligation | ||
Insured: State Aid Withholding | ||
4.00%, due 2/1/48 | 15,500,000 | 15,940,544 |
Springdale Public Facilities Board, Arkansas Children's Northwest, Inc., Revenue Bonds | ||
5.00%, due 3/1/34 | 2,890,000 | 3,358,627 |
Springdale School District No. 50, Limited General Obligation | ||
Insured: State Aid Withholding | ||
4.00%, due 6/1/36 | 2,500,000 | 2,548,234 |
Insured: State Aid Withholding | ||
4.00%, due 6/1/40 | 10,400,000 | 10,585,790 |
University of Arkansas, UALR Campus, Revenue Bonds | ||
5.00%, due 10/1/29 | 1,315,000 | 1,568,600 |
5.00%, due 10/1/30 | 1,110,000 | 1,322,963 |
5.00%, due 10/1/31 | 1,205,000 | 1,435,129 |
39,128,475 | ||
California 12.7% | ||
Alta Loma School District, Unlimited General Obligation | ||
Series C | ||
4.00%, due 8/1/45 | 4,500,000 | 5,255,583 |
Series B | ||
5.00%, due 8/1/44 | 4,000,000 | 4,865,768 |
Antelope Valley Community College District, Unlimited General Obligation | ||
Series B | ||
3.00%, due 8/1/50 | 10,000,000 | 10,429,407 |
Principal Amount | Value | |
California (continued) | ||
Antelope Valley Community College District, Election 2016, Unlimited General Obligation | ||
Series A | ||
4.50%, due 8/1/38 | $ 11,500,000 | $ 13,799,025 |
Bay Area Toll Authority, Revenue Bonds | ||
Series S-H | ||
5.00%, due 4/1/44 | 2,615,000 | 3,229,535 |
California Community Choice Financing Authority, Clean Energy Project, Green Bond, Revenue Bonds | ||
Series B-1 | ||
4.00%, due 2/1/52 (b) | 39,750,000 | 47,780,164 |
California Health Facilities Financing Authority, Providence St. Joseph Health Obligated Group, Revenue Bonds | ||
Series A | ||
4.00%, due 10/1/35 | 1,230,000 | 1,383,251 |
California Health Facilities Financing Authority, CommonSpirit Health Obligated Group, Revenue Bonds | ||
Series A | ||
4.00%, due 4/1/45 | 10,150,000 | 11,574,199 |
California Health Facilities Financing Authority, City of Hope Obligated Group, Revenue Bonds | ||
4.00%, due 11/15/45 | 5,000,000 | 5,748,319 |
5.00%, due 11/15/49 | 18,000,000 | 21,310,097 |
California Health Facilities Financing Authority, Sutter Health Obligated Group, Revenue Bonds | ||
Series A | ||
5.00%, due 11/15/34 | 5,000,000 | 5,915,176 |
California Infrastructure and Economic Development Bank, California State Teachers' Retirement System, Green Bond, Revenue Bonds | ||
5.00%, due 8/1/49 | 10,000,000 | 12,254,994 |
California Municipal Finance Authority, Southern California Institute of Architecture Project, Revenue Bonds | ||
5.00%, due 12/1/23 | 405,000 | 439,474 |
5.00%, due 12/1/24 | 425,000 | 476,799 |
12 | MainStay MacKay Tax Free Bond Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
California (continued) | ||
California Municipal Finance Authority, Southern California Institute of Architecture Project, Revenue Bonds (continued) | ||
5.00%, due 12/1/25 | $ 450,000 | $ 519,181 |
5.00%, due 12/1/26 | 470,000 | 555,980 |
5.00%, due 12/1/27 | 495,000 | 597,375 |
5.00%, due 12/1/28 | 520,000 | 623,701 |
California Municipal Finance Authority, CHF-Davis I LLC, West Village Student Housing Project, Revenue Bonds | ||
5.00%, due 5/15/32 | 1,570,000 | 1,934,443 |
Insured: BAM | ||
5.00%, due 5/15/32 | 1,500,000 | 1,858,313 |
Insured: BAM | ||
5.00%, due 5/15/36 | 4,400,000 | 5,433,262 |
Insured: BAM | ||
5.00%, due 5/15/39 | 9,815,000 | 12,056,398 |
Insured: BAM | ||
5.00%, due 5/15/43 | 11,750,000 | 14,317,149 |
California School Facilities Financing Authority, Azusa Unified School District, Revenue Bonds | ||
Insured: AGM | ||
(zero coupon), due 8/1/49 | 16,000,000 | 5,239,061 |
California State University, Revenue Bonds | ||
Series A | ||
5.00%, due 11/1/44 | 26,470,000 | 33,535,203 |
California Statewide Communities Development Authority, Front Porch Communities & Services, Revenue Bonds | ||
Series A | ||
3.00%, due 4/1/37 | 5,730,000 | 5,993,488 |
Chino Valley Unified School District, Election 2016, Limited General Obligation | ||
Series B | ||
3.375%, due 8/1/50 | 10,370,000 | 11,128,213 |
Series B | ||
4.00%, due 8/1/45 | 14,310,000 | 16,687,672 |
Chula Vista Elementary School District, Revenue Bonds | ||
(zero coupon), due 8/1/23 | 5,000,000 | 4,963,801 |
Principal Amount | Value | |
California (continued) | ||
City of Escondido CA, Unlimited General Obligation | ||
5.00%, due 9/1/36 | $ 5,000,000 | $ 5,773,048 |
City of Long Beach CA, Airport System, Revenue Bonds | ||
Series A | ||
5.00%, due 6/1/30 | 5,000,000 | 5,018,249 |
City of Los Angeles CA, Department of Airports, Revenue Bonds, Senior Lien (c) | ||
Series C | ||
4.00%, due 5/15/50 | 20,000,000 | 22,652,352 |
Series C | ||
5.00%, due 5/15/34 | 12,280,000 | 15,470,881 |
City of Los Angeles CA, Department of Airports, Revenue Bonds | ||
Series E | ||
5.00%, due 5/15/36 (c) | 3,205,000 | 4,016,018 |
Series E | ||
5.00%, due 5/15/37 (c) | 1,000,000 | 1,250,305 |
Series F | ||
5.00%, due 5/15/37 (c) | 2,350,000 | 2,892,629 |
Series A | ||
5.00%, due 5/15/40 | 6,850,000 | 8,672,425 |
Series C | ||
5.00%, due 5/15/44 (c) | 4,285,000 | 5,179,640 |
Series E | ||
5.00%, due 5/15/44 (c) | 10,000,000 | 12,364,395 |
Series A | ||
5.00%, due 5/15/51 (c) | 17,625,000 | 21,794,775 |
City of Los Angeles CA, Los Angeles International Airport, Revenue Bonds (c) | ||
Series A | ||
5.00%, due 5/15/30 | 2,000,000 | 2,131,134 |
Series A | ||
5.00%, due 5/15/31 | 2,000,000 | 2,130,816 |
City of Los Angeles CA, Wastewater System, Green Bond, Revenue Bonds | ||
Series A | ||
5.00%, due 6/1/43 | 10,000,000 | 12,239,285 |
City of Sacramento CA, Transient Occupancy Tax, Revenue Bonds | ||
Series A | ||
5.00%, due 6/1/28 | 2,700,000 | 3,297,079 |
Series A | ||
5.00%, due 6/1/29 | 3,165,000 | 3,849,792 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
California (continued) | ||
City of Sacramento CA, Transient Occupancy Tax, Revenue Bonds (continued) | ||
Series A | ||
5.00%, due 6/1/30 | $ 4,920,000 | $ 5,968,445 |
Series A | ||
5.00%, due 6/1/32 | 2,260,000 | 2,723,689 |
Series A | ||
5.00%, due 6/1/33 | 1,225,000 | 1,473,776 |
Coachella Valley Unified School District, Election 2005, Unlimited General Obligation | ||
Series F, Insured: BAM | ||
5.00%, due 8/1/46 | 12,385,000 | 14,485,749 |
Coast Community College District, Election 2012, Unlimited General Obligation | ||
Series D | ||
4.50%, due 8/1/39 | 15,000,000 | 17,704,016 |
Compton Unified School District, Unlimited General Obligation | ||
Series B, Insured: BAM | ||
(zero coupon), due 6/1/38 | 1,250,000 | 785,284 |
Series B, Insured: BAM | ||
(zero coupon), due 6/1/39 | 5,105,000 | 3,087,057 |
Series B, Insured: BAM | ||
(zero coupon), due 6/1/40 | 1,500,000 | 872,431 |
Series B, Insured: BAM | ||
(zero coupon), due 6/1/41 | 1,750,000 | 978,200 |
Corona-Norco Unified School District, Election 2014, Unlimited General Obligation | ||
Series C | ||
4.00%, due 8/1/49 | 7,000,000 | 7,988,239 |
Cotati-Rohnert Park Unified School District, Election 2016, Unlimited General Obligation | ||
Series C, Insured: AGM | ||
5.00%, due 8/1/42 | 2,865,000 | 3,371,203 |
El Monte Union High School District, Unlimited General Obligation | ||
Series A | ||
5.00%, due 6/1/49 | 17,390,000 | 20,852,318 |
Principal Amount | Value | |
California (continued) | ||
Enterprise Elementary School District, Unlimited General Obligation | ||
Series B, Insured: AGM | ||
5.00%, due 8/1/49 | $ 5,000,000 | $ 5,848,102 |
Firebaugh-Las Deltas Unified School District, Election 2016, Unlimited General Obligation | ||
Series A, Insured: AGM | ||
5.25%, due 8/1/41 | 3,000,000 | 3,678,275 |
Fontana Public Facilities Financing Authority, City of Fontana, Revenue Bonds | ||
Series A, Insured: BAM | ||
5.00%, due 9/1/32 | 1,320,000 | 1,484,178 |
Fontana Unified School District, Unlimited General Obligation | ||
Series C | ||
(zero coupon), due 8/1/35 | 14,800,000 | 7,392,254 |
Series C | ||
(zero coupon), due 8/1/36 | 15,500,000 | 7,191,654 |
Foothill-Eastern Transportation Corridor Agency, Revenue Bonds | ||
Series B-2, Insured: AGM | ||
3.50%, due 1/15/53 | 4,800,000 | 5,307,251 |
Golden State Tobacco Securitization Corp., Revenue Bonds | ||
Series A-1 | ||
5.00%, due 6/1/33 | 12,545,000 | 15,141,350 |
Golden State Tobacco Securitization Corp., Asset-Backed, Revenue Bonds | ||
Series A, Insured: AGM | ||
5.00%, due 6/1/40 | 5,410,000 | 6,294,835 |
Jurupa Unified School District, Election 2014, Unlimited General Obligation | ||
Series C | ||
5.25%, due 8/1/43 | 5,500,000 | 6,897,042 |
Live Oak Elementary School District, Certificate of Participation | ||
Insured: AGM | ||
5.00%, due 8/1/39 | 3,205,000 | 3,741,063 |
Live Oak Unified School District, Election 2016, Unlimited General Obligation | ||
Series B, Insured: AGM | ||
5.00%, due 8/1/48 | 1,500,000 | 1,793,388 |
14 | MainStay MacKay Tax Free Bond Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
California (continued) | ||
Los Angeles County Public Works Financing Authority, County of Los Angeles, Revenue Bonds | ||
Series E-1 | ||
5.00%, due 12/1/49 | $ 7,630,000 | $ 9,575,443 |
Los Angeles Unified School District, Unlimited General Obligation | ||
Series C | ||
4.00%, due 7/1/33 | 3,500,000 | 4,264,076 |
Series C | ||
4.00%, due 7/1/36 | 6,000,000 | 7,179,840 |
Series C | ||
4.00%, due 7/1/37 | 5,000,000 | 5,949,362 |
Los Angeles Unified School District, Election 2008, Unlimited General Obligation | ||
Series B-1 | ||
5.25%, due 7/1/42 | 68,405,000 | 83,875,988 |
Napa Valley Unified School District, Election 2016, Unlimited General Obligation | ||
Series C, Insured: AGM | ||
4.00%, due 8/1/44 | 9,000,000 | 10,149,276 |
Novato Unified School District, Election 2016, Unlimited General Obligation | ||
Series C | ||
2.00%, due 8/1/39 | 4,645,000 | 4,482,256 |
Oakland Unified School District, Alameda County, Unlimited General Obligation | ||
Insured: AGM | ||
5.00%, due 8/1/27 | 1,160,000 | 1,349,465 |
Insured: AGM | ||
5.00%, due 8/1/28 | 1,755,000 | 2,040,570 |
Insured: AGM | ||
5.00%, due 8/1/29 | 2,535,000 | 2,944,480 |
Paramount Unified School District, Election 2006, Unlimited General Obligation | ||
Insured: BAM | ||
(zero coupon), due 8/1/43 | 25,000,000 | 6,466,995 |
Pomona Unified School District, Election 2008, Unlimited General Obligation | ||
Series E, Insured: AGM | ||
5.00%, due 8/1/30 | 3,285,000 | 3,396,818 |
Principal Amount | Value | |
California (continued) | ||
Richmond Joint Powers Financing Authority, Civic Center Project, Revenue Bonds | ||
Series A, Insured: AGM | ||
5.00%, due 11/1/37 | $ 3,660,000 | $ 4,479,892 |
Riverside County Community Facilities District No. 07-2, Special Tax | ||
Insured: AGM | ||
4.00%, due 9/1/45 | 4,000,000 | 4,628,232 |
Riverside County Redevelopment Successor Agency, Jurupa Valley Project, Tax Allocation | ||
Series B, Insured: BAM | ||
5.00%, due 10/1/30 | 2,645,000 | 3,064,434 |
Riverside County Transportation Commission, Revenue Bonds, Senior Lien | ||
Series B-1 | ||
3.00%, due 6/1/49 | 12,835,000 | 13,113,721 |
Series B-1 | ||
4.00%, due 6/1/37 | 3,000,000 | 3,549,439 |
Series B-1 | ||
4.00%, due 6/1/38 | 4,000,000 | 4,717,566 |
Series B-1 | ||
4.00%, due 6/1/40 | 4,250,000 | 4,976,875 |
Riverside County Transportation Commission, Sales Tax, Revenue Bonds | ||
Series B | ||
4.00%, due 6/1/36 | 20,000,000 | 22,977,914 |
Riverside Unified School District, Election 2016, Unlimited General Obligation | ||
Series B | ||
4.00%, due 8/1/42 | 5,000,000 | 5,701,664 |
San Bernardino City Unified School District, Election 2012, Unlimited General Obligation | ||
Series A, Insured: AGM | ||
5.00%, due 8/1/30 | 1,000,000 | 1,082,898 |
San Bernardino Community College District, Election 2018, Unlimited General Obligation | ||
Series A | ||
3.00%, due 8/1/41 | 7,500,000 | 8,507,809 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
California (continued) | ||
San Diego Association of Governments South Bay Expressway, South Bay Expressway, Revenue Bonds, Senior Lien | ||
Series A | ||
5.00%, due 7/1/30 | $ 2,475,000 | $ 2,998,158 |
Series A | ||
5.00%, due 7/1/32 | 1,800,000 | 2,173,978 |
Series A | ||
5.00%, due 7/1/38 | 1,150,000 | 1,380,965 |
San Diego County Regional Airport Authority, Revenue Bonds | ||
Series A | ||
4.00%, due 7/1/38 | 1,750,000 | 2,020,492 |
San Diego County Water Authority, Revenue Bonds | ||
Series A | ||
5.00%, due 5/1/34 | 2,000,000 | 2,097,028 |
San Diego Public Facilities Financing Authority, Capital Improvement Projects, Revenue Bonds | ||
Series A | ||
5.00%, due 10/15/44 | 3,000,000 | 3,436,835 |
San Francisco Bay Area Rapid Transit District, Green Bonds, Unlimited General Obligation | ||
Series C-1 | ||
3.00%, due 8/1/50 | 47,500,000 | 50,187,673 |
San Francisco City & County Airport Commission, San Francisco International Airport, Revenue Bonds, Second Series | ||
Series E | ||
5.00%, due 5/1/35 (c) | 8,350,000 | 10,320,482 |
Series E | ||
5.00%, due 5/1/37 (c) | 7,535,000 | 9,266,511 |
Series E | ||
5.00%, due 5/1/45 (c) | 3,250,000 | 3,934,110 |
Series A | ||
5.00%, due 5/1/47 (c) | 9,000,000 | 10,678,278 |
Series D | ||
5.00%, due 5/1/48 (c) | 9,000,000 | 10,790,550 |
Series E | ||
5.00%, due 5/1/50 (c) | 19,255,000 | 23,152,287 |
Series F | ||
5.00%, due 5/1/50 | 29,580,000 | 36,118,192 |
Principal Amount | Value | |
California (continued) | ||
San Francisco City & County Airport Commission, San Francisco International Airport, Revenue Bonds (c) | ||
Series A | ||
5.00%, due 5/1/36 | $ 4,245,000 | $ 5,232,527 |
Series A | ||
5.00%, due 5/1/38 | 6,000,000 | 7,364,979 |
Series A | ||
5.00%, due 5/1/49 | 15,000,000 | 18,059,995 |
San Francisco City & County Airport Comm-San Francisco International Airport, Revenue Bonds, Second Series | ||
Series E | ||
5.00%, due 5/1/36 (c) | 3,220,000 | 3,969,078 |
San Jose Evergreen Community College District, Election 2016, Unlimited General Obligation | ||
Series B | ||
3.00%, due 9/1/37 | 1,000,000 | 1,088,886 |
San Marcos Schools Financing Authority, San Marcos Unified School District, Revenue Bonds | ||
Insured: AGM | ||
5.00%, due 8/15/34 | 1,000,000 | 1,193,593 |
Insured: AGM | ||
5.00%, due 8/15/35 | 1,000,000 | 1,192,217 |
Insured: AGM | ||
5.00%, due 8/15/36 | 1,100,000 | 1,309,624 |
Santa Clara Valley Water District, Revenue Bonds | ||
Series A | ||
5.00%, due 6/1/49 | 2,865,000 | 3,401,535 |
Santa Monica Community College District, Election 2016, Unlimited General Obligation | ||
Series A | ||
4.00%, due 8/1/47 | 8,580,000 | 9,863,610 |
Selma Unified School District, Election 2006, Unlimited General Obligation | ||
Series D, Insured: AGM | ||
(zero coupon), due 8/1/39 | 730,000 | 458,107 |
Series D, Insured: AGM | ||
(zero coupon), due 8/1/41 | 730,000 | 427,291 |
16 | MainStay MacKay Tax Free Bond Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
California (continued) | ||
Sierra Joint Community College District, Election 2018, Unlimited General Obligation | ||
Series A | ||
4.00%, due 8/1/53 | $ 3,500,000 | $ 4,017,810 |
Simi Valley Unified School District, Election 2016, Unlimited General Obligation | ||
Series A | ||
5.00%, due 8/1/39 | 1,000,000 | 1,218,463 |
Series A | ||
5.00%, due 8/1/40 | 1,195,000 | 1,454,091 |
Solano County Community College District, Election 2012, Unlimited General Obligation | ||
Series C | ||
5.25%, due 8/1/42 | 16,460,000 | 20,660,511 |
Southern California Water Replenishment District, Revenue Bonds | ||
5.00%, due 8/1/38 | 1,750,000 | 2,161,966 |
State of California, Various Purposes, Unlimited General Obligation | ||
3.00%, due 11/1/34 | 3,445,000 | 3,822,420 |
3.00%, due 11/1/35 | 4,000,000 | 4,421,262 |
4.00%, due 10/1/34 | 20,790,000 | 24,740,803 |
4.00%, due 3/1/37 | 20,100,000 | 23,727,903 |
4.00%, due 10/1/37 | 6,000,000 | 7,213,136 |
4.00%, due 3/1/38 | 8,000,000 | 9,424,100 |
4.00%, due 3/1/40 | 7,500,000 | 8,798,398 |
4.00%, due 3/1/46 | 20,000,000 | 23,131,702 |
5.25%, due 10/1/39 | 5,635,000 | 6,714,856 |
State of California, Unlimited General Obligation | ||
4.00%, due 3/1/36 | 13,000,000 | 15,408,442 |
5.00%, due 10/1/39 | 5,000,000 | 6,343,809 |
5.00%, due 4/1/45 | 2,000,000 | 2,483,605 |
Tahoe-Truckee Unified School District, Election 2014, Unlimited General Obligation | ||
Series B | ||
5.00%, due 8/1/41 | 2,200,000 | 2,594,285 |
Temecula Valley Unified School District, Election 2012, Unlimited General Obligation | ||
Series D | ||
3.00%, due 8/1/44 | 4,650,000 | 4,936,500 |
Principal Amount | Value | |
California (continued) | ||
Tulare County Transportation Authority, Sales Tax, Revenue Bonds | ||
4.00%, due 2/1/37 | $ 5,945,000 | $ 7,002,988 |
Turlock Irrigation District, Revenue Bonds | ||
5.00%, due 1/1/44 | 4,000,000 | 5,018,530 |
Twin Rivers Unified School District, Election 2006, Unlimited General Obligation | ||
Series Series 2008, Insured: AGM | ||
(zero coupon), due 8/1/32 | 5,120,000 | 4,143,838 |
University of California, Revenue Bonds | ||
Series AV | ||
5.00%, due 5/15/42 | 1,725,000 | 2,085,749 |
Series AZ | ||
5.00%, due 5/15/43 | 9,180,000 | 11,254,591 |
Series AZ | ||
5.25%, due 5/15/58 | 5,905,000 | 7,315,287 |
Westminster School District, Election 2008, Unlimited General Obligation | ||
Series B, Insured: BAM | ||
(zero coupon), due 8/1/48 | 13,900,000 | 2,466,091 |
Winters Joint Unified School District, Election 2016, Unlimited General Obligation | ||
Series B, Insured: BAM | ||
5.00%, due 8/1/46 | 1,400,000 | 1,691,644 |
1,188,542,427 | ||
Colorado 0.9% | ||
Adams State University, Revenue Bonds | ||
Series A, Insured: State Higher Education Intercept Program | ||
4.00%, due 5/15/37 | 750,000 | 868,085 |
Series A, Insured: State Higher Education Intercept Program | ||
4.00%, due 5/15/39 | 1,085,000 | 1,250,837 |
Series A, Insured: State Higher Education Intercept Program | ||
4.00%, due 5/15/42 | 1,500,000 | 1,718,355 |
City & County of Denver CO, Airport System, Revenue Bonds (c) | ||
Series A | ||
5.00%, due 12/1/25 | 5,370,000 | 6,270,420 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Colorado (continued) | ||
City & County of Denver CO, Airport System, Revenue Bonds (c) (continued) | ||
Series A | ||
5.25%, due 12/1/48 | $ 10,000,000 | $ 12,196,474 |
City & County of Denver CO, Convention Center Expansion Project, Certificate of Participation | ||
Series A | ||
5.375%, due 6/1/43 | 2,875,000 | 3,406,855 |
Colorado Health Facilities Authority, AdventHealth Obligated Group, Revenue Bonds | ||
Series A | ||
4.00%, due 11/15/46 | 16,000,000 | 18,684,616 |
Colorado Health Facilities Authority, CommonSpirit Health Obligated Group, Revenue Bonds | ||
Series A-2 | ||
4.00%, due 8/1/49 | 15,975,000 | 17,747,172 |
Colorado Housing and Finance Authority, Revenue Bonds | ||
Series C, Class I, Insured: GNMA | ||
4.25%, due 11/1/48 | 4,325,000 | 4,744,933 |
Denver Convention Center Hotel Authority, Revenue Bonds, Senior Lien | ||
5.00%, due 12/1/36 | 1,000,000 | 1,141,940 |
Regional Transportation District, Certificate of Participation | ||
Series A | ||
4.50%, due 6/1/44 | 10,000,000 | 10,469,526 |
South Suburban Park & Recreation District, Unlimited General Obligation | ||
4.00%, due 12/15/38 | 1,140,000 | 1,333,429 |
Vista Ridge Metropolitan District, Unlimited General Obligation | ||
Series A, Insured: BAM | ||
5.00%, due 12/1/31 | 1,250,000 | 1,469,241 |
81,301,883 | ||
Connecticut 2.3% | ||
City of Bridgeport CT, Unlimited General Obligation | ||
Series D, Insured: AGM | ||
5.00%, due 8/15/33 | 3,090,000 | 3,663,214 |
Principal Amount | Value | |
Connecticut (continued) | ||
City of Bridgeport CT, Unlimited General Obligation (continued) | ||
Series D, Insured: AGM | ||
5.00%, due 8/15/34 | $ 3,090,000 | $ 3,656,860 |
Series D, Insured: AGM | ||
5.00%, due 8/15/35 | 3,090,000 | 3,653,688 |
Series D, Insured: AGM | ||
5.00%, due 8/15/36 | 3,090,000 | 3,647,354 |
City of Hartford CT, Unlimited General Obligation | ||
Series A, Insured: State Guaranteed | ||
5.00%, due 4/1/28 | 2,500,000 | 2,544,927 |
Series A, Insured: State Guaranteed | ||
5.00%, due 4/1/29 | 895,000 | 910,642 |
Series A, Insured: AGM State Guaranteed | ||
5.00%, due 4/1/32 | 195,000 | 198,445 |
Series C, Insured: AGM State Guaranteed | ||
5.00%, due 7/15/32 | 7,470,000 | 8,551,504 |
Series C, Insured: AGM State Guaranteed | ||
5.00%, due 7/15/34 | 2,500,000 | 2,855,591 |
City of New Haven CT, Unlimited General Obligation | ||
Series A, Insured: AGM | ||
5.00%, due 8/15/29 | 1,450,000 | 1,713,770 |
Connecticut Housing Finance Authority, Revenue Bonds | ||
Series C-1 | ||
4.00%, due 11/15/45 | 3,975,000 | 4,316,629 |
Series B-1 | ||
4.00%, due 5/15/49 | 2,360,000 | 2,620,826 |
State of Connecticut, Unlimited General Obligation | ||
Series A | ||
3.00%, due 1/15/32 | 10,660,000 | 11,895,073 |
Series A | ||
3.00%, due 1/15/33 | 6,000,000 | 6,655,128 |
Series A | ||
3.00%, due 1/15/35 | 7,310,000 | 8,033,528 |
Series A | ||
4.00%, due 4/15/37 | 2,920,000 | 3,417,217 |
Series A | ||
5.00%, due 3/1/28 | 1,990,000 | 2,195,544 |
18 | MainStay MacKay Tax Free Bond Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Connecticut (continued) | ||
State of Connecticut, Unlimited General Obligation (continued) | ||
Series F | ||
5.00%, due 9/15/28 | $ 12,810,000 | $ 16,197,587 |
Series C | ||
5.00%, due 6/15/33 | 1,775,000 | 2,199,978 |
Series E, Insured: BAM | ||
5.00%, due 9/15/33 | 4,500,000 | 5,644,537 |
Series C | ||
5.00%, due 6/15/34 | 1,375,000 | 1,702,761 |
Series A | ||
5.00%, due 4/15/35 | 6,000,000 | 7,203,067 |
Series E, Insured: BAM | ||
5.00%, due 9/15/35 | 2,325,000 | 2,906,121 |
Series A | ||
5.00%, due 4/15/36 | 2,050,000 | 2,556,743 |
Series E, Insured: BAM | ||
5.00%, due 9/15/37 | 2,000,000 | 2,496,697 |
Series A | ||
5.00%, due 4/15/39 | 1,250,000 | 1,549,414 |
Series A | ||
5.00%, due 1/15/40 | 750,000 | 941,558 |
State of Connecticut, Social Bond, Unlimited General Obligation | ||
Series B | ||
3.00%, due 6/1/32 | 5,000,000 | 5,594,932 |
Series B | ||
3.00%, due 6/1/33 | 2,000,000 | 2,224,795 |
Series B | ||
3.00%, due 6/1/38 | 3,375,000 | 3,677,411 |
Series B | ||
3.00%, due 6/1/39 | 4,375,000 | 4,746,620 |
Series B | ||
3.00%, due 6/1/40 | 5,425,000 | 5,872,771 |
State of Connecticut, Transportation Infrastructure, Special Tax, Revenue Bonds | ||
Series A | ||
3.125%, due 5/1/40 | 4,250,000 | 4,626,519 |
Series A | ||
4.00%, due 5/1/39 | 9,550,000 | 11,214,809 |
Series A | ||
5.00%, due 9/1/30 | 5,000,000 | 5,624,898 |
Series A | ||
5.00%, due 9/1/30 | 1,830,000 | 2,186,319 |
Series A | ||
5.00%, due 1/1/31 | 5,000,000 | 6,139,987 |
Principal Amount | Value | |
Connecticut (continued) | ||
State of Connecticut, Transportation Infrastructure, Special Tax, Revenue Bonds (continued) | ||
Series A, Insured: BAM | ||
5.00%, due 9/1/31 | $ 14,470,000 | $ 17,317,786 |
Series A | ||
5.00%, due 9/1/33 | 13,000,000 | 15,510,832 |
Series A | ||
5.00%, due 9/1/34 | 3,250,000 | 3,645,430 |
Series A | ||
5.00%, due 1/1/36 | 4,075,000 | 4,972,261 |
University of Connecticut, Revenue Bonds | ||
Series A | ||
5.00%, due 11/1/33 | 2,000,000 | 2,482,344 |
Series A | ||
5.00%, due 11/1/35 | 3,990,000 | 4,934,981 |
214,701,098 | ||
Delaware 0.6% | ||
Delaware State Health Facilities Authority, Christiana Health Care System Obligated Group, Revenue Bonds | ||
Series A | ||
5.00%, due 10/1/34 | 6,360,000 | 8,080,621 |
Series A | ||
5.00%, due 10/1/35 | 8,085,000 | 10,258,592 |
Series A | ||
5.00%, due 10/1/37 | 9,135,000 | 11,535,750 |
Series A | ||
5.00%, due 10/1/38 | 5,000,000 | 6,301,634 |
Series A | ||
5.00%, due 10/1/45 | 18,155,000 | 22,548,325 |
58,724,922 | ||
District of Columbia 1.1% | ||
District of Columbia, Bryant Street Project, Tax Allocation | ||
4.00%, due 6/1/39 | 2,370,000 | 2,768,939 |
4.00%, due 6/1/43 | 2,035,000 | 2,353,545 |
District of Columbia, Friendship Public Charter School, Inc., Revenue Bonds | ||
Series A | ||
5.00%, due 6/1/42 | 5,500,000 | 5,780,898 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
District of Columbia (continued) | ||
Metropolitan Washington Airports Authority, Airport System, Revenue Bonds (c) | ||
Series A | ||
4.00%, due 10/1/36 | $ 2,350,000 | $ 2,735,284 |
Series A | ||
5.00%, due 10/1/31 | 4,000,000 | 5,077,402 |
Series A | ||
5.00%, due 10/1/32 | 4,000,000 | 5,070,847 |
Series A | ||
5.00%, due 10/1/33 | 3,175,000 | 4,019,884 |
Metropolitan Washington Airports Authority, Dulles Toll Road, Metrorail & Capital Improvement Project, Revenue Bonds, Second Lien | ||
Series C, Insured: AGC | ||
6.50%, due 10/1/41 (a) | 8,000,000 | 10,071,502 |
Metropolitan Washington Airports Authority Aviation, Revenue Bonds (c) | ||
Series A | ||
5.00%, due 10/1/29 | 10,415,000 | 13,115,479 |
Series A | ||
5.00%, due 10/1/35 | 4,145,000 | 5,331,607 |
Metropolitan Washington Airports Authority Dulles Toll Road, Dulles Toll Road, Metrorail & Capital Improvement Project, Revenue Bonds, Sub. Lien | ||
Series B | ||
4.00%, due 10/1/39 | 1,000,000 | 1,137,054 |
Series B | ||
5.00%, due 10/1/33 | 1,500,000 | 1,864,934 |
Metropolitan Washington Airports Authority Dulles Toll Road, Dulles Toll Road, Metrorail & Capital Improvement Project, Revenue Bonds | ||
Series B | ||
6.50%, due 10/1/44 (a) | 7,140,000 | 9,403,251 |
Washington Metropolitan Area Transit Authority, Green bond, Revenue Bonds | ||
Series A | ||
3.00%, due 7/15/36 | 10,425,000 | 11,549,638 |
Principal Amount | Value | |
District of Columbia (continued) | ||
Washington Metropolitan Area Transit Authority, Green bond, Revenue Bonds (continued) | ||
Series A | ||
3.00%, due 7/15/40 | $ 7,775,000 | $ 8,488,519 |
Series A | ||
3.00%, due 7/15/43 | 16,755,000 | 18,067,525 |
106,836,308 | ||
Florida 4.0% | ||
Central Florida Expressway Authority, Revenue Bonds, Senior Lien | ||
Insured: AGM | ||
4.00%, due 7/1/37 | 3,705,000 | 4,454,115 |
Central Florida Expressway Authority, Revenue Bonds | ||
Series A | ||
5.00%, due 7/1/35 | 2,205,000 | 2,773,567 |
City of Gainesville FL, Revenue Bonds | ||
Series A | ||
5.00%, due 10/1/44 | 12,580,000 | 15,596,746 |
City of Miami Beach FL, Beach Parking, Revenue Bonds | ||
Insured: BAM | ||
5.00%, due 9/1/40 | 2,500,000 | 2,867,168 |
City of Miami FL, Parking System, Revenue Bonds | ||
Insured: BAM | ||
4.00%, due 10/1/33 | 1,520,000 | 1,771,584 |
Insured: BAM | ||
4.00%, due 10/1/36 | 3,395,000 | 3,926,221 |
Insured: BAM | ||
4.00%, due 10/1/37 | 2,535,000 | 2,924,424 |
Insured: BAM | ||
4.00%, due 10/1/38 | 1,675,000 | 1,925,788 |
Insured: BAM | ||
4.00%, due 10/1/39 | 2,820,000 | 3,235,270 |
City of Orlando FL, Tourist Development Tax, Unrefunded, Revenue Bonds | ||
Series C, Insured: AGC | ||
5.50%, due 11/1/38 | 1,600,000 | 1,604,926 |
City of South Miami FL, Miami Health Facilities Authority, Inc., Revenue Bonds | ||
5.00%, due 8/15/42 | 20,000,000 | 24,227,870 |
20 | MainStay MacKay Tax Free Bond Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Florida (continued) | ||
County of Broward FL, Airport System, Revenue Bonds | ||
Series A | ||
5.00%, due 10/1/49 (c) | $ 4,000,000 | $ 4,822,050 |
County of Lee FL, Airport, Revenue Bonds (c) | ||
Series B | ||
5.00%, due 10/1/34 | 6,180,000 | 7,923,203 |
Series B | ||
5.00%, due 10/1/35 | 6,485,000 | 8,294,141 |
Series B | ||
5.00%, due 10/1/39 | 7,240,000 | 9,139,575 |
County of Miami-Dade FL, Water & Sewer System, Revenue Bonds | ||
3.00%, due 10/1/36 | 2,100,000 | 2,308,887 |
4.00%, due 10/1/42 | 3,000,000 | 3,533,257 |
Series A | ||
4.00%, due 10/1/44 | 9,500,000 | 10,705,655 |
Series B | ||
5.00%, due 10/1/31 | 10,000,000 | 11,649,116 |
Series B | ||
5.00%, due 10/1/44 | 20,000,000 | 24,846,210 |
County of Miami-Dade FL, Aviation, Revenue Bonds | ||
Series A | ||
4.00%, due 10/1/38 | 2,250,000 | 2,615,892 |
County of Miami-Dade FL, Seaport Department, Revenue Bonds | ||
Series A-1, Insured: AGM | ||
4.00%, due 10/1/45 (c) | 22,000,000 | 25,389,894 |
County of Miami-Dade FL, Transit System, Revenue Bonds | ||
Series A | ||
4.00%, due 7/1/48 | 19,340,000 | 22,158,264 |
County of Miami-Dade FL, Unlimited General Obligation | ||
Series A | ||
5.00%, due 7/1/37 | 2,000,000 | 2,365,430 |
County of Sarasota FL, Utility System, Revenue Bonds | ||
Series A | ||
5.00%, due 10/1/40 | 5,750,000 | 7,076,877 |
Florida Governmental Utility Authority, Revenue Bonds | ||
Insured: AGM | ||
4.00%, due 10/1/37 | 1,375,000 | 1,600,495 |
Principal Amount | Value | |
Florida (continued) | ||
Florida Governmental Utility Authority, Revenue Bonds (continued) | ||
Insured: AGM | ||
4.00%, due 10/1/39 | $ 1,400,000 | $ 1,622,833 |
Florida Keys Aqueduct Authority, Revenue Bonds | ||
Series A | ||
5.00%, due 9/1/49 | 6,000,000 | 6,818,231 |
Greater Orlando Aviation Authority, Revenue Bonds | ||
Series A | ||
5.00%, due 10/1/32 (c) | 7,025,000 | 8,761,811 |
JEA Electric System, Revenue Bonds | ||
Series B | ||
4.00%, due 10/1/36 | 4,500,000 | 5,174,467 |
Miami-Dade County Health Facilities Authority, Nicklaus Children's Hospital, Revenue Bonds | ||
Series A | ||
4.00%, due 8/1/46 | 1,860,000 | 2,124,715 |
Series A | ||
4.00%, due 8/1/51 (d) | 10,750,000 | 12,231,788 |
North Sumter County Utility Dependent District, Sumter Water Conservation Authority Project, Revenue Bonds | ||
Insured: AGM | ||
5.00%, due 10/1/46 | 10,000,000 | 12,722,897 |
Insured: AGM | ||
5.00%, due 10/1/52 | 11,000,000 | 13,918,124 |
Orange County Health Facilities Authority, Presbyterian Retirement Communities, Inc., Revenue Bonds | ||
5.00%, due 8/1/31 | 1,500,000 | 1,642,089 |
Putnam County Development Authority, Seminole Electric Cooperative, Inc., Revenue Bonds | ||
Series A | ||
5.00%, due 3/15/42 | 5,000,000 | 5,937,730 |
State of Florida Department of Transportation, Revenue Bonds | ||
3.00%, due 7/1/32 | 7,600,000 | 8,434,783 |
3.00%, due 7/1/33 | 7,810,000 | 8,634,945 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Florida (continued) | ||
State of Florida Department of Transportation Turnpike System, Revenue Bonds | ||
Series C | ||
3.00%, due 7/1/35 (d) | $ 8,835,000 | $ 9,651,109 |
University of Florida Department of Housing & Residence Education Housing System Revenue Bonds | ||
Series A, Insured: BAM | ||
3.00%, due 7/1/51 | 28,960,000 | 30,216,377 |
Village Community Development District No. 8, Special Assessment | ||
Insured: AGM | ||
3.50%, due 5/1/40 | 6,095,000 | 6,677,934 |
West Palm Beach Community Redevelopment Agency, City Center Community Redevelopment Area, Tax Allocation | ||
5.00%, due 3/1/34 | 10,100,000 | 12,524,152 |
5.00%, due 3/1/35 | 10,620,000 | 13,142,134 |
369,972,744 | ||
Georgia 2.2% | ||
Atlanta Development Authority (The), New Downtown Atlanta Stadium Project, Revenue Bonds | ||
Series A-1 | ||
5.00%, due 7/1/33 | 1,000,000 | 1,137,941 |
Brookhaven Development Authority, Children's Healthcare of Atlanta, Revenue Bonds | ||
Series A | ||
4.00%, due 7/1/44 | 7,915,000 | 9,123,935 |
Series A | ||
5.00%, due 7/1/32 | 1,550,000 | 1,976,760 |
Series A | ||
5.00%, due 7/1/33 | 2,380,000 | 3,029,403 |
Series A | ||
5.00%, due 7/1/35 | 1,900,000 | 2,408,845 |
Series A | ||
5.00%, due 7/1/36 | 2,850,000 | 3,599,220 |
Series A | ||
5.00%, due 7/1/37 | 2,800,000 | 3,527,750 |
Series A | ||
5.00%, due 7/1/38 | 2,250,000 | 2,829,378 |
Principal Amount | Value | |
Georgia (continued) | ||
Brookhaven Development Authority, Children's Healthcare of Atlanta, Revenue Bonds (continued) | ||
Series A | ||
5.00%, due 7/1/39 | $ 1,300,000 | $ 1,631,406 |
City of Atlanta GA, Department of Aviation, Revenue Bonds | ||
Series C | ||
5.00%, due 1/1/42 | 1,310,000 | 1,320,088 |
City of Dalton (The) GA, Georgia Combined Utilities, Revenue Bonds | ||
5.00%, due 3/1/30 | 2,055,000 | 2,455,442 |
Coweta County Development Authority, Piedmont Healthcare, Inc., Revenue Bonds | ||
Series A | ||
5.00%, due 7/1/44 | 5,000,000 | 6,159,534 |
Gainesville & Hall County Hospital Authority, Northeast Health System, Inc. Project, Revenue Bonds | ||
Series A, Insured: County Guaranteed | ||
5.25%, due 8/15/49 | 5,155,000 | 5,953,676 |
Main Street Natural Gas, Inc., Revenue Bonds | ||
Series A | ||
5.00%, due 5/15/35 | 3,000,000 | 4,044,619 |
Series A | ||
5.00%, due 5/15/36 | 3,700,000 | 5,035,872 |
Municipal Electric Authority of Georgia, Plant Voglte Units 3&4 Project, Revenue Bonds | ||
Series A | ||
4.00%, due 1/1/51 | 10,615,000 | 11,790,717 |
Municipal Electric Authority of Georgia, Project One Subordinated Bonds, Revenue Bonds | ||
Series A | ||
5.00%, due 1/1/35 | 5,000,000 | 5,611,995 |
Series A | ||
5.00%, due 1/1/45 | 3,300,000 | 4,064,034 |
Series A | ||
5.00%, due 1/1/50 | 4,000,000 | 4,901,994 |
22 | MainStay MacKay Tax Free Bond Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Georgia (continued) | ||
Municipal Electric Authority of Georgia, Plant Vogtle Units 3 & 4 Project, Revenue Bonds | ||
Series A | ||
5.00%, due 1/1/37 | $ 1,000,000 | $ 1,210,568 |
Series A | ||
5.00%, due 1/1/38 | 1,340,000 | 1,621,301 |
Series A | ||
5.00%, due 1/1/49 | 52,395,000 | 62,876,132 |
Series A | ||
5.00%, due 1/1/56 | 6,000,000 | 7,170,589 |
Series A | ||
5.00%, due 1/1/56 | 5,100,000 | 6,143,941 |
Series A | ||
5.00%, due 1/1/59 | 10,000,000 | 11,950,982 |
Series B | ||
5.00%, due 1/1/59 | 8,000,000 | 9,533,159 |
Series A, Insured: AGM | ||
5.00%, due 1/1/62 | 9,000,000 | 10,842,249 |
Private Colleges & Universities Authority, Savannah College of Art & Design, Revenue Bonds (d) | ||
4.00%, due 4/1/38 | 1,400,000 | 1,633,545 |
4.00%, due 4/1/39 | 1,300,000 | 1,513,096 |
4.00%, due 4/1/41 | 1,650,000 | 1,912,807 |
4.00%, due 4/1/44 | 3,650,000 | 4,203,750 |
State of Georgia, Unlimited General Obligation | ||
Series A | ||
5.00%, due 8/1/32 | 6,175,000 | 8,113,074 |
209,327,802 | ||
Guam 0.3% | ||
Antonio B Won Pat International Airport Authority, Revenue Bonds (c) | ||
Series C, Insured: AGM | ||
6.125%, due 10/1/43 | 4,075,000 | 4,514,646 |
Series C, Insured: AGM | ||
6.125%, due 10/1/43 | 925,000 | 1,009,580 |
Guam Government Waterworks Authority, Water and Wastewater System, Revenue Bonds | ||
5.00%, due 7/1/40 | 1,730,000 | 1,981,941 |
5.00%, due 1/1/46 | 5,000,000 | 5,585,710 |
Series A | ||
5.00%, due 1/1/50 | 1,660,000 | 2,001,331 |
Principal Amount | Value | |
Guam (continued) | ||
Guam Government Waterworks Authority, Water and Wastewater System, Revenue Bonds (continued) | ||
5.25%, due 7/1/33 | $ 1,000,000 | $ 1,079,993 |
Guam Power Authority, Revenue Bonds | ||
Series A, Insured: AGM | ||
5.00%, due 10/1/30 | 5,610,000 | 5,820,403 |
Series A, Insured: AGM | ||
5.00%, due 10/1/44 | 655,000 | 715,546 |
Territory of Guam, Section 30, Revenue Bonds | ||
Series A | ||
5.00%, due 12/1/27 | 2,265,000 | 2,677,457 |
Series A | ||
5.00%, due 12/1/34 | 2,290,000 | 2,648,542 |
Territory of Guam, Business Privilege Tax, Revenue Bonds | ||
Series A | ||
5.125%, due 1/1/42 | 3,085,000 | 3,109,647 |
31,144,796 | ||
Hawaii 0.2% | ||
State of Hawaii Department of Budget & Finance, Hawaiian Electric Co., Inc., Revenue Bonds | ||
3.50%, due 10/1/49 | 7,000,000 | 7,261,303 |
State of Hawaii Department of Budget & Finance, Hawai'i Pacific Health Obligated Group, Revenue Bonds | ||
Series A | ||
6.00%, due 7/1/33 | 3,000,000 | 3,278,826 |
State of Hawaii State Highway Fund, Revenue Bonds | ||
Series A | ||
5.00%, due 1/1/38 | 2,765,000 | 3,430,759 |
Series A | ||
5.00%, due 1/1/39 | 3,150,000 | 3,900,916 |
Series A | ||
5.00%, due 1/1/40 | 2,140,000 | 2,645,803 |
20,517,607 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Idaho 0.4% | ||
Idaho Housing & Finance Association, Federal Highway Trust Fund, Revenue Bonds | ||
Series A | ||
5.00%, due 7/15/36 | $ 16,920,000 | $ 21,164,837 |
Series A | ||
5.00%, due 7/15/37 | 10,000,000 | 12,479,241 |
33,644,078 | ||
Illinois 8.6% | ||
Chicago Board of Education, Capital Appreciation, School Reform, Unlimited General Obligation | ||
Series A, Insured: NATL-RE | ||
(zero coupon), due 12/1/26 | 19,995,000 | 18,673,668 |
Chicago Board of Education, Unlimited General Obligation | ||
Series A, Insured: AGM | ||
5.00%, due 12/1/27 | 8,250,000 | 10,107,035 |
Series A, Insured: AGM | ||
5.50%, due 12/1/39 | 11,455,000 | 11,485,116 |
Chicago Board of Education, Revenue Bonds | ||
6.00%, due 4/1/46 | 19,485,000 | 23,451,992 |
Chicago O'Hare International Airport, Revenue Bonds, Senior Lien | ||
Series A | ||
4.00%, due 1/1/32 (c) | 2,900,000 | 2,917,950 |
Series A | ||
4.00%, due 1/1/37 | 11,790,000 | 13,586,581 |
Series A, Insured: AGM | ||
4.00%, due 1/1/37 | 15,000,000 | 17,346,945 |
Series A, Insured: BAM | ||
4.00%, due 1/1/37 | 5,000,000 | 5,782,315 |
Series B, Insured: AGM | ||
4.00%, due 1/1/53 | 10,000,000 | 11,263,144 |
Series C | ||
5.00%, due 1/1/35 | 6,000,000 | 6,982,816 |
Series D | ||
5.00%, due 1/1/47 (c) | 5,000,000 | 5,850,680 |
Series C | ||
5.50%, due 1/1/34 (c) | 3,000,000 | 3,167,191 |
Chicago O'Hare International Airport, Revenue Bonds | ||
Series A | ||
5.00%, due 1/1/32 (c) | 15,000,000 | 16,850,058 |
Principal Amount | Value | |
Illinois (continued) | ||
Chicago O'Hare International Airport, Passenger Facility Charge, Revenue Bonds | ||
Series A | ||
5.00%, due 1/1/30 | $ 2,915,000 | $ 2,942,348 |
Series B | ||
5.00%, due 1/1/31 (c) | 2,000,000 | 2,018,764 |
Chicago Park District, Limited General Obligation | ||
Series A, Insured: BAM | ||
4.00%, due 1/1/31 | 1,955,000 | 2,287,158 |
Series C, Insured: BAM | ||
4.00%, due 1/1/38 | 2,800,000 | 3,213,213 |
Series A | ||
5.00%, due 1/1/28 | 1,000,000 | 1,156,733 |
Series A | ||
5.00%, due 1/1/29 | 750,000 | 863,740 |
Series A | ||
5.00%, due 1/1/31 | 1,000,000 | 1,144,374 |
Series A | ||
5.00%, due 1/1/35 | 2,000,000 | 2,277,521 |
Chicago Park District, Unlimited General Obligation | ||
Series F-2 | ||
4.00%, due 1/1/38 | 1,150,000 | 1,303,055 |
Series F-2 | ||
5.00%, due 1/1/37 | 2,050,000 | 2,511,073 |
Chicago Park District, Personal Property Replacement Tax, Unlimited General Obligation | ||
Series D, Insured: BAM | ||
4.00%, due 1/1/34 | 4,555,000 | 5,282,637 |
Chicago Park District, Limited Tax, Limited General Obligation | ||
Series B, Insured: BAM | ||
5.00%, due 1/1/29 | 2,500,000 | 2,749,191 |
Series A | ||
5.50%, due 1/1/33 | 2,000,000 | 2,223,187 |
Series A | ||
5.75%, due 1/1/38 | 4,000,000 | 4,467,921 |
Chicago Park District, Special Recreation Activity Alternate Revenue Source, Unlimited General Obligation | ||
Insured: BAM | ||
5.00%, due 11/15/30 | 1,435,000 | 1,806,464 |
24 | MainStay MacKay Tax Free Bond Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Illinois (continued) | ||
Chicago Transit Authority, Sales Tax Receipts, Revenue Bonds, Second Lien | ||
Series A | ||
4.00%, due 12/1/50 | $ 32,730,000 | $ 37,247,614 |
5.00%, due 12/1/46 | 2,480,000 | 2,919,827 |
Chicago Transit Authority, Sales Tax Receipts, Revenue Bonds | ||
5.25%, due 12/1/29 | 2,000,000 | 2,008,226 |
Chicago Transit Authority, Sales Tax Receipts Fund, Revenue Bonds | ||
5.25%, due 12/1/31 | 1,735,000 | 1,742,136 |
City of Chicago Heights IL, Unlimited General Obligation | ||
Series B, Insured: BAM | ||
5.25%, due 12/1/34 | 2,115,000 | 2,584,759 |
City of Chicago IL, Waterworks, Revenue Bonds, Second Lien | ||
4.00%, due 11/1/37 | 1,250,000 | 1,285,350 |
Series 2, Insured: AGM | ||
5.00%, due 11/1/28 | 2,000,000 | 2,478,974 |
Series 2, Insured: AGM | ||
5.00%, due 11/1/30 | 3,000,000 | 3,675,702 |
Series 2, Insured: AGM | ||
5.00%, due 11/1/32 | 5,000,000 | 6,097,265 |
Series 2, Insured: AGM | ||
5.00%, due 11/1/33 | 10,000,000 | 12,183,958 |
Series 2, Insured: AGM | ||
5.00%, due 11/1/38 | 3,500,000 | 4,231,545 |
Insured: AGM | ||
5.25%, due 11/1/33 | 5,000,000 | 6,180,374 |
Insured: AGM | ||
5.25%, due 11/1/34 | 1,860,000 | 2,299,163 |
Insured: AGM | ||
5.25%, due 11/1/35 | 3,025,000 | 3,745,524 |
City of Chicago IL, Waterworks, Project, Revenue Bonds, Second Lien | ||
5.00%, due 11/1/27 | 1,655,000 | 1,856,984 |
5.00%, due 11/1/29 | 1,700,000 | 1,894,882 |
City of Chicago IL, Wastewater Transmission Project, Revenue Bonds, Second Lien | ||
5.00%, due 1/1/28 | 1,000,000 | 1,094,660 |
Series B, Insured: AGM | ||
5.00%, due 1/1/30 | 7,585,000 | 9,096,562 |
5.00%, due 1/1/33 | 2,000,000 | 2,179,343 |
Principal Amount | Value | |
Illinois (continued) | ||
City of Chicago IL, Wastewater Transmission Project, Revenue Bonds, Second Lien (continued) | ||
Series B | ||
5.00%, due 1/1/33 | $ 2,490,000 | $ 2,960,811 |
5.00%, due 1/1/39 | 8,420,000 | 9,175,034 |
5.00%, due 1/1/44 | 13,090,000 | 14,257,882 |
Series A, Insured: AGM | ||
5.25%, due 1/1/42 | 4,000,000 | 4,800,693 |
City of Chicago IL, Motor Fuel Tax, Revenue Bonds | ||
Insured: AGM | ||
5.00%, due 1/1/33 | 4,725,000 | 5,068,245 |
City of Chicago IL, Project, Unlimited General Obligation | ||
Series A | ||
5.00%, due 1/1/40 | 1,750,000 | 1,763,336 |
City of Chicago IL, Unlimited General Obligation | ||
Series A | ||
5.50%, due 1/1/49 | 10,000,000 | 12,012,900 |
Series A | ||
6.00%, due 1/1/38 | 43,000,000 | 52,225,241 |
Series A, Insured: BAM | ||
6.00%, due 1/1/38 | 6,000,000 | 7,300,306 |
Cook County Community College District No. 508, Unlimited General Obligation | ||
Insured: BAM | ||
5.50%, due 12/1/38 | 5,000,000 | 5,460,030 |
Cook County Community High School District No. 212 Leyden, Revenue Bonds | ||
Series C, Insured: BAM | ||
5.00%, due 12/1/30 | 3,370,000 | 3,831,438 |
Series C, Insured: BAM | ||
5.00%, due 12/1/31 | 2,610,000 | 2,966,515 |
County of Will IL, Unlimited General Obligation | ||
5.00%, due 11/15/45 | 18,000,000 | 21,183,017 |
Illinois Finance Authority, University of Chicago, Revenue Bonds | ||
Series A | ||
4.00%, due 4/1/50 | 10,775,000 | 12,362,986 |
Illinois Finance Authority, Carle Foundation (The), Revenue Bonds | ||
Series A | ||
5.00%, due 8/15/35 | 5,000,000 | 6,546,288 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Illinois (continued) | ||
Illinois Finance Authority, Carle Foundation (The), Revenue Bonds (continued) | ||
Series A | ||
5.00%, due 8/15/36 | $ 4,825,000 | $ 6,298,311 |
Illinois Finance Authority, Rehab Institute of Chicago, Revenue Bonds | ||
Series A | ||
6.00%, due 7/1/43 | 9,600,000 | 10,232,701 |
Illinois Sports Facilities Authority (The), Revenue Bonds | ||
Insured: AGM | ||
5.25%, due 6/15/31 | 5,000,000 | 5,481,888 |
Illinois State Toll Highway Authority, Revenue Bonds, Senior Lien | ||
Series B | ||
5.00%, due 1/1/41 | 5,665,000 | 6,643,538 |
Metropolitan Pier & Exposition Authority, McCormick Place Expansion Project, Revenue Bonds | ||
Series A, Insured: NATL-RE | ||
(zero coupon), due 6/15/36 | 58,750,000 | 41,010,132 |
Metropolitan Pier & Exposition Authority, McCormick Place Expansion Project, Capital Appreciation, Revenue Bonds | ||
Insured: AGM | ||
(zero coupon), due 6/15/44 | 10,000,000 | 5,388,066 |
Rock Island County Public Building Commission, County of Rock Island, Revenue Bonds | ||
Insured: AGM | ||
5.00%, due 12/1/36 | 2,645,000 | 3,140,335 |
Sales Tax Securitization Corp., Revenue Bonds | ||
Series A | ||
4.00%, due 1/1/48 | 20,000,000 | 22,262,384 |
Series C | ||
5.00%, due 1/1/33 | 2,000,000 | 2,470,489 |
Series A | ||
5.00%, due 1/1/40 | 4,915,000 | 5,854,923 |
Series 2018C | ||
5.00%, due 1/1/43 | 10,000,000 | 12,101,877 |
Series C | ||
5.25%, due 1/1/35 | 9,000,000 | 11,224,755 |
Principal Amount | Value | |
Illinois (continued) | ||
Sales Tax Securitization Corp., Revenue Bonds (continued) | ||
Series 2018C | ||
5.25%, due 1/1/43 | $ 20,000,000 | $ 24,537,722 |
Sales Tax Securitization Corp., Revenue Bonds, Second Lien | ||
Series A, Insured: BAM | ||
5.00%, due 1/1/37 | 1,650,000 | 2,071,976 |
Sangamon County School District No. 186 Springfield, Unlimited General Obligation | ||
Series C, Insured: AGM | ||
5.00%, due 6/1/28 | 1,005,000 | 1,255,119 |
Series C, Insured: AGM | ||
5.00%, due 6/1/34 | 1,000,000 | 1,282,991 |
Series C, Insured: AGM | ||
5.00%, due 6/1/38 | 1,635,000 | 2,077,663 |
Series C, Insured: AGM | ||
5.00%, due 6/1/39 | 1,000,000 | 1,267,882 |
Southern Illinois University, Housing & Auxiliary Facilities System, Revenue Bonds | ||
Series 2015B, Insured: BAM | ||
5.00%, due 4/1/26 | 1,175,000 | 1,339,234 |
Series B, Insured: BAM | ||
5.00%, due 4/1/29 | 1,620,000 | 1,833,547 |
Series B, Insured: BAM | ||
5.00%, due 4/1/30 | 1,000,000 | 1,128,226 |
State of Illinois, Sales Tax, Revenue Bonds | ||
Series C | ||
4.00%, due 6/15/27 | 2,000,000 | 2,264,886 |
State of Illinois, Unlimited General Obligation | ||
Series C | ||
4.00%, due 10/1/40 | 5,000,000 | 5,607,346 |
Insured: BAM | ||
4.00%, due 6/1/41 | 10,000,000 | 11,111,587 |
Series D | ||
5.00%, due 11/1/26 | 8,725,000 | 10,295,854 |
5.00%, due 2/1/27 | 4,730,000 | 5,607,803 |
5.00%, due 1/1/28 | 6,155,000 | 7,134,717 |
5.00%, due 2/1/28 | 10,000,000 | 11,782,949 |
Series D | ||
5.00%, due 11/1/28 | 7,380,000 | 8,803,009 |
5.25%, due 2/1/32 | 10,000,000 | 10,967,780 |
5.50%, due 5/1/39 | 15,000,000 | 18,622,191 |
5.75%, due 5/1/45 | 5,000,000 | 6,211,817 |
26 | MainStay MacKay Tax Free Bond Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Illinois (continued) | ||
State of Illinois, Unlimited General Obligation (continued) | ||
Series A | ||
6.00%, due 5/1/27 | $ 9,665,000 | $ 12,005,356 |
United City of Yorkville IL, Special Tax | ||
Insured: AGM | ||
5.00%, due 3/1/32 | 3,773,000 | 4,306,337 |
University of Illinois, University of Illinois Auxiliary Facilities System, Revenue Bonds | ||
Series A, Insured: BAM | ||
3.00%, due 4/1/35 | 3,495,000 | 3,805,958 |
Village of Bellwood, Unlimited General Obligation | ||
Insured: AGM | ||
5.00%, due 12/1/29 | 1,500,000 | 1,754,808 |
Village of Oswego, Unlimited General Obligation | ||
5.00%, due 12/15/33 | 7,670,000 | 9,007,159 |
Village of Rosemont IL, Corporate Purpose, Unlimited General Obligation | ||
Series A, Insured: AGM | ||
5.00%, due 12/1/40 | 8,090,000 | 9,578,710 |
Village of Schaumburg IL, Unlimited General Obligation | ||
Series A | ||
4.00%, due 12/1/41 | 37,350,000 | 39,066,098 |
Western Illinois Economic Development Authority, City of Quincy, Revenue Bonds | ||
Series B, Insured: BAM | ||
4.00%, due 12/1/34 | 1,500,000 | 1,702,732 |
798,971,296 | ||
Indiana 0.9% | ||
Indiana Finance Authority, Educational Facilities-Butler University, Revenue Bonds | ||
Series B | ||
5.00%, due 2/1/24 | 2,100,000 | 2,124,105 |
Series A | ||
5.00%, due 2/1/25 | 2,215,000 | 2,240,131 |
Series B | ||
5.00%, due 2/1/25 | 2,210,000 | 2,235,074 |
Series B | ||
5.00%, due 2/1/26 | 2,320,000 | 2,345,413 |
Principal Amount | Value | |
Indiana (continued) | ||
Indiana Finance Authority, CWA Authority Project, Revenue Bonds, First Lien | ||
Series S | ||
5.00%, due 10/1/37 | $ 18,830,000 | $ 24,819,128 |
Indiana University, Revenue Bonds | ||
Series A | ||
4.00%, due 6/1/32 | 2,595,000 | 3,112,711 |
Series A | ||
4.00%, due 6/1/33 | 1,885,000 | 2,255,992 |
Series A | ||
4.00%, due 6/1/38 | 3,015,000 | 3,564,059 |
Series A | ||
4.00%, due 6/1/39 | 3,095,000 | 3,650,188 |
Indianapolis Local Public Improvement Bond Bank, Public Improvement, Revenue Bonds | ||
Series A, Insured: AGM | ||
4.00%, due 6/1/37 | 22,080,000 | 26,123,872 |
Series A, Insured: AGM | ||
4.00%, due 6/1/38 | 5,000,000 | 5,896,958 |
Vanderburgh County Redevelopment District, Tax Allocation | ||
Insured: AGM | ||
5.00%, due 2/1/31 | 1,460,000 | 1,702,817 |
80,070,448 | ||
Iowa 1.4% | ||
City of Coralville IA, Certificate of Participation | ||
Series E | ||
4.00%, due 6/1/22 | 1,405,000 | 1,422,552 |
Series E | ||
4.00%, due 6/1/23 | 1,320,000 | 1,363,277 |
Iowa Finance Authority, Renewable Natural Gas Project, Green Bond, Revenue Bonds | ||
1.50%, due 1/1/42 (b)(c) | 3,000,000 | 3,018,632 |
Iowa Finance Authority, Mortgage-Backed Securities Program, Revenue Bonds | ||
Series A, Insured: GNMA / FNMA / FHLMC | ||
4.00%, due 7/1/47 | 2,435,000 | 2,708,675 |
Series C, Insured: GNMA / FNMA / FHLMC | ||
4.00%, due 7/1/48 | 1,440,000 | 1,554,465 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Iowa (continued) | ||
PEFA, Inc., Revenue Bonds | ||
5.00%, due 9/1/49 (b) | $ 102,820,000 | $ 121,588,331 |
131,655,932 | ||
Kansas 0.1% | ||
City of Hutchinson KS, Hutchinson Regional Medical Center, Inc., Revenue Bonds | ||
5.00%, due 12/1/26 | 565,000 | 663,188 |
5.00%, due 12/1/28 | 410,000 | 477,095 |
5.00%, due 12/1/30 | 500,000 | 576,233 |
University of Kansas Hospital Authority, KU Health System, Revenue Bonds | ||
5.00%, due 9/1/33 | 2,500,000 | 2,887,547 |
5.00%, due 9/1/34 | 5,000,000 | 5,768,958 |
5.00%, due 9/1/35 | 2,800,000 | 3,227,185 |
13,600,206 | ||
Kentucky 0.2% | ||
City of Ashland KY, Ashland Hospital Corp., King's Daughters Medical Center Project, Revenue Bonds | ||
Series A | ||
5.00%, due 2/1/23 | 1,525,000 | 1,608,834 |
Fayette County School District Finance Corp., Fayette County School District, Revenue Bonds | ||
Series A, Insured: State Intercept | ||
4.00%, due 5/1/38 | 2,995,000 | 3,340,316 |
Kentucky Public Energy Authority, Revenue Bonds | ||
Series A | ||
4.00%, due 4/1/48 (b) | 15,000,000 | 16,135,448 |
21,084,598 | ||
Louisiana 0.5% | ||
City of Shreveport LA, Unlimited General Obligation | ||
Insured: BAM | ||
5.00%, due 8/1/30 | 5,355,000 | 6,497,028 |
Louisiana Public Facilities Authority, Unrefunded-Ochsner Clinic Foundation Project, Revenue Bonds | ||
5.00%, due 5/15/34 | 2,010,000 | 2,331,297 |
Principal Amount | Value | |
Louisiana (continued) | ||
Louisiana Stadium & Exposition District, Revenue Bonds | ||
5.00%, due 7/3/23 | $ 11,200,000 | $ 11,783,986 |
Louisiana Stadium & Exposition District, Revenue Bonds, Senior Lien | ||
Series A | ||
5.00%, due 7/1/30 | 1,485,000 | 1,593,885 |
Port New Orleans Board of Commissioners, Revenue Bonds | ||
Series D | ||
5.00%, due 4/1/50 | 7,325,000 | 8,935,609 |
State of Louisiana, Unlimited General Obligation | ||
Series A | ||
4.00%, due 2/1/34 | 9,830,000 | 10,569,533 |
41,711,338 | ||
Maine 0.0% ‡ | ||
Maine State Housing Authority, Revenue Bonds | ||
Series F | ||
3.65%, due 11/15/42 | 1,110,000 | 1,167,994 |
Maryland 0.8% | ||
City of Baltimore MD, Water Project, Revenue Bonds | ||
Series A | ||
4.00%, due 7/1/37 | 2,065,000 | 2,417,851 |
County of Baltimore MD, Public Improvement, Unlimited General Obligation | ||
4.00%, due 3/1/37 | 5,565,000 | 6,603,759 |
Maryland Stadium Authority, Construction and Reviatalization Program, Certificate of Participation | ||
Series A, Insured: State Intercept | ||
5.00%, due 5/1/42 | 24,645,000 | 29,887,349 |
State of Maryland Department of Transportation, Revenue Bonds | ||
Series A | ||
3.00%, due 10/1/32 | 16,170,000 | 17,879,339 |
Series A | ||
3.00%, due 10/1/33 | 12,920,000 | 14,157,656 |
70,945,954 |
28 | MainStay MacKay Tax Free Bond Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Massachusetts 0.5% | ||
Commonwealth of Massachusetts, Limited General Obligation | ||
Series B | ||
3.00%, due 4/1/47 | $ 3,000,000 | $ 3,182,624 |
Commonwealth of Massachusetts, Consolidated Loan, Limited General Obligation | ||
Series B | ||
3.00%, due 4/1/48 | 12,000,000 | 12,720,343 |
Series B | ||
3.00%, due 4/1/49 | 13,500,000 | 14,271,497 |
Massachusetts Development Finance Agency, WGBH Educational Foundation, Revenue Bonds | ||
4.00%, due 1/1/33 | 1,000,000 | 1,134,341 |
Massachusetts Housing Finance Agency, Single Family Housing, Revenue Bonds | ||
Series 199 | ||
4.00%, due 12/1/48 | 2,675,000 | 2,879,405 |
Massachusetts School Building Authority, Revenue Bonds | ||
Series A | ||
5.00%, due 8/15/45 | 4,585,000 | 5,816,391 |
University of Massachusetts Building Authority, University of Massachusetts, Revenue Bonds, Senior Lien | ||
Series 2021-1 | ||
5.00%, due 11/1/21 | 4,340,000 | 4,340,000 |
44,344,601 | ||
Michigan 1.1% | ||
City of Detroit MI, Water and Sewage Disposable System, Revenue Bonds | ||
Series A | ||
5.25%, due 7/1/39 | 12,400,000 | 12,820,128 |
Detroit City School District, Improvement School Building & Site, Unlimited General Obligation | ||
Series A, Insured: Q-SBLF | ||
5.00%, due 5/1/29 | 3,620,000 | 3,705,573 |
Series A, Insured: Q-SBLF | ||
5.00%, due 5/1/33 | 4,535,000 | 4,641,051 |
Principal Amount | Value | |
Michigan (continued) | ||
Detroit City School District, School Building and Site Improvement, Unlimited General Obligation | ||
Series A, Insured: AGM | ||
5.25%, due 5/1/30 | $ 5,000,000 | $ 6,584,129 |
Downriver Utility Wastewater Authority, Revenue Bonds | ||
Insured: AGM | ||
5.00%, due 4/1/31 | 1,600,000 | 1,982,041 |
Grand Rapids Public Schools, Unlimited General Obligation | ||
Insured: AGM | ||
5.00%, due 11/1/42 | 1,400,000 | 1,714,399 |
Great Lakes Water Authority, Water Supply System, Revenue Bonds, Senior Lien | ||
Series C | ||
5.25%, due 7/1/35 | 20,000,000 | 24,053,922 |
Hudsonville Public Schools, Unlimited General Obligation | ||
Series I, Insured: Q-SBLF | ||
4.00%, due 5/1/42 | 1,800,000 | 2,114,410 |
Lincoln Consolidated School District, Unlimited General Obligation | ||
Series A, Insured: AGM Q-SBLF | ||
5.00%, due 5/1/28 | 2,030,000 | 2,410,859 |
Series A, Insured: AGM Q-SBLF | ||
5.00%, due 5/1/30 | 1,455,000 | 1,709,639 |
Series A, Insured: AGM Q-SBLF | ||
5.00%, due 5/1/40 | 1,500,000 | 1,738,853 |
Livonia Public Schools, Unlimited General Obligation | ||
Series II, Insured: AGM | ||
5.00%, due 5/1/40 | 4,365,000 | 5,085,581 |
Michigan Finance Authority, Tobacco Settlement Asset-Backed, Revenue Bonds, Senior Lien | ||
Series A, Class 1 | ||
4.00%, due 6/1/36 | 2,000,000 | 2,348,755 |
Michigan Finance Authority, Wayne County Criminal Justice Center Project, Revenue Bonds, Senior Lien | ||
5.00%, due 11/1/25 | 1,000,000 | 1,171,255 |
5.00%, due 11/1/27 | 1,200,000 | 1,478,244 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Michigan (continued) | ||
Michigan Finance Authority, Great Lakes Water Authority Sewage Disposal System, Revenue Bonds, Second Lien | ||
Series C-7, Insured: NATL-RE | ||
5.00%, due 7/1/32 | $ 2,500,000 | $ 2,787,541 |
Michigan Finance Authority, Great Lakes Water Authority Sewage Disposal System, Revenue Bonds, Senior Lien | ||
Series C-3, Insured: AGM | ||
5.00%, due 7/1/33 | 3,000,000 | 3,347,589 |
Michigan Finance Authority, Local Government Loan Program, Revenue Bonds | ||
Series D-1 | ||
5.00%, due 7/1/34 | 500,000 | 573,937 |
Michigan Finance Authority, Local Government Loan Program, Revenue Bonds, Senior Lien | ||
Series C-1 | ||
5.00%, due 7/1/44 | 2,500,000 | 2,580,113 |
Michigan Finance Authority, Great Lakes Water Authority Water Supply System, Revenue Bonds | ||
Series D-1, Insured: AGM | ||
5.00%, due 7/1/35 | 2,000,000 | 2,227,779 |
Series D-6, Insured: NATL-RE | ||
5.00%, due 7/1/36 | 7,500,000 | 8,337,295 |
South Huron Valley Utility Authority, State Of Michigan 2020 Sewage Disposal System Improvement, Revenue Bonds | ||
Insured: BAM | ||
4.00%, due 5/1/34 | 5,185,000 | 6,136,968 |
Thornapple Kellogg School District, Unlimited General Obligation | ||
Insured: Q-SBLF | ||
4.00%, due 5/1/44 | 1,665,000 | 1,932,118 |
Tri-County Area School District, Unlimited General Obligation | ||
Insured: AGM | ||
4.00%, due 5/1/30 | 1,225,000 | 1,457,684 |
Insured: AGM | ||
4.00%, due 5/1/31 | 1,285,000 | 1,520,549 |
Principal Amount | Value | |
Michigan (continued) | ||
Tri-County Area School District, Unlimited General Obligation (continued) | ||
Insured: AGM | ||
4.00%, due 5/1/32 | $ 1,350,000 | $ 1,595,935 |
106,056,347 | ||
Minnesota 0.3% | ||
Anoka-Hennepin Independent School District No. 11, Unlimited General Obligation | ||
Series A, Insured: SD CRED PROG | ||
3.00%, due 2/1/45 | 1,720,000 | 1,820,868 |
City of St Paul Minnesota MN, Fairview Health Services, Revenue Bonds | ||
Series A | ||
4.00%, due 11/15/37 | 1,000,000 | 1,133,257 |
Minnesota Housing Finance Agency, Residential Housing Finance, Revenue Bonds | ||
Series E, Insured: GNMA / FNMA / FHLMC | ||
4.25%, due 1/1/49 | 3,640,000 | 3,997,865 |
Minnesota Office of Higher Education, Student Loan Program, Revenue Bonds, Senior Lien | ||
2.65%, due 11/1/38 (c) | 3,240,000 | 3,296,592 |
White Bear Lake Independent School District No. 624, Unlimited General Obligation | ||
Series A, Insured: SD CRED PROG | ||
3.00%, due 2/1/44 | 12,705,000 | 13,453,013 |
23,701,595 | ||
Mississippi 0.0% ‡ | ||
Mississippi Home Corp., Single Family Mortgage Housing, Revenue Bonds | ||
Series A, Insured: GNMA / FNMA / FHLMC | ||
4.00%, due 12/1/44 | 1,450,000 | 1,575,274 |
30 | MainStay MacKay Tax Free Bond Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Missouri 0.7% | ||
City of Kansas City MO, Improvement Downtown Arena Project, Revenue Bonds | ||
Series E | ||
5.00%, due 4/1/40 | $ 10,055,000 | $ 11,362,845 |
Kansas City Industrial Development Authority, International Airport Terminal Modernization Project, Revenue Bonds | ||
Series A, Insured: AGM | ||
4.00%, due 3/1/50 (c) | 15,000,000 | 16,764,394 |
Kansas City Industrial Development Authority, Airport, Revenue Bonds (c) | ||
Series A, Insured: AGM | ||
4.00%, due 3/1/50 | 2,280,000 | 2,548,188 |
Series B | ||
5.00%, due 3/1/46 | 6,430,000 | 7,674,320 |
Missouri Housing Development Commission, First Place Homeownership Loan Program, Revenue Bonds | ||
Series A, Insured: GNMA / FNMA / FHLMC | ||
4.25%, due 5/1/47 | 6,070,000 | 6,717,798 |
Series A, Insured: GNMA / FNMA / FHLMC | ||
4.25%, due 5/1/49 | 3,260,000 | 3,585,838 |
Missouri State Health & Educational Facilities Authority, BJC Healthcare System, Revenue Bonds | ||
4.50%, due 1/1/39 | 2,865,000 | 3,083,535 |
Springfield School District No. R-12, Unlimited General Obligation | ||
4.00%, due 3/1/35 | 3,140,000 | 3,707,148 |
St Louis Municipal Finance Corp., Convention Center Expansion, Revenue Bonds | ||
Insured: AGM | ||
5.00%, due 10/1/49 | 5,260,000 | 6,412,554 |
State of Missouri, SSM Health Care, Revenue Bonds | ||
Series A | ||
5.00%, due 6/1/30 | 4,000,000 | 4,447,764 |
66,304,384 |
Principal Amount | Value | |
Montana 0.3% | ||
Montana Board of Housing, Single Family Mortgage, Revenue Bonds | ||
Series B | ||
3.40%, due 12/1/33 | $ 1,135,000 | $ 1,217,690 |
Series B | ||
3.60%, due 6/1/37 | 1,470,000 | 1,578,715 |
Montana Facility Finance Authority, Benefis Health System Obligated Group, Revenue Bonds | ||
5.00%, due 2/15/30 | 1,790,000 | 2,135,351 |
5.00%, due 2/15/31 | 1,500,000 | 1,785,694 |
5.00%, due 2/15/33 | 1,320,000 | 1,564,641 |
5.00%, due 2/15/34 | 1,200,000 | 1,419,020 |
Silver Bow County School District No. 1, School Building, Unlimited General Obligation | ||
4.00%, due 7/1/30 | 1,745,000 | 2,060,277 |
4.00%, due 7/1/32 | 1,945,000 | 2,279,632 |
4.00%, due 7/1/33 | 2,020,000 | 2,362,859 |
Yellowstone County K-12 School District No. 26 Lockwood, School District No. 26 Lockwood, Unlimited General Obligation | ||
5.00%, due 7/1/29 | 2,260,000 | 2,809,867 |
5.00%, due 7/1/30 | 2,500,000 | 3,089,347 |
5.00%, due 7/1/31 | 3,015,000 | 3,711,141 |
5.00%, due 7/1/32 | 3,300,000 | 4,052,117 |
30,066,351 | ||
Nebraska 1.5% | ||
Central Plains Energy, Nebraska Gas Project No. 3, Revenue Bonds | ||
Series A | ||
5.00%, due 9/1/42 | 14,495,000 | 20,804,136 |
5.00%, due 9/1/42 | 13,960,000 | 14,498,426 |
Nebraska Investment Finance Authority, Single Family Housing, Revenue Bonds | ||
Series C | ||
4.00%, due 9/1/48 | 3,875,000 | 4,215,924 |
Omaha Public Power District, Electric System, Revenue Bonds | ||
Series A | ||
4.00%, due 2/1/51 | 61,920,000 | 71,690,796 |
Series A | ||
5.00%, due 2/1/46 | 25,355,000 | 31,859,645 |
143,068,927 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Nevada 1.7% | ||
Clark County School District, Limited General Obligation | ||
Series B, Insured: BAM | ||
3.00%, due 6/15/35 | $ 12,040,000 | $ 12,931,342 |
Series B, Insured: BAM | ||
3.00%, due 6/15/36 | 12,400,000 | 13,273,384 |
Series B, Insured: BAM | ||
3.00%, due 6/15/37 | 5,000,000 | 5,344,924 |
Series B, Insured: BAM | ||
3.00%, due 6/15/39 | 6,340,000 | 6,695,155 |
Series C | ||
4.00%, due 6/15/32 | 5,000,000 | 5,603,094 |
Series B, Insured: AGM | ||
4.00%, due 6/15/35 | 5,395,000 | 6,343,924 |
Series C | ||
4.00%, due 6/15/37 | 4,845,000 | 5,499,052 |
Series B, Insured: BAM | ||
5.00%, due 6/15/34 | 5,750,000 | 7,160,724 |
County of Clark NV, Limited General Obligation | ||
3.00%, due 11/1/33 | 10,000,000 | 11,206,918 |
County of Clark NV, Park Improvement, Limited General Obligation | ||
4.00%, due 12/1/35 | 8,425,000 | 9,832,519 |
4.00%, due 12/1/36 | 5,000,000 | 5,824,236 |
Las Vegas Convention & Visitors Authority, Convention Center Expansion, Revenue Bonds | ||
Series B | ||
4.00%, due 7/1/49 | 9,800,000 | 10,906,537 |
Series B | ||
5.00%, due 7/1/31 | 1,245,000 | 1,519,156 |
Series B | ||
5.00%, due 7/1/43 | 20,000,000 | 23,928,010 |
Las Vegas Valley Water District, Water Improvement, Limited General Obligation | ||
Series A | ||
5.00%, due 6/1/46 | 3,665,000 | 4,299,816 |
Washoe County School District, Limited General Obligation | ||
Series A, Insured: BAM | ||
3.00%, due 6/1/33 | 3,000,000 | 3,302,688 |
Series A, Insured: BAM | ||
3.00%, due 6/1/34 | 2,490,000 | 2,725,543 |
Principal Amount | Value | |
Nevada (continued) | ||
Washoe County School District, School Improvement Bonds, Limited General Obligation | ||
Series A | ||
4.00%, due 10/1/49 | $ 20,000,000 | $ 22,965,386 |
159,362,408 | ||
New Hampshire 0.1% | ||
City of Manchester NH, General Airport, Revenue Bonds | ||
Series A, Insured: AGM | ||
5.00%, due 1/1/26 | 1,800,000 | 1,813,589 |
New Hampshire Business Finance Authority, Pennichuck Water Works, Inc., Revenue Bonds | ||
Series A | ||
4.00%, due 4/1/50 (c) | 5,525,000 | 6,109,901 |
7,923,490 | ||
New Jersey 4.5% | ||
Atlantic County Improvement Authority (The), Stockton University, Revenue Bonds | ||
Series A, Insured: AGM | ||
5.00%, due 7/1/31 | 2,670,000 | 3,115,337 |
Series A, Insured: AGM | ||
5.00%, due 7/1/32 | 1,305,000 | 1,520,090 |
Series A, Insured: AGM | ||
5.00%, due 7/1/33 | 1,395,000 | 1,622,178 |
City of Atlantic City NJ, Unlimited General Obligation | ||
Series B, Insured: AGM State Aid Withholding | ||
5.00%, due 3/1/32 | 3,400,000 | 4,049,081 |
New Brunswick Parking Authority, City Guaranteed Parking, Revenue Bonds | ||
Series A, Insured: BAM | ||
5.00%, due 9/1/28 | 2,500,000 | 2,985,467 |
Series A, Insured: BAM | ||
5.00%, due 9/1/29 | 2,370,000 | 2,822,794 |
Series A, Insured: BAM | ||
5.00%, due 9/1/30 | 4,605,000 | 5,475,199 |
Series A, Insured: BAM | ||
5.00%, due 9/1/31 | 6,780,000 | 8,057,676 |
New Jersey Building Authority, Unrefunded, Revenue Bonds | ||
Series A, Insured: BAM | ||
5.00%, due 6/15/25 | 2,015,000 | 2,327,610 |
32 | MainStay MacKay Tax Free Bond Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
New Jersey (continued) | ||
New Jersey Building Authority, Unrefunded, Revenue Bonds (continued) | ||
Series A, Insured: BAM | ||
5.00%, due 6/15/28 | $ 1,805,000 | $ 2,138,103 |
New Jersey Economic Development Authority, The Goethals Bridge Replacement Project, Revenue Bonds (c) | ||
5.00%, due 1/1/28 | 1,000,000 | 1,095,356 |
5.50%, due 1/1/26 | 1,000,000 | 1,109,725 |
New Jersey Economic Development Authority, State of New Jersey Motor Vehicle Surcharge, Revenue Bonds | ||
Series A, Insured: BAM | ||
5.00%, due 7/1/28 | 2,000,000 | 2,434,077 |
New Jersey Educational Facilities Authority, Stockton University, Revenue Bonds | ||
Series A, Insured: BAM | ||
5.00%, due 7/1/29 | 4,775,000 | 5,645,318 |
Series A, Insured: BAM | ||
5.00%, due 7/1/30 | 5,000,000 | 5,892,616 |
Series A, Insured: BAM | ||
5.00%, due 7/1/31 | 3,000,000 | 3,528,457 |
New Jersey Health Care Facilities Financing Authority, AtlantiCare Health System Obligated Group, Revenue Bonds | ||
3.00%, due 7/1/39 | 2,020,000 | 2,158,094 |
3.00%, due 7/1/40 | 2,750,000 | 2,931,457 |
3.00%, due 7/1/41 | 2,300,000 | 2,444,826 |
3.00%, due 7/1/46 | 10,885,000 | 11,393,528 |
New Jersey Health Care Facilities Financing Authority, Hackensack Meridian Health, Inc., Revenue Bonds | ||
Series A | ||
5.00%, due 7/1/38 | 10,000,000 | 11,966,116 |
New Jersey Higher Education Student Assistance Authority, Subordinate Student loan, Revenue Bonds | ||
Series C | ||
4.00%, due 12/1/48 (c) | 2,250,000 | 2,398,275 |
Principal Amount | Value | |
New Jersey (continued) | ||
New Jersey Housing & Mortgage Finance Agency, Single-Family Home Mortgage, Revenue Bonds | ||
Series E | ||
3.50%, due 4/1/51 | $ 25,270,000 | $ 27,682,335 |
Series C | ||
4.75%, due 10/1/50 | 9,560,000 | 10,698,555 |
New Jersey Transportation Trust Fund Authority, Transportation System, Revenue Bonds | ||
Series C, Insured: NATL-RE | ||
(zero coupon), due 12/15/30 | 20,000,000 | 16,779,746 |
Series C, Insured: AGM | ||
(zero coupon), due 12/15/34 | 30,000,000 | 22,734,522 |
Series A | ||
5.00%, due 12/15/26 | 4,500,000 | 5,416,011 |
Series BB | ||
5.00%, due 6/15/44 | 11,255,000 | 13,480,730 |
Series AA | ||
5.00%, due 6/15/46 | 7,440,000 | 8,883,038 |
Series AA | ||
5.25%, due 6/15/43 | 10,205,000 | 12,414,503 |
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement, Revenue Bonds | ||
Series A | ||
5.00%, due 6/15/28 | 4,800,000 | 5,648,561 |
Series A | ||
5.00%, due 6/15/29 | 8,380,000 | 9,837,246 |
New Jersey Transportation Trust Fund Authority, Transportation Program, Revenue Bonds | ||
Series AA | ||
5.00%, due 6/15/44 | 13,255,000 | 14,077,913 |
New Jersey Turnpike Authority, Revenue Bonds | ||
Series E | ||
5.00%, due 1/1/45 | 2,000,000 | 2,262,729 |
Newark Housing Authority Scholarship Foundation A New Jersey Non (The), Police Facility, Revenue Bonds | ||
Insured: AGM MUN GOVT GTD | ||
4.00%, due 12/1/27 | 500,000 | 572,634 |
Insured: AGM MUN GOVT GTD | ||
4.00%, due 12/1/29 | 250,000 | 283,221 |
Insured: AGM MUN GOVT GTD | ||
4.00%, due 12/1/31 | 225,000 | 253,191 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
New Jersey (continued) | ||
Newark Housing Authority Scholarship Foundation A New Jersey Non (The), Police Facility, Revenue Bonds (continued) | ||
Insured: AGM MUN GOVT GTD | ||
5.00%, due 12/1/28 | $ 750,000 | $ 903,602 |
Insured: AGM MUN GOVT GTD | ||
5.00%, due 12/1/38 | 1,740,000 | 2,062,077 |
South Jersey Transportation Authority, Revenue Bonds | ||
Series A, Insured: AGM | ||
5.00%, due 11/1/31 | 1,750,000 | 2,214,342 |
Series A, Insured: AGM | ||
5.00%, due 11/1/32 | 1,500,000 | 1,893,367 |
Series A, Insured: BAM | ||
5.00%, due 11/1/45 | 2,000,000 | 2,479,442 |
State of New Jersey, Unlimited General Obligation | ||
2.00%, due 6/1/34 | 12,505,000 | 12,195,823 |
State of New Jersey, COVID-19 General Obligation Emergency Bonds, Unlimited General Obligation | ||
Series A | ||
4.00%, due 6/1/30 | 32,060,000 | 38,553,926 |
Series A | ||
4.00%, due 6/1/31 | 31,800,000 | 38,651,717 |
Series A | ||
5.00%, due 6/1/28 | 10,000,000 | 12,366,960 |
Series A | ||
5.00%, due 6/1/29 | 10,675,000 | 13,446,391 |
State of New Jersey, Various Purposes, Unlimited General Obligation | ||
5.00%, due 6/1/40 | 5,000,000 | 6,033,745 |
5.00%, due 6/1/41 | 11,500,000 | 13,852,578 |
5.00%, due 6/1/42 | 10,000,000 | 12,022,636 |
Tobacco Settlement Financing Corp., Revenue Bonds | ||
Series A | ||
5.00%, due 6/1/31 | 3,000,000 | 3,633,779 |
Series A | ||
5.00%, due 6/1/33 | 6,500,000 | 7,829,396 |
Series A | ||
5.00%, due 6/1/34 | 1,500,000 | 1,801,968 |
Principal Amount | Value | |
New Jersey (continued) | ||
Tobacco Settlement Financing Corp., Revenue Bonds (continued) | ||
Series A | ||
5.00%, due 6/1/36 | $ 6,000,000 | $ 7,177,290 |
415,255,354 | ||
New Mexico 0.1% | ||
City of Albuquerque NM, Gross Receipts Lodgers Tax, Revenue Bonds | ||
Series A | ||
4.00%, due 7/1/36 | 2,490,000 | 2,932,333 |
New Mexico Hospital Equipment Loan Council, Presbyterian Healthcare Services, Revenue Bonds | ||
Series A | ||
5.00%, due 8/1/44 | 5,000,000 | 6,195,813 |
9,128,146 | ||
New York 19.9% | ||
Build NYC Resource Corp., Royal Charter Properties, Inc., Revenue Bonds | ||
Insured: AGM | ||
5.00%, due 12/15/21 | 1,075,000 | 1,080,878 |
City of New York NY, Unlimited General Obligation | ||
Series A-1 | ||
3.00%, due 8/1/36 | 10,520,000 | 11,401,905 |
Series A, A-1 | ||
4.00%, due 8/1/38 | 10,000,000 | 11,639,777 |
Series A-1 | ||
4.00%, due 8/1/39 | 3,280,000 | 3,874,096 |
Series A-1 | ||
4.00%, due 8/1/40 | 4,070,000 | 4,792,758 |
Series D-1, Insured: BAM | ||
4.00%, due 3/1/41 | 12,500,000 | 14,450,421 |
Series C | ||
4.00%, due 8/1/41 | 2,300,000 | 2,665,319 |
Series D-1, Insured: BAM | ||
4.00%, due 3/1/50 | 22,760,000 | 25,934,232 |
Series I | ||
5.00%, due 8/1/23 | 3,675,000 | 3,805,890 |
Series A-1 | ||
5.00%, due 8/1/35 | 3,910,000 | 5,086,315 |
Series A-1 | ||
5.00%, due 8/1/39 | 4,000,000 | 4,967,295 |
34 | MainStay MacKay Tax Free Bond Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
New York (continued) | ||
City of New York NY, Unlimited General Obligation (continued) | ||
Series B-1 | ||
5.00%, due 10/1/42 | $ 2,870,000 | $ 3,555,002 |
Series F-1 | ||
5.00%, due 4/1/43 | 7,455,000 | 8,972,459 |
Series B-1 | ||
5.00%, due 10/1/43 | 3,555,000 | 4,395,564 |
Series B-1 | ||
5.25%, due 10/1/32 | 20,000,000 | 24,760,194 |
County of Nassau NY, Limited General Obligation | ||
Series A | ||
2.00%, due 12/10/21 | 50,000,000 | 50,099,750 |
Series C, Insured: BAM | ||
5.00%, due 4/1/37 | 2,525,000 | 2,957,818 |
Series B, Insured: AGM | ||
5.00%, due 4/1/44 | 5,000,000 | 6,211,912 |
County of Suffolk NY, Public Improvement, Limited General Obligation | ||
Series B, Insured: AGM | ||
3.00%, due 10/15/31 | 4,460,000 | 4,787,244 |
Series B, Insured: AGM | ||
5.00%, due 10/15/28 | 4,020,000 | 4,977,069 |
Hudson Yards Infrastructure Corp., Second Indenture, Revenue Bonds | ||
Series A, Insured: AGM | ||
4.00%, due 2/15/47 | 8,690,000 | 9,720,585 |
Long Island Power Authority, Revenue Bonds | ||
Series A | ||
4.00%, due 9/1/32 | 5,745,000 | 7,034,897 |
Series A | ||
4.00%, due 9/1/33 | 4,000,000 | 4,866,403 |
Series A | ||
4.00%, due 9/1/34 | 5,000,000 | 5,834,639 |
Series A, Insured: BAM | ||
5.00%, due 9/1/39 | 10,000,000 | 11,189,721 |
Series A, Insured: BAM | ||
5.00%, due 9/1/44 | 10,000,000 | 11,144,920 |
Long Island Power Authority, Electric System, Revenue Bonds | ||
5.00%, due 9/1/39 | 1,875,000 | 2,329,738 |
Series B | ||
5.00%, due 9/1/45 | 8,970,000 | 10,287,398 |
Principal Amount | Value | |
New York (continued) | ||
Metropolitan Transportation Authority, Revenue Bonds | ||
Series A-2S | ||
4.00%, due 2/1/22 | $ 12,500,000 | $ 12,614,476 |
Series D-1 | ||
5.00%, due 9/1/22 | 25,560,000 | 26,555,879 |
Series D-1 | ||
5.00%, due 11/15/26 | 2,785,000 | 3,243,983 |
Series D | ||
5.00%, due 11/15/26 | 2,000,000 | 2,092,952 |
Series A-1 | ||
5.00%, due 11/15/37 | 1,300,000 | 1,456,910 |
Series C | ||
5.00%, due 11/15/38 | 7,500,000 | 7,927,411 |
5.00%, due 11/15/38 | 5,385,000 | 5,790,526 |
Series A-1 | ||
5.00%, due 11/15/40 | 4,890,000 | 5,475,178 |
Series C | ||
5.00%, due 11/15/42 | 10,000,000 | 10,551,370 |
Series E | ||
5.00%, due 11/15/43 | 2,500,000 | 2,680,729 |
Series B | ||
5.00%, due 11/15/43 | 1,575,000 | 1,661,193 |
Series C-1 | ||
5.25%, due 11/15/29 | 2,230,000 | 2,589,253 |
Series B | ||
5.25%, due 11/15/35 | 2,870,000 | 3,160,233 |
Metropolitan Transportation Authority, Green Bond, Revenue Bonds | ||
Series A-1, Insured: AGM | ||
4.00%, due 11/15/42 | 7,500,000 | 8,697,316 |
Series A-1, Insured: AGM | ||
4.00%, due 11/15/44 | 4,845,000 | 5,593,491 |
Series C, Insured: AGM | ||
4.00%, due 11/15/48 | 10,715,000 | 12,322,994 |
Series C, Insured: AGM-CR | ||
5.00%, due 11/15/40 | 5,000,000 | 6,192,702 |
Series A-1 | ||
5.00%, due 11/15/41 | 2,910,000 | 3,316,003 |
Series C, Insured: BAM | ||
5.00%, due 11/15/43 | 4,250,000 | 5,234,746 |
Series D | ||
5.00%, due 11/15/45 | 12,500,000 | 15,070,379 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
New York (continued) | ||
Metropolitan Transportation Authority, Climate Certified Green Bond, Revenue Bonds | ||
Series C, Insured: AGM | ||
4.00%, due 11/15/47 | $ 1,880,000 | $ 2,163,810 |
Series C, Insured: BAM | ||
5.00%, due 11/15/44 | 14,845,000 | 18,247,915 |
Metropolitan Transportation Authority, Dedicated Tax Fund, Revenue Bonds | ||
Series A | ||
5.00%, due 3/1/22 | 40,210,000 | 40,837,771 |
Series A | ||
5.00%, due 11/15/22 | 6,095,000 | 6,399,733 |
Series B, Insured: FGIC | ||
5.25%, due 11/15/21 | 400,000 | 400,722 |
Series A | ||
5.25%, due 11/15/33 | 8,750,000 | 10,563,145 |
Series A | ||
5.25%, due 11/15/34 | 10,000,000 | 12,076,927 |
Series A | ||
5.25%, due 11/15/36 | 10,515,000 | 12,682,686 |
Metropolitan Transportation Authority, Dedicated Tax Fund, Green Bond, Revenue Bonds | ||
Series B-1 | ||
5.00%, due 11/15/36 | 13,340,000 | 15,881,910 |
New York City Housing Development Corp., Green Bond, Revenue Bonds | ||
Insured: FHA 542(C) | ||
2.25%, due 11/1/36 | 4,700,000 | 4,736,346 |
New York City Housing Development Corp., Multi-Family Housing, Green Bond, Revenue Bonds | ||
Series J | ||
3.05%, due 11/1/49 | 12,790,000 | 13,154,763 |
Series G-1-B | ||
3.05%, due 5/1/50 | 24,270,000 | 24,712,083 |
Series J | ||
3.15%, due 11/1/54 | 23,145,000 | 23,839,385 |
New York City Housing Development Corp., Multi-Family Housing, Revenue Bonds | ||
Series E-1-C | ||
4.95%, due 11/1/46 | 4,625,000 | 5,312,458 |
Principal Amount | Value | |
New York (continued) | ||
New York City Industrial Development Agency, Yankee Stadium Project, Revenue Bonds | ||
Series A, Insured: AGM | ||
4.00%, due 3/1/31 | $ 4,075,000 | $ 4,856,786 |
New York City Transitional Finance Authority, Future Tax Secured, Revenue Bonds | ||
Series A | ||
3.00%, due 11/1/37 | 10,000,000 | 10,742,925 |
Series B-1 | ||
4.00%, due 11/1/37 | 30,300,000 | 35,763,651 |
Series C | ||
4.00%, due 5/1/38 | 14,250,000 | 16,689,653 |
Series C-1 | ||
4.00%, due 11/1/38 | 11,380,000 | 13,285,688 |
Series B-1 | ||
4.00%, due 11/1/38 | 7,875,000 | 9,276,150 |
Series C | ||
4.00%, due 5/1/40 | 6,835,000 | 7,969,734 |
Series B-1 | ||
4.00%, due 11/1/41 | 11,500,000 | 13,441,463 |
Series C | ||
4.00%, due 5/1/42 | 10,000,000 | 11,589,185 |
Series B-1 | ||
4.00%, due 11/1/42 | 12,315,000 | 14,358,249 |
Series F-1 | ||
5.00%, due 5/1/32 | 4,000,000 | 4,856,376 |
Series A-1 | ||
5.00%, due 5/1/33 | 10,000,000 | 11,808,077 |
Series A-2 | ||
5.00%, due 8/1/34 | 7,795,000 | 9,477,196 |
Series E-1 | ||
5.00%, due 2/1/37 | 5,000,000 | 5,810,048 |
Series E-1 | ||
5.00%, due 2/1/41 | 2,500,000 | 2,832,334 |
Series F-1 | ||
5.00%, due 5/1/42 | 11,500,000 | 13,779,955 |
New York City Transitional Finance Authority Building Aid, Revenue Bonds | ||
Series S-1, Insured: State Aid Withholding | ||
5.00%, due 7/15/33 | 6,060,000 | 6,916,145 |
Series S-2, Insured: State Aid Withholding | ||
5.00%, due 7/15/34 | 3,000,000 | 3,476,030 |
36 | MainStay MacKay Tax Free Bond Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
New York (continued) | ||
New York City Transitional Finance Authority Building Aid, Revenue Bonds (continued) | ||
Series S-1, Insured: State Aid Withholding | ||
5.00%, due 7/15/36 | $ 10,000,000 | $ 11,381,937 |
Series S-1, Insured: State Aid Withholding | ||
5.00%, due 7/15/43 | 8,555,000 | 9,948,183 |
New York City Transitional Finance Authority Future Tax Secured, Revenue Bonds | ||
Series A-1 | ||
4.00%, due 11/1/35 | 4,025,000 | 4,843,738 |
Series A-1 | ||
4.00%, due 11/1/37 | 4,205,000 | 5,018,282 |
Series A-1 | ||
4.00%, due 11/1/38 | 6,410,000 | 7,618,148 |
Series E-1 | ||
4.00%, due 2/1/42 | 6,500,000 | 7,564,831 |
New York City Water & Sewer System, Second General Resolution, Revenue Bonds | ||
Series DD-2 | ||
3.50%, due 6/15/40 | 2,000,000 | 2,209,986 |
Series AA-1 | ||
3.50%, due 6/15/48 | 25,930,000 | 28,466,068 |
Series DD-3 | ||
4.00%, due 6/15/42 | 5,000,000 | 5,802,547 |
Series AA-2 | ||
4.00%, due 6/15/43 | 4,695,000 | 5,472,843 |
Series EE | ||
5.00%, due 6/15/40 | 15,585,000 | 19,020,877 |
Series EE | ||
5.00%, due 6/15/47 | 11,710,000 | 12,525,806 |
Series CC-1 | ||
5.00%, due 6/15/47 | 10,000,000 | 11,096,306 |
New York Convention Center Development Corp., Hotel Unit Fee, Revenue Bonds, Sub. Lien | ||
Series B, Insured: BAM | ||
(zero coupon), due 11/15/36 | 5,050,000 | 3,551,959 |
New York Liberty Development Corp., Bank of America Tower at One Bryant Park Project, Revenue Bonds | ||
2.45%, due 9/15/69 | 12,925,000 | 13,382,864 |
Principal Amount | Value | |
New York (continued) | ||
New York Liberty Development Corp., 4 World Trade Center Project, Revenue Bonds | ||
Series A | ||
3.00%, due 11/15/51 | $ 10,000,000 | $ 10,207,442 |
5.75%, due 11/15/51 | 18,940,000 | 18,978,060 |
New York Liberty Development Corp., Revenue Bonds | ||
Series 1WTC | ||
5.00%, due 12/15/41 | 12,315,000 | 12,379,777 |
New York State Dormitory Authority, Revenue Bonds | ||
Series A | ||
3.00%, due 3/15/38 | 8,000,000 | 8,560,315 |
New York State Dormitory Authority, State Personal Income Tax, Revenue Bonds | ||
Series D | ||
4.00%, due 2/15/39 | 10,480,000 | 12,238,202 |
Series A | ||
4.00%, due 3/15/40 | 32,000,000 | 37,542,048 |
Series D | ||
4.00%, due 2/15/47 | 25,250,000 | 29,030,203 |
Series E | ||
5.00%, due 3/15/34 | 4,190,000 | 4,853,521 |
Series B | ||
5.00%, due 2/15/38 | 13,490,000 | 16,381,386 |
Series D | ||
5.00%, due 2/15/48 | 10,200,000 | 12,545,332 |
Series A | ||
5.25%, due 3/15/39 | 1,840,000 | 2,321,602 |
New York State Dormitory Authority, Sales Tax, Revenue Bonds | ||
Series C | ||
4.00%, due 3/15/44 | 11,385,000 | 12,964,620 |
Series A | ||
5.00%, due 3/15/40 | 8,280,000 | 9,951,078 |
Series A | ||
5.00%, due 3/15/40 | 23,580,000 | 28,869,256 |
Series E | ||
5.00%, due 3/15/40 | 5,000,000 | 6,205,698 |
Series A | ||
5.00%, due 3/15/43 | 7,500,000 | 9,153,483 |
Series A | ||
5.00%, due 3/15/44 | 5,000,000 | 5,981,439 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
New York (continued) | ||
New York State Dormitory Authority, State of New York Personal Income Tax, Revenue Bonds | ||
Series A | ||
4.00%, due 3/15/49 | $ 1,830,000 | $ 2,072,814 |
New York State Dormitory Authority, School District Revenue Financing Program, Revenue Bonds | ||
Series A, Insured: AGM | ||
5.00%, due 10/1/33 | 750,000 | 935,668 |
Series A, Insured: AGM | ||
5.00%, due 10/1/34 | 3,700,000 | 4,602,504 |
New York State Dormitory Authority, University Facilities, Revenue Bonds | ||
Series A | ||
5.00%, due 7/1/36 | 1,000,000 | 1,206,605 |
Series A | ||
5.00%, due 7/1/38 | 1,000,000 | 1,205,691 |
New York State Thruway Authority, Revenue Bonds | ||
Series L | ||
3.50%, due 1/1/37 | 1,500,000 | 1,661,988 |
Series O | ||
4.00%, due 1/1/38 | 3,000,000 | 3,536,619 |
Series O | ||
4.00%, due 1/1/39 | 6,410,000 | 7,537,326 |
Series N | ||
4.00%, due 1/1/41 | 9,000,000 | 10,363,725 |
Series N | ||
4.00%, due 1/1/45 | 7,000,000 | 7,989,204 |
Series L | ||
5.00%, due 1/1/31 | 3,550,000 | 4,354,650 |
Series L | ||
5.00%, due 1/1/34 | 2,430,000 | 2,957,682 |
Series N | ||
5.00%, due 1/1/34 | 10,855,000 | 13,850,122 |
Series N | ||
5.00%, due 1/1/35 | 5,000,000 | 6,350,517 |
Series N | ||
5.00%, due 1/1/36 | 16,260,000 | 20,568,607 |
Series N | ||
5.00%, due 1/1/38 | 5,665,000 | 7,124,060 |
Principal Amount | Value | |
New York (continued) | ||
New York State Thruway Authority, Junior Indebtedness Obligations, Revenue Bonds | ||
Series B | ||
4.00%, due 1/1/39 | $ 16,555,000 | $ 19,144,781 |
Series B | ||
4.00%, due 1/1/45 | 8,900,000 | 10,150,535 |
Series B | ||
4.00%, due 1/1/50 | 14,250,000 | 16,166,769 |
New York State Thruway Authority, State of New York Personal Income Tax, Revenue Bonds | ||
Series A-1 | ||
4.00%, due 3/15/44 | 4,420,000 | 5,121,566 |
New York State Thruway Authority, General Revenue Junior Indebtedness Obligation, Revenue Bonds | ||
Series B, Insured: AGM | ||
4.00%, due 1/1/50 | 10,940,000 | 12,499,415 |
New York State Urban Development Corp., State Personal Income Tax, Revenue Bonds | ||
Series C | ||
3.00%, due 3/15/40 | 18,965,000 | 20,091,999 |
Series E | ||
4.00%, due 3/15/34 | 15,000,000 | 17,708,761 |
Series C | ||
4.00%, due 3/15/42 | 4,635,000 | 5,411,038 |
Series C | ||
4.00%, due 3/15/49 | 4,000,000 | 4,618,826 |
Series A | ||
5.00%, due 3/15/30 | 12,350,000 | 14,524,666 |
Series A | ||
5.00%, due 3/15/43 | 10,360,000 | 12,678,086 |
5.00%, due 3/15/47 | 5,000,000 | 6,205,295 |
New York State Urban Development Corp., State of New York Sales Tax, Revenue Bonds | ||
Series A | ||
3.00%, due 3/15/40 | 25,250,000 | 26,786,765 |
Series A | ||
3.00%, due 3/15/50 | 25,000,000 | 26,017,197 |
Series A | ||
4.00%, due 3/15/43 | 20,000,000 | 23,442,872 |
Series A | ||
5.00%, due 3/15/28 | 10,000,000 | 12,501,342 |
38 | MainStay MacKay Tax Free Bond Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
New York (continued) | ||
New York State Urban Development Corp., State of New York Sales Tax, Revenue Bonds (continued) | ||
Series A | ||
5.00%, due 3/15/29 | $ 12,185,000 | $ 15,568,983 |
New York State Urban Development Corp., State of New York Personal Income Tax, Revenue Bonds | ||
Series E | ||
4.00%, due 3/15/37 | 18,500,000 | 21,570,730 |
Series C | ||
5.00%, due 3/15/43 | 2,500,000 | 3,129,083 |
New York State Urban Development Corp., Sales Tax, Revenue Bonds | ||
Series A | ||
5.00%, due 3/15/41 | 10,000,000 | 12,546,092 |
New York Transportation Development Corp., Laguardia Airport Terminal B Redevelopment Project, Revenue Bonds (c) | ||
Series A, Insured: AGM | ||
4.00%, due 7/1/31 | 10,925,000 | 11,843,527 |
Series A, Insured: AGM | ||
4.00%, due 7/1/36 | 24,800,000 | 26,768,378 |
Onondaga County Trust for Cultural Resources, Syracuse University Project, Revenue Bonds | ||
4.00%, due 12/1/49 | 3,000,000 | 3,481,869 |
5.00%, due 12/1/43 | 18,995,000 | 23,998,351 |
Port Authority of New York & New Jersey, Revenue Bonds | ||
Series 222 | ||
4.00%, due 7/15/37 | 4,250,000 | 5,022,526 |
Series 222 | ||
4.00%, due 7/15/39 | 8,915,000 | 10,487,980 |
Series 222 | ||
4.00%, due 7/15/40 | 2,000,000 | 2,348,222 |
4.00%, due 11/1/41 (c) | 5,395,000 | 6,283,901 |
Port Authority of New York & New Jersey, Consolidated 218th, Revenue Bonds (c) | ||
Series 218 | ||
4.00%, due 11/1/37 | 1,720,000 | 2,004,861 |
Series 218 | ||
5.00%, due 11/1/44 | 3,190,000 | 3,859,234 |
Series 218 | ||
5.00%, due 11/1/49 | 3,500,000 | 4,206,371 |
Principal Amount | Value | |
New York (continued) | ||
Port Authority of New York & New Jersey, Consolidated 214th, Revenue Bonds | ||
Series 214 | ||
4.00%, due 9/1/43 (c) | $ 11,355,000 | $ 13,043,802 |
Port Authority of New York & New Jersey, Consolidated 172nd, Revenue Bonds, Second Series | ||
Series One Hundered Seventy - Second Series | ||
4.25%, due 10/1/32 | 5,000,000 | 5,074,378 |
Port Authority of New York & New Jersey, Consolidated 197th, Revenue Bonds (c) | ||
Series 197 | ||
5.00%, due 11/15/34 | 12,500,000 | 14,845,766 |
Series 197 | ||
5.00%, due 11/15/35 | 10,000,000 | 11,860,451 |
Port Authority of New York & New Jersey, Consolidated 221st, Revenue Bonds | ||
Series 221 | ||
5.00%, due 7/15/35 (c) | 3,000,000 | 3,774,023 |
Rensselaer City School District, Certificate of Participation | ||
Insured: AGM State Aid Withholding | ||
5.00%, due 6/1/30 | 1,880,000 | 2,204,717 |
Insured: AGM State Aid Withholding | ||
5.00%, due 6/1/32 | 2,000,000 | 2,342,513 |
Triborough Bridge & Tunnel Authority, Payroll Mobility Tax, Revenue Bonds, Senior Lien | ||
Series C-2 | ||
3.00%, due 5/15/32 | 5,000,000 | 5,616,817 |
Series C-2 | ||
3.00%, due 5/15/33 | 4,110,000 | 4,572,516 |
Series C-3 | ||
3.00%, due 5/15/51 | 5,000,000 | 5,197,265 |
Series C-2 | ||
4.00%, due 5/15/34 | 3,045,000 | 3,699,736 |
Series C-1A | ||
4.00%, due 5/15/42 | 4,500,000 | 5,307,397 |
Triborough Bridge & Tunnel Authority, Revenue Bonds | ||
Series B | ||
5.00%, due 11/15/35 | 8,560,000 | 10,377,803 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
New York (continued) | ||
Triborough Bridge & Tunnel Authority, Revenue Bonds (continued) | ||
Series B | ||
5.00%, due 11/15/38 | $ 3,600,000 | $ 4,356,567 |
Series A | ||
5.00%, due 11/15/43 | 6,000,000 | 7,431,769 |
Series A | ||
5.00%, due 11/15/45 | 12,540,000 | 15,187,564 |
Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels, Revenue Bonds | ||
Series A | ||
5.00%, due 11/15/46 | 7,855,000 | 9,504,050 |
Series A | ||
5.00%, due 11/15/49 | 17,500,000 | 21,512,158 |
Series A | ||
5.00%, due 11/15/49 | 33,500,000 | 42,178,286 |
TSASC, Inc., Tobacco Settlement Bonds, Revenue Bonds | ||
Series A | ||
5.00%, due 6/1/34 | 6,990,000 | 8,256,840 |
Series A | ||
5.00%, due 6/1/35 | 2,865,000 | 3,379,670 |
1,861,290,950 | ||
North Dakota 0.2% | ||
State Board of Higher Education of the State of North Dakota, University of North Dakota Housing & Auxiliary Facilities, Revenue Bonds | ||
Series A, Insured: AGM | ||
4.00%, due 4/1/44 | 4,000,000 | 4,580,459 |
University of North Dakota, Housing Infrastructure Project, Certificate of Participation | ||
Series A, Insured: AGM | ||
3.00%, due 6/1/61 | 13,000,000 | 13,234,909 |
17,815,368 | ||
Ohio 1.1% | ||
Akron Bath Copley Joint Township Hospital District, Children's Hospital Medical Center of Akron, Revenue Bonds | ||
5.00%, due 11/15/42 | 7,000,000 | 7,166,034 |
Principal Amount | Value | |
Ohio (continued) | ||
American Municipal Power, Inc., Prairie State Energy Campus Project, Revenue Bonds | ||
Series A | ||
4.00%, due 2/15/34 | $ 26,910,000 | $ 31,210,710 |
Series A | ||
5.00%, due 2/15/33 | 10,020,000 | 12,525,337 |
Buckeye Tobacco Settlement Financing Authority, Revenue Bonds, Senior Lien | ||
Series A-2, Class 1 | ||
4.00%, due 6/1/37 | 2,000,000 | 2,289,984 |
Series A-2, Class 1 | ||
5.00%, due 6/1/36 | 1,000,000 | 1,237,223 |
Clermont County Port Authority, West Clermont Local School District Project, Revenue Bonds | ||
Insured: BAM | ||
5.00%, due 12/1/32 | 2,200,000 | 2,547,757 |
Insured: BAM | ||
5.00%, due 12/1/33 | 1,335,000 | 1,543,707 |
Cleveland-Cuyahoga County Port Authority, Annual Appropriation Bonds, Revenue Bonds | ||
6.00%, due 11/15/25 | 1,980,000 | 1,988,802 |
County of Hamilton OH, Christ Hospital Project, Revenue Bonds | ||
5.50%, due 6/1/42 | 2,000,000 | 2,061,554 |
Ohio Higher Educational Facility Commission, Oberlin College Project, Revenue Bonds | ||
5.00%, due 10/1/31 | 2,800,000 | 3,028,565 |
Ohio Housing Finance Agency, Residential Mortgage, Revenue Bonds | ||
Series A, Insured: GNMA / FNMA / FHLMC | ||
4.50%, due 9/1/48 | 4,405,000 | 4,861,507 |
State of Ohio, Cleveland Clinic Health System Obligated Group, Revenue Bonds | ||
4.00%, due 1/1/46 | 11,000,000 | 12,640,388 |
University of Cincinnati, Revenue Bonds | ||
Series A | ||
5.00%, due 6/1/45 | 13,025,000 | 15,707,128 |
98,808,696 |
40 | MainStay MacKay Tax Free Bond Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Oklahoma 0.4% | ||
Garfield County Educational Facilities Authority, Enid Public Schools Project, Revenue Bonds | ||
Series A | ||
5.00%, due 9/1/26 | $ 1,800,000 | $ 2,156,140 |
Series A | ||
5.00%, due 9/1/27 | 3,780,000 | 4,497,167 |
Series A | ||
5.00%, due 9/1/28 | 5,000,000 | 5,924,890 |
Series A | ||
5.00%, due 9/1/29 | 4,620,000 | 5,457,868 |
Lincoln County Educational Facilities Authority, Stroud Public Schools Project, Revenue Bonds | ||
5.00%, due 9/1/28 | 3,200,000 | 3,791,929 |
5.00%, due 9/1/29 | 2,370,000 | 2,799,815 |
Oklahoma Housing Finance Agency, Revenue Bonds | ||
Series A | ||
4.75%, due 9/1/48 | 2,385,000 | 2,660,396 |
Oklahoma Municipal Power Authority, Power Suply System, Revenue Bonds | ||
Series A, Insured: AGM | ||
4.00%, due 1/1/47 | 7,044,000 | 8,168,396 |
Weatherford Industrial Trust, Custer County Independent School District No. 26 Weatherford, Revenue Bonds | ||
5.00%, due 3/1/31 | 1,820,000 | 2,262,661 |
5.00%, due 3/1/33 | 2,500,000 | 3,092,374 |
40,811,636 | ||
Oregon 0.7% | ||
Port of Portland Airport OR, Airport, Revenue Bonds | ||
Series A | ||
5.00%, due 7/1/37 (c) | 10,550,000 | 13,131,986 |
State of Oregon Housing & Community Services Department, Single Family Mortgage Program, Revenue Bonds | ||
Series C | ||
4.50%, due 7/1/49 | 7,060,000 | 7,671,432 |
Principal Amount | Value | |
Oregon (continued) | ||
University of Oregon, Revenue Bonds | ||
Series A | ||
3.50%, due 4/1/52 | $ 44,130,000 | $ 48,542,409 |
69,345,827 | ||
Pennsylvania 2.2% | ||
City of Philadelphia PA, Unlimited General Obligation | ||
Series B | ||
5.00%, due 2/1/38 | 5,650,000 | 6,979,852 |
City of Philadelphia PA, Water & Wastewater, Revenue Bonds | ||
Series A | ||
5.00%, due 10/1/47 | 12,000,000 | 14,384,938 |
Commonwealth Financing Authority, Tobacco Master Settlement Payment, Revenue Bonds | ||
Insured: AGM | ||
4.00%, due 6/1/39 | 6,000,000 | 6,795,623 |
Insured: BAM | ||
5.00%, due 6/1/31 | 10,000,000 | 12,249,248 |
Commonwealth of Pennsylvania, Unlimited General Obligation, First Series | ||
Series First | ||
4.00%, due 3/1/35 | 5,000,000 | 5,755,808 |
DuBois Hospital Authority, Penn Highlands Healthcare Obligated Group, Revenue Bonds | ||
4.00%, due 7/15/50 | 6,000,000 | 6,606,056 |
Gateway School District Alleghany County, Limited General Obligation | ||
Insured: BAM | ||
3.00%, due 10/15/43 | 2,500,000 | 2,679,491 |
Geisinger Authority, Geisinger Health System Obligated Group, Revenue Bonds | ||
Series A | ||
4.00%, due 4/1/39 | 7,680,000 | 8,831,707 |
Lancaster County Hospital Authority, Penn State Health, Revenue Bonds (d) | ||
5.00%, due 11/1/46 | 9,250,000 | 11,268,037 |
5.00%, due 11/1/51 | 9,500,000 | 11,519,571 |
Monroeville Finance Authority, UPMC Obligated Group, Revenue Bonds | ||
4.25%, due 2/15/42 | 12,000,000 | 12,334,598 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Pennsylvania (continued) | ||
Pennsylvania Economic Development Financing Authority, UPMC Obligated Group, Revenue Bonds | ||
Series A | ||
4.00%, due 11/15/36 | $ 4,965,000 | $ 5,668,251 |
Series A | ||
4.00%, due 11/15/42 | 7,500,000 | 8,450,594 |
Pennsylvania Higher Educational Facilities Authority, University of Pennsylvania Health System, Revenue Bonds | ||
4.00%, due 8/15/44 | 13,355,000 | 15,425,065 |
Pennsylvania Turnpike Commission, Revenue Bonds | ||
Series A, Insured: BAM | ||
5.00%, due 12/1/44 | 10,000,000 | 12,513,526 |
Series A-1 | ||
5.00%, due 12/1/46 | 5,705,000 | 6,636,837 |
Series E, Insured: AGM-CR | ||
6.375%, due 12/1/38 | 3,100,000 | 4,040,303 |
Philadelphia Gas Works Co., 1998 General Ordinance, Revenue Bonds | ||
Series 14T | ||
5.00%, due 10/1/31 | 2,300,000 | 2,734,510 |
Pittsburgh Water & Sewer Authority, Revenue Bonds, First Lien | ||
Series A, Insured: AGM | ||
5.00%, due 9/1/44 | 4,530,000 | 5,609,335 |
State Public School Building Authority, Philadelphia Community College, Revenue Bonds | ||
Series A, Insured: BAM | ||
5.00%, due 6/15/28 | 5,505,000 | 6,265,232 |
State Public School Building Authority, School District of Philadelphia (The), Revenue Bonds | ||
Series A, Insured: AGM State Aid Withholding | ||
5.00%, due 6/1/31 | 30,000,000 | 35,945,808 |
Upper Merion Area School District, Limited General Obligation | ||
Series A, Insured: State Aid Withholding | ||
3.00%, due 1/15/41 | 1,300,000 | 1,407,627 |
Principal Amount | Value | |
Pennsylvania (continued) | ||
Upper Merion Area School District, Limited General Obligation (continued) | ||
Series A, Insured: State Aid Withholding | ||
3.00%, due 1/15/42 | $ 2,000,000 | $ 2,159,138 |
Series A, Insured: State Aid Withholding | ||
3.00%, due 1/15/43 | 3,000,000 | 3,233,066 |
209,494,221 | ||
Puerto Rico 1.0% | ||
Commonwealth of Puerto Rico, Public Improvement, Unlimited General Obligation | ||
Series A, Insured: AGC | ||
5.00%, due 7/1/26 | 575,000 | 579,015 |
Series A, Insured: AGC | ||
5.00%, due 7/1/27 | 525,000 | 528,666 |
Series A-4, Insured: AGM | ||
5.00%, due 7/1/31 | 5,170,000 | 5,206,097 |
Series A, Insured: AGM | ||
5.00%, due 7/1/35 | 34,920,000 | 35,227,324 |
Series C, Insured: AGM | ||
5.375%, due 7/1/28 | 700,000 | 707,330 |
Series C, Insured: AGM | ||
5.75%, due 7/1/37 | 1,150,000 | 1,166,053 |
Series C-9, Insured: NATL-RE | ||
6.00%, due 7/1/27 | 2,240,000 | 2,263,264 |
Commonwealth of Puerto Rico, Unrefunded, Unlimited General Obligation | ||
Series A, Insured: AGC | ||
5.00%, due 7/1/34 | 285,000 | 286,990 |
Series B, Insured: AGC | ||
5.25%, due 7/1/32 | 500,000 | 504,654 |
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds, Senior Lien | ||
Series A, Insured: AGC | ||
6.125%, due 7/1/24 | 420,000 | 447,085 |
Puerto Rico Convention Center District Authority, Hotel Occupancy Tax, Revenue Bonds | ||
Series A, Insured: AGC | ||
4.50%, due 7/1/36 | 4,855,000 | 4,866,300 |
42 | MainStay MacKay Tax Free Bond Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Puerto Rico (continued) | ||
Puerto Rico Electric Power Authority, Revenue Bonds | ||
Series DDD, Insured: AGM | ||
3.625%, due 7/1/23 | $ 3,115,000 | $ 3,114,998 |
Series UU, Insured: AGC | ||
4.25%, due 7/1/27 | 2,345,000 | 2,344,998 |
Series NN, Insured: NATL-RE | ||
4.75%, due 7/1/33 | 1,140,000 | 1,154,421 |
Series RR, Insured: NATL-RE | ||
5.00%, due 7/1/22 | 1,450,000 | 1,470,082 |
Series PP, Insured: NATL-RE | ||
5.00%, due 7/1/23 | 1,105,000 | 1,120,304 |
Series SS, Insured: NATL-RE | ||
5.00%, due 7/1/23 | 825,000 | 836,426 |
Series UU, Insured: AGM | ||
5.00%, due 7/1/23 | 2,290,000 | 2,305,989 |
Series PP, Insured: NATL-RE | ||
5.00%, due 7/1/24 | 2,915,000 | 2,955,372 |
Series UU, Insured: AGM | ||
5.00%, due 7/1/24 | 4,415,000 | 4,445,825 |
Series TT, Insured: AGM | ||
5.00%, due 7/1/27 | 500,000 | 503,491 |
Series SS, Insured: AGM | ||
5.00%, due 7/1/30 | 550,000 | 553,840 |
Series VV, Insured: NATL-RE | ||
5.25%, due 7/1/26 | 1,875,000 | 2,012,254 |
Series VV, Insured: NATL-RE | ||
5.25%, due 7/1/29 | 1,470,000 | 1,595,476 |
Series VV, Insured: NATL-RE | ||
5.25%, due 7/1/32 | 1,225,000 | 1,329,091 |
Series VV, Insured: NATL-RE | ||
5.25%, due 7/1/34 | 550,000 | 599,205 |
Puerto Rico Highway & Transportation Authority, Unrefunded, Revenue Bonds | ||
Series D, Insured: AGM | ||
5.00%, due 7/1/27 | 2,240,000 | 2,255,640 |
Series J, Insured: NATL-RE | ||
5.00%, due 7/1/29 | 650,000 | 659,002 |
Puerto Rico Highway & Transportation Authority, Revenue Bonds | ||
Series L, Insured: NATL-RE | ||
5.25%, due 7/1/24 | 2,195,000 | 2,326,231 |
Principal Amount | Value | |
Puerto Rico (continued) | ||
Puerto Rico Municipal Finance Agency, Revenue Bonds | ||
Series A, Insured: AGM | ||
4.75%, due 8/1/22 | $ 820,000 | $ 823,817 |
Series A, Insured: AGM | ||
5.00%, due 8/1/27 | 290,000 | 292,025 |
Series A, Insured: AGM | ��� | |
5.00%, due 8/1/30 | 1,440,000 | 1,450,054 |
Series C, Insured: AGC | ||
5.25%, due 8/1/23 | 340,000 | 359,296 |
Puerto Rico Public Buildings Authority, Government Facilities, Revenue Bonds | ||
Series F, Insured: NATL-RE XLCA - ICR Commonwealth | ||
5.25%, due 7/1/23 | 265,000 | 274,806 |
Series K, Insured: AGM State Guaranteed | ||
5.25%, due 7/1/27 | 1,150,000 | 1,160,705 |
Series M-3, Insured: NATL COMMWLTH GTD | ||
6.00%, due 7/1/26 | 300,000 | 303,116 |
Series M-3, Insured: NATL COMMWLTH GTD | ||
6.00%, due 7/1/27 | 7,465,000 | 7,542,531 |
Puerto Rico Sales Tax Financing Corp., Revenue Bonds | ||
Insured: BHAC | ||
(zero coupon), due 8/1/54 | 98,098 | 23,016 |
95,594,789 | ||
Rhode Island 0.3% | ||
City of Cranston RI, Unlimited General Obligation | ||
Series A, Insured: BAM | ||
5.00%, due 8/1/37 | 1,335,000 | 1,684,432 |
Providence Public Building Authority, Various Capital Projects, Revenue Bonds | ||
Series A, Insured: AGM | ||
5.875%, due 6/15/26 | 1,565,000 | 1,571,436 |
Rhode Island Health and Educational Building Corp., City of Providence, Revenue Bonds | ||
Series D, Insured: BAM | ||
4.00%, due 5/15/32 | 3,695,000 | 4,512,774 |
Series D, Insured: BAM | ||
4.00%, due 5/15/41 | 2,485,000 | 2,938,084 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Rhode Island (continued) | ||
Rhode Island Health and Educational Building Corp., Lifespan Obligated Group, Revenue Bonds | ||
5.00%, due 5/15/26 | $ 5,000,000 | $ 5,900,589 |
Rhode Island Health and Educational Building Corp., Public Schools Financing Program, Revenue Bonds | ||
Series B | ||
5.00%, due 5/15/33 | 1,045,000 | 1,302,078 |
Series B | ||
5.00%, due 5/15/34 | 1,095,000 | 1,361,423 |
Series B | ||
5.00%, due 5/15/35 | 1,150,000 | 1,427,234 |
Series B | ||
5.00%, due 5/15/36 | 1,205,000 | 1,491,486 |
Series B | ||
5.00%, due 5/15/37 | 1,265,000 | 1,562,129 |
Rhode Island Housing and Mortgage Finance Corp., Homeownership Opportunity, Revenue Bonds | ||
Series 69-B, Insured: GNMA / FNMA / FHLMC | ||
4.00%, due 10/1/48 | 3,955,000 | 4,325,917 |
28,077,582 | ||
South Carolina 1.9% | ||
Patriots Energy Group Financing Agency, Gas Supply, Revenue Bonds | ||
Series A | ||
4.00%, due 10/1/48 (b) | 4,355,000 | 4,677,859 |
Piedmont Municipal Power Agency, Revenue Bonds | ||
Series C, Insured: AGC | ||
5.75%, due 1/1/34 | 10,345,000 | 10,391,286 |
South Carolina Public Service Authority, Revenue Bonds | ||
Series A | ||
3.00%, due 12/1/41 | 7,550,000 | 8,044,339 |
Series A | ||
4.00%, due 12/1/40 | 7,750,000 | 9,019,430 |
Series A | ||
4.00%, due 12/1/42 | 15,370,000 | 17,764,082 |
Series C | ||
5.00%, due 12/1/29 | 5,000,000 | 5,628,048 |
Principal Amount | Value | |
South Carolina (continued) | ||
South Carolina Public Service Authority, Revenue Bonds (continued) | ||
Series A | ||
5.00%, due 12/1/32 | $ 10,000,000 | $ 11,752,537 |
Series A | ||
5.00%, due 12/1/43 | 15,000,000 | 18,856,948 |
Series B | ||
5.00%, due 12/1/46 | 3,125,000 | 3,689,318 |
Series B | ||
5.00%, due 12/1/56 | 2,500,000 | 2,934,242 |
Series E | ||
5.25%, due 12/1/55 | 28,780,000 | 33,505,523 |
South Carolina Public Service Authority, Santee Cooper Project, Revenue Bonds | ||
Series A | ||
5.00%, due 12/1/25 | 6,445,000 | 6,469,946 |
Series D | ||
5.00%, due 12/1/26 | 1,215,000 | 1,248,871 |
Series C | ||
5.00%, due 12/1/36 | 3,860,000 | 3,874,941 |
Series C, Insured: AGM | ||
5.00%, due 12/1/36 | 2,000,000 | 2,007,741 |
Series D | ||
5.00%, due 12/1/43 | 5,290,000 | 5,439,049 |
South Carolina State Housing Finance & Development Authority, Revenue Bonds | ||
Series A | ||
4.50%, due 7/1/48 | 2,870,000 | 3,132,916 |
South Carolina Transportation Infrastructure Bank, Revenue Bonds | ||
Series A, Insured: AGM | ||
5.00%, due 10/1/35 | 6,110,000 | 7,451,386 |
Series A | ||
5.00%, due 10/1/36 | 15,000,000 | 18,259,813 |
Sumter Two School Facilities, Inc., Sumter School District Project, Revenue Bonds | ||
Series C, Insured: BAM | ||
5.00%, due 12/1/27 | 1,100,000 | 1,271,399 |
175,419,674 |
44 | MainStay MacKay Tax Free Bond Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
South Dakota 0.1% | ||
South Dakota Conservancy District, State Revolving Fund Program, Revenue Bonds | ||
5.00%, due 8/1/37 | $ 1,750,000 | $ 2,170,781 |
5.00%, due 8/1/38 | 3,000,000 | 3,714,961 |
5,885,742 | ||
Tennessee 0.6% | ||
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Belmont University, Revenue Bonds | ||
4.00%, due 5/1/39 | 3,140,000 | 3,716,540 |
4.00%, due 5/1/40 | 3,265,000 | 3,855,423 |
5.00%, due 5/1/27 | 1,270,000 | 1,548,155 |
5.00%, due 5/1/31 | 1,100,000 | 1,410,153 |
Metropolitan Nashville Airport Authority (The), Revenue Bonds (c) | ||
Series B | ||
4.00%, due 7/1/49 | 2,035,000 | 2,281,417 |
Series B | ||
5.00%, due 7/1/32 | 2,500,000 | 3,140,202 |
Series B | ||
5.00%, due 7/1/33 | 5,700,000 | 7,144,354 |
Series B | ||
5.00%, due 7/1/49 | 18,090,000 | 21,858,089 |
Tennessee Housing Development Agency, Revenue Bonds | ||
4.50%, due 7/1/49 | 6,090,000 | 6,718,985 |
51,673,318 | ||
Texas 4.8% | ||
Bexar County Hospital District, Certficates of Obligation, Limited General Obligation | ||
4.00%, due 2/15/37 | 4,200,000 | 4,738,477 |
Board of Regents of the University of Texas System, Revenue Bonds | ||
Series A | ||
5.00%, due 8/15/33 | 10,070,000 | 12,839,458 |
Central Texas Turnpike System, Revenue Bonds | ||
Series C | ||
5.00%, due 8/15/34 | 5,000,000 | 5,589,987 |
Principal Amount | Value | |
Texas (continued) | ||
Central Texas Turnpike System, Revenue Bonds (continued) | ||
Series C | ||
5.00%, due 8/15/42 | $ 2,135,000 | $ 2,383,046 |
City of Austin TX, Airport System, Revenue Bonds (c) | ||
5.00%, due 11/15/24 | 4,000,000 | 4,529,075 |
5.00%, due 11/15/25 | 4,000,000 | 4,666,236 |
Series B | ||
5.00%, due 11/15/44 | 30,155,000 | 36,757,962 |
Series B | ||
5.00%, due 11/15/48 | 3,490,000 | 4,221,179 |
City of Corpus Christi TX, Utility System, Revenue Bonds, Junior Lien | ||
Series A | ||
3.00%, due 7/15/40 | 3,085,000 | 3,393,225 |
City of Dallas TX, Waterworks & Sewer System, Revenue Bonds | ||
Series C | ||
3.00%, due 10/1/50 | 18,000,000 | 19,240,861 |
City of Dallas TX, Hotel Occupancy Tax, Revenue Bonds (d) | ||
4.00%, due 8/15/33 | 1,000,000 | 1,120,087 |
4.00%, due 8/15/37 | 2,000,000 | 2,230,199 |
City of Donna TX, Tax & International Toll Bridge, Limited General Obligation | ||
Insured: BAM | ||
5.00%, due 2/15/30 | 1,035,000 | 1,135,929 |
City of Houston TX, Airport System, Revenue Bonds, Sub. Lien | ||
Series A | ||
4.00%, due 7/1/46 (c) | 8,830,000 | 10,055,094 |
City of Houston TX, Hotel Occupancy Tax & Special Tax, Revenue Bonds | ||
5.00%, due 9/1/26 | 565,000 | 631,878 |
5.00%, due 9/1/31 | 2,450,000 | 2,708,862 |
5.00%, due 9/1/34 | 1,550,000 | 1,713,127 |
City of Houston TX, Limited General Obligation | ||
Series A | ||
5.00%, due 3/1/29 | 5,000,000 | 6,032,537 |
City of Lubbock TX, Electric Light & Power System, Revenue Bonds | ||
4.00%, due 4/15/51 | 750,000 | 852,872 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Texas (continued) | ||
City of San Antonio TX, Electric & Gas Systems, Revenue Bonds | ||
5.00%, due 2/1/49 | $ 4,150,000 | $ 5,145,319 |
Dallas Area Rapid Transit, Revenue Bonds | ||
Series B | ||
4.00%, due 12/1/36 | 9,000,000 | 10,195,508 |
Dallas County Hospital District, Limited General Obligation | ||
5.00%, due 8/15/30 | 10,000,000 | 12,441,386 |
Dallas Fort Worth International Airport, Revenue Bonds | ||
Series B | ||
4.00%, due 11/1/35 | 21,390,000 | 25,164,413 |
Series C | ||
5.125%, due 11/1/43 (c) | 5,310,000 | 5,563,207 |
Grand Parkway Transportation Corp., Revenue Bonds | ||
Series C | ||
4.00%, due 10/1/49 | 26,470,000 | 30,197,169 |
Series A | ||
5.00%, due 10/1/35 | 1,500,000 | 1,856,143 |
Series A | ||
5.00%, due 10/1/43 | 8,625,000 | 10,568,922 |
Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System, Revenue Bonds | ||
Series A | ||
5.00%, due 7/1/38 | 4,280,000 | 4,942,004 |
Love Field Airport Modernization Corp., Revenue Bonds (c) | ||
Insured: AGM | ||
4.00%, due 11/1/34 | 9,500,000 | 11,249,113 |
Insured: AGM | ||
4.00%, due 11/1/35 | 7,000,000 | 8,276,153 |
Insured: AGM | ||
4.00%, due 11/1/36 | 8,000,000 | 9,432,134 |
Insured: AGM | ||
5.00%, due 11/1/33 | 10,660,000 | 13,775,880 |
North Harris County Regional Water Authority, Revenue Bonds, Senior Lien | ||
Insured: BAM | ||
5.00%, due 12/15/32 | 3,215,000 | 3,379,618 |
Principal Amount | Value | |
Texas (continued) | ||
North Texas Tollway Authority, North Texas Tollway System, Revenue Bonds | ||
Series A | ||
5.00%, due 1/1/34 | $ 1,400,000 | $ 1,585,322 |
Series A | ||
5.00%, due 1/1/35 | 2,950,000 | 3,336,534 |
Series A, Insured: BAM | ||
5.00%, due 1/1/38 | 9,500,000 | 10,722,470 |
Series B | ||
5.00%, due 1/1/40 | 22,140,000 | 23,309,672 |
Tarrant County Cultural Education Facilities Finance Corp., Buckner Retirement Services, Revenue Bonds | ||
Series A | ||
5.00%, due 11/15/23 | 1,245,000 | 1,355,991 |
Series A | ||
5.00%, due 11/15/24 | 1,305,000 | 1,475,922 |
Series A | ||
5.00%, due 11/15/25 | 1,370,000 | 1,598,781 |
Series A | ||
5.00%, due 11/15/26 | 1,440,000 | 1,721,924 |
Series B | ||
5.00%, due 11/15/46 | 3,590,000 | 4,091,714 |
Texas Department of Housing & Community Affairs, Residential Mortgage, Revenue Bonds | ||
Series A, Insured: GNMA / FNMA | ||
4.75%, due 1/1/49 | 20,000 | 22,121 |
Texas Municipal Gas Acquisition & Supply Corp. III, Gas Supply, Revenue Bonds | ||
5.00%, due 12/15/28 | 9,000,000 | 11,122,615 |
5.00%, due 12/15/29 | 22,715,000 | 28,507,866 |
Texas Municipal Gas Acquisition & Supply Corp. III, Revenue Bonds | ||
5.00%, due 12/15/30 | 3,250,000 | 4,135,288 |
Texas Municipal Power Agency, Transmission System, Revenue Bonds | ||
Insured: AGM | ||
2.00%, due 9/1/33 | 3,000,000 | 2,956,642 |
Insured: AGM | ||
3.00%, due 9/1/46 | 5,000,000 | 5,207,051 |
46 | MainStay MacKay Tax Free Bond Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Texas (continued) | ||
Texas Municipal Power Agency, Revenue Bonds | ||
Insured: AGM | ||
2.50%, due 9/1/51 | $ 2,100,000 | $ 2,009,365 |
Texas Private Activity Bond Surface Transportation Corp., LBJ Infrastructure Group LLC, Revenue Bonds, Senior Lien | ||
4.00%, due 12/31/37 | 4,250,000 | 4,966,189 |
4.00%, due 12/31/38 | 3,000,000 | 3,494,846 |
4.00%, due 6/30/39 | 3,000,000 | 3,483,625 |
Texas Public Finance Authority, Financing System-Texas Southern University, Revenue Bonds | ||
Insured: BAM | ||
4.00%, due 5/1/31 | 1,000,000 | 1,104,912 |
Insured: BAM | ||
4.00%, due 5/1/32 | 1,295,000 | 1,428,222 |
Texas State University System, Revenue Bonds | ||
Series A | ||
4.00%, due 3/15/35 | 2,000,000 | 2,327,937 |
Town of Prosper TX, Certificates Of Obligation, Limited General Obligation | ||
4.00%, due 2/15/31 | 1,235,000 | 1,437,777 |
Viridian Municipal Management District, Unlimited General Obligation | ||
Series A, Insured: BAM | ||
6.00%, due 12/1/32 | 500,000 | 578,391 |
West Harris County Regional Water Authority, Revenue Bonds | ||
Insured: BAM | ||
3.50%, due 12/15/46 | 12,210,000 | 13,544,720 |
Insured: BAM | ||
3.50%, due 12/15/60 | 30,000,000 | 32,605,899 |
5.00%, due 12/15/39 | 1,200,000 | 1,515,707 |
446,674,563 | ||
U.S. Virgin Islands 0.5% | ||
Virgin Islands Public Finance Authority, Revenue Bonds | ||
5.00%, due 9/1/30 (e) | 5,000,000 | 5,638,644 |
Principal Amount | Value | |
U.S. Virgin Islands (continued) | ||
Virgin Islands Public Finance Authority, United States Virgin Islands Federal Excise Tax, Revenue Bonds | ||
Series A, Insured: AGM | ||
5.00%, due 10/1/32 | $ 15,655,000 | $ 16,152,602 |
Virgin Islands Public Finance Authority, Matching Fund Loan, Revenue Bonds | ||
Series A | ||
5.00%, due 10/1/32 | 5,100,000 | 5,063,142 |
Series A | ||
6.625%, due 10/1/29 | 5,855,000 | 5,902,694 |
Series A | ||
6.75%, due 10/1/37 | 5,000,000 | 5,040,730 |
Virgin Islands Public Finance Authority, United States Virgin Islands, Revenue Bonds | ||
Series C, Insured: AGM | ||
5.00%, due 10/1/39 | 5,920,000 | 6,428,909 |
44,226,721 | ||
Utah 3.4% | ||
City of Salt Lake City UT, Airport, Revenue Bonds (c) | ||
Series A | ||
4.00%, due 7/1/51 | 50,145,000 | 57,064,930 |
Series A | ||
5.00%, due 7/1/42 | 18,790,000 | 22,295,955 |
Series A | ||
5.00%, due 7/1/43 | 22,555,000 | 27,063,066 |
Series A | ||
5.00%, due 7/1/46 | 17,700,000 | 21,986,220 |
Series A | ||
5.00%, due 7/1/47 | 26,195,000 | 31,049,009 |
County of Utah UT, IHC Health Services, Inc., Revenue Bonds | ||
Series A | ||
4.00%, due 5/15/43 | 9,500,000 | 11,038,295 |
Series B | ||
4.00%, due 5/15/47 | 1,670,000 | 1,799,176 |
Series A | ||
5.00%, due 5/15/43 | 19,725,000 | 24,728,735 |
Utah Charter School Finance Authority, Spectrum Academy Project, Revenue Bonds | ||
Insured: UT CSCE | ||
4.00%, due 4/15/45 | 2,975,000 | 3,369,648 |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Utah (continued) | ||
Utah Housing Corp., Revenue Bonds | ||
Series E, Insured: GNMA | ||
2.00%, due 4/21/51 | $ 9,835,984 | $ 10,016,558 |
Series F, Insured: GNMA | ||
2.50%, due 5/21/51 | 9,360,268 | 9,770,835 |
Series G, Insured: GNMA | ||
2.50%, due 6/21/51 | 11,781,550 | 12,298,321 |
Series H, Insured: GNMA | ||
2.50%, due 7/21/51 | 13,540,137 | 14,134,044 |
Utah Housing Corp., Mortgage-Backed, Revenue Bonds | ||
Series H, Insured: GNMA | ||
4.50%, due 10/21/48 | 973,640 | 1,008,989 |
Series J, Insured: GNMA | ||
4.50%, due 12/21/48 | 1,166,348 | 1,223,752 |
Series A, Insured: GNMA | ||
4.50%, due 1/21/49 | 3,016,968 | 3,165,454 |
Series B, Insured: GNMA | ||
4.50%, due 2/21/49 | 1,978,502 | 2,075,878 |
Utah Infrastructure Agency, Revenue Bonds | ||
5.00%, due 10/15/38 | 1,990,000 | 2,390,135 |
5.00%, due 10/15/41 | 2,175,000 | 2,598,045 |
Utah Transit Authority, Revenue Bonds | ||
4.00%, due 6/15/39 | 27,885,000 | 28,546,803 |
Series 2018-2 | ||
4.00%, due 12/15/41 | 13,300,000 | 15,171,097 |
Utah Transit Authority, Sales Tax, Revenue Bonds | ||
Insured: BAM | ||
5.00%, due 12/15/40 | 2,780,000 | 3,379,813 |
Weber Basin Water Conservancy District, Revenue Bonds | ||
Series A | ||
5.00%, due 10/1/44 | 5,130,000 | 6,385,937 |
312,560,695 | ||
Vermont 0.0% ‡ | ||
Vermont Educational & Health Buildings Financing Agency, Middlebury College Project, Revenue Bonds | ||
4.00%, due 11/1/36 | 1,250,000 | 1,468,820 |
Principal Amount | Value | |
Virginia 1.1% | ||
Arlington County Industrial Development Authority, Virginia Hospital Center, Revenue Bonds | ||
3.75%, due 7/1/50 | $ 10,000,000 | $ 11,148,456 |
4.00%, due 7/1/45 | 12,000,000 | 13,831,587 |
Hampton Roads Transportation Accountability Commission, Revenue Bonds, Senior Lien | ||
Series A | ||
4.00%, due 7/1/50 | 6,500,000 | 7,562,242 |
Series A | ||
4.00%, due 7/1/55 | 37,835,000 | 43,918,100 |
Virginia Housing Development Authority, Revenue Bonds | ||
Series B | ||
3.35%, due 5/1/54 | 3,800,000 | 3,955,076 |
Virginia Resources Authority, Infrastructure Revenue, Revenue Bonds | ||
Series A, Insured: Moral Obligation | ||
5.00%, due 11/1/30 | 2,245,000 | 2,353,450 |
Virginia Small Business Financing Authority, 95 Express Lanes LLC, Revenue Bonds, Senior Lien | ||
5.00%, due 7/1/49 (c) | 20,000,000 | 20,137,610 |
102,906,521 | ||
Washington 1.2% | ||
Central Puget Sound Regional Transit Authority, Sales Tax & Motor Vehicle Excise Tax, Green Bond, Revenue Bonds | ||
Series S-1 | ||
3.00%, due 11/1/36 | 3,200,000 | 3,520,800 |
Port of Seattle, Revenue Bonds | ||
Series C | ||
5.00%, due 8/1/37 (c) | 10,605,000 | 13,549,975 |
State of Washington, Unlimited General Obligation | ||
Series A | ||
5.00%, due 8/1/31 | 5,310,000 | 7,092,920 |
Series A | ||
5.00%, due 8/1/32 | 19,750,000 | 26,295,812 |
Series A | ||
5.00%, due 8/1/41 | 9,905,000 | 12,890,975 |
48 | MainStay MacKay Tax Free Bond Fund |
Principal Amount | Value | |
Long-Term Municipal Bonds (continued) | ||
Washington (continued) | ||
University of Washington, Revenue Bonds | ||
Series A | ||
4.00%, due 4/1/38 | $ 1,860,000 | $ 2,213,460 |
Series A | ||
4.00%, due 4/1/39 | 2,345,000 | 2,784,289 |
Series B | ||
5.00%, due 6/1/37 | 2,765,000 | 3,170,376 |
Washington Higher Education Facilities Authority, Seattle Pacific University Project, Revenue Bonds | ||
Series A | ||
5.00%, due 10/1/32 | 1,330,000 | 1,668,692 |
Series A | ||
5.00%, due 10/1/35 | 1,000,000 | 1,247,088 |
Series A | ||
5.00%, due 10/1/38 | 1,175,000 | 1,455,017 |
Series A | ||
5.00%, due 10/1/45 | 1,600,000 | 1,951,085 |
Washington State Convention Center Public Facilities District, Lodging Tax, Revenue Bonds | ||
Series B, Insured: AGM | ||
3.00%, due 7/1/58 | 3,640,000 | 3,785,197 |
Series B, Insured: AGM | ||
3.00%, due 7/1/58 | 22,290,000 | 23,179,130 |
Washington State Housing Finance Commission, Single Family Program, Revenue Bonds | ||
Series 1N | ||
4.00%, due 12/1/48 | 4,525,000 | 4,897,827 |
Series 1N | ||
4.00%, due 6/1/49 | 240,000 | 260,807 |
109,963,450 | ||
Wisconsin 0.3% | ||
Public Finance Authority, Appalachian Regional Healthcare System Obligated Group, Revenue Bonds | ||
5.00%, due 7/1/39 | 350,000 | 439,502 |
Wisconsin Center District, Junior Dedicated, Revenue Bonds, Junior Lien | ||
Series A | ||
5.00%, due 12/15/31 | 3,665,000 | 3,826,261 |
Principal Amount | Value | |
Wisconsin (continued) | ||
Wisconsin Center District, Junior Dedicated, Revenue Bonds, Junior Lien (continued) | ||
Series A | ||
5.00%, due 12/15/32 | $ 2,850,000 | $ 2,972,959 |
Wisconsin Health & Educational Facilities Authority, Aspirus, Inc. Obligated Group, Revenue Bonds | ||
4.00%, due 8/15/46 (d) | 12,500,000 | 14,308,770 |
Wisconsin Health & Educational Facilities Authority, Miriam Osborn Memorial Home Association Project, Revenue Bonds | ||
Series C | ||
5.00%, due 2/15/23 | 2,110,000 | 2,234,571 |
Wisconsin Housing & Economic Development Authority, Revenue Bonds | ||
Series D | ||
4.00%, due 3/1/47 | 4,230,000 | 4,608,439 |
28,390,502 | ||
Wyoming 0.1% | ||
Wyoming Community Development Authority, Revenue Bonds | ||
Series 3 | ||
4.00%, due 6/1/43 | 3,045,000 | 3,286,812 |
Series 1 | ||
4.00%, due 12/1/48 | 2,975,000 | 3,228,009 |
6,514,821 | ||
Total Long-Term Municipal Bonds (Cost $8,024,375,255) | 8,400,518,798 | |
Short-Term Municipal Notes 5.5% | ||
Arkansas 0.1% | ||
City of Osceola AR, Plum Point Energy Associates LLC Project, Revenue Bonds | ||
0.06%, due 4/1/36 (f) | 5,000,000 | 5,000,000 |
California 0.6% | ||
California Pollution Control Financing Authority, Republic Services, Inc., Revenue Bonds (e)(f) | ||
Series B | ||
0.13%, due 8/1/24 | 4,500,000 | 4,500,000 |
Principal Amount | Value | |
Short-Term Municipal Notes (continued) | ||
California (continued) | ||
California Pollution Control Financing Authority, Republic Services, Inc., Revenue Bonds (e)(f) (continued) | ||
Series A | ||
0.18%, due 8/1/23 (c) | $ 25,000,000 | $ 25,000,000 |
Metropolitan Water District of Southern California, Waterworks, Revenue Bonds | ||
Series C | ||
0.19%, due 7/1/47 (f) | 15,000,000 | 15,005,056 |
State of California, Unlimited General Obligation | ||
Series A | ||
0.01%, due 5/1/48 (f) | 10,000,000 | 10,000,000 |
54,505,056 | ||
Colorado 0.1% | ||
E-470 Public Highway Authority, Revenue Bonds | ||
Series B | ||
0.384%, due 9/1/39 (f) | 7,500,000 | 7,517,932 |
Connecticut 0.1% | ||
Connecticut State Health & Educational Facilities Authority, Yale-New Haven Health Obligated Group, Revenue Bonds | ||
Series C | ||
0.06%, due 7/1/25 (f) | 6,900,000 | 6,900,000 |
District of Columbia 0.1% | ||
Tender Option Bond Trust Receipts/Certificates, Revenue Bonds | ||
Series 2020-YX1120 | ||
0.08%, due 10/1/49 (e)(f) | 8,390,000 | 8,390,000 |
Georgia 0.7% | ||
Development Authority of Appling County, Oglethorpe Power Corp. Project, Revenue Bonds | ||
Series A | ||
1.50%, due 1/1/38 (f) | 2,500,000 | 2,562,368 |
Principal Amount | Value | |
Georgia (continued) | ||
Development Authority of Burke County (The), Georgia Power Company Plant Vogtle Project, Revenue Bonds (f) | ||
0.09%, due 11/1/52 | $ 22,655,000 | $ 22,655,000 |
0.12%, due 11/1/48 | 15,000,000 | 15,000,000 |
Development Authority of Burke County (The), Oglethorpe Power Corp. Project, Revenue Bonds | ||
Series A | ||
1.50%, due 1/1/40 (f) | 7,365,000 | 7,548,735 |
Development Authority of Floyd County, Georgia Power Company Hammond Project, Revenue Bonds, First Series | ||
0.08%, due 7/1/22 (f) | 15,000,000 | 15,000,000 |
Development Authority of Monroe County (The), Oglethorpe Power Corp. Scherer Project, Revenue Bonds | ||
Series A | ||
1.50%, due 1/1/39 (f) | 3,750,000 | 3,843,552 |
66,609,655 | ||
Illinois 0.2% | ||
Tender Option Bond Trust Receipts/Certificates, Revenue Bonds | ||
Series 2015-XF1009, Insured: AGM | ||
0.09%, due 6/15/32 (e)(f) | 17,390,000 | 17,390,000 |
Kentucky 0.1% | ||
County of Meade KY, Nucor Corp., Green Bond, Revenue Bonds | ||
Series A-1 | ||
0.06%, due 7/1/60 (c)(f) | 8,160,000 | 8,160,000 |
Maryland 0.4% | ||
Maryland Health & Higher Educational Facilities Authority, University of Maryland Medical System, Revenue Bonds | ||
Series E | ||
0.03%, due 7/1/41 (f) | 33,885,000 | 33,885,000 |
50 | MainStay MacKay Tax Free Bond Fund |
Principal Amount | Value | |
Short-Term Municipal Notes (continued) | ||
Michigan 0.0% ‡ | ||
Michigan State Building Authority, Multi-Modal Facilities Program, Revenue Bonds | ||
Series III | ||
0.09%, due 10/15/42 (f) | $ 3,500,000 | $ 3,500,000 |
Minnesota 0.2% | ||
County of Hennepin MN, Unlimited General Obligation | ||
Series B | ||
0.05%, due 12/1/38 (f) | 22,260,000 | 22,260,000 |
Missouri 0.1% | ||
Rib Floater Trust Various States, Revenue Bonds | ||
Series 2019-016 | ||
0.09%, due 6/1/45 (e)(f) | 11,000,000 | 11,000,000 |
Tender Option Bond Trust Receipts/Certificates, Revenue Bonds | ||
Series 2020-YX1159 | ||
0.10%, due 3/1/46 (e)(f) | 3,165,000 | 3,165,000 |
14,165,000 | ||
New Jersey 0.3% | ||
New Jersey Economic Development Authority, New Jersey-American Water Co., Inc., Revenue Bonds | ||
Series D | ||
1.10%, due 11/1/29 (c)(f) | 5,000,000 | 4,955,847 |
New Jersey Turnpike Authority, Revenue Bonds | ||
Series D-1 | ||
0.758%, due 1/1/24 (f) | 25,750,000 | 25,988,298 |
30,944,145 | ||
New York 0.6% | ||
City of New York NY, Limited General Obligation (f) | ||
Series 3 | ||
0.11%, due 4/1/42 | 7,500,000 | 7,500,000 |
Series 2 | ||
0.11%, due 4/1/42 | 9,900,000 | 9,900,000 |
Metropolitan Transportation Authority, Revenue Bonds | ||
Insured: AGM | ||
0.584%, due 11/1/32 (f) | 28,000,000 | 28,100,705 |
Principal Amount | Value | |
New York (continued) | ||
New York City Housing Development Corp., Multi-Family, Sustainable Neighborhood, Revenue Bonds | ||
Series E-3 | ||
0.05%, due 5/1/59 (f) | $ 2,300,000 | $ 2,300,000 |
Tender Option Bond Trust Receipts/Certificates, Revenue Bonds | ||
Series 2016-XM0454 | ||
0.13%, due 9/15/40 (e)(f) | 5,000,000 | 5,000,000 |
Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels, Revenue Bonds | ||
Series 2005B-4A | ||
0.414%, due 1/1/32 (f) | 2,750,000 | 2,753,654 |
55,554,359 | ||
North Carolina 0.2% | ||
Raleigh Durham Airport Authority, Revenue Bonds | ||
Series C | ||
0.03%, due 5/1/36 (f) | 20,680,000 | 20,680,000 |
Ohio 0.1% | ||
State of Ohio, Capital Facilities, Revenue Bonds | ||
Series C | ||
0.07%, due 10/1/36 (f) | 9,500,000 | 9,500,000 |
Oregon 0.1% | ||
Oregon State Facilities Authority, PeaceHealth Obligated Group, Revenue Bonds | ||
Series B | ||
0.03%, due 8/1/34 (f) | 9,200,000 | 9,200,000 |
South Carolina 0.0% ‡ | ||
South Carolina State Housing Finance & Development Authority, Franklin Square LP, Revenue Bonds | ||
0.06%, due 11/1/41 (f) | 200,000 | 200,000 |
Principal Amount | Value | |
Short-Term Municipal Notes (continued) | ||
Texas 0.9% | ||
Harris County Health Facilities Development Corp., Methodist Hospital, Revenue Bonds (f) | ||
Series A-1 | ||
0.03%, due 12/1/41 | $ 22,825,000 | $ 22,825,000 |
Series A-2 | ||
0.03%, due 12/1/41 | 14,875,000 | 14,875,000 |
Texas Municipal Gas Acquisition & Supply Corp. II, Revenue Bonds | ||
Series C | ||
0.767%, due 9/15/27 (f) | 43,200,000 | 43,434,684 |
81,134,684 | ||
Wisconsin 0.6% | ||
Public Finance Authority, Waste Management, Inc., Revenue Bonds | ||
Series A | ||
0.20%, due 9/1/27 (c)(f) | 12,000,000 | 12,000,000 |
State of Wisconsin, Unlimited General Obligation | ||
Series A | ||
0.055%, due 5/1/29 (f) | 25,000,000 | 25,000,000 |
Wisconsin Health & Educational Facilities Authority, Educational Facilities Authority, Marshfield Clinic Health System Inc., Revenue Bonds | ||
Series A | ||
0.04%, due 2/15/50 (f) | 18,685,000 | 18,685,000 |
55,685,000 | ||
Total Short-Term Municipal Notes (Cost $510,496,117) | 511,180,831 | |
Total Municipal Bonds (Cost $8,534,871,372) | 8,911,699,629 | |
Shares | ||
Closed-End Funds 1.2% | ||
California 0.9% | ||
Invesco California Value Municipal Income Trust, 1.10%, due 12/1/22(e) | 80,000,000 | 80,000,000 |
Shares | Value | ||
New York 0.2% | |||
Nuveen New York Quality Municipal Income Fund, 0.25%, due 5/1/47 (c)(e) | 20,000,000 | $ 20,000,000 | |
North Carolina 0.0% ‡ | |||
Invesco Municipal Income Opportunities Trust II, 1.10%, due 12/1/22 (e)(g) | 5,000,000 | 5,000,000 | |
Wisconsin 0.1% | |||
Nuveen Quality Municipal Income Fund, 0.25%, due 3/1/29 | 11,800,000 | 11,800,000 | |
Total Closed-End Funds (Cost $116,800,000) | 116,800,000 | ||
Short-Term Investments 4.7% | |||
Unaffiliated Investment Companies 4.7% | |||
BlackRock Liquidity Funds MuniCash, 0.005% (h) | 328,346,325 | 328,381,378 | |
JPMorgan Institutional Tax Free Money Market Fund, 0.006% (h) | 109,405,017 | 109,459,720 | |
Total Short-Term Investments (Cost $437,841,098) | 437,841,098 | ||
Total Investments (Cost $9,089,512,470) | 101.4% | 9,466,340,727 | |
Other Assets, Less Liabilities | (1.4) | (132,995,107) | |
Net Assets | 100.0% | $ 9,333,345,620 |
† | Percentages indicated are based on Fund net assets. |
‡ | Less than one-tenth of a percent. |
(a) | Step coupon—Rate shown was the rate in effect as of October 31, 2021. |
(b) | Coupon rate may change based on changes of the underlying collateral or prepayments of principal. Rate shown was the rate in effect as of October 31, 2021. |
(c) | Interest on these securities was subject to alternative minimum tax. |
(d) | Delayed delivery security. |
(e) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
52 | MainStay MacKay Tax Free Bond Fund |
(f) | Variable-rate demand notes (VRDNs)—Provide the right to sell the security at face value on either that day or within the rate-reset period. VRDNs will normally trade as if the maturity is the earlier put date, even though stated maturity is longer. The interest rate is reset on the put date at a stipulated daily, weekly, monthly, quarterly, or other specified time interval to reflect current market conditions. These securities do not indicate a reference rate and spread in their description. The maturity date shown is the final maturity. |
(g) | Floating rate—Rate shown was the rate in effect as of October 31, 2021. |
(h) | Current yield as of October 31, 2021. |
Type | Number of Contracts | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)2 |
Short Contracts | |||||
U.S. Treasury 10 Year Notes | (4,750) | December 2021 | $ (631,829,249) | $ (620,839,844) | $ 10,989,406 |
U.S. Treasury Long Bonds | (750) | December 2021 | (121,715,035) | (120,632,813) | 1,082,222 |
Net Unrealized Appreciation | $ 12,071,628 |
1. | As of October 31, 2021, cash in the amount of $9,275,000 was on deposit with a broker or futures commission merchant for futures transactions. |
2. | Represents the difference between the value of the contracts at the time they were opened and the value as of October 31, 2021. |
Abbreviation(s): |
AGC—Assured Guaranty Corp. |
AGM—Assured Guaranty Municipal Corp. |
BAM—Build America Mutual Assurance Co. |
BHAC—Berkshire Hathaway Assurance Corp. |
COMMWLTH GTD—Commonwealth Guaranteed |
CR—Custodial Receipts |
FGIC—Financial Guaranty Insurance Company |
FHA—Federal Housing Administration |
FHLMC—Federal Home Loan Mortgage Corp. |
FNMA—Federal National Mortgage Association |
GNMA—Government National Mortgage Association |
ICR—Issuer credit ratings |
MUN GOVT GTD—Municipal Government Guaranteed |
NATL—National Public Finance Guarantee Corp. |
NATL-RE—National Public Finance Guarantee Corp. |
Q-SBLF—Qualified School Board Loan Fund |
SD CRED PROG—School District Credit Enhancement Program |
UT CSCE—Utah Charter School Credit Enhancement Program |
XLCA—XL Capital Assurance |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Municipal Bonds | |||||||
Long-Term Municipal Bonds | $ — | $ 8,400,518,798 | $ — | $ 8,400,518,798 | |||
Short-Term Municipal Notes | — | 511,180,831 | — | 511,180,831 | |||
Total Municipal Bonds | — | 8,911,699,629 | — | 8,911,699,629 | |||
Closed-End Funds | — | 116,800,000 | — | 116,800,000 | |||
Short-Term Investments | |||||||
Unaffiliated Investment Companies | 437,841,098 | — | — | 437,841,098 | |||
Total Investments in Securities | 437,841,098 | 9,028,499,629 | — | 9,466,340,727 | |||
Other Financial Instruments | |||||||
Futures Contracts (b) | 12,071,628 | — | — | 12,071,628 | |||
Total Other Financial Instruments | 12,071,628 | — | — | 12,071,628 | |||
Total Investments in Securities and Other Financial Instruments | $ 449,912,726 | $ 9,028,499,629 | $ — | $ 9,478,412,355 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
(b) | The value listed for these securities reflects unrealized appreciation (depreciation) as shown on the Portfolio of Investments. |
54 | MainStay MacKay Tax Free Bond Fund |
Assets | |
Investment in securities, at value (identified cost $9,089,512,470) | $9,466,340,727 |
Cash | 822 |
Cash collateral on deposit at broker for futures contracts | 9,275,000 |
Receivables: | |
Interest | 93,621,492 |
Fund shares sold | 29,332,421 |
Investment securities sold | 26,520,903 |
Other assets | 37,909 |
Total assets | 9,625,129,274 |
Liabilities | |
Payables: | |
Investment securities purchased | 266,442,833 |
Fund shares redeemed | 16,528,925 |
Manager (See Note 3) | 3,199,609 |
NYLIFE Distributors (See Note 3) | 742,760 |
Transfer agent (See Note 3) | 533,068 |
Variation margin on futures contracts | 35,141 |
Professional fees | 33,896 |
Trustees | 7,418 |
Shareholder communication | 6,351 |
Custodian | 1,977 |
Accrued expenses | 14,195 |
Distributions payable | 4,237,481 |
Total liabilities | 291,783,654 |
Net assets | $9,333,345,620 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.01 per share) unlimited number of shares authorized | $ 8,802,992 |
Additional paid-in-capital | 9,020,875,632 |
9,029,678,624 | |
Total distributable earnings (loss) | 303,666,996 |
Net assets | $9,333,345,620 |
Class A | |
Net assets applicable to outstanding shares | $3,134,090,295 |
Shares of beneficial interest outstanding | 295,657,436 |
Net asset value per share outstanding | $ 10.60 |
Maximum sales charge (4.50% of offering price) | 0.50 |
Maximum offering price per share outstanding | $ 11.10 |
Investor Class | |
Net assets applicable to outstanding shares | $ 9,026,938 |
Shares of beneficial interest outstanding | 847,792 |
Net asset value per share outstanding | $ 10.65 |
Maximum sales charge (4.00% of offering price) | 0.44 |
Maximum offering price per share outstanding | $ 11.09 |
Class B | |
Net assets applicable to outstanding shares | $ 7,006,158 |
Shares of beneficial interest outstanding | 661,120 |
Net asset value and offering price per share outstanding | $ 10.60 |
Class C | |
Net assets applicable to outstanding shares | $ 194,544,722 |
Shares of beneficial interest outstanding | 18,348,176 |
Net asset value and offering price per share outstanding | $ 10.60 |
Class C2 | |
Net assets applicable to outstanding shares | $ 2,990,013 |
Shares of beneficial interest outstanding | 282,169 |
Net asset value and offering price per share outstanding | $ 10.60 |
Class I | |
Net assets applicable to outstanding shares | $5,709,407,903 |
Shares of beneficial interest outstanding | 538,460,607 |
Net asset value and offering price per share outstanding | $ 10.60 |
Class R6 | |
Net assets applicable to outstanding shares | $ 276,279,591 |
Shares of beneficial interest outstanding | 26,041,934 |
Net asset value and offering price per share outstanding | $ 10.61 |
Investment Income (Loss) | |
Income | |
Interest | $202,236,834 |
Expenses | |
Manager (See Note 3) | 35,074,826 |
Distribution/Service—Class A (See Note 3) | 7,261,573 |
Distribution/Service—Investor Class (See Note 3) | 22,929 |
Distribution/Service—Class B (See Note 3) | 40,681 |
Distribution/Service—Class C (See Note 3) | 1,065,582 |
Distribution/Service—Class C2 (See Note 3) | 11,274 |
Transfer agent (See Note 3) | 4,570,762 |
Registration | 597,606 |
Professional fees | 386,932 |
Shareholder communication | 226,452 |
Trustees | 189,655 |
Custodian | 91,899 |
Insurance | 51,495 |
Miscellaneous | 196,198 |
Total expenses | 49,787,864 |
Net investment income (loss) | 152,448,970 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | 46,205,366 |
Futures transactions | 6,619,638 |
Net realized gain (loss) | 52,825,004 |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | 87,009,823 |
Futures contracts | 9,247,889 |
Net change in unrealized appreciation (depreciation) | 96,257,712 |
Net realized and unrealized gain (loss) | 149,082,716 |
Net increase (decrease) in net assets resulting from operations | $301,531,686 |
56 | MainStay MacKay Tax Free Bond Fund |
for the years ended October 31, 2021 and October 31, 2020
2021 | 2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 152,448,970 | $ 133,277,608 |
Net realized gain (loss) | 52,825,004 | 16,233,287 |
Net change in unrealized appreciation (depreciation) | 96,257,712 | 85,374,477 |
Net increase (decrease) in net assets resulting from operations | 301,531,686 | 234,885,372 |
Distributions to shareholders: | ||
Class A | (62,271,084) | (61,436,754) |
Investor Class | (194,857) | (252,488) |
Class B | (154,197) | (272,310) |
Class C | (4,017,163) | (5,412,059) |
Class C2 | (28,298) | (295) |
Class I | (123,894,470) | (98,634,481) |
Class R6 | (6,007,788) | (2,964,947) |
Total distributions to shareholders | (196,567,857) | (168,973,334) |
Capital share transactions: | ||
Net proceeds from sales of shares | 3,301,684,748 | 4,265,384,837 |
Net asset value of shares issued to shareholder in reinvestment of distributions | 144,640,383 | 122,276,059 |
Cost of shares redeemed | (1,760,456,507) | (1,754,536,854) |
Increase (decrease) in net assets derived from capital share transactions | 1,685,868,624 | 2,633,124,042 |
Net increase (decrease) in net assets | 1,790,832,453 | 2,699,036,080 |
Net Assets | ||
Beginning of year | 7,542,513,167 | 4,843,477,087 |
End of year | $ 9,333,345,620 | $ 7,542,513,167 |
Year Ended October 31, | |||||||||
Class A | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 10.43 | $ 10.33 | $ 9.80 | $ 10.02 | $ 10.18 | ||||
Net investment income (loss) | 0.17(a) | 0.26 | 0.30 | 0.31 | 0.31 | ||||
Net realized and unrealized gain (loss) | 0.23 | 0.11 | 0.53 | (0.22) | (0.16) | ||||
Total from investment operations | 0.40 | 0.37 | 0.83 | 0.09 | 0.15 | ||||
Less distributions: | |||||||||
From net investment income | (0.23) | (0.27) | (0.30) | (0.31) | (0.31) | ||||
Net asset value at end of year | $ 10.60 | $ 10.43 | $ 10.33 | $ 9.80 | $ 10.02 | ||||
Total investment return (b) | 3.84% | 3.66% | 8.55% | 0.94% | 1.50% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.63% | 2.04% | 2.93% | 3.15% | 3.05% | ||||
Net expenses (c) | 0.73% | 0.75% | 0.78% | 0.80% | 0.81% | ||||
Portfolio turnover rate | 39%(d) | 72%(d) | 38%(d) | 40% | 62% | ||||
Net assets at end of year (in 000’s) | $ 3,134,090 | $ 2,674,765 | $ 1,728,643 | $ 1,405,803 | $ 1,564,955 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | The portfolio turnover rate includes variable rate demand notes. |
Year Ended October 31, | |||||||||
Investor Class | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 10.48 | $ 10.38 | $ 9.84 | $ 10.06 | $ 10.23 | ||||
Net investment income (loss) | 0.17(a) | 0.20 | 0.30 | 0.32 | 0.31 | ||||
Net realized and unrealized gain (loss) | 0.23 | 0.17 | 0.54 | (0.22) | (0.17) | ||||
Total from investment operations | 0.40 | 0.37 | 0.84 | 0.10 | 0.14 | ||||
Less distributions: | |||||||||
From net investment income | (0.23) | (0.27) | (0.30) | (0.32) | (0.31) | ||||
Net asset value at end of year | $ 10.65 | $ 10.48 | $ 10.38 | $ 9.84 | $ 10.06 | ||||
Total investment return (b) | 3.80% | 3.64% | 8.63% | 0.97% | 1.43% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.61% | 2.04% | 2.95% | 3.17% | 3.10% | ||||
Net expenses (c) | 0.76% | 0.76% | 0.77% | 0.78% | 0.79% | ||||
Portfolio turnover rate | 39%(d) | 72%(d) | 38%(d) | 40% | 62% | ||||
Net assets at end of year (in 000's) | $ 9,027 | $ 9,334 | $ 9,815 | $ 9,690 | $ 10,216 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | The portfolio turnover rate includes variable rate demand notes. |
58 | MainStay MacKay Tax Free Bond Fund |
Year Ended October 31, | |||||||||
Class B | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 10.43 | $ 10.33 | $ 9.80 | $ 10.01 | $ 10.18 | ||||
Net investment income (loss) | 0.15(a) | 0.12 | 0.27 | 0.29 | 0.28 | ||||
Net realized and unrealized gain (loss) | 0.22 | 0.23 | 0.53 | (0.21) | (0.17) | ||||
Total from investment operations | 0.37 | 0.35 | 0.80 | 0.08 | 0.11 | ||||
Less distributions: | |||||||||
From net investment income | (0.20) | (0.25) | (0.27) | (0.29) | (0.28) | ||||
Net asset value at end of year | $ 10.60 | $ 10.43 | $ 10.33 | $ 9.80 | $ 10.01 | ||||
Total investment return (b) | 3.56% | 3.38% | 8.28% | 0.81% | 1.17% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.38% | 1.80% | 2.71% | 2.92% | 2.85% | ||||
Net expenses (c) | 1.01% | 1.01% | 1.02% | 1.03% | 1.04% | ||||
Portfolio turnover rate | 39%(d) | 72%(d) | 38%(d) | 40% | 62% | ||||
Net assets at end of year (in 000’s) | $ 7,006 | $ 9,286 | $ 12,354 | $ 14,704 | $ 17,068 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | The portfolio turnover rate includes variable rate demand notes. |
Year Ended October 31, | |||||||||
Class C | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 10.44 | $ 10.34 | $ 9.80 | $ 10.02 | $ 10.18 | ||||
Net investment income (loss) | 0.15(a) | 0.18 | 0.27 | 0.29 | 0.28 | ||||
Net realized and unrealized gain (loss) | 0.21 | 0.17 | 0.54 | (0.22) | (0.16) | ||||
Total from investment operations | 0.36 | 0.35 | 0.81 | 0.07 | 0.12 | ||||
Less distributions: | |||||||||
From net investment income | (0.20) | (0.25) | (0.27) | (0.29) | (0.28) | ||||
Net asset value at end of year | $ 10.60 | $ 10.44 | $ 10.34 | $ 9.80 | $ 10.02 | ||||
Total investment return (b) | 3.46% | 3.38% | 8.39% | 0.71% | 1.27% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.37% | 1.79% | 2.69% | 2.92% | 2.85% | ||||
Net expenses (c) | 1.01% | 1.01% | 1.02% | 1.03% | 1.04% | ||||
Portfolio turnover rate | 39%(d) | 72%(d) | 38%(d) | 40% | 62% | ||||
Net assets at end of year (in 000’s) | $ 194,545 | $ 220,146 | $ 225,762 | $ 213,883 | $ 241,526 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | The portfolio turnover rate includes variable rate demand notes. |
Year Ended October 31, | August 31, 2020^ through October 31, 2020 | ||
Class C2 | 2021 | ||
Net asset value at beginning of period | $ 10.43 | $ 10.52 | |
Net investment income (loss) | 0.12(a) | 0.03 | |
Net realized and unrealized gain (loss) | 0.23 | (0.09) | |
Total from investment operations | 0.35 | (0.06) | |
Less distributions: | |||
From net investment income | (0.18) | (0.03) | |
Net asset value at end of period | $ 10.60 | $ 10.43 | |
Total investment return (b) | 3.39% | (0.54)% | |
Ratios (to average net assets)/Supplemental Data: | |||
Net investment income (loss) | 1.12% | 1.02%†† | |
Net expenses (c) | 1.15% | 1.15%†† | |
Portfolio turnover rate (d) | 39% | 72% | |
Net assets at end of period (in 000’s) | $ 2,990 | $ 251 |
^ | Inception date. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | The portfolio turnover rate includes variable rate demand notes. |
Year Ended October 31, | |||||||||
Class I | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 10.44 | $ 10.34 | $ 9.80 | $ 10.02 | $ 10.18 | ||||
Net investment income (loss) | 0.20(a) | 0.29 | 0.32 | 0.34 | 0.33 | ||||
Net realized and unrealized gain (loss) | 0.22 | 0.11 | 0.54 | (0.22) | (0.16) | ||||
Total from investment operations | 0.42 | 0.40 | 0.86 | 0.12 | 0.17 | ||||
Less distributions: | |||||||||
From net investment income | (0.26) | (0.30) | (0.32) | (0.34) | (0.33) | ||||
Net asset value at end of year | $ 10.60 | $ 10.44 | $ 10.34 | $ 9.80 | $ 10.02 | ||||
Total investment return (b) | 4.00% | 3.91% | 8.93% | 1.19% | 1.75% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.87% | 2.28% | 3.14% | 3.40% | 3.31% | ||||
Net expenses (c) | 0.48% | 0.50% | 0.52% | 0.55% | 0.56% | ||||
Portfolio turnover rate | 39%(d) | 72%(d) | 38%(d) | 40% | 62% | ||||
Net assets at end of year (in 000’s) | $ 5,709,408 | $ 4,430,985 | $ 2,866,903 | $ 1,320,591 | $ 1,019,263 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | The portfolio turnover rate includes variable rate demand notes. |
60 | MainStay MacKay Tax Free Bond Fund |
Year Ended October 31, | November 1, 2019^ through October 31, | ||
Class R6 | 2021 | 2020 | |
Net asset value at beginning of period | $ 10.44 | $ 10.34 | |
Net investment income (loss) | 0.21(a) | 0.27 | |
Net realized and unrealized gain (loss) | 0.22 | 0.13 | |
Total from investment operations | 0.43 | 0.40 | |
Less distributions: | |||
From net investment income | (0.26) | (0.30) | |
Net asset value at end of period | $ 10.61 | $ 10.44 | |
Total investment return (b) | 4.15% | 3.95% | |
Ratios (to average net assets)/Supplemental Data: | |||
Net investment income (loss) | 1.92% | 2.27% | |
Net expenses (c) | 0.43% | 0.44% | |
Portfolio turnover rate (d) | 39% | 72% | |
Net assets at end of period (in 000’s) | $ 276,280 | $ 197,746 |
^ | Inception date. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R6 shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | The portfolio turnover rate includes variable rate demand notes. |
Class | Commenced Operations |
Class A | January 3, 1995 |
Investor Class | February 28, 2008 |
Class B | May 1, 1986 |
Class C | September 1, 1998 |
Class C2 | August 31, 2020 |
Class I | December 21, 2009 |
Class R6 | November 1, 2019 |
SIMPLE Class | N/A* |
* | SIMPLE Class shares were registered for sale effective as of August 31, 2020 but have not yet commenced operations. |
62 | MainStay MacKay Tax Free Bond Fund |
• | Level 1—quoted prices in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Fund's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• Benchmark yields | • Reported trades |
• Broker/dealer quotes | • Issuer spreads |
• Two-sided markets | • Benchmark securities |
• Bids/offers | • Reference data (corporate actions or material event notices) |
• Industry and economic events | • Comparable bonds |
• Monthly payment information |
64 | MainStay MacKay Tax Free Bond Fund |
Asset Derivatives | Interest Rate Contracts Risk | Total |
Futures Contracts - Net Assets—Net unrealized appreciation on futures contracts (a) | $12,071,628 | $12,071,628 |
Total Fair Value | $12,071,628 | $12,071,628 |
(a) | Includes cumulative appreciation (depreciation) of futures contracts as reported in the Portfolio of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Net Realized Gain (Loss) from: | Interest Rate Contracts Risk | Total |
Futures Contracts | $6,619,638 | $6,619,638 |
Total Net Realized Gain (Loss) | $6,619,638 | $6,619,638 |
66 | MainStay MacKay Tax Free Bond Fund |
Net Change in Unrealized Appreciation (Depreciation) | Interest Rate Contracts Risk | Total |
Futures Contracts | $9,247,889 | $9,247,889 |
Total Net Change in Unrealized Appreciation (Depreciation) | $9,247,889 | $9,247,889 |
Average Notional Amount | Total |
Futures Contracts Short | $(611,264,388) |
Class | Expense | Waived |
Class A | $1,569,277 | $— |
Investor Class | 7,024 | — |
Class B | 6,217 | — |
Class C | 163,115 | — |
Class C2 | 1,361 | — |
Class I | 2,813,893 | — |
Class R6 | 9,875 | — |
Class C2 | $25,675 | 0.9% |
Class R6 | 27,014 | 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 | $9,189,196,872 | $291,535,030 | $(14,391,175) | $277,143,855 |
Ordinary income | Undistributed Tax Exempt Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$— | $3,848,771 | $26,911,851 | $(4,237,481) | $277,143,855 | $303,666,996 |
68 | MainStay MacKay Tax Free Bond Fund |
2021 | 2020 | |
Distributions paid from: | ||
Ordinary Income | $ 1,569,420 | $ 322,848 |
Exempt Interest Dividends | 194,998,437 | 168,650,486 |
Total | $196,567,857 | $168,973,334 |
Class A | Shares | Amount |
Year ended October 31, 2021: | ||
Shares sold | 99,478,301 | $1,062,918,922 |
Shares issued to shareholders in reinvestment of distributions | 5,084,065 | 54,338,767 |
Shares redeemed | (65,780,209) | (702,941,180) |
Net increase (decrease) in shares outstanding before conversion | 38,782,157 | 414,316,509 |
Shares converted into Class A (See Note 1) | 681,707 | 7,257,068 |
Shares converted from Class A (See Note 1) | (159,616) | (1,709,072) |
Net increase (decrease) | 39,304,248 | $ 419,864,505 |
Year ended October 31, 2020: | ||
Shares sold | 157,611,398 | $1,621,322,710 |
Shares issued to shareholders in reinvestment of distributions | 5,260,382 | 54,696,460 |
Shares redeemed | (73,877,620) | (761,621,950) |
Net increase (decrease) in shares outstanding before conversion | 88,994,160 | 914,397,220 |
Shares converted into Class A (See Note 1) | 541,773 | 5,625,267 |
Shares converted from Class A (See Note 1) | (472,247) | (4,948,405) |
Net increase (decrease) | 89,063,686 | $ 915,074,082 |
Investor Class | Shares | Amount |
Year ended October 31, 2021: | ||
Shares sold | 161,146 | $ 1,727,078 |
Shares issued to shareholders in reinvestment of distributions | 17,057 | 183,105 |
Shares redeemed | (115,386) | (1,241,105) |
Net increase (decrease) in shares outstanding before conversion | 62,817 | 669,078 |
Shares converted into Investor Class (See Note 1) | 53,106 | 568,532 |
Shares converted from Investor Class (See Note 1) | (158,778) | (1,706,829) |
Net increase (decrease) | (42,855) | $ (469,219) |
Year ended October 31, 2020: | ||
Shares sold | 218,794 | $ 2,273,329 |
Shares issued to shareholders in reinvestment of distributions | 22,612 | 236,084 |
Shares redeemed | (114,676) | (1,193,871) |
Net increase (decrease) in shares outstanding before conversion | 126,730 | 1,315,542 |
Shares converted into Investor Class (See Note 1) | 39,045 | 407,397 |
Shares converted from Investor Class (See Note 1) | (221,001) | (2,293,359) |
Net increase (decrease) | (55,226) | $ (570,420) |
Class B | Shares | Amount |
Year ended October 31, 2021: | ||
Shares sold | 981 | $ 10,463 |
Shares issued to shareholders in reinvestment of distributions | 13,643 | 145,760 |
Shares redeemed | (201,005) | (2,144,217) |
Net increase (decrease) in shares outstanding before conversion | (186,381) | (1,987,994) |
Shares converted from Class B (See Note 1) | (42,736) | (456,262) |
Net increase (decrease) | (229,117) | $ (2,444,256) |
Year ended October 31, 2020: | ||
Shares sold | 253,107 | $ 2,612,189 |
Shares issued to shareholders in reinvestment of distributions | 24,633 | 255,982 |
Shares redeemed | (546,601) | (5,546,225) |
Net increase (decrease) in shares outstanding before conversion | (268,861) | (2,678,054) |
Shares converted from Class B (See Note 1) | (36,760) | (381,759) |
Net increase (decrease) | (305,621) | $ (3,059,813) |
Class C | Shares | Amount |
Year ended October 31, 2021: | ||
Shares sold | 3,305,683 | $ 35,365,767 |
Shares issued to shareholders in reinvestment of distributions | 290,475 | 3,105,096 |
Shares redeemed | (5,862,251) | (62,577,165) |
Net increase (decrease) in shares outstanding before conversion | (2,266,093) | (24,106,302) |
Shares converted from Class C (See Note 1) | (479,209) | (5,096,642) |
Net increase (decrease) | (2,745,302) | $ (29,202,944) |
Year ended October 31, 2020: | ||
Shares sold | 6,054,077 | $ 62,779,856 |
Shares issued to shareholders in reinvestment of distributions | 382,748 | 3,980,400 |
Shares redeemed | (6,954,302) | (72,186,731) |
Net increase (decrease) in shares outstanding before conversion | (517,477) | (5,426,475) |
Shares converted from Class C (See Note 1) | (230,958) | (2,395,190) |
Net increase (decrease) | (748,435) | $ (7,821,665) |
Class C2 | Shares | Amount |
Year ended October 31, 2021: | ||
Shares sold | 258,813 | $ 2,765,102 |
Shares issued to shareholders in reinvestment of distributions | 2,647 | 28,298 |
Shares redeemed | (3,318) | (35,775) |
Net increase (decrease) | 258,142 | $ 2,757,625 |
Period ended October 31, 2020:(a) | ||
Shares sold | 23,999 | $ 250,964 |
Shares issued to shareholders in reinvestment of distributions | 28 | 295 |
Shares redeemed | (0) ‡ | (5) |
Net increase (decrease) | 24,027 | $ 251,254 |
70 | MainStay MacKay Tax Free Bond Fund |
Class I | Shares | Amount |
Year ended October 31, 2021: | ||
Shares sold | 196,260,720 | $2,100,235,655 |
Shares issued to shareholders in reinvestment of distributions | 8,112,416 | 86,740,578 |
Shares redeemed | (89,967,840) | (962,334,386) |
Net increase (decrease) in shares outstanding before conversion | 114,405,296 | 1,224,641,847 |
Shares converted into Class I (See Note 1) | 142,757 | 1,529,574 |
Shares converted from Class I (See Note 1) | (639,170) | (6,825,840) |
Net increase (decrease) | 113,908,883 | $1,219,345,581 |
Year ended October 31, 2020: | ||
Shares sold | 229,489,098 | $2,384,123,938 |
Shares issued to shareholders in reinvestment of distributions | 6,061,484 | 63,084,471 |
Shares redeemed | (84,329,184) | (869,303,407) |
Net increase (decrease) in shares outstanding before conversion | 151,221,398 | 1,577,905,002 |
Shares converted into Class I (See Note 1) | 459,012 | 4,807,540 |
Shares converted from Class I (See Note 1) | (4,502,591) | (47,113,382) |
Net increase (decrease) | 147,177,819 | $1,535,599,160 |
Class R6 | Shares | Amount |
Year ended October 31, 2021: | ||
Shares sold | 9,221,629 | $ 98,661,761 |
Shares issued to shareholders in reinvestment of distributions | 9,235 | 98,779 |
Shares redeemed | (2,727,931) | (29,182,679) |
Net increase (decrease) in shares outstanding before conversion | 6,502,933 | 69,577,861 |
Shares converted into Class R6 (See Note 1) | 636,397 | 6,804,674 |
Shares converted from Class R6 (See Note 1) | (33,992) | (365,203) |
Net increase (decrease) | 7,105,338 | $ 76,017,332 |
Period ended October 31, 2020:(b) | ||
Shares sold | 18,912,996 | $ 192,021,851 |
Shares issued to shareholders in reinvestment of distributions | 2,153 | 22,367 |
Shares redeemed | (4,398,883) | (44,684,665) |
Net increase (decrease) in shares outstanding before conversion | 14,516,266 | 147,359,553 |
Shares converted into Class R6 (See Note 1) | 4,510,631 | 47,243,588 |
Shares converted from Class R6 (See Note 1) | (90,301) | (951,697) |
Net increase (decrease) | 18,936,596 | $ 193,651,444 |
‡ | Less than one cent per share. |
(a) | The inception date of the class was August 31, 2020. |
(b) | The inception date of the class was November 1, 2019. |
The MainStay Funds:
December 24, 2021
72 | MainStay MacKay Tax Free Bond Fund |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Yie-Hsin Hung* 1962 | MainStay Funds: Trustee since 2017; MainStay Funds Trust: Trustee since 2017 | Senior Vice President of New York Life since joining in 2010, Member of the Executive Management Committee since 2017, Chief Executive Officer, New York Life Investment Management Holdings LLC & New York Life Investment Management LLC since 2015. Senior Managing Director and Co-President of New York Life Investment Management LLC from January 2014 to May 2015. Previously held positions of increasing responsibility, including head of NYLIM International, Alternative Growth Businesses, and Institutional investments since joining New York Life in 2010 | 78 | MainStay VP Funds Trust: Trustee since 2017 (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2017; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of her affiliation with New York Life Insurance Company, New York Life Investment Management LLC, Candriam Belgium S.A., Candriam Luxembourg S.C.A., IndexIQ Advisors LLC, MacKay Shields LLC, NYL Investors LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
74 | MainStay MacKay Tax Free Bond Fund |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay Funds: Trustee since 2016, Advisory Board Member (June 2015 to December 2015);MainStay Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 78 | MainStay VP Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Market Vectors Group of Exchange-Traded Funds: Independent Chairman of the Board of Trustees since 2008 and Trustee since 2006 (56 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Investment Committee since 2018 | |
Susan B. Kerley 1951 | MainStay Funds: Chairman since 2017 and Trustee since 2007;MainStay Funds Trust: Chairman since 2017 and Trustee since 1990** | President, Strategic Management Advisors LLC since 1990 | 78 | MainStay VP Funds Trust: Chairman since January 2017 and Trustee since 2007 (31 portfolios)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) | |
Alan R. Latshaw 1951 | MainStay Funds: Trustee;MainStay Funds Trust: Trustee since 2007** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 78 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 | |
Richard H. Nolan, Jr. 1946 | MainStay Funds: Trustee since 2007;MainStay Funds Trust: Trustee since 2007** | Managing Director, ICC Capital Management since 2004; President—Shields/Alliance, Alliance Capital Management (1994 to 2004) | 78 | MainStay VP Funds Trust: Trustee since 2006 (31 portfolios)***; and MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011 | |
Jacques P. Perold 1958 | MainStay Funds: Trustee since 2016, Advisory Board Member (June 2015 to December 2015);MainStay Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, Capshift Advisors LLC (Since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 78 | MainStay VP Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Partners in Health: Trustee since 2019; Allstate Corporation: Director since 2015; and MSCI, Inc.: Director since 2017 |
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 | |
Richard S. Trutanic 1952 | MainStay Funds: Trustee since 1994;MainStay Funds Trust: Trustee since 2007** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 78 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund; Trustee since June 2021 |
** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
*** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Karen Hammond 1956 | MainStay Funds: Advisory Board Member since June 2021;MainStay Funds Trust: Advisory Board Member since June 2021 | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 78 | MainStay VP Funds Trust: Advisory Board Member since June 2021 (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Advisory Board Member since June 2021; MainStay CBRE Global Infrastructure Megatrends Fund: Advisory Board Member since June 2021; Two Harbors Investment Corp: Trustee since 2018, Chair of the Special Committee since 2019; Rhode Island School of Design: Trustee and Chair of the Finance Committee since 2015 |
Advisory Board Member | Independent Trustees |
76 | MainStay MacKay Tax Free Bond Fund |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay Funds, MainStay Funds Trust since 2017 | Chief Operating Officer and Senior Managing Director since 2016, New York Life Investment Management LLC; Chairman of the Board since 2017, NYLIFE Distributors LLC; Chairman of the Board, NYLIM Service Company LLC since 2017; Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust since January 2018; President, MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust since 2017** and MainStay CBRE Global Infrastructure Megatrends Fund since June 2021; 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 MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay VP Funds Trust since 2007** and MainStay CBRE Global Infrastructure Megatrends Fund since June 2021; 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 MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay VP Funds Trust since 2010** and MainStay CBRE Global Infrastructure Megatrends Fund since June 2021 | ||
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 MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay VP Funds Trust since 2005** and MainStay CBRE Global Infrastructure Megatrends Fund since June 2021 | ||
Kevin M. Bopp 1969 | Vice President and Chief Compliance Officer, MainStay Funds and MainStay Funds Trust since 2021 and 2014 to 2020 | Vice President and Chief Compliance Officer, New York Life Investments Alternatives LLC and New York Life Investment Management Holdings LLC since 2020; Vice President since 2018 and Chief Compliance Officer since 2016, New York Life Investment Management LLC; Vice President and Chief Compliance Officer, IndexIQ Advisors LLC, IndexIQ Holdings Inc., IndexIQ LLC and IndexIQ Trust since 2017; Director and Associate General Counsel (2011 to 2014) and Vice President and Assistant General Counsel (2010 to 2011), New York Life Investment Management LLC;Vice President and Chief Compliance Officer, MainStay VP Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund since June 2021 and 2014 to 2020 and MainStay CBRE Global Infrastructure Megatrends Fund since June 2021; Assistant Secretary, MainStay Funds, MainStay Funds Trust and MainStay VP Funds Trust (2010 to 2014)**, MainStay MacKay DefinedTerm Municipal Opportunities Fund (2011 to 2014) |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
1.
2. | This Fund is registered for sale in CA, CT, DE, FL, MA, NJ, NY and VT. |
3. | Prior to November 30, 2021, the Fund's name was formerly MainStay MacKay Intermediate Tax Free Bond Fund. |
4. | An affiliate of New York Life Investment Management LLC. |
1716275MS180-21 | MST11-12/21 |
please log in to newyorklifeinvestments.com/accounts.
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended October 31, 20211 | |||||||
Class | Sales Charge | Inception Date | One Year | Five Years | Ten Years or Since Inception | Gross Expense Ratio2 | |
Class A Shares | Maximum 4.5% Initial Sales Charge | With sales charges | 1/3/1995 | -2.25% | 1.83% | 1.84% | 0.98% |
Excluding sales charges | 2.36 | 2.77 | 2.31 | 0.98 | |||
Investor Class Shares | Maximum 4% Initial Sales Charge | With sales charges | 2/28/2008 | -2.06 | 1.53 | 1.56 | 1.28 |
Excluding sales charges | 2.02 | 2.47 | 2.03 | 1.28 | |||
Class B Shares3 | Maximum 5% CDSC | With sales charges | 5/1/1986 | -3.71 | 1.31 | 1.28 | 2.03 |
if Redeemed Within the First Six Years of Purchase | Excluding sales charges | 1.28 | 1.69 | 1.28 | 2.03 | ||
Class C Shares | Maximum 1% CDSC | With sales charges | 9/1/1998 | 0.28 | 1.71 | 1.28 | 2.03 |
if Redeemed Within One Year of Purchase | Excluding sales charges | 1.27 | 1.71 | 1.28 | 2.03 | ||
Class I Shares | No Sales Charge | 1/2/2004 | 2.58 | 3.05 | 2.57 | 0.73 | |
Class R6 Shares | No Sales Charge | 11/1/2019 | 2.65 | N/A | 3.25 | 0.58 |
1. | Effective February 28, 2019 and June 21, 2019, the Fund modified its principal investment strategies. The past performance in the bar chart and table prior to those dates reflects the Fund’s prior principal investment strategies. |
2. | The gross expense ratios presented reflect the Fund’s “Total Annual Fund Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report. |
3. | Class B shares are closed to all new purchases as well as additional investments by existing Class B shareholders. |
Benchmark Performance* | One Year | Five Years | Ten Years |
Bloomberg 5-10 Year Taxable Municipal Bond Index1 | 1.31% | 4.07% | 4.48% |
Bloomberg Taxable Municipal Bond Index2 | 3.93 | 5.39 | 5.87 |
Morningstar Intermediate Core Bond Category Average3 | -0.13 | 3.04 | 3.11 |
1. | The Fund has selected the Bloomberg 5-10 Year Taxable Municipal Bond Index as its primary benchmark as a replacement for the Bloomberg Taxable Municipal Bond Index because it believes that the Bloomberg 5-10 Year Taxable Municipal Bond Index is more reflective of its current investment style. The Bloomberg 5-10 Year Taxable Municipal Bond Index is the 5-10 year component of the Bloomberg Taxable Municipal Bond Index. |
2. | The Bloomberg Taxable Municipal Index is a rules-based, market value weighted index engineered for the long-term taxable bond market. Results assume reinvestment of all income and capital gains. An investment cannot be made directly in an index. |
3. | The Morningstar Intermediate Core Bond Category Average is representative of funds that invest primarily in investment-grade U.S. fixed-income issues including government, corporate, and securitized debt, and hold less than 5% in below-investment-grade exposures. Their durations (a measure of interest-rate sensitivity) typically range between 75% and 125% of the three-year average of the effective duration of the Morningstar Core Bond Index. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. |
6 | MainStay MacKay U.S. Infrastructure Bond Fund |
Share Class | Beginning Account Value 5/1/21 | Ending Account Value (Based on Actual Returns and Expenses) 10/31/21 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 10/31/21 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Class A Shares | $1,000.00 | $1,012.10 | $4.31 | $1,020.92 | $4.33 | 0.85% |
Investor Class Shares | $1,000.00 | $1,010.40 | $5.93 | $1,019.31 | $5.96 | 1.17% |
Class B Shares | $1,000.00 | $1,006.70 | $9.71 | $1,015.53 | $9.75 | 1.92% |
Class C Shares | $1,000.00 | $1,006.70 | $9.71 | $1,015.53 | $9.75 | 1.92% |
Class I Shares | $1,000.00 | $1,013.20 | $3.04 | $1,022.18 | $3.06 | 0.60% |
Class R6 Shares | $1,000.00 | $1,012.40 | $2.69 | $1,022.53 | $2.70 | 0.53% |
1. | Expenses are equal to the Fund’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 184 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Fund's annualized expense ratio to reflect the six-month period. |
1. | California Statewide Communities Development Authority, 2.14%-2.34%, due 4/1/30–4/1/32 |
2. | State of New York, 1.84%, due 3/15/30 |
3. | California Health Facilities Financing Authority, 2.584%-2.984%, due 6/1/29–6/1/33 |
4. | State of Illinois Sales Tax, 2.159%-3.00%, due 6/15/25–6/15/31 |
5. | Guam Government Waterworks Authority, 2.75%-3.25%, due 7/1/30–7/1/34 |
6. | State of Connecticut, 2.09%-5.85%, due 7/1/28–3/15/32 |
7. | Reading Area Water Authority, 2.209%-2.439%, due 12/1/28–12/1/31 |
8. | Texas Transportation Commission, 1.383%, due 10/1/28 |
9. | West Contra Costa Unified School District, 2.121%-2.422%, due 8/1/27–8/1/31 |
10. | Connecticut State Health & Educational Facilities Authority, 1.70%-2.25%, due 11/1/27–11/1/31 |
8 | MainStay MacKay U.S. Infrastructure Bond Fund |
1. | See page 5 for other share class returns, which may be higher or lower than Class I share returns. See page 6 for more information on benchmark and peer group returns. |
2. | The yield curve is a line that plots the yields of various securities of similar quality—typically U.S. Treasury issues—across a range of maturities. The U.S. Treasury yield curve serves as a benchmark for other debt and is used in economic forecasting. |
3. | An obligation rated ‘AAA’ has the highest rating assigned by Standard & Poor’s (“S&P”), and in the opinion of S&P, the obligor’s capacity to meet its financial commitment on the obligation is extremely strong. An obligation rated ‘AA�� by S&P is deemed by S&P to differ from the highest-rated obligations only to a small degree. In the opinion of S&P, the obligor's capacity to meet its financial commitment on the obligation is very strong. When applied to Fund holdings, ratings are based solely on the creditworthiness of the bonds in the portfolio and are not meant to represent the security or safety of the Fund. |
4. | Duration is a measure of the price sensitivity of a fixed-income investment to changes in interest rates. Duration is expressed as a number of years and is considered a more accurate sensitivity gauge than average maturity. |
5. | Modified duration is inversely related to the approximate percentage change in price for a given change in yield. Duration to worst is the duration of a bond computed using the bond’s nearest call date or maturity, whichever comes first. This measure ignores future cash flow fluctuations due to embedded optionality. |
6. | An obligation rated ‘A’ by S&P is deemed by S&P to be somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. In the opinion of S&P, however, the obligor's capacity to meet its financial commitment on the obligation is still strong. When applied to Fund holdings, ratings are based solely on the creditworthiness of the bonds in the portfolio and are not meant to represent the security or safety of the Fund. |
7. | An obligation rated ‘BBB’ by S&P is deemed by S&P to exhibit adequate protection parameters. In the opinion of S&P, however, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation. When applied to Fund holdings, ratings are based solely on the creditworthiness of the bonds in the portfolio and are not meant to represent the security or safety of the Fund. |
10 | MainStay MacKay U.S. Infrastructure Bond Fund |
Principal Amount | Value | |
Long-Term Bonds 94.5% | ||
Corporate Bonds 6.5% | ||
Commercial Services 1.1% | ||
Howard University | ||
Series 2020, Insured: AGM | ||
2.657%, due 10/1/26 | $ 1,500,000 | $ 1,523,449 |
Mather Foundation | ||
Series 2021 | ||
2.675%, due 10/1/31 | 5,000,000 | 4,973,747 |
6,497,196 | ||
Electric 0.2% | ||
Duke Energy Florida Project Finance LLC | ||
Series 2026 | ||
2.538%, due 9/1/29 | 1,100,000 | 1,143,925 |
Entertainment 0.2% | ||
Smithsonian Institution | ||
1.967%, due 9/1/31 | 1,500,000 | 1,497,340 |
Healthcare-Services 5.0% | ||
Banner Health | ||
2.48%, due 1/1/32 | 3,000,000 | 3,026,285 |
Baptist Health Obligated Group | ||
3.289%, due 12/1/28 | 650,000 | 672,123 |
Northwell Healthcare, Inc. | ||
3.391%, due 11/1/27 | 1,937,000 | 2,070,374 |
Ochsner LSU Health System of North Louisiana | ||
Series 2021 | ||
2.51%, due 5/15/31 | 3,500,000 | 3,407,422 |
Piedmont Healthcare, Inc. | ||
Series 2032 | ||
2.044%, due 1/1/32 | 5,000,000 | 4,836,707 |
Rogers Memorial Hospital, Inc. | ||
Series 2019 | ||
2.631%, due 7/1/26 | 1,080,000 | 1,123,688 |
Series 2019 | ||
2.988%, due 7/1/29 | 505,000 | 518,846 |
Series 2019 | ||
3.188%, due 7/1/31 | 640,000 | 659,812 |
Series 2019 | ||
3.792%, due 7/1/39 | 2,480,000 | 2,585,918 |
Southeast Alaska Regional Health Consortium | ||
Insured: AGM | ||
2.262%, due 7/1/31 | 3,000,000 | 2,924,067 |
Principal Amount | Value | |
Healthcare-Services (continued) | ||
SSM Health Care Corp. | ||
Series A | ||
3.823%, due 6/1/27 | $ 5,000,000 | $ 5,520,832 |
Sun Health Services | ||
Series 19B | ||
2.98%, due 11/15/27 | 1,110,000 | 1,100,094 |
Toledo Hospital (The) | ||
Series B | ||
5.325%, due 11/15/28 | 2,000,000 | 2,265,513 |
30,711,681 | ||
Total Corporate Bonds (Cost $39,804,111) | 39,850,142 | |
Municipal Bonds 88.0% | ||
Alabama 0.8% | ||
Alabama Federal Aid Highway Finance Authority Revenue Bonds | ||
Series B | ||
1.727%, due 9/1/28 | 3,875,000 | 3,874,860 |
Water Works Board of the City of Birmingham (The) Revenue Bonds, Senior Lien | ||
2.013%, due 1/1/32 | 1,000,000 | 995,536 |
4,870,396 | ||
Alaska 0.5% | ||
Alaska Municipal Bond Bank Authority Revenue Bonds | ||
Series 2 | ||
2.122%, due 12/1/31 | 3,210,000 | 3,196,095 |
Arizona 2.1% | ||
Arizona Industrial Development Authority, Provident Group, NCCU Properties LLC, Central University Project Revenue Bonds | ||
Series B, Insured: BAM | ||
3.10%, due 6/1/25 | 600,000 | 620,344 |
Arizona Industrial Development Authority, Voyager Foundation Inc., Project Revenue Bonds | ||
Series 2020 | ||
3.65%, due 10/1/29 | 1,115,000 | 1,079,610 |
Principal Amount | Value | |
Municipal Bonds (continued) | ||
Arizona (continued) | ||
Arizona Industrial Development Authority, Voyager Foundation Inc., Project Revenue Bonds (continued) | ||
Series 2020 | ||
3.90%, due 10/1/34 | $ 1,900,000 | $ 1,823,163 |
Arizona School Facilities Board, Qualified School Construction Bonds Certificate Participation | ||
Series 0 | ||
6.00%, due 9/1/27 | 4,000,000 | 4,901,965 |
City of Phoenix AZ Unlimited General Obligation | ||
Series A | ||
5.269%, due 7/1/34 | 3,650,000 | 4,419,340 |
12,844,422 | ||
Arkansas 0.3% | ||
City of Rogers AR Revenue Bonds | ||
Series A | ||
3.828%, due 11/1/25 | 1,675,000 | 1,836,785 |
California 18.3% | ||
Anaheim Housing and Public Improvements Authority, Water System Revenue Bonds | ||
Series B | ||
1.998%, due 10/1/27 | 1,000,000 | 1,018,551 |
Series B | ||
2.123%, due 10/1/28 | 1,000,000 | 1,018,046 |
Series B | ||
2.273%, due 10/1/30 | 1,000,000 | 1,018,117 |
Antelope Valley Community College District Unlimited General Obligation | ||
2.338%, due 8/1/31 | 2,000,000 | 2,050,122 |
Bay Area Toll Authority Revenue Bonds | ||
Series F-1 | ||
2.069%, due 4/1/31 | 3,065,000 | 3,080,758 |
Series F-1 | ||
2.574%, due 4/1/31 | 1,500,000 | 1,569,428 |
Principal Amount | Value | |
California (continued) | ||
California Educational Facilities Authority, Chapman University Revenue Bonds | ||
Series A | ||
3.281%, due 4/1/28 | $ 1,000,000 | $ 1,040,159 |
Series A | ||
3.661%, due 4/1/33 | 3,300,000 | 3,450,702 |
California Health Facilities Financing Authority, Personal Income Tax, No Place Like Home Program Revenue Bonds, Senior Lien | ||
2.584%, due 6/1/29 | 3,000,000 | 3,131,058 |
2.864%, due 6/1/31 | 4,000,000 | 4,224,276 |
2.984%, due 6/1/33 | 2,370,000 | 2,493,477 |
California Infrastructure and Economic Development Bank, J. David Gladstone Institutes (The) Revenue Bonds | ||
3.20%, due 10/1/29 | 1,785,000 | 1,855,307 |
California Municipal Finance Authority, Harvey Mudd College Revenue Bonds | ||
2.262%, due 12/1/30 | 1,520,000 | 1,543,531 |
California Statewide Communities Development Authority, Front Porch Communities & Services Revenue Bonds | ||
Series B | ||
2.14%, due 4/1/30 | 5,395,000 | 5,223,775 |
Series B | ||
2.34%, due 4/1/32 | 1,975,000 | 1,909,492 |
California Statewide Communities Development Authority, Buck Institute for Research on Aging Revenue Bonds | ||
Insured: AGM | ||
2.148%, due 11/15/30 | 3,985,000 | 3,940,305 |
Chabot-Las Positas Community College District Unlimited General Obligation | ||
1.89%, due 8/1/31 | 3,000,000 | 2,975,146 |
City of Los Angeles CA Unlimited General Obligation | ||
Series A | ||
1.70%, due 9/1/28 (a) | 5,000,000 | 4,975,232 |
12 | MainStay MacKay U.S. Infrastructure Bond Fund |
Principal Amount | Value | |
Municipal Bonds (continued) | ||
California (continued) | ||
City of Montebello CA Revenue Bonds | ||
Insured: AGM | ||
3.343%, due 6/1/31 | $ 1,000,000 | $ 1,067,793 |
Insured: AGM | ||
3.393%, due 6/1/32 | 1,000,000 | 1,074,676 |
City of Sacramento CA, Water Revenue Bonds | ||
2.297%, due 9/1/30 | 1,000,000 | 1,032,116 |
City of San Buenaventura CA, Water Revenue Revenue Bonds | ||
2.727%, due 1/1/40 | 2,755,000 | 2,703,342 |
Coast Community College District Unlimited General Obligation | ||
2.588%, due 8/1/29 | 2,565,000 | 2,718,332 |
El Cajon Redevelopment Agency, Cajon Redevelopment Project Tax Allocation | ||
Insured: AGM-CR AMBAC | ||
7.70%, due 10/1/30 | 1,990,000 | 2,638,597 |
Foothill-Eastern Transportation Corridor Agency Revenue Bonds, Senior Lien | ||
Series B, Insured: AGM | ||
2.291%, due 1/15/33 | 1,700,000 | 1,667,039 |
Inglewood Joint Powers Authority, City of Inglewood Revenue Bonds | ||
Insured: BAM | ||
3.469%, due 8/1/29 | 1,000,000 | 1,071,551 |
La Quinta Redevelopment Agency Successor Agency Tax Allocation | ||
2.354%, due 9/1/30 | 1,475,000 | 1,505,025 |
Los Angeles Community College District, Election 2008 Unlimited General Obligation | ||
Series B | ||
7.53%, due 8/1/29 | 2,250,000 | 3,084,764 |
Lynwood Housing Authority Revenue Bonds | ||
4.00%, due 9/1/29 | 2,370,000 | 2,398,221 |
Principal Amount | Value | |
California (continued) | ||
Norman Y Mineta San Jose International Airport SJC Revenue Bonds | ||
Series C | ||
2.46%, due 3/1/31 | $ 1,130,000 | $ 1,144,374 |
Port of Oakland Revenue Bonds, Senior Lien | ||
2.099%, due 5/1/30 | 2,500,000 | 2,495,258 |
Series R | ||
2.199%, due 5/1/31 | 3,150,000 | 3,152,450 |
Riverside County Infrastructure Financing Authority, County of Riverside Revenue Bonds | ||
Series B | ||
1.976%, due 11/1/28 | 6,555,000 | 6,556,667 |
Riverside County Transportation Commission Revenue Bonds, Senior Lien | ||
Series A | ||
2.627%, due 6/1/31 | 1,200,000 | 1,195,535 |
San Bernardino Community College District, Election 2018 Unlimited General Obligation | ||
Series A-1 | ||
2.64%, due 8/1/29 | 3,500,000 | 3,680,794 |
San Diego County Regional Transportation Commission Revenue Bonds | ||
Series A | ||
2.499%, due 4/1/30 | 2,000,000 | 2,086,137 |
San Diego Public Facilities Financing Authority, Water Utility Revenue Bonds | ||
Series B | ||
1.903%, due 8/1/26 | 2,750,000 | 2,822,114 |
San Luis Unit/Westlands Water District Financing Authority Revenue Bonds | ||
Series A, Insured: AGM | ||
2.028%, due 9/1/27 | 2,000,000 | 2,049,024 |
Santa Clarita Community College District Unlimited General Obligation | ||
2.632%, due 8/1/28 | 500,000 | 531,245 |
2.682%, due 8/1/29 | 600,000 | 639,486 |
2.762%, due 8/1/30 | 600,000 | 644,067 |
2.812%, due 8/1/31 | 650,000 | 701,681 |
Principal Amount | Value | |
Municipal Bonds (continued) | ||
California (continued) | ||
Solano County Community College District Unlimited General Obligation | ||
2.717%, due 8/1/29 | $ 450,000 | $ 477,061 |
2.817%, due 8/1/30 | 575,000 | 614,970 |
2.867%, due 8/1/31 | 675,000 | 727,590 |
2.917%, due 8/1/32 | 650,000 | 701,733 |
2.967%, due 8/1/33 | 630,000 | 681,874 |
Transbay Joint Powers Authority, Green Bond Tax Allocation | ||
Series 2020A | ||
3.58%, due 10/1/32 | 2,730,000 | 2,991,672 |
University of California Revenue Bonds | ||
Series BD | ||
3.349%, due 7/1/29 | 1,500,000 | 1,663,909 |
Ventura County Public Financing Authority Revenue Bonds | ||
Series A | ||
1.741%, due 11/1/27 | 2,000,000 | 1,995,587 |
West Contra Costa Unified School District Unlimited General Obligation | ||
Series B, Insured: AGM | ||
2.121%, due 8/1/31 | 1,000,000 | 1,009,434 |
2.177%, due 8/1/27 | 4,000,000 | 4,129,913 |
2.422%, due 8/1/30 | 2,500,000 | 2,586,562 |
112,758,075 | ||
Colorado 1.2% | ||
City & County of Denver CO, Airport System Revenue Bonds | ||
Series C | ||
1.722%, due 11/15/27 | 3,500,000 | 3,511,288 |
Colorado Bridge Enterprise, Central 70 Project Revenue Bonds | ||
Series A | ||
2.543%, due 12/31/32 | 2,670,000 | 2,690,994 |
Colorado Housing and Finance Authority Revenue Bonds | ||
Series G-1, Insured: GNMA | ||
3.65%, due 11/1/46 | 885,000 | 950,608 |
7,152,890 |
Principal Amount | Value | |
Connecticut 4.1% | ||
City of Bridgeport CT Unlimited General Obligation | ||
Series D, Insured: BAM | ||
2.913%, due 9/15/28 | $ 1,650,000 | $ 1,737,411 |
City of Waterbury CT Unlimited General Obligation | ||
Series C | ||
2.492%, due 9/1/31 | 2,855,000 | 2,962,223 |
Connecticut State Health & Educational Facilities Authority, Connecticut State University System Revenue Bonds | ||
Insured: BAM | ||
1.70%, due 11/1/27 | 6,460,000 | 6,387,111 |
Series R-2, Insured: BAM | ||
2.25%, due 11/1/31 | 1,200,000 | 1,195,910 |
State of Connecticut Unlimited General Obligation | ||
Series A | ||
2.09%, due 6/1/31 | 5,000,000 | 4,990,841 |
Series A | ||
2.547%, due 7/1/28 | 1,000,000 | 1,046,007 |
Series A | ||
2.627%, due 7/1/29 | 1,000,000 | 1,051,971 |
Series A | ||
5.85%, due 3/15/32 | 1,000,000 | 1,309,004 |
State of Connecticut Bradley International Airport CFC, Ground Transportation Center Project Revenue Bonds | ||
Series B | ||
3.024%, due 7/1/25 | 2,045,000 | 2,125,671 |
3.431%, due 7/1/28 | 1,195,000 | 1,264,321 |
Town of Hamden CT Unlimited General Obligation | ||
Series B, Insured: BAM | ||
2.80%, due 8/1/31 | 1,250,000 | 1,288,371 |
25,358,841 | ||
Delaware 0.1% | ||
Delaware Municipal Electric Corp. (The), Middletown & Seaford Project Revenue Bonds | ||
Series B, Insured: BAM | ||
4.35%, due 10/1/34 | 500,000 | 529,245 |
14 | MainStay MacKay U.S. Infrastructure Bond Fund |
Principal Amount | Value | |
Municipal Bonds (continued) | ||
District of Columbia 0.4% | ||
District of Columbia Revenue Bonds | ||
Series B | ||
2.632%, due 3/1/30 | $ 1,000,000 | $ 1,059,040 |
Washington Convention & Sports Authority Revenue Bonds, Senior Lien | ||
Series C | ||
1.93%, due 10/1/28 | 1,600,000 | 1,592,293 |
2,651,333 | ||
Florida 5.5% | ||
City of Deltona FL, Utility System Revenue Bonds | ||
Insured: BAM | ||
2.539%, due 10/1/41 | 1,250,000 | 1,227,894 |
City of Miami FL, Street & Sidewalk Improvement Program Revenue Bonds | ||
Series B, Insured: AGM | ||
4.592%, due 1/1/33 (b) | 1,115,000 | 1,262,500 |
City of Miramar FL Revenue Bonds | ||
2.183%, due 10/1/32 | 1,000,000 | 995,354 |
County of Broward FL, Airport System Revenue Bonds | ||
Insured: BAM | ||
2.504%, due 10/1/28 | 1,965,000 | 2,043,503 |
County of Miami-Dade FL, Transit System Revenue Bonds | ||
Series B | ||
1.25%, due 7/1/27 | 2,750,000 | 2,696,547 |
County of Miami-Dade FL Revenue Bonds | ||
Series A | ||
1.621%, due 10/1/27 | 2,500,000 | 2,446,294 |
County of Miami-Dade FL, Seaport Department Revenue Bonds | ||
Series A-3, Insured: AGM | ||
2.162%, due 10/1/32 | 2,500,000 | 2,421,775 |
County of Miami-Dade FL, Aviation Revenue Bonds | ||
Series E | ||
2.449%, due 10/1/29 | 1,000,000 | 1,034,481 |
Principal Amount | Value | |
Florida (continued) | ||
County of Miami-Dade FL, Aviation Revenue Bonds (continued) | ||
Series B | ||
3.275%, due 10/1/29 | $ 2,715,000 | $ 2,972,158 |
County of Miami-Dade FL, Water & Sewer System Revenue Bonds | ||
Series C | ||
2.601%, due 10/1/29 | 2,145,000 | 2,263,703 |
Miami-Dade County Health Facilities Authority, Nicklaus Children's Hospital (a) Revenue Bonds | ||
Series B | ||
2.014%, due 8/1/27 | 2,085,000 | 2,080,563 |
Series B | ||
2.214%, due 8/1/28 | 3,500,000 | 3,490,098 |
Reedy Creek Improvement District Limited General Obligation | ||
Series A | ||
2.047%, due 6/1/28 | 2,000,000 | 2,042,753 |
St Johns County Industrial Development Authority, Flagler Health Revenue Bonds | ||
Series B, Insured: AGM | ||
2.538%, due 10/1/30 | 2,500,000 | 2,611,278 |
State Board of Administration Finance Corp. Revenue Bonds | ||
Series 2020A | ||
2.154%, due 7/1/30 | 2,000,000 | 1,997,931 |
Tampa-Hillsborough County Expressway Authority Revenue Bonds | ||
Series B, Insured: BAM | ||
1.64%, due 7/1/27 | 2,500,000 | 2,502,630 |
34,089,462 | ||
Georgia 0.7% | ||
Municipal Electric Authority of Georgia, Project One Subordinated Bonds Revenue Bonds | ||
Series B | ||
2.117%, due 1/1/28 | 1,000,000 | 996,230 |
Series B | ||
2.897%, due 1/1/35 | 3,080,000 | 3,079,386 |
4,075,616 |
Principal Amount | Value | |
Municipal Bonds (continued) | ||
Guam 2.1% | ||
Antonio B Won Pat International Airport Authority Revenue Bonds | ||
Series A | ||
2.499%, due 10/1/25 | $ 740,000 | $ 742,442 |
Series A | ||
2.699%, due 10/1/26 | 610,000 | 610,453 |
Series A | ||
2.899%, due 10/1/27 | 825,000 | 823,699 |
Series A | ||
3.099%, due 10/1/28 | 765,000 | 765,183 |
Series B | ||
3.319%, due 10/1/25 | 1,000,000 | 1,077,197 |
Guam Government Waterworks Authority Revenue Bonds | ||
Series B | ||
2.75%, due 7/1/30 | 6,500,000 | 6,454,968 |
Series B | ||
3.25%, due 7/1/34 | 2,000,000 | 2,024,713 |
Port Authority of Guam Revenue Bonds | ||
Series C | ||
4.532%, due 7/1/27 | 500,000 | 544,220 |
13,042,875 | ||
Hawaii 1.5% | ||
City & County of Honolulu HI, Build America Bonds Unlimited General Obligation | ||
Series A | ||
5.518%, due 12/1/28 | 2,400,000 | 2,978,301 |
State of Hawaii Unlimited General Obligation | ||
Series GJ | ||
1.71%, due 8/1/28 | 5,000,000 | 5,016,064 |
State of Hawaii Airports System, Customer Facility Charge Revenue Bonds | ||
Series A | ||
3.14%, due 7/1/47 | 1,500,000 | 1,509,561 |
9,503,926 |
Principal Amount | Value | |
Illinois 7.2% | ||
Chicago O'Hare International Airport Revenue Bonds, Senior Lien | ||
Series D | ||
1.704%, due 1/1/26 | $ 5,000,000 | $ 5,062,456 |
City of Chicago Heights IL Unlimited General Obligation | ||
Series A, Insured: BAM | ||
7.25%, due 12/1/34 | 3,815,000 | 5,361,273 |
City of Chicago IL, Taxable Project Unlimited General Obligation | ||
Series C-1, Insured: BAM | ||
7.781%, due 1/1/35 | 2,195,000 | 3,251,878 |
County of Cook IL, Build America Bonds Unlimited General Obligation | ||
Insured: AGM | ||
6.229%, due 11/15/34 | 1,725,000 | 2,355,797 |
Series B | ||
6.36%, due 11/15/33 | 1,500,000 | 2,047,537 |
Lake County Community Unit School District No. 187 North Chicago Unlimited General Obligation | ||
Series A, Insured: BAM | ||
4.25%, due 1/1/26 | 500,000 | 556,046 |
Series A, Insured: BAM | ||
4.25%, due 1/1/29 | 750,000 | 837,367 |
Series A, Insured: BAM | ||
4.25%, due 1/1/30 | 750,000 | 836,711 |
Sales Tax Securitization Corp. Revenue Bonds, Second Lien | ||
Series B, Insured: BAM | ||
2.857%, due 1/1/31 | 3,000,000 | 3,151,199 |
Sales Tax Securitization Corp. Revenue Bonds | ||
3.372%, due 1/1/31 | 3,550,000 | 3,818,566 |
Sangamon County Water Reclamation District, Alternative Revenue Source Unlimited General Obligation | ||
Series B | ||
2.907%, due 1/1/34 | 1,885,000 | 1,916,969 |
State of Illinois Unlimited General Obligation | ||
Series B | ||
4.31%, due 4/1/23 | 500,000 | 518,319 |
5.10%, due 6/1/33 | 1,000,000 | 1,166,928 |
State of Illinois, Build America Bonds Unlimited General Obligation | ||
5.95%, due 3/1/23 | 450,000 | 475,437 |
16 | MainStay MacKay U.S. Infrastructure Bond Fund |
Principal Amount | Value | |
Municipal Bonds (continued) | ||
Illinois (continued) | ||
State of Illinois, Build America Bonds Unlimited General Obligation (continued) | ||
Series 3, Insured: AGM | ||
6.725%, due 4/1/35 | $ 1,510,000 | $ 1,927,636 |
Insured: AGM | ||
6.875%, due 7/1/25 | 2,000,000 | 2,226,906 |
State of Illinois Sales Tax Revenue Bonds, Junior Lien | ||
Series B | ||
2.159%, due 6/15/29 | 2,250,000 | 2,192,001 |
Series B | ||
2.359%, due 6/15/31 | 2,500,000 | 2,415,411 |
State of Illinois Sales Tax Revenue Bonds | ||
3.00%, due 6/15/25 | 3,750,000 | 3,931,919 |
44,050,356 | ||
Indiana 0.4% | ||
Indiana University Revenue Bonds | ||
Series B | ||
2.19%, due 6/1/30 | 1,000,000 | 1,020,832 |
Series B | ||
2.29%, due 6/1/31 | 1,250,000 | 1,282,429 |
2,303,261 | ||
Kentucky 1.2% | ||
Kenton County Airport Board, Customer Facility Charge Revenue Bonds | ||
3.826%, due 1/1/29 | 925,000 | 1,006,548 |
4.489%, due 1/1/39 | 2,500,000 | 2,750,540 |
4.689%, due 1/1/49 | 1,400,000 | 1,538,913 |
Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds | ||
Series B, Insured: AGM | ||
4.435%, due 12/1/38 | 2,000,000 | 2,194,110 |
7,490,111 | ||
Louisiana 1.6% | ||
City of Bossier City LA, Utilities Revenue Bonds | ||
Insured: BAM | ||
2.00%, due 10/1/30 | 1,650,000 | 1,652,481 |
Principal Amount | Value | |
Louisiana (continued) | ||
City of New Orleans LA, Sewerage Service Revenue Bonds | ||
Insured: AGM | ||
1.641%, due 6/1/29 | $ 2,000,000 | $ 1,926,282 |
Louisiana Local Government Environmental Facilities & Community Development Authority, East Baton Rouge Sewerage Commission Revenue Bonds, Sub. Lien | ||
Series A | ||
1.547%, due 2/1/27 | 2,505,000 | 2,481,718 |
Series A, Insured: AGM | ||
2.343%, due 2/1/33 | 2,000,000 | 2,018,032 |
State of Louisiana Gasoline & Fuels Tax Revenue Bonds | ||
Series A-2 | ||
1.498%, due 5/1/28 | 1,700,000 | 1,672,479 |
9,750,992 | ||
Maryland 1.4% | ||
City of Baltimore MD, Water Project Revenue Bonds | ||
Series B | ||
1.925%, due 7/1/31 | 1,045,000 | 1,032,467 |
County of Baltimore MD, Build America Bonds Unlimited General Obligation | ||
4.90%, due 11/1/32 | 1,000,000 | 1,217,414 |
Maryland Community Development Administration, Department of Housing & Community Development Revenue Bonds | ||
Series D | ||
2.644%, due 3/1/50 | 1,335,000 | 1,380,274 |
Maryland Economic Development Corp., Seagirt Marine Terminal Project Revenue Bonds | ||
Series B | ||
4.00%, due 6/1/26 | 3,650,000 | 3,834,038 |
Series B | ||
4.125%, due 6/1/29 | 580,000 | 609,428 |
Series B | ||
4.125%, due 6/1/30 | 500,000 | 521,811 |
8,595,432 |
Principal Amount | Value | |
Municipal Bonds (continued) | ||
Massachusetts 2.1% | ||
Commonwealth of Massachusetts Limited General Obligation | ||
Series E | ||
1.52%, due 11/1/30 | $ 2,400,000 | $ 2,341,912 |
Massachusetts Development Finance Agency, Berklee College of Music Issue Revenue Bonds | ||
Series A | ||
1.902%, due 10/1/27 | 1,000,000 | 994,665 |
Massachusetts Development Finance Agency, Lesley University Revenue Bonds | ||
Series B | ||
3.165%, due 7/1/32 | 1,705,000 | 1,778,272 |
Massachusetts Development Finance Agency, Wellforce Obligated Group Revenue Bonds | ||
Series B, Insured: AGM | ||
4.496%, due 7/1/33 | 2,545,000 | 2,850,326 |
Massachusetts Educational Financing Authority, Educational Loan Revenue Bonds, Senior Lien | ||
Series A | ||
2.455%, due 7/1/30 | 2,500,000 | 2,546,630 |
Series A | ||
2.555%, due 7/1/31 | 2,050,000 | 2,089,246 |
12,601,051 | ||
Michigan 1.5% | ||
City of Grand Rapids MI, Sanitary Sewer System Revenue Bonds | ||
2.012%, due 1/1/32 | 2,000,000 | 1,990,889 |
Michigan Finance Authority, Local Government Loan Program Revenue Bonds | ||
Series C-1, Insured: State Aid Direct Deposit | ||
3.585%, due 11/1/35 | 1,000,000 | 1,116,376 |
Series E, Insured: State Aid Direct Deposit | ||
8.369%, due 11/1/35 | 715,000 | 1,062,227 |
Principal Amount | Value | |
Michigan (continued) | ||
Michigan Strategic Fund, Flint Water Advocacy Fund Project Revenue Bonds | ||
Series A | ||
2.128%, due 9/1/31 | $ 5,000,000 | $ 5,001,165 |
9,170,657 | ||
Missouri 0.2% | ||
State of Missouri, Health & Educational Facilities Authority Revenue Bonds | ||
Series B | ||
2.744%, due 10/1/26 | 1,185,000 | 1,240,079 |
Nebraska 0.2% | ||
Nebraska Public Power District Revenue Bonds | ||
Series B-1 | ||
2.593%, due 1/1/29 | 1,350,000 | 1,421,163 |
New Jersey 2.6% | ||
Casino Reinvestment Development Authority, Inc. Revenue Bonds | ||
Series B, Insured: NATL-RE | ||
5.46%, due 6/1/25 | 2,105,000 | 2,215,913 |
City of Vineland NJ Unlimited General Obligation | ||
3.193%, due 4/15/29 | 1,175,000 | 1,238,735 |
New Jersey Economic Development Authority, State Pension Funding Bonds Revenue Bonds | ||
Series A, Insured: NATL-RE | ||
7.425%, due 2/15/29 | 534,000 | 677,781 |
New Jersey Educational Facilities Authority, The College Of New Jersey Revenue Bonds | ||
Series G, Insured: BAM | ||
3.459%, due 7/1/32 | 1,330,000 | 1,489,177 |
New Jersey Transportation Trust Fund Authority, Transportation System Revenue Bonds | ||
Series B | ||
2.631%, due 6/15/24 | 4,150,000 | 4,302,370 |
18 | MainStay MacKay U.S. Infrastructure Bond Fund |
Principal Amount | Value | |
Municipal Bonds (continued) | ||
New Jersey (continued) | ||
North Hudson Sewerage Authority Revenue Bonds, Senior Lien | ||
Insured: AGM | ||
2.978%, due 6/1/29 | $ 1,000,000 | $ 1,066,223 |
South Jersey Transportation Authority Revenue Bonds | ||
Series B, Insured: BAM | �� | |
2.381%, due 11/1/27 | 1,750,000 | 1,761,818 |
Series B | ||
3.12%, due 11/1/26 | 500,000 | 528,506 |
Series B | ||
3.26%, due 11/1/27 | 500,000 | 531,073 |
Series B | ||
3.36%, due 11/1/28 | 2,000,000 | 2,129,356 |
15,940,952 | ||
New York 5.2% | ||
Brookhaven Local Development Corp., Long Island Community Hospital Project Revenue Bonds | ||
Series B | ||
4.50%, due 10/1/25 | 1,710,000 | 1,780,107 |
Brookhaven Local Development Corp., Long Island Community Hospital Health Care Services Foundation Revenue Bonds | ||
Series A, Insured: AGM-CR | ||
6.00%, due 10/1/30 | 1,855,000 | 2,269,670 |
City of Yonkers NY Limited General Obligation | ||
Series C, Insured: BAM | ||
2.818%, due 5/1/28 | 1,000,000 | 1,027,877 |
Metropolitan Transportation Authority Revenue Bonds | ||
Series A-1 | ||
5.00%, due 2/1/23 | 5,000,000 | 5,287,916 |
New York City Industrial Development Agency, Yankee Stadium Project Revenue Bonds | ||
Series B, Insured: AGM | ||
2.681%, due 3/1/33 | 1,750,000 | 1,783,798 |
New York State Dormitory Authority, State Personal Income Tax Revenue Bonds | ||
Series C | ||
2.152%, due 3/15/31 | 5,090,000 | 5,065,902 |
Principal Amount | Value | |
New York (continued) | ||
New York State Dormitory Authority, Montefiore Obligated Group Revenue Bonds | ||
Series B, Insured: AGM | ||
4.946%, due 8/1/48 | $ 1,000,000 | $ 1,138,389 |
New York State Energy Research & Development Authority, Residential Solar And Energy Efficiency Financing, Green Bond Revenue Bonds | ||
Series A | ||
3.62%, due 4/1/25 | 750,000 | 803,131 |
Series A | ||
3.77%, due 4/1/26 | 1,045,000 | 1,136,654 |
Series A | ||
3.927%, due 4/1/27 | 995,000 | 1,097,899 |
Port Authority of New York & New Jersey, Consolidated 159th Revenue Bonds | ||
Series B | ||
6.04%, due 12/1/29 | 620,000 | 796,305 |
State of New York Unlimited General Obligation | ||
Series B | ||
1.84%, due 3/15/30 | 10,000,000 | 10,015,010 |
32,202,658 | ||
Ohio 4.0% | ||
American Municipal Power, Inc., Hydroelectric Projects Revenue Bonds | ||
Series D | ||
3.014%, due 2/15/31 | 2,000,000 | 2,115,348 |
Series C | ||
7.334%, due 2/15/28 | 4,000,000 | 5,004,730 |
City of Cleveland OH, Airport System Revenue Bonds | ||
Series A, Insured: BAM | ||
2.882%, due 1/1/31 | 1,400,000 | 1,488,978 |
Dayton Metro Library Unlimited General Obligation | ||
2.676%, due 12/1/29 | 2,035,000 | 2,161,849 |
JobsOhio Beverage System Revenue Bonds | ||
Series B | ||
3.985%, due 1/1/29 | 2,050,000 | 2,281,479 |
Principal Amount | Value | |
Municipal Bonds (continued) | ||
Ohio (continued) | ||
Northeast Ohio Regional Sewer District, Wastewater Improvement Revenue Bonds | ||
2.419%, due 11/15/30 | $ 1,245,000 | $ 1,300,194 |
2.519%, due 11/15/31 | 1,655,000 | 1,733,635 |
State of Ohio, Common Schools Unlimited General Obligation | ||
Series A | ||
1.50%, due 9/15/29 | 3,000,000 | 2,961,554 |
Summit County Development Finance Authority, Franciscan University of Steubenville Project Revenue Bonds | ||
Series B | ||
5.125%, due 11/1/48 | 1,000,000 | 1,102,399 |
Series A | ||
6.00%, due 11/1/48 (b) | 1,750,000 | 2,036,613 |
University of Cincinnati Revenue Bonds | ||
Series B | ||
2.533%, due 6/1/29 | 2,500,000 | 2,620,075 |
24,806,854 | ||
Oklahoma 0.7% | ||
Oklahoma Municipal Power Authority, Power Suply System Revenue Bonds | ||
Series B, Insured: AGM | ||
2.151%, due 1/1/31 | 1,500,000 | 1,501,942 |
Series B, Insured: AGM | ||
2.251%, due 1/1/32 | 1,450,000 | 1,460,406 |
Series B, Insured: AGM | ||
2.351%, due 1/1/33 | 1,475,000 | 1,492,693 |
4,455,041 | ||
Oregon 2.0% | ||
Oregon State Facilities Authority, Lewis & Clark College Project Revenue Bonds | ||
Series A | ||
2.486%, due 10/1/35 | 4,000,000 | 3,862,505 |
Port of Portland Airport OR, Portland International Airport Customer Facility Charge Revenue Bonds | ||
4.067%, due 7/1/39 | 1,000,000 | 1,075,349 |
Principal Amount | Value | |
Oregon (continued) | ||
State of Oregon, Article Xi-Q State Projects Unlimited General Obligation | ||
Series G | ||
1.315%, due 5/1/27 | $ 1,000,000 | $ 992,692 |
State of Oregon Unlimited General Obligation | ||
1.70%, due 8/1/29 | 2,135,000 | 2,135,129 |
1.70%, due 8/1/29 | 2,000,000 | 2,000,121 |
1.80%, due 8/1/30 | 1,000,000 | 1,003,334 |
Washington & Multnomah Counties School District No. 48J Beaverton Unlimited General Obligation | ||
Insured: School Bond Guaranty | ||
1.693%, due 6/15/30 | 1,500,000 | 1,485,309 |
12,554,439 | ||
Pennsylvania 6.1% | ||
Authority Improvement Municipalities, Carlow University Revenue Bonds | ||
Series B | ||
5.00%, due 11/1/53 | 1,000,000 | 1,029,417 |
City of Philadelphia PA, Water & Wastewater Revenue Bonds | ||
Series B | ||
1.734%, due 11/1/28 | 2,740,000 | 2,718,857 |
City of Philadelphia PA Unlimited General Obligation | ||
Series B, Insured: AGM | ||
1.738%, due 7/15/30 | 3,050,000 | 2,979,782 |
Series A | ||
2.664%, due 7/15/28 | 3,000,000 | 3,131,059 |
County of Allegheny PA Unlimited General Obligation | ||
Series C-79 | ||
1.438%, due 11/1/27 | 3,605,000 | 3,571,740 |
County of Beaver PA Unlimited General Obligation | ||
Series B, Insured: BAM | ||
3.979%, due 11/15/29 | 1,805,000 | 2,053,054 |
Pennsylvania Economic Development Financing Authority, Build America Bonds Revenue Bonds | ||
Series B | ||
6.532%, due 6/15/39 | 1,495,000 | 2,114,467 |
20 | MainStay MacKay U.S. Infrastructure Bond Fund |
Principal Amount | Value | |
Municipal Bonds (continued) | ||
Pennsylvania (continued) | ||
Pennsylvania Higher Educational Facilities Authority, Widener University Revenue Bonds | ||
Series B | ||
2.789%, due 7/15/30 | $ 2,080,000 | $ 2,057,915 |
Philadelphia Authority for Industrial Development Revenue Bonds | ||
1.625%, due 4/15/26 | 1,850,000 | 1,862,844 |
2.216%, due 4/15/28 | 2,250,000 | 2,286,377 |
Reading Area Water Authority, Green Bond Revenue Bonds | ||
Insured: BAM | ||
2.209%, due 12/1/28 | 2,345,000 | 2,363,463 |
Insured: BAM | ||
2.309%, due 12/1/29 | 2,390,000 | 2,417,655 |
Insured: BAM | ||
2.439%, due 12/1/31 | 3,295,000 | 3,352,981 |
State Public School Building Authority, School District of Philadelphia (The) Revenue Bonds | ||
Series A, Insured: State Aid Withholding | ||
3.046%, due 4/1/28 | 1,920,000 | 2,006,880 |
Temple University-of The Commonwealth System of Higher Education Revenue Bonds | ||
Insured: State Appropriations | ||
1.857%, due 4/1/27 | 3,445,000 | 3,469,227 |
37,415,718 | ||
Rhode Island 0.4% | ||
Rhode Island Commerce Corp., Historic Structures Tax Credit Financing Program Revenue Bonds | ||
Series A | ||
3.297%, due 5/1/28 | 1,000,000 | 1,082,920 |
Rhode Island Turnpike & Bridge Authority Revenue Bonds | ||
Series 1 | ||
2.761%, due 12/1/29 | 1,570,000 | 1,651,272 |
2,734,192 |
Principal Amount | Value | |
South Carolina 1.1% | ||
South Carolina Public Service Authority Revenue Bonds | ||
Series E | ||
4.322%, due 12/1/27 | $ 6,040,000 | $ 6,849,794 |
South Dakota 0.2% | ||
Sioux Falls School District No. 49-5 Unlimited General Obligation | ||
Insured: State Aid Withholding | ||
1.982%, due 8/1/31 | 1,015,000 | 1,028,362 |
Tennessee 0.6% | ||
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Lipscomb University Project Revenue Bonds | ||
Series B | ||
4.409%, due 10/1/34 | 1,280,000 | 1,353,695 |
Tennessee Energy Acquisition Corp. Revenue Bonds | ||
Series A | ||
4.00%, due 5/1/48 (c) | 2,500,000 | 2,618,220 |
3,971,915 | ||
Texas 7.3% | ||
Central Texas Regional Mobility Authority Revenue Bonds, Senior Lien | ||
Series C | ||
1.837%, due 1/1/27 | 1,290,000 | 1,299,451 |
City of Austin TX, Rental Car Special Facility Revenue Bonds | ||
Insured: AGM | ||
1.71%, due 11/15/29 | 1,645,000 | 1,614,473 |
City of Corpus Christi TX, Utility System Revenue Bonds, Junior Lien | ||
Series B | ||
1.489%, due 7/15/27 | 2,250,000 | 2,239,270 |
Series B | ||
1.706%, due 7/15/28 | 2,500,000 | 2,485,995 |
City of Garland TX, Electric Utility System Revenue Bonds | ||
Series B, Insured: AGM | ||
2.172%, due 3/1/32 | 1,000,000 | 995,990 |
Principal Amount | Value | |
Municipal Bonds (continued) | ||
Texas (continued) | ||
City of Houston TX, Combined Utility System Revenue Bonds, First Lien | ||
Series B | ||
1.516%, due 11/15/28 | $ 1,400,000 | $ 1,373,340 |
City of Houston TX, Airport System Revenue Bonds, Sub. Lien | ||
Series C | ||
1.816%, due 7/1/27 | 2,000,000 | 2,008,110 |
City of Houston TX Limited General Obligation | ||
Series B | ||
2.366%, due 3/1/28 | 2,855,000 | 2,959,363 |
Dallas Fort Worth International Airport Revenue Bonds | ||
Series C | ||
1.749%, due 11/1/27 | 2,000,000 | 1,998,758 |
Series C | ||
1.932%, due 11/1/28 (a) | 3,000,000 | 2,992,192 |
El Paso Independent School District Unlimited General Obligation | ||
Series A, Insured: PSF | ||
5.00%, due 8/15/28 | 4,000,000 | 4,847,332 |
Gainesville Hospital District Limited General Obligation | ||
Series A | ||
4.753%, due 8/15/23 | 1,520,000 | 1,606,786 |
Pflugerville Independent School District Unlimited General Obligation | ||
Insured: PSF | ||
4.25%, due 2/15/30 | 1,500,000 | 1,785,695 |
Port of Corpus Christi Authority of Nueces County Revenue Bonds, Senior Lien | ||
Series B | ||
4.875%, due 12/1/38 | 2,000,000 | 2,310,169 |
San Antonio Education Facilities Corp., University of the Incarnate Word Project Revenue Bonds | ||
Series B | ||
2.50%, due 4/1/29 | 1,000,000 | 985,871 |
Series B | ||
2.65%, due 4/1/30 | 1,100,000 | 1,090,009 |
Series B | ||
2.73%, due 4/1/31 | 750,000 | 743,909 |
Principal Amount | Value | |
Texas (continued) | ||
Tarrant County Cultural Education Facilities Finance Corp., Hendrick Medical Center Obligated Group Revenue Bonds | ||
Insured: AGM | ||
1.824%, due 9/1/27 | $ 900,000 | $ 892,491 |
Insured: AGM | ||
2.411%, due 9/1/31 | 2,350,000 | 2,364,100 |
Texas Transportation Commission Unlimited General Obligation | ||
1.383%, due 10/1/28 | 8,270,000 | 8,123,660 |
44,716,964 | ||
Utah 0.6% | ||
County of Salt Lake UT, Convention Hotel Revenue Bonds | ||
5.25%, due 10/1/34 (b) | 3,610,000 | 3,904,284 |
Virginia 1.1% | ||
Farmville Industrial Development Authority, Longwood University Student Housing Project Revenue Bonds | ||
Series B | ||
5.00%, due 1/1/34 | 2,000,000 | 2,142,959 |
Fredericksburg Economic Development Authority, Fredericksburg Stadium Project Revenue Bonds | ||
Series A | ||
4.00%, due 9/1/29 (b) | 2,150,000 | 2,312,071 |
Virginia Resources Authority, Infrastructure Revenue Revenue Bonds | ||
Series C, Insured: Moral Obligation | ||
2.55%, due 11/1/28 | 2,050,000 | 2,164,206 |
6,619,236 | ||
Washington 0.9% | ||
Klickitat County Public Utility District No. 1 Revenue Bonds | ||
Series B, Insured: AGM | ||
2.803%, due 12/1/29 | 700,000 | 728,863 |
Northwest Open Access Network Revenue Bonds | ||
1.95%, due 12/1/28 | 1,865,000 | 1,845,617 |
22 | MainStay MacKay U.S. Infrastructure Bond Fund |
Principal Amount | Value | |
Municipal Bonds (continued) | ||
Washington (continued) | ||
Northwest Open Access Network Revenue Bonds (continued) | ||
2.04%, due 12/1/29 | $ 1,000,000 | $ 988,784 |
Spokane Public Facilities District Revenue Bonds | ||
Series B | ||
1.996%, due 12/1/30 | 2,000,000 | 2,000,320 |
5,563,584 | ||
West Virginia 0.6% | ||
County of Ohio WV, Special District Excise Tax Revenue Bonds | ||
Series A | ||
4.00%, due 3/1/40 | 3,500,000 | 3,458,163 |
Wisconsin 1.2% | ||
State of Wisconsin Unlimited General Obligation | ||
Series 4 | ||
1.402%, due 5/1/29 | 5,500,000 | 5,371,282 |
State of Wisconsin Revenue Bonds | ||
Series A | ||
2.399%, due 5/1/30 | 2,000,000 | 2,075,814 |
7,447,096 | ||
Total Municipal Bonds (Cost $531,384,241) | 542,202,315 | |
U.S. Government & Federal Agencies 0.0% ‡ | ||
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) 0.0% ‡ | ||
FHLMC Gold Pools, 30 Year | ||
4.00%, due 10/1/48 | 154,123 | 169,231 |
6.50%, due 4/1/37 | 26,099 | 30,643 |
199,874 |
Principal Amount | Value | ||
Government National Mortgage Association (Mortgage Pass-Through Security) 0.0% ‡ | |||
GNMA I, 30 Year | |||
6.50%, due 4/15/31 | $ 109,517 | $ 125,788 | |
Total U.S. Government & Federal Agencies (Cost $292,443) | 325,662 | ||
Total Long-Term Bonds (Cost $571,480,795) | 582,378,119 | ||
Shares | |||
Short-Term Investments 8.3% | |||
Affiliated Investment Company 7.2% | |||
MainStay U.S. Government Liquidity Fund, 0.01% (d) | 44,540,211 | 44,540,211 | |
Principal Amount | |||
Short-Term Municipal Notes 1.1% | |||
County of Sacramento CA Insured: AGM | |||
1.536%, due7/10/30 (e) | 2,500,000 | 2,494,272 | |
Clifton Higher Education Finance Corp. Insured: PSF | |||
0.75%, due8/15/50 (b)(e) | 4,000,000 | 4,005,266 | |
Total Short-Term Municipal Notes (Cost $6,491,116) | 6,499,538 | ||
Total Short-Term Investments (Cost $51,031,327) | 51,039,749 | ||
Total Investments (Cost $622,512,122) | 102.8% | 633,417,868 | |
Other Assets, Less Liabilities | (2.8) | (17,453,296) | |
Net Assets | 100.0% | $ 615,964,572 |
† | Percentages indicated are based on Fund net assets. |
‡ | Less than one-tenth of a percent. |
(a) | Delayed delivery security. |
(b) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
(c) | Coupon rate may change based on changes of the underlying collateral or prepayments of principal. Rate shown was the rate in effect as of October 31, 2021. |
(d) | Current yield as of October 31, 2021. |
(e) | Variable-rate demand notes (VRDNs)—Provide the right to sell the security at face value on either that day or within the rate-reset period. VRDNs will normally trade as if the maturity is the earlier put date, even though stated maturity is longer. The interest rate is reset on the put date at a stipulated daily, weekly, monthly, quarterly, or other specified time interval to reflect current market conditions. These securities do not indicate a reference rate and spread in their description. The maturity date shown is the final maturity. |
Type | Number of Contracts | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)2 |
Short Contracts | |||||
U.S. Treasury 10 Year Notes | (300) | December 2021 | $ (39,795,415) | $ (39,210,937) | $ 584,478 |
U.S. Treasury Long Bonds | (25) | December 2021 | (4,010,098) | (4,021,094) | (10,996) |
Net Unrealized Appreciation | $ 573,482 |
1. | As of October 31, 2021, cash in the amount of $507,500 was on deposit with a broker or futures commission merchant for futures transactions. |
2. | Represents the difference between the value of the contracts at the time they were opened and the value as of October 31, 2021. |
Abbreviation(s): |
AGM—Assured Guaranty Municipal Corp. |
AMBAC—Ambac Assurance Corp. |
BAM—Build America Mutual Assurance Co. |
CR—Custodial Receipts |
FHLMC—Federal Home Loan Mortgage Corp. |
GNMA—Government National Mortgage Association |
NATL-RE—National Public Finance Guarantee Corp. |
PSF—Permanent School Fund |
24 | MainStay MacKay U.S. Infrastructure Bond Fund |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Long-Term Bonds | |||||||
Corporate Bonds | $ — | $ 39,850,142 | $ — | $ 39,850,142 | |||
Municipal Bonds | — | 542,202,315 | — | 542,202,315 | |||
U.S. Government & Federal Agencies | — | 325,662 | — | 325,662 | |||
Total Long-Term Bonds | — | 582,378,119 | — | 582,378,119 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 44,540,211 | — | — | 44,540,211 | |||
Short-Term Municipal Notes | — | 6,499,538 | — | 6,499,538 | |||
Total Short-Term Investments | 44,540,211 | 6,499,538 | — | 51,039,749 | |||
Total Investments in Securities | 44,540,211 | 588,877,657 | — | 633,417,868 | |||
Other Financial Instruments | |||||||
Futures Contracts (b) | 584,478 | — | — | 584,478 | |||
Total Investments in Securities and Other Financial Instruments | $ 45,124,689 | $ 588,877,657 | $ — | $ 634,002,346 | |||
Liability Valuation Inputs | |||||||
Other Financial Instruments | |||||||
Futures Contracts (b) | $ (10,996) | $ — | $ — | $ (10,996) |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
(b) | The value listed for these securities reflects unrealized appreciation (depreciation) as shown on the Portfolio of Investments. |
Assets | |
Investment in unaffiliated securities, at value (identified cost $577,971,911) | $588,877,657 |
Investment in affiliated investment companies, at value (identified cost $44,540,211) | 44,540,211 |
Cash | 55 |
Cash collateral on deposit at broker for futures contracts | 507,500 |
Receivables: | |
Interest | 4,538,605 |
Investment securities sold | 1,973,420 |
Fund shares sold | 1,280,814 |
Variation margin on futures contracts | 5,468 |
Other assets | 48,032 |
Total assets | 641,771,762 |
Liabilities | |
Payables: | |
Investment securities purchased | 16,585,000 |
Fund shares redeemed | 8,504,971 |
Dividend payable | 294,560 |
Manager (See Note 3) | 197,055 |
Transfer agent (See Note 3) | 139,627 |
NYLIFE Distributors (See Note 3) | 34,360 |
Professional fees | 29,791 |
Shareholder communication | 19,080 |
Trustees | 559 |
Accrued expenses | 2,187 |
Total liabilities | 25,807,190 |
Net assets | $615,964,572 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.01 per share) unlimited number of shares authorized | $ 698,560 |
Additional paid-in-capital | 599,524,858 |
600,223,418 | |
Total distributable earnings (loss) | 15,741,154 |
Net assets | $615,964,572 |
Class A | |
Net assets applicable to outstanding shares | $111,625,621 |
Shares of beneficial interest outstanding | 12,772,651 |
Net asset value per share outstanding | $ 8.74 |
Maximum sales charge (4.50% of offering price) | 0.41 |
Maximum offering price per share outstanding | $ 9.15 |
Investor Class | |
Net assets applicable to outstanding shares | $ 17,994,378 |
Shares of beneficial interest outstanding | 2,049,809 |
Net asset value per share outstanding | $ 8.78 |
Maximum sales charge (4.00% of offering price) | 0.37 |
Maximum offering price per share outstanding | $ 9.15 |
Class B | |
Net assets applicable to outstanding shares | $ 1,342,945 |
Shares of beneficial interest outstanding | 153,671 |
Net asset value and offering price per share outstanding | $ 8.74 |
Class C | |
Net assets applicable to outstanding shares | $ 6,480,888 |
Shares of beneficial interest outstanding | 741,688 |
Net asset value and offering price per share outstanding | $ 8.74 |
Class I | |
Net assets applicable to outstanding shares | $329,021,027 |
Shares of beneficial interest outstanding | 37,232,690 |
Net asset value and offering price per share outstanding | $ 8.84 |
Class R6 | |
Net assets applicable to outstanding shares | $149,499,713 |
Shares of beneficial interest outstanding | 16,905,499 |
Net asset value and offering price per share outstanding | $ 8.84 |
26 | MainStay MacKay U.S. Infrastructure Bond Fund |
Investment Income (Loss) | |
Income | |
Interest | $13,432,904 |
Dividends-affiliated | 3,032 |
Other | 218 |
Total income | 13,436,154 |
Expenses | |
Manager (See Note 3) | 2,882,732 |
Transfer agent (See Note 3) | 767,576 |
Distribution/Service—Class A (See Note 3) | 279,850 |
Distribution/Service—Investor Class (See Note 3) | 47,345 |
Distribution/Service—Class B (See Note 3) | 16,371 |
Distribution/Service—Class C (See Note 3) | 79,705 |
Registration | 153,873 |
Professional fees | 94,807 |
Shareholder communication | 52,799 |
Custodian | 41,192 |
Trustees | 12,977 |
Insurance | 3,652 |
Miscellaneous | 18,067 |
Total expenses before waiver/reimbursement | 4,450,946 |
Expense waiver/reimbursement from Manager (See Note 3) | (543,457) |
Net expenses | 3,907,489 |
Net investment income (loss) | 9,528,665 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | 3,384,756 |
Futures transactions | 1,280,858 |
Net realized gain (loss) | 4,665,614 |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | (1,276,107) |
Futures contracts | 345,581 |
Net change in unrealized appreciation (depreciation) | (930,526) |
Net realized and unrealized gain (loss) | 3,735,088 |
Net increase (decrease) in net assets resulting from operations | $13,263,753 |
for the years ended October 31, 2021 and October 31, 2020
2021 | 2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 9,528,665 | $ 8,862,817 |
Net realized gain (loss) | 4,665,614 | 7,771,192 |
Net change in unrealized appreciation (depreciation) | (930,526) | 4,583,107 |
Net increase (decrease) in net assets resulting from operations | 13,263,753 | 21,217,116 |
Distributions to shareholders: | ||
Class A | (2,956,871) | (1,754,280) |
Investor Class | (450,420) | (324,263) |
Class B | (28,456) | (20,251) |
Class C | (145,405) | (93,576) |
Class I | (9,030,341) | (3,817,800) |
Class R6 | (3,572,136) | (2,994,329) |
Total distributions to shareholders | (16,183,629) | (9,004,499) |
Capital share transactions: | ||
Net proceeds from sales of shares | 319,836,169 | 506,198,949 |
Net asset value of shares issued to shareholder in reinvestment of distributions | 11,662,330 | 8,017,362 |
Cost of shares redeemed | (221,362,280) | (316,791,224) |
Increase (decrease) in net assets derived from capital share transactions | 110,136,219 | 197,425,087 |
Net increase (decrease) in net assets | 107,216,343 | 209,637,704 |
Net Assets | ||
Beginning of year | 508,748,229 | 299,110,525 |
End of year | $ 615,964,572 | $ 508,748,229 |
28 | MainStay MacKay U.S. Infrastructure Bond Fund |
Year Ended October 31, | |||||||||
Class A | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 8.77 | $ 8.64 | $ 7.93 | $ 8.33 | $ 8.56 | ||||
Net investment income (loss) (a) | 0.13 | 0.16 | 0.21 | 0.19 | 0.17 | ||||
Net realized and unrealized gain (loss) | 0.07 | 0.14 | 0.71 | (0.40) | (0.22) | ||||
Total from investment operations | 0.20 | 0.30 | 0.92 | (0.21) | (0.05) | ||||
Less distributions: | |||||||||
From net investment income | (0.13) | (0.17) | (0.21) | (0.19) | (0.18) | ||||
From net realized gain on investments | (0.10) | — | — | — | — | ||||
Return of capital | — | — | (0.00)‡ | — | — | ||||
Total distributions | (0.23) | (0.17) | (0.21) | (0.19) | (0.18) | ||||
Net asset value at end of year | $ 8.74 | $ 8.77 | $ 8.64 | $ 7.93 | $ 8.33 | ||||
Total investment return (b) | 2.36% | 3.45% | 11.76% | (2.54)% | (0.60)% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.49% | 1.84% | 2.52% | 2.31% | 2.07% | ||||
Net expenses (c) | 0.85% | 0.85% | 0.89% | 1.00% | 1.00% | ||||
Expenses (before waiver/reimbursement) (c) | 0.96% | 0.98% | 1.02% | 1.04% | 1.00% | ||||
Portfolio turnover rate | 51%(d) | 89%(d) | 124%(d) | 58%(e) | 20%(e) | ||||
Net assets at end of year (in 000’s) | $ 111,626 | $ 103,475 | $ 84,513 | $ 68,269 | $ 82,828 |
‡ | Less than one cent per share. |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | The portfolio turnover rate includes variable rate demand notes. |
(e) | The portfolio turnover rates not including mortgage dollar rolls were 52% and 6% for the years ended October 31, 2018 and 2017, respectively. |
Year Ended October 31, | |||||||||
Investor Class | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 8.81 | $ 8.68 | $ 7.97 | $ 8.36 | $ 8.59 | ||||
Net investment income (loss) (a) | 0.10 | 0.14 | 0.19 | 0.16 | 0.15 | ||||
Net realized and unrealized gain (loss) | 0.07 | 0.13 | 0.71 | (0.39) | (0.23) | ||||
Total from investment operations | 0.17 | 0.27 | 0.90 | (0.23) | (0.08) | ||||
Less distributions: | |||||||||
From net investment income | (0.10) | (0.14) | (0.19) | (0.16) | (0.15) | ||||
From net realized gain on investments | (0.10) | — | — | — | — | ||||
Return of capital | — | — | (0.00)‡ | — | — | ||||
Total distributions | (0.20) | (0.14) | (0.19) | (0.16) | (0.15) | ||||
Net asset value at end of year | $ 8.78 | $ 8.81 | $ 8.68 | $ 7.97 | $ 8.36 | ||||
Total investment return (b) | 2.02% | 3.14% | 11.36% | (2.72)% | (0.91)% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.16% | 1.57% | 2.21% | 1.98% | 1.77% | ||||
Net expenses (c) | 1.17% | 1.15% | 1.21% | 1.33% | 1.30% | ||||
Expenses (before waiver/reimbursement) (c) | 1.33% | 1.28% | 1.35% | 1.44% | 1.30% | ||||
Portfolio turnover rate | 51%(d) | 89%(d) | 124%(d) | 58%(e) | 20%(e) | ||||
Net assets at end of year (in 000's) | $ 17,994 | $ 19,459 | $ 20,520 | $ 21,012 | $ 24,187 |
‡ | Less than one cent per share. |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | The portfolio turnover rate includes variable rate demand notes. |
(e) | The portfolio turnover rates not including mortgage dollar rolls were 52% and 6% for the years ended October 31, 2018 and 2017, respectively. |
Year Ended October 31, | |||||||||
Class B | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 8.77 | $ 8.64 | $ 7.94 | $ 8.33 | $ 8.56 | ||||
Net investment income (loss) (a) | 0.04 | 0.07 | 0.12 | 0.10 | 0.08 | ||||
Net realized and unrealized gain (loss) | 0.07 | 0.14 | 0.70 | (0.39) | (0.22) | ||||
Total from investment operations | 0.11 | 0.21 | 0.82 | (0.29) | (0.14) | ||||
Less distributions: | |||||||||
From net investment income | (0.04) | (0.08) | (0.12) | (0.10) | (0.09) | ||||
From net realized gain on investments | (0.10) | — | — | — | — | ||||
Return of capital | — | — | (0.00)‡ | — | — | ||||
Total distributions | (0.14) | (0.08) | (0.12) | (0.10) | (0.09) | ||||
Net asset value at end of year | $ 8.74 | $ 8.77 | $ 8.64 | $ 7.94 | $ 8.33 | ||||
Total investment return (b) | 1.28% | 2.39% | 10.46% | (3.46)% | (1.66)% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.42% | 0.85% | 1.46% | 1.23% | 1.01% | ||||
Net expenses (c) | 1.92% | 1.90% | 1.96% | 2.08% | 2.05% | ||||
Expenses (before waiver/reimbursement) (c) | 2.08% | 2.03% | 2.10% | 2.19% | 2.05% | ||||
Portfolio turnover rate | 51%(d) | 89%(d) | 124%(d) | 58%(e) | 20%(e) | ||||
Net assets at end of year (in 000’s) | $ 1,343 | $ 1,902 | $ 2,621 | $ 3,224 | $ 4,730 |
‡ | Less than one cent per share. |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | The portfolio turnover rate includes variable rate demand notes. |
(e) | The portfolio turnover rates not including mortgage dollar rolls were 52% and 6% for the years ended October 31, 2018 and 2017, respectively. |
Year Ended October 31, | |||||||||
Class C | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 8.77 | $ 8.64 | $ 7.93 | $ 8.32 | $ 8.55 | ||||
Net investment income (loss) (a) | 0.04 | 0.08 | 0.12 | 0.10 | 0.08 | ||||
Net realized and unrealized gain (loss) | 0.07 | 0.13 | 0.71 | (0.39) | (0.22) | ||||
Total from investment operations | 0.11 | 0.21 | 0.83 | (0.29) | (0.14) | ||||
Less distributions: | |||||||||
From net investment income | (0.04) | (0.08) | (0.12) | (0.10) | (0.09) | ||||
From net realized gain on investments | (0.10) | — | — | — | — | ||||
Return of capital | — | — | (0.00)‡ | — | — | ||||
Total distributions | (0.14) | (0.08) | (0.12) | (0.10) | (0.09) | ||||
Net asset value at end of year | $ 8.74 | $ 8.77 | $ 8.64 | $ 7.93 | $ 8.32 | ||||
Total investment return (b) | 1.27% | 2.38% | 10.59% | (3.46)% | (1.66)% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.42% | 0.88% | 1.47% | 1.23% | 1.00% | ||||
Net expenses (c) | 1.92% | 1.90% | 1.96% | 2.08% | 2.05% | ||||
Expenses (before waiver/reimbursement) (c) | 2.08% | 2.02% | 2.10% | 2.19% | 2.05% | ||||
Portfolio turnover rate | 51%(d) | 89%(d) | 124%(d) | 58%(e) | 20%(e) | ||||
Net assets at end of year (in 000’s) | $ 6,481 | $ 8,708 | $ 14,152 | $ 7,612 | $ 9,472 |
‡ | Less than one cent per share. |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | The portfolio turnover rate includes variable rate demand notes. |
(e) | The portfolio turnover rates not including mortgage dollar rolls were 52% and 6% for the years ended October 31, 2018 and 2017, respectively. |
30 | MainStay MacKay U.S. Infrastructure Bond Fund |
Year Ended October 31, | |||||||||
Class I | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 8.87 | $ 8.73 | $ 8.02 | $ 8.42 | $ 8.64 | ||||
Net investment income (loss) (a) | 0.15 | 0.17 | 0.24 | 0.21 | 0.20 | ||||
Net realized and unrealized gain (loss) | 0.07 | 0.16 | 0.71 | (0.40) | (0.22) | ||||
Total from investment operations | 0.22 | 0.33 | 0.95 | (0.19) | (0.02) | ||||
Less distributions: | |||||||||
From net investment income | (0.15) | (0.19) | (0.24) | (0.21) | (0.20) | ||||
From net realized gain on investments | (0.10) | — | — | — | — | ||||
Return of capital | — | — | (0.00)‡ | — | — | ||||
Total distributions | (0.25) | (0.19) | (0.24) | (0.21) | (0.20) | ||||
Net asset value at end of year | $ 8.84 | $ 8.87 | $ 8.73 | $ 8.02 | $ 8.42 | ||||
Total investment return (b) | 2.58% | 3.78% | 11.95% | (2.26)% | (0.23)% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.71% | 1.97% | 2.64% | 2.56% | 2.33% | ||||
Net expenses (c) | 0.60% | 0.60% | 0.60% | 0.75% | 0.75% | ||||
Expenses (before waiver/reimbursement) (c) | 0.71% | 0.72% | 0.74% | 0.79% | 0.75% | ||||
Portfolio turnover rate | 51%(d) | 89%(d) | 124%(d) | 58%(e) | 20%(e) | ||||
Net assets at end of year (in 000’s) | $ 329,021 | $ 292,000 | $ 177,305 | $ 5,003 | $ 6,926 |
‡ | Less than one cent per share. |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | The portfolio turnover rate includes variable rate demand notes. |
(e) | The portfolio turnover rates not including mortgage dollar rolls were 52% and 6% for the years ended October 31, 2018 and 2017, respectively. |
Year Ended October 31, | November 1, 2019^ through October 31, | ||
Class R6 | 2021 | 2020 | |
Net asset value at beginning of period | $ 8.87 | $ 8.72 | |
Net investment income (loss) (a) | 0.16 | 0.19 | |
Net realized and unrealized gain (loss) | 0.07 | 0.15 | |
Total from investment operations | 0.23 | 0.34 | |
Less distributions: | |||
From net investment income | (0.16) | (0.19) | |
From net realized gain on investments | (0.10) | — | |
Total distributions | (0.26) | (0.19) | |
Net asset value at end of period | $ 8.84 | $ 8.87 | |
Total investment return (b) | 2.65% | 3.85% | |
Ratios (to average net assets)/Supplemental Data: | |||
Net investment income (loss) | 1.77% | 2.16% | |
Net expenses (c) | 0.53% | 0.53% | |
Expenses (before waiver/reimbursement) (c) | 0.56% | 0.58% | |
Portfolio turnover rate (d) | 51% | 89% | |
Net assets at end of period (in 000’s) | $ 149,500 | $ 83,204 |
^ | Inception date. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R6 shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | The portfolio turnover rate includes variable rate demand notes. |
32 | MainStay MacKay U.S. Infrastructure Bond Fund |
Class | Commenced Operations |
Class A | January 3, 1995 |
Investor Class | February 28, 2008 |
Class B | May 1, 1986 |
Class C | September 1, 1998 |
Class I | January 2, 2004 |
Class R6 | November 1, 2019 |
SIMPLE Class | N/A* |
* | SIMPLE Class shares were registered for sale effective as of August 31, 2020 but have not yet commenced operations. |
• | Level 1—quoted prices in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Fund's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• Benchmark yields | • Reported trades |
• Broker/dealer quotes | • Issuer spreads |
• Two-sided markets | • Benchmark securities |
• Bids/offers | • Reference data (corporate actions or material event notices) |
• Industry and economic events | • Comparable bonds |
• Monthly payment information |
34 | MainStay MacKay U.S. Infrastructure Bond Fund |
36 | MainStay MacKay U.S. Infrastructure Bond Fund |
Asset Derivatives | Interest Rate Contracts Risk | Total |
Futures Contracts - Net Assets—Net unrealized appreciation on futures contracts | $584,478 | $584,478 |
Total Fair Value | $584,478 | $584,478 |
Liability Derivatives | Interest Rate Contracts Risk | Total |
Futures Contracts - Net Assets—Net unrealized depreciation on futures contracts | $(10,996) | $(10,996) |
Total Fair Value | $(10,996) | $(10,996) |
Net Realized Gain (Loss) from: | Interest Rate Contracts Risk | Total |
Futures Contracts | $1,280,858 | $1,280,858 |
Total Net Realized Gain (Loss) | $1,280,858 | $1,280,858 |
Net Change in Unrealized Appreciation (Depreciation) | Interest Rate Contracts Risk | Total |
Futures Contracts | $345,581 | $345,581 |
Total Net Change in Unrealized Appreciation (Depreciation) | $345,581 | $345,581 |
Average Notional Amount | Total |
Futures Contracts Short (a) | $(32,484,453) |
(a) | Positions were open ten months during the reporting period. |
38 | MainStay MacKay U.S. Infrastructure Bond Fund |
Class | Expense | Waived |
Class A | $162,238 | $ — |
Investor Class | 99,010 | (10,443) |
Class B | 8,449 | (806) |
Class C | 41,044 | (3,844) |
Class I | 451,662 | — |
Class R6 | 5,173 | — |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay U.S. Government Liquidity Fund | $ — | $ 317,814 | $ (273,274) | $ — | $ — | $ 44,540 | $ 3 | $ — | 44,540 |
Class R6 | $26,643 | 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 | $622,682,556 | $14,007,313 | $(3,272,001) | $10,735,312 |
Ordinary income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$2,563,748 | $2,804,355 | $(294,560) | $10,667,611 | $15,741,154 |
2021 | 2020 | |
Distributions paid from: | ||
Ordinary Income | $16,183,629 | $9,004,499 |
40 | MainStay MacKay U.S. Infrastructure Bond Fund |
Class A | Shares | Amount |
Year ended October 31, 2021: | ||
Shares sold | 3,243,597 | $ 28,520,389 |
Shares issued to shareholders in reinvestment of distributions | 312,146 | 2,745,125 |
Shares redeemed | (2,814,703) | (24,731,219) |
Net increase (decrease) in shares outstanding before conversion | 741,040 | 6,534,295 |
Shares converted into Class A (See Note 1) | 233,023 | 2,040,783 |
Net increase (decrease) | 974,063 | $ 8,575,078 |
Year ended October 31, 2020: | ||
Shares sold | 3,581,160 | $ 31,130,263 |
Shares issued to shareholders in reinvestment of distributions | 188,669 | 1,645,048 |
Shares redeemed | (1,957,726) | (16,997,883) |
Net increase (decrease) in shares outstanding before conversion | 1,812,103 | 15,777,428 |
Shares converted into Class A (See Note 1) | 217,000 | 1,885,861 |
Shares converted from Class A (See Note 1) | (11,740) | (99,177) |
Net increase (decrease) | 2,017,363 | $ 17,564,112 |
Investor Class | Shares | Amount |
Year ended October 31, 2021: | ||
Shares sold | 46,213 | $ 407,507 |
Shares issued to shareholders in reinvestment of distributions | 49,608 | 438,291 |
Shares redeemed | (192,589) | (1,701,261) |
Net increase (decrease) in shares outstanding before conversion | (96,768) | (855,463) |
Shares converted into Investor Class (See Note 1) | 41,622 | 365,724 |
Shares converted from Investor Class (See Note 1) | (104,097) | (921,180) |
Net increase (decrease) | (159,243) | $ (1,410,919) |
Year ended October 31, 2020: | ||
Shares sold | 149,694 | $ 1,311,706 |
Shares issued to shareholders in reinvestment of distributions | 35,776 | 313,146 |
Shares redeemed | (225,826) | (1,968,500) |
Net increase (decrease) in shares outstanding before conversion | (40,356) | (343,648) |
Shares converted into Investor Class (See Note 1) | 56,369 | 495,075 |
Shares converted from Investor Class (See Note 1) | (171,249) | (1,493,289) |
Net increase (decrease) | (155,236) | $ (1,341,862) |
Class B | Shares | Amount |
Year ended October 31, 2021: | ||
Shares sold | 3,916 | $ 34,199 |
Shares issued to shareholders in reinvestment of distributions | 2,946 | 25,919 |
Shares redeemed | (25,637) | (225,034) |
Net increase (decrease) in shares outstanding before conversion | (18,775) | (164,916) |
Shares converted from Class B (See Note 1) | (44,355) | (389,025) |
Net increase (decrease) | (63,130) | $ (553,941) |
Year ended October 31, 2020: | ||
Shares sold | 15,226 | $ 128,529 |
Shares issued to shareholders in reinvestment of distributions | 2,122 | 18,468 |
Shares redeemed | (48,244) | (417,353) |
Net increase (decrease) in shares outstanding before conversion | (30,896) | (270,356) |
Shares converted from Class B (See Note 1) | (55,577) | (487,410) |
Net increase (decrease) | (86,473) | $ (757,766) |
Class C | Shares | Amount |
Year ended October 31, 2021: | ||
Shares sold | 199,251 | $ 1,753,337 |
Shares issued to shareholders in reinvestment of distributions | 14,417 | 126,836 |
Shares redeemed | (378,685) | (3,316,090) |
Net increase (decrease) in shares outstanding before conversion | (165,017) | (1,435,917) |
Shares converted from Class C (See Note 1) | (86,340) | (748,419) |
Net increase (decrease) | (251,357) | $ (2,184,336) |
Year ended October 31, 2020: | ||
Shares sold | 1,153,768 | $ 10,234,702 |
Shares issued to shareholders in reinvestment of distributions | 9,972 | 86,769 |
Shares redeemed | (1,786,435) | (15,500,354) |
Net increase (decrease) in shares outstanding before conversion | (622,695) | (5,178,883) |
Shares converted from Class C (See Note 1) | (22,622) | (197,934) |
Net increase (decrease) | (645,317) | $ (5,376,817) |
Class I | Shares | Amount |
Year ended October 31, 2021: | ||
Shares sold | 23,803,402 | $ 211,714,321 |
Shares issued to shareholders in reinvestment of distributions | 906,427 | 8,061,200 |
Shares redeemed | (20,410,262) | (181,052,686) |
Net increase (decrease) | 4,299,567 | $ 38,722,835 |
Year ended October 31, 2020: | ||
Shares sold | 36,185,559 | $ 318,007,846 |
Shares issued to shareholders in reinvestment of distributions | 418,535 | 3,695,502 |
Shares redeemed | (12,947,404) | (114,102,580) |
Net increase (decrease) in shares outstanding before conversion | 23,656,690 | 207,600,768 |
Shares converted from Class I (See Note 1) | (11,026,106) | (96,147,647) |
Net increase (decrease) | 12,630,584 | $ 111,453,121 |
Class R6 | Shares | Amount |
Year ended October 31, 2021: | ||
Shares sold | 8,698,022 | $ 77,406,416 |
Shares issued to shareholders in reinvestment of distributions | 29,780 | 264,959 |
Shares redeemed | (1,160,797) | (10,335,990) |
Net increase (decrease) in shares outstanding before conversion | 7,567,005 | 67,335,385 |
Shares converted from Class R6 (See Note 1) | (39,110) | (347,883) |
Net increase (decrease) | 7,527,895 | $ 66,987,502 |
Period ended October 31, 2020:(a) | ||
Shares sold | 16,784,819 | $ 145,385,903 |
Shares issued to shareholders in reinvestment of distributions | 256,439 | 2,258,429 |
Shares redeemed | (18,678,194) | (167,804,554) |
Net increase (decrease) in shares outstanding before conversion | (1,636,936) | (20,160,222) |
Shares converted into Class R6 (See Note 1) | 11,026,106 | 96,147,647 |
Shares converted from Class R6 (See Note 1) | (11,566) | (103,126) |
Net increase (decrease) | 9,377,604 | $ 75,884,299 |
(a) | The inception date of the class was November 1, 2019. |
42 | MainStay MacKay U.S. Infrastructure Bond Fund |
The MainStay Funds:
December 24, 2021
44 | MainStay MacKay U.S. Infrastructure Bond Fund |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Yie-Hsin Hung* 1962 | MainStay Funds: Trustee since 2017; MainStay Funds Trust: Trustee since 2017 | Senior Vice President of New York Life since joining in 2010, Member of the Executive Management Committee since 2017, Chief Executive Officer, New York Life Investment Management Holdings LLC & New York Life Investment Management LLC since 2015. Senior Managing Director and Co-President of New York Life Investment Management LLC from January 2014 to May 2015. Previously held positions of increasing responsibility, including head of NYLIM International, Alternative Growth Businesses, and Institutional investments since joining New York Life in 2010 | 78 | MainStay VP Funds Trust: Trustee since 2017 (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2017; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of her affiliation with New York Life Insurance Company, New York Life Investment Management LLC, Candriam Belgium S.A., Candriam Luxembourg S.C.A., IndexIQ Advisors LLC, MacKay Shields LLC, NYL Investors LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay Funds: Trustee since 2016, Advisory Board Member (June 2015 to December 2015);MainStay Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 78 | MainStay VP Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Market Vectors Group of Exchange-Traded Funds: Independent Chairman of the Board of Trustees since 2008 and Trustee since 2006 (56 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Investment Committee since 2018 | |
Susan B. Kerley 1951 | MainStay Funds: Chairman since 2017 and Trustee since 2007;MainStay Funds Trust: Chairman since 2017 and Trustee since 1990** | President, Strategic Management Advisors LLC since 1990 | 78 | MainStay VP Funds Trust: Chairman since January 2017 and Trustee since 2007 (31 portfolios)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) | |
Alan R. Latshaw 1951 | MainStay Funds: Trustee;MainStay Funds Trust: Trustee since 2007** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 78 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 | |
Richard H. Nolan, Jr. 1946 | MainStay Funds: Trustee since 2007;MainStay Funds Trust: Trustee since 2007** | Managing Director, ICC Capital Management since 2004; President—Shields/Alliance, Alliance Capital Management (1994 to 2004) | 78 | MainStay VP Funds Trust: Trustee since 2006 (31 portfolios)***; and MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011 | |
Jacques P. Perold 1958 | MainStay Funds: Trustee since 2016, Advisory Board Member (June 2015 to December 2015);MainStay Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, Capshift Advisors LLC (Since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 78 | MainStay VP Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Partners in Health: Trustee since 2019; Allstate Corporation: Director since 2015; and MSCI, Inc.: Director since 2017 |
46 | MainStay MacKay U.S. Infrastructure Bond Fund |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Richard S. Trutanic 1952 | MainStay Funds: Trustee since 1994;MainStay Funds Trust: Trustee since 2007** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 78 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund; Trustee since June 2021 |
** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
*** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Karen Hammond 1956 | MainStay Funds: Advisory Board Member since June 2021;MainStay Funds Trust: Advisory Board Member since June 2021 | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 78 | MainStay VP Funds Trust: Advisory Board Member since June 2021 (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Advisory Board Member since June 2021; MainStay CBRE Global Infrastructure Megatrends Fund: Advisory Board Member since June 2021; Two Harbors Investment Corp: Trustee since 2018, Chair of the Special Committee since 2019; Rhode Island School of Design: Trustee and Chair of the Finance Committee since 2015 |
Advisory Board Member | Independent Trustees |
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; Chairman of the Board since 2017, NYLIFE Distributors LLC; Chairman of the Board, NYLIM Service Company LLC since 2017; Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust since January 2018; President, MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust since 2017** and MainStay CBRE Global Infrastructure Megatrends Fund since June 2021; 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 MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay VP Funds Trust since 2007** and MainStay CBRE Global Infrastructure Megatrends Fund since June 2021; 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 MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay VP Funds Trust since 2010** and MainStay CBRE Global Infrastructure Megatrends Fund since June 2021 | ||
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 MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay VP Funds Trust since 2005** and MainStay CBRE Global Infrastructure Megatrends Fund since June 2021 | ||
Kevin M. Bopp 1969 | Vice President and Chief Compliance Officer, MainStay Funds and MainStay Funds Trust since 2021 and 2014 to 2020 | Vice President and Chief Compliance Officer, New York Life Investments Alternatives LLC and New York Life Investment Management Holdings LLC since 2020; Vice President since 2018 and Chief Compliance Officer since 2016, New York Life Investment Management LLC; Vice President and Chief Compliance Officer, IndexIQ Advisors LLC, IndexIQ Holdings Inc., IndexIQ LLC and IndexIQ Trust since 2017; Director and Associate General Counsel (2011 to 2014) and Vice President and Assistant General Counsel (2010 to 2011), New York Life Investment Management LLC;Vice President and Chief Compliance Officer, MainStay VP Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund since June 2021 and 2014 to 2020 and MainStay CBRE Global Infrastructure Megatrends Fund since June 2021; Assistant Secretary, MainStay Funds, MainStay Funds Trust and MainStay VP Funds Trust (2010 to 2014)**, MainStay MacKay DefinedTerm Municipal Opportunities Fund (2011 to 2014) |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
48 | MainStay MacKay U.S. Infrastructure Bond Fund |
1.
2. | This Fund is registered for sale in CA, CT, DE, FL, MA, NJ, NY and VT. |
3. | Prior to November 30, 2021, the Fund's name was formerly MainStay MacKay Intermediate Tax Free Bond Fund. |
4. | An affiliate of New York Life Investment Management LLC. |
1716016MS180-21 | MSINF11-12/21 |
please log in to newyorklifeinvestments.com/accounts.
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended October 31, 2021 | |||||||
Class | Sales Charge | Inception Date | One Year | Five Years | Ten Years or Since Inception | Gross Expense Ratio1 | |
Class A Shares2 | No Sales Charge | 1/3/1995 | 0.01% | 0.77% | 0.39% | 0.55% | |
Investor Class Shares2 | No Sales Charge | 2/28/2008 | 0.01 | 0.62 | 0.32 | 0.90 | |
Class B Shares2, 3 | No Sales Charge | 5/1/1986 | 0.01 | 0.62 | 0.32 | 0.90 | |
Class C Shares2 | No Sales Charge | 9/1/1998 | 0.01 | 0.62 | 0.32 | 0.90 | |
SIMPLE Class Shares2 | No Sales Charge | 8/31/2020 | 0.01 | N/A | 0.01 | 0.90 |
1. | The gross expense ratios presented reflect the Fund’s “Total Annual Fund Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report. |
2. | As of October 31, 2021, MainStay Money Market Fund had an effective 7-day yield of 0.01% for Class A, 0.01% for Investor Class, 0.01% for Class B, 0.01% for Class C and 0.015% for SIMPLE Class shares. The 7-day current yield was 0.01% for Class A, 0.01% for Investor Class, 0.01% for Class B, 0.01% for Class C and 0.015% for SIMPLE Class shares. These yields reflect certain expense limitations. Had these expense limitations not been in effect, the effective 7-day yield would have been -0.44%, -1.24%,-1.24%, -1.24% and -1.23%, for Class A, Investor Class, Class B, Class C and SIMPLE Class shares, respectively, and the 7-day current yield would have been -0.44%, -1.24%,-1.24%, -1.24% and -1.23%, for Class A, Investor Class, Class B, Class C and SIMPLE Class shares, respectively. The current yield reflects the Fund’s earnings better than the Fund’s total return. |
3. | Class B shares are closed to all new purchases as well as additional investments by existing Class B shareholders. |
Benchmark Performance* | One Year | Five Years | Ten Years |
Average Lipper Money Market Fund1 | 0.02% | 0.88% | 0.46% |
1. | The Average Lipper Money Market Fund is an equally weighted performance average adjusted for capital gains distributions and income dividends of all of the money market funds in the Lipper Universe. Lipper Inc., a wholly-owned subsidiary of Thomson Reuters, is an independent monitor of mutual fund performance. Results do not reflect any deduction of sales charges. Lipper averages are not class specific. Lipper returns are unaudited. Results are based on average total returns of similar funds with all dividend and capital gain distributions reinvested. |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. |
6 | MainStay Money Market Fund |
Share Class | Beginning Account Value 5/1/21 | Ending Account Value (Based on Actual Returns and Expenses) 10/31/21 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 10/31/21 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Class A Shares | $1,000.00 | $1,000.10 | $0.55 | $1,024.65 | $0.56 | 0.11% |
Investor Class Shares | $1,000.00 | $1,000.10 | $0.35 | $1,024.85 | $0.36 | 0.07% |
Class B Shares | $1,000.00 | $1,000.10 | $0.40 | $1,024.80 | $0.41 | 0.08% |
Class C Shares | $1,000.00 | $1,000.10 | $0.35 | $1,024.85 | $0.36 | 0.07% |
SIMPLE Class Shares | $1,000.00 | $1,000.10 | $0.40 | $1,024.80 | $0.41 | 0.08% |
1. | Expenses are equal to the Fund’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 184 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Fund's annualized expense ratio to reflect the six-month period. |
8 | MainStay Money Market Fund |
1. | See page 5 for other share class returns, which may be higher or lower than Class A share returns. See page 6 for more information on benchmark and peer group returns. |
2. | The terms “spread” and “yield spread” may refer to the difference in yield between a security or type of security and comparable U.S. Treasury issues. The terms may also refer to the difference in yield between two specific securities or types of securities at a given time. |
3. | Duration is a measure of the price sensitivity of a fixed-income investment to changes in interest rates. Duration is expressed as a number of years and is considered a more accurate sensitivity gauge than average maturity. |
Principal Amount | Value | |
Short-Term Investments 100.0% | ||
Certificates Of Deposit 22.1% | ||
Bank of Montreal | ||
0.20% (SOFR + 0.20%), due 9/27/22 (a) | $ 15,000,000 | $ 15,000,000 |
Bank of Nova Scotia | ||
0.23% (SOFR + 0.23%), due 5/11/22 (a) | 20,000,000 | 20,000,000 |
Canadian Imperial Bank of Commerce | ||
0.21% (SOFR + 0.21%), due 7/15/22 (a) | 19,000,000 | 19,000,000 |
Cooperatieve Rabobank UA | ||
0.15% (SOFR + 0.15%), due 4/28/22 (a) | 20,000,000 | 20,000,000 |
Natixis SA | ||
0.23% (SOFR + 0.23%), due 6/17/22 (a) | 19,000,000 | 19,000,000 |
Total Certificates Of Deposit (Cost $93,000,000) | 93,000,000 | |
Commercial Paper 41.0% | ||
BASF SE | ||
0.09%, due 11/2/21 | 20,000,000 | 19,999,950 |
CDP Financial, Inc. | ||
0.13%, due 2/7/22 (b) | 20,000,000 | 19,992,922 |
Credit Agricole Corporate and Investment Bank | ||
0.07%, due 11/4/21 | 20,000,000 | 19,999,883 |
National Australia Bank Ltd. | ||
0.181% (3 Month LIBOR + 0.18%), due 11/5/21 (a) | 18,000,000 | 18,000,000 |
National Bank of Canada | ||
0.14%, due 1/24/22 | 10,000,000 | 9,996,733 |
Ontario Teachers' Finance Trust | ||
0.13%, due 4/7/22 (b) | 18,000,000 | 17,989,795 |
Royal Bank of Canada | ||
0.19% (SOFR + 0.19%), due 9/16/22 (a) | 18,000,000 | 18,000,000 |
Stanley Black & Decker, Inc. | ||
0.07%, due 11/2/21 | 20,000,000 | 19,999,961 |
Sumitomo Mitsui Trust Bank Ltd. | ||
0.07%, due 11/1/21 | 4,250,000 | 4,250,000 |
TotalEnergies Capital Canada Ltd. | ||
0.13%, due 2/15/22 | 20,000,000 | 19,992,345 |
Westpac Securities NZ Ltd. | ||
0.18%, due 11/4/21 | 4,000,000 | 3,999,940 |
Total Commercial Paper (Cost $172,221,529) | 172,221,529 |
Principal Amount | Value | ||
Repurchase Agreements 7.2% | |||
RBC Capital Markets LLC 0.04%, dated 4/30/21 due 11/1/21 Proceeds at Maturity $5,456,018 (Collateralized by United States Treasury securities with rates between 0.00% and 1.63% and maturity dates between 12/15/21 and 7/15/24, with a Principal Amount of $5,598,400 and a Market Value of $5,565,150) | 5,456,000 | $ 5,456,000 | |
TD Securities (U.S.A), LLC 0.05%, dated 10/29/21 due 11/1/21 Proceeds at Maturity $25,000,104 (Collateralized by United States Treasury securities with rate of 2.38% and maturity dates 01/31/23, with a Principal Amount of $24,705,100 and a Market Value of $25,500,071) | 25,000,000 | 25,000,000 | |
Total Repurchase Agreements (Cost $30,456,000) | 30,456,000 | ||
U.S. Treasury Debt 29.7% | |||
U.S. Treasury Bills (c) | |||
0.05%, due 11/4/21 | $ 3,000,000 | 2,999,988 | |
0.06%, due 11/9/21 | 1,000,000 | 999,987 | |
0.065%, due 11/2/21 | 1,000,000 | 999,998 | |
0.068%, due 12/23/21 | 40,000,000 | 39,996,100 | |
0.074%, due 12/28/21 | 80,000,000 | 79,990,617 | |
Total U.S. Treasury Debt (Cost $124,986,690) | 124,986,690 | ||
Total Short-Term Investments (Cost $420,664,219) | 100.0% | 420,664,219 | |
Other Assets, Less Liabilities | (0.0)‡ | (150,141) | |
Net Assets | 100.0% | $ 420,514,078 |
† | Percentages indicated are based on Fund net assets. |
‡ | Less than one-tenth of a percent. |
(a) | Floating rate—Rate shown was the rate in effect as of October 31, 2021. |
(b) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
(c) | Interest rate shown represents yield to maturity. |
10 | MainStay Money Market Fund |
Abbreviation(s): |
LIBOR—London Interbank Offered Rate |
SOFR—Secured Overnight Financing Rate |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Short-Term Investments | |||||||
Certificates Of Deposit | $ — | $ 93,000,000 | $ — | $ 93,000,000 | |||
Commercial Paper | — | 172,221,529 | — | 172,221,529 | |||
Repurchase Agreements | — | 30,456,000 | — | 30,456,000 | |||
U.S. Treasury Debt | — | 124,986,690 | — | 124,986,690 | |||
Total Investments in Securities | $ — | $ 420,664,219 | $ — | $ 420,664,219 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
Assets | |
Investment in securities, at value (amortized cost $390,208,219) | $390,208,219 |
Repurchase agreements, at value (amortized cost $30,456,000) | 30,456,000 |
Cash | 3,928 |
Receivables: | |
Interest | 29,411 |
Other assets | 218,044 |
Total assets | 420,915,602 |
Liabilities | |
Payables: | |
Transfer agent (See Note 3) | 148,738 |
Manager (See Note 3) | 114,380 |
Fund shares redeemed | 75,183 |
Shareholder communication | 29,413 |
Professional fees | 16,081 |
Custodian | 11,654 |
Trustees | 1,062 |
Accrued expenses | 4,742 |
Dividends payable | 271 |
Total liabilities | 401,524 |
Net assets | $420,514,078 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.01 per share) unlimited number of shares authorized | $ 4,205,220 |
Additional paid-in-capital | 416,277,589 |
420,482,809 | |
Total distributable earnings (loss) | 31,269 |
Net assets | $420,514,078 |
Class A | |
Net assets applicable to outstanding shares | $354,743,293 |
Shares of beneficial interest outstanding | 354,739,126 |
Net asset value and offering price per share outstanding | $ 1.00 |
Investor Class | |
Net assets applicable to outstanding shares | $ 22,095,743 |
Shares of beneficial interest outstanding | 22,105,165 |
Net asset value and offering price per share outstanding | $ 1.00 |
Class B | |
Net assets applicable to outstanding shares | $ 25,709,132 |
Shares of beneficial interest outstanding | 25,712,178 |
Net asset value and offering price per share outstanding | $ 1.00 |
Class C | |
Net assets applicable to outstanding shares | $ 17,940,905 |
Shares of beneficial interest outstanding | 17,940,576 |
Net asset value and offering price per share outstanding | $ 1.00 |
SIMPLE Class | |
Net assets applicable to outstanding shares | $ 25,005 |
Shares of beneficial interest outstanding | 25,004 |
Net asset value and offering price per share outstanding | $ 1.00 |
12 | MainStay Money Market Fund |
Investment Income (Loss) | |
Income | |
Interest | $ 592,745 |
Expenses | |
Manager (See Note 3) | 1,820,760 |
Transfer agent (See Note 3) | 645,141 |
Registration | 137,774 |
Professional fees | 73,239 |
Shareholder communication | 43,485 |
Custodian | 31,359 |
Trustees | 10,715 |
Insurance | 4,389 |
Miscellaneous | 12,129 |
Total expenses before waiver/reimbursement | 2,778,991 |
Expense waiver/reimbursement from Manager (See Note 3) | (2,231,810) |
Net expenses | 547,181 |
Net investment income (loss) | 45,564 |
Realized Gain (Loss) | |
Net realized gain (loss) on investments | 2,652 |
Net increase (decrease) in net assets resulting from operations | $ 48,216 |
for the years ended October 31, 2021 and October 31, 2020
2021 | 2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 45,564 | $ 1,571,395 |
Net realized gain (loss) | 2,652 | 39,794 |
Net increase (decrease) in net assets resulting from operations | 48,216 | 1,611,189 |
Distributions to shareholders: | ||
Class A | (38,110) | (1,296,502) |
Investor Class | (2,527) | (95,085) |
Class B | (2,768) | (108,934) |
Class C | (2,115) | (70,584) |
SIMPLE Class | (4) | (1) |
Total distributions to shareholders | (45,524) | (1,571,106) |
Capital share transactions: | ||
Net proceeds from sales of shares | 368,286,798 | 684,343,367 |
Net asset value of shares issued to shareholder in reinvestment of distributions | 36,445 | 1,524,810 |
Cost of shares redeemed | (449,690,249) | (555,872,249) |
Increase (decrease) in net assets derived from capital share transactions | (81,367,006) | 129,995,928 |
Net increase (decrease) in net assets | (81,364,314) | 130,036,011 |
Net Assets | ||
Beginning of year | 501,878,392 | 371,842,381 |
End of year | $ 420,514,078 | $ 501,878,392 |
14 | MainStay Money Market Fund |
Year Ended October 31, | |||||||||
Class A | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | ||||
Net investment income (loss) (a) | 0.00‡ | 0.00‡ | 0.02 | 0.01 | 0.00‡ | ||||
Net realized and unrealized gain (loss) | 0.00‡ | 0.00‡ | 0.00‡ | (0.00)‡ | 0.00‡ | ||||
Total from investment operations | 0.00‡ | 0.00‡ | 0.02 | 0.01 | 0.00‡ | ||||
Less distributions: | |||||||||
From net investment income | (0.00)‡ | (0.00)‡ | (0.02) | (0.01) | (0.00)‡ | ||||
Net asset value at end of year | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | ||||
Total investment return (b) | 0.01% | 0.45% | 1.84% | 1.21% | 0.35% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.01% | 0.37% | 1.82% | 1.20% | 0.32% | ||||
Net expenses | 0.12% | 0.39% | 0.56% | 0.57% | 0.59% | ||||
Expenses (before waiver/reimbursement) | 0.54% | 0.55% | 0.56% | 0.57% | 0.60% | ||||
Net assets at end of year (in 000’s) | $ 354,743 | $ 415,041 | $ 290,421 | $ 235,855 | $ 227,572 |
‡ | Less than one cent per share. |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. For periods of less than one year, total return is not annualized. |
Year Ended October 31, | |||||||||
Investor Class | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | ||||
Net investment income (loss) (a) | 0.00‡ | 0.00‡ | 0.02 | 0.01 | 0.00‡ | ||||
Net realized and unrealized gain (loss) | 0.00‡ | 0.00‡ | 0.00‡ | (0.00)‡ | 0.00‡ | ||||
Total from investment operations | 0.00‡ | 0.00‡ | 0.02 | 0.01 | 0.00‡ | ||||
Less distributions: | |||||||||
From net investment income | (0.00)‡ | (0.00)‡ | (0.02) | (0.01) | (0.00)‡ | ||||
Net asset value at end of year | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | ||||
Total investment return (b) | 0.01% | 0.35% | 1.59% | 0.98% | 0.20% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.01% | 0.33% | 1.58% | 0.97% | 0.18% | ||||
Net expenses | 0.12% | 0.51% | 0.80% | 0.80% | 0.73% | ||||
Expenses (before waiver/reimbursement) | 0.96% | 0.91% | 0.88% | 0.84% | 0.79% | ||||
Net assets at end of year (in 000's) | $ 22,096 | $ 28,427 | $ 28,133 | $ 26,548 | $ 27,087 |
‡ | Less than one cent per share. |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. For periods of less than one year, total return is not annualized. |
Year Ended October 31, | |||||||||
Class B | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | ||||
Net investment income (loss) (a) | 0.00‡ | 0.00‡ | 0.02 | 0.01 | 0.00‡ | ||||
Net realized and unrealized gain (loss) | 0.00‡ | 0.00‡ | 0.00‡ | (0.00)‡ | 0.00‡ | ||||
Total from investment operations | 0.00‡ | 0.00‡ | 0.02 | 0.01 | 0.00‡ | ||||
Less distributions: | |||||||||
From net investment income | (0.00)‡ | (0.00)‡ | (0.02) | (0.01) | (0.00)‡ | ||||
Net asset value at end of year | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | ||||
Total investment return (b) | 0.01% | 0.35% | 1.59% | 0.98% | 0.20% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.01% | 0.35% | 1.59% | 0.96% | 0.17% | ||||
Net expenses | 0.12% | 0.52% | 0.80% | 0.80% | 0.73% | ||||
Expenses (before waiver/reimbursement) | 0.97% | 0.90% | 0.88% | 0.84% | 0.79% | ||||
Net assets at end of year (in 000’s) | $ 25,709 | $ 30,215 | $ 32,981 | $ 37,284 | $ 43,351 |
‡ | Less than one cent per share. |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. For periods of less than one year, total return is not annualized. |
Year Ended October 31, | |||||||||
Class C | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | ||||
Net investment income (loss) (a) | 0.00‡ | 0.00‡ | 0.02 | 0.01 | 0.00‡ | ||||
Net realized and unrealized gain (loss) | 0.00‡ | 0.00‡ | 0.00‡ | (0.00)‡ | 0.00‡ | ||||
Total from investment operations | 0.00‡ | 0.00‡ | 0.02 | 0.01 | 0.00‡ | ||||
Less distributions: | |||||||||
From net investment income | (0.00)‡ | (0.00)‡ | (0.02) | (0.01) | (0.00)‡ | ||||
Net asset value at end of year | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | ||||
Total investment return (b) | 0.01% | 0.35% | 1.60% | 0.98% | 0.20% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.01% | 0.27% | 1.59% | 0.94% | 0.17% | ||||
Net expenses | 0.12% | 0.50% | 0.80% | 0.80% | 0.73% | ||||
Expenses (before waiver/reimbursement) | 0.96% | 0.90% | 0.88% | 0.84% | 0.79% | ||||
Net assets at end of year (in 000’s) | $ 17,941 | $ 28,171 | $ 20,308 | $ 22,983 | $ 30,831 |
‡ | Less than one cent per share. |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. For periods of less than one year, total return is not annualized. |
16 | MainStay Money Market Fund |
Year Ended October 31, | August 31, 2020^ through October 31, | ||
SIMPLE Class | 2021 | 2020 | |
Net asset value at beginning of period | $ 1.00 | $ 1.00 | |
Net investment income (loss) (a) | 0.00‡ | (0.00)‡ | |
Net realized and unrealized gain (loss) | 0.00‡ | 0.00‡ | |
Total from investment operations | 0.00‡ | 0.00‡ | |
Less distributions: | |||
From net investment income | (0.00)‡ | (0.00)‡ | |
Net asset value at end of period | $ 1.00 | $ 1.00 | |
Total investment return (b) | 0.01% | 0.00%‡‡ | |
Ratios (to average net assets)/Supplemental Data: | |||
Net investment income (loss) | 0.01% | (0.02)%†† | |
Net expenses | 0.12% | 0.19%†† | |
Expenses (before waiver/reimbursement) | 0.97% | 0.95%†† | |
Net assets at end of period (in 000’s) | $ 25 | $ 25 |
^ | Inception date. |
‡ | Less than one cent per share. |
‡‡ | Less than one-tenth percent. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. SIMPLE Class shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
Class | Commenced Operations |
Class A | January 3, 1995 |
Investor Class | February 28, 2008 |
Class B | May 1, 1986 |
Class C | September 1, 1998 |
SIMPLE Class | August 31, 2020 |
Class R6 | N/A* |
* | Class R6 shares were registered for sale effective as of February 28, 2020 but have not yet commenced operations. |
18 |
• | Level 1—quoted prices in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Fund's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• Benchmark yields | • Reported trades |
• Broker/dealer quotes | • Issuer spreads |
• Two-sided markets | • Benchmark securities |
• Bids/offers | • Reference data (corporate actions or material event notices) |
• Industry and economic events | • Comparable bonds |
• Monthly payment information |
20 |
Class | Expense | Waived |
Class A | $278,863 | $— |
Investor Class | 124,657 | — |
Class B | 137,838 | — |
Class C | 103,657 | — |
SIMPLE Class | 126 | — |
SIMPLE Class | $25,004 | 100.0% |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $420,664,286 | $0 | $(67) | $(67) |
Ordinary income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$31,607 | $— | $(271) | $(67) | $31,269 |
Total Distributable Earnings (Loss) | Additional Paid-In Capital | |
$(12,508) | $12,508 |
2021 | 2020 | |
Distributions paid from: | ||
Ordinary Income | $45,524 | $1,571,106 |
22 |
Class A (at $1 per share) | Shares |
Year ended October 31, 2021: | |
Shares sold | 340,675,734 |
Shares issued to shareholders in reinvestment of distributions | 20,131 |
Shares redeemed | (410,827,373) |
Shares converted into Class A (See Note 1) | 9,888,238 |
Shares converted from Class A (See Note 1) | (55,680) |
Net increase (decrease) | (60,298,950) |
Year ended October 31, 2020 : | |
Shares sold | 601,124,007 |
Shares issued to shareholders in reinvestment of distributions | 1,257,799 |
Shares redeemed | (492,493,653) |
Net increase (decrease) in shares outstanding before conversion | 109,888,153 |
Shares converted into Class A (See Note 1) | 15,683,919 |
Shares converted from Class A (See Note 1) | (983,961) |
Net increase (decrease) | 124,588,111 |
Investor Class (at $1 per share) | Shares |
Year ended October 31, 2021: | |
Shares sold | 16,943,609 |
Shares issued to shareholders in reinvestment of distributions | 811 |
Shares redeemed | (14,259,565) |
Shares converted into Investor Class (See Note 1) | 175,065 |
Shares converted from Investor Class (See Note 1) | (9,191,211) |
Net increase (decrease) | (6,331,291) |
Year ended October 31, 2020 : | |
Shares sold | 38,675,933 |
Shares issued to shareholders in reinvestment of distributions | 90,306 |
Shares redeemed | (23,968,779) |
Net increase (decrease) in shares outstanding before conversion | 14,797,460 |
Shares converted into Investor Class (See Note 1) | 1,036,162 |
Shares converted from Investor Class (See Note 1) | (15,542,396) |
Net increase (decrease) | 291,226 |
Class B (at $1 per share) | Shares |
Year ended October 31, 2021: | |
Shares sold | 1,636,627 |
Shares issued to shareholders in reinvestment of distributions | 2,084 |
Shares redeemed | (6,104,060) |
Shares converted from Class B (See Note 1) | (40,794) |
Net increase (decrease) | (4,506,143) |
Year ended October 31, 2020 : | |
Shares sold | 6,683,934 |
Shares issued to shareholders in reinvestment of distributions | 107,207 |
Shares redeemed | (9,441,545) |
Net increase (decrease) in shares outstanding before conversion | (2,650,404) |
Shares converted from Class B (See Note 1) | (117,832) |
Net increase (decrease) | (2,768,236) |
Class C (at $1 per share) | Shares |
Year ended October 31, 2021: | |
Shares sold | 9,030,802 |
Shares issued to shareholders in reinvestment of distributions | 1,824 |
Shares redeemed | (18,486,789) |
Shares converted from Class C (See Note 1) | (775,618) |
Net increase (decrease) | (10,229,781) |
Year ended October 31, 2020 : | |
Shares sold | 37,834,493 |
Shares issued to shareholders in reinvestment of distributions | 69,497 |
Shares redeemed | (29,968,272) |
Net increase (decrease) in shares outstanding before conversion | 7,935,718 |
Shares converted from Class C (See Note 1) | (75,892) |
Net increase (decrease) | 7,859,826 |
SIMPLE Class (at $1 per share) | Shares |
Year ended October 31, 2021: | |
Shares issued to shareholders in reinvestment of distributions | 3 |
Net increase (decrease) | 3 |
Year ended October 31, 2020 (a): | |
Shares sold | 25,000 |
Shares issued to shareholders in reinvestment of distributions | 1 |
Net increase (decrease) | 25,001 |
(a) | The inception date of the class was August 31, 2020. |
24 |
The MainStay Funds:
December 24, 2021
26 |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Yie-Hsin Hung* 1962 | MainStay Funds: Trustee since 2017; MainStay Funds Trust: Trustee since 2017 | Senior Vice President of New York Life since joining in 2010, Member of the Executive Management Committee since 2017, Chief Executive Officer, New York Life Investment Management Holdings LLC & New York Life Investment Management LLC since 2015. Senior Managing Director and Co-President of New York Life Investment Management LLC from January 2014 to May 2015. Previously held positions of increasing responsibility, including head of NYLIM International, Alternative Growth Businesses, and Institutional investments since joining New York Life in 2010 | 78 | MainStay VP Funds Trust: Trustee since 2017 (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2017; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of her affiliation with New York Life Insurance Company, New York Life Investment Management LLC, Candriam Belgium S.A., Candriam Luxembourg S.C.A., IndexIQ Advisors LLC, MacKay Shields LLC, NYL Investors LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay Funds: Trustee since 2016, Advisory Board Member (June 2015 to December 2015);MainStay Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 78 | MainStay VP Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Market Vectors Group of Exchange-Traded Funds: Independent Chairman of the Board of Trustees since 2008 and Trustee since 2006 (56 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Investment Committee since 2018 | |
Susan B. Kerley 1951 | MainStay Funds: Chairman since 2017 and Trustee since 2007;MainStay Funds Trust: Chairman since 2017 and Trustee since 1990** | President, Strategic Management Advisors LLC since 1990 | 78 | MainStay VP Funds Trust: Chairman since January 2017 and Trustee since 2007 (31 portfolios)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) | |
Alan R. Latshaw 1951 | MainStay Funds: Trustee;MainStay Funds Trust: Trustee since 2007** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 78 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 | |
Richard H. Nolan, Jr. 1946 | MainStay Funds: Trustee since 2007;MainStay Funds Trust: Trustee since 2007** | Managing Director, ICC Capital Management since 2004; President—Shields/Alliance, Alliance Capital Management (1994 to 2004) | 78 | MainStay VP Funds Trust: Trustee since 2006 (31 portfolios)***; and MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011 | |
Jacques P. Perold 1958 | MainStay Funds: Trustee since 2016, Advisory Board Member (June 2015 to December 2015);MainStay Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, Capshift Advisors LLC (Since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 78 | MainStay VP Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Partners in Health: Trustee since 2019; Allstate Corporation: Director since 2015; and MSCI, Inc.: Director since 2017 |
28 | MainStay Money Market Fund |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Richard S. Trutanic 1952 | MainStay Funds: Trustee since 1994;MainStay Funds Trust: Trustee since 2007** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 78 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund; Trustee since June 2021 |
** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
*** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Karen Hammond 1956 | MainStay Funds: Advisory Board Member since June 2021;MainStay Funds Trust: Advisory Board Member since June 2021 | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 78 | MainStay VP Funds Trust: Advisory Board Member since June 2021 (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Advisory Board Member since June 2021; MainStay CBRE Global Infrastructure Megatrends Fund: Advisory Board Member since June 2021; Two Harbors Investment Corp: Trustee since 2018, Chair of the Special Committee since 2019; Rhode Island School of Design: Trustee and Chair of the Finance Committee since 2015 |
Advisory Board Member | Independent Trustees |
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; Chairman of the Board since 2017, NYLIFE Distributors LLC; Chairman of the Board, NYLIM Service Company LLC since 2017; Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust since January 2018; President, MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust since 2017** and MainStay CBRE Global Infrastructure Megatrends Fund since June 2021; 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 MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay VP Funds Trust since 2007** and MainStay CBRE Global Infrastructure Megatrends Fund since June 2021; 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 MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay VP Funds Trust since 2010** and MainStay CBRE Global Infrastructure Megatrends Fund since June 2021 | ||
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 MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay VP Funds Trust since 2005** and MainStay CBRE Global Infrastructure Megatrends Fund since June 2021 | ||
Kevin M. Bopp 1969 | Vice President and Chief Compliance Officer, MainStay Funds and MainStay Funds Trust since 2021 and 2014 to 2020 | Vice President and Chief Compliance Officer, New York Life Investments Alternatives LLC and New York Life Investment Management Holdings LLC since 2020; Vice President since 2018 and Chief Compliance Officer since 2016, New York Life Investment Management LLC; Vice President and Chief Compliance Officer, IndexIQ Advisors LLC, IndexIQ Holdings Inc., IndexIQ LLC and IndexIQ Trust since 2017; Director and Associate General Counsel (2011 to 2014) and Vice President and Assistant General Counsel (2010 to 2011), New York Life Investment Management LLC;Vice President and Chief Compliance Officer, MainStay VP Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund since June 2021 and 2014 to 2020 and MainStay CBRE Global Infrastructure Megatrends Fund since June 2021; Assistant Secretary, MainStay Funds, MainStay Funds Trust and MainStay VP Funds Trust (2010 to 2014)**, MainStay MacKay DefinedTerm Municipal Opportunities Fund (2011 to 2014) |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
30 | MainStay Money Market Fund |
1.
2. | This Fund is registered for sale in CA, CT, DE, FL, MA, NJ, NY and VT. |
3. | Prior to November 30, 2021, the Fund's name was formerly MainStay MacKay Intermediate Tax Free Bond Fund. |
4. | An affiliate of New York Life Investment Management LLC. |
1715987MS180-21 | MSMM11-12/21 |
please log in to newyorklifeinvestments.com/accounts.
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended October 31, 2021 | |||||||
Class | Sales Charge | Inception Date | One Year | Five Years | Ten Years or Since Inception | Gross Expense Ratio1 | |
Class A Shares | Maximum 5.5% Initial Sales Charge | With sales charges | 7/1/1995 | 34.34% | 24.07% | 17.52% | 0.97% |
Excluding sales charges | 42.16 | 25.48 | 18.19 | 0.97 | |||
Investor Class Shares2 | Maximum 5% Initial Sales Charge | With sales charges | 2/28/2008 | 34.88 | 23.92 | 17.42 | 1.10 |
Excluding sales charges | 41.98 | 25.33 | 18.09 | 1.10 | |||
Class B Shares3 | Maximum 5% CDSC | With sales charges | 4/1/2005 | 35.80 | 24.24 | 17.21 | 1.85 |
if Redeemed Within the First Six Years of Purchase | Excluding sales charges | 40.80 | 24.41 | 17.21 | 1.85 | ||
Class C Shares | Maximum 1% CDSC | With sales charges | 4/1/2005 | 39.77 | 24.40 | 17.22 | 1.85 |
if Redeemed Within One Year of Purchase | Excluding sales charges | 40.77 | 24.40 | 17.22 | 1.85 | ||
Class I Shares | No Sales Charge | 4/1/2005 | 42.46 | 25.79 | 18.49 | 0.72 | |
Class R1 Shares | No Sales Charge | 4/1/2005 | 42.30 | 25.66 | 18.37 | 0.82 | |
Class R2 Shares | No Sales Charge | 4/1/2005 | 42.04 | 25.37 | 18.08 | 1.07 | |
Class R3 Shares | No Sales Charge | 4/28/2006 | 41.60 | 25.03 | 17.78 | 1.32 | |
Class R6 Shares | No Sales Charge | 6/17/2013 | 42.65 | 25.91 | 19.45 | 0.64 | |
SIMPLE Class Shares | No Sales Charge | 8/31/2020 | 41.59 | N/A | 24.90 | 1.35 |
1. | The gross expense ratios presented reflect the Fund’s “Total Annual Fund Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report. |
2. | Prior to June 30, 2020, the maximum initial sales charge was 5.5%, which is reflected in the average annual total return figures shown. |
3. | Class B shares are closed to all new purchases as well as additional investments by existing Class B shareholders. |
Benchmark Performance* | One Year | Five Years | Ten Years |
Russell 1000® Growth Index1 | 43.21% | 25.49% | 19.42% |
S&P 500® Index2 | 42.91 | 18.93 | 16.22 |
Morningstar Large Growth Category Average3 | 39.60 | 22.35 | 16.89 |
1. | The Russell 1000® Growth Index is the Fund's primary benchmark. The Russell 1000® Growth Index is a broad-based benchmark that measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000® Index companies with higher price-to-book ratios and higher forecasted growth values. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
2. | The S&P 500® Index is the Fund's secondary benchmark. “S&P 500®" is a trademark of The McGraw-Hill Companies, Inc. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
3. | The Morningstar Large Growth Category Average is representative of funds that invest primarily in big U.S. companies that are projected to grow faster than other large-cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. Growth is defined based on fast growth and high valuations. Most of these funds focus on companies in rapidly expanding industries. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. |
6 | MainStay Winslow Large Cap Growth Fund |
Share Class | Beginning Account Value 5/1/21 | Ending Account Value (Based on Actual Returns and Expenses) 10/31/21 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 10/31/21 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Class A Shares | $1,000.00 | $1,153.00 | $5.05 | $1,020.52 | $4.74 | 0.93% |
Investor Class Shares | $1,000.00 | $1,151.90 | $5.86 | $1,019.76 | $5.50 | 1.08% |
Class B Shares | $1,000.00 | $1,147.60 | $9.91 | $1,015.98 | $9.30 | 1.83% |
Class C Shares | $1,000.00 | $1,146.90 | $9.90 | $1,015.98 | $9.30 | 1.83% |
Class I Shares | $1,000.00 | $1,153.70 | $3.69 | $1,021.78 | $3.47 | 0.68% |
Class R1 Shares | $1,000.00 | $1,153.20 | $4.23 | $1,021.27 | $3.97 | 0.78% |
Class R2 Shares | $1,000.00 | $1,152.00 | $5.59 | $1,020.01 | $5.24 | 1.03% |
Class R3 Shares | $1,000.00 | $1,150.60 | $6.94 | $1,018.75 | $6.51 | 1.28% |
Class R6 Shares | $1,000.00 | $1,155.00 | $3.37 | $1,022.08 | $3.16 | 0.62% |
SIMPLE Class Shares | $1,000.00 | $1,150.60 | $7.26 | $1,018.45 | $6.82 | 1.34% |
1. | Expenses are equal to the Fund’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 184 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Fund's annualized expense ratio to reflect the six-month period. |
Software | 23.3% |
Interactive Media & Services | 12.4 |
IT Services | 8.0 |
Semiconductors & Semiconductor Equipment | 7.3 |
Internet & Direct Marketing Retail | 6.4 |
Textiles, Apparel & Luxury Goods | 4.9 |
Hotels, Restaurants & Leisure | 3.6 |
Life Sciences Tools & Services | 3.2 |
Health Care Equipment & Supplies | 3.1 |
Technology Hardware, Storage & Peripherals | 3.0 |
Automobiles | 2.2 |
Chemicals | 1.9 |
Entertainment | 1.9 |
Specialty Retail | 1.8 |
Capital Markets | 1.8 |
Pharmaceuticals | 1.6 |
Health Care Providers & Services | 1.5% |
Professional Services | 1.5 |
Road & Rail | 1.5 |
Containers & Packaging | 1.3 |
Personal Products | 1.3 |
Electronic Equipment, Instruments & Components | 1.3 |
Auto Components | 1.2 |
Health Care Technology | 1.1 |
Machinery | 1.0 |
Electrical Equipment | 0.2 |
Real Estate Management & Development | 0.0‡ |
Short–Term Investments | 1.4 |
Other Assets, Less Liabilities | 0.3 |
100.0% |
1. | Microsoft Corp. |
2. | Alphabet, Inc. |
3. | Amazon.com, Inc. |
4. | Adobe, Inc. |
5. | NIKE, Inc., Class B |
6. | Apple, Inc. |
7. | salesforce.com, Inc. |
8. | NVIDIA Corp. |
9. | Visa, Inc., Class A |
10. | Meta Platforms, Inc., Class A |
8 | MainStay Winslow Large Cap Growth Fund |
1. | See page 5 for other share class returns, which may be higher or lower than Class I share returns. See page 6 for more information on benchmark and peer group returns. |
10 | MainStay Winslow Large Cap Growth Fund |
Shares | Value | |
Common Stocks 98.3% | ||
Auto Components 1.2% | ||
Aptiv plc (a) | 1,135,250 | $ 196,273,373 |
Automobiles 2.2% | ||
Tesla, Inc. (a) | 331,500 | 369,291,000 |
Capital Markets 1.8% | ||
Moody's Corp. | 417,150 | 168,591,172 |
MSCI, Inc. | 188,500 | 125,329,880 |
293,921,052 | ||
Chemicals 1.9% | ||
Linde plc | 990,630 | 316,209,096 |
Containers & Packaging 1.3% | ||
Ball Corp. | 2,404,050 | 219,922,494 |
Electrical Equipment 0.2% | ||
Fluence Energy, Inc. (a) | 800,100 | 28,459,557 |
Electronic Equipment, Instruments & Components 1.3% | ||
TE Connectivity Ltd. | 1,458,100 | 212,882,600 |
Entertainment 1.9% | ||
Netflix, Inc. (a) | 453,400 | 312,986,554 |
Health Care Equipment & Supplies 3.1% | ||
Align Technology, Inc. (a) | 399,200 | 249,248,504 |
Intuitive Surgical, Inc. (a) | 737,700 | 266,405,601 |
515,654,105 | ||
Health Care Providers & Services 1.5% | ||
UnitedHealth Group, Inc. | 560,300 | 258,001,341 |
Health Care Technology 1.1% | ||
Veeva Systems, Inc., Class A (a) | 570,150 | 180,743,252 |
Hotels, Restaurants & Leisure 3.6% | ||
Airbnb, Inc., Class A (a) | 1,062,200 | 181,275,052 |
Chipotle Mexican Grill, Inc. (a) | 138,900 | 247,107,267 |
Hilton Worldwide Holdings, Inc. (a) | 1,195,600 | 172,106,620 |
600,488,939 |
Shares | Value | |
Interactive Media & Services 12.4% | ||
Alphabet, Inc. (a) | ||
Class A | 199,551 | $ 590,854,547 |
Class C | 202,026 | 599,089,920 |
Bumble, Inc., Class A (a) | 2,962,300 | 155,579,996 |
Match Group, Inc. (a) | 1,223,300 | 184,449,174 |
Meta Platforms, Inc., Class A (a) | 1,208,840 | 391,144,359 |
Snap, Inc., Class A (a) | 2,565,400 | 134,888,732 |
2,056,006,728 | ||
Internet & Direct Marketing Retail 6.4% | ||
Amazon.com, Inc. (a) | 315,770 | 1,064,912,221 |
IT Services 8.0% | ||
Mastercard, Inc., Class A | 630,500 | 211,545,360 |
Payoneer Global, Inc. (a) | 1,301,000 | 9,822,550 |
PayPal Holdings, Inc. (a) | 1,585,180 | 368,697,016 |
Snowflake, Inc., Class A (a) | 472,500 | 167,189,400 |
Square, Inc., Class A (a) | 675,800 | 171,991,100 |
Visa, Inc., Class A | 1,926,500 | 407,974,905 |
1,337,220,331 | ||
Life Sciences Tools & Services 3.2% | ||
Agilent Technologies, Inc. | 1,488,800 | 234,471,112 |
Bio-Techne Corp. | 219,300 | 114,836,445 |
IQVIA Holdings, Inc. (a) | 714,200 | 186,706,164 |
536,013,721 | ||
Machinery 1.0% | ||
Parker-Hannifin Corp. | 584,300 | 173,297,537 |
Personal Products 1.3% | ||
Estee Lauder Cos., Inc. (The), Class A | 657,620 | 213,285,895 |
Pharmaceuticals 1.6% | ||
Zoetis, Inc. | 1,222,340 | 264,269,908 |
Professional Services 1.5% | ||
CoStar Group, Inc. (a) | 2,915,600 | 250,887,380 |
Real Estate Management & Development 0.0% ‡ | ||
Compass, Inc., Class A (a)(b) | 443,000 | 5,803,300 |
Road & Rail 1.5% | ||
Union Pacific Corp. | 1,019,000 | 245,986,600 |
Shares | Value | |
Common Stocks (continued) | ||
Semiconductors & Semiconductor Equipment 7.3% | ||
Advanced Micro Devices, Inc. (a) | 2,304,200 | $ 277,033,966 |
Analog Devices, Inc. | 1,418,940 | 246,171,901 |
ASML Holding NV (Registered) | 320,970 | 260,910,093 |
NVIDIA Corp. | 1,700,800 | 434,843,536 |
1,218,959,496 | ||
Software 23.3% | ||
Adobe, Inc. (a) | 890,310 | 579,022,012 |
Atlassian Corp. plc, Class A (a) | 494,250 | 226,430,752 |
Intuit, Inc. | 497,510 | 311,436,285 |
Microsoft Corp. | 5,021,130 | 1,665,107,130 |
salesforce.com, Inc. (a) | 1,492,590 | 447,314,297 |
ServiceNow, Inc. (a) | 511,300 | 356,764,688 |
Workday, Inc., Class A (a) | 1,024,470 | 297,075,811 |
3,883,150,975 | ||
Specialty Retail 1.8% | ||
Lowe's Cos., Inc. | 1,272,700 | 297,582,714 |
Technology Hardware, Storage & Peripherals 3.0% | ||
Apple, Inc. | 3,319,300 | 497,231,140 |
Textiles, Apparel & Luxury Goods 4.9% | ||
Lululemon Athletica, Inc. (a) | 613,700 | 285,990,337 |
NIKE, Inc., Class B | 3,025,540 | 506,142,587 |
On Holding AG, Class A (a)(b) | 499,400 | 17,059,504 |
809,192,428 | ||
Total Common Stocks (Cost $7,278,430,046) | 16,358,633,737 | |
Short-Term Investments 1.4% | ||
Affiliated Investment Company 1.4% | ||
MainStay U.S. Government Liquidity Fund, 0.01% (c)(d) | 238,862,599 | 238,862,599 |
Shares | Value | ||
Unaffiliated Investment Company 0.0% ‡ | |||
Wells Fargo Government Money Market Fund, 0.025% (d)(e) | 147,920 | $ 147,920 | |
Total Short-Term Investments (Cost $239,010,519) | 239,010,519 | ||
Total Investments (Cost $7,517,440,565) | 99.7% | 16,597,644,256 | |
Other Assets, Less Liabilities | 0.3 | 42,498,878 | |
Net Assets | 100.0% | $ 16,640,143,134 |
† | Percentages indicated are based on Fund net assets. |
‡ | 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, 2021, the aggregate market value of securities on loan was $3,385,143; the total market value of collateral held by the Fund was $3,405,248. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $3,257,328. The Fund received cash collateral with a value of $147,920. (See Note 2(G)) |
(c) | As of October 31, 2021, the Fund's ownership exceeds 5% of the outstanding shares of the Underlying Fund’s share class. |
(d) | Current yield as of October 31, 2021. |
(e) | Represents a security purchased with cash collateral received for securities on loan. |
12 | MainStay Winslow Large Cap Growth Fund |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Common Stocks | $ 16,358,633,737 | $ — | $ — | $ 16,358,633,737 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 238,862,599 | — | — | 238,862,599 | |||
Unaffiliated Investment Company | 147,920 | — | — | 147,920 | |||
Total Short-Term Investments | 239,010,519 | — | — | 239,010,519 | |||
Total Investments in Securities | $ 16,597,644,256 | $ — | $ — | $ 16,597,644,256 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
Assets | |
Investment in unaffiliated securities, at value (identified cost $7,278,577,966) including securities on loan of $3,385,143 | $16,358,781,657 |
Investment in affiliated investment companies, at value (identified cost $238,862,599) | 238,862,599 |
Cash | 4,845 |
Receivables: | |
Investment securities sold | 115,907,882 |
Fund shares sold | 14,574,683 |
Dividends | 1,614,125 |
Securities lending | 8,585 |
Other assets | 96,179 |
Total assets | 16,729,850,555 |
Liabilities | |
Cash collateral received for securities on loan | 147,920 |
Payables: | |
Investment securities purchased | 44,961,484 |
Fund shares redeemed | 34,009,505 |
Manager (See Note 3) | 8,083,215 |
Transfer agent (See Note 3) | 1,511,035 |
NYLIFE Distributors (See Note 3) | 651,108 |
Shareholder communication | 247,888 |
Professional fees | 63,970 |
Trustees | 16,265 |
Custodian | 8,741 |
Accrued expenses | 6,290 |
Total liabilities | 89,707,421 |
Net assets | $16,640,143,134 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.01 per share) unlimited number of shares authorized | $ 10,174,823 |
Additional paid-in-capital | 4,405,172,056 |
4,415,346,879 | |
Total distributable earnings (loss) | 12,224,796,255 |
Net assets | $16,640,143,134 |
Class A | |
Net assets applicable to outstanding shares | $1,745,832,706 |
Shares of beneficial interest outstanding | 117,017,871 |
Net asset value per share outstanding | $ 14.92 |
Maximum sales charge (5.50% of offering price) | 0.87 |
Maximum offering price per share outstanding | $ 15.79 |
Investor Class | |
Net assets applicable to outstanding shares | $ 106,353,610 |
Shares of beneficial interest outstanding | 7,302,370 |
Net asset value per share outstanding | $ 14.56 |
Maximum sales charge (5.00% of offering price) | 0.77 |
Maximum offering price per share outstanding | $ 15.33 |
Class B | |
Net assets applicable to outstanding shares | $ 20,532,749 |
Shares of beneficial interest outstanding | 1,873,006 |
Net asset value and offering price per share outstanding | $ 10.96 |
Class C | |
Net assets applicable to outstanding shares | $ 90,376,604 |
Shares of beneficial interest outstanding | 8,265,544 |
Net asset value and offering price per share outstanding | $ 10.93 |
Class I | |
Net assets applicable to outstanding shares | $8,434,291,211 |
Shares of beneficial interest outstanding | 506,198,910 |
Net asset value and offering price per share outstanding | $ 16.66 |
Class R1 | |
Net assets applicable to outstanding shares | $1,207,902,924 |
Shares of beneficial interest outstanding | 75,337,750 |
Net asset value and offering price per share outstanding | $ 16.03 |
Class R2 | |
Net assets applicable to outstanding shares | $ 188,790,278 |
Shares of beneficial interest outstanding | 12,774,045 |
Net asset value and offering price per share outstanding | $ 14.78 |
Class R3 | |
Net assets applicable to outstanding shares | $ 63,194,614 |
Shares of beneficial interest outstanding | 4,646,128 |
Net asset value and offering price per share outstanding | $ 13.60 |
Class R6 | |
Net assets applicable to outstanding shares | $4,782,797,551 |
Shares of beneficial interest outstanding | 284,061,783 |
Net asset value and offering price per share outstanding | $ 16.84 |
14 | MainStay Winslow Large Cap Growth Fund |
SIMPLE Class | |
Net assets applicable to outstanding shares | $70,887 |
Shares of beneficial interest outstanding | 4,882 |
Net asset value and offering price per share outstanding | $ 14.52 |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated (net of foreign tax withholding of $224,993) | $ 62,146,039 |
Securities lending | 175,756 |
Dividends-affiliated | 10,461 |
Total income | 62,332,256 |
Expenses | |
Manager (See Note 3) | 94,549,675 |
Transfer agent (See Note 3) | 8,233,527 |
Distribution/Service—Class A (See Note 3) | 4,099,973 |
Distribution/Service—Investor Class (See Note 3) | 276,448 |
Distribution/Service—Class B (See Note 3) | 207,460 |
Distribution/Service—Class C (See Note 3) | 928,019 |
Distribution/Service—Class R2 (See Note 3) | 442,118 |
Distribution/Service—Class R3 (See Note 3) | 308,801 |
Distribution/Service—SIMPLE Class (See Note 3) | 231 |
Shareholder service (See Note 3) | 1,310,047 |
Professional fees | 653,231 |
Shareholder communication | 540,960 |
Trustees | 341,506 |
Registration | 299,505 |
Custodian | 124,824 |
Insurance | 98,546 |
Miscellaneous | 395,260 |
Total expenses before waiver/reimbursement | 112,810,131 |
Expense waiver/reimbursement from Manager (See Note 3) | (1,761,928) |
Net expenses | 111,048,203 |
Net investment income (loss) | (48,715,947) |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on unaffiliated investments | 3,677,702,280 |
Net change in unrealized appreciation (depreciation) on unaffiliated investments | 1,807,847,917 |
Net realized and unrealized gain (loss) | 5,485,550,197 |
Net increase (decrease) in net assets resulting from operations | $5,436,834,250 |
16 | MainStay Winslow Large Cap Growth Fund |
for the years ended October 31, 2021 and October 31, 2020
2021 | 2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ (48,715,947) | $ (11,097,027) |
Net realized gain (loss) | 3,677,702,280 | 820,924,239 |
Net change in unrealized appreciation (depreciation) | 1,807,847,917 | 2,446,952,380 |
Net increase (decrease) in net assets resulting from operations | 5,436,834,250 | 3,256,779,592 |
Distributions to shareholders: | ||
Class A | (77,969,502) | (111,361,863) |
Investor Class | (6,618,988) | (12,020,268) |
Class B | (1,541,249) | (2,904,982) |
Class C | (7,351,321) | (18,187,627) |
Class I | (355,187,292) | (608,819,185) |
Class R1 | (49,620,776) | (94,596,707) |
Class R2 | (8,981,664) | (17,824,571) |
Class R3 | (3,495,754) | (6,648,447) |
Class R6 | (207,330,897) | (315,525,286) |
SIMPLE Class | (1,359) | — |
Total distributions to shareholders | (718,098,802) | (1,187,888,936) |
Capital share transactions: | ||
Net proceeds from sales of shares | 2,324,245,742 | 2,681,398,278 |
Net asset value of shares issued to shareholder in reinvestment of distributions | 659,913,063 | 1,090,257,801 |
Cost of shares redeemed | (4,567,266,116) | (3,975,423,287) |
Increase (decrease) in net assets derived from capital share transactions | (1,583,107,311) | (203,767,208) |
Net increase (decrease) in net assets | 3,135,628,137 | 1,865,123,448 |
Net Assets | ||
Beginning of year | 13,504,514,997 | 11,639,391,549 |
End of year | $16,640,143,134 | $13,504,514,997 |
Year Ended October 31, | |||||||||
Class A | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 11.08 | $ 9.59 | $ 9.95 | $ 10.41 | $ 9.17 | ||||
Net investment income (loss) (a) | (0.07) | (0.03) | (0.02) | (0.02) | (0.01) | ||||
Net realized and unrealized gain (loss) | 4.55 | 2.58 | 1.48 | 1.12 | 2.31 | ||||
Total from investment operations | 4.48 | 2.55 | 1.46 | 1.10 | 2.30 | ||||
Less distributions: | |||||||||
From net investment income | — | — | — | (0.00)‡ | — | ||||
From net realized gain on investments | (0.64) | (1.06) | (1.82) | (1.56) | (1.06) | ||||
Total distributions | (0.64) | (1.06) | (1.82) | (1.56) | (1.06) | ||||
Net asset value at end of year | $ 14.92 | $ 11.08 | $ 9.59 | $ 9.95 | $ 10.41 | ||||
Total investment return (b) | 42.16% | 29.44% | 17.05% | 12.36% | 28.54% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | (0.53)% | (0.31)% | (0.20)% | (0.21)% | (0.15)% | ||||
Net expenses (c) | 0.93% | 0.97% | 0.99% | 0.97% | 1.00% | ||||
Expenses (before waiver/reimbursement) (c) | 0.94% | 0.97% | 0.99% | 0.98% | 1.00% | ||||
Portfolio turnover rate | 66% | 44% | 54% | 52% | 61% | ||||
Net assets at end of year (in 000’s) | $ 1,745,833 | $ 1,341,381 | $ 1,008,608 | $ 1,092,962 | $ 960,123 |
‡ | Less than one cent per share. |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | |||||||||
Investor Class | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 10.84 | $ 9.42 | $ 9.81 | $ 10.30 | $ 9.09 | ||||
Net investment income (loss) (a) | (0.08) | (0.04) | (0.03) | (0.03) | (0.02) | ||||
Net realized and unrealized gain (loss) | 4.44 | 2.52 | 1.46 | 1.10 | 2.29 | ||||
Total from investment operations | 4.36 | 2.48 | 1.43 | 1.07 | 2.27 | ||||
Less distributions: | |||||||||
From net realized gain on investments | (0.64) | (1.06) | (1.82) | (1.56) | (1.06) | ||||
Net asset value at end of year | $ 14.56 | $ 10.84 | $ 9.42 | $ 9.81 | $ 10.30 | ||||
Total investment return (b) | 41.98% | 29.19% | 16.96% | 12.19% | 28.45% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | (0.67)% | (0.43)% | (0.31)% | (0.30)% | (0.19)% | ||||
Net expenses (c) | 1.08% | 1.10% | 1.09% | 1.06% | 1.07% | ||||
Expenses (before waiver/reimbursement) (c) | 1.09% | 1.10% | 1.10% | 1.07% | 1.07% | ||||
Portfolio turnover rate | 66% | 44% | 54% | 52% | 61% | ||||
Net assets at end of year (in 000's) | $ 106,354 | $ 110,831 | $ 109,236 | $ 103,987 | $ 108,078 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
18 | MainStay Winslow Large Cap Growth Fund |
Year Ended October 31, | |||||||||
Class B | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 8.37 | $ 7.55 | $ 8.26 | $ 8.98 | $ 8.11 | ||||
Net investment income (loss) (a) | (0.13) | (0.09) | (0.08) | (0.09) | (0.08) | ||||
Net realized and unrealized gain (loss) | 3.36 | 1.97 | 1.19 | 0.93 | 2.01 | ||||
Total from investment operations | 3.23 | 1.88 | 1.11 | 0.84 | 1.93 | ||||
Less distributions: | |||||||||
From net realized gain on investments | (0.64) | (1.06) | (1.82) | (1.56) | (1.06) | ||||
Net asset value at end of year | $ 10.96 | $ 8.37 | $ 7.55 | $ 8.26 | $ 8.98 | ||||
Total investment return (b) | 40.80% | 28.37% | 15.96% | 11.28%(c) | 27.61% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | (1.42)% | (1.17)% | (1.05)% | (1.04)% | (0.96)% | ||||
Net expenses (d) | 1.83% | 1.85% | 1.84% | 1.81% | 1.82% | ||||
Expenses (before waiver/reimbursement) (d) | 1.84% | 1.85% | 1.85% | 1.82% | 1.82% | ||||
Portfolio turnover rate | 66% | 44% | 54% | 52% | 61% | ||||
Net assets at end of year (in 000’s) | $ 20,533 | $ 20,172 | $ 21,015 | $ 25,685 | $ 31,793 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | |||||||||
Class C | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 8.35 | $ 7.53 | $ 8.25 | $ 8.96 | $ 8.10 | ||||
Net investment income (loss) (a) | (0.13) | (0.09) | (0.07) | (0.09) | (0.08) | ||||
Net realized and unrealized gain (loss) | 3.35 | 1.97 | 1.17 | 0.94 | 2.00 | ||||
Total from investment operations | 3.22 | 1.88 | 1.10 | 0.85 | 1.92 | ||||
Less distributions: | |||||||||
From net realized gain on investments | (0.64) | (1.06) | (1.82) | (1.56) | (1.06) | ||||
Net asset value at end of year | $ 10.93 | $ 8.35 | $ 7.53 | $ 8.25 | $ 8.96 | ||||
Total investment return (b) | 40.77% | 28.46% | 15.97% | 11.42% | 27.51% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | (1.42)% | (1.17)% | (1.04)% | (1.05)% | (0.96)% | ||||
Net expenses (c) | 1.83% | 1.85% | 1.84% | 1.81% | 1.82% | ||||
Expenses (before waiver/reimbursement) (c) | 1.84% | 1.85% | 1.85% | 1.82% | 1.82% | ||||
Portfolio turnover rate | 66% | 44% | 54% | 52% | 61% | ||||
Net assets at end of year (in 000’s) | $ 90,377 | $ 95,761 | $ 131,945 | $ 197,231 | $ 229,283 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | |||||||||
Class I | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 12.28 | $ 10.49 | $ 10.69 | $ 11.06 | $ 9.65 | ||||
Net investment income (loss) (a) | (0.04) | (0.01) | 0.00‡ | 0.00‡ | 0.01 | ||||
Net realized and unrealized gain (loss) | 5.06 | 2.86 | 1.62 | 1.20 | 2.46 | ||||
Total from investment operations | 5.02 | 2.85 | 1.62 | 1.20 | 2.47 | ||||
Less distributions: | |||||||||
From net investment income | — | — | — | (0.01) | — | ||||
From net realized gain on investments | (0.64) | (1.06) | (1.82) | (1.56) | (1.06) | ||||
Total distributions | (0.64) | (1.06) | (1.82) | (1.57) | (1.06) | ||||
Net asset value at end of year | $ 16.66 | $ 12.28 | $ 10.49 | $ 10.69 | $ 11.06 | ||||
Total investment return (b) | 42.46% | 29.80% | 17.29% | 12.54%(c) | 28.92% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | (0.28)% | (0.06)% | 0.05% | 0.04% | 0.12% | ||||
Net expenses (d) | 0.68% | 0.72% | 0.74% | 0.72% | 0.75% | ||||
Expenses (before waiver/reimbursement) (d) | 0.69% | 0.72% | 0.74% | 0.73% | 0.75% | ||||
Portfolio turnover rate | 66% | 44% | 54% | 52% | 61% | ||||
Net assets at end of year (in 000’s) | $ 8,434,291 | $ 6,824,224 | $ 6,080,320 | $ 6,275,780 | $ 6,752,754 |
‡ | Less than one cent per share. |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | |||||||||
Class R1 | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 11.85 | $ 10.17 | $ 10.43 | $ 10.83 | $ 9.48 | ||||
Net investment income (loss) (a) | (0.05) | (0.02) | (0.00)‡ | (0.01) | 0.00‡ | ||||
Net realized and unrealized gain (loss) | 4.87 | 2.76 | 1.56 | 1.17 | 2.41 | ||||
Total from investment operations | 4.82 | 2.74 | 1.56 | 1.16 | 2.41 | ||||
Less distributions: | |||||||||
From net realized gain on investments | (0.64) | (1.06) | (1.82) | (1.56) | (1.06) | ||||
Net asset value at end of year | $ 16.03 | $ 11.85 | $ 10.17 | $ 10.43 | $ 10.83 | ||||
Total investment return (b) | 42.30% | 29.64% | 17.25% | 12.46% | 28.79% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | (0.38)% | (0.15)% | (0.04)% | (0.06)% | 0.01% | ||||
Net expenses (c) | 0.78% | 0.82% | 0.84% | 0.82% | 0.85% | ||||
Expenses (before waiver/reimbursement) (c) | 0.79% | 0.82% | 0.84% | 0.83% | 0.85% | ||||
Portfolio turnover rate | 66% | 44% | 54% | 52% | 61% | ||||
Net assets at end of year (in 000’s) | $ 1,207,903 | $ 914,359 | $ 919,236 | $ 1,102,423 | $ 1,596,638 |
‡ | Less than one cent per share. |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R1 shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
20 | MainStay Winslow Large Cap Growth Fund |
Year Ended October 31, | |||||||||
Class R2 | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 10.99 | $ 9.53 | $ 9.90 | $ 10.38 | $ 9.15 | ||||
Net investment income (loss) (a) | (0.08) | (0.04) | (0.03) | (0.03) | (0.02) | ||||
Net realized and unrealized gain (loss) | 4.51 | 2.56 | 1.48 | 1.11 | 2.31 | ||||
Total from investment operations | 4.43 | 2.52 | 1.45 | 1.08 | 2.29 | ||||
Less distributions: | |||||||||
From net realized gain on investments | (0.64) | (1.06) | (1.82) | (1.56) | (1.06) | ||||
Net asset value at end of year | $ 14.78 | $ 10.99 | $ 9.53 | $ 9.90 | $ 10.38 | ||||
Total investment return (b) | 42.04% | 29.29% | 16.89% | 12.17%(c) | 28.49% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | (0.63)% | (0.40)% | (0.29)% | (0.31)% | (0.24)% | ||||
Net expenses (d) | 1.03% | 1.07% | 1.09% | 1.07% | 1.10% | ||||
Expenses (before waiver/reimbursement) (d) | 1.04% | 1.07% | 1.09% | 1.08% | 1.10% | ||||
Portfolio turnover rate | 66% | 44% | 54% | 52% | 61% | ||||
Net assets at end of year (in 000’s) | $ 188,790 | $ 159,297 | $ 163,288 | $ 227,298 | $ 303,192 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R2 shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | |||||||||
Class R3 | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 10.19 | $ 8.93 | $ 9.41 | $ 9.96 | $ 8.85 | ||||
Net investment income (loss) (a) | (0.10) | (0.06) | (0.05) | (0.05) | (0.04) | ||||
Net realized and unrealized gain (loss) | 4.15 | 2.38 | 1.39 | 1.06 | 2.21 | ||||
Total from investment operations | 4.05 | 2.32 | 1.34 | 1.01 | 2.17 | ||||
Less distributions: | |||||||||
From net realized gain on investments | (0.64) | (1.06) | (1.82) | (1.56) | (1.06) | ||||
Net asset value at end of year | $ 13.60 | $ 10.19 | $ 8.93 | $ 9.41 | $ 9.96 | ||||
Total investment return (b) | 41.60% | 28.99% | 16.69% | 11.97% | 28.05% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | (0.88)% | (0.65)% | (0.55)% | (0.55)% | (0.49)% | ||||
Net expenses (c) | 1.28% | 1.32% | 1.34% | 1.32% | 1.35% | ||||
Expenses (before waiver/reimbursement) (c) | 1.29% | 1.32% | 1.34% | 1.33% | 1.35% | ||||
Portfolio turnover rate | 66% | 44% | 54% | 52% | 61% | ||||
Net assets at end of year (in 000’s) | $ 63,195 | $ 56,657 | $ 57,283 | $ 61,850 | $ 78,634 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R3 shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | |||||||||
Class R6 | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 12.39 | $ 10.58 | $ 10.76 | $ 11.12 | $ 9.69 | ||||
Net investment income (loss) (a) | (0.03) | 0.00‡ | 0.01 | 0.01 | 0.02 | ||||
Net realized and unrealized gain (loss) | 5.12 | 2.88 | 1.63 | 1.21 | 2.47 | ||||
Total from investment operations | 5.09 | 2.88 | 1.64 | 1.22 | 2.49 | ||||
Less distributions: | |||||||||
From net investment income | — | (0.01) | — | (0.02) | — | ||||
From net realized gain on investments | (0.64) | (1.06) | (1.82) | (1.56) | (1.06) | ||||
Total distributions | (0.64) | (1.07) | (1.82) | (1.58) | (1.06) | ||||
Net asset value at end of year | $ 16.84 | $ 12.39 | $ 10.58 | $ 10.76 | $ 11.12 | ||||
Total investment return (b) | 42.65% | 29.83% | 17.49% | 12.72% | 29.02% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | (0.22)% | 0.02% | 0.13% | 0.13% | 0.21% | ||||
Net expenses (c) | 0.62% | 0.64% | 0.64% | 0.63% | 0.63% | ||||
Expenses (before waiver/reimbursement) (c) | 0.63% | 0.64% | 0.64% | 0.64% | 0.63% | ||||
Portfolio turnover rate | 66% | 44% | 54% | 52% | 61% | ||||
Net assets at end of year (in 000’s) | $ 4,782,798 | $ 3,981,812 | $ 3,148,459 | $ 2,463,405 | $ 2,122,217 |
‡ | Less than one cent per share. |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R6 shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | August 31, 2020^ through October 31, | ||
SIMPLE Class | 2021 | 2020 | |
Net asset value at beginning of period | $ 10.84 | $ 11.84* | |
Net investment income (loss) (a) | (0.12) | (0.02) | |
Net realized and unrealized gain (loss) | 4.44 | (0.98) | |
Total from investment operations | 4.32 | (1.00) | |
Less distributions: | |||
From net realized gain on investments | (0.64) | — | |
Net asset value at end of period | $ 14.52 | $ 10.84 | |
Total investment return (b) | 41.59% | (8.45)% | |
Ratios (to average net assets)/Supplemental Data: | |||
Net investment income (loss) | (0.96)% | (1.00)%†† | |
Net expenses (c) | 1.33% | 1.32%†† | |
Expenses (before waiver/reimbursement) (c) | 1.34% | 1.33%†† | |
Portfolio turnover rate | 66% | 44% | |
Net assets at end of period (in 000’s) | $ 71 | $ 23 |
^ | Inception date. |
* | Based on the net asset value of Investor Class as of August 31, 2020. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. SIMPLE Class shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
22 | MainStay Winslow Large Cap Growth Fund |
Class | Commenced Operations |
Class A | July 1, 1995 |
Investor Class | February 28, 2008 |
Class B | April 1, 2005 |
Class C | April 1, 2005 |
Class I | April 1, 2005 |
Class R1 | April 1, 2005 |
Class R2 | April 1, 2005 |
Class R3 | April 28, 2006 |
Class R6 | June 17, 2013 |
SIMPLE Class | August 31, 2020 |
• | Level 1—quoted prices in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Fund's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• Broker/dealer quotes | • Benchmark securities |
• Two-sided markets | • Reference data (corporate actions or material event notices) |
• Bids/offers | • Monthly payment information |
• Industry and economic events | • Reported trades |
24 | MainStay Winslow Large Cap Growth Fund |
26 | MainStay Winslow Large Cap Growth Fund |
Class R1 | $ 1,071,440 |
Class R2 | 176,847 |
Class R3 | 61,760 |
Class | Expense | Waived |
Class A | $1,148,744 | $— |
Investor Class | 242,717 | — |
Class B | 45,527 | — |
Class C | 203,451 | — |
Class I | 5,495,274 | — |
Class R1 | 749,846 | — |
Class R2 | 123,968 | — |
Class R3 | 43,398 | — |
Class R6 | 180,500 | — |
SIMPLE Class | 102 | — |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay U.S. Government Liquidity Fund | $ 41,324 | $ 3,499,056 | $ (3,301,517) | $ — | $ — | $ 238,863 | $ 10 | $ — | 238,863 |
SIMPLE Class | $32,408 | 45.7% |
28 | MainStay Winslow Large Cap Growth Fund |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $7,524,735,446 | $9,105,266,526 | $(32,357,716) | $9,072,908,810 |
Ordinary income | Accumulated Capital and Other Gain (Loss) | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$549,987,364 | $2,601,900,081 | $9,072,908,810 | $12,224,796,255 |
Total Distributable Earnings (Loss) | Additional Paid-In Capital | |
$(478,515,253) | $478,515,253 |
2021 | 2020 | |
Distributions paid from: | ||
Ordinary Income | $ 6,461 | $ 37,642,284 |
Long-Term Capital Gains | 718,092,341 | 1,150,246,652 |
Total | $718,098,802 | $1,187,888,936 |
Class A | Shares | Amount |
Year ended October 31, 2021: | ||
Shares sold | 22,033,022 | $ 277,150,403 |
Shares issued to shareholders in reinvestment of distributions | 5,387,054 | 62,220,376 |
Shares redeemed | (21,566,819) | (275,933,108) |
Net increase (decrease) in shares outstanding before conversion | 5,853,257 | 63,437,671 |
Shares converted into Class A (See Note 1) | 3,416,327 | 43,736,806 |
Shares converted from Class A (See Note 1) | (13,324,070) | (192,191,173) |
Net increase (decrease) | (4,054,486) | $ (85,016,696) |
Year ended October 31, 2020: | ||
Shares sold | 32,993,648 | $ 322,813,743 |
Shares issued to shareholders in reinvestment of distributions | 10,490,222 | 92,418,858 |
Shares redeemed | (31,378,235) | (300,975,018) |
Net increase (decrease) in shares outstanding before conversion | 12,105,635 | 114,257,583 |
Shares converted into Class A (See Note 1) | 4,046,114 | 41,357,685 |
Shares converted from Class A (See Note 1) | (269,689) | (2,459,106) |
Net increase (decrease) | 15,882,060 | $ 153,156,162 |
Investor Class | Shares | Amount |
Year ended October 31, 2021: | ||
Shares sold | 1,128,446 | $ 13,734,676 |
Shares issued to shareholders in reinvestment of distributions | 586,179 | 6,612,105 |
Shares redeemed | (1,798,752) | (21,424,583) |
Net increase (decrease) in shares outstanding before conversion | (84,127) | (1,077,802) |
Shares converted into Investor Class (See Note 1) | 117,807 | 1,439,267 |
Shares converted from Investor Class (See Note 1) | (2,952,718) | (37,155,883) |
Net increase (decrease) | (2,919,038) | $ (36,794,418) |
Year ended October 31, 2020: | ||
Shares sold | 3,060,260 | $ 28,957,683 |
Shares issued to shareholders in reinvestment of distributions | 1,389,575 | 12,005,927 |
Shares redeemed | (2,341,927) | (22,496,141) |
Net increase (decrease) in shares outstanding before conversion | 2,107,908 | 18,467,469 |
Shares converted into Investor Class (See Note 1) | 198,705 | 1,823,319 |
Shares converted from Investor Class (See Note 1) | (3,683,197) | (37,084,878) |
Net increase (decrease) | (1,376,584) | $ (16,794,090) |
Class B | Shares | Amount |
Year ended October 31, 2021: | ||
Shares sold | 68,840 | $ 639,418 |
Shares issued to shareholders in reinvestment of distributions | 175,009 | 1,496,329 |
Shares redeemed | (361,090) | (3,390,436) |
Net increase (decrease) in shares outstanding before conversion | (117,241) | (1,254,689) |
Shares converted from Class B (See Note 1) | (420,928) | (3,906,383) |
Net increase (decrease) | (538,169) | $ (5,161,072) |
Year ended October 31, 2020: | ||
Shares sold | 222,509 | $ 1,622,326 |
Shares issued to shareholders in reinvestment of distributions | 419,160 | 2,812,565 |
Shares redeemed | (543,653) | (3,974,624) |
Net increase (decrease) in shares outstanding before conversion | 98,016 | 460,267 |
Shares converted from Class B (See Note 1) | (470,044) | (3,397,144) |
Net increase (decrease) | (372,028) | $ (2,936,877) |
Class C | Shares | Amount |
Year ended October 31, 2021: | ||
Shares sold | 1,104,348 | $ 10,258,434 |
Shares issued to shareholders in reinvestment of distributions | 768,446 | 6,554,845 |
Shares redeemed | (4,655,683) | (42,505,085) |
Net increase (decrease) in shares outstanding before conversion | (2,782,889) | (25,691,806) |
Shares converted from Class C (See Note 1) | (425,646) | (3,803,804) |
Net increase (decrease) | (3,208,535) | $ (29,495,610) |
Year ended October 31, 2020: | ||
Shares sold | 3,316,185 | $ 23,558,218 |
Shares issued to shareholders in reinvestment of distributions | 1,763,435 | 11,797,381 |
Shares redeemed | (10,845,199) | (82,589,582) |
Net increase (decrease) in shares outstanding before conversion | (5,765,579) | (47,233,983) |
Shares converted from Class C (See Note 1) | (273,731) | (2,045,824) |
Net increase (decrease) | (6,039,310) | $ (49,279,807) |
30 | MainStay Winslow Large Cap Growth Fund |
Class I | Shares | Amount |
Year ended October 31, 2021: | ||
Shares sold | 75,666,444 | $ 1,069,786,583 |
Shares issued to shareholders in reinvestment of distributions | 24,932,557 | 320,632,678 |
Shares redeemed | (162,239,448) | (2,363,597,119) |
Net increase (decrease) in shares outstanding before conversion | (61,640,447) | (973,177,858) |
Shares converted into Class I (See Note 1) | 11,934,333 | 192,159,317 |
Net increase (decrease) | (49,706,114) | $ (781,018,541) |
Year ended October 31, 2020: | ||
Shares sold | 119,737,170 | $ 1,266,637,622 |
Shares issued to shareholders in reinvestment of distributions | 56,071,825 | 546,139,579 |
Shares redeemed | (199,076,962) | (2,136,259,259) |
Net increase (decrease) in shares outstanding before conversion | (23,267,967) | (323,482,058) |
Shares converted into Class I (See Note 1) | 196,676 | 1,988,212 |
Shares converted from Class I (See Note 1) | (696,227) | (8,127,755) |
Net increase (decrease) | (23,767,518) | $ (329,621,601) |
Class R1 | Shares | Amount |
Year ended October 31, 2021: | ||
Shares sold | 11,175,211 | $ 154,183,022 |
Shares issued to shareholders in reinvestment of distributions | 4,004,675 | 49,617,929 |
Shares redeemed | (17,022,741) | (234,903,685) |
Net increase (decrease) in shares outstanding before conversion | (1,842,855) | (31,102,734) |
Shares converted from Class R1 (See Note 1) | (7,903) | (117,121) |
Net increase (decrease) | (1,850,758) | $ (31,219,855) |
Year ended October 31, 2020: | ||
Shares sold | 16,027,615 | $ 165,681,100 |
Shares issued to shareholders in reinvestment of distributions | 10,052,287 | 94,592,017 |
Shares redeemed | (39,307,312) | (405,516,655) |
Net increase (decrease) | (13,227,410) | $ (145,243,538) |
Class R2 | Shares | Amount |
Year ended October 31, 2021: | ||
Shares sold | 2,449,422 | $ 30,606,721 |
Shares issued to shareholders in reinvestment of distributions | 534,450 | 6,119,453 |
Shares redeemed | (4,703,242) | (59,789,772) |
Net increase (decrease) | (1,719,370) | $ (23,063,598) |
Year ended October 31, 2020: | ||
Shares sold | 3,470,793 | $ 33,305,555 |
Shares issued to shareholders in reinvestment of distributions | 1,377,180 | 12,050,323 |
Shares redeemed | (7,490,386) | (72,813,229) |
Net increase (decrease) | (2,642,413) | $ (27,457,351) |
Class R3 | Shares | Amount |
Year ended October 31, 2021: | ||
Shares sold | 750,705 | $ 8,643,290 |
Shares issued to shareholders in reinvestment of distributions | 317,889 | 3,356,909 |
Shares redeemed | (1,971,759) | (22,966,019) |
Net increase (decrease) in shares outstanding before conversion | (903,165) | (10,965,820) |
Shares converted from Class R3 (See Note 1) | (13,150) | (161,745) |
Net increase (decrease) | (916,315) | $ (11,127,565) |
Year ended October 31, 2020: | ||
Shares sold | 1,075,483 | $ 9,564,113 |
Shares issued to shareholders in reinvestment of distributions | 761,865 | 6,193,959 |
Shares redeemed | (2,690,447) | (24,467,750) |
Net increase (decrease) in shares outstanding before conversion | (853,099) | (8,709,678) |
Shares converted from Class R3 (See Note 1) | (2,332) | (25,933) |
Net increase (decrease) | (855,431) | $ (8,735,611) |
Class R6 | Shares | Amount |
Year ended October 31, 2021: | ||
Shares sold | 52,726,279 | $ 759,200,686 |
Shares issued to shareholders in reinvestment of distributions | 15,650,584 | 203,301,080 |
Shares redeemed | (105,667,940) | (1,542,745,590) |
Net increase (decrease) | (37,291,077) | $ (580,243,824) |
Year ended October 31, 2020: | ||
Shares sold | 76,258,553 | $ 829,232,918 |
Shares issued to shareholders in reinvestment of distributions | 31,764,719 | 312,247,192 |
Shares redeemed | (85,028,835) | (926,331,029) |
Net increase (decrease) in shares outstanding before conversion | 22,994,437 | 215,149,081 |
Shares converted into Class R6 (See Note 1) | 689,835 | 8,127,756 |
Shares converted from Class R6 (See Note 1) | (12,916) | (156,332) |
Net increase (decrease) | 23,671,356 | $ 223,120,505 |
SIMPLE Class | Shares | Amount |
Year ended October 31, 2021: | ||
Shares sold | 3,503 | $ 42,509 |
Shares issued to shareholders in reinvestment of distributions | 121 | 1,359 |
Shares redeemed | (916) | (10,719) |
Net increase (decrease) in shares outstanding before conversion | 2,708 | 33,149 |
Shares converted into SIMPLE Class (See Note 1) | 63 | 719 |
Net increase (decrease) | 2,771 | $ 33,868 |
Period ended October 31, 2020:(a) | ||
Shares sold | 2,111 | $ 25,000 |
Net increase (decrease) | 2,111 | $ 25,000 |
(a) | The inception date of the class was August 31, 2020. |
32 | MainStay Winslow Large Cap Growth Fund |
The MainStay Funds:
December 24, 2021
34 | MainStay Winslow Large Cap Growth Fund |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Yie-Hsin Hung* 1962 | MainStay Funds: Trustee since 2017; MainStay Funds Trust: Trustee since 2017 | Senior Vice President of New York Life since joining in 2010, Member of the Executive Management Committee since 2017, Chief Executive Officer, New York Life Investment Management Holdings LLC & New York Life Investment Management LLC since 2015. Senior Managing Director and Co-President of New York Life Investment Management LLC from January 2014 to May 2015. Previously held positions of increasing responsibility, including head of NYLIM International, Alternative Growth Businesses, and Institutional investments since joining New York Life in 2010 | 78 | MainStay VP Funds Trust: Trustee since 2017 (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2017; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of her affiliation with New York Life Insurance Company, New York Life Investment Management LLC, Candriam Belgium S.A., Candriam Luxembourg S.C.A., IndexIQ Advisors LLC, MacKay Shields LLC, NYL Investors LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay Funds: Trustee since 2016, Advisory Board Member (June 2015 to December 2015);MainStay Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 78 | MainStay VP Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Market Vectors Group of Exchange-Traded Funds: Independent Chairman of the Board of Trustees since 2008 and Trustee since 2006 (56 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Investment Committee since 2018 | |
Susan B. Kerley 1951 | MainStay Funds: Chairman since 2017 and Trustee since 2007;MainStay Funds Trust: Chairman since 2017 and Trustee since 1990** | President, Strategic Management Advisors LLC since 1990 | 78 | MainStay VP Funds Trust: Chairman since January 2017 and Trustee since 2007 (31 portfolios)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) | |
Alan R. Latshaw 1951 | MainStay Funds: Trustee;MainStay Funds Trust: Trustee since 2007** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 78 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 | |
Richard H. Nolan, Jr. 1946 | MainStay Funds: Trustee since 2007;MainStay Funds Trust: Trustee since 2007** | Managing Director, ICC Capital Management since 2004; President—Shields/Alliance, Alliance Capital Management (1994 to 2004) | 78 | MainStay VP Funds Trust: Trustee since 2006 (31 portfolios)***; and MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011 | |
Jacques P. Perold 1958 | MainStay Funds: Trustee since 2016, Advisory Board Member (June 2015 to December 2015);MainStay Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, Capshift Advisors LLC (Since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 78 | MainStay VP Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Partners in Health: Trustee since 2019; Allstate Corporation: Director since 2015; and MSCI, Inc.: Director since 2017 |
36 | MainStay Winslow Large Cap Growth Fund |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Richard S. Trutanic 1952 | MainStay Funds: Trustee since 1994;MainStay Funds Trust: Trustee since 2007** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 78 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund; Trustee since June 2021 |
** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
*** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Karen Hammond 1956 | MainStay Funds: Advisory Board Member since June 2021;MainStay Funds Trust: Advisory Board Member since June 2021 | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 78 | MainStay VP Funds Trust: Advisory Board Member since June 2021 (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Advisory Board Member since June 2021; MainStay CBRE Global Infrastructure Megatrends Fund: Advisory Board Member since June 2021; Two Harbors Investment Corp: Trustee since 2018, Chair of the Special Committee since 2019; Rhode Island School of Design: Trustee and Chair of the Finance Committee since 2015 |
Advisory Board Member | Independent Trustees |
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; Chairman of the Board since 2017, NYLIFE Distributors LLC; Chairman of the Board, NYLIM Service Company LLC since 2017; Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust since January 2018; President, MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust since 2017** and MainStay CBRE Global Infrastructure Megatrends Fund since June 2021; 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 MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay VP Funds Trust since 2007** and MainStay CBRE Global Infrastructure Megatrends Fund since June 2021; 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 MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay VP Funds Trust since 2010** and MainStay CBRE Global Infrastructure Megatrends Fund since June 2021 | ||
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 MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay VP Funds Trust since 2005** and MainStay CBRE Global Infrastructure Megatrends Fund since June 2021 | ||
Kevin M. Bopp 1969 | Vice President and Chief Compliance Officer, MainStay Funds and MainStay Funds Trust since 2021 and 2014 to 2020 | Vice President and Chief Compliance Officer, New York Life Investments Alternatives LLC and New York Life Investment Management Holdings LLC since 2020; Vice President since 2018 and Chief Compliance Officer since 2016, New York Life Investment Management LLC; Vice President and Chief Compliance Officer, IndexIQ Advisors LLC, IndexIQ Holdings Inc., IndexIQ LLC and IndexIQ Trust since 2017; Director and Associate General Counsel (2011 to 2014) and Vice President and Assistant General Counsel (2010 to 2011), New York Life Investment Management LLC;Vice President and Chief Compliance Officer, MainStay VP Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund since June 2021 and 2014 to 2020 and MainStay CBRE Global Infrastructure Megatrends Fund since June 2021; Assistant Secretary, MainStay Funds, MainStay Funds Trust and MainStay VP Funds Trust (2010 to 2014)**, MainStay MacKay DefinedTerm Municipal Opportunities Fund (2011 to 2014) |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
38 | MainStay Winslow Large Cap Growth Fund |
1.
2. | This Fund is registered for sale in CA, CT, DE, FL, MA, NJ, NY and VT. |
3. | Prior to November 30, 2021, the Fund's name was formerly MainStay MacKay Intermediate Tax Free Bond Fund. |
4. | An affiliate of New York Life Investment Management LLC. |
1715995MS180-21 | MSLG11-12/21 |
please log in to newyorklifeinvestments.com/accounts.
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended October 31, 2021 | |||||||
Class | Sales Charge | Inception Date1 | One Year | Five Years | Ten Years or Since Inception | Gross Expense Ratio2 | |
Class A Shares | Maximum 5.5% Initial Sales Charge | With sales charges | 6/1/1998 | 40.37% | 16.52% | 14.91% | 0.95% |
Excluding sales charges | 48.53 | 17.85 | 15.56 | 0.95 | |||
Investor Class Shares3 | Maximum 5% Initial Sales Charge | With sales charges | 2/28/2008 | 40.81 | 16.21 | 14.57 | 1.15 |
Excluding sales charges | 48.22 | 17.53 | 15.22 | 1.15 | |||
Class B Shares4 | Maximum 5% CDSC | With sales charges | 6/1/1998 | 42.08 | 16.44 | 14.36 | 1.90 |
if Redeemed Within the First Six Years of Purchase | Excluding sales charges | 47.08 | 16.66 | 14.36 | 1.90 | ||
Class C Shares | Maximum 1% CDSC | With sales charges | 9/1/1998 | 46.07 | 16.65 | 14.36 | 1.90 |
if Redeemed Within One Year of Purchase | Excluding sales charges | 47.07 | 16.65 | 14.36 | 1.90 | ||
Class I Shares | No Sales Charge | 12/28/2004 | 48.97 | 18.15 | 15.85 | 0.70 | |
Class R3 Shares | No Sales Charge | 2/29/2016 | 48.07 | 17.43 | 16.77 | 1.30 | |
Class R6 Shares | No Sales Charge | 4/26/2021 | N/A | N/A | 11.88 | 0.64 |
1. | Effective March 5, 2021, the Fund replaced its subadvisor and modified its principal investment strategies. The past performance in the graph and table prior to that date reflects the Fund's prior subadvisor and principal investment strategies. |
2. | The gross expense ratios presented reflect the Fund’s “Total Annual Fund Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report. |
3. | Prior to June 30, 2020, the maximum initial sales charge was 5.5%, which is reflected in the average annual total return figures shown. |
4. | Class B shares are closed to all new purchases as well as additional investments by existing Class B shareholders. |
Benchmark Performance* | One Year | Five Years | Ten Years |
S&P 500® Index1 | 42.91% | 18.93% | 16.22% |
Russell 3000® Index2 | 43.90 | 18.91 | 16.10 |
Morningstar Large Blend Category Average3 | 40.38 | 16.60 | 13.92 |
1. | The S&P 500® Index is the Fund's primary benchmark. S&P 500® is a trademark of The McGraw-Hill Companies, Inc. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
2. | The Russell 3000® Index is the Fund's secondary benchmark. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
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. |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. |
6 | MainStay WMC Enduring Capital Fund |
Share Class | Beginning Account Value 5/1/21 | Ending Account Value (Based on Actual Returns and Expenses) 10/31/21 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 10/31/21 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Class A Shares | $1,000.00 | $1,117.70 | $4.75 | $1,020.72 | $4.53 | 0.89% |
Investor Class Shares | $1,000.00 | $1,116.40 | $5.97 | $1,019.56 | $5.70 | 1.12% |
Class B Shares | $1,000.00 | $1,112.40 | $9.96 | $1,015.78 | $9.50 | 1.87% |
Class C Shares | $1,000.00 | $1,112.10 | $9.96 | $1,015.78 | $9.50 | 1.87% |
Class I Shares | $1,000.00 | $1,119.20 | $3.37 | $1,022.03 | $3.21 | 0.63% |
Class R3 Shares | $1,000.00 | $1,115.80 | $6.61 | $1,018.95 | $6.31 | 1.24% |
Class R6 Shares | $1,000.00 | $1,119.20 | $3.15 | $1,022.23 | $3.01 | 0.59% |
1. | Expenses are equal to the Fund’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 184 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Fund's annualized expense ratio to reflect the six-month period. |
Machinery | 11.3% |
Commercial Services & Supplies | 10.9 |
Road & Rail | 7.6 |
Capital Markets | 7.1 |
Chemicals | 7.0 |
Equity Real Estate Investment Trusts | 6.8 |
Insurance | 6.2 |
Banks | 6.2 |
Food & Staples Retailing | 4.2 |
Health Care Equipment & Supplies | 3.8 |
Software | 3.7 |
Health Care Providers & Services | 3.6 |
Air Freight & Logistics | 3.3% |
Electric Utilities | 3.3 |
Diversified Financial Services | 3.2 |
Household Durables | 3.1 |
Containers & Packaging | 2.9 |
Media | 2.9 |
Trading Companies & Distributors | 2.7 |
Short–Term Investment | 0.3 |
Other Assets, Less Liabilities | –0.1 |
100.0% |
1. | Costco Wholesale Corp. |
2. | Old Dominion Freight Line, Inc. |
3. | Danaher Corp. |
4. | Constellation Software, Inc. |
5. | Waste Connections, Inc. |
6. | Sherwin-Williams Co. (The) |
7. | Copart, Inc. |
8. | Canadian National Railway Co. |
9. | Brookfield Asset Management, Inc., Class A |
10. | UnitedHealth Group, Inc. |
8 | MainStay WMC Enduring Capital Fund |
During the time MacKay Shields managed the Fund, the Fund’s performance relative to the S&P 500® Index benefited from strong stock selection, most notably within information technology and financials stocks. In terms of stock-selection model efficacy, the combination of signals used by the quantitative stock selection model was rewarded over the same period, primarily driven by valuation measures.
During the time Wellington managed the Fund, the market grappled with continuing signs of inflation offset by strong consumer demand, with value stocks outperforming growth stocks. Given the Fund is relatively neutral to both growth and value, the performance of these factors did not have an outsized impact on relative returns. From an attribution perspective, the
During the time MacKay Shields managed the Fund, the strongest positive contributors to the Fund’s performance relative to the S&P 500® Index were the information technology, financials and industrials sectors. (Contributions take weightings and total returns into account.) During the same period, the communication services, consumer staples and consumer discretionary sectors were the weakest contributors to relative performance.
During the time Wellington managed the Fund, nine out of eleven sectors posted positive absolute returns, with industrials, consumer staples and health care making the strongest contributions to performance relative to the Index. Information technology, consumer discretionary and financials detracted from relative returns.
The individual stocks that made the strongest positive contributions to the Fund’s absolute performance during the time MacKay Shields managed the Fund included technology hardware storage & peripherals maker Apple, regional bank Signature Bank and software company Microsoft. The stocks that detracted most significantly from the Fund’s absolute performance during the same period were household products company Procter and Gamble, metals & mining firm Newmont, and utility Dominion Energy.
The top two contributors to absolute performance, during the time Wellington managed the Fund, were Costco and Old Dominion Freight. Shares of Costco, a U.S.-based retailer that operates membership warehouse clubs, benefited from growth in online sales. The company also reported third-quarter 2021 earnings ahead of consensus and noted continued improvement in its e-commerce channel. Shares of Old Dominion Freight, a U.S.-based transportation services provider, rose as the company continued to benefit from robust underlying freight demand and excellent pricing conditions stemming from constrained capacity.
1. | See page 5 for other share class returns, which may be higher or lower than Class I share returns. See page 6 for more information on benchmark and peer group returns. |
During the time MacKay Shields managed the Fund, the Fund’s largest initial purchase was in electric car maker Tesla, while the largest increased position size was in regional banking company Synovus Financial. During the same period, the Fund’s largest full sale was in consumer credit services provider Synchrony Financial, while the most significantly reduced position size was in social media company Facebook.
During the time Wellington managed the Fund, we initiated a new position in Cable One and eliminated the Fund’s position in Boston Properties. Cable One's fundamentals improved and its stock price surged in 2020, when the company was widely regarded as a 'COVID winner'. Yet, by spring 2021, the price had retreated below pre-pandemic levels despite reporting strong profit growth in both 2020 and 2021. We believe the company has a path to attractive, low-risk, long-term returns. Boston Properties is a real estate company that grows by putting more tenants in their facilities, charging higher rent or expanding their portfolio. All three of these mechanisms have negative trends, with occupancy down, rents falling, and distressed assets in limited supply. As a result, we eliminated the position.
The Fund’s largest increases in sector exposures relative to the S&P 500® Index were in the financials and real estate sectors. Conversely, the Fund’s largest decreases in benchmark-relative sector exposures were in industrials and materials.
There were no significant changes to sector weights during the time Wellington managed the Fund.
As of October 31, 2021, the Fund’s largest benchmark-relative sector exposures were in industrials, financials and materials. As of the same date, the Fund’s held relatively underweight exposure to the information technology, consumer discretionary and communication services sectors.
10 | MainStay WMC Enduring Capital Fund |
Shares | Value | |
Common Stocks 99.8% | ||
Air Freight & Logistics 3.3% | ||
Expeditors International of Washington, Inc. | 188,074 | $ 23,182,001 |
Banks 6.2% | ||
First Republic Bank | 110,503 | 23,905,114 |
M&T Bank Corp. | 129,779 | 19,093,086 |
42,998,200 | ||
Capital Markets 7.1% | ||
Brookfield Asset Management, Inc., Class A | 418,250 | 25,258,118 |
Charles Schwab Corp. (The) | 294,904 | 24,190,975 |
49,449,093 | ||
Chemicals 7.0% | ||
Linde plc | 73,588 | 23,489,290 |
Sherwin-Williams Co. (The) | 80,656 | 25,536,496 |
49,025,786 | ||
Commercial Services & Supplies 10.9% | ||
Cintas Corp. | 57,091 | 24,726,112 |
Copart, Inc. (a) | 163,294 | 25,357,925 |
Waste Connections, Inc. | 190,634 | 25,928,131 |
76,012,168 | ||
Containers & Packaging 2.9% | ||
Ball Corp. | 222,583 | 20,361,893 |
Diversified Financial Services 3.2% | ||
Berkshire Hathaway, Inc., Class B (a) | 78,237 | 22,454,801 |
Electric Utilities 3.3% | ||
NextEra Energy, Inc. | 269,826 | 23,024,252 |
Equity Real Estate Investment Trusts 6.8% | ||
American Tower Corp. | 87,114 | 24,563,534 |
Public Storage | 68,622 | 22,794,856 |
47,358,390 | ||
Food & Staples Retailing 4.2% | ||
Costco Wholesale Corp. | 59,059 | 29,029,861 |
Health Care Equipment & Supplies 3.8% | ||
Danaher Corp. | 86,049 | 26,827,497 |
Health Care Providers & Services 3.6% | ||
UnitedHealth Group, Inc. | 54,782 | 25,225,467 |
Shares | Value | ||
Household Durables 3.1% | |||
NVR, Inc. (a) | 4,367 | $ 21,375,592 | |
Insurance 6.2% | |||
Brookfield Asset Management Reinsurance Partners Ltd., Class A (b) | 3,730 | 229,955 | |
Markel Corp. (a) | 17,142 | 22,509,674 | |
Progressive Corp. (The) | 219,350 | 20,811,928 | |
43,551,557 | |||
Machinery 11.3% | |||
Deere & Co. | 53,304 | 18,246,492 | |
Fortive Corp. | 262,497 | 19,873,648 | |
IDEX Corp. | 98,642 | 21,954,750 | |
PACCAR, Inc. | 213,722 | 19,153,766 | |
79,228,656 | |||
Media 2.9% | |||
Cable One, Inc. | 11,771 | 20,142,653 | |
Road & Rail 7.6% | |||
Canadian National Railway Co. | 190,370 | 25,300,628 | |
Old Dominion Freight Line, Inc. | 80,854 | 27,599,513 | |
52,900,141 | |||
Software 3.7% | |||
Constellation Software, Inc. | 14,769 | 25,955,420 | |
Trading Companies & Distributors 2.7% | |||
Watsco, Inc. | 65,619 | 19,001,950 | |
Total Common Stocks (Cost $578,086,033) | 697,105,378 | ||
Short-Term Investment 0.3% | |||
Affiliated Investment Company 0.3% | |||
MainStay U.S. Government Liquidity Fund, 0.01% (c) | 2,386,117 | 2,386,117 | |
Total Short-Term Investment (Cost $2,386,117) | 2,386,117 | ||
Total Investments (Cost $580,472,150) | 100.1% | 699,491,495 | |
Other Assets, Less Liabilities | (0.1) | (716,906) | |
Net Assets | 100.0% | $ 698,774,589 |
† | Percentages indicated are based on Fund net assets. |
(a) | Non-income producing security. |
(b) | All or a portion of this security was held on loan. As of October 31, 2021, the aggregate market value of securities on loan was $229,893. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $240,999. (See Note 2(I)) |
(c) | Current yield as of October 31, 2021. |
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 | $ 697,105,378 | $ — | $ — | $ 697,105,378 | |||
Short-Term Investment | |||||||
Affiliated Investment Company | 2,386,117 | — | — | 2,386,117 | |||
Total Investments in Securities | $ 699,491,495 | $ — | $ — | $ 699,491,495 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
12 | MainStay WMC Enduring Capital Fund |
Assets | |
Investment in unaffiliated securities, at value (identified cost $578,086,033) including securities on loan of $229,893 | $697,105,378 |
Investment in affiliated investment companies, at value (identified cost $2,386,117) | 2,386,117 |
Cash | 217 |
Receivables: | |
Dividends | 126,473 |
Fund shares sold | 120,544 |
Securities lending | 66 |
Other assets | 57,700 |
Total assets | 699,796,495 |
Liabilities | |
Payables: | |
Fund shares redeemed | 442,206 |
Manager (See Note 3) | 309,161 |
Transfer agent (See Note 3) | 95,231 |
NYLIFE Distributors (See Note 3) | 87,978 |
Professional fees | 24,523 |
Trustees | 10,443 |
Custodian | 7,898 |
Shareholder communication | 4,517 |
Accrued expenses | 39,949 |
Total liabilities | 1,021,906 |
Net assets | $698,774,589 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.01 per share) unlimited number of shares authorized | $ 190,743 |
Additional paid-in-capital | 521,682,780 |
521,873,523 | |
Total distributable earnings (loss) | 176,901,066 |
Net assets | $698,774,589 |
Class A | |
Net assets applicable to outstanding shares | $228,699,755 |
Shares of beneficial interest outstanding | 6,221,335 |
Net asset value per share outstanding | $ 36.76 |
Maximum sales charge (5.50% of offering price) | 2.14 |
Maximum offering price per share outstanding | $ 38.90 |
Investor Class | |
Net assets applicable to outstanding shares | $ 29,293,384 |
Shares of beneficial interest outstanding | 797,559 |
Net asset value per share outstanding | $ 36.73 |
Maximum sales charge (5.00% of offering price) | 1.93 |
Maximum offering price per share outstanding | $ 38.66 |
Class B | |
Net assets applicable to outstanding shares | $ 5,006,523 |
Shares of beneficial interest outstanding | 151,900 |
Net asset value and offering price per share outstanding | $ 32.96 |
Class C | |
Net assets applicable to outstanding shares | $ 37,233,569 |
Shares of beneficial interest outstanding | 1,130,730 |
Net asset value and offering price per share outstanding | $ 32.93 |
Class I | |
Net assets applicable to outstanding shares | $135,219,265 |
Shares of beneficial interest outstanding | 3,655,425 |
Net asset value and offering price per share outstanding | $ 36.99 |
Class R3 | |
Net assets applicable to outstanding shares | $ 479,317 |
Shares of beneficial interest outstanding | 13,130 |
Net asset value and offering price per share outstanding | $ 36.51 |
Class R6 | |
Net assets applicable to outstanding shares | $262,842,776 |
Shares of beneficial interest outstanding | 7,104,234 |
Net asset value and offering price per share outstanding | $ 37.00 |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated (net of foreign tax withholding of $78,849) | $ 4,957,827 |
Securities lending | 14,113 |
Dividends-affiliated | 179 |
Other | 3,788 |
Total income | 4,975,907 |
Expenses | |
Manager (See Note 3) | 2,492,526 |
Distribution/Service—Class A (See Note 3) | 363,791 |
Distribution/Service—Investor Class (See Note 3) | 59,481 |
Distribution/Service—Class B (See Note 3) | 46,860 |
Distribution/Service—Class C (See Note 3) | 232,140 |
Distribution/Service—Class R3 (See Note 3) | 1,557 |
Transfer agent (See Note 3) | 293,618 |
Registration | 129,247 |
Professional fees | 54,236 |
Custodian | 29,012 |
Shareholder communication | 25,710 |
Trustees | 4,399 |
Insurance | 1,353 |
Shareholder service (See Note 3) | 311 |
Miscellaneous | 33,072 |
Total expenses | 3,767,313 |
Net investment income (loss) | 1,208,594 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | 73,433,567 |
Foreign currency transactions | 71 |
Net realized gain (loss) | 73,433,638 |
Net change in unrealized appreciation (depreciation) on unaffiliated investments | 47,720,538 |
Net realized and unrealized gain (loss) | 121,154,176 |
Net increase (decrease) in net assets resulting from operations | $122,362,770 |
14 | MainStay WMC Enduring Capital Fund |
for the years ended October 31, 2021 and October 31, 2020
2021 | 2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 1,208,594 | $ 1,152,001 |
Net realized gain (loss) | 73,433,638 | (392,753) |
Net change in unrealized appreciation (depreciation) | 47,720,538 | 8,091,461 |
Net increase (decrease) in net assets resulting from operations | 122,362,770 | 8,850,709 |
Distributions to shareholders: | ||
Class A | (592,297) | (3,811,045) |
Investor Class | (96,995) | (982,374) |
Class B | — | (257,924) |
Class C | — | (565,775) |
Class I | (399,948) | (6,060,406) |
Class R3 | (1,131) | (13,142) |
Total distributions to shareholders | (1,090,371) | (11,690,666) |
Capital share transactions: | ||
Net proceeds from sales of shares | 70,930,228 | 15,271,205 |
Net asset value of shares issued in connection with the acquisition of MainStay Epoch U.S. All Cap Fund | 485,242,709 | — |
Net asset value of shares issued in connection with the acquisition of MainStay MacKay U.S. Equity Opportunities Fund | 147,554,277 | — |
Net asset value of shares issued to shareholder in reinvestment of distributions | 1,063,805 | 11,515,981 |
Cost of shares redeemed | (253,450,057) | (92,597,286) |
Increase (decrease) in net assets derived from capital share transactions | 451,340,962 | (65,810,100) |
Net increase (decrease) in net assets | 572,613,361 | (68,650,057) |
Net Assets | ||
Beginning of year | 126,161,228 | 194,811,285 |
End of year | $ 698,774,589 | $126,161,228 |
Year Ended October 31, | |||||||||
Class A | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 24.95 | $ 24.92 | $ 26.31 | $ 24.56 | $ 19.95 | ||||
Net investment income (loss) (a) | 0.06 | 0.16 | 0.26 | 0.24 | 0.23 | ||||
Net realized and unrealized gain (loss) | 11.99 | 1.36 | 1.28 | 1.74 | 4.63 | ||||
Total from investment operations | 12.05 | 1.52 | 1.54 | 1.98 | 4.86 | ||||
Less distributions: | |||||||||
From net investment income | (0.24) | (0.27) | (0.22) | (0.23) | (0.25) | ||||
From net realized gain on investments | — | (1.22) | (2.71) | — | — | ||||
Total distributions | (0.24) | (1.49) | (2.93) | (0.23) | (0.25) | ||||
Net asset value at end of year | $ 36.76 | $ 24.95 | $ 24.92 | $ 26.31 | $ 24.56 | ||||
Total investment return (b) | 48.53% | 6.42% | 6.80% | 8.07% | 24.59% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.19% | 0.64% | 1.08% | 0.90% | 1.05% | ||||
Net expenses (c) | 0.91% | 0.99% | 0.97% | 0.97% | 0.96% | ||||
Portfolio turnover rate | 24% | 166% | 164% | 137% | 134% | ||||
Net assets at end of year (in 000’s) | $ 228,700 | $ 62,611 | $ 63,814 | $ 63,956 | $ 53,909 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | |||||||||
Investor Class | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 24.92 | $ 24.90 | $ 26.29 | $ 24.53 | $ 19.93 | ||||
Net investment income (loss) (a) | (0.01) | 0.08 | 0.20 | 0.18 | 0.18 | ||||
Net realized and unrealized gain (loss) | 11.98 | 1.37 | 1.27 | 1.74 | 4.62 | ||||
Total from investment operations | 11.97 | 1.45 | 1.47 | 1.92 | 4.80 | ||||
Less distributions: | |||||||||
From net investment income | (0.16) | (0.21) | (0.15) | (0.16) | (0.20) | ||||
From net realized gain on investments | — | (1.22) | (2.71) | — | — | ||||
Total distributions | (0.16) | (1.43) | (2.86) | (0.16) | (0.20) | ||||
Net asset value at end of year | $ 36.73 | $ 24.92 | $ 24.90 | $ 26.29 | $ 24.53 | ||||
Total investment return (b) | 48.22% | 6.05% | 6.51% | 7.82% | 24.25% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | (0.02)% | 0.35% | 0.82% | 0.68% | 0.83% | ||||
Net expenses (c) | 1.19% | 1.30% | 1.23% | 1.21% | 1.22% | ||||
Expenses (before waiver/reimbursement) (c) | 1.19% | 1.31% | 1.27% | 1.23% | 1.22% | ||||
Portfolio turnover rate | 24% | 166% | 164% | 137% | 134% | ||||
Net assets at end of year (in 000's) | $ 29,293 | $ 15,544 | $ 17,203 | $ 16,580 | $ 17,216 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
16 | MainStay WMC Enduring Capital Fund |
Year Ended October 31, | |||||||||
Class B | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 22.40 | $ 22.50 | $ 24.04 | $ 22.46 | $ 18.25 | ||||
Net investment income (loss) (a) | (0.22) | (0.08) | 0.02 | (0.02) | 0.01 | ||||
Net realized and unrealized gain (loss) | 10.78 | 1.22 | 1.15 | 1.60 | 4.24 | ||||
Total from investment operations | 10.56 | 1.14 | 1.17 | 1.58 | 4.25 | ||||
Less distributions: | |||||||||
From net investment income | — | (0.02) | — | — | (0.04) | ||||
From net realized gain on investments | — | (1.22) | (2.71) | — | — | ||||
Total distributions | — | (1.24) | (2.71) | — | (0.04) | ||||
Net asset value at end of year | $ 32.96 | $ 22.40 | $ 22.50 | $ 24.04 | $ 22.46 | ||||
Total investment return (b) | 47.14%(c) | 5.28% | 5.71% | 7.03% | 23.31% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | (0.77)% | (0.39)% | 0.10% | (0.07)% | 0.06% | ||||
Net expenses (d) | 1.95% | 2.05% | 1.98% | 1.96% | 1.97% | ||||
Expenses (before waiver/reimbursement) (d) | 1.95% | 2.06% | 2.02% | 1.98% | 1.97% | ||||
Portfolio turnover rate | 24% | 166% | 164% | 137% | 134% | ||||
Net assets at end of year (in 000’s) | $ 5,007 | $ 3,666 | $ 4,718 | $ 5,855 | $ 6,635 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | |||||||||
Class C | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 22.38 | $ 22.48 | $ 24.02 | $ 22.45 | $ 18.24 | ||||
Net investment income (loss) (a) | (0.24) | (0.08) | 0.02 | (0.02) | 0.01 | ||||
Net realized and unrealized gain (loss) | 10.79 | 1.22 | 1.15 | 1.59 | 4.24 | ||||
Total from investment operations | 10.55 | 1.14 | 1.17 | 1.57 | 4.25 | ||||
Less distributions: | |||||||||
From net investment income | — | (0.02) | — | — | (0.04) | ||||
From net realized gain on investments | — | (1.22) | (2.71) | — | — | ||||
Total distributions | — | (1.24) | (2.71) | — | (0.04) | ||||
Net asset value at end of year | $ 32.93 | $ 22.38 | $ 22.48 | $ 24.02 | $ 22.45 | ||||
Total investment return (b) | 47.14%(c) | 5.29% | 5.72% | 6.99% | 23.33% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | (0.80)% | (0.38)% | 0.10% | (0.08)% | 0.06% | ||||
Net expenses (d) | 1.89% | 2.05% | 1.98% | 1.96% | 1.97% | ||||
Expenses (before waiver/reimbursement) (d) | 1.89% | 2.06% | 2.02% | 1.98% | 1.97% | ||||
Portfolio turnover rate | 24% | 166% | 164% | 137% | 134% | ||||
Net assets at end of year (in 000’s) | $ 37,234 | $ 6,641 | $ 10,946 | $ 14,964 | $ 15,459 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | |||||||||
Class I | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 25.09 | $ 25.05 | $ 26.44 | $ 24.67 | $ 20.04 | ||||
Net investment income (loss) (a) | 0.16 | 0.23 | 0.32 | 0.31 | 0.29 | ||||
Net realized and unrealized gain (loss) | 12.03 | 1.37 | 1.28 | 1.74 | 4.65 | ||||
Total from investment operations | 12.19 | 1.60 | 1.60 | 2.05 | 4.94 | ||||
Less distributions: | |||||||||
From net investment income | (0.29) | (0.34) | (0.28) | (0.28) | (0.31) | ||||
From net realized gain on investments | — | (1.22) | (2.71) | — | — | ||||
Total distributions | (0.29) | (1.56) | (2.99) | (0.28) | (0.31) | ||||
Net asset value at end of year | $ 36.99 | $ 25.09 | $ 25.05 | $ 26.44 | $ 24.67 | ||||
Total investment return (b) | 48.97% | 6.66% | 7.06% | 8.36% | 24.89% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.48% | 0.96% | 1.34% | 1.16% | 1.31% | ||||
Net expenses (c) | 0.66% | 0.74% | 0.72% | 0.71% | 0.71% | ||||
Portfolio turnover rate | 24% | 166% | 164% | 137% | 134% | ||||
Net assets at end of year (in 000’s) | $ 135,219 | $ 37,491 | $ 97,903 | $ 98,395 | $ 96,441 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended October 31, | |||||||||
Class R3 | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 24.78 | $ 24.77 | $ 26.17 | $ 24.48 | $ 19.90 | ||||
Net investment income (loss) (a) | (0.04) | 0.07 | 0.17 | 0.14 | 0.13 | ||||
Net realized and unrealized gain (loss) | 11.91 | 1.36 | 1.28 | 1.73 | 4.65 | ||||
Total from investment operations | 11.87 | 1.43 | 1.45 | 1.87 | 4.78 | ||||
Less distributions: | |||||||||
From net investment income | (0.14) | (0.20) | (0.14) | (0.18) | (0.20) | ||||
From net realized gain on investments | — | (1.22) | (2.71) | — | — | ||||
Total distributions | (0.14) | (1.42) | (2.85) | (0.18) | (0.20) | ||||
Net asset value at end of year | $ 36.51 | $ 24.78 | $ 24.77 | $ 26.17 | $ 24.48 | ||||
Total investment return (b) | 48.07% | 6.02% | 6.42% | 7.66% | 24.17% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | (0.13)% | 0.30% | 0.70% | 0.52% | 0.60% | ||||
Net expenses (c) | 1.28% | 1.34% | 1.32% | 1.32% | 1.31% | ||||
Portfolio turnover rate | 24% | 166% | 164% | 137% | 134% | ||||
Net assets at end of year (in 000’s) | $ 479 | $ 207 | $ 227 | $ 137 | $ 86 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R3 shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
18 | MainStay WMC Enduring Capital Fund |
April 26, 2021^ through October 31, | |
Class R6 | 2021 |
Net asset value at beginning of period | $ 33.07 |
Net investment income (loss) (a) | 0.14 |
Net realized and unrealized gain (loss) | 3.79 |
Total from investment operations | 3.93 |
Net asset value at end of period | $ 37.00 |
Total investment return (b) | 11.88% |
Ratios (to average net assets)/Supplemental Data: | |
Net investment income (loss)†† | 0.44% |
Net expenses††(c) | 0.60% |
Portfolio turnover rate | 24% |
Net assets at end of period (in 000’s) | $ 262,843 |
^ | Inception date. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R6 shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Class | Commenced Operations |
Class A | June 1, 1998 |
Investor Class | February 28, 2008 |
Class B | June 1, 1998 |
Class C | September 1, 1998 |
Class I | December 28, 2004 |
Class R3 | February 29, 2016 |
Class R6 | April 26, 2021 |
Class R2 | N/A* |
SIMPLE Class | N/A* |
* | Class R2 and SIMPLE Class shares were registered for sale effective as of December 14, 2007 and August 31, 2020, respectively, but have not yet commenced operations. |
20 | MainStay WMC Enduring Capital Fund |
• | Level 1—quoted prices in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Fund's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• Broker/dealer quotes | • Benchmark securities |
• Two-sided markets | • Reference data (corporate actions or material event notices) |
• Bids/offers | • Monthly payment information |
• Industry and economic events | • Reported trades |
22 | MainStay WMC Enduring Capital Fund |
24 | MainStay WMC Enduring Capital Fund |
Class R3 | $ 311 |
Class | Expense | Waived |
Class A | $75,201 | $— |
Investor Class | 73,439 | — |
Class B | 14,694 | — |
Class C | 68,360 | — |
Class I | 55,775 | — |
Class R3 | 164 | — |
Class R6 | 5,985 | — |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay U.S. Government Liquidity Fund | $ 71 | $ 101,563 | $ (99,248) | $ — | $ — | $ 2,386 | $ —(a) | $ — | 2,386 |
(a) | Less than $500. |
Class R3 | $60,248 | 12.6% |
Class R6 | 42,425 | 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 | $580,489,716 | $122,932,489 | $(3,930,710) | $119,001,779 |
Ordinary income | Accumulated Capital and Other Gain (Loss) | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$24,816,380 | $33,082,907 | $119,001,779 | $176,901,066 |
Total Distributable Earnings (Loss) | Additional Paid-In Capital | |
$(15,593,398) | $15,593,398 |
2021 | 2020 | |
Distributions paid from: | ||
Ordinary Income | $1,090,371 | $ 2,154,756 |
Long-Term Capital Gains | — | 9,535,910 |
Total | $1,090,371 | $11,690,666 |
26 | MainStay WMC Enduring Capital Fund |
Class A | Shares | Amount |
Year ended October 31, 2021: | ||
Shares sold | 629,407 | $ 20,661,799 |
Shares issued in connection with the acquisition of MainStay Epoch U.S. All Cap Fund | 1,545,799 | 50,867,461 |
Shares issued in connection with the acquisition of MainStay MacKay U.S. Equity Opportunities Fund | 1,903,874 | 62,650,579 |
Shares issued to shareholders in reinvestment of distributions | 20,437 | 567,749 |
Shares redeemed | (718,791) | (23,585,068) |
Net increase (decrease) in shares outstanding before conversion | 3,380,726 | 111,162,520 |
Shares converted into Class A (See Note 1) | 331,330 | 10,668,239 |
Shares converted from Class A (See Note 1) | (98) | (2,684) |
Net increase (decrease) | 3,711,958 | $ 121,828,075 |
Year ended October 31, 2020: | ||
Shares sold | 371,300 | $ 8,874,189 |
Shares issued to shareholders in reinvestment of distributions | 157,411 | 3,758,985 |
Shares redeemed | (681,380) | (16,032,818) |
Net increase (decrease) in shares outstanding before conversion | (152,669) | (3,399,644) |
Shares converted into Class A (See Note 1) | 104,209 | 2,571,686 |
Shares converted from Class A (See Note 1) | (3,304) | (71,354) |
Net increase (decrease) | (51,764) | $ (899,312) |
Investor Class | Shares | Amount |
Year ended October 31, 2021: | ||
Shares sold | 42,505 | $ 1,372,487 |
Shares issued in connection with the acquisition of MainStay Epoch U.S. All Cap Fund | 319,550 | 10,519,323 |
Shares issued in connection with the acquisition of MainStay MacKay U.S. Equity Opportunities Fund | 145,980 | 4,805,532 |
Shares issued to shareholders in reinvestment of distributions | 3,475 | 96,668 |
Shares redeemed | (62,442) | (1,996,602) |
Net increase (decrease) in shares outstanding before conversion | 449,068 | 14,797,408 |
Shares converted into Investor Class (See Note 1) | 18,310 | 582,017 |
Shares converted from Investor Class (See Note 1) | (293,620) | (9,430,654) |
Net increase (decrease) | 173,758 | $ 5,948,771 |
Year ended October 31, 2020: | ||
Shares sold | 56,719 | $ 1,340,955 |
Shares issued to shareholders in reinvestment of distributions | 41,039 | 981,666 |
Shares redeemed | (95,721) | (2,291,076) |
Net increase (decrease) in shares outstanding before conversion | 2,037 | 31,545 |
Shares converted into Investor Class (See Note 1) | 16,201 | 379,207 |
Shares converted from Investor Class (See Note 1) | (85,403) | (2,129,027) |
Net increase (decrease) | (67,165) | $ (1,718,275) |
Class B | Shares | Amount |
Year ended October 31, 2021: | ||
Shares sold | 2,818 | $ 77,793 |
Shares issued in connection with the acquisition of MainStay Epoch U.S. All Cap Fund | 56,787 | 1,683,892 |
Shares redeemed | (34,885) | (1,022,198) |
Net increase (decrease) in shares outstanding before conversion | 24,720 | 739,487 |
Shares converted from Class B (See Note 1) | (36,451) | (1,053,903) |
Net increase (decrease) | (11,731) | $ (314,416) |
Year ended October 31, 2020: | ||
Shares sold | 10,544 | $ 208,129 |
Shares issued to shareholders in reinvestment of distributions | 11,381 | 246,389 |
Shares redeemed | (37,905) | (829,164) |
Net increase (decrease) in shares outstanding before conversion | (15,980) | (374,646) |
Shares converted from Class B (See Note 1) | (30,111) | (643,112) |
Net increase (decrease) | (46,091) | $ (1,017,758) |
Class C | Shares | Amount |
Year ended October 31, 2021: | ||
Shares sold | 16,835 | $ 458,023 |
Shares issued in connection with the acquisition of MainStay Epoch U.S. All Cap Fund | 69,442 | 2,057,308 |
Shares issued in connection with the acquisition of MainStay MacKay U.S. Equity Opportunities Fund | 1,092,350 | 32,362,061 |
Shares redeemed | (318,984) | (9,452,874) |
Net increase (decrease) in shares outstanding before conversion | 859,643 | 25,424,518 |
Shares converted from Class C (See Note 1) | (25,621) | (763,015) |
Net increase (decrease) | 834,022 | $ 24,661,503 |
Year ended October 31, 2020: | ||
Shares sold | 27,320 | $ 517,704 |
Shares issued to shareholders in reinvestment of distributions | 21,541 | 465,937 |
Shares redeemed | (234,136) | (5,092,314) |
Net increase (decrease) in shares outstanding before conversion | (185,275) | (4,108,673) |
Shares converted from Class C (See Note 1) | (4,980) | (107,400) |
Net increase (decrease) | (190,255) | $ (4,216,073) |
Class I | Shares | Amount |
Year ended October 31, 2021: | ||
Shares sold | 1,135,325 | $ 35,962,374 |
Shares issued in connection with the acquisition of MainStay Epoch U.S. All Cap Fund | 3,846,331 | 127,191,639 |
Shares issued in connection with the acquisition of MainStay MacKay U.S. Equity Opportunities Fund | 1,443,561 | 47,736,105 |
Shares issued to shareholders in reinvestment of distributions | 14,290 | 398,556 |
Shares redeemed | (3,390,505) | (113,090,422) |
Net increase (decrease) in shares outstanding before conversion | 3,049,002 | 98,198,252 |
Shares converted from Class I (See Note 1) | (887,869) | (29,360,331) |
Net increase (decrease) | 2,161,133 | $ 68,837,921 |
Year ended October 31, 2020: | ||
Shares sold | 209,862 | $ 4,279,265 |
Shares issued to shareholders in reinvestment of distributions | 252,734 | 6,052,970 |
Shares redeemed | (2,876,895) | (68,274,019) |
Net increase (decrease) | (2,414,299) | $ (57,941,784) |
Class R3 | Shares | Amount |
Year ended October 31, 2021: | ||
Shares sold | 6,288 | $ 208,023 |
Shares issued to shareholders in reinvestment of distributions | 30 | 832 |
Shares redeemed | (1,534) | (48,435) |
Net increase (decrease) | 4,784 | $ 160,420 |
Year ended October 31, 2020: | ||
Shares sold | 2,143 | $ 50,963 |
Shares issued to shareholders in reinvestment of distributions | 422 | 10,034 |
Shares redeemed | (3,390) | (77,895) |
Net increase (decrease) | (825) | $ (16,898) |
Class R6 | Shares | Amount |
Year ended October 31, 2021: (a) | ||
Shares sold | 332,147 | $ 12,189,729 |
Shares issued in connection with the acquisition of MainStay Epoch U.S. All Cap Fund | 8,858,124 | 292,923,086 |
Shares redeemed | (2,973,906) | (104,254,458) |
Net increase (decrease) in shares outstanding before conversion | 6,216,365 | 200,858,357 |
Shares converted into Class R6 (See Note 1) | 887,869 | 29,360,331 |
Net increase (decrease) | 7,104,234 | $ 230,218,688 |
(a) | The inception of the class was April 26, 2021. |
28 | MainStay WMC Enduring Capital Fund |
Before Reorganizations | After Reorganizations | ||||
MainStay Epoch U.S. All Cap Fund | MainStay MacKay U.S. Equity Opportunities Fund | MainStay WMC Enduring Capital Fund | MainStay WMC Enduring Capital Fund | ||
Net Assets: | |||||
Class A | $ 50,867,461 | $62,650,579 | $87,142,173 | $200,660,213 | |
Investor Class | 10,519,323 | 4,805,532 | 17,434,982 | 32,759,837 | |
Class B | 1,683,892 | — | 4,099,234 | 5,783,126 | |
Class C | 2,057,308 | 32,362,061 | 6,361,805 | 40,781,174 | |
Class I | 127,191,639 | 47,736,105 | 72,422,410 | 247,350,154 | |
Class R3 | — | — | 263,412 | 263,412 | |
Class R6 | 292,923,086 | — | — | 292,923,086 | |
Shares Outstanding: | |||||
Class A | 3,212,607 | 10,880,048 | 2,648,143 | 6,097,816 | |
Investor Class | 706,000 | 869,370 | 529,629 | 995,159 | |
Class B | 184,739 | — | 138,242 | 195,029 | |
Class C | 225,389 | 8,073,963 | 214,736 | 1,376,528 | |
Class I | 6,191,031 | 8,105,427 | 2,190,089 | 7,479,981 | |
Class R3 | — | — | 8,046 | 8,046 | |
Class R6 | 14,258,883 | — | — | 8,858,124 | |
Net Asset Value Per Share Outstanding: | |||||
Class A | $ 15.83 | $ 5.76 | $ 32.91 | $ 32.91 | |
Investor Class | $ 14.90 | $ 5.53 | $ 32.92 | $ 32.92 | |
Class B | $ 9.12 | $ — | $ 29.65 | $ 29.65 | |
Class C | $ 9.13 | $ 4.01 | $ 29.63 | $ 29.63 | |
Class I | $ 20.54 | $ 5.89 | $ 33.07 | $ 33.07 | |
Class R3 | $ — | $ — | $ 32.74 | $ 32.74 | |
Class R6 | $ 20.54 | $ — | $ — | $ 33.07 | |
Total distributable earnings (loss) | $ 72,877,246 | $17,038,871 | $68,125,333 | $111,784,098 |
Net investment income (loss) | $ 1,458,570 |
Net realized and unrealized gain (loss) | 335,172,085 |
Net change in net assets resulting from operations | $336,630,655 |
30 | MainStay WMC Enduring Capital Fund |
Fund | Proceeds | Cost Basis |
MainStay WMC Enduring Capital Fund* | $797,198 | $773,884 |
* | Includes amounts received by MainStay MacKay U.S. Equity Opportunities Fund as a result of fund acquisition (see Note 10). |
The MainStay Funds:
December 24, 2021
32 | MainStay WMC Enduring Capital Fund |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Yie-Hsin Hung* 1962 | MainStay Funds: Trustee since 2017; MainStay Funds Trust: Trustee since 2017 | Senior Vice President of New York Life since joining in 2010, Member of the Executive Management Committee since 2017, Chief Executive Officer, New York Life Investment Management Holdings LLC & New York Life Investment Management LLC since 2015. Senior Managing Director and Co-President of New York Life Investment Management LLC from January 2014 to May 2015. Previously held positions of increasing responsibility, including head of NYLIM International, Alternative Growth Businesses, and Institutional investments since joining New York Life in 2010 | 78 | MainStay VP Funds Trust: Trustee since 2017 (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2017; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of her affiliation with New York Life Insurance Company, New York Life Investment Management LLC, Candriam Belgium S.A., Candriam Luxembourg S.C.A., IndexIQ Advisors LLC, MacKay Shields LLC, NYL Investors LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
34 | MainStay WMC Enduring Capital Fund |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay Funds: Trustee since 2016, Advisory Board Member (June 2015 to December 2015);MainStay Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 78 | MainStay VP Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Market Vectors Group of Exchange-Traded Funds: Independent Chairman of the Board of Trustees since 2008 and Trustee since 2006 (56 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Investment Committee since 2018 | |
Susan B. Kerley 1951 | MainStay Funds: Chairman since 2017 and Trustee since 2007;MainStay Funds Trust: Chairman since 2017 and Trustee since 1990** | President, Strategic Management Advisors LLC since 1990 | 78 | MainStay VP Funds Trust: Chairman since January 2017 and Trustee since 2007 (31 portfolios)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) | |
Alan R. Latshaw 1951 | MainStay Funds: Trustee;MainStay Funds Trust: Trustee since 2007** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 78 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 | |
Richard H. Nolan, Jr. 1946 | MainStay Funds: Trustee since 2007;MainStay Funds Trust: Trustee since 2007** | Managing Director, ICC Capital Management since 2004; President—Shields/Alliance, Alliance Capital Management (1994 to 2004) | 78 | MainStay VP Funds Trust: Trustee since 2006 (31 portfolios)***; and MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011 | |
Jacques P. Perold 1958 | MainStay Funds: Trustee since 2016, Advisory Board Member (June 2015 to December 2015);MainStay Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, Capshift Advisors LLC (Since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 78 | MainStay VP Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Partners in Health: Trustee since 2019; Allstate Corporation: Director since 2015; and MSCI, Inc.: Director since 2017 |
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 | |
Richard S. Trutanic 1952 | MainStay Funds: Trustee since 1994;MainStay Funds Trust: Trustee since 2007** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 78 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund; Trustee since June 2021 |
** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
*** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Karen Hammond 1956 | MainStay Funds: Advisory Board Member since June 2021;MainStay Funds Trust: Advisory Board Member since June 2021 | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 78 | MainStay VP Funds Trust: Advisory Board Member since June 2021 (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Advisory Board Member since June 2021; MainStay CBRE Global Infrastructure Megatrends Fund: Advisory Board Member since June 2021; Two Harbors Investment Corp: Trustee since 2018, Chair of the Special Committee since 2019; Rhode Island School of Design: Trustee and Chair of the Finance Committee since 2015 |
Advisory Board Member | Independent Trustees |
36 | MainStay WMC Enduring Capital Fund |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay Funds, MainStay Funds Trust since 2017 | Chief Operating Officer and Senior Managing Director since 2016, New York Life Investment Management LLC; Chairman of the Board since 2017, NYLIFE Distributors LLC; Chairman of the Board, NYLIM Service Company LLC since 2017; Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust since January 2018; President, MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust since 2017** and MainStay CBRE Global Infrastructure Megatrends Fund since June 2021; 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 MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay VP Funds Trust since 2007** and MainStay CBRE Global Infrastructure Megatrends Fund since June 2021; 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 MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay VP Funds Trust since 2010** and MainStay CBRE Global Infrastructure Megatrends Fund since June 2021 | ||
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 MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay VP Funds Trust since 2005** and MainStay CBRE Global Infrastructure Megatrends Fund since June 2021 | ||
Kevin M. Bopp 1969 | Vice President and Chief Compliance Officer, MainStay Funds and MainStay Funds Trust since 2021 and 2014 to 2020 | Vice President and Chief Compliance Officer, New York Life Investments Alternatives LLC and New York Life Investment Management Holdings LLC since 2020; Vice President since 2018 and Chief Compliance Officer since 2016, New York Life Investment Management LLC; Vice President and Chief Compliance Officer, IndexIQ Advisors LLC, IndexIQ Holdings Inc., IndexIQ LLC and IndexIQ Trust since 2017; Director and Associate General Counsel (2011 to 2014) and Vice President and Assistant General Counsel (2010 to 2011), New York Life Investment Management LLC;Vice President and Chief Compliance Officer, MainStay VP Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund since June 2021 and 2014 to 2020 and MainStay CBRE Global Infrastructure Megatrends Fund since June 2021; Assistant Secretary, MainStay Funds, MainStay Funds Trust and MainStay VP Funds Trust (2010 to 2014)**, MainStay MacKay DefinedTerm Municipal Opportunities Fund (2011 to 2014) |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
1.
2. | This Fund is registered for sale in CA, CT, DE, FL, MA, NJ, NY and VT. |
3. | Prior to November 30, 2021, the Fund's name was formerly MainStay MacKay Intermediate Tax Free Bond Fund. |
4. | An affiliate of New York Life Investment Management LLC. |
1716826MS180-21 | MSWEC11-12/21 |
please log in to newyorklifeinvestments.com/accounts.
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended October 31, 2021 | |||||||
Class | Sales Charge | Inception Date1 | One Year | Five Years | Ten Years or Since Inception | Gross Expense Ratio2 | |
Class A Shares | Maximum 5.5% Initial Sales Charge | With sales charges | 6/9/1999 | 37.16% | 15.67% | 13.01% | 1.00% |
Excluding sales charges | 45.14 | 16.99 | 13.65 | 1.00 | |||
Investor Class Shares3 | Maximum 5% Initial Sales Charge | With sales charges | 2/28/2008 | 37.50 | 15.40 | 12.77 | 1.31 |
Excluding sales charges | 44.73 | 16.71 | 13.41 | 1.31 | |||
Class B Shares4 | Maximum 5% CDSC | With sales charges | 6/9/1999 | 38.67 | 15.62 | 12.57 | 2.06 |
if Redeemed Within the First Six Years of Purchase | Excluding sales charges | 43.67 | 15.84 | 12.57 | 2.06 | ||
Class C Shares | Maximum 1% CDSC | With sales charges | 6/9/1999 | 42.65 | 15.84 | 12.57 | 2.06 |
if Redeemed Within One Year of Purchase | Excluding sales charges | 43.65 | 15.84 | 12.57 | 2.06 | ||
Class I Shares | No Sales Charge | 1/21/1971 | 45.57 | 17.29 | 13.94 | 0.75 | |
Class R1 Shares | No Sales Charge | 1/2/2004 | 45.37 | 17.17 | 13.82 | 0.85 | |
Class R2 Shares | No Sales Charge | 1/2/2004 | 45.01 | 16.87 | 13.54 | 1.10 | |
Class R3 Shares | No Sales Charge | 4/28/2006 | 44.66 | 16.58 | 13.26 | 1.35 | |
Class R6 Shares | No Sales Charge | 4/26/2021 | N/A | N/A | 6.67 | 0.70 |
1. | Effective April 26, 2021, the Fund replaced its subadvisor, changed its investment objective and modified its principal investment strategies. Therefore, the performance information shown in this report prior to April 26, 2021 reflects that of the Fund’s prior subadvisor, investment objective and principal investment strategies. |
2. | The gross expense ratios presented reflect the Fund’s “Total Annual Fund Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report. |
3. | Prior to June 30, 2020, the maximum initial sales charge was 5.5%, which is reflected in the average annual total return figures shown. |
4. | Class B shares are closed to all new purchases as well as additional investments by existing Class B shareholders. |
Benchmark Performance* | One Year | Five Years | Ten Years |
Russell 1000® Value Index1 | 43.76% | 12.39% | 12.85% |
Russell 3000® Index2 | 43.90 | 18.91 | 16.10 |
Morningstar Large Value Category Average3 | 43.38 | 12.38 | 11.78 |
1. | The Fund has selected the Russell 1000® Value Index as its primary benchmark as a replacement for the Russell 3000® Index because it believes that the Russell 1000® Value Index is more reflective of its principal investment strategies. The Russell 1000® Value Index measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000® Index companies with lower price-to-book ratios and lower expected growth values. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
2. | Prior to April 26, 2021, the Russell 3000® Index was the Fund's primary broad-based securities market index for comparison purposes. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
3. | The Morningstar Large Value Category Average is representative of funds that invest primarily in big U.S. companies that are less expensive or growing more slowly than other large-cap stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. |
6 | MainStay WMC Value Fund |
Share Class | Beginning Account Value 5/1/21 | Ending Account Value (Based on Actual Returns and Expenses) 10/31/21 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 10/31/21 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Class A Shares | $1,000.00 | $1,059.50 | $ 5.35 | $1,020.01 | $ 5.24 | 1.03% |
Investor Class Shares | $1,000.00 | $1,058.00 | $ 6.85 | $1,018.55 | $ 6.72 | 1.32% |
Class B Shares | $1,000.00 | $1,054.20 | $10.72 | $1,014.77 | $10.51 | 2.07% |
Class C Shares | $1,000.00 | $1,054.20 | $10.67 | $1,014.82 | $10.46 | 2.06% |
Class I Shares | $1,000.00 | $1,061.40 | $ 3.64 | $1,021.68 | $ 3.57 | 0.70% |
Class R1 Shares | $1,000.00 | $1,060.40 | $ 4.57 | $1,020.77 | $ 4.48 | 0.88% |
Class R2 Shares | $1,000.00 | $1,059.10 | $ 5.86 | $1,019.51 | $ 5.75 | 1.13% |
Class R3 Shares | $1,000.00 | $1,057.90 | $ 7.16 | $1,018.25 | $ 7.02 | 1.38% |
Class R6 Shares | $1,000.00 | $1,061.40 | $ 3.74 | $1,021.58 | $ 3.67 | 0.72% |
1. | Expenses are equal to the Fund’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 184 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Fund's annualized expense ratio to reflect the six-month period. |
Banks | 11.1% |
Pharmaceuticals | 9.0 |
Health Care Providers & Services | 7.2 |
Insurance | 6.3 |
Aerospace & Defense | 5.2 |
Semiconductors & Semiconductor Equipment | 4.9 |
Capital Markets | 4.7 |
Health Care Equipment & Supplies | 4.3 |
Oil, Gas & Consumable Fuels | 4.2 |
Communications Equipment | 4.2 |
IT Services | 3.5 |
Equity Real Estate Investment Trusts | 2.8 |
Chemicals | 2.5 |
Multi–Utilities | 2.5 |
Building Products | 2.4 |
Media | 2.4 |
Specialty Retail | 2.3 |
Interactive Media & Services | 2.2 |
Electric Utilities | 1.5% |
Auto Components | 1.4 |
Beverages | 1.4 |
Containers & Packaging | 1.4 |
Food Products | 1.3 |
Electronic Equipment, Instruments & Components | 1.3 |
Road & Rail | 1.2 |
Electrical Equipment | 1.2 |
Household Durables | 1.2 |
Entertainment | 1.2 |
Machinery | 1.2 |
Real Estate Management & Development | 1.2 |
Hotels, Restaurants & Leisure | 0.9 |
Software | 0.9 |
Short–Term Investments | 1.9 |
Other Assets, Less Liabilities | –0.9 |
100.0% |
1. | JPMorgan Chase & Co. |
2. | UnitedHealth Group, Inc. |
3. | Cisco Systems, Inc. |
4. | Bank of America Corp. |
5. | Pfizer, Inc. |
6. | Comcast Corp., Class A |
7. | Anthem, Inc. |
8. | Alphabet, Inc., Class C |
9. | Merck & Co., Inc. |
10. | Morgan Stanley |
8 | MainStay WMC Value Fund |
During the time Markston managed a portion of the Fund, the Pfizer, Moderna, and Johnson & Johnson vaccines became widely available, leading to a steep decline in COVID-19 cases and a reopening of the U.S. economy. The Markston portion of the Fund outperformed its primary benchmark, the Russell 3000® Index, primarily due to the Fund’s overweight position in the communication services sector, with much of outperformance coming from holdings in Alphabet, the parent company of online advertising services provider Google. Google’s share price rose as the company’s revenue growth reaccelerated. Holdings in entertainment provider The Walt Disney Company further
During the time Epoch managed a portion of the Fund, the Epoch portion of the Fund outperformed the Russell 3000® Index primarily due to strong security selection in the energy, financials and information technology sectors.
During the time Wellington managed the Fund, the Fund outperformed its new primary benchmark, the Russell 1000® Value Index, primarily due to strong security selection.
During the time Markston managed a portion of the Fund, the strongest positive contributions to relative performance in the Markston portion of the Fund came from the communication services and financials sectors. (Contributions take weightings and total returns into account.) During the same period, the most significant detractors from relative performance were the consumer discretionary and health care sectors.
During the time Epoch managed a portion of the Fund, the energy, financials and information technology sectors were the strongest positive contributors to the relative performance of the Epoch portion of the Fund. During the same period, the weakest contributing sectors included consumer discretionary and health care.
During the time Wellington managed the Fund, strong security selection in the health care, communication services and industrials sectors was partly offset by weaker selection in information technology, energy and real estate. Sector allocation, a result of our bottom-up stock selection process, detracted from relative results, primarily due to the Fund’s overweight positioning in information technology and its underweight exposure to energy. These negative effects were partially offset by the positive impact
1. | See page 5 for other share class returns, which may be higher or lower than Class I share returns. See page 6 for more information on benchmark and peer group returns. |
During the time Markston managed a portion of the Fund, the strongest contributions to absolute performance in the Markston portion of the Fund included holdings in online payment company PayPal, Alphabet (described above) and consumer electronics and services firm Apple.
10 | MainStay WMC Value Fund |
During the time Epoch managed a portion of the Fund, stocks making the strongest positive contributions to the absolute performance of the Epoch portion of the Fund included Texas Pacific Land, a land trust with both oil & gas and water interests, and several holdings in the banking industry.
During the time Wellington managed the Fund, the top two contributors to absolute performance were pharmaceutical company Eli Lilly and Internet search and services provider Alphabet. Shares of Eli Lilly rose after the U.S. Food and Drug Administration granted Breakthrough Therapy designation for donanemab, an Alzheimer’s disease treatment. Shares of Alphabet rose after the company reported second-quarter 2021 results that blew past consensus revenue and earnings estimates. While retail continues to be Alphabet’s strongest advertising vertical, the company has seen improvement more recently in its travel segment and, encouragingly, has seen operating margins improve in its cloud business.
During the time Markston managed a portion of the Fund, the largest purchase in the Markston portion of the Fund was a new position in ETF iShares Russell 3000, an index fund seeking to track the performance of the Russell 3000® Index. The Markston portion of the Fund also increased its positions in China-based e-commerce giant Alibaba and social media company Facebook
During the time Epoch managed a portion of the Fund, the largest purchases in the Epoch portion of the Fund were positions in private mortgage insurance company Essent Group and independent oil and gas producer Diamondback Energy.
During the time Wellington managed the Fund, the Fund initiated positions in Morgan Stanley, a diversified financial services company, and ConocoPhillips, an exploration & production (“E&P”) company with a global upstream footprint. In our opinion, Morgan
During the time Markston managed a portion of the Fund the most significant sector weighting increases were in financials and cash. Over the same period, the Markston portion of the Fund decreased its sector exposure to information technology, health care and consumer staples.
During the time Epoch managed a portion of the Fund, the most significant sector weighting increases in the Epoch portion of the Fund included financials and energy. Over the same period, the Epoch portion of the Fund decreased its allocations to consumer staples and health care.
During the time Wellington managed the Fund, the largest increases in sector weightings were in the communication services, consumer discretionary and energy sectors, while the largest decreases were in the health care, real estate and financials sectors.
As of October 31, 2021, the Fund’s largest overweight allocations relative to the Russell 1000® Value Index were to the information technology, health care and financials sectors. Conversely, the
12 | MainStay WMC Value Fund |
Shares | Value | |
Common Stocks 99.0% | ||
Aerospace & Defense 5.2% | ||
General Dynamics Corp. | 69,349 | $ 14,060,510 |
L3Harris Technologies, Inc. | 64,815 | 14,942,450 |
Lockheed Martin Corp. | 31,540 | 10,481,373 |
Raytheon Technologies Corp. | 201,585 | 17,912,843 |
57,397,176 | ||
Auto Components 1.4% | ||
Gentex Corp. | 439,624 | 15,558,293 |
Banks 11.1% | ||
Bank of America Corp. | 601,216 | 28,726,100 |
JPMorgan Chase & Co. | 254,534 | 43,242,781 |
M&T Bank Corp. | 107,796 | 15,858,947 |
PNC Financial Services Group, Inc. (The) | 84,523 | 17,836,889 |
Truist Financial Corp. | 258,982 | 16,437,588 |
122,102,305 | ||
Beverages 1.4% | ||
Keurig Dr Pepper, Inc. | 420,433 | 15,173,427 |
Building Products 2.4% | ||
Fortune Brands Home & Security, Inc. | 119,907 | 12,158,570 |
Johnson Controls International plc | 199,010 | 14,601,363 |
26,759,933 | ||
Capital Markets 4.7% | ||
Ares Management Corp. | 169,136 | 14,332,585 |
LPL Financial Holdings, Inc. | 94,995 | 15,581,080 |
Morgan Stanley | 213,298 | 21,922,768 |
51,836,433 | ||
Chemicals 2.5% | ||
Axalta Coating Systems Ltd. (a) | 370,827 | 11,566,094 |
Celanese Corp. | 98,747 | 15,948,628 |
27,514,722 | ||
Communications Equipment 4.2% | ||
Cisco Systems, Inc. | 533,783 | 29,875,834 |
F5 Networks, Inc. (a) | 77,577 | 16,380,384 |
46,256,218 | ||
Containers & Packaging 1.4% | ||
Sealed Air Corp. | 252,414 | 14,973,198 |
Electric Utilities 1.5% | ||
Exelon Corp. | 310,189 | 16,498,953 |
Shares | Value | |
Electrical Equipment 1.2% | ||
Hubbell, Inc. | 67,039 | $ 13,365,565 |
Electronic Equipment, Instruments & Components 1.3% | ||
Corning, Inc. | 398,272 | 14,166,535 |
Entertainment 1.2% | ||
Electronic Arts, Inc. | 94,256 | 13,219,404 |
Equity Real Estate Investment Trusts 2.8% | ||
Gaming and Leisure Properties, Inc. | 342,983 | 16,631,246 |
Host Hotels & Resorts, Inc. (a) | 815,542 | 13,725,572 |
30,356,818 | ||
Food Products 1.3% | ||
Mondelez International, Inc., Class A | 237,425 | 14,421,195 |
Health Care Equipment & Supplies 4.3% | ||
Becton Dickinson and Co. | 61,633 | 14,766,651 |
Boston Scientific Corp. (a) | 328,034 | 14,148,106 |
Medtronic plc | 157,872 | 18,922,538 |
47,837,295 | ||
Health Care Providers & Services 7.2% | ||
Anthem, Inc. | 58,927 | 25,640,906 |
Centene Corp. (a) | 222,752 | 15,868,852 |
UnitedHealth Group, Inc. | 80,595 | 37,111,580 |
78,621,338 | ||
Hotels, Restaurants & Leisure 0.9% | ||
Booking Holdings, Inc. (a) | 4,243 | 10,271,370 |
Household Durables 1.2% | ||
Lennar Corp., Class A | 132,766 | 13,267,306 |
Insurance 6.3% | ||
Assurant, Inc. | 80,807 | 13,034,977 |
Chubb Ltd. | 111,516 | 21,787,996 |
MetLife, Inc. | 342,116 | 21,484,885 |
Progressive Corp. (The) | 136,972 | 12,995,903 |
69,303,761 | ||
Interactive Media & Services 2.2% | ||
Alphabet, Inc., Class C (a) | 8,097 | 24,010,925 |
IT Services 3.5% | ||
Amdocs Ltd. | 147,020 | 11,444,037 |
14 | MainStay WMC Value Fund |
Shares | Value | |
Common Stocks (continued) | ||
IT Services (continued) | ||
Fidelity National Information Services, Inc. | 119,926 | $ 13,280,605 |
Global Payments, Inc. | 99,143 | 14,176,458 |
38,901,100 | ||
Machinery 1.2% | ||
Middleby Corp. (The) (a) | 72,050 | 13,144,802 |
Media 2.4% | ||
Comcast Corp., Class A | 509,516 | 26,204,408 |
Multi-Utilities 2.5% | ||
Dominion Energy, Inc. | 187,021 | 14,200,504 |
Sempra Energy | 102,403 | 13,069,695 |
27,270,199 | ||
Oil, Gas & Consumable Fuels 4.2% | ||
ConocoPhillips | 230,834 | 17,194,824 |
Phillips 66 | 175,097 | 13,093,754 |
Pioneer Natural Resources Co. | 86,903 | 16,249,123 |
46,537,701 | ||
Pharmaceuticals 9.0% | ||
AstraZeneca plc, Sponsored ADR | 240,551 | 15,005,571 |
Eli Lilly and Co. | 76,163 | 19,403,286 |
Merck & Co., Inc. | 264,799 | 23,315,552 |
Pfizer, Inc. | 652,490 | 28,539,913 |
Roche Holding AG | 32,734 | 12,657,790 |
98,922,112 | ||
Real Estate Management & Development 1.2% | ||
CBRE Group, Inc., Class A (a) | 124,398 | 12,947,344 |
Road & Rail 1.2% | ||
Knight-Swift Transportation Holdings, Inc. | 236,561 | 13,410,643 |
Semiconductors & Semiconductor Equipment 4.9% | ||
Analog Devices, Inc. | 88,801 | 15,406,086 |
KLA Corp. | 30,190 | 11,253,624 |
Micron Technology, Inc. | 191,801 | 13,253,449 |
Qorvo, Inc. (a) | 80,473 | 13,537,973 |
53,451,132 |
Shares | Value | ||
Software 0.9% | |||
VMware, Inc., Class A (a)(b) | 66,167 | $ 10,037,534 | |
Specialty Retail 2.3% | |||
Home Depot, Inc. (The) | 30,848 | 11,467,436 | |
TJX Cos., Inc. (The) | 204,492 | 13,392,181 | |
24,859,617 | |||
Total Common Stocks (Cost $931,116,266) | 1,088,598,762 | ||
Short-Term Investments 1.9% | |||
Affiliated Investment Company 1.0% | |||
MainStay U.S. Government Liquidity Fund, 0.01% (c) | 10,778,447 | 10,778,447 | |
Unaffiliated Investment Companies 0.9% | |||
BlackRock Liquidity FedFund, 0.025% (c)(d) | 8,066,493 | 8,066,493 | |
Wells Fargo Government Money Market Fund, 0.025% (c)(d) | 2,195,367 | 2,195,367 | |
Total Unaffiliated Investment Companies (Cost $10,261,860) | 10,261,860 | ||
Total Short-Term Investments (Cost $21,040,307) | 21,040,307 | ||
Total Investments (Cost $952,156,573) | 100.9% | 1,109,639,069 | |
Other Assets, Less Liabilities | (0.9) | (10,374,232) | |
Net Assets | 100.0% | $ 1,099,264,837 |
† | Percentages indicated are based on Fund net assets. |
(a) | Non-income producing security. |
(b) | All or a portion of this security was held on loan. As of October 31, 2021, the aggregate market value of securities on loan was $10,011,138. The Fund received cash collateral with a value of $10,261,860. (See Note 2(H)) |
(c) | Current yield as of October 31, 2021. |
(d) | Represents a security purchased with cash collateral received for securities on loan. |
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 | $ 1,088,598,762 | $ — | $ — | $ 1,088,598,762 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 10,778,447 | — | — | 10,778,447 | |||
Unaffiliated Investment Companies | 10,261,860 | — | — | 10,261,860 | |||
Total Short-Term Investments | 21,040,307 | — | — | 21,040,307 | |||
Total Investments in Securities | $ 1,109,639,069 | $ — | $ — | $ 1,109,639,069 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
16 | MainStay WMC Value Fund |
Assets | |
Investment in unaffiliated securities, at value (identified cost $941,378,126) including securities on loan of $10,011,138 | $1,098,860,622 |
Investment in affiliated investment companies, at value (identified cost $10,778,447) | 10,778,447 |
Cash | 787 |
Receivables: | |
Dividends | 787,420 |
Fund shares sold | 171,050 |
Securities lending | 39,576 |
Other assets | 53,116 |
Total assets | 1,110,691,018 |
Liabilities | |
Cash collateral received for securities on loan | 10,261,860 |
Payables: | |
Manager (See Note 3) | 599,679 |
Fund shares redeemed | 206,217 |
NYLIFE Distributors (See Note 3) | 148,952 |
Transfer agent (See Note 3) | 145,053 |
Shareholder communication | 22,029 |
Professional fees | 20,724 |
Custodian | 7,568 |
Trustees | 1,409 |
Accrued expenses | 12,690 |
Total liabilities | 11,426,181 |
Net assets | $1,099,264,837 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.01 per share) unlimited number of shares authorized | $ 196,690 |
Additional paid-in-capital | 437,905,771 |
438,102,461 | |
Total distributable earnings (loss) | 661,162,376 |
Net assets | $1,099,264,837 |
Class A | |
Net assets applicable to outstanding shares | $547,298,848 |
Shares of beneficial interest outstanding | 9,912,712 |
Net asset value per share outstanding | $ 55.21 |
Maximum sales charge (5.50% of offering price) | 3.21 |
Maximum offering price per share outstanding | $ 58.42 |
Investor Class | |
Net assets applicable to outstanding shares | $ 66,192,849 |
Shares of beneficial interest outstanding | 1,201,755 |
Net asset value per share outstanding | $ 55.08 |
Maximum sales charge (5.00% of offering price) | 2.90 |
Maximum offering price per share outstanding | $ 57.98 |
Class B | |
Net assets applicable to outstanding shares | $ 13,100,285 |
Shares of beneficial interest outstanding | 278,568 |
Net asset value and offering price per share outstanding | $ 47.03 |
Class C | |
Net assets applicable to outstanding shares | $ 11,119,039 |
Shares of beneficial interest outstanding | 236,387 |
Net asset value and offering price per share outstanding | $ 47.04 |
Class I | |
Net assets applicable to outstanding shares | $102,713,654 |
Shares of beneficial interest outstanding | 1,788,547 |
Net asset value and offering price per share outstanding | $ 57.43 |
Class R1 | |
Net assets applicable to outstanding shares | $ 56,643 |
Shares of beneficial interest outstanding | 1,015 |
Net asset value and offering price per share outstanding | $ 55.81 |
Class R2 | |
Net assets applicable to outstanding shares | $ 1,066,266 |
Shares of beneficial interest outstanding | 19,189 |
Net asset value and offering price per share outstanding | $ 55.57 |
Class R3 | |
Net assets applicable to outstanding shares | $ 1,136,788 |
Shares of beneficial interest outstanding | 20,607 |
Net asset value and offering price per share outstanding | $ 55.17 |
Class R6 | |
Net assets applicable to outstanding shares | $356,580,465 |
Shares of beneficial interest outstanding | 6,210,259 |
Net asset value and offering price per share outstanding | $ 57.42 |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated (net of foreign tax withholding of $32,762) | $ 17,132,210 |
Securities lending | 156,889 |
Dividend distributions from affiliated investment companies | 53,870 |
Dividends-affiliated | 864 |
Other | 52 |
Total income | 17,343,885 |
Expenses | |
Manager (See Note 3) | 7,435,117 |
Distribution/Service—Class A (See Note 3) | 1,256,615 |
Distribution/Service—Investor Class (See Note 3) | 177,422 |
Distribution/Service—Class B (See Note 3) | 148,396 |
Distribution/Service—Class C (See Note 3) | 131,527 |
Distribution/Service—Class R2 (See Note 3) | 2,362 |
Distribution/Service—Class R3 (See Note 3) | 6,223 |
Transfer agent (See Note 3) | 762,540 |
Professional fees | 170,717 |
Registration | 121,644 |
Shareholder communication | 93,796 |
Custodian | 42,312 |
Trustees | 23,613 |
Insurance | 7,469 |
Shareholder service (See Note 3) | 2,240 |
Miscellaneous | 53,542 |
Total expenses before waiver/reimbursement | 10,435,535 |
Expense waiver/reimbursement from Manager (See Note 3) | (42,884) |
Net expenses | 10,392,651 |
Net investment income (loss) | 6,951,234 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | 620,782,602 |
Foreign currency transactions | (14,478) |
Net realized gain (loss) | 620,768,124 |
Net change in unrealized appreciation (depreciation) on unaffiliated investments | (247,726,816) |
Net realized and unrealized gain (loss) | 373,041,308 |
Net increase (decrease) in net assets resulting from operations | $ 379,992,542 |
18 | MainStay WMC Value Fund |
for the years ended October 31, 2021 and October 31, 2020
2021 | 2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 6,951,234 | $ 6,017,232 |
Net realized gain (loss) | 620,768,124 | 33,059,775 |
Net change in unrealized appreciation (depreciation) | (247,726,816) | (14,979,349) |
Net increase (decrease) in net assets resulting from operations | 379,992,542 | 24,097,658 |
Distributions to shareholders: | ||
Class A | (16,313,673) | (35,152,551) |
Investor Class | (2,713,691) | (6,477,707) |
Class B | (590,306) | (1,807,649) |
Class C | (589,734) | (1,954,564) |
Class I | (17,065,424) | (39,605,302) |
Class R1 | (1,674) | (2,963) |
Class R2 | (28,927) | (63,839) |
Class R3 | (95,950) | (184,909) |
Total distributions to shareholders | (37,399,379) | (85,249,484) |
Capital share transactions: | ||
Net proceeds from sales of shares | 36,516,229 | 56,997,188 |
Net asset value of shares issued to shareholder in reinvestment of distributions | 36,436,026 | 83,179,267 |
Cost of shares redeemed | (224,285,447) | (214,672,993) |
Increase (decrease) in net assets derived from capital share transactions | (151,333,192) | (74,496,538) |
Net increase (decrease) in net assets | 191,259,971 | (135,648,364) |
Net Assets | ||
Beginning of year | 908,004,866 | 1,043,653,230 |
End of year | $1,099,264,837 | $ 908,004,866 |
Year Ended October 31, | |||||||||
Class A | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 39.49 | $ 42.24 | $ 41.20 | $ 43.76 | $ 35.92 | ||||
Net investment income (loss) (a) | 0.30 | 0.21 | 0.26 | 0.23 | 0.21 | ||||
Net realized and unrealized gain (loss) | 17.09 | 0.55 | 4.88 | 1.79 | 8.50 | ||||
Total from investment operations | 17.39 | 0.76 | 5.14 | 2.02 | 8.71 | ||||
Less distributions: | |||||||||
From net investment income | (0.25) | (0.31) | (0.28) | (0.21) | (0.48) | ||||
From net realized gain on investments | (1.42) | (3.20) | (3.82) | (4.37) | (0.39) | ||||
Total distributions | (1.67) | (3.51) | (4.10) | (4.58) | (0.87) | ||||
Net asset value at end of year | $ 55.21 | $ 39.49 | $ 42.24 | $ 41.20 | $ 43.76 | ||||
Total investment return (b) | 45.14% | 1.66% | 13.54% | 4.88% | 24.73% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.60% | 0.55% | 0.67% | 0.57% | 0.52% | ||||
Net expenses (c) | 1.06% | 1.10%(d) | 1.11% | 1.10% | 1.10%(d) | ||||
Portfolio turnover rate | 23% | 16% | 20% | 15% | 15% | ||||
Net assets at end of year (in 000’s) | $ 547,299 | $ 389,530 | $ 427,040 | $ 384,637 | $ 389,582 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | Net of interest expense which is less than one-tenth of a percent. |
Year Ended October 31, | |||||||||
Investor Class | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 39.40 | $ 42.17 | $ 41.15 | $ 43.68 | $ 35.85 | ||||
Net investment income (loss) (a) | 0.14 | 0.10 | 0.18 | 0.17 | 0.14 | ||||
Net realized and unrealized gain (loss) | 17.09 | 0.53 | 4.86 | 1.78 | 8.49 | ||||
Total from investment operations | 17.23 | 0.63 | 5.04 | 1.95 | 8.63 | ||||
Less distributions: | |||||||||
From net investment income | (0.13) | (0.20) | (0.20) | (0.11) | (0.41) | ||||
From net realized gain on investments | (1.42) | (3.20) | (3.82) | (4.37) | (0.39) | ||||
Total distributions | (1.55) | (3.40) | (4.02) | (4.48) | (0.80) | ||||
Net asset value at end of year | $ 55.08 | $ 39.40 | $ 42.17 | $ 41.15 | $ 43.68 | ||||
Total investment return (b) | 44.73% | 1.35% | 13.27% | 4.69% | 24.50% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.28% | 0.25% | 0.46% | 0.39% | 0.36% | ||||
Net expenses (c) | 1.36% | 1.40%(d) | 1.33% | 1.29% | 1.29%(d) | ||||
Expenses (before waiver/reimbursement) (c) | 1.36% | 1.41% | 1.38% | 1.31% | 1.29% | ||||
Portfolio turnover rate | 23% | 16% | 20% | 15% | 15% | ||||
Net assets at end of year (in 000's) | $ 66,193 | $ 69,423 | $ 80,733 | $ 76,844 | $ 90,928 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | Net of interest expense which is less than one-tenth of a percent. |
20 | MainStay WMC Value Fund |
Year Ended October 31, | |||||||||
Class B | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 33.97 | $ 36.88 | $ 36.53 | $ 39.43 | $ 32.42 | ||||
Net investment income (loss) (a) | (0.20) | (0.16) | (0.09) | (0.13) | (0.13) | ||||
Net realized and unrealized gain (loss) | 14.68 | 0.45 | 4.26 | 1.60 | 7.67 | ||||
Total from investment operations | 14.48 | 0.29 | 4.17 | 1.47 | 7.54 | ||||
Less distributions: | |||||||||
From net investment income | — | — | — | — | (0.14) | ||||
From net realized gain on investments | (1.42) | (3.20) | (3.82) | (4.37) | (0.39) | ||||
Total distributions | (1.42) | (3.20) | (3.82) | (4.37) | (0.53) | ||||
Net asset value at end of year | $ 47.03 | $ 33.97 | $ 36.88 | $ 36.53 | $ 39.43 | ||||
Total investment return (b) | 43.67% | 0.57% | 12.45% | 3.91% | 23.55% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | (0.47)% | (0.48)% | (0.27)% | (0.35)% | (0.37)% | ||||
Net expenses (c) | 2.11% | 2.15%(d) | 2.08% | 2.04% | 2.05%(d) | ||||
Expenses (before waiver/reimbursement) (c) | 2.11% | 2.16% | 2.13% | 2.06% | 2.05% | ||||
Portfolio turnover rate | 23% | 16% | 20% | 15% | 15% | ||||
Net assets at end of year (in 000’s) | $ 13,100 | $ 14,212 | $ 21,088 | $ 26,571 | $ 35,841 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | Net of interest expense which is less than one-tenth of a percent. |
Year Ended October 31, | |||||||||
Class C | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 33.98 | $ 36.88 | $ 36.53 | $ 39.43 | $ 32.42 | ||||
Net investment income (loss) (a) | (0.21) | (0.16) | (0.07) | (0.14) | (0.13) | ||||
Net realized and unrealized gain (loss) | 14.69 | 0.46 | 4.24 | 1.61 | 7.67 | ||||
Total from investment operations | 14.48 | 0.30 | 4.17 | 1.47 | 7.54 | ||||
Less distributions: | |||||||||
From net investment income | — | — | — | — | (0.14) | ||||
From net realized gain on investments | (1.42) | (3.20) | (3.82) | (4.37) | (0.39) | ||||
Total distributions | (1.42) | (3.20) | (3.82) | (4.37) | (0.53) | ||||
Net asset value at end of year | $ 47.04 | $ 33.98 | $ 36.88 | $ 36.53 | $ 39.43 | ||||
Total investment return (b) | 43.65% | 0.60% | 12.45% | 3.91% | 23.55% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | (0.50)% | (0.48)% | (0.22)% | (0.36)% | (0.37)% | ||||
Net expenses (c) | 2.11% | 2.15%(d) | 2.07% | 2.04% | 2.05%(d) | ||||
Expenses (before waiver/reimbursement) (c) | 2.11% | 2.16% | 2.12% | 2.06% | 2.05% | ||||
Portfolio turnover rate | 23% | 16% | 20% | 15% | 15% | ||||
Net assets at end of year (in 000’s) | $ 11,119 | $ 14,315 | $ 22,933 | $ 65,288 | $ 79,665 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | Net of interest expense which is less than one-tenth of a percent. |
Year Ended October 31, | |||||||||
Class I | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 40.99 | $ 43.71 | $ 42.51 | $ 45.00 | $ 36.92 | ||||
Net investment income (loss) (a) | 0.30 | 0.32 | 0.38 | 0.36 | 0.34 | ||||
Net realized and unrealized gain (loss) | 17.91 | 0.57 | 5.02 | 1.84 | 8.70 | ||||
Total from investment operations | 18.21 | 0.89 | 5.40 | 2.20 | 9.04 | ||||
Less distributions: | |||||||||
From net investment income | (0.35) | (0.41) | (0.38) | (0.32) | (0.57) | ||||
From net realized gain on investments | (1.42) | (3.20) | (3.82) | (4.37) | (0.39) | ||||
Total distributions | (1.77) | (3.61) | (4.20) | (4.69) | (0.96) | ||||
Net asset value at end of year | $ 57.43 | $ 40.99 | $ 43.71 | $ 42.51 | $ 45.00 | ||||
Total investment return (b) | 45.57% | 1.92% | 13.80% | 5.17% | 25.01% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.61% | 0.81% | 0.93% | 0.83% | 0.84% | ||||
Net expenses (c) | 0.82% | 0.85%(d) | 0.86% | 0.85% | 0.85%(d) | ||||
Expenses (before waiver/reimbursement) (c) | 0.83% | 0.85% | 0.86% | 0.85% | 0.85% | ||||
Portfolio turnover rate | 23% | 16% | 20% | 15% | 15% | ||||
Net assets at end of year (in 000’s) | $ 102,714 | $ 417,329 | $ 488,730 | $ 484,839 | $ 634,730 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | Net of interest expense which is less than one-tenth of a percent. |
Year Ended October 31, | |||||||||
Class R1 | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 39.90 | $ 42.64 | $ 41.53 | $ 44.07 | $ 36.16 | ||||
Net investment income (loss) (a) | 0.38 | 0.27 | 0.33 | 0.37 | 0.27 | ||||
Net realized and unrealized gain (loss) | 17.27 | 0.56 | 4.91 | 1.73 | 8.56 | ||||
Total from investment operations | 17.65 | 0.83 | 5.24 | 2.10 | 8.83 | ||||
Less distributions: | |||||||||
From net investment income | (0.32) | (0.37) | (0.31) | (0.27) | (0.53) | ||||
From net realized gain on investments | (1.42) | (3.20) | (3.82) | (4.37) | (0.39) | ||||
Total distributions | (1.74) | (3.57) | (4.13) | (4.64) | (0.92) | ||||
Net asset value at end of year | $ 55.81 | $ 39.90 | $ 42.64 | $ 41.53 | $ 44.07 | ||||
Total investment return (b) | 45.37% | 1.82% | 13.71% | 5.05% | 24.92% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.75% | 0.69% | 0.83% | 0.88% | 0.67% | ||||
Net expenses (c) | 0.91% | 0.95%(d) | 0.96% | 0.95% | 0.95%(d) | ||||
Portfolio turnover rate | 23% | 16% | 20% | 15% | 15% | ||||
Net assets at end of year (in 000’s) | $ 57 | $ 38 | $ 35 | $ 30 | $ 3,208 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R1 shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | Net of interest expense which is less than one-tenth of a percent. |
22 | MainStay WMC Value Fund |
Year Ended October 31, | |||||||||
Class R2 | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 39.74 | $ 42.48 | $ 41.38 | $ 43.93 | $ 36.05 | ||||
Net investment income (loss) (a) | 0.25 | 0.18 | 0.23 | 0.21 | 0.20 | ||||
Net realized and unrealized gain (loss) | 17.21 | 0.55 | 4.89 | 1.78 | 8.50 | ||||
Total from investment operations | 17.46 | 0.73 | 5.12 | 1.99 | 8.70 | ||||
Less distributions: | |||||||||
From net investment income | (0.21) | (0.27) | (0.20) | (0.17) | (0.43) | ||||
From net realized gain on investments | (1.42) | (3.20) | (3.82) | (4.37) | (0.39) | ||||
Total distributions | (1.63) | (3.47) | (4.02) | (4.54) | (0.82) | ||||
Net asset value at end of year | $ 55.57 | $ 39.74 | $ 42.48 | $ 41.38 | $ 43.93 | ||||
Total investment return (b) | 45.01% | 1.57% | 13.42% | 4.77% | 24.60% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.50% | 0.45% | 0.59% | 0.50% | 0.51% | ||||
Net expenses (c) | 1.16% | 1.20%(d) | 1.21% | 1.20% | 1.20%(d) | ||||
Portfolio turnover rate | 23% | 16% | 20% | 15% | 15% | ||||
Net assets at end of year (in 000’s) | $ 1,066 | $ 716 | $ 780 | $ 881 | $ 2,583 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R2 shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | Net of interest expense which is less than one-tenth of a percent. |
Year Ended October 31, | |||||||||
Class R3 | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 39.48 | $ 42.24 | $ 41.15 | $ 43.71 | $ 35.87 | ||||
Net investment income (loss) (a) | 0.12 | 0.07 | 0.13 | 0.08 | 0.07 | ||||
Net realized and unrealized gain (loss) | 17.12 | 0.54 | 4.87 | 1.79 | 8.50 | ||||
Total from investment operations | 17.24 | 0.61 | 5.00 | 1.87 | 8.57 | ||||
Less distributions: | |||||||||
From net investment income | (0.13) | (0.17) | (0.09) | (0.06) | (0.34) | ||||
From net realized gain on investments | (1.42) | (3.20) | (3.82) | (4.37) | (0.39) | ||||
Total distributions | (1.55) | (3.37) | (3.91) | (4.43) | (0.73) | ||||
Net asset value at end of year | $ 55.17 | $ 39.48 | $ 42.24 | $ 41.15 | $ 43.71 | ||||
Total investment return (b) | 44.66% | 1.29% | 13.14% | 4.51% | 24.29% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.25% | 0.19% | 0.32% | 0.20% | 0.17% | ||||
Net expenses (c) | 1.42% | 1.45%(d) | 1.46% | 1.45% | 1.45%(d) | ||||
Portfolio turnover rate | 23% | 16% | 20% | 15% | 15% | ||||
Net assets at end of year (in 000’s) | $ 1,137 | $ 2,442 | $ 2,314 | $ 1,931 | $ 1,004 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R3 shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | Net of interest expense which is less than one-tenth of a percent. |
April 26, 2021^ through October 31, | |
Class R6 | 2021 |
Net asset value at beginning of period | $ 53.83 |
Net investment income (loss) (a) | 0.65 |
Net realized and unrealized gain (loss) | 2.94 |
Total from investment operations | 3.59 |
Net asset value at end of period | $ 57.42 |
Total investment return (b) | 6.67% |
Ratios (to average net assets)/Supplemental Data: | |
Net investment income (loss)†† | 1.25% |
Net expenses††(c) | 0.72% |
Portfolio turnover rate | 23% |
Net assets at end of period (in 000’s) | $ 356,580 |
^ | Inception date. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R6 shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
24 | MainStay WMC Value Fund |
Class | Commenced Operations |
Class A | June 9, 1999 |
Investor Class | February 28, 2008 |
Class B | June 9, 1999 |
Class C | June 9, 1999 |
Class I | January 21, 1971 |
Class R1 | January 2, 2004 |
Class R2 | January 2, 2004 |
Class R3 | April 28, 2006 |
Class R6 | April 26, 2021 |
SIMPLE Class | N/A* |
* | SIMPLE Class shares were registered for sale effective as of August 31, 2020 but have not yet commenced operations. |
• | Level 1—quoted prices 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 WMC Value Fund |
28 | MainStay WMC Value Fund |
Class R1 | $ 51 |
Class R2 | 944 |
Class R3 | 1,245 |
Class | Expense | Waived |
Class A | $275,558 | $ — |
Investor Class | 250,119 | (1,743) |
Class B | 52,245 | (310) |
Class C | 46,206 | (174) |
Class I | 129,966 | — |
Class R1 | 28 | — |
Class R2 | 520 | — |
Class R3 | 663 | — |
Class R6 | 7,235 | — |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay U.S. Government Liquidity Fund | $ 5,057 | $ 207,006 | $ (201,285) | $ — | $ — | $ 10,778 | $ 1 | $ — | 10,778 |
Class R6 | $26,667 | 0.0%‡ |
‡ | Less than one-tenth of a percent. |
30 | MainStay WMC Value Fund |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $952,903,142 | $178,660,001 | $(21,924,074) | $156,735,927 |
Ordinary income | Accumulated Capital and Other Gain (Loss) | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$43,549,542 | $460,876,907 | $156,735,927 | $661,162,376 |
Total Distributable Earnings (Loss) | Additional Paid-In Capital | |
$(121,112,820) | $121,112,820 |
2021 | 2020 | |
Distributions paid from: | ||
Ordinary Income | $ 6,062,614 | $ 7,936,116 |
Long-Term Capital Gains | 31,336,765 | 77,313,368 |
Total | $37,399,379 | $85,249,484 |
Class A | Shares | Amount |
Year ended October 31, 2021: | ||
Shares sold | 393,231 | $ 19,413,350 |
Shares issued to shareholders in reinvestment of distributions | 356,091 | 15,628,837 |
Shares redeemed | (1,351,833) | (66,693,648) |
Net increase (decrease) in shares outstanding before conversion | (602,511) | (31,651,461) |
Shares converted into Class A (See Note 1) | 655,743 | 31,612,039 |
Shares converted from Class A (See Note 1) | (4,741) | (236,242) |
Net increase (decrease) | 48,491 | $ (275,664) |
Year ended October 31, 2020: | ||
Shares sold | 529,300 | $ 20,239,103 |
Shares issued to shareholders in reinvestment of distributions | 843,190 | 33,837,200 |
Shares redeemed | (1,951,518) | (74,696,185) |
Net increase (decrease) in shares outstanding before conversion | (579,028) | (20,619,882) |
Shares converted into Class A (See Note 1) | 339,901 | 13,474,760 |
Shares converted from Class A (See Note 1) | (7,078) | (251,232) |
Net increase (decrease) | (246,205) | $ (7,396,354) |
Investor Class | Shares | Amount |
Year ended October 31, 2021: | ||
Shares sold | 45,764 | $ 2,257,681 |
Shares issued to shareholders in reinvestment of distributions | 61,674 | 2,707,491 |
Shares redeemed | (131,621) | (6,457,578) |
Net increase (decrease) in shares outstanding before conversion | (24,183) | (1,492,406) |
Shares converted into Investor Class (See Note 1) | 35,932 | 1,790,628 |
Shares converted from Investor Class (See Note 1) | (571,930) | (27,460,423) |
Net increase (decrease) | (560,181) | $ (27,162,201) |
Year ended October 31, 2020: | ||
Shares sold | 96,681 | $ 3,654,326 |
Shares issued to shareholders in reinvestment of distributions | 160,931 | 6,462,976 |
Shares redeemed | (196,367) | (7,659,132) |
Net increase (decrease) in shares outstanding before conversion | 61,245 | 2,458,170 |
Shares converted into Investor Class (See Note 1) | 47,537 | 1,774,854 |
Shares converted from Investor Class (See Note 1) | (261,205) | (10,496,913) |
Net increase (decrease) | (152,423) | $ (6,263,889) |
Class B | Shares | Amount |
Year ended October 31, 2021: | ||
Shares sold | 5,188 | $ 211,148 |
Shares issued to shareholders in reinvestment of distributions | 15,616 | 589,371 |
Shares redeemed | (65,590) | (2,769,386) |
Net increase (decrease) in shares outstanding before conversion | (44,786) | (1,968,867) |
Shares converted from Class B (See Note 1) | (94,994) | (4,041,041) |
Net increase (decrease) | (139,780) | $ (6,009,908) |
Year ended October 31, 2020: | ||
Shares sold | 9,341 | $ 302,019 |
Shares issued to shareholders in reinvestment of distributions | 51,808 | 1,806,015 |
Shares redeemed | (100,807) | (3,293,066) |
Net increase (decrease) in shares outstanding before conversion | (39,658) | (1,185,032) |
Shares converted from Class B (See Note 1) | (113,870) | (3,737,122) |
Net increase (decrease) | (153,528) | $ (4,922,154) |
Class C | Shares | Amount |
Year ended October 31, 2021: | ||
Shares sold | 25,036 | $ 1,120,984 |
Shares issued to shareholders in reinvestment of distributions | 15,311 | 577,993 |
Shares redeemed | (180,583) | (7,613,414) |
Net increase (decrease) in shares outstanding before conversion | (140,236) | (5,914,437) |
Shares converted from Class C (See Note 1) | (44,661) | (1,880,706) |
Net increase (decrease) | (184,897) | $ (7,795,143) |
Year ended October 31, 2020: | ||
Shares sold | 48,129 | $ 1,523,344 |
Shares issued to shareholders in reinvestment of distributions | 52,580 | 1,833,460 |
Shares redeemed | (275,982) | (9,304,419) |
Net increase (decrease) in shares outstanding before conversion | (175,273) | (5,947,615) |
Shares converted from Class C (See Note 1) | (25,291) | (816,851) |
Net increase (decrease) | (200,564) | $ (6,764,466) |
32 | MainStay WMC Value Fund |
Class I | Shares | Amount |
Year ended October 31, 2021: | ||
Shares sold | 211,823 | $ 10,991,191 |
Shares issued to shareholders in reinvestment of distributions | 369,174 | 16,808,484 |
Shares redeemed | (2,559,831) | (124,640,457) |
Net increase (decrease) in shares outstanding before conversion | (1,978,834) | (96,840,782) |
Shares converted into Class I (See Note 1) | 4,165 | 215,745 |
Shares converted from Class I (See Note 1) | (6,419,247) | (345,548,082) |
Net increase (decrease) | (8,393,916) | $(442,173,119) |
Year ended October 31, 2020: | ||
Shares sold | 991,315 | $ 30,868,280 |
Shares issued to shareholders in reinvestment of distributions | 938,246 | 38,993,531 |
Shares redeemed | (2,929,764) | (119,324,440) |
Net increase (decrease) in shares outstanding before conversion | (1,000,203) | (49,462,629) |
Shares converted into Class I (See Note 1) | 1,177 | 52,504 |
Net increase (decrease) | (999,026) | $ (49,410,125) |
Class R1 | Shares | Amount |
Year ended October 31, 2021: | ||
Shares sold | 18 | $ 880 |
Shares issued to shareholders in reinvestment of distributions | 38 | 1,674 |
Net increase (decrease) | 56 | $ 2,554 |
Year ended October 31, 2020: | ||
Shares sold | 58 | $ 2,266 |
Shares issued to shareholders in reinvestment of distributions | 73 | 2,963 |
Net increase (decrease) | 131 | $ 5,229 |
Class R2 | Shares | Amount |
Year ended October 31, 2021: | ||
Shares sold | 1,159 | $ 56,954 |
Shares issued to shareholders in reinvestment of distributions | 593 | 26,226 |
Shares redeemed | (579) | (26,342) |
Net increase (decrease) | 1,173 | $ 56,838 |
Year ended October 31, 2020: | ||
Shares sold | 2,112 | $ 80,909 |
Shares issued to shareholders in reinvestment of distributions | 1,445 | 58,398 |
Shares redeemed | (3,897) | (155,577) |
Net increase (decrease) | (340) | $ (16,270) |
Class R3 | Shares | Amount |
Year ended October 31, 2021: | ||
Shares sold | 1,591 | $ 79,036 |
Shares issued to shareholders in reinvestment of distributions | 2,181 | 95,950 |
Shares redeemed | (45,015) | (2,004,078) |
Net increase (decrease) | (41,243) | $ (1,829,092) |
Year ended October 31, 2020: | ||
Shares sold | 8,700 | $ 326,941 |
Shares issued to shareholders in reinvestment of distributions | 4,589 | 184,724 |
Shares redeemed | (6,220) | (240,174) |
Net increase (decrease) | 7,069 | $ 271,491 |
Class R6(a) | Shares | Amount |
Period ended October 31, 2021: | ||
Shares sold | 41,870 | $ 2,385,005 |
Shares redeemed | (250,858) | (14,080,544) |
Net increase (decrease) in shares outstanding before conversion | (208,988) | (11,695,539) |
Shares converted into Class R6 (See Note 1) | 6,419,247 | 345,548,082 |
Net increase (decrease) | 6,210,259 | $ 333,852,543 |
(a) | The inception of the class was April 26, 2021. |
The MainStay Funds:
December 24, 2021
34 | MainStay WMC Value Fund |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Yie-Hsin Hung* 1962 | MainStay Funds: Trustee since 2017; MainStay Funds Trust: Trustee since 2017 | Senior Vice President of New York Life since joining in 2010, Member of the Executive Management Committee since 2017, Chief Executive Officer, New York Life Investment Management Holdings LLC & New York Life Investment Management LLC since 2015. Senior Managing Director and Co-President of New York Life Investment Management LLC from January 2014 to May 2015. Previously held positions of increasing responsibility, including head of NYLIM International, Alternative Growth Businesses, and Institutional investments since joining New York Life in 2010 | 78 | MainStay VP Funds Trust: Trustee since 2017 (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2017; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of her affiliation with New York Life Insurance Company, New York Life Investment Management LLC, Candriam Belgium S.A., Candriam Luxembourg S.C.A., IndexIQ Advisors LLC, MacKay Shields LLC, NYL Investors LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
36 | MainStay WMC Value Fund |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay Funds: Trustee since 2016, Advisory Board Member (June 2015 to December 2015);MainStay Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 78 | MainStay VP Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Market Vectors Group of Exchange-Traded Funds: Independent Chairman of the Board of Trustees since 2008 and Trustee since 2006 (56 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Investment Committee since 2018 | |
Susan B. Kerley 1951 | MainStay Funds: Chairman since 2017 and Trustee since 2007;MainStay Funds Trust: Chairman since 2017 and Trustee since 1990** | President, Strategic Management Advisors LLC since 1990 | 78 | MainStay VP Funds Trust: Chairman since January 2017 and Trustee since 2007 (31 portfolios)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) | |
Alan R. Latshaw 1951 | MainStay Funds: Trustee;MainStay Funds Trust: Trustee since 2007** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 78 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 | |
Richard H. Nolan, Jr. 1946 | MainStay Funds: Trustee since 2007;MainStay Funds Trust: Trustee since 2007** | Managing Director, ICC Capital Management since 2004; President—Shields/Alliance, Alliance Capital Management (1994 to 2004) | 78 | MainStay VP Funds Trust: Trustee since 2006 (31 portfolios)***; and MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011 | |
Jacques P. Perold 1958 | MainStay Funds: Trustee since 2016, Advisory Board Member (June 2015 to December 2015);MainStay Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, Capshift Advisors LLC (Since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 78 | MainStay VP Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Partners in Health: Trustee since 2019; Allstate Corporation: Director since 2015; and MSCI, Inc.: Director since 2017 |
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 | |
Richard S. Trutanic 1952 | MainStay Funds: Trustee since 1994;MainStay Funds Trust: Trustee since 2007** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 78 | MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund; Trustee since June 2021 |
** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
*** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Karen Hammond 1956 | MainStay Funds: Advisory Board Member since June 2021;MainStay Funds Trust: Advisory Board Member since June 2021 | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 78 | MainStay VP Funds Trust: Advisory Board Member since June 2021 (31 portfolios); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Advisory Board Member since June 2021; MainStay CBRE Global Infrastructure Megatrends Fund: Advisory Board Member since June 2021; Two Harbors Investment Corp: Trustee since 2018, Chair of the Special Committee since 2019; Rhode Island School of Design: Trustee and Chair of the Finance Committee since 2015 |
Advisory Board Member | Independent Trustees |
38 | MainStay WMC Value Fund |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay Funds, MainStay Funds Trust since 2017 | Chief Operating Officer and Senior Managing Director since 2016, New York Life Investment Management LLC; Chairman of the Board since 2017, NYLIFE Distributors LLC; Chairman of the Board, NYLIM Service Company LLC since 2017; Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust since January 2018; President, MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust since 2017** and MainStay CBRE Global Infrastructure Megatrends Fund since June 2021; 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 MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay VP Funds Trust since 2007** and MainStay CBRE Global Infrastructure Megatrends Fund since June 2021; 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 MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay VP Funds Trust since 2010** and MainStay CBRE Global Infrastructure Megatrends Fund since June 2021 | ||
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 MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay VP Funds Trust since 2005** and MainStay CBRE Global Infrastructure Megatrends Fund since June 2021 | ||
Kevin M. Bopp 1969 | Vice President and Chief Compliance Officer, MainStay Funds and MainStay Funds Trust since 2021 and 2014 to 2020 | Vice President and Chief Compliance Officer, New York Life Investments Alternatives LLC and New York Life Investment Management Holdings LLC since 2020; Vice President since 2018 and Chief Compliance Officer since 2016, New York Life Investment Management LLC; Vice President and Chief Compliance Officer, IndexIQ Advisors LLC, IndexIQ Holdings Inc., IndexIQ LLC and IndexIQ Trust since 2017; Director and Associate General Counsel (2011 to 2014) and Vice President and Assistant General Counsel (2010 to 2011), New York Life Investment Management LLC;Vice President and Chief Compliance Officer, MainStay VP Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund since June 2021 and 2014 to 2020 and MainStay CBRE Global Infrastructure Megatrends Fund since June 2021; Assistant Secretary, MainStay Funds, MainStay Funds Trust and MainStay VP Funds Trust (2010 to 2014)**, MainStay MacKay DefinedTerm Municipal Opportunities Fund (2011 to 2014) |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
1.
2. | This Fund is registered for sale in CA, CT, DE, FL, MA, NJ, NY and VT. |
3. | Prior to November 30, 2021, the Fund's name was formerly MainStay MacKay Intermediate Tax Free Bond Fund. |
4. | An affiliate of New York Life Investment Management LLC. |
1717394MS180-21 | MSWV11-12/21 |
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, David H. Chow and Susan B. Kerley. Mr. Latshaw, Mr. Chow and Ms. Kerley are “independent” (as defined by Item 3 of Form N-CSR).
Item 4. | Principal Accountant Fees and Services. |
(a) Audit Fees
The aggregate fees billed for the fiscal year ended October 31, 2021 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 $861,000.
The aggregate fees billed for the fiscal year ended October 31, 2020 for professional services rendered by KPMG for the audit of the Registrant’s annual financial statements or services that are normally provided by KPMG in connection with statutory and regulatory filings or engagements for that fiscal year were $777,081.
(b) Audit-Related Fees
The aggregate fees billed for assurance and related services by KPMG that are reasonably related to the performance of the audit of the Registrant’s financial statements and are not reported under paragraph (a) of this Item were: (i) $0 for the fiscal year ended October 31, 2021, and (ii) $0 for the fiscal year ended October 31, 2020.
(c) Tax Fees
The aggregate fees billed for professional services rendered by KPMG for tax compliance, tax advice, and tax planning were: (i) $0 during the fiscal year ended October 31, 2021, and (ii) $0 during the fiscal year ended October 31, 2020. These services primarily included preparation of federal, state and local income tax returns and excise tax returns, as well as services relating to excise tax distribution requirements.
(d) All Other Fees
The aggregate fees billed for products and services provided by KPMG, other than the services reported in paragraphs (a) through (c) of this Item were: (i) $0 during the fiscal year ended October 31, 2021, and (ii) $0 during the fiscal year ended October 31, 2020.
(e) Pre-Approval Policies and Procedures
(1) | The Registrant’s Audit Committee has adopted pre-approval policies and procedures (the “Procedures”) to govern the Committee’s pre-approval of (i) all audit services and permissible non-audit services to be provided to the Registrant by its independent accountant, and (ii) all permissible non-audit services to be provided by such independent accountant to the Registrant’s investment adviser and to any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the Registrant (collectively, the “Service Affiliates”) if the services directly relate to the Registrant’s operations and financial reporting. In accordance with the Procedures, the Audit Committee is responsible for the engagement of the independent accountant to certify the Registrant’s financial statements for each fiscal year. With respect to the pre-approval of non-audit services provided to the Registrant and its Service Affiliates, the Procedures provide that the Audit Committee may annually pre-approve a list of the types of services that may be provided to the Registrant or its Service Affiliates, or the Audit Committee may pre-approve such services on a project-by-project basis as they arise. Unless a type of service has received general pre-approval, it will require specific pre-approval by the Audit Committee if it is to be provided by the independent accountant. The Procedures also permit the Audit Committee to delegate authority to one or more of its members to pre-approve any proposed non-audit services that have not been previously pre-approved by the Audit Committee, subject to the ratification by the full Audit Committee no later than its next scheduled meeting. To date, the Audit Committee has not delegated such authority. |
(2) | With respect to the services described in paragraphs (b) through (d) of this Item 4, no amount was approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. |
(f) There were no hours expended on KPMG’s engagement to audit the Registrant’s financial statements for the most recent fiscal year was attributable to work performed by persons other than KPMG’s full-time, permanent employees.
(g) All non-audit fees billed by KPMG for services rendered to the Registrant for the fiscal years ended October 31, 2021 and October 31, 2020 are disclosed in 4(b)-(d) above.
The aggregate non-audit fees billed by KPMG for services rendered to the Registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant were approximately: (i) $78,500 for the fiscal year ended October 31, 2021, and (ii) $197,052 for the fiscal year ended October 31, 2020.
(h) The Registrant’s Audit Committee has determined that the non-audit services rendered by KPMG for the fiscal year ended October 31, 2021 to the Registrant’s investment adviser and any entity controlling, controlled by, or under common control with the Registrant’s investment adviser that provides ongoing services to the Registrant that were not required to be pre-approved by the Audit Committee because they
did not relate directly to the operations and financial reporting of the registrant were compatible with maintaining the respective independence of KPMG during the relevant time period.
Item 5. | Audit Committee of Listed Registrants. |
Not applicable.
Item 6. | Investments. |
The Schedule of Investments is included as part of Item 1 of this report.
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable.
Item 8. | Portfolio Managers of Closed-End Management Investment Companies. |
Not applicable.
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Not applicable.
Item 10. | Submission of Matters to a Vote of Security Holders. |
Since the Registrant’s last response to this Item, there have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.
Item 11. Controls and Procedures.
(a) Based on an evaluation of the Registrant’s Disclosure Controls and Procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) (the “Disclosure Controls”), as of a date within 90 days prior to the filing date (the “Filing Date”) of this Form N-CSR (the “Report”), the Registrant’s principal executive officer and principal financial officer have concluded that the Disclosure Controls are reasonably designed to ensure that information required to be disclosed by the Registrant in the Report is recorded, processed, summarized and reported by the Filing Date, including ensuring that information required to be disclosed in the Report is accumulated and communicated to the Registrant’s management, including the Registrant’s principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.
(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d)) under the Investment Company Act of 1940 that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed End Management Investment Companies.
Not applicable.
Item 13. Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
THE MAINSTAY FUNDS | ||
By: | /s/ Kirk C. Lehneis | |
Kirk C. Lehneis | ||
President and Principal Executive Officer |
Date: January 7, 2022
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By: | /s/ Kirk C. Lehneis | |
Kirk C. Lehneis | ||
President and Principal Executive Officer |
Date: January 7, 2022
By: | /s/ Jack R. Benintende | |
Jack R. Benintende | ||
Treasurer and Principal Financial | ||
and Accounting Officer |
Date: January 7, 2022
EXHIBIT INDEX