Prospectus for MainStay Equity Funds | |
MainStay Funds® |
February 28, 2024 |
Class A |
Investor Class |
Class B1 |
Class C |
Class I |
Class P |
Class R1 |
Class R2 |
Class R3 |
Class R6 |
SIMPLE Class | |
U.S. Equity |
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MainStay Epoch U.S. Equity Yield Fund |
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- |
- |
- |
- |
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MainStay Fiera SMID Growth Fund |
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- |
- |
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- |
- |
- |
- |
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- |
MainStay PineStone U.S. Equity Fund |
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- |
- |
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- |
- |
- |
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- |
MainStay S&P 500 Index Fund |
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- |
- |
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- |
- |
- |
- |
- |
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MainStay Winslow Large Cap Growth Fund |
MLAAX |
MLINX |
MLABX |
MLACX |
MLAIX |
- |
MLRRX |
MLRTX |
MLGRX |
MLRSX |
MLRMX |
MainStay WMC Enduring Capital Fund |
MSOAX |
MCSSX |
MOPBX |
MGOCX |
MSOIX |
- |
- |
- |
- |
MCSDX |
- |
MainStay WMC Growth Fund |
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- |
- |
- |
- |
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- |
MainStay WMC Small Companies Fund |
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- |
- |
- |
- |
- |
- |
MainStay WMC Value Fund |
MAPAX |
MSMIX |
MAPBX |
MMPCX |
MUBFX |
- |
- |
- |
- |
MMPDX |
- |
International |
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MainStay Epoch International Choice Fund |
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- |
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- |
- |
- |
- |
- |
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MainStay PineStone International Equity Fund |
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- |
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- |
- |
- |
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- |
MainStay WMC International Research Equity Fund |
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- |
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- |
- |
- |
- |
- |
- |
Emerging Markets |
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MainStay Candriam Emerging Markets Equity Fund |
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- |
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- |
- |
- |
- |
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- |
Global |
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MainStay Epoch Capital Growth Fund |
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- |
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- |
- |
- |
- |
- |
- |
MainStay Epoch Global Equity Yield Fund |
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- |
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- |
- |
- |
- |
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- |
MainStay PineStone Global Equity Fund |
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- |
- |
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- |
- |
- |
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- |
1. Class B shares are closed to all new purchases as well as additional investments by existing Class B shareholders.
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed upon the accuracy or adequacy of this Prospectus. Any representation to the contrary is a criminal offense.
Table of Contents
U.S. Equity
International
Emerging Markets
Global
Appendix
A – Intermediary-Specific Sales Charge |
The Fund seeks current income and capital appreciation.
The
table below describes the fees and expenses that you may pay if you buy, hold
and sell shares of the Fund. You
may pay other fees, such as brokerage commissions and other fees to financial
intermediaries, which are not reflected in the table and example
below.
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Class A |
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Investor Class |
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Class B1 |
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Class C |
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Class I |
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Class R6 |
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SIMPLE Class |
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Shareholder Fees (fees paid directly from your investment) |
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Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |
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% |
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% |
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Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the original offering price or redemption proceeds) |
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2 |
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2 |
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% |
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% |
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Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) |
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Management Fees (as an annual percentage of the Fund's average daily net assets)3 |
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% |
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% |
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% |
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% |
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% |
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% |
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% |
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Distribution and/or Service (12b-1) Fees |
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% |
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% |
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% |
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% |
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% |
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Other Expenses |
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% |
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% |
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% |
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% |
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% |
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% |
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% |
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Total Annual Fund Operating Expenses |
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% |
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% |
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% |
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% |
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% |
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% |
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% |
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Waivers / Reimbursements4,5 |
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% |
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( |
)% |
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( |
)% |
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( |
)% |
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( |
)% |
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% |
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% |
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Total Annual Fund Operating Expenses After Waivers / Reimbursements4,5 |
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% |
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% |
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% |
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% |
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% |
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% |
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% |
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1.
2.
3.
4.
5.
Expenses After |
Class A |
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Investor |
Class B |
Class C |
Class I |
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Class R6 |
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SIMPLE |
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Class |
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Assuming no redemption |
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Assuming redemption at end of period |
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Class |
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1 Year |
$ |
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$ |
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$ |
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$ |
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$ |
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$ |
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$ |
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$ |
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$ |
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3 Years |
$ |
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$ |
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$ |
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$ |
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$ |
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$ |
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$ |
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$ |
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$ |
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5 Years |
$ |
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$ |
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$ |
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$ |
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$ |
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$ |
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$ |
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$ |
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$ |
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10 Years |
$ |
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$ |
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$ |
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$ |
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$ |
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$ |
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$ |
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$ |
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$ |
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5
MainStay Epoch U.S. Equity Yield Fund
The
Fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). A higher portfolio turnover rate may
indicate higher transaction costs and may result in higher taxes when Fund
shares are held in a taxable account. These costs, which are not reflected in
annual fund operating expenses or in the Example, affect the Fund's performance.
During the most recent fiscal year, the Fund's portfolio turnover rate was
Investment Process: Epoch Investment Partners, Inc., the Fund's Subadvisor, invests primarily in companies that generate increasing levels of free cash flow and have management teams that the Subadvisor believes allocate free cash flow effectively to create shareholder value.
The security selection process focuses on free-cash-flow analytics as opposed to traditional accounting-based metrics. The Subadvisor seeks to identify companies with a consistent, straightforward ability to both generate free cash flow and to intelligently allocate it among internal reinvestment opportunities, acquisitions, dividends, share repurchases and/or debt reduction.
The Subadvisor seeks to find and invest in companies that meet its definition of quality-companies that are free cash flow positive or becoming free cash flow positive, and that are led by strong management. The Subadvisor evaluates whether a company has a focus on shareholder yield by analyzing the company's existing cash dividend, the company's share repurchase activities, and the company's debt reduction activities as well as the likelihood of positive changes to each of these criteria, among other factors. Material environmental, social and governance ("ESG") factors are identified and monitored by the Subadvisor. Material ESG factors vary by company and industry, but the Subadvisor pays particular attention to factors relating to climate change and corporate governance. This information is taken into account by the Subadvisor in making investment decisions. Material ESG factors are identified and monitored by the Subadvisor through review of ESG information published by the company (where relevant) or selected specialist third-party research and data providers. While the Subadvisor considers ESG factors in the investment decision-making process of the Fund, this does not mean that ESG considerations are the sole or foremost considerations for investment decisions.
The Subadvisor may sell or reduce a position in a security when it believes its investment objectives have been met or if the investment thesis is failing to materialize. The Subadvisor may also sell or reduce a position in a security if it sees an interruption to the dividend policy, a deterioration in fundamentals or when the security is deemed less attractive relative to another security on a return/risk basis.
The principal risks of investing in the Fund are summarized below.
Market Risk: Changes in markets may cause the value of investments to fluctuate, which could cause the Fund to underperform other funds with similar investment objectives and strategies. Such changes may be rapid and unpredictable. From time to time, markets may experience periods of stress as a result of various market, economic and geopolitical factors for potentially prolonged periods that may result in: (i) increased market volatility; (ii) reduced market liquidity; and (iii) increased redemptions of shares. Such conditions may add significantly to the risk of volatility in the net asset value of the Fund's shares and adversely affect the Fund and its investments.
Portfolio Management Risk: The investment strategies, practices and risk analyses used by the Subadvisor may not produce the desired results or expected returns. The Subadvisor may give consideration to certain ESG criteria when evaluating an investment opportunity. The application of ESG criteria may result in the Fund (i) having exposure to certain securities or industry sectors that are significantly different than the composition of the Fund's benchmark; and (ii) performing differently than other funds and strategies in its peer group that do not take into account ESG criteria or the Fund's benchmark.
Equity Securities Risk: Investments in common stocks and other equity securities are particularly subject to the risk of changing economic, stock market, industry and company conditions and the risks inherent in the ability to anticipate such changes that can adversely affect the value of portfolio holdings.
Dividend-Paying Stock Risk: Emphasis on equity and equity-related securities that produce income or other distributions involves the risk that such securities may fall out of favor with investors and underperform the market. Depending upon market conditions, income producing stocks that meet the Fund’s investment criteria may not be widely available and/or may be highly concentrated in only a few market sectors. This may limit the
6
MainStay Epoch U.S. Equity Yield Fund
ability of the Fund to produce current income while remaining fully diversified. Also, an issuer may reduce or eliminate its income payments or other distributions, particularly during a market downturn. The distributions received may not qualify as income for Fund investors.
Value Stock Risk: Value stocks may never reach what the Subadvisor believes is their full value or they may go down in value. In addition, different types of stocks tend to shift in and out of favor depending on market and economic conditions, and therefore the Fund's performance may be lower or higher than that of funds that invest in other types of equity securities.
Market Capitalization Risk: Investments in securities issued by small-, mid-, or large-cap companies will be subject to the risks associated with securities issued by companies of the applicable market capitalization. Securities of small-cap and mid-cap companies may be subject to greater price volatility, significantly lower trading volumes, cyclical, static or moderate growth prospects and greater spreads between their bid and ask prices than securities of larger companies. Smaller capitalization companies frequently rely on narrower product lines and niche markets and may be more vulnerable to adverse business or market developments. Securities issued by larger companies may have less growth potential and may not be able to attain the high growth rates of successful smaller companies, especially during strong economic periods. In addition, larger companies may be less capable of responding quickly to competitive challenges and industry changes, including those resulting from improvements in technology, and may suffer sharper price declines as a result of earnings disappointments. There is a risk that the securities issued by companies of a certain market capitalization may underperform the broader market at any given time.
Foreign Securities Risk: An issuer of a security is considered to be a U.S. or foreign issuer based on the issuer’s “country of risk” (or similar designation) as determined by a third party such as Bloomberg (or another similar third party). The issuer’s “country of risk” is determined based on a number of criteria, which may change from time to time and currently include, but are not limited to, its country of domicile, the primary stock exchange on which it trades, the location from which the majority of its revenue comes, and its reporting currency. Although a Fund will generally rely on an issuer’s “country of risk” (or similar designation) as determined by Bloomberg (or another similar third party) when categorizing securities as either U.S. or foreign-based, it is not required to do so.
Investments in foreign (non-U.S.) securities may be riskier than investments in U.S. securities. Foreign regulatory regimes and securities markets can have less stringent investor protections and disclosure standards and less liquid trading markets than U.S. regulatory regimes and securities markets, and can experience political, social and economic developments that may affect the value of investments in foreign securities. Foreign securities may also subject the Fund's investments to changes in currency rates. Changes in the value of foreign currencies may make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. Economic sanctions may be, and have been, imposed against certain countries, organizations, companies, entities and/or individuals. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate the Fund’s ability to purchase or sell certain foreign securities or groups of foreign securities, and thus may make the Fund’s investments in such securities less liquid or more difficult to value. Such sanctions may also cause a decline in the value of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country. In addition, as a result of economic sanctions and other similar governmental actions or developments, the Fund may be forced to sell or otherwise dispose of foreign investments at inopportune times or prices. The Fund may seek to hedge against its exposure to changes in the value of foreign currency, but there is no guarantee that such hedging techniques will be successful in reducing any related foreign currency valuation risk.
The
following bar chart and table provide some indication of the risks of investing
in the Fund by showing changes in the Fund’s performance from year to year and
by showing how the Fund’s average annual returns compare with those of a broad
measure of market performance, as well as an additional index and a composite
index over time.
Performance
data for the classes varies based on differences in their fee and expense
structures.
7
MainStay Epoch U.S. Equity Yield Fund
Annual Returns, Class I Shares
(by calendar year 2014-2023)
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% |
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- |
% |
Average Annual Total Returns (for the periods ended December 31, 2023)
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10 Years or | |||
|
Inception |
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1 Year |
5 Years |
Since | |||
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Inception | |||
Return Before Taxes |
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Class I |
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% |
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% |
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% |
Return After Taxes on Distributions |
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Class I |
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% |
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% |
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% |
Return After Taxes on Distributions and Sale of Fund Shares |
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Class I |
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% |
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% |
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% |
Return Before Taxes |
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Class A |
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% |
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% |
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% |
Investor Class |
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% |
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% |
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% |
Class B |
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% |
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% |
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% |
Class C |
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% |
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% |
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% |
Class R6 |
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% |
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% |
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% |
SIMPLE Class |
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% |
N/A |
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% |
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% |
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% |
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% | ||
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% |
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% |
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% | ||
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% |
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% |
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% |
1.
2.
3.
8
MainStay Epoch U.S. Equity Yield Fund
New York Life Investment Management LLC serves as the Manager. Epoch Investment Partners, Inc. serves as the Subadvisor. The individuals listed below are jointly and primarily responsible for day-to-day portfolio management.
Subadvisor |
Portfolio Managers |
Service Date |
Epoch Investment Partners, Inc. |
Michael A. Welhoelter, President and Co-Chief Investment Officer |
Since 2009 |
|
William W. Priest, Executive Chairman & Co-Chief Investment Officer* |
Since 2009 |
John Tobin, Managing Director |
Since 2013 | |
Kera Van Valen, Managing Director |
Since 2013 |
* Mr. Priest will serve as portfolio manager of the Fund until on or about March 31, 2024.
You may purchase or sell shares of the Fund on any day the Fund is open for business by contacting your financial adviser or financial intermediary firm, or by contacting the Fund by telephone at 800-624-6782, by mail at MainStay Funds, P.O. Box 219003, Kansas City, MO 64121-9000, by overnight mail to 430 West 7th Street, Suite 219003, Kansas City, MO 64105-1407, or by accessing our website at newyorklifeinvestments.com/accounts. Class R6 shares are generally only available to certain retirement plans invested in the Fund through omnibus accounts (either at the plan level or omnibus accounts held on the books of the Fund). SIMPLE Class shares are generally only available to SIMPLE IRA Plan accounts. Class R6 and SIMPLE Class shares are generally not available to retail accounts. Generally, an initial investment minimum of $2,500 applies if you invest in Investor Class or Class C shares, $1,000 for SIMPLE Class shares, $15,000 for Class A shares and $1,000,000 for individual investors in Class I shares investing directly (i) with the Fund or (ii) through certain private banks and trust companies that have an agreement with NYLIFE Distributors LLC, the Fund’s principal underwriter and distributor, or its affiliates. A subsequent investment minimum of $50 applies to investments in Investor Class and Class C shares. These initial investment minimum and subsequent purchase amounts also apply to Investor Class and Class C shares purchased through AutoInvest, MainStay's systematic investment plan. Class A and SIMPLE Class shares have no subsequent investment minimum. Class R6 shares and institutional shareholders in Class I shares have no initial or subsequent investment minimums. Class B shares are closed to all new purchases and additional investments by existing Class B shareholders.
Certain financial intermediaries through whom you may invest may impose their own investment minimums, fees, policies and procedures for purchasing and selling Fund shares, which are not described in this Prospectus or the Statement of Additional Information, and which will depend on the policies, procedures and trading platforms of the financial intermediary. Consult a representative of your financial intermediary about the availability of shares of the Fund and the intermediary's policies, procedures and other information.
The Fund's distributions are generally taxable to you as ordinary income, capital gains, or a combination of the two, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account.
If you purchase Fund shares through a financial intermediary firm (such as a broker/dealer or bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the financial intermediary firm or your financial adviser to recommend the Fund over another investment. Ask your financial adviser or visit your financial intermediary firm's website for more information. No compensation, administrative payments, sub-transfer agency payments or service payments are paid to broker/dealers or other financial intermediaries from Fund assets or the Distributor’s or an affiliate’s resources on sales of or investments in Class R6 shares. The Distributor or an affiliate may pay de minimis amounts to intermediaries for setup, connectivity or other technological expenses. Class R6 shares do not carry sales charges or pay Rule 12b-1 fees, or make payments to financial intermediaries to assist in, or in connection with, the sale of the Fund’s shares.
9
The Fund seeks long term capital growth.
The
table below describes the fees and expenses that you may pay if you buy, hold
and sell shares of the Fund. You
may pay other fees, such as brokerage commissions and other fees to financial
intermediaries, which are not reflected in the table and example
below.
|
|
Class A |
|
Class C |
|
Class I |
|
Class R6 |
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Shareholder Fees (fees paid directly from your investment) |
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| |
|
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |
|
|
% |
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|
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|
|
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|
|
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| |
|
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the original offering price or redemption proceeds) |
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1 |
|
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|
% |
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|
|
|
|
|
|
| |
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) |
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| |
|
Management Fees (as an annual percentage of the Fund's average daily net assets) |
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% |
|
|
% |
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|
% |
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|
% |
| ||||
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Distribution and/or Service (12b-1) Fees |
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|
% |
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% |
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| ||
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Other Expenses2 |
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% |
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% |
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% |
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% |
| ||||
|
Total Annual Fund Operating Expenses |
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|
% |
|
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% |
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% |
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% |
| ||||
|
Waivers / Reimbursements3 |
|
( |
)% |
|
( |
)% |
|
( |
)% |
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|
% |
| ||||
|
Total Annual Fund Operating Expenses After Waivers / Reimbursements3 |
|
|
% |
|
|
% |
|
|
% |
|
|
% |
|
1.
2.
3.
Expenses After |
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Class A |
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Class C |
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Class I |
|
Class R6 |
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| |
1 Year |
|
$ |
|
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$ |
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$ |
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$ |
|
$ |
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3 Years |
|
$ |
|
|
$ |
|
|
$ |
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|
$ |
|
$ |
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5 Years |
|
$ |
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|
$ |
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$ |
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|
$ |
|
$ |
|
10 Years |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
$ |
|
The
Fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). A higher portfolio turnover rate may
indicate higher transaction costs and may result in higher taxes when Fund
shares are held in a taxable account. These costs, which are not reflected in
annual fund operating expenses or in the Example, affect the Fund's performance.
During the most recent fiscal period, the Fund's portfolio turnover rate was
Fiera Capital Inc. (the “Subadvisor”) seeks to achieve the Fund’s investment objective by investing in a diversified portfolio of common stocks of companies believed to be small- and mid-cap growth-oriented companies that are selected for their long-term capital appreciation potential and which the Subadvisor expects to grow faster than the U.S. economy.
10
MainStay Fiera SMID Growth Fund
The Fund considers an issuer to be a small- or mid-capitalization issuer if it has a market capitalization, at the time of purchase, within the range of Russell 2500TM Growth Index (which as of December 31, 2023 ranged from $25 million to $22.2 billion) or the Russell Midcap® Growth Index (which as of December 31, 2023 ranged from $978 million to $73.3 billion). These ranges are subject to change over time due to changes in market and/or economic conditions. The Fund may also invest in exchange-traded funds (“ETFs”).
The Fund may also invest in companies that are in the earlier stages of their growth cycle that the Subadvisor recognizes as “emerging growth” companies. The Subadvisor believes that emerging growth companies can typically exhibit more aggressive growth characteristics and may be experiencing a significant positive transformation or a favorable catalyst impacting their long-term earnings potential. Characteristics the Subadvisor considers in identifying emerging growth companies for the Fund include accelerating revenue growth, strong relative strength, company specific market advantage, or an introduction of a new product line with a large addressable marketplace.
Under normal circumstances, the Fund will invest at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in common stocks of small- and mid-cap companies. The Fund may invest up to 15% of its assets in common stocks of foreign small- and mid-cap companies through the purchase of sponsored American Depositary Receipts (“ADRs”), sponsored Global Depositary Receipts and/or foreign companies listed on U.S. stock exchanges.
An issuer is considered to be U.S. or foreign based on the issuer’s “country of risk” (or similar designation) as determined by a third party such as Bloomberg.
The Fund may from time to time emphasize one or more sectors as defined by GICs classification in selecting its investments, including the information technology, health care and consumer staples sectors.
Investment Process:
In selecting investments for the Fund, the Subadvisor uses an approach that combines “top-down” secular/macro-economic trend analysis with “bottom-up” security selection. The “top-down” approach takes into consideration factors such as interest rates, inflation, fiscal and monetary policy, global demographic trends, the regulatory environment and other attractive global investment opportunities. In addition, the Subadvisor may make investments in companies that seek to benefit from secular growth trends.
Through this “top-down” view, the Subadvisor seeks to provide a framework for “bottom-up” research by identifying sectors, industries and companies that may benefit from the sustainability of the observed trends.
The Subadvisor then looks to fundamental “bottom-up” research for individual companies that it believes are exhibiting earnings growth potential at different stages of a company’s growth cycle and may benefit from the observed secular/macro trends. The core investments of the Fund typically include more established companies that the Subadvisor recognizes as “stable growth” companies, but the Fund may also invest in “emerging growth” companies. The Subadvisor believes that stable growth companies can typically provide more stability and consistency in volatile markets and are identified as exhibiting potential earnings acceleration, consistency of earnings, solid fundamentals (e.g., a strong balance sheet and the ability to generate free cash flow), franchise durability and reasonable valuations in the context of projected growth rates.
The Fund may sell securities and other investments when the Subadvisor believes that they have achieved full valuation, the Subadvisor identifies a more attractive investment, the Fund needs to maintain portfolio diversification, or an individual stock experiences declining fundamentals, negative earnings reports or similar adverse events or other relevant factors. In general, once the market capitalization of an investment exceeds the market capitalization ranges stated above, the Subadvisor expects to gradually liquidate the position.
The principal risks of investing in the Fund are summarized below.
Market Risk: Changes in markets may cause the value of investments to fluctuate, which could cause the Fund to underperform other funds with similar investment objectives and strategies. Such changes may be rapid and unpredictable. From time to time, markets may experience periods of stress as a result of various market, economic and geopolitical factors for potentially prolonged periods that may result in: (i) increased market volatility; (ii) reduced market liquidity; and (iii) increased redemptions of shares. Such conditions may add significantly to the risk of volatility in the net asset value of the Fund's shares and adversely affect the Fund and its investments.
Portfolio Management Risk: The investment strategies, practices and risk analyses used by the Subadvisor may not produce the desired results or expected returns.
Equity Securities Risk: Investments in common stocks and other equity securities are particularly subject to the risk of changing economic, stock market, industry and company conditions and the risks inherent in the ability to anticipate such changes that can adversely affect the value of portfolio holdings.
11
MainStay Fiera SMID Growth Fund
Market Capitalization Risk: Investments in securities issued by small- or mid-cap companies, will be subject to the risks associated with securities issued by companies of the applicable market capitalization. Securities of small-cap and mid-cap companies may be subject to greater price volatility, significantly lower trading volumes, cyclical, static or moderate growth prospects and greater spreads between their bid and ask prices than securities of larger companies. Smaller capitalization companies frequently rely on narrower product lines and niche markets and may be more vulnerable to adverse business or market developments. There is a risk that the securities issued by companies of a certain market capitalization may underperform the broader market at any given time.
Growth Stock Risk: If growth companies do not increase their earnings at a rate expected by investors, the market price of the stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can cushion stock prices in market downturns. These risks may be more pronounced in companies that are in the earlier stages of their growth cycle.
Issuer Risk: An issuer in which the Fund invests or to which it has exposure may perform poorly, and the value of its securities may therefore decline, which would negatively affect the Fund’s performance. Poor performance may be caused by poor management decisions, competitive pressures, breakthroughs in technology, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent disclosures, natural disasters, military confrontations and actions, war, other conflicts, terrorism, disease/virus outbreaks, epidemics or other events, conditions or factors.
Foreign Securities Risk: An issuer of a security is considered to be a U.S. or foreign issuer based on the issuer’s “country of risk” (or similar designation) as determined by a third party such as Bloomberg (or another similar third party). The issuer’s “country of risk” is determined based on a number of criteria, which may change from time to time and currently include, but are not limited to, its country of domicile, the primary stock exchange on which it trades, the location from which the majority of its revenue comes, and its reporting currency. Although a Fund will generally rely on an issuer’s “country of risk” (or similar designation) as determined by Bloomberg (or another similar third party) when categorizing securities as either U.S. or foreign-based, it is not required to do so.
Investments in foreign (non-U.S.) securities may be riskier than investments in U.S. securities. Foreign regulatory regimes and securities markets can have less stringent investor protections and disclosure standards and less liquid trading markets than U.S. regulatory regimes and securities markets, and can experience political, social and economic developments that may affect the value of investments in foreign securities. Foreign securities may also subject the Fund's investments to changes in currency rates. Changes in the value of foreign currencies may make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. Economic sanctions may be, and have been, imposed against certain countries, organizations, companies, entities and/or individuals. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate the Fund’s ability to purchase or sell certain foreign securities or groups of foreign securities, and thus may make the Fund’s investments in such securities less liquid or more difficult to value. Such sanctions may also cause a decline in the value of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country. In addition, as a result of economic sanctions and other similar governmental actions or developments, the Fund may be forced to sell or otherwise dispose of foreign investments at inopportune times or prices. The Fund may seek to hedge against its exposure to changes in the value of foreign currency, but there is no guarantee that such hedging techniques will be successful in reducing any related foreign currency valuation risk.
Depositary Receipts Risk: Investments in depositary receipts may entail the special risks of investing in foreign securities, including currency exchange fluctuations, government regulations, and the potential for political and economic instability.
Exchange-Traded Fund Risk: The risks of owning an ETF generally reflect the risks of owning the underlying securities in which the ETF invests or is designed to track, although lack of liquidity in an ETF’s shares could result in the market price of the ETF’s shares being more volatile than its underlying portfolio securities. Disruptions in the markets for the securities underlying ETFs could result in losses on the investments in ETFs. ETFs also have management fees and transaction costs that may make them more expensive than owning the underlying securities directly.
Sector Risk: To the extent the Fund focuses its investments in particular sectors of the economy, the Fund’s performance may be more subject to the risks of volatile economic cycles and/or conditions or developments adversely affecting such sectors than if the Fund held a broader range of investments. Individual sectors may fluctuate more widely than the broader market.
At times, the Fund may have a significant portion of its assets invested in securities of companies conducting business in a related group of industries within an economic sector, including information technology, health care and consumer staples sectors. Companies in the same economic sector may be similarly affected by economic, regulatory, political or market events or conditions, which may make the Fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly. Generally, the more broadly the Fund invests, the more it spreads risk and potentially reduces the risks of loss and volatility.
The Fund may be more susceptible to the particular risks that may affect companies in the information technology sector, as well as other technology-related sectors (collectively, the technology sectors) than if it were invested in a wider variety of companies in unrelated sectors. Companies in the technology sectors are subject to certain risks, including the risk that new services, equipment or technologies will not be accepted by consumers and businesses or will become rapidly obsolete. Performance of such companies may be affected by factors including obtaining and protecting patents (or the failure to do so) and significant competitive pressures, including aggressive pricing of their products or services, new market entrants, competition for market share and short product cycles due to an accelerated rate of technological developments.
12
MainStay Fiera SMID Growth Fund
Such competitive pressures may lead to limited earnings and/or falling profit margins. As a result, the value of their securities may fall or fail to rise. In addition, many technology sector companies have limited operating histories and prices of these companies’ securities historically have been more volatile than other securities, especially over the short term.
The Fund may also be more susceptible to the particular risks that may affect companies in the consumer staples sector than if it were invested in a wider variety of companies in unrelated sectors. Investments in the consumer staples sector involve risks associated with companies that manufacture products and provide staples services directly to the consumer. Performance of companies in the consumer staples sector may be adversely impacted by fluctuations in supply and demand, changes in the global economy, consumer spending, competition, demographics and consumer preferences, and production spending. Companies in the consumer staples sector are also affected by changes in government regulation, global economic, environmental and political events, and economic conditions.
Index returns reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable.
Performance
data for the classes varies based on differences in their fee and expense
structures.
13
MainStay Fiera SMID Growth Fund
Annual Returns, Class I shares
(by calendar year 2014-2023)
|
||
|
|
% |
|
||
|
- |
% |
Average Annual Total Returns (for the periods ended December 31, 2023)
|
|
|
|
10 Years or | ||||
|
Inception |
|
1 Year |
5 Years |
Since | |||
|
|
|
|
Inception | ||||
Return Before Taxes |
|
|
|
|
|
|
|
|
Class I |
|
|
|
% |
|
% |
|
% |
Return After Taxes on Distributions |
|
|
|
|
|
|
|
|
Class I |
|
|
|
% |
|
% |
|
% |
Return After Taxes on Distributions and Sale of Fund Shares |
|
|
|
|
|
|
|
|
Class I |
|
|
|
% |
|
% |
|
% |
Return Before Taxes |
|
|
|
|
|
|
|
|
Class A |
|
|
|
% |
|
% |
|
% |
|
|
|
|
|
|
|
|
|
|
|
% |
|
% |
|
% | ||
|
|
% |
|
% |
|
% |
1.
2.
New York Life Investment Management LLC serves as the Manager. Fiera Capital, Inc. serves as the Subadvisor. The individuals listed below are primarily responsible for day-to-day portfolio management.
Subadvisor |
Portfolio Managers |
Service Date |
Fiera Capital, Inc. |
Sunil M. Reddy - Lead Portfolio Manager |
Since 2023 |
David Cook - Portfolio Manager |
Since 2023 |
14
MainStay Fiera SMID Growth Fund
You may purchase or sell shares of the Fund on any day the Fund is open for business by contacting your financial adviser or financial intermediary firm, or by contacting the Fund by telephone at 800-624-6782, by mail at MainStay Funds, P.O. Box 219003, Kansas City, MO 64121-9000, by overnight mail to 430 West 7th Street, Suite 219003, Kansas City, MO 64105-1407, or by accessing our website at newyorklifeinvestments.com/accounts.
Class R6 shares are generally only available to certain retirement plans invested in the Fund through omnibus accounts (either at the plan level or omnibus accounts held on the books of the Fund). Class R6 shares are generally not available to retail accounts. Generally, an initial investment minimum of $1,000 applies if you invest in Class C shares, $15,000 for Class A shares and $1,000,000 for individual investors in Class I shares investing directly (i) with the Fund or (ii) through certain private banks and trust companies that have an agreement with NYLIFE Distributors LLC, the Fund’s principal underwriter and distributor, or its affiliates. A subsequent investment minimum of $50 applies to investments in Class C shares. However, for Class C shares purchased through AutoInvest, MainStay’s systematic investment plan, a $500 initial investment minimum and a $50 minimum for subsequent purchases applies. Class A shares have no subsequent investment minimum. Class R6 shares and institutional shareholders in Class I shares have no initial or subsequent investment minimums.
Certain financial intermediaries through whom you may invest may impose their own investment minimums, fees, policies and procedures for purchasing and selling Fund shares, which are not described in this Prospectus or the Statement of Additional Information, and which will depend on the policies, procedures and trading platforms of the financial intermediary. Consult a representative of your financial intermediary about the availability of shares of the Fund and the intermediary's policies, procedures and other information.
The Fund's distributions are generally taxable to you as ordinary income, capital gains, or a combination of the two, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account.
If you purchase Fund shares through a financial intermediary firm (such as a broker/dealer or bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the financial intermediary firm or your financial adviser to recommend the Fund over another investment. Ask your financial adviser or visit your financial intermediary firm's website for more information. No compensation, administrative payments, sub-transfer agency payments or service payments are paid to broker/dealers or other financial intermediaries from Fund assets or the Distributor’s or an affiliate’s resources on sales of or investments in Class R6 shares. The Distributor or an affiliate may pay de minimis amounts to intermediaries for setup, connectivity or other technological expenses. Class R6 shares do not carry sales charges or pay Rule 12b-1 fees, or make payments to financial intermediaries to assist in, or in connection with, the sale of the Fund’s shares.
15
The Fund seeks long-term capital appreciation.
The
table below describes the fees and expenses that you may pay if you buy, hold
and sell shares of the Fund. You
may pay other fees, such as brokerage commissions and other fees to financial
intermediaries, which are not reflected in the table and example
below.
|
|
Class A |
|
Class C |
|
Class I |
|
Class R6 |
| |||||||||
Shareholder Fees (fees paid directly from your investment) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |
|
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the original offering price or redemption proceeds) |
|
|
1 |
|
|
|
% |
|
|
|
|
|
|
|
|
| |
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Management Fees (as an annual percentage of the Fund's average daily net assets) |
|
|
% |
|
|
% |
|
|
% |
|
|
% |
| ||||
|
Distribution and/or Service (12b-1) Fees |
|
|
% |
|
|
% |
|
|
|
|
|
|
|
|
| ||
|
Other Expenses2 |
|
|
% |
|
|
% |
|
|
% |
|
|
% |
| ||||
|
Total Annual Fund Operating Expenses |
|
|
% |
|
|
% |
|
|
% |
|
|
% |
|
1.
2.
Expenses After |
|
Class A |
|
|
Class C |
|
Class I |
|
Class R6 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
1 Year |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
$ |
|
3 Years |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
$ |
|
5 Years |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
$ |
|
10 Years |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
$ |
|
The
Fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). A higher portfolio turnover rate may
indicate higher transaction costsand may result in higher taxes when Fund shares
are held in a taxable account. These costs, which are not reflected in annual
fund operating expenses or in the Example, affect the Fund's performance. During
the most recent fiscal period, the Fund's portfolio turnover rate was
PineStone Asset Management Inc., the Fund’s subadvisor (the “Subadvisor”), seeks to achieve the Fund’s investment objective by investing substantially in a portfolio of U.S. equities. The Fund generally expects to focus on issuers with market capitalizations in excess of $1 billion.
The Subadvisor seeks to invest in what it believes are quality companies, i.e., companies that the Subadvisor considers to have, among other things, an ability to generate an elevated level of return on invested capital significantly above the cost of capital.
Under normal circumstances, the Fund invests at least 80% of its assets (net assets plus any borrowings for investment purposes) in equity securities of U.S. companies. An issuer of a security is considered to be a U.S. or foreign issuer based on the issuer’s “country of risk” (or similar designation) as determined by a third party such as Bloomberg, Factset or ICE Data Services Inc.
16
MainStay PineStone U.S. Equity Fund
Equity securities include common stock, preferred stock, convertible securities and depositary receipts.
Investment Process:
In pursuing the Fund’s investment objective, the Subadvisor employs a bottom-up stock selection approach which results in a portfolio generally ranging from 20 to 45 companies. A bottom-up stock selection approach focuses on the analysis of individual stocks (microeconomic factors) as opposed to the significance of economic cycles and market cycles (macroeconomic factors).
The Subadvisor looks for quality companies that have growth potential that are believed to be trading at attractive valuations. In doing so, the Subadvisor focuses on companies believed by the portfolio management team to have the following characteristics, among others:
· Competitive advantage in an industry with high barriers to entry;
· Attractive industry with pricing power, organic growth and limited cyclicality;
· Strong management teams with sound corporate governance;
· History of stable profit margins;
· Solid balance sheet with low leverage; and
· Attractive valuation with a stock price below intrinsic value.
The portfolio management team expects to take a longer-term investment perspective, generally seeking to hold investments in companies for at least 5 years. In evaluating whether to sell a security, the Subadvisor considers, among other factors, whether in its view the company no longer continues to meet the standards described above and/or the Subadvisor believes there are more attractive opportunities available for investment by the Fund.
The Fund is non-diversified, which means that it may invest a greater amount of its assets in the securities of a single issuer or a small number of issuers than a diversified fund.
The principal risks of investing in the Fund are summarized below.
An issuer of a security is considered to be a U.S. or foreign issuer based on the issuer’s “country of risk” (or similar designation) as determined by a third party such as Bloomberg, Factset or ICE Data Services, Inc. The issuer’s “country of risk” is determined based on a number of criteria, which may change from time to time and currently include, but are not limited to, its country of domicile, the primary stock exchange on which it trades, the location from which the majority of its revenue comes, and its reporting currency. Although the Fund will generally rely on an issuer’s “country of risk,” (or similar designation) as determined by Bloomberg, Factset or ICE Data Services, Inc when categorizing securities as either U.S. or foreign-based, it is not required to do so.
Market Risk: Changes in markets may cause the value of investments to fluctuate, which could cause the Fund to underperform other funds with similar investment objectives and strategies. Such changes may be rapid and unpredictable. From time to time, markets may experience periods of stress as a result of various market, economic and geopolitical factors for potentially prolonged periods that may result in: (i) increased market volatility; (ii) reduced market liquidity; and (iii) increased redemptions of shares. Such conditions may add significantly to the risk of volatility in the net asset value of the Fund's shares and adversely affect the Fund and its investments.
Portfolio Management Risk: The investment strategies, practices and risk analyses used by the Subadvisor may not produce the desired results or expected returns.
Equity Securities Risk: Investments in common stocks and other equity securities are particularly subject to the risk of changing economic, stock market, industry and company conditions and the risks inherent in the ability to anticipate such changes that can adversely affect the value of portfolio holdings.
Market Capitalization Risk: Investments in securities issued by small-, mid-, or large-cap companies will be subject to the risks associated with securities issued by companies of the applicable market capitalization. Securities of small-cap and mid-cap companies may be subject to greater price volatility, significantly lower trading volumes, cyclical, static or moderate growth prospects and greater spreads between their bid and ask prices than securities of larger companies. Smaller capitalization companies frequently rely on narrower product lines and niche markets and may be more vulnerable to adverse business or market developments. Securities issued by larger companies may have less growth potential and may not be able to attain the high growth rates of successful smaller companies, especially during strong economic periods. In addition, larger
17
MainStay PineStone U.S. Equity Fund
companies may be less capable of responding quickly to competitive challenges and industry changes, including those resulting from improvements in technology, and may suffer sharper price declines as a result of earnings disappointments. There is a risk that the securities issued by companies of a certain market capitalization may underperform the broader market at any given time.
Issuer Risk: An issuer in which the Fund invests or to which it has exposure may perform poorly, and the value of its securities may therefore decline, which would negatively affect the Fund’s performance. Poor performance may be caused by poor management decisions, competitive pressures, breakthroughs in technology, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent disclosures, natural disasters, military confrontations and actions, war, other conflicts, terrorism, disease/virus outbreaks, epidemics or other events, conditions or factors.
Non-Diversification Risk: The Fund is a non-diversified, open-end management investment company under the Investment Company Act of 1940, as amended. A non-diversified fund may have a significant portion of its investments in a smaller number of issuers than a diversified fund. Having a larger percentage of assets in a smaller number of issuers makes a non-diversified fund, like the Fund, more susceptible to the risk that one single event or occurrence can have a significant adverse impact upon the Fund.
Sector Risk: To the extent the Fund focuses its investments in particular sectors of the economy, the Fund’s performance may be more subject to the risks of volatile economic cycles and/or conditions or developments adversely affecting such sectors than if the Fund held a broader range of investments. Individual sectors may fluctuate more widely than the broader market.
At times, the Fund may have a significant portion of its assets invested in securities of companies conducting business in a related group of industries within an economic sector, including the consumer staples sector. Companies in the same economic sector may be similarly affected by economic, regulatory, political or market events or conditions, which may make the Fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly. Generally, the more broadly the Fund invests, the more it spreads risk and potentially reduces the risks of loss and volatility.
The Fund may also be more susceptible to the particular risks that may affect companies in the consumer staples sector than if it were invested in a wider variety of companies in unrelated sectors. Investments in the consumer staples sector involve risks associated with companies that manufacture products and provide staples services directly to the consumer. Performance of companies in the consumer staples sector may be adversely impacted by fluctuations in supply and demand, changes in the global economy, consumer spending, competition, demographics and consumer preferences, and production spending. Companies in the consumer staples sector are also affected by changes in government regulation, global economic, environmental and political events, and economic conditions.
Depositary Receipts Risk: Investments in depositary receipts may entail the special risks of investing in foreign securities, including currency exchange fluctuations, government regulations, and the potential for political and economic instability.
Preferred Stock Risk: Preferred stock is subject to many of the risks associated with debt securities, including interest rate risk. In addition, preferred stocks may not pay dividends, an issuer may suspend payment of dividends on preferred stock at any time, and in certain situations an issuer may call or redeem its preferred stock or convert it to common stock. To the extent that the Fund invests a substantial portion of its assets in convertible preferred stocks, declining common stock values may also cause the value of the Fund’s investments to decline.
Convertible Securities Risk: Convertible securities are typically subordinate to an issuer’s other debt obligations. In part, the total return for a convertible security depends upon the performance of the underlying stock into which it can be converted. Also, issuers of convertible securities are often not as strong financially as those issuing securities with higher credit ratings, are more likely to encounter financial difficulties and typically are more vulnerable to changes in the economy, such as a recession or a sustained period of rising interest rates, which could affect their ability to make interest and principal payments. If an issuer stops making interest and/or principal payments, the Fund could lose its entire investment.
Index returns reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable.
Performance
data for the classes varies based on differences in their fee and expense
structures.
18
MainStay PineStone U.S. Equity Fund
information shown below is that of the Predecessor Fund, which had a different fee structure from the Fund. The returns of the Predecessor Fund have not been adjusted to reflect the applicable expenses of the Fund.
Annual Returns, Class I Shares
(by the calendar year 2020-2023)
|
||
|
|
% |
|
||
|
- |
% |
Average Annual Total Returns (for the periods ended December 31, 2023)
|
|
|
|
| ||
|
Inception |
|
1 Year |
Since | ||
|
|
|
|
Inception | ||
Return Before Taxes |
|
|
|
|
|
|
Class I |
|
|
|
% |
|
% |
Return After Taxes on Distributions |
|
|
|
|
|
|
Class I |
|
|
|
% |
|
% |
Return After Taxes on Distributions and Sale of Fund Shares |
|
|
|
|
|
|
Class I |
|
|
|
% |
|
% |
Return Before Taxes |
|
|
|
|
|
|
Class A |
|
|
|
% |
|
% |
|
|
|
|
|
|
|
|
|
% |
|
% | ||
|
|
% |
|
% |
1.
2.
New York Life Investment Management LLC serves as the Manager. PineStone Asset Management Inc. serves as the Subadvisor. The individuals listed below are jointly and primarily responsible for day-to-day portfolio management.
Subadvisor |
Portfolio Managers |
Service Date |
PineStone Asset Management Inc. |
Nadim Rizk, MBA, CFA, Lead Portfolio Manager |
Since 2023 |
Andrew Chan, M.Sc., Portfolio Manager |
Since 2023 |
19
MainStay PineStone U.S. Equity Fund
You may purchase or sell shares of the Fund on any day the Fund is open for business by contacting your financial adviser or financial intermediary firm, or by contacting the Fund by telephone at 800-624-6782, by mail at MainStay Funds, P.O. Box 219003, Kansas City, MO 64121-9000, by overnight mail to 430 West 7th Street, Suite 219003, Kansas City, MO 64105-1407, or by accessing our website at newyorklifeinvestments.com/accounts.
Class R6 shares are generally only available to certain retirement plans invested in the Fund through omnibus accounts (either at the plan level or omnibus accounts held on the books of the Fund). Class R6 shares are generally not available to retail accounts. Generally, an initial investment minimum of $1,000 applies if you invest in Class C shares, $15,000 for Class A shares and $1,000,000 for individual investors in Class I shares investing directly (i) with the Fund or (ii) through certain private banks and trust companies that have an agreement with NYLIFE Distributors LLC, the Fund’s principal underwriter and distributor, or its affiliates. A subsequent investment minimum of $50 applies to investments in Class C shares. However, for Class C shares purchased through AutoInvest, MainStay’s systematic investment plan, a $500 initial investment minimum and a $50 minimum for subsequent purchases applies. Class A shares have no subsequent investment minimum. Class R6 shares and institutional shareholders in Class I shares have no initial or subsequent investment minimums.
Certain financial intermediaries through whom you may invest may impose their own investment minimums, fees, policies and procedures for purchasing and selling Fund shares, which are not described in this Prospectus or the Statement of Additional Information, and which will depend on the policies, procedures and trading platforms of the financial intermediary. Consult a representative of your financial intermediary about the availability of shares of the Fund and the intermediary's policies, procedures and other information.
The Fund's distributions are generally taxable to you as ordinary income, capital gains, or a combination of the two, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account.
If you purchase Fund shares through a financial intermediary firm (such as a broker/dealer or bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the financial intermediary firm or your financial adviser to recommend the Fund over another investment. Ask your financial adviser or visit your financial intermediary firm's website for more information. No compensation, administrative payments, sub-transfer agency payments or service payments are paid to broker/dealers or other financial intermediaries from Fund assets or the Distributor’s or an affiliate’s resources on sales of or investments in Class R6 shares. The Distributor or an affiliate may pay de minimis amounts to intermediaries for setup, connectivity or other technological expenses. Class R6 shares do not carry sales charges or pay Rule 12b-1 fees, or make payments to financial intermediaries to assist in, or in connection with, the sale of the Fund’s shares.
20
The Fund seeks long-term capital appreciation.
The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries for effecting transactions in a class of shares of the Fund that has no initial sales charge, contingent deferred sales charge, or other asset-based fee for sales or distribution, such as Class P shares. These fees are not reflected in the fee and expense table or example table below.
|
|
Class P | |||
Shareholder Fees (fees paid directly from your investment) |
|
|
|
| |
|
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |
|
|
|
|
|
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the original offering price or redemption proceeds) |
|
|
|
|
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) |
|
|
|
| |
|
Management Fees (as an annual percentage of the Fund's average daily net assets) |
|
|
% | |
|
Distribution and/or Service (12b-1) Fees |
|
|
|
|
|
Other Expenses1 |
|
|
% | |
|
Total Annual Fund Operating Expenses |
|
|
% |
1.
|
|
1 Year |
|
3 Years |
|
5 Years |
|
10 Years |
|
Class P |
|
$ |
|
$ |
|
$ |
|
$ |
|
The
Fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). A higher portfolio turnover rate may
indicate higher transaction costs and may result in higher taxes when Fund
shares are held in a taxable account. These costs, which are not reflected in
annual fund operating expenses or in the Example, affect the Fund's performance.
During the most recent fiscal period, the Fund's portfolio turnover rate was
PineStone Asset Management Inc., the Fund’s subadvisor (the “Subadvisor”), seeks to achieve the Fund’s investment objective by investing substantially in a portfolio of U.S. equities. The Fund generally expects to focus on issuers with market capitalizations in excess of $1 billion.
The Subadvisor seeks to invest in what it believes are quality companies, i.e., companies that the Subadvisor considers to have, among other things, an ability to generate an elevated level of return on invested capital significantly above the cost of capital.
Under normal circumstances, the Fund invests at least 80% of its assets (net assets plus any borrowings for investment purposes) in equity securities of U.S. companies. An issuer of a security is considered to be a U.S. or foreign issuer based on the issuer’s “country of risk” (or similar designation) as determined by a third party such as Bloomberg, Factset or ICE Data Services Inc.
Equity securities include common stock, preferred stock, convertible securities and depositary receipts.
Investment Process:
In pursuing the Fund’s investment objective, the Subadvisor employs a bottom-up stock selection approach which results in a portfolio generally ranging from 20 to 45 companies. A bottom-up stock selection approach focuses on the analysis of individual stocks (microeconomic factors) as opposed to the significance of economic cycles and market cycles (macroeconomic factors).
The Subadvisor looks for quality companies that have growth potential that are believed to be trading at attractive valuations. In doing so, the Subadvisor focuses on companies believed by the portfolio management team to have the following characteristics, among others:
· Competitive advantage in an industry with high barriers to entry;
· Attractive industry with pricing power, organic growth and limited cyclicality;
21
MainStay PineStone U.S. Equity Fund
· Strong management teams with sound corporate governance;
· History of stable profit margins;
· Solid balance sheet with low leverage; and
· Attractive valuation with a stock price below intrinsic value.
The portfolio management team expects to take a longer-term investment perspective, generally seeking to hold investments in companies for at least 5 years. In evaluating whether to sell a security, the Subadvisor considers, among other factors, whether in its view the company no longer continues to meet the standards described above and/or the Subadvisor believes there are more attractive opportunities available for investment by the Fund.
The Fund is non-diversified, which means that it may invest a greater amount of its assets in the securities of a single issuer or a small number of issuers than a diversified fund.
The principal risks of investing in the Fund are summarized below.
An issuer of a security is considered to be a U.S. or foreign issuer based on the issuer’s “country of risk” (or similar designation) as determined by a third party such as Bloomberg, Factset or ICE Data Services, Inc. The issuer’s “country of risk” is determined based on a number of criteria, which may change from time to time and currently include, but are not limited to, its country of domicile, the primary stock exchange on which it trades, the location from which the majority of its revenue comes, and its reporting currency. Although the Fund will generally rely on an issuer’s “country of risk,” (or similar designation) as determined by Bloomberg, Factset or ICE Data Services, Inc when categorizing securities as either U.S. or foreign-based, it is not required to do so.
Market Risk: Changes in markets may cause the value of investments to fluctuate, which could cause the Fund to underperform other funds with similar investment objectives and strategies. Such changes may be rapid and unpredictable. From time to time, markets may experience periods of stress as a result of various market, economic and geopolitical factors for potentially prolonged periods that may result in: (i) increased market volatility; (ii) reduced market liquidity; and (iii) increased redemptions of shares. Such conditions may add significantly to the risk of volatility in the net asset value of the Fund's shares and adversely affect the Fund and its investments.
Portfolio Management Risk: The investment strategies, practices and risk analyses used by the Subadvisor may not produce the desired results or expected returns.
Equity Securities Risk: Investments in common stocks and other equity securities are particularly subject to the risk of changing economic, stock market, industry and company conditions and the risks inherent in the ability to anticipate such changes that can adversely affect the value of portfolio holdings.
Market Capitalization Risk: Investments in securities issued by small-, mid-, or large-cap companies will be subject to the risks associated with securities issued by companies of the applicable market capitalization. Securities of small-cap and mid-cap companies may be subject to greater price volatility, significantly lower trading volumes, cyclical, static or moderate growth prospects and greater spreads between their bid and ask prices than securities of larger companies. Smaller capitalization companies frequently rely on narrower product lines and niche markets and may be more vulnerable to adverse business or market developments. Securities issued by larger companies may have less growth potential and may not be able to attain the high growth rates of successful smaller companies, especially during strong economic periods. In addition, larger companies may be less capable of responding quickly to competitive challenges and industry changes, including those resulting from improvements in technology, and may suffer sharper price declines as a result of earnings disappointments. There is a risk that the securities issued by companies of a certain market capitalization may underperform the broader market at any given time.
Issuer Risk: An issuer in which the Fund invests or to which it has exposure may perform poorly, and the value of its securities may therefore decline, which would negatively affect the Fund’s performance. Poor performance may be caused by poor management decisions, competitive pressures, breakthroughs in technology, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent disclosures, natural disasters, military confrontations and actions, war, other conflicts, terrorism, disease/virus outbreaks, epidemics or other events, conditions or factors.
Non-Diversification Risk: The Fund is a non-diversified, open-end management investment company under the Investment Company Act of 1940, as amended. A non-diversified fund may have a significant portion of its investments in a smaller number of issuers than a diversified fund.
22
MainStay PineStone U.S. Equity Fund
Having a larger percentage of assets in a smaller number of issuers makes a non-diversified fund, like the Fund, more susceptible to the risk that one single event or occurrence can have a significant adverse impact upon the Fund.
Sector Risk: To the extent the Fund focuses its investments in particular sectors of the economy, the Fund’s performance may be more subject to the risks of volatile economic cycles and/or conditions or developments adversely affecting such sectors than if the Fund held a broader range of investments. Individual sectors may fluctuate more widely than the broader market.
At times, the Fund may have a significant portion of its assets invested in securities of companies conducting business in a related group of industries within an economic sector, including the consumer staples sector. Companies in the same economic sector may be similarly affected by economic, regulatory, political or market events or conditions, which may make the Fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly. Generally, the more broadly the Fund invests, the more it spreads risk and potentially reduces the risks of loss and volatility.
The Fund may also be more susceptible to the particular risks that may affect companies in the consumer staples sector than if it were invested in a wider variety of companies in unrelated sectors. Investments in the consumer staples sector involve risks associated with companies that manufacture products and provide staples services directly to the consumer. Performance of companies in the consumer staples sector may be adversely impacted by fluctuations in supply and demand, changes in the global economy, consumer spending, competition, demographics and consumer preferences, and production spending. Companies in the consumer staples sector are also affected by changes in government regulation, global economic, environmental and political events, and economic conditions.
Depositary Receipts Risk: Investments in depositary receipts may entail the special risks of investing in foreign securities, including currency exchange fluctuations, government regulations, and the potential for political and economic instability.
Preferred Stock Risk: Preferred stock is subject to many of the risks associated with debt securities, including interest rate risk. In addition, preferred stocks may not pay dividends, an issuer may suspend payment of dividends on preferred stock at any time, and in certain situations an issuer may call or redeem its preferred stock or convert it to common stock. To the extent that the Fund invests a substantial portion of its assets in convertible preferred stocks, declining common stock values may also cause the value of the Fund’s investments to decline.
Convertible Securities Risk: Convertible securities are typically subordinate to an issuer’s other debt obligations. In part, the total return for a convertible security depends upon the performance of the underlying stock into which it can be converted. Also, issuers of convertible securities are often not as strong financially as those issuing securities with higher credit ratings, are more likely to encounter financial difficulties and typically are more vulnerable to changes in the economy, such as a recession or a sustained period of rising interest rates, which could affect their ability to make interest and principal payments. If an issuer stops making interest and/or principal payments, the Fund could lose its entire investment.
Index returns reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable.
Performance
data for the classes varies based on differences in their fee and expense
structures.
Effective August 25, 2023, the Fiera Capital U.S. Equity Long-Term Quality Fund (the "Predecessor Fund") was reorganized into the Fund. As accounting successor to the Predecessor Fund, the Fund has assumed the Predecessor Fund's historical performance. Therefore, the performance information shown below is that of the Predecessor Fund, which had a different fee structure from the Fund. The returns of the Predecessor Fund have not been adjusted to reflect the applicable expenses other than sales loads (if applicable) of the Fund.
23
MainStay PineStone U.S. Equity Fund
Annual Returns, Class I Shares
(by calendar year 2020-2023)
|
||
|
|
% |
|
||
|
- |
% |
Average Annual Total Returns (for the periods ended December 31, 2023)
|
|
|
|
| ||
|
Inception |
|
1 Year |
Since | ||
|
|
|
|
Inception | ||
Return Before Taxes |
|
|
|
|
|
|
Class I |
|
|
|
% |
|
% |
Return After Taxes on Distributions |
|
|
|
|
|
|
Class I |
|
|
|
% |
|
% |
Return After Taxes on Distributions and Sale of Fund Shares |
|
|
|
|
|
|
Class I |
|
|
|
% |
|
% |
Return Before Taxes |
|
|
|
|
|
|
Class A |
|
|
|
% |
|
% |
|
|
|
|
|
|
|
|
|
% |
|
% | ||
|
|
% |
|
% |
1.
2.
New York Life Investment Management LLC serves as the Manager. PineStone Asset Management Inc. serves as the Subadvisor. The individuals listed below are jointly and primarily responsible for day-to-day portfolio management.
Subadvisor |
Portfolio Managers |
Service Date |
PineStone Asset Management Inc. |
Nadim Rizk, MBA, CFA, Lead Portfolio Manager |
Since 2023 |
Andrew Chan, M.Sc., Portfolio Manager |
Since 2023 |
24
MainStay PineStone U.S. Equity Fund
You may purchase or sell shares of the Fund on any day the Fund is open for business by contacting your financial adviser or financial intermediary firm, or by contacting the Fund by telephone at 800-624-6782, by mail at MainStay Funds, P.O. Box 219003, Kansas City, MO 64121-9000, by overnight mail to 430 West 7th Street, Suite 219003, Kansas City, MO 64105-1407, or by accessing our website at newyorklifeinvestments.com/accounts.
Class P shares are generally only available to investors that have a relationship with PineStone Asset Management Inc. and are investing directly with the Fund. An investment minimum of $5,000,000 applies for Class P shares. Class P shares have no subsequent investment minimum.
Certain financial intermediaries through whom you may invest may impose their own investment minimums, fees, policies and procedures for purchasing and selling Fund shares, which are not described in this Prospectus or the Statement of Additional Information, and which will depend on the policies, procedures and trading platforms of the financial intermediary. Consult a representative of your financial intermediary about the availability of shares of the Fund and the intermediary's policies, procedures and other information.
The Fund's distributions are generally taxable to you as ordinary income, capital gains, or a combination of the two, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account.
If you purchase Fund shares through a financial intermediary firm (such as a broker/dealer or bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the financial intermediary firm or your financial adviser to recommend the Fund over another investment. Ask your financial adviser or visit your financial intermediary firm's website for more information. No compensation, administrative payments, sub-transfer agency payments or service payments are paid to broker/dealers or other financial intermediaries from Fund assets or the Distributor’s or an affiliate’s resources on sales of or investments in Class P shares. The Distributor or an affiliate may pay de minimis amounts to intermediaries for setup, connectivity or other technological expenses. Class P shares do not carry sales charges or pay Rule 12b-1 fees, or make payments to financial intermediaries to assist in, or in connection with, the sale of the Fund’s shares.
25
The Fund seeks investment results that correspond to the total return performance (reflecting reinvestment of dividends) of common stocks in the aggregate, as represented by the S&P 500® Index.
The
table below describes the fees and expenses that you may pay if you buy, hold
and sell shares of the Fund. You
may pay other fees, such as brokerage commissions and other fees to financial
intermediaries, which are not reflected in the table and example
below.
|
|
Class A |
|
Investor Class |
|
Class I |
|
SIMPLE Class | |||||||||
Shareholder Fees (fees paid directly from your investment) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |
|
|
% |
|
|
% |
|
|
|
|
|
|
|
| ||
|
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the original offering price or redemption proceeds) |
|
|
1 |
|
|
|
1 |
|
|
|
|
|
|
|
|
|
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Management Fees (as an annual percentage of the Fund's average daily net assets)2 |
|
|
% |
|
|
% |
|
|
% |
|
|
% | ||||
|
Distribution and/or Service (12b-1) Fees |
|
|
% |
|
|
% |
|
|
|
|
|
|
% | |||
|
Other Expenses |
|
|
% |
|
|
% |
|
|
% |
|
|
% | ||||
|
Total Annual Fund Operating Expenses |
|
|
% |
|
|
% |
|
|
% |
|
|
% |
1.
2.
Expenses After |
|
Class A |
|
|
Investor |
|
Class I |
|
SIMPLE |
| ||
|
|
|
|
|
|
Class |
|
|
|
Class |
| |
1 Year |
|
$ |
|
|
$ |
|
|
$ |
|
$ |
| |
3 Years |
|
$ |
|
|
$ |
|
|
$ |
|
$ |
| |
5 Years |
|
$ |
|
|
$ |
|
|
$ |
|
$ |
| |
10 Years |
|
$ |
|
|
$ |
|
|
$ |
|
$ |
|
The
Fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). A higher portfolio turnover rate may
indicate higher transaction costs and may result in higher taxes when Fund
shares are held in a taxable account. These costs, which are not reflected in
annual fund operating expenses or in the Example, affect the Fund's performance.
During the most recent fiscal year, the Fund's portfolio turnover rate was
The Fund normally invests at least 80% of its assets (net assets plus any borrowings for investment purposes) in stocks as represented in the Standard & Poor's 500® Index ("S&P 500® Index”) in the same proportion, to the extent feasible.
The Fund may invest up to 20% of its total assets in options and futures contracts to maintain cash reserves, while being fully invested, to facilitate trading or to reduce transaction costs. The Fund may invest in such derivatives to try to enhance returns or reduce the risk of loss by hedging certain of its holdings.
Investment Process: IndexIQ Advisors LLC, the Fund's Subadvisor, uses statistical techniques to determine which stocks are to be purchased or sold to replicate the S&P 500® Index to the extent feasible. From time to time, adjustments may be made in the Fund's holdings because of
26
MainStay S&P 500 Index Fund
changes in the composition of the S&P 500® Index. The correlation between the investment performance of the Fund and the S&P 500® Index is expected to be at least 0.95, before charges, fees and expenses, on an annual basis. A correlation of 1.00 would indicate perfect correlation, which would be achieved when the net asset value of the Fund, including the value of its dividend and capital gains distributions, increases or decreases in exact proportion to changes in the S&P 500® Index.
The principal risks of investing in the Fund are summarized below.
Market Risk: Changes in markets may cause the value of investments to fluctuate, which could cause the Fund to underperform other funds with similar investment objectives and strategies. Such changes may be rapid and unpredictable. From time to time, markets may experience periods of stress as a result of various market, economic and geopolitical factors for potentially prolonged periods that may result in: (i) increased market volatility; (ii) reduced market liquidity; and (iii) increased redemptions of shares. Such conditions may add significantly to the risk of volatility in the net asset value of the Fund's shares and adversely affect the Fund and its investments.
Portfolio Management Risk: The investment strategies, practices and risk analyses used by the Subadvisor may not produce the desired results or expected returns.
Equity Securities Risk: Investments in common stocks and other equity securities are particularly subject to the risk of changing economic, stock market, industry and company conditions and the risks inherent in the ability to anticipate such changes that can adversely affect the value of portfolio holdings.
Index Strategy Risk: The Fund employs an index strategy that seeks to invest in stocks as represented in the S&P 500® Index. If the value of the S&P 500® Index declines, the net asset value of shares of the Fund will also decline. Also, the Fund’s fees and expenses will reduce the Fund’s returns, whereas the S&P 500® Index is not subject to fees and expenses.
Correlation Risk: The ability to track the S&P 500® Index may be affected by, among other things, transaction costs; changes in either the composition of the S&P 500® Index or the number of shares outstanding for the components of the S&P 500® Index; and timing and amount of purchases and redemptions of the Fund's shares. Therefore, there is no assurance that the investment performance of the Fund will equal or exceed that of the S&P 500® Index.
Derivatives Risk: Derivatives are investments whose value depends on (or is derived from) the value of an underlying instrument, such as a security, asset, reference rate or index. Derivative strategies may be riskier than investing directly in the underlying instrument and often involve leverage, which may exaggerate a loss, potentially causing the Fund to lose more money than it originally invested and would have lost had it invested directly in the underlying instrument. Derivatives may be difficult to sell, unwind and/or value. Derivatives may also be subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Fund. Futures and other derivatives may be more volatile than direct investments in the instrument underlying the contract, and may not correlate perfectly to the underlying instrument. Futures and other derivatives also may involve a small initial investment relative to the risk assumed, which could result in losses greater than if they had not been used. Due to fluctuations in the price of the underlying instrument, the Fund may not be able to profitably exercise an option and may lose its entire investment in an option. To the extent that the Fund writes or sells an option, if the decline in the value of the underlying instrument is significantly below the exercise price in the case of a written put option or increase above the exercise price in the case of a written call option, the Fund could experience a substantial loss. Derivatives may also increase the expenses of the Fund.
Regulatory Risk: The Fund as well as the issuers of the securities and other instruments in which the Fund invests are subject to considerable regulation and the risks associated with adverse changes in laws and regulations governing their operations.
Market Capitalization Risk: Investments in securities issued by small-, mid-, or large-cap companies will be subject to the risks associated with securities issued by companies of the applicable market capitalization. Securities of small-cap and mid-cap companies may be subject to greater price volatility, significantly lower trading volumes, cyclical, static or moderate growth prospects and greater spreads between their bid and ask prices than securities of larger companies. Smaller capitalization companies frequently rely on narrower product lines and niche markets and may be more vulnerable to adverse business or market developments. Securities issued by larger companies may have less growth potential and may not be able to attain the high growth rates of successful smaller companies, especially during strong economic periods. In addition, larger companies may be less capable of responding quickly to competitive challenges and industry changes, including those resulting from improvements in technology, and may suffer sharper price declines as a result of earnings disappointments. There is a risk that the securities issued by companies of a certain market capitalization may underperform the broader market at any given time.
27
MainStay S&P 500 Index Fund
The
following bar chart and table provide some indication of the risks of investing
in the Fund by showing changes in the Fund’s performance from year to year and
by showing how the Fund’s average annual returns compare with those of a broad
measure of market performance over time.
Index returns reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable.
Performance
data for the classes varies based on differences in their fee and expense
structures.
The Fund’s subadvisor changed effective January 1, 2018 due to an organizational restructuring whereby all investment personnel of Cornerstone Capital Management Holdings LLC, a former subadvisor, transitioned to MacKay Shields LLC. The Fund's subadvisor changed again effective June 10, 2022 due to the transition of Francis J. Ok, the Fund's portfolio manager, from MacKay Shields LLC, a former subadvisor, to IndexIQ Advisors LLC, which is a wholly-owned, indirect subsidiary of New York Life Investment Holdings LLC.
Annual Returns, Class I Shares
(by calendar year 2014-2023)
|
||
|
|
% |
|
||
|
- |
% |
28
MainStay S&P 500 Index Fund
Average Annual Total Returns (for the periods ended December 31, 2023)
|
|
|
|
|
10 Years or | |||
|
Inception |
|
1 Year |
5 Years |
Since | |||
|
|
|
|
|
Inception | |||
Return Before Taxes |
|
|
|
|
|
|
|
|
Class I |
|
|
|
% |
|
% |
|
% |
Return After Taxes on Distributions |
|
|
|
|
|
|
|
|
Class I |
|
|
|
% |
|
% |
|
% |
Return After Taxes on Distributions and Sale of Fund Shares |
|
|
|
|
|
|
|
|
Class I |
|
|
|
% |
|
% |
|
% |
Return Before Taxes |
|
|
|
|
|
|
|
|
Class A |
|
|
|
% |
|
% |
|
% |
Investor Class |
|
|
|
% |
|
% |
|
% |
SIMPLE Class |
|
|
|
% |
N/A |
|
|
% |
|
|
|
|
|
|
|
|
|
|
|
% |
|
% |
|
% |
1.
New York Life Investment Management LLC serves as the Manager. IndexIQ Advisors LLC serves as the Subadvisor. The individuals listed below are jointly and primarily responsible for day-to-day portfolio management.
Subadvisor |
Portfolio Managers |
Service Date |
IndexIQ Advisors LLC |
Francis J. Ok, Managing Director |
Since 1996 |
Greg Barrato, Senior Vice President |
Since 2023 |
You may purchase or sell shares of the Fund on any day the Fund is open for business by contacting your financial adviser or financial intermediary firm, or by contacting the Fund by telephone at 800-624-6782, by mail at MainStay Funds, P.O. Box 219003, Kansas City, MO 64121-9000, by overnight mail to 430 West 7th Street, Suite 219003, Kansas City, MO 64105-1407, or by accessing our website at newyorklifeinvestments.com/accounts. SIMPLE Class shares are generally only available to SIMPLE IRA Plan accounts. SIMPLE Class shares are generally not available to retail accounts. Generally, an initial investment minimum of $1,000 applies if you invest in Investor Class or SIMPLE Class shares, $15,000 for Class A shares and $1,000,000 for individual investors in Class I shares investing directly (i) with the Fund or (ii) through certain private banks and trust companies that have an agreement with NYLIFE Distributors LLC, the Fund’s principal underwriter and distributor, or its affiliates. A subsequent investment minimum of $50 applies to investments in Investor Class shares. However, for Investor Class shares purchased through AutoInvest, MainStay’s systematic investment plan, a $500 initial investment minimum and a $50 minimum for subsequent purchases applies. Class A and SIMPLE Class shares have no subsequent investment minimum. Institutional shareholders in Class I shares have no initial or subsequent investment minimums.
Certain financial intermediaries through whom you may invest may impose their own investment minimums, fees, policies and procedures for purchasing and selling Fund shares, which are not described in this Prospectus or the Statement of Additional Information, and which will depend on the policies, procedures and trading platforms of the financial intermediary. Consult a representative of your financial intermediary about the availability of shares of the Fund and the intermediary's policies, procedures and other information.
The Fund's distributions are generally taxable to you as ordinary income, capital gains, or a combination of the two, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account.
If you purchase Fund shares through a financial intermediary firm (such as a broker/dealer or bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the financial
29
MainStay S&P 500 Index Fund
intermediary firm or your financial adviser to recommend the Fund over another investment. Ask your financial adviser or visit your financial intermediary firm's website for more information.
30
MainStay Winslow Large Cap Growth Fund
The Fund seeks long-term growth of capital.
The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. In addition, different financial intermediary firms and financial professionals may impose different sales loads and waivers. More information about these and other discounts or waivers is available from your financial professional, in the "Information on Sales Charges" section starting on page 139 of the Prospectus and Appendix A – Intermediary-Specific Sales Charge Waivers and Discounts, and in the "Alternative Sales Arrangements" section on page 147 of the Statement of Additional Information.
|
|
Class A |
|
Investor Class |
|
Class B1 |
|
Class C |
|
Class I |
|
Class R1 |
|
Class R2 |
|
Class R3 |
|
Class R6 |
|
SIMPLE Class | |||||||||||||||||||||
Shareholder Fees (fees paid directly from your investment) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |
|
5.50 |
% |
|
5.00 |
% |
|
None |
|
|
|
None |
|
|
|
None |
|
|
|
None |
|
|
|
None |
|
|
|
None |
|
|
|
None |
|
|
|
None |
|
| ||
|
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the original offering price or redemption proceeds) |
|
None |
2 |
|
|
None |
2 |
|
|
5.00 |
% |
|
1.00 |
% |
|
None |
|
|
|
None |
|
|
|
None |
|
|
|
None |
|
|
|
None |
|
|
|
None |
|
| ||
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Management Fees (as an annual percentage of the Fund's average daily net assets)3 |
|
0.62 |
% |
|
0.62 |
% |
|
0.62 |
% |
|
0.62 |
% |
|
0.62 |
% |
|
0.62 |
% |
|
0.62 |
% |
|
0.62 |
% |
|
0.62 |
% |
|
0.62 |
% | ||||||||||
|
Distribution and/or Service (12b-1) Fees |
|
0.25 |
% |
|
0.25 |
% |
|
1.00 |
% |
|
1.00 |
% |
|
None |
|
|
|
None |
|
|
|
0.25 |
% |
|
0.50 |
% |
|
None |
|
|
|
0.50 |
% | |||||||
|
Other Expenses |
|
0.11 |
% |
|
0.32 |
% |
|
0.32 |
% |
|
0.32 |
% |
|
0.11 |
% |
|
0.21 |
% |
|
0.21 |
% |
|
0.21 |
% |
|
0.02 |
% |
|
0.12 |
% | ||||||||||
|
Total Annual Fund Operating Expenses |
|
0.98 |
% |
|
1.19 |
% |
|
1.94 |
% |
|
1.94 |
% |
|
0.73 |
% |
|
0.83 |
% |
|
1.08 |
% |
|
1.33 |
% |
|
0.64 |
% |
|
1.24 |
% |
1. Class B shares are closed to all new purchases as well as additional investments by existing Class B shareholders.
2. No initial sales charge applies on investments of $1 million or more (and certain other qualified purchases). However, a contingent deferred sales charge of 1.00% may be imposed on certain redemptions made within 18 months of the date of purchase on shares that were purchased without an initial sales charge.
3. The management fee is as follows: 0.75% on assets up to $500 million; 0.725% on assets from $500 million to $750 million; 0.71% on assets from $750 million to $1 billion; 0.70% on assets from $1 billion to $2 billion; 0.66% on assets from $2 billion to $3 billion; 0.61% on assets from $3 billion to $7 billion; 0.585% on assets from $7 billion to $9 billion; and 0.575% on assets over $9 billion.
The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated whether or not you redeem all of your shares at the end of those periods (except as indicated with respect to Class B and Class C shares). The Example reflects Class B and Class C shares converting into Investor Class shares in years 9-10; expenses could be lower if you are eligible to convert to Class A shares instead. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The Example reflects the contractual fee waiver and/or expense reimbursement arrangement, if applicable, for the current duration of the arrangement only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expenses After |
Class A |
|
|
Investor |
Class B |
Class C |
Class I |
|
Class R1 |
|
Class R2 |
|
Class R3 |
|
Class R6 |
|
SIMPLE |
| |||||||||
|
|
|
|
Class |
Assuming no redemption |
|
|
Assuming redemption at end of period |
Assuming no redemption |
|
|
Assuming redemption at end of period |
|
|
|
|
|
|
|
|
|
|
Class |
| |||
1 Year |
$ 644 |
|
|
$ 615 |
|
$ 197 |
|
|
$ 697 |
|
$ 197 |
|
|
$ 297 |
|
$ 75 |
|
$ 85 |
|
$ 110 |
|
$ 135 |
|
$ 65 |
|
$ 126 |
|
3 Years |
$ 845 |
|
|
$ 859 |
|
$ 609 |
|
|
$ 909 |
|
$ 609 |
|
|
$ 609 |
|
$ 233 |
|
$ 265 |
|
$ 343 |
|
$ 421 |
|
$ 205 |
|
$ 393 |
|
5 Years |
$ 1,062 |
|
|
$ 1,122 |
|
$ 1,047 |
|
|
$ 1,247 |
|
$ 1,047 |
|
|
$ 1,047 |
|
$ 406 |
|
$ 460 |
|
$ 595 |
|
$ 729 |
|
$ 357 |
|
$ 681 |
|
10 Years |
$ 1,685 |
|
|
$ 1,871 |
|
$ 2,070 |
|
|
$ 2,070 |
|
$ 2,070 |
|
|
$ 2,070 |
|
$ 906 |
|
$ 1,025 |
|
$ 1,317 |
|
$ 1,601 |
|
$ 798 |
|
$ 1,500 |
|
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 81% of the average value of its portfolio.
31
MainStay Winslow Large Cap Growth Fund
Under normal circumstances, the Fund invests at least 80% of its assets (net assets plus any borrowings for investment purposes) in large capitalization companies, which are companies having a market capitalization in excess of $4 billion at the time of purchase. Typically, Winslow Capital Management, LLC, the Fund's Subadvisor, invests substantially all of the Fund's investable assets in domestic securities. However, the Fund is permitted to invest up to 20% of its net assets in foreign securities. An issuer of a security is considered to be a U.S. or foreign issuer based on the issuer’s “country of risk” (or similar designation) as determined by a third-party such as Bloomberg.
Investment Process: The Fund invests in those companies that the Subadvisor believes will provide an opportunity for achieving superior portfolio returns (i.e., returns in excess of the returns of the average stock mutual fund) over the long term. The Subadvisor seeks to invest in companies that have the potential for above-average future earnings and cash flow growth with management focused on shareholder value.
When purchasing stocks for the Fund, the Subadvisor looks for companies typically having some or all of the following attributes: addressing markets with growth opportunities; leads or gains in market share; identifiable and sustainable competitive advantages; managed by a team that can perpetuate the firm's competitive advantages; high, and preferably rising, returns on invested capital; deploys excess cash flow to enhance shareholder return; and demonstrates sound corporate governance. As part of its qualitative assessment of each potential investment, the Subadvisor evaluates the company’s non-financial performance among certain environmental, social and governance (“ESG”) factors. The Subadvisor then determines which ESG factors may be material to a company’s future financial performance. This involves an evaluation of how the company integrates particular ESG risks and opportunities into its corporate strategy through, for example, improving governance practices, aligning management team incentives and increasing transparency into its ESG practices. The Subadvisor may give consideration to ESG factors including, but not limited to, impact on or from climate change, natural resource use, waste management practices, human capital management, product safety, supply chain management, corporate governance, business ethics and advocacy for governmental policy.
ESG factors are evaluated by the Subadvisor based on data provided by independent ESG research vendors. The evaluation of ESG factors is integrated as one of several aspects of the Subadvisor’s investment process and the Subadvisor does not forgo potential investments strictly based on the evaluation of ESG factors.
The Subadvisor takes a "bottom-up" investment approach when selecting investments. This means it bases investment decisions on company specific factors, not general economic conditions.
Under normal market conditions, the Subadvisor employs a sell discipline pursuant to which it may sell some or all of its position in a stock when a stock becomes fully valued, the fundamental business prospects are deteriorating, or the position exceeds limits set by the Subadvisor.
You can lose money by investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. The investments selected by the Subadvisor may underperform the market in which the Fund invests or other investments. The Fund may receive large purchase or redemption orders which may have adverse effects on performance if the Fund were required to sell securities, invest cash or hold a relatively large amount of cash at times when it would not otherwise do so.
The principal risks of investing in the Fund are summarized below.
Market Risk: Changes in markets may cause the value of investments to fluctuate, which could cause the Fund to underperform other funds with similar investment objectives and strategies. Such changes may be rapid and unpredictable. From time to time, markets may experience periods of stress as a result of various market, economic and geopolitical factors for potentially prolonged periods that may result in: (i) increased market volatility; (ii) reduced market liquidity; and (iii) increased redemptions of shares. Such conditions may add significantly to the risk of volatility in the net asset value of the Fund's shares and adversely affect the Fund and its investments.
Portfolio Management Risk: The investment strategies, practices and risk analyses used by the Subadvisor may not produce the desired results or expected returns. The Subadvisor may give consideration to certain ESG criteria when evaluating an investment opportunity. The application of ESG criteria may result in the Fund (i) having exposure to certain securities or industry sectors that are significantly different than the composition of the Fund's benchmark; and (ii) performing differently than other funds and strategies in its peer group that do not take into account ESG criteria or the Fund's benchmark.
Equity Securities Risk: Investments in common stocks and other equity securities are particularly subject to the risk of changing economic, stock market, industry and company conditions and the risks inherent in the ability to anticipate such changes that can adversely affect the value of portfolio holdings.
Market Capitalization Risk: Investments in securities issued by small-, mid-, or large-cap companies will be subject to the risks associated with securities issued by companies of the applicable market capitalization. Securities of small-cap and mid-cap companies may be subject to greater price volatility, significantly lower trading volumes, cyclical, static or moderate growth prospects and greater spreads between their bid and ask prices than securities of larger companies. Smaller capitalization companies frequently rely on narrower product lines and niche markets and may be more vulnerable to adverse business or market developments. Securities issued by larger companies may have less growth potential and may not be able to attain the high growth rates of successful smaller companies, especially during strong economic periods. In addition, larger
32
MainStay Winslow Large Cap Growth Fund
companies may be less capable of responding quickly to competitive challenges and industry changes, including those resulting from improvements in technology, and may suffer sharper price declines as a result of earnings disappointments. There is a risk that the securities issued by companies of a certain market capitalization may underperform the broader market at any given time.
Growth Stock Risk: If growth companies do not increase their earnings at a rate expected by investors, the market price of the stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can cushion stock prices in market downturns. These risks may be more pronounced in companies that are in the earlier stages of their growth cycle.
Foreign Securities Risk: An issuer of a security is considered to be a U.S. or foreign issuer based on the issuer’s “country of risk” (or similar designation) as determined by a third party such as Bloomberg (or another similar third party). The issuer’s “country of risk” is determined based on a number of criteria, which may change from time to time and currently include, but are not limited to, its country of domicile, the primary stock exchange on which it trades, the location from which the majority of its revenue comes, and its reporting currency. Although a Fund will generally rely on an issuer’s “country of risk” (or similar designation) as determined by Bloomberg (or another similar third party) when categorizing securities as either U.S. or foreign-based, it is not required to do so.
Investments in foreign (non-U.S.) securities may be riskier than investments in U.S. securities. Foreign regulatory regimes and securities markets can have less stringent investor protections and disclosure standards and less liquid trading markets than U.S. regulatory regimes and securities markets, and can experience political, social and economic developments that may affect the value of investments in foreign securities. Foreign securities may also subject the Fund's investments to changes in currency rates. Changes in the value of foreign currencies may make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. Economic sanctions may be, and have been, imposed against certain countries, organizations, companies, entities and/or individuals. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate the Fund’s ability to purchase or sell certain foreign securities or groups of foreign securities, and thus may make the Fund’s investments in such securities less liquid or more difficult to value. Such sanctions may also cause a decline in the value of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country. In addition, as a result of economic sanctions and other similar governmental actions or developments, the Fund may be forced to sell or otherwise dispose of foreign investments at inopportune times or prices. The Fund may seek to hedge against its exposure to changes in the value of foreign currency, but there is no guarantee that such hedging techniques will be successful in reducing any related foreign currency valuation risk.
The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns compare with those of a broad measure of market performance, as well as two additional indexes over time. Sales loads, if any, are not reflected in the bar chart. If they were, returns would be less than those shown. In accordance with new regulatory requirements, the Fund has selected the Russell 3000® Index, which represents a broad measure of market performance, as a replacement for the Russell 1000® Growth Index. The table also includes the average annual returns of the Russell 1000® Growth Index and the S&P 500® Index, which are generally representative of the market sectors or types of investments in which the Fund invests.
Index returns reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable.
Performance data for the classes varies based on differences in their fee and expense structures. Performance data is not shown for classes with less than one calendar year of performance. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Please visit newyorklifeinvestments.com/funds for more recent performance information.
33
MainStay Winslow Large Cap Growth Fund
Annual Returns, Class I Shares
(by calendar year 2014-2023)
Best Quarter |
||
2020, Q2 |
28.27 |
% |
Worst Quarter |
||
2022, Q2 |
-22.24 |
% |
Average Annual Total Returns (for the periods ended December 31, 2023)
|
|
|
|
|
10 Years or | |||
|
Inception |
|
1 Year |
5 Years |
Since | |||
|
|
|
|
|
Inception | |||
Return Before Taxes |
|
|
|
|
|
|
|
|
Class I |
4/1/2005 |
|
42.99 |
% |
17.64 |
% |
13.50 |
% |
Return After Taxes on Distributions |
|
|
|
|
|
|
|
|
Class I |
|
|
39.87 |
% |
14.50 |
% |
10.28 |
% |
Return After Taxes on Distributions and Sale of Fund Shares |
|
|
|
|
|
|
|
|
Class I |
|
|
27.14 |
% |
13.77 |
% |
10.18 |
% |
Return Before Taxes |
|
|
|
|
|
|
|
|
Class A |
7/1/1995 |
|
35.00 |
% |
16.05 |
% |
12.60 |
% |
Investor Class |
2/28/2008 |
|
35.24 |
% |
15.86 |
% |
12.46 |
% |
Class B |
4/1/2005 |
|
36.37 |
% |
16.11 |
% |
12.26 |
% |
Class C |
4/1/2005 |
|
40.34 |
% |
16.31 |
% |
12.25 |
% |
Class R1 |
4/1/2005 |
|
42.79 |
% |
17.51 |
% |
13.38 |
% |
Class R2 |
4/1/2005 |
|
42.61 |
% |
17.25 |
% |
13.11 |
% |
Class R3 |
4/28/2006 |
|
42.09 |
% |
16.94 |
% |
12.83 |
% |
Class R6 |
6/17/2013 |
|
43.09 |
% |
17.74 |
% |
13.61 |
% |
SIMPLE Class |
8/31/2020 |
|
42.44 |
% |
N/A |
|
6.97 |
% |
|
|
|
|
|
|
|
|
|
Russell 3000® Index1 |
25.96 |
% |
15.16 |
% |
11.48 |
% | ||
Russell 1000® Growth Index2 |
42.68 |
% |
19.50 |
% |
14.86 |
% | ||
S&P 500® Index3 |
26.29 |
% |
15.69 |
% |
12.03 |
% |
1. 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.
2. The Russell 1000® Growth Index 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.
3. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.
34
MainStay Winslow Large Cap Growth Fund
After-tax returns are calculated using the highest individual federal marginal income tax rates in effect at the time of each distribution or capital gain or upon the sale of Fund shares, and do not reflect the impact of state and local taxes. In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of shares at the end of the measurement period. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns shown are for Class I shares. After-tax returns for the other share classes may vary.
New York Life Investment Management LLC serves as the Manager. Winslow Capital Management, LLC serves as the Subadvisor. The individuals listed below are jointly and primarily responsible for day-to-day portfolio management.
Subadvisor |
Portfolio Managers |
Service Date |
Winslow Capital Management, LLC |
Justin H. Kelly, Chief Executive Officer & Chief Investment Officer |
Since 2005 |
Patrick M. Burton, Senior Managing Director |
Since 2013 | |
Steven M. Hamill, Senior Managing Director |
Since 2023 | |
Peter A. Dlugosch, Managing Director |
Since 2022 |
You may purchase or sell shares of the Fund on any day the Fund is open for business by contacting your financial adviser or financial intermediary firm, or by contacting the Fund by telephone at 800-624-6782, by mail at MainStay Funds, P.O. Box 219003, Kansas City, MO 64121-9000, by overnight mail to 430 West 7th Street, Suite 219003, Kansas City, MO 64105-1407, or by accessing our website at newyorklifeinvestments.com/accounts. Class R6 shares are generally only available to certain retirement plans invested in the Fund through omnibus accounts (either at the plan level or omnibus accounts held on the books of the Fund). SIMPLE Class shares are generally only available to SIMPLE IRA Plan accounts. Class R6 and SIMPLE Class shares are generally not available to retail accounts. Generally, an initial investment minimum of $1,000 applies if you invest in Investor Class, Class C or SIMPLE Class shares, $15,000 for Class A shares and $1,000,000 for individual investors in Class I shares investing directly (i) with the Fund or (ii) through certain private banks and trust companies that have an agreement with NYLIFE Distributors LLC, the Fund’s principal underwriter and distributor, or its affiliates. A subsequent investment minimum of $50 applies to investments in Investor Class and Class C shares. However, for Investor Class and Class C shares purchased through AutoInvest, MainStay’s systematic investment plan, a $500 initial investment minimum and a $50 minimum for subsequent purchases applies. Class A and SIMPLE Class shares have no subsequent investment minimum. Class R1 shares, Class R2 shares, Class R3 shares, Class R6 shares and institutional shareholders in Class I shares have no initial or subsequent investment minimums. Class B shares are closed to all new purchases and additional investments by existing Class B shareholders.
Certain financial intermediaries through whom you may invest may impose their own investment minimums, fees, policies and procedures for purchasing and selling Fund shares, which are not described in this Prospectus or the Statement of Additional Information, and which will depend on the policies, procedures and trading platforms of the financial intermediary. Consult a representative of your financial intermediary about the availability of shares of the Fund and the intermediary's policies, procedures and other information.
The Fund's distributions are generally taxable to you as ordinary income, capital gains, or a combination of the two, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account.
If you purchase Fund shares through a financial intermediary firm (such as a broker/dealer or bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the financial intermediary firm or your financial adviser to recommend the Fund over another investment. Ask your financial adviser or visit your financial intermediary firm's website for more information. No compensation, administrative payments, sub-transfer agency payments or service payments are paid to broker/dealers or other financial intermediaries from Fund assets or the Distributor’s or an affiliate’s resources on sales of or investments in Class R6 shares. The Distributor or an affiliate may pay de minimis amounts to intermediaries for setup, connectivity or other technological expenses. Class R6 shares do not carry sales charges or pay Rule 12b-1 fees, or make payments to financial intermediaries to assist in, or in connection with, the sale of the Fund’s shares.
35
MainStay WMC Enduring Capital Fund
The Fund seeks long-term growth of capital.
The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. In addition, different financial intermediary firms and financial professionals may impose different sales loads and waivers. More information about these and other discounts or waivers is available from your financial professional, in the "Information on Sales Charges" section starting on page 139 of the Prospectus and Appendix A – Intermediary-Specific Sales Charge Waivers and Discounts, and in the "Alternative Sales Arrangements" section on page 147 of the Statement of Additional Information.
|
|
Class A |
|
Investor Class |
|
Class B1 |
|
Class C |
|
Class I |
|
Class R6 | |||||||||||||
Shareholder Fees (fees paid directly from your investment) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |
|
5.50 |
% |
|
5.00 |
% |
|
None |
|
|
|
None |
|
|
|
None |
|
|
|
None |
|
| ||
|
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the original offering price or redemption proceeds) |
|
None |
2 |
|
|
None |
2 |
|
|
5.00 |
% |
|
1.00 |
% |
|
None |
|
|
|
None |
|
| ||
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Management Fees (as an annual percentage of the Fund's average daily net assets)3 |
|
0.55 |
% |
|
0.55 |
% |
|
0.55 |
% |
|
0.55 |
% |
|
0.55 |
% |
|
0.55 |
% | ||||||
|
Distribution and/or Service (12b-1) Fees |
|
0.25 |
% |
|
0.25 |
% |
|
1.00 |
% |
|
1.00 |
% |
|
None |
|
|
|
None |
|
| ||||
|
Other Expenses |
|
0.14 |
% |
|
0.37 |
% |
|
0.37 |
% |
|
0.37 |
% |
|
0.14 |
% |
|
0.06 |
% | ||||||
|
Total Annual Fund Operating Expenses |
|
0.94 |
% |
|
1.17 |
% |
|
1.92 |
% |
|
1.92 |
% |
|
0.69 |
% |
|
0.61 |
% |
1. Class B shares are closed to all new purchases as well as additional investments by existing Class B shareholders.
2. No initial sales charge applies on investments of $1 million or more (and certain other qualified purchases). However, a contingent deferred sales charge of 1.00% may be imposed on certain redemptions made within 18 months of the date of purchase on shares that were purchased without an initial sales charge.
3. The management fee is as follows: 0.55% on assets up to $500 million; 0.525% on assets from $500 million to $1 billion; and 0.50% on assets over $1 billion.
The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated whether or not you redeem all of your shares at the end of those periods (except as indicated with respect to Class B and Class C shares). The Example reflects Class B and Class C shares converting into Investor Class shares in years 9-10; expenses could be lower if you are eligible to convert to Class A shares instead. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The Example reflects the contractual fee waiver and/or expense reimbursement arrangement, if applicable, for the current duration of the arrangement only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expenses After |
Class A |
|
|
Investor |
Class B |
Class C |
Class I |
|
Class R6 |
| |||||||||
|
|
|
|
Class |
Assuming no redemption |
|
|
Assuming redemption at end of period |
Assuming no redemption |
|
|
Assuming redemption at end of period |
|
|
|
| |||
1 Year |
$ 641 |
|
|
$ 613 |
|
$ 195 |
|
|
$ 695 |
|
$ 195 |
|
|
$ 295 |
|
$ 70 |
|
$ 62 |
|
3 Years |
$ 833 |
|
|
$ 853 |
|
$ 603 |
|
|
$ 903 |
|
$ 603 |
|
|
$ 603 |
|
$ 221 |
|
$ 195 |
|
5 Years |
$ 1,041 |
|
|
$ 1,111 |
|
$ 1,037 |
|
|
$ 1,237 |
|
$ 1,037 |
|
|
$ 1,037 |
|
$ 384 |
|
$ 340 |
|
10 Years |
$ 1,641 |
|
|
$ 1,849 |
|
$ 2,048 |
|
|
$ 2,048 |
|
$ 2,048 |
|
|
$ 2,048 |
|
$ 859 |
|
$ 762 |
|
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 17% of the average value of its portfolio.
Under normal circumstances, the Fund invests at least 80% of its assets (net assets plus any borrowings for investment purposes) in common stocks. The Fund invests in common stocks of U.S. companies with market capitalizations that, at the time of investment, are similar to the market capitalizations of companies whose stocks are included in the Standard & Poor's 500® Index ("S&P 500® Index”) (which ranged from $6 billion to
36
MainStay WMC Enduring Capital Fund
$3 trillion as of December 31, 2023) or the Russell 3000® Index (which ranged from $10 million to $3 trillion as of December 31, 2023). The Fund may also invest in securities of foreign issuers, including securities of emerging market country issuers. An issuer of a security is considered to be a U.S. or foreign issuer based on the issuer’s “country of risk” (or similar designation) as determined by a third-party such as Bloomberg. Wellington Management Company LLP, the Fund’s Subadvisor (the “Subadvisor”), defines emerging market countries as those countries that are included in the MSCI Emerging Markets Index. The Fund may also invest in real estate investment trusts (“REITs”). REITs are pooled investment vehicles that invest primarily in either real estate or real estate-related loans.
Investment Process: The Subadvisor seeks to identify companies that have a decades-long perspective, and resilient businesses run by owner-minded executives skilled at capital allocation. When purchasing stocks for the Fund, the Subadvisor assesses the strength and resilience of each company’s business, opportunities for growth and investment in the business, management, quality and capital allocation skill and valuation. The Subadvisor may sell a security due to a company’s reduced cash flow resiliency, fewer growth opportunities, or adverse changes to the management team and culture. To better assess strategic business issues that impact the performance of a company, the Subadvisor may also give consideration to financially material environmental, social and/or governance (“ESG”) factors. The Subadvisor has discretion to determine the materiality of, as well as the level at which, financially relevant ESG factors are imbedded into its overall fundamental analysis when making an investment decision.
You can lose money by investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. The investments selected by the Subadvisor may underperform the market in which the Fund invests or other investments. The Fund may receive large purchase or redemption orders which may have adverse effects on performance if the Fund were required to sell securities, invest cash or hold a relatively large amount of cash at times when it would not otherwise do so.
The principal risks of investing in the Fund are summarized below.
Market Risk: Changes in markets may cause the value of investments to fluctuate, which could cause the Fund to underperform other funds with similar investment objectives and strategies. Such changes may be rapid and unpredictable. From time to time, markets may experience periods of stress as a result of various market, economic and geopolitical factors for potentially prolonged periods that may result in: (i) increased market volatility; (ii) reduced market liquidity; and (iii) increased redemptions of shares. Such conditions may add significantly to the risk of volatility in the net asset value of the Fund's shares and adversely affect the Fund and its investments.
Portfolio Management Risk: The investment strategies, practices and risk analyses used by the Subadvisor may not produce the desired results or expected returns. The Subadvisor may give consideration to certain ESG criteria when evaluating an investment opportunity. The application of ESG criteria may result in the Fund (i) having exposure to certain securities or industry sectors that are significantly different than the composition of the Fund's benchmark; and (ii) performing differently than other funds and strategies in its peer group that do not take into account ESG criteria or the Fund's benchmark.
Equity Securities Risk: Investments in common stocks and other equity securities are particularly subject to the risk of changing economic, stock market, industry and company conditions and the risks inherent in the ability to anticipate such changes that can adversely affect the value of portfolio holdings.
Emerging Markets Risk: The risks related to investing in foreign securities are generally greater with respect to securities of companies that conduct their business activities in emerging markets or whose securities are traded principally in emerging markets. The risks of investing in emerging markets are elevated under adverse market conditions and include: (i) smaller trading volumes for such securities and limited access to investments in the event of market closures (including due to local holidays), which result in a lack of liquidity and in greater price volatility; (ii) less government regulation, which could lead to market manipulation, and less extensive, transparent and frequent accounting, auditing, recordkeeping, financial reporting and other requirements, which limit the quality and availability of financial information; (iii) the absence of developed legal systems, including structures governing private or foreign investment or allowing for judicial redress (such as limits on rights and remedies available) for investment losses and injury to private property; (iv) loss resulting from problems in share registration and custody; (v) sensitivity to adverse political or social events affecting the region where an emerging market is located; (vi) particular sensitivity to economic and political disruptions, including adverse effects stemming from wars, sanctions, trade restrictions, recessions, depressions or other economic crises, or reliance on international or other forms of aid, including trade, taxation and development policies; and (vii) the nationalization of foreign deposits or assets.
Market Capitalization Risk: Investments in securities issued by small-, mid-, or large-cap companies will be subject to the risks associated with securities issued by companies of the applicable market capitalization. Securities of small-cap and mid-cap companies may be subject to greater price volatility, significantly lower trading volumes, cyclical, static or moderate growth prospects and greater spreads between their bid and ask prices than securities of larger companies. Smaller capitalization companies frequently rely on narrower product lines and niche markets and may be more vulnerable to adverse business or market developments. Securities issued by larger companies may have less growth potential and may not be able to attain the high growth rates of successful smaller companies, especially during strong economic periods. In addition, larger companies may be less capable of responding quickly to competitive challenges and industry changes, including those resulting from
37
MainStay WMC Enduring Capital Fund
improvements in technology, and may suffer sharper price declines as a result of earnings disappointments. There is a risk that the securities issued by companies of a certain market capitalization may underperform the broader market at any given time.
Growth Stock Risk: If growth companies do not increase their earnings at a rate expected by investors, the market price of the stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can cushion stock prices in market downturns. These risks may be more pronounced in companies that are in the earlier stages of their growth cycle.
Value Stock Risk: Value stocks may never reach what the Subadvisor believes is their full value or they may go down in value. In addition, different types of stocks tend to shift in and out of favor depending on market and economic conditions, and therefore the Fund's performance may be lower or higher than that of funds that invest in other types of equity securities.
Foreign Securities Risk: An issuer of a security is considered to be a U.S. or foreign issuer based on the issuer’s “country of risk” (or similar designation) as determined by a third party such as Bloomberg (or another similar third party). The issuer’s “country of risk” is determined based on a number of criteria, which may change from time to time and currently include, but are not limited to, its country of domicile, the primary stock exchange on which it trades, the location from which the majority of its revenue comes, and its reporting currency. Although a Fund will generally rely on an issuer’s “country of risk” (or similar designation) as determined by Bloomberg (or another similar third party) when categorizing securities as either U.S. or foreign-based, it is not required to do so.
Investments in foreign (non-U.S.) securities may be riskier than investments in U.S. securities. Foreign regulatory regimes and securities markets can have less stringent investor protections and disclosure standards and less liquid trading markets than U.S. regulatory regimes and securities markets, and can experience political, social and economic developments that may affect the value of investments in foreign securities. Foreign securities may also subject the Fund's investments to changes in currency rates. Changes in the value of foreign currencies may make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. Economic sanctions may be, and have been, imposed against certain countries, organizations, companies, entities and/or individuals. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate the Fund’s ability to purchase or sell certain foreign securities or groups of foreign securities, and thus may make the Fund’s investments in such securities less liquid or more difficult to value. Such sanctions may also cause a decline in the value of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country. In addition, as a result of economic sanctions and other similar governmental actions or developments, the Fund may be forced to sell or otherwise dispose of foreign investments at inopportune times or prices. The Fund may seek to hedge against its exposure to changes in the value of foreign currency, but there is no guarantee that such hedging techniques will be successful in reducing any related foreign currency valuation risk. These risks may be greater with respect to securities of companies that conduct their business activities in emerging markets or whose securities are traded principally in emerging markets.
Real Estate Investment Trust Risk: Investments in REITs involve risks associated with direct ownership of real estate, including decline in property values, extended vacancies, increases in property taxes and changes in interest rates. Additionally, the appreciation of securities issued by a REIT depends, in part, on the skills of the REIT’s manager. REITs may not be diversified, may experience substantial cost in the event of borrower or lessee defaults and are subject to heavy cash flow dependency.
The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns compare with those of a broad measure of market performance, as well as an additional index over time. Sales loads, if any, are not reflected in the bar chart. If they were, returns would be less than those shown. In accordance with new regulatory requirements, the Fund has selected the Russell 3000® Index, which represents a broad measure of market performance, as a replacement for the S&P 500® Index. The table also includes the average annual returns of the S&P 500® Index, which is generally representative of the market sectors or types of investments in which the Fund invests.
Index returns reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable.
Performance data for the classes varies based on differences in their fee and expense structures. Performance data is not shown for classes with less than one calendar year of performance. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Please visit newyorklifeinvestments.com/funds for more recent performance information.
The Fund’s subadvisor changed effective January 1, 2018 due to an organizational restructuring whereby all investment personnel of Cornerstone Capital Management Holdings LLC, the former subadvisor, transitioned to MacKay Shields LLC.
Effective March 5, 2021, the Fund replaced its subadvisor and modified its principal investment strategies. The past performance in the bar chart and table prior to that date reflects the Fund’s prior subadvisor and principal investment strategies.
38
MainStay WMC Enduring Capital Fund
Annual Returns, Class I Shares
(by calendar year 2014-2023)
Best Quarter |
||
2020, Q2 |
21.45 |
% |
Worst Quarter |
||
2020, Q1 |
-20.70 |
% |
Average Annual Total Returns (for the periods ended December 31, 2023)
|
|
|
|
|
10 Years or | |||
|
Inception |
|
1 Year |
5 Years |
Since | |||
|
|
|
|
|
Inception | |||
Return Before Taxes |
|
|
|
|
|
|
|
|
Class I |
12/28/2004 |
|
17.75 |
% |
14.99 |
% |
11.26 |
% |
Return After Taxes on Distributions |
|
|
|
|
|
|
|
|
Class I |
|
|
17.51 |
% |
13.70 |
% |
10.15 |
% |
Return After Taxes on Distributions and Sale of Fund Shares |
|
|
|
|
|
|
|
|
Class I |
|
|
10.68 |
% |
11.74 |
% |
8.97 |
% |
Return Before Taxes |
|
|
|
|
|
|
|
|
Class A |
6/1/1998 |
|
10.99 |
% |
13.41 |
% |
10.35 |
% |
Investor Class |
2/28/2008 |
|
11.35 |
% |
13.14 |
% |
10.08 |
% |
Class B |
6/1/1998 |
|
11.31 |
% |
13.32 |
% |
9.88 |
% |
Class C |
9/1/1998 |
|
15.29 |
% |
13.56 |
% |
9.88 |
% |
Class R6 |
4/26/2021 |
|
17.83 |
% |
N/A |
|
7.24 |
% |
|
|
|
|
|
|
|
|
|
Russell 3000® Index1 |
25.96 |
% |
15.16 |
% |
11.48 |
% | ||
S&P 500® Index2 |
26.29 |
% |
15.69 |
% |
12.03 |
% |
1. 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.
2. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.
After-tax returns are calculated using the highest individual federal marginal income tax rates in effect at the time of each distribution or capital gain or upon the sale of Fund shares, and do not reflect the impact of state and local taxes. In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of shares at the end of the measurement period. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns shown are for Class I shares. After-tax returns for the other share classes may vary.
39
MainStay WMC Enduring Capital Fund
New York Life Investment Management LLC serves as the Manager. Wellington Management Company LLP serves as the Subadvisor. The individuals listed below are jointly and primarily responsible for day-to-day portfolio management.
Subadvisor |
Portfolio Manager |
Service Date |
Wellington Management Company LLP |
Mark A. Whitaker, Senior Managing Director and Equity Portfolio Manager |
Since 2021 |
|
Rob Katz, Vice President and Equity Research Analyst |
Since February 2024 |
You may purchase or sell shares of the Fund on any day the Fund is open for business by contacting your financial adviser or financial intermediary firm, or by contacting the Fund by telephone at 800-624-6782, by mail at MainStay Funds, P.O. Box 219003, Kansas City, MO 64121-9000, by overnight mail to 430 West 7th Street, Suite 219003, Kansas City, MO 64105-1407, or by accessing our website at newyorklifeinvestments.com/accounts.
Class R6 shares are generally only available to certain retirement plans invested in the Fund through omnibus accounts (either at the plan level or omnibus accounts held on the books of the Fund). Class R6 shares are generally not available to retail accounts.Generally, an initial investment minimum of $1,000 applies if you invest in Investor Class or Class C shares, $15,000 for Class A shares and $1,000,000 for individual investors in Class I shares investing directly (i) with the Fund; or (ii) through certain private banks and trust companies that have an agreement with NYLIFE Distributors LLC, the Fund’s principal underwriter and distributor, or its affiliates. A subsequent investment minimum of $50 applies to investments in Investor Class and Class C shares. However, for Investor Class and Class C shares purchased through AutoInvest, MainStay’s systematic investment plan, a $500 initial investment minimum and a $50 minimum for subsequent purchases applies. Class A shares have no subsequent investment minimum. Class R6 shares and institutional shareholders in Class I shares have no initial or subsequent investment minimums. Class B shares are closed to all new purchases and additional investments by existing Class B shareholders.
Certain financial intermediaries through whom you may invest may impose their own investment minimums, fees, policies and procedures for purchasing and selling Fund shares, which are not described in this Prospectus or the Statement of Additional Information, and which will depend on the policies, procedures and trading platforms of the financial intermediary. Consult a representative of your financial intermediary about the availability of shares of the Fund and the intermediary's policies, procedures and other information.
The Fund's distributions are generally taxable to you as ordinary income, capital gains, or a combination of the two, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account.
If you purchase Fund shares through a financial intermediary firm (such as a broker/dealer or bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the financial intermediary firm or your financial adviser to recommend the Fund over another investment. Ask your financial adviser or visit your financial intermediary firm's website for more information. No compensation, administrative payments, sub-transfer agency payments or service payments are paid to broker/dealers or other financial intermediaries from Fund assets or the Distributor’s or an affiliate’s resources on sales of or investments in Class R6 shares. The Distributor or an affiliate may pay de minimis amounts to intermediaries for setup, connectivity or other technological expenses. Class R6 shares do not carry sales charges or pay Rule 12b-1 fees, or make payments to financial intermediaries to assist in, or in connection with, the sale of the Fund’s shares.
40
The Fund seeks long-term growth of capital.
The
table below describes the fees and expenses that you may pay if you buy, hold
and sell shares of the Fund. You
may pay other fees, such as brokerage commissions and other fees to financial
intermediaries, which are not reflected in the table and example
below.
|
|
Class A |
|
Investor Class |
|
Class B1 |
|
Class C |
|
Class I |
|
Class R6 | |||||||||||||
Shareholder Fees (fees paid directly from your investment) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |
|
|
% |
|
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the original offering price or redemption proceeds) |
|
|
2 |
|
|
|
2 |
|
|
|
% |
|
|
% |
|
|
|
|
|
|
|
| ||
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Management Fees (as an annual percentage of the Fund's average daily net assets)3 |
|
|
% |
|
|
% |
|
|
% |
|
|
% |
|
|
% |
|
|
% | ||||||
|
Distribution and/or Service (12b-1) Fees |
|
|
% |
|
|
% |
|
|
% |
|
|
% |
|
|
|
|
|
|
|
| ||||
|
Other Expenses |
|
|
% |
|
|
% |
|
|
% |
|
|
% |
|
|
% |
|
|
% | ||||||
|
Total Annual Fund Operating Expenses |
|
|
% |
|
|
% |
|
|
% |
|
|
% |
|
|
% |
|
|
% | ||||||
|
Waivers / Reimbursements4,5 |
|
|
% |
|
( |
)% |
|
( |
)% |
|
( |
)% |
|
( |
)% |
|
|
% | ||||||
|
Total Annual Fund Operating Expenses After Waivers / Reimbursements4,5 |
|
|
% |
|
|
% |
|
|
% |
|
|
% |
|
|
% |
|
|
% |
1.
2.
3.
4.
5.
Expenses After |
Class A |
|
|
Investor |
Class B |
Class C |
Class I |
|
Class R6 |
| |||||||||
|
|
|
|
Class |
|
|
|
|
Assuming no redemption |
|
|
Assuming redemption at end of period |
|
|
|
| |||
1 Year |
$ |
|
|
$ |
|
$ |
|
|
$ |
|
$ |
|
|
$ |
|
$ |
|
$ |
|
3 Years |
$ |
|
|
$ |
|
$ |
|
|
$ |
|
$ |
|
|
$ |
|
$ |
|
$ |
|
5 Years |
$ |
|
|
$ |
|
$ |
|
|
$ |
|
$ |
|
|
$ |
|
$ |
|
$ |
|
10 Years |
$ |
|
|
$ |
|
$ |
|
|
$ |
|
$ |
|
|
$ |
|
$ |
|
$ |
|
41
MainStay WMC Growth Fund
The
Fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). A higher portfolio turnover rate may
indicate higher transaction costs and may result in higher taxes when Fund
shares are held in a taxable account. These costs, which are not reflected in
annual fund operating expenses or in the Example, affect the Fund's performance.
During the most recent fiscal year, the Fund's portfolio turnover rate was
The Fund invests primarily in stocks of large-capitalization U.S. companies considered to have above-average earnings growth potential and reasonable stock prices in comparison with expected earnings. The Fund generally considers large capitalization companies to be those with market capitalizations within the range of the Russell 1000® Growth Index at the time of investment (which ranged from $670 million to $3 trillion as of December 31, 2023). Under normal circumstances, at least 80% of the Fund’s assets will be invested in securities issued by U.S. companies. An issuer of a security is considered to be a U.S. or foreign issuer based on the issuer's "country of risk" (or similar designation) as determined by a third-party such as Bloomberg.
Investment Process: Wellington Management Company LLP, the Fund’s Subadvisor (the “Subadvisor”), employs a traditional, bottom-up fundamental research approach to identify securities that possess sustainable growth at reasonable valuations. The Subadvisor seeks to identify companies that have demonstrated above-average growth in the past, then conduct a thorough review of each company’s business model. The goal of this review is to identify companies that can sustain above-average growth because of their superior business models as represented by high returns on capital, strong management, and quality balance sheets. The Subadvisor may sell securities for a variety of reasons, such as to secure gains, limit losses, or redeploy assets into opportunities believed by the Subadvisor to have greater estimated upside return potential relative to downside risk. To better assess strategic business issues that impact the performance of a company, the Subadvisor may also give consideration to financially material environmental, social and/or governance (“ESG”) factors. The Subadvisor has discretion to determine the materiality of, as well as the level at which, financially relevant ESG factors are imbedded into its overall fundamental analysis when making an investment decision.
The principal risks of investing in the Fund are summarized below.
Market Risk: Changes in markets may cause the value of investments to fluctuate, which could cause the Fund to underperform other funds with similar investment objectives and strategies. Such changes may be rapid and unpredictable. From time to time, markets may experience periods of stress as a result of various market, economic and geopolitical factors for potentially prolonged periods that may result in: (i) increased market volatility; (ii) reduced market liquidity; and (iii) increased redemptions of shares. Such conditions may add significantly to the risk of volatility in the net asset value of the Fund's shares and adversely affect the Fund and its investments.
Portfolio Management Risk: The investment strategies, practices and risk analyses used by the Subadvisor may not produce the desired results or expected returns. The Subadvisor may give consideration to certain ESG criteria when evaluating an investment opportunity. The application of ESG criteria may result in the Fund (i) having exposure to certain securities or industry sectors that are significantly different than the composition of the Fund's benchmark; and (ii) performing differently than other funds and strategies in its peer group that do not take into account ESG criteria or the Fund's benchmark.
Equity Securities Risk: Investments in common stocks and other equity securities are particularly subject to the risk of changing economic, stock market, industry and company conditions and the risks inherent in the ability to anticipate such changes that can adversely affect the value of portfolio holdings.
Growth Stock Risk: If growth companies do not increase their earnings at a rate expected by investors, the market price of the stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can cushion stock prices in market downturns. These risks may be more pronounced in companies that are in the earlier stages of their growth cycle.
Market Capitalization Risk: Investments in securities issued by small-, mid-, or large-cap companies will be subject to the risks associated with securities issued by companies of the applicable market capitalization. Securities of small-cap and mid-cap companies may be subject to greater price volatility, significantly lower trading volumes, cyclical, static or moderate growth prospects and greater spreads between their bid and ask prices than securities of larger companies. Smaller capitalization companies frequently rely on narrower product lines and niche markets and may be more vulnerable to adverse business or market developments. Securities issued by larger companies may have less growth potential and may not be able to attain the high growth rates of successful smaller companies, especially during strong economic periods. In addition, larger companies may be less capable of responding quickly to competitive challenges and industry changes, including those resulting from
42
MainStay WMC Growth Fund
improvements in technology, and may suffer sharper price declines as a result of earnings disappointments. There is a risk that the securities issued by companies of a certain market capitalization may underperform the broader market at any given time.
The
following bar chart and table provide some indication of the risks of investing
in the Fund by showing changes in the Fund’s performance from year to year and
by showing how the Fund’s average annual returns compare with those of a broad
measure of market performance, as well as an additional index over
time.
Index returns reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable.
Performance
data for the classes varies based on differences in their fee and expense
structures.
Effective July 29, 2016, the Fund replaced its subadvisor and modified its principal investment strategies.
The Fund’s subadvisor changed effective January 1, 2018 due to an organizational restructuring whereby all investment personnel of Cornerstone Capital Management Holdings LLC, the former subadvisor, transitioned to MacKay Shields LLC.
Effective March 5, 2021, the Fund replaced its subadvisor and modified its principal investment strategies. The past performance in the bar chart and table prior to that date reflects the Fund’s prior subadvisors and principal investment strategies.
Annual Returns, Class I Shares
(by calendar year 2014-2023)
|
||
|
|
% |
|
||
|
- |
% |
43
MainStay WMC Growth Fund
Average Annual Total Returns (for the periods ended December 31, 2023)
|
|
|
|
|
10 Years or | |||
|
Inception |
|
1 Year |
5 Years |
Since | |||
|
|
|
|
|
Inception | |||
Return Before Taxes |
|
|
|
|
|
|
|
|
Class I |
|
|
|
% |
|
% |
|
% |
Return After Taxes on Distributions |
|
|
|
|
|
|
|
|
Class I |
|
|
|
% |
|
% |
|
% |
Return After Taxes on Distributions and Sale of Fund Shares |
|
|
|
|
|
|
|
|
Class I |
|
|
|
% |
|
% |
|
% |
Return Before Taxes |
|
|
|
|
|
|
|
|
Class A |
|
|
|
% |
|
% |
|
% |
Investor Class |
|
|
|
% |
|
% |
|
% |
Class B |
|
|
|
% |
|
% |
|
% |
Class C |
|
|
|
% |
|
% |
|
% |
Class R6 |
|
|
|
% |
N/A |
|
- |
% |
|
|
|
|
|
|
|
|
|
|
|
% |
|
% |
|
% | ||
|
|
% |
|
% |
|
% |
1.
2.
New York Life Investment Management LLC serves as the Manager. Wellington Management Company LLP serves as the Subadvisor. The individuals listed below are jointly and primarily responsible for day-to-day portfolio management.
Subadvisor |
Portfolio Manager |
Service Date |
Wellington Management Company LLP |
Andrew J. Shilling, Senior Managing Director and Equity Portfolio Manager |
Since 2021 |
Clark R. Shields, Managing Director and Equity Portfolio Manager |
Since 2023 |
You may purchase or sell shares of the Fund on any day the Fund is open for business by contacting your financial adviser or financial intermediary firm, or by contacting the Fund by telephone at 800-624-6782, by mail at MainStay Funds, P.O. Box 219003, Kansas City, MO 64121-9000, by overnight mail to 430 West 7th Street, Suite 219003, Kansas City, MO 64105-1407, or by accessing our website at newyorklifeinvestments.com/accounts.
Class R6 shares are generally only available to certain retirement plans invested in the Fund through omnibus accounts (either at the plan level or omnibus accounts held on the books of the Fund). Class R6 shares are generally not available to retail accounts. Generally, an initial investment minimum of $2,500 applies if you invest in Investor Class or Class C shares, $15,000 for Class A shares and $1,000,000 for individual investors in Class I shares investing directly (i) with the Fund; or (ii) through certain private banks and trust companies that have an agreement with NYLIFE Distributors LLC, the Fund’s principal underwriter and distributor, or its affiliates. A subsequent investment minimum of $50 applies to investments in Investor Class and Class C shares. These initial investment minimum and subsequent purchase amounts also apply to Investor Class and Class C shares purchased through AutoInvest, MainStay’s systematic investment plan. Class A shares have no subsequent investment minimum. Class R6 shares and institutional shareholders in Class I shares have no initial or subsequent investment minimums. Class B shares are closed to all new purchases and additional investments by existing Class B shareholders.
Certain financial intermediaries through whom you may invest may impose their own investment minimums, fees, policies and procedures for purchasing and selling Fund shares, which are not described in this Prospectus or the Statement of Additional Information, and which will depend on the policies, procedures and trading platforms of the financial intermediary. Consult a representative of your financial intermediary about the availability of shares of the Fund and the intermediary's policies, procedures and other information.
44
MainStay WMC Growth Fund
The Fund's distributions are generally taxable to you as ordinary income, capital gains, or a combination of the two, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account.
If you purchase Fund shares through a financial intermediary firm (such as a broker/dealer or bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the financial intermediary firm or your financial adviser to recommend the Fund over another investment. Ask your financial adviser or visit your financial intermediary firm's website for more information. No compensation, administrative payments, sub-transfer agency payments or service payments are paid to broker/dealers or other financial intermediaries from Fund assets or the Distributor’s or an affiliate’s resources on sales of or investments in Class R6 shares. The Distributor or an affiliate may pay de minimis amounts to intermediaries for setup, connectivity or other technological expenses. Class R6 shares do not carry sales charges or pay Rule 12b-1 fees, or make payments to financial intermediaries to assist in, or in connection with, the sale of the Fund’s shares.
45
The Fund seeks long-term growth of capital.
The
table below describes the fees and expenses that you may pay if you buy, hold
and sell shares of the Fund. You
may pay other fees, such as brokerage commissions and other fees to financial
intermediaries, which are not reflected in the table and example
below.
|
|
Class A |
|
Investor Class |
|
Class B1 |
|
Class C |
|
Class I | |||||||||||
Shareholder Fees (fees paid directly from your investment) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |
|
|
% |
|
|
% |
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the original offering price or redemption proceeds) |
|
|
2 |
|
|
|
2 |
|
|
|
% |
|
|
% |
|
|
|
| ||
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Management Fees (as an annual percentage of the Fund's average daily net assets)3 |
|
|
% |
|
|
% |
|
|
% |
|
|
% |
|
|
% | |||||
|
Distribution and/or Service (12b-1) Fees |
|
|
% |
|
|
% |
|
|
% |
|
|
% |
|
|
|
| ||||
|
Other Expenses |
|
|
% |
|
|
% |
|
|
% |
|
|
% |
|
|
% | |||||
|
Total Annual Fund Operating Expenses |
|
|
% |
|
|
% |
|
|
% |
|
|
% |
|
|
% | |||||
|
Waivers / Reimbursements4 |
|
|
% |
|
( |
)% |
|
( |
)% |
|
( |
)% |
|
|
% | |||||
|
Total Annual Fund Operating Expenses After Waivers / Reimbursements4 |
|
|
% |
|
|
% |
|
|
% |
|
|
% |
|
|
% |
1.
2.
3.
4.
Expenses After |
Class A |
|
|
Investor |
Class B |
Class C |
Class I |
| |||||||||
|
|
|
|
Class |
|
|
|
|
Assuming no redemption |
|
|
Assuming redemption at end of period |
|
| |||
1 Year |
$ |
|
|
$ |
|
$ |
|
|
$ |
|
$ |
|
|
$ |
|
$ |
|
3 Years |
$ |
|
|
$ |
|
$ |
|
|
$ |
|
$ |
|
|
$ |
|
$ |
|
5 Years |
$ |
|
|
$ |
|
$ |
|
|
$ |
|
$ |
|
|
$ |
|
$ |
|
10 Years |
$ |
|
|
$ |
|
$ |
|
|
$ |
|
$ |
|
|
$ |
|
$ |
|
The
Fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). A higher portfolio turnover rate may
indicate higher transaction costs and may result in higher taxes when Fund
shares are held in a taxable account. These costs, which are not reflected in
annual fund operating expenses or in the Example, affect the Fund's performance.
During the most recent fiscal year, the Fund's portfolio turnover rate was
46
MainStay WMC Small Companies Fund
The Fund may also invest up to 10% of its net assets in securities of foreign issuers. An issuer of a security is considered to be a U.S. or foreign issuer based on the issuer's "country of risk" (or similar designation) as determined by a third-party such as Bloomberg.
The principal risks of investing in the Fund are summarized below.
Market Risk: Changes in markets may cause the value of investments to fluctuate, which could cause the Fund to underperform other funds with similar investment objectives and strategies. Such changes may be rapid and unpredictable. From time to time, markets may experience periods of stress as a result of various market, economic and geopolitical factors for potentially prolonged periods that may result in: (i) increased market volatility; (ii) reduced market liquidity; and (iii) increased redemptions of shares. Such conditions may add significantly to the risk of volatility in the net asset value of the Fund's shares and adversely affect the Fund and its investments.
Portfolio Management Risk: The investment strategies, practices and risk analyses used by the Subadvisor may not produce the desired results or expected returns. The quantitative screening performed by the Subadvisor, and the securities selected based on the screening, may not perform as expected. The quantitative screening may adversely affect the Fund's performance. There may also be technical issues with the construction and implementation of quantitative models (for example, software or other technology malfunctions, or programming inaccuracies). In addition, the Fund's performance will reflect, in part, the Subadvisor's ability to make active qualitative decisions. The Subadvisor may give consideration to certain ESG criteria when evaluating an investment opportunity. The application of ESG criteria may result in the Fund (i) having exposure to certain securities or industry sectors that are significantly different than the composition of the Fund's benchmark; and (ii) performing differently than other funds and strategies in its peer group that do not take into account ESG criteria or the Fund's benchmark.
Micro-Cap, Small-Cap and Mid-Cap Stock Risk: The general risks associated with equity securities and liquidity risk are particularly pronounced for stocks of companies with market capitalizations that are small compared to other publicly traded companies. These companies may have limited product lines, markets or financial resources or they may depend on a few key employees. Stocks of small-capitalization and mid-capitalization companies may trade less frequently and in lesser volume than more widely held securities, and their values may fluctuate more sharply than those of other securities. They may also trade in the over-the-counter market or on a regional exchange, or may otherwise have limited liquidity. Generally, the smaller the company, the greater these risks become. As a result, stocks of micro-capitalization companies share the same risks as stocks of small-capitalization and mid-capitalization companies, however these risks are more pronounced, including that the changes in stock price of micro-capitalization companies can be more sudden or erratic than stock prices of other larger capitalization stocks, especially over the short term.
Equity Securities Risk: Investments in common stocks and other equity securities are particularly subject to the risk of changing economic, stock market, industry and company conditions and the risks inherent in the ability to anticipate such changes that can adversely affect the value of portfolio holdings.
47
MainStay WMC Small Companies Fund
Growth Stock Risk: If growth companies do not increase their earnings at a rate expected by investors, the market price of the stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can cushion stock prices in market downturns. These risks may be more pronounced in companies that are in the earlier stages of their growth cycle.
Value Stock Risk: Value stocks may never reach what the Subadvisor believes is their full value or they may go down in value. In addition, different types of stocks tend to shift in and out of favor depending on market and economic conditions, and therefore the Fund's performance may be lower or higher than that of funds that invest in other types of equity securities.
Foreign Securities Risk: An issuer of a security is considered to be a U.S. or foreign issuer based on the issuer’s “country of risk” (or similar designation) as determined by a third party such as Bloomberg (or another similar third party). The issuer’s “country of risk” is determined based on a number of criteria, which may change from time to time and currently include, but are not limited to, its country of domicile, the primary stock exchange on which it trades, the location from which the majority of its revenue comes, and its reporting currency. Although a Fund will generally rely on an issuer’s “country of risk” (or similar designation) as determined by Bloomberg (or another similar third party) when categorizing securities as either U.S. or foreign-based, it is not required to do so.
Investments in foreign (non-U.S.) securities may be riskier than investments in U.S. securities. Foreign regulatory regimes and securities markets can have less stringent investor protections and disclosure standards and less liquid trading markets than U.S. regulatory regimes and securities markets, and can experience political, social and economic developments that may affect the value of investments in foreign securities. Foreign securities may also subject the Fund's investments to changes in currency rates. Changes in the value of foreign currencies may make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. Economic sanctions may be, and have been, imposed against certain countries, organizations, companies, entities and/or individuals. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate the Fund’s ability to purchase or sell certain foreign securities or groups of foreign securities, and thus may make the Fund’s investments in such securities less liquid or more difficult to value. Such sanctions may also cause a decline in the value of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country. In addition, as a result of economic sanctions and other similar governmental actions or developments, the Fund may be forced to sell or otherwise dispose of foreign investments at inopportune times or prices. The Fund may seek to hedge against its exposure to changes in the value of foreign currency, but there is no guarantee that such hedging techniques will be successful in reducing any related foreign currency valuation risk.
The
following bar chart and table provide some indication of the risks of investing
in the Fund by showing changes in the Fund’s performance from year to year and
by showing how the Fund’s average annual returns compare with those of a broad
measure of market performance, as well as an additional index over
time.
Index returns reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable.
Performance
data for the classes varies based on differences in their fee and expense
structures.
The Fund replaced its subadvisor effective April 1, 2019, and changed its investment objective and principal investment strategies.
Effective March 5, 2021, the Fund replaced its subadvisor and modified its principal investment strategies. The past performance in the bar chart and table prior to that date reflects the Fund’s prior subadvisors, investment objective and principal investment strategies.
48
MainStay WMC Small Companies Fund
Annual Returns, Class I Shares
(by calendar year 2014-2023)
|
||
|
|
% |
|
||
|
- |
% |
Average Annual Total Returns (for the periods ended December 31, 2023)
|
|
|
|
|
| |||
|
Inception |
|
1 Year |
5 Years |
10 Years | |||
|
|
|
|
|
| |||
Return Before Taxes |
|
|
|
|
|
|
|
|
Class I |
|
|
|
% |
|
% |
|
% |
Return After Taxes on Distributions |
|
|
|
|
|
|
|
|
Class I |
|
|
|
% |
|
% |
|
% |
Return After Taxes on Distributions and Sale of Fund Shares |
|
|
|
|
|
|
|
|
Class I |
|
|
|
% |
|
% |
|
% |
Return Before Taxes |
|
|
|
|
|
|
|
|
Class A |
|
|
|
% |
|
% |
|
% |
Investor Class |
|
|
|
% |
|
% |
|
% |
Class B |
|
|
|
% |
|
% |
|
% |
Class C |
|
|
|
% |
|
% |
|
% |
|
|
|
|
|
|
|
|
|
|
|
% |
|
% |
|
% | ||
|
|
% |
|
% |
|
% |
1.
2.
49
MainStay WMC Small Companies Fund
New York Life Investment Management LLC serves as the Manager. Wellington Management Company LLP serves as the Subadvisor. The individuals listed below are jointly and primarily responsible for day-to-day portfolio management.
Subadvisor |
Portfolio Manager |
Service Date |
Wellington Management Company LLP |
Peter W. Carpi, Managing Director and Equity Portfolio Manager |
Since 2021 |
David B. DuBard, Senior Managing Director and Equity Portfolio Manager |
Since 2023 |
You may purchase or sell shares of the Fund on any day the Fund is open for business by contacting your financial adviser or financial intermediary firm, or by contacting the Fund by telephone at 800-624-6782, by mail at MainStay Funds, P.O. Box 219003, Kansas City, MO 64121-9000, by overnight mail to 430 West 7th Street, Suite 219003, Kansas City, MO 64105-1407, or by accessing our website at newyorklifeinvestments.com/accounts.
Generally, an initial investment minimum of $1,000 applies if you invest in Investor Class or Class C shares, $15,000 for Class A shares and $1,000,000 for individual investors in Class I shares investing directly (i) with the Fund or (ii) through certain private banks and trust companies that have an agreement with NYLIFE Distributors LLC, the Fund’s principal underwriter and distributor, or its affiliates. A subsequent investment minimum of $50 applies to investments in Investor Class and Class C shares. However, for Investor Class and Class C shares purchased through AutoInvest, MainStay’s systematic investment plan, a $500 initial investment minimum and a $50 minimum for subsequent purchases applies. Class A shares have no subsequent investment minimum. Institutional shareholders in Class I shares have no initial or subsequent investment minimums. Class B shares are closed to all new purchases and additional investments by existing Class B shareholders.
Certain financial intermediaries through whom you may invest may impose their own investment minimums, fees, policies and procedures for purchasing and selling Fund shares, which are not described in this Prospectus or the Statement of Additional Information, and which will depend on the policies, procedures and trading platforms of the financial intermediary. Consult a representative of your financial intermediary about the availability of shares of the Fund and the intermediary's policies, procedures and other information.
The Fund's distributions are generally taxable to you as ordinary income, capital gains, or a combination of the two, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account.
If you purchase Fund shares through a financial intermediary firm (such as a broker/dealer or bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the financial intermediary firm or your financial adviser to recommend the Fund over another investment. Ask your financial adviser or visit your financial intermediary firm's website for more information.
50
The Fund seeks long-term appreciation of capital.
The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. In addition, different financial intermediary firms and financial professionals may impose different sales loads and waivers. More information about these and other discounts or waivers is available from your financial professional, in the "Information on Sales Charges" section starting on page 139 of the Prospectus and Appendix A – Intermediary-Specific Sales Charge Waivers and Discounts, and in the "Alternative Sales Arrangements" section on page 147 of the Statement of Additional Information.
|
|
Class A |
|
Investor Class |
|
Class B1 |
|
Class C |
|
Class I |
|
Class R6 | |||||||||||||
Shareholder Fees (fees paid directly from your investment) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |
|
5.50 |
% |
|
5.00 |
% |
|
None |
|
|
|
None |
|
|
|
None |
|
|
|
None |
|
| ||
|
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the original offering price or redemption proceeds) |
|
None |
2 |
|
|
None |
2 |
|
|
5.00 |
% |
|
1.00 |
% |
|
None |
|
|
|
None |
|
| ||
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Management Fees (as an annual percentage of the Fund's average daily net assets)3 |
|
0.66 |
% |
|
0.66 |
% |
|
0.66 |
% |
|
0.66 |
% |
|
0.66 |
% |
|
0.66 |
% | ||||||
|
Distribution and/or Service (12b-1) Fees |
|
0.25 |
% |
|
0.25 |
% |
|
1.00 |
% |
|
1.00 |
% |
|
None |
|
|
|
None |
|
| ||||
|
Other Expenses |
|
0.13 |
% |
|
0.39 |
% |
|
0.39 |
% |
|
0.39 |
% |
|
0.13 |
% |
|
0.05 |
% | ||||||
|
Total Annual Fund Operating Expenses |
|
1.04 |
% |
|
1.30 |
% |
|
2.05 |
% |
|
2.05 |
% |
|
0.79 |
% |
|
0.71 |
% | ||||||
|
Waivers / Reimbursements4 |
|
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
(0.09 |
)% |
|
(0.01 |
)% | ||||||
|
Total Annual Fund Operating Expenses After Waivers / Reimbursements4 |
|
1.04 |
% |
|
1.30 |
% |
|
2.05 |
% |
|
2.05 |
% |
|
0.70 |
% |
|
0.70 |
% |
1. Class B shares are closed to all new purchases as well as additional investments by existing Class B shareholders.
2. No initial sales charge applies on investments of $1 million or more (and certain other qualified purchases). However, a contingent deferred sales charge of 1.00% may be imposed on certain redemptions made within 18 months of the date of purchase on shares that were purchased without an initial sales charge.
3. The management fee is as follows: 0.66% on assets up to $1 billion; 0.64% on assets from $1 billion to $3 billion; and 0.62% on assets over $3 billion.
4. New York Life Investment Management LLC ("New York Life Investments") has contractually agreed to waive fees and/or reimburse expenses so that Total Annual Fund Operating Expenses (excluding taxes, interest, litigation, extraordinary expenses, brokerage and other transaction expenses relating to the purchase or sale of portfolio investments, and acquired (underlying) fund fees and expenses) for Class I shares do not exceed 0.70% of its average daily net assets. In addition, New York Life Investments will waive fees and/or reimburse expenses so that Total Annual Fund Operating Expenses (excluding taxes, interest, litigation, extraordinary expenses, brokerage and other transaction expenses relating to the purchase or sale of portfolio investments, and acquired (underlying) fund fees and expenses) for Class R6 do not exceed those of Class I. This agreement will remain in effect until February 28, 2025, and thereafter shall renew automatically for one-year terms unless New York Life Investments provides written notice of termination prior to the start of the next term or upon approval of the Board of Trustees of the Fund.
The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated whether or not you redeem all of your shares at the end of those periods (except as indicated with respect to Class B and Class C shares). The Example reflects Class B and Class C shares converting into Investor Class shares in years 9-10; expenses could be lower if you are eligible to convert to Class A shares instead. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The Example reflects the contractual fee waiver and/or expense reimbursement arrangement, if applicable, for the current duration of the arrangement only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expenses After |
Class A |
|
|
Investor |
Class B |
Class C |
Class I |
|
Class R6 |
| |||||||||
|
|
|
|
Class |
Assuming no redemption |
|
|
Assuming redemption at end of period |
Assuming no redemption |
|
|
Assuming redemption at end of period |
|
|
|
| |||
1 Year |
$ 650 |
|
|
$ 626 |
|
$ 208 |
|
|
$ 708 |
|
$ 208 |
|
|
$ 308 |
|
$ 72 |
|
$ 72 |
|
3 Years |
$ 863 |
|
|
$ 891 |
|
$ 643 |
|
|
$ 943 |
|
$ 643 |
|
|
$ 643 |
|
$ 243 |
|
$ 226 |
|
5 Years |
$ 1,092 |
|
|
$ 1,177 |
|
$ 1,103 |
|
|
$ 1,303 |
|
$ 1,103 |
|
|
$ 1,103 |
|
$ 430 |
|
$ 394 |
|
10 Years |
$ 1,751 |
|
|
$ 1,989 |
|
$ 2,187 |
|
|
$ 2,187 |
|
$ 2,187 |
|
|
$ 2,187 |
|
$ 970 |
|
$ 882 |
|
51
MainStay WMC Value Fund
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 29% of the average value of its portfolio.
The Fund invests in equity securities issued by companies of any size or market capitalization range. While the Fund does not limit its investments to issuers within a particular capitalization range, it generally invests in large capitalization companies (as represented by the market capitalization range of the Russell 1000® Index, which ranged from $270 million to $3 trillion as of December 31, 2023). The Fund may invest in securities of foreign issuers, including securities of emerging market country issuers. An issuer of a security is considered to be a U.S. or foreign issuer based on the issuer's "country of risk" (or similar designation) as determined by a third-party such as Bloomberg. Wellington Management Company LLP, the Fund’s Subadvisor (the “Subadvisor”), defines emerging market countries as those countries that are included in the MSCI Emerging Markets Index. The Fund may also invest in American Depositary Receipts.
Investment Process: The Subadvisor, seeks to identify companies that are financially sound but temporarily out-of-favor, and that provide above-average potential total returns at below average valuations. The Subadvisor employs a “bottom-up” approach to investment research and seeks to capitalize on investor behavioral biases by investing in companies with an attractive combination of valuation, quality, and capital return, and by taking a long-term view. Quality can be assessed across metrics including free cash flow margin, return on invested capital and net debt to EBITDA (earning before interest, taxes, depreciation and amortization). The Subadvisor may sell stocks when the Subadvisor’s target price is achieved, the Subadvisor’s fundamental outlook with respect to the stock has changed, or in the event the Subadvisor believes more attractive investment alternatives exist. To better assess strategic business issues that impact the performance of a company, the Subadvisor may also give consideration to financially material environmental, social and/or governance (“ESG”) factors. The Subadvisor has discretion to determine the materiality of, as well as the level at which, financially relevant ESG factors are imbedded into its overall fundamental analysis when making an investment decision.
You can lose money by investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. The investments selected by the Subadvisors may underperform the market in which the Fund invests or other investments. The Fund may receive large purchase or redemption orders which may have adverse effects on performance if the Fund were required to sell securities, invest cash or hold a relatively large amount of cash at times when it would not otherwise do so.
The principal risks of investing in the Fund are summarized below.
Market Risk: Changes in markets may cause the value of investments to fluctuate, which could cause the Fund to underperform other funds with similar investment objectives and strategies. Such changes may be rapid and unpredictable. From time to time, markets may experience periods of stress as a result of various market, economic and geopolitical factors for potentially prolonged periods that may result in: (i) increased market volatility; (ii) reduced market liquidity; and (iii) increased redemptions of shares. Such conditions may add significantly to the risk of volatility in the net asset value of the Fund's shares and adversely affect the Fund and its investments.
Portfolio Management Risk: The investment strategies, practices and risk analyses used by the Subadvisors may not produce the desired results or expected returns. The Subadvisor may give consideration to certain ESG criteria when evaluating an investment opportunity. The application of ESG criteria may result in the Fund (i) having exposure to certain securities or industry sectors that are significantly different than the composition of the Fund's benchmark; and (ii) performing differently than other funds and strategies in its peer group that do not take into account ESG criteria or the Fund's benchmark.
Equity Securities Risk: Investments in common stocks and other equity securities are particularly subject to the risk of changing economic, stock market, industry and company conditions and the risks inherent in the ability to anticipate such changes that can adversely affect the value of portfolio holdings.
Value Stock Risk: Value stocks may never reach what the Subadvisors believe is their full value or they may go down in value. In addition, different types of stocks tend to shift in and out of favor depending on market and economic conditions, and therefore the Fund's performance may be lower or higher than that of funds that invest in other types of equity securities.
Market Capitalization Risk: Investments in securities issued by small-, mid-, or large-cap companies will be subject to the risks associated with securities issued by companies of the applicable market capitalization. Securities of small-cap and mid-cap companies may be subject to greater price volatility, significantly lower trading volumes, cyclical, static or moderate growth prospects and greater spreads between their bid and ask prices than securities of larger companies. Smaller capitalization companies frequently rely on narrower product lines and niche markets and may be more vulnerable to adverse business or market developments. Securities issued by larger companies may have less growth potential and may not be able to attain the high growth rates of successful smaller companies, especially during strong economic periods. In addition, larger
52
MainStay WMC Value Fund
companies may be less capable of responding quickly to competitive challenges and industry changes, including those resulting from improvements in technology, and may suffer sharper price declines as a result of earnings disappointments. There is a risk that the securities issued by companies of a certain market capitalization may underperform the broader market at any given time.
Foreign Securities Risk: An issuer of a security is considered to be a U.S. or foreign issuer based on the issuer’s “country of risk” (or similar designation) as determined by a third party such as Bloomberg (or another similar third party). The issuer’s “country of risk” is determined based on a number of criteria, which may change from time to time and currently include, but are not limited to, its country of domicile, the primary stock exchange on which it trades, the location from which the majority of its revenue comes, and its reporting currency. Although a Fund will generally rely on an issuer’s “country of risk” (or similar designation) as determined by Bloomberg (or another similar third party) when categorizing securities as either U.S. or foreign-based, it is not required to do so.
Investments in foreign (non-U.S.) securities may be riskier than investments in U.S. securities. Foreign regulatory regimes and securities markets can have less stringent investor protections and disclosure standards and less liquid trading markets than U.S. regulatory regimes and securities markets, and can experience political, social and economic developments that may affect the value of investments in foreign securities. Foreign securities may also subject the Fund's investments to changes in currency rates. Changes in the value of foreign currencies may make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. Economic sanctions may be, and have been, imposed against certain countries, organizations, companies, entities and/or individuals. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate the Fund’s ability to purchase or sell certain foreign securities or groups of foreign securities, and thus may make the Fund’s investments in such securities less liquid or more difficult to value. Such sanctions may also cause a decline in the value of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country. In addition, as a result of economic sanctions and other similar governmental actions or developments, the Fund may be forced to sell or otherwise dispose of foreign investments at inopportune times or prices. The Fund may seek to hedge against its exposure to changes in the value of foreign currency, but there is no guarantee that such hedging techniques will be successful in reducing any related foreign currency valuation risk. These risks may be greater with respect to securities of companies that conduct their business activities in emerging markets or whose securities are traded principally in emerging markets.
Depositary Receipts Risk: Investments in depositary receipts may entail the special risks of investing in foreign securities, including currency exchange fluctuations, government regulations, and the potential for political and economic instability.
Emerging Markets Risk: The risks related to investing in foreign securities are generally greater with respect to securities of companies that conduct their business activities in emerging markets or whose securities are traded principally in emerging markets. The risks of investing in emerging markets are elevated under adverse market conditions and include: (i) smaller trading volumes for such securities and limited access to investments in the event of market closures (including due to local holidays), which result in a lack of liquidity and in greater price volatility; (ii) less government regulation, which could lead to market manipulation, and less extensive, transparent and frequent accounting, auditing, recordkeeping, financial reporting and other requirements, which limit the quality and availability of financial information; (iii) the absence of developed legal systems, including structures governing private or foreign investment or allowing for judicial redress (such as limits on rights and remedies available) for investment losses and injury to private property; (iv) loss resulting from problems in share registration and custody; (v) sensitivity to adverse political or social events affecting the region where an emerging market is located; (vi) particular sensitivity to economic and political disruptions, including adverse effects stemming from wars, sanctions, trade restrictions, recessions, depressions or other economic crises, or reliance on international or other forms of aid, including trade, taxation and development policies; and (vii) the nationalization of foreign deposits or assets.
The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns compare with those of a broad measure of market performance, as well as an additional index over time. Sales loads, if any, are not reflected in the bar chart. If they were, returns would be less than those shown. In accordance with new regulatory requirements, the Fund has selected the Russell 3000® Index, which represents a broad measure of market performance, as a replacement for the Russell 1000® Value Index. The table also includes the average annual returns of the Russell 1000® Value Index, which is generally representative of the market sectors or types of investments in which the Fund invests.
Index returns reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable.
Performance data for the classes varies based on differences in their fee and expense structures. Performance data is not shown for classes with less than one calendar year of performance. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Please visit newyorklifeinvestments.com/funds for more recent performance information.
One of the Fund's subadvisors changed effective January 9, 2017, and the Fund's principal investment strategies changed effective February 28, 2017 and March 13, 2017.
Effective April 26, 2021, the Fund replaced both of its subadvisors and modified its principal investment strategies. The past performance in the bar chart and table prior to that date reflects the Fund’s prior subadvisors and principal investment strategies.
53
MainStay WMC Value Fund
Annual Returns, Class I Shares
(by calendar year 2014-2023)
Best Quarter |
||
2020, Q2 |
22.20 |
% |
Worst Quarter |
||
2020, Q1 |
-25.79 |
% |
Average Annual Total Returns (for the periods ended December 31, 2023)
|
|
|
|
|
10 Years or | |||
|
Inception |
|
1 Year |
5 Years |
Since | |||
|
|
|
|
|
Inception | |||
Return Before Taxes |
|
|
|
|
|
|
|
|
Class I |
1/21/1971 |
|
9.38 |
% |
14.59 |
% |
10.00 |
% |
Return After Taxes on Distributions |
|
|
|
|
|
|
|
|
Class I |
|
|
8.21 |
% |
10.69 |
% |
6.85 |
% |
Return After Taxes on Distributions and Sale of Fund Shares |
|
|
|
|
|
|
|
|
Class I |
|
|
6.32 |
% |
11.26 |
% |
7.46 |
% |
Return Before Taxes |
|
|
|
|
|
|
|
|
Class A |
6/9/1999 |
|
2.99 |
% |
12.97 |
% |
9.08 |
% |
Investor Class |
2/28/2008 |
|
3.34 |
% |
12.67 |
% |
8.84 |
% |
Class B |
6/9/1999 |
|
2.96 |
% |
12.94 |
% |
8.64 |
% |
Class C |
6/9/1999 |
|
6.95 |
% |
13.10 |
% |
8.64 |
% |
Class R6 |
4/26/2021 |
|
9.40 |
% |
N/A |
|
5.29 |
% |
|
|
|
|
|
|
|
|
|
Russell 3000® Index1 |
25.96 |
% |
15.16 |
% |
11.48 |
% | ||
Russell 1000® Value Index2 |
11.46 |
% |
10.91 |
% |
8.40 |
% |
1. 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.
2. 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.
After-tax returns are calculated using the highest individual federal marginal income tax rates in effect at the time of each distribution or capital gain or upon the sale of Fund shares, and do not reflect the impact of state and local taxes. In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of shares at the end of the measurement period. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns shown are for Class I shares. After-tax returns for the other share classes may vary.
54
MainStay WMC Value Fund
New York Life Investment Management LLC serves as the Manager. Wellington Management Company LLP serves as the Subadvisor. The individuals listed below are jointly and primarily responsible for day-to-day portfolio management.
Subadvisor |
Portfolio Managers |
Service Date |
Wellington Management Company LLP |
Adam H. Illfelder, Senior Managing Director and Equity Portfolio Manager |
Since 2021 |
|
Betsy M. George, Managing Director and Equity Research Analyst |
Since February 2024 |
Ravi Gill, Managing Director and Equity Research Analyst |
Since February 2024 |
You may purchase or sell shares of the Fund on any day the Fund is open for business by contacting your financial adviser or financial intermediary firm, or by contacting the Fund by telephone at 800-624-6782, by mail at MainStay Funds, P.O. Box 219003, Kansas City, MO 64121-9000, by overnight mail to 430 West 7th Street, Suite 219003, Kansas City, MO 64105-1407, or by accessing our website at newyorklifeinvestments.com/accounts.
Class R6 shares are generally only available to certain retirement plans invested in the Fund through omnibus accounts (either at the plan level or omnibus accounts held on the books of the Fund). Class R6 shares are generally not available to retail accounts. Generally, an initial investment minimum of $1,000 applies if you invest in Investor Class or Class C shares, $15,000 for Class A shares and $1,000,000 for individual investors in Class I shares investing directly (i) with the Fund or (ii) through certain private banks and trust companies that have an agreement with NYLIFE Distributors LLC, the Fund’s principal underwriter and distributor, or its affiliates. A subsequent investment minimum of $50 applies to investments in Investor Class and Class C shares. However, for Investor Class and Class C shares purchased through AutoInvest, MainStay’s systematic investment plan, a $500 initial investment minimum and a $50 minimum for subsequent purchases applies. Class A shares have no subsequent investment minimum. Class R6 shares and institutional shareholders in Class I shares have no initial or subsequent investment minimums. Class B shares are closed to all new purchases and additional investments by existing Class B shareholders.
Certain financial intermediaries through whom you may invest may impose their own investment minimums, fees, policies and procedures for purchasing and selling Fund shares, which are not described in this Prospectus or the Statement of Additional Information, and which will depend on the policies, procedures and trading platforms of the financial intermediary. Consult a representative of your financial intermediary about the availability of shares of the Fund and the intermediary's policies, procedures and other information.
The Fund's distributions are generally taxable to you as ordinary income, capital gains, or a combination of the two, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account.
If you purchase Fund shares through a financial intermediary firm (such as a broker/dealer or bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the financial intermediary firm or your financial adviser to recommend the Fund over another investment. Ask your financial adviser or visit your financial intermediary firm's website for more information. No compensation, administrative payments, sub-transfer agency payments or service payments are paid to broker/dealers or other financial intermediaries from Fund assets or the Distributor’s or an affiliate’s resources on sales of or investments in Class R6 shares. The Distributor or an affiliate may pay de minimis amounts to intermediaries for setup, connectivity or other technological expenses. Class R6 shares do not carry sales charges or pay Rule 12b-1 fees, or make payments to financial intermediaries to assist in, or in connection with, the sale of the Fund’s shares.
55
The Fund seeks total return.
The
table below describes the fees and expenses that you may pay if you buy, hold
and sell shares of the Fund. You
may pay other fees, such as brokerage commissions and other fees to financial
intermediaries, which are not reflected in the table and example
below.
|
|
Class A |
|
Investor Class |
|
Class C |
|
Class I |
|
SIMPLE Class | |||||||||||
Shareholder Fees (fees paid directly from your investment) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |
|
|
% |
|
|
% |
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the original offering price or redemption proceeds) |
|
|
1 |
|
|
|
1 |
|
|
|
% |
|
|
|
|
|
|
|
| |
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Management Fees (as an annual percentage of the Fund's average daily net assets)2 |
|
|
% |
|
|
% |
|
|
% |
|
|
% |
|
|
% | |||||
|
Distribution and/or Service (12b-1) Fees |
|
|
% |
|
|
% |
|
|
% |
|
|
|
|
|
|
% | ||||
|
Other Expenses |
|
|
% |
|
|
% |
|
|
% |
|
|
% |
|
|
% | |||||
|
Total Annual Fund Operating Expenses |
|
|
% |
|
|
% |
|
|
% |
|
|
% |
|
|
% | |||||
|
Waivers / Reimbursements3,4 |
|
|
% |
|
( |
)% |
|
( |
)% |
|
( |
)% |
|
|
% | |||||
|
Total Annual Fund Operating Expenses After Waivers / Reimbursements3,4 |
|
|
% |
|
|
% |
|
|
% |
|
|
% |
|
|
% |
1.
2.
3.
4.
Expenses After |
Class A |
|
|
Investor |
Class C |
Class I |
|
SIMPLE |
| |||||
|
|
|
|
Class |
|
|
|
|
|
|
Class |
| ||
1 Year |
$ |
|
|
$ |
|
$ |
|
|
$ |
|
$ |
|
$ |
|
3 Years |
$ |
|
|
$ |
|
$ |
|
|
$ |
|
$ |
|
$ |
|
5 Years |
$ |
|
|
$ |
|
$ |
|
|
$ |
|
$ |
|
$ |
|
10 Years |
$ |
|
|
$ |
|
$ |
|
|
$ |
|
$ |
|
$ |
|
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are
56
MainStay Epoch International Choice Fund
not
reflected in annual fund operating expenses or in the Example, affect the Fund's
performance. During the most recent fiscal year, the Fund's portfolio turnover
rate was
Investment Process: Epoch Investment Partners, Inc., the Fund's Subadvisor, invests primarily in companies that generate increasing levels of free cash flow and have management teams that the Subadvisor believes allocate free cash flow effectively to create shareholder value. The security selection process focuses on free-cash-flow analytics as opposed to traditional accounting-based metrics. The Subadvisor seeks to identify companies with a consistent, straightforward ability to both generate cash flow and to intelligently allocate it among internal reinvestment opportunities, acquisitions, dividends, share repurchases and/or debt reduction.
Material environmental, social and governance ("ESG") factors are identified and monitored by the Subadvisor. Material ESG factors vary by company and industry, but the Subadvisor pays particular attention to factors relating to climate change and corporate governance. This information is taken into account by the Subadvisor in making investment decisions. Material ESG factors are identified and monitored by the Subadvisor through review of ESG information published by the company (where relevant) or selected specialist third-party research and data providers. While the Subadvisor considers ESG factors in the investment decision-making process of the Fund, this does not mean that ESG considerations are the sole or foremost considerations for investment decisions.
The Subadvisor may sell or reduce a position in a security when it believes its investment objectives have been met or when the security is deemed less attractive relative to another security on a return/risk basis. The Subadvisor may sell or reduce a position in a security if it sees the investment thesis failing to materialize.
The principal risks of investing in the Fund are summarized below.
Market Risk: Changes in markets may cause the value of investments to fluctuate, which could cause the Fund to underperform other funds with similar investment objectives and strategies. Such changes may be rapid and unpredictable. From time to time, markets may experience periods of stress as a result of various market, economic and geopolitical factors for potentially prolonged periods that may result in: (i) increased market volatility; (ii) reduced market liquidity; and (iii) increased redemptions of shares. Such conditions may add significantly to the risk of volatility in the net asset value of the Fund's shares and adversely affect the Fund and its investments.
Portfolio Management Risk: The investment strategies, practices and risk analyses used by the Subadvisor may not produce the desired results or expected returns. The Subadvisor may give consideration to certain ESG criteria when evaluating an investment opportunity. The application of ESG criteria may result in the Fund (i) having exposure to certain securities or industry sectors that are significantly different than the composition of the Fund's benchmark; and (ii) performing differently than other funds and strategies in its peer group that do not take into account ESG criteria or the Fund's benchmark.
Equity Securities Risk: Investments in common stocks and other equity securities are particularly subject to the risk of changing economic, stock market, industry and company conditions and the risks inherent in the ability to anticipate such changes that can adversely affect the value of portfolio holdings.
Market Capitalization Risk: Investments in securities issued by small-, mid-, or large-cap companies will be subject to the risks associated with securities issued by companies of the applicable market capitalization. Securities of small-cap and mid-cap companies may be subject to greater price volatility, significantly lower trading volumes, cyclical, static or moderate growth prospects and greater spreads between their bid and ask prices than securities of larger companies. Smaller capitalization companies frequently rely on narrower product lines and niche markets and may
57
MainStay Epoch International Choice Fund
be more vulnerable to adverse business or market developments. Securities issued by larger companies may have less growth potential and may not be able to attain the high growth rates of successful smaller companies, especially during strong economic periods. In addition, larger companies may be less capable of responding quickly to competitive challenges and industry changes, including those resulting from improvements in technology, and may suffer sharper price declines as a result of earnings disappointments. There is a risk that the securities issued by companies of a certain market capitalization may underperform the broader market at any given time.
Value Stock Risk: Value stocks may never reach what the Subadvisor believes is their full value or they may go down in value. In addition, different types of stocks tend to shift in and out of favor depending on market and economic conditions, and therefore the Fund's performance may be lower or higher than that of funds that invest in other types of equity securities.
Growth Stock Risk: If growth companies do not increase their earnings at a rate expected by investors, the market price of the stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can cushion stock prices in market downturns. These risks may be more pronounced in companies that are in the earlier stages of their growth cycle.
Focused Portfolio Risk: Because the Fund typically invests in relatively few holdings, a larger percentage of its assets may be invested in a particular issuer or in fewer companies than is typical of other mutual funds. This may increase volatility of the Fund’s NAVs. The Fund will be more susceptible to adverse economic, political, regulatory or market developments affecting a single issuer than a fund that is invested more broadly.
Foreign Securities Risk: An issuer of a security is considered to be a U.S. or foreign issuer based on the issuer’s “country of risk” (or similar designation) as determined by a third party such as Bloomberg (or another similar third party). The issuer’s “country of risk” is determined based on a number of criteria, which may change from time to time and currently include, but are not limited to, its country of domicile, the primary stock exchange on which it trades, the location from which the majority of its revenue comes, and its reporting currency. Although a Fund will generally rely on an issuer’s “country of risk” (or similar designation) as determined by Bloomberg (or another similar third party) when categorizing securities as either U.S. or foreign-based, it is not required to do so.
Investments in foreign (non-U.S.) securities may be riskier than investments in U.S. securities. Foreign regulatory regimes and securities markets can have less stringent investor protections and disclosure standards and less liquid trading markets than U.S. regulatory regimes and securities markets, and can experience political, social and economic developments that may affect the value of investments in foreign securities. Foreign securities may also subject the Fund's investments to changes in currency rates. Changes in the value of foreign currencies may make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. Economic sanctions may be, and have been, imposed against certain countries, organizations, companies, entities and/or individuals. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate the Fund’s ability to purchase or sell certain foreign securities or groups of foreign securities, and thus may make the Fund’s investments in such securities less liquid or more difficult to value. Such sanctions may also cause a decline in the value of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country. In addition, as a result of economic sanctions and other similar governmental actions or developments, the Fund may be forced to sell or otherwise dispose of foreign investments at inopportune times or prices. The Fund may seek to hedge against its exposure to changes in the value of foreign currency, but there is no guarantee that such hedging techniques will be successful in reducing any related foreign currency valuation risk. These risks may be greater with respect to securities of companies that conduct their business activities in emerging markets or whose securities are traded principally in emerging markets.
Liquidity and Valuation Risk: The Fund’s investments may be illiquid at the time of purchase or liquid at the time of purchase and subsequently become illiquid due to, among other things, events relating to the issuer of the securities, market events, operational issues, economic conditions, investor perceptions or lack of market participants. The lack of an active trading market may make it difficult to sell or obtain an accurate price for a security. If market conditions or issuer specific developments make it difficult to value securities, the Fund may value these securities using more subjective methods, such as fair value pricing. In such cases, the value determined for a security could be different than the value realized upon such security's sale. As a result, an investor could pay more than the market value when buying shares or receive less than the market value when selling shares. This could affect the proceeds of any redemption or the number of shares an investor receives upon purchase. The Fund is subject to the risk that it could not meet redemption requests within the allowable time period without significant dilution of remaining investors' interests in the Fund. To meet redemption requests or to raise cash to pursue other investment opportunities, the Fund may be forced to sell securities at an unfavorable time and/or under unfavorable conditions, which may adversely affect the Fund’s performance.
Emerging Markets Risk: The risks related to investing in foreign securities are generally greater with respect to securities of companies that conduct their business activities in emerging markets or whose securities are traded principally in emerging markets. The risks of investing in emerging markets are elevated under adverse market conditions and include: (i) smaller trading volumes for such securities and limited access to investments in the event of market closures (including due to local holidays), which result in a lack of liquidity and in greater price volatility; (ii) less government regulation, which could lead to market manipulation, and less extensive, transparent and frequent accounting, auditing, recordkeeping, financial reporting and other requirements, which limit the quality and availability of financial information; (iii) the absence of developed legal systems, including structures governing private or foreign investment or allowing for judicial redress (such as limits on rights and remedies available) for investment losses and injury to private property; (iv) loss resulting from problems in share registration and custody; (v) sensitivity to adverse political or social events affecting the region where an emerging market is located; (vi) particular sensitivity to economic and political disruptions, including adverse effects stemming from wars, sanctions, trade restrictions, recessions, depressions or other economic crises, or
58
MainStay Epoch International Choice Fund
reliance on international or other forms of aid, including trade, taxation and development policies; and (vii) the nationalization of foreign deposits or assets.
Geographic Focus Risk: Issuers that operate in a single country, a small number of countries, or a particular geographic region can be affected similarly by the market, currency, political, economic, regulatory, geopolitical and other conditions in such country or region, and the Fund’s performance will be affected by the conditions, in the countries or regions to which the Fund is exposed. To the extent the Fund focuses its investments in a particular country or region, such as the United Kingdom or Japan, its performance will be more susceptible to adverse developments in such country or region than a more geographically diversified fund.
Depositary Receipts Risk: Investments in depositary receipts may entail the special risks of investing in foreign securities, including currency exchange fluctuations, government regulations, and the potential for political and economic instability.
Convertible Securities Risk: Convertible securities are typically subordinate to an issuer’s other debt obligations. In part, the total return for a convertible security depends upon the performance of the underlying stock into which it can be converted. Also, issuers of convertible securities are often not as strong financially as those issuing securities with higher credit ratings, are more likely to encounter financial difficulties and typically are more vulnerable to changes in the economy, such as a recession or a sustained period of rising interest rates, which could affect their ability to make interest and principal payments. If an issuer stops making interest and/or principal payments, the Fund could lose its entire investment.
Regulatory Risk: The Fund as well as the issuers of the securities and other instruments in which the Fund invests are subject to considerable regulation and the risks associated with adverse changes in laws and regulations governing their operations. For example, regulatory authorities in the United States or other countries may prohibit or restrict the ability of the Fund to short sell certain securities, either generally or with respect to certain industries or countries, which may impact the Fund's ability to fully implement its investment strategies.
Rights and Warrants Risk: Rights and warrants may provide a greater potential for profit or loss than an equivalent investment in the underlying securities. Prices of these investments do not necessarily move in tandem with the prices of the underlying securities, and warrants are speculative investments. If a right or warrant is not exercised by the date of its expiration, the Fund will lose its entire investment in such right or warrant.
Exchange-Traded Fund Risk: The risks of owning an ETF generally reflect the risks of owning the underlying securities in which the ETF invests or is designed to track, although lack of liquidity in an ETF’s shares could result in the market price of the ETF’s shares being more volatile than its underlying portfolio securities. Disruptions in the markets for the securities underlying ETFs could result in losses on the investments in ETFs. ETFs also have management fees and transaction costs that may make them more expensive than owning the underlying securities directly.
The
following bar chart and table provide some indication of the risks of investing
in the Fund by showing changes in the Fund’s performance from year to year and
by showing how the Fund’s average annual returns compare with those of a broad
measure of market performance over time.
Index returns reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable.
Performance
data for the classes varies based on differences in their fee and expense
structures.
The Fund's subadvisor changed effective January 9, 2017, and the Fund's principal investment strategies changed effective March 13, 2017. The past performance in the bar chart and table prior to those dates reflects the Fund's prior subadvisor and principal investment strategies.
59
MainStay Epoch International Choice Fund
Annual Returns, Class I Shares
(by calendar year 2014-2023)
|
||
|
|
% |
|
||
|
- |
% |
Average Annual Total Returns (for the periods ended December 31, 2023)
|
|
|
|
|
10 Years or | |||
|
Inception |
|
1 Year |
5 Years |
Since | |||
|
|
|
|
|
Inception | |||
Return Before Taxes |
|
|
|
|
|
|
|
|
Class I |
|
|
|
% |
|
% |
|
% |
Return After Taxes on Distributions |
|
|
|
|
|
|
|
|
Class I |
|
|
|
% |
|
% |
|
% |
Return After Taxes on Distributions and Sale of Fund Shares |
|
|
|
|
|
|
|
|
Class I |
|
|
|
% |
|
% |
|
% |
Return Before Taxes |
|
|
|
|
|
|
|
|
Class A |
|
|
|
% |
|
% |
|
% |
Investor Class |
|
|
|
% |
|
% |
|
% |
Class C |
|
|
|
% |
|
% |
|
% |
SIMPLE Class |
|
|
|
% |
N/A |
|
|
% |
|
|
|
|
|
|
|
|
|
|
|
% |
|
% |
|
% |
1.
New York Life Investment Management LLC serves as the Manager. Epoch Investment Partners, Inc. serves as the Subadvisor. The individuals listed below are jointly and primarily responsible for day-to-day portfolio management.
60
MainStay Epoch International Choice Fund
Subadvisor |
Portfolio Managers |
Service Date |
Epoch Investment Partners, Inc. |
Michael A. Welhoelter, President and Co-Chief Investment Officer |
Since 2017 |
William J. Booth, Managing Director & Co-Chief Investment Officer |
Since 2017 | |
Glen Petraglia, Managing Director |
Since 2018 |
You may purchase or sell shares of the Fund on any day the Fund is open for business by contacting your financial adviser or financial intermediary firm, or by contacting the Fund by telephone at 800-624-6782, by mail at MainStay Funds, P.O. Box 219003, Kansas City, MO 64121-9000, by overnight mail to 430 West 7th Street, Suite 219003, Kansas City, MO 64105-1407, or by accessing our website at newyorklifeinvestments.com/accounts. SIMPLE Class shares are generally only available to SIMPLE IRA Plan accounts. SIMPLE Class shares are generally not available to retail accounts. Generally, an initial investment minimum of $1,000 applies if you invest in Investor Class, Class C or SIMPLE Class shares, $15,000 for Class A shares and $1,000,000 for individual investors in Class I shares investing directly (i) with the Fund; or (ii) through certain private banks and trust companies that have an agreement with NYLIFE Distributors LLC, the Fund’s principal underwriter and distributor, or its affiliates. A subsequent investment minimum of $50 applies to investments in Investor Class and Class C shares. However, for Investor Class and Class C shares purchased through AutoInvest, MainStay’s systematic investment plan, a $500 initial investment minimum and a $50 minimum for subsequent purchases applies. Class A and SIMPLE Class shares have no subsequent investment minimum. Institutional shareholders in Class I shares have no initial or subsequent investment minimums.
Certain financial intermediaries through whom you may invest may impose their own investment minimums, fees, policies and procedures for purchasing and selling Fund shares, which are not described in this Prospectus or the Statement of Additional Information, and which will depend on the policies, procedures and trading platforms of the financial intermediary. Consult a representative of your financial intermediary about the availability of shares of the Fund and the intermediary's policies, procedures and other information.
The Fund's distributions are generally taxable to you as ordinary income, capital gains, or a combination of the two, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account.
61
MainStay Epoch International Choice Fund
If you purchase Fund shares through a financial intermediary firm (such as a broker/dealer or bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the financial intermediary firm or your financial adviser to recommend the Fund over another investment. Ask your financial adviser or visit your financial intermediary firm's website for more information.
62
The Fund seeks capital appreciation.
The
table below describes the fees and expenses that you may pay if you buy, hold
and sell shares of the Fund. You
may pay other fees, such as brokerage commissions and other fees to financial
intermediaries, which are not reflected in the table and example
below.
|
|
Class A |
|
Investor Class |
|
Class C |
|
Class I |
|
Class R6 |
| |||||||||||
Shareholder Fees (fees paid directly from your investment) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |
|
|
% |
|
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the original offering price or redemption proceeds) |
|
|
1 |
|
|
|
1 |
|
|
|
% |
|
|
|
|
|
|
|
|
| |
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Management Fees (as an annual percentage of the Fund's average daily net assets) |
|
|
% |
|
|
% |
|
|
% |
|
|
% |
|
|
% |
| |||||
|
Distribution and/or Service (12b-1) Fees |
|
|
% |
|
|
% |
|
|
% |
|
|
|
|
|
|
|
|
| |||
|
Other Expenses2 |
|
|
% |
|
|
% |
|
|
% |
|
|
% |
|
|
% |
| |||||
|
Total Annual Fund Operating Expenses |
|
|
% |
|
|
% |
|
|
% |
|
|
% |
|
|
% |
| |||||
|
Waivers / Reimbursements3,4 |
|
( |
)% |
|
( |
)% |
|
( |
)% |
|
( |
)% |
|
( |
)% |
| |||||
|
Total Annual Fund Operating Expenses After Waivers / Reimbursements3,4 |
|
|
% |
|
|
% |
|
|
% |
|
|
% |
|
|
% |
|
1.
2.
3.
4.
Expenses After |
Class A |
|
|
Investor |
Class C |
Class I |
|
Class R6 |
| |||||
|
|
|
|
Class |
|
|
|
|
|
|
|
| ||
1 Year |
$ |
|
|
$ |
|
$ |
|
|
$ |
|
$ |
|
$ |
|
3 Years |
$ |
|
|
$ |
|
$ |
|
|
$ |
|
$ |
|
$ |
|
5 Years |
$ |
|
|
$ |
|
$ |
|
|
$ |
|
$ |
|
$ |
|
10 Years |
$ |
|
|
$ |
|
$ |
|
|
$ |
|
$ |
|
$ |
|
The
Fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). A higher portfolio turnover rate may
indicate higher transaction costs and may result in higher taxes when Fund
shares are held in a taxable account. These costs, which are not reflected in
annual fund operating expenses or in the Example, affect the Fund's performance.
During the most recent fiscal period, the Fund's portfolio turnover rate was
63
MainStay PineStone International Equity Fund
Under normal circumstances, the Fund invests at least 80% of its assets (net assets plus any borrowings for investment purposes) in equity securities. The Fund will normally invest in equity securities of foreign companies operating in at least three countries other than the United States, including emerging market countries. An issuer of a security is considered to be a U.S. or foreign issuer based on the issuer’s “country of risk” (or similar designation) as determined by a third party such as Bloomberg, Factset or ICE Data Services Inc.
In addition, the Fund considers countries represented in the MSCI Emerging Markets Index to be emerging market countries. From time to time, the Fund may focus its investments in certain countries or geographic areas, including Europe. Equity securities include common stock, preferred stock, convertible securities and depositary receipts.
The Fund may from time to time emphasize one or more sectors in selecting its investments, including the consumer staples and industrials sectors. In addition, the Fund may enter into forward currency contracts to hedge the currency exposure associated with some or all of the Fund’s securities, to shift investment exposure from one currency to another, to shift U.S. dollar exposure to achieve a representative weighted mix of major currencies in its benchmark, or to adjust an underweight country exposure in its portfolio. The Fund may also invest in securities issued by other investment companies.
Investment Process:
In pursuing the Fund’s investment objective, the Subadvisor employs a bottom-up stock selection approach which results in a portfolio generally ranging from 25 to 45 companies. A bottom-up stock selection approach focuses on the analysis of individual stocks (microeconomic factors) as opposed to the significance of economic cycles and market cycles (macroeconomic factors).
The Subadvisor looks for companies that have growth potential that are believed to be trading at attractive valuations. In doing so, the Subadvisor focuses on companies believed by the portfolio management team to have the following characteristics, among others:
· Competitive advantage in an industry with high barriers to entry;
· Attractive industry with pricing power, organic growth and limited cyclicality;
· Strong management teams with sound corporate governance;
· History of stable profit margins;
· Solid balance sheet with low leverage; and
· Attractive valuation with a stock price below intrinsic value.
In evaluating whether to sell a security, the Subadvisor considers, among other factors, whether in its view the company no longer continues to meet the standards described above and/or the Subadvisor believes there are more attractive opportunities available for investment by the Fund.
The principal risks of investing in the Fund are summarized below.
Market Risk: Changes in markets may cause the value of investments to fluctuate, which could cause the Fund to underperform other funds with similar investment objectives and strategies. Such changes may be rapid and unpredictable. From time to time, markets may experience periods of stress as a result of various market, economic and geopolitical factors for potentially prolonged periods that may result in: (i) increased market volatility; (ii) reduced market liquidity; and (iii) increased redemptions of shares. Such conditions may add significantly to the risk of volatility in the net asset value of the Fund's shares and adversely affect the Fund and its investments.
Portfolio Management Risk: The investment strategies, practices and risk analyses used by the Subadvisor may not produce the desired results or expected returns.
Equity Securities Risk: Investments in common stocks and other equity securities are particularly subject to the risk of changing economic, stock market, industry and company conditions and the risks inherent in the ability to anticipate such changes that can adversely affect the value of portfolio holdings.
64
MainStay PineStone International Equity Fund
Market Capitalization Risk: Investments in securities issued by small-, mid-, or large-cap companies will be subject to the risks associated with securities issued by companies of the applicable market capitalization. Securities of small-cap and mid-cap companies may be subject to greater price volatility, significantly lower trading volumes, cyclical, static or moderate growth prospects and greater spreads between their bid and ask prices than securities of larger companies. Smaller capitalization companies frequently rely on narrower product lines and niche markets and may be more vulnerable to adverse business or market developments. Securities issued by larger companies may have less growth potential and may not be able to attain the high growth rates of successful smaller companies, especially during strong economic periods. In addition, larger companies may be less capable of responding quickly to competitive challenges and industry changes, including those resulting from improvements in technology, and may suffer sharper price declines as a result of earnings disappointments. There is a risk that the securities issued by companies of a certain market capitalization may underperform the broader market at any given time.
Issuer Risk: An issuer in which the Fund invests or to which it has exposure may perform poorly, and the value of its securities may therefore decline, which would negatively affect the Fund’s performance. Poor performance may be caused by poor management decisions, competitive pressures, breakthroughs in technology, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent disclosures, natural disasters, military confrontations and actions, war, other conflicts, terrorism, disease/virus outbreaks, epidemics or other events, conditions or factors.
Foreign Securities Risk: An issuer of a security is considered to be a U.S. or foreign issuer based on the issuer’s “country of risk” (or similar designation) as determined by a third party such as Bloomberg (or another similar third party). The issuer’s “country of risk” is determined based on a number of criteria, which may change from time to time and currently include, but are not limited to, its country of domicile, the primary stock exchange on which it trades, the location from which the majority of its revenue comes, and its reporting currency. Although a Fund will generally rely on an issuer’s “country of risk” (or similar designation) as determined by Bloomberg (or another similar third party) when categorizing securities as either U.S. or foreign-based, it is not required to do so.
Investments in foreign (non-U.S.) securities may be riskier than investments in U.S. securities. Foreign regulatory regimes and securities markets can have less stringent investor protections and disclosure standards and less liquid trading markets than U.S. regulatory regimes and securities markets, and can experience political, social and economic developments that may affect the value of investments in foreign securities. Foreign securities may also subject the Fund's investments to changes in currency rates. Changes in the value of foreign currencies may make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. Economic sanctions may be, and have been, imposed against certain countries, organizations, companies, entities and/or individuals. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate the Fund’s ability to purchase or sell certain foreign securities or groups of foreign securities, and thus may make the Fund’s investments in such securities less liquid or more difficult to value. Such sanctions may also cause a decline in the value of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country. In addition, as a result of economic sanctions and other similar governmental actions or developments, the Fund may be forced to sell or otherwise dispose of foreign investments at inopportune times or prices. The Fund may seek to hedge against its exposure to changes in the value of foreign currency, but there is no guarantee that such hedging techniques will be successful in reducing any related foreign currency valuation risk. These risks may be greater with respect to securities of companies that conduct their business activities in emerging markets or whose securities are traded principally in emerging markets.
Emerging Markets Risk: The risks related to investing in foreign securities are generally greater with respect to securities of companies that conduct their business activities in emerging markets or whose securities are traded principally in emerging markets. The risks of investing in emerging markets are elevated under adverse market conditions and include: (i) smaller trading volumes for such securities and limited access to investments in the event of market closures (including due to local holidays), which result in a lack of liquidity and in greater price volatility; (ii) less government regulation, which could lead to market manipulation, and less extensive, transparent and frequent accounting, auditing, recordkeeping, financial reporting and other requirements, which limit the quality and availability of financial information; (iii) the absence of developed legal systems, including structures governing private or foreign investment or allowing for judicial redress (such as limits on rights and remedies available) for investment losses and injury to private property; (iv) loss resulting from problems in share registration and custody; (v) sensitivity to adverse political or social events affecting the region where an emerging market is located; (vi) particular sensitivity to economic and political disruptions, including adverse effects stemming from wars, sanctions, trade restrictions, recessions, depressions or other economic crises, or reliance on international or other forms of aid, including trade, taxation and development policies; and (vii) the nationalization of foreign deposits or assets.
Convertible Securities Risk: Convertible securities are typically subordinate to an issuer’s other debt obligations. In part, the total return for a convertible security depends upon the performance of the underlying stock into which it can be converted. Also, issuers of convertible securities are often not as strong financially as those issuing securities with higher credit ratings, are more likely to encounter financial difficulties and typically are more vulnerable to changes in the economy, such as a recession or a sustained period of rising interest rates, which could affect their ability to make interest and principal payments. If an issuer stops making interest and/or principal payments, the Fund could lose its entire investment.
Depositary Receipts Risk: Investments in depositary receipts may entail the special risks of investing in foreign securities, including currency exchange fluctuations, government regulations, and the potential for political and economic instability.
65
MainStay PineStone International Equity Fund
Derivatives Risk: Derivatives are investments whose value depends on (or is derived from) the value of an underlying instrument, such as a security, asset, reference rate or index. Derivative strategies may be riskier than investing directly in the underlying instrument and often involve leverage, which may exaggerate a loss, potentially causing the Fund to lose more money than it originally invested and would have lost had it invested directly in the underlying instrument. Derivatives may be difficult to sell, unwind and/or value. Derivatives may also be subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Fund.
Forward commitments entail the risk that the instrument may be worth less when it is issued or received than the price the Fund agreed to pay when it made the commitment.The use of foreign currency forwards may result in currency exchange losses due to fluctuations in currency exchange rates or an imperfect correlation between portfolio holdings denominated in a particular currency and the forward contracts entered into by the Fund. Derivatives may also increase the expenses of the Fund.
Focused Portfolio Risk: Because the Fund typically invests in relatively few holdings, a larger percentage of its assets may be invested in a particular issuer or in fewer companies than is typical of other mutual funds. This may increase volatility of the Fund’s NAVs. The Fund will be more susceptible to adverse economic, political, regulatory or market developments affecting a single issuer than a fund that is invested more broadly.
Investments in Other Investment Companies Risk: The Fund's investment in another investment company may subject the Fund indirectly to the risks of that investment company. The Fund also will bear its share of the underlying investment company's fees and expenses, which are in addition to the Fund's own fees and expenses.
Preferred Stock Risk: Preferred stock is subject to many of the risks associated with debt securities, including interest rate risk. In addition, preferred stocks may not pay dividends, an issuer may suspend payment of dividends on preferred stock at any time, and in certain situations an issuer may call or redeem its preferred stock or convert it to common stock. To the extent that the Fund invests a substantial portion of its assets in convertible preferred stocks, declining common stock values may also cause the value of the Fund’s investments to decline.
Liquidity and Valuation Risk: The Fund’s investments may be illiquid at the time of purchase or liquid at the time of purchase and subsequently become illiquid due to, among other things, events relating to the issuer of the securities, market events, operational issues, economic conditions, investor perceptions or lack of market participants. The lack of an active trading market may make it difficult to sell or obtain an accurate price for a security. If market conditions or issuer specific developments make it difficult to value securities, the Fund may value these securities using more subjective methods, such as fair value pricing. In such cases, the value determined for a security could be different than the value realized upon such security's sale. As a result, an investor could pay more than the market value when buying shares or receive less than the market value when selling shares. This could affect the proceeds of any redemption or the number of shares an investor receives upon purchase. The Fund is subject to the risk that it could not meet redemption requests within the allowable time period without significant dilution of remaining investors' interests in the Fund. To meet redemption requests or to raise cash to pursue other investment opportunities, the Fund may be forced to sell securities at an unfavorable time and/or under unfavorable conditions, which may adversely affect the Fund’s performance.
Sector Risk: To the extent the Fund focuses its investments in particular sectors of the economy, the Fund’s performance may be more subject to the risks of volatile economic cycles and/or conditions or developments adversely affecting such sectors than if the Fund held a broader range of investments. Individual sectors may fluctuate more widely than the broader market.
At times, the Fund may have a significant portion of its assets invested in securities of companies conducting business in a related group of industries within an economic sector, including the consumer staples sector. Companies in the same economic sector may be similarly affected by economic, regulatory, political or market events or conditions, which may make the Fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly. Generally, the more broadly the Fund invests, the more it spreads risk and potentially reduces the risks of loss and volatility.
The Fund may also be more susceptible to the particular risks that may affect companies in the consumer staples sector than if it were invested in a wider variety of companies in unrelated sectors. Investments in the consumer staples sector involve risks associated with companies that manufacture products and provide staples services directly to the consumer. Performance of companies in the consumer staples sector may be adversely impacted by fluctuations in supply and demand, changes in the global economy, consumer spending, competition, demographics and consumer preferences, and production spending. Companies in the consumer staples sector are also affected by changes in government regulation, global economic, environmental and political events, and economic conditions.
Geographic Focus Risk: The Fund may be particularly susceptible to risks related to economic, political, regulatory or other events or conditions, including acts of war or other conflicts in the region, affecting issuers and countries in Europe. Countries in Europe are often closely connected and interdependent, and events in one European country can have an adverse impact on, and potentially spread to, other European countries. Currency devaluations could occur in countries that have not yet experienced currency devaluation to date, or could continue to occur in countries that have already experienced such devaluations. In addition, the private and public sectors’ debt problems of a single European Union (the “EU”) country can pose significant economic risks to the EU as a whole. As a result, the Fund’s NAV may be more volatile than the NAV of a more geographically diversified fund. If securities of issuers in Europe fall out of favor, it may cause the Fund to underperform other funds that do not focus their investments in this region of the world.
66
MainStay PineStone International Equity Fund
Industrials Sector Risk: The Fund’s performance may be closely tied to the performance of industrials issuers and, as a result, may be more volatile than the performance of less focused funds. The prices of securities in the industrials sector can be volatile and can be impacted significantly by supply and demand for certain products and services, product obsolescence and product liability claims, government regulation, exchange rates, world events, general economic conditions and other factors. In addition, certain companies in the industrials sector may be cyclical and have occasional sharp price movements resulting from changes in, among other things, the economy, fuel prices, labor agreements and insurance costs.
Index returns reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable.
Performance
data for the classes varies based on differences in their fee and expense
structures.
Annual Returns, Class I Shares
(by calendar year 2018-2023)
|
||
|
|
% |
|
||
|
- |
% |
67
MainStay PineStone International Equity Fund
Average Annual Total Returns (for the periods ended December 31, 2023)
|
|
|
|
|
| |||
|
Inception |
|
1 Year |
5 Years |
Since | |||
|
|
|
|
|
Inception | |||
Return Before Taxes |
|
|
|
|
|
|
|
|
Class I |
|
|
|
% |
|
% |
|
% |
Return After Taxes on Distributions |
|
|
|
|
|
|
|
|
Class I |
|
|
|
% |
|
% |
|
% |
Return After Taxes on Distributions and Sale of Fund Shares |
|
|
|
|
|
|
|
|
Class I |
|
|
|
% |
|
% |
|
% |
Return Before Taxes |
|
|
|
|
|
|
|
|
Class A |
|
|
|
% |
|
% |
|
% |
Class R6 |
|
|
|
% |
|
% |
|
% |
|
|
|
|
|
|
|
|
|
|
|
% |
|
% |
|
% |
1.
New York Life Investment Management LLC serves as the Manager. PineStone Asset Management Inc. serves as the Subadvisor. The individuals listed below are jointly and primarily responsible for day-to-day portfolio management.
Subadvisor |
Portfolio Managers |
Service Date |
PineStone Asset Management Inc. |
Nadim Rizk, MBA, CFA, Lead Portfolio Manager |
Since 2023 |
Andrew Chan, M.Sc., Portfolio Manager |
Since 2023 |
You may purchase or sell shares of the Fund on any day the Fund is open for business by contacting your financial adviser or financial intermediary firm, or by contacting the Fund by telephone at 800-624-6782, by mail at MainStay Funds, P.O. Box 219003, Kansas City, MO 64121-9000, by overnight mail to 430 West 7th Street, Suite 219003, Kansas City, MO 64105-1407, or by accessing our website at newyorklifeinvestments.com/accounts.
Class R6 shares are generally only available to certain retirement plans invested in the Fund through omnibus accounts (either at the plan level or omnibus accounts held on the books of the Fund). Class R6 shares are generally not available to retail accounts. Generally, an initial investment minimum of $1,000 applies if you invest in Investor Class or Class C shares, $15,000 for Class A shares and $1,000,000 for individual investors in Class I shares investing directly (i) with the Fund or (ii) through certain private banks and trust companies that have an agreement with NYLIFE Distributors LLC, the Fund’s principal underwriter and distributor, or its affiliates. A subsequent investment minimum of $50 applies to investments in Investor Class and Class C shares. However, for Investor Class and Class C shares purchased through AutoInvest, MainStay's systematic investment plan, a $500 initial investment minimum and a $50 minimum for subsequent purchases applies. Class A shares have no subsequent investment minimum. Class R6 shares and institutional shareholders in Class I shares have no initial or subsequent investment minimums.
Certain financial intermediaries through whom you may invest may impose their own investment minimums, fees, policies and procedures for purchasing and selling Fund shares, which are not described in this Prospectus or the Statement of Additional Information, and which will depend on the policies, procedures and trading platforms of the financial intermediary. Consult a representative of your financial intermediary about the availability of shares of the Fund and the intermediary's policies, procedures and other information.
The Fund's distributions are generally taxable to you as ordinary income, capital gains, or a combination of the two, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account.
If you purchase Fund shares through a financial intermediary firm (such as a broker/dealer or bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the financial intermediary firm or your financial adviser to recommend the Fund over another investment. Ask your financial adviser or visit your financial intermediary firm's website for more information. No compensation, administrative payments, sub-transfer agency payments or service payments are paid to broker/dealers or other financial intermediaries from Fund assets or the Distributor’s or an affiliate’s resources on sales of or investments in Class R6 shares. The Distributor or an affiliate may pay de minimis amounts to intermediaries for setup, connectivity or other technological expenses. Class R6 shares do not carry sales charges or pay Rule 12b-1 fees, or make payments to financial intermediaries to assist in, or in connection with, the sale of the Fund’s shares.
68
The Fund seeks capital appreciation.
The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries for effecting transactions in a class of shares of the Fund that has no initial sales charge, contingent deferred sales charge, or other asset-based fee for sales or distribution, such as Class P shares. These fees are not reflected in the fee and expense table or example table below.
|
|
Class P | |||
Shareholder Fees (fees paid directly from your investment) |
|
|
|
| |
|
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |
|
|
|
|
|
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the original offering price or redemption proceeds) |
|
|
|
|
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) |
|
|
|
| |
|
Management Fees (as an annual percentage of the Fund's average daily net assets) |
|
|
% | |
|
Distribution and/or Service (12b-1) Fees |
|
|
|
|
|
Other Expenses1 |
|
|
% | |
|
Total Annual Fund Operating Expenses |
|
|
% | |
|
Waivers / Reimbursements2 |
|
( |
)% | |
|
Total Annual Fund Operating Expenses After Waivers / Reimbursements2 |
|
|
% |
1.
2.
|
|
1 Year |
|
3 Years |
|
5 Years |
|
10 Years |
|
Class P |
|
$ |
|
$ |
|
$ |
|
$ |
|
The
Fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). A higher portfolio turnover rate may
indicate higher transaction costs and may result in higher taxes when Fund
shares are held in a taxable account. These costs, which are not reflected in
annual fund operating expenses or in the Example, affect the Fund's performance.
During the most recent fiscal period, the Fund's portfolio turnover rate was
Under normal circumstances, the Fund invests at least 80% of its assets (net assets plus any borrowings for investment purposes) in equity securities. The Fund will normally invest in equity securities of foreign companies operating in at least three countries other than the United States, including emerging market countries. An issuer of a security is considered to be a U.S. or foreign issuer based on the issuer’s “country of risk” (or similar designation) as determined by a third party such as Bloomberg, Factset or ICE Data Services Inc.
In addition, the Fund considers countries represented in the MSCI Emerging Markets Index to be emerging market countries. From time to time, the Fund may focus its investments in certain countries or geographic areas, including Europe. Equity securities include common stock, preferred stock, convertible securities and depositary receipts.
The Fund may from time to time emphasize one or more sectors in selecting its investments, including the consumer staples and industrials sectors. In addition, the Fund may enter into forward currency contracts to hedge the currency exposure associated with some or all of the Fund’s
69
MainStay PineStone International Equity Fund
securities, to shift investment exposure from one currency to another, to shift U.S. dollar exposure to achieve a representative weighted mix of major currencies in its benchmark, or to adjust an underweight country exposure in its portfolio. The Fund may also invest in securities issued by other investment companies.
Investment Process:
In pursuing the Fund’s investment objective, the Subadvisor employs a bottom-up stock selection approach which results in a portfolio generally ranging from 25 to 45 companies. A bottom-up stock selection approach focuses on the analysis of individual stocks (microeconomic factors) as opposed to the significance of economic cycles and market cycles (macroeconomic factors).
The Subadvisor looks for companies that have growth potential that are believed to be trading at attractive valuations. In doing so, the Subadvisor focuses on companies believed by the portfolio management team to have the following characteristics, among others:
· Competitive advantage in an industry with high barriers to entry;
· Attractive industry with pricing power, organic growth and limited cyclicality;
· Strong management teams with sound corporate governance;
· History of stable profit margins;
· Solid balance sheet with low leverage; and
· Attractive valuation with a stock price below intrinsic value.
In evaluating whether to sell a security, the Subadvisor considers, among other factors, whether in its view the company no longer continues to meet the standards described above and/or the Subadvisor believes there are more attractive opportunities available for investment by the Fund.
The principal risks of investing in the Fund are summarized below.
Market Risk: Changes in markets may cause the value of investments to fluctuate, which could cause the Fund to underperform other funds with similar investment objectives and strategies. Such changes may be rapid and unpredictable. From time to time, markets may experience periods of stress as a result of various market, economic and geopolitical factors for potentially prolonged periods that may result in: (i) increased market volatility; (ii) reduced market liquidity; and (iii) increased redemptions of shares. Such conditions may add significantly to the risk of volatility in the net asset value of the Fund's shares and adversely affect the Fund and its investments.
Portfolio Management Risk: The investment strategies, practices and risk analyses used by the Subadvisor may not produce the desired results or expected returns.
Equity Securities Risk: Investments in common stocks and other equity securities are particularly subject to the risk of changing economic, stock market, industry and company conditions and the risks inherent in the ability to anticipate such changes that can adversely affect the value of portfolio holdings.
Market Capitalization Risk: Investments in securities issued by small-, mid-, or large-cap companies will be subject to the risks associated with securities issued by companies of the applicable market capitalization. Securities of small-cap and mid-cap companies may be subject to greater price volatility, significantly lower trading volumes, cyclical, static or moderate growth prospects and greater spreads between their bid and ask prices than securities of larger companies. Smaller capitalization companies frequently rely on narrower product lines and niche markets and may be more vulnerable to adverse business or market developments. Securities issued by larger companies may have less growth potential and may not be able to attain the high growth rates of successful smaller companies, especially during strong economic periods. In addition, larger companies may be less capable of responding quickly to competitive challenges and industry changes, including those resulting from improvements in technology, and may suffer sharper price declines as a result of earnings disappointments. There is a risk that the securities issued by companies of a certain market capitalization may underperform the broader market at any given time.
Issuer Risk: An issuer in which the Fund invests or to which it has exposure may perform poorly, and the value of its securities may therefore decline, which would negatively affect the Fund’s performance. Poor performance may be caused by poor management decisions, competitive pressures, breakthroughs in technology, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent disclosures, natural disasters, military confrontations and actions, war, other conflicts, terrorism, disease/virus outbreaks, epidemics or other events, conditions or factors.
70
MainStay PineStone International Equity Fund
Foreign Securities Risk: An issuer of a security is considered to be a U.S. or foreign issuer based on the issuer’s “country of risk” (or similar designation) as determined by a third party such as Bloomberg (or another similar third party). The issuer’s “country of risk” is determined based on a number of criteria, which may change from time to time and currently include, but are not limited to, its country of domicile, the primary stock exchange on which it trades, the location from which the majority of its revenue comes, and its reporting currency. Although a Fund will generally rely on an issuer’s “country of risk” (or similar designation) as determined by Bloomberg (or another similar third party) when categorizing securities as either U.S. or foreign-based, it is not required to do so.
Investments in foreign (non-U.S.) securities may be riskier than investments in U.S. securities. Foreign regulatory regimes and securities markets can have less stringent investor protections and disclosure standards and less liquid trading markets than U.S. regulatory regimes and securities markets, and can experience political, social and economic developments that may affect the value of investments in foreign securities. Foreign securities may also subject the Fund's investments to changes in currency rates. Changes in the value of foreign currencies may make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. Economic sanctions may be, and have been, imposed against certain countries, organizations, companies, entities and/or individuals. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate the Fund’s ability to purchase or sell certain foreign securities or groups of foreign securities, and thus may make the Fund’s investments in such securities less liquid or more difficult to value. Such sanctions may also cause a decline in the value of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country. In addition, as a result of economic sanctions and other similar governmental actions or developments, the Fund may be forced to sell or otherwise dispose of foreign investments at inopportune times or prices. The Fund may seek to hedge against its exposure to changes in the value of foreign currency, but there is no guarantee that such hedging techniques will be successful in reducing any related foreign currency valuation risk. These risks may be greater with respect to securities of companies that conduct their business activities in emerging markets or whose securities are traded principally in emerging markets.
Emerging Markets Risk: The risks related to investing in foreign securities are generally greater with respect to securities of companies that conduct their business activities in emerging markets or whose securities are traded principally in emerging markets. The risks of investing in emerging markets are elevated under adverse market conditions and include: (i) smaller trading volumes for such securities and limited access to investments in the event of market closures (including due to local holidays), which result in a lack of liquidity and in greater price volatility; (ii) less government regulation, which could lead to market manipulation, and less extensive, transparent and frequent accounting, auditing, recordkeeping, financial reporting and other requirements, which limit the quality and availability of financial information; (iii) the absence of developed legal systems, including structures governing private or foreign investment or allowing for judicial redress (such as limits on rights and remedies available) for investment losses and injury to private property; (iv) loss resulting from problems in share registration and custody; (v) sensitivity to adverse political or social events affecting the region where an emerging market is located; (vi) particular sensitivity to economic and political disruptions, including adverse effects stemming from wars, sanctions, trade restrictions, recessions, depressions or other economic crises, or reliance on international or other forms of aid, including trade, taxation and development policies; and (vii) the nationalization of foreign deposits or assets.
Convertible Securities Risk: Convertible securities are typically subordinate to an issuer’s other debt obligations. In part, the total return for a convertible security depends upon the performance of the underlying stock into which it can be converted. Also, issuers of convertible securities are often not as strong financially as those issuing securities with higher credit ratings, are more likely to encounter financial difficulties and typically are more vulnerable to changes in the economy, such as a recession or a sustained period of rising interest rates, which could affect their ability to make interest and principal payments. If an issuer stops making interest and/or principal payments, the Fund could lose its entire investment.
Depositary Receipts Risk: Investments in depositary receipts may entail the special risks of investing in foreign securities, including currency exchange fluctuations, government regulations, and the potential for political and economic instability.
Derivatives Risk: Derivatives are investments whose value depends on (or is derived from) the value of an underlying instrument, such as a security, asset, reference rate or index. Derivative strategies may be riskier than investing directly in the underlying instrument and often involve leverage, which may exaggerate a loss, potentially causing the Fund to lose more money than it originally invested and would have lost had it invested directly in the underlying instrument. Derivatives may be difficult to sell, unwind and/or value. Derivatives may also be subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Fund.
Forward commitments entail the risk that the instrument may be worth less when it is issued or received than the price the Fund agreed to pay when it made the commitment.The use of foreign currency forwards may result in currency exchange losses due to fluctuations in currency exchange rates or an imperfect correlation between portfolio holdings denominated in a particular currency and the forward contracts entered into by the Fund. Derivatives may also increase the expenses of the Fund.
Focused Portfolio Risk: Because the Fund typically invests in relatively few holdings, a larger percentage of its assets may be invested in a particular issuer or in fewer companies than is typical of other mutual funds. This may increase volatility of the Fund’s NAVs. The Fund will be more susceptible to adverse economic, political, regulatory or market developments affecting a single issuer than a fund that is invested more broadly.
71
MainStay PineStone International Equity Fund
Investments in Other Investment Companies Risk: The Fund's investment in another investment company may subject the Fund indirectly to the risks of that investment company. The Fund also will bear its share of the underlying investment company's fees and expenses, which are in addition to the Fund's own fees and expenses.
Preferred Stock Risk: Preferred stock is subject to many of the risks associated with debt securities, including interest rate risk. In addition, preferred stocks may not pay dividends, an issuer may suspend payment of dividends on preferred stock at any time, and in certain situations an issuer may call or redeem its preferred stock or convert it to common stock. To the extent that the Fund invests a substantial portion of its assets in convertible preferred stocks, declining common stock values may also cause the value of the Fund’s investments to decline.
Liquidity and Valuation Risk: The Fund’s investments may be illiquid at the time of purchase or liquid at the time of purchase and subsequently become illiquid due to, among other things, events relating to the issuer of the securities, market events, operational issues, economic conditions, investor perceptions or lack of market participants. The lack of an active trading market may make it difficult to sell or obtain an accurate price for a security. If market conditions or issuer specific developments make it difficult to value securities, the Fund may value these securities using more subjective methods, such as fair value pricing. In such cases, the value determined for a security could be different than the value realized upon such security's sale. As a result, an investor could pay more than the market value when buying shares or receive less than the market value when selling shares. This could affect the proceeds of any redemption or the number of shares an investor receives upon purchase. The Fund is subject to the risk that it could not meet redemption requests within the allowable time period without significant dilution of remaining investors' interests in the Fund. To meet redemption requests or to raise cash to pursue other investment opportunities, the Fund may be forced to sell securities at an unfavorable time and/or under unfavorable conditions, which may adversely affect the Fund’s performance.
Sector Risk: To the extent the Fund focuses its investments in particular sectors of the economy, the Fund’s performance may be more subject to the risks of volatile economic cycles and/or conditions or developments adversely affecting such sectors than if the Fund held a broader range of investments. Individual sectors may fluctuate more widely than the broader market.
At times, the Fund may have a significant portion of its assets invested in securities of companies conducting business in a related group of industries within an economic sector, including the consumer staples sector. Companies in the same economic sector may be similarly affected by economic, regulatory, political or market events or conditions, which may make the Fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly. Generally, the more broadly the Fund invests, the more it spreads risk and potentially reduces the risks of loss and volatility.
The Fund may also be more susceptible to the particular risks that may affect companies in the consumer staples sector than if it were invested in a wider variety of companies in unrelated sectors. Investments in the consumer staples sector involve risks associated with companies that manufacture products and provide staples services directly to the consumer. Performance of companies in the consumer staples sector may be adversely impacted by fluctuations in supply and demand, changes in the global economy, consumer spending, competition, demographics and consumer preferences, and production spending. Companies in the consumer staples sector are also affected by changes in government regulation, global economic, environmental and political events, and economic conditions.
Geographic Focus Risk: The Fund may be particularly susceptible to risks related to economic, political, regulatory or other events or conditions, including acts of war or other conflicts in the region, affecting issuers and countries in Europe. Countries in Europe are often closely connected and interdependent, and events in one European country can have an adverse impact on, and potentially spread to, other European countries. Currency devaluations could occur in countries that have not yet experienced currency devaluation to date, or could continue to occur in countries that have already experienced such devaluations. In addition, the private and public sectors’ debt problems of a single European Union (the “EU”) country can pose significant economic risks to the EU as a whole. As a result, the Fund’s NAV may be more volatile than the NAV of a more geographically diversified fund. If securities of issuers in Europe fall out of favor, it may cause the Fund to underperform other funds that do not focus their investments in this region of the world.
Industrials Sector Risk: The Fund’s performance may be closely tied to the performance of industrials issuers and, as a result, may be more volatile than the performance of less focused funds. The prices of securities in the industrials sector can be volatile and can be impacted significantly by supply and demand for certain products and services, product obsolescence and product liability claims, government regulation, exchange rates, world events, general economic conditions and other factors. In addition, certain companies in the industrials sector may be cyclical and have occasional sharp price movements resulting from changes in, among other things, the economy, fuel prices, labor agreements and insurance costs.
Index returns reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable.
72
MainStay PineStone International Equity Fund
Performance
data for the classes varies based on differences in their fee and expense
structures.
Effective August 25, 2023, the Fiera Capital International Equity Fund (the "Predecessor Fund") was reorganized into the Fund. As accounting successor to the Predecessor Fund, the Fund has assumed the Predecessor Fund's historical performance. Therefore, the performance information shown below is that of the Predecessor Fund, which had a different fee structure from the Fund. The returns of the Predecessor Fund have not been adjusted to reflect the applicable expenses other than sales loads (if applicable) of the Fund.
Annual Returns, Class I Shares
(by calendar year 2018-2023)
|
||
|
|
% |
|
||
|
- |
% |
Average Annual Total Returns (for the periods ended December 31, 2023)
|
|
|
|
|
| |||
|
Inception |
|
1 Year |
5 Years |
Since | |||
|
|
|
|
|
Inception | |||
Return Before Taxes |
|
|
|
|
|
|
|
|
Class I |
|
|
|
% |
|
% |
|
% |
Return After Taxes on Distributions |
|
|
|
|
|
|
|
|
Class I |
|
|
|
% |
|
% |
|
% |
Return After Taxes on Distributions and Sale of Fund Shares |
|
|
|
|
|
|
|
|
Class I |
|
|
|
% |
|
% |
|
% |
Return Before Taxes |
|
|
|
|
|
|
|
|
Class A |
|
|
|
% |
|
% |
|
% |
Class R6 |
|
|
|
% |
|
% |
|
% |
|
|
|
|
|
|
|
|
|
|
|
% |
|
% |
|
% |
1.
73
MainStay PineStone International Equity Fund
New York Life Investment Management LLC serves as the Manager. PineStone Asset Management Inc. serves as the Subadvisor. The individuals listed below are jointly and primarily responsible for day-to-day portfolio management.
Subadvisor |
Portfolio Managers |
Service Date |
PineStone Asset Management Inc. |
Nadim Rizk, MBA, CFA, Lead Portfolio Manager |
Since 2023 |
Andrew Chan, M.Sc., Portfolio Manager |
Since 2023 |
You may purchase or sell shares of the Fund on any day the Fund is open for business by contacting your financial adviser or financial intermediary firm, or by contacting the Fund by telephone at 800-624-6782, by mail at MainStay Funds, P.O. Box 219003, Kansas City, MO 64121-9000, by overnight mail to 430 West 7th Street, Suite 219003, Kansas City, MO 64105-1407, or by accessing our website at newyorklifeinvestments.com/accounts.
Class P shares are generally only available to investors that have a relationship with PineStone Asset Management Inc. and are investing directly with the Fund. An investment minimum of $5,000,000 applies for Class P shares. Class P shares have no subsequent investment minimum.
Certain financial intermediaries through whom you may invest may impose their own investment minimums, fees, policies and procedures for purchasing and selling Fund shares, which are not described in this Prospectus or the Statement of Additional Information, and which will depend on the policies, procedures and trading platforms of the financial intermediary. Consult a representative of your financial intermediary about the availability of shares of the Fund and the intermediary's policies, procedures and other information.
The Fund's distributions are generally taxable to you as ordinary income, capital gains, or a combination of the two, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account.
If you purchase Fund shares through a financial intermediary firm (such as a broker/dealer or bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the financial intermediary firm or your financial adviser to recommend the Fund over another investment. Ask your financial adviser or visit your financial intermediary firm's website for more information. No compensation, administrative payments, sub-transfer agency payments or service payments are paid to broker/dealers or other financial intermediaries from Fund assets or the Distributor’s or an affiliate’s resources on sales of or investments in Class P shares. The Distributor or an affiliate may pay de minimis amounts to intermediaries for setup, connectivity or other technological expenses. Class P shares do not carry sales charges or pay Rule 12b-1 fees, or make payments to financial intermediaries to assist in, or in connection with, the sale of the Fund’s shares.
74
The Fund seeks long-term growth of capital.
The
table below describes the fees and expenses that you may pay if you buy, hold
and sell shares of the Fund. You
may pay other fees, such as brokerage commissions and other fees to financial
intermediaries, which are not reflected in the table and example
below.
|
|
Class A |
|
Investor Class |
|
Class C |
|
Class I | |||||||||
Shareholder Fees (fees paid directly from your investment) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |
|
|
% |
|
|
% |
|
|
|
|
|
|
|
| ||
|
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the original offering price or redemption proceeds) |
|
|
1 |
|
|
|
1 |
|
|
|
% |
|
|
|
| |
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Management Fees (as an annual percentage of the Fund's average daily net assets) |
|
|
% |
|
|
% |
|
|
% |
|
|
% | ||||
|
Distribution and/or Service (12b-1) Fees |
|
|
% |
|
|
% |
|
|
% |
|
|
|
| |||
|
Other Expenses |
|
|
% |
|
|
% |
|
|
% |
|
|
% | ||||
|
Total Annual Fund Operating Expenses |
|
|
% |
|
|
% |
|
|
% |
|
|
% | ||||
|
Waivers / Reimbursements2,3 |
|
( |
)% |
|
( |
)% |
|
( |
)% |
|
( |
)% | ||||
|
Total Annual Fund Operating Expenses After Waivers / Reimbursements2,3 |
|
|
% |
|
|
% |
|
|
% |
|
|
% |
1.
2.
3.
Expenses After |
Class A |
|
|
Investor |
Class C |
Class I |
| |||||
|
|
|
|
Class |
|
|
|
|
|
| ||
1 Year |
$ |
|
|
$ |
|
$ |
|
|
$ |
|
$ |
|
3 Years |
$ |
|
|
$ |
|
$ |
|
|
$ |
|
$ |
|
5 Years |
$ |
|
|
$ |
|
$ |
|
|
$ |
|
$ |
|
10 Years |
$ |
|
|
$ |
|
$ |
|
|
$ |
|
$ |
|
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are
75
MainStay WMC International Research Equity Fund
not
reflected in annual fund operating expenses or in the Example, affect the Fund's
performance. During the most recent fiscal year, the Fund's portfolio turnover
rate was
Under normal circumstances, the Fund invests at least 80% of its assets (net assets plus any borrowings for investment purposes) in equity securities of foreign companies, including securities of emerging market country issuers. An issuer of a security is considered to be a U.S. or foreign issuer based on the issuer's "country of risk" (or similar designation) as determined by a third-party such as Bloomberg. Wellington Management Company LLP, the Fund’s Subadvisor (the “Subadvisor”), defines emerging market countries as those countries that are included in the MSCI Emerging Markets Index.
The Subadvisor seeks to develop a portfolio that is generally broadly diversified across issuers, industries, countries, market capitalizations and styles. The Fund’s portfolio therefore includes stocks that are considered to be either growth stocks or value stocks. The Fund may invest in securities of foreign issuers in the form of depositary receipts or other securities that are convertible into securities of foreign issuers. The Subadvisor will invest in small, mid, and large capitalization companies.
Investment Process: The Subadvisor allocates the portfolio’s assets across a variety of industries, selecting companies in each industry based on its proprietary research. In analyzing a prospective investment for the Fund, the Subadvisor utilizes a “bottom-up” approach, which is the use of fundamental analysis to identify specific securities for purchase or sale. Fundamental analysis of a company involves the assessment of a variety of factors, including the company’s business environment, management quality, balance sheet, income statement, anticipated earnings, revenues and dividends, and other related measures or indicators of valuation and growth potential. The Subadvisor may consider selling a security when it believes the stock has become overvalued relative to its underlying fundamentals, when the company does not meet the Subadvisor’s expectations or when the Subadvisor believes the underlying thesis for holding the stock has changed. To better assess strategic business issues that impact the performance of a company, the Subadvisor may also give consideration to financially material environmental, social and/or governance (“ESG”) factors. The Subadvisor has discretion to determine the materiality of, as well as the level at which, financially relevant ESG factors are imbedded into its overall fundamental analysis when making an investment decision.
The principal risks of investing in the Fund are summarized below.
Market Risk: Changes in markets may cause the value of investments to fluctuate, which could cause the Fund to underperform other funds with similar investment objectives and strategies. Such changes may be rapid and unpredictable. From time to time, markets may experience periods of stress as a result of various market, economic and geopolitical factors for potentially prolonged periods that may result in: (i) increased market volatility; (ii) reduced market liquidity; and (iii) increased redemptions of shares. Such conditions may add significantly to the risk of volatility in the net asset value of the Fund's shares and adversely affect the Fund and its investments.
Portfolio Management Risk: The investment strategies, practices and risk analyses used by the Subadvisor may not produce the desired results or expected returns. The Subadvisor may give consideration to certain ESG criteria when evaluating an investment opportunity. The application of ESG criteria may result in the Fund (i) having exposure to certain securities or industry sectors that are significantly different than the composition of the Fund's benchmark; and (ii) performing differently than other funds and strategies in its peer group that do not take into account ESG criteria or the Fund's benchmark.
Regulatory Risk: The Fund as well as the issuers of the securities and other instruments in which the Fund invests are subject to considerable regulation and the risks associated with adverse changes in laws and regulations governing their operations. For example, regulatory authorities in the United States or other countries may prohibit or restrict the ability of the Fund to short sell certain securities, either generally or with respect to certain industries or countries, which may impact the Fund's ability to fully implement its investment strategies.
Equity Securities Risk: Investments in common stocks and other equity securities are particularly subject to the risk of changing economic, stock market, industry and company conditions and the risks inherent in the ability to anticipate such changes that can adversely affect the value of portfolio holdings.
Foreign Securities Risk: An issuer of a security is considered to be a U.S. or foreign issuer based on the issuer’s “country of risk” (or similar designation) as determined by a third party such as Bloomberg (or another similar third party). The issuer’s “country of risk” is determined based on a number of criteria, which may change from time to time and currently include, but are not limited to, its country of domicile, the primary stock exchange on which it trades, the location from which the majority of its revenue comes, and its reporting currency. Although a Fund will generally rely on an issuer’s “country of risk” (or similar designation) as determined by Bloomberg (or another similar third party) when categorizing securities as either U.S. or foreign-based, it is not required to do so.
76
MainStay WMC International Research Equity Fund
Investments in foreign (non-U.S.) securities may be riskier than investments in U.S. securities. Foreign regulatory regimes and securities markets can have less stringent investor protections and disclosure standards and less liquid trading markets than U.S. regulatory regimes and securities markets, and can experience political, social and economic developments that may affect the value of investments in foreign securities. Foreign securities may also subject the Fund's investments to changes in currency rates. Changes in the value of foreign currencies may make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. Economic sanctions may be, and have been, imposed against certain countries, organizations, companies, entities and/or individuals. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate the Fund’s ability to purchase or sell certain foreign securities or groups of foreign securities, and thus may make the Fund’s investments in such securities less liquid or more difficult to value. Such sanctions may also cause a decline in the value of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country. In addition, as a result of economic sanctions and other similar governmental actions or developments, the Fund may be forced to sell or otherwise dispose of foreign investments at inopportune times or prices. The Fund may seek to hedge against its exposure to changes in the value of foreign currency, but there is no guarantee that such hedging techniques will be successful in reducing any related foreign currency valuation risk. These risks may be greater with respect to securities of companies that conduct their business activities in emerging markets or whose securities are traded principally in emerging markets.
Emerging Markets Risk: The risks related to investing in foreign securities are generally greater with respect to securities of companies that conduct their business activities in emerging markets or whose securities are traded principally in emerging markets. The risks of investing in emerging markets are elevated under adverse market conditions and include: (i) smaller trading volumes for such securities and limited access to investments in the event of market closures (including due to local holidays), which result in a lack of liquidity and in greater price volatility; (ii) less government regulation, which could lead to market manipulation, and less extensive, transparent and frequent accounting, auditing, recordkeeping, financial reporting and other requirements, which limit the quality and availability of financial information; (iii) the absence of developed legal systems, including structures governing private or foreign investment or allowing for judicial redress (such as limits on rights and remedies available) for investment losses and injury to private property; (iv) loss resulting from problems in share registration and custody; (v) sensitivity to adverse political or social events affecting the region where an emerging market is located; (vi) particular sensitivity to economic and political disruptions, including adverse effects stemming from wars, sanctions, trade restrictions, recessions, depressions or other economic crises, or reliance on international or other forms of aid, including trade, taxation and development policies; and (vii) the nationalization of foreign deposits or assets.
Depositary Receipts Risk: Investments in depositary receipts may entail the special risks of investing in foreign securities, including currency exchange fluctuations, government regulations, and the potential for political and economic instability.
Convertible Securities Risk: Convertible securities are typically subordinate to an issuer’s other debt obligations. In part, the total return for a convertible security depends upon the performance of the underlying stock into which it can be converted. Also, issuers of convertible securities are often not as strong financially as those issuing securities with higher credit ratings, are more likely to encounter financial difficulties and typically are more vulnerable to changes in the economy, such as a recession or a sustained period of rising interest rates, which could affect their ability to make interest and principal payments. If an issuer stops making interest and/or principal payments, the Fund could lose its entire investment.
Market Capitalization Risk: Investments in securities issued by small-, mid-, or large-cap companies will be subject to the risks associated with securities issued by companies of the applicable market capitalization. Securities of small-cap and mid-cap companies may be subject to greater price volatility, significantly lower trading volumes, cyclical, static or moderate growth prospects and greater spreads between their bid and ask prices than securities of larger companies. Smaller capitalization companies frequently rely on narrower product lines and niche markets and may be more vulnerable to adverse business or market developments. Securities issued by larger companies may have less growth potential and may not be able to attain the high growth rates of successful smaller companies, especially during strong economic periods. In addition, larger companies may be less capable of responding quickly to competitive challenges and industry changes, including those resulting from improvements in technology, and may suffer sharper price declines as a result of earnings disappointments. There is a risk that the securities issued by companies of a certain market capitalization may underperform the broader market at any given time.
Growth Stock Risk: If growth companies do not increase their earnings at a rate expected by investors, the market price of the stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can cushion stock prices in market downturns. These risks may be more pronounced in companies that are in the earlier stages of their growth cycle.
Value Stock Risk: Value stocks may never reach what the Subadvisor believes is their full value or they may go down in value. In addition, different types of stocks tend to shift in and out of favor depending on market and economic conditions, and therefore the Fund's performance may be lower or higher than that of funds that invest in other types of equity securities.
Geographic Focus Risk: Issuers that operate in a single country, a small number of countries, or a particular geographic region can be affected similarly by the market, currency, political, economic, regulatory, geopolitical and other conditions in such country or region, and the Fund’s performance will be affected by the conditions, in the countries or regions to which the Fund is exposed. To the extent the Fund focuses its investments in a particular country or region, its performance will be more susceptible to adverse developments in such country or region than a more geographically diversified fund.
77
MainStay WMC International Research Equity Fund
The
following bar chart and table provide some indication of the risks of investing
in the Fund by showing changes in the Fund’s performance from year to year and
by showing how the Fund’s average annual returns compare with those of a broad
measure of market performance, as well as an additional index over
time.
Index returns reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable.
Performance
data for the classes varies based on differences in their fee and expense
structures.
The Fund’s subadvisor changed effective January 1, 2018 due to an organizational restructuring whereby all investment personnel of Cornerstone Capital Management Holdings LLC, the former subadvisor, transitioned to MacKay Shields LLC.
Effective March 5, 2021, the Fund replaced its subadvisors and modified its principal investment strategies. The past performance in the bar chart and table prior to that date reflects the Fund’s prior subadvisors and principal investment strategies.
Annual Returns, Class I Shares
(by calendar year 2014-2023)
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% |
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- |
% |
78
MainStay WMC International Research Equity Fund
Average Annual Total Returns (for the periods ended December 31, 2023)
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Inception |
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1 Year |
5 Years |
10 Years | |||
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Return Before Taxes |
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Class I |
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% |
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% |
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% |
Return After Taxes on Distributions |
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Class I |
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% |
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% |
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% |
Return After Taxes on Distributions and Sale of Fund Shares |
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Class I |
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% |
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% |
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% |
Return Before Taxes |
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Class A |
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% |
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% |
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% |
Investor Class |
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% |
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% |
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% |
Class C |
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% |
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% |
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% |
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% |
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% |
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% | ||
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% |
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% |
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% |
1.
2. The MSCI ACWI® ex USA Index (Net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S.
New York Life Investment Management LLC serves as the Manager. Wellington Management Company LLP serves as the Subadvisor. The individuals listed below are jointly and primarily responsible for day-to-day portfolio management.
Subadvisor |
Portfolio Managers |
Service Date |
Wellington Management Company LLP |
Jonathan G. White, Managing Director and Director of Research Portfolios |
Since 2021 |
Mary L. Pryshlak, Senior Managing Director and Head of Investment Research |
Since 2021 |
You may purchase or sell shares of the Fund on any day the Fund is open for business by contacting your financial adviser or financial intermediary firm, or by contacting the Fund by telephone at 800-624-6782, by mail at MainStay Funds, P.O. Box 219003, Kansas City, MO 64121-9000, by overnight mail to 430 West 7th Street, Suite 219003, Kansas City, MO 64105-1407, or by accessing our website at newyorklifeinvestments.com/accounts.
Generally, an initial investment minimum of $1,000 applies if you invest in Investor Class or Class C shares, $15,000 for Class A shares and $1,000,000 for individual investors in Class I shares investing directly (i) with the Fund; or (ii) through certain private banks and trust companies that have an agreement with NYLIFE Distributors LLC, the Fund’s principal underwriter and distributor, or its affiliates. A subsequent investment minimum of $50 applies to investments in Investor Class and Class C shares. However, for Investor Class and Class C shares purchased through AutoInvest, MainStay's systematic investment plan, a $500 initial investment minimum and a $50 minimum for subsequent purchases applies. Class A shares have no subsequent investment minimum. Institutional shareholders in Class I shares have no initial or subsequent investment minimums.
Certain financial intermediaries through whom you may invest may impose their own investment minimums, fees, policies and procedures for purchasing and selling Fund shares, which are not described in this Prospectus or the Statement of Additional Information, and which will depend on the policies, procedures and trading platforms of the financial intermediary. Consult a representative of your financial intermediary about the availability of shares of the Fund and the intermediary's policies, procedures and other information.
The Fund's distributions are generally taxable to you as ordinary income, capital gains, or a combination of the two, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account.
79
MainStay WMC International Research Equity Fund
If you purchase Fund shares through a financial intermediary firm (such as a broker/dealer or bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the financial intermediary firm or your financial adviser to recommend the Fund over another investment. Ask your financial adviser or visit your financial intermediary firm's website for more information.
80
The Fund seeks long-term capital appreciation.
The
table below describes the fees and expenses that you may pay if you buy, hold
and sell shares of the Fund. You
may pay other fees, such as brokerage commissions and other fees to financial
intermediaries, which are not reflected in the table and example
below.
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Class A |
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Investor Class |
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Class C |
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Class I |
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Class R6 | |||||||||||
Shareholder Fees (fees paid directly from your investment) |
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Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |
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% |
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% |
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Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the original offering price or redemption proceeds) |
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1 |
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1 |
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% |
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| |
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) |
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Management Fees (as an annual percentage of the Fund's average daily net assets)2 |
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% |
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% |
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% |
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% |
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% | |||||
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Distribution and/or Service (12b-1) Fees |
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% |
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% |
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% |
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Other Expenses |
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% |
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% |
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% |
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% |
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% | |||||
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Total Annual Fund Operating Expenses |
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% |
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% |
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% |
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% |
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% | |||||
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Waivers / Reimbursements3 |
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( |
)% |
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( |
)% |
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( |
)% |
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( |
)% |
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( |
)% | |||||
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Total Annual Fund Operating Expenses After Waivers / Reimbursements3 |
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% |
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% |
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% |
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% |
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% |
1.
2.
3.
Expenses After |
Class A |
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|
Investor |
Class C |
Class I |
|
Class R6 |
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Class |
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1 Year |
$ |
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$ |
|
$ |
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|
$ |
|
$ |
|
$ |
|
3 Years |
$ |
|
|
$ |
|
$ |
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|
$ |
|
$ |
|
$ |
|
5 Years |
$ |
|
|
$ |
|
$ |
|
|
$ |
|
$ |
|
$ |
|
10 Years |
$ |
|
|
$ |
|
$ |
|
|
$ |
|
$ |
|
$ |
|
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are
81
MainStay Candriam Emerging Markets Equity Fund
not
reflected in annual fund operating expenses or in the Example, affect the Fund's
performance. During the most recent fiscal year, the Fund's portfolio turnover
rate was
Under normal circumstances, the Fund invests at least 80% of its assets (net assets plus any borrowings for investment purposes) in equity securities or equity-related securities issued by entities in, or tied economically to, emerging markets. The Fund may invest in securities issued by entities with market capitalizations at the time of investment of $500 million or more. These securities may be denominated in U.S. or non-U.S. currencies. The Fund may also invest in exchange-traded funds (“ETFs”) to obtain this exposure or for other investment purposes. The Fund may also invest in American Depositary Receipts, Global Depositary Receipts and non-voting Depositary Receipts. An issuer of a security is considered to be a U.S. or foreign issuer based on the issuer’s “country of risk” (or similar designation) as determined by a third-party such as Bloomberg.
Candriam, the Fund’s Subadvisor, defines emerging market countries as those countries that are included in the MSCI Emerging + Frontier Markets Index.
The Subadvisor determines that an investment is tied economically to an emerging market if such investment satisfies either of the following conditions: (i) the issuer’s primary trading market is in an emerging market, or (ii) the investment is included in an index representative of emerging markets, such as MSCI Emerging + Frontier Markets Index.
At times, the Fund might increase the relative exposure to investments in a particular region or country. The Fund may invest up to 20% of its net assets in securities that are not issued by entities in, or tied economically to, emerging markets. These investments may include equity securities, U.S. government and agency securities and short-term investments, such as cash and cash equivalents.
The Fund may also make use of derivative financial instruments for the purpose of hedging or exposure, such as futures, options, swaps, and forwards.
Investment Process: The Subadvisor seeks to create medium to longer-term capital appreciation through investments in emerging market companies that are considered to generate high, and growing, levels of profits by constructing a diversified, conviction based portfolio, aiming for consistent risk-adjusted returns greater than the MSCI Emerging Markets Index.
Investment opportunities are identified via a thematic approach, which seeks to identify and analyze investable longer term structural trends as well as shorter term local and global trends, combined with a bottom-up stock selection methodology based on a proprietary quantitative screening platform to identify companies with attractive profitability levels and sustainable growth trends relative to their country and/or sector. Additionally, this proprietary quantitative screening platform also seeks to limit exposure to industries which do not satisfy the Subadvisor’s environmental, social or governance (“ESG”) criteria such as certain types of extractive industries, tobacco-related industries and industries related to chemical, biological or white phosphorus weapons. By incorporating ESG criteria within the investment process, the Subadvisor identifies other factors that may influence a company's value and competitiveness over the medium- and long-term, which are not always immediately obvious in traditional financial analyses. External factors such as CO2 costs or health and safety standards affect most companies, either positively or negatively, when integrated into their economic model. Some factors offer a new opportunity while others are considered a threat to the business model.
ESG factors are evaluated by the Subadvisor based on data provided by its dedicated and independent ESG research team. The ESG research team conducts an ESG assessment of companies by their potential ability to create value by integrating sustainability into their business activities and the interest of stakeholders within their operating and financial managerial processes. The business activities analysis assesses how companies are exposed to major long-term ESG trends that can strongly influence the environment in which they operate and that may shape their future market challenges and long-term growth. The relationships with stakeholders give rise to opportunities as well as risks, and are therefore determinants of long-term value. The Subadvisor evaluates the extent to which each company incorporates the interests of stakeholders in its long-term strategy.
The ESG assessment is a contributing factor to determine the final assessment of a company, which in turn will determine the weighting of this position in the portfolio.
Finally, the Subadvisor applies a norms-based and controversial activities filter to exclude companies which may represent high risk due to a violation of UN Global Compact principles and exposed to highly controversial activities such as armament, tobacco and thermal coal.
The Subadvisor considers sector, currency, regional and country deviations relative to the MSCI Emerging Markets Index when making investment decisions for the Fund. The Subadvisor seeks to reduce risk by investing in securities of a large number of issuers across markets, sectors and countries.
The principal risks of investing in the Fund are summarized below.
82
MainStay Candriam Emerging Markets Equity Fund
Market Risk: Changes in markets may cause the value of investments to fluctuate, which could cause the Fund to underperform other funds with similar investment objectives and strategies. Such changes may be rapid and unpredictable. From time to time, markets may experience periods of stress as a result of various market, economic and geopolitical factors for potentially prolonged periods that may result in: (i) increased market volatility; (ii) reduced market liquidity; and (iii) increased redemptions of shares. Such conditions may add significantly to the risk of volatility in the net asset value of the Fund's shares and adversely affect the Fund and its investments.
Portfolio Management Risk: The investment strategies, practices and risk analyses used by the Subadvisor may not produce the desired results or expected returns. The quantitative screening performed by the Subadvisor, and the securities selected based on the screening, may not perform as expected. The quantitative screening may adversely affect the Fund's performance. There may also be technical issues with the construction and implementation of quantitative models (for example, software or other technology malfunctions, or programming inaccuracies). In addition, the Fund's performance will reflect, in part, the Subadvisor's ability to make active qualitative decisions. The application of ESG criteria may result in the Fund (i) having exposure to certain securities or industry sectors that are significantly different than the composition of the Fund's benchmark; and (ii) performing differently than other funds and strategies in its peer group that do not take into account ESG criteria or the Fund's benchmark. In addition, the Subadvisor's exclusionary ESG screen may result in the Fund forgoing opportunities to buy certain securities when it might otherwise be advantageous to do so, or selling securities for ESG reasons when it might be otherwise disadvantageous for it to do so.
Depositary Receipts Risk: Investments in depositary receipts may entail the special risks of investing in foreign securities, including currency exchange fluctuations, government regulations, and the potential for political and economic instability.
Equity Securities Risk: Investments in common stocks and other equity securities are particularly subject to the risk of changing economic, stock market, industry and company conditions and the risks inherent in the ability to anticipate such changes that can adversely affect the value of portfolio holdings.
Foreign Securities Risk: An issuer of a security is considered to be a U.S. or foreign issuer based on the issuer’s “country of risk” (or similar designation) as determined by a third party such as Bloomberg (or another similar third party). The issuer’s “country of risk” is determined based on a number of criteria, which may change from time to time and currently include, but are not limited to, its country of domicile, the primary stock exchange on which it trades, the location from which the majority of its revenue comes, and its reporting currency. Although a Fund will generally rely on an issuer’s “country of risk” (or similar designation) as determined by Bloomberg (or another similar third party) when categorizing securities as either U.S. or foreign-based, it is not required to do so.
Investments in foreign (non-U.S.) securities may be riskier than investments in U.S. securities. Foreign regulatory regimes and securities markets can have less stringent investor protections and disclosure standards and less liquid trading markets than U.S. regulatory regimes and securities markets, and can experience political, social and economic developments that may affect the value of investments in foreign securities. Foreign securities may also subject the Fund's investments to changes in currency rates. Changes in the value of foreign currencies may make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. Economic sanctions may be, and have been, imposed against certain countries, organizations, companies, entities and/or individuals. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate the Fund’s ability to purchase or sell certain foreign securities or groups of foreign securities, and thus may make the Fund’s investments in such securities less liquid or more difficult to value. Such sanctions may also cause a decline in the value of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country. In addition, as a result of economic sanctions and other similar governmental actions or developments, the Fund may be forced to sell or otherwise dispose of foreign investments at inopportune times or prices. The Fund may seek to hedge against its exposure to changes in the value of foreign currency, but there is no guarantee that such hedging techniques will be successful in reducing any related foreign currency valuation risk. These risks may be greater with respect to securities of companies that conduct their business activities in emerging markets or whose securities are traded principally in emerging markets.
Emerging Markets Risk: The risks related to investing in foreign securities are generally greater with respect to securities of companies that conduct their business activities in emerging markets or whose securities are traded principally in emerging markets. The risks of investing in emerging markets are elevated under adverse market conditions and include: (i) smaller trading volumes for such securities and limited access to investments in the event of market closures (including due to local holidays), which result in a lack of liquidity and in greater price volatility; (ii) less government regulation, which could lead to market manipulation, and less extensive, transparent and frequent accounting, auditing, recordkeeping, financial reporting and other requirements, which limit the quality and availability of financial information; (iii) the absence of developed legal systems, including structures governing private or foreign investment or allowing for judicial redress (such as limits on rights and remedies available) for investment losses and injury to private property; (iv) loss resulting from problems in share registration and custody; (v) sensitivity to adverse political or social events affecting the region where an emerging market is located; (vi) particular sensitivity to economic and political disruptions, including adverse effects stemming from wars, sanctions, trade restrictions, recessions, depressions or other economic crises, or reliance on international or other forms of aid, including trade, taxation and development policies; and (vii) the nationalization of foreign deposits or assets.
Exchange-Traded Fund ("ETF") Risk: The risks of owning an ETF generally reflect the risks of owning the underlying securities in which the ETF invests or is designed to track, although lack of liquidity in an ETF’s shares could result in the market price of the ETF’s shares being more volatile
83
MainStay Candriam Emerging Markets Equity Fund
than its underlying portfolio securities. Disruptions in the markets for the securities underlying ETFs could result in losses on the investments in ETFs. ETFs also have management fees and transaction costs that may make them more expensive than owning the underlying securities directly.
Liquidity and Valuation Risk: The Fund’s investments may be illiquid at the time of purchase or liquid at the time of purchase and subsequently become illiquid due to, among other things, events relating to the issuer of the securities, market events, operational issues, economic conditions, investor perceptions or lack of market participants. The lack of an active trading market may make it difficult to sell or obtain an accurate price for a security. If market conditions or issuer specific developments make it difficult to value securities, the Fund may value these securities using more subjective methods, such as fair value pricing. In such cases, the value determined for a security could be different than the value realized upon such security's sale. As a result, an investor could pay more than the market value when buying shares or receive less than the market value when selling shares. This could affect the proceeds of any redemption or the number of shares an investor receives upon purchase. The Fund is subject to the risk that it could not meet redemption requests within the allowable time period without significant dilution of remaining investors' interests in the Fund. To meet redemption requests or to raise cash to pursue other investment opportunities, the Fund may be forced to sell securities at an unfavorable time and/or under unfavorable conditions, which may adversely affect the Fund’s performance.
Derivatives Risk: Derivatives are investments whose value depends on (or is derived from) the value of an underlying instrument, such as a security, asset, reference rate or index. Derivative strategies may be riskier than investing directly in the underlying instrument and often involve leverage, which may exaggerate a loss, potentially causing the Fund to lose more money than it originally invested and would have lost had it invested directly in the underlying instrument. For example, if the Fund is the seller of credit protection in a credit default swap, the Fund effectively adds leverage to its portfolio and is subject to the credit exposure on the full notional value of the swap. Derivatives may be difficult to sell, unwind and/or value. Derivatives may also be subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Fund. Futures and other derivatives may be more volatile than direct investments in the instrument underlying the contract, and may not correlate perfectly to the underlying instrument. Futures and other derivatives also may involve a small initial investment relative to the risk assumed, which could result in losses greater than if they had not been used. Due to fluctuations in the price of the underlying instrument, the Fund may not be able to profitably exercise an option and may lose its entire investment in an option. To the extent that the Fund writes or sells an option, if the decline in the value of the underlying instrument is significantly below the exercise price in the case of a written put option or increase above the exercise price in the case of a written call option, the Fund could experience a substantial loss. Forward commitments entail the risk that the instrument may be worth less when it is issued or received than the price the Fund agreed to pay when it made the commitment. The use of foreign currency forwards may result in currency exchange losses due to fluctuations in currency exchange rates or an imperfect correlation between portfolio holdings denominated in a particular currency and the forward contracts entered into by the Fund. Swaps may be subject to counterparty credit, correlation, valuation, liquidity and leveraging risks. Swap transactions tend to shift a Fund's investment exposure from one type of investment to another and may entail the risk that a party will default on its payment obligations to the Fund. Additionally, applicable regulators have adopted rules imposing certain margin requirements, including minimums on uncleared swaps, which may result in the Fund and its counterparties posting higher margin amounts for uncleared swaps. Certain standardized swaps are subject to mandatory central clearing and exchange trading. Central clearing, which interposes a central clearinghouse to each participant’s swap, and exchange trading are intended to reduce counterparty credit risk and increase liquidity but neither makes swap transactions risk-free. Derivatives may also increase the expenses of the Fund.
Market Capitalization Risk: Investments in securities issued by small-, mid-, or large-cap companies will be subject to the risks associated with securities issued by companies of the applicable market capitalization. Securities of small-cap and mid-cap companies may be subject to greater price volatility, significantly lower trading volumes, cyclical, static or moderate growth prospects and greater spreads between their bid and ask prices than securities of larger companies. Smaller capitalization companies frequently rely on narrower product lines and niche markets and may be more vulnerable to adverse business or market developments. Securities issued by larger companies may have less growth potential and may not be able to attain the high growth rates of successful smaller companies, especially during strong economic periods. In addition, larger companies may be less capable of responding quickly to competitive challenges and industry changes, including those resulting from improvements in technology, and may suffer sharper price declines as a result of earnings disappointments. There is a risk that the securities issued by companies of a certain market capitalization may underperform the broader market at any given time.
Growth Stock Risk: If growth companies do not increase their earnings at a rate expected by investors, the market price of the stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can cushion stock prices in market downturns. These risks may be more pronounced in companies that are in the earlier stages of their growth cycle.
Regulatory Risk: The Fund as well as the issuers of the securities and other instruments in which the Fund invests are subject to considerable regulation and the risks associated with adverse changes in laws and regulations governing their operations.
Geographic Focus Risk: Issuers that operate in a single country, a small number of countries, or a particular geographic region can be affected similarly by the market, currency, political, economic, regulatory, geopolitical and other conditions in such country or region, and the Fund’s performance will be affected by the conditions, in the countries or regions to which the Fund is exposed. To the extent the Fund focuses its investments in a particular country or region, such as mainland China or Hong Kong, its performance will be more susceptible to adverse developments in such country or region than a more geographically diversified fund.
84
MainStay Candriam Emerging Markets Equity Fund
Currency Risk: Changes in the value of foreign (non-U.S.) currencies relative to the U.S. dollar may adversely affect investments in foreign currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign currencies. These changes in value can make the return on an investment go up or down, entirely apart from the quality or performance of the investment itself.
The Subadvisor may seek to reduce currency risk by hedging all or part of the exposure to various foreign currencies by engaging in hedging transactions, including swaps, futures, forward currency contracts and other derivatives. The Subadvisor may from time to time attempt to hedge all or a portion of the perceived currency risk by engaging in similar hedging transactions. However, these transactions and techniques may not always work as intended, and in certain cases the Fund may be worse off than if it had not engaged in such hedging practices. In addition, certain market conditions may make it impossible or uneconomical to hedge against currency risk.
The
following bar chart and table provide some indication of the risks of investing
in the Fund by showing changes in the Fund’s performance from year to year and
by showing how the Fund’s average annual returns compare with those of a broad
measure of market performance over time.
Index returns reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable.
Performance
data for the classes varies based on differences in their fee and expense
structures.
Annual Returns, Class I Shares
(by calendar year 2018-2023)
|
||
|
|
% |
|
||
|
- |
% |
85
MainStay Candriam Emerging Markets Equity Fund
Average Annual Total Returns (for the periods ended December 31, 2023)
|
|
|
|
|
| |||
|
Inception |
|
1 Year |
5 Years |
Since | |||
|
|
|
|
|
Inception | |||
Return Before Taxes |
|
|
|
|
|
|
|
|
Class I |
|
|
|
% |
|
% |
- |
% |
Return After Taxes on Distributions |
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|
|
|
|
|
|
|
Class I |
|
|
|
% |
|
% |
- |
% |
Return After Taxes on Distributions and Sale of Fund Shares |
|
|
|
|
|
|
|
|
Class I |
|
|
|
% |
|
% |
|
% |
Return Before Taxes |
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|
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|
Class A |
|
|
|
% |
|
% |
- |
% |
Investor Class |
|
|
|
% |
|
% |
- |
% |
Class C |
|
|
|
% |
|
% |
- |
% |
Class R6 |
|
|
|
% |
|
% |
- |
% |
|
|
|
|
|
|
|
|
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|
% |
|
% |
|
% |
1.
New York Life Investment Management LLC serves as the Manager. Candriam serves as the Subadvisor. The individuals listed below are jointly and primarily responsible for day-to-day portfolio management.
Subadvisor |
Portfolio Managers |
Service Date |
Candriam |
Paulo Salazar, Head of Emerging Markets Equity Management |
Since 2021 |
Philip Screve, Senior Fund Manager |
Since 2017 | |
Lamine Saidi, Senior Fund Manager |
Since 2017 |
You may purchase or sell shares of the Fund on any day the Fund is open for business by contacting your financial adviser or financial intermediary firm, or by contacting the Fund by telephone at 800-624-6782, by mail at MainStay Funds, P.O. Box 219003, Kansas City, MO 64121-9000, by overnight mail to 430 West 7th Street, Suite 219003, Kansas City, MO 64105-1407, or by accessing our website at newyorklifeinvestments.com/accounts. Class R6 shares are generally only available to certain retirement plans invested in the Fund through omnibus accounts (either at the plan level or omnibus accounts held on the books of the Fund). Class R6 shares are generally not available to retail accounts. Generally, an initial investment minimum of $2,500 applies if you invest in Investor Class or Class C shares, $15,000 for Class A shares and $1,000,000 for individual investors in Class I shares investing directly (i) with the Fund; or (ii) through certain private banks and trust companies that have an agreement with NYLIFE Distributors LLC, the Fund’s principal underwriter and distributor, or its affiliates. A subsequent investment minimum of $50 applies to investments in Investor Class and Class C shares. These initial investment minimum and subsequent purchase amounts also apply to Investor Class and Class C shares purchased through AutoInvest, MainStay's systematic investment plan. Class A shares have no subsequent investment minimum. Class R6 shares and institutional shareholders in Class I shares have no initial or subsequent investment minimums.
Certain financial intermediaries through whom you may invest may impose their own investment minimums, fees, policies and procedures for purchasing and selling Fund shares, which are not described in this Prospectus or the Statement of Additional Information, and which will depend on the policies, procedures and trading platforms of the financial intermediary. Consult a representative of your financial intermediary about the availability of shares of the Fund and the intermediary's policies, procedures and other information.
The Fund's distributions are generally taxable to you as ordinary income, capital gains, or a combination of the two, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account.
86
MainStay Candriam Emerging Markets Equity Fund
If you purchase Fund shares through a financial intermediary firm (such as a broker/dealer or bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the financial intermediary firm or your financial adviser to recommend the Fund over another investment. Ask your financial adviser or visit your financial intermediary firm's website for more information. No compensation, administrative payments, sub-transfer agency payments or service payments are paid to broker/dealers or other financial intermediaries from Fund assets or the Distributor’s or an affiliate’s resources on sales of or investments in Class R6 shares. The Distributor or an affiliate may pay de minimis amounts to intermediaries for setup, connectivity or other technological expenses. Class R6 shares do not carry sales charges or pay Rule 12b-1 fees, or make payments to financial intermediaries to assist in, or in connection with, the sale of the Fund’s shares.
87
The Fund seeks long-term capital appreciation.
The
table below describes the fees and expenses that you may pay if you buy, hold
and sell shares of the Fund. You
may pay other fees, such as brokerage commissions and other fees to financial
intermediaries, which are not reflected in the table and example
below.
|
|
Class A |
|
Investor Class |
|
Class C |
|
Class I | |||||||||
Shareholder Fees (fees paid directly from your investment) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |
|
|
% |
|
|
% |
|
|
|
|
|
|
|
| ||
|
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the original offering price or redemption proceeds) |
|
|
1 |
|
|
|
1 |
|
|
|
% |
|
|
|
| |
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Management Fees (as an annual percentage of the Fund's average daily net assets) |
|
|
% |
|
|
% |
|
|
% |
|
|
% | ||||
|
Distribution and/or Service (12b-1) Fees |
|
|
% |
|
|
% |
|
|
% |
|
|
|
| |||
|
Other Expenses |
|
|
% |
|
|
% |
|
|
% |
|
|
% | ||||
|
Total Annual Fund Operating Expenses |
|
|
% |
|
|
% |
|
|
% |
|
|
% | ||||
|
Waivers / Reimbursements2 |
|
( |
)% |
|
|
% |
|
|
% |
|
( |
)% | ||||
|
Total Annual Fund Operating Expenses After Waivers / Reimbursements2 |
|
|
% |
|
|
% |
|
|
% |
|
|
% |
1.
2.
Expenses After |
Class A |
|
|
Investor |
Class C |
Class I |
| |||||
|
|
|
|
Class |
|
|
|
|
|
| ||
1 Year |
$ |
|
|
$ |
|
$ |
|
|
$ |
|
$ |
|
3 Years |
$ |
|
|
$ |
|
$ |
|
|
$ |
|
$ |
|
5 Years |
$ |
|
|
$ |
|
$ |
|
|
$ |
|
$ |
|
10 Years |
$ |
|
|
$ |
|
$ |
|
|
$ |
|
$ |
|
The
Fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). A higher portfolio turnover rate may
indicate higher transaction costs and may result in higher taxes when Fund
shares are held in a taxable account. These costs, which are not reflected in
annual fund operating expenses or in the Example, affect the Fund's performance.
During the most recent fiscal year, the Fund's portfolio turnover rate was
88
MainStay Epoch Capital Growth Fund
Investment Process: The Subadvisor invests primarily in companies that generate increasing levels of free cash flow and, in the view of the Subadvisor, allocate free cash flow effectively to grow the value of the company. Free cash flow is the cash generated by a company’s operations, minus cash taxes paid and all planned capital expenditures.
The security selection process focuses on free-cash-flow analytics as opposed to traditional accounting-based metrics. The Subadvisor seeks to identify companies with a consistent, straightforward ability to both generate free cash flow and to reinvest it in a way that generates a return on investment that is greater than the firm's cost of capital.
Material environmental, social and governance ("ESG") factors are identified and monitored by the Subadvisor. Material ESG factors vary by company and industry, but the Subadvisor pays particular attention to factors relating to climate change and corporate governance. This information is taken into account by the Subadvisor in making investment decisions. Material ESG factors are identified and monitored by the Subadvisor through review of ESG information published by the company (where relevant) or selected specialist third-party research and data providers. While the Subadvisor considers ESG factors in the investment decision-making process of the Fund, this does not mean that ESG considerations are the sole or foremost considerations for investment decisions.
The Subadvisor may sell or reduce a position in a security when it believes its investment objectives have been met or if the investment thesis is failing to materialize. The Subadvisor may also sell or reduce a position in a security if it sees a deterioration in fundamentals or when the security is deemed less attractive relative to another security on a return/risk basis.
The principal risks of investing in the Fund are summarized below.
Market Risk: Changes in markets may cause the value of investments to fluctuate, which could cause the Fund to underperform other funds with similar investment objectives and strategies. Such changes may be rapid and unpredictable. From time to time, markets may experience periods of stress as a result of various market, economic and geopolitical factors for potentially prolonged periods that may result in: (i) increased market volatility; (ii) reduced market liquidity; and (iii) increased redemptions of shares. Such conditions may add significantly to the risk of volatility in the net asset value of the Fund's shares and adversely affect the Fund and its investments.
Portfolio Management Risk: The investment strategies, practices and risk analyses used by the Subadvisor may not produce the desired results or expected returns. The Subadvisor may give consideration to certain ESG criteria when evaluating an investment opportunity. The application of ESG criteria may result in the Fund (i) having exposure to certain securities or industry sectors that are significantly different than the composition of the Fund's benchmark; and (ii) performing differently than other funds and strategies in its peer group that do not take into account ESG criteria or the Fund's benchmark.
Equity Securities Risk: Investments in common stocks and other equity securities are particularly subject to the risk of changing economic, stock market, industry and company conditions and the risks inherent in the ability to anticipate such changes that can adversely affect the value of portfolio holdings.
Market Capitalization Risk: Investments in securities issued by small-, mid-, or large-cap companies will be subject to the risks associated with securities issued by companies of the applicable market capitalization. Securities of small-cap and mid-cap companies may be subject to greater price volatility, significantly lower trading volumes, cyclical, static or moderate growth prospects and greater spreads between their bid and ask prices than securities of larger companies. Smaller capitalization companies frequently rely on narrower product lines and niche markets and may
89
MainStay Epoch Capital Growth Fund
be more vulnerable to adverse business or market developments. Securities issued by larger companies may have less growth potential and may not be able to attain the high growth rates of successful smaller companies, especially during strong economic periods. In addition, larger companies may be less capable of responding quickly to competitive challenges and industry changes, including those resulting from improvements in technology, and may suffer sharper price declines as a result of earnings disappointments. There is a risk that the securities issued by companies of a certain market capitalization may underperform the broader market at any given time.
Growth Stock Risk: If growth companies do not increase their earnings at a rate expected by investors, the market price of the stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can cushion stock prices in market downturns. These risks may be more pronounced in companies that are in the earlier stages of their growth cycle.
Foreign Securities Risk: An issuer of a security is considered to be a U.S. or foreign issuer based on the issuer’s “country of risk” (or similar designation) as determined by a third party such as Bloomberg (or another similar third party). The issuer’s “country of risk” is determined based on a number of criteria, which may change from time to time and currently include, but are not limited to, its country of domicile, the primary stock exchange on which it trades, the location from which the majority of its revenue comes, and its reporting currency. Although a Fund will generally rely on an issuer’s “country of risk” (or similar designation) as determined by Bloomberg (or another similar third party) when categorizing securities as either U.S. or foreign-based, it is not required to do so.
Investments in foreign (non-U.S.) securities may be riskier than investments in U.S. securities. Foreign regulatory regimes and securities markets can have less stringent investor protections and disclosure standards and less liquid trading markets than U.S. regulatory regimes and securities markets, and can experience political, social and economic developments that may affect the value of investments in foreign securities. Foreign securities may also subject the Fund's investments to changes in currency rates. Changes in the value of foreign currencies may make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. Economic sanctions may be, and have been, imposed against certain countries, organizations, companies, entities and/or individuals. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate the Fund’s ability to purchase or sell certain foreign securities or groups of foreign securities, and thus may make the Fund’s investments in such securities less liquid or more difficult to value. Such sanctions may also cause a decline in the value of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country. In addition, as a result of economic sanctions and other similar governmental actions or developments, the Fund may be forced to sell or otherwise dispose of foreign investments at inopportune times or prices. The Fund may seek to hedge against its exposure to changes in the value of foreign currency, but there is no guarantee that such hedging techniques will be successful in reducing any related foreign currency valuation risk. These risks may be greater with respect to securities of companies that conduct their business activities in emerging markets or whose securities are traded principally in emerging markets.
Emerging Markets Risk: The risks related to investing in foreign securities are generally greater with respect to securities of companies that conduct their business activities in emerging markets or whose securities are traded principally in emerging markets. The risks of investing in emerging markets are elevated under adverse market conditions and include: (i) smaller trading volumes for such securities and limited access to investments in the event of market closures (including due to local holidays), which result in a lack of liquidity and in greater price volatility; (ii) less government regulation, which could lead to market manipulation, and less extensive, transparent and frequent accounting, auditing, recordkeeping, financial reporting and other requirements, which limit the quality and availability of financial information; (iii) the absence of developed legal systems, including structures governing private or foreign investment or allowing for judicial redress (such as limits on rights and remedies available) for investment losses and injury to private property; (iv) loss resulting from problems in share registration and custody; (v) sensitivity to adverse political or social events affecting the region where an emerging market is located; (vi) particular sensitivity to economic and political disruptions, including adverse effects stemming from wars, sanctions, trade restrictions, recessions, depressions or other economic crises, or reliance on international or other forms of aid, including trade, taxation and development policies; and (vii) the nationalization of foreign deposits or assets.
Geographic Focus Risk: Issuers that operate in a single country, a small number of countries, or a particular geographic region can be affected similarly by the market, currency, political, economic, regulatory, geopolitical and other conditions in such country or region, and the Fund’s performance will be affected by the conditions, in the countries or regions to which the Fund is exposed. To the extent the Fund focuses its investments in a particular country or region, its performance will be more susceptible to adverse developments in such country or region than a more geographically diversified fund.
Depositary Receipts Risk: Investments in depositary receipts may entail the special risks of investing in foreign securities, including currency exchange fluctuations, government regulations, and the potential for political and economic instability.
Real Estate Investment Trust Risk: Investments in REITs involve risks associated with direct ownership of real estate, including decline in property values, extended vacancies, increases in property taxes and changes in interest rates. Additionally, the appreciation of securities issued by a REIT depends, in part, on the skills of the REIT’s manager. REITs may not be diversified, may experience substantial cost in the event of borrower or lessee defaults and are subject to heavy cash flow dependency.
Master Limited Partnerships ("MLPs") and Other Natural Resources Sector Companies Risks: Natural resources sector companies, including energy companies and MLPs, are subject to risks, including, but not limited to, fluctuations in the prices of commodities, a significant decrease in the production of or a sustained decline in demand for commodities, and construction risk, development risk, acquisition risk or other
90
MainStay Epoch Capital Growth Fund
risks arising from their specific business strategies. Energy companies are affected by worldwide energy prices and may suffer losses as a result of adverse changes in these prices and market volatility. Additionally, energy companies may be at risk for increased government regulation and intervention and litigation. In addition, investing in MLPs involves certain risks related to investing in the underlying assets of the MLPs and risks associated with pooled investment vehicles. MLPs are subject to certain risks inherent in the structure of MLPs, including (i) tax risks; (ii) the limited ability to elect or remove management or the general partner or managing member; (iii) limited voting rights; and (iv) conflicts of interest between the general partner or managing member and its affiliates, on the one hand, and the limited partners or members, on the other hand, including those arising from incentive distribution payments or corporate opportunities. Securities issued by MLPs may experience limited trading volumes and, thus, may be relatively illiquid.
Rights and Warrants Risk: Rights and warrants may provide a greater potential for profit or loss than an equivalent investment in the underlying securities. Prices of these investments do not necessarily move in tandem with the prices of the underlying securities, and warrants are speculative investments. If a right or warrant is not exercised by the date of its expiration, the Fund will lose its entire investment in such right or warrant.
Liquidity and Valuation Risk: The Fund’s investments may be illiquid at the time of purchase or liquid at the time of purchase and subsequently become illiquid due to, among other things, events relating to the issuer of the securities, market events, operational issues, economic conditions, investor perceptions or lack of market participants. The lack of an active trading market may make it difficult to sell or obtain an accurate price for a security. If market conditions or issuer specific developments make it difficult to value securities, the Fund may value these securities using more subjective methods, such as fair value pricing. In such cases, the value determined for a security could be different than the value realized upon such security's sale. As a result, an investor could pay more than the market value when buying shares or receive less than the market value when selling shares. This could affect the proceeds of any redemption or the number of shares an investor receives upon purchase. The Fund is subject to the risk that it could not meet redemption requests within the allowable time period without significant dilution of remaining investors' interests in the Fund. To meet redemption requests or to raise cash to pursue other investment opportunities, the Fund may be forced to sell securities at an unfavorable time and/or under unfavorable conditions, which may adversely affect the Fund’s performance.
The
following bar chart and table provide some indication of the risks of investing
in the Fund by showing changes in the Fund’s performance from year to year and
by showing how the Fund’s average annual returns compare with those of a broad
measure of market performance over time.
Index returns reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable.
Performance
data for the classes varies based on differences in their fee and expense
structures.
91
MainStay Epoch Capital Growth Fund
Annual Returns, Class I Shares
(by calendar year 2017-2023)
|
||
|
|
% |
|
||
|
- |
% |
Average Annual Total Returns (for the periods ended December 31, 2023)
|
|
|
|
|
| |||
|
Inception |
|
1 Year |
5 Years |
Since | |||
|
|
|
|
|
Inception | |||
Return Before Taxes |
|
|
|
|
|
|
|
|
Class I |
|
|
|
% |
|
% |
|
% |
Return After Taxes on Distributions |
|
|
|
|
|
|
|
|
Class I |
|
|
|
% |
|
% |
|
% |
Return After Taxes on Distributions and Sale of Fund Shares |
|
|
|
|
|
|
|
|
Class I |
|
|
|
% |
|
% |
|
% |
Return Before Taxes |
|
|
|
|
|
|
|
|
Class A |
|
|
|
% |
|
% |
|
% |
Investor Class |
|
|
|
% |
|
% |
|
% |
Class C |
|
|
|
% |
|
% |
|
% |
|
|
|
|
|
|
|
|
|
|
|
% |
|
% |
|
% |
1.
New York Life Investment Management LLC serves as the Manager. Epoch Investment Partners, Inc. serves as the Subadvisor. The individuals listed below are jointly and primarily responsible for day-to-day portfolio management.
92
MainStay Epoch Capital Growth Fund
Subadvisor |
Portfolio Managers |
Service Date |
Epoch Investment Partners, Inc. |
William W. Priest, Executive Chairman & Co-Chief Investment Officer* |
Since 2016 |
Steven D. Bleiberg, Managing Director |
Since 2016 | |
Michael A. Welhoelter, President and Co-Chief Investment Officer |
Since 2016 | |
David J. Siino, Managing Director |
Since 2016 |
* Mr. Priest will serve as a portfolio manager of the Fund until on or about March 31, 2024.
You may purchase or sell shares of the Fund on any day the Fund is open for business by contacting your financial adviser or financial intermediary firm, or by contacting the Fund by telephone at 800-624-6782, by mail at MainStay Funds, P.O. Box 219003, Kansas City, MO 64121-9000, by overnight mail to 430 West 7th Street, Suite 219003, Kansas City, MO 64105-1407, or by accessing our website at newyorklifeinvestments.com/accounts. Generally, an initial investment minimum of $2,500 applies if you invest in Investor Class or Class C shares, $15,000 for Class A shares and $1,000,000 for individual investors in Class I shares investing directly (i) with the Fund; or (ii) through certain private banks and trust companies that have an agreement with NYLIFE Distributors LLC, the Fund’s principal underwriter and distributor, or its affiliates. A subsequent investment minimum of $50 applies to investments in Investor Class and Class C shares. These initial investment minimum and subsequent purchase amounts also apply to Investor Class and Class C shares purchased through AutoInvest, MainStay's systematic investment plan. Class A shares have no subsequent investment minimum. Institutional shareholders in Class I shares have no initial or subsequent investment minimums.
Certain financial intermediaries through whom you may invest may impose their own investment minimums, fees, policies and procedures for purchasing and selling Fund shares, which are not described in this Prospectus or the Statement of Additional Information, and which will depend on the policies, procedures and trading platforms of the financial intermediary. Consult a representative of your financial intermediary about the availability of shares of the Fund and the intermediary's policies, procedures and other information.
The Fund's distributions are generally taxable to you as ordinary income, capital gains, or a combination of the two, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account.
If you purchase Fund shares through a financial intermediary firm (such as a broker/dealer or bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the financial intermediary firm or your financial adviser to recommend the Fund over another investment. Ask your financial adviser or visit your financial intermediary firm's website for more information.
93
The Fund seeks a high level of income. Capital appreciation is a secondary investment objective.
The
table below describes the fees and expenses that you may pay if you buy, hold
and sell shares of the Fund. You
may pay other fees, such as brokerage commissions and other fees to financial
intermediaries, which are not reflected in the table and example
below.
|
|
Class A |
|
Investor Class |
|
Class C |
|
Class I |
|
Class R6 | |||||||||||
Shareholder Fees (fees paid directly from your investment) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |
|
|
% |
|
|
% |
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the original offering price or redemption proceeds) |
|
|
1 |
|
|
|
1 |
|
|
|
% |
|
|
|
|
|
|
|
| |
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Management Fees (as an annual percentage of the Fund's average daily net assets) |
|
|
% |
|
|
% |
|
|
% |
|
|
% |
|
|
% | |||||
|
Distribution and/or Service (12b-1) Fees |
|
|
% |
|
|
% |
|
|
% |
|
|
|
|
|
|
|
| |||
|
Other Expenses |
|
|
% |
|
|
% |
|
|
% |
|
|
% |
|
|
% | |||||
|
Total Annual Fund Operating Expenses |
|
|
% |
|
|
% |
|
|
% |
|
|
% |
|
|
% | |||||
|
Waivers / Reimbursements2 |
|
( |
)% |
|
|
% |
|
( |
)% |
|
( |
)% |
|
( |
)% | |||||
|
Total Annual Fund Operating Expenses After Waivers / Reimbursements2 |
|
|
% |
|
|
% |
|
|
% |
|
|
% |
|
|
% |
1.
2.
Expenses After |
Class A |
|
|
Investor |
Class C |
Class I |
|
Class R6 |
| |||||
|
|
|
|
Class |
|
|
|
|
|
|
|
| ||
1 Year |
$ |
|
|
$ |
|
$ |
|
|
$ |
|
$ |
|
$ |
|
3 Years |
$ |
|
|
$ |
|
$ |
|
|
$ |
|
$ |
|
$ |
|
5 Years |
$ |
|
|
$ |
|
$ |
|
|
$ |
|
$ |
|
$ |
|
10 Years |
$ |
|
|
$ |
|
$ |
|
|
$ |
|
$ |
|
$ |
|
The
Fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). A higher portfolio turnover rate may
indicate higher transaction costs and may result in higher taxes when Fund
shares are held in a taxable account. These costs, which are not reflected in
annual fund operating expenses or in the Example, affect the Fund's performance.
During the most recent fiscal year, the Fund's portfolio turnover rate was
94
MainStay Epoch Global Equity Yield Fund
Investment Process: The Subadvisor invests primarily in companies that generate increasing levels of free cash flow and have management teams that the Subadvisor believes allocate free cash flow effectively to create shareholder value.
The security selection process focuses on free-cash-flow analytics as opposed to traditional accounting-based metrics. The Subadvisor seeks to identify companies with a consistent, straightforward ability to both generate free cash flow and to intelligently allocate it among internal reinvestment opportunities, acquisitions, dividends, share repurchases and/or debt reduction.
The Subadvisor seeks to find and invest in companies that meet its definition of quality-companies that are free cash flow positive or becoming free cash flow positive, and that are led by strong management. The Subadvisor evaluates whether a company has a focus on shareholder yield by analyzing the company's existing cash dividend, the company's share repurchase activities, and the company's debt reduction activities as well as the likelihood of positive changes to each of these criteria, among other factors.
Material environmental, social and governance ("ESG") factors are identified and monitored by the Subadvisor. Material ESG factors vary by company and industry, but the Subadvisor pays particular attention to factors relating to climate change and corporate governance. This information is taken into account by the Subadvisor in making investment decisions. Material ESG factors are identified and monitored by the Subadvisor through review of ESG information published by the company (where relevant) or selected specialist third-party research and data providers. While the Subadvisor considers ESG factors in the investment decision-making process of the Fund, this does not mean that ESG considerations are the sole or foremost considerations for investment decisions.
The Subadvisor may sell or reduce a position in a security when it believes its investment objectives have been met or if the investment thesis is failing to materialize. The Subadvisor may also sell or reduce a position in a security if it sees an interruption to the dividend policy, a deterioration in fundamentals or when the security is deemed less attractive relative to another security on a return/risk basis.
The principal risks of investing in the Fund are summarized below.
Market Risk: Changes in markets may cause the value of investments to fluctuate, which could cause the Fund to underperform other funds with similar investment objectives and strategies. Such changes may be rapid and unpredictable. From time to time, markets may experience periods of stress as a result of various market, economic and geopolitical factors for potentially prolonged periods that may result in: (i) increased market volatility; (ii) reduced market liquidity; and (iii) increased redemptions of shares. Such conditions may add significantly to the risk of volatility in the net asset value of the Fund's shares and adversely affect the Fund and its investments.
Portfolio Management Risk: The investment strategies, practices and risk analyses used by the Subadvisor may not produce the desired results or expected returns. The Subadvisor may give consideration to certain ESG criteria when evaluating an investment opportunity. The application of ESG criteria may result in the Fund (i) having exposure to certain securities or industry sectors that are significantly different than the composition of the Fund's benchmark; and (ii) performing differently than other funds and strategies in its peer group that do not take into account ESG criteria or the Fund's benchmark.
Equity Securities Risk: Investments in common stocks and other equity securities are particularly subject to the risk of changing economic, stock market, industry and company conditions and the risks inherent in the ability to anticipate such changes that can adversely affect the value of portfolio holdings.
95
MainStay Epoch Global Equity Yield Fund
Dividend-Paying Stock Risk: Emphasis on equity and equity-related securities that produce income or other distributions involves the risk that such securities may fall out of favor with investors and underperform the market. Depending upon market conditions, income producing stocks that meet the Fund’s investment criteria may not be widely available and/or may be highly concentrated in only a few market sectors. This may limit the ability of the Fund to produce current income while remaining fully diversified. Also, an issuer may reduce or eliminate its income payments or other distributions, particularly during a market downturn. The distributions received may not qualify as income for Fund investors.
Market Capitalization Risk: Investments in securities issued by small-, mid-, or large-cap companies will be subject to the risks associated with securities issued by companies of the applicable market capitalization. Securities of small-cap and mid-cap companies may be subject to greater price volatility, significantly lower trading volumes, cyclical, static or moderate growth prospects and greater spreads between their bid and ask prices than securities of larger companies. Smaller capitalization companies frequently rely on narrower product lines and niche markets and may be more vulnerable to adverse business or market developments. Securities issued by larger companies may have less growth potential and may not be able to attain the high growth rates of successful smaller companies, especially during strong economic periods. In addition, larger companies may be less capable of responding quickly to competitive challenges and industry changes, including those resulting from improvements in technology, and may suffer sharper price declines as a result of earnings disappointments. There is a risk that the securities issued by companies of a certain market capitalization may underperform the broader market at any given time.
Value Stock Risk: Value stocks may never reach what the Subadvisor believes is their full value or they may go down in value. In addition, different types of stocks tend to shift in and out of favor depending on market and economic conditions, and therefore the Fund's performance may be lower or higher than that of funds that invest in other types of equity securities.
Foreign Securities Risk: An issuer of a security is considered to be a U.S. or foreign issuer based on the issuer’s “country of risk” (or similar designation) as determined by a third party such as Bloomberg (or another similar third party). The issuer’s “country of risk” is determined based on a number of criteria, which may change from time to time and currently include, but are not limited to, its country of domicile, the primary stock exchange on which it trades, the location from which the majority of its revenue comes, and its reporting currency. Although a Fund will generally rely on an issuer’s “country of risk” (or similar designation) as determined by Bloomberg (or another similar third party) when categorizing securities as either U.S. or foreign-based, it is not required to do so.
Investments in foreign (non-U.S.) securities may be riskier than investments in U.S. securities. Foreign regulatory regimes and securities markets can have less stringent investor protections and disclosure standards and less liquid trading markets than U.S. regulatory regimes and securities markets, and can experience political, social and economic developments that may affect the value of investments in foreign securities. Foreign securities may also subject the Fund's investments to changes in currency rates. Changes in the value of foreign currencies may make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. Economic sanctions may be, and have been, imposed against certain countries, organizations, companies, entities and/or individuals. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate the Fund’s ability to purchase or sell certain foreign securities or groups of foreign securities, and thus may make the Fund’s investments in such securities less liquid or more difficult to value. Such sanctions may also cause a decline in the value of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country. In addition, as a result of economic sanctions and other similar governmental actions or developments, the Fund may be forced to sell or otherwise dispose of foreign investments at inopportune times or prices. The Fund may seek to hedge against its exposure to changes in the value of foreign currency, but there is no guarantee that such hedging techniques will be successful in reducing any related foreign currency valuation risk. These risks may be greater with respect to securities of companies that conduct their business activities in emerging markets or whose securities are traded principally in emerging markets.
Liquidity and Valuation Risk: The Fund’s investments may be illiquid at the time of purchase or liquid at the time of purchase and subsequently become illiquid due to, among other things, events relating to the issuer of the securities, market events, operational issues, economic conditions, investor perceptions or lack of market participants. The lack of an active trading market may make it difficult to sell or obtain an accurate price for a security. If market conditions or issuer specific developments make it difficult to value securities, the Fund may value these securities using more subjective methods, such as fair value pricing. In such cases, the value determined for a security could be different than the value realized upon such security's sale. As a result, an investor could pay more than the market value when buying shares or receive less than the market value when selling shares. This could affect the proceeds of any redemption or the number of shares an investor receives upon purchase. The Fund is subject to the risk that it could not meet redemption requests within the allowable time period without significant dilution of remaining investors' interests in the Fund. To meet redemption requests or to raise cash to pursue other investment opportunities, the Fund may be forced to sell securities at an unfavorable time and/or under unfavorable conditions, which may adversely affect the Fund’s performance.
Emerging Markets Risk: The risks related to investing in foreign securities are generally greater with respect to securities of companies that conduct their business activities in emerging markets or whose securities are traded principally in emerging markets. The risks of investing in emerging markets are elevated under adverse market conditions and include: (i) smaller trading volumes for such securities and limited access to investments in the event of market closures (including due to local holidays), which result in a lack of liquidity and in greater price volatility; (ii) less government regulation, which could lead to market manipulation, and less extensive, transparent and frequent accounting, auditing, recordkeeping, financial reporting and other requirements, which limit the quality and availability of financial information; (iii) the absence of developed legal systems, including structures governing private or foreign investment or allowing for judicial redress (such as limits on rights and remedies available) for investment losses and injury to private property; (iv) loss resulting from problems in share registration and custody; (v) sensitivity to
96
MainStay Epoch Global Equity Yield Fund
adverse political or social events affecting the region where an emerging market is located; (vi) particular sensitivity to economic and political disruptions, including adverse effects stemming from wars, sanctions, trade restrictions, recessions, depressions or other economic crises, or reliance on international or other forms of aid, including trade, taxation and development policies; and (vii) the nationalization of foreign deposits or assets.
Depositary Receipts Risk: Investments in depositary receipts may entail the special risks of investing in foreign securities, including currency exchange fluctuations, government regulations, and the potential for political and economic instability.
The
following bar chart and table provide some indication of the risks of investing
in the Fund by showing changes in the Fund’s performance from year to year and
by showing how the Fund’s average annual returns compare with those of a broad
measure of market performance, as well as an additional index over
time.
Index returns reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable.
Performance
data for the classes varies based on differences in their fee and expense
structures.
Annual Returns, Class I Shares
(by calendar year 2014-2023)
|
||
|
|
% |
|
||
|
- |
% |
97
MainStay Epoch Global Equity Yield Fund
Average Annual Total Returns (for the periods ended December 31, 2023)
|
|
|
|
|
| |||
|
Inception |
|
1 Year |
5 Years |
10 Years | |||
|
|
|
|
|
| |||
Return Before Taxes |
|
|
|
|
|
|
|
|
Class I |
|
|
|
% |
|
% |
|
% |
Return After Taxes on Distributions |
|
|
|
|
|
|
|
|
Class I |
|
|
|
% |
|
% |
|
% |
Return After Taxes on Distributions and Sale of Fund Shares |
|
|
|
|
|
|
|
|
Class I |
|
|
|
% |
|
% |
|
% |
Return Before Taxes |
|
|
|
|
|
|
|
|
Class A |
|
|
|
% |
|
% |
|
% |
Investor Class |
|
|
|
% |
|
% |
|
% |
Class C |
|
|
|
% |
|
% |
|
% |
Class R6 |
|
|
|
% |
|
% |
|
% |
|
|
|
|
|
|
|
|
|
|
|
% |
|
% |
|
% | ||
|
|
% |
|
% |
|
% |
1.
2.
New York Life Investment Management LLC serves as the Manager. Epoch Investment Partners, Inc. serves as the Subadvisor. The individuals listed below are jointly and primarily responsible for day-to-day portfolio management.
Subadvisor |
Portfolio Managers |
Service Date |
Epoch Investment Partners, Inc. |
Michael A. Welhoelter, President and Co-Chief Investment Officer |
Since 2009 |
William W. Priest, Executive Chairman & Co-Chief Investment Officer* |
Since 2009 | |
Kera Van Valen, Managing Director |
Since 2014 | |
John Tobin, Managing Director |
Since 2014 |
* Mr. Priest will serve as portfolio manager of the Fund until on or about March 31, 2024.
You may purchase or sell shares of the Fund on any day the Fund is open for business by contacting your financial adviser or financial intermediary firm, or by contacting the Fund by telephone at 800-624-6782, by mail at MainStay Funds, P.O. Box 219003, Kansas City, MO 64121-9000, by overnight mail to 430 West 7th Street, Suite 219003, Kansas City, MO 64105-1407, or by accessing our website at newyorklifeinvestments.com/accounts. Class R6 shares are generally only available to certain retirement plans invested in the Fund through omnibus accounts (either at the plan level or omnibus accounts held on the books of the Fund). Class R6 shares are generally not available to retail accounts. Generally, an initial investment minimum of $2,500 applies if you invest in Investor Class or Class C shares, $15,000 for Class A shares and $1,000,000 for individual investors in Class I shares investing directly (i) with the Fund; or (ii) through certain private banks and trust companies that have an agreement with NYLIFE Distributors LLC, the Fund’s principal underwriter and distributor, or its affiliates. A subsequent investment minimum of $50 applies to investments in Investor Class and Class C shares. These initial investment minimum and subsequent purchase amounts also apply to Investor Class and Class C shares purchased through AutoInvest, MainStay’s systematic investment plan. Class A shares have no subsequent investment minimum. Class R6 shares and institutional shareholders in Class I shares have no initial or subsequent investment minimums.
Certain financial intermediaries through whom you may invest may impose their own investment minimums, fees, policies and procedures for purchasing and selling Fund shares, which are not described in this Prospectus or the Statement of Additional Information, and which will depend
98
MainStay Epoch Global Equity Yield Fund
on the policies, procedures and trading platforms of the financial intermediary. Consult a representative of your financial intermediary about the availability of shares of the Fund and the intermediary's policies, procedures and other information.
The Fund's distributions are generally taxable to you as ordinary income, capital gains, or a combination of the two, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account.
If you purchase Fund shares through a financial intermediary firm (such as a broker/dealer or bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the financial intermediary firm or your financial adviser to recommend the Fund over another investment. Ask your financial adviser or visit your financial intermediary firm's website for more information. No compensation, administrative payments, sub-transfer agency payments or service payments are paid to broker/dealers or other financial intermediaries from Fund assets or the Distributor’s or an affiliate’s resources on sales of or investments in Class R6 shares. The Distributor or an affiliate may pay de minimis amounts to intermediaries for setup, connectivity or other technological expenses. Class R6 shares do not carry sales charges or pay Rule 12b-1 fees, or make payments to financial intermediaries to assist in, or in connection with, the sale of the Fund’s shares.
99
The Fund seeks capital appreciation.
The
table below describes the fees and expenses that you may pay if you buy, hold
and sell shares of the Fund. You
may pay other fees, such as brokerage commissions and other fees to financial
intermediaries, which are not reflected in the table and example
below.
|
|
Class A |
|
Class C |
|
Class I |
|
Class R6 |
| |||||||||
Shareholder Fees (fees paid directly from your investment) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |
|
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the original offering price or redemption proceeds) |
|
|
1 |
|
|
|
% |
|
|
|
|
|
|
|
|
| |
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Management Fees (as an annual percentage of the Fund's average daily net assets) |
|
|
% |
|
|
% |
|
|
% |
|
|
% |
| ||||
|
Distribution and/or Service (12b-1) Fees |
|
|
% |
|
|
% |
|
|
|
|
|
|
|
|
| ||
|
Other Expenses2 |
|
|
% |
|
|
% |
|
|
% |
|
|
% |
| ||||
|
Total Annual Fund Operating Expenses |
|
|
% |
|
|
% |
|
|
% |
|
|
% |
| ||||
|
Waivers / Reimbursements3 |
|
( |
)% |
|
( |
)% |
|
( |
)% |
|
( |
)% |
| ||||
|
Total Annual Fund Operating Expenses After Waivers / Reimbursements3 |
|
|
% |
|
|
% |
|
|
% |
|
|
% |
|
1.
2.
3.
Expenses After |
|
Class A |
|
|
Class C |
|
Class I |
|
Class R6 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
1 Year |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
$ |
|
3 Years |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
$ |
|
5 Years |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
$ |
|
10 Years |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
$ |
|
The
Fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). A higher portfolio turnover rate may
indicate higher transaction costs and may result in higher taxes when Fund
shares are held in a taxable account. These costs, which are not reflected in
annual fund operating expenses or in the Example, affect the Fund's performance.
During the most recent fiscal period, the Fund's portfolio turnover rate was
100
MainStay PineStone Global Equity Fund
Under normal circumstances, the Fund invests at least 80% of its assets (net assets plus any borrowings for investment purposes) in equity securities. Equity securities include common stock, preferred stock, convertible securities and depositary receipts. Under normal circumstances, the Fund generally invests at least 40% of its net assets in foreign companies. An issuer of a security is considered to be a U.S. or foreign issuer based on the issuer’s “country of risk” (or similar designation) as determined by a third party such as Bloomberg, Factset or ICE Data Services Inc. This 40% minimum investment amount may be reduced to 30% if market conditions for these investments or specific foreign markets are deemed unfavorable. The Subadvisor defines emerging market countries as those countries that are included in the MSCI Emerging Markets Index.
From time to time, the Fund may focus its foreign investments in Europe.
The Fund may from time to time emphasize one or more sectors in selecting its investments, including the consumer staples sector.
In addition, the Fund may enter into forward currency contracts to hedge the currency exposure associated with some or all of the Fund’s securities, to shift investment exposure from one currency to another, to shift U.S. dollar exposure to achieve a representative weighted mix of major currencies in its benchmark, or to adjust an underweight country exposure in its portfolio.
Investment Process: In pursuing the Fund’s investment objective, the Subadvisor employs a bottom-up stock selection approach which results in a relatively focused portfolio generally ranging from 25 to 45 companies. A bottom-up stock selection approach focuses on the analysis of individual stocks (microeconomic factors) as opposed to the significance of economic cycles and market cycles (macroeconomic factors).
The Subadvisor looks for companies that have growth potential that are believed to be trading at attractive valuations. In doing so, the Subadvisor focuses on companies believed by the portfolio management team to have the following characteristics, among others:
· Competitive advantage in an industry with high barriers to entry;
· Strong management teams with sound corporate governance;
· A history of stable profit margins; and
· Solid balance sheet with low leverage.
In evaluating whether to sell a security, the Subadvisor considers, among other factors, whether in its view the company no longer continues to meet the standards described above and/or the Subadvisor believes there are more attractive opportunities available for investment by the Fund.
The principal risks of investing in the Fund are summarized below.
Market Risk: Changes in markets may cause the value of investments to fluctuate, which could cause the Fund to underperform other funds with similar investment objectives and strategies. Such changes may be rapid and unpredictable. From time to time, markets may experience periods of stress as a result of various market, economic and geopolitical factors for potentially prolonged periods that may result in: (i) increased market volatility; (ii) reduced market liquidity; and (iii) increased redemptions of shares. Such conditions may add significantly to the risk of volatility in the net asset value of the Fund's shares and adversely affect the Fund and its investments.
Portfolio Management Risk: The investment strategies, practices and risk analyses used by the Subadvisor may not produce the desired results or expected returns.
Equity Securities Risk: Investments in common stocks and other equity securities are particularly subject to the risk of changing economic, stock market, industry and company conditions and the risks inherent in the ability to anticipate such changes that can adversely affect the value of portfolio holdings.
Market Capitalization Risk: Investments in securities issued by small-, mid-, or large-cap companies will be subject to the risks associated with securities issued by companies of the applicable market capitalization. Securities of small-cap and mid-cap companies may be subject to greater price volatility, significantly lower trading volumes, cyclical, static or moderate growth prospects and greater spreads between their bid and ask prices than securities of larger companies. Smaller capitalization companies frequently rely on narrower product lines and niche markets and may be more vulnerable to adverse business or market developments. Securities issued by larger companies may have less growth potential and may not be able to attain the high growth rates of successful smaller companies, especially during strong economic periods. In addition, larger companies may be less capable of responding quickly to competitive challenges and industry changes, including those resulting from improvements in technology, and may suffer sharper price declines as a result of earnings disappointments. There is a risk that the securities issued by companies of a certain market capitalization may underperform the broader market at any given time.
Issuer Risk: An issuer in which the Fund invests or to which it has exposure may perform poorly, and the value of its securities may therefore decline, which would negatively affect the Fund’s performance. Poor performance may be caused by poor management decisions, competitive
101
MainStay PineStone Global Equity Fund
pressures, breakthroughs in technology, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent disclosures, natural disasters, military confrontations and actions, war, other conflicts, terrorism, disease/virus outbreaks, epidemics or other events, conditions or factors.
Foreign Securities Risk: An issuer of a security is considered to be a U.S. or foreign issuer based on the issuer’s “country of risk” (or similar designation) as determined by a third party such as Bloomberg (or another similar third party). The issuer’s “country of risk” is determined based on a number of criteria, which may change from time to time and currently include, but are not limited to, its country of domicile, the primary stock exchange on which it trades, the location from which the majority of its revenue comes, and its reporting currency. Although a Fund will generally rely on an issuer’s “country of risk” (or similar designation) as determined by Bloomberg (or another similar third party) when categorizing securities as either U.S. or foreign-based, it is not required to do so.
Investments in foreign (non-U.S.) securities may be riskier than investments in U.S. securities. Foreign regulatory regimes and securities markets can have less stringent investor protections and disclosure standards and less liquid trading markets than U.S. regulatory regimes and securities markets, and can experience political, social and economic developments that may affect the value of investments in foreign securities. Foreign securities may also subject the Fund's investments to changes in currency rates. Changes in the value of foreign currencies may make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. Economic sanctions may be, and have been, imposed against certain countries, organizations, companies, entities and/or individuals. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate the Fund’s ability to purchase or sell certain foreign securities or groups of foreign securities, and thus may make the Fund’s investments in such securities less liquid or more difficult to value. Such sanctions may also cause a decline in the value of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country. In addition, as a result of economic sanctions and other similar governmental actions or developments, the Fund may be forced to sell or otherwise dispose of foreign investments at inopportune times or prices. The Fund may seek to hedge against its exposure to changes in the value of foreign currency, but there is no guarantee that such hedging techniques will be successful in reducing any related foreign currency valuation risk. These risks may be greater with respect to securities of companies that conduct their business activities in emerging markets or whose securities are traded principally in emerging markets.
Emerging Markets Risk: The risks related to investing in foreign securities are generally greater with respect to securities of companies that conduct their business activities in emerging markets or whose securities are traded principally in emerging markets. The risks of investing in emerging markets are elevated under adverse market conditions and include: (i) smaller trading volumes for such securities and limited access to investments in the event of market closures (including due to local holidays), which result in a lack of liquidity and in greater price volatility; (ii) less government regulation, which could lead to market manipulation, and less extensive, transparent and frequent accounting, auditing, recordkeeping, financial reporting and other requirements, which limit the quality and availability of financial information; (iii) the absence of developed legal systems, including structures governing private or foreign investment or allowing for judicial redress (such as limits on rights and remedies available) for investment losses and injury to private property; (iv) loss resulting from problems in share registration and custody; (v) sensitivity to adverse political or social events affecting the region where an emerging market is located; (vi) particular sensitivity to economic and political disruptions, including adverse effects stemming from wars, sanctions, trade restrictions, recessions, depressions or other economic crises, or reliance on international or other forms of aid, including trade, taxation and development policies; and (vii) the nationalization of foreign deposits or assets.
Convertible Securities Risk: Convertible securities are typically subordinate to an issuer’s other debt obligations. In part, the total return for a convertible security depends upon the performance of the underlying stock into which it can be converted. Also, issuers of convertible securities are often not as strong financially as those issuing securities with higher credit ratings, are more likely to encounter financial difficulties and typically are more vulnerable to changes in the economy, such as a recession or a sustained period of rising interest rates, which could affect their ability to make interest and principal payments. If an issuer stops making interest and/or principal payments, the Fund could lose its entire investment.
Depositary Receipts Risk: Investments in depositary receipts may entail the special risks of investing in foreign securities, including currency exchange fluctuations, government regulations, and the potential for political and economic instability.
Derivatives Risk: Derivatives are investments whose value depends on (or is derived from) the value of an underlying instrument, such as a security, asset, reference rate or index. Derivative strategies may be riskier than investing directly in the underlying instrument and often involve leverage, which may exaggerate a loss, potentially causing the Fund to lose more money than it originally invested and would have lost had it invested directly in the underlying instrument. Derivatives may be difficult to sell, unwind and/or value. Derivatives may also be subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Fund.
Forward commitments entail the risk that the instrument may be worth less when it is issued or received than the price the Fund agreed to pay when it made the commitment.The use of foreign currency forwards may result in currency exchange losses due to fluctuations in currency exchange rates or an imperfect correlation between portfolio holdings denominated in a particular currency and the forward contracts entered into by the Fund. Derivatives may also increase the expenses of the Fund.
102
MainStay PineStone Global Equity Fund
Focused Portfolio Risk: Because the Fund typically invests in relatively few holdings, a larger percentage of its assets may be invested in a particular issuer or in fewer companies than is typical of other mutual funds. This may increase volatility of the Fund’s NAVs. The Fund will be more susceptible to adverse economic, political, regulatory or market developments affecting a single issuer than a fund that is invested more broadly.
Liquidity and Valuation Risk: The Fund’s investments may be illiquid at the time of purchase or liquid at the time of purchase and subsequently become illiquid due to, among other things, events relating to the issuer of the securities, market events, operational issues, economic conditions, investor perceptions or lack of market participants. The lack of an active trading market may make it difficult to sell or obtain an accurate price for a security. If market conditions or issuer specific developments make it difficult to value securities, the Fund may value these securities using more subjective methods, such as fair value pricing. In such cases, the value determined for a security could be different than the value realized upon such security's sale. As a result, an investor could pay more than the market value when buying shares or receive less than the market value when selling shares. This could affect the proceeds of any redemption or the number of shares an investor receives upon purchase. The Fund is subject to the risk that it could not meet redemption requests within the allowable time period without significant dilution of remaining investors' interests in the Fund. To meet redemption requests or to raise cash to pursue other investment opportunities, the Fund may be forced to sell securities at an unfavorable time and/or under unfavorable conditions, which may adversely affect the Fund’s performance.
Sector Risk: To the extent the Fund focuses its investments in particular sectors of the economy, the Fund’s performance may be more subject to the risks of volatile economic cycles and/or conditions or developments adversely affecting such sectors than if the Fund held a broader range of investments. Individual sectors may fluctuate more widely than the broader market.
At times, the Fund may have a significant portion of its assets invested in securities of companies conducting business in a related group of industries within an economic sector, including the consumer staples sector. Companies in the same economic sector may be similarly affected by economic, regulatory, political or market events or conditions, which may make the Fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly. Generally, the more broadly the Fund invests, the more it spreads risk and potentially reduces the risks of loss and volatility.
The Fund may also be more susceptible to the particular risks that may affect companies in the consumer staples sector than if it were invested in a wider variety of companies in unrelated sectors. Investments in the consumer staples sector involve risks associated with companies that manufacture products and provide staples services directly to the consumer. Performance of companies in the consumer staples sector may be adversely impacted by fluctuations in supply and demand, changes in the global economy, consumer spending, competition, demographics and consumer preferences, and production spending. Companies in the consumer staples sector are also affected by changes in government regulation, global economic, environmental and political events, and economic conditions.
Preferred Stock Risk: Preferred stock is subject to many of the risks associated with debt securities, including interest rate risk. In addition, preferred stocks may not pay dividends, an issuer may suspend payment of dividends on preferred stock at any time, and in certain situations an issuer may call or redeem its preferred stock or convert it to common stock. To the extent that the Fund invests a substantial portion of its assets in convertible preferred stocks, declining common stock values may also cause the value of the Fund’s investments to decline.
Geographic Focus Risk: The Fund may be particularly susceptible to risks related to economic, political, regulatory or other events or conditions, including acts of war or other conflicts in the region, affecting issuers and countries in Europe. Countries in Europe are often closely connected and interdependent, and events in one European country can have an adverse impact on, and potentially spread to, other European countries. Currency devaluations could occur in countries that have not yet experienced currency devaluation to date, or could continue to occur in countries that have already experienced such devaluations. In addition, the private and public sectors’ debt problems of a single European Union (the “EU”) country can pose significant economic risks to the EU as a whole. As a result, the Fund’s NAV may be more volatile than the NAV of a more geographically diversified fund. If securities of issuers in Europe fall out of favor, it may cause the Fund to underperform other funds that do not focus their investments in this region of the world.
Index returns reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable.
Performance
data for the classes varies based on differences in their fee and expense
structures.
103
MainStay PineStone Global Equity Fund
below is that of the Predecessor Fund, which had a different fee structure from the Fund. The returns of the Predecessor Fund have not been adjusted to reflect the applicable expenses other than sales loads (if applicable) of the Fund.
Annual Returns, Class I Shares
by calendar year 2018-2023)
|
||
|
|
% |
|
||
|
- |
% |
Average Annual Total Returns (for the periods ended December 31, 2023)
|
|
|
|
|||||
|
Inception |
|
1 Year |
5 Years |
Since | |||
|
|
|
|
Inception | ||||
Return Before Taxes |
|
|
|
|
|
|
|
|
Class I |
|
|
|
% |
|
% |
|
% |
Return After Taxes on Distributions |
|
|
|
|
|
|
|
|
Class I |
|
|
|
% |
|
% |
|
% |
Return After Taxes on Distributions and Sale of Fund Shares |
|
|
|
|
|
|
|
|
Class I |
|
|
|
% |
|
% |
|
% |
Return Before Taxes |
|
|
|
|
|
|
|
|
Class A |
|
|
|
% |
|
% |
|
% |
|
|
|
|
|
|
|
|
|
|
|
% |
|
% |
|
% |
1.
New York Life Investment Management LLC serves as the Manager. PineStone Asset Management Inc. serves as the Subadvisor. The individuals listed below are jointly and primarily responsible for day-to-day portfolio management.
Subadvisor |
Portfolio Managers |
Service Date |
PineStone Asset Management Inc. |
Nadim Rizk, MBA, CFA, Lead Portfolio Manager |
Since 2023 |
Andrew Chan, M.Sc., Portfolio Manager |
Since 2023 |
104
MainStay PineStone Global Equity Fund
You may purchase or sell shares of the Fund on any day the Fund is open for business by contacting your financial adviser or financial intermediary firm, or by contacting the Fund by telephone at 800-624-6782, by mail at MainStay Funds, P.O. Box 219003, Kansas City, MO 64121-9000, by overnight mail to 430 West 7th Street, Suite 219003, Kansas City, MO 64105-1407, or by accessing our website at newyorklifeinvestments.com/accounts.
Class R6 shares are generally only available to certain retirement plans invested in the Fund through omnibus accounts (either at the plan level or omnibus accounts held on the books of the Fund). Class R6 shares are generally not available to retail accounts. Generally, an initial investment minimum of $1,000 applies if you invest in Class C shares, $15,000 for Class A shares and $1,000,000 for individual investors in Class I shares investing directly (i) with the Fund or (ii) through certain private banks and trust companies that have an agreement with NYLIFE Distributors LLC, the Fund’s principal underwriter and distributor, or its affiliates. A subsequent investment minimum of $50 applies to investments in Class C shares. However, for Class C shares purchased through AutoInvest, MainStay’s systematic investment plan, a $500 initial investment minimum and a $50 minimum for subsequent purchases applies. Class A shares have no subsequent investment minimum. Class R6 shares and institutional shareholders in Class I shares have no initial or subsequent investment minimums.
Certain financial intermediaries through whom you may invest may impose their own investment minimums, fees, policies and procedures for purchasing and selling Fund shares, which are not described in this Prospectus or the Statement of Additional Information, and which will depend on the policies, procedures and trading platforms of the financial intermediary. Consult a representative of your financial intermediary about the availability of shares of the Fund and the intermediary's policies, procedures and other information.
The Fund's distributions are generally taxable to you as ordinary income, capital gains, or a combination of the two, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account.
If you purchase Fund shares through a financial intermediary firm (such as a broker/dealer or bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the financial intermediary firm or your financial adviser to recommend the Fund over another investment. Ask your financial adviser or visit your financial intermediary firm's website for more information. No compensation, administrative payments, sub-transfer agency payments or service payments are paid to broker/dealers or other financial intermediaries from Fund assets or the Distributor’s or an affiliate’s resources on sales of or investments in Class R6 shares. The Distributor or an affiliate may pay de minimis amounts to intermediaries for setup, connectivity or other technological expenses. Class R6 shares do not carry sales charges or pay Rule 12b-1 fees, or make payments to financial intermediaries to assist in, or in connection with, the sale of the Fund’s shares.
105
The Fund seeks capital appreciation.
The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries for effecting transactions in a class of shares of the Fund that has no initial sales charge, contingent deferred sales charge, or other asset-based fee for sales or distribution, such as Class P shares. These fees are not reflected in the fee and expense table or example table below.
|
|
Class P | |||
Shareholder Fees (fees paid directly from your investment) |
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|
|
| |
|
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |
|
|
|
|
|
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the original offering price or redemption proceeds) |
|
|
|
|
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) |
|
|
|
| |
|
Management Fees (as an annual percentage of the Fund's average daily net assets) |
|
|
% | |
|
Distribution and/or Service (12b-1) Fees |
|
|
|
|
|
Other Expenses1 |
|
|
% | |
|
Total Annual Fund Operating Expenses |
|
|
% | |
|
Waivers / Reimbursements2 |
|
( |
)% | |
|
Total Annual Fund Operating Expenses After Waivers / Reimbursements2 |
|
|
% |
1.
2.
|
|
1 Year |
|
3 Years |
|
5 Years |
|
10 Years |
|
Class P |
|
$ |
|
$ |
|
$ |
|
$ |
|
The
Fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). A higher portfolio turnover rate may
indicate higher transaction costs and may result in higher taxes when Fund
shares are held in a taxable account. These costs, which are not reflected in
annual fund operating expenses or in the Example, affect the Fund's performance.
During the most recent fiscal period, the Fund's portfolio turnover rate was
Under normal circumstances, the Fund invests at least 80% of its assets (net assets plus any borrowings for investment purposes) in equity securities. Equity securities include common stock, preferred stock, convertible securities and depositary receipts. Under normal circumstances, the Fund generally invests at least 40% of its net assets in foreign companies. An issuer of a security is considered to be a U.S. or foreign issuer based on the issuer’s “country of risk” (or similar designation) as determined by a third party such as Bloomberg, Factset or ICE Data Services Inc. This 40% minimum investment amount may be reduced to 30% if market conditions for these investments or specific foreign markets are deemed unfavorable. The Subadvisor defines emerging market countries as those countries that are included in the MSCI Emerging Markets Index.
From time to time, the Fund may focus its foreign investments in Europe.
The Fund may from time to time emphasize one or more sectors in selecting its investments, including the consumer staples sector.
106
MainStay PineStone Global Equity Fund
In addition, the Fund may enter into forward currency contracts to hedge the currency exposure associated with some or all of the Fund’s securities, to shift investment exposure from one currency to another, to shift U.S. dollar exposure to achieve a representative weighted mix of major currencies in its benchmark, or to adjust an underweight country exposure in its portfolio.
Investment Process: In pursuing the Fund’s investment objective, the Subadvisor employs a bottom-up stock selection approach which results in a relatively focused portfolio generally ranging from 25 to 45 companies. A bottom-up stock selection approach focuses on the analysis of individual stocks (microeconomic factors) as opposed to the significance of economic cycles and market cycles (macroeconomic factors).
The Subadvisor looks for companies that have growth potential that are believed to be trading at attractive valuations. In doing so, the Subadvisor focuses on companies believed by the portfolio management team to have the following characteristics, among others:
· Competitive advantage in an industry with high barriers to entry;
· Strong management teams with sound corporate governance;
· A history of stable profit margins; and
· Solid balance sheet with low leverage.
In evaluating whether to sell a security, the Subadvisor considers, among other factors, whether in its view the company no longer continues to meet the standards described above and/or the Subadvisor believes there are more attractive opportunities available for investment by the Fund.
The principal risks of investing in the Fund are summarized below.
Market Risk: Changes in markets may cause the value of investments to fluctuate, which could cause the Fund to underperform other funds with similar investment objectives and strategies. Such changes may be rapid and unpredictable. From time to time, markets may experience periods of stress as a result of various market, economic and geopolitical factors for potentially prolonged periods that may result in: (i) increased market volatility; (ii) reduced market liquidity; and (iii) increased redemptions of shares. Such conditions may add significantly to the risk of volatility in the net asset value of the Fund's shares and adversely affect the Fund and its investments.
Portfolio Management Risk: The investment strategies, practices and risk analyses used by the Subadvisor may not produce the desired results or expected returns.
Equity Securities Risk: Investments in common stocks and other equity securities are particularly subject to the risk of changing economic, stock market, industry and company conditions and the risks inherent in the ability to anticipate such changes that can adversely affect the value of portfolio holdings.
Market Capitalization Risk: Investments in securities issued by small-, mid-, or large-cap companies will be subject to the risks associated with securities issued by companies of the applicable market capitalization. Securities of small-cap and mid-cap companies may be subject to greater price volatility, significantly lower trading volumes, cyclical, static or moderate growth prospects and greater spreads between their bid and ask prices than securities of larger companies. Smaller capitalization companies frequently rely on narrower product lines and niche markets and may be more vulnerable to adverse business or market developments. Securities issued by larger companies may have less growth potential and may not be able to attain the high growth rates of successful smaller companies, especially during strong economic periods. In addition, larger companies may be less capable of responding quickly to competitive challenges and industry changes, including those resulting from improvements in technology, and may suffer sharper price declines as a result of earnings disappointments. There is a risk that the securities issued by companies of a certain market capitalization may underperform the broader market at any given time.
Issuer Risk: An issuer in which the Fund invests or to which it has exposure may perform poorly, and the value of its securities may therefore decline, which would negatively affect the Fund’s performance. Poor performance may be caused by poor management decisions, competitive pressures, breakthroughs in technology, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent disclosures, natural disasters, military confrontations and actions, war, other conflicts, terrorism, disease/virus outbreaks, epidemics or other events, conditions or factors.
Foreign Securities Risk: An issuer of a security is considered to be a U.S. or foreign issuer based on the issuer’s “country of risk” (or similar designation) as determined by a third party such as Bloomberg (or another similar third party). The issuer’s “country of risk” is determined based on a number of criteria, which may change from time to time and currently include, but are not limited to, its country of domicile, the primary stock exchange on which it trades, the location from which the majority of its revenue comes, and its reporting currency. Although a Fund will generally rely on an issuer’s “country of risk” (or similar designation) as determined by Bloomberg (or another similar third party) when categorizing securities as either U.S. or foreign-based, it is not required to do so.
107
MainStay PineStone Global Equity Fund
Investments in foreign (non-U.S.) securities may be riskier than investments in U.S. securities. Foreign regulatory regimes and securities markets can have less stringent investor protections and disclosure standards and less liquid trading markets than U.S. regulatory regimes and securities markets, and can experience political, social and economic developments that may affect the value of investments in foreign securities. Foreign securities may also subject the Fund's investments to changes in currency rates. Changes in the value of foreign currencies may make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. Economic sanctions may be, and have been, imposed against certain countries, organizations, companies, entities and/or individuals. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate the Fund’s ability to purchase or sell certain foreign securities or groups of foreign securities, and thus may make the Fund’s investments in such securities less liquid or more difficult to value. Such sanctions may also cause a decline in the value of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country. In addition, as a result of economic sanctions and other similar governmental actions or developments, the Fund may be forced to sell or otherwise dispose of foreign investments at inopportune times or prices. The Fund may seek to hedge against its exposure to changes in the value of foreign currency, but there is no guarantee that such hedging techniques will be successful in reducing any related foreign currency valuation risk. These risks may be greater with respect to securities of companies that conduct their business activities in emerging markets or whose securities are traded principally in emerging markets.
Emerging Markets Risk: The risks related to investing in foreign securities are generally greater with respect to securities of companies that conduct their business activities in emerging markets or whose securities are traded principally in emerging markets. The risks of investing in emerging markets are elevated under adverse market conditions and include: (i) smaller trading volumes for such securities and limited access to investments in the event of market closures (including due to local holidays), which result in a lack of liquidity and in greater price volatility; (ii) less government regulation, which could lead to market manipulation, and less extensive, transparent and frequent accounting, auditing, recordkeeping, financial reporting and other requirements, which limit the quality and availability of financial information; (iii) the absence of developed legal systems, including structures governing private or foreign investment or allowing for judicial redress (such as limits on rights and remedies available) for investment losses and injury to private property; (iv) loss resulting from problems in share registration and custody; (v) sensitivity to adverse political or social events affecting the region where an emerging market is located; (vi) particular sensitivity to economic and political disruptions, including adverse effects stemming from wars, sanctions, trade restrictions, recessions, depressions or other economic crises, or reliance on international or other forms of aid, including trade, taxation and development policies; and (vii) the nationalization of foreign deposits or assets.
Convertible Securities Risk: Convertible securities are typically subordinate to an issuer’s other debt obligations. In part, the total return for a convertible security depends upon the performance of the underlying stock into which it can be converted. Also, issuers of convertible securities are often not as strong financially as those issuing securities with higher credit ratings, are more likely to encounter financial difficulties and typically are more vulnerable to changes in the economy, such as a recession or a sustained period of rising interest rates, which could affect their ability to make interest and principal payments. If an issuer stops making interest and/or principal payments, the Fund could lose its entire investment.
Depositary Receipts Risk: Investments in depositary receipts may entail the special risks of investing in foreign securities, including currency exchange fluctuations, government regulations, and the potential for political and economic instability.
Derivatives Risk: Derivatives are investments whose value depends on (or is derived from) the value of an underlying instrument, such as a security, asset, reference rate or index. Derivative strategies may be riskier than investing directly in the underlying instrument and often involve leverage, which may exaggerate a loss, potentially causing the Fund to lose more money than it originally invested and would have lost had it invested directly in the underlying instrument. Derivatives may be difficult to sell, unwind and/or value. Derivatives may also be subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Fund.
Forward commitments entail the risk that the instrument may be worth less when it is issued or received than the price the Fund agreed to pay when it made the commitment.The use of foreign currency forwards may result in currency exchange losses due to fluctuations in currency exchange rates or an imperfect correlation between portfolio holdings denominated in a particular currency and the forward contracts entered into by the Fund. Derivatives may also increase the expenses of the Fund.
Focused Portfolio Risk: Because the Fund typically invests in relatively few holdings, a larger percentage of its assets may be invested in a particular issuer or in fewer companies than is typical of other mutual funds. This may increase volatility of the Fund’s NAVs. The Fund will be more susceptible to adverse economic, political, regulatory or market developments affecting a single issuer than a fund that is invested more broadly.
Liquidity and Valuation Risk: The Fund’s investments may be illiquid at the time of purchase or liquid at the time of purchase and subsequently become illiquid due to, among other things, events relating to the issuer of the securities, market events, operational issues, economic conditions, investor perceptions or lack of market participants. The lack of an active trading market may make it difficult to sell or obtain an accurate price for a security. If market conditions or issuer specific developments make it difficult to value securities, the Fund may value these securities using more subjective methods, such as fair value pricing. In such cases, the value determined for a security could be different than the value realized upon such security's sale. As a result, an investor could pay more than the market value when buying shares or receive less than the market value when selling shares. This could affect the proceeds of any redemption or the number of shares an investor receives upon purchase. The Fund is subject
108
MainStay PineStone Global Equity Fund
to the risk that it could not meet redemption requests within the allowable time period without significant dilution of remaining investors' interests in the Fund. To meet redemption requests or to raise cash to pursue other investment opportunities, the Fund may be forced to sell securities at an unfavorable time and/or under unfavorable conditions, which may adversely affect the Fund’s performance.
Sector Risk: To the extent the Fund focuses its investments in particular sectors of the economy, the Fund’s performance may be more subject to the risks of volatile economic cycles and/or conditions or developments adversely affecting such sectors than if the Fund held a broader range of investments. Individual sectors may fluctuate more widely than the broader market.
At times, the Fund may have a significant portion of its assets invested in securities of companies conducting business in a related group of industries within an economic sector, including the consumer staples sector. Companies in the same economic sector may be similarly affected by economic, regulatory, political or market events or conditions, which may make the Fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly. Generally, the more broadly the Fund invests, the more it spreads risk and potentially reduces the risks of loss and volatility.
The Fund may also be more susceptible to the particular risks that may affect companies in the consumer staples sector than if it were invested in a wider variety of companies in unrelated sectors. Investments in the consumer staples sector involve risks associated with companies that manufacture products and provide staples services directly to the consumer. Performance of companies in the consumer staples sector may be adversely impacted by fluctuations in supply and demand, changes in the global economy, consumer spending, competition, demographics and consumer preferences, and production spending. Companies in the consumer staples sector are also affected by changes in government regulation, global economic, environmental and political events, and economic conditions.
Preferred Stock Risk: Preferred stock is subject to many of the risks associated with debt securities, including interest rate risk. In addition, preferred stocks may not pay dividends, an issuer may suspend payment of dividends on preferred stock at any time, and in certain situations an issuer may call or redeem its preferred stock or convert it to common stock. To the extent that the Fund invests a substantial portion of its assets in convertible preferred stocks, declining common stock values may also cause the value of the Fund’s investments to decline.
Geographic Focus Risk: The Fund may be particularly susceptible to risks related to economic, political, regulatory or other events or conditions, including acts of war or other conflicts in the region, affecting issuers and countries in Europe. Countries in Europe are often closely connected and interdependent, and events in one European country can have an adverse impact on, and potentially spread to, other European countries. Currency devaluations could occur in countries that have not yet experienced currency devaluation to date, or could continue to occur in countries that have already experienced such devaluations. In addition, the private and public sectors’ debt problems of a single European Union (the “EU”) country can pose significant economic risks to the EU as a whole. As a result, the Fund’s NAV may be more volatile than the NAV of a more geographically diversified fund. If securities of issuers in Europe fall out of favor, it may cause the Fund to underperform other funds that do not focus their investments in this region of the world.
Index returns reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable.
Performance
data for the classes varies based on differences in their fee and expense
structures.
Effective August 25, 2023, the Fiera Capital Global Equity Fund (the "Predecessor Fund") was reorganized into the Fund. As accounting successor to the Predecessor Fund, the Fund has assumed the Predecessor Fund's historical performance. Therefore, the performance information shown below is that of the Predecessor Fund, which had a different fee structure from the Fund. The returns of the Predecessor Fund have not been adjusted to reflect the applicable expenses other than sales loads (if applicable) of the Fund .
109
MainStay PineStone Global Equity Fund
Annual Returns, Class I
(by calendar year 2018-2023)
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% |
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- |
% |
Average Annual Total Returns (for the periods ended December 31, 2023)
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Inception |
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1 Year |
5 Years |
Since | |||
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Inception | ||||
Return Before Taxes |
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Class I |
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% |
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% |
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% |
Return After Taxes on Distributions |
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Class I |
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% |
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% |
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% |
Return After Taxes on Distributions and Sale of Fund Shares |
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Class I |
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% |
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% |
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% |
Return Before Taxes |
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Class A |
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% |
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% |
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% |
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% |
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% |
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% |
1.
New York Life Investment Management LLC serves as the Manager. PineStone Asset Management Inc. serves as the Subadvisor. The individuals listed below are jointly and primarily responsible for day-to-day portfolio management.
Subadvisor |
Portfolio Managers |
Service Date |
PineStone Asset Management Inc. |
Nadim Rizk, MBA, CFA, Lead Portfolio Manager |
Since 2023 |
Andrew Chan, M.Sc., Portfolio Manager |
Since 2023 |
110
MainStay PineStone Global Equity Fund
You may purchase or sell shares of the Fund on any day the Fund is open for business by contacting your financial adviser or financial intermediary firm, or by contacting the Fund by telephone at 800-624-6782, by mail at MainStay Funds, P.O. Box 219003, Kansas City, MO 64121-9000, by overnight mail to 430 West 7th Street, Suite 219003, Kansas City, MO 64105-1407, or by accessing our website at newyorklifeinvestments.com/accounts.
Class P shares are generally only available to investors that have a relationship with PineStone Asset Management Inc. and are investing directly with the Fund. An investment minimum of $5,000,000 applies for Class P shares. Class P shares have no subsequent investment minimum.
Certain financial intermediaries through whom you may invest may impose their own investment minimums, fees, policies and procedures for purchasing and selling Fund shares, which are not described in this Prospectus or the Statement of Additional Information, and which will depend on the policies, procedures and trading platforms of the financial intermediary. Consult a representative of your financial intermediary about the availability of shares of the Fund and the intermediary's policies, procedures and other information.
The Fund's distributions are generally taxable to you as ordinary income, capital gains, or a combination of the two, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account.
If you purchase Fund shares through a financial intermediary firm (such as a broker/dealer or bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the financial intermediary firm or your financial adviser to recommend the Fund over another investment. Ask your financial adviser or visit your financial intermediary firm's website for more information. No compensation, administrative payments, sub-transfer agency payments or service payments are paid to broker/dealers or other financial intermediaries from Fund assets or the Distributor’s or an affiliate’s resources on sales of or investments in Class P shares. The Distributor or an affiliate may pay de minimis amounts to intermediaries for setup, connectivity or other technological expenses. Class P shares do not carry sales charges or pay Rule 12b-1 fees, or make payments to financial intermediaries to assist in, or in connection with, the sale of the Fund’s shares.
111
More About Investment Strategies and Risks
Investment Policies and Objectives
Certain Funds have names that suggest a focus on a particular type of investment. In accordance with Rule 35d-1 under the 1940 Act, each of these Funds has adopted a policy that it will, under normal circumstances, invest at least 80% of the value of its assets (net assets plus the amount of any borrowings for investment purposes) in investments of the type suggested by its name, as set forth in the Statement of Additional Information. This requirement is applied at the time a Fund invests its assets. If, subsequent to an investment by a Fund, this requirement is no longer met, the Fund's future investments will be made in a manner that will bring the Fund into compliance with this requirement. To the extent a Fund invests in derivatives, such investments may be counted on a mark-to-market basis for purposes of the 80% policy. In addition, in appropriate circumstances, synthetic investments may count toward the 80% policy if they have economic characteristics similar to the other investments included in the basket. A Fund’s policy to invest at least 80% of its assets in such a manner is “non-fundamental,” which means that it may be changed without shareholder approval. The Funds have adopted a policy to provide each Fund's shareholders with at least 60 days' prior notice of any change in the Fund’s non-fundamental investment policy with respect to investments of the type suggested by its name. For additional information, please see the SAI.
When the discussion states that a Fund invests "primarily" in a certain type or style of investment, this means that under normal circumstances the Fund will invest at least 65% of its assets, as described above, in that type or style of investment.
Certain Funds may invest their net assets in other investment companies, including exchange-traded funds that invest in similar securities to those in which the Fund may invest directly, and count such holdings towards various guideline tests (such as the 80% test required under Rule 35d-1 under the 1940 Act).
Each Fund’s investment objective is non-fundamental and may be changed without shareholder approval.
Russian Securities Risk
Until further notice, no Fund will purchase securities of Russian issuers.
Additional Information About Risks
The principal risks of investing in the Funds are described below, which may result in a loss of your investment. As indicated in the table below, not all of these risks are principal risks of investing in each Fund. The Funds may be subject to risks to different degrees. The fact that a particular risk is not identified as a principal risk for a Fund does not mean that the Fund is prohibited from investing in securities or investments that give rise to that risk. There can be no assurance that a Fund will achieve its investment objective.
Additional information about the investment practices of the Funds and risks pertinent to these practices is included in the SAI. The following information regarding principal investment strategies and risks is provided in alphabetical order and not necessarily in order of importance.
x Principal Risk • Additional Risk |
MainStay Epoch U.S. Equity Yield Fund |
MainStay Fiera SMID Growth Fund |
MainStay PineStone U.S. Equity Fund |
MainStay S&P 500 Index Fund |
MainStay Winslow Large Cap Growth Fund |
MainStay WMC Enduring Capital Fund |
MainStay WMC Growth Fund |
MainStay WMC Small Companies Fund |
Closed-End Funds Risk |
• |
• |
• |
• |
• |
• | ||
Consumer Staples Sector Risk |
x |
x |
||||||
Convertible Securities Risk |
x |
|||||||
Correlation Risk |
x |
|||||||
Debt or Fixed-Income Securities Risk |
• |
• |
||||||
Depositary Receipts Risk |
x |
x |
||||||
Derivative Transactions Risk |
• |
• |
x |
• |
• |
|||
Dividend-Paying Stocks Risk |
x |
• |
• |
• |
||||
Emerging Markets Risk |
• |
• |
• |
x |
• |
|||
Equity Securities Risk |
x |
x |
x |
x |
x |
x |
x |
x |
ESG Considerations Risk |
• |
• |
• |
• |
• | |||
Exchange-Traded Funds Risk |
• |
x |
• |
• |
• |
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More About Investment Strategies and Risks
x Principal Risk • Additional Risk |
MainStay Epoch U.S. Equity Yield Fund |
MainStay Fiera SMID Growth Fund |
MainStay PineStone U.S. Equity Fund |
MainStay S&P 500 Index Fund |
MainStay Winslow Large Cap Growth Fund |
MainStay WMC Enduring Capital Fund |
MainStay WMC Growth Fund |
MainStay WMC Small Companies Fund |
Financial Sector Risk |
• |
• |
• |
• |
• |
• | ||
Focused Portfolio Risk |
• |
|||||||
Foreign Securities and Currencies Risk |
x |
x |
• |
x |
x |
• |
x | |
Futures Transactions Risk |
• |
• |
• |
• |
||||
Geographic Focus Risk |
• |
• |
• |
• |
• | |||
Greater China Risk |
• |
|||||||
Growth Stocks Risk |
• |
x |
• |
x |
x |
x |
x | |
Increase in Expenses Risk |
• |
• |
• |
• |
• |
• |
• |
• |
Index Strategy Risk |
x |
|||||||
Industrials Sector Risk |
• |
|||||||
Inflation Risk |
• |
• |
• |
• |
• |
• |
• |
• |
Initial Public Offerings Risk |
• |
• |
• |
• |
• |
• | ||
Investments in Other Investment Companies Risk |
• |
• |
• |
• |
• |
• |
• | |
Issuer Risk |
x |
x |
||||||
Large Investments or Redemptions by Shareholders Risk |
• |
• |
• |
• |
• |
• |
• |
• |
Lending of Portfolio Securities Risk |
• |
• |
• |
• |
• |
• |
• |
• |
Liquidity and Valuation Risk |
• |
• |
• |
• |
• |
• |
• | |
Loan Participation Interests Risk |
||||||||
Market Capitalization Risk |
x |
x |
x |
x |
x |
x |
x |
x |
Market Risk |
x |
x |
x |
x |
x |
x |
x |
x |
Master Limited Partnerships Risk |
• |
• |
• |
• | ||||
Non-Diversification Risk |
x |
|||||||
Operational and Cyber Security Risk |
• |
• |
• |
• |
• |
• |
• |
• |
Options Risk |
• |
• |
• |
• |
||||
Portfolio Management Risk |
x |
x |
x |
x |
x |
x |
x |
x |
Portfolio Turnover Risk |
• |
• |
• |
|||||
Preferred Stock Risk |
x |
|||||||
Real Estate Investment Trusts Risk |
• |
• |
x |
|||||
Regulatory Risk |
• |
• |
• |
x |
• |
• |
• |
• |
Repurchase Agreements Risk |
• |
|||||||
Restricted Securities Risk |
• |
• |
||||||
Rights and Warrants Risk |
• |
|||||||
Risk Management Techniques Risk |
• |
• |
• |
• |
• |
• | ||
Sector Risk |
x |
x |
||||||
Short Selling Risk |
• |
• |
• |
|||||
Swap Agreements Risk |
• |
• |
• |
• |
||||
Tax Risk |
• |
• |
• |
• |
• |
• |
• | |
Technology Stock Risk |
• |
x |
• |
• |
• |
• |
• | |
Temporary Defensive Investments Risk |
• |
• |
• |
• |
• |
• |
• |
• |
U.S. Government Securities Risk |
• |
• |
• |
• |
• |
|||
Value Stocks Risk |
x |
• |
x |
x | ||||
When-Issued Securities and Forward Commitments Risk |
• |
• |
||||||
Zero Coupon and Payment-in-Kind Bonds Risk |
• |
x Principal Risk • Additional Risk |
MainStay WMC Value Fund |
MainStay Epoch International Choice Fund |
MainStay PineStone International Equity Fund |
MainStay WMC International Research Equity Fund |
MainStay Candriam Emerging Markets Equity Fund |
MainStay Epoch Capital Growth Fund |
MainStay Epoch Global Equity Yield Fund |
MainStay PineStone Global Equity Fund |
Closed-End Funds Risk |
• |
• |
• |
• |
• |
• |
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x Principal Risk • Additional Risk |
MainStay WMC Value Fund |
MainStay Epoch International Choice Fund |
MainStay PineStone International Equity Fund |
MainStay WMC International Research Equity Fund |
MainStay Candriam Emerging Markets Equity Fund |
MainStay Epoch Capital Growth Fund |
MainStay Epoch Global Equity Yield Fund |
MainStay PineStone Global Equity Fund |
Consumer Staples Sector Risk |
x |
x | ||||||
Convertible Securities Risk |
• |
x |
x |
x |
x | |||
Correlation Risk |
||||||||
Debt or Fixed-Income Securities Risk |
• |
• |
• |
• |
• | |||
Depositary Receipts Risk |
x |
x |
x |
x |
x |
x |
x |
x |
Derivative Transactions Risks |
• |
x |
• |
x |
• |
• |
x | |
Dividend-Paying Stocks Risk |
• |
• |
• |
• |
x |
|||
Emerging Markets Risk |
X |
x |
x |
x |
x |
x |
x |
x |
Equity Securities Risk |
x |
x |
x |
x |
x |
x |
x |
x |
ESG Considerations Risk |
• |
• |
• |
• |
• |
• |
||
Exchange-Traded Funds Risk |
x |
• |
• |
x |
• | |||
Financial Sector Risk |
• |
• |
• |
• |
• |
• |
||
Focused Portfolio Risk |
x |
x |
x | |||||
Foreign Securities and Currencies Risk |
x |
x |
x |
x |
x |
x |
x |
x |
Futures Transactions Risk |
• |
• |
||||||
Geographic Focus Risk |
• |
x |
x |
x |
x |
x |
• |
x |
Greater China Risk |
• |
• |
• |
• |
• |
• |
||
Growth Stocks Risk |
• |
x |
• |
x |
x |
x |
• |
• |
Increase in Expenses Risk |
• |
• |
• |
• |
• |
• |
• |
• |
Index Strategy Risk |
||||||||
Industrials Sector Risk |
x |
• | ||||||
Inflation Risk |
• |
• |
• |
• |
• |
• |
• |
• |
Initial Public Offerings Risk |
• |
• |
• |
• |
• |
• |
||
Issuer Risk |
x |
x | ||||||
Investments in Other Investment Companies Risk |
• |
• |
x |
• |
• |
• |
• |
• |
Large Investments or Redemptions by Shareholders Risk |
• |
• |
• |
• |
• |
• |
• |
• |
Lending of Portfolio Securities Risk |
• |
• |
• |
• |
• |
• |
• |
• |
Liquidity and Valuation Risk |
• |
x |
x |
• |
x |
x |
x |
x |
Loan Participation Interests Risk |
||||||||
Market Capitalization Risk |
x |
x |
x |
x |
x |
x |
x |
x |
Market Risk |
x |
x |
x |
x |
x |
x |
x |
x |
Master Limited Partnerships Risk |
• |
• |
x |
• |
||||
Operational and Cyber Security Risk |
• |
• |
• |
• |
• |
• |
• |
• |
Options Risk |
• |
• |
||||||
Portfolio Management Risk |
x |
x |
x |
x |
x |
x |
x |
x |
Preferred Stock Risk |
x |
x | ||||||
Portfolio Turnover Risk |
• |
• |
• |
• |
||||
Real Estate Investment Trusts Risk |
• |
• |
x |
• |
||||
Regulatory Risk |
• |
x |
• |
x |
x |
• |
• |
• |
Restricted Securities Risk |
• |
• |
• |
• |
• | |||
Rights and Warrants Risk |
x |
• |
x |
• | ||||
Risk Management Techniques Risk |
• |
• |
• |
• |
• |
• |
||
Sector Risk |
x |
x | ||||||
Short Selling Risk |
• |
• |
• |
• |
• |
|||
Swap Agreements Risk |
• |
• |
||||||
Tax Risk |
• |
• |
• |
• |
• |
• |
||
Technology Stock Risk |
• |
• |
• |
• |
• |
• |
||
Temporary Defensive Investments Risk |
• |
• |
• |
• |
• |
• |
• |
• |
U.S. Government Securities Risk |
• |
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x Principal Risk • Additional Risk |
MainStay WMC Value Fund |
MainStay Epoch International Choice Fund |
MainStay PineStone International Equity Fund |
MainStay WMC International Research Equity Fund |
MainStay Candriam Emerging Markets Equity Fund |
MainStay Epoch Capital Growth Fund |
MainStay Epoch Global Equity Yield Fund |
MainStay PineStone Global Equity Fund |
Value Stocks Risk |
x |
x |
x |
• |
• |
x |
||
When-Issued Securities and Forward Commitments Risk |
• |
• | ||||||
Zero Coupon and Payment-in-Kind Bonds Risk |
• |
• |
Closed-End Funds Risk
Closed-end funds are investment companies that generally do not continuously offer their shares for sale. Rather, closed-end funds typically trade on a secondary market, such as the New York Stock Exchange (“Exchange”) or the NASDAQ Stock Market, Inc. ("NASDAQ"). Listed closed-end funds are subject to management risk because the adviser to the closed-end fund may be unsuccessful in meeting the closed-end fund’s investment objective. Moreover, investments in a closed-end fund generally reflect the risks of the closed-end fund's underlying portfolio of securities. Closed-end funds may also trade at a discount or premium to their net asset value ("NAV") and may trade at a larger discount or smaller premium subsequent to their purchase. Closed-end funds may trade infrequently and with small volume, which may make it difficult to buy and sell shares. Closed-end funds are subject to management fees and other expenses that may increase their cost versus the costs of directly owning the underlying securities. Since closed-end funds may trade on exchanges, a Fund may also incur brokerage expenses and commissions when it buys or sells closed-end fund shares.
Consumer Staples Sector Risk
To the extent the Fund invests in companies in the consumer staples sector, it is more susceptible to adverse developments affecting such companies and may perform poorly during a downturn in the consumer staples sector. Investments in the consumer staples sector involve risks associated with companies that manufacture products and provide staples services directly to the consumer. Investments in the consumer staples sector may be adversely affected by, among other things, fluctuations in supply and demand, disruptions in supply chains, product obsolescence, product liability claims, changes in regulations, domestic and global economic conditions, consumer spending, competition, demographics, consumer preferences and production spending, and environmental and political events.
Convertible Securities Risk
Convertible securities, until converted, have the same general characteristics as debt securities insofar as they generally provide a stable stream of income with generally higher yields than those of equity securities of the same or similar issuers. By permitting the holder to exchange an investment for common stock or the cash value of a security or a basket or index of securities, convertible securities may also enable the investor to benefit from increases in the market price of the underlying securities. Therefore, convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality.
Correlation Risk
There is no assurance that the investment performance of the MainStay S&P 500 Index Fund will equal or exceed that of the S&P 500® Index. If the value of S&P 500® Index declines, the NAV of shares of the S&P 500® Index Fund is also likely to decline. The Fund's ability to track the S&P 500® Index may be affected by, among other things, transaction costs; changes in either the composition of the Index or the number of shares of common stock outstanding for the components of the Index; and timing and amount of purchases and redemptions of the Fund's shares.
Debt or Fixed-Income Securities Risk
Investors buy debt securities primarily to profit through interest payments. Governments, banks and companies raise cash by issuing or selling debt securities to investors. Debt securities may be bought directly from those issuers or in the secondary trading markets. There are many different types of debt securities, including (without limitation) bonds, notes and debentures.
Some debt securities pay interest at fixed rates of return (referred to as fixed-income securities), while others pay interest at variable rates. Interest may be paid at different intervals. Some debt securities do not make regular interest payments, but instead are initially sold at a discount to the principal amount that is to be paid at maturity.
The risks involved with investing in debt securities include (without limitation):
· Credit risk: Credit risk is the risk that an issuer, guarantor, or liquidity provider of a debt security may be unable or unwilling, or may be perceived (whether by market participants, ratings agencies, pricing services or otherwise) as unable or unwilling, to make timely principal and/or interest payments, or to otherwise honor its obligations. By purchasing a debt security, in certain circumstances, a buyer is effectively lending money to the issuer of that security. If the issuer does not pay back the loan, the holder of the security may experience a loss on its investment. Changes in an issuer's credit rating or the market's perception of an issuer's creditworthiness may also affect the value of an investment. Moreover, in a rising interest rate environment, the risk that such issuer or guarantor may default on its obligations is heightened. Actual or perceived changes in economic, social, health, financial or political conditions in general or that affect a particular type of instrument, issuer, guarantor or counterparty can reduce
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the ability of the party to meet its obligations, which can affect the credit quality, liquidity and/or value of an instrument. The value of an instrument also may decline for reasons that relate directly to the issuer, guarantor or counterparty, such as management performance, financial leverage and reduced demand for goods and services. Although credit quality ratings may not accurately reflect the true credit risk or liquidity of an instrument, a change in the credit quality rating of an instrument or an issuer can have a rapid, adverse effect on the instrument’s liquidity and make it more difficult to sell the instrument at an advantageous price or time. Credit ratings assigned by rating agencies are based on a number of factors and subjective judgments and, therefore, do not necessarily represent an issuer's actual financial condition or the volatility or liquidity of the security.
· Maturity risk: Maturity is the average expected repayment date of a Fund's portfolio, taking into account the expected final repayment dates of the securities in the portfolio. A debt security with a longer maturity may fluctuate in value more than a debt security with a shorter maturity. Therefore, the NAV of a Fund that holds debt securities with a longer average maturity may fluctuate in value more than the NAV of a Fund that holds debt securities with a shorter average maturity. 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. However, measures such as average duration may not accurately reflect the true interest rate sensitivity of a Fund's investments or its overall portfolio.
· Market risk: Like other securities, debt securities are subject to the forces of supply and demand. Low demand may negatively impact the price of a debt security.
· Interest rate risk: A variety of factors can cause interest rates to change, including central bank monetary policies, inflation rates and general economic conditions. The value of a debt security usually changes when interest rates change. Generally, when interest rates go up, the value of a debt security goes down and when interest rates go down, the value of a debt security goes up. During periods of very low or negative interest rates, a Fund's susceptibility to interest rate risk may be magnified, its yield may be diminished and its performance may be adversely affected. Low interest rates (or negative interest rates) may magnify the risks associated with rising interest rates. A Fund may also be subject to heightened interest rate risk when the Federal Reserve raises interest rates. For more information on risks associated with inflation, please see “Inflation Risk.”
Changing interest rates may have unpredictable effects on markets, including market volatility, and may adversely affect performance. A low or negative interest rate environment may pose additional risks because low or negative yields on portfolio holdings may have an adverse impact on the Fund's ability to provide a positive yield to its shareholders. Any such change in interest rates may be sudden and significant, with unpredictable effects on the financial markets and a Fund's investments. Should interest rates decrease, investments in certain variable-rate and fixed-rate debt securities may be adversely affected.
· Extension risk and Prepayment risk: An issuer could exercise its right to pay principal on an obligation later than expected. This may happen when there is a rise in interest rates. Under these circumstances, the value of the obligation may decrease, and a Fund may also suffer from the inability to reinvest in higher yielding securities. An issuer may exercise its right to redeem outstanding debt securities prior to their maturity (known as a “call”) or otherwise pay principal earlier than expected for a number of reasons (e.g., declining interest rates, changes in credit spreads and improvements in the issuer's credit quality). If an issuer calls or “prepays” a security, the Fund may not recoup the full amount of its initial investment and may be required to reinvest in generally lower-yielding securities, securities with greater credit risks or securities with other, less favorable features or terms.
Debt securities rated below investment grade by a nationally recognized statistical rating organization (“NRSRO”) are considered to have speculative characteristics and some may be commonly referred to as "junk bonds." Junk bonds entail default and other risks greater than those associated with higher-rated securities.
The duration of a bond or mutual fund portfolio is an indication of sensitivity to changes in interest rates. In general, the longer a Fund’s duration, the more it will react to changes in interest rates and the greater the risk and return potential. Duration may not accurately reflect the true interest rate sensitivity of instruments held by a Fund and, in turn, a Fund’s susceptibility to changes in interest rates.
A laddered maturity schedule means a portfolio is structured so that a certain percentage of the securities will mature each year. This helps a Fund manage duration and risk, and attempts to create a more consistent return.
Depositary Receipts Risk
American Depositary Receipts ("ADRs"), European Depositary Receipts ("EDRs"), Global Depositary Receipts ("GDRs"), International Depositary Receipts ("IDRs"), Non-Voting Depositary Receipts (“NVDRs”) and other similar securities represent ownership of securities of non-U.S. issuers held in trust by a bank, exchange or similar financial institution. ADRs are denominated in U.S. dollars and trade in the U.S. securities markets. GDRs and EDRs are receipts issued by foreign banks or trust companies, or foreign branches of U.S. banks that represent an interest in shares of either a foreign or U.S. corporation. NVDRs are typically issued by an exchange or its affiliate and do not have voting rights. These investments may not be denominated in the same currency as the underlying securities into which they may be converted, and are subject to currency risks. Depositary receipts involve many of the same risks of investing directly in foreign securities. The issuers of depositary receipts may discontinue issuing new depositary receipts and withdraw existing depositary receipts at any time, which may result in costs and delays in the distribution of the underlying assets to a Fund and may negatively impact the Fund’s performance.
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Derivative Transactions Risk
Derivative transactions, or “derivatives,” may include options, forwards, futures, options on futures and swap agreements. The value of derivatives is based on certain underlying equity or fixed-income securities, interest rates, currencies, commodities or indices. The use of these transactions is a highly specialized activity that involves investment techniques, tax planning and risks that are different from those of ordinary securities transactions. Derivatives may be difficult to sell at an advantageous price or time and typically are very sensitive to changes in the underlying security, interest rate, currency, commodity or index. As a result, derivatives can be highly volatile. If the Manager or the Subadvisor is incorrect about its expectations of changes to the underlying securities, interest rates, currencies, commodities, indices or market conditions, the use of derivatives could result in a loss, which in some cases may be unlimited. When using over-the-counter (“OTC”) or bilateral derivatives, there is a risk that a Fund will lose money if the contract counterparty does not make the required payments or otherwise fails to comply with the terms of the contract. OTC derivatives are complex and often valued subjectively, which exposes a Fund to heightened liquidity risk, mispricing and valuation risk. In the event of the bankruptcy or insolvency of a counterparty, a Fund could experience the loss of some or all of its investment in a derivative or experience delays in liquidating its positions, including declines in the value of its investment during the period in which a Fund seeks to enforce its rights, and an inability to realize any gains on its investment during such period. A Fund may also incur fees and expenses in enforcing its rights. Certain derivatives are subject to mandatory clearing and exchange-trading. Central clearing, which interposes a central clearinghouse to each participant’s derivatives position, is intended to reduce counterparty credit risk and exchange-trading is intended to increase liquidity, but neither make derivatives transactions risk-free.
In addition, certain derivative transactions can result in leverage. Leverage involves investment exposure in an amount exceeding the initial investment. Leverage can cause increased volatility by magnifying gains or losses. Investments in derivatives may increase or accelerate the amount of taxable income, or result in the deferral of losses, that would otherwise be recognized by a Fund in determining the amount of dividends distributable to shareholders.
Trading of derivatives and other transactions that create future payment or delivery obligations (except reverse repurchase agreements and similar financing transactions) is subject to a limit on notional derivatives exposure as a limited derivatives user or subject to a value-at-risk leverage limit and certain derivatives risk management program and reporting requirements. These requirements may limit the ability of a Fund to invest in derivatives, short sales and similar financing transactions, limit a Fund's ability to employ certain strategies that use these instruments and/or adversely affect a Fund's efficiency in implementing its strategy, liquidity and/or ability to pursue its investment objectives.
Future regulatory developments may impact a Fund's ability to invest or remain invested in certain derivatives. Legislation or regulation may also change the way in which a Fund itself is regulated. These or other legislative or regulatory changes may negatively impact a Fund and/or result in a change in its investment strategy.
Dividend-Paying Stocks Risk
Dividend-paying stocks may underperform the securities of other companies that do not typically produce income or other distributions. In addition, issuers of dividend-paying stock may have discretion at any time to reduce, defer, or stop paying dividends for a stated period of time. Depending upon market conditions, an income-producing stock that meets a Fund’s investment criteria may not be widely available and/or may be highly concentrated in only a few market sectors. This may limit the ability of a Fund to produce current income while remaining fully diversified. The distributions received by a Fund may not qualify as income for Fund investors.
Emerging Markets Risk
The risks of foreign investments (or exposure to foreign investments) are usually much greater when they are made in (or result in exposure to) emerging markets. Investments in emerging markets may be considered speculative. Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. They are more likely to experience high rates of inflation and currency devaluations, which may adversely affect returns. In addition, many emerging markets have far lower trading volumes and less liquidity than developed markets. Since these markets are often small, they may be more likely to suffer sharp and frequent price changes or long-term price depression because of adverse publicity, investor perceptions or the actions of a few large investors. In addition, traditional measures of investment value used in the United States, such as price to earnings ratios, may not apply to certain emerging markets. Also, there may be less publicly available information about issuers in emerging markets than would be available about issuers in more developed capital markets, and such issuers may not be subject to accounting, auditing, recordkeeping and financial reporting standards and requirements comparable to those to which companies in developed countries are subject. Local exchanges in emerging market countries may also be likely to experience market manipulation by foreign nationals who possess inside information.
Many emerging markets have histories of political instability and abrupt changes in policies. As a result, their governments may be more likely to take actions that are hostile or detrimental to private enterprise or foreign investment than those of more developed countries, including expropriation of assets, confiscatory taxation or unfavorable diplomatic developments. Some emerging market countries have pervasive corruption and crime that may hinder investments. Certain emerging markets may also face other significant internal or external risks, including the risk of war, macroeconomic, geopolitical, global health conditions, and ethnic, religious and racial conflicts. In addition, governments in many emerging market countries participate to a significant degree in their economies and securities
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markets. Such government participation or other intervention may impair investment and economic growth or otherwise adversely affect investments in these countries or regions. National policies (including sanctions programs) that may limit investment opportunities include restrictions on investment in issuers or industries deemed sensitive to national interests.
Emerging markets may also have differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other laws or restrictions applicable to investments differ from those found in more developed markets. Sometimes, they may lack, or be in the relatively early development of, legal systems, including structures governing private or foreign investment or allowing for judicial redress (such as limits on rights and remedies available to a Fund) for investment losses and injury to private property, and the ability of U.S. authorities (e.g., the Securities and Exchange Commission (“SEC”) and the U.S. Department of Justice) and investors (e.g., the Funds) to bring actions against bad actors may be limited. There may also be significant obstacles for investigations into or litigation against companies. As a result of these legal systems and limitations, a Fund faces the risk of being unable to enforce its rights with respect to its investments in emerging markets, which may cause losses to the Fund. In addition to withholding taxes on investment income, some emerging market countries may impose different capital gains taxes on foreign investors.
Practices in relation to settlement of securities transactions in emerging market countries involve higher risks than those in developed markets, in part because a Fund will need to use brokers and counterparties that are less well capitalized, and custody and registration of assets in some countries may be unreliable. The possibility of fraud, negligence, undue influence being exerted by the issuer or refusal to recognize ownership exists in some emerging markets, and, along with other factors, could result in ownership registration being completely lost. A Fund would absorb any loss resulting from such registration problems and may have no successful claim for compensation. In addition, communications between parties in the United States and parties in emerging market countries may be unreliable, increasing the risk of delayed settlements or losses of security certificates.
Frontier market countries generally have smaller economies and even less developed capital markets than traditional emerging market countries (which themselves have increased investment risk relative to developed market countries), and, as a result, a Fund's exposure to the risks associated with investing in emerging market countries are magnified if the Fund invests in frontier market countries.
Equity Securities Risk
Publicly held corporations may raise needed cash by issuing or selling equity securities to investors. When a Fund buys the equity securities of a corporation it becomes a part owner of the issuing corporation. Equity securities may be bought on domestic stock exchanges, foreign stock exchanges, or in the over-the-counter market. There are many different types of equity securities, including (without limitation) common stocks, preferred stocks, ADRs, and real estate investment trusts.
Investors buy equity securities to make money through dividend payments and/or selling them for more than they paid. The risks involved with investing in equity securities include (without limitation):
· Changing economic conditions: Equity securities may fluctuate as a result of general economic conditions, including changes in interest rates.
· Industry and company conditions: Certain industries or individual companies may come in and out of favor with investors. In addition, changing technology and competition may make the equity securities of a company or industry more volatile.
· Security selection: A portfolio manager may not be able to consistently select equity securities that appreciate in value, or anticipate changes that can adversely affect the value of a Fund's holdings. Investments in smaller and mid-size companies may be more volatile than investments in larger companies.
ESG Considerations Risk
With respect to certain Funds, the following Subadvisors generally give consideration to environmental, social, and/or governance (“ESG”) criteria when evaluating investment opportunities for those Funds, consistent with each Fund's investment objective and Principal Investment Strategies. Certain criteria that may be used by these Subadvisors are described below. The application of ESG criteria may result in a Fund (i) having exposure to certain securities or industry sectors that are different than the composition of the Fund's benchmark; and (ii) performing differently than the Fund's benchmark or other funds and strategies in the Fund's peer group that do not take into account ESG criteria or use different ESG criteria or ESG investment strategies. In addition, sectors and securities of companies that meet the ESG criteria may shift into and out of favor depending on market and economic conditions. The consideration of ESG criteria may adversely affect a Fund’s performance.
· Candriam: Candriam may give consideration to ESG criteria such as sector, currency, region, certain types of extractive industries, tobacco-related industries and industries related to chemical, biological or white phosphorus weapons.
· Epoch Investment Partners, Inc. (“Epoch”): Epoch may give consideration to ESG criteria including, but not limited to, climate change and carbon footprint, and corporate governance practices, such as board expertise, risk oversight, and renumeration.
· Wellington Management Company LLP (“Wellington”): Wellington may give consideration to ESG criteria including, but not limited to, climate mitigation and resilience, corporate culture, as well as executive compensation and senior-level succession planning.
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· Winslow Capital Management, LLC (“Winslow”): Winslow may give consideration to ESG criteria including, but not limited to, impact on or from climate change, natural resource use, waste management practices, human capital management, product safety, supply chain management, corporate governance, business ethics and advocacy for governmental policy.
Exchange-Traded Funds (“ETFs”) Risk
To the extent a Fund may invest in securities of other investment companies, it may invest in shares of ETFs, including ETFs advised by affiliates of New York Life Investments. ETFs are investment companies that trade like stocks. The price of an ETF is derived from and based upon the securities held by the ETF. However, like stocks, shares of ETFs are not traded at NAV, but may trade at prices above or below the value of their underlying portfolios. The level of risk involved in the purchase or sale of an ETF is similar to the risk involved in the purchase or sale of a traditional common stock, except that the pricing mechanism for an ETF is based on a basket of securities. Thus, the risks of owning an ETF generally reflect the risks of owning the underlying securities that the ETF is designed to track, although lack of liquidity in an ETF’s shares could result in the market price of the ETF’s shares being more volatile than the underlying portfolio of securities. Disruptions in the markets for the securities underlying ETFs could result in losses on investment in ETFs. In addition, an actual trading market may not develop for an ETF’s shares and the listing exchange may halt trading of an ETF’s shares. ETFs are subject to management fees and other fees that may increase their costs versus the costs of owning the underlying securities directly. A Fund will indirectly bear its proportionate share of management fees and other expenses that are charged by an ETF in addition to the management fees and other expenses paid by a Fund. A Fund will pay brokerage commissions in connection with the purchase and sale of shares of ETFs. A Fund may from time to time invest in ETFs, primarily as a means of gaining exposure for its portfolio to the market without investing in individual securities, particularly in the context of managing cash flows into the Fund or where access to a local market is restricted or not cost effective. In addition, an index-based ETF may not exactly replicate the performance of the index it seeks to track for a number of reasons, such as operating expenses, transaction costs and imperfect correlation between the performance of the ETF’s holdings and that of the index.
A Fund may invest in ETFs, among other reasons, to gain broad market, sector or asset class exposure, including during periods when it has large amounts of uninvested cash or when the Manager or Subadvisor believes share prices of ETFs offer attractive values, subject to any applicable investment restrictions in the Prospectus and the SAI.
Financial Sector Risk
To the extent a Fund invests in financial services firms, it is more susceptible to adverse developments affecting such companies and may perform poorly during a downturn in the financial sector. Investments in the financial sector may be adversely affected by regulatory changes, interest rate movements, the availability of capital, the cost of borrowing, the rate of debt defaults, increased competition, bank failures and adverse conditions in other related markets.
Focused Portfolio Risk
Certain Funds may invest in relatively few holdings, which may lead to a larger percentage of such Funds’ assets to be invested in a particular issuer or in fewer companies than is typical of other mutual funds. This may increase volatility of a Fund’s NAVs. A Fund that invests in relatively few holdings will be more susceptible to adverse economic, political, regulatory or market developments affecting a single issuer than a fund that is invested more broadly.
Foreign Securities and Currencies Risk
An issuer of a security is considered to be a U.S. or foreign issuer based on the issuer’s “country of risk” (or similar designation) as determined by a third party such as Bloomberg (or another similar third party). The issuer’s “country of risk” is determined based on a number of criteria, which may change from time to time and currently include, but are not limited to, its country of domicile, the primary stock exchange on which it trades, the location from which the majority of its revenue comes, and its reporting currency. Although a Fund will generally rely on an issuer’s “country of risk” (or similar designation) as determined by Bloomberg (or another similar third party) when categorizing securities as either U.S. or foreign-based, it is not required to do so. Foreign securities may be more difficult to sell than U.S. securities. Foreign securities may be domiciled in the United States and traded on a U.S. market, but possess elements of foreign risk. Investments in foreign securities may involve difficulties in receiving or interpreting financial and economic information, possible imposition of taxes, higher brokerage and custodian fees, possible currency exchange controls or other government restrictions, including possible seizure or nationalization of foreign deposits or assets. Foreign securities may also be less liquid and more volatile than U.S. securities. Additionally, to the extent that the underlying securities held by the Fund trade on foreign exchanges or in foreign markets that may be closed when the U.S. markets are open, there are likely to be deviations between the current price of an underlying security and the last quoted price for the underlying security (i.e., the Fund's quote from the closed foreign market). There may also be difficulty in invoking legal protections across borders and, as a result, a Fund may have limited or no legal recourse with respect to foreign securities. In addition, investments in emerging market countries present unique and greater risks than those presented by investments in countries with developed securities markets and more advanced regulatory systems. For example, some Asia-Pacific countries can be characterized as emerging markets or newly industrialized and may experience more volatile economic cycles and less liquid markets than developed countries. The Asia-Pacific region has historically been highly dependent on global trade and the growth, development and stability of the region can be adversely affected by, among other regional and global developments, trade barriers, exchange controls and other measures imposed or negotiated by the countries with which they trade. See “Emerging Markets” above.
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Economic sanctions and other similar measures may be, and have been, imposed against certain countries, organizations, companies, entities and/or individuals. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate the ability to purchase or sell certain foreign securities or groups of foreign securities, and thus may make investments in such securities less liquid or more difficult to value. Such sanctions may also cause a decline in the value of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country. In addition, as a result of economic sanctions and other similar governmental actions or developments, a Fund may be forced to sell or otherwise dispose of foreign investments at inopportune times or prices. Sanctions and other similar measures could significantly delay or prevent the settlement of securities transactions or their valuation, and significantly impact a Fund's liquidity and performance. Sanctions and other similar measures may be in place for a substantial period of time and enacted with limited advanced notice.
Many foreign securities are denominated or quoted in a foreign currency. A decline in value of a currency will have an adverse impact on the U.S. dollar value of any investments denominated in that currency. Exchange rate movements can be large and can endure for extended periods of time, affecting either favorably or unfavorably the value of a Fund's assets. However, a Fund may engage in foreign currency transactions to attempt to protect itself against fluctuations in currency exchange rates in relation to the U.S. dollar. See “Risk Management Techniques” below.
Changes in the value of foreign (non-U.S.) currencies relative to the U.S. dollar and inflation may adversely affect a Fund's investments in foreign currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign currencies. These changes in value can make the return on an investment go up or down, unrelated to the quality or performance of the investment itself. A Fund's Manager or Subadvisor may seek to reduce currency risk by hedging all or part of the exposure to various foreign currencies of a Fund's assets allocated to the subadvisor(s) by engaging in hedging transactions, including swaps, futures, forward currency contracts and other derivatives. However, these transactions and techniques may not always work as intended, and in certain cases a Fund may be worse off than if it had not engaged in such hedging practices. In addition, certain market conditions may make it impossible or uneconomical to hedge against currency risk.
Futures Transactions Risk
Purchasing and selling single stock futures or stock index futures may be used to hedge the equity portion of its investment portfolio with regard to market (systemic) risk or to gain market exposure to that portion of the market represented by the futures contracts. A Fund may also purchase and sell other futures when deemed appropriate, in order to hedge the equity or non-equity portions of its portfolio. In addition, to the extent that it invests in foreign securities, and subject to any applicable restriction on its ability to invest in foreign currencies, a Fund may enter into contracts for the future delivery of foreign currencies to hedge against changes in currency exchange rates. Subject to compliance with applicable rules and restrictions, a Fund also may enter into futures contracts traded on foreign futures exchanges.
Purchasing and selling futures contracts on debt securities and on indices of debt securities may be used in order to hedge against anticipated changes in interest rates that might otherwise have an adverse effect upon the value of a Fund's securities. Such futures contracts may also be used for other appropriate risk management, income enhancement and investment purposes.
There are several risks associated with the use of futures contracts and options on futures contracts, including market price, interest rate, leverage, liquidity, counterparty, operational and legal risks. There can be no assurance that a liquid market will exist at the time when a Fund seeks to close out a futures contract. If no liquid market exists, a Fund would remain obligated to meet margin requirements until the position is closed. Futures may involve a small initial investment relative to the risk assumed, which could result in losses greater than if they had not been used. There can be no guarantee that there will be a correlation between price movements in the hedging vehicle and in a Fund's securities being hedged, even if the hedging vehicle closely correlates with the Fund’s investments, such as with single stock futures contracts. If the price of a futures contract changes more than the price of the securities or currencies, a Fund will experience either a loss or a gain on the futures contracts that will not be completely offset by changes in the price of the securities or currencies that are the subject of the hedge. In addition, there are significant differences between the securities and futures markets that could result in an imperfect correlation between the markets, causing a given hedge not to achieve its objectives.
Geographic Focus Risk
Issuers in a single country, a small number of countries, or a particular geographic region can react similarly to market, currency, economic, political, regulatory, geopolitical and other conditions. These conditions include anticipated or actual government budget deficits or other financial difficulties, levels of inflation and unemployment, fiscal and monetary controls, tax policy and political and social instability. A Fund's performance will be particularly susceptible to the conditions in the countries or regions to which it is significantly exposed. For example, investments in Japan may be subject to additional risks, including those associated with an aging and declining population, which contributes to the increasing cost of Japan’s pension and public welfare system and makes the economy more dependent on foreign trade. Additionally, Japan is prone to natural disasters, such as earthquakes and tsunamis.
Greater China Risk
Investing in securities of issuers located in or economically tied to mainland China, Hong Kong or Taiwan ("Greater China") involves certain risks and considerations, including, more frequent trading suspensions (by the government or the issuer itself), government
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interventions, nationalization of assets, currency exchange rate fluctuations or blockages, limits on the use of brokers and on foreign ownership, different financial reporting standards, higher dependence on exports and international trade, potential for increased trade tariffs, embargoes and other trade limitations and custody risks. Recent developments in relations between the United States and China have heightened concerns of increased tariffs and restrictions on trade between the two countries. It is unclear whether further tariffs and sanctions may be imposed or other escalating actions may be taken in the future, which could negatively impact a Fund.
Mainland China controls matters that relate to defense and foreign affairs but does not tax Hong Kong, does not limit the exchange of the Hong Kong dollar for foreign currencies and does not place restrictions on free trade in Hong Kong. There is no guarantee that mainland China will continue to honor the agreement and mainland China may change its policies regarding Hong Kong in the future. Any such change may adversely affect market conditions and the performance of mainland Chinese and Hong Kong issuers and the value of securities in a Fund’s portfolio.
Additionally, the prospect of political reunification of mainland China and Taiwan has engendered hostility between the two regions’ governments. This situation poses a significant threat to Taiwan’s economy, as heightened conflict could potentially lead to distortions in Taiwan’s capital accounts and have an adverse impact on the value of investments throughout Greater China.
Growth Stocks Risk
Growth stocks typically trade at higher multiples of current earnings than other securities. Therefore, the values of growth stocks may be more sensitive to changes in current or expected earnings than the values of other securities.
The principal risk of investing in growth stocks is that investors expect growth companies to increase their earnings at a certain rate that is generally higher than the rate expected for non-growth companies. If these expectations are not met, the market price of the stock may decline significantly, even if earnings showed an absolute increase. Growth stocks also typically lack the dividend yield that can cushion stock prices in market downturns.
Increase in Expenses Risk
The actual costs of investing in a Fund may be higher than the expenses shown in “Total Annual Fund Operating Expenses” for a variety of reasons. For example, expense ratios may be higher than those shown if average net assets decrease, as a result of redemptions or otherwise, or if a fee limitation is changed or terminated. Net assets are more likely to decrease and fund expense ratios are more likely to increase when markets are volatile.
Index Strategy Risk
The MainStay S&P 500 Index Fund employs an index strategy that seeks to invest in stocks as represented in the S&P 500® Index. Therefore, the adverse performance of a particular security ordinarily will not result in the elimination of the security from the Fund's portfolio. The Fund's performance may vary from the S&P 500® Index’s performance due to factors such as transaction costs, imperfect correlation between the Fund's holdings and those of the S&P 500® Index and changes in the composition of the S&P 500® Index. Also, the Fund's fees and expenses will reduce the Fund's returns, unlike those of the S&P 500® Index. An investment cannot be made directly in an index. The Fund is not “actively” managed and would generally not sell a security because the security’s issuer was in financial trouble unless that security is removed from (or was no longer useful in tracking a component of) the S&P 500® Index.
Industrials Sector Risk
The prices of securities in the industrials sector can be volatile and can be impacted significantly by supply and demand for certain products and services, product obsolescence and product liability claims, government regulation, exchange rates, world events, general economic conditions and other factors. In addition, certain companies in the industrials sector may be cyclical and have occasional sharp price movements resulting from changes in, among other things, the economy, fuel prices, labor agreements and insurance costs.
Inflation Risk
A Fund's investments may be subject to inflation risk, which is the risk that the real value (i.e., nominal price of the asset adjusted for inflation) of assets or income from investments will be less in the future because inflation decreases the purchasing power and value of money (i.e., as inflation increases, the real value of a Fund's assets can decline as can the value of the Fund's distributions). Inflation rates may change frequently and significantly as a result of various factors, including unexpected shifts in the domestic or global economy and changes in monetary or economic policies (or expectations that these policies may change). The market price of debt securities generally falls as inflation increases because the purchasing power of the future income and repaid principal is expected to be worth less when received by a Fund. This risk of inflation is greater for debt instruments with longer maturities and especially those that pay a fixed rather than variable interest rate. In addition, this risk may be significantly elevated compared to normal conditions because of monetary policy measures and the current interest rate environment and level of government intervention and spending.
Initial Public Offerings (“IPOs”) Risk
IPO share prices are frequently volatile due to factors such as the absence of a prior public market for the shares, unseasoned trading in the shares, the small number of shares available for trading and limited information about the issuer’s business model, quality of management, earnings growth potential and other criteria used to evaluate its investment prospects. Investments in IPO shares, which are subject to market risk and liquidity risk, involve greater risks than investments in shares of companies that have traded publicly on an
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exchange for extended periods of time. Investments in IPO shares may have a magnified impact on the performance of a Fund with a small asset base. The impact of the investments in IPO shares on a Fund's performance will likely decrease as a Fund's asset size increases, which could reduce the Fund's returns. IPOs may not be consistently available for investing, particularly as the Fund's asset base grows. A Fund may hold IPO shares for a very short period of time, which may increase portfolio turnover and expenses, such as commissions and transaction costs. In addition, IPO shares can experience an immediate drop in value if the demand for the securities does not continue to support the offering price.
Investments in Other Investment Companies Risk
A Fund may invest in other investment companies, including mutual funds, closed-end funds, and ETFs.
A Fund may purchase the securities of another investment company to temporarily gain exposure to a portion of the market while awaiting purchase of securities or as an efficient means of gaining exposure to a particular asset class. A Fund might also purchase shares of another investment company to gain exposure to the securities in the investment company’s portfolio at times when the Fund may not be able to buy those securities directly. Any investment in another investment company would be consistent with a Fund's objective and investment program. A Fund generally will directly bear its proportionate share of the management fees and other expenses that are charged by other investment companies, which also may be advised by the Manager or its affiliates, in addition to the management fees and other expenses paid by the Fund.
The risks of owning another investment company are generally similar to the risks of investment directly in the securities in which that investment company invests. However, an investment company may not achieve its investment objective or execute its investment strategy effectively, which may adversely affect performance. In addition, because listed closed-end funds and ETFs trade on a secondary market, their shares may trade at a premium or discount to the actual listed NAV of their portfolio securities and their shares may have greater volatility because of the potential lack of liquidity.
Issuer Risk
An issuer in which a Fund invests or to which it has exposure may perform poorly, and the value of its securities may therefore decline, which would negatively affect the Fund’s performance. Poor performance may be caused by poor management decisions, competitive pressures, breakthroughs in technology, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent disclosures, natural disasters, military confrontations and actions, war, other conflicts, terrorism, disease/virus outbreaks, epidemics or other events, conditions or factors.
Large Investments or Redemptions by Shareholders Risk
From time to time, a Fund may receive large purchase or redemption orders from affiliated or unaffiliated mutual funds or other investors. Such large transactions could have adverse effects on performance if the Fund is required to sell securities, invest cash or hold significant cash at times when it otherwise would not do so. This activity could also accelerate the realization of capital gains and increase transaction costs. Certain shareholders, including clients or affiliates of the Manager and/or other funds managed by the Manager or its affiliates, may from time to time own or control a significant percentage of a Fund’s shares. Redemptions by these shareholders of their shares may further increase the liquidity risk and may otherwise adversely impact the Fund. These shareholders may include, for example, institutional investors, funds of funds, discretionary advisory clients and other shareholders whose buy-sell decisions are controlled by a single decision-maker. For more information, please see “Liquidity and Valuation Risk.”
Lending of Portfolio Securities Risk
A Fund may lend its portfolio securities. Portfolio securities may be loaned to brokers, dealers and financial institutions to realize additional income under guidelines adopted by the Funds' Board. In determining whether to lend securities, the Manager or the Subadvisor or its/their agent will consider relevant facts and circumstances, including the creditworthiness of the borrower. Securities lending involves the risk that a Fund may lose money in the event that the borrower fails to return the securities in a timely manner or at all. A Fund also could lose money in the event of a decline in the value of the collateral provided for loaned securities or in the event that the borrower fails to provide additional collateral as needed to ensure the loan is fully collateralized. A Fund may also not experience the returns expected with the investment of cash collateral. Furthermore, as with other extensions of credit, a Fund could lose its rights in the collateral should the borrower fail financially. Another risk of securities lending is the risk that the loaned portfolio securities may not be available to a Fund on a timely basis and the Fund may therefore lose the opportunity to sell the securities at a desirable price. Any decline in the value of a security that occurs while the security is out on loan would continue to be borne by the Fund.
Liquidity and Valuation Risk
Liquidity risk is the risk that a Fund could not meet redemption requests within the allowable time period without significant dilution of remaining investors’ interests in the Fund. Liquidity risk exists when particular investments are difficult to sell, possibly preventing a Fund from selling the investments at an advantageous time or price. Liquidity risk may also exist because of unusual market conditions, government intervention, political, social, health, economic or market developments, unusually high volume of redemptions, or other reasons. To meet redemption requests, a Fund may be forced to sell securities at an unfavorable time and/or under unfavorable conditions. Liquidity risk includes the risk that a Fund will experience significant net redemptions at a time when it cannot find willing
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buyers for its portfolio securities or can only sell its portfolio securities at a material loss. The liquidity of any Fund investment may change significantly over time as a result of market, economic, trading, issuer-specific and other factors.
Valuation risk refers to the potential that the sales price a Fund could receive for any particular investment may differ from the Fund’s valuation of the investment. Valuation of a Fund’s investments may be difficult, particularly for securities that trade in thin or volatile markets or that are valued using a fair value methodology that produces an estimate of the fair value of the security/instrument, which are based on good faith, subjective judgments, and available information. Such valuations may prove to be inaccurate. Where no clear or reliable indication of the value of a particular investment is available, the investment will be valued at its fair value according to valuation procedures approved by the Board. These cases include, among others, situations where the secondary markets on which a security has previously been traded are no longer viable for lack of liquidity. The value of illiquid investments may reflect a discount, which may be significant, from the market price of comparable securities for which a liquid market exists, and thus negatively affect a Fund's NAV. In addition, the value of illiquid investments that subsequently become liquid may increase, positively affecting the Fund's NAV. The Manager, as valuation designee, may rely on various sources of information to value investments and calculate NAVs. The Manager may obtain pricing information from third parties that are believed to be reliable. In certain cases, this information may be unavailable or this information may be inaccurate because of errors by the third parties, technological issues, an absence of current market data, or otherwise. These cases increase the risks associated with fair valuation.
Performance attributable to variations in liquidity are not necessarily an indication of future performance. For more information on fair valuation, please see "Fair Valuation and Portfolio Holdings Disclosure."
Loan Participation Interests Risk
Loan participation interests, also referred to as Participations, are fractional interests in an underlying corporate loan and may be purchased from an agent bank, co-lenders or other holders of Participations. There are three types of Participations which a Fund may purchase. A Participation in a novation of a corporate loan involves a Fund assuming all of the rights of the lender in a corporate loan, including the right to receive payments of principal and interest and other amounts directly from the borrower and to enforce its rights as a lender directly against the borrower. Second, a Fund may purchase a Participation in an assignment of all or a portion of a lender's interest in a corporate loan, in which case the Fund may be required generally to rely on the assigning lender to demand payment and to enforce its rights against the borrower, but would otherwise be entitled to all of such lender's rights in the underlying corporate loan. Third, a Fund may also purchase a Participation in a portion of the rights of a lender in a corporate loan, in which case, a Fund will be entitled to receive payments of principal, interest and fees, if any, but generally will not be entitled to enforce its rights against the agent bank or borrower. The Fund must rely on the lending institution for that purpose.
The principal credit risk associated with acquiring Participations from a co-lender or another Participant is the credit risk associated with the underlying corporate borrower. A Fund may incur additional credit risk, however, when it is in the position of Participant rather than co-lender because the Fund must then assume the risk of insolvency of the co-lender from which the Participation was purchased and that of any person interposed between the Fund and the co-lender.
A Fund may not always have direct recourse against a borrower if the borrower fails to pay scheduled principal and/or interest and may be subject to greater delays, expenses and risks than if the Fund had purchased a direct obligation of the borrower. Substantial increases in interest rates may cause an increase in loan obligation defaults. Participations are subject to risks generally associated with debt securities; however, Participations may not be considered “securities,” and purchasers, such as a Fund, therefore may not be entitled to rely on the anti-fraud protections of the federal securities laws. A Fund may be in possession of material non-public information about a borrower or issuer as a result of its ownership of a Participation or security of such borrower or issuer. Because of prohibitions on trading in securities of issuers while in possession of such information, a Fund may be unable to enter into a transaction in a loan or security of such a borrower or issuer when it would otherwise be advantageous to do so.
Market Capitalization Risk
To the extent a Fund invests in securities issued by small-, mid-, or large-cap companies, it will be subject to the risks associated with securities issued by companies of the applicable market capitalization. Securities issued by companies of different market capitalizations tend to go in and out of favor based on market and economic conditions. During a period when securities of a particular market capitalization underperform other types of investments, a Fund's performance could be adversely impacted.
Securities of small-cap and mid-cap companies may be subject to greater price volatility, significantly lower trading volumes, cyclical, static or moderate growth prospects and greater spreads between their bid and ask prices than securities of larger companies. In addition, securities of small-cap and mid-cap companies may trade in an over-the-counter market or on a regional exchange, or may otherwise have limited liquidity. Smaller capitalization companies frequently rely on narrower product lines, niche markets, limited financial resources, a few key employees and inexperienced management. Smaller capitalization companies have more speculative prospects for future growth, sustained earnings and market share than larger companies and may be more vulnerable to adverse business or market developments. Accordingly, it may be difficult for a Fund to sell small-cap securities at a desired time or price. Generally, the smaller the company, the greater these risks become. Although securities issued by larger companies tend to have less overall volatility than securities issued by smaller companies, securities issued by larger companies may have less growth potential and
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may not be able to attain the high growth rates of successful smaller companies, especially during strong economic periods. In addition, larger companies may be less capable of responding quickly to competitive challenges and industry changes, including those resulting from improvements in technology, and may suffer sharper price declines as a result of earnings disappointments.
Market Risk
The value of a Fund's investments may fluctuate and/or decline because of changes in the markets in which the Fund invests, which could cause the Fund to underperform other funds with similar investment objectives and strategies. Security markets are volatile and may decline significantly in response to adverse issuer, regulatory, political, or economic developments. Different sectors of the market and different security types may react differently to such developments. Changes in these markets may be rapid and unpredictable. Fluctuations in the markets generally or in a specific industry or sector may impact the securities in which a Fund invests. From time to time, markets may experience periods of stress for potentially prolonged periods that may result in: (i) increased market volatility; (ii) reduced market liquidity; and (iii) increased redemptions. Such conditions may add significantly to the risk of volatility in the NAV of a Fund's shares. Market changes may impact equity and fixed income securities in different and, at times, conflicting manners. A Fund potentially will be prevented from executing investment decisions at an advantageous time or price as a result of any domestic or global market disruptions, particularly disruptions causing heightened market volatility and reduced market liquidity, as well as increased or changing regulations. Thus, investments that the Manager or a Subadvisor believes represent an attractive opportunity or in which a Fund seeks to obtain exposure may be unavailable entirely or in the specific quantities sought by the Manager or the Subadvisor and the Fund may need to obtain the exposure through less advantageous or indirect investments or forgo the investment at the time.
Political and diplomatic events within the United States and abroad, such as the U.S. budget, trade tensions and the imposition of economic sanctions, has in the past resulted, and may in the future result, in developments that present additional risks to a Fund's investments and operations. Geopolitical and other events, such as war, acts of terrorism, natural disasters, the spread of infectious illnesses, epidemics and pandemics, environmental and other public health issues, supply chain disruptions, inflation, recessions or other events, and governments’ reactions to such events, may lead to increased market volatility and instability in world economies and markets generally and may have adverse effects on the performance of a Fund and its investments. It is difficult to accurately predict or foresee when events or conditions affecting the U.S. or global financial markets, economies, and issuers may occur, the effects of such events or conditions, potential escalations or expansions of these events, possible retaliations in response to sanctions or similar actions and the duration or ultimate impact of those events. There is an increased likelihood that these types of events or conditions can, sometimes rapidly and unpredictably, result in a variety of adverse developments and circumstances, such as reduced liquidity, supply chain disruptions and market volatility, as well as increased general uncertainty and broad ramifications for markets, economies, issuers, businesses in many sectors and societies globally. Stocks of large capitalization issuers that are included as components of indices replicated by passively-managed funds may be particularly susceptible to declines in value, including declines in value that are not believed to be representative of the issuer’s fundamentals, due to market and investor reactions to such events. Additional and/or prolonged geopolitical or other events may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree. Any such market, economic and other disruptions could also prevent a Fund from executing its investment strategies and processes in a timely manner.
Master Limited Partnerships ("MLPs") Risk
Certain Funds may invest no more than 25% of their total assets in MLPs that are qualified publicly traded partnerships under the Internal Revenue Code. MLPs are limited partnerships in which ownership interests are publicly traded and are operated under the supervision of one or more general partners. Investments in MLPs carry many of the risks inherent in investing in a partnership. State law governing partnerships is often less restrictive than state law governing corporations. Accordingly, there may be fewer protections afforded to investors in an MLP. Limited partners may also have more limited control and limited rights to vote on matters affecting the MLP.
The anticipated benefits to be derived from MLP investments will principally depend on the MLPs being treated as partnerships for U.S. federal income tax purposes. Partnerships generally are not subject to U.S. federal income tax at the partnership level. Rather, each partner is allocated and is generally subject to U.S. federal income tax on its share of the partnership’s income, gains, losses, deductions and expenses. A change in current tax law or in the underlying business activities of a given MLP could result in the MLP being treated as a corporation for U.S. federal income tax purposes, which would result in such MLP being subject to entity-level U.S. federal income tax (as well as state and local taxes) on its taxable income. The classification of an MLP as a corporation for U.S. federal income tax purposes would have the effect of reducing the amount of cash available for distribution by the MLP. Thus, if any of the MLPs owned by a Fund was treated as a corporation for U.S. federal income tax purposes, it could result in a reduction of the value of an investment in the Fund and lower income earned by the Fund. To the extent a distribution received by a Fund from an MLP equity security is treated as a return of capital, the Fund’s adjusted tax basis in the MLP equity security would be reduced by the amount of such distribution, which ultimately could result in an increase in an amount of income or gain (or decrease in the amount of loss) recognized by the Fund for tax purposes upon the sale or other disposition of such MLP equity security. Furthermore, any return of capital distributions received from an MLP equity security may require a Fund to restate the character of distributions made by the Fund as well as amend any previously issued shareholder tax reporting information.
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MLP entities are typically focused in the energy, natural resources and real estate sectors of the economy. A downturn in these sectors of the economy could have an adverse impact on a Fund invested in MLPs. At times, the performance of securities of companies in these sectors of the economy may lag the performance of other sectors or the broader market as a whole.
Non-Diversification Risk
MainStay PineStone U.S. Equity Fund is a non-diversified, open-end management investment company registered under the 1940 Act. A non-diversified fund may invest a greater portion of its assets in a more limited number of issuers than a diversified fund. A non-diversified Fund may select its investments from a relatively small pool of issuers together with securities issued by any newly public issuers consistent with its stated investment objective and policies. An investment in a non-diversified Fund may present greater risk to an investor than an investment in a diversified portfolio because changes in the financial condition or market assessment of a single issuer or small number of issuers may cause greater fluctuations in the value of the Fund’s shares.
Operational and Cyber Security Risk
Operational risk arises from a number of factors, including but not limited to, human error, processing and communication errors, errors of service providers, counterparties or other third-parties, failed or inadequate processes and technology or system failures and may arise from external or internal sources. Additionally, a Fund and its service providers are susceptible to risks resulting from breaches in cyber security, including the theft, corruption, destruction or denial of access to data maintained online or digitally, denial of service on websites and other disruptions. Successful cyber security breaches may adversely impact a Fund and its shareholders by, among other things, interfering with the processing of shareholder transactions, impacting its ability to calculate its NAV, causing the release of confidential shareholder or Fund information, impeding trading, causing reputational damage and subjecting a Fund to fines, penalties or financial losses. The Funds seek to reduce these operational and cyber security risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate for those risks that they are intended to address.
Options Risk
An option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right, but not the obligation, to buy from (call) or sell to (put) the seller (writer) of the option the security, currency, index or futures contract underlying the option at a specified exercise price at a certain time or times during the term of the option, depending on the terms of the option. Entering into options contracts involves leverage risk, liquidity risk, counterparty risk, market risk, operational risk and legal risk. If the Manager or a Subadvisor judges market conditions incorrectly or employs a strategy that does not correlate well with a Fund's investments, these techniques could result in a loss, regardless of whether the intent was to reduce risk or increase return. An investment in options may be subject to greater fluctuation than an investment in the underlying index or instrument itself. To the extent that a Fund writes or sells put options, the Fund could experience substantial losses in instances where the option's underlying index or instrument decreases below the exercise price of the written option. To the extent that a Fund writes or sells call options, the Fund could experience substantial losses in instances where the option's underlying index or instrument increases above the exercise price of the written option. Writing (selling) hedged options limits the opportunity to profit from changes in the market value of underlying indexes or instruments in exchange for up-front cash (the premium) at the time of selling the option.
Portfolio Management Risk
The investment strategies, practices and risk analysis used may not produce the desired results. In addition, a Fund may not achieve its investment objective, including during periods in which it takes temporary positions in response to unusual or adverse market, economic or political conditions, or other unusual or abnormal circumstances. A Subadvisor may be incorrect in its assessment of a particular security or market trend, which could result in losses. A Subadvisor's judgment about whether securities will increase or decrease in value may prove to be incorrect, and the value of these securities could change unexpectedly.
A quantitative model or algorithm ("quantitative tool") used by a Subadvisor, and the investments selected based on the quantitative tool, may not perform as expected. A quantitative tool may contain certain assumptions in construction and implementation that may adversely affect the Fund’s performance. There may also be technical issues with the construction and implementation of the quantitative tool (for example, software or other technology malfunctions, or programming inaccuracies). In addition, the Fund’s performance will reflect, in part, the Subadvisor’s ability to make active qualitative decisions and timely adjust the quantitative tool, including the tool’s underlying metrics and data.
Portfolio Turnover Risk
Portfolio turnover measures the amount of trading a Fund does during the year. Due to their trading strategies, certain Funds may experience a portfolio turnover rate of over 100%. The portfolio turnover rate for each Fund is found in the relevant summary sections for each Fund and the Financial Highlights. The use of certain investment strategies may generate increased portfolio turnover. A Fund with a high turnover rate (at or over 100%) often will have higher transaction costs (which are paid by the Fund) and may generate short-term capital gains (on which Fund shareholders will pay taxes, even if such shareholders do not sell any shares by year-end).
Preferred Stock Risk
Preferred stock generally has a preference as to dividends and upon liquidation over an issuer’s common stock but ranks junior to other income securities in an issuer’s capital structure. Preferred stock generally pays dividends in cash (or additional shares of preferred
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stock) at a defined rate but, unlike interest payments on other income securities, preferred stock dividends are payable only if declared by the issuer’s board of directors. Dividends on preferred stock may be cumulative, meaning that, in the event the issuer fails to make one or more dividend payments on the preferred stock, no dividends may be paid on the issuer’s common stock until all unpaid preferred stock dividends have been paid. Preferred stock also may provide that, in the event the issuer fails to make a specified number of dividend payments, the holders of the preferred stock will have the right to elect a specified number of directors to the issuer’s board. Preferred stock also may be subject to optional or mandatory redemption provisions. In addition, preferred stock may trade less frequently and in a more limited volume and may be subject to more abrupt or unpredictable price movements than certain other types of securities. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds take precedence over the claims of those who own preferred and common stock. If interest rates rise, the fixed dividend on preferred stocks may be less attractive, causing the price of preferred stocks to decline. Preferred stock may have mandatory sinking portfolio provisions, as well as provisions allowing the stock to be called or redeemed prior to its maturity, which can have a negative impact on the stock's price when interest rates decline.
Real Estate Investment Trusts ("REITs") Risk
REITs are pooled investment vehicles that invest primarily in either real estate or real estate-related loans. Investment in REITs carries with it many of the risks associated with direct ownership of real estate, including declines in property values, extended vacancies, increases in property taxes, possible environmental liabilities and changes in interest rates. In addition to these risks, REITs are dependent upon management skills, may not be diversified, may experience substantial cost in the event of borrower or lessee defaults, and are subject to heavy cash flow dependency. REITs are also susceptible to the risks associated with the types of real estate investments they own and adverse economic or market events with respect to these securities and property types (e.g., apartment properties, retail shopping centers, office and industrial properties, hotels, healthcare facilities, manufactured housing and mixed-property types). For example, the value of these securities may decline when interest rates rise and will also be affected by the real estate market and by the management or development of the underlying properties, which may also be subject to mortgage loans and thereby may be subject to the risks of default. A REIT could possibly fail to qualify for tax free pass-through of income under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), or could fail to maintain its exemption from registration under the 1940 Act. The failure of a company to qualify as a REIT under federal tax law or maintain its exemption from registration under the 1940 Act may have adverse consequences.
Regulatory Risk
Government regulation and/or intervention may change the way a Fund is regulated, affect the expenses incurred directly by the Fund, affect the value of its investments, and limit the Fund’s ability to achieve its investment objective. Government regulation may change frequently and may have significant adverse consequences. Moreover, government regulation may have unpredictable and unintended effects. In addition to exposing a Fund to potential new costs and expenses, additional regulation or changes to existing regulation may also require changes to a Fund's investment practices. Certain regulatory authorities may also prohibit or restrict the ability of a Fund to engage in certain derivative transactions or short-selling of certain securities. Although there continues to be uncertainty about the full impact of these and other regulatory changes, a Fund may be subject to a more complex regulatory framework, and incur additional costs to comply with new requirements as well as to monitor for compliance with any new requirements going forward.
At any time after the date of this Prospectus, legislation may be enacted that could negatively affect the assets of a Fund. Legislation or regulation may change the way in which a Fund is managed. Neither the Manager nor a Subadvisor can predict the effects of any new governmental regulation that may be implemented, and there can be no assurance that any new governmental regulation will not adversely affect a Fund's ability to achieve its respective investment objective. A Fund's activities may be limited or restricted because of laws and regulations applicable to the Manager, the Subadvisor or the Fund.
Repurchase Agreements Risk
Certain Funds may enter into repurchase agreements with certain sellers in accordance with guidelines adopted by the Board. A repurchase agreement is an instrument under which a Fund acquires a security and the seller agrees, at the time of the sale, to repurchase the security at an agreed upon time and price. A Fund's use of repurchase agreements is generally intended to be a means for the Fund to earn income on uninvested cash, but there is no guarantee that a repurchase agreement will provide income.
Repurchase agreements subject a Fund to counterparty risks, including the risk that the seller of the underlying security will become bankrupt or insolvent before the date of repurchase or otherwise will fail to repurchase the security as agreed, which could cause losses to the Fund. If the seller defaults on its obligations under the agreement, the Fund may incur costs, lose money or suffer delays in exercising its rights under the agreement. If the seller fails to repurchase the underlying instruments collateralizing the repurchase agreement, the Fund may lose money.The credit, liquidity and other risks associated with repurchase agreements are heightened when a repurchase agreement is secured by collateral other than cash or U.S. government securities.
Restricted Securities Risk
Restricted securities are securities that are sold only through negotiated private transactions and not to the general public, due to certain restrictions imposed by federal securities laws or the terms of the security. The principal risk of investing in restricted securities is that a Fund may be limited or prevented by law or the terms of the security from selling the security and, as a result, the Fund may be unable to
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dispose of the security at an advantageous time or price. In addition, there is no assurance that a trading market will develop or exist for a restricted security, which also may result in difficulties in selling the security.
Rights and Warrants Risk
The holder of a stock purchase right or a warrant has the right to purchase a given number of shares of a particular issuer at a specified price until expiration of the warrant. Such investments can provide a greater potential for profit or loss than an equivalent investment in the underlying security. Prices of rights and warrants do not necessarily move in tandem with the prices of the underlying securities, and warrants are speculative investments. Rights and warrants pay no dividends and confer no rights other than a purchase option. If a right or warrant is not exercised by the date of its expiration, a Fund will lose its entire investment in such right or warrant.
Risk Management Techniques Risk
Various techniques can be used to increase or decrease exposure to changing security prices, interest rates, currency exchange rates, commodity prices or other factors that affect security values. These techniques may involve derivative transactions such as buying and selling futures contracts and options on futures contracts, entering into foreign currency transactions (such as foreign currency forward contracts and options on foreign currencies) and purchasing put or call options on securities and securities indices.
These practices can be used in an attempt to adjust the risk and return characteristics of a portfolio of investments. For example, to gain exposure to a particular market, a Fund may be able to purchase a futures contract with respect to that market. The use of such techniques in an attempt to reduce risk is known as "hedging." If the Manager or Subadvisor judges market conditions incorrectly or employs a strategy that does not correlate well with the Fund’s investments, these techniques could result in a loss, which in some cases may be unlimited, regardless of whether the intent was to reduce risk or increase return. These techniques may increase the volatility of a Fund and may involve a small investment of cash relative to the magnitude of the risk assumed. In addition, these techniques could result in a loss if the counterparty to the transaction does not perform as promised.
Sector Risk
To the extent a Fund focuses its investments in particular sectors of the economy, a Fund’s performance may be more subject to the risks of volatile economic cycles and/or conditions or developments adversely affecting such sectors than if the Fund held a broader range of investments. Individual sectors may fluctuate more widely than the broader market.
Short Selling Risk
If a security sold short increases in price, a Fund may have to cover its short position at a higher price than the short sale price, resulting in a loss, which could be theoretically unlimited. By contrast, a loss on a long position arises from decreases in the value of the security and is limited by the fact that a security’s value cannot go below zero. A Fund may have substantial short positions and must borrow those securities to make delivery to the buyer. A Fund may not be able to borrow a security that it needs to deliver or it may not be able to close out a short position at an acceptable price and may have to sell related long positions before it had intended to do so. Thus, a Fund may not be able to successfully implement its short sale strategy due to limited availability of desired securities or for other reasons.
When borrowing a security for delivery to a buyer, a Fund also may be required to pay a premium and other transaction costs, which would increase the cost of the security sold short. A Fund must normally repay to the lender an amount equal to any dividends or interest that accrues while the loan is outstanding. The amount of any gain will be decreased, and the amount of any loss will be increased, by the amount of the premium, dividends, interest or expenses a Fund may be required to pay in connection with the short sale. Also, the lender of a security may terminate the loan at a time when a Fund is unable to borrow the same security for delivery. In that case, the Fund would need to purchase a replacement security at the then current market price or "buy in" by paying the lender an amount equal to the cost of purchasing the security.
Until a Fund replaces a borrowed security, it is required to maintain a segregated account of cash or liquid assets with a broker or custodian that is pledged for the benefit of the broker to cover a Fund's short position. Generally, securities held in a segregated account cannot be sold unless they are replaced with other liquid assets. A Fund's ability to access the pledged collateral may also be impaired in the event the broker fails to comply with the terms of the contract. In such instances, a Fund may not be able to substitute or sell the pledged collateral. This may limit a Fund's investment flexibility, as well as its ability to meet redemption requests or other current obligations.
By investing the proceeds received from selling securities short, a Fund could be deemed to be employing a form of leverage, which creates special risks. The use of leverage may increase a Fund's exposure to long equity positions and make any change in a Fund's NAV greater than it would be without the use of leverage. This could result in increased volatility of returns. There is no guarantee that a Fund will leverage its portfolio, or if it does, that the Fund's leveraging strategy will be successful or that it will produce a higher return on an investment.
Swap Agreements Risk
Certain Funds may enter into swap agreements, including but not limited to, interest rate, credit default, index, equity (including total return), and currency exchange rate swap agreements to attempt to obtain a desired return at a lower cost than a direct investment in an
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instrument yielding that desired return. In a typical swap transaction, two parties agree to exchange the returns (or differentials in rates of returns) earned or realized on particular investments or instruments. The payments may be adjusted for transaction costs, interest payments, the amount of interest paid on the investment or instrument or other factors.
Whether the use of swap agreements will be successful will depend on whether the Manager or Subadvisor correctly predicts movements in the value of particular securities, interest rates, indices, currency exchange rates and market conditions. Entering into swaps involves elements of credit, market, leverage, liquidity, operational, counterparty and legal/documentation risks. Swap agreements entail the risk that a party will default on its payment obligations to a Fund. For example, credit default swaps can result in losses if a Fund does not correctly evaluate the creditworthiness of the company on which the credit default swap is based. Certain standardized swaps are subject to mandatory central clearing and exchange-trading. Central clearing, which interposes a central clearinghouse to each participant’s swap, is intended to reduce counterparty credit risk. Exchange-trading is expected to decrease illiquidity risk and increase transparency because prices and volumes are posted on the exchange. But central clearing and exchange-trading do not make swap transactions risk-free. Because they are two-party contracts and because they may have terms of greater than seven days, certain swaps may be considered to be illiquid. There is a risk that the other party could go bankrupt and a Fund would lose the value of the security or other consideration it should have received in the swap. A Fund may be either the buyer of credit protection against a designated event of default, restructuring or other credit related event (each a “Credit Event”) or the seller of credit protection in a credit default swap. The buyer of credit protection in a credit default swap agreement is obligated to pay the seller a periodic stream of payments over the term of the swap agreement. If a Credit Event occurs, the seller of credit protection must pay the buyer of credit protection the full notional value of the reference obligation either through physical settlement or cash settlement, which can result in the seller incurring a loss substantially greater than the amount invested in the swap. A Fund may enter into total return swap agreements. Total return swap agreements are contracts in which one party agrees to make periodic payments to another party based on the change in market value of the assets underlying the contract, which may include a specified security, basket of securities or securities indices during the specified period, in return for periodic payments based on a fixed or variable interest rate or the total return from other underlying assets. A Fund's use of total return swap agreements will subject the Fund to the risks applicable to swap agreements discussed herein, and a Fund may be adversely affected by its use of total return swaps, if any. For additional information on swaps, see "Derivative Transactions" above. Also, see the "Tax Information" section in the SAI for information regarding the tax considerations relating to swap agreements.
Tax Risk
Certain investments and investment strategies, including transactions in options and futures contracts, may be subject to special and complex federal income tax provisions, the effect of which may be, among other things: (i) to disallow, suspend, defer or otherwise limit the allowance of certain losses or deductions; (ii) to accelerate income to the Fund; (iii) to convert an ordinary loss or a deduction into a capital loss (the deductibility of which is more limited); and/or (iv) to produce income that will not qualify as good income under the gross income requirements that must be met for the Fund to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. Furthermore, to the extent that any futures contract or option on a futures contract held by the Fund is a “Section 1256 contract” under Section 1256 of the Internal Revenue Code, the contract will be marked to market annually, and any gain or loss will be treated as 60% long-term and 40% short-term, regardless of the holding period for such contract. Section 1256 contracts may include Fund transactions involving call options on a broad-based securities index, certain futures contracts and other financial contracts.
Technology Stock Risk
Investments in technology companies may be subject to various risks, including risks relating to falling prices and profits, competition from new domestic and international market entrants, difficulty in obtaining financing and general economic conditions. In addition, the products of technology companies may face obsolescence associated with rapid technological developments and innovation, frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Technology companies are also heavily dependent on intellectual property rights and may be adversely affected by the loss or impairment of those rights. The profitability of technology companies, and an investment in such companies, may be particularly vulnerable to changing market demand, research and development costs and availability and price of components and related commodities, which may be influenced or characterized by unpredictable factors. In addition, technology stocks historically have experienced unusually wide price swings, thus potentially causing a Fund's performance to be more volatile than a fund not invested in technology companies.
Temporary Defensive Investments Risk
In times of unusual or adverse market, economic or political conditions or abnormal circumstances (such as large cash inflows or anticipated large redemptions), a Fund may, for temporary defensive purposes or for liquidity purposes (which may be for a prolonged period), invest outside the scope of its principal investment strategies. Under such conditions, a Fund may not invest in accordance with its investment objective or principal investment strategies and, as a result, there is no assurance that the Fund will achieve its investment objective. Under such conditions, each Fund may also invest without limit in cash, money market securities or other investments.
In unusual market conditions, the MainStay PineStone International Equity Fund may invest all or a portion of its assets in equity securities of U.S. issuers, investment grade notes and bonds, and cash and cash equivalents.
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U.S. Government Securities Risk
There are different types of U.S. government securities with varying degress of credit risk, including the risk of default, depending on the nature of the particular government support for that security. Additionally, U.S. government securities are subject to market and interest rate. For example, a U.S. government-sponsored entity, such as Federal National Mortgage Association ("Fannie Mae") or Federal Home Loan Mortgage Corporation ("Freddie Mac"), although chartered or sponsored by an Act of Congress, may issue securities that are neither insured nor guaranteed by the U.S. Treasury and are therefore riskier than other types of U.S. government securities.
Value Stocks Risk
Certain Funds may invest in companies that may not be expected to experience significant earnings growth, but whose securities their portfolio managers believe are selling at a price lower than their true value. Companies that issue such "value stocks" may have experienced adverse business developments or may be subject to special risks that have caused their securities to be out of favor. The principal risk of investing in value stocks is that they may never reach what the portfolio manager believes is their full value or that they may go down in value. If a portfolio manager's assessment of a company's prospects is wrong, or if the market does not recognize the value of the company, the price of that company's stock may decline or may not approach the value that the portfolio manager anticipates.
When-Issued Securities and Forward Commitments Risk
Debt securities are often issued on a when-issued or forward commitment basis. The price (or yield) of such securities is fixed at the time a commitment to purchase is made, but delivery and payment for the securities take place at a later date. During the period between purchase and settlement, no payment is made by a Fund and no interest accrues to the Fund. There is a risk that the security could be worth less when it is issued than the price a Fund agreed to pay when it made the commitment. Similarly, a Fund may commit to purchase a security at a future date at a price determined at the time of the commitment. The same procedure and risks exist for forward commitments as for when-issued securities.
Zero Coupon and Payment-in-Kind Bonds Risk
Zero coupon bonds are debt obligations issued without any requirement for the periodic payment of interest typical of other types of debt securities. Certain Funds may also invest in payment-in-kind bonds. Payment-in-kind bonds normally give the issuer an option to pay in cash at a coupon payment date or in securities with a fair value equal to the amount of the coupon payment that would have been made. Zero coupon bonds are issued at a significant discount from their face value. The discount approximates the total amount of interest the bonds would accrue and compound over the period until maturity at a rate of interest reflecting the market rate at the time of issuance. Because interest on zero coupon obligations is not paid to a Fund on a current basis but is, in effect, compounded, the value of this type of security is subject to greater fluctuations in response to changing interest rates than the value of debt obligations that distribute income regularly.
Zero coupon bonds and payment-in-kind bonds tend to be subject to greater market risk than interest paying securities of similar maturities. The discount represents income, a portion of which a Fund must accrue and distribute every year even though the Fund receives no payment on the investment in that year. Therefore, these investments tend to be more volatile than securities which pay interest periodically and in cash.
In addition, there may be special tax considerations associated with investing in high-yield/high-risk bonds structured as zero coupon or payment-in-kind securities. Interest on these securities is recorded annually as income even though no cash interest is received until the security's maturity or payment date. As a result, the amounts that have accrued each year are required to be distributed to shareholders and such amounts will be taxable to shareholders. Additionally, a Fund may have to sell some of its assets to distribute cash to shareholders. These actions are likely to reduce the Fund’s assets and may thereby increase its expense ratio and decrease its rate of return.
Other information about the Funds:
Information Regarding Standard & Poor's®
S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”) and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). The foregoing trademarks have been licensed for use by S&P Dow Jones Indices LLC and sublicensed for certain purposes by New York Life Investment Management LLC. The S&P 500® Index is a product of S&P Dow Jones Indices LLC and has been licensed for use by New York Life Investment Management LLC. MainStay S&P 500 Index Fund is not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, S&P or their respective affiliates and neither S&P Dow Jones Indices LLC, Dow Jones, S&P nor their respective affiliates make any representation regarding the advisability of investing in such product(s).
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The information described in this Shareholder Guide is available free of charge by calling toll-free 800-624-6782 or by visiting our website at newyorklifeinvestments.com. The information contained in or otherwise accessible through the MainStay website does not form part of this Prospectus. For additional details, please contact your financial adviser or the MainStay Funds free of charge by calling toll-free 800-624-6782.
Please note that shares of the MainStay Funds are generally not available for purchase by foreign investors, except to certain qualified investors. The MainStay Funds reserve the right to: (i) pay dividends from net investment income and distributions from net capital gains in a check mailed to any investor who becomes a non-U.S. resident; (ii) redeem shares and close the account of an investor who becomes a non-U.S. resident; and (iii) redeem shares and close the account of an investor in the case of actual or suspected threatening conduct or actual or suspected fraudulent, suspicious or illegal activity by that investor or any other individual associated with that account.
SIMPLE IRA Plan accounts and certain other retirement plan accounts may not be eligible to invest in certain MainStay Funds.
The following terms are used in this Shareholder Guide:
· "MainStay Asset Allocation Funds" collectively refers to the MainStay Conservative Allocation Fund, MainStay Equity Allocation Fund, MainStay Growth Allocation Fund and MainStay Moderate Allocation Fund.
· "MainStay Epoch Funds" collectively refers to the MainStay Epoch Capital Growth Fund, MainStay Epoch U.S. Equity Yield Fund and MainStay Epoch Global Equity Yield Fund.
· “MainStay ETF Asset Allocation Funds” collectively refers to the MainStay Conservative ETF Allocation Fund, MainStay Equity ETF Allocation Fund, MainStay Growth ETF Allocation Fund and MainStay Moderate ETF Allocation Fund.
· “MainStay Funds” collectively refers to each mutual fund managed by New York Life Investment Management LLC.
· "MainStay International/Global Equity Funds" collectively refers to the MainStay Candriam Emerging Markets Equity Fund, MainStay CBRE Global Infrastructure Fund, MainStay Epoch Capital Growth Fund, MainStay Epoch Global Equity Yield Fund, MainStay Epoch International Choice Fund, MainStay PineStone Global Equity Fund, MainStay PineStone International Equity Fund and MainStay WMC International Research Equity Fund.
· "MainStay Mixed Asset Funds" collectively refers to the MainStay Balanced Fund, MainStay Income Builder Fund and MainStay MacKay Convertible Fund.
· “MainStay Tax-Exempt Funds” collectively refers to the MainStay MacKay California Tax Free Opportunities Fund, MainStay MacKay High Yield Municipal Bond Fund, MainStay MacKay New York Tax Free Opportunities Fund, MainStay MacKay Short Term Municipal Fund, MainStay MacKay Strategic Municipal Allocation Fund and MainStay MacKay Tax Free Bond Fund.
· "MainStay Taxable Bond Funds" collectively refers to the MainStay Candriam Emerging Markets Debt Fund, MainStay Floating Rate Fund, MainStay MacKay High Yield Corporate Bond Fund, MainStay MacKay Short Duration High Income Fund, MainStay MacKay Strategic Bond Fund, MainStay MacKay Total Return Bond Fund, MainStay MacKay U.S. Infrastructure Bond Fund, MainStay Money Market Fund and MainStay Short Term Bond Fund.
· "MainStay U.S. Equity Funds" collectively refers to the MainStay CBRE Real Estate Fund, MainStay Epoch U.S. Equity Yield Fund, MainStay Fiera SMID Growth Fund, MainStay S&P 500 Index Fund, MainStay PineStone U.S. Equity Fund, MainStay Winslow Large Cap Growth Fund, MainStay WMC Enduring Capital Fund, MainStay WMC Growth Fund, MainStay WMC Small Companies Fund and MainStay WMC Value Fund.
· The Board of Trustees of MainStay Funds Trust and the Board of Trustees of The MainStay Funds are collectively referred to as the "Board."
· The Investment Company Act of 1940, as amended, is referred to as the "1940 Act."
· New York Life Investment Management LLC is referred to as the "Manager" or "New York Life Investments."
· New York Life Insurance Company is referred to as "New York Life."
· NYLIM Service Company LLC is referred to as the "Transfer Agent" or "NYLIM Service Company."
· NYLIFE Distributors LLC, the MainStay Funds’ principal underwriter and distributor, is referred to as the "Distributor" or "NYLIFE Distributors."
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· The New York Stock Exchange is referred to as the "Exchange."
· Net asset value is referred to as "NAV."
· The Securities and Exchange Commission is referred to as the "SEC."
· Automated Clearing House, the electronic process by which shares may be purchased or redeemed, is referred to as “ACH.”
The MainStay Funds offer Investor Class, Class A, A2, C, C2, I, P, R1, R2, R3, R6 and SIMPLE Class shares, as applicable. Each share class may not currently be offered by each MainStay Fund or through your financial intermediary and may be offered through a separate prospectus. Effective February 28, 2017, Class B shares were closed to all new purchases and additional investments by existing Class B shareholders. Each share class of a MainStay Fund represents an interest in the same portfolio of securities, has the same rights and is identical in all respects to the other classes (unless otherwise disclosed in this Shareholder Guide or as set forth in the MainStay Funds’ multiple class plan adopted pursuant to Rule 18f-3 under the 1940 Act), except that, to the extent applicable, each class also bears its own service and distribution expenses and may bear incremental transfer agency costs resulting from its investor base. In addition, each class has its own sales charge and expense structure, providing you with different choices for meeting the needs of your situation. Depending upon the number of shares of a MainStay Fund you choose to purchase, how you wish to purchase shares of a MainStay Fund and the MainStay Fund in which you wish to invest, the share classes available to you may vary.
The decision as to which class of shares is best suited to your needs depends on a number of factors that you should consider and discuss with your financial adviser. Important factors you may wish to consider include, among others:
· how much you plan to invest;
· how long you plan to hold your shares;
· the fees (e.g., sales charge) and total expenses associated with each class of shares; and
· whether you qualify for any reduction or waiver of the sales charge, if any, as discussed below in the section “Sales Charge Reductions and Waivers” and in Appendix A – Intermediary-Specific Sales Charge Waivers and Discounts.
The MainStay Funds, the Distributor and the Transfer Agent do not provide investment advice or recommendations or any form of tax or legal advice to existing or potential shareholders with respect to investment transactions involving the Funds. A shareholder transacting in (or holding) Fund shares through an intermediary should carefully review the fees and expenses charged by the intermediary relating to holding and transacting in Fund shares. These fees and expenses, including commissions, may vary by intermediary and customers of certain intermediaries are eligible only for the sales charge reductions or waivers set forth in Appendix A – Intermediary-Specific Sales Charge Waivers and Discounts. As a result, a shareholder purchasing or redeeming Fund shares through an intermediary may incur higher or lower costs than a shareholder purchasing or redeeming Fund shares through another intermediary or directly with the MainStay Funds. You may be required to pay a commission or other transaction charge to your financial intermediary when buying or selling shares of a share class that has no initial sales charge, contingent deferred sales charge, or asset-based fee for sales or distribution, such as Class I or Class R6 shares. These commissions or transaction charges are not reflected in the fee and expense table or expense examples for the share classes. The Funds make available other share classes that have different fees and expenses, which are disclosed and described in this Prospectus. Please contact your financial intermediary for more information on commissions or other transaction charges applicable to the purchase or redemption of shares of the Funds.
As with any business, operating a mutual fund involves costs. There are regular operating costs, such as investment advisory fees, distribution expenses, and custodial, transfer agency, legal and accounting fees, among others. These operating costs are typically paid from the assets of a MainStay Fund, and thus, all investors in the MainStay Fund (or share class, if applicable) indirectly share such costs. The expenses for each MainStay Fund are presented in the Funds’ respective Prospectuses in the tables entitled, "Fees and Expenses of the Fund," under the heading, "Annual Fund Operating Expenses." As the fee and expense tables show, certain costs are borne equally by each share class. In cases where services or expenses are class-specific, such as distribution and/or service (12b-1) fees, the fees payable for transfer agency services or certain other expenses, the costs are typically allocated differently among the share classes or among groups of share classes.
In addition to the direct expenses that a MainStay Fund bears, MainStay Fund shareholders indirectly bear the expenses of the other funds in which the MainStay Fund invests ("Underlying Funds"), where applicable. The tables entitled "Fees and Expenses of the Fund" reflect a MainStay Fund's estimated indirect expenses from investing in Underlying Funds based on the allocation of the MainStay Fund's assets among the Underlying Funds (if any) during the MainStay Fund's most recent fiscal year. These expenses may be higher or lower over time depending on the actual investments of the MainStay Fund's assets in the Underlying Funds and the actual expenses of the Underlying Funds.
In some cases, the Total Annual Fund Operating Expenses reflected in the tables entitled "Fees and Expenses of the Fund" may differ in part from the amounts shown in the Financial Highlights section of the applicable Prospectuses, which reflect only the operating
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expenses of a MainStay Fund for its prior fiscal year and do not include the MainStay Fund's share of the fees and expenses of any Underlying Fund in which the MainStay Fund invested during its prior fiscal year.
12b-1 and Shareholder Service Fees
Most significant among the class-specific costs are:
· Distribution and/or Service (12b-1) Fee—named after the SEC rule that permits their payment, 12b-1 fees are paid by a class of shares to compensate the Distributor for distribution and/or shareholder services such as marketing and selling MainStay Fund shares, compensating brokers and others who sell MainStay Fund shares, advertising, printing and mailing of prospectuses and responding to shareholder inquiries.
· Shareholder Service Fee—this fee covers certain services provided to retirement plans investing in Class R1, Class R2 and Class R3 shares that are not included under a 12b-1 plan for such class (if any), such as certain account establishment and maintenance, order processing, and communication services.
An important point to keep in mind about 12b-1 fees and shareholder service fees, which are paid out of Fund assets on an ongoing basis, is that they reduce the value of your shares, and therefore, will proportionately reduce the returns you receive on your investment and any dividends that are paid. See "Information on Fees" in this section for more information about these fees.
Sales Charges
In addition to regular operating costs, there are costs associated with an individual investor's transactions and account, such as the compensation paid to your financial adviser for helping you with your investment decisions. The MainStay Funds typically cover such costs by imposing sales charges and other fees directly on the investor either at the time of purchase or upon redemption for certain share classes. These charges and fees for each MainStay Fund are presented earlier in the tables entitled "Fees and Expenses of the Fund," under the heading, "Shareholder Fees." Such charges and fees include:
· Initial Sales Charge—also known as a "front-end sales load," refers to a charge that is deducted from your initial investment in Investor Class, Class A and Class A2 shares that is used to compensate the Distributor and/or your financial adviser for their efforts and assistance to you in connection with the purchase. The key point to keep in mind about a front-end sales load is that it reduces the initial amount invested in MainStay Fund shares.
· Contingent Deferred Sales Charge—also known as a "CDSC" or "back-end sales load," refers to a charge that is deducted from the proceeds when you redeem MainStay Fund shares (that is, sell shares back to the MainStay Fund). The amount of CDSC that you pay will depend on how long you hold your shares and decreases to zero if you hold your shares long enough. Although you pay no sales charge at the time of purchase, the Distributor typically pays your financial adviser a commission up-front. In part to compensate the Distributor for this expense, you will pay a higher ongoing 12b-1 fee over time for Class B, Class C or Class C2 shares. Subsequently, these fees may cost you more than paying an initial sales charge.
Distribution and/or service (12b-1) fees, shareholder service fees, initial sales charges and contingent deferred sales charges are each discussed in more detail later in this Shareholder Guide in the section “Information on Sales Charges.” Certain intermediaries impose different sales charges and make only specified waivers from sales charges available to their customers. These variations are described in Appendix A – Intermediary-Specific Sales Charge Waivers and Discounts. The following table provides a summary of the differences among share classes with respect to such fees and other important factors:
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Summary of Important Differences Among Share Classes
Class A1 |
Class A2 |
Investor |
Class B 2 |
Class C1 |
Class C2 |
Class I |
Class R1 |
Class R2 |
Class R3 |
Class R6 |
Class P |
SIMPLE | |
Initial sales charge |
Yes |
Yes |
Yes |
None |
None |
None |
None |
None |
None |
None |
None |
None |
None |
Contingent deferred sales charge |
None3 |
None3 |
None3 |
Sliding scale during the first six years after purchase |
1% on sale of shares held for one year or less4 |
1% on sale of shares held for one year or less |
None |
None |
None |
None |
None |
None |
None |
Ongoing distribution and/or service (12b-1) fees |
0.25% |
0.25% |
0.25% |
0.75%5 distribution and 0.25% service (1.00% total)6 |
0.75%5 distribution and 0.25% service (1.00%
|
0.40% distribution and 0.25% service (0.65% total) |
None |
None |
0.25% |
0.25% distribution and 0.25% service (0.50% total) |
None |
None |
0.25% distribution and 0.25% service (0.50% total) |
Shareholder service fee |
None |
None |
None |
None |
None |
None |
None |
0.10% |
0.10% |
0.10% |
None |
None |
None |
Conversion feature |
Yes7 |
No |
Yes7 |
Yes7 |
Yes7 |
Yes7 |
Yes7 |
Yes7 |
Yes7 |
Yes7 |
Yes7 |
No |
Yes7 |
Purchase maximum8 |
None |
None |
None |
N/A |
$1,000,0009 |
$250,000 |
None |
None |
None |
None |
None |
None |
None |
1. Class A, Investor Class and Class C shares of the MainStay Money Market Fund are sold with no initial sales charge or CDSC and have no 12b-1 fees.
2. Class B shares are closed to all new purchases and additional investments by existing Class B shareholders.
3. No initial sales charge applies on investments of $1 million or more ($250,000 or more with respect to MainStay Asset Allocation Funds, MainStay Balanced Fund, MainStay ETF Asset Allocation Funds, MainStay Floating Rate Fund, MainStay Income Builder Fund, MainStay MacKay California Tax Free Opportunities Fund, MainStay MacKay High Yield Municipal Bond Fund, MainStay MacKay New York Tax Free Opportunities Fund, MainStay MacKay Short Duration High Income Fund, MainStay MacKay Short Term Municipal Fund, MainStay MacKay Strategic Municipal Allocation Fund, MainStay MacKay Tax Free Bond Fund, MainStay MacKay U.S. Infrastructure Bond Fund and MainStay Short Term Bond Fund). However, for purchases of Class A and Investor Class shares of each Fund (except MainStay MacKay Short Term Municipal Fund and MainStay Short Term Bond Fund), a CDSC of 1.00% (0.50% for MainStay ETF Asset Allocation Funds) may be imposed on redemptions made within 18 months of the date of purchase on shares that were purchased without an initial sales charge. For purchases of Class A, Class A2 and Investor Class shares of MainStay MacKay Short Term Municipal Fund and Class A and Investor Class shares of MainStay Short Term Bond Fund, a CDSC of 0.50% may be imposed on redemptions made within 12 months of the date of purchase on shares that were purchased without an initial sales charge. The Distributor may pay a commission to financial intermediary firms on these purchases from its own resources. See "Sales Charge Reductions and Waivers - Waivers of Contingent Deferred Sales Charges" below.
4. 18 months or less with respect to MainStay MacKay Short Duration High Income Fund.
5. 0.25% for MainStay MacKay California Tax Free Opportunities Fund, MainStay MacKay New York Tax Free Opportunities Fund, MainStay MacKay Strategic Municipal Allocation Fund and MainStay MacKay Tax Free Bond Fund.
6. 0.50% for MainStay MacKay California Tax Free Opportunities Fund, MainStay MacKay New York Tax Free Opportunities Fund, MainStay MacKay Strategic Municipal Allocation Fund and MainStay MacKay Tax Free Bond Fund.
7. See the sections discussing Share Class Considerations and the section entitled "Buying, Selling, Converting and Exchanging Fund Shares—Conversions Between Share Classes" for more information on the voluntary and/or automatic conversions that apply to each share class.
8. Does not apply to purchases by certain retirement plans.
9. $250,000 for MainStay Asset Allocation Funds, MainStay Balanced Fund, MainStay ETF Asset Allocation Funds, MainStay Floating Rate Fund, MainStay Income Builder Fund, MainStay MacKay California Tax Free Opportunities Fund, MainStay MacKay High Yield Municipal Bond Fund, MainStay MacKay New York Tax Free Opportunities Fund, MainStay MacKay Short Duration High Income Fund, MainStay MacKay Strategic Municipal Allocation Fund, MainStay MacKay Tax Free Bond Fund and MainStay MacKay U.S. Infrastructure Bond Fund.
The discussions in this Shareholder Guide are not intended to be investment advice or a recommendation because each investor's financial situation and considerations are different. Additionally, certain MainStay Funds have sales charge and expense structures that may alter your analysis as to which share class is most appropriate for your needs. This analysis can best be made by discussing your situation and the factors mentioned above with your financial adviser. Generally, however, Investor Class, Class A or Class A2 shares are more economical than Class C or Class C2 shares if you intend to invest larger amounts and hold your shares long-term (more than six years, for most MainStay Funds). Class C or Class C2 shares may be more economical than Investor Class, Class A or Class A2 shares if you intend to hold your shares for a shorter term. Class I, Class R6 and Class P shares are the most economical, regardless of amount invested or intended holding period. Class I shares are generally available only to certain institutional investors or through certain financial intermediary accounts or retirement plans. Class R6 shares are generally available only to certain retirement plans invested in a MainStay Fund through omnibus accounts (either at the plan level or omnibus accounts held on the books of the MainStay Fund). Class R1, Class R2 and Class R3 shares are available only to certain employer-sponsored retirement plans. Class P shares are generally only available to investors that have a relationship with PineStone Asset Management, Inc. and are investing directly with the Fund. SIMPLE Class shares are generally only available to SIMPLE IRA Plan accounts.
If the share class that is most economical for you, given your individual financial circumstances and goals, is not offered through your financial intermediary and you are otherwise eligible to invest in that share class, you can open an account and invest directly in the
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MainStay Funds by submitting an application. Please see the section entitled “How to Open Your Account” in this Shareholder Guide and the SAI for details.
Investor Class Share Considerations
· Your Investor Class shares may convert automatically to Class A shares. Investor Class share balances are examined Fund-by-Fund on a quarterly basis. If, at that time, the value of your Investor Class shares in any one MainStay Fund equals or exceeds $15,000 ($10,000 in the case of IRA or 403(b)(7) accounts that are making required minimum distributions via the systematic withdrawal plan or systematic exchange program), whether by shareholder action or change in market value, or if you have otherwise become eligible to invest in Class A shares, your Investor Class shares of that MainStay Fund will be automatically converted into Class A shares. Eligible Investor Class shares may also convert upon request. Please note that, in most cases, you may not aggregate your holdings of Investor Class shares in multiple MainStay Funds/accounts or rely on a Right of Accumulation or Letter of Intent (each discussed below) to qualify for this conversion feature. Certain holders of Investor Class shares are not subject to this automatic conversion feature. For more information, please see the SAI.
· Share class conversions are based on the relevant NAVs of the two classes at the time of the conversion and no sales load or other charge is imposed upon conversion. The MainStay Funds expect all share class conversions described in this section to be made on a tax-free basis. The MainStay Funds reserve the right to modify or eliminate the share class conversion feature at any time. When a conversion occurs, reinvested dividends and capital gains convert with the shares that are converting.
· When you invest in Investor Class shares, you pay the public offering price, which is the share price, or NAV, plus the initial sales charge that may apply to your purchase. The amount of the initial sales charge varies based on the size of your investment (see "Information on Sales Charges"). We also describe below how you may reduce or eliminate the initial sales charge (see "Sales Charge Reductions and Waivers").
· Since some of your investment goes to pay an upfront sales charge when you purchase Investor Class shares, you will purchase fewer shares than you would with the same investment in certain other share classes. However, the net income attributable to Class C or Class C2 shares and the dividends payable on Class C or Class C2 shares will be reduced by the amount of the higher distribution and/or service (12b-1) fee and incremental expenses associated with each such class. Likewise, the NAV of the Class C or Class C2 shares generally will be reduced by such class-specific expenses (to the extent a MainStay Fund has undistributed net income) and investment performance of Class C or Class C2 shares will be lower than that of Investor Class shares. As a result, you are usually better off purchasing Investor Class shares rather than Class C or Class C2 shares and paying an up-front sales charge if you:
— plan to own the shares for an extended period of time, since the higher ongoing distribution and/or service (12b-1) fees on Class C or Class C2 shares may eventually exceed the cost of the up-front sales charge; or
— qualify for a reduced or waived sales charge.
Class A and Class A2 Share Considerations
· Generally, Class A and Class A2 shares have a minimum initial investment amount of $15,000 per MainStay Fund, however Class A shares of the MainStay ETF Asset Allocation Funds have a minimum initial investment amount of $2,500.
· When you invest in Class A or Class A2 shares, you pay the public offering price, which is the share price, or NAV, plus the initial sales charge that may apply to your purchase. The amount of the initial sales charge is based on the size of your investment (see "Information on Sales Charges"). We also describe below how you may reduce or eliminate the initial sales charge (see "Sales Charge Reductions and Waivers").
· Since some of your investment goes to pay an up-front sales charge when you purchase Class A or Class A2 shares, you will purchase fewer shares than you would with the same investment in certain other share classes. However, the net income attributable to Class C or Class C2 shares and the dividends payable on Class C or Class C2 shares will be reduced by the amount of the higher distribution and/or service (12b-1) fee and incremental expenses associated with such class. Likewise, the NAV of the Class C or Class C2 shares generally will be reduced by such class-specific expenses (to the extent a MainStay Fund has undistributed net income) and investment performance of Class C or Class C2 shares will be lower than that of Class A or Class A2 shares. As a result, you are usually better off purchasing Class A or Class A2 shares rather than Class C or Class C2 shares and paying an up-front sales charge if you:
— plan to own the shares for an extended period of time, since the higher ongoing distribution and/or service (12b-1) fees on Class C or Class C2 shares may eventually exceed the cost of the up-front sales charge; or
— qualify for a reduced or waived sales charge.
Class B Share Considerations
· Effective February 28, 2017, Class B shares of the MainStay Funds were closed to all new purchases as well as additional investments by existing Class B shareholders. Existing Class B shareholders may continue to reinvest dividends and capital gains distributions, as well as exchange their Class B shares for Class B shares of other MainStay Funds as permitted by the applicable exchange privileges. Class B shareholders will continue to be subject to any applicable contingent deferred sales charge at the
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time of redemption. All other features of Class B shares, including but not limited to the fees and expenses applicable to Class B shares, will remain unchanged. Unless redeemed, Class B Shares shareholders will remain in Class B shares of their respective Fund until the Class B shares are converted to Class A or Investor Class shares pursuant to the applicable conversion schedule.
· When Class B shares were offered, no initial sales charge was incurred upon investment in Class B shares. However, you will pay higher ongoing distribution and/or service (12b-1) fees over the life of your investment. Over time these fees may cost you more than paying an initial sales charge on Investor Class or Class A shares. Consequently, it is important that you consider your investment goals and the length of time you intend to hold your shares when comparing your share class options.
· You should consult with your financial adviser to assess your Class B share investments in light of your particular circumstances.
· In most circumstances, you will pay a CDSC if you sell Class B shares within six years of buying them (see "Information on Sales Charges"). Exchanging Class B shares into the MainStay Money Market Fund may impact your holding period. Please see “Exchanging Shares Among MainStay Funds” for more information. There are exceptions, which are described in the SAI.
· Selling Class B shares during the period in which the CDSC applies can significantly diminish the overall return on an investment.
· When you sell Class B shares of a MainStay Fund, to minimize your sales charges, the MainStay Funds first redeem the shares that have no sales charges (shares representing the amount of any appreciation on the original value of your shares, fully aged shares, and any shares received through the reinvestment of dividends and capital gains) and then the shares you have held longest.
· Class B shares convert to Class A shares, or Investor Class shares if you are not eligible to hold Class A shares, at the end of the calendar quarter, eight years after the date they were purchased. This reduces distribution and/or service (12b-1) fees from 1.00% to 0.25% of average daily net assets (or from 0.50% to 0.25% with respect to MainStay MacKay Tax Free Bond Fund). Conversion features do not apply to Class B shares of the MainStay Money Market Fund that were exchanged from another MainStay Fund before their CDSC periods expired. Exchanging Class B shares into the MainStay Money Market Fund may impact your eligibility to convert at the end of the calendar quarter, eight years after the date they were purchased. Please see “Exchanging Shares Among MainStay Funds” for more information.
· Share class conversions are based on the relevant NAVs of the two classes at the time of the conversion, and no sales load or other charge is imposed upon conversion. The MainStay Funds expect all share class conversions described in this section to be made on a tax-free basis. The MainStay Funds reserve the right to modify or eliminate this share class conversion feature at any time. When a conversion occurs, reinvested dividends and capital gains convert proportionately with the shares that are converting.
Class C and Class C2 Share Considerations
· You pay no initial sales charge on an investment in Class C or Class C2 shares. However, for certain Funds, you will pay higher ongoing distribution and/or service (12b-1) fees over the life of your investment than for each other share class.
· In most circumstances, you will pay a 1.00% CDSC if you redeem shares held for one year or less (18 months with respect to Class C shares of MainStay MacKay Short Duration High Income Fund). Exchanging Class C or Class C2 shares may impact your holding period. Please see “Exchanging Shares Among MainStay Funds” for more information.
· When you sell Class C or Class C2 shares of a MainStay Fund, to minimize your sales charges, the MainStay Funds first redeem the shares that have no sales charges (shares representing the amount of any appreciation on the original value of your shares, fully aged shares, and any shares received through the reinvestment of dividends and capital gains) and then the shares you have held longest.
· Class C and, with respect to MainStay MacKay California Tax Free Opportunities Fund, MainStay MacKay New York Tax Free Opportunities Fund, MainStay MacKay Strategic Municipal Allocation Fund and MainStay MacKay Tax Free Bond Fund, Class C2 shares convert to Class A shares, or Investor Class shares if you are not eligible to hold Class A shares, at the end of the calendar quarter, eight years after the date they were purchased. This reduces distribution and/or service (12b-1) fees from 1.00% to 0.25% of average daily net assets for Class C shares (or from 0.50% to 0.25% for Class C shares and from 0.65% to 0.25% for Class C2 shares with respect to MainStay MacKay California Tax Free Opportunities Fund, MainStay MacKay New York Tax Free Opportunities Fund, MainStay MacKay Strategic Municipal Allocation Fund and MainStay MacKay Tax Free Bond Fund). Conversion features do not apply to Class C shares of the MainStay Money Market Fund that were exchanged from another MainStay Fund before their CDSC periods expired. Exchanging Class C or Class C2 shares into the MainStay Money Market Fund and/or holding Class C or Class C2 shares through a financial intermediary in an omnibus account may impact your eligibility to convert at the end of the calendar quarter, eight years after the date they were purchased. Please see “Conversions Between Share Classes” for more information.
· Share class conversions are based on the relevant NAVs of the two classes at the time of the conversion, and no sales load or other charge is imposed upon conversion. The MainStay Funds expect all share class conversions described in this section to be made on a tax-free basis. The MainStay Funds reserve the right to modify or eliminate this share class conversion feature at any time.
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· The MainStay Funds will generally not accept a purchase order for Class C or Class C2 shares in the amount of $1,000,000 or more ($250,000 or more with respect to the MainStay Asset Allocation Funds, MainStay Balanced Fund, MainStay ETF Asset Allocation Funds, MainStay Floating Rate Fund, MainStay Income Builder Fund, MainStay MacKay California Tax Free Opportunities Fund, MainStay MacKay High Yield Municipal Bond Fund, MainStay MacKay New York Tax Free Opportunities Fund, MainStay MacKay Short Duration High Income Fund, MainStay MacKay Strategic Municipal Allocation Fund, MainStay MacKay Tax Free Bond Fund and MainStay MacKay U.S. Infrastructure Bond Fund).
· Please note that Class C2 shares may not be available for initial or subsequent purchases through certain financial intermediary firms, investment platforms or in certain types of investment accounts. See the SAI for additional information.
Class I Share Considerations
· You pay no initial sales charge or CDSC on an investment in Class I shares.
· You do not pay any ongoing distribution and/or service (12b-1) fees.
· You may buy Class I shares if you are an:
— Institutional Investor
Certain employer-sponsored, association or other group retirement plans or employee benefit trusts with a service arrangement through the Distributor or its affiliates;
Certain financial institutions, endowments, foundations, government entities or corporations investing on their own behalf;
Clients transacting through financial intermediaries that purchase Class I shares through: (i) fee-based accounts that charge such clients an ongoing fee for advisory, investment, consulting or similar services; (ii) a no-load network or platform that has entered into an agreement with the Distributor or its affiliates to offer Class I shares through a no-load network or platform; or (iii) brokerage accounts held at a broker that charges such clients transaction fees.
— Individual Investor who is initially investing at least $1 million in any single MainStay Fund: (i) directly with the MainStay Fund; or (ii) through certain private banks and trust companies that have an agreement with the Distributor or its affiliates.
— Existing Class I Shareholder; or
— Existing or retired MainStay Funds Trustee or Officer, current Portfolio Manager of a MainStay Fund or an employee of a Subadvisor.
· The MainStay asset allocation funds may invest in Class I shares, if Class R6 shares for a Fund are unavailable.
Class P Share Considerations
· You pay no initial sales charge or CDSC on an investment in Class P shares.
· You do not pay any ongoing distribution and/or service fees (12b-1) fees.
· Generally, Class P shares are only available to investors that have a relationship with PineStone Asset Management Inc. and are investing directly with the Fund.
Class R1, Class R2, Class R3, Class R6 and SIMPLE Class Share Considerations
· You pay no initial sales charge or CDSC on an investment in Class R1, Class R2, Class R3, Class R6 or SIMPLE Class shares.
· You pay ongoing shareholder service fees for Class R1, Class R2 and Class R3 shares. You also pay ongoing distribution and/or service (12b-1) fees for Class R2, and Class R3 shares.
· You do not pay ongoing shareholder service fees or ongoing distribution and/or service fees (12b-1) fees for Class R6 shares.
· You pay ongoing distribution and/or service fees (12b-1) fees but do not pay ongoing shareholder service fees for SIMPLE Class shares.
· Class R1, Class R2 and Class R3 shares are available in certain individual retirement accounts and in certain retirement plans that have a service arrangement with the Distributor, including:
— Section 401(a) and 457 plans;
— Certain Section 403(b)(7) plans;
— Section 401(k), profit sharing, money purchase pension, Keogh and defined benefit plans; and
— Non-qualified deferred compensation plans.
· Generally, Class R6 shares are only available to certain employer-sponsored retirement plans held with a Fund through omnibus accounts (either at the plan level or omnibus accounts held on the books of the Fund) that have a service arrangement with the Distributor or its affiliate, such as Section 401(k), profit sharing, money purchase pension and defined benefit plans. However, the Fund reserves the right in its sole discretion to waive this eligibility requirement.
· SIMPLE Class shares are generally only available to SIMPLE IRA Plan accounts.
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· SIMPLE Class shares convert to Class A shares, or Investor Class shares if you are not eligible to hold Class A shares, at the end of the calendar quarter, ten years after the date they were purchased. Share class conversions are based on the relevant NAVs of the two classes at the time of the conversion, and no sales load or other charge is imposed. The MainStay Funds expect all share class conversions described in this section to be made on a tax-free basis. The MainStay Funds reserve the right to modify or eliminate this share class conversion feature at any time.
· The MainStay asset allocation funds may invest in Class R6 shares, if available.
The following minimums apply if you are investing in a MainStay Fund. A minimum initial investment amount may be waived for purchases by the Trustees and directors and employees of New York Life and its affiliates and subsidiaries. The MainStay Funds may also waive investment minimums for certain qualified purchases and accept additional investments of smaller amounts at their discretion. Please see the SAI for additional information.
Investor Class Shares
All MainStay Funds except MainStay Candriam Emerging Markets Equity Fund, MainStay Cushing MLP Premier Fund, MainStay Epoch Funds, MainStay MacKay California Tax Free Opportunities Fund, MainStay MacKay High Yield Municipal Bond Fund, MainStay MacKay New York Tax Free Opportunities Fund, MainStay MacKay Short Duration High Income Fund and MainStay WMC Growth Fund:
· $1,000 minimum for initial and $50 minimum for subsequent purchases of any of these MainStay Funds, or
· if through AutoInvest, a monthly systematic investment plan: $500 minimum for initial and $50 minimum for subsequent monthly purchases (except MainStay Money Market Fund, which requires an initial investment amount of $1,000).
MainStay Candriam Emerging Markets Equity Fund, MainStay Cushing MLP Premier Fund, MainStay Epoch Funds, MainStay MacKay California Tax Free Opportunities Fund, MainStay MacKay High Yield Municipal Bond Fund, MainStay MacKay New York Tax Free Opportunities Fund, MainStay MacKay Short Duration High Income Fund and MainStay WMC Growth Fund:
· $2,500 minimum for initial and $50 minimum for subsequent purchases of any of these MainStay Funds, or
· if through AutoInvest, a monthly systematic investment plan: $2,500 minimum for initial and $50 minimum for subsequent monthly purchases.
Class A Shares
All MainStay Funds except MainStay ETF Asset Allocation Funds and MainStay Money Market Fund:
· $15,000 minimum initial investment with no minimum for subsequent purchases of any of these MainStay Funds.
MainStay ETF Asset Allocation Funds:
· $2,500 minimum for initial and no minimum for subsequent purchases of any of these MainStay Funds, or
· if through AutoInvest, a monthly systematic investment plan: $500 minimum for initial and $50 minimum for subsequent monthly purchases.
MainStay Money Market Fund:
· There are no minimums for initial and subsequent purchases if all of your other accounts contain Class A shares only.
· Please note that if at any time you hold any class of shares other than Class A shares, your holdings in the MainStay Money Market Fund will immediately become subject to the applicable investment minimums, subsequent purchase minimums and subsequent conversion features for Class A shares.
Broker/dealers (and their affiliates) or certain service providers with customer accounts that trade primarily on an omnibus level or through the National Securities Clearing Corporation's Fund/SERV network (Levels 1-3 only); certain retirement plan accounts, including investment-only plan accounts; directors and employees of New York Life and its affiliates; investors who obtained their Class A shares through certain reorganizations (including holders of Class P shares of any of the predecessor funds to the MainStay Epoch Funds as of November 16, 2009); and subsidiaries and employees of the Subadvisors are not subject to the minimum investment requirement for Class A shares, however MainStay Funds reserve the right to impose other minimum initial investment amounts on these accounts. See the SAI for additional information.
Class A2 Shares
MainStay MacKay Short Term Municipal Fund:
· $15,000 minimum for initial and no minimum for subsequent purchases.
Class C Shares
All MainStay Funds except MainStay Candriam Emerging Markets Equity Fund, MainStay Cushing MLP Premier Fund, MainStay Epoch Funds, MainStay MacKay California Tax Free Opportunities Fund, MainStay MacKay High Yield Municipal Bond Fund, MainStay MacKay New York Tax Free Opportunities Fund, MainStay MacKay Short Duration High Income Fund and MainStay WMC Growth Fund:
· $1,000 minimum for initial and $50 minimum for subsequent purchases of any of these MainStay Funds, or
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· if through AutoInvest, a monthly systematic investment plan: $500 minimum for initial and $50 minimum for subsequent monthly purchases (except MainStay Money Market Fund, which requires an initial investment amount of $1,000).
MainStay Candriam Emerging Markets Equity Fund, MainStay Cushing MLP Premier Fund, MainStay Epoch Funds, MainStay MacKay California Tax Free Opportunities Fund, MainStay MacKay High Yield Municipal Bond Fund, MainStay MacKay New York Tax Free Opportunities Fund, MainStay MacKay Short Duration High Income Fund and MainStay WMC Growth Fund:
· $2,500 minimum for initial and $50 minimum for subsequent purchases of any of these MainStay Funds, or
· if through AutoInvest, a monthly systematic investment plan: $2,500 minimum for initial and $50 minimum for subsequent monthly purchases.
Investors who obtained their Class C shares through certain reorganizations are not subject to the minimum investment requirements for Class C shares. See the SAI for additional information.
Class C2 Shares
MainStay MacKay Strategic Municipal Allocation Fund and MainStay MacKay Tax Free Bond Fund:
· $1,000 minimum for initial and $50 minimum for subsequent purchases, or
· if through AutoInvest, a monthly systematic investment plan: $500 minimum for initial and $50 minimum for subsequent monthly purchases.
MainStay MacKay California Tax Free Opportunities Fund and MainStay MacKay New York Tax Free Opportunities Fund:
· $2,500 minimum for initial and $50 minimum for subsequent purchases of any of these MainStay Funds, or
· if through AutoInvest, a monthly systematic investment plan: $2,500 minimum for initial and $50 minimum for subsequent monthly purchases.
Class I Shares
· Individual Investors—$1 million minimum for initial purchases of any single MainStay Fund and no minimum for subsequent purchases of any other MainStay Fund; and
· Institutional Investors, the MainStay Funds' existing and retired Trustees and Officers, current Portfolio Managers of the MainStay Funds and employees of Subadvisors—no minimums for initial and subsequent purchases of any MainStay Fund.
Please note that Class I shares may not be available for initial or subsequent purchases through certain financial intermediary firms, investment platforms or in certain types of investment accounts. See the SAI for additional information.
Investors who obtained their Class I shares through certain reorganizations are not subject to the minimum investment requirements for Class I shares. See the SAI for additional information.
Class P Shares
MainStay PineStone Global Equity Fund, MainStay PineStone International Equity Fund and MainStay PineStone U.S. Equity Fund:
· If you are eligible to invest in Class P shares, $5,000,000 minimum for initial and no minimum for subsequent purchases.
Please note that Class P shares may not be available for initial or subsequent purchases through certain financial intermediary firms, investment platforms or in certain types of investment accounts. See the SAI for additional information.
Class R1, Class R2, Class R3 and Class R6 Shares
If you are eligible to invest in Class R1, Class R2, Class R3 or Class R6 shares of the MainStay Funds, there are no minimums for initial and subsequent purchases.
SIMPLE Class Shares
All MainStay Funds except MainStay Money Market Fund, MainStay Asset Allocation Funds and MainStay ETF Asset Allocation Funds:
· $1,000 minimum for initial and no minimum for subsequent purchases of any of these MainStay Funds.
MainStay Money Market Fund, MainStay Asset Allocation Funds and MainStay ETF Asset Allocation Funds:
· There are no minimums for initial and subsequent purchases of any of these MainStay Funds.
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The MainStay Funds make available (free of charge) information regarding sales charges at newyorklifeinvestments.com/salescharges.
Investor Class, Class A and Class A2 Shares
The initial sales charge you pay when you buy Investor Class, Class A or Class A2 shares differs depending upon the MainStay Fund you choose and the amount you invest, as indicated in the following tables. The sales charge may be reduced or eliminated for larger purchases, as described below, or as described under "Sales Charge Reductions and Waivers" or for shares purchased or accounts held through particular financial intermediaries as set forth in Appendix A – Intermediary-Specific Sales Charge Waivers and Discounts. Any applicable sales charge will be deducted directly from your investment. All or a portion of the sales charge may be retained by the Distributor or paid to your financial intermediary firm as a concession. Investor Class shares and Class A shares of MainStay Money Market Fund are not subject to a sales charge.
MainStay Candriam Emerging Markets Equity Fund, MainStay CBRE Global Infrastructure Fund, MainStay CBRE Real Estate Fund, MainStay Cushing MLP Premier Fund, MainStay Epoch Capital Growth Fund, MainStay Epoch Global Equity Yield Fund, MainStay Epoch International Choice Fund, MainStay Epoch U.S. Equity Yield Fund, MainStay Fiera SMID Growth Fund, MainStay MacKay Convertible Fund, MainStay PineStone Global Equity Fund, MainStay PineStone International Equity Fund, MainStay PineStone U.S. Equity Fund, MainStay Winslow Large Cap Growth Fund, MainStay WMC Enduring Capital Fund, MainStay WMC Growth Fund, MainStay WMC International Research Equity Fund, MainStay WMC Small Companies Fund and MainStay WMC Value Fund
Class A Shares
Purchase |
Sales charges as a percentage of1 |
Typical
dealer concession | |||||
Offering price |
Net investment | ||||||
Less than $50,000 |
5.50% |
5.82% |
4.75% | ||||
$50,000 to $99,999 |
4.50% |
4.71% |
4.00% | ||||
$100,000 to $249,999 |
3.50% |
3.63% |
3.00% | ||||
$250,000 to $499,999 |
2.50% |
2.56% |
2.00% | ||||
$500,000 to $999,999 |
2.00% |
2.04% |
1.75% | ||||
$1,000,000 or more2 |
None |
None |
None |
1. The sales charge you pay may differ slightly from the amounts listed here due to rounding calculations.
2. No sales charge applies on investments of $1 million or more. A contingent deferred sales charge of 1.00% may be imposed, however, on redemptions made within 18 months of the date of purchase on shares that were purchased without an initial sales charge. The Distributor may pay a commission to financial intermediary firms on these purchases from its own resources. See "Sales Charge Reductions and Waivers - Waivers of Contingent Deferred Sales Charges" below.
Investor Class Shares
Purchase |
Sales charges as a percentage of1 |
Typical
dealer concession | |||||
Offering price |
Net investment | ||||||
Less than $50,000 |
5.00% |
5.26% |
4.25% | ||||
$50,000 to $99,999 |
4.00% |
4.17% |
3.50% | ||||
$100,000 to $249,999 |
3.00% |
3.09% |
2.50% | ||||
$250,000 to $499,999 |
2.00% |
2.04% |
1.50% | ||||
$500,000 to $999,999 |
1.50% |
1.52% |
1.25% | ||||
$1,000,000 or more2 |
None |
None |
None |
1. The sales charge you pay may differ slightly from the amounts listed here due to rounding calculations.
2. No sales charge applies on investments of $1 million or more. A contingent deferred sales charge of 1.00% may be imposed, however, on redemptions made within 18 months of the date of purchase on shares that were purchased without an initial sales charge. The Distributor may pay a commission to financial intermediary firms on these purchases from its own resources. See "Sales Charge Reductions and Waivers - Waivers of Contingent Deferred Sales Charges" below.
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MainStay S&P 500 Index Fund
Class A Shares
Purchase |
Sales charges as a percentage of1 |
Typical
dealer concession |
||||||
Offering price |
Net investment |
|||||||
Less than $50,000 |
1.50% |
1.52% |
1.25% | |||||
$50,000 to $99,999 |
1.25% |
1.27% |
1.00% | |||||
$100,000 to $249,999 |
1.00% |
1.01% |
0.75% | |||||
$250,000 to $499,999 |
0.75% |
0.76% |
0.50% | |||||
$500,000 to $999,999 |
0.50% |
0.50% |
0.25% | |||||
$1,000,000 or more2 |
None |
None |
None |
1. The sales charge you pay may differ slightly from the amounts listed here due to rounding calculations.
2. No sales charge applies on investments of $1 million or more. A contingent deferred sales charge of 1.00% may be imposed, however, on redemptions made within 18 months of the date of purchase on shares that were purchased without an initial sales charge. The Distributor may pay a commission to financial intermediary firms on these purchases from its own resources. See "Sales Charge Reductions and Waivers - Waivers of Contingent Deferred Sales Charges" below.
Investor Class Shares
Purchase |
Sales charges as a percentage of1 |
Typical
dealer concession |
||||||
Offering price |
Net investment |
|||||||
Less than $50,000 |
1.00% |
1.01% |
0.75% | |||||
$50,000 to $99,999 |
0.75% |
0.76% |
0.50% | |||||
$100,000 to $249,999 |
0.50% |
0.50% |
0.35% | |||||
$250,000 to $499,999 |
0.25% |
0.25% |
0.25% | |||||
$500,000 to $999,999 |
0.15% |
0.15% |
0.15% | |||||
$1,000,000 or more2 |
None |
None |
None |
1. The sales charge you pay may differ slightly from the amounts listed here due to rounding calculations.
2. No sales charge applies on investments of $1 million or more. A contingent deferred sales charge of 1.00% may be imposed, however, on redemptions made within 18 months of the date of purchase on shares that were purchased without an initial sales charge. The Distributor may pay a commission to financial intermediary firms on these purchases from its own resources. See "Sales Charge Reductions and Waivers - Waivers of Contingent Deferred Sales Charges" below.
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MainStay Candriam Emerging Markets Debt Fund, MainStay MacKay High Yield Corporate Bond Fund, MainStay MacKay Strategic Bond Fund and MainStay MacKay Total Return Bond Fund
Class A Shares
Purchase |
Sales charges as a percentage of1 |
Typical
dealer concession | |||||
Offering price |
Net investment | ||||||
Less than $100,000 |
4.50% |
4.71% |
4.00% | ||||
$100,000 to $249,999 |
3.50% |
3.63% |
3.00% | ||||
$250,000 to $499,999 |
2.50% |
2.56% |
2.00% | ||||
$500,000 to $999,999 |
2.00% |
2.04% |
1.75% | ||||
$1,000,000 or more2 |
None |
None |
None |
1. The sales charge you pay may differ slightly from the amounts listed here due to rounding calculations.
2. No sales charge applies on investments of $1 million or more. A contingent deferred sales charge of 1.00% may be imposed, however, on redemptions made within 18 months of the date of purchase on shares that were purchased without an initial sales charge. The Distributor may pay a commission to financial intermediary firms on these purchases from its own resources. See "Sales Charge Reductions and Waivers - Waivers of Contingent Deferred Sales Charges" below.
Investor Class Shares
Purchase |
Sales charges as a percentage of1 |
Typical
dealer concession | |||||
Offering price |
Net investment | ||||||
Less than $100,000 |
4.00% |
4.17% |
3.50% | ||||
$100,000 to $249,999 |
3.00% |
3.09% |
2.50% | ||||
$250,000 to $499,999 |
2.00% |
2.04% |
1.50% | ||||
$500,000 to $999,999 |
1.50% |
1.52% |
1.25% | ||||
$1,000,000 or more2 |
None |
None |
None |
1. The sales charge you pay may differ slightly from the amounts listed here due to rounding calculations.
2. No sales charge applies on investments of $1 million or more. A contingent deferred sales charge of 1.00% may be imposed, however, on redemptions made within 18 months of the date of purchase on shares that were purchased without an initial sales charge. The Distributor may pay a commission to financial intermediary firms on these purchases from its own resources. See "Sales Charge Reductions and Waivers - Waivers of Contingent Deferred Sales Charges" below.
MainStay Balanced Fund, MainStay Conservative Allocation Fund, MainStay Conservative ETF Allocation Fund, MainStay Equity Allocation Fund, MainStay Equity ETF Allocation Fund, MainStay Floating Rate Fund, MainStay Growth Allocation Fund, MainStay Growth ETF Allocation Fund, MainStay Income Builder Fund, MainStay MacKay California Tax Free Opportunities Fund, MainStay MacKay High Yield Municipal Bond Fund, MainStay MacKay New York Tax Free Opportunities Fund, MainStay MacKay Short Duration High Income Fund, MainStay MacKay Strategic Municipal Allocation Fund, MainStay MacKay Tax Free Bond Fund, MainStay MacKay U.S. Infrastructure Bond Fund, MainStay Moderate Allocation Fund and MainStay Moderate ETF Allocation Fund
Class A Shares
Purchase |
Sales charges as a percentage of1 |
Typical
dealer concession | |||||
Offering price |
Net investment | ||||||
Less than $100,000 |
3.00% |
3.09% |
2.75% | ||||
$100,000 to $249,999 |
2.00% |
2.04% |
1.75% | ||||
$250,000 or more2 |
None |
None |
None |
1. The sales charge you pay may differ slightly from the amounts listed here due to rounding calculations.
2. No sales charge applies on investments of $250,000 or more. A contingent deferred sales charge of 1.00% (0.50% for each MainStay ETF Asset Allocation Fund) may be imposed, however, on redemptions made within 18 months of the date of purchase on shares that were purchased without an initial sales charge. The Distributor may pay a commission to financial intermediary firms on these purchases from its own resources. See "Sales Charge Reductions and Waivers - Waivers of Contingent Deferred Sales Charges" below.
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Investor Class Shares
Purchase |
Sales charges as a percentage of1 |
Typical
dealer concession | |||||
Offering price |
Net investment | ||||||
Less than $100,000 |
2.50% |
2.56% |
2.25% | ||||
$100,000 to $249,999 |
1.50% |
1.52% |
1.25% | ||||
$250,000 or more2 |
None |
None |
None |
1. The sales charge you pay may differ slightly from the amounts listed here due to rounding calculations.
2. No sales charge applies on investments of $250,000 or more. A contingent deferred sales charge of 1.00% may be imposed, however, on redemptions made within 18 months of the date of purchase on shares that were purchased without an initial sales charge. The Distributor may pay a commission to financial intermediary firms on these purchases from its own resources. See "Sales Charge Reductions and Waivers - Waivers of Contingent Deferred Sales Charges" below.
MainStay Short Term Bond Fund and MainStay MacKay Short Term Municipal Fund
Class A Shares
Purchase |
Sales charges as a percentage of1 |
Typical
dealer concession | |||||
Offering price |
Net investment | ||||||
Less than $250,000 |
1.00% |
1.01% |
1.00% | ||||
$250,000 or more2 |
None |
None |
None |
1. The sales charge you pay may differ slightly from the amounts listed here due to rounding calculations.
2. No sales charge applies on investments of $250,000 or more. A contingent deferred sales charge of 0.50% may be imposed, however, on redemptions made within 12 months of the date of purchase on shares that were purchased without an initial sales charge. The Distributor may pay a commission to financial intermediary firms on these purchases from its own resources. See "Sales Charge Reductions and Waivers - Waivers of Contingent Deferred Sales Charges" below.
Class A2 Shares (MainStay MacKay Short Term Municipal Fund only)
Purchase |
Sales charges as a percentage of1 |
Typical
dealer concession | |||||
Offering price |
Net investment | ||||||
Less than $250,000 |
2.00% |
2.04% |
1.75% | ||||
$250,000 or more2 |
None |
None |
None |
1. The sales charge you pay may differ slightly from the amounts listed here due to rounding calculations.
2. No sales charge applies on investments of $250,000 or more. A contingent deferred sales charge of 0.50% may be imposed, however, on redemptions made within 12 months of the date of purchase on shares that were purchased without an initial sales charge. The Distributor may pay a commission to financial intermediary firms on these purchases from its own resources. See "Sales Charge Reductions and Waivers - Waivers of Contingent Deferred Sales Charges" below.
Investor Class Shares
Purchase |
Sales charges as a percentage of1 |
Typical
dealer concession | |||||
Offering price |
Net investment | ||||||
Less than $250,000 |
0.50% |
0.50% |
0.50% | ||||
$250,000 or more2 |
None |
None |
None |
1. The sales charge you pay may differ slightly from the amounts listed here due to rounding calculations.
2. No sales charge applies on investments of $250,000 or more. A contingent deferred sales charge of 0.50% may be imposed, however, on redemptions made within 12 months of the date of purchase on shares that were purchased without an initial sales charge. The Distributor may pay a commission to financial intermediary firms on these purchases from its own resources. See "Sales Charge Reductions and Waivers - Waivers of Contingent Deferred Sales Charges" below.
Sales charges that are specific to customers of a specific intermediary are set forth in Appendix A – Intermediary-Specific Sales Charge Waivers and Discounts.
Class B Shares
Effective February 28, 2017, Class B shares were closed to all new purchases and additional investments by existing Class B shareholders. Class B shares were sold without an initial sales charge. However, if Class B shares are redeemed within six years of their purchase, a CDSC will be deducted from the redemption proceeds, except under circumstances described below. Additionally, for certain Funds, Class B shares have higher ongoing distribution and/or service (12b-1) fees than for other share classes and, over time, these fees may cost you more than paying an initial sales charge. The Class B share CDSC and the higher ongoing distribution and/or service (12b-1) fees are paid to compensate the Distributor for its expenses in connection with the sale of Class B shares. Class B shares of
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MainStay Money Market Fund are not subject to a sales charge. The amount of the CDSC will depend on the number of years you have held the shares that you are redeeming, according to the following schedule:
All MainStay Funds which offer Class B Shares
For shares sold in the: |
Contingent
deferred sales charge (CDSC) as |
First year |
5.00% |
Second year |
4.00% |
Third year |
3.00% |
Fourth year |
2.00% |
Fifth year |
2.00% |
Sixth year |
1.00% |
Thereafter |
None |
Class C Shares
Class C shares are sold without an initial sales charge. However, if Class C shares are redeemed within one year of purchase (18 months with respect to MainStay MacKay Short Duration High Income Fund), a CDSC of 1.00% will be deducted from the redemption proceeds, except under circumstances described below. Additionally, Class C shares have higher ongoing distribution and/or service (12b-1) fees than other share classes (except Class B and, with respect to MainStay MacKay California Tax Free Opportunities Fund, MainStay MacKay New York Tax Free Opportunities Fund, MainStay MacKay Strategic Municipal Allocation Fund and MainStay MacKay Tax Free Bond Fund, Class C2 shares) and, over time, these fees may cost you more than paying an initial sales charge. The Class C share CDSC and the higher ongoing distribution and/or service (12b-1) fees are paid to compensate the Distributor for its expenses in connection with the sale of Class C shares. Class C shares of MainStay Money Market Fund are not subject to a sales charge.
Class C2 Shares
Class C2 shares are sold without an initial sales charge. However, if Class C2 shares are redeemed within one year of purchase, a CDSC of 1.00% will be deducted from the redemption proceeds, except under circumstances described below. Additionally, for certain Funds, Class C2 shares have higher ongoing distribution and/or service (12b-1) fees than other share classes and, over time, these fees may cost you more than paying an initial sales charge. The Class C2 share CDSC and the higher ongoing distribution and/or service (12b-1) fees are paid to compensate the Distributor for its expenses in connection with the sale of Class C2 shares.
Computing Contingent Deferred Sales Charge on Class B, Class C and Class C2 Shares
Subject to certain exceptions, a CDSC will be imposed on redemptions of Class B, Class C or Class C2 shares of a MainStay Fund, at the rates previously described, at the time of any redemption by a shareholder that reduces the current value of the shareholder's Class B, Class C or Class C2 share account to an amount that is lower than the amount of all payments by the shareholder for the purchase of Class B shares during the preceding six years or Class C or Class C2 shares during the preceding year (18 months with respect to Class C shares of MainStay MacKay Short Duration High Income Fund). The CDSC is calculated based on the lesser of the offering price or the market value of the shares being sold. The MainStay Funds first redeem the shares that have no sales charges (shares representing the amount of any appreciation on the original value of your shares, fully aged shares, and any shares received through the reinvestment of dividends and capital gains) and then the shares you have held longest.
For example, no CDSC will be imposed to the extent that the NAV of the Class B, Class C or Class C2 shares redeemed does not exceed:
· the current aggregate NAV of Class B, Class C or Class C2 shares of the MainStay Fund purchased more than six years prior to the redemption for Class B shares or more than one year (18 months with respect to Class C shares of MainStay MacKay Short Duration High Income Fund) prior to the redemption for Class C or Class C2 shares; plus
· the current aggregate NAV of Class B, Class C or Class C2 shares of the MainStay Fund purchased through reinvestment of dividends or capital gain distributions; plus
· increases in the NAV of the investor's Class B, Class C or Class C2 shares of the MainStay Fund above the total amount of payments for the purchase of Class B, Class C or Class C2 shares of the MainStay Fund made during the preceding six years for Class B shares or one year (18 months with respect to Class C shares of MainStay MacKay Short Duration High Income Fund) for Class C or Class C2 shares.
There are exceptions, which are described below.
Further information regarding sales charges is available in the SAI.
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Shareholder Guide
The MainStay Funds make available (free of charge) information regarding sales charge reductions and waivers on our website at newyorklifeinvestments.com/salescharges.
Reducing the Initial Sales Charge on Investor Class, Class A and Class A2 Shares
You may be eligible to buy Investor Class, Class A and Class A2 shares of the MainStay Funds at one of the reduced sales charge rates shown in the tables above through a Right of Accumulation or a Letter of Intent, as briefly described below. You may also be eligible for a waiver of the initial sales charge as set forth below or in Appendix A – Intermediary-Specific Sales Charge Waivers and Discounts. Each MainStay Fund reserves the right to modify or eliminate these programs at any time. However, please note the Right of Accumulation or Letter of Intent may only be used to reduce sales charges and may not be used to satisfy investment minimums or to avoid the automatic conversion feature of Investor Class shares.
· Right of Accumulation
A Right of Accumulation allows you to reduce the initial sales charge as shown in the tables above by combining the amount of your current purchase with the current market value of investments made by you, your spouse, and your children under age 21 in Investor Class, Class A, Class A2, Class B, Class C, Class C2 or SIMPLE Class shares of most MainStay Funds. You may not include investments of previously non-commissioned shares in the MainStay Money Market Fund, investments in Class I shares, or your interests in any MainStay Fund held through a 401(k) plan or other employee benefit plan. For example, if you currently own $45,000 worth of Class C shares of a MainStay Fund, your spouse owns $50,000 worth of Class B shares of another MainStay Fund, and you wish to invest $15,000 in a MainStay Fund, using your Right of Accumulation you can invest that $15,000 in Investor Class or Class A shares and pay the reduced sales charge rate normally applicable to a $110,000 investment. For more information, please see the SAI.
· Letter of Intent
Whereas the Right of Accumulation allows you to use prior investments to reach a reduced initial sales charge, a Letter of Intent allows you to qualify for a discount by combining your current purchase amount with purchases you, your spouse or children under age 21 intend to make in the near future. A Letter of Intent is a written statement of your intention to purchase Investor Class, Class A, Class A2, Class C, Class C2 or SIMPLE Class shares of one or more MainStay Funds (excluding investments of non-commissioned shares in the MainStay Money Market Fund) over a 24-month period. The total amount of your intended purchases will determine the reduced sales charge rate that will apply to Investor Class, Class A or Class A2 shares of the MainStay Funds purchased during that period. You can also apply a Right of Accumulation to these purchases.
Your Letter of Intent goal must be at least $100,000. Submitting a Letter of Intent does not obligate you to purchase the specified amount of shares. If you do not meet your intended purchase goal, the initial sales charge that you paid on your purchases will be recalculated to reflect the actual value of shares purchased. A certain portion of your shares will be held in escrow by the Transfer Agent for this purpose. For more information, please see the SAI.
· Your Responsibility
To receive the reduced sales charge, you must inform the Transfer Agent of your eligibility and holdings at the time of your purchase if you are buying shares directly from the MainStay Funds. If you are buying MainStay Fund shares through a financial intermediary firm, you must tell your financial adviser of your eligibility for a Right of Accumulation or a Letter of Intent at the time of your purchase.
To combine shares of eligible MainStay Funds held in accounts at other intermediaries under your Right of Accumulation or a Letter of Intent, you may be required to provide the Transfer Agent or your financial adviser a copy of each account statement showing your current holdings of each eligible MainStay Fund, including statements for accounts held by you, your spouse or your children under age 21, as described above. The Transfer Agent or intermediary through which you are buying shares will combine the value of all your eligible MainStay Fund holdings based on the current NAV per share to determine what Investor Class, Class A or Class A2 sales charge rate you may qualify for on your current purchase. If you do not inform the Transfer Agent or your financial adviser of all of your MainStay Fund holdings or planned MainStay Fund purchases that make you eligible for a sales charge reduction or do not provide requested documentation, you may not receive the discount to which you are otherwise entitled.
"Spouse," with respect to a Right of Accumulation and Letter of Intent, is defined as the person to whom you are legally married. We also consider your spouse to include one of the following: (i) an individual of the same gender with whom you have been joined in a civil union or legal contract similar to marriage; (ii) a domestic partner, who is an individual (including one of the same gender) to whom you are not related by blood and with whom you have shared a primary residence for at least six months in a relationship as a couple where you, your domestic partner or both of you provide for the personal or financial welfare of the other without a fee; or (iii) an individual with whom you have a common law marriage, which is a marriage in a state where such marriages are recognized between a man and a woman arising from the fact that the two live together and hold themselves out as being married.
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Purchases at Net Asset Value
A Fund's Class A or Class A2 shares may be purchased at NAV, without payment of any sales charge, by its current and former Trustees; New York Life and its subsidiaries and their employees, officers, directors, or agents or former employees (and immediate family members); individuals and other types of accounts purchasing through "wrap fee" or other programs sponsored by a financial intermediary firm; employees (and immediate family members) of the Subadvisors; any employee or registered representative of a financial intermediary firm (and immediate family members) and any employee of SS&C GIDS, Inc. that is assigned to the Fund. Individuals and other types of accounts may purchase Class A2 shares at NAV, without payment of any sales charge, if exchanged for Class A shares of the same fund through a financial intermediary's share class conversion program. Class A shares, Class A2 shares or Investor Class shares may be purchased without an initial sales load by qualified tuition programs operating under Section 529 of the Internal Revenue Code.
There is no sales charge on shares purchased through the automatic reinvestment of dividends or capital gains.
Class A shares of the MainStay Funds also may be purchased at NAV, without payment of any sales charge, by shareholders:
(i) who owned Service Class shares of a series of Eclipse Trust (the predecessor trust for certain Funds) or certain series of MainStay Funds Trust, as of December 31, 2003, and who are invested directly with and have maintained their account with the Fund; and
(ii) who owned Class P shares of certain Epoch Funds as of the closing date of their reorganization and who are invested directly with and have maintained their account with the Funds.
Purchases Through Financial Intermediaries
The MainStay Funds have authorized financial intermediary firms (such as a broker/dealers, financial advisers or financial institutions), and other intermediaries that the firms may designate, to accept orders. When an authorized firm or its designee has received your order, together with the purchase price of the shares, it is considered received by the MainStay Funds and will be priced at the next computed NAV. Financial intermediary firms may charge transaction fees or other fees and may modify other features such as minimum investment amounts, share class eligibility and exchange privileges.
Please read your financial intermediary firm’s program materials for any special provisions or additional service features that may apply to investing in the MainStay Funds through the firm.
The availability of initial sales charge waivers (and discounts) may depend on the particular financial intermediary or type of account through which you purchase MainStay Fund shares. The MainStay Funds’ initial sales charge waivers disclosed in this Prospectus and the SAI are available through financial intermediaries. The initial sales charge waivers available only to customers of certain other financial intermediaries are set forth in Appendix A – Intermediary-Specific Sales Charge Waivers and Discounts to this Prospectus. For these customers, the sales charge waivers offered by the MainStay Funds may not be available for transactions through the intermediary. Please contact your financial intermediary regarding the availability of applicable sales charge waivers and information regarding the intermediary’s related policies and procedures.
Contingent Deferred Sales Charge on Certain Investor Class, Class A and Class A2 Share Redemptions
For purchases of Class A and Investor Class shares of each MainStay Fund (except MainStay MacKay Short Term Municipal Fund and MainStay Short Term Bond Fund), a CDSC of 1.00% (0.50% for the MainStay ETF Asset Allocation Funds) may be imposed on redemptions made within 18 months of the date of purchase on shares that were purchased without an initial sales charge. For purchases of Class A, Class A2 and Investor Class shares of MainStay MacKay Short Term Municipal Fund and Class A and Investor Class shares of MainStay Short Term Bond Fund, a CDSC of 0.50% may be imposed on redemptions made within 12 months of the date of purchase on shares that were purchased without an initial sales charge.
The Distributor may pay a commission to financial intermediary firms on these purchases from its own resources. See "Sales Charge Reductions and Waivers - Waivers of Contingent Deferred Sales Charges" below.
Waivers of Contingent Deferred Sales Charges
A CDSC may not be imposed on redemptions of Class A, Class A2 and Investor Class shares purchased at NAV through financial intermediaries or by persons that are affiliated with New York Life or its affiliates. Any applicable CDSC on Class A, Class A2 and Investor Class shares may be waived for redemptions made through a financial intermediary firm that has waived its finder’s fee or other similar compensation.
In addition, the CDSC on subject Class A, Class A2, Investor Class, Class B, Class C or Class C2 shares may be waived for: (i) withdrawals from qualified retirement plans and nonqualified deferred compensation plans resulting from separation of service, loans, hardship withdrawals, Qualified Domestic Relations Orders ("QDROs") and required excess contribution returns pursuant to applicable IRS rules; and Required Minimum Distributions (based on MainStay holdings only) for IRA and 403(b)(7) TSA participants in the year following the year in which such participant attains age 73. However, different rules relating to mandatory distributions apply to individuals who attained age 70 1/2 before 2020; (ii) withdrawals related to the termination of a retirement plan where no successor plan has been established; (iii) transfers within a retirement plan where the proceeds of the redemption are invested in any guaranteed investment contract written by New York Life or any of its affiliates, transfers to products offered within a retirement plan which uses
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Shareholder Guide
NYLIM Service Company or an affiliate as the recordkeeper; as well as participant transfers or rollovers from a retirement plan to a MainStay IRA; (iv) required distributions by charitable trusts under Section 664 of the Internal Revenue Code for accounts held directly with a MainStay Fund; (v) redemptions following the death of the shareholder or the beneficiary of a living revocable trust or within one year (18 months with respect to Class A, Investor Class and Class C shares of the MainStay MacKay Short Duration High Income Fund) following the disability of a shareholder occurring subsequent to the purchase of shares; (vi) redemptions under the Systematic Withdrawal Plan for accounts held directly with the Fund used to pay scheduled monthly premiums on insurance policies issued by New York Life or an affiliate; (vii) continuing, periodic systematic withdrawals within one year of the date of the initial purchase, under the Systematic Withdrawal Plan, up to an annual total of 10% of the value of a shareholder's Class A, Class A2, Investor Class, Class B, Class C or Class C2 shares in a Fund; (viii) redemptions by New York Life or any of its affiliates or by accounts managed by New York Life or any of its affiliates; (ix) redemptions effected by registered investment companies by virtue of transactions with a Fund; and (x) redemptions by shareholders of shares purchased with the proceeds of a settlement payment made in connection with the liquidation and dissolution of a limited partnership sponsored by New York Life or one of its affiliates.
The availability of contingent deferred sales charge waivers may depend on the particular financial intermediary or type of account through which you purchase or hold MainStay Fund shares. The MainStay Funds’ contingent deferred sales charge waivers disclosed in this Prospectus and the SAI are available for direct accounts and through financial intermediaries. The contingent deferred sales charge waivers available through certain other financial intermediaries are set forth in Appendix A – Intermediary-Specific Sales Charge Waivers and Discounts to this Prospectus. Please contact your financial intermediary regarding applicable sales charge waivers and information regarding the intermediary’s related policies and procedures.
For information about these considerations, call your financial adviser or the Transfer Agent toll free at 800-624-6782; see our website at newyorklifeinvestments.com/salescharges; and read the information under "Reduced Sales Charges on Class A, Class A2 and Investor Class Shares—Contingent Deferred Sales Charge, Class A, Class A2 and Investor Class Shares" in the SAI.
Rule 12b-1 Plans
Each MainStay Fund (except the MainStay Money Market Fund) has adopted a distribution plan pursuant to Rule 12b-1 under the 1940 Act for certain classes of shares pursuant to which distribution and/or service (12b-1) fees are paid to the Distributor. Rule 12b-1 fees are calculated and accrued daily and paid monthly. The Investor Class, Class A, Class A2 and Class R2 12b-1 plans provide for payment for distribution and/or service activities of up to 0.25% of the average daily net assets of the respective class. The Class B and Class C 12b-1 plans each provide for payment of 0.75% for distribution (0.25% for MainStay MacKay California Tax Free Opportunities Fund, MainStay MacKay New York Tax Free Opportunities Fund, MainStay MacKay Strategic Municipal Allocation Fund and MainStay MacKay Tax Free Bond Fund) and 0.25% for service activities for a total 12b-1 fee of up to 1.00% of the average daily net assets of Class B and Class C shares, respectively (0.50% for MainStay MacKay California Tax Free Opportunities Fund, MainStay MacKay New York Tax Free Opportunities Fund, MainStay MacKay Strategic Municipal Allocation Fund and MainStay MacKay Tax Free Bond Fund). The Class C2 12b-1 plan provides for payment of 0.40% for distribution and 0.25% for service activities for a total 12b-1 fee of up to 0.65% of the average daily net assets of Class C2 shares. The Class R3 and SIMPLE Class 12b-1 plans each provide for payment of 0.25% for distribution and/or 0.25% for service activities for a total 12b-1 fee of up to 0.50% of the average daily net assets of Class R3 and SIMPLE Class shares, respectively. The distribution activities paid for by this distribution fee are those activities that are primarily intended to result in the sale of MainStay Fund shares. The service activities paid for by this service fee are personal shareholder services and maintenance of shareholder accounts. With respect to Class R2 and Class R3 shares, the portion of the 12b-1 fee dedicated to service activities is in addition to the 0.10% of annual net assets paid under the Class R2 and Class R3 Shareholder Services Plans, as discussed in the section entitled "Shareholder Services Plans." The Distributor may pay all or a portion of the 12b-1 fee to your investment professional. Because 12b-1 fees are ongoing, over time they will increase the cost of an investment in the MainStay Fund and may cost more than certain types of sales charges.
Shareholder Services Plans
Each MainStay Fund that offers Class R1, Class R2 or Class R3 shares has adopted a Shareholder Services Plan with respect to those classes. Under the terms of the Shareholder Services Plans, each MainStay Fund's Class R1, Class R2 or Class R3 shares pay New York Life Investments, its affiliates or independent third-party service providers, as compensation for services rendered to the shareholders of the Class R1, Class R2 or Class R3 shares, a shareholder service fee at the rate of 0.10% on an annualized basis of the average daily net assets of Class R1, Class R2 or Class R3 shares of such MainStay Fund.
Pursuant to the Shareholder Services Plans, each MainStay Fund's Class R1, Class R2 or Class R3 shares may pay for shareholder services or account maintenance services, including assistance in establishing and maintaining shareholder accounts, processing purchase and redemption orders, communicating periodically with shareholders and assisting shareholders who have questions or other needs relating to their account. Because service fees are ongoing, over time they will increase the cost of an investment in the MainStay Fund and may cost more than certain types of sales charges. With respect to the Class R2 and R3 shares, these services and fees are in addition to those services and fees that may be provided under the Class R2 or Class R3 12b-1 plan.
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Small Account Fee
Several of the MainStay Funds have a relatively large number of shareholders with small account balances. Small accounts increase the transfer agency expenses borne by the Funds. In an effort to reduce total transfer agency expenses, the MainStay Funds (except the MainStay ETF Asset Allocation Funds) have implemented a small account fee. Each shareholder with an account balance of less than $1,000 ($5,000 for Class A share accounts) will be charged an annual per account fee of $20 (assessed semi-annually, as discussed below). The fee may be deducted directly from your account balance. This small account fee will not apply to certain types of accounts including:
· accounts held by employees of New York Life and its subsidiaries and their employees, officers, directors or agents or former employees (and immediate family members);
· Class B share, Class I share, Class R1 share, Class R2 share, Class R3 share, Class R6 share and Class P share accounts, retirement plan services bundled accounts and investment-only retirement accounts;
· accounts with active AutoInvest plans where the MainStay Funds deduct funds directly from the client's checking or savings account;
· New York Life Investments SIMPLE IRA Plan Accounts and SEP IRA Accounts that have been funded/established for less than 1 year;
· certain 403(b)(7) accounts;
· accounts serviced by unaffiliated financial intermediary firms or third-party administrators (other than New York Life Investments SIMPLE IRA Plan Accounts);
· certain Investor Class accounts where the small account balance is due solely to the conversion from Class B, Class C or Class C2 shares; and
· Investors who obtained their Class A shares through certain reorganizations.
This small account fee will be deducted in $10 increments on or about March 1st and September 1st of each year. For accounts with balances of less than $10, the remaining balance will be deducted and the account will be closed. The MainStay Funds may, from time to time, consider and implement additional measures to increase the average shareholder account size and/or otherwise reduce the cost of transfer agency services. Please contact the MainStay Funds by calling toll-free 800-624-6782 for more information.
Financial intermediary firms and their associated financial advisers are paid in different ways for the services they provide to the MainStay Funds and shareholders. Such compensation may vary depending upon the financial intermediary firm, the MainStay Fund sold, the amount invested, the share class sold, the amount of time that shares are held and/or the services provided by the particular financial intermediary firm.
The Distributor will pay sales concessions to financial intermediary firms, as described in the tables under “Information on Sales Charges” above, on the purchase price of Investor Class, Class A or Class A2 shares sold subject to a sales charge. The Distributor retains the difference, if any, between the sales charge that you pay and the portion that it pays to financial intermediary firms as a sales concession. The Distributor and/or an affiliate, from its/their own resources, also may pay a finder’s fee or other compensation up to 1.00% of the purchase price of Investor Class, Class A or Class A2 shares, sold at NAV, to financial intermediary firms at the time of sale. The Distributor may pay a sales concession of up to 1.00% on purchases of Class C or Class C2 shares to financial intermediary firms at the time of sale.
For share classes that have adopted a 12b-1 plan, the Distributor will also pay, pursuant to the 12b-1 plan, distribution-related and other service fees to qualified financial intermediary firms for providing certain services.
In addition to the payments described above, the Distributor and/or an affiliate will pay from its/their own resources additional fees to certain financial intermediary firms, including an affiliated broker/dealer, in connection with the sale of any class of MainStay Fund shares (other than Class R6) and/or shareholder or account servicing arrangements. The amount paid to financial intermediary firms pursuant to these sales and/or servicing fee arrangements varies and may involve payments of up to 0.25% on new sales and/or up to 0.35% annually on assets held or fixed dollar amounts according to the terms of the agreement between the Distributor and/or its affiliate and the financial intermediary. The Distributor or an affiliate may make these payments based on factors including, but not limited to, the distribution potential of the financial intermediary, the types of products and programs offered by the financial intermediary, the level and/or type of marketing and administrative support provided by the financial intermediary, the level of assets attributable to and/or sales by the financial intermediary and the quality of the overall relationship with the financial intermediary. Such payments may qualify a MainStay Fund for preferred status with the financial intermediary receiving the payments or provide the representatives of the Distributor with access to representatives of the financial intermediary’s sales force, in some cases on a preferential basis over the mutual funds and/or representatives of the Funds’ competitors.
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The Distributor, from its own resources or from those of an affiliate, also may reimburse financial intermediary firms in connection with their marketing activities supporting the MainStay Funds. To the extent permitted under applicable SEC and Financial Industry Regulatory Authority (“FINRA”) rules and other applicable laws and regulations, the Distributor or an affiliate may sponsor training or informational meetings or provide other non-monetary benefits for financial intermediary firms and their associated financial advisers and may make other payments or allow other promotional incentives or payments to financial intermediaries.
Wholesaler representatives of the Distributor communicate with financial intermediary firms on a regular basis to educate their financial advisers about the MainStay Funds and to encourage the advisers to recommend the purchase of MainStay Fund shares to their clients. The Distributor, from its own resources or from those of an affiliate, may absorb the costs and expenses associated with the marketing efforts of these firms and financial advisers, which may include travel, lodging, sponsorship at educational seminars and conferences, entertainment and meals to the extent permitted by law and FINRA rules. The Distributor, from its own resources or from those of an affiliate, provides compensation to its wholesaler representatives for their sales efforts in promoting sales of the MainStay Funds, which may vary based on the MainStay Funds being promoted and/or which financial intermediary firms and/or financial advisers are involved in selling MainStay Fund shares or are listed on MainStay Fund accounts.
To the extent that financial intermediaries receiving payments from the Distributor or an affiliate sell more shares of the MainStay Funds or retain more shares of the MainStay Funds for their clients’ accounts, New York Life Investments and its affiliates benefit from the incremental management and other fees they receive with respect to those assets.
In addition to the payments described above, NYLIM Service Company or an affiliate may make payments to financial intermediary firms that provide sub-transfer agency and other administrative services in addition to supporting distribution of the MainStay Funds. NYLIM Service Company uses a portion of the transfer agent fees it receives from the MainStay Funds to make these sub-transfer agency and other administrative payments. To the extent that the fee amounts payable by NYLIM Service Company or an affiliate for such sub-transfer agency and other administrative services exceed the corresponding transfer agent fees that the MainStay Funds pay to NYLIM Service Company, then NYLIM Service Company or an affiliate will pay the difference from its own resources. In connection with these arrangements, NYLIM Service Company may retain a portion of the fees for the sub-transfer agency oversight, support and administrative services it provides.
For Class R6 shares, no compensation, administrative payments, sub-transfer agency payments or service payments are paid to financial intermediary firms from MainStay Fund assets or the Distributor’s or an affiliate’s resources. The Distributor or an affiliate may pay de minimis amounts to intermediaries for setup, connectivity or other technological expenses. Class R6 shares do not provide for the payment of sales charges, Rule 12b-1 fees, or other compensation to financial intermediaries for their efforts in assisting in the sale of, or in selling the MainStay Fund’s shares.
Although financial firms that sell MainStay Fund shares may execute brokerage transactions for a MainStay Fund’s portfolio, the MainStay Funds, New York Life Investments and the Subadvisors do not consider the sale of MainStay Fund shares as a factor when choosing financial firms to effect portfolio transactions for the MainStay Funds.
The types and amounts of payments described above can be significant to the financial intermediary. Payments made from the Distributor’s or an affiliate’s resources do not increase the price or decrease the amount or value of the shares you purchase. However, if investment advisers, distributors or affiliates of mutual funds make such payments in differing amounts, financial intermediary firms and their financial advisers may have financial incentives and be subject to conflicts of interest for recommending a particular mutual fund or a particular share class of that fund over other mutual funds. For example, payments made by the Distributor or an affiliate, as described above, may be used by the financial intermediary firm to reduce or eliminate transaction charges associated with purchases of MainStay Fund shares. Payments made from the Distributor’s or an affiliate’s own resources are not reflected in tables in the “Fees and Expenses of the Fund” sections of the MainStay Funds’ Prospectuses because the payments are not made by the MainStay Funds.
For more information regarding the types of compensation described above, see the SAI or consult with your financial intermediary firm or financial adviser. You should also review carefully any disclosure by your financial intermediary firm as to compensation received by that firm and/or your financial adviser.
Investor Class, Class A or Class C Shares
Return your completed MainStay Funds application in good order with a check payable to the MainStay Funds for the amount of your investment to your financial adviser or directly to MainStay Funds, P.O. Box 219003, Kansas City, Missouri 64121-9000. Alternatively, you may choose to have your initial deposit processed via ACH from your bank account. You can do this by selecting the initial deposit via ACH option and submitting bank information on your application. Please note that if you select Class A shares on your application and you are not eligible to invest in Class A shares, we will treat your application as being in good order but will invest you in Investor Class shares of the same MainStay Fund provided Investor Class shares are available through your intermediary if you are not purchasing
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shares directly from the MainStay Funds. Similarly, if you select Investor Class shares and you are eligible to invest in Class A shares we will treat your application as being in good order, but will invest you in Class A shares of the same MainStay Fund.
Class A2 Shares
Class A2 shares are available only through certain financial intermediary firms. The financial intermediary firm will assist you with opening an account.
Class I, Class R1, Class R2, Class R3, Class R6 and SIMPLE Class Shares
If you are participating in a company savings plan, such as a 401(k) plan, profit sharing plan, defined benefit plan, Keogh or other employee-directed plan, your company will provide you with the information you need to open an account and buy or sell Class I, Class R1, Class R2, Class R3, Class R6 or SIMPLE Class shares of the MainStay Funds.
If you are investing through a financial intermediary firm, the financial intermediary firm will assist you with opening an account.
Class C2 Shares
Class C2 shares are available only through certain financial intermediary firms. The financial intermediary firm will assist you with opening an account.
Class P Shares
Return your completed MainStay Funds application in good order with a check payable to the MainStay Funds for the amount of your investment directly to MainStay Funds, P.O. Box 219003, Kansas City, Missouri 64121-9000. Alternatively, you may choose to have your initial deposit processed via ACH from your bank account. You can do this by selecting the initial deposit via ACH option and submitting bank information on your application.
All Classes
You buy shares at NAV (plus, for Investor Class, Class A and Class A2 shares, any applicable front-end sales charge). NAV is generally calculated by each MainStay Fund as of the Fund’s close (usually 4:00 pm Eastern time) on the Exchange every day the Exchange is open. The MainStay Funds do not usually calculate their NAVs on days when the Exchange is scheduled to be closed. When you buy shares, you must pay the NAV next calculated after we receive your purchase request in good order. Alternatively, the MainStay Funds have arrangements with certain financial intermediary firms whereby purchase requests through these entities are considered received in good order when received by the financial intermediary firm together with the purchase price of the shares ordered. The order will then be priced at a MainStay Fund's NAV next computed after receipt in good order of the purchase request by these entities. Such financial intermediary firms are responsible for timely and accurately transmitting the purchase request to the MainStay Funds.
If the Exchange is closed due to inclement weather, technology problems or any other reason on a day it would normally be open for business, or the Exchange has an unscheduled early closing on a day it has opened for business, each MainStay Fund reserves the right to treat such day as a business day and accept purchase and redemption orders until, and calculate its NAV as of, the normally scheduled close of regular trading on the NYSE for that day, so long as New York Life Investments believes there generally remains an adequate market to obtain reliable and accurate market quotations. On any business day when the Securities Industry and Financial Markets Association recommends that the bond markets close trading early, each MainStay Fund reserves the right to close at such earlier closing time, and therefore accept purchase and redemption orders until, and calculate a Fund’s NAV as of, such earlier closing time.
When you open your account, you may also want to choose certain buying and selling options, including transactions by wire. In most cases, these choices can be made later in writing, but it may be quicker and more convenient to decide on them when you open your account. Please note that your bank may charge a fee for wire transfers.
To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens a new account and to determine whether such person's name appears on government lists of known or suspected terrorists and terrorist organizations. As a result, the MainStay Funds, or your financial adviser on their behalf, must obtain the following information for each person who opens a new account:
· Name;
· Date of birth (for individuals);
· Residential or business street address (although post office boxes are still permitted for mailing); and
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· Social security number or taxpayer identification number.
You may also be asked for a copy of your driver's license, passport or other identifying document in order to verify your identity. In addition, it may be necessary to verify your identity by cross-referencing your identification information with a consumer report or other electronic database. Additional information may be required to open accounts for corporations and other entities. Certain information regarding beneficial ownership will be verified, including information about the identity of beneficial owners of such entities.
Federal law prohibits the MainStay Funds and other financial institutions from opening a new account unless they receive the minimum identifying information listed above.
After an account is opened, the MainStay Funds may restrict your ability to purchase additional shares until your identity is verified, and, for legal entities, the identities of beneficial owners are verified. The MainStay Funds also may close your account or take other appropriate action if they are unable to verify your identity within a reasonable time. If your account is closed for this reason, your shares will be redeemed at the NAV next calculated after the account is closed, and the MainStay Funds, New York Life Investments and its affiliates and the Board will not be responsible for any loss in your account or tax liability resulting therefrom.
In addition to any automatic conversion features described above in this Shareholder Guide with respect to Investor Class, Class B, Class C, Class C2 and SIMPLE Class shares, you generally may also elect on a voluntary basis to convert, for example:
· Investor Class shares into Class A shares, or Investor Class shares that are no longer subject to a CDSC into Class I shares, of the same MainStay Fund, subject to satisfying the eligibility requirements of Class A or Class I shares.
· Class A shares that are no longer subject to a CDSC into Class I shares of the same MainStay Fund, subject to satisfying the eligibility requirements of Class I shares.
· Class C or Class C2 shares that are no longer subject to a CDSC into Class A or Class I shares of the same MainStay Fund to facilitate participation in a fee-based advisory program, subject to satisfying the eligibility requirements of Class A or Class I shares.
Also, you generally may elect on a voluntary basis to convert your Investor Class, Class A, Class C or Class C2 shares that are no longer subject to a CDSC, or Class I, Class R1, Class R2 or Class R3 shares, into Class R6 shares of the same MainStay Fund, subject to satisfying the eligibility requirements of Class R6 shares.
These limitations do not impact any automatic conversion features described elsewhere in this Shareholder Guide with respect to Investor Class, Class B, Class C, Class C2 and SIMPLE Class shares. An investor may directly or through his or her financial intermediary contact the MainStay Funds to request a voluntary conversion between share classes of the same MainStay Fund as described above. You may be required to provide sufficient information to establish eligibility to convert to the new share class. Class B shares are ineligible for a voluntary conversion. All permissible conversions will be made on the basis of the relevant NAVs of the two classes without the imposition of any sales load, fee or other charge. If you fail to remain eligible for the new share class, you may be converted automatically back to your original share class. Although the MainStay Funds expect that a conversion (or intra-MainStay Fund exchange) between share classes of the same MainStay Fund should not result in the recognition of a gain or loss for tax purposes, you should consult with your own tax adviser with respect to the tax treatment of your investment in a MainStay Fund. The MainStay Funds may change, suspend or terminate this conversion feature at any time.
Class C or Class C2 shares held through a financial intermediary in an omnibus account will be converted into Class A shares or Investor Class shares only if the intermediary can document that the shareholder has met the required holding period. In certain circumstances, for example, when shares are invested through retirement plans or omnibus accounts, a financial intermediary may not have transparency into how long a shareholder has held Class C or Class C2 shares for purposes of determining whether such Class C or Class C2 shares are eligible for automatic conversion into Class A shares or Investor Class shares. Thus, the financial intermediary may not have the ability to track purchases to credit individual shareholders’ holding periods. In these circumstances, a Fund may not be able to automatically convert Class C or Class C2 shares into Class A shares or Investor Class shares as described above. In order to determine eligibility for conversion in these circumstances, it is the responsibility of the shareholder or its financial intermediary to notify the Fund that the shareholder is eligible for the conversion of Class C or Class C2 shares to Class A shares or Investor Class shares, and the shareholder or their financial intermediary may be required to maintain and provide the Fund with records that substantiate the holding period of Class C or Class C2 shares. For clients of financial intermediaries, it is the financial intermediary’s responsibility (and not the Funds’) to keep records and to ensure that the shareholder is credited with the proper holding period. Please consult with your financial intermediary about your shares’ eligibility for this conversion feature.
Following a share class conversion (or other similar shareholder transaction event, such as an intra-MainStay Fund exchange), the ongoing fees and expenses of the new share class will differ from and may be higher or lower than those of the share class that you previously held. You should carefully review information in this Prospectus relating to the new share class, including the fees, expenses and features of the new share class, or contact your financial intermediary for more information.
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You should also consult your financial intermediary to learn more about the details of these types of shareholder transaction events for Fund shares held through the intermediary.
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Opening Your Account – Individual Shareholders
How |
Details | |
By wire: |
You or your financial adviser should call us toll-free at 800-624-6782 to obtain an account number and wiring instructions. Wire the purchase amount to: State Street Bank and Trust Company · ABA #011-0000-28 · MainStay Funds (DDA #99029415) · Attn: Custody and Shareholder Services |
Please take note of the applicable minimum initial investment amounts for your MainStay Fund and share class. The wire must include: · name(s) of investor(s); · your account number; and · MainStay Fund name and share class. Your bank may charge a fee for the wire transfer. An application must be received by NYLIM Service Company within three business days. |
By mail: |
Return your completed MainStay Funds Application with a check for the amount of your investment to: MainStay Funds P.O. Box 219003 Kansas City, MO 64121-9000 Send overnight orders to: MainStay Funds 430 West 7th Street, Suite 219003 Kansas City, MO 64105-1407 |
Make your check payable to MainStay Funds. Please take note of the applicable minimum initial investment amounts for your MainStay Fund and share class. Be sure to write on your check: · name(s) of investor(s); and · MainStay Fund name and share class. Alternatively, you may choose to have your initial deposit processed via ACH from your bank account. You can do this by selecting the initial deposit via ACH option and submitting bank information on your application. Please take note of the applicable minimum investment amounts for your Fund and share class. · The maximum ACH purchase amount is $100,000. · If the bank information section of your application is not completed correctly or in its entirety, we will be unable to process your initial deposit. |
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Buying additional shares of the MainStay Funds – Individual Shareholders
How |
Details | |
By wire: |
Wire the purchase amount to: State Street Bank and Trust Company · ABA #011-0000-28 · MainStay Funds (DDA #99029415) · Attn: Custody and Shareholder Services |
Please take note of the applicable minimum investment amounts for your MainStay Fund and share class. The wire must include: · name(s) of investor(s); · your account number; and · MainStay Fund name and share class. Your bank may charge a fee for the wire transfer. |
By phone: |
Call, or have your financial adviser call us toll-free at 800-624-6782 between 8:30 am and 5:00 pm Eastern time any day the Exchange is open to make an ACH purchase. |
Eligible investors can purchase shares by using electronic debits from a designated bank account on file. Please take note of the applicable minimum investment amounts for your MainStay Fund and share class. · The maximum ACH purchase amount is $100,000. · We must have your bank information on file. |
By mail: |
Address your order to: MainStay Funds P.O. Box 219003 Kansas City, MO 64121-9000 Send overnight orders to: MainStay Funds 430 West 7th Street, Suite 219003 Kansas City, MO 64105-1407 |
Make your check payable to MainStay Funds. Please take note of the applicable minimum investment amounts for your MainStay Fund and share class. Be sure to write on your check: · name(s) of investor(s); · your account number; and · MainStay Fund name and share class. |
By internet: |
Visit us at newyorklifeinvestments.com/accounts |
Eligible investors can purchase shares via ACH by using electronic debits from a designated bank account on file. Please take note of the applicable minimum investment amounts for your MainStay Fund and share class. · The maximum ACH purchase amount is $100,000. · We must have your bank information on file. |
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Selling Shares – Individual Shareholders
How |
Details | |
By contacting your financial adviser: |
· You may sell (redeem) your shares through your financial adviser or by any of the methods described below. | |
By phone: |
To receive proceeds by check: Call us toll-free at 800-624-6782 between 8:30 am and 5:00 pm Eastern time any day the Exchange is open. You should have your account number and social security or taxpayer identification number available. |
· Generally, after receiving your sell order by phone, we will send a check to the account owner at the owner's address of record the next business day, although it may take up to seven days to do so. Generally, we will not send checks to addresses on record for 30 days or less. · The maximum order we can process by phone is $100,000. |
To receive proceeds by wire: Call us toll-free at 800-624-6782 between 8:30 am and 5:00 pm Eastern time any day the Exchange is open. You should have your account number and social security or taxpayer identification number available. Eligible investors may sell shares and have proceeds electronically credited to their designated bank account on file. |
· Generally, after receiving your sell order by phone, we will send the proceeds by bank wire to your bank account on file the next business day, although it may take up to seven days to do so. Your bank may charge you a fee to receive the wire transfer. · We must have your bank account information on file. · There is an $11 fee for wire redemptions, except no fee applies to redemptions of Class I shares. · Generally, the minimum wire transfer amount is $1,000. | |
To receive proceeds electronically by ACH: Call us toll-free at 800-624-6782 between 8:30 am and 5:00 pm Eastern time any day the Exchange is open. You should have your account number and social security or taxpayer identification number available. Eligible investors may sell shares and have proceeds electronically credited to their designated bank account on file. |
· Generally, after receiving your sell order by phone, we will send the proceeds by ACH transfer to your designated bank account on file the next business day, although it may take up to seven days to do so. · We must have your bank account information on file. · After we initiate the ACH transfer, proceeds may take 2-3 business days to reach your bank account. · The MainStay Funds do not charge fees for ACH transfers. · The maximum ACH transfer amount is $100,000. | |
By mail: |
Address your order to: MainStay Funds P.O. Box 219003 Kansas City, MO 64121-9000 Send overnight orders to: MainStay Funds 430 West 7th Street, Suite 219003 Kansas City, MO 64105-1407 |
Write a letter of instruction that includes: · your name(s) and signature(s); · your account number; · MainStay Fund name and share class; and · dollar amount or share amount you want to sell. A Medallion Signature Guarantee may be required. There is a $15 fee for Class A or Class A2 shares ($25 fee for Investor Class, Class B, Class C, Class C2 or SIMPLE Class shares) for checks mailed to you via overnight service. |
By internet: |
Visit us at newyorklifeinvestments.com/accounts |
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The following are our general policies regarding the purchase and sale of MainStay Fund shares. The MainStay Funds reserve the right to change these policies at any time. Certain retirement plans and/or financial intermediaries may adopt different policies. Consult your plan or account documents for the policies applicable to you or contact your financial intermediary for more information.
Buying Shares
· All investments must be in U.S. dollars with funds drawn on a U.S. bank. We generally will not accept payment in the following forms: travelers checks, personal money orders, credit card convenience checks, cash or starter checks.
· Generally, we do not accept third-party checks, and we reserve the right to limit the number of checks processed at one time.
· The MainStay Funds may not allow investments in accounts that do not have a correct address for the investor.
· If your investment check or ACH purchase does not clear, your order will be canceled and your account will be responsible for any losses or fees a MainStay Fund incurs as a result. Your account will also be charged a $20 fee for each returned check or canceled ACH purchase. In addition, a MainStay Fund may also redeem shares to cover any losses it incurs as a result. If an AutoInvest payment is returned unpaid for two consecutive periods, the privilege will be suspended until you notify us to reinstate it.
· If you wish to defer or stop an ACH purchase, please contact the MainStay Funds at least 3 days prior to the scheduled purchase.
· A MainStay Fund may, in its discretion, reject, restrict or cancel, in whole or in part, without prior notice, any order for the purchase of shares.
· The MainStay Funds do not issue share certificates at this time.
· To buy shares by wire the same day, we generally must receive your wired money by 4:00 pm Eastern time. Your bank may charge a fee for the wire transfer.
· To buy shares electronically via ACH, generally call before 4:00 pm Eastern time to buy shares at the current day's NAV.
Selling Shares
· Your shares will be sold at the next NAV calculated after we receive your request in good order. Generally, we will make the payment, less any applicable CDSC, on the next business day for all forms of payment after receiving your request in good order. However, it may take up to seven days to do so.
· If you redeem shares that were purchased by check or ACH shortly before such redemption, MainStay Funds will process your redemption but may delay sending the proceeds up to 10 days to reasonably ensure that the check or ACH payment has cleared.
· When you sell Class B, Class C or Class C2 shares, or Investor Class, Class A or Class A2 shares, when applicable, MainStay Funds will recover any applicable sales charges either by selling additional shares, if available, or by reducing your proceeds by the amount of those charges.
· The right to redeem shares of a Fund may be suspended and the payment of redemption proceeds may be postponed for any period beyond seven days:
— during which the Exchange is closed other than customary weekend and holiday closings or during which trading on the Exchange is restricted;
— when the SEC determines that a state of emergency exists that may make payment or transfer not reasonably practicable;
— as the SEC may by order permit for the protection of the shareholders of MainStay Funds; or
— at any other time as the SEC, laws or regulations may allow.
· In addition, in the case of the MainStay Money Market Fund, the Board may impose a fee upon the sale of shares. The Board also may suspend redemptions and irrevocably approve the liquidation of the MainStay Money Market Fund as permitted by applicable law.
· Unless you decline telephone privileges on your application, you may be responsible for any fraudulent telephone order as long as the MainStay Funds take reasonable measures to verify the order.
· Reinvestment will not relieve you of any tax consequences on gains realized from a sale. The deductions for losses, however, may be denied.
· We require a written order to sell shares if an account has submitted a change of address during the previous 30 days, unless the proceeds of the sell order are directed to your bank account on file with us.
· We may require a written order to sell shares and a Medallion Signature Guarantee if:
— the proceeds from the sale are to be wired and we do not have on file required bank information to wire funds;
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— the proceeds from the sale are being sent via wire or ACH to bank information that was added or changed within the past 30 days;
— the proceeds from the sale will exceed $100,000 to the address of record;
— the proceeds of the sale are to be sent to an address other than the address of record;
— the account was designated as a lost shareholder account within 30 days of the redemption request; or
— the proceeds are to be payable to someone other than the registered account holder(s).
· In the interests of all shareholders, we reserve the right to:
— temporarily hold redemption proceeds of natural persons (i) age 65 or older or (ii) age 18 and older who the Transfer Agent reasonably believes has a mental or physical impairment that renders the individual unable to protect his or her own interests from actual or attempted financial exploitation; however, the Transfer Agent is not required to hold redemption proceeds in these circumstances and does not assume any obligation to do so;
— change or discontinue exchange privileges upon notice to shareholders, or temporarily suspend this privilege without notice under extraordinary circumstances;
— change or discontinue the systematic withdrawal plan upon notice to shareholders;
— close accounts with balances less than $250 invested in Investor Class shares or $750 invested in all other classes of shares (by redeeming all shares held and sending proceeds to the address of record); and/or
— change the minimum investment amounts.
· There is no fee for wire redemptions of Class I or Class P shares.
· Calls received before 4:00 pm Eastern time will generally receive the current day's NAV.
· Calls received after 4:00 pm Eastern time will receive the following business day’s NAV.
Each MainStay Fund typically expects to meet redemption requests by using holdings of cash or cash equivalents or proceeds from the sale of portfolio holdings (or a combination of these methods), unless it believes circumstances warrant otherwise. For example, under stressed market conditions, as well as during emergency or temporary circumstances, each MainStay Fund may distribute redemption proceeds in-kind (rather than in cash), access its line of credit or overdraft facility, or borrow through other sources (e.g., reverse repurchase agreements or engage in certain types of derivatives) to meet redemption requests. See “Redemptions-In-Kind” below and the SAI for more details regarding redemptions-in-kind.
MainStay Money Market Fund
The MainStay Money Market Fund (the “Fund”) intends to qualify as a “retail money market fund” pursuant to Rule 2a-7 under the 1940 Act or the rules governing money market funds. As a “retail money market fund,” the Fund has adopted policies and procedures reasonably designed to limit all beneficial owners of the Fund to natural persons. In order to be eligible to invest in the Fund, you may be required to furnish the Fund or your financial intermediary with certain information (e.g., social security number or government-issued identification, such as a driver’s license or passport) that confirms your eligibility to invest in the Fund. Accounts that are not beneficially owned by natural persons (for example, accounts not associated with a social security number), such as those opened by businesses, including small businesses, defined benefit plans and endowments, are not eligible to invest in the Fund and the Fund will deny purchases of Fund shares by such accounts.
Natural persons may invest in the Fund through certain tax-advantaged savings accounts, trusts and other retirement and investment accounts, which may include, among others: participant-directed defined contribution plans; individual retirement accounts; simplified employee pension arrangements; simple retirement accounts; custodial accounts; deferred compensation plans for government or tax-exempt organization employees; Archer medical savings accounts; college savings plans; health savings account plans; ordinary trusts and estates of natural persons; or certain other retirement and investment accounts with ultimate investment power held by the natural person beneficial owner, notwithstanding having an institutional decision maker making day-to-day decisions (e.g., a plan sponsor in certain retirement arrangements or an investment adviser managing discretionary investment accounts).
Financial intermediaries are required to take steps to remove any shareholders on behalf of whom they hold shares in the Fund that are not eligible to invest in, or are no longer eligible to invest in, the Fund. Further, financial intermediaries may only submit purchase orders if they have implemented policies and procedures reasonably designed to limit all investors on behalf of whom they submit orders to accounts beneficially owned by natural persons. Financial intermediaries may be required by the Fund or a service provider to provide a written statement or other representation that they have in place, and operate in compliance with, such policies and procedures prior to submitting purchase orders.
The Fund may involuntarily redeem investors that do not satisfy the eligibility requirements for a “retail money market fund” or accounts that the Fund cannot confirm to its satisfaction are beneficially owned by natural persons. Neither the Fund, the Manager nor the Subadvisor will be responsible for any loss in an investor’s account or tax liability resulting from an involuntary redemption.
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Additional Information
Wiring money to the MainStay Funds reduces the time a shareholder must wait before redeeming shares. Wired funds are generally available for redemption on the next business day. A 10-day hold may be placed on purchases made by check or ACH payment from the date the purchase is received, making them unavailable for immediate redemption.
You may receive confirmation statements that describe your transactions. You should review the information in the confirmation statements carefully. If you notice an error, you should call the MainStay Funds or your financial adviser immediately. If you or your financial adviser fails to notify the MainStay Funds within one year of the transaction, you may be required to bear the costs of any correction.
The policies and fees described in this Prospectus govern transactions with the MainStay Funds. If you invest through a third party—bank, broker/dealer, 401(k), financial intermediary firm or financial supermarket—there may be transaction fees for, and you may be subject to, different investment minimums or limitations on buying or selling shares. Accordingly, the return to investors who purchase through financial intermediaries may be less than the return earned by investors who invest in a MainStay Fund directly. Consult a representative of your plan or financial institution if in doubt.
From time to time, any of the MainStay Funds may close and reopen to new investors or new share purchases at their discretion. Due to the nature of their portfolio investments, certain MainStay Funds may be more likely to close and reopen than others. If a MainStay Fund is closed, either to new investors or new share purchases, and you redeem your total investment in the MainStay Fund, your account will be closed and you will not be able to make any additional investments in that MainStay Fund. If a MainStay Fund is closed to new investors, you may not exchange shares of other MainStay Funds for shares of that MainStay Fund unless you are already a shareholder of such MainStay Fund.
It is important that the MainStay Funds maintain a correct address for each investor. An incorrect address may cause an investor’s account statements and other mailings to be returned to the MainStay Funds. It is the responsibility of an investor to ensure that the MainStay Funds are aware of the correct address for the investor’s account(s). It is important to promptly notify us of any name or address changes.
Mutual fund accounts can be considered abandoned property.
States increasingly are looking at inactive mutual fund accounts and uncashed checks as possible abandoned or unclaimed property. Under certain circumstances, the MainStay Funds may be legally obligated to escheat (or transfer) an investor’s account to the appropriate state’s unclaimed property administrator. Escheatment with respect to a retirement account is subject to a 10% federal withholding on the account. The MainStay Funds, the Board, and NYLIM Service Company and its affiliates will not be liable to investors or their representatives for good faith compliance with state unclaimed or abandoned property (escheatment) laws. If you invest in a MainStay Fund through a financial intermediary, we encourage you to contact the financial intermediary regarding applicable state escheatment laws.
Escheatment laws vary by state, and states have different criteria for defining inactivity and abandoned property. Generally, a mutual fund account may be subject to “escheatment” (i.e., considered to be abandoned or unclaimed property) if the account owner has not initiated any activity in the account or contacted the MainStay Funds for an “inactivity period” as specified in applicable state laws. If a MainStay Fund is unable to establish contact with an investor, the MainStay Fund will determine whether the investor’s account must legally be considered abandoned and whether the assets in the account must be transferred to the appropriate state’s unclaimed property administrator. Typically, an investor’s last known address of record determines the state that has jurisdiction.
We strongly encourage you to contact us at least annually to review your account information. Below are ways in which you can assist us in safeguarding your MainStay Fund investments.
· Log in to your account by entering your user ID and Personal ID (PIN) at newyorklifeinvestments.com/accounts to view your account information. Please note, simply visiting our public website may not be considered establishing contact with us under state escheatment laws.
· Call our 24-hour automated service line at 800-624-6782 and select option 1 for an account balance using your PIN.
· Call one of our customer service representatives at 800-624-6782 Monday through Friday from 8:30 am to 5:00 pm Eastern time. Certain state escheatment laws do not consider contact by phone to be customer-initiated activity and such activity may be achieved only by contacting MainStay Funds in writing or through the MainStay Funds’ website.
· Take action on letters received in the mail from MainStay concerning account inactivity, outstanding checks and/or escheatment or abandoned property and follow the directions in these letters. To avoid escheatment, we advise that you promptly respond to any such letters.
· If you are a resident of Texas, you may designate a representative to receive escheatment or abandoned property notices regarding MainStay Fund shares by completing and submitting a designation form that can be found on the website of the Texas
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Comptroller. The completed designation form may be mailed to the MainStay Funds. For more information, please call 800-624-6782.
The Prospectus and SAI, related regulatory filings, and any other MainStay Fund communications or disclosure documents do not purport to create any contractual obligations between the Funds and shareholders. The MainStay Funds may amend any of these documents or enter into (or amend) a contract on behalf of the Funds without shareholder approval except where shareholder approval is specifically required. Further, shareholders are not intended third-party beneficiaries of any contracts entered into by (or on behalf of) the Funds, including contracts with New York Life Investments, a Subadvisor or other parties who provide services to the Funds.
Medallion Signature Guarantees
A Medallion Signature Guarantee helps protect against fraud. To protect your account, each MainStay Fund and the Transfer Agent from fraud, Medallion Signature Guarantees may be required to enable us to verify the identity or capacity of the person who has authorized redemption proceeds to be sent to a third party or a bank not previously established on the account. Medallion Signature Guarantees may be also required for redemptions of $100,000 or more from an account by check to the address of record and for share transfer requests. Medallion Signature Guarantees must be obtained from certain eligible financial institutions that are participants in the Securities Transfer Association Medallion Program, the Stock Exchange Medallion Program, or the New York Stock Exchange Medallion Signature Program. Eligible guarantor institutions provide Medallion Signature Guarantees that are covered by surety bonds in various amounts. It is your responsibility to ensure that the Medallion Signature Guarantee that you acquire is sufficient to cover the total value of your transaction(s). If the surety bond amount is not sufficient to cover the requested transaction(s), the Medallion Signature Guarantee will be rejected.
Signature guarantees that are not a part of these programs will not be accepted. Please note that a notary public stamp or seal is not acceptable.
Investing for Retirement
You can purchase shares of most, but not all, of the MainStay Funds for retirement plans providing tax-deferred investments for individuals and institutions. You can use MainStay Funds in established plans or the Distributor may provide the required plan documents for selected plans. A plan document must be adopted for a plan to be in existence.
Custodial services are available for IRA, Roth IRA and Coverdell Education Savings Accounts ("CESAs") (previously named Education IRA) as well as SEP and SIMPLE IRA plans. Plan administration is also available for select qualified retirement plans. An investor should consult with his or her tax advisor before establishing any tax-deferred retirement plan.
Not all MainStay Funds are available for all types of retirement plans or through all distribution channels. Please contact the MainStay Funds at 800-624-6782 and see the SAI for further details.
Purchases-In-Kind
You may purchase shares of a MainStay Fund by transferring securities to a MainStay Fund in exchange for MainStay Fund shares ("in-kind purchase"). In-kind purchases may be made only upon the MainStay Funds' approval and determination that the securities are acceptable investments for the MainStay Fund and are purchased consistent with that MainStay Fund's procedures relating to in-kind purchases. The MainStay Funds reserve the right to amend or terminate this practice at any time. You must call the MainStay Funds at 800-624-6782 before sending any securities. Please see the SAI for additional details.
Redemptions-In-Kind
The MainStay Funds reserve the right to pay redemptions, either totally or partially, by redemption-in-kind of securities (instead of cash) from the applicable MainStay Fund’s portfolio, consistent with the MainStay Fund’s procedures relating to in-kind redemptions and in accordance with the 1940 Act and rules and interpretations of the SEC thereunder. Each Fund may distribute redemption proceeds in-kind under normal and stressed market conditions as well as during emergency or temporary circumstances. In addition, a Fund may distribute redemption proceeds in-kind to any type of shareholder or account, including retail and omnibus accounts. The MainStay Funds may also redeem shares in-kind upon the request of a shareholder. The securities distributed in such a redemption would be effected through a distribution of the MainStay Fund’s portfolio securities (generally pro rata) and valued at the same value as that assigned to them in calculating the NAV of the shares being redeemed. Such securities may be illiquid, which means that they may be difficult or impossible to sell at an advantageous time or price. If a shareholder receives a redemption-in-kind, he or she should expect that the in-kind distribution would be subject to market and other risks, such as liquidity risk, before sale, and to incur transaction costs, including brokerage costs, when he or she converts the securities to cash. Gains or losses on the disposition of securities may also be tax reportable. Please see the SAI for additional details.
The Reinvestment Privilege May Help You Avoid Sales Charges
When you sell shares, you have the right—for 90 days—to reinvest any or all of the money in the same account and class of shares of the same or another MainStay Fund without paying another sales charge (so long as (i) those shares have not been reinvested once already; (ii) your account is not subject to a 30-day block as described in "Excessive Purchases and Redemptions or Exchanges;" and (iii)
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you are not reinvesting your required minimum distribution). If you paid a sales charge when you redeemed, you will receive a pro rata credit for reinvesting in the same account and class of shares.
MainStay Money Market Fund Check Writing
You can sell shares of the MainStay Money Market Fund by writing checks for an amount that meets or exceeds the pre-set minimum stated on your check. You need to complete special forms to set up check writing privileges. You cannot close your account by writing a check. This option is not available for IRAs, CESAs, 403(b)(7)s or qualified retirement plans.
Information on Liquidity Fees for the MainStay Money Market Fund
Pursuant to Rule 2a-7 under the 1940 Act, the Board is permitted to impose a liquidity fee on redemptions from the MainStay Money Market Fund (the “Fund”) of up to 2%.
The Board (or its delegate), based on its determination that the liquidity fee is in the best interests of the Fund, may, as early as the same day, impose a liquidity fee of no more than 2% on redemptions from the Fund.
The Board may, in its discretion, terminate a liquidity fee at any time, if it believes such action to be in the best interests of the Fund and its shareholders. When a fee is in place, the Fund may determine to halt purchases and exchanges or to subject any purchases to certain conditions, including, for example, a written affirmation of the purchaser’s knowledge that a fee is in effect. During periods when the Fund is imposing a liquidity fee, shareholders may exchange out of the Fund but will be subject to the applicable liquidity fee, which will reduce the value of the shares exchanged.
Liquidity fees are most likely to be imposed, if at all, during times of extraordinary market stress. The imposition and termination of a liquidity fee will be reported by the Fund to the SEC on Form N-CR. Such information will also be available on the Fund’s website. In addition, the Fund will communicate such action through a supplement to its registration statement and may further communicate such action through a press release or by other means. Liquidity fees would reduce the amount you receive upon redemption of your shares. The Fund would retain the liquidity fees for the benefit of remaining shareholders.
The Board may, in its discretion, permanently suspend redemptions and liquidate the Fund, if, among other things, at the end of a business day the Fund has less than 10% of its total assets invested in weekly liquid assets.
Automatic Services
Buying or selling shares automatically is easy with the services described below. You select your schedule and amount, subject to certain restrictions. You can set up most of these services on your application, by accessing your shareholder account on the internet at newyorklifeinvestments.com/accounts, by contacting your financial adviser for instructions, or by calling us toll-free at 800-624-6782 for a form.
Systematic Investing—Individual Shareholders Only
MainStay offers four automatic investment plans:
1. AutoInvest
If you obtain authorization from your bank, you can automatically debit your designated bank account to:
· make regularly scheduled investments; and/or
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· purchase shares whenever you choose.
2. Dividend or Capital Gains Reinvestment
Automatically reinvest dividends, distributions or capital gains from one MainStay Fund into the same MainStay Fund or the same class of any other MainStay Fund. Accounts established with dividend or capital gains reinvestment must meet the initial minimum investment amounts and any other eligibility requirements of the selected share class.
3. Payroll Deductions
If your employer offers this option, you can make automatic investments through payroll deduction.
4. Systematic Exchange
Exchanges must be at least $100. You must have at least $10,000 in your account for Investor Class, Class B, Class C or Class C2 shares at the time of the initial request. You may systematically exchange a share or dollar amount from one MainStay Fund into any other MainStay Fund in the same share class. Accounts established with a systematic exchange must meet the initial minimum investment amounts and any other eligibility requirements of the selected share class. Please see "Exchanging Shares Among MainStay Funds" for more information.
Systematic Withdrawal Plan—Individual Shareholders Only
Withdrawals must be at least $100. You must have at least $10,000 in your account for Investor Class, Class B, Class C and Class C2 shares at the time of the initial request. The above minimums are waived for IRA and 403(b)(7) accounts where the systematic withdrawal represents required minimum distributions.
NYLIM Service Company acts as the agent for the shareholder in redeeming sufficient full and fractional shares to provide the amount of the systematic withdrawal payment and any CDSC, if applicable.
The MainStay Funds will not knowingly permit systematic withdrawals if, at the same time, you are making periodic investments.
Exchanging Shares Among MainStay Funds
Exchanges will be based upon each MainStay Fund's NAV next determined following receipt of a properly executed exchange request.
Generally, you exchange shares when you sell all or a portion of shares in one MainStay Fund and use the proceeds to purchase shares of the same class of another MainStay Fund at NAV. Investment minimums and eligibility requirements apply to exchanges. Please note that certain MainStay Funds have higher investment minimums. An exchange of shares of one MainStay Fund for shares of another MainStay Fund will be treated as a sale of shares of the first MainStay Fund and as a purchase of shares of the second MainStay Fund. Any gain on the transaction may be subject to taxes. You may make exchanges from one MainStay Fund to another by phone. There is also a systematic exchange program that allows you to make regularly scheduled, systematic exchanges from one MainStay Fund to the same class of another MainStay Fund. When you redeem exchanged shares without a corresponding purchase of another MainStay Fund, you may have to pay any applicable contingent deferred sales charge. If you choose to sell Class B, Class C or Class C2 shares and then separately buy Investor Class, Class A or Class A2 shares, you may have to pay a deferred sales charge on the Class B, Class C or Class C2 shares, as well as pay an initial sales charge on the purchase of Investor Class, Class A or Class A2 shares.
In addition, if you exchange Class B, Class C or Class C2 shares of a MainStay Fund into Class B or Class C shares of the MainStay Money Market Fund or if you exchange Investor Class shares or Class A shares of a MainStay Fund subject to the 1.00% CDSC into Investor Class shares or Class A shares of the MainStay Money Market Fund, the holding period for purposes of determining the CDSC stops until you exchange back into Investor Class, Class A, Class B, Class C or Class C2 shares, as applicable, of another non-money market MainStay Fund. The holding period for purposes of determining conversion of Class B shares, Class C or Class C2 shares into Investor Class or Class A shares also stops until you exchange back into Class B shares, Class C or Class C2 shares of another non-money market MainStay Fund. Shareholders who hold Class C shares of a MainStay Fund may exchange those shares into Class C2 shares of another MainStay Fund, or vice versa, depending on eligibility at the time of the exchange. Likewise, shareholders who hold Class A shares of a MainStay Fund may exchange those shares into Class A2 shares of another MainStay Fund, or vice versa, depending on eligibility at the time of the exchange. The CDSC holding period applicable to any Class C or Class A shares will continue in the same manner when exchanged into Class A2 or Class C2 shares, or vice versa, subject to stoppage during any period such shares are exchanged into either Class C or Class A shares of the MainStay Money Market Fund, as described above.
You also may exchange shares of a MainStay Fund for shares of an identical class, if offered, of any series of certain other open-end investment companies sponsored, advised or administered by New York Life Investments or any affiliate thereof (provided such series is registered for sale in your state of residence or an exemption from registration is available) some of which are offered in this Prospectus and some of which are offered in separate prospectuses, including:
MainStay Balanced Fund MainStay Candriam Emerging Markets Debt Fund MainStay Candriam Emerging Markets Equity Fund MainStay CBRE Global Infrastructure Fund |
MainStay MacKay New York Tax Free Opportunities Fund** MainStay MacKay Short Duration High Income Fund MainStay MacKay Short Term Municipal Fund MainStay MacKay Strategic Bond Fund |
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MainStay CBRE Real Estate Fund MainStay Conservative Allocation Fund MainStay Conservative ETF Allocation Fund MainStay Cushing MLP Premier Fund MainStay Epoch Capital Growth Fund MainStay Epoch Global Equity Yield Fund MainStay Epoch International Choice Fund MainStay Epoch U.S. Equity Yield Fund MainStay Equity Allocation Fund MainStay Equity ETF Allocation Fund MainStay Fiera SMID Growth Fund MainStay Floating Rate Fund MainStay Growth Allocation Fund MainStay Growth ETF Allocation Fund MainStay Income Builder Fund MainStay MacKay California Tax Free Opportunities Fund* MainStay MacKay Convertible Fund MainStay MacKay High Yield Corporate Bond Fund MainStay MacKay High Yield Municipal Bond Fund |
MainStay MacKay Strategic Municipal Allocation Fund MainStay MacKay Tax Free Bond Fund MainStay MacKay Total Return Bond Fund MainStay MacKay U.S. Infrastructure Bond Fund MainStay Moderate Allocation Fund MainStay Moderate ETF Allocation Fund MainStay Money Market Fund MainStay Short Term Bond Fund MainStay S&P 500 Index Fund MainStay PineStone Global Equity Fund MainStay PineStone International Equity Fund MainStay PineStone U.S. Equity Fund MainStay Winslow Large Cap Growth Fund MainStay WMC Enduring Capital Fund MainStay WMC Growth Fund MainStay WMC International Research Equity Fund MainStay WMC Small Companies Fund MainStay WMC Value Fund |
* The Fund is registered for sale in AZ, CA, NV, OR, TX, UT, WA, and MI (Class A and I shares only), and CO, FL, GA, HI, ID, MA, MD, NH, NJ and NY (Class I only).
** The Fund is registered for sale in CA, CT, DE, FL, MA, NJ, NY and VT.
You may not exchange shares of one MainStay Fund for shares of another MainStay Fund that is closed to new investors unless you are already a shareholder of that MainStay Fund or are otherwise eligible for purchase. You may not exchange shares of one MainStay Fund for shares of another MainStay Fund that is closed to new share purchases or not offered for sale in your state.
Before making an exchange request, read the prospectus of the MainStay Fund you wish to purchase by exchange. You can obtain a prospectus for any MainStay Fund by contacting your broker, financial adviser or other financial intermediary, by visiting newyorklifeinvestments.com or by calling the MainStay Funds at 800-624-6782. Following an exchange, the ongoing fees and expenses of the new MainStay Fund will differ from and may be higher or lower than those of the MainStay Fund that you previously held. The Prospectus relating to the new MainStay Fund includes information regarding the fees, expenses and other characteristics of the new MainStay Fund.
The exchange privilege is not intended as a vehicle for short-term trading, nor are the MainStay Funds designed for professional market timing organizations or other entities or individuals that use programmed frequent exchanges in response to market fluctuations. Excessive exchange activity may interfere with portfolio management and have an adverse effect on all shareholders (see "Excessive Purchases and Redemptions or Exchanges").
The MainStay Funds reserve the right to revise or terminate the exchange privilege, limit the amount or number of exchanges or reject any exchange consistent with the requirements of the 1940 Act and rules and interpretations of the SEC thereunder.
In certain circumstances you may have to pay a sales charge when exchanging shares.
Daily Dividend MainStay Fund Exchanges
If you exchange all your shares in the MainStay Floating Rate Fund, MainStay MacKay California Tax Free Opportunities Fund, MainStay MacKay High Yield Municipal Bond Fund, MainStay MacKay New York Tax Free Opportunities Fund, MainStay MacKay Short Term Municipal Fund, MainStay MacKay Strategic Municipal Allocation Fund, MainStay MacKay Tax Free Bond Fund or MainStay Money Market Fund for shares of the same class in another MainStay Fund, any dividends that have been declared but not yet distributed will be credited to the new MainStay Fund account. If you exchange all your shares in the MainStay Floating Rate Fund, MainStay MacKay California Tax Free Opportunities Fund, MainStay MacKay High Yield Municipal Bond Fund, MainStay MacKay New York Tax Free Opportunities Fund, MainStay MacKay Strategic Municipal Allocation Fund, MainStay MacKay Tax Free Bond Fund or MainStay Money Market Fund for shares of the same class in more than one MainStay Fund, undistributed dividends will be credited to the last MainStay Fund account that you exchange to.
Excessive Purchases and Redemptions or Exchanges
The MainStay Funds are not intended to be used as a vehicle for frequent, excessive or short-term trading (such as market timing). The interests of a MainStay Fund’s shareholders and the MainStay Fund’s ability to manage its investments may be adversely affected by
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excessive purchases and redemptions or exchanges (if applicable) of the MainStay Fund shares over the short term. The risks posed by excessive trading include the disruption of efficient implementation of a MainStay Fund's investment strategies, triggering the recognition of taxable gains and losses on the sale of portfolio investments, requiring a MainStay Fund to maintain higher levels of cash to meet redemption requests, experiencing increased transaction costs, all of which may adversely affect a MainStay Fund's performance to the detriment of long-term shareholders. These risks are more pronounced in MainStay Funds that invest in thinly-traded or foreign securities. Accordingly, the Board has adopted and implemented policies and procedures designed to discourage, detect and prevent frequent purchases and redemptions or exchanges of MainStay Fund shares in order to protect long-term MainStay Fund shareholders. These policies are discussed more fully below. Although MainStay Funds’ policies and procedures are designed to discourage frequent, excessive or short-term trading, there is no assurance that the MainStay Funds will be able to effectively detect such activity or participants engaged in such activity, or, if it is detected, to prevent its recurrence, particularly with respect to omnibus accounts as the MainStay Funds must rely on the cooperation of and/or information provided by third-parties, such as financial intermediaries or retirement plans. A MainStay Fund may change its policies or procedures at any time without prior notice to shareholders.
The MainStay Funds reserve the right to restrict, reject or cancel, without prior notice, any purchase or exchange order for any reason, including any purchase or exchange order accepted by any investor’s financial intermediary firm. Any such rejection or cancellation of an order placed through a financial intermediary will occur, under normal circumstances, within one business day of the financial intermediary transmitting the order to the MainStay Funds. If an order is cancelled due to a violation of this policy, and such cancellation causes a monetary loss to a MainStay Fund, such loss may become the responsibility of the party that placed the transaction or the account owner. In addition, the MainStay Funds reserve the right to reject, limit, or impose other conditions (that are more restrictive than those otherwise stated in the Prospectuses) on purchases or exchanges or to close or otherwise limit accounts based on a history of frequent purchases and redemptions of MainStay Fund shares that could adversely affect a MainStay Fund or its operations, including those from any individual or group who, in the MainStay Funds’ judgment, is likely to harm MainStay Fund shareholders.
The MainStay Funds, through New York Life Investments, the Transfer Agent and the Distributor, maintain surveillance procedures to detect frequent, excessive or short-term trading in MainStay Fund shares. As part of this surveillance process, the MainStay Funds examine transactions in MainStay Fund shares that exceed certain monetary thresholds or numerical limits within a specified period of time, including reviewing “round trips” in the MainStay Funds by investors. Round trips include purchases or exchanges into a MainStay Fund followed or preceded by a redemption or exchange out of the same MainStay Fund that is substantially similar in dollar terms. The MainStay Funds also may consider the history of trading activity in all accounts known to be under common ownership, control or influence. To the extent identified under these surveillance procedures, a MainStay Fund may place a 30-day “block” on any account if, during any 30-day period, there is a redemption or exchange from the account following a purchase or exchange into such account. An account that is blocked will not be permitted to place future purchase or exchange requests for at least an additional 30-day period in that MainStay Fund. The MainStay Funds may modify their surveillance procedures and criteria from time to time without prior notice, as necessary or appropriate to improve the detection of frequent, excessive or short-term trading or to address specific circumstances. In certain instances when deemed appropriate, the MainStay Funds will rely on a financial intermediary to apply the intermediary’s market timing procedures to an omnibus account. In certain cases, these procedures may be more or less restrictive than the MainStay Funds’ procedures.
In addition to these measures and other deterrents, the MainStay Funds may from time to time impose a redemption fee on redemptions or exchanges of MainStay Fund shares made within a certain period of time in order to deter frequent, excessive or short-term trading and to offset certain costs associated with such trading.
The MainStay Funds will seek to apply their frequent trading policies and procedures as uniformly as practicable to accounts with the MainStay Funds, with the following exceptions:
· Short-term purchases or exchanges that it believes, in the exercise of its judgment, are not disruptive or harmful to the MainStay Fund’s long-term shareholders;
· Purchases, reinvestments, redemptions and exchanges made on a systematic or automatic basis, such as dollar-cost averaging, dividend diversification and systematic withdrawals;
· Certain purchases, redemptions or exchanges that are part of a rebalancing program, such as a wrap, advisory or bona fide asset allocation program;
· Any transactions not initiated by a shareholder or registered representative, such as redemptions of shares to pay fund or account fees;
· Permitted conversions of shares from one share class to another share class within the same MainStay Fund;
· Transactions initiated by the trustee or adviser to a donor-advised charitable gift fund;
· Transactions in qualified tuition programs operating under Section 529 of the Internal Revenue Code; and
· Transactions by fund of fund products where New York Life Investments or an affiliate is the program manager.
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In addition, on a case-by-case basis, requests for one-time exceptions to the MainStay Funds’ frequent trading policies and procedures may be granted by the MainStay Funds’ Chief Compliance Officer based on the facts and circumstances of the request.
The MainStay Money Market Fund and the MainStay U.S. Government Liquidity Fund are intended for short-term investment horizons and do not monitor for nor prohibit short-term trading activity. Although these MainStay Funds are managed in a manner that is consistent with their investment objectives, frequent trading by shareholders may disrupt their management and increase their expenses.
Apart from trading permitted or exceptions enumerated above in accordance with the MainStay Funds’ policies and procedures, no MainStay Fund accommodates, nor has any arrangement to permit, frequent purchases and redemptions of MainStay Fund shares.
Determining the MainStay Funds' Share Prices and the Valuation of Securities and Other Assets
Each MainStay Fund generally calculates its NAV at the Fund’s close (usually 4:00 pm Eastern time) every day the Exchange is open. The MainStay Funds do not calculate their NAVs on days on which the Exchange is closed. The NAV per share for a class of shares is determined by dividing the value of the net assets attributable to that class by the number of shares of that class outstanding on that day.
The value of a MainStay Fund's investments is generally based (in whole or in part) on current market prices (amortized cost, in the case of the MainStay Money Market Fund and other MainStay Funds that hold debt securities with a remaining maturity of 60 days or less). If current market values of a MainStay Fund’s investments are not available or, in the judgment of New York Life Investments, do not accurately reflect the fair value of a security, the fair value of the investment will be determined in good faith in accordance with procedures approved by the Board. Changes in the value of a MainStay Fund's portfolio securities after the close of trading on the principal markets in which the portfolio securities trade will not be reflected in the calculation of NAV unless New York Life Investments, in consultation with the Subadvisor(s) (if applicable), determines that a particular event could materially affect the NAV. In this case, an adjustment in the valuation of the securities may be made in accordance with procedures approved by the Board. A MainStay Fund may invest in portfolio securities that are primarily listed on foreign exchanges that trade on weekends or other days when the MainStay Fund does not price its shares. Consequently, the value of portfolio securities of a MainStay Fund may change on days when shareholders will not be able to purchase or redeem shares.
With respect to any portion of a MainStay Fund's assets invested in one or more Underlying Funds, the MainStay Fund's NAV is calculated based upon the NAVs of those Underlying Funds, except for exchange-traded Underlying Funds, which are generally valued based on market prices.
The Board has adopted joint valuation procedures of the MainStay Funds and New York Life Investments establishing methodologies for the valuation of the MainStay Funds’ portfolio securities and other assets. Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated New York Life Investments as the valuation designee to perform fair valuation determinations for each MainStay Fund with respect to all Fund investments and/or other assets for which market quotations are not readily available. New York Life Investments, in its role as valuation designee, utilizes the assistance of a Valuation Committee to support its obligations in determining fair value of the MainStay Funds’ securities and/or other assets. Fair value determinations may be based upon developments related to a specific security or events affecting securities markets and the specific methodologies used for a particular security may vary based on the market data available for a specific security at the time the MainStay Fund calculates its NAV or based on other considerations. Fair valuation involves subjective judgments, and it is possible that the fair value determined for a security may differ materially from the value that could be realized upon the sale of the security.
The MainStay Funds expect to use fair value pricing for securities actively traded on U.S. exchanges only under very limited circumstances. The MainStay Funds may use fair value pricing more frequently for foreign securities. Where foreign securities markets close earlier than U.S. markets, the value of the securities may be affected by significant events or volatility in the U.S. markets occurring after the close of those foreign securities markets. To account for this, certain MainStay Funds, notably the MainStay International/Global Equity Funds, have fair valuation procedures which include a procedure whereby foreign securities may be valued based on third-party vendor modeling tools to the extent available. For Underlying Funds in which the MainStay Funds may invest, additional information about the circumstances when those Underlying Funds may use fair value pricing may be found in each Underlying Fund’s respective prospectus.
There may be other instances where market quotations are not readily available or standard pricing principles do not apply. Please see the SAI for additional information about the valuations of the MainStay Funds’ securities and other assets and on how NAV is calculated.
Portfolio Holdings Information
A description of the MainStay Funds' policies and procedures with respect to the disclosure of each of the MainStay Funds' portfolio securities holdings is available in the SAI. Generally, a complete schedule of each of the MainStay Funds' portfolio holdings will be made public on the MainStay Funds' website at newyorklifeinvestments.com 30 days after month-end, except as noted below. You may also obtain this information by calling toll-free 800-624-6782.
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The MainStay Money Market Fund will post on the MainStay Funds' website its complete schedule of portfolio holdings as of the last business day of the prior month, no later than the fifth business day following month-end. MainStay Money Market Fund's postings will remain on the MainStay Funds' website for a period of at least six months after posting. Also, in the case of the MainStay Money Market Fund, certain portfolio information will be provided in monthly holdings reports to the SEC on Form N-MFP. Form N-MFP will be made immediately available to the public by the SEC, and a link to each of the most recent 12 months of filings on Form N-MFP will be provided on the MainStay Funds’ website.
The portfolio holdings for MainStay Cushing MLP Premier Fund will be made public 60 days after quarter end.
The portfolio holdings for MainStay MacKay High Yield Corporate Bond Fund, MainStay Short Duration High Income Fund, MainStay PineStone Global Equity Fund, MainStay PineStone International Equity Fund and MainStay PineStone U.S. Equity Fund will be made public 30 days after quarter end.
The portfolio holdings for MainStay Epoch Capital Growth Fund, MainStay Epoch Global Equity Yield Fund, MainStay Epoch International Choice Fund and MainStay Epoch U.S. Equity Yield Fund will be made public 15 days after month end.
The portfolio holdings for MainStay MacKay U.S. Infrastructure Bond Fund and MainStay Tax-Exempt Funds will be made public 60 days after month end.
All portfolio holdings will be posted on the appropriate MainStay Fund’s website and remain accessible until an updated shareholder report on Form N-CSR is filed or a Form N-PORT is filed.
Section 15(a) of the 1940 Act requires that all contracts pursuant to which persons serve as investment advisers to investment companies be approved by shareholders. As interpreted, this requirement also applies to the appointment of subadvisors to the MainStay Funds. The Manager and the MainStay Group of Funds, including the MainStay Funds that are covered by this Prospectus, have obtained an exemptive order (the “Order”) from the SEC permitting the Manager, on behalf of a MainStay Fund and subject to the approval of the Board, including a majority of the Independent Trustees, to hire and to modify any existing or future subadvisory agreement with unaffiliated subadvisors and subadvisors that are “wholly-owned subsidiaries” (as defined in the 1940 Act) of New York Life Investments, or a sister company of New York Life Investments that is a wholly-owned subsidiary of a company that, indirectly or directly, wholly owns New York Life Investments (“Wholly-Owned Subadvisors”). The Order supersedes a prior SEC exemptive order, which applied only to hiring, or modifying existing or future subadvisory agreements with unaffiliated subadvisors. In addition, pursuant to a no-action position issued by the staff of the SEC, Funds covered by this Prospectus may hire and modify any existing or future subadvisory agreement with subadvisors that are not Wholly-Owned Subadvisors, but are otherwise an “affiliated person” (as defined in the 1940 Act) of New York Life Investments (“Affiliated Subadvisors”) provided that certain conditions are met (“Interpretive Relief”). This authority is subject to certain conditions, including that each MainStay Fund will notify shareholders and provide them with certain information within 90 days of hiring a new subadvisor.
Certain MainStay Funds, including those listed in the table below, have approved operating under a manager-of-managers structure with respect to any affiliated or unaffiliated subadvisor, and may rely on the Order and Interpretive Relief as they relate to Wholly-Owned Subadvisors, Affiliated Subadvisors and unaffiliated subadvisors, while other MainStay Funds may rely on the Order only as it relates to unaffiliated subadvisors. Certain other MainStay Funds may not rely on any aspect of the Order without obtaining shareholder approval.
Fund |
May Rely on Order for Wholly-Owned Subadvisors and Unaffiliated Subadvisors and the Interpretive Relief for Affiliated Subadvisors |
May Rely on Order Only for Unaffiliated Subadvisors* |
Currently
May Not |
MAINSTAY FUNDS | |||
MainStay Candriam Emerging Markets Debt Fund |
x |
||
MainStay Income Builder Fund |
x |
||
MainStay MacKay Convertible Fund |
x |
||
MainStay MacKay High Yield Corporate Bond Fund |
x |
||
MainStay MacKay Strategic Bond Fund |
x |
||
MainStay MacKay Tax Free Bond Fund |
x |
||
MainStay MacKay U.S. Infrastructure Bond Fund |
x |
||
MainStay Money Market Fund |
x |
||
MainStay Winslow Large Cap Growth Fund |
x |
||
MainStay WMC Enduring Capital Fund |
x |
||
MainStay WMC Value Fund |
x |
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Fund |
May Rely on Order for Wholly-Owned Subadvisors and Unaffiliated Subadvisors and the Interpretive Relief for Affiliated Subadvisors |
May Rely on Order Only for Unaffiliated Subadvisors* |
Currently
May Not |
MAINSTAY FUNDS TRUST | |||
MainStay Balanced Fund |
x |
||
MainStay Candriam Emerging Markets Equity Fund |
x |
||
MainStay CBRE Global Infrastructure Fund |
x |
||
MainStay CBRE Real Estate Fund |
x |
||
MainStay Conservative Allocation Fund |
x | ||
MainStay Conservative ETF Allocation Fund |
x |
||
MainStay Cushing MLP Premier Fund |
x |
||
MainStay Epoch Capital Growth Fund |
x |
||
MainStay Epoch Global Equity Yield Fund |
x |
||
MainStay Epoch International Choice Fund |
x |
||
MainStay Epoch U.S. Equity Yield Fund |
x |
||
MainStay Equity Allocation Fund |
x | ||
MainStay Equity ETF Allocation Fund |
x |
||
MainStay Fiera SMID Growth Fund |
x |
||
MainStay Floating Rate Fund |
x | ||
MainStay Growth Allocation Fund |
x | ||
MainStay Growth ETF Allocation Fund |
x |
||
MainStay MacKay California Tax Free Opportunities Fund |
x |
||
MainStay MacKay High Yield Municipal Bond Fund |
x |
||
MainStay MacKay New York Tax Free Opportunities Fund |
x |
||
MainStay MacKay Short Duration High Income Fund |
x |
||
MainStay MacKay Short Term Municipal Fund |
x | ||
MainStay MacKay Strategic Municipal Allocation Fund |
x |
||
MainStay MacKay Total Return Bond Fund |
x | ||
MainStay Moderate Allocation Fund |
x | ||
MainStay Moderate ETF Allocation Fund |
x |
||
MainStay Short Term Bond Fund |
x | ||
MainStay S&P 500 Index Fund |
x | ||
MainStay PineStone Global Equity Fund |
x |
||
MainStay PineStone International Equity Fund |
x |
||
MainStay PineStone U.S. Equity Fund |
x |
||
MainStay WMC Growth Fund |
x |
||
MainStay WMC International Research Equity Fund |
x |
||
MainStay WMC Small Companies Fund |
x |
* The shareholders of these MainStay Funds must separately approve the use of the Order as it relates to Wholly-Owned Subadvisors before it may be relied upon to hire, or to modify existing or future subadvisory agreements with, Wholly-Owned Subadvisors.
** The shareholders of each of these MainStay Funds must approve the operation of the respective MainStay Fund in accordance with the Order for the Manager and the MainStay Fund to rely on the Order as it relates to Wholly-Owned Subadvisors and/or unaffiliated subadvisors.
Dividends and Interest
Most funds earn either dividends from stocks, interest from bonds and other securities, or both. A mutual fund, however, pays this income to you as "dividends." The dividends paid by each MainStay Fund will vary based on the income from its investments and the expenses incurred by the MainStay Fund.
Each Fund reserves the right to automatically reinvest dividend distributions of less than $10.00.
Dividends and Distributions
Each MainStay Fund intends to distribute substantially all of its net investment income and capital gains to shareholders at least once a year to the extent that dividends and/or capital gains are available for distribution. For the purpose of seeking to maintain its share price at $1.00, among other things, the MainStay Money Market Fund will distribute all or a portion of its capital gains and may reduce or withhold any income and/or gains generated by its portfolio. The MainStay Funds declare and pay dividends as set forth below:
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Dividends from the net investment income (if any) of the following MainStay Funds are declared and paid at least annually:
MainStay Candriam Emerging Markets Equity Fund, MainStay Epoch Capital Growth Fund, MainStay Epoch International Choice Fund, MainStay Equity Allocation Fund, MainStay Equity ETF Allocation Fund, MainStay Fiera SMID Growth Fund, MainStay Growth Allocation Fund, MainStay Growth ETF Allocation Fund, MainStay Moderate Allocation Fund, MainStay Moderate ETF Allocation Fund, MainStay S&P 500 Index Fund, MainStay PineStone Global Equity Fund, MainStay PineStone International Equity Fund, MainStay PineStone U.S. Equity Fund, MainStay Winslow Large Cap Growth Fund, MainStay WMC Enduring Capital Fund, MainStay WMC Growth Fund, MainStay WMC International Research Equity Fund, MainStay WMC Small Companies Fund and MainStay WMC Value Fund
Dividends from the net investment income (if any) of the following MainStay Funds are declared and paid at least quarterly:
MainStay Balanced Fund, MainStay CBRE Global Infrastructure Fund, MainStay CBRE Real Estate Fund, MainStay Conservative Allocation Fund, MainStay Conservative ETF Allocation Fund, MainStay Epoch Global Equity Yield Fund, MainStay Epoch U.S. Equity Yield Fund and MainStay MacKay Convertible Fund
Dividends from the net investment income (if any) of the following MainStay Funds are declared and paid at least monthly:
MainStay Candriam Emerging Markets Debt Fund, MainStay Cushing MLP Premier Fund, MainStay Income Builder Fund, MainStay MacKay High Yield Corporate Bond Fund, MainStay MacKay Short Duration High Income Fund, MainStay MacKay Strategic Bond Fund, MainStay MacKay Total Return Bond Fund and MainStay Short Term Bond Fund
Dividends from the net investment income (if any) of the following MainStay Funds are declared daily and paid at least monthly:
MainStay Floating Rate Fund, MainStay MacKay California Tax Free Opportunities Fund, MainStay MacKay High Yield Municipal Bond Fund, MainStay MacKay New York Tax Free Opportunities Fund, MainStay MacKay Short Term Municipal Fund, MainStay MacKay Strategic Municipal Allocation Fund, MainStay MacKay Tax Free Bond Fund, MainStay MacKay U.S. Infrastructure Bond Fund and MainStay Money Market Fund
Dividends are generally paid during the last week of the month after a dividend is declared, except in December when they may be paid earlier in the month.
You generally begin earning dividends the next business day after the MainStay Funds receives your purchase request in good order.
Capital Gains
The MainStay Funds earn capital gains when they sell securities at a profit.
When the Funds Pay Capital Gains
The MainStay Funds will normally declare and distribute any capital gains, if any, to shareholders annually, typically in December.
How to Take Your Earnings
You may receive your portion of MainStay Fund earnings in one of seven ways. You can make your choice at the time of application, and change it as often as you like by notifying your financial adviser (if permitted) or the MainStay Funds directly. The seven choices are:
1. Reinvest dividends and capital gains in:
· the same MainStay Fund; or
· another MainStay Fund of your choice (other than a MainStay Fund that is closed, either to new investors or to new share purchases).
2. Take the dividends in cash and reinvest the capital gains in the same MainStay Fund.
3. Take the capital gains in cash and reinvest the dividends in the same MainStay Fund.
4. Take a percentage of dividends or capital gains in cash and reinvest the remainder in the same MainStay Fund.
5. Take dividends and capital gains in cash.
6. Reinvest all or a percentage of the capital gains in another MainStay Fund of your choice (subject to eligibility requirements and other than a MainStay Fund that is closed, either to new investors or to new share purchases) and reinvest the dividends in the original MainStay Fund.
7. Reinvest all or a percentage of the dividends in another MainStay Fund (other than a MainStay Fund that is closed, either to new investors or to new share purchases) and reinvest the capital gains in the original MainStay Fund.
If you do not make one of these choices on your application, your earnings will be automatically reinvested in the same class of shares of the same MainStay Fund.
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Shareholder Guide
MainStay Candriam Emerging Markets Equity Fund, MainStay Cushing MLP Premier Fund, MainStay International/Global Equity Funds, MainStay Mixed Asset Funds, MainStay Money Market Fund, MainStay Taxable Bond Funds and MainStay U.S. Equity Funds
Distributions received by tax-exempt shareholders will not be subject to federal income tax to the extent permitted under applicable law. If you are not a tax-exempt shareholder virtually all of the dividends and capital gains distributions you receive from the MainStay Funds are subject to tax, whether you take them as cash or automatically reinvest them. Distributions from a MainStay Fund's realized capital gains are subject to tax based on the length of time a MainStay Fund holds its investments, regardless of how long you hold MainStay Fund shares. Generally, if a MainStay Fund realizes long-term capital gains, the capital gains distributions are subject to tax as long-term capital gains; earnings realized from short-term capital gains and income generated on debt investments, dividend income and other sources are generally subject to tax as ordinary income upon distribution.
For individual and certain other non-corporate shareholders, a portion of the dividends received from the MainStay Funds may be treated as "qualified dividend income," which is subject to tax to individuals and certain other non-corporate shareholders at preferential rates, to the extent that such MainStay Funds earn qualified dividend income from domestic corporations and certain qualified foreign corporations and that certain holding period and other requirements are met. Individual and certain other non-corporate shareholders must also generally satisfy a more than 60-day holding period and other requirements with respect to each distribution of qualified dividends in order to qualify for the preferential rates on such distributions. For certain corporate shareholders, a portion of the dividends received from the MainStay Funds may qualify for the corporate dividends received deduction if certain conditions are met. The maximum individual federal income tax rate applicable to qualified dividend income and long-term capital gains is either 15% or 20%, depending on whether the individual’s income exceeds certain threshold amounts.
Under certain circumstances, the MainStay Money Market Fund may impose a liquidity fee on Fund redemptions. A liquidity fee will reduce the amount a shareholder will receive upon the redemption of the shareholder’s shares, and will decrease the amount of any capital gain or increase the amount of any capital loss the shareholder will recognize from such redemption. There is some degree of uncertainty with respect to the tax treatment of liquidity fees received by the Fund, and such tax treatment may be the subject of future guidance issued by the IRS. If a Fund earns liquidity fees, it will consider the appropriate tax treatment of such fees to the Fund at such time. Please see the section entitled “Information on Liquidity Fees for the MainStay Money Market Fund” above for additional information regarding liquidity fees.
MainStay Tax-Exempt Funds
The MainStay Tax-Exempt Funds’ distributions to shareholders are generally expected to be exempt from regular federal income taxes, and in the case of MainStay MacKay California Tax Free Opportunities Fund and MainStay MacKay New York Tax Free Opportunities Fund, California and New York personal income taxes, respectively. A portion of the distributions may be subject to the alternative minimum tax. In addition, these MainStay Funds may also derive taxable income and/or capital gains. Distributions to shareholders of any such taxable income or capital gains would generally be subject to tax whether you take them as cash or automatically reinvest them. These MainStay Funds' realized earnings, if any, from capital gains are subject to tax based on the length of time such MainStay Fund holds investments, regardless of how long you hold MainStay Fund shares. If any of the MainStay Tax-Exempt Funds realize long-term capital gains, the earnings distributions are subject to tax as long-term capital gains; earnings from short-term capital gains and taxable income generated on debt investments and other sources are generally subject to tax as ordinary income upon distribution. Interest on indebtedness incurred or continued to be incurred by a shareholder of a MainStay Tax-Exempt Fund to purchase or carry shares of such a Fund is not deductible to the extent it is deemed related to the Fund’s distributions from tax-exempt income.
"Tax-Free" Rarely Means "Totally Tax-Free"
· A tax-free fund or municipal bond fund may earn taxable income—in other words, you may have taxable income even from a generally tax-free fund.
· Tax-exempt dividends may still be subject to state and local taxes.
· Any time you sell shares—even shares of a tax-free fund—you will generally be subject to tax on any gain (the rise in the share price above the price at which you purchased the shares).
· If you sell shares of a tax-free fund at a loss after receiving a tax-exempt dividend, and you have held the shares for six months or less, then you may not be allowed to claim a loss on the sale.
· Some tax-exempt income may be subject to the alternative minimum tax.
· Capital gains declared in a tax-free fund are not tax-free.
· Acquisitions of municipal securities at a market discount may also result in ordinary income.
MainStay MacKay California Tax Free Opportunities Fund
So long as, at the close of each quarter of the MainStay MacKay California Tax Free Opportunities Fund’s taxable year, at least 50% of the value of the MainStay MacKay California Tax Free Opportunities Fund’s assets consists of California municipal bonds, distributions
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Shareholder Guide
not exceeding the interest received on such California municipal bonds less deductible expenses allocable to such interest will be treated as interest excludable from the income of California residents for purposes of the California personal income tax. Such distributions paid to a shareholder subject to the California corporate franchise tax will be taxable as ordinary income for purposes of such tax. Interest income from other investments may produce taxable dividend distributions. If you are subject to income tax in a state other than California, distributions derived from interest on California municipal bonds may, depending on the treatment of out-of-state municipal bonds by that state, not be exempt from tax in that state. Distributions of taxable income and capital gains will be subject to tax at ordinary income tax rates for California state income tax purposes. Interest on indebtedness incurred or continued by a shareholder of the MainStay MacKay California Tax Free Opportunities Fund to purchase or carry shares of that Fund generally will not be deductible for California personal income tax purposes. Interest on indebtedness incurred or continued to be incurred by a shareholder of MainStay MacKay California Tax Free Opportunities Fund to purchase or carry shares of the Fund is not deductible to the extent that it is deemed related to the Fund’s distributions from tax-exempt income.
MainStay MacKay New York Tax Free Opportunities Fund
MainStay MacKay New York Tax Free Opportunities Fund seeks to comply with certain state tax requirements so that individual shareholders of MainStay MacKay New York Tax Free Opportunities Fund that are residents of New York State will not be subject to New York State income tax on distributions that are derived from interest on obligations exempt from taxation by New York State. To meet those requirements, MainStay MacKay New York Tax Free Opportunities Fund will invest in New York State or municipal bonds. Individual shareholders of MainStay MacKay New York Tax Free Opportunities Fund who are residents of New York City will also be able to exclude such distributions for New York City personal income tax purposes. Distributions by MainStay MacKay New York Tax Free Opportunities Fund derived from interest on obligations exempt from taxation by New York State may be subject to New York State and New York City taxes imposed on corporations. If you are subject to tax in a state other than New York, any distributions by the Fund derived from interest in New York municipal bonds may, depending on the treatment of out-of-state municipal bonds by that state, not be exempt from tax in that state. Interest on indebtedness incurred or continued to be incurred by a shareholder of the MainStay MacKay New York Tax Free Opportunities Fund to purchase or carry shares of that Fund is not deductible to the extent it is deemed related to the Fund’s distributions from tax-exempt income.
MainStay MacKay Short Term Municipal Fund
MainStay MacKay Short Term Municipal Fund will normally invest at least 80% of its assets (net assets plus any borrowings for investment purposes) in an actively managed, diversified portfolio of tax-exempt municipal debt securities, including securities with special features (e.g., puts and variable or floating rates) which have price volatility characteristics similar to debt securities. At least 50% of the MainStay MacKay Short Term Municipal Fund’s total assets must be invested in tax-exempt municipal securities as of the end of each fiscal quarter in order for the MainStay MacKay Short Term Municipal Fund to be able to pay distributions from its net tax-exempt income. Although the MainStay MacKay Short Term Municipal Fund normally will seek to qualify to pay distributions from its net tax-exempt income, there is no guarantee that the MainStay MacKay Short Term Municipal Fund will achieve such result. Distributions of net income from taxable bonds would be taxable as ordinary income. All distributions by the MainStay MacKay Short Term Municipal Fund, including any distributions from tax-exempt income, may be includible in taxable income for purposes of the federal alternative minimum tax. Interest on indebtedness incurred or continued to be incurred by a shareholder of a MainStay MacKay Short Term Municipal Fund to purchase or carry shares of that Fund is not deductible to the extent it is deemed related to the MainStay MacKay Short Term Municipal Fund’s distributions from tax-exempt income.
MainStay Asset Allocation Funds and MainStay ETF Asset Allocation Funds
Distributions received by tax-exempt shareholders will not be subject to federal income tax to the extent permitted under applicable tax law. If you are not a tax-exempt shareholder, virtually all of the dividends and capital gains distributions you receive from the MainStay Asset Allocation Funds and MainStay ETF Asset Allocation Funds are subject to tax, whether you take them as cash or automatically reinvest them. These MainStay Funds can have income, gains or losses from any distributions or redemptions in the Underlying Funds and Underlying ETFs. Distributions of the long-term capital gains of the MainStay Asset Allocation Funds, MainStay ETF Asset Allocation Funds or Underlying Funds and Underlying ETFs will generally be subject to tax as long-term capital gains. The maximum individual federal income tax rate applicable to long-term capital gains is either 15% or 20%, depending on whether the individual’s income exceeds certain threshold amounts. Other distributions, including short-term capital gains, will be subject to tax as ordinary income. The structure of these MainStay Funds and the reallocation of investments among Underlying Funds and Underlying ETFs could affect the amount, timing and character of distributions.
For individual and certain other non-corporate shareholders, a portion of the dividends received from the MainStay Asset Allocation Funds and MainStay ETF Asset Allocation Funds may be treated as "qualified dividend income," which is currently taxable to individuals at preferential rates, to the extent that the Underlying Funds and Underlying ETFs earn qualified dividend income from domestic corporations and certain qualified foreign corporations and that certain holding periods and other requirements are met. The shareholder must also satisfy a more than 60-day holding period and other requirements with respect to each distribution of qualified dividends in order to qualify for the preferential rates on such distributions. For U.S. corporate shareholders, a portion of the dividends received from the MainStay Asset Allocation Funds and MainStay ETF Asset Allocation Funds may qualify for the corporate dividends received
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Shareholder Guide
deduction. The maximum individual federal income tax rate applicable to “qualified dividend income” is either 15% or 20%, depending on whether the individual’s income exceeds certain threshold amounts.
MainStay Cushing MLP Premier Fund
As a RIC, the Fund generally will not pay corporate-level federal income taxes on any ordinary income or capital gains that is distributed to shareholders as dividends. To obtain and maintain the federal income tax benefits of RIC status, the Fund must meet specified source-of-income and asset diversification requirements and distribute annually an amount equal to at least 90% of the sum of net ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses, if any, out of assets legally available for distribution. In accordance with the tax requirements applicable to a RIC, the Fund will, as of the end of each quarter of its taxable year going forward, invest no more than 25% of the value of its total assets in the securities of MLPs and other entities treated as qualified publicly traded partnerships, which are treated as partnerships for U.S. federal income tax purposes and are defined more specifically in the provisions applicable to RICs.
To the extent that the MLP Premier Fund invests in the equity securities of an MLP, the MLP Premier Fund will be a partner in such MLP. Accordingly, the MLP Premier Fund will be required to include in its taxable income the MLP Premier Fund’s allocable share of the income, gains, losses, deductions and expenses recognized by each such MLP, regardless of whether the MLP distributes cash to the MLP Premier Fund. Based upon a review of the historic results of the type of MLPs in which the MLP Premier Fund intends to invest, the MLP Premier Fund expects that the cash distributions it will receive with respect to an investment in equity securities of MLPs will exceed the taxable income allocated to the MLP Premier Fund from such MLPs.
The MLP Premier Fund will recognize a gain or loss on the sale, exchange or other taxable disposition of an equity security of an MLP equal to the difference between the amount realized by the MLP Premier Fund on the sale, exchange or other taxable disposition and the MLP Premier Fund’s adjusted tax basis in such equity security. The amount realized by the MLP Premier Fund generally will be the amount paid by the purchaser of the equity security plus the MLP Premier Fund’s allocable share, if any, of the MLP’s debt that will be allocated to the purchaser as a result of the sale, exchange or other taxable disposition. The MLP Premier Fund’s tax basis in its equity securities in an MLP is generally equal to the amount the MLP Premier Fund paid for the equity securities, (a) increased by the MLP Premier Fund’s allocable share of the MLP’s net taxable income and certain MLP nonrecourse debt, if any, and (b) decreased by the MLP Premier Fund’s allocable share of the MLP’s net losses, any decrease in the amount of MLP nonrecourse debt allocated to the MLP Premier Fund, and any distributions received by the MLP Premier Fund from the MLP. Depreciation or other cost recovery deductions passed through to the Fund from investments in MLPs in a given year will generally reduce the Fund's taxable income (and earnings and profits), but those deductions may be recaptured in the Fund's income (and earnings and profits) in subsequent years when the MLPs dispose of their assets or when the Fund disposes of its interests in the MLPs. When deductions are recaptured, the Fund may realize taxable income and distributions to the Fund's shareholders may be taxable, even though the shareholders at the time of the recapture might not have held Shares in the Fund at the time the deductions were taken by the Fund, and even though the Fund does not have corresponding economic gain on its investment at the time of the recapture. Such taxable income from recapture may be realized even if an MLP interest is sold at a loss or may exceed the gain if the MLP interest is sold at a gain. Losses allocated to the Fund from one MLP investment will carry forward as separate activity passive losses until such investment generates income or is itself sold, with such losses not being available in the meantime to offset income or gains allocated to the Fund from other MLP investments. Any distribution by an MLP to the MLP Premier Fund in excess of the MLP Premier Fund’s allocable share of such MLP’s net taxable income will decrease the MLP Premier Fund’s tax basis in the MLP equity security and, as a result, increase the amount of gain (or decrease the amount of loss) that will be recognized on the sale of the equity security in the MLP by the MLP Premier Fund. If the MLP Premier Fund is required to sell equity securities in the MLPs to meet redemption requests, the MLP Premier Fund likely will recognize income and/or realized gain or losses for U.S. federal income tax purposes.
The MLP Premier Fund’s investment practices are subject to special and complex U.S. federal income tax provisions that may, among other things, (i) disallow, suspend or otherwise limit the allowance of certain losses or deductions, (ii) convert an ordinary loss or a deduction into a capital loss (the deductibility of which is more limited), (iii) cause the MLP Premier Fund to recognize income or gain without a corresponding receipt of cash, (iv) adversely affect the time as to when a purchase or sale of stock or securities is deemed to occur, and (v) adversely alter the characterization of certain complex financial transactions.
Tax Reporting and Withholding (All MainStay Funds)
We will mail your tax report for each calendar year by February 15 of the following calendar year. This report will tell you which dividends and redemption proceeds should be treated as taxable ordinary income, which portion, if any, as qualified dividends, and which portion, if any, as long-term capital gains.
For MainStay Fund shares acquired January 1, 2012 or later, cost basis will be reported to you and the IRS for any IRS Form 1099-B reportable transactions (e.g., redemptions and exchanges). The cost basis accounting method you select will be used to report transactions. If you do not select a cost basis accounting method, the MainStay Funds’ default method (i.e., average cost if available) will be used.
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The MainStay Funds may be required to withhold U.S. federal income tax, currently at the rate of 24%, of all taxable distributions payable to you if you fail to provide the MainStay Funds with your correct taxpayer identification number or fail to make required certifications, or if you have been notified by the IRS that you are subject to backup withholding. Such withholding is not an additional tax and any amounts withheld may be credited against your U.S. federal income tax liability.
Non-U.S. shareholders will generally be subject to U.S. tax withholding at the rate of 30% (or a lower rate under a tax treaty if applicable) on dividends paid by the MainStay Funds.
The MainStay Funds are required to withhold U.S. tax (at a 30% rate) on payments of taxable dividends made to certain entities that fail to comply (or to be deemed compliant) with extensive reporting and withholding requirements in the Internal Revenue Code designed to inform the U.S. Department of the Treasury of U.S.-owned foreign investment accounts. Shareholders may be requested to provide additional information to the Funds to enable the MainStay Funds to determine whether withholding is required.
Return of Capital (All MainStay Funds)
If a MainStay Fund's distributions exceed its taxable income and capital gains realized in any year, such excess distributions generally will constitute a return of capital for federal income tax purposes. A return of capital generally will not be taxable to you at the time of the distribution, but will reduce the cost basis of your shares and result in a higher reported capital gain or a lower reported capital loss when you sell shares.
Tax Treatment of Exchanges (All MainStay Funds)
An exchange of shares of one MainStay Fund for shares of another generally will be treated as a sale of shares of the first MainStay Fund and a purchase of shares of the second MainStay Fund. Any gain or loss on the transaction will be tax reportable by a shareholder if you are not a tax-exempt shareholder.
Medicare Tax (All MainStay Funds)
An additional 3.8% Medicare tax is imposed on certain net investment income (including ordinary dividends and capital gain distributions received from a MainStay Fund and net gains from redemptions or other taxable dispositions of Fund shares) of U.S. individuals, estates and trusts to the extent that such person’s “modified adjusted gross income” (in the case of an individual) or “adjusted gross income” (in the case of an estate or trust) exceeds certain threshold amounts.
General U.S. Tax Treatment U.S. Nonresident Shareholders (All MainStay Funds)
Non-U.S. shareholders generally will be subject to U.S. federal withholding tax at the rate of 30% on distributions treated as ordinary income, and may be subject to estate tax with respect to their MainStay Fund shares. However, non-U.S. shareholders may not be subject to U.S. federal withholding tax on certain distributions derived from certain U.S. source interest income and/or certain short-term capital gains earned by the MainStay Funds, to the extent reported by the MainStay Funds. There can be no assurance as to whether any of a MainStay Fund’s distributions will be eligible for this exemption from withholding of U.S. federal income tax or, if eligible, will be reported as such by the MainStay Funds. Moreover, depending on the circumstances, a MainStay Fund may report all, some or none of the MainStay Fund’s potentially eligible dividends as derived from such U.S. interest income or from such short-term capital gains, and a portion of the MainStay Fund’s distributions (e.g., interest from non-U.S. sources or any foreign currency gains) would be ineligible for this potential exemption from withholding when paid to non-U.S. shareholders.
Non-U.S. shareholders who fail to furnish any MainStay Fund with the proper IRS Form W-8 (i.e., IRS Form W-8BEN, IRS Form W-8BEN-E, IRS Form W-8ECI, IRS Form W-8IMY or IRS Form W-8EXP), or an acceptable substitute, may be subject to backup withholding (currently at a rate of 24%) rate on dividends (including capital gain dividends) and on the proceeds of redemptions and exchanges. The MainStay Funds are also required to withhold U.S. tax (at a 30% rate) on payments of dividends made to certain non-U.S. shareholders that fail to comply (or be deemed compliant) with extensive reporting and withholding requirements in the Internal Revenue Code designed to inform the U.S. Department of the Treasury of U.S.-owned foreign investment accounts. Shareholders may be requested to provide additional information to determine whether such withholding is required. Non-U.S. shareholders are advised to consult with their own tax advisors with respect to the particular tax consequences to them of an investment in the MainStay Funds.
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Know With Whom You Are Investing
The Board oversees the actions of the Manager, the Subadvisors and the Distributor and decides on general policies governing the operations of the Funds. The Board also oversees the Funds' officers, who conduct and supervise the daily business of the Funds.
New York Life Investments is located at 51 Madison Avenue, New York, New York 10010. New York Life Investments, a Delaware limited liability company, commenced operations in April 2000 and is an indirect, wholly-owned subsidiary of New York Life. As of December 31, 2023, New York Life Investments and its affiliates managed approximately $716 billion in assets.
In accordance with the stated investment objectives, policies and restrictions of the Funds and subject to the oversight of the Board, the Manager provides various advisory services to the Funds. The Manager is responsible for, among other things, managing all aspects of the advisory operations of each Fund and the composition of the investment portfolio of each Fund. The Manager has delegated certain advisory duties with regard to certain Funds (including management of all or a portion of a Fund’s assets) to the Subadvisors. The Manager supervises the services provided by the Subadvisors by performing due diligence, evaluating the performance of the Subadvisors and periodically reporting to the Board regarding the results of the Manager’s evaluation and monitoring functions. The Manager periodically makes recommendations to the Board regarding the renewal, modification or termination of agreements with the Subadvisors.
The Manager is responsible for providing (or procuring) certain administrative services, such as furnishing the Funds with office facilities and ordinary clerical, bookkeeping and recordkeeping services. In addition, the Manager is responsible for maintaining certain financial, accounting and other records for the Funds and providing various compliance services.
The Manager pays the Funds' Chief Compliance Officer’s compensation (a portion of which may be reimbursed by the Funds), the salaries and expenses of all personnel affiliated with the Funds, except for the independent members of the Board, and all operational expenses that are not the responsibility of the Funds, including the fees paid to the Subadvisors. Pursuant to a management agreement with each Fund, the Manager is entitled to receive fees from each Fund, accrued daily and payable monthly.
For the fiscal year ended October 31, 2023, each Fund paid the Manager an effective management fee (exclusive of any applicable waivers / reimbursements) for services performed as a percentage of the average daily net assets of the Fund as follows:
Effective
Rate Paid for the Year Ended | |
MainStay Candriam Emerging Markets Equity Fund |
1.00% |
MainStay Epoch Capital Growth Fund |
0.75% |
MainStay Epoch Global Equity Yield Fund |
0.70% |
MainStay Epoch International Choice Fund |
0.80% |
MainStay Epoch U.S. Equity Yield Fund |
0.69% |
MainStay Fiera SMID Growth Fund1 |
0.75% |
MainStay PineStone Global Equity Fund2 |
0.48% |
MainStay PineStone International Equity Fund2 |
0.80% |
MainStay PineStone U.S. Equity Fund2 |
0.55% |
MainStay S&P 500 Index Fund |
0.16% |
MainStay Winslow Large Cap Growth Fund |
0.62% |
MainStay WMC Enduring Capital |
0.55% |
MainStay WMC Growth Fund |
0.68% |
MainStay WMC International Research Equity Fund |
0.75% |
MainStay WMC Small Companies Fund |
0.80% |
MainStay WMC Value Fund |
0.66% |
1 The effective management fee rate includes management fees paid by the Fund's Predecessor Fund, which had a higher management fee than the Fund's current management fee.
2 The effective management fee rates include management fees paid by each Fund's Predecessor Fund, which had the same management fee as each Fund's current management fee.
For information regarding the basis of the Board's approval of the management agreement and subadvisory agreement(s) for each Fund (except for MainStay Fiera SMID Growth Fund, MainStay PineStone Global Equity Fund, MainStay PineStone International Equity Fund and
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MainStay PineStone U.S. Equity Fund), please refer to each Fund's Semi-Annual Report to shareholders for the fiscal period ended April 30, 2023. For information regarding the basis of the Board's approval of the management agreements and subadvisory agreements for MainStay Fiera SMID Growth Fund, MainStay PineStone Global Equity Fund, MainStay PineStone International Equity Fund and MainStay PineStone U.S. Equity Fund, please refer to each Fund's report to shareholders for the fiscal year ended October 31, 2023.
The Manager is not responsible for records maintained by the Subadvisors, custodian, transfer agent or dividend disbursing agent except to the extent expressly provided in the management agreement between the Manager and the Funds.
Pursuant to an agreement with New York Life Investments, JPMorgan Chase Bank, N.A., 383 Madison Avenue, New York, New York 10179 ("JPMorgan") provides sub-administration and sub-accounting services for the Funds. These services include, among other things, calculating daily NAVs of the Funds, maintaining general ledger and sub-ledger accounts for the calculation of the Funds' respective NAVs, and assisting New York Life Investments in conducting various aspects of the Funds' administrative operations. For providing these services to the Funds, JPMorgan is compensated by New York Life Investments.
Voluntary
Except as otherwise stated, each voluntary waiver or reimbursement discussed below may be discontinued at any time.
New York Life Investments has agreed to voluntarily waive fees and/or reimburse expenses of the appropriate class of certain MainStay Funds so that the Total Annual Fund Operating Expenses (excluding taxes, interest, litigation, extraordinary expenses, brokerage and other transaction expenses relating to the purchase and sale of portfolio investments, and acquired (underlying) fund fees and expenses) of a class do not exceed the percentages of average daily net assets set forth below.
MainStay S&P 500 Index Fund: Investor Class, 0.70%; and SIMPLE Class, 0.95%
MainStay Winslow Large Cap Growth Fund: Class R1, 0.95%
MainStay WMC International Research Equity Fund: Investor Class, 1.95%; and Class C, 2.70%
Prior to the effective date of their current voluntary expense waiver/reimbursement arrangements, certain MainStay Funds had different arrangements in place.
Contractual
With respect to the MainStay Winslow Large Cap Growth Fund, New York Life Investments has agreed to waive a portion of its management fee so that the management fee does not exceed 0.550% on assets $11 billion and $13 billion, and 0.525% on assets over $13 billion.
This agreement will remain in effect until February 28, 2025, and shall renew automatically for one-year terms unless New York Life Investments provides written notice of termination prior to the start of the next term or upon approval of the Board of Trustees of the Fund.
In addition to contractual waivers described elsewhere in this Prospectus, New York Life Investments has contractually agreed to waive fees and/or reimburse expenses of the appropriate class of certain MainStay Funds so that the Total Annual Fund Operating Expenses (excluding taxes, interest, litigation, extraordinary expenses, brokerage and other transaction expenses relating to the purchase or sale of portfolio investments, and acquired (underlying) fund fees and expenses) of a class do not exceed the percentages of average daily net assets set forth below:
MainStay S&P 500 Index Fund: Class A, 0.60%, with an equivalent waiver or reimbursement, in an equal number of basis points, to the other share classes.
MainStay Winslow Large Cap Growth Fund: Class I, 0.88%.
MainStay PineStone U.S. Equity Fund: Class A, 0.99%, Class C, 1.89%, Class I, 0.74%, Class R6, 0.73%, Class P, 0.74%.
All Funds
Except as otherwise stated in this Prospectus, New York Life Investments has contractually agreed to waive fees and/or reimburse expenses so that Total Annual Fund Operating Expenses (excluding taxes, interest, litigation, extraordinary expenses, brokerage and other transaction expenses relating to the purchase or sale of portfolio investments, and acquired (underlying) fund fees and expenses) of Class R6 do not exceed those of Class I.
New York Life Investments has contractually agreed to waive fees and/or reimburse expenses so that the transfer agency expenses charged to any Fund’s share class do not exceed 0.35% of that share class’s average daily net assets on an annual basis after deducting any applicable Fund or class-level reimbursements or small account fees.
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For all funds except for the MainStay Fiera SMID Growth Fund, MainStay PineStone Global Equity, MainStay PineStone International Equity and MainStay PineStone U.S. Equity Fund, these agreements will remain in effect until February 28, 2025 and thereafter shall renew automatically for one-year terms unless New York Life Investments provides written notice of termination prior to the start of the next term or upon approval of the Board.
For MainStay Fiera SMID Growth Fund, MainStay PineStone Global Equity Fund, and MainStay PineStone U.S. Equity Fund, the agreements will remain in effect until February 28, 2026 and thereafter shall renew automatically for one-year terms unless New York Life Investments provides written notice of termination prior to the start of the next term or upon approval of the Board.
For MainStay PineStone International Equity Fund, the agreements will remain in effect until February 28, 2028 and thereafter shall renew automatically for one-year terms unless New York Life Investments provides written notice of termination prior to the start of the next term or upon approval of the Board.
New York Life Investments serves as Manager of the Funds.
Under the supervision of the Manager, the Subadvisors listed below are responsible for making the specific decisions about the following: (i) buying, selling and holding securities; (ii) selecting brokers and brokerage firms to trade for them; (iii) maintaining accurate records; and, if possible, (iv) negotiating favorable commissions and fees with the brokers and brokerage firms for all the Funds they oversee. For these services, each Subadvisor is paid a monthly fee by the Manager out of its management fee, not by the Funds. See the SAI for a breakdown of fees.
Fiera Capital Inc. (“Fiera Capital”) is located at 375 Park Avenue, 8th Floor, New York, New York 10152, and provides day-to-day management of the investments of the Fund, subject to the oversight of the Advisor. As of December 31, 2023, Fiera Capital had $22.44 billion in regulatory assets under management. Fiera Capital is the subadvisor to the MainStay Fiera SMID Growth Fund.
Candriam has its principal office at 19-21 route d’Arlon L-8009 Strassen, Luxembourg. As of December 31, 2023, Candriam had $160.18 billion in assets under supervision, which included $127.32 billion in regulatory assets under management. The remainder consisted of other non-discretionary advisory or related services. Candriam is an indirect majority-owned subsidiary of New York Life. Candriam is the subadvisor to the MainStay Candriam Emerging Markets Equity Fund.
Epoch Investment Partners, Inc. ("Epoch") is located at 1 Vanderbilt Avenue, New York, New York 10017. Epoch is an indirect, wholly-owned subsidiary of The Toronto Dominion Bank. As of December 31, 2023, Epoch managed approximately $34.3 billion in assets. Epoch is the subadvisor to the MainStay Epoch Capital Growth Fund, MainStay Epoch Global Equity Yield Fund, MainStay Epoch International Choice Fund and MainStay Epoch U.S. Equity Yield Fund.
IndexIQ Advisors LLC (“IndexIQ Advisors”) has been registered as an investment advisor with the SEC since August 2007, has provided investment advisory services to registered investment companies since June 2008, and is a wholly-owned indirect subsidiary of New York Life Investment Management Holdings LLC. IndexIQ Advisors’ principal office is at 51 Madison Avenue, New York, New York 10010. As of December 31, 2023, IndexIQ Advisors had approximately $9.7 billion in assets under management. IndexIQ is the subadvisor to the MainStay S&P 500 Index Fund.
PineStone Asset Management Inc. (“PineStone”) is located at 1981 McGill College Avenue, Suite 1600 Montreal, Québec H3A 2Y1. As of December 31, 2023, PineStone manages approximately $48.1 billion in assets. PineStone is the subadvisory to MainStay PineStone Global Equity Fund, MainStay PineStone International Equity Fund and MainStay PineStone U.S. Equity Fund.
Wellington Management Company LLP (“Wellington”) has its principal offices at 280 Congress Street, Boston, Massachusetts 02210. As of December 31, 2023, Wellington had over $1.2 trillion of assets under management. Wellington is the subadvisor to the MainStay WMC Enduring Capital Fund, MainStay WMC Growth Fund, MainStay WMC International Research Equity Fund, MainStay WMC Small Companies Fund and MainStay WMC Value Fund.
Winslow Capital Management, LLC ("Winslow Capital") is located at 4400 IDS Center, 80 South Eighth Street, Minneapolis, Minnesota 55402. Winslow Capital has been an investment adviser since 1992, and is a wholly-owned subsidiary of Nuveen, LLC (“Nuveen”). As of October 1, 2014, Nuveen is an indirect subsidiary of TIAA. As of December 31, 2023, Winslow Capital managed approximately $27.6 billion in assets. Winslow is the subadvisor to the MainStay Winslow Large Cap Growth Fund.
The following section provides biographical information about the Funds' portfolio managers. Additional information regarding the portfolio managers' compensation, other accounts managed and ownership of shares of the Funds is available in the SAI.
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Greg Barrato |
Mr. Barrato has managed the MainStay S&P 500 Index Fund since 2023. Mr. Barrato joined IndexIQ Advisors as a Vice President in November 2010 and has been a Senior Vice President of IndexIQ Advisors since August 2013. Prior to joining IndexIQ Advisors, Mr. Barrato served as Head Global Equity Trader and Trader at Lucerne Capital Management, LLC from 2008 to 2010 and as Assistant Trader and Operations Manager at ReachCapital Management, LP from 2004 to 2008. Mr. Barrato is a graduate of the University of Connecticut. |
Steven D. Bleiberg |
Mr. Bleiberg has been a portfolio manager of MainStay Epoch Capital Growth Fund since 2016. Mr. Bleiberg joined Epoch Investment Partners in 2014, where he is Managing Director and Portfolio Manager. Prior to joining Epoch, Mr. Bleiberg was a portfolio manager with Legg Mason. Mr. Bleiberg holds an AB from Harvard and an MS from the Sloan School of Management at MIT with a concentration in Finance. |
William J. Booth, CFA |
Mr. Booth has been a portfolio manager of the MainStay Epoch International Choice Fund since 2017. Mr. Booth joined Epoch in 2009, where he is a Managing Director, Co-Chief Investment Officer and Portfolio Manager. Prior to joining Epoch, Mr. Booth was a consumer and retail analyst at PioneerPath Capital, which is a long/short equity hedge fund. Mr. Booth holds a BS in Chemical Engineering from Yale University and an MBA from New York University’s Leonard N. Stern School of Business. He also holds the Chartered Financial Analyst® (“CFA®”) designation. |
Patrick M. Burton, CFA |
Mr. Burton is a Senior Managing Director and Portfolio Manager of Winslow Capital and has been with the firm since 2010. Mr. Burton has been part of the investment management team for the MainStay Winslow Large Cap Growth Fund since 2013. Prior to joining Winslow Capital, Mr. Burton was a Senior Equity Research Analyst at Thrivent Asset Management from 2009 to 2010. Prior to that, Mr. Burton was a Managing Director with Citigroup Investments from 1999 to 2009. Mr. Burton received his BS with distinction in Finance from the University of Minnesota. He is also a CFA® charterholder. |
Peter W. Carpi, CFA |
Mr. Carpi has managed the MainStay WMC Small Companies Fund since 2021. He is a Senior Managing Director and Portfolio Manager and re-joined Wellington in 2005. Mr. Carpi has been in the investment management industry since 2000. He earned his MBA from Stanford University (2005) and his BSE in electrical engineering from the University of Pennsylvania (Moore, 2000). Additionally, Mr. Carpi holds the Chartered Financial Analyst designation |
Andrew Chan, M.Sc. |
Mr. Chan has managed the MainStay PineStone Global Equity Fund, MainStay PineStone International Equity Fund and MainStay PineStone U.S. Equity Fund since 2023. Mr. Chan assisted in the founding of PineStone Asset Management Inc. and serves as the firm’s Head of Research. Prior to assisting in founding PineStone Asset Management Inc. in 2021, Mr. Chan was a Vice-President, Director of Research of the Global Equity Team at Fiera Capital. Prior to joining Fiera Capital in 2009, Mr. Chan was a Senior Analyst covering U.S. Small Cap equities at Van Berkom and Associates from 2007 to 2009. Prior to that, Mr. Chan was a Research Analyst covering Global equities at Montrusco Bolton from 2005 to 2007. Prior to Montrusco Bolton, Mr. Chan was a Research Analyst at Van Berkom and Associates from 2001 to 2003. Mr. Chan received his BComm from McGill University in 2000 and his MSc. from HEC Montreal in 2005. |
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David Cook, CFA |
Mr. Cook has managed the MainStay Fiera SMID Growth Fund since 2023. He is a Vice-President and Portfolio Manager at Fiera Capital Inc. He joined in 2018 from Federated Investors, where he worked as a midcap portfolio manager and as a healthcare analyst for over 17 years. Mr. Cook has covered healthcare stocks extensively throughout his career, including at some of his previous firms (Founders Asset Management and Fifth Third Bank). His buy side experience encompasses both long only funds as well as absolute return funds. Mr. Cook holds the CFA designation, and has an MBA from the Weatherhead School of Management at the Case Western Reserve University and a BA in Economics from Miami (OH) University. |
Peter A. Dlugosch |
Mr. Dlugosch is a Managing Director, Portfolio Manager and Analyst of Winslow Capital and has been with the firm since 2013. He has managed the MainStay Winslow Large Cap Growth Fund since 2022. Prior to joining Winslow Capital, he was an Executive Director, Institutional Equity Sales & Trading at UBS Investment Bank in Boston. Mr. Dlugosch earned his BS in Business Administration-Finance from Villanova University. |
David B. DuBard, CFA |
Mr. DuBard has managed the MainStay WMC Small Companies Fund since 2023. He is an equity portfolio manager on the Wellington Emerging Companies Team. Prior to joining Wellington in 1992, Mr. DuBard worked in the research department at Morgan Keegan and Company from 1988 to 1989, analyzing energy, bank, and airline equities. Mr. DuBard earned his MBA, with a concentration in finance, from the University of Pennsylvania (Wharton) and his BA in economics and business administration from Rhodes College. Additionally, he holds the Chartered Financial Analyst designation and is a member of the CFA Society Boston. |
Betsy M. George |
Ms. George has managed MainStay WMC Value Fund since February 2024. She is Managing Director and Equity Research Analyst and joined Wellington in 2017. Ms. George has been in the investment management industry since 2004. She earned an MBA from Harvard Business School and a BS in economics, with honors, from the Wharton School at the University of Pennsylvania. |
Ravi Gill, CFA |
Mr. Gill has managed the MainStay WMC Value Fund since February 2024. He joined Wellington in 2019 and is currently a Managing Director and Equity Research Analyst. Prior to joining Wellington, he worked as a research analyst at Capital Group from 2013 to 2018. Mr. Gill earned his MSc in accounting and BBA in finance and investments, summa cum laude, from Baruch College of the City University of New York. Additionally, Mr. Gill holds the Chartered Financial Analyst designation and is a member of the CFA® Institute. |
Steven M. Hamill, CFA |
Mr. Hamill has been a portfolio manager of the MainStay Winslow Large Cap Growth Fund since 2023. He joined Winslow Capital in 2006 and is currently a Senior Managing Director. Prior to joining Winslow Capital, he was a Senior Analyst at Piper Jaffray and RBC Capital Markets providing research on the medical device industry. He also served as a Manager at Arthur Andersen. Mr. Hamill graduated Magna Cum Laude with a BS in Honors Economics & Finance from Marquette University. He is also a CFA® charterholder. |
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Adam H. Illfelder, CFA |
Mr. Illfelder has managed the MainStay WMC Value Fund since 2021. He is Senior Managing Director and Portfolio Manager and joined Wellington in 2005. Mr. Illfelder has been in the investment management industry since 1997. He earned his MBA from Northwestern University (Kellogg, 2001) and his BS in economics from the University of Pennsylvania (1997). Additionally, Mr. Illfelder is a CFA® charterholder and is a member of the CFA Institute. |
Rob Katz |
Mr. Katz has managed the MainStay WMC Enduring Capital Fund since February 2024. Mr. Katz is an equity research analyst on the Durable Equity Team, where he focuses on the Durable Companies and Durable Enterprises approaches. Prior to joining Wellington, Mr. Katz co-founded Durable Partners, a long-term oriented investment firm focused on investing in small/mid-size private companies. Mr. Katz previously worked as an analyst in the Public Equity Group at Bain Capital from 2013 to 2019, as an associate at Clayton, Dubilier & Rice from 2010 to 2012, and as an investment banking analyst at Goldman Sachs from 2008 to 2010. Mr. Katz earned his MBA from Harvard Business School and his A.B. in economics from Princeton University. |
Justin H. Kelly, CFA |
Mr. Kelly is the Chief Executive Officer, Chief Investment Officer, and a Portfolio Manager of Winslow Capital, and has been with the firm since 1999. Mr. Kelly has been part of the investment management team for the MainStay Winslow Large Cap Growth Fund since 2005. Mr. Kelly graduated summa cum laude from Babson College in 1993 with a BS in Finance/Investments. He is also a CFA® charterholder. |
Francis J. Ok |
Mr. Ok has managed the MainStay S&P 500 Index Fund since 1996. Mr. Ok is a Managing Director at IndexIQ Advisors LLC. Prior to joining IndexIQ, Mr. Ok was the Head of Equity Trading for the Equity teams at MacKay Shields and the Lead Portfolio Manager for the Passive Equity index strategies. Mr. Ok holds a BS in Economics from Northeastern University. |
Glen Petraglia, CFA |
Mr. Petraglia has been a portfolio manager of the MainStay Epoch International Choice Fund since 2018. He is a Managing Director, portfolio manager and senior equity research analyst of Epoch Investment Partners, Inc. Prior to joining Epoch in 2014, Mr. Petraglia was a generalist portfolio manager and an analyst at Standard Life Investments in Boston, where he focused on consumer staples, restaurants and regional banks. Before Standard Life, he held positions at Citigroup and Nabisco. He received his BS from Providence College and an MBA from New York University’s Leonard N. Stern School of Business. Mr. Petraglia is a CFA® charterholder. |
William W. Priest, CFA |
Mr. Priest has managed the MainStay Epoch Global Equity Yield Fund and MainStay Epoch U.S. Equity Yield Fund since 2009, and the MainStay Epoch Capital Growth Fund since 2016. Mr. Priest founded Epoch in 2004, where he is Executive Chairman, Co-Chief Investment Officer and Portfolio Manager. Mr. Priest is a graduate of Duke University and the University of Pennsylvania's Wharton School of Business. He is also a CFA® charterholder. Mr. Priest will serve as a portfolio manager for the Funds until on or about March 31, 2024. |
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Mary L. Pryshlak, CFA |
Ms. Pryshlak has managed the MainStay WMC International Research Equity Fund since 2021. She is a Senior Managing Director and Head of the Investment Research group at Wellington. Ms. Pryshlak joined Wellington in 2004 and has been in the investment management industry since 1995. She received her BA in economics and French from Rutgers College (1993). Ms. Pryshlak also holds the Chartered Financial Analyst designation and is a member of the Association of Insurance and Financial Analysts (AIFA), the CFA Institute, and the CFA Society Boston. |
Sunil Reddy, CFA |
Mr. Reddy has managed the MainStay Fiera SMID Growth Fund since 2023. He is a Senior Vice President at Fiera Capital Inc. with diverse investment management experience accumulating since 1991. Mr. Reddy is a member of the investment committee at Fiera Growth Strategies, in addition to covering technology, fincnial and consumer discretionary sectors. His background includes stints in portfolio management, equity analysis and in corporate debt underwriting, trading and syndication roles. Mr. Reddy joined Apex (a predecessor of Fiera) from Fifth Third where he co-managed the Fifth Third Quality Growth Fund and was the sole manager for the Fifth Third Technology fund. In addition, Mr. Reddy was an integral member of the Growth team covering the technology and financial sectors. Mr. Reddy also has extensive fixed income experience having managed a $6 billion fixed income portfolio at Fifth Third. At Keycorp, Mr. Reddy was involved in various funding and interest rate risk management strategies for the Funds Management group. Mr. Reddy is a Chartered Financial Analyst, and has an M.B.A from Weatherhead School of Management, Case Western Reserve University and an undergraduate degree in Electrical Engineering from The Ohio State University. |
Nadim Rizk, MBA, CFA |
Mr. Rizk has managed the MainStay PineStone Global Equity Fund, MainStay PineStone International Equity Fund and MainStay PineStone U.S. Equity Fund since 2023. Mr. Rizk is the Chief Executive Officer, Chief Investment Officer and Lead Portfolio Manager of PineStone Asset Management Inc. Prior to founding PineStone Asset Management Inc. in 2021, Mr. Rizk was a Senior Vice President, Head of the Global Equity Team and Lead Portfolio Manager at Fiera Capital. Prior to joining Fiera in 2009, Mr. Rizk was a Senior Global Research Analyst from 2000 to 2004, and the Head of Global Equities and Manager of the U.S. and Global equity funds from 2004 to 2009 at Montrusco Bolton. Prior to Montrusco Bolton, Mr. Rizk was an equity Research Analyst at CN Investments from 1998 to 2000. Mr. Rizk received his BComm from the American University of Beirut in 1995 and his MBA from McGill University in Montréal in 1998 and has earned the right to use the Chartered Financial Analyst designation since 2001. |
Lamine Saidi |
Mr. Saidi has managed the MainStay Candriam Emerging Markets Equity Fund since 2017. He has served as a Senior Fund Manager for Candriam since 2005. Mr. Saidi has worked in Emerging Markets since 2010. He was previously with Fortis Investment and Swisscorp Financial Advisory. Mr. Saidi graduated with an undergraduate degree in Banking and Financial Econometrics and a Master’s degree in Finance from University of Aix-en-Provence in France. |
Paulo Salazar |
Mr. Salazar has managed the MainStay Candriam Emerging Markets Equity Fund since 2021. He is Head of Emerging Market Equities. Mr. Salazar joined Candriam in 2015 as an Emerging Markets equity analyst and has over 15 years of Emerging Markets experience in private equity and financial markets. Mr. Salazar earned his B.B.A. in Corporate Finance and Financial Markets from FGV-EAESP in Sao Paulo and has an International Diploma in Finance from University of California, Berkeley. |
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Philip Screve |
Mr. Screve has managed the MainStay Candriam Emerging Markets Equity Fund since 2017. He has served as Senior Fund Manager in charge of Central and East European Emerging Markets for Candriam since 2003 and has experience in Emerging Markets since joining Candriam. Mr. Screve joined Candriam (formerly Bank BACOB) in 1992 and has been a Senior Equity Fund Manager since 1998. Mr. Screve holds a Master’s degree in Commerce and Finance from the Vlekho Business School in Belgium. |
Clark R. Shields |
Mr. Shields has managed the MainStay WMC Growth Fund since 2023. He is a Managing Director and Equity Portfolio Manager and joined Wellington in 2015. Mr. Shields has been in the investment management industry since 1998. He received his MBA from Harvard Business School and his BS in business administration from Washington and Lee University. |
Andrew J. Shilling, CFA |
Mr. Shilling has managed MainStay WMC Growth Fund since 2021. He is a Senior Managing Director and Equity Portfolio Manager and joined Wellington in 2001. Mr. Shilling has been in the investment management industry since 1989. He earned his BA in history from Amherst College. Additionally, Mr. Shilling holds the CFA® designation. |
David J. Siino, CFA, CAIA |
Mr. Siino has been a portfolio manager of the MainStay Epoch Capital Growth Fund since 2016. Mr. Siino joined Epoch in 2007, where he is a Managing Director, Portfolio Manager and Senior Research Analyst. Prior to joining Epoch in 2007, Mr. Siino was a research analyst with Gabelli & Company where he was responsible for covering the financial services sector, overseeing the automotive sector research team and making buy/sell recommendations for the Gabelli mutual funds. Mr. Siino holds a BA from Hofstra University and an MBA from Baruch College. He is also a CFA® charterholder and a Chartered Alternative Investment Analyst. |
John Tobin, PhD, CFA |
Mr. Tobin has been a portfolio manager for the MainStay Epoch U.S. Equity Yield Fund since 2013 and the MainStay Epoch Global Equity Yield Fund since 2014. Mr. Tobin joined Epoch in 2012 and is a Managing Director, Portfolio Manager and Senior Research Analyst. His primary focus is on Epoch’s U.S. and Global Equity Shareholder Yield strategies. Mr. Tobin has been in the investment management industry since 1987. Mr. Tobin received AB, AM and PhD degrees in Economics from Fordham University and is a CFA® charterholder. |
Kera Van Valen, CFA |
Ms. Van Valen has been a portfolio manager of the MainStay Epoch U.S. Equity Yield Fund since 2013 and the MainStay Epoch Global Equity Yield Fund since 2014. Ms. Van Valen joined Epoch in 2005 and is a Managing Director, Portfolio Manager and Senior Research Analyst. Her primary focus is on Epoch’s U.S. and Global Equity Shareholder Yield strategies. Prior to joining the Global Equity team, Ms. Van Valen was an analyst within Epoch’s Quantitative Research & Risk Management team. Ms. Van Valen received her BA in Mathematics from Colgate University and her MBA from Columbia Business School and is a CFA® charterholder. |
Michael A. Welhoelter, CFA |
Mr. Welhoelter has been a portfolio manager of the MainStay Epoch Global Equity Yield Fund and the MainStay Epoch U.S. Equity Yield Fund since 2009, the MainStay Epoch Capital Growth Fund since 2016, and the MainStay Epoch International Choice Fund since 2017. Mr. Welhoelter joined Epoch in 2005 and is President, Co-Chief Investment Officer, Portfolio Manager and Head of Risk Management. Mr. Welhoelter holds a BA in Computer and Information Science from Colgate University. He is a member of the New York Society of Security Analysts and the Society of Quantitative Analysts. Mr. Welhoelter is also a CFA® charterholder. |
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Mark A. Whitaker, CFA |
Mr. Whitaker has managed MainStay WMC Enduring Capital Fund since 2021. He joined Wellington in 2004, and is a Senior Managing Director and Equity Portfolio Manager. Mr. Whitaker has been in the investment management industry since 2000. He earned his MBA from Stanford University (2004) and his BS in business administration from the University of Kansas, Lawrence (1999). Additionally, Mr. Whitaker holds the CFA® designation. |
Jonathan G. White, CFA |
Mr. White has managed the MainStay WMC International Research Equity Fund since 2021. He is a Managing Director and the Director of the Research Portfolios for Investment Research group at Wellington. Mr. White joined Wellington in 1999 and has been in the investment management industry since 1994. He received his MBA, magna cum laude, from Babson College (Olin, 2002) and his BBA in finance, cum laude, from the University of Massachusetts (1994). Additionally, he holds the Chartered Financial Analyst designation. |
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180
The financial highlights tables are intended to help you understand the Funds' financial performance for the past five fiscal years ended October 31, or if shorter, the period of the Funds' operations. Certain information reflects financial results for a single Fund share. The total returns in the tables represent the rate that an investor would have earned or lost on an investment in a Fund (assuming reinvestment of all dividends and capital gain distributions and excluding all sales charges). This information has been audited by KPMG LLP (except with respect to Fiera SMID Growth Fund, PineStone Global Equity Fund, PineStone International Equity Fund and PineStone U.S. Equity Fund), whose report, along with each Fund's financial statements, is included in each Fund's Annual Report, which is available upon request.
The Fiera SMID Growth Fund, PineStone Global Equity Fund, PineStone International Equity Fund and PineStone U.S. Equity Fund have adopted the operating history of their respective predecessor fund for financial reporting purposes. Beginning with the period from April 1, 2023 through October 31, 2023, such Funds were audited by KPMG LLP, whose report, along with each such Fund's financial statements, is included in such Fund's Annual Report, which is available upon request. Therefore, the financial highlights presented for such Funds for the periods prior to April 1, 2023, is that of the predecessor funds and was audited by the predecessor funds' independent auditor, whose report therein was unqualified.
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Financial Highlights
MainStay Candriam Emerging Markets Equity Fund
(a series of MainStay Funds Trust)
(Selected per share data and ratios)
|
Year Ended October 31, | ||||||||||||||
Class A |
2023 |
2022 |
2021 |
2020 |
2019 | ||||||||||
Net asset value at beginning of year |
$ |
8.24 |
|
$ |
12.73 |
|
$ |
10.66 |
|
$ |
8.97 |
|
$ |
7.98 |
|
Net investment income (loss)(a) |
|
0.08 |
|
|
0.13 |
|
|
0.04 |
|
|
0.02 |
|
|
0.10 |
|
Net realized and unrealized gain (loss) |
|
0.14 |
|
|
(4.56 |
) |
|
2.06 |
|
|
1.85 |
|
|
0.93 |
|
Total from investment operations |
|
0.22 |
|
|
(4.43 |
) |
|
2.10 |
|
|
1.87 |
|
|
1.03 |
|
Less distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income |
|
(0.07 |
) |
|
(0.06 |
) |
|
(0.03 |
) |
|
(0.18 |
) |
|
(0.04 |
) |
Net asset value at end of year |
$ |
8.39 |
|
$ |
8.24 |
|
$ |
12.73 |
|
$ |
10.66 |
|
$ |
8.97 |
|
Total investment return(b) |
|
2.60 |
% |
|
(34.95 |
)% |
|
19.68 |
% |
|
21.14 |
% |
|
12.96 |
% |
Ratios (to average net assets)/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
0.84 |
% |
|
1.25 |
% |
|
0.30 |
% |
|
0.22 |
% |
|
1.18 |
% |
Net expenses(c) |
|
1.33 |
% |
|
1.44 |
% |
|
1.47 |
% |
|
1.50 |
% |
|
1.50 |
% |
Expenses (before waiver/reimbursement)(c) |
|
1.55 |
% |
|
1.77 |
% |
|
1.75 |
% |
|
2.00 |
% |
|
1.77 |
% |
Portfolio turnover rate |
|
60 |
% |
|
105 |
% |
|
74 |
% |
|
122 |
% |
|
107 |
% |
Net assets at end of year (in 000’s) |
$ |
1,910 |
|
$ |
2,144 |
|
$ |
2,921 |
|
$ |
1,111 |
|
$ |
77 |
|
(a) |
Per share data based on average shares outstanding during the year. |
(b) |
Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) |
In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
|
Year Ended October 31, | ||||||||||||||
Investor Class |
2023 |
2022 |
2021 |
2020 |
2019 | ||||||||||
Net asset value at beginning of year |
$ |
8.22 |
|
$ |
12.70 |
|
$ |
10.65 |
|
$ |
8.95 |
|
$ |
7.97 |
|
Net investment income (loss)(a) |
|
0.06 |
|
|
0.12 |
|
|
0.02 |
|
|
0.02 |
|
|
0.07 |
|
Net realized and unrealized gain (loss) |
|
0.13 |
|
|
(4.55 |
) |
|
2.05 |
|
|
1.84 |
|
|
0.94 |
|
Total from investment operations |
|
0.19 |
|
|
(4.43 |
) |
|
2.07 |
|
|
1.86 |
|
|
1.01 |
|
Less distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income |
|
(0.05 |
) |
|
(0.05 |
) |
|
(0.02 |
) |
|
(0.16 |
) |
|
(0.03 |
) |
Net asset value at end of year |
$ |
8.36 |
|
$ |
8.22 |
|
$ |
12.70 |
|
$ |
10.65 |
|
$ |
8.95 |
|
Total investment return(b) |
|
2.33 |
% |
|
(34.99 |
)% |
|
19.49 |
% |
|
21.11 |
%(c) |
|
12.71 |
%(c) |
Ratios (to average net assets)/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
0.68 |
% |
|
1.09 |
% |
|
0.15 |
% |
|
0.17 |
% |
|
0.76 |
% |
Net expenses(d) |
|
1.50 |
% |
|
1.57 |
% |
|
1.52 |
% |
|
1.52 |
% |
|
1.66 |
% |
Expenses (before waiver/reimbursement)(d) |
|
1.72 |
% |
|
1.88 |
% |
|
1.81 |
% |
|
2.03 |
% |
|
1.92 |
% |
Portfolio turnover rate |
|
60 |
% |
|
105 |
% |
|
74 |
% |
|
122 |
% |
|
107 |
% |
Net assets at end of year (in 000's) |
$ |
198 |
|
$ |
256 |
|
$ |
507 |
|
$ |
360 |
|
$ |
121 |
|
(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. |
182
Financial Highlights
MainStay Candriam Emerging Markets Equity Fund
(a series of MainStay Funds Trust)
(Selected per share data and ratios)
|
Year Ended October 31, | ||||||||||||||
Class C |
2023 |
2022 |
2021 |
2020 |
2019 | ||||||||||
Net asset value at beginning of year |
$ |
8.05 |
|
$ |
12.48 |
|
$ |
10.52 |
|
$ |
8.85 |
|
$ |
7.91 |
|
Net investment income (loss)(a) |
|
(0.02 |
) |
|
0.04 |
|
|
(0.08 |
) |
|
(0.05 |
) |
|
(0.01 |
) |
Net realized and unrealized gain (loss) |
|
0.15 |
|
|
(4.47 |
) |
|
2.04 |
|
|
1.83 |
|
|
0.95 |
|
Total from investment operations |
|
0.13 |
|
|
(4.43 |
) |
|
1.96 |
|
|
1.78 |
|
|
0.94 |
|
Less distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income |
|
— |
|
|
— |
|
|
— |
|
|
(0.11 |
) |
|
— |
|
Net asset value at end of year |
$ |
8.18 |
|
$ |
8.05 |
|
$ |
12.48 |
|
$ |
10.52 |
|
$ |
8.85 |
|
Total investment return(b) |
|
1.61 |
% |
|
(35.50 |
)% |
|
18.63 |
%(c) |
|
20.23 |
% |
|
11.88 |
% |
Ratios (to average net assets)/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
(0.18 |
)% |
|
0.36 |
% |
|
(0.63 |
)% |
|
(0.52 |
)% |
|
(0.13 |
)% |
Net expenses(d) |
|
2.25 |
% |
|
2.31 |
% |
|
2.27 |
% |
|
2.27 |
% |
|
2.40 |
% |
Expenses (before waiver/reimbursement)(d) |
|
2.48 |
% |
|
2.64 |
% |
|
2.57 |
% |
|
2.78 |
% |
|
2.67 |
% |
Portfolio turnover rate |
|
60 |
% |
|
105 |
% |
|
74 |
% |
|
122 |
% |
|
107 |
% |
Net assets at end of year (in 000’s) |
$ |
71 |
|
$ |
141 |
|
$ |
212 |
|
$ |
217 |
|
$ |
56 |
|
(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 |
2023 |
2022 |
2021 |
2020 |
2019 | ||||||||||
Net asset value at beginning of year |
$ |
8.33 |
|
$ |
12.85 |
|
$ |
10.77 |
|
$ |
8.99 |
|
$ |
8.00 |
|
Net investment income (loss)(a) |
|
0.12 |
|
|
0.16 |
|
|
0.05 |
|
|
0.05 |
|
|
(0.02 |
) |
Net realized and unrealized gain (loss) |
|
0.12 |
|
|
(4.58 |
) |
|
2.11 |
|
|
1.87 |
|
|
1.07 |
|
Total from investment operations |
|
0.24 |
|
|
(4.42 |
) |
|
2.16 |
|
|
1.92 |
|
|
1.05 |
|
Less distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income |
|
(0.09 |
) |
|
(0.10 |
) |
|
(0.08 |
) |
|
(0.14 |
) |
|
(0.06 |
) |
Net asset value at end of year |
$ |
8.48 |
|
$ |
8.33 |
|
$ |
12.85 |
|
$ |
10.77 |
|
$ |
8.99 |
|
Total investment return(b) |
|
2.87 |
% |
|
(34.65 |
)% |
|
20.05 |
% |
|
21.60 |
% |
|
13.28 |
% |
Ratios (to average net assets)/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
1.28 |
% |
|
1.65 |
% |
|
0.38 |
% |
|
0.55 |
% |
|
(0.26 |
)% |
Net expenses(c) |
|
1.01 |
% |
|
1.06 |
% |
|
1.07 |
% |
|
1.15 |
% |
|
1.15 |
% |
Expenses (before waiver/reimbursement)(c) |
|
1.29 |
% |
|
1.54 |
% |
|
1.52 |
% |
|
1.79 |
% |
|
1.52 |
% |
Portfolio turnover rate |
|
60 |
% |
|
105 |
% |
|
74 |
% |
|
122 |
% |
|
107 |
% |
Net assets at end of year (in 000’s) |
$ |
20,401 |
|
$ |
12,977 |
|
$ |
4,532 |
|
$ |
30 |
|
$ |
40 |
|
(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. |
183
Financial Highlights
MainStay Candriam Emerging Markets Equity Fund
(a series of MainStay Funds Trust)
(Selected per share data and ratios)
|
Year Ended October 31, | ||||||||||||||
Class R6 |
2023 |
2022 |
2021 |
2020 |
2019 | ||||||||||
Net asset value at beginning of year |
$ |
8.28 |
|
$ |
12.79 |
|
$ |
10.71 |
|
$ |
9.00 |
|
$ |
8.01 |
|
Net investment income (loss)(a) |
|
0.11 |
|
|
0.17 |
|
|
0.08 |
|
|
0.05 |
|
|
0.10 |
|
Net realized and unrealized gain (loss) |
|
0.13 |
|
|
(4.57 |
) |
|
2.06 |
|
|
1.86 |
|
|
0.95 |
|
Total from investment operations |
|
0.24 |
|
|
(4.40 |
) |
|
2.14 |
|
|
1.91 |
|
|
1.05 |
|
Less distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income |
|
(0.10 |
) |
|
(0.11 |
) |
|
(0.06 |
) |
|
(0.20 |
) |
|
(0.06 |
) |
Net asset value at end of year |
$ |
8.42 |
|
$ |
8.28 |
|
$ |
12.79 |
|
$ |
10.71 |
|
$ |
9.00 |
|
Total investment return(b) |
|
2.82 |
% |
|
(34.65 |
)% |
|
20.05 |
% |
|
21.61 |
% |
|
13.29 |
% |
Ratios (to average net assets)/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
1.24 |
% |
|
1.63 |
% |
|
0.58 |
% |
|
0.51 |
% |
|
1.11 |
% |
Net expenses(c) |
|
1.01 |
% |
|
1.06 |
% |
|
1.07 |
% |
|
1.15 |
% |
|
1.15 |
% |
Expenses (before waiver/reimbursement)(c) |
|
1.23 |
% |
|
1.40 |
% |
|
1.32 |
% |
|
1.53 |
% |
|
1.42 |
% |
Portfolio turnover rate |
|
60 |
% |
|
105 |
% |
|
74 |
% |
|
122 |
% |
|
107 |
% |
Net assets at end of year (in 000’s) |
$ |
126,160 |
|
$ |
93,598 |
|
$ |
83,916 |
|
$ |
83,230 |
|
$ |
49,111 |
|
(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. |
184
Financial Highlights
MainStay Epoch Capital Growth Fund
(a series of MainStay Funds Trust)
(Selected per share data and ratios)
|
Year Ended October 31, | ||||||||||||||
Class A |
2023 |
2022 |
2021 |
2020 |
2019 | ||||||||||
Net asset value at beginning of year |
$ |
10.44 |
|
$ |
17.09 |
|
$ |
14.43 |
|
$ |
13.20 |
|
$ |
12.21 |
|
Net investment income (loss)(a) |
|
0.06 |
|
|
0.03 |
|
|
(0.01 |
) |
|
0.00‡ |
|
|
0.07 |
|
Net realized and unrealized gain (loss) |
|
1.61 |
|
|
(2.86 |
) |
|
5.43 |
|
|
1.92 |
|
|
1.81 |
|
Total from investment operations |
|
1.67 |
|
|
(2.83 |
) |
|
5.42 |
|
|
1.92 |
|
|
1.88 |
|
Less distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income |
|
(0.02 |
) |
|
— |
|
|
(0.03 |
) |
|
(0.07 |
) |
|
(0.08 |
) |
From net realized gain on investments |
|
(0.11 |
) |
|
(3.82 |
) |
|
(2.73 |
) |
|
(0.62 |
) |
|
(0.81 |
) |
Total distributions |
|
(0.13 |
) |
|
(3.82 |
) |
|
(2.76 |
) |
|
(0.69 |
) |
|
(0.89 |
) |
Net asset value at end of year |
$ |
11.98 |
|
$ |
10.44 |
|
$ |
17.09 |
|
$ |
14.43 |
|
$ |
13.20 |
|
Total investment return(b) |
|
16.09 |
% |
|
(20.79 |
)% |
|
42.61 |
% |
|
15.31 |
% |
|
16.82 |
% |
Ratios (to average net assets)/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
0.51 |
% |
|
0.30 |
% |
|
(0.08 |
)% |
|
0.01 |
% |
|
0.58 |
% |
Net expenses(c) |
|
1.15 |
% |
|
1.15 |
% |
|
1.15 |
% |
|
1.13 |
% |
|
1.15 |
% |
Expenses (before waiver/reimbursement)(c) |
|
1.26 |
% |
|
1.25 |
% |
|
1.36 |
% |
|
1.16 |
% |
|
1.27 |
% |
Portfolio turnover rate |
|
30 |
% |
|
31 |
% |
|
80 |
% |
|
43 |
% |
|
46 |
% |
Net assets at end of year (in 000’s) |
$ |
38,828 |
|
$ |
20,880 |
|
$ |
21,767 |
|
$ |
6,733 |
|
$ |
4,041 |
|
‡ |
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. |
185
Financial Highlights
MainStay Epoch Capital Growth Fund
(a series of MainStay Funds Trust)
(Selected per share data and ratios)
|
Year Ended October 31, | ||||||||||||||
Investor Class |
2023 |
2022 |
2021 |
2020 |
2019 | ||||||||||
Net asset value at beginning of year |
$ |
10.35 |
|
$ |
17.02 |
|
$ |
14.40 |
|
$ |
13.16 |
|
$ |
12.18 |
|
Net investment income (loss)(a) |
|
0.03 |
|
|
0.01 |
|
|
(0.05 |
) |
|
(0.02 |
) |
|
0.04 |
|
Net realized and unrealized gain (loss) |
|
1.60 |
|
|
(2.86 |
) |
|
5.40 |
|
|
1.92 |
|
|
1.80 |
|
Total from investment operations |
|
1.63 |
|
|
(2.85 |
) |
|
5.35 |
|
|
1.90 |
|
|
1.84 |
|
Less distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income |
|
— |
|
|
— |
|
|
(0.00 |
)‡ |
|
(0.04 |
) |
|
(0.05 |
) |
From net realized gain on investments |
|
(0.11 |
) |
|
(3.82 |
) |
|
(2.73 |
) |
|
(0.62 |
) |
|
(0.81 |
) |
Total distributions |
|
(0.11 |
) |
|
(3.82 |
) |
|
(2.73 |
) |
|
(0.66 |
) |
|
(0.86 |
) |
Net asset value at end of year |
$ |
11.87 |
|
$ |
10.35 |
|
$ |
17.02 |
|
$ |
14.40 |
|
$ |
13.16 |
|
Total investment return(b) |
|
15.81 |
% |
|
(21.04 |
)% |
|
42.05 |
% |
|
15.14 |
% |
|
16.42 |
% |
Ratios (to average net assets)/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
0.26 |
% |
|
0.05 |
% |
|
(0.31 |
)% |
|
(0.17 |
)% |
|
0.30 |
% |
Net expenses(c) |
|
1.41 |
% |
|
1.39 |
% |
|
1.42 |
% |
|
1.34 |
% |
|
1.43 |
% |
Expenses (before waiver/reimbursement)(c) |
|
1.46 |
% |
|
1.44 |
% |
|
1.59 |
% |
|
1.36 |
% |
|
1.54 |
% |
Portfolio turnover rate |
|
30 |
% |
|
31 |
% |
|
80 |
% |
|
43 |
% |
|
46 |
% |
Net assets at end of year (in 000's) |
$ |
3,195 |
|
$ |
1,134 |
|
$ |
1,648 |
|
$ |
1,416 |
|
$ |
1,177 |
|
‡ |
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. |
186
Financial Highlights
MainStay Epoch Capital Growth Fund
(a series of MainStay Funds Trust)
(Selected per share data and ratios)
|
Year Ended October 31, | ||||||||||||||
Class C |
2023 |
2022 |
2021 |
2020 |
2019 | ||||||||||
Net asset value at beginning of year |
$ |
9.86 |
|
$ |
16.49 |
|
$ |
14.10 |
|
$ |
12.97 |
|
$ |
12.04 |
|
Net investment income (loss)(a) |
|
(0.05 |
) |
|
(0.08 |
) |
|
(0.16 |
) |
|
(0.12 |
) |
|
(0.06 |
) |
Net realized and unrealized gain (loss) |
|
1.52 |
|
|
(2.73 |
) |
|
5.28 |
|
|
1.87 |
|
|
1.80 |
|
Total from investment operations |
|
1.47 |
|
|
(2.81 |
) |
|
5.12 |
|
|
1.75 |
|
|
1.74 |
|
Less distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income |
|
— |
|
|
— |
|
|
— |
|
|
(0.62 |
) |
|
(0.81 |
) |
From net realized gain on investments |
|
(0.11 |
) |
|
(3.82 |
) |
|
(2.73 |
) |
|
— |
|
|
— |
|
Total distributions |
|
(0.11 |
) |
|
(3.82 |
) |
|
(2.73 |
) |
|
(0.62 |
) |
|
(0.81 |
) |
Net asset value at end of year |
$ |
11.22 |
|
$ |
9.86 |
|
$ |
16.49 |
|
$ |
14.10 |
|
$ |
12.97 |
|
Total investment return(b) |
|
14.97 |
% |
|
(21.60 |
)% |
|
41.17 |
% |
|
14.24 |
% |
|
15.59 |
% |
Ratios (to average net assets)/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
(0.43 |
)% |
|
(0.71 |
)% |
|
(1.09 |
)% |
|
(0.92 |
)% |
|
(0.46 |
)% |
Net expenses(c) |
|
2.15 |
% |
|
2.14 |
% |
|
2.17 |
% |
|
2.09 |
% |
|
2.17 |
% |
Expenses (before waiver/reimbursement)(c) |
|
2.20 |
% |
|
2.20 |
% |
|
2.34 |
% |
|
2.11 |
% |
|
2.27 |
% |
Portfolio turnover rate |
|
30 |
% |
|
31 |
% |
|
80 |
% |
|
43 |
% |
|
46 |
% |
Net assets at end of year (in 000’s) |
$ |
1,091 |
|
$ |
794 |
|
$ |
1,288 |
|
$ |
1,152 |
|
$ |
1,236 |
|
(a) |
Per share data based on average shares outstanding during the year. |
(b) |
Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) |
In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
|
Year Ended October 31, | ||||||||||||||
Class I |
2023 |
2022 |
2021 |
2020 |
2019 | ||||||||||
Net asset value at beginning of year |
$ |
10.49 |
|
$ |
17.15 |
|
$ |
14.47 |
|
$ |
13.23 |
|
$ |
12.24 |
|
Net investment income (loss)(a) |
|
0.09 |
|
|
0.06 |
|
|
0.03 |
|
|
0.04 |
|
|
0.08 |
|
Net realized and unrealized gain (loss) |
|
1.62 |
|
|
(2.88 |
) |
|
5.45 |
|
|
1.92 |
|
|
1.83 |
|
Total from investment operations |
|
1.71 |
|
|
(2.82 |
) |
|
5.48 |
|
|
1.96 |
|
|
1.91 |
|
Less distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income |
|
(0.05 |
) |
|
(0.02 |
) |
|
(0.07 |
) |
|
(0.10 |
) |
|
(0.11 |
) |
From net realized gain on investments |
|
(0.11 |
) |
|
(3.82 |
) |
|
(2.73 |
) |
|
(0.62 |
) |
|
(0.81 |
) |
Total distributions |
|
(0.16 |
) |
|
(3.84 |
) |
|
(2.80 |
) |
|
(0.72 |
) |
|
(0.92 |
) |
Net asset value at end of year |
$ |
12.04 |
|
$ |
10.49 |
|
$ |
17.15 |
|
$ |
14.47 |
|
$ |
13.23 |
|
Total investment return(b) |
|
16.39 |
% |
|
(20.63 |
)% |
|
42.99 |
% |
|
15.58 |
% |
|
17.11 |
% |
Ratios (to average net assets)/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
0.75 |
% |
|
0.54 |
% |
|
0.21 |
% |
|
0.29 |
% |
|
0.66 |
% |
Net expenses(c) |
|
0.90 |
% |
|
0.90 |
% |
|
0.90 |
% |
|
0.90 |
% |
|
0.90 |
% |
Expenses (before waiver/reimbursement)(c) |
|
1.01 |
% |
|
1.00 |
% |
|
1.10 |
% |
|
0.93 |
% |
|
1.00 |
% |
Portfolio turnover rate |
|
30 |
% |
|
31 |
% |
|
80 |
% |
|
43 |
% |
|
46 |
% |
Net assets at end of year (in 000’s) |
$ |
84,371 |
|
$ |
41,282 |
|
$ |
53,944 |
|
$ |
56,502 |
|
$ |
119,464 |
|
(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. |
187
Financial Highlights
MainStay Epoch Global Equity Yield Fund
(a series of MainStay Funds Trust)
(Selected per share data and ratios)
|
Year Ended October 31, | ||||||||||||||
Class A |
2023 |
2022 |
2021 |
2020 |
2019 | ||||||||||
Net asset value at beginning of year |
$ |
18.28 |
|
$ |
20.18 |
|
$ |
15.83 |
|
$ |
18.75 |
|
$ |
18.38 |
|
Net investment income (loss)(a) |
|
0.46 |
|
|
0.41 |
|
|
0.45 |
|
|
0.46 |
|
|
0.57 |
|
Net realized and unrealized gain (loss) |
|
0.55 |
|
|
(1.87 |
) |
|
4.43 |
|
|
(2.59 |
) |
|
1.42 |
|
Total from investment operations |
|
1.01 |
|
|
(1.46 |
) |
|
4.88 |
|
|
(2.13 |
) |
|
1.99 |
|
Less distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income |
|
(0.54 |
) |
|
(0.44 |
) |
|
(0.53 |
) |
|
(0.45 |
) |
|
(0.59 |
) |
From net realized gain on investments |
|
— |
|
|
— |
|
|
— |
|
|
(0.34 |
) |
|
(1.03 |
) |
Total distributions |
|
(0.54 |
) |
|
(0.44 |
) |
|
(0.53 |
) |
|
(0.79 |
) |
|
(1.62 |
) |
Net asset value at end of year |
$ |
18.75 |
|
$ |
18.28 |
|
$ |
20.18 |
|
$ |
15.83 |
|
$ |
18.75 |
|
Total investment return(b) |
|
5.45 |
% |
|
(7.36 |
)% |
|
30.98 |
% |
|
(11.48 |
)% |
|
11.66 |
% |
Ratios (to average net assets)/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
2.36 |
% |
|
2.08 |
% |
|
2.32 |
% |
|
2.74 |
% |
|
3.17 |
% |
Net expenses(c) |
|
1.09 |
%(d) |
|
1.09 |
% |
|
1.09 |
%(e) |
|
1.09 |
%(e) |
|
1.10 |
%(e) |
Expenses (before waiver/reimbursement)(c) |
|
1.16 |
%(d) |
|
1.16 |
% |
|
1.16 |
%(e) |
|
1.14 |
%(e) |
|
1.14 |
%(e) |
Portfolio turnover rate |
|
30 |
% |
|
50 |
% |
|
27 |
% |
|
40 |
% |
|
24 |
% |
Net assets at end of year (in 000’s) |
$ |
111,149 |
|
$ |
120,648 |
|
$ |
134,982 |
|
$ |
103,166 |
|
$ |
125,791 |
|
(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 of 0.01%. |
(e) |
Net of interest expense of less than 0.01%. |
|
Year Ended October 31, | ||||||||||||||
Investor Class |
2023 |
2022 |
2021 |
2020 |
2019 | ||||||||||
Net asset value at beginning of year |
$ |
18.24 |
|
$ |
20.14 |
|
$ |
15.80 |
|
$ |
18.72 |
|
$ |
18.35 |
|
Net investment income (loss)(a) |
|
0.45 |
|
|
0.39 |
|
|
0.44 |
|
|
0.46 |
|
|
0.57 |
|
Net realized and unrealized gain (loss) |
|
0.54 |
|
|
(1.86 |
) |
|
4.42 |
|
|
(2.59 |
) |
|
1.42 |
|
Total from investment operations |
|
0.99 |
|
|
(1.47 |
) |
|
4.86 |
|
|
(2.13 |
) |
|
1.99 |
|
Less distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income |
|
(0.52 |
) |
|
(0.43 |
) |
|
(0.52 |
) |
|
(0.45 |
) |
|
(0.59 |
) |
From net realized gain on investments |
|
— |
|
|
— |
|
|
— |
|
|
(0.34 |
) |
|
(1.03 |
) |
Total distributions |
|
(0.52 |
) |
|
(0.43 |
) |
|
(0.52 |
) |
|
(0.79 |
) |
|
(1.62 |
) |
Net asset value at end of year |
$ |
18.71 |
|
$ |
18.24 |
|
$ |
20.14 |
|
$ |
15.80 |
|
$ |
18.72 |
|
Total investment return(b) |
|
5.39 |
% |
|
(7.42 |
)% |
|
30.91 |
% |
|
(11.53 |
)% |
|
11.67 |
% |
Ratios (to average net assets)/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
2.28 |
% |
|
2.02 |
% |
|
2.29 |
% |
|
2.70 |
% |
|
3.15 |
% |
Net expenses(c) |
|
1.18 |
%(d) |
|
1.15 |
% |
|
1.15 |
%(e) |
|
1.13 |
%(e) |
|
1.11 |
%(e) |
Expenses (before waiver/reimbursement)(c) |
|
1.19 |
%(d) |
|
1.16 |
% |
|
1.16 |
%(e) |
|
1.13 |
%(e) |
|
1.11 |
%(e) |
Portfolio turnover rate |
|
30 |
% |
|
50 |
% |
|
27 |
% |
|
40 |
% |
|
24 |
% |
Net assets at end of year (in 000's) |
$ |
7,788 |
|
$ |
7,976 |
|
$ |
9,081 |
|
$ |
7,897 |
|
$ |
10,067 |
|
(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 of 0.01%. |
(e) |
Net of interest expense of less than 0.01%. |
188
Financial Highlights
MainStay Epoch Global Equity Yield Fund
(a series of MainStay Funds Trust)
(Selected per share data and ratios)
|
Year Ended October 31, | ||||||||||||||
Class C |
2023 |
2022 |
2021 |
2020 |
2019 | ||||||||||
Net asset value at beginning of year |
$ |
18.19 |
|
$ |
20.07 |
|
$ |
15.73 |
|
$ |
18.62 |
|
$ |
18.25 |
|
Net investment income (loss)(a) |
|
0.32 |
|
|
0.26 |
|
|
0.30 |
|
|
0.34 |
|
|
0.44 |
|
Net realized and unrealized gain (loss) |
|
0.53 |
|
|
(1.86 |
) |
|
4.40 |
|
|
(2.57 |
) |
|
1.41 |
|
Total from investment operations |
|
0.85 |
|
|
(1.60 |
) |
|
4.70 |
|
|
(2.23 |
) |
|
1.85 |
|
Less distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income |
|
(0.37 |
) |
|
(0.28 |
) |
|
(0.36 |
) |
|
(0.32 |
) |
|
(0.45 |
) |
From net realized gain on investments |
|
— |
|
|
— |
|
|
— |
|
|
(0.34 |
) |
|
(1.03 |
) |
Total distributions |
|
(0.37 |
) |
|
(0.28 |
) |
|
(0.36 |
) |
|
(0.66 |
) |
|
(1.48 |
) |
Net asset value at end of year |
$ |
18.67 |
|
$ |
18.19 |
|
$ |
20.07 |
|
$ |
15.73 |
|
$ |
18.62 |
|
Total investment return(b) |
|
4.67 |
% |
|
(8.07 |
)% |
|
30.00 |
% |
|
(12.14 |
)% |
|
10.88 |
% |
Ratios (to average net assets)/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
1.65 |
% |
|
1.34 |
% |
|
1.59 |
% |
|
2.00 |
% |
|
2.47 |
% |
Net expenses(c) |
|
1.84 |
%(d) |
|
1.84 |
% |
|
1.84 |
%(e) |
|
1.84 |
%(e) |
|
1.85 |
%(e) |
Expenses (before waiver/reimbursement)(c) |
|
1.94 |
%(d) |
|
1.91 |
% |
|
1.91 |
%(e) |
|
1.88 |
%(e) |
|
1.87 |
%(e) |
Portfolio turnover rate |
|
30 |
% |
|
50 |
% |
|
27 |
% |
|
40 |
% |
|
24 |
% |
Net assets at end of year (in 000’s) |
$ |
9,215 |
|
$ |
15,801 |
|
$ |
27,874 |
|
$ |
42,298 |
|
$ |
97,872 |
|
(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 of 0.01%. |
(e) |
Net of interest expense of less than 0.01%. |
|
Year Ended October 31, | ||||||||||||||
Class I |
2023 |
2022 |
2021 |
2020 |
2019 | ||||||||||
Net asset value at beginning of year |
$ |
18.23 |
|
$ |
20.13 |
|
$ |
15.79 |
|
$ |
18.72 |
|
$ |
18.34 |
|
Net investment income (loss)(a) |
|
0.51 |
|
|
0.45 |
|
|
0.50 |
|
|
0.50 |
|
|
0.62 |
|
Net realized and unrealized gain (loss) |
|
0.55 |
|
|
(1.86 |
) |
|
4.42 |
|
|
(2.59 |
) |
|
1.43 |
|
Total from investment operations |
|
1.06 |
|
|
(1.41 |
) |
|
4.92 |
|
|
(2.09 |
) |
|
2.05 |
|
Less distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income |
|
(0.58 |
) |
|
(0.49 |
) |
|
(0.58 |
) |
|
(0.50 |
) |
|
(0.64 |
) |
From net realized gain on investments |
|
— |
|
|
— |
|
|
— |
|
|
(0.34 |
) |
|
(1.03 |
) |
Total distributions |
|
(0.58 |
) |
|
(0.49 |
) |
|
(0.58 |
) |
|
(0.84 |
) |
|
(1.67 |
) |
Net asset value at end of year |
$ |
18.71 |
|
$ |
18.23 |
|
$ |
20.13 |
|
$ |
15.79 |
|
$ |
18.72 |
|
Total investment return(b) |
|
5.73 |
% |
|
(7.08 |
)% |
|
31.32 |
% |
|
(11.31 |
)% |
|
12.03 |
% |
Ratios (to average net assets)/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
2.59 |
% |
|
2.33 |
% |
|
2.59 |
% |
|
2.98 |
% |
|
3.44 |
% |
Net expenses(c) |
|
0.84 |
%(d) |
|
0.84 |
% |
|
0.84 |
%(e) |
|
0.84 |
%(e) |
|
0.85 |
%(e) |
Expenses (before waiver/reimbursement)(c) |
|
0.91 |
%(d) |
|
0.91 |
% |
|
0.91 |
%(e) |
|
0.89 |
%(e) |
|
0.89 |
%(e) |
Portfolio turnover rate |
|
30 |
% |
|
50 |
% |
|
27 |
% |
|
40 |
% |
|
24 |
% |
Net assets at end of year (in 000’s) |
$ |
573,786 |
|
$ |
910,693 |
|
$ |
1,003,575 |
|
$ |
1,106,793 |
|
$ |
1,657,341 |
|
(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. 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 of 0.01%. |
(e) |
Net of interest expense of less than 0.01%. |
189
Financial Highlights
MainStay Epoch Global Equity Yield Fund
(a series of MainStay Funds Trust)
(Selected per share data and ratios)
|
Year Ended October 31, | ||||||||||||||
Class R6 |
2023 |
2022 |
2021 |
2020 |
2019 | ||||||||||
Net asset value at beginning of year |
$ |
18.00 |
|
$ |
19.88 |
|
$ |
15.60 |
|
$ |
18.73 |
|
$ |
18.35 |
|
Net investment income (loss)(a) |
|
0.55 |
|
|
0.44 |
|
|
0.54 |
|
|
0.54 |
|
|
0.63 |
|
Net realized and unrealized gain (loss) |
|
0.51 |
|
|
(1.81 |
) |
|
4.34 |
|
|
(2.81 |
) |
|
1.43 |
|
Total from investment operations |
|
1.06 |
|
|
(1.37 |
) |
|
4.88 |
|
|
(2.27 |
) |
|
2.06 |
|
Less distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income |
|
(0.61 |
) |
|
(0.51 |
) |
|
(0.60 |
) |
|
(0.52 |
) |
|
(0.65 |
) |
From net realized gain on investments |
|
— |
|
|
— |
|
|
— |
|
|
(0.34 |
) |
|
(1.03 |
) |
Total distributions |
|
(0.61 |
) |
|
(0.51 |
) |
|
(0.60 |
) |
|
(0.86 |
) |
|
(1.68 |
) |
Net asset value at end of year |
$ |
18.45 |
|
$ |
18.00 |
|
$ |
19.88 |
|
$ |
15.60 |
|
$ |
18.73 |
|
Total investment return(b) |
|
5.82 |
% |
|
(7.02 |
)% |
|
31.45 |
% |
|
(12.32 |
)% |
|
12.14 |
% |
Ratios (to average net assets)/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
2.85 |
% |
|
2.33 |
% |
|
2.81 |
% |
|
3.18 |
% |
|
3.50 |
% |
Net expenses(c) |
|
0.74 |
%(d) |
|
0.74 |
% |
|
0.74 |
%(e) |
|
0.74 |
%(e) |
|
0.75 |
%(e) |
Expenses (before waiver/reimbursement)(c) |
|
0.75 |
%(d) |
|
0.75 |
% |
|
0.75 |
%(e) |
|
0.76 |
%(e) |
|
0.75 |
%(e) |
Portfolio turnover rate |
|
30 |
% |
|
50 |
% |
|
27 |
% |
|
40 |
% |
|
24 |
% |
Net assets at end of year (in 000’s) |
$ |
995 |
|
$ |
5,851 |
|
$ |
769 |
|
$ |
325 |
|
$ |
67,054 |
|
(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 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) |
Net of interest expense of 0.01%. |
(e) |
Net of interest expense of less than 0.01%. |
190
Financial Highlights
MainStay Epoch International Choice Fund
(a series of MainStay Funds Trust)
(Selected per share data and ratios)
|
Year Ended October 31, | ||||||||||||||
Class A |
2023 |
2022 |
2021 |
2020 |
2019 | ||||||||||
Net asset value at beginning of year |
$ |
31.28 |
|
$ |
41.50 |
|
$ |
33.68 |
|
$ |
35.57 |
|
$ |
33.37 |
|
Net investment income (loss)(a) |
|
0.54 |
|
|
0.35 |
|
|
0.34 |
|
|
0.17 |
|
|
0.74 |
|
Net realized and unrealized gain (loss) |
|
3.68 |
|
|
(9.61 |
) |
|
7.66 |
|
|
(1.14 |
) |
|
1.96 |
|
Total from investment operations |
|
4.22 |
|
|
(9.26 |
) |
|
8.00 |
|
|
(0.97 |
) |
|
2.70 |
|
Less distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income |
|
(0.33 |
) |
|
(0.96 |
) |
|
(0.18 |
) |
|
(0.92 |
) |
|
(0.50 |
) |
Net asset value at end of year |
$ |
35.17 |
|
$ |
31.28 |
|
$ |
41.50 |
|
$ |
33.68 |
|
$ |
35.57 |
|
Total investment return(b) |
|
13.52 |
% |
|
(22.84 |
)%(c) |
|
23.80 |
% |
|
(2.87 |
)% |
|
8.30 |
% |
Ratios (to average net assets)/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
1.44 |
% |
|
0.97 |
% |
|
0.83 |
% |
|
0.48 |
% |
|
2.19 |
% |
Net expenses(d) |
|
1.22 |
% |
|
1.23 |
% |
|
1.21 |
% |
|
1.20 |
%(e) |
|
1.19 |
%(e) |
Portfolio turnover rate |
|
34 |
% |
|
49 |
% |
|
43 |
% |
|
52 |
% |
|
47 |
% |
Net assets at end of year (in 000’s) |
$ |
26,164 |
|
$ |
19,445 |
|
$ |
26,613 |
|
$ |
20,108 |
|
$ |
23,114 |
|
(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 2022, the Fund’s total investment return includes impact of payments from affiliates due to a trade communications error. Excluding these items, total return would have been (22.89)%. |
(d) |
In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(e) |
Net of interest expense of less than 0.01%. |
|
Year Ended October 31, | ||||||||||||||
Investor Class |
2023 |
2022 |
2021 |
2020 |
2019 | ||||||||||
Net asset value at beginning of year |
$ |
31.20 |
|
$ |
41.39 |
|
$ |
33.60 |
|
$ |
35.49 |
|
$ |
33.30 |
|
Net investment income (loss)(a) |
|
0.42 |
|
|
0.24 |
|
|
0.20 |
|
|
0.08 |
|
|
0.66 |
|
Net realized and unrealized gain (loss) |
|
3.69 |
|
|
(9.60 |
) |
|
7.68 |
|
|
(1.13 |
) |
|
1.95 |
|
Total from investment operations |
|
4.11 |
|
|
(9.36 |
) |
|
7.88 |
|
|
(1.05 |
) |
|
2.61 |
|
Less distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income |
|
(0.23 |
) |
|
(0.83 |
) |
|
(0.09 |
) |
|
(0.84 |
) |
|
(0.42 |
) |
Net asset value at end of year |
$ |
35.08 |
|
$ |
31.20 |
|
$ |
41.39 |
|
$ |
33.60 |
|
$ |
35.49 |
|
Total investment return(b) |
|
13.19 |
% |
|
(23.07 |
)%(c) |
|
23.48 |
% |
|
(3.10 |
)% |
|
8.02 |
% |
Ratios (to average net assets)/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
1.13 |
% |
|
0.67 |
% |
|
0.50 |
% |
|
0.23 |
% |
|
1.97 |
% |
Net expenses(d) |
|
1.51 |
% |
|
1.52 |
% |
|
1.50 |
% |
|
1.46 |
%(e) |
|
1.41 |
%(e) |
Expenses (before waiver/reimbursement)(d) |
|
1.68 |
% |
|
1.63 |
% |
|
1.59 |
% |
|
1.46 |
%(e) |
|
1.42 |
%(e) |
Portfolio turnover rate |
|
34 |
% |
|
49 |
% |
|
43 |
% |
|
52 |
% |
|
47 |
% |
Net assets at end of year (in 000's) |
$ |
3,892 |
|
$ |
3,795 |
|
$ |
5,341 |
|
$ |
5,308 |
|
$ |
6,306 |
|
(a) |
Per share data based on average shares outstanding during the year. |
(b) |
Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) |
In 2022, the Fund’s total investment return includes impact of payments from affiliates due to a trade communications error. Excluding these items, total return would have been (23.12)%. |
(d) |
In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(e) |
Net of interest expense of less than 0.01%. |
191
Financial Highlights
MainStay Epoch International Choice Fund
(a series of MainStay Funds Trust)
(Selected per share data and ratios)
|
Year Ended October 31, | ||||||||||||||
Class C |
2023 |
2022 |
2021 |
2020 |
2019 | ||||||||||
Net asset value at beginning of year |
$ |
30.66 |
|
$ |
40.33 |
|
$ |
32.90 |
|
$ |
34.73 |
|
$ |
32.54 |
|
Net investment income (loss)(a) |
|
0.14 |
|
|
(0.01 |
) |
|
(0.28 |
) |
|
(0.17 |
) |
|
0.42 |
|
Net realized and unrealized gain (loss) |
|
3.64 |
|
|
(9.49 |
) |
|
7.71 |
|
|
(1.13 |
) |
|
1.92 |
|
Total from investment operations |
|
3.78 |
|
|
(9.50 |
) |
|
7.43 |
|
|
(1.30 |
) |
|
2.34 |
|
Less distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income |
|
— |
|
|
(0.17 |
) |
|
— |
|
|
(0.53 |
) |
|
(0.15 |
) |
Net asset value at end of year |
$ |
34.44 |
|
$ |
30.66 |
|
$ |
40.33 |
|
$ |
32.90 |
|
$ |
34.73 |
|
Total investment return(b) |
|
12.33 |
% |
|
(23.66 |
)%(c) |
|
22.55 |
% |
|
(3.81 |
)% |
|
7.25 |
% |
Ratios (to average net assets)/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
0.38 |
% |
|
(0.02 |
)% |
|
(0.71 |
)% |
|
(0.51 |
)% |
|
1.27 |
% |
Net expenses(d) |
|
2.26 |
% |
|
2.27 |
% |
|
2.25 |
% |
|
2.21 |
%(e) |
|
2.16 |
%(e) |
Expenses (before waiver/reimbursement)(d) |
|
2.43 |
% |
|
2.38 |
% |
|
2.28 |
% |
|
2.21 |
%(e) |
|
2.17 |
%(e) |
Portfolio turnover rate |
|
34 |
% |
|
49 |
% |
|
43 |
% |
|
52 |
% |
|
47 |
% |
Net assets at end of year (in 000’s) |
$ |
207 |
|
$ |
339 |
|
$ |
1,081 |
|
$ |
4,740 |
|
$ |
6,416 |
|
(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 2022, the Fund’s total investment return includes impact of payments from affiliates due to a trade communications error. Excluding these items, total return would have been (23.71)%. |
(d) |
In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(e) |
Net of interest expense of less than 0.01%. |
|
Year Ended October 31, | ||||||||||||||
Class I |
2023 |
2022 |
2021 |
2020 |
2019 | ||||||||||
Net asset value at beginning of year |
$ |
31.30 |
|
$ |
41.52 |
|
$ |
33.69 |
|
$ |
35.58 |
|
$ |
33.40 |
|
Net investment income (loss)(a) |
|
0.62 |
|
|
0.45 |
|
|
0.40 |
|
|
0.26 |
|
|
0.80 |
|
Net realized and unrealized gain (loss) |
|
3.71 |
|
|
(9.61 |
) |
|
7.70 |
|
|
(1.14 |
) |
|
1.98 |
|
Total from investment operations |
|
4.33 |
|
|
(9.16 |
) |
|
8.10 |
|
|
(0.88 |
) |
|
2.78 |
|
Less distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income |
|
(0.44 |
) |
|
(1.06 |
) |
|
(0.27 |
) |
|
(1.01 |
) |
|
(0.60 |
) |
Net asset value at end of year |
$ |
35.19 |
|
$ |
31.30 |
|
$ |
41.52 |
|
$ |
33.69 |
|
$ |
35.58 |
|
Total investment return(b) |
|
13.84 |
% |
|
(22.63 |
)%(c) |
|
24.11 |
% |
|
(2.61 |
)% |
|
8.57 |
% |
Ratios (to average net assets)/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
1.67 |
% |
|
1.27 |
% |
|
0.99 |
% |
|
0.76 |
% |
|
2.40 |
% |
Net expenses(d) |
|
0.95 |
% |
|
0.95 |
% |
|
0.95 |
% |
|
0.95 |
%(e) |
|
0.94 |
%(e) |
Expenses (before waiver/reimbursement)(d) |
|
0.97 |
% |
|
0.98 |
% |
|
0.96 |
% |
|
0.96 |
%(e) |
|
0.94 |
%(e) |
Portfolio turnover rate |
|
34 |
% |
|
49 |
% |
|
43 |
% |
|
52 |
% |
|
47 |
% |
Net assets at end of year (in 000’s) |
$ |
157,911 |
|
$ |
173,142 |
|
$ |
241,084 |
|
$ |
252,974 |
|
$ |
355,348 |
|
(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 2022, the Fund’s total investment return includes impact of payments from affiliates due to a trade communications error. Excluding these items, total return would have been (22.68)%. |
(d) |
In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(e) |
Net of interest expense of less than 0.01%. |
192
Financial Highlights
MainStay Epoch International Choice Fund
(a series of MainStay Funds Trust)
(Selected per share data and ratios)
|
Year Ended October 31, |
August
31, 2020^ through | ||||||||||
SIMPLE Class |
2023 |
2022 |
2021 |
2020 | ||||||||
Net asset value at beginning of period |
$ |
31.16 |
|
$ |
41.39 |
|
$ |
33.59 |
|
|
35.90* |
|
Net investment income (loss)(a) |
|
0.38 |
|
|
0.14 |
|
|
0.11 |
|
|
(0.02 |
) |
Net realized and unrealized gain (loss) |
|
3.70 |
|
|
(9.60 |
) |
|
7.69 |
|
|
(2.29 |
) |
Total from investment operations |
|
4.08 |
|
|
(9.46 |
) |
|
7.80 |
|
|
(2.31 |
) |
Less distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income |
|
(0.17 |
) |
|
(0.77 |
) |
|
— |
|
|
— |
|
Net asset value at end of period |
$ |
35.07 |
|
$ |
31.16 |
|
$ |
41.39 |
|
$ |
33.59 |
|
Total investment return(b) |
|
13.10 |
% |
|
(23.26 |
)%(c) |
|
23.19 |
% |
|
(6.43 |
)% |
Ratios (to average net assets)/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
1.03 |
% |
|
0.40 |
% |
|
0.27 |
% |
|
(0.29 |
)% |
Net expenses(d) |
|
1.58 |
% |
|
1.77 |
% |
|
1.74 |
% |
|
1.69 |
%(e) |
Expenses (before waiver/reimbursement)(d) |
|
1.58 |
% |
|
1.88 |
% |
|
1.86 |
% |
|
1.69 |
%(e) |
Portfolio turnover rate |
|
34 |
% |
|
49 |
% |
|
43 |
% |
|
52 |
% |
Net assets at end of period (in 000’s) |
$ |
37 |
|
$ |
28 |
|
$ |
34 |
|
$ |
23 |
|
^ |
Inception date. |
* |
Based on the net asset value of Investor Class as of August 31, 2020. |
(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 2022, the Fund’s total investment return includes impact of payments from affiliates due to a trade communications error. Excluding these items, total return would have been (23.31)%. |
(d) |
In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(e) |
Net of interest expense of less than 0.01%. |
193
Financial Highlights
MainStay Epoch U.S. Equity Yield Fund
(a series of MainStay Funds Trust)
(Selected per share data and ratios)
|
Year Ended October 31, | ||||||||||||||
Class A |
2023 |
2022 |
2021 |
2020 |
2019 | ||||||||||
Net asset value at beginning of year |
$ |
18.78 |
|
$ |
19.70 |
|
$ |
14.96 |
|
$ |
17.07 |
|
$ |
15.70 |
|
Net investment income (loss)(a) |
|
0.42 |
|
|
0.39 |
|
|
0.32 |
|
|
0.36 |
|
|
0.36 |
|
Net realized and unrealized gain (loss) |
|
(0.23 |
) |
|
(0.95 |
) |
|
4.78 |
|
|
(1.83 |
) |
|
1.84 |
|
Total from investment operations |
|
0.19 |
|
|
(0.56 |
) |
|
5.10 |
|
|
(1.47 |
) |
|
2.20 |
|
Less distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income |
|
(0.40 |
) |
|
(0.36 |
) |
|
(0.36 |
) |
|
(0.34 |
) |
|
(0.37 |
) |
From net realized gain on investments |
|
(0.29 |
) |
|
— |
|
|
— |
|
|
(0.30 |
) |
|
(0.46 |
) |
Total distributions |
|
(0.69 |
) |
|
(0.36 |
) |
|
(0.36 |
) |
|
(0.64 |
) |
|
(0.83 |
) |
Net asset value at end of year |
$ |
18.28 |
|
$ |
18.78 |
|
$ |
19.70 |
|
$ |
14.96 |
|
$ |
17.07 |
|
Total investment return(b) |
|
0.87 |
% |
|
(2.85 |
)% |
|
34.30 |
% |
|
(8.77 |
)% |
|
14.49 |
% |
Ratios (to average net assets)/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
2.22 |
% |
|
2.00 |
% |
|
1.76 |
% |
|
2.31 |
% |
|
2.21 |
% |
Net expenses(c) |
|
1.06 |
% |
|
1.05 |
% |
|
1.07 |
% |
|
1.08 |
%(d) |
|
1.08 |
% |
Expenses (before waiver/reimbursement)(c) |
|
1.06 |
% |
|
1.05 |
% |
|
1.07 |
% |
|
1.09 |
% |
|
1.08 |
% |
Portfolio turnover rate |
|
19 |
% |
|
25 |
% |
|
16 |
% |
|
29 |
% |
|
18 |
% |
Net assets at end of year (in 000’s) |
$ |
442,341 |
|
$ |
483,936 |
|
$ |
508,888 |
|
$ |
379,695 |
|
$ |
450,979 |
|
(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 of less than 0.01%. |
|
Year Ended October 31, | ||||||||||||||
Investor Class |
2023 |
2022 |
2021 |
2020 |
2019 | ||||||||||
Net asset value at beginning of year |
$ |
18.69 |
|
$ |
19.61 |
|
$ |
14.89 |
|
$ |
16.99 |
|
$ |
15.63 |
|
Net investment income (loss)(a) |
|
0.37 |
|
|
0.34 |
|
|
0.28 |
|
|
0.32 |
|
|
0.32 |
|
Net realized and unrealized gain (loss) |
|
(0.23 |
) |
|
(0.95 |
) |
|
4.75 |
|
|
(1.82 |
) |
|
1.83 |
|
Total from investment operations |
|
0.14 |
|
|
(0.61 |
) |
|
5.03 |
|
|
(1.50 |
) |
|
2.15 |
|
Less distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income |
|
(0.35 |
) |
|
(0.31 |
) |
|
(0.31 |
) |
|
(0.30 |
) |
|
(0.33 |
) |
From net realized gain on investments |
|
(0.29 |
) |
|
— |
|
|
— |
|
|
(0.30 |
) |
|
(0.46 |
) |
Total distributions |
|
(0.64 |
) |
|
(0.31 |
) |
|
(0.31 |
) |
|
(0.60 |
) |
|
(0.79 |
) |
Net asset value at end of year |
$ |
18.19 |
|
$ |
18.69 |
|
$ |
19.61 |
|
$ |
14.89 |
|
$ |
16.99 |
|
Total investment return(b) |
|
0.60 |
% |
|
(3.12 |
)% |
|
33.96 |
% |
|
(8.99 |
)% |
|
14.25 |
% |
Ratios (to average net assets)/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
1.95 |
% |
|
1.75 |
% |
|
1.53 |
% |
|
2.07 |
% |
|
2.01 |
% |
Net expenses(c) |
|
1.33 |
% |
|
1.30 |
% |
|
1.33 |
% |
|
1.33 |
%(d) |
|
1.30 |
% |
Expenses (before waiver/reimbursement)(c) |
|
1.39 |
% |
|
1.30 |
% |
|
1.39 |
% |
|
1.38 |
% |
|
1.35 |
% |
Portfolio turnover rate |
|
19 |
% |
|
25 |
% |
|
16 |
% |
|
29 |
% |
|
18 |
% |
Net assets at end of year (in 000's) |
$ |
67,157 |
|
$ |
73,132 |
|
$ |
86,155 |
|
$ |
81,365 |
|
$ |
100,602 |
|
(a) |
Per share data based on average shares outstanding during the year. |
(b) |
Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. 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 of less than 0.01%. |
194
Financial Highlights
MainStay Epoch U.S. Equity Yield Fund
(a series of MainStay Funds Trust)
(Selected per share data and ratios)
|
Year Ended October 31, | ||||||||||||||
Class B |
2023 |
2022 |
2021 |
2020 |
2019 | ||||||||||
Net asset value at beginning of year |
$ |
18.11 |
|
$ |
19.00 |
|
$ |
14.43 |
|
$ |
16.48 |
|
$ |
15.18 |
|
Net investment income (loss)(a) |
|
0.23 |
|
|
0.19 |
|
|
0.14 |
|
|
0.21 |
|
|
0.20 |
|
Net realized and unrealized gain (loss) |
|
(0.24 |
) |
|
(0.92 |
) |
|
4.60 |
|
|
(1.78 |
) |
|
1.77 |
|
Total from investment operations |
|
(0.01 |
) |
|
(0.73 |
) |
|
4.74 |
|
|
(1.57 |
) |
|
1.97 |
|
Less distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income |
|
(0.20 |
) |
|
(0.16 |
) |
|
(0.17 |
) |
|
(0.18 |
) |
|
(0.21 |
) |
From net realized gain on investments |
|
(0.29 |
) |
|
— |
|
|
— |
|
|
(0.30 |
) |
|
(0.46 |
) |
Total distributions |
|
(0.49 |
) |
|
(0.16 |
) |
|
(0.17 |
) |
|
(0.48 |
) |
|
(0.67 |
) |
Net asset value at end of year |
$ |
17.61 |
|
$ |
18.11 |
|
$ |
19.00 |
|
$ |
14.43 |
|
$ |
16.48 |
|
Total investment return(b) |
|
(0.16 |
)% |
|
(3.82 |
)% |
|
32.98 |
% |
|
(9.71 |
)% |
|
13.40 |
% |
Ratios (to average net assets)/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
1.24 |
% |
|
1.01 |
% |
|
0.80 |
% |
|
1.36 |
% |
|
1.29 |
% |
Net expenses(c) |
|
2.08 |
% |
|
2.06 |
% |
|
2.08 |
% |
|
2.08 |
%(d) |
|
2.05 |
% |
Expenses (before waiver/reimbursement)(c) |
|
2.14 |
% |
|
2.06 |
% |
|
2.14 |
% |
|
2.13 |
% |
|
2.10 |
% |
Portfolio turnover rate |
|
19 |
% |
|
25 |
% |
|
16 |
% |
|
29 |
% |
|
18 |
% |
Net assets at end of year (in 000’s) |
$ |
2,654 |
|
$ |
4,827 |
|
$ |
7,840 |
|
$ |
8,894 |
|
$ |
14,579 |
|
(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 of less than 0.01%. |
|
Year Ended October 31, | ||||||||||||||
Class C |
2023 |
2022 |
2021 |
2020 |
2019 | ||||||||||
Net asset value at beginning of year |
$ |
18.11 |
|
$ |
19.00 |
|
$ |
14.43 |
|
$ |
16.47 |
|
$ |
15.17 |
|
Net investment income (loss)(a) |
|
0.22 |
|
|
0.19 |
|
|
0.14 |
|
|
0.20 |
|
|
0.20 |
|
Net realized and unrealized gain (loss) |
|
(0.23 |
) |
|
(0.92 |
) |
|
4.60 |
|
|
(1.76 |
) |
|
1.77 |
|
Total from investment operations |
|
(0.01 |
) |
|
(0.73 |
) |
|
4.74 |
|
|
(1.56 |
) |
|
1.97 |
|
Less distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income |
|
(0.20 |
) |
|
(0.16 |
) |
|
(0.17 |
) |
|
(0.18 |
) |
|
(0.21 |
) |
From net realized gain on investments |
|
(0.29 |
) |
|
— |
|
|
— |
|
|
(0.30 |
) |
|
(0.46 |
) |
Total distributions |
|
(0.49 |
) |
|
(0.16 |
) |
|
(0.17 |
) |
|
(0.48 |
) |
|
(0.67 |
) |
Net asset value at end of year |
$ |
17.61 |
|
$ |
18.11 |
|
$ |
19.00 |
|
$ |
14.43 |
|
$ |
16.47 |
|
Total investment return(b) |
|
(0.16 |
)% |
|
(3.82 |
)% |
|
32.98 |
% |
|
(9.66 |
)% |
|
13.41 |
% |
Ratios (to average net assets)/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
1.22 |
% |
|
1.00 |
% |
|
0.81 |
% |
|
1.35 |
% |
|
1.30 |
% |
Net expenses(c) |
|
2.08 |
% |
|
2.06 |
% |
|
2.08 |
% |
|
2.08 |
%(d) |
|
2.05 |
% |
Expenses (before waiver/reimbursement)(c) |
|
2.14 |
% |
|
2.06 |
% |
|
2.14 |
% |
|
2.13 |
% |
|
2.10 |
% |
Portfolio turnover rate |
|
19 |
% |
|
25 |
% |
|
16 |
% |
|
29 |
% |
|
18 |
% |
Net assets at end of year (in 000’s) |
$ |
7,954 |
|
$ |
10,961 |
|
$ |
14,435 |
|
$ |
17,920 |
|
$ |
30,663 |
|
(a) |
Per share data based on average shares outstanding during the year. |
(b) |
Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) |
In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) |
Net of interest expense of less than 0.01%. |
195
Financial Highlights
MainStay Epoch U.S. Equity Yield Fund
(a series of MainStay Funds Trust)
(Selected per share data and ratios)
|
Year Ended October 31, | ||||||||||||||
Class I |
2023 |
2022 |
2021 |
2020 |
2019 | ||||||||||
Net asset value at beginning of year |
$ |
18.99 |
|
$ |
19.91 |
|
$ |
15.11 |
|
$ |
17.24 |
|
$ |
15.85 |
|
Net investment income (loss)(a) |
|
0.49 |
|
|
0.45 |
|
|
0.39 |
|
|
0.41 |
|
|
0.40 |
|
Net realized and unrealized gain (loss) |
|
(0.24 |
) |
|
(0.95 |
) |
|
4.82 |
|
|
(1.85 |
) |
|
1.86 |
|
Total from investment operations |
|
0.25 |
|
|
(0.50 |
) |
|
5.21 |
|
|
(1.44 |
) |
|
2.26 |
|
Less distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income |
|
(0.46 |
) |
|
(0.42 |
) |
|
(0.41 |
) |
|
(0.39 |
) |
|
(0.41 |
) |
From net realized gain on investments |
|
(0.29 |
) |
|
— |
|
|
— |
|
|
(0.30 |
) |
|
(0.46 |
) |
Total distributions |
|
(0.75 |
) |
|
(0.42 |
) |
|
(0.41 |
) |
|
(0.69 |
) |
|
(0.87 |
) |
Net asset value at end of year |
$ |
18.49 |
|
$ |
18.99 |
|
$ |
19.91 |
|
$ |
15.11 |
|
$ |
17.24 |
|
Total investment return(b) |
|
1.18 |
% |
|
(2.50 |
)% |
|
34.78 |
% |
|
(8.50 |
)% |
|
14.76 |
% |
Ratios (to average net assets)/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
2.56 |
% |
|
2.32 |
% |
|
2.10 |
% |
|
2.63 |
% |
|
2.46 |
% |
Net expenses(c) |
|
0.73 |
% |
|
0.73 |
% |
|
0.73 |
% |
|
0.76 |
%(d) |
|
0.83 |
% |
Expenses (before waiver/reimbursement)(c) |
|
0.81 |
% |
|
0.80 |
% |
|
0.82 |
% |
|
0.84 |
% |
|
0.83 |
% |
Portfolio turnover rate |
|
19 |
% |
|
25 |
% |
|
16 |
% |
|
29 |
% |
|
18 |
% |
Net assets at end of year (in 000’s) |
$ |
262,299 |
|
$ |
351,106 |
|
$ |
357,565 |
|
$ |
269,100 |
|
$ |
313,261 |
|
(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 of less than 0.01%. |
196
Financial Highlights
MainStay Epoch U.S. Equity Yield Fund
(a series of MainStay Funds Trust)
(Selected per share data and ratios)
|
Year Ended October 31, | ||||||||||||||
Class R6 |
2023 |
2022 |
2021 |
2020 |
2019 | ||||||||||
Net asset value at beginning of year |
$ |
18.99 |
|
$ |
19.92 |
|
$ |
15.12 |
|
$ |
17.25 |
|
$ |
15.85 |
|
Net investment income (loss)(a) |
|
0.49 |
|
|
0.46 |
|
|
0.39 |
|
|
0.42 |
|
|
0.42 |
|
Net realized and unrealized gain (loss) |
|
(0.24 |
) |
|
(0.97 |
) |
|
4.83 |
|
|
(1.86 |
) |
|
1.86 |
|
Total from investment operations |
|
0.25 |
|
|
(0.51 |
) |
|
5.22 |
|
|
(1.44 |
) |
|
2.28 |
|
Less distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income |
|
(0.46 |
) |
|
(0.42 |
) |
|
(0.42 |
) |
|
(0.39 |
) |
|
(0.42 |
) |
From net realized gain on investments |
|
(0.29 |
) |
|
— |
|
|
— |
|
|
(0.30 |
) |
|
(0.46 |
) |
Total distributions |
|
(0.75 |
) |
|
(0.42 |
) |
|
(0.42 |
) |
|
(0.69 |
) |
|
(0.88 |
) |
Net asset value at end of year |
$ |
18.49 |
|
$ |
18.99 |
|
$ |
19.92 |
|
$ |
15.12 |
|
$ |
17.25 |
|
Total investment return(b) |
|
1.19 |
% |
|
(2.54 |
)% |
|
34.78 |
% |
|
(8.46 |
)% |
|
14.94 |
% |
Ratios (to average net assets)/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
2.56 |
% |
|
2.32 |
% |
|
2.11 |
% |
|
2.68 |
% |
|
2.60 |
% |
Net expenses(c) |
|
0.73 |
%(d) |
|
0.73 |
% |
|
0.73 |
% |
|
0.73 |
%(e) |
|
0.73 |
% |
Expenses (before waiver/reimbursement)(c) |
|
0.73 |
% |
|
0.73 |
% |
|
0.73 |
% |
|
0.74 |
% |
|
0.73 |
% |
Portfolio turnover rate |
|
19 |
% |
|
25 |
% |
|
16 |
% |
|
29 |
% |
|
18 |
% |
Net assets at end of year (in 000’s) |
$ |
112,773 |
|
$ |
135,192 |
|
$ |
143,436 |
|
$ |
107,887 |
|
$ |
165,999 |
|
(a) |
Per share data based on average shares outstanding during the year. |
(b) |
Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R6 shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) |
In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) |
Expense waiver/reimbursement less than 0.01%. |
(e) |
Net of interest expense of less than 0.01%. |
|
Year Ended October 31, |
August
31, 2020^ through | ||||||||||
SIMPLE Class |
2023 |
2022 |
2021 |
2020 | ||||||||
Net asset value at beginning of period |
$ |
18.74 |
|
$ |
19.65 |
|
$ |
14.89 |
|
$ |
15.57* |
|
Net investment income (loss)(a) |
|
0.36 |
|
|
0.28 |
|
|
0.22 |
|
|
0.03 |
|
Net realized and unrealized gain (loss) |
|
(0.24 |
) |
|
(0.93 |
) |
|
4.76 |
|
|
(0.68 |
) |
Total from investment operations |
|
0.12 |
|
|
(0.65 |
) |
|
4.98 |
|
|
(0.65 |
) |
Less distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income |
|
(0.35 |
) |
|
(0.26 |
) |
|
(0.22 |
) |
|
(0.03 |
) |
From net realized gain on investments |
|
(0.29 |
) |
|
— |
|
|
— |
|
|
— |
|
Total distributions |
|
(0.64 |
) |
|
(0.26 |
) |
|
(0.22 |
) |
|
(0.03 |
) |
Net asset value at end of period |
$ |
18.22 |
|
$ |
18.74 |
|
$ |
19.65 |
|
$ |
14.89 |
|
Total investment return(b) |
|
0.55 |
% |
|
(3.34 |
)% |
|
33.61 |
% |
|
(4.16 |
)% |
Ratios (to average net assets)/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
1.88 |
% |
|
1.48 |
% |
|
1.20 |
% |
|
0.98 |
%†† |
Net expenses(c) |
|
1.38 |
% |
|
1.55 |
% |
|
1.58 |
% |
|
1.57 |
%††(d) |
Expenses (before waiver/reimbursement)(c) |
|
1.38 |
% |
|
1.55 |
% |
|
1.65 |
% |
|
1.63 |
%†† |
Portfolio turnover rate |
|
19 |
% |
|
25 |
% |
|
16 |
% |
|
29 |
% |
Net assets at end of period (in 000’s) |
$ |
93 |
|
$ |
77 |
|
$ |
43 |
|
$ |
24 |
|
^ |
Inception date. |
* |
Based on the net asset value of Investor Class as of August 31, 2020. |
†† |
Annualized. |
(a) |
Per share data based on average shares outstanding during the period. |
(b) |
Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. SIMPLE Class shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) |
In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) |
Net of interest expense of less than 0.01%. |
197
Financial Highlights
MainStay Fiera SMID Growth Fund
(a series of MainStay Funds Trust)
(Selected per share data and ratios)
|
April
1 |
Year Ended March 31, | ||||||||||||||||
Class A |
2023#(a) |
2023 |
2022 |
2021 |
2020 |
2019 | ||||||||||||
Net asset value at beginning of period |
$ |
13.96 |
|
$ |
19.12 |
|
$ |
20.85 |
|
$ |
12.68 |
|
$ |
16.71 |
|
$ |
21.20 |
|
Net investment income (loss) |
|
(0.04 |
)(b) |
|
(0.08 |
)(b) |
|
(0.12 |
)(b) |
|
(0.15 |
)(b) |
|
(0.12 |
)(b) |
|
(0.11 |
) |
Net realized and unrealized gain (loss) |
|
(0.14 |
) |
|
(2.79 |
) |
|
0.80 |
|
|
12.52 |
|
|
(2.00 |
) |
|
(0.38 |
) |
Total from investment operations |
|
(0.18 |
) |
|
(2.87 |
) |
|
0.68 |
|
|
12.37 |
|
|
(2.12 |
) |
|
(0.49 |
) |
Less distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net realized gain on investments |
|
— |
|
|
(2.29 |
) |
|
(2.41 |
) |
|
(4.20 |
) |
|
(1.91 |
) |
|
(4.00 |
) |
Net asset value at end of period |
$ |
13.78 |
|
$ |
13.96 |
|
$ |
19.12 |
|
$ |
20.85 |
|
$ |
12.68 |
|
$ |
16.71 |
|
Total investment return |
|
(1.29 |
)%(c) |
|
(14.38 |
)%(d)(e) |
|
2.64 |
%(d)(e) |
|
99.38 |
%(d)(e) |
|
(15.36 |
)%(d)(e) |
|
2.44 |
%(d)(e) |
Ratios (to average net assets)/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
(0.47 |
)%†† |
|
(0.52 |
)%(f)(g) |
|
(0.55 |
)%(f)(g) |
|
(0.78 |
)%(f)(g) |
|
(0.70 |
)%(f)(g) |
|
(0.73 |
)%(f)(g) |
Net expenses |
|
1.19 |
%††(h) |
|
1.30 |
%(f)(g) |
|
1.30 |
%(f)(g) |
|
1.30 |
%(f)(g) |
|
1.30 |
%(f)(g) |
|
1.30 |
%(f)(g) |
Expenses (before waiver/reimbursement) |
|
1.35 |
%††(h) |
|
1.61 |
%(g) |
|
1.40 |
%(g) |
|
1.41 |
%(g) |
|
1.36 |
%(g) |
|
1.36 |
%(g) |
Portfolio turnover rate |
|
24 |
% |
|
88 |
%(e) |
|
24 |
%(e) |
|
53 |
%(e) |
|
38 |
%(e) |
|
50 |
%(e) |
Net assets at end of period (in 000's) |
$ |
446 |
|
$ |
122 |
|
$ |
108 |
|
$ |
70 |
|
$ |
11 |
|
$ |
11 |
|
# |
The Fund changed its fiscal year end from March 31 to October 31. |
†† |
Annualized. |
(a) |
Beginning with the period ended October 31, 2023, the Fund was audited by KPMG LLP. The previous years were audited by another independent registered public accounting firm. |
(b) |
Per share data based on average shares outstanding during the period. |
(c) |
Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(d) |
Based on net asset value as of end of period date. |
(e) |
Not annualized for periods less than one year. |
(f) |
The contractual and voluntary expense waivers pursuant to Note 3 of the financial statements are reflected in both the net expense and net investment income (loss) ratios. |
(g) |
Annualized, with the exception of non-recurring organizational costs. |
(h) |
In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
198
Financial Highlights
MainStay Fiera SMID Growth Fund
(a series of MainStay Funds Trust)
(Selected per share data and ratios)
|
July
24, 2023^ through | ||
Class C |
2023 | ||
Net asset value at beginning of period |
$ |
15.58 |
|
Net investment income (loss)(a) |
|
(0.05 |
) |
Net realized and unrealized gain (loss) |
|
(1.78 |
) |
Total from investment operations |
|
(1.83 |
) |
Net asset value at end of period |
$ |
13.75 |
|
Total investment return(b)(c) |
|
(11.75 |
)% |
Ratios (to average net assets)/Supplemental Data: |
|
|
|
Net investment income (loss)†† |
|
(1.23 |
)% |
Net expenses††(d) |
|
2.05 |
% |
Expenses (before waiver/reimbursement)††(d) |
|
2.12 |
% |
Portfolio turnover rate |
|
24 |
% |
Net assets at end of period (in 000’s) |
$ |
28 |
|
^ |
Inception date. |
†† |
Annualized. |
(a) |
Per share data based on average shares outstanding during the period. |
(b) |
Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) |
Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) |
In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
|
April
1 |
Year Ended March 31, | ||||||||||||||||
Class I |
2023#(a) |
2023 |
2022 |
2021 |
2020 |
2019 | ||||||||||||
Net asset value at beginning of period |
$ |
14.28 |
|
$ |
19.45 |
|
$ |
21.13 |
|
$ |
12.78 |
|
$ |
16.79 |
|
$ |
21.21 |
|
Net investment income (loss) |
|
(0.02 |
)(b) |
|
(0.04 |
)(b) |
|
(0.06 |
)(b) |
|
(0.10 |
)(b) |
|
(0.08 |
)(b) |
|
(0.10 |
) |
Net realized and unrealized gain (loss) |
|
(0.14 |
) |
|
(2.84 |
) |
|
0.79 |
|
|
12.65 |
|
|
(2.02 |
) |
|
(0.32 |
) |
Total from investment operations |
|
(0.16 |
) |
|
(2.88 |
) |
|
0.73 |
|
|
12.55 |
|
|
(2.10 |
) |
|
(0.42 |
) |
Less distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net realized gain on investments |
|
— |
|
|
(2.29 |
) |
|
(2.41 |
) |
|
(4.20 |
) |
|
(1.91 |
) |
|
(4.00 |
) |
Net asset value at end of period |
$ |
14.12 |
|
$ |
14.28 |
|
$ |
19.45 |
|
$ |
21.13 |
|
$ |
12.78 |
|
$ |
16.79 |
|
Total investment return |
|
(1.12 |
)%(c) |
|
(14.18 |
)%(d)(e) |
|
2.85 |
%(d)(e) |
|
100.06 |
%(d)(e) |
|
(15.16 |
)%(d)(e) |
|
2.81 |
%(d)(e) |
Ratios (to average net assets)/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
(0.25 |
)%†† |
|
(0.27 |
)%(f)(g) |
|
(0.30 |
)%(f)(g) |
|
(0.53 |
)%(f)(g) |
|
(0.45 |
)%(f)(g) |
|
(0.49 |
)%(f)(g) |
Net expenses |
|
0.95 |
%††(h) |
|
1.05 |
%(f)(g) |
|
1.05 |
%(f)(g) |
|
1.05 |
%(f)(g) |
|
1.05 |
%(f)(g) |
|
1.05 |
%(f)(g) |
Expenses (before waiver/reimbursement) |
|
1.17 |
%††(h) |
|
1.36 |
%(g) |
|
1.15 |
%(g) |
|
1.16 |
%(g) |
|
1.11 |
%(g) |
|
1.11 |
%(g) |
Portfolio turnover rate |
|
24 |
% |
|
88 |
%(e) |
|
24 |
%(e) |
|
53 |
%(e) |
|
38 |
%(e) |
|
50 |
%(e) |
Net assets at end of period (in 000's) |
$ |
85,042 |
|
$ |
73,927 |
|
$ |
123,419 |
|
$ |
149,608 |
|
$ |
108,356 |
|
$ |
190,348 |
|
# |
The Fund changed its fiscal year end from March 31 to October 31. |
†† |
Annualized. |
(a) |
Beginning with the period ended October 31, 2023, the Fund was audited by KPMG LLP. The previous years were audited by another independent registered public accounting firm. |
(b) |
Per share data based on average shares outstanding during the period. |
(c) |
Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(d) |
Based on net asset value as of end of period date. |
(e) |
Not annualized for periods less than one year. |
(f) |
The contractual and voluntary expense waivers pursuant to Note 3 of the financial statements are reflected in both the net expense and net investment income (loss) ratios. |
(g) |
Annualized, with the exception of non-recurring organizational costs. |
(h) |
In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
199
Financial Highlights
MainStay Fiera SMID Growth Fund
(a series of MainStay Funds Trust)
(Selected per share data and ratios)
|
July
24, 2023^ through | ||
Class R6 |
2023 | ||
Net asset value at beginning of period |
$ |
15.96 |
|
Net investment income (loss)(a) |
|
0.00‡ |
|
Net realized and unrealized gain (loss) |
|
(1.83 |
) |
Total from investment operations |
|
(1.83 |
) |
Net asset value at end of period |
$ |
14.13 |
|
Total investment return(b)(c) |
|
(11.47 |
)% |
Ratios (to average net assets)/Supplemental Data: |
|
|
|
Net investment income (loss)†† |
|
0.00 |
%‡ |
Net expenses††(d) |
|
0.84 |
% |
Expenses (before waiver/reimbursement)††(d) |
|
0.86 |
% |
Portfolio turnover rate |
|
24 |
% |
Net assets at end of period (in 000’s) |
$ |
130,464 |
|
^ |
Inception date. |
‡ |
Less than one cent per share. |
†† |
Annualized. |
(a) |
Per share data based on average shares outstanding during the period. |
(b) |
Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R6 shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) |
Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) |
In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
200
Financial Highlights
MainStay PineStone Global Equity Fund
(a series of MainStay Funds Trust)
(Selected per share data and ratios)
|
April
1 |
Year Ended March 31, | ||||||||||||||||
Class A |
2023#(a) |
2023 |
2022 |
2021 |
2020 |
2019 | ||||||||||||
Net asset value at beginning of period |
$ |
16.87 |
|
$ |
18.23 |
|
$ |
17.05 |
|
$ |
11.63 |
|
$ |
12.73 |
|
$ |
11.60 |
|
Net investment income (loss)(b) |
|
0.03 |
|
|
0.03 |
|
|
0.00‡ |
|
|
0.02 |
|
|
0.05 |
|
|
0.04 |
|
Net realized and unrealized gain (loss) |
|
(0.43 |
) |
|
(0.51 |
) |
|
1.83 |
|
|
5.49 |
|
|
(0.63 |
) |
|
1.19 |
|
Total from investment operations |
|
(0.40 |
) |
|
(0.48 |
) |
|
1.83 |
|
|
5.51 |
|
|
(0.58 |
) |
|
1.23 |
|
Less distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income |
|
— |
|
|
(0.03 |
) |
|
(0.01 |
) |
|
(0.03 |
) |
|
(0.11 |
) |
|
(0.07 |
) |
From net realized gain on investments |
|
— |
|
|
(0.85 |
) |
|
(0.64 |
) |
|
(0.06 |
) |
|
(0.41 |
) |
|
(0.03 |
) |
Total distributions |
|
— |
|
|
(0.88 |
) |
|
(0.65 |
) |
|
(0.09 |
) |
|
(0.52 |
) |
|
(0.10 |
) |
Net asset value at end of period |
$ |
16.47 |
|
$ |
16.87 |
|
$ |
18.23 |
|
$ |
17.05 |
|
$ |
11.63 |
|
$ |
12.73 |
|
Total investment return |
|
(2.37 |
)%(c) |
|
(2.19 |
)%(d)(e) |
|
10.39 |
%(d)(e) |
|
47.37 |
%(d)(e) |
|
(5.26 |
)%(d)(e) |
|
10.75 |
%(d)(e) |
Ratios (to average net assets)/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
0.31 |
%†† |
|
0.19 |
%(f)(g) |
|
0.01 |
%(f)(g) |
|
0.10 |
%(f)(g) |
|
0.35 |
%(f)(g) |
|
0.72 |
%(f)(g) |
Net expenses |
|
1.13 |
%††(h) |
|
1.15 |
%(f)(g) |
|
1.15 |
%(f)(g) |
|
1.15 |
%(f)(g) |
|
1.15 |
%(f)(g) |
|
1.15 |
%(f)(g) |
Expenses (before waiver/reimbursement) |
|
2.28 |
%††(h) |
|
2.26 |
%(g) |
|
1.95 |
%(g) |
|
2.30 |
%(g) |
|
2.39 |
%(g) |
|
3.59 |
%(g) |
Portfolio turnover rate |
|
7 |
% |
|
11 |
%(e) |
|
25 |
%(e) |
|
16 |
%(e) |
|
45 |
%(e) |
|
28 |
%(e) |
Net assets at end of period (in 000's) |
$ |
1,117 |
|
$ |
1,104 |
|
$ |
1,157 |
|
$ |
996 |
|
$ |
340 |
|
$ |
144 |
|
# |
The Fund changed its fiscal year end from March 31 to October 31. |
‡ |
Less than one cent per share. |
†† |
Annualized. |
(a) |
Beginning with the period ended October 31, 2023, the Fund was audited by KPMG LLP. The previous years were audited by another independent registered public accounting firm. |
(b) |
Per share data based on average shares outstanding during the period. |
(c) |
Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(d) |
Based on net asset value as of end of period date. |
(e) |
Not annualized for periods less than one year. |
(f) |
The contractual and voluntary expense waivers pursuant to Note 3 of the financial statements are reflected in both the net expense and net investment income (loss) ratios. |
(g) |
Annualized, with the exception of non-recurring organizational costs. |
(h) |
In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
|
August
28, 2023^ through | ||
Class C |
2023 | ||
Net asset value at beginning of period |
$ |
17.59 |
|
Net investment income (loss)(a) |
|
(0.02 |
) |
Net realized and unrealized gain (loss) |
|
(1.12 |
) |
Total from investment operations |
|
(1.14 |
) |
Net asset value at end of period |
$ |
16.45 |
|
Total investment return(b)(c) |
|
(6.48 |
)% |
Ratios (to average net assets)/Supplemental Data: |
|
|
|
Net investment income (loss)†† |
|
(0.71 |
)% |
Net expenses††(d) |
|
2.00 |
% |
Expenses (before waiver/reimbursement)††(d) |
|
2.94 |
% |
Portfolio turnover rate |
|
7 |
% |
Net assets at end of period (in 000’s) |
$ |
24 |
|
^ |
Inception date. |
†† |
Annualized. |
(a) |
Per share data based on average shares outstanding during the period. |
(b) |
Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) |
Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) |
In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
201
Financial Highlights
MainStay PineStone Global Equity Fund
(a series of MainStay Funds Trust)
(Selected per share data and ratios)
|
April
1 |
Year Ended March 31, | ||||||||||||||||
Class I |
2023#(a) |
2023 |
2022 |
2021 |
2020 |
2019 | ||||||||||||
Net asset value at beginning of period |
$ |
16.93 |
|
$ |
18.29 |
|
$ |
17.11 |
|
$ |
11.66 |
|
$ |
12.74 |
|
$ |
11.60 |
|
Net investment income (loss)(b) |
|
0.06 |
|
|
0.07 |
|
|
0.05 |
|
|
0.05 |
|
|
0.08 |
|
|
0.11 |
|
Net realized and unrealized gain (loss) |
|
(0.43 |
) |
|
(0.50 |
) |
|
1.82 |
|
|
5.52 |
|
|
(0.62 |
) |
|
1.15 |
|
Total from investment operations |
|
(0.37 |
) |
|
(0.43 |
) |
|
1.87 |
|
|
5.57 |
|
|
(0.54 |
) |
|
1.26 |
|
Less distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income |
|
— |
|
|
(0.08 |
) |
|
(0.05 |
) |
|
(0.06 |
) |
|
(0.13 |
) |
|
(0.09 |
) |
From net realized gain on investments |
|
— |
|
|
(0.85 |
) |
|
(0.64 |
) |
|
(0.06 |
) |
|
(0.41 |
) |
|
(0.03 |
) |
Total distributions |
|
— |
|
|
(0.93 |
) |
|
(0.69 |
) |
|
(0.12 |
) |
|
(0.54 |
) |
|
(0.12 |
) |
Net asset value at end of period |
$ |
16.56 |
|
$ |
16.93 |
|
$ |
18.29 |
|
$ |
17.11 |
|
$ |
11.66 |
|
$ |
12.74 |
|
Total investment return |
|
(2.19 |
)%(c) |
|
(1.92 |
)%(d)(e) |
|
10.58 |
%(d)(e) |
|
47.78 |
%(d)(e) |
|
(4.97 |
)%(d)(e) |
|
11.07 |
%(d)(e) |
Ratios (to average net assets)/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
0.55 |
%†† |
|
0.44 |
%(f)(g) |
|
0.26 |
%(f)(g) |
|
0.35 |
%(f)(g) |
|
0.60 |
%(f)(g) |
|
0.96 |
%(f)(g) |
Net expenses |
|
0.88 |
%††(h) |
|
0.90 |
%(f)(g) |
|
0.90 |
%(f)(g) |
|
0.90 |
%(f)(g) |
|
0.90 |
%(f)(g) |
|
0.90 |
%(f)(g) |
Expenses (before waiver/reimbursement) |
|
2.04 |
%††(h) |
|
2.01 |
%(g) |
|
1.70 |
%(g) |
|
2.05 |
%(g) |
|
2.14 |
%(g) |
|
3.34 |
%(g) |
Portfolio turnover rate |
|
7 |
% |
|
11 |
%(e) |
|
25 |
%(e) |
|
16 |
%(e) |
|
45 |
%(e) |
|
28 |
%(e) |
Net assets at end of period (in 000's) |
$ |
21,438 |
|
$ |
27,257 |
|
$ |
31,172 |
|
$ |
26,361 |
|
$ |
15,613 |
|
$ |
12,478 |
|
# |
The Fund changed its fiscal year end from March 31 to October 31. |
†† |
Annualized. |
(a) |
Beginning with the period ended October 31, 2023, the Fund was audited by KPMG LLP. The previous years were audited by another independent registered public accounting firm. |
(b) |
Per share data based on average shares outstanding during the period. |
(c) |
Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(d) |
Based on net asset value as of end of period date. |
(e) |
Not annualized for periods less than one year. |
(f) |
The contractual and voluntary expense waivers pursuant to Note 3 of the financial statements are reflected in both the net expense and net investment income (loss) ratios. |
(g) |
Annualized, with the exception of non-recurring organizational costs. |
(h) |
In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
|
August
28, 2023^ through | ||
Class R6 |
2023 | ||
Net asset value at beginning of period |
$ |
17.68 |
|
Net investment income (loss)(a) |
|
0.01 |
|
Net realized and unrealized gain (loss) |
|
(1.13 |
) |
Total from investment operations |
|
(1.12 |
) |
Net asset value at end of period |
$ |
16.56 |
|
Total investment return(b)(c) |
|
(6.33 |
)% |
Ratios (to average net assets)/Supplemental Data: |
|
|
|
Net investment income (loss)†† |
|
0.45 |
% |
Net expenses††(d) |
|
0.84 |
% |
Expenses (before waiver/reimbursement)††(d) |
|
1.69 |
% |
Portfolio turnover rate |
|
7 |
% |
Net assets at end of period (in 000’s) |
$ |
24 |
|
^ |
Inception date. |
†† |
Annualized. |
(a) |
Per share data based on average shares outstanding during the period. |
(b) |
Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R6 shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) |
Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) |
In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
202
Financial Highlights
MainStay PineStone Global Equity Fund
(a series of MainStay Funds Trust)
(Selected per share data and ratios)
|
August
28, | ||
Class P |
2023 | ||
Net asset value at beginning of period |
$ |
17.68 |
|
Net investment income (loss)(a) |
|
0.01 |
|
Net realized and unrealized gain (loss) |
|
(1.13 |
) |
Total from investment operations |
|
(1.12 |
) |
Net asset value at end of period |
$ |
16.56 |
|
Total investment return(b)(c) |
|
(6.33 |
)% |
Ratios (to average net assets)/Supplemental Data: |
|
|
|
Net investment income (loss)†† |
|
0.44 |
% |
Net expenses††(d) |
|
0.85 |
% |
Expenses (before waiver/reimbursement)††(d) |
|
1.69 |
% |
Portfolio turnover rate |
|
7 |
% |
Net assets at end of period (in 000’s) |
$ |
24 |
|
^ |
Inception date. |
†† |
Annualized. |
(a) |
Per share data based on average shares outstanding during the period. |
(b) |
Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class P shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) |
Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) |
In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
203
Financial Highlights
MainStay PineStone International Equity Fund
(a series of MainStay Funds Trust)
(Selected per share data and ratios)
|
April
1, |
Year Ended March 31, | ||||||||||||||||
Class A |
2023#(a) |
2023 |
2022 |
2021 |
2020 |
2019 | ||||||||||||
Net asset value at beginning of period |
$ |
14.51 |
|
$ |
14.70 |
|
$ |
14.06 |
|
$ |
9.92 |
|
$ |
10.48 |
|
$ |
10.24 |
|
Net investment income (loss)(b) |
|
0.02 |
|
|
0.07 |
|
|
0.04 |
|
|
0.03 |
|
|
0.05 |
|
|
0.08 |
|
Net realized and unrealized gain (loss) |
|
(1.02 |
) |
|
(0.16 |
) |
|
0.65 |
|
|
4.37 |
|
|
(0.50 |
) |
|
0.26 |
|
Total from investment operations |
|
(1.00 |
) |
|
(0.09 |
) |
|
0.69 |
|
|
4.40 |
|
|
(0.45 |
) |
|
0.34 |
|
Less distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income |
|
(0.01 |
) |
|
(0.10 |
) |
|
(0.03 |
) |
|
(0.04 |
) |
|
(0.08 |
) |
|
(0.08 |
) |
From net realized gain on investments |
|
— |
|
|
— |
|
|
(0.02 |
) |
|
(0.22 |
) |
|
(0.03 |
) |
|
(0.02 |
) |
Total distributions |
|
(0.01 |
) |
|
(0.10 |
) |
|
(0.05 |
) |
|
(0.26 |
) |
|
(0.11 |
) |
|
(0.10 |
) |
Net asset value at end of period |
$ |
13.50 |
|
$ |
14.51 |
|
$ |
14.70 |
|
$ |
14.06 |
|
$ |
9.92 |
|
$ |
10.48 |
|
Total investment return |
|
(6.89 |
)%(c) |
|
(0.57 |
)%(d)(e) |
|
4.91 |
%(d)(e) |
|
44.38 |
%(d)(e) |
|
(4.48 |
)%(d)(e) |
|
3.51 |
%(d)(e) |
Ratios (to average net assets)/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
0.25 |
%†† |
|
0.50 |
%(f)(g) |
|
0.27 |
%(f)(g) |
|
0.19 |
%(f)(g) |
|
0.44 |
%(f)(g) |
|
0.83 |
%(f)(g) |
Net expenses |
|
1.21 |
%††(h) |
|
1.25 |
%(f)(g) |
|
1.25 |
%(f)(g) |
|
1.25 |
%(f)(g) |
|
1.25 |
%(f)(g) |
|
1.25 |
%(f)(g) |
Expenses (before waiver/reimbursement) |
|
1.36 |
%††(h) |
|
1.55 |
%(g) |
|
1.49 |
%(g) |
|
1.55 |
%(g) |
|
1.56 |
%(g) |
|
1.73 |
%(g) |
Portfolio turnover rate |
|
12 |
% |
|
11 |
%(e) |
|
2 |
%(e) |
|
12 |
%(e) |
|
8 |
%(e) |
|
38 |
%(e) |
Net assets at end of period (in 000's) |
$ |
56,733 |
|
$ |
5,162 |
|
$ |
2,260 |
|
$ |
1,516 |
|
$ |
324 |
|
$ |
94 |
|
# |
The Fund changed its fiscal year end from March 31 to October 31. |
†† |
Annualized. |
(a) |
Beginning with the period ended October 31, 2023, the Fund was audited by KPMG LLP. The previous years were audited by another independent registered public accounting firm. |
(b) |
Per share data based on average shares outstanding during the period. |
(c) |
Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(d) |
Based on net asset value as of end of period date. |
(e) |
Not annualized for periods less than one year. |
(f) |
The contractual and voluntary expense waivers pursuant to Note 3 of the financial statements are reflected in both the net expense and net investment income (loss) ratios. |
(g) |
Annualized, with the exception of non-recurring organizational costs. |
(h) |
In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
|
August
28, 2023^ through | ||
Investor Class |
2023 | ||
Net asset value at beginning of period |
$ |
14.71 |
|
Net investment income (loss)(a) |
|
(0.01 |
) |
Net realized and unrealized gain (loss) |
|
(1.21 |
) |
Total from investment operations |
|
(1.22 |
) |
Net asset value at end of period |
$ |
13.49 |
|
Total investment return(b)(c) |
|
(8.29 |
)% |
Ratios (to average net assets)/Supplemental Data: |
|
|
|
Net investment income (loss)†† |
|
(0.32 |
)% |
Net expenses††(d) |
|
1.49 |
% |
Expenses (before waiver/reimbursement)††(d) |
|
1.61 |
% |
Portfolio turnover rate |
|
12 |
% |
Net assets at end of period (in 000's) |
$ |
12,660 |
|
^ |
Inception date. |
†† |
Annualized. |
(a) |
Per share data based on average shares outstanding during the period. |
(b) |
Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) |
Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) |
In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
204
Financial Highlights
MainStay PineStone International Equity Fund
(a series of MainStay Funds Trust)
(Selected per share data and ratios)
|
August
28, 2023^ through | ||
Class C |
2023 | ||
Net asset value at beginning of period |
$ |
14.71 |
|
Net investment income (loss)(a) |
|
(0.03 |
) |
Net realized and unrealized gain (loss) |
|
(1.21 |
) |
Total from investment operations |
|
(1.24 |
) |
Net asset value at end of period |
$ |
13.47 |
|
Total investment return(b)(c) |
|
(8.43 |
)% |
Ratios (to average net assets)/Supplemental Data: |
|
|
|
Net investment income (loss)†† |
|
(1.06 |
)% |
Net expenses††(d) |
|
2.24 |
% |
Expenses (before waiver/reimbursement)††(d) |
|
2.36 |
% |
Portfolio turnover rate |
|
12 |
% |
Net assets at end of period (in 000’s) |
$ |
739 |
|
^ |
Inception date. |
†† |
Annualized. |
(a) |
Per share data based on average shares outstanding during the period. |
(b) |
Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) |
Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) |
In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
205
Financial Highlights
MainStay PineStone International Equity Fund
(a series of MainStay Funds Trust)
(Selected per share data and ratios)
|
April 1, |
Year Ended March 31, | ||||||||||||||||
Class I |
2023#(a) |
2023 |
2022 |
2021 |
2020 |
2019 | ||||||||||||
Net asset value at beginning of period |
$ |
14.53 |
|
$ |
14.70 |
|
$ |
14.06 |
|
$ |
9.92 |
|
$ |
10.48 |
|
$ |
10.25 |
|
Net investment income (loss)(b) |
|
0.09 |
|
|
0.10 |
|
|
0.08 |
|
|
0.06 |
|
|
0.08 |
|
|
0.12 |
|
Net realized and unrealized gain (loss) |
|
(1.07 |
) |
|
(0.16 |
) |
|
0.65 |
|
|
4.34 |
|
|
(0.50 |
) |
|
0.24 |
|
Total from investment operations |
|
(0.98 |
) |
|
(0.06 |
) |
|
0.73 |
|
|
4.40 |
|
|
(0.42 |
) |
|
0.36 |
|
Less distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income |
|
(0.02 |
) |
|
(0.11 |
) |
|
(0.07 |
) |
|
(0.04 |
) |
|
(0.11 |
) |
|
(0.10 |
) |
From net realized gain on investments |
|
— |
|
|
— |
|
|
(0.02 |
) |
|
(0.22 |
) |
|
(0.03 |
) |
|
(0.03 |
) |
Total distributions |
|
(0.02 |
) |
|
(0.11 |
) |
|
(0.09 |
) |
|
(0.26 |
) |
|
(0.14 |
) |
|
(0.13 |
) |
Net asset value at end of period |
$ |
13.53 |
|
$ |
14.53 |
|
$ |
14.70 |
|
$ |
14.06 |
|
$ |
9.92 |
|
$ |
10.48 |
|
Total investment return |
|
(6.73 |
)%(c) |
|
(0.33 |
)%(d)(e) |
|
5.16 |
%(d)(e) |
|
44.43 |
%(d)(e) |
|
(4.23 |
)%(d)(e) |
|
3.72 |
%(d)(e) |
Ratios (to average net assets)/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
1.03 |
%†† |
|
0.75 |
%(f)(g) |
|
0.52 |
%(f)(g) |
|
0.44 |
%(f)(g) |
|
0.69 |
%(f)(g) |
|
1.21 |
%(f)(g) |
Net expenses |
|
0.95 |
%††(h) |
|
1.00 |
%(f)(g) |
|
1.00 |
%(f)(g) |
|
1.00 |
%(f)(g) |
|
1.00 |
%(f)(g) |
|
1.00 |
%(f)(g) |
Expenses (before waiver/reimbursement) |
|
1.19 |
%††(h) |
|
1.30 |
%(g) |
|
1.24 |
%(g) |
|
1.30 |
%(g) |
|
1.31 |
%(g) |
|
1.48 |
%(g) |
Portfolio turnover rate |
|
12 |
% |
|
11 |
%(e) |
|
2 |
%(e) |
|
12 |
%(e) |
|
8 |
%(e) |
|
38 |
%(e) |
Net assets at end of period (in 000's) |
$ |
190,764 |
|
$ |
196,962 |
|
$ |
217,664 |
|
$ |
160,421 |
|
$ |
79,543 |
|
$ |
45,193 |
|
# |
The Fund changed its fiscal year end from March 31 to October 31. | ||||||||||||||||||
†† |
Annualized. | ||||||||||||||||||
(a) |
Beginning with the period ended October 31, 2023, the Fund was audited by KPMG LLP. The previous years were audited by another independent registered public accounting firm. | ||||||||||||||||||
(b) |
Per share data based on average shares outstanding during the period. | ||||||||||||||||||
(c) |
Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized. | ||||||||||||||||||
(d) |
Based on net asset value as of end of period date. | ||||||||||||||||||
(e) |
Not annualized for periods less than one year. | ||||||||||||||||||
(f) |
The contractual and voluntary expense waivers pursuant to Note 3 of the financial statements are reflected in both the net expense and net investment income (loss) ratios. | ||||||||||||||||||
(g) |
Annualized, with the exception of non-recurring organizational costs. | ||||||||||||||||||
(h) |
In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. | ||||||||||||||||||
|
April
1, |
Year Ended March 31, | |||||||||||||||||
Class R6 |
2023#(a) |
2023 |
2022 |
2021 |
2020 |
2019 | |||||||||||||
Net asset value at beginning of period |
$ |
14.60 |
|
$ |
14.77 |
|
$ |
14.12 |
|
$ |
9.96 |
|
$ |
10.52 |
|
$ |
10.26 |
| |
Net investment income (loss)(b) |
|
0.08 |
|
|
0.13 |
|
|
0.11 |
|
|
0.08 |
|
|
0.10 |
|
|
0.13 |
| |
Net realized and unrealized gain (loss) |
|
(1.05 |
) |
|
(0.16 |
) |
|
0.66 |
|
|
4.36 |
|
|
(0.51 |
) |
|
0.26 |
| |
Total from investment operations |
|
(0.97 |
) |
|
(0.03 |
) |
|
0.77 |
|
|
4.44 |
|
|
(0.41 |
) |
|
0.39 |
| |
Less distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
From net investment income |
|
(0.04 |
) |
|
(0.14 |
) |
|
(0.10 |
) |
|
(0.06 |
) |
|
(0.12 |
) |
|
(0.10 |
) | |
From net realized gain on investments |
|
— |
|
|
— |
|
|
(0.02 |
) |
|
(0.22 |
) |
|
(0.03 |
) |
|
(0.03 |
) | |
Total distributions |
|
(0.04 |
) |
|
(0.14 |
) |
|
(0.12 |
) |
|
(0.28 |
) |
|
(0.15 |
) |
|
(0.13 |
) | |
Net asset value at end of period |
$ |
13.59 |
|
$ |
14.60 |
|
$ |
14.77 |
|
$ |
14.12 |
|
$ |
9.96 |
|
$ |
10.52 |
| |
Total investment return |
|
(6.66 |
)%(c) |
|
(0.10 |
)%(d)(e) |
|
5.39 |
%(d)(e) |
|
44.65 |
%(d)(e) |
|
(4.07 |
)%(d)(e) |
|
4.02 |
%(d)(e) | |
Ratios (to average net assets)/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net investment income (loss) |
|
0.98 |
%†† |
|
0.95 |
%(f)(g) |
|
0.72 |
%(f)(g) |
|
0.64 |
%(f)(g) |
|
0.89 |
%(f)(g) |
|
1.23 |
%(f)(g) | |
Net expenses |
|
0.80 |
%††(h) |
|
0.80 |
%(f)(g) |
|
0.80 |
%(f)(g) |
|
0.80 |
%(f)(g) |
|
0.80 |
%(f)(g) |
|
0.80 |
%(f)(g) | |
Expenses (before waiver/reimbursement) |
|
1.09 |
%††(h) |
|
1.30 |
%(g) |
|
1.24 |
%(g) |
|
1.30 |
%(g) |
|
1.31 |
%(g) |
|
1.48 |
%(g) | |
Portfolio turnover rate |
|
12 |
% |
|
11 |
%(e) |
|
2 |
%(e) |
|
12 |
%(e) |
|
8 |
%(e) |
|
38 |
%(e) | |
Net assets at end of period (in 000's) |
$ |
94,796 |
|
$ |
39,343 |
|
$ |
43,451 |
|
$ |
41,229 |
|
$ |
45,405 |
|
$ |
57,026 |
|
# |
The Fund changed its fiscal year end from March 31 to October 31. |
†† |
Annualized. |
(a) |
Beginning with the period ended October 31, 2023, the Fund was audited by KPMG LLP. The previous years were audited by another independent registered public accounting firm. |
(b) |
Per share data based on average shares outstanding during the period. |
(c) |
Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R6 shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(d) |
Based on net asset value as of end of period date. |
(e) |
Not annualized for periods less than one year. |
(f) |
The contractual and voluntary expense waivers pursuant to Note 3 of the financial statements are reflected in both the net expense and net investment income (loss) ratios. |
(g) |
Annualized, with the exception of non-recurring organizational costs. |
(h) |
In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
206
Financial Highlights
MainStay PineStone International Equity Fund
(a series of MainStay Funds Trust)
(Selected per share data and ratios)
|
August
28, 2023^ through | ||
Class P |
2023 | ||
Net asset value at beginning of period |
$ |
14.73 |
|
Net investment income (loss)(a) |
|
0.01 |
|
Net realized and unrealized gain (loss) |
|
(1.21 |
) |
Total from investment operations |
|
(1.20 |
) |
Net asset value at end of period |
$ |
13.53 |
|
Total investment return(b)(c) |
|
(8.15 |
)% |
Ratios (to average net assets)/Supplemental Data: |
|
|
|
Net investment income (loss)†† |
|
0.33 |
% |
Net expenses††(d) |
|
0.85 |
% |
Expenses (before waiver/reimbursement)††(d) |
|
0.91 |
% |
Portfolio turnover rate |
|
12 |
% |
Net assets at end of period (in 000’s) |
$ |
23 |
|
^ |
Inception date. |
†† |
Annualized. |
(a) |
Per share data based on average shares outstanding during the period. |
(b) |
Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class P shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) |
Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) |
In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
207
Financial Highlights
MainStay PineStone U.S. Equity Fund
(a series of MainStay Funds Trust)
(Selected per share data and ratios)
|
April
1, |
Year Ended March 31, |
September
30, | ||||||||||||
Class A |
2023#(a) |
2023 |
2022 |
2021 |
2020 | ||||||||||
Net asset value at beginning of period |
$ |
15.16 |
|
$ |
15.92 |
|
$ |
13.93 |
|
$ |
9.28 |
|
$ |
10.00 |
|
Net investment income (loss)(b) |
|
(0.01 |
) |
|
0.04 |
|
|
0.02 |
|
|
0.03 |
|
|
0.03 |
|
Net realized and unrealized gain (loss) |
|
0.39 |
|
|
(0.31 |
) |
|
2.12 |
|
|
4.78 |
|
|
(0.72 |
) |
Total from investment operations |
|
0.38 |
|
|
(0.27 |
) |
|
2.14 |
|
|
4.81 |
|
|
(0.69 |
) |
Less distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income |
|
— |
|
|
(0.03 |
) |
|
(0.02 |
) |
|
(0.03 |
) |
|
(0.03 |
) |
From net realized gain on investments |
|
— |
|
|
(0.46 |
) |
|
(0.13 |
) |
|
(0.13 |
) |
|
(0.00 |
)‡ |
Total distributions |
|
— |
|
|
(0.49 |
) |
|
(0.15 |
) |
|
(0.16 |
) |
|
(0.03 |
) |
Net asset value at end of period |
$ |
15.54 |
|
$ |
15.16 |
|
$ |
15.92 |
|
$ |
13.93 |
|
$ |
9.28 |
|
Total investment return |
|
2.51 |
%(c) |
|
(1.45 |
)%(d)(e) |
|
15.20 |
%(d)(e) |
|
52.04 |
%(d)(e) |
|
(6.96 |
)%(d)(e) |
Ratios (to average net assets)/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
(0.12 |
)%†† |
|
0.27 |
%(f)(g) |
|
0.09 |
%(f)(g) |
|
0.24 |
%(f)(g) |
|
0.48 |
%(f)(g) |
Net expenses |
|
0.97 |
%††(h) |
|
1.00 |
%(f)(g) |
|
1.00 |
%(f)(g) |
|
1.00 |
%(f)(g) |
|
1.00 |
%(f)(g) |
Expenses (before waiver/reimbursement) |
|
0.99 |
%††(h) |
|
1.21 |
%(g) |
|
1.13 |
%(g) |
|
1.29 |
%(g) |
|
1.73 |
%(g) |
Portfolio turnover rate |
|
2 |
% |
|
6 |
%(e) |
|
10 |
%(e) |
|
8 |
%(e) |
|
6 |
%(e) |
Net assets at end of period (in 000's) |
$ |
769 |
|
$ |
17 |
|
$ |
16 |
|
$ |
14 |
|
$ |
9 |
|
# |
The Fund changed its fiscal year end from March 31 to October 31. |
^ |
Inception date. |
‡ |
Less than one cent per share. |
†† |
Annualized. |
(a) |
Beginning with the period ended October 31, 2023, the Fund was audited by KPMG LLP. The previous years were audited by another independent registered public accounting firm. |
(b) |
Per share data based on average shares outstanding during the period. |
(c) |
Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(d) |
Based on net asset value as of end of period date. |
(e) |
Not annualized for periods less than one year. |
(f) |
The contractual and voluntary expense waivers pursuant to Note 3 of the financial statements are reflected in both the net expense and net investment income (loss) ratios. |
(g) |
Annualized, with the exception of non-recurring organizational costs. |
(h) |
In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
|
August
28, 2023^ through | ||
Class C |
2023 | ||
Net asset value at beginning of period |
$ |
16.32 |
|
Net investment income (loss)(a) |
|
(0.02 |
) |
Net realized and unrealized gain (loss) |
|
(0.79 |
) |
Total from investment operations |
|
(0.81 |
) |
Net asset value at end of period |
$ |
15.51 |
|
Total investment return(b)(c) |
|
(4.96 |
)% |
Ratios (to average net assets)/Supplemental Data: |
|
|
|
Net investment income (loss)†† |
|
(0.75 |
)% |
Net expenses††(d) |
|
1.89 |
% |
Expenses (before waiver/reimbursement)††(d) |
|
1.91 |
% |
Portfolio turnover rate |
|
2 |
% |
Net assets at end of period (in 000’s) |
$ |
24 |
|
^ |
Inception date. |
†† |
Annualized. |
(a) |
Per share data based on average shares outstanding during the period. |
(b) |
Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) |
Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) |
In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
208
Financial Highlights
MainStay PineStone U.S. Equity Fund
(a series of MainStay Funds Trust)
(Selected per share data and ratios)
|
April
1, |
Year Ended March 31, |
September
30, | ||||||||||||
Class I |
2023#(a) |
2023 |
2022 |
2021 |
2020 | ||||||||||
Net asset value at beginning of period |
$ |
15.17 |
|
$ |
15.94 |
|
$ |
13.95 |
|
$ |
9.28 |
|
$ |
10.00 |
|
Net investment income (loss)(b) |
|
0.04 |
|
|
0.07 |
|
|
0.05 |
|
|
0.06 |
|
|
0.04 |
|
Net realized and unrealized gain (loss) |
|
0.36 |
|
|
(0.31 |
) |
|
2.13 |
|
|
4.79 |
|
|
(0.73 |
) |
Total from investment operations |
|
0.40 |
|
|
(0.24 |
) |
|
2.18 |
|
|
4.85 |
|
|
(0.69 |
) |
Less distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income |
|
— |
|
|
(0.07 |
) |
|
(0.06 |
) |
|
(0.05 |
) |
|
(0.03 |
) |
From net realized gain on investments |
|
— |
|
|
(0.46 |
) |
|
(0.13 |
) |
|
(0.13 |
) |
|
(0.00 |
)‡ |
Total distributions |
|
— |
|
|
(0.53 |
) |
|
(0.19 |
) |
|
(0.18 |
) |
|
(0.03 |
) |
Net asset value at end of period |
$ |
15.57 |
|
$ |
15.17 |
|
$ |
15.94 |
|
$ |
13.95 |
|
$ |
9.28 |
|
Total investment return |
|
2.64 |
%(c) |
|
(1.26 |
)%(d)(e) |
|
15.49 |
%(d)(e) |
|
52.48 |
%(d)(e) |
|
(6.91 |
)%(d)(e) |
Ratios (to average net assets)/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
0.40 |
%†† |
|
0.51 |
%(f)(g) |
|
0.33 |
%(f)(g) |
|
0.48 |
%(f)(g) |
|
0.73 |
%(f)(g) |
Net expenses |
|
0.75 |
%††(h) |
|
0.75 |
%(f)(g) |
|
0.75 |
%(f)(g) |
|
0.75 |
%(f)(g) |
|
0.75 |
%(f)(g) |
Expenses (before waiver/reimbursement) |
|
0.86 |
%††(h) |
|
0.96 |
%(g) |
|
0.88 |
%(g) |
|
1.04 |
%(g) |
|
1.48 |
%(g) |
Portfolio turnover rate |
|
2 |
% |
|
6 |
%(e) |
|
10 |
%(e) |
|
8 |
%(e) |
|
6 |
%(e) |
Net assets at end of period (in 000's) |
$ |
96,988 |
|
$ |
89,251 |
|
$ |
97,068 |
|
$ |
81,645 |
|
$ |
43,299 |
|
# |
The Fund changed its fiscal year end from March 31 to October 31. |
^ |
Inception date. |
‡ |
Less than one cent per share. |
†† |
Annualized. |
(a) |
Beginning with the period ended October 31, 2023, the Fund was audited by KPMG LLP. The previous years were audited by another independent registered public accounting firm. |
(b) |
Per share data based on average shares outstanding during the period. |
(c) |
Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(d) |
Based on net asset value as of end of period date. |
(e) |
Not annualized for periods less than one year. |
(f) |
The contractual and voluntary expense waivers pursuant to Note 3 of the financial statements are reflected in both the net expense and net investment income (loss) ratios. |
(g) |
Annualized, with the exception of non-recurring organizational costs. |
(h) |
In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
|
August
28, 2023^ through | ||
Class R6 |
2023 | ||
Net asset value at beginning of period |
$ |
16.35 |
|
Net investment income (loss)(a) |
|
0.00‡ |
|
Net realized and unrealized gain (loss) |
|
(0.78 |
) |
Total from investment operations |
|
(0.78 |
) |
Net asset value at end of period |
$ |
15.57 |
|
Total investment return(b)(c) |
|
(4.77 |
)% |
Ratios (to average net assets)/Supplemental Data: |
|
|
|
Net investment income (loss)†† |
|
0.10 |
% |
Net expenses††(d) |
|
0.63 |
% |
Portfolio turnover rate |
|
2 |
% |
Net assets at end of period (in 000’s) |
$ |
105,394 |
|
^ |
Inception date. |
‡ |
Less than one cent per share. |
†† |
Annualized. |
(a) |
Per share data based on average shares outstanding during the period. |
(b) |
Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R6 shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) |
Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) |
In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
209
Financial Highlights
MainStay PineStone U.S. Equity Fund
(a series of MainStay Funds Trust)
(Selected per share data and ratios)
|
August
28, | ||
Class P |
2023 | ||
Net asset value at beginning of period |
$ |
16.35 |
|
Net investment income (loss)(a) |
|
0.01 |
|
Net realized and unrealized gain (loss) |
|
(0.78 |
) |
Total from investment operations |
|
(0.77 |
) |
Net asset value at end of period |
$ |
15.58 |
|
Total investment return(b)(c) |
|
(4.71 |
)% |
Ratios (to average net assets)/Supplemental Data: |
|
|
|
Net investment income (loss)†† |
|
0.48 |
% |
Net expenses††(d) |
|
0.66 |
% |
Portfolio turnover rate |
|
2 |
% |
Net assets at end of period (in 000’s) |
$ |
24 |
|
^ |
Inception date. |
†† |
Annualized. |
(a) |
Per share data based on average shares outstanding during the period. |
(b) |
Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class P shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) |
Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) |
In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
210
Financial Highlights
MainStay S&P 500 Index Fund
(a series of MainStay Funds Trust)
(Selected per share data and ratios)
|
Year Ended October 31, | ||||||||||||||
Class A |
2023 |
2022 |
2021 |
2020 |
2019 | ||||||||||
Net asset value at beginning of year |
$ |
48.54 |
|
$ |
59.77 |
|
$ |
45.82 |
|
$ |
49.60 |
|
$ |
49.27 |
|
Net investment income (loss)(a) |
|
0.56 |
|
|
0.52 |
|
|
0.49 |
|
|
0.58 |
|
|
0.67 |
|
Net realized and unrealized gain (loss) |
|
3.75 |
|
|
(9.12 |
) |
|
17.71 |
|
|
3.44 |
|
|
5.52 |
|
Total from investment operations |
|
4.31 |
|
|
(8.60 |
) |
|
18.20 |
|
|
4.02 |
|
|
6.19 |
|
Less distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income |
|
(0.57 |
) |
|
(0.53 |
) |
|
(0.55 |
) |
|
(0.91 |
) |
|
(0.77 |
) |
From net realized gain on investments |
|
(3.95 |
) |
|
(2.10 |
) |
|
(3.70 |
) |
|
(6.89 |
) |
|
(5.09 |
) |
Total distributions |
|
(4.52 |
) |
|
(2.63 |
) |
|
(4.25 |
) |
|
(7.80 |
) |
|
(5.86 |
) |
Net asset value at end of year |
$ |
48.33 |
|
$ |
48.54 |
|
$ |
59.77 |
|
$ |
45.82 |
|
$ |
49.60 |
|
Total investment return(b) |
|
9.58 |
% |
|
(15.03 |
)% |
|
42.19 |
% |
|
9.21 |
% |
|
13.80 |
% |
Ratios (to average net assets)/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
1.16 |
% |
|
0.99 |
% |
|
0.92 |
% |
|
1.32 |
% |
|
1.44 |
% |
Net expenses(c) |
|
0.52 |
% |
|
0.52 |
% |
|
0.50 |
% |
|
0.54 |
% |
|
0.54 |
% |
Portfolio turnover rate |
|
2 |
% |
|
2 |
% |
|
5 |
% |
|
15 |
% |
|
3 |
% |
Net assets at end of year (in 000’s) |
$ |
819,687 |
|
$ |
763,996 |
|
$ |
894,565 |
|
$ |
602,036 |
|
$ |
559,780 |
|
(a) |
Per share data based on average shares outstanding during the year. |
(b) |
Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) |
In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
|
Year Ended October 31, | ||||||||||||||
Investor Class |
2023 |
2022 |
2021 |
2020 |
2019 | ||||||||||
Net asset value at beginning of year |
$ |
48.39 |
|
$ |
59.55 |
|
$ |
45.68 |
|
$ |
49.50 |
|
$ |
49.18 |
|
Net investment income (loss)(a) |
|
0.47 |
|
|
0.43 |
|
|
0.40 |
|
|
0.51 |
|
|
0.59 |
|
Net realized and unrealized gain (loss) |
|
3.74 |
|
|
(9.10 |
) |
|
17.63 |
|
|
3.43 |
|
|
5.52 |
|
Total from investment operations |
|
4.21 |
|
|
(8.67 |
) |
|
18.03 |
|
|
3.94 |
|
|
6.11 |
|
Less distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income |
|
(0.47 |
) |
|
(0.39 |
) |
|
(0.46 |
) |
|
(0.87 |
) |
|
(0.70 |
) |
From net realized gain on investments |
|
(3.95 |
) |
|
(2.10 |
) |
|
(3.70 |
) |
|
(6.89 |
) |
|
(5.09 |
) |
Total distributions |
|
(4.42 |
) |
|
(2.49 |
) |
|
(4.16 |
) |
|
(7.76 |
) |
|
(5.79 |
) |
Net asset value at end of year |
$ |
48.18 |
|
$ |
48.39 |
|
$ |
59.55 |
|
$ |
45.68 |
|
$ |
49.50 |
|
Total investment return(b) |
|
9.37 |
% |
|
(15.18 |
)% |
|
41.89 |
% |
|
9.03 |
% |
|
13.62 |
% |
Ratios (to average net assets)/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
0.99 |
% |
|
0.80 |
% |
|
0.75 |
% |
|
1.16 |
% |
|
1.26 |
% |
Net expenses(c) |
|
0.70 |
% |
|
0.70 |
% |
|
0.70 |
% |
|
0.70 |
% |
|
0.70 |
% |
Expenses (before waiver/reimbursement)(c) |
|
0.84 |
% |
|
0.79 |
% |
|
0.82 |
% |
|
0.88 |
% |
|
0.89 |
% |
Portfolio turnover rate |
|
2 |
% |
|
2 |
% |
|
5 |
% |
|
15 |
% |
|
3 |
% |
Net assets at end of year (in 000's) |
$ |
43,009 |
|
$ |
45,102 |
|
$ |
58,363 |
|
$ |
55,546 |
|
$ |
54,505 |
|
(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. |
211
Financial Highlights
MainStay S&P 500 Index Fund
(a series of MainStay Funds Trust)
(Selected per share data and ratios)
|
Year Ended October 31, | ||||||||||||||
Class I |
2023 |
2022 |
2021 |
2020 |
2019 | ||||||||||
Net asset value at beginning of year |
$ |
49.58 |
|
$ |
60.97 |
|
$ |
46.66 |
|
$ |
50.38 |
|
$ |
49.97 |
|
Net investment income (loss)(a) |
|
0.70 |
|
|
0.67 |
|
|
0.64 |
|
|
0.70 |
|
|
0.81 |
|
Net realized and unrealized gain (loss) |
|
3.82 |
|
|
(9.30 |
) |
|
18.03 |
|
|
3.50 |
|
|
5.59 |
|
Total from investment operations |
|
4.52 |
|
|
(8.63 |
) |
|
18.67 |
|
|
4.20 |
|
|
6.40 |
|
Less distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income |
|
(0.70 |
) |
|
(0.66 |
) |
|
(0.66 |
) |
|
(1.03 |
) |
|
(0.90 |
) |
From net realized gain on investments |
|
(3.95 |
) |
|
(2.10 |
) |
|
(3.70 |
) |
|
(6.89 |
) |
|
(5.09 |
) |
Total distributions |
|
(4.65 |
) |
|
(2.76 |
) |
|
(4.36 |
) |
|
(7.92 |
) |
|
(5.99 |
) |
Net asset value at end of year |
$ |
49.45 |
|
$ |
49.58 |
|
$ |
60.97 |
|
$ |
46.66 |
|
$ |
50.38 |
|
Total investment return(b) |
|
9.84 |
% |
|
(14.82 |
)% |
|
42.56 |
% |
|
9.47 |
% |
|
14.08 |
% |
Ratios (to average net assets)/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
1.41 |
% |
|
1.23 |
% |
|
1.19 |
% |
|
1.56 |
% |
|
1.74 |
% |
Net expenses(c) |
|
0.27 |
% |
|
0.26 |
% |
|
0.25 |
% |
|
0.29 |
% |
|
0.29 |
% |
Portfolio turnover rate |
|
2 |
% |
|
2 |
% |
|
5 |
% |
|
15 |
% |
|
3 |
% |
Net assets at end of year (in 000’s) |
$ |
265,489 |
|
$ |
273,022 |
|
$ |
483,174 |
|
$ |
436,446 |
|
$ |
399,842 |
|
(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, |
August
31, 2020^ through | ||||||||||
SIMPLE Class |
2023 |
2022 |
2021 |
2020 | ||||||||
Net asset value at beginning of period |
$ |
48.43 |
|
$ |
59.73 |
|
$ |
45.65 |
|
|
48.83* |
|
Net investment income (loss)(a) |
|
0.40 |
|
|
0.29 |
|
|
0.21 |
|
|
0.02 |
|
Net realized and unrealized gain (loss) |
|
3.75 |
|
|
(9.11 |
) |
|
17.74 |
|
|
(3.20 |
) |
Total from investment operations |
|
4.15 |
|
|
(8.82 |
) |
|
17.95 |
|
|
(3.18 |
) |
Less distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income |
|
(0.44 |
) |
|
(0.38 |
) |
|
(0.17 |
) |
|
— |
|
From net realized gain on investments |
|
(3.95 |
) |
|
(2.10 |
) |
|
(3.70 |
) |
|
— |
|
Total distributions |
|
(4.39 |
) |
|
(2.48 |
) |
|
(3.87 |
) |
|
— |
|
Net asset value at end of period |
$ |
48.19 |
|
$ |
48.43 |
|
$ |
59.73 |
|
$ |
45.65 |
|
Total investment return(b) |
|
9.24 |
% |
|
(15.39 |
)% |
|
41.54 |
% |
|
(6.51 |
)% |
Ratios (to average net assets)/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
0.82 |
% |
|
0.56 |
% |
|
0.39 |
% |
|
0.30 |
%†† |
Net expenses(c) |
|
0.82 |
%(d) |
|
0.95 |
% |
|
0.95 |
% |
|
0.95 |
%†† |
Expenses (before waiver/reimbursement)(c) |
|
0.82 |
% |
|
1.04 |
% |
|
1.06 |
% |
|
1.15 |
%†† |
Portfolio turnover rate |
|
2 |
% |
|
2 |
% |
|
5 |
% |
|
15 |
% |
Net assets at end of period (in 000’s) |
$ |
395 |
|
$ |
185 |
|
$ |
68 |
|
$ |
23 |
|
^ |
Inception date. |
* |
Based on the net asset value of Investor Class as of August 31, 2020. |
†† |
Annualized. |
(a) |
Per share data based on average shares outstanding during the period. |
(b) |
Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. SIMPLE Class shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) |
In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) |
Expense waiver/reimbursement less than 0.01%. |
212
Financial Highlights
MainStay Winslow Large Cap Growth Fund
(a series of The MainStay Funds)
(Selected per share data and ratios)
|
Year Ended October 31, | ||||||||||||||
Class A |
2023 |
2022 |
2021 |
2020 |
2019 | ||||||||||
Net asset value at beginning of year |
$ |
8.03 |
|
$ |
14.92 |
|
$ |
11.08 |
|
$ |
9.59 |
|
$ |
9.95 |
|
Net investment income (loss)(a) |
|
(0.03 |
) |
|
(0.04 |
) |
|
(0.07 |
) |
|
(0.03 |
) |
|
(0.02 |
) |
Net realized and unrealized gain (loss) |
|
1.44 |
|
|
(3.74 |
) |
|
4.55 |
|
|
2.58 |
|
|
1.48 |
|
Total from investment operations |
|
1.41 |
|
|
(3.78 |
) |
|
4.48 |
|
|
2.55 |
|
|
1.46 |
|
Less distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net realized gain on investments |
|
(1.05 |
) |
|
(3.11 |
) |
|
(0.64 |
) |
|
(1.06 |
) |
|
(1.82 |
) |
Net asset value at end of year |
$ |
8.39 |
|
$ |
8.03 |
|
$ |
14.92 |
|
$ |
11.08 |
|
$ |
9.59 |
|
Total investment return(b) |
|
19.57 |
% |
|
(31.71 |
)% |
|
42.16 |
% |
|
29.44 |
% |
|
17.05 |
% |
Ratios (to average net assets)/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
(0.39 |
)% |
|
(0.37 |
)% |
|
(0.53 |
)% |
|
(0.31 |
)% |
|
(0.20 |
)% |
Net expenses(c) |
|
0.98 |
% |
|
0.96 |
% |
|
0.93 |
% |
|
0.97 |
% |
|
0.99 |
% |
Expenses (before waiver/reimbursement)(c) |
|
0.98 |
%(d) |
|
0.96 |
%(d) |
|
0.94 |
% |
|
0.97 |
% |
|
0.99 |
% |
Portfolio turnover rate |
|
81 |
% |
|
77 |
% |
|
66 |
% |
|
44 |
% |
|
54 |
% |
Net assets at end of year (in 000’s) |
$ |
1,153,265 |
|
$ |
1,065,870 |
|
$ |
1,745,833 |
|
$ |
1,341,381 |
|
$ |
1,008,608 |
|
(a) |
Per share data based on average shares outstanding during the year. |
(b) |
Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) |
In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) |
Expense waiver/reimbursement less than 0.01%. |
|
Year Ended October 31, | ||||||||||||||
Investor Class |
2023 |
2022 |
2021 |
2020 |
2019 | ||||||||||
Net asset value at beginning of year |
$ |
7.78 |
|
$ |
14.56 |
|
$ |
10.84 |
|
$ |
9.42 |
|
$ |
9.81 |
|
Net investment income (loss)(a) |
|
(0.05 |
) |
|
(0.05 |
) |
|
(0.08 |
) |
|
(0.04 |
) |
|
(0.03 |
) |
Net realized and unrealized gain (loss) |
|
1.39 |
|
|
(3.62 |
) |
|
4.44 |
|
|
2.52 |
|
|
1.46 |
|
Total from investment operations |
|
1.34 |
|
|
(3.67 |
) |
|
4.36 |
|
|
2.48 |
|
|
1.43 |
|
Less distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net realized gain on investments |
|
(1.05 |
) |
|
(3.11 |
) |
|
(0.64 |
) |
|
(1.06 |
) |
|
(1.82 |
) |
Net asset value at end of year |
$ |
8.07 |
|
$ |
7.78 |
|
$ |
14.56 |
|
$ |
10.84 |
|
$ |
9.42 |
|
Total investment return(b) |
|
19.26 |
% |
|
(31.75 |
)% |
|
41.98 |
% |
|
29.19 |
% |
|
16.96 |
% |
Ratios (to average net assets)/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
(0.59 |
)% |
|
(0.52 |
)% |
|
(0.67 |
)% |
|
(0.43 |
)% |
|
(0.31 |
)% |
Net expenses(c) |
|
1.19 |
% |
|
1.11 |
% |
|
1.08 |
% |
|
1.10 |
% |
|
1.09 |
% |
Expenses (before waiver/reimbursement)(c) |
|
1.19 |
%(d) |
|
1.11 |
%(d) |
|
1.09 |
% |
|
1.10 |
% |
|
1.10 |
% |
Portfolio turnover rate |
|
81 |
% |
|
77 |
% |
|
66 |
% |
|
44 |
% |
|
54 |
% |
Net assets at end of year (in 000's) |
$ |
61,360 |
|
$ |
64,065 |
|
$ |
106,354 |
|
$ |
110,831 |
|
$ |
109,236 |
|
(a) |
Per share data based on average shares outstanding during the year. |
(b) |
Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) |
In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) |
Expense waiver/reimbursement less than 0.01%. |
213
Financial Highlights
MainStay Winslow Large Cap Growth Fund
(a series of The MainStay Funds)
(Selected per share data and ratios)
|
Year Ended October 31, | ||||||||||||||
Class B |
2023 |
2022 |
2021 |
2020 |
2019 | ||||||||||
Net asset value at beginning of year |
$ |
5.28 |
|
$ |
10.96 |
|
$ |
8.37 |
|
$ |
7.55 |
|
$ |
8.26 |
|
Net investment income (loss)(a) |
|
(0.06 |
) |
|
(0.08 |
) |
|
(0.13 |
) |
|
(0.09 |
) |
|
(0.08 |
) |
Net realized and unrealized gain (loss) |
|
0.88 |
|
|
(2.49 |
) |
|
3.36 |
|
|
1.97 |
|
|
1.19 |
|
Total from investment operations |
|
0.82 |
|
|
(2.57 |
) |
|
3.23 |
|
|
1.88 |
|
|
1.11 |
|
Less distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net realized gain on investments |
|
(1.05 |
) |
|
(3.11 |
) |
|
(0.64 |
) |
|
(1.06 |
) |
|
(1.82 |
) |
Net asset value at end of year |
$ |
5.05 |
|
$ |
5.28 |
|
$ |
10.96 |
|
$ |
8.37 |
|
$ |
7.55 |
|
Total investment return(b) |
|
18.40 |
% |
|
(32.29 |
)% |
|
40.80 |
% |
|
28.37 |
% |
|
15.96 |
% |
Ratios (to average net assets)/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
(1.32 |
)% |
|
(1.27 |
)% |
|
(1.42 |
)% |
|
(1.17 |
)% |
|
(1.05 |
)% |
Net expenses(c) |
|
1.94 |
% |
|
1.86 |
% |
|
1.83 |
% |
|
1.85 |
% |
|
1.84 |
% |
Expenses (before waiver/reimbursement)(c) |
|
1.94 |
%(d) |
|
1.86 |
%(d) |
|
1.84 |
% |
|
1.85 |
% |
|
1.85 |
% |
Portfolio turnover rate |
|
81 |
% |
|
77 |
% |
|
66 |
% |
|
44 |
% |
|
54 |
% |
Net assets at end of year (in 000’s) |
$ |
6,235 |
|
$ |
9,408 |
|
$ |
20,533 |
|
$ |
20,172 |
|
$ |
21,015 |
|
(a) |
Per share data based on average shares outstanding during the year. |
(b) |
Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) |
In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) |
Expense waiver/reimbursement less than 0.01%. |
|
Year Ended October 31, | ||||||||||||||
Class C |
2023 |
2022 |
2021 |
2020 |
2019 | ||||||||||
Net asset value at beginning of year |
$ |
5.26 |
|
$ |
10.93 |
|
$ |
8.35 |
|
$ |
7.53 |
|
$ |
8.25 |
|
Net investment income (loss)(a) |
|
(0.07 |
) |
|
(0.08 |
) |
|
(0.13 |
) |
|
(0.09 |
) |
|
(0.07 |
) |
Net realized and unrealized gain (loss) |
|
0.88 |
|
|
(2.48 |
) |
|
3.35 |
|
|
1.97 |
|
|
1.17 |
|
Total from investment operations |
|
0.81 |
|
|
(2.56 |
) |
|
3.22 |
|
|
1.88 |
|
|
1.10 |
|
Less distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net realized gain on investments |
|
(1.05 |
) |
|
(3.11 |
) |
|
(0.64 |
) |
|
(1.06 |
) |
|
(1.82 |
) |
Net asset value at end of year |
$ |
5.02 |
|
$ |
5.26 |
|
$ |
10.93 |
|
$ |
8.35 |
|
$ |
7.53 |
|
Total investment return(b) |
|
18.24 |
% |
|
(32.29 |
)% |
|
40.77 |
% |
|
28.46 |
% |
|
15.97 |
% |
Ratios (to average net assets)/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
(1.34 |
)% |
|
(1.27 |
)% |
|
(1.42 |
)% |
|
(1.17 |
)% |
|
(1.04 |
)% |
Net expenses(c) |
|
1.94 |
% |
|
1.86 |
% |
|
1.83 |
% |
|
1.85 |
% |
|
1.84 |
% |
Expenses (before waiver/reimbursement)(c) |
|
1.94 |
%(d) |
|
1.86 |
%(d) |
|
1.84 |
% |
|
1.85 |
% |
|
1.85 |
% |
Portfolio turnover rate |
|
81 |
% |
|
77 |
% |
|
66 |
% |
|
44 |
% |
|
54 |
% |
Net assets at end of year (in 000’s) |
$ |
38,923 |
|
$ |
46,833 |
|
$ |
90,377 |
|
$ |
95,761 |
|
$ |
131,945 |
|
(a) |
Per share data based on average shares outstanding during the year. |
(b) |
Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) |
In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) |
Expense waiver/reimbursement less than 0.01%. |
214
Financial Highlights
MainStay Winslow Large Cap Growth Fund
(a series of The MainStay Funds)
(Selected per share data and ratios)
|
Year Ended October 31, | ||||||||||||||
Class I |
2023 |
2022 |
2021 |
2020 |
2019 | ||||||||||
Net asset value at beginning of year |
$ |
9.24 |
|
$ |
16.66 |
|
$ |
12.28 |
|
$ |
10.49 |
|
$ |
10.69 |
|
Net investment income (loss)(a) |
|
(0.01 |
) |
|
(0.01 |
) |
|
(0.04 |
) |
|
(0.01 |
) |
|
0.00‡ |
|
Net realized and unrealized gain (loss) |
|
1.68 |
|
|
(4.30 |
) |
|
5.06 |
|
|
2.86 |
|
|
1.62 |
|
Total from investment operations |
|
1.67 |
|
|
(4.31 |
) |
|
5.02 |
|
|
2.85 |
|
|
1.62 |
|
Less distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income |
|
(0.01 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
From net realized gain on investments |
|
(1.05 |
) |
|
(3.11 |
) |
|
(0.64 |
) |
|
(1.06 |
) |
|
(1.82 |
) |
Total distributions |
|
(1.06 |
) |
|
(3.11 |
) |
|
(0.64 |
) |
|
(1.06 |
) |
|
(1.82 |
) |
Net asset value at end of year |
$ |
9.85 |
|
$ |
9.24 |
|
$ |
16.66 |
|
$ |
12.28 |
|
$ |
10.49 |
|
Total investment return(b) |
|
19.89 |
% |
|
(31.55 |
)% |
|
42.46 |
% |
|
29.80 |
% |
|
17.29 |
% |
Ratios (to average net assets)/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
(0.14 |
)% |
|
(0.11 |
)% |
|
(0.28 |
)% |
|
(0.06 |
)% |
|
0.05 |
% |
Net expenses(c) |
|
0.73 |
% |
|
0.71 |
% |
|
0.68 |
% |
|
0.72 |
% |
|
0.74 |
% |
Expenses (before waiver/reimbursement)(c) |
|
0.73 |
%(d) |
|
0.71 |
%(d) |
|
0.69 |
% |
|
0.72 |
% |
|
0.74 |
% |
Portfolio turnover rate |
|
81 |
% |
|
77 |
% |
|
66 |
% |
|
44 |
% |
|
54 |
% |
Net assets at end of year (in 000’s) |
$ |
6,217,494 |
|
$ |
6,016,574 |
|
$ |
8,434,291 |
|
$ |
6,824,224 |
|
$ |
6,080,320 |
|
‡ |
Less than one cent per share. |
(a) |
Per share data based on average shares outstanding during the year. |
(b) |
Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) |
In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) |
Expense waiver/reimbursement less than 0.01%. |
|
Year Ended October 31, | ||||||||||||||
Class R1 |
2023 |
2022 |
2021 |
2020 |
2019 | ||||||||||
Net asset value at beginning of year |
$ |
8.80 |
|
$ |
16.03 |
|
$ |
11.85 |
|
$ |
10.17 |
|
$ |
10.43 |
|
Net investment income (loss)(a) |
|
(0.02 |
) |
|
(0.02 |
) |
|
(0.05 |
) |
|
(0.02 |
) |
|
(0.00 |
)‡ |
Net realized and unrealized gain (loss) |
|
1.59 |
|
|
(4.10 |
) |
|
4.87 |
|
|
2.76 |
|
|
1.56 |
|
Total from investment operations |
|
1.57 |
|
|
(4.12 |
) |
|
4.82 |
|
|
2.74 |
|
|
1.56 |
|
Less distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income |
|
(0.00 |
)‡ |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
From net realized gain on investments |
|
(1.05 |
) |
|
(3.11 |
) |
|
(0.64 |
) |
|
(1.06 |
) |
|
(1.82 |
) |
Total distributions |
|
(1.05 |
) |
|
(3.11 |
) |
|
(0.64 |
) |
|
(1.06 |
) |
|
(1.82 |
) |
Net asset value at end of year |
$ |
9.32 |
|
$ |
8.80 |
|
$ |
16.03 |
|
$ |
11.85 |
|
$ |
10.17 |
|
Total investment return(b) |
|
19.73 |
% |
|
(31.62 |
)% |
|
42.30 |
% |
|
29.64 |
% |
|
17.25 |
% |
Ratios (to average net assets)/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
(0.25 |
)% |
|
(0.22 |
)% |
|
(0.38 |
)% |
|
(0.15 |
)% |
|
(0.04 |
)% |
Net expenses(c) |
|
0.83 |
% |
|
0.81 |
% |
|
0.78 |
% |
|
0.82 |
% |
|
0.84 |
% |
Expenses (before waiver/reimbursement)(c) |
|
0.83 |
%(d) |
|
0.81 |
%(d) |
|
0.79 |
% |
|
0.82 |
% |
|
0.84 |
% |
Portfolio turnover rate |
|
81 |
% |
|
77 |
% |
|
66 |
% |
|
44 |
% |
|
54 |
% |
Net assets at end of year (in 000’s) |
$ |
850,155 |
|
$ |
721,142 |
|
$ |
1,207,903 |
|
$ |
914,359 |
|
$ |
919,236 |
|
‡ |
Less than one cent per share. |
(a) |
Per share data based on average shares outstanding during the year. |
(b) |
Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R1 shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) |
In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) |
Expense waiver/reimbursement less than 0.01%. |
215
Financial Highlights
MainStay Winslow Large Cap Growth Fund
(a series of The MainStay Funds)
(Selected per share data and ratios)
|
Year Ended October 31, | ||||||||||||||
Class R2 |
2023 |
2022 |
2021 |
2020 |
2019 | ||||||||||
Net asset value at beginning of year |
$ |
7.93 |
|
$ |
14.78 |
|
$ |
10.99 |
|
$ |
9.53 |
|
$ |
9.90 |
|
Net investment income (loss)(a) |
|
(0.04 |
) |
|
(0.04 |
) |
|
(0.08 |
) |
|
(0.04 |
) |
|
(0.03 |
) |
Net realized and unrealized gain (loss) |
|
1.41 |
|
|
(3.70 |
) |
|
4.51 |
|
|
2.56 |
|
|
1.48 |
|
Total from investment operations |
|
1.37 |
|
|
(3.74 |
) |
|
4.43 |
|
|
2.52 |
|
|
1.45 |
|
Less distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net realized gain on investments |
|
(1.05 |
) |
|
(3.11 |
) |
|
(0.64 |
) |
|
(1.06 |
) |
|
(1.82 |
) |
Net asset value at end of year |
$ |
8.25 |
|
$ |
7.93 |
|
$ |
14.78 |
|
$ |
10.99 |
|
$ |
9.53 |
|
Total investment return(b) |
|
19.29 |
% |
|
(31.74 |
)% |
|
42.04 |
% |
|
29.29 |
% |
|
16.89 |
% |
Ratios (to average net assets)/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
(0.49 |
)% |
|
(0.47 |
)% |
|
(0.63 |
)% |
|
(0.40 |
)% |
|
(0.29 |
)% |
Net expenses(c) |
|
1.08 |
% |
|
1.06 |
% |
|
1.03 |
% |
|
1.07 |
% |
|
1.09 |
% |
Expenses (before waiver/reimbursement)(c) |
|
1.08 |
%(d) |
|
1.06 |
%(d) |
|
1.04 |
% |
|
1.07 |
% |
|
1.09 |
% |
Portfolio turnover rate |
|
81 |
% |
|
77 |
% |
|
66 |
% |
|
44 |
% |
|
54 |
% |
Net assets at end of year (in 000’s) |
$ |
111,520 |
|
$ |
106,414 |
|
$ |
188,790 |
|
$ |
159,297 |
|
$ |
163,288 |
|
(a) |
Per share data based on average shares outstanding during the year. |
(b) |
Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R2 shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) |
In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) |
Expense waiver/reimbursement less than 0.01%. |
|
Year Ended October 31, | ||||||||||||||
Class R3 |
2023 |
2022 |
2021 |
2020 |
2019 | ||||||||||
Net asset value at beginning of year |
$ |
7.10 |
|
$ |
13.60 |
|
$ |
10.19 |
|
$ |
8.93 |
|
$ |
9.41 |
|
Net investment income (loss)(a) |
|
(0.05 |
) |
|
(0.06 |
) |
|
(0.10 |
) |
|
(0.06 |
) |
|
(0.05 |
) |
Net realized and unrealized gain (loss) |
|
1.25 |
|
|
(3.33 |
) |
|
4.15 |
|
|
2.38 |
|
|
1.39 |
|
Total from investment operations |
|
1.20 |
|
|
(3.39 |
) |
|
4.05 |
|
|
2.32 |
|
|
1.34 |
|
Less distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net realized gain on investments |
|
(1.05 |
) |
|
(3.11 |
) |
|
(0.64 |
) |
|
(1.06 |
) |
|
(1.82 |
) |
Net asset value at end of year |
$ |
7.25 |
|
$ |
7.10 |
|
$ |
13.60 |
|
$ |
10.19 |
|
$ |
8.93 |
|
Total investment return(b) |
|
19.11 |
% |
|
(31.98 |
)% |
|
41.60 |
% |
|
28.99 |
% |
|
16.69 |
% |
Ratios (to average net assets)/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
(0.73 |
)% |
|
(0.72 |
)% |
|
(0.88 |
)% |
|
(0.65 |
)% |
|
(0.55 |
)% |
Net expenses(c) |
|
1.33 |
% |
|
1.31 |
% |
|
1.28 |
% |
|
1.32 |
% |
|
1.34 |
% |
Expenses (before waiver/reimbursement)(c) |
|
1.33 |
%(d) |
|
1.31 |
%(d) |
|
1.29 |
% |
|
1.32 |
% |
|
1.34 |
% |
Portfolio turnover rate |
|
81 |
% |
|
77 |
% |
|
66 |
% |
|
44 |
% |
|
54 |
% |
Net assets at end of year (in 000’s) |
$ |
34,337 |
|
$ |
38,027 |
|
$ |
63,195 |
|
$ |
56,657 |
|
$ |
57,283 |
|
(a) |
Per share data based on average shares outstanding during the year. |
(b) |
Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R3 shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) |
In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) |
Expense waiver/reimbursement less than 0.01%. |
216
Financial Highlights
MainStay Winslow Large Cap Growth Fund
(a series of The MainStay Funds)
(Selected per share data and ratios)
|
Year Ended October 31, | ||||||||||||||
Class R6 |
2023 |
2022 |
2021 |
2020 |
2019 | ||||||||||
Net asset value at beginning of year |
$ |
9.37 |
|
$ |
16.84 |
|
$ |
12.39 |
|
$ |
10.58 |
|
$ |
10.76 |
|
Net investment income (loss)(a) |
|
(0.01 |
) |
|
(0.00 |
)‡ |
|
(0.03 |
) |
|
0.00‡ |
|
|
0.01 |
|
Net realized and unrealized gain (loss) |
|
1.71 |
|
|
(4.36 |
) |
|
5.12 |
|
|
2.88 |
|
|
1.63 |
|
Total from investment operations |
|
1.70 |
|
|
(4.36 |
) |
|
5.09 |
|
|
2.88 |
|
|
1.64 |
|
Less distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income |
|
(0.02 |
) |
|
— |
|
|
— |
|
|
(0.01 |
) |
|
— |
|
From net realized gain on investments |
|
(1.05 |
) |
|
(3.11 |
) |
|
(0.64 |
) |
|
(1.06 |
) |
|
(1.82 |
) |
Total distributions |
|
(1.07 |
) |
|
(3.11 |
) |
|
(0.64 |
) |
|
(1.07 |
) |
|
(1.82 |
) |
Net asset value at end of year |
$ |
10.00 |
|
$ |
9.37 |
|
$ |
16.84 |
|
$ |
12.39 |
|
$ |
10.58 |
|
Total investment return(b) |
|
19.95 |
% |
|
(31.50 |
)% |
|
42.65 |
% |
|
29.83 |
% |
|
17.49 |
% |
Ratios (to average net assets)/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
(0.05 |
)% |
|
(0.04 |
)% |
|
(0.22 |
)% |
|
0.02 |
% |
|
0.13 |
% |
Net expenses(c) |
|
0.64 |
% |
|
0.63 |
% |
|
0.62 |
% |
|
0.64 |
% |
|
0.64 |
% |
Expenses (before waiver/reimbursement)(c) |
|
0.64 |
%(d) |
|
0.64 |
% |
|
0.63 |
% |
|
0.64 |
% |
|
0.64 |
% |
Portfolio turnover rate |
|
81 |
% |
|
77 |
% |
|
66 |
% |
|
44 |
% |
|
54 |
% |
Net assets at end of year (in 000’s) |
$ |
3,455,134 |
|
$ |
3,285,993 |
|
$ |
4,782,798 |
|
$ |
3,981,812 |
|
$ |
3,148,459 |
|
‡ |
Less than one cent per share. |
(a) |
Per share data based on average shares outstanding during the year. |
(b) |
Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R6 shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) |
In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) |
Expense waiver/reimbursement less than 0.01%. |
|
Year Ended October 31, |
August
31, 2020^ through | ||||||||||
SIMPLE Class |
2023 |
2022 |
2021 |
2020 | ||||||||
Net asset value at beginning of period |
$ |
7.72 |
|
$ |
14.52 |
|
$ |
10.84 |
|
|
11.84* |
|
Net investment income (loss)(a) |
|
(0.05 |
) |
|
(0.07 |
) |
|
(0.12 |
) |
|
(0.02 |
) |
Net realized and unrealized gain (loss) |
|
1.38 |
|
|
(3.62 |
) |
|
4.44 |
|
|
(0.98 |
) |
Total from investment operations |
|
1.33 |
|
|
(3.69 |
) |
|
4.32 |
|
|
(1.00 |
) |
Less distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
From net realized gain on investments |
|
(1.05 |
) |
|
(3.11 |
) |
|
(0.64 |
) |
|
— |
|
Net asset value at end of period |
$ |
8.00 |
|
$ |
7.72 |
|
$ |
14.52 |
|
$ |
10.84 |
|
Total investment return(b) |
|
19.28 |
% |
|
(32.02 |
)% |
|
41.59 |
% |
|
(8.45 |
)% |
Ratios (to average net assets)/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
(0.68 |
)% |
|
(0.77 |
)% |
|
(0.96 |
)% |
|
(1.00 |
)%†† |
Net expenses(c) |
|
1.24 |
% |
|
1.37 |
% |
|
1.33 |
% |
|
1.32 |
%†† |
Expenses (before waiver/reimbursement)(c) |
|
1.24 |
%(d) |
|
1.38 |
% |
|
1.34 |
% |
|
1.33 |
%†† |
Portfolio turnover rate |
|
81 |
% |
|
77 |
% |
|
66 |
% |
|
44 |
% |
Net assets at end of period (in 000’s) |
$ |
358 |
|
$ |
220 |
|
$ |
71 |
|
$ |
23 |
|
^ |
Inception date. |
* |
Based on the net asset value of Investor Class as of August 31, 2020. |
†† |
Annualized. |
(a) |
Per share data based on average shares outstanding during the period. |
(b) |
Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. SIMPLE Class shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) |
In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) |
Expense waiver/reimbursement less than 0.01%. |
217
Financial Highlights
MainStay WMC Enduring Capital Fund
(a series of The MainStay Funds)
(Selected per share data and ratios)
|
Year Ended October 31, | ||||||||||||||
Class A |
2023 |
2022 |
2021 |
2020 |
2019 | ||||||||||
Net asset value at beginning of year |
$ |
30.01 |
|
$ |
36.76 |
|
$ |
24.95 |
|
$ |
24.92 |
|
$ |
26.31 |
|
Net investment income (loss)(a) |
|
0.11 |
|
|
0.06 |
|
|
0.06 |
|
|
0.16 |
|
|
0.26 |
|
Net realized and unrealized gain (loss) |
|
0.92 |
|
|
(3.74 |
) |
|
11.99 |
|
|
1.36 |
|
|
1.28 |
|
Total from investment operations |
|
1.03 |
|
|
(3.68 |
) |
|
12.05 |
|
|
1.52 |
|
|
1.54 |
|
Less distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income |
|
(0.08 |
) |
|
(0.04 |
) |
|
(0.24 |
) |
|
(0.27 |
) |
|
(0.22 |
) |
From net realized gain on investments |
|
(1.10 |
) |
|
(3.03 |
) |
|
— |
|
|
(1.22 |
) |
|
(2.71 |
) |
Total distributions |
|
(1.18 |
) |
|
(3.07 |
) |
|
(0.24 |
) |
|
(1.49 |
) |
|
(2.93 |
) |
Net asset value at end of year |
$ |
29.86 |
|
$ |
30.01 |
|
$ |
36.76 |
|
$ |
24.95 |
|
$ |
24.92 |
|
Total investment return(b) |
|
3.36 |
% |
|
(10.96 |
)% |
|
48.53 |
% |
|
6.42 |
% |
|
6.80 |
% |
Ratios (to average net assets)/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
0.35 |
% |
|
0.18 |
% |
|
0.19 |
% |
|
0.64 |
% |
|
1.08 |
% |
Net expenses(c) |
|
0.94 |
% |
|
0.94 |
% |
|
0.91 |
% |
|
0.99 |
% |
|
0.97 |
% |
Portfolio turnover rate |
|
17 |
% |
|
2 |
% |
|
24 |
% |
|
166 |
% |
|
164 |
% |
Net assets at end of year (in 000’s) |
$ |
197,726 |
|
$ |
196,218 |
|
$ |
228,700 |
|
$ |
62,611 |
|
$ |
63,814 |
|
(a) |
Per share data based on average shares outstanding during the year. |
(b) |
Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) |
In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
|
Year Ended October 31, | ||||||||||||||
Investor Class |
2023 |
2022 |
2021 |
2020 |
2019 | ||||||||||
Net asset value at beginning of year |
$ |
29.97 |
|
$ |
36.73 |
|
$ |
24.92 |
|
$ |
24.90 |
|
$ |
26.29 |
|
Net investment income (loss)(a) |
|
0.04 |
|
|
0.01 |
|
|
(0.01 |
) |
|
0.08 |
|
|
0.20 |
|
Net realized and unrealized gain (loss) |
|
0.91 |
|
|
(3.74 |
) |
|
11.98 |
|
|
1.37 |
|
|
1.27 |
|
Total from investment operations |
|
0.95 |
|
|
(3.73 |
) |
|
11.97 |
|
|
1.45 |
|
|
1.47 |
|
Less distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income |
|
(0.02 |
) |
|
— |
|
|
(0.16 |
) |
|
(0.21 |
) |
|
(0.15 |
) |
From net realized gain on investments |
|
(1.10 |
) |
|
(3.03 |
) |
|
— |
|
|
(1.22 |
) |
|
(2.71 |
) |
Total distributions |
|
(1.12 |
) |
|
(3.03 |
) |
|
(0.16 |
) |
|
(1.43 |
) |
|
(2.86 |
) |
Net asset value at end of year |
$ |
29.80 |
|
$ |
29.97 |
|
$ |
36.73 |
|
$ |
24.92 |
|
$ |
24.90 |
|
Total investment return(b) |
|
3.13 |
% |
|
(11.13 |
)% |
|
48.22 |
% |
|
6.05 |
% |
|
6.51 |
% |
Ratios (to average net assets)/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
0.13 |
% |
|
0.03 |
% |
|
(0.02 |
)% |
|
0.35 |
% |
|
0.82 |
% |
Net expenses(c) |
|
1.17 |
% |
|
1.11 |
% |
|
1.19 |
% |
|
1.30 |
% |
|
1.23 |
% |
Expenses (before waiver/reimbursement)(c) |
|
1.17 |
% |
|
1.11 |
% |
|
1.19 |
% |
|
1.31 |
% |
|
1.27 |
% |
Portfolio turnover rate |
|
17 |
% |
|
2 |
% |
|
24 |
% |
|
166 |
% |
|
164 |
% |
Net assets at end of year (in 000's) |
$ |
21,764 |
|
$ |
22,977 |
|
$ |
29,293 |
|
$ |
15,544 |
|
$ |
17,203 |
|
(a) |
Per share data based on average shares outstanding during the year. |
(b) |
Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) |
In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
218
Financial Highlights
MainStay WMC Enduring Capital Fund
(a series of The MainStay Funds)
(Selected per share data and ratios)
|
Year Ended October 31, | ||||||||||||||
Class B |
2023 |
2022 |
2021 |
2020 |
2019 | ||||||||||
Net asset value at beginning of year |
$ |
26.41 |
|
$ |
32.96 |
|
$ |
22.40 |
|
$ |
22.50 |
|
$ |
24.04 |
|
Net investment income (loss)(a) |
|
(0.15 |
) |
|
(0.21 |
) |
|
(0.22 |
) |
|
(0.08 |
) |
|
0.02 |
|
Net realized and unrealized gain (loss) |
|
0.80 |
|
|
(3.31 |
) |
|
10.78 |
|
|
1.22 |
|
|
1.15 |
|
Total from investment operations |
|
0.65 |
|
|
(3.52 |
) |
|
10.56 |
|
|
1.14 |
|
|
1.17 |
|
Less distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income |
|
— |
|
|
— |
|
|
— |
|
|
(0.02 |
) |
|
— |
|
From net realized gain on investments |
|
(1.10 |
) |
|
(3.03 |
) |
|
— |
|
|
(1.22 |
) |
|
(2.71 |
) |
Total distributions |
|
(1.10 |
) |
|
(3.03 |
) |
|
— |
|
|
(1.24 |
) |
|
(2.71 |
) |
Net asset value at end of year |
$ |
25.96 |
|
$ |
26.41 |
|
$ |
32.96 |
|
$ |
22.40 |
|
$ |
22.50 |
|
Total investment return(b) |
|
2.34 |
% |
|
(11.79 |
)% |
|
47.14 |
%(c) |
|
5.28 |
% |
|
5.71 |
% |
Ratios (to average net assets)/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
(0.57 |
)% |
|
(0.72 |
)% |
|
(0.77 |
)% |
|
(0.39 |
)% |
|
0.10 |
% |
Net expenses(d) |
|
1.92 |
% |
|
1.86 |
% |
|
1.95 |
% |
|
2.05 |
% |
|
1.98 |
% |
Expenses (before waiver/reimbursement)(d) |
|
1.92 |
% |
|
1.86 |
% |
|
1.95 |
% |
|
2.06 |
% |
|
2.02 |
% |
Portfolio turnover rate |
|
17 |
% |
|
2 |
% |
|
24 |
% |
|
166 |
% |
|
164 |
% |
Net assets at end of year (in 000’s) |
$ |
1,527 |
|
$ |
2,824 |
|
$ |
5,007 |
|
$ |
3,666 |
|
$ |
4,718 |
|
(a) |
Per share data based on average shares outstanding during the year. |
(b) |
Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) |
Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) |
In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
|
Year Ended October 31, | ||||||||||||||
Class C |
2023 |
2022 |
2021 |
2020 |
2019 | ||||||||||
Net asset value at beginning of year |
$ |
26.39 |
|
$ |
32.93 |
|
$ |
22.38 |
|
$ |
22.48 |
|
$ |
24.02 |
|
Net investment income (loss)(a) |
|
(0.16 |
) |
|
(0.21 |
) |
|
(0.24 |
) |
|
(0.08 |
) |
|
0.02 |
|
Net realized and unrealized gain (loss) |
|
0.81 |
|
|
(3.30 |
) |
|
10.79 |
|
|
1.22 |
|
|
1.15 |
|
Total from investment operations |
|
0.65 |
|
|
(3.51 |
) |
|
10.55 |
|
|
1.14 |
|
|
1.17 |
|
Less distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income |
|
— |
|
|
— |
|
|
— |
|
|
(0.02 |
) |
|
— |
|
From net realized gain on investments |
|
(1.10 |
) |
|
(3.03 |
) |
|
— |
|
|
(1.22 |
) |
|
(2.71 |
) |
Total distributions |
|
(1.10 |
) |
|
(3.03 |
) |
|
— |
|
|
(1.24 |
) |
|
(2.71 |
) |
Net asset value at end of year |
$ |
25.94 |
|
$ |
26.39 |
|
$ |
32.93 |
|
$ |
22.38 |
|
$ |
22.48 |
|
Total investment return(b) |
|
2.39 |
% |
|
(11.80 |
)% |
|
47.14 |
%(c) |
|
5.29 |
% |
|
5.72 |
% |
Ratios (to average net assets)/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
(0.60 |
)% |
|
(0.72 |
)% |
|
(0.80 |
)% |
|
(0.38 |
)% |
|
0.10 |
% |
Net expenses(d) |
|
1.92 |
% |
|
1.86 |
% |
|
1.89 |
% |
|
2.05 |
% |
|
1.98 |
% |
Expenses (before waiver/reimbursement)(d) |
|
1.92 |
% |
|
1.86 |
% |
|
1.89 |
% |
|
2.06 |
% |
|
2.02 |
% |
Portfolio turnover rate |
|
17 |
% |
|
2 |
% |
|
24 |
% |
|
166 |
% |
|
164 |
% |
Net assets at end of year (in 000’s) |
$ |
16,624 |
|
$ |
23,500 |
|
$ |
37,234 |
|
$ |
6,641 |
|
$ |
10,946 |
|
(a) |
Per share data based on average shares outstanding during the year. |
(b) |
Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) |
Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) |
In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
219
Financial Highlights
MainStay WMC Enduring Capital Fund
(a series of The MainStay Funds)
(Selected per share data and ratios)
|
Year Ended October 31, | ||||||||||||||
Class I |
2023 |
2022 |
2021 |
2020 |
2019 | ||||||||||
Net asset value at beginning of year |
$ |
30.24 |
|
$ |
36.99 |
|
$ |
25.09 |
|
$ |
25.05 |
|
$ |
26.44 |
|
Net investment income (loss)(a) |
|
0.19 |
|
|
0.15 |
|
|
0.16 |
|
|
0.23 |
|
|
0.32 |
|
Net realized and unrealized gain (loss) |
|
0.92 |
|
|
(3.77 |
) |
|
12.03 |
|
|
1.37 |
|
|
1.28 |
|
Total from investment operations |
|
1.11 |
|
|
(3.62 |
) |
|
12.19 |
|
|
1.60 |
|
|
1.60 |
|
Less distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income |
|
(0.16 |
) |
|
(0.10 |
) |
|
(0.29 |
) |
|
(0.34 |
) |
|
(0.28 |
) |
From net realized gain on investments |
|
(1.10 |
) |
|
(3.03 |
) |
|
— |
|
|
(1.22 |
) |
|
(2.71 |
) |
Total distributions |
|
(1.26 |
) |
|
(3.13 |
) |
|
(0.29 |
) |
|
(1.56 |
) |
|
(2.99 |
) |
Net asset value at end of year |
$ |
30.09 |
|
$ |
30.24 |
|
$ |
36.99 |
|
$ |
25.09 |
|
$ |
25.05 |
|
Total investment return(b) |
|
3.60 |
% |
|
(10.72 |
)% |
|
48.97 |
% |
|
6.66 |
% |
|
7.06 |
% |
Ratios (to average net assets)/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
0.62 |
% |
|
0.45 |
% |
|
0.48 |
% |
|
0.96 |
% |
|
1.34 |
% |
Net expenses(c) |
|
0.69 |
% |
|
0.69 |
% |
|
0.66 |
% |
|
0.74 |
% |
|
0.72 |
% |
Portfolio turnover rate |
|
17 |
% |
|
2 |
% |
|
24 |
% |
|
166 |
% |
|
164 |
% |
Net assets at end of year (in 000’s) |
$ |
75,684 |
|
$ |
73,935 |
|
$ |
135,219 |
|
$ |
37,491 |
|
$ |
97,903 |
|
(a) |
Per share data based on average shares outstanding during the year. |
(b) |
Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) |
In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
220
Financial Highlights
MainStay WMC Enduring Capital Fund
(a series of MainStay Funds Trust)
(Selected per share data and ratios)
|
Year Ended October 31, |
April
26, 2021^ through | |||||||
Class R6 |
2023 |
2022 |
2021 | ||||||
Net asset value at beginning of period |
$ |
30.24 |
|
$ |
37.00 |
|
$ |
33.07 |
|
Net investment income (loss)(a) |
|
0.22 |
|
|
0.16 |
|
|
0.14 |
|
Net realized and unrealized gain (loss) |
|
0.92 |
|
|
(3.77 |
) |
|
3.79 |
|
Total from investment operations |
|
1.14 |
|
|
(3.61 |
) |
|
3.93 |
|
Less distributions: |
|
|
|
|
|
|
|
|
|
From net investment income |
|
(0.18 |
) |
|
(0.12 |
) |
|
— |
|
From net realized gain on investments |
|
(1.10 |
) |
|
(3.03 |
) |
|
— |
|
Total distributions |
|
(1.28 |
) |
|
(3.15 |
) |
|
— |
|
Net asset value at end of period |
$ |
30.10 |
|
$ |
30.24 |
|
$ |
37.00 |
|
Total investment return(b) |
|
3.69 |
% |
|
(10.69 |
)% |
|
11.88 |
% |
Ratios (to average net assets)/Supplemental Data: |
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
0.71 |
% |
|
0.50 |
% |
|
0.44 |
%†† |
Net expenses(c) |
|
0.61 |
% |
|
0.63 |
% |
|
0.60 |
%†† |
Portfolio turnover rate |
|
17 |
% |
|
2 |
% |
|
24 |
% |
Net assets at end of period (in 000’s) |
$ |
155,134 |
|
$ |
196,860 |
|
$ |
262,843 |
|
^ |
Inception date. |
†† |
Annualized. |
(a) |
Per share data based on average shares outstanding during the period. |
(b) |
Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R6 shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) |
In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
221
Financial Highlights
MainStay WMC Growth Fund
(a series of MainStay Funds Trust)
(Selected per share data and ratios)
|
Year Ended October 31, | ||||||||||||||
Class A |
2023 |
2022 |
2021 |
2020 |
2019 | ||||||||||
Net asset value at beginning of year |
$ |
29.94 |
|
$ |
56.51 |
|
$ |
42.56 |
|
$ |
36.07 |
|
$ |
36.41 |
|
Net investment income (loss)(a) |
|
(0.12 |
) |
|
(0.19 |
) |
|
(0.23 |
) |
|
(0.00 |
)‡ |
|
0.10 |
|
Net realized and unrealized gain (loss) |
|
4.65 |
|
|
(14.75 |
) |
|
15.93 |
|
|
7.78 |
|
|
2.87 |
|
Total from investment operations |
|
4.53 |
|
|
(14.94 |
) |
|
15.70 |
|
|
7.78 |
|
|
2.97 |
|
Less distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income |
|
— |
|
|
— |
|
|
— |
|
|
(0.16 |
) |
|
(0.06 |
) |
From net realized gain on investments |
|
— |
|
|
(11.63 |
) |
|
(1.75 |
) |
|
(1.13 |
) |
|
(3.25 |
) |
Total distributions |
|
— |
|
|
(11.63 |
) |
|
(1.75 |
) |
|
(1.29 |
) |
|
(3.31 |
) |
Net asset value at end of year |
$ |
34.47 |
|
$ |
29.94 |
|
$ |
56.51 |
|
$ |
42.56 |
|
$ |
36.07 |
|
Total investment return(b) |
|
15.13 |
% |
|
(32.66 |
)% |
|
37.87 |
% |
|
22.21 |
% |
|
8.90 |
% |
Ratios (to average net assets)/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
(0.34 |
)% |
|
(0.53 |
)% |
|
(0.46 |
)% |
|
0.01 |
% |
|
0.30 |
% |
Net expenses(c) |
|
1.05 |
% |
|
1.04 |
% |
|
1.02 |
% |
|
1.04 |
% |
|
1.06 |
% |
Portfolio turnover rate |
|
42 |
% |
|
42 |
% |
|
53 |
% |
|
150 |
% |
|
153 |
% |
Net assets at end of year (in 000’s) |
$ |
478,878 |
|
$ |
453,405 |
|
$ |
725,468 |
|
$ |
531,715 |
|
$ |
436,508 |
|
‡ |
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 |
2023 |
2022 |
2021 |
2020 |
2019 | ||||||||||
Net asset value at beginning of year |
$ |
29.12 |
|
$ |
55.42 |
|
$ |
41.89 |
|
$ |
35.53 |
|
$ |
35.94 |
|
Net investment income (loss)(a) |
|
(0.20 |
) |
|
(0.29 |
) |
|
(0.35 |
) |
|
(0.10 |
) |
|
0.01 |
|
Net realized and unrealized gain (loss) |
|
4.52 |
|
|
(14.38 |
) |
|
15.63 |
|
|
7.65 |
|
|
2.83 |
|
Total from investment operations |
|
4.32 |
|
|
(14.67 |
) |
|
15.28 |
|
|
7.55 |
|
|
2.84 |
|
Less distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income |
|
— |
|
|
— |
|
|
— |
|
|
(0.06 |
) |
|
— |
|
From net realized gain on investments |
|
— |
|
|
(11.63 |
) |
|
(1.75 |
) |
|
(1.13 |
) |
|
(3.25 |
) |
Total distributions |
|
— |
|
|
(11.63 |
) |
|
(1.75 |
) |
|
(1.19 |
) |
|
(3.25 |
) |
Net asset value at end of year |
$ |
33.44 |
|
$ |
29.12 |
|
$ |
55.42 |
|
$ |
41.89 |
|
$ |
35.53 |
|
Total investment return(b) |
|
14.84 |
% |
|
(32.86 |
)% |
|
37.46 |
% |
|
21.84 |
% |
|
8.61 |
% |
Ratios (to average net assets)/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
(0.62 |
)% |
|
(0.81 |
)% |
|
(0.71 |
)% |
|
(0.26 |
)% |
|
0.03 |
% |
Net expenses(c) |
|
1.32 |
% |
|
1.33 |
% |
|
1.32 |
% |
|
1.34 |
% |
|
1.33 |
% |
Expenses (before waiver/reimbursement)(c) |
|
1.50 |
% |
|
1.36 |
% |
|
1.40 |
% |
|
1.41 |
% |
|
1.42 |
% |
Portfolio turnover rate |
|
42 |
% |
|
42 |
% |
|
53 |
% |
|
150 |
% |
|
153 |
% |
Net assets at end of year (in 000's) |
$ |
63,644 |
|
$ |
59,377 |
|
$ |
93,624 |
|
$ |
97,709 |
|
$ |
110,762 |
|
(a) |
Per share data based on average shares outstanding during the year. |
(b) |
Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) |
In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
222
Financial Highlights
MainStay WMC Growth Fund
(a series of MainStay Funds Trust)
(Selected per share data and ratios)
|
Year Ended October 31, | ||||||||||||||
Class B |
2023 |
2022 |
2021 |
2020 |
2019 | ||||||||||
Net asset value at beginning of year |
$ |
25.96 |
|
$ |
51.01 |
|
$ |
38.96 |
|
$ |
33.31 |
|
$ |
34.13 |
|
Net investment income (loss)(a) |
|
(0.39 |
) |
|
(0.51 |
) |
|
(0.67 |
) |
|
(0.36 |
) |
|
(0.22 |
) |
Net realized and unrealized gain (loss) |
|
4.01 |
|
|
(12.91 |
) |
|
14.47 |
|
|
7.14 |
|
|
2.65 |
|
Total from investment operations |
|
3.62 |
|
|
(13.42 |
) |
|
13.80 |
|
|
6.78 |
|
|
2.43 |
|
Less distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net realized gain on investments |
|
— |
|
|
(11.63 |
) |
|
(1.75 |
) |
|
(1.13 |
) |
|
(3.25 |
) |
Net asset value at end of year |
$ |
29.58 |
|
$ |
25.96 |
|
$ |
51.01 |
|
$ |
38.96 |
|
$ |
33.31 |
|
Total investment return(b) |
|
13.94 |
% |
|
(33.36 |
)% |
|
36.44 |
% |
|
20.93 |
% |
|
7.79 |
% |
Ratios (to average net assets)/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
(1.35 |
)% |
|
(1.57 |
)% |
|
(1.46 |
)% |
|
(1.01 |
)% |
|
(0.69 |
)% |
Net expenses(c) |
|
2.07 |
% |
|
2.08 |
% |
|
2.07 |
% |
|
2.08 |
% |
|
2.08 |
% |
Expenses (before waiver/reimbursement)(c) |
|
2.25 |
% |
|
2.11 |
% |
|
2.15 |
% |
|
2.15 |
% |
|
2.18 |
% |
Portfolio turnover rate |
|
42 |
% |
|
42 |
% |
|
53 |
% |
|
150 |
% |
|
153 |
% |
Net assets at end of year (in 000’s) |
$ |
4,486 |
|
$ |
6,967 |
|
$ |
15,574 |
|
$ |
16,382 |
|
$ |
18,749 |
|
(a) |
Per share data based on average shares outstanding during the year. |
(b) |
Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) |
In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
|
Year Ended October 31, | ||||||||||||||
Class C |
2023 |
2022 |
2021 |
2020 |
2019 | ||||||||||
Net asset value at beginning of year |
$ |
25.94 |
|
$ |
50.99 |
|
$ |
38.95 |
|
$ |
33.30 |
|
$ |
34.12 |
|
Net investment income (loss)(a) |
|
(0.40 |
) |
|
(0.51 |
) |
|
(0.67 |
) |
|
(0.36 |
) |
|
(0.21 |
) |
Net realized and unrealized gain (loss) |
|
4.03 |
|
|
(12.91 |
) |
|
14.46 |
|
|
7.14 |
|
|
2.64 |
|
Total from investment operations |
|
3.63 |
|
|
(13.42 |
) |
|
13.79 |
|
|
6.78 |
|
|
2.43 |
|
Less distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net realized gain on investments |
|
— |
|
|
(11.63 |
) |
|
(1.75 |
) |
|
(1.13 |
) |
|
(3.25 |
) |
Net asset value at end of year |
$ |
29.57 |
|
$ |
25.94 |
|
$ |
50.99 |
|
$ |
38.95 |
|
$ |
33.30 |
|
Total investment return(b) |
|
13.99 |
% |
|
(33.37 |
)% |
|
36.42 |
% |
|
20.94 |
% |
|
7.80 |
% |
Ratios (to average net assets)/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
(1.37 |
)% |
|
(1.56 |
)% |
|
(1.46 |
)% |
|
(1.02 |
)% |
|
(0.67 |
)% |
Net expenses(c) |
|
2.07 |
% |
|
2.08 |
% |
|
2.07 |
% |
|
2.08 |
% |
|
2.08 |
% |
Expenses (before waiver/reimbursement)(c) |
|
2.25 |
% |
|
2.11 |
% |
|
2.15 |
% |
|
2.15 |
% |
|
2.18 |
% |
Portfolio turnover rate |
|
42 |
% |
|
42 |
% |
|
53 |
% |
|
150 |
% |
|
153 |
% |
Net assets at end of year (in 000’s) |
$ |
1,657 |
|
$ |
1,318 |
|
$ |
2,880 |
|
$ |
3,068 |
|
$ |
3,144 |
|
(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. |
223
Financial Highlights
MainStay WMC Growth Fund
(a series of MainStay Funds Trust)
(Selected per share data and ratios)
|
Year Ended October 31, | ||||||||||||||
Class I |
2023 |
2022 |
2021 |
2020 |
2019 | ||||||||||
Net asset value at beginning of year |
$ |
31.22 |
|
$ |
58.27 |
|
$ |
43.72 |
|
$ |
37.01 |
|
$ |
37.28 |
|
Net investment income (loss)(a) |
|
(0.02 |
) |
|
(0.07 |
) |
|
0.02 |
|
|
0.11 |
|
|
0.19 |
|
Net realized and unrealized gain (loss) |
|
4.85 |
|
|
(15.35 |
) |
|
16.28 |
|
|
7.97 |
|
|
2.95 |
|
Total from investment operations |
|
4.83 |
|
|
(15.42 |
) |
|
16.30 |
|
|
8.08 |
|
|
3.14 |
|
Less distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income |
|
— |
|
|
— |
|
|
— |
|
|
(0.24 |
) |
|
(0.16 |
) |
From net realized gain on investments |
|
— |
|
|
(11.63 |
) |
|
(1.75 |
) |
|
(1.13 |
) |
|
(3.25 |
) |
Total distributions |
|
— |
|
|
(11.63 |
) |
|
(1.75 |
) |
|
(1.37 |
) |
|
(3.41 |
) |
Net asset value at end of year |
$ |
36.05 |
|
$ |
31.22 |
|
$ |
58.27 |
|
$ |
43.72 |
|
$ |
37.01 |
|
Total investment return(b) |
|
15.47 |
% |
|
(32.46 |
)% |
|
38.25 |
% |
|
22.53 |
% |
|
9.18 |
% |
Ratios (to average net assets)/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
(0.04 |
)% |
|
(0.20 |
)% |
|
0.04 |
% |
|
0.28 |
% |
|
0.53 |
% |
Net expenses(c) |
|
0.75 |
% |
|
0.75 |
% |
|
0.77 |
% |
|
0.79 |
% |
|
0.81 |
% |
Expenses (before waiver/reimbursement)(c) |
|
0.80 |
% |
|
0.79 |
% |
|
0.78 |
% |
|
0.79 |
% |
|
0.81 |
% |
Portfolio turnover rate |
|
42 |
% |
|
42 |
% |
|
53 |
% |
|
150 |
% |
|
153 |
% |
Net assets at end of year (in 000’s) |
$ |
44,833 |
|
$ |
38,498 |
|
$ |
14,025 |
|
$ |
102,290 |
|
$ |
139,588 |
|
(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. |
224
Financial Highlights
MainStay WMC Growth Fund
(a series of MainStay Funds Trust)
(Selected per share data and ratios)
|
Year Ended October 31, |
April
26, 2021^ through | |||||||
Class R6 |
2023 |
2022 |
2021 | ||||||
Net asset value at beginning of period |
$ |
31.22 |
|
$ |
58.27 |
|
$ |
53.43 |
|
Net investment income (loss)(a) |
|
(0.01 |
) |
|
(0.08 |
) |
|
(0.19 |
) |
Net realized and unrealized gain (loss) |
|
4.85 |
|
|
(15.34 |
) |
|
5.03 |
|
Total from investment operations |
|
4.84 |
|
|
(15.42 |
) |
|
4.84 |
|
Less distributions: |
|
|
|
|
|
|
|
|
|
From net realized gain on investments |
|
— |
|
|
(11.63 |
) |
|
— |
|
Net asset value at end of period |
$ |
36.06 |
|
$ |
31.22 |
|
$ |
58.27 |
|
Total investment return(b) |
|
15.50 |
% |
|
(32.46 |
)% |
|
9.06 |
% |
Ratios (to average net assets)/Supplemental Data: |
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
(0.02 |
)% |
|
(0.20 |
)% |
|
(0.37 |
)%†† |
Net expenses(c) |
|
0.73 |
% |
|
0.72 |
% |
|
0.71 |
%†† |
Expenses (before waiver/reimbursement)(c) |
|
0.73 |
% |
|
0.72 |
% |
|
0.72 |
%†† |
Portfolio turnover rate |
|
42 |
% |
|
42 |
% |
|
53 |
% |
Net assets at end of period (in 000’s) |
$ |
121,645 |
|
$ |
133,867 |
|
$ |
152,039 |
|
^ |
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. |
225
Financial Highlights
MainStay WMC International Research Equity Fund
(a series of MainStay Funds Trust)
(Selected per share data and ratios)
|
Year Ended October 31, | ||||||||||||||
Class A |
2023 |
2022 |
2021 |
2020 |
2019 | ||||||||||
Net asset value at beginning of year |
$ |
5.90 |
|
$ |
8.16 |
|
$ |
6.40 |
|
$ |
7.77 |
|
$ |
7.93 |
|
Net investment income (loss)(a) |
|
0.11 |
|
|
0.12 |
|
|
0.09 |
|
|
0.06 |
|
|
0.15 |
|
Net realized and unrealized gain (loss) |
|
0.62 |
|
|
(2.18 |
) |
|
1.81 |
|
|
(0.70 |
) |
|
0.10 |
|
Total from investment operations |
|
0.73 |
|
|
(2.06 |
) |
|
1.90 |
|
|
(0.64 |
) |
|
0.25 |
|
Less distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income |
|
(0.11 |
) |
|
(0.20 |
) |
|
(0.14 |
) |
|
(0.73 |
) |
|
(0.41 |
) |
Net asset value at end of year |
$ |
6.52 |
|
$ |
5.90 |
|
$ |
8.16 |
|
$ |
6.40 |
|
$ |
7.77 |
|
Total investment return(b) |
|
12.34 |
% |
|
(25.89 |
)% |
|
29.93 |
% |
|
(9.21 |
)% |
|
3.83 |
% |
Ratios (to average net assets)/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
1.60 |
% |
|
1.67 |
% |
|
1.09 |
% |
|
0.89 |
% |
|
2.04 |
% |
Net expenses(c) |
|
1.15 |
% |
|
1.15 |
%(d) |
|
1.31 |
%(d) |
|
1.63 |
%(d) |
|
1.75 |
%(d) |
Expenses (before waiver/reimbursement)(c) |
|
1.21 |
% |
|
1.19 |
%(d) |
|
1.31 |
%(d) |
|
1.63 |
%(d) |
|
1.75 |
%(d) |
Portfolio turnover rate |
|
85 |
% |
|
65 |
% |
|
117 |
% |
|
136 |
% |
|
182 |
% |
Net assets at end of year (in 000’s) |
$ |
9,866 |
|
$ |
10,371 |
|
$ |
15,492 |
|
$ |
12,373 |
|
$ |
19,557 |
|
(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 |
|
Short
Sales |
| ||
|
October 31, 2022 |
|
1.15 |
% |
|
0.00 |
%(e) |
|
|
October 31, 2021 |
|
1.30 |
% |
|
0.01 |
% |
|
|
October 31, 2020 |
|
1.60 |
% |
|
0.03 |
% |
|
|
October 31, 2019 |
|
1.64 |
% |
|
0.11 |
% |
|
(e) |
Less than 0.01%. |
226
Financial Highlights
MainStay WMC International Research Equity Fund
(a series of MainStay Funds Trust)
(Selected per share data and ratios)
|
Year Ended October 31, | ||||||||||||||
Investor Class |
2023 |
2022 |
2021 |
2020 |
2019 | ||||||||||
Net asset value at beginning of year |
$ |
5.87 |
|
$ |
8.11 |
|
$ |
6.36 |
|
$ |
7.73 |
|
$ |
7.90 |
|
Net investment income (loss)(a) |
|
0.08 |
|
|
0.09 |
|
|
0.05 |
|
|
0.04 |
|
|
0.15 |
|
Net realized and unrealized gain (loss) |
|
0.62 |
|
|
(2.16 |
) |
|
1.82 |
|
|
(0.70 |
) |
|
0.08 |
|
Total from investment operations |
|
0.70 |
|
|
(2.07 |
) |
|
1.87 |
|
|
(0.66 |
) |
|
0.23 |
|
Less distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income |
|
(0.09 |
) |
|
(0.17 |
) |
|
(0.12 |
) |
|
(0.71 |
) |
|
(0.40 |
) |
Net asset value at end of year |
$ |
6.48 |
|
$ |
5.87 |
|
$ |
8.11 |
|
$ |
6.36 |
|
$ |
7.73 |
|
Total investment return(b) |
|
11.84 |
% |
|
(26.07 |
)% |
|
29.66 |
% |
|
(9.47 |
)% |
|
3.54 |
% |
Ratios (to average net assets)/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
1.23 |
% |
|
1.35 |
% |
|
0.64 |
% |
|
0.66 |
% |
|
2.00 |
% |
Net expenses(c) |
|
1.52 |
% |
|
1.46 |
%(d) |
|
1.63 |
%(d) |
|
1.89 |
%(d) |
|
1.93 |
%(d) |
Expenses (before waiver/reimbursement)(c) |
|
1.59 |
% |
|
1.50 |
%(d) |
|
1.63 |
%(d) |
|
1.89 |
%(d) |
|
1.93 |
%(d) |
Portfolio turnover rate |
|
85 |
% |
|
65 |
% |
|
117 |
% |
|
136 |
% |
|
182 |
% |
Net assets at end of year (in 000's) |
$ |
1,597 |
|
$ |
1,624 |
|
$ |
2,487 |
|
$ |
2,731 |
|
$ |
3,690 |
|
(a) |
Per share data based on average shares outstanding during the year. | |||||||
(b) |
Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. | |||||||
(c) |
In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. | |||||||
(d) |
The expense ratios presented below show the impact of short sales expense: | |||||||
|
|
|
|
| ||||
|
Year Ended |
|
Net
Expenses |
|
Short
Sales |
| ||
|
October 31, 2022 |
|
1.46 |
% |
|
0.00 |
%(e) |
|
|
October 31, 2021 |
|
1.62 |
% |
|
0.01 |
% |
|
|
October 31, 2020 |
|
1.86 |
% |
|
0.03 |
% |
|
|
October 31, 2019 |
|
1.81 |
% |
|
0.12 |
% |
|
(e) |
Less than 0.01%. |
227
Financial Highlights
MainStay WMC International Research Equity Fund
(a series of MainStay Funds Trust)
(Selected per share data and ratios)
|
Year Ended October 31, | ||||||||||||||
Class C |
2023 |
2022 |
2021 |
2020 |
2019 | ||||||||||
Net asset value at beginning of year |
$ |
5.70 |
|
$ |
7.87 |
|
$ |
6.16 |
|
$ |
7.49 |
|
$ |
7.63 |
|
Net investment income (loss)(a) |
|
0.03 |
|
|
0.04 |
|
|
0.00‡ |
|
|
(0.01 |
) |
|
0.08 |
|
Net realized and unrealized gain (loss) |
|
0.60 |
|
|
(2.11 |
) |
|
1.76 |
|
|
(0.68 |
) |
|
0.10 |
|
Total from investment operations |
|
0.63 |
|
|
(2.07 |
) |
|
1.76 |
|
|
(0.69 |
) |
|
0.18 |
|
Less distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income |
|
(0.01 |
) |
|
(0.10 |
) |
|
(0.05 |
) |
|
(0.64 |
) |
|
(0.32 |
) |
Net asset value at end of year |
$ |
6.32 |
|
$ |
5.70 |
|
$ |
7.87 |
|
$ |
6.16 |
|
$ |
7.49 |
|
Total investment return(b) |
|
11.10 |
% |
|
(26.65 |
)% |
|
28.66 |
% |
|
(10.16 |
)% |
|
2.81 |
% |
Ratios (to average net assets)/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
0.49 |
% |
|
0.56 |
% |
|
0.01 |
% |
|
(0.22 |
)% |
|
1.14 |
% |
Net expenses(c) |
|
2.27 |
% |
|
2.21 |
%(d) |
|
2.38 |
%(d) |
|
2.64 |
%(d) |
|
2.66 |
%(d) |
Expenses (before waiver/reimbursement)(c) |
|
2.34 |
% |
|
2.25 |
%(d) |
|
2.38 |
%(d) |
|
2.64 |
%(d) |
|
2.66 |
%(d) |
Portfolio turnover rate |
|
85 |
% |
|
65 |
% |
|
117 |
% |
|
136 |
% |
|
182 |
% |
Net assets at end of year (in 000’s) |
$ |
1,325 |
|
$ |
2,458 |
|
$ |
5,340 |
|
$ |
6,229 |
|
$ |
14,203 |
|
‡ |
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 |
) |
|
Short
Sales |
|
|
|
October 31, 2022 |
|
2.21 |
% |
|
0.00 |
%(e) |
|
|
October 31, 2021 |
|
2.37 |
% |
|
0.01 |
% |
|
|
October 31, 2020 |
|
2.61 |
% |
|
0.03 |
% |
|
|
October 31, 2019 |
|
2.55 |
% |
|
0.11 |
% |
|
(e) |
Less than 0.01%. |
228
Financial Highlights
MainStay WMC International Research Equity Fund
(a series of MainStay Funds Trust)
(Selected per share data and ratios)
|
Year Ended October 31, | ||||||||||||||
Class I |
2023 |
2022 |
2021 |
2020 |
2019 | ||||||||||
Net asset value at beginning of year |
$ |
5.95 |
|
$ |
8.22 |
|
$ |
6.45 |
|
$ |
7.83 |
|
$ |
8.00 |
|
Net investment income (loss)(a) |
|
0.13 |
|
|
0.14 |
|
|
0.10 |
|
|
0.08 |
|
|
0.17 |
|
Net realized and unrealized gain (loss) |
|
0.62 |
|
|
(2.19 |
) |
|
1.83 |
|
|
(0.71 |
) |
|
0.10 |
|
Total from investment operations |
|
0.75 |
|
|
(2.05 |
) |
|
1.93 |
|
|
(0.63 |
) |
|
0.27 |
|
Less distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income |
|
(0.13 |
) |
|
(0.22 |
) |
|
(0.16 |
) |
|
(0.75 |
) |
|
(0.44 |
) |
Net asset value at end of year |
$ |
6.57 |
|
$ |
5.95 |
|
$ |
8.22 |
|
$ |
6.45 |
|
$ |
7.83 |
|
Total investment return(b) |
|
12.58 |
% |
|
(25.61 |
)% |
|
30.21 |
% |
|
(8.98 |
)% |
|
4.08 |
% |
Ratios (to average net assets)/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
1.87 |
% |
|
1.95 |
% |
|
1.26 |
% |
|
1.19 |
% |
|
2.20 |
% |
Net expenses(c) |
|
0.86 |
% |
|
0.86 |
%(d) |
|
1.06 |
%(d) |
|
1.38 |
%(d) |
|
1.50 |
%(d) |
Expenses (before waiver/reimbursement)(c) |
|
0.96 |
% |
|
0.94 |
%(d) |
|
1.08 |
%(d) |
|
1.38 |
%(d) |
|
1.50 |
%(d) |
Portfolio turnover rate |
|
85 |
% |
|
65 |
% |
|
117 |
% |
|
136 |
% |
|
182 |
% |
Net assets at end of year (in 000’s) |
$ |
133,527 |
|
$ |
147,559 |
|
$ |
207,352 |
|
$ |
230,100 |
|
$ |
281,279 |
|
(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 |
|
Short
Sales |
| ||
|
October 31, 2022 |
|
0.86 |
% |
|
0.00 |
%(e) |
|
|
October 31, 2021 |
|
1.05 |
% |
|
0.01 |
% |
|
|
October 31, 2020 |
|
1.35 |
% |
|
0.03 |
% |
|
|
October 31, 2019 |
|
1.40 |
% |
|
0.10 |
% |
|
(e) |
Less than 0.01%. |
229
Financial Highlights
MainStay WMC Small Companies Fund
(a series of MainStay Funds Trust)
(Selected per share data and ratios)
|
Year Ended October 31, | ||||||||||||||
Class A |
2023 |
2022 |
2021 |
2020 |
2019 | ||||||||||
Net asset value at beginning of year |
$ |
21.32 |
|
$ |
32.63 |
|
$ |
22.62 |
|
$ |
24.59 |
|
$ |
28.34 |
|
Net investment income (loss)(a) |
|
0.02 |
|
|
0.39 |
|
|
(0.10 |
) |
|
(0.07 |
) |
|
0.07 |
|
Net realized and unrealized gain (loss) |
|
(3.09 |
) |
|
(3.93 |
) |
|
10.11 |
|
|
(1.83 |
) |
|
0.24 |
|
Total from investment operations |
|
(3.07 |
) |
|
(3.54 |
) |
|
10.01 |
|
|
(1.90 |
) |
|
0.31 |
|
Less distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income |
|
(0.43 |
) |
|
— |
|
|
— |
|
|
(0.05 |
) |
|
(0.05 |
) |
From net realized gain on investments |
|
— |
|
|
(7.77 |
) |
|
— |
|
|
— |
|
|
(4.01 |
) |
Return of capital |
|
— |
|
|
— |
|
|
— |
|
|
(0.02 |
) |
|
— |
|
Total distributions |
|
(0.43 |
) |
|
(7.77 |
) |
|
— |
|
|
(0.07 |
) |
|
(4.06 |
) |
Net asset value at end of year |
$ |
17.82 |
|
$ |
21.32 |
|
$ |
32.63 |
|
$ |
22.62 |
|
$ |
24.59 |
|
Total investment return(b) |
|
(14.66 |
)% |
|
(13.90 |
)% |
|
44.25 |
% |
|
(7.76 |
)% |
|
1.41 |
% |
Ratios (to average net assets)/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
0.09 |
% |
|
1.69 |
% |
|
(0.32 |
)% |
|
(0.30 |
)% |
|
0.27 |
% |
Net expenses(c) |
|
1.22 |
% |
|
1.23 |
% |
|
1.21 |
% |
|
1.25 |
% |
|
1.25 |
% |
Expenses (before waiver/reimbursement) |
|
1.22 |
%(c) |
|
1.23 |
%(c) |
|
1.22 |
%(c) |
|
1.25 |
% |
|
1.25 |
% |
Portfolio turnover rate |
|
86 |
% |
|
75 |
% |
|
108 |
% |
|
208 |
% |
|
205 |
% |
Net assets at end of year (in 000’s) |
$ |
103,460 |
|
$ |
135,890 |
|
$ |
178,454 |
|
$ |
115,403 |
|
$ |
141,548 |
|
(a) |
Per share data based on average shares outstanding during the year. |
(b) |
Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) |
In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
|
Year Ended October 31, | ||||||||||||||
Investor Class |
2023 |
2022 |
2021 |
2020 |
2019 | ||||||||||
Net asset value at beginning of year |
$ |
20.60 |
|
$ |
31.86 |
|
$ |
22.14 |
|
$ |
24.07 |
|
$ |
27.85 |
|
Net investment income (loss)(a) |
|
(0.03 |
) |
|
0.32 |
|
|
(0.17 |
) |
|
(0.13 |
) |
|
(0.01 |
) |
Net realized and unrealized gain (loss) |
|
(2.99 |
) |
|
(3.81 |
) |
|
9.89 |
|
|
(1.80 |
) |
|
0.24 |
|
Total from investment operations |
|
(3.02 |
) |
|
(3.49 |
) |
|
9.72 |
|
|
(1.93 |
) |
|
0.23 |
|
Less distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income |
|
(0.38 |
) |
|
— |
|
|
— |
|
|
(0.00 |
)‡ |
|
— |
|
From net realized gain on investments |
|
— |
|
|
(7.77 |
) |
|
— |
|
|
— |
|
|
(4.01 |
) |
Return of capital |
|
— |
|
|
— |
|
|
— |
|
|
(0.00 |
)‡ |
|
— |
|
Total distributions |
|
(0.38 |
) |
|
(7.77 |
) |
|
— |
|
|
(0.00 |
)‡ |
|
(4.01 |
) |
Net asset value at end of year |
$ |
17.20 |
|
$ |
20.60 |
|
$ |
31.86 |
|
$ |
22.14 |
|
$ |
24.07 |
|
Total investment return(b) |
|
(14.92 |
)% |
|
(14.13 |
)% |
|
43.90 |
% |
|
(8.02 |
)% |
|
1.09 |
% |
Ratios (to average net assets)/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
(0.18 |
)% |
|
1.43 |
% |
|
(0.57 |
)% |
|
(0.57 |
)% |
|
(0.05 |
)% |
Net expenses(c) |
|
1.49 |
% |
|
1.50 |
% |
|
1.49 |
% |
|
1.52 |
% |
|
1.55 |
% |
Expenses (before waiver/reimbursement)(c) |
|
1.70 |
% |
|
1.58 |
% |
|
1.66 |
% |
|
1.70 |
% |
|
1.64 |
% |
Portfolio turnover rate |
|
86 |
% |
|
75 |
% |
|
108 |
% |
|
208 |
% |
|
205 |
% |
Net assets at end of year (in 000's) |
$ |
28,292 |
|
$ |
35,985 |
|
$ |
45,382 |
|
$ |
41,547 |
|
$ |
49,342 |
|
‡ |
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. |
230
Financial Highlights
MainStay WMC Small Companies Fund
(a series of MainStay Funds Trust)
(Selected per share data and ratios)
|
Year Ended October 31, | ||||||||||||||
Class B |
2023 |
2022 |
2021 |
2020 |
2019 | ||||||||||
Net asset value at beginning of year |
$ |
16.46 |
|
$ |
27.20 |
|
$ |
19.04 |
|
$ |
20.86 |
|
$ |
24.83 |
|
Net investment income (loss)(a) |
|
(0.14 |
) |
|
0.15 |
|
|
(0.34 |
) |
|
(0.25 |
) |
|
(0.16 |
) |
Net realized and unrealized gain (loss) |
|
(2.38 |
) |
|
(3.12 |
) |
|
8.50 |
|
|
(1.57 |
) |
|
0.20 |
|
Total from investment operations |
|
(2.52 |
) |
|
(2.97 |
) |
|
8.16 |
|
|
(1.82 |
) |
|
0.04 |
|
Less distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income |
|
(0.22 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
From net realized gain on investments |
|
— |
|
|
(7.77 |
) |
|
— |
|
|
— |
|
|
(4.01 |
) |
Total distributions |
|
(0.22 |
) |
|
(7.77 |
) |
|
— |
|
|
— |
|
|
(4.01 |
) |
Net asset value at end of year |
$ |
13.72 |
|
$ |
16.46 |
|
$ |
27.20 |
|
$ |
19.04 |
|
$ |
20.86 |
|
Total investment return(b) |
|
(15.48 |
)% |
|
(14.81 |
)% |
|
42.86 |
% |
|
(8.72 |
)% |
|
0.35 |
% |
Ratios (to average net assets)/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
(0.92 |
)% |
|
0.88 |
% |
|
(1.31 |
)% |
|
(1.30 |
)% |
|
(0.74 |
)% |
Net expenses(c) |
|
2.24 |
% |
|
2.24 |
% |
|
2.24 |
% |
|
2.27 |
% |
|
2.30 |
% |
Expenses (before waiver/reimbursement)(c) |
|
2.46 |
% |
|
2.33 |
% |
|
2.41 |
% |
|
2.45 |
% |
|
2.39 |
% |
Portfolio turnover rate |
|
86 |
% |
|
75 |
% |
|
108 |
% |
|
208 |
% |
|
205 |
% |
Net assets at end of year (in 000’s) |
$ |
828 |
|
$ |
2,036 |
|
$ |
4,021 |
|
$ |
4,447 |
|
$ |
7,442 |
|
(a) |
Per share data based on average shares outstanding during the year. |
(b) |
Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) |
In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
|
Year Ended October 31, | ||||||||||||||
Class C |
2023 |
2022 |
2021 |
2020 |
2019 | ||||||||||
Net asset value at beginning of year |
$ |
16.46 |
|
$ |
27.19 |
|
$ |
19.03 |
|
$ |
20.84 |
|
$ |
24.81 |
|
Net investment income (loss)(a) |
|
(0.15 |
) |
|
0.15 |
|
|
(0.34 |
) |
|
(0.25 |
) |
|
(0.13 |
) |
Net realized and unrealized gain (loss) |
|
(2.38 |
) |
|
(3.11 |
) |
|
8.50 |
|
|
(1.56 |
) |
|
0.17 |
|
Total from investment operations |
|
(2.53 |
) |
|
(2.96 |
) |
|
8.16 |
|
|
(1.81 |
) |
|
0.04 |
|
Less distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income |
|
(0.22 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
From net realized gain on investments |
|
— |
|
|
(7.77 |
) |
|
— |
|
|
— |
|
|
(4.01 |
) |
Total distributions |
|
(0.22 |
) |
|
(7.77 |
) |
|
— |
|
|
— |
|
|
(4.01 |
) |
Net asset value at end of year |
$ |
13.71 |
|
$ |
16.46 |
|
$ |
27.19 |
|
$ |
19.03 |
|
$ |
20.84 |
|
Total investment return(b) |
|
(15.54 |
)% |
|
(14.74 |
)% |
|
42.88 |
%(c) |
|
(8.69 |
)% |
|
0.35 |
% |
Ratios (to average net assets)/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
(0.92 |
)% |
|
0.83 |
% |
|
(1.32 |
)% |
|
(1.30 |
)% |
|
(0.60 |
)% |
Net expenses(d) |
|
2.24 |
% |
|
2.24 |
% |
|
2.24 |
% |
|
2.27 |
% |
|
2.30 |
% |
Expenses (before waiver/reimbursement)(d) |
|
2.46 |
% |
|
2.33 |
% |
|
2.41 |
% |
|
2.45 |
% |
|
2.39 |
% |
Portfolio turnover rate |
|
86 |
% |
|
75 |
% |
|
108 |
% |
|
208 |
% |
|
205 |
% |
Net assets at end of year (in 000’s) |
$ |
1,280 |
|
$ |
2,415 |
|
$ |
4,129 |
|
$ |
3,201 |
|
$ |
5,469 |
|
(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. |
231
Financial Highlights
MainStay WMC Small Companies Fund
(a series of MainStay Funds Trust)
(Selected per share data and ratios)
|
Year Ended October 31, | ||||||||||||||
Class I |
2023 |
2022 |
2021 |
2020 |
2019 | ||||||||||
Net asset value at beginning of year |
$ |
22.43 |
|
$ |
33.85 |
|
$ |
23.40 |
|
$ |
25.44 |
|
$ |
29.19 |
|
Net investment income (loss)(a) |
|
0.07 |
|
|
0.45 |
|
|
(0.02 |
) |
|
(0.01 |
) |
|
0.17 |
|
Net realized and unrealized gain (loss) |
|
(3.25 |
) |
|
(4.10 |
) |
|
10.47 |
|
|
(1.90 |
) |
|
0.22 |
|
Total from investment operations |
|
(3.18 |
) |
|
(3.65 |
) |
|
10.45 |
|
|
(1.91 |
) |
|
0.39 |
|
Less distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income |
|
(0.49 |
) |
|
— |
|
|
— |
|
|
(0.09 |
) |
|
(0.13 |
) |
From net realized gain on investments |
|
— |
|
|
(7.77 |
) |
|
— |
|
|
— |
|
|
(4.01 |
) |
Return of capital |
|
— |
|
|
— |
|
|
— |
|
|
(0.04 |
) |
|
— |
|
Total distributions |
|
(0.49 |
) |
|
(7.77 |
) |
|
— |
|
|
(0.13 |
) |
|
(4.14 |
) |
Net asset value at end of year |
$ |
18.76 |
|
$ |
22.43 |
|
$ |
33.85 |
|
$ |
23.40 |
|
$ |
25.44 |
|
Total investment return(b) |
|
(14.42 |
)% |
|
(13.71 |
)% |
|
44.66 |
% |
|
(7.55 |
)% |
|
1.67 |
% |
Ratios (to average net assets)/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
0.34 |
% |
|
1.85 |
% |
|
(0.05 |
)% |
|
(0.06 |
)% |
|
0.66 |
% |
Net expenses(c) |
|
0.97 |
% |
|
0.98 |
% |
|
0.96 |
% |
|
1.00 |
% |
|
1.00 |
% |
Expenses (before waiver/reimbursement) |
|
0.97 |
%(c) |
|
0.98 |
%(c) |
|
0.97 |
%(c) |
|
1.00 |
% |
|
1.00 |
% |
Portfolio turnover rate |
|
86 |
% |
|
75 |
% |
|
108 |
% |
|
208 |
% |
|
205 |
% |
Net assets at end of year (in 000’s) |
$ |
92,498 |
|
$ |
151,035 |
|
$ |
169,281 |
|
$ |
127,115 |
|
$ |
146,525 |
|
(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. |
232
Financial Highlights
MainStay WMC Value Fund
(a series of The MainStay Funds)
(Selected per share data and ratios)
|
Year Ended October 31, | ||||||||||||||
Class A |
2023 |
2022 |
2021 |
2020 |
2019 | ||||||||||
Net asset value at beginning of year |
$ |
28.11 |
|
$ |
55.21 |
|
$ |
39.49 |
|
$ |
42.24 |
|
$ |
41.20 |
|
Net investment income (loss)(a) |
|
0.39 |
|
|
0.36 |
|
|
0.30 |
|
|
0.21 |
|
|
0.26 |
|
Net realized and unrealized gain (loss) |
|
(0.94 |
) |
|
(1.68 |
) |
|
17.09 |
|
|
0.55 |
|
|
4.88 |
|
Total from investment operations |
|
(0.55 |
) |
|
(1.32 |
) |
|
17.39 |
|
|
0.76 |
|
|
5.14 |
|
Less distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income |
|
(0.42 |
) |
|
(0.38 |
) |
|
(0.25 |
) |
|
(0.31 |
) |
|
(0.28 |
) |
From net realized gain on investments |
|
(1.16 |
) |
|
(25.40 |
) |
|
(1.42 |
) |
|
(3.20 |
) |
|
(3.82 |
) |
Total distributions |
|
(1.58 |
) |
|
(25.78 |
) |
|
(1.67 |
) |
|
(3.51 |
) |
|
(4.10 |
) |
Net asset value at end of year |
$ |
25.98 |
|
$ |
28.11 |
|
$ |
55.21 |
|
$ |
39.49 |
|
$ |
42.24 |
|
Total investment return(b) |
|
(2.17 |
)% |
|
(2.68 |
)% |
|
45.14 |
% |
|
1.66 |
% |
|
13.54 |
% |
Ratios (to average net assets)/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
1.42 |
% |
|
1.21 |
% |
|
0.60 |
% |
|
0.55 |
% |
|
0.67 |
% |
Net expenses(c) |
|
1.03 |
%(d) |
|
1.02 |
%(d) |
|
1.06 |
% |
|
1.10 |
%(e) |
|
1.11 |
% |
Portfolio turnover rate |
|
29 |
% |
|
37 |
% |
|
23 |
% |
|
16 |
% |
|
20 |
% |
Net assets at end of year (in 000’s) |
$ |
485,177 |
|
$ |
522,937 |
|
$ |
547,299 |
|
$ |
389,530 |
|
$ |
427,040 |
|
(a) |
Per share data based on average shares outstanding during the year. |
(b) |
Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) |
In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) |
Expense waiver/reimbursement less than 0.01%. |
(e) |
Net of interest expense which is less than one-tenth of a percent. |
|
Year Ended October 31, | ||||||||||||||
Investor Class |
2023 |
2022 |
2021 |
2020 |
2019 | ||||||||||
Net asset value at beginning of year |
$ |
28.09 |
|
$ |
55.08 |
|
$ |
39.40 |
|
$ |
42.17 |
|
$ |
41.15 |
|
Net investment income (loss)(a) |
|
0.31 |
|
|
0.29 |
|
|
0.14 |
|
|
0.10 |
|
|
0.18 |
|
Net realized and unrealized gain (loss) |
|
(0.93 |
) |
|
(1.69 |
) |
|
17.09 |
|
|
0.53 |
|
|
4.86 |
|
Total from investment operations |
|
(0.62 |
) |
|
(1.40 |
) |
|
17.23 |
|
|
0.63 |
|
|
5.04 |
|
Less distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income |
|
(0.35 |
) |
|
(0.19 |
) |
|
(0.13 |
) |
|
(0.20 |
) |
|
(0.20 |
) |
From net realized gain on investments |
|
(1.16 |
) |
|
(25.40 |
) |
|
(1.42 |
) |
|
(3.20 |
) |
|
(3.82 |
) |
Total distributions |
|
(1.51 |
) |
|
(25.59 |
) |
|
(1.55 |
) |
|
(3.40 |
) |
|
(4.02 |
) |
Net asset value at end of year |
$ |
25.96 |
|
$ |
28.09 |
|
$ |
55.08 |
|
$ |
39.40 |
|
$ |
42.17 |
|
Total investment return(b) |
|
(2.43 |
)% |
|
(2.91 |
)% |
|
44.73 |
% |
|
1.35 |
% |
|
13.27 |
% |
Ratios (to average net assets)/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
1.16 |
% |
|
0.97 |
% |
|
0.28 |
% |
|
0.25 |
% |
|
0.46 |
% |
Net expenses(c) |
|
1.30 |
% |
|
1.26 |
% |
|
1.36 |
% |
|
1.40 |
%(d) |
|
1.33 |
% |
Expenses (before waiver/reimbursement)(c) |
|
1.30 |
%(e) |
|
1.26 |
%(e) |
|
1.36 |
% |
|
1.41 |
% |
|
1.38 |
% |
Portfolio turnover rate |
|
29 |
% |
|
37 |
% |
|
23 |
% |
|
16 |
% |
|
20 |
% |
Net assets at end of year (in 000's) |
$ |
50,024 |
|
$ |
56,061 |
|
$ |
66,193 |
|
$ |
69,423 |
|
$ |
80,733 |
|
(a) |
Per share data based on average shares outstanding during the year. |
(b) |
Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) |
In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) |
Net of interest expense which is less than one-tenth of a percent. |
(e) |
Expense waiver/reimbursement less than 0.01%. |
233
Financial Highlights
MainStay WMC Value Fund
(a series of The MainStay Funds)
(Selected per share data and ratios)
|
Year Ended October 31, | ||||||||||||||
Class B |
2023 |
2022 |
2021 |
2020 |
2019 | ||||||||||
Net asset value at beginning of year |
$ |
20.29 |
|
$ |
47.03 |
|
$ |
33.97 |
|
$ |
36.88 |
|
$ |
36.53 |
|
Net investment income (loss)(a) |
|
0.08 |
|
|
0.05 |
|
|
(0.20 |
) |
|
(0.16 |
) |
|
(0.09 |
) |
Net realized and unrealized gain (loss) |
|
(0.66 |
) |
|
(1.39 |
) |
|
14.68 |
|
|
0.45 |
|
|
4.26 |
|
Total from investment operations |
|
(0.58 |
) |
|
(1.34 |
) |
|
14.48 |
|
|
0.29 |
|
|
4.17 |
|
Less distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income |
|
(0.25 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
From net realized gain on investments |
|
(1.16 |
) |
|
(25.40 |
) |
|
(1.42 |
) |
|
(3.20 |
) |
|
(3.82 |
) |
Total distributions |
|
(1.41 |
) |
|
(25.40 |
) |
|
(1.42 |
) |
|
(3.20 |
) |
|
(3.82 |
) |
Net asset value at end of year |
$ |
18.30 |
|
$ |
20.29 |
|
$ |
47.03 |
|
$ |
33.97 |
|
$ |
36.88 |
|
Total investment return(b) |
|
(3.18 |
)% |
|
(3.66 |
)% |
|
43.67 |
% |
|
0.57 |
% |
|
12.45 |
% |
Ratios (to average net assets)/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
0.43 |
% |
|
0.23 |
% |
|
(0.47 |
)% |
|
(0.48 |
)% |
|
(0.27 |
)% |
Net expenses(c) |
|
2.05 |
% |
|
2.01 |
% |
|
2.11 |
% |
|
2.15 |
%(d) |
|
2.08 |
% |
Expenses (before waiver/reimbursement)(c) |
|
2.05 |
%(e) |
|
2.01 |
%(e) |
|
2.11 |
% |
|
2.16 |
% |
|
2.13 |
% |
Portfolio turnover rate |
|
29 |
% |
|
37 |
% |
|
23 |
% |
|
16 |
% |
|
20 |
% |
Net assets at end of year (in 000’s) |
$ |
4,503 |
|
$ |
8,045 |
|
$ |
13,100 |
|
$ |
14,212 |
|
$ |
21,088 |
|
(a) |
Per share data based on average shares outstanding during the year. |
(b) |
Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) |
In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) |
Net of interest expense which is less than one-tenth of a percent. |
(e) |
Expense waiver/reimbursement less than 0.01%. |
|
Year Ended October 31, | ||||||||||||||
Class C |
2023 |
2022 |
2021 |
2020 |
2019 | ||||||||||
Net asset value at beginning of year |
$ |
20.30 |
|
$ |
47.04 |
|
$ |
33.98 |
|
$ |
36.88 |
|
$ |
36.53 |
|
Net investment income (loss)(a) |
|
0.08 |
|
|
0.05 |
|
|
(0.21 |
) |
|
(0.16 |
) |
|
(0.07 |
) |
Net realized and unrealized gain (loss) |
|
(0.66 |
) |
|
(1.39 |
) |
|
14.69 |
|
|
0.46 |
|
|
4.24 |
|
Total from investment operations |
|
(0.58 |
) |
|
(1.34 |
) |
|
14.48 |
|
|
0.30 |
|
|
4.17 |
|
Less distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income |
|
(0.25 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
From net realized gain on investments |
|
(1.16 |
) |
|
(25.40 |
) |
|
(1.42 |
) |
|
(3.20 |
) |
|
(3.82 |
) |
Total distributions |
|
(1.41 |
) |
|
(25.40 |
) |
|
(1.42 |
) |
|
(3.20 |
) |
|
(3.82 |
) |
Net asset value at end of year |
$ |
18.31 |
|
$ |
20.30 |
|
$ |
47.04 |
|
$ |
33.98 |
|
$ |
36.88 |
|
Total investment return(b) |
|
(3.18 |
)% |
|
(3.66 |
)% |
|
43.65 |
% |
|
0.60 |
% |
|
12.45 |
% |
Ratios (to average net assets)/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
0.41 |
% |
|
0.22 |
% |
|
(0.50 |
)% |
|
(0.48 |
)% |
|
(0.22 |
)% |
Net expenses(c) |
|
2.05 |
% |
|
2.00 |
% |
|
2.11 |
% |
|
2.15 |
%(d) |
|
2.07 |
% |
Expenses (before waiver/reimbursement)(c) |
|
2.05 |
%(e) |
|
2.01 |
% |
|
2.11 |
% |
|
2.16 |
% |
|
2.12 |
% |
Portfolio turnover rate |
|
29 |
% |
|
37 |
% |
|
23 |
% |
|
16 |
% |
|
20 |
% |
Net assets at end of year (in 000’s) |
$ |
14,603 |
|
$ |
14,564 |
|
$ |
11,119 |
|
$ |
14,315 |
|
$ |
22,933 |
|
(a) |
Per share data based on average shares outstanding during the year. |
(b) |
Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) |
In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) |
Net of interest expense which is less than one-tenth of a percent. |
(e) |
Expense waiver/reimbursement less than 0.01%. |
234
Financial Highlights
MainStay WMC Value Fund
(a series of The MainStay Funds)
(Selected per share data and ratios)
|
Year Ended October 31, | ||||||||||||||
Class I |
2023 |
2022 |
2021 |
2020 |
2019 | ||||||||||
Net asset value at beginning of year |
$ |
30.24 |
|
$ |
57.43 |
|
$ |
40.99 |
|
$ |
43.71 |
|
$ |
42.51 |
|
Net investment income (loss)(a) |
|
0.51 |
|
|
0.48 |
|
|
0.30 |
|
|
0.32 |
|
|
0.38 |
|
Net realized and unrealized gain (loss) |
|
(1.02 |
) |
|
(1.76 |
) |
|
17.91 |
|
|
0.57 |
|
|
5.02 |
|
Total from investment operations |
|
(0.51 |
) |
|
(1.28 |
) |
|
18.21 |
|
|
0.89 |
|
|
5.40 |
|
Less distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income |
|
(0.51 |
) |
|
(0.51 |
) |
|
(0.35 |
) |
|
(0.41 |
) |
|
(0.38 |
) |
From net realized gain on investments |
|
(1.16 |
) |
|
(25.40 |
) |
|
(1.42 |
) |
|
(3.20 |
) |
|
(3.82 |
) |
Total distributions |
|
(1.67 |
) |
|
(25.91 |
) |
|
(1.77 |
) |
|
(3.61 |
) |
|
(4.20 |
) |
Net asset value at end of year |
$ |
28.06 |
|
$ |
30.24 |
|
$ |
57.43 |
|
$ |
40.99 |
|
$ |
43.71 |
|
Total investment return(b) |
|
(1.88 |
)% |
|
(2.37 |
)% |
|
45.57 |
% |
|
1.92 |
% |
|
13.80 |
% |
Ratios (to average net assets)/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
1.76 |
% |
|
1.51 |
% |
|
0.61 |
% |
|
0.81 |
% |
|
0.93 |
% |
Net expenses(c) |
|
0.70 |
% |
|
0.70 |
% |
|
0.82 |
% |
|
0.85 |
%(d) |
|
0.86 |
% |
Expenses (before waiver/reimbursement)(c) |
|
0.79 |
% |
|
0.77 |
% |
|
0.83 |
% |
|
0.85 |
% |
|
0.86 |
% |
Portfolio turnover rate |
|
29 |
% |
|
37 |
% |
|
23 |
% |
|
16 |
% |
|
20 |
% |
Net assets at end of year (in 000’s) |
$ |
141,185 |
|
$ |
137,117 |
|
$ |
102,714 |
|
$ |
417,329 |
|
$ |
488,730 |
|
(a) |
Per share data based on average shares outstanding during the year. |
(b) |
Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) |
In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) |
Net of interest expense which is less than one-tenth of a percent. |
235
Financial Highlights
MainStay WMC Value Fund
(a series of The MainStay Funds)
(Selected per share data and ratios)
|
Year Ended October 31, |
April
26, 2021^ through | |||||||
Class R6 |
2023 |
2022 |
2021 | ||||||
Net asset value at beginning of period |
$ |
30.20 |
|
$ |
57.42 |
|
|
53.83* |
|
Net investment income (loss)(a) |
|
0.52 |
|
|
0.49 |
|
|
0.65 |
|
Net realized and unrealized gain (loss) |
|
(1.03 |
) |
|
(1.77 |
) |
|
2.94 |
|
Total from investment operations |
|
(0.51 |
) |
|
(1.28 |
) |
|
3.59 |
|
Less distributions: |
|
|
|
|
|
|
|
|
|
From net investment income |
|
(0.51 |
) |
|
(0.54 |
) |
|
— |
|
From net realized gain on investments |
|
(1.16 |
) |
|
(25.40 |
) |
|
— |
|
Total distributions |
|
(1.67 |
) |
|
(25.94 |
) |
|
— |
|
Net asset value at end of period |
$ |
28.02 |
|
$ |
30.20 |
|
$ |
57.42 |
|
Total investment return(b) |
|
(1.88 |
)% |
|
(2.37 |
)% |
|
6.67 |
% |
Ratios (to average net assets)/Supplemental Data: |
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
1.77 |
% |
|
1.52 |
% |
|
1.25 |
%†† |
Net expenses(c) |
|
0.70 |
% |
|
0.70 |
% |
|
0.72 |
%†† |
Expenses (before waiver/reimbursement)(c) |
|
0.71 |
% |
|
0.71 |
% |
|
0.72 |
%†† |
Portfolio turnover rate |
|
29 |
% |
|
37 |
% |
|
23 |
% |
Net assets at end of period (in 000’s) |
$ |
198,461 |
|
$ |
272,274 |
|
$ |
356,580 |
|
* |
Based on the net asset value of Class I as of April 26, 2021. |
^ |
Inception date. |
†† |
Annualized. |
(a) |
Per share data based on average shares outstanding during the period. |
(b) |
Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R6 shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) |
In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
236
Appendix A – Intermediary-Specific Sales Charge Waivers and Discounts
This Appendix A discloses intermediary-specific sales charge waivers and discounts, if any. Please see the “Information on Sales Charges” section of the Prospectus for information about sales charge waivers and discounts available if you invest directly with a MainStay Fund or intermediaries not identified on this Appendix A. The terms or availability of waivers or discounts may be changed at any time.
The availability of initial and contingent deferred sales charge waivers and discounts may depend on the particular financial intermediary or type of account through which you purchase or hold Fund shares. Financial intermediaries specified on Appendix A may have different policies and procedures regarding, among other things, the availability of these waivers and discounts. To qualify for waivers or discounts not available through a particular financial intermediary, investors will have to purchase shares directly from the Funds (or the Distributor) or through another financial intermediary that makes available such waivers or discounts.
Purchases through any financial intermediary identified below are subject to sales charge waivers and/or discounts that are different from the sales charge waivers and/or discounts available for shares purchased directly from the Funds (or the Distributor). Financial intermediary-specific sales charge waivers and/or discounts are implemented and administered by each financial intermediary. This Appendix will be updated when required with changes to this Appendix or to add additional intermediaries.
In all instances, it is an investor’s responsibility to notify the financial intermediary of any facts that may qualify the investor for sales charge waivers or discounts. You may wish to contact your financial intermediary to ensure that you have the most current information regarding the sales charge waivers and discounts available to you and the steps you must take to qualify for available waivers and discounts.
Ameriprise Financial
The following information applies to Class A shares purchases if you have an account with or otherwise purchase Fund shares through Ameriprise Financial:
Shareholders purchasing Fund shares through an Ameriprise Financial retail brokerage account are eligible for the following front-end sales charge waivers, which may differ from those disclosed elsewhere in the Fund’s prospectus or SAI:
· Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs.
· Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same Fund (but not any other fund within the MainStay Funds).
· Shares exchanged from Class C shares of the same fund in the month of or following the 7-year anniversary of the purchase date. To the extent that this prospectus elsewhere provides for a waiver with respect to exchanges of Class C shares or conversion of Class C shares following a shorter holding period, that waiver will apply.
· Employees and registered representatives of Ameriprise Financial or its affiliates and their immediate family members.
· Shares purchased by or through qualified accounts (including IRAs, Coverdell Education Savings Accounts, 401(k)s, 403(b) TSCAs subject to ERISA and defined benefit plans) that are held by a covered family member, defined as an Ameriprise financial advisor and/or the advisor’s spouse, advisor’s lineal ascendant (mother, father, grandmother, grandfather, great grandmother, great grandfather), advisor’s lineal descendant (son, step-son, daughter, step-daughter, grandson, granddaughter, great grandson, great granddaughter) or any spouse of a covered family member who is a lineal descendant.
· Shares purchased from the proceeds of redemptions within the MainStay Funds, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e. Rights of Reinstatement).
Edward Jones
Effective on or after January 1, 2024, the following information supersedes prior information with respect to transactions and positions held in fund shares through an Edward Jones system. Clients of Edward Jones (also referred to as "shareholders") purchasing fund shares on the Edward Jones commission and fee-based platforms are eligible only for the following sales charge discounts (also referred to as "breakpoints") and waivers, which can differ from discounts and waivers described elsewhere in the mutual fund prospectus or statement of additional information ("SAI") or through another broker-dealer. In all instances, it is the shareholder's responsibility to inform Edward Jones at the time of purchase of any relationship, holdings of MainStay Funds, or other facts qualifying the purchaser for discounts or waivers. Edward Jones can ask for
237
documentation of such circumstance. Shareholders should contact Edward Jones if they have questions regarding their eligibility for these discounts and waivers.
Breakpoints
· Breakpoint pricing, otherwise known as volume pricing, at dollar thresholds as described in the prospectus.
Rights of Accumulation ("ROA")
· The applicable sales charge on a purchase of Class A shares is determined by taking into account all share classes (except certain money market funds and any assets held in group retirement plans) of MainStay Funds held by the shareholder or in an account grouped by Edward Jones with other accounts for the purpose of providing certain pricing considerations ("pricing groups"). If grouping assets as a shareholder, this includes all share classes held on the Edward Jones platform and/or held on another platform. The inclusion of eligible fund family assets in the ROA calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of calculation. Money market funds are included only if such shares were sold with a sales charge at the time of purchase or acquired in exchange for shares purchased with a sales charge.
· The employer maintaining a SEP IRA plan and/or SIMPLE IRA plan may elect to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping as opposed to including all share classes at a shareholder or pricing group level.
· ROA is determined by calculating the higher of cost minus redemptions or market value (current shares x NAV).
Letter of Intent ("LOI")
· Through a LOI, shareholders can receive the sales charge and breakpoint discounts for purchases shareholders intend to make over a 13-month period from the date Edward Jones receives the LOI. The LOI is determined by calculating the higher of cost or market value of qualifying holdings at LOI initiation in combination with the value that the shareholder intends to buy over a 13-month period to calculate the front-end sales charge and any breakpoint discounts. Each purchase the shareholder makes during that 13-month period will receive the sales charge and breakpoint discount that applies to the total amount. The inclusion of eligible fund family assets in the LOI calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of calculation. Purchases made before the LOI is received by Edward Jones are not adjusted under the LOI and will not reduce the sales charge previously paid. Sales charges will be adjusted if LOI is not met.
· If the employer maintaining a SEP IRA plan and/or SIMPLE IRA plan has elected to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping, LOIs will also be at the plan-level and may only be established by the employer.
Sales Charge Waivers
Sales charges are waived for the following shareholders and in the following situations:
· Associates of Edward Jones and its affiliates and other accounts in the same pricing group (as determined by Edward Jones under its policies and procedures) as the associate. This waiver will continue for the remainder of the associate's life if the associate retires from Edward Jones in good-standing and remains in good standing pursuant to Edward Jones' policies and procedures.
· Shares purchased in an Edward Jones fee-based program.
· Shares purchased through reinvestment of capital gains distributions and dividend reinvestment. Shares purchased from the proceeds of redeemed shares of the same fund family so long as the following conditions are met: the proceeds are from the sale of shares within 60 days of the purchase, the sale and purchase are made from a share class that charges a front load and one of the following:
o The redemption and repurchase occur in the same account.
o The redemption proceeds are used to process an: IRA contribution, excess contributions, conversion, recharacterizing of contributions, or distribution, and the repurchase is done in an account within the same Edward Jones grouping for ROA.
· Shares exchanged into Class A shares from another share class so long as the exchange is into the same fund and was initiated at the discretion of Edward Jones. Edward Jones is responsible for any remaining CDSC due to the fund company, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in the prospectus.
· Exchanges from Class C shares to Class A shares of the same fund, generally, in the 84th month following the anniversary of the purchase date or earlier at the discretion of Edward Jones.
· Purchases of Class 529-A shares through a rollover from either another education savings plan or a security used for qualified distributions.
· Purchases of Class 529 shares made for recontribution of refunded amounts.
Contingent Deferred Sales Charge ("CDSC") Waivers
If the shareholder purchases shares that are subject to a CDSC and those shares are redeemed before the CDSC is expired, the shareholder is responsible to pay the CDSC except in the following conditions:
· The death or disability of the shareholder.
238
· Systematic withdrawals with up to 10% per year of the account value.
· Return of excess contributions from an Individual Retirement Account (IRA).
· Shares redeemed as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulations.
· Shares redeemed to pay Edward Jones fees or costs in such cases where the transaction is initiated by Edward Jones.
· Shares exchanged in an Edward Jones fee-based program.
· Shares acquired through NAV reinstatement.
· Shares redeemed at the discretion of Edward Jones for Minimum Balances, as described below.
Other Important Information Regarding Transactions Through Edward Jones
Minimum Purchase Amounts
· Initial purchase minimum: $250
· Subsequent purchase minimum: none
Minimum Balances
· Edward Jones has the right to redeem at its discretion fund holdings with a balance of $250 or less. The following are examples of accounts that are not included in this policy:
o A fee-based account held on an Edward Jones platform
o A 529 account held on an Edward Jones platform
o An account with an active systematic investment plan or LOI
Exchanging Share Classes
· At any time it deems necessary, Edward Jones has the authority to exchange at NAV a shareholder's holdings in a fund to Class A shares of the same fund.
E*TRADE
Front-End Sales Charge Waiver
Shareholders purchasing Fund shares through an E*TRADE brokerage account will be eligible for a waiver of the front-end sales charge with respect to Class A shares (or the equivalent). This includes shares purchased through the reinvestment of dividends and capital gains distributions.
J.P. MORGAN SECURITIES LLC
Effective September 29, 2023, if you purchase or hold fund shares through an applicable J.P. Morgan Securities LLC brokerage account, you will be eligible for the following sales charge waivers (front-end sales charge waivers and contingent deferred sales charge (“CDSC”), or back-end sales charge, waivers), share class conversion policy and discounts, which may differ from those disclosed elsewhere in this fund’s prospectus or Statement of Additional Information.
Front-end sales charge waivers on Class A shares available at J.P. Morgan Securities LLC
· Shares exchanged from Class C (i.e., level-load) shares that are no longer subject to a CDSC and are exchanged into Class A shares of the same fund pursuant to J.P. Morgan Securities LLC’s share class exchange policy.
· Qualified employer-sponsored defined contribution and defined benefit retirement plans, nonqualified deferred compensation plans, other employee benefit plans and trusts used to fund those plans. For purposes of this provision, such plans do not include SEP IRAs, SIMPLE IRAs, SAR-SEPs or 501(c)(3) accounts.
· Shares of funds purchased through J.P. Morgan Securities LLC Self-Directed Investing accounts.
· Shares purchased through rights of reinstatement.
· Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family).
· Shares purchased by employees and registered representatives of J.P. Morgan Securities LLC or its affiliates and their spouse or financial dependent as defined by J.P. Morgan Securities LLC.
Class C to Class A share conversion
239
· A shareholder in the fund’s Class C shares will have their shares converted by J.P. Morgan Securities LLC to Class A shares (or the appropriate share class) of the same fund if the shares are no longer subject to a CDSC and the conversion is consistent with J.P. Morgan Securities LLC’s policies and procedures.
CDSC waivers on Class A and C shares available at J.P. Morgan Securities LLC
· Shares sold upon the death or disability of the shareholder.
· Shares sold as part of a systematic withdrawal plan as described in the fund’s prospectus.
· Shares purchased in connection with a return of excess contributions from an IRA account.
· Shares sold as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal Revenue Code.
· Shares acquired through a right of reinstatement.
Front-end load discounts available at J.P. Morgan Securities LLC: breakpoints, rights of accumulation & letters of intent
· Breakpoints as described in the prospectus.
· Rights of Accumulation (“ROA”) which entitle shareholders to breakpoint discounts as described in the fund’s prospectus will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser’s household at J.P. Morgan Securities LLC. Eligible fund family assets not held at J.P. Morgan Securities LLC (including 529 program holdings, where applicable) may be included in the ROA calculation only if the shareholder notifies their financial advisor about such assets.
· Letters of Intent which allow for breakpoint discounts based on anticipated purchases within a fund family, through J.P. Morgan Securities LLC, over a 13-month period of time (if applicable).
Janney Montgomery Scott LLC
Shareholders purchasing MainStay Fund shares through a Janney Montgomery Scott LLC (“Janney”) account will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this Prospectus or SAI.
Front-end sales charge waivers on Class A shares available at Janney
· Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the MainStay Funds family).
· Shares purchased by employees and registered representatives of Janney or its affiliates and their family members as designated by Janney.
· Shares purchased from the proceeds of redemptions within the MainStay Funds family, provided (1) the repurchase occurs within ninety (90) days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e., right of reinstatement).
· Class C shares that are no longer subject to a contingent deferred sales charge and are exchanged to Class A shares of the same MainStay Fund pursuant to Janney’s policies and procedures.
Sales charge waivers on Class A and C shares available at Janney
· Shares sold upon the death or disability of the shareholder.
· Shares sold as part of a systematic withdrawal plan as described in the MainStay Fund’s Prospectus.
· Shares purchased in connection with a return of excess contributions from an IRA account.
· Shares sold as part of a required minimum distribution for IRA and other retirement accounts pursuant to the Internal Revenue Code.
· Shares sold to pay Janney fees but only if the transaction is initiated by Janney.
· Shares acquired through a right of reinstatement.
Front-end load discounts available at Janney: breakpoints, and/or rights of accumulation
· Breakpoints as described in the MainStay Fund’s Prospectus.
· Rights of accumulation (“ROA”), which entitle shareholders to breakpoint discounts, will be automatically calculated based on the aggregated holding of MainStay Funds family assets held by accounts within the purchaser’s household at Janney. Eligible MainStay Funds family assets not held at Janney may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets.
LPL Financial
Shareholders purchasing Class A shares of a Fund through LPL Financial’s mutual fund only platform will be able to purchase shares without imposition of a front-end sales charge, which may differ from the waiver eligibility requirements otherwise disclosed in the Prospectus or SAI.
240
Merrill Lynch
Purchases or sales of front-end (i.e. Class A) or level-load (i.e., Class C) mutual fund shares through a Merrill platform or account will be eligible only for the following sales load waivers (front-end, contingent deferred, or back-end waivers) and discounts, which differ from those disclosed elsewhere in this Fund’s prospectus. Purchasers will have to buy mutual fund shares directly from the mutual fund company or through another intermediary to be eligible for waivers or discounts not listed below.
It is the client’s responsibility to notify Merrill at the time of purchase or sale of any relationship or other facts that qualify the transaction for a waiver or discount. A Merrill representative may ask for reasonable documentation of such facts and Merrill may condition the granting of a waiver or discount on the timely receipt of such documentation.
Additional information on waivers and discounts is available in the Merrill Sales Load Waiver and Discounts Supplement (the “Merrill SLWD Supplement") and in the Mutual Fund Investing at Merrill pamphlet at ml.com/funds. Clients are encouraged to review these documents and speak with their financial advisor to determine whether a transaction is eligible for a waiver or discount.
Front-end Load Waivers Available at Merrill |
Shares of mutual funds available for purchase by employer-sponsored retirement, deferred compensation, and employee benefit plans (including health savings accounts) and trusts used to fund those plans provided the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans |
Shares purchased through a Merrill investment advisory program |
Brokerage class shares exchanged from advisory class shares due to the holdings moving from a Merrill investment advisory program to a Merrill brokerage account |
Shares purchased through the Merrill Edge Self-Directed platform |
Shares purchased through the systematic reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same mutual fund in the same account |
Shares exchanged from level-load shares to front-end load shares of the same mutual fund in accordance with the description in the Merrill SLWD Supplement |
Shares exchanged from back-end load (i.e. Class B) shares to front-end load shares of the same mutual fund1 |
Shares purchased by eligible employees of Merrill or its affiliates and their family members who purchase shares in accounts within the employee’s Merrill Household (as defined in the Merrill SLWD Supplement) |
Shares purchased by eligible persons associated with the fund as defined in this prospectus (e.g. the fund’s officers or trustees) |
Shares purchased from the proceeds of a mutual fund redemption in front-end or back-end load shares provided (1) the repurchase is in a mutual fund within the same fund family; (2) the repurchase occurs within 90 calendar days from the redemption trade date, and (3) the redemption and purchase occur in the same account (known as Rights of Reinstatement). Automated transactions (i.e. systematic purchases and withdrawals) and purchases made after shares are automatically sold to pay Merrill’s account maintenance fees are not eligible for Rights of Reinstatement |
1. On or around April 15, 2024, Merrill will exchange all back-end load shares held in Merrill accounts to front-end load shares of the same mutual fund.
Contingent Deferred Sales Charge (“CDSC”) Waivers on Front-end, Back-end, and Level Load Shares Available at Merrill |
Shares sold due to the client’s death or disability (as defined by Internal Revenue Code Section 22(e)(3)) |
Shares sold pursuant to a systematic withdrawal program subject to Merrill’s maximum systematic withdrawal limits as described in the Merrill SLWD Supplement |
Shares sold due to return of excess contributions from an IRA account |
Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the investor reaching the qualified age based on applicable IRS regulation |
Shares exchanged from back-end load shares to front-end load shares of the same mutual fund1 |
241
Front-end or level-load shares held in commission-based, non-taxable retirement brokerage accounts (e.g. traditional, Roth, rollover, SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans) that are transferred to fee-based accounts or platforms and exchanged for a lower cost share class of the same mutual fund |
Front-end Load Discounts Available at Merrill: Breakpoints, Rights of Accumulation & Letters of Intent |
Breakpoint discounts, as described in this prospectus, where the sales load is at or below the maximum sales load that Merrill permits to be assessed to a front-end load purchase, as described in the Merrill SLWD Supplement |
Rights of Accumulation (ROA), as described in the Merrill SLWD Supplement, which entitle clients to breakpoint discounts based on the aggregated holdings of mutual fund family assets held in accounts in their Merrill Household |
Letters of Intent (LOI), which allow for breakpoint discounts on eligible new purchases based on anticipated future eligible purchases within a fund family at Merrill, in accounts within your Merrill Household, as further described in the Merrill SLWD Supplement |
Morgan Stanley Wealth Management
Shareholders purchasing Fund shares through a Morgan Stanley Wealth Management transactional brokerage account will be eligible only for the following front-end sales charge waivers with respect to Class A shares, which may differ from and may be more limited than those disclosed elsewhere in this Fund’s Prospectus or SAI.
Front-end Sales Charge Waivers on Class A Shares available at Morgan Stanley Wealth Management
· Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans
· Morgan Stanley employee and employee-related accounts according to Morgan Stanley's account linking rules
· Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund
· Shares purchased through a Morgan Stanley self-directed brokerage account
· Morgan Stanley, on your behalf, can also convert Class A shares to Class A2 shares of the same fund, without a sales charge and on a tax free basis, if they are held in a brokerage account.
· Class C (i.e., level-load) and Class C2 shares, as applicable, that are no longer subject to a contingent deferred sales charge and are converted to Class A shares (or equivalent) of the same fund pursuant to Morgan Stanley Wealth Management’s share class conversion program.
· Shares purchased from the proceeds of redemptions within the same fund family, provided (i) the repurchase occurs within 90 days following the redemption, (ii) the redemption and purchase occur in the same account, and (iii) redeemed shares were subject to a front-end or deferred sales charge.
Oppenheimer & Co. Inc.
Shareholders purchasing Fund shares through an Oppenheimer & Co. Inc. (“OPCO”) platform or account are eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this Fund’s prospectus or SAI.
Front-end Sales Load Waivers on Class A Shares and Investor Class Shares available at OPCO
· Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan
· Shares purchased by or through a 529 Plan
· Shares purchased through an OPCO-affiliated investment advisory program
· Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family)
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· Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement).
· A shareholder in the Fund's Class C shares that are converted by OPCO at net asset value to Class A shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of OPCO
· Employees and registered representatives of OPCO or its affiliates and their family members
· Trustees of the Fund and employees of the Fund’s investment adviser or any of its affiliates, as described in this prospectus
CDSC Waivers on Class A, B and C Shares and Investor Class Shares available at OPCO
· Death or disability of the shareholder
· Shares sold as part of a systematic withdrawal plan as described in the Fund’s prospectus
· Return of excess contributions from an IRA Account
· Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations as described in the prospectus
· Shares sold to pay OPCO fees but only if the transaction is initiated by OPCO
· Shares acquired through a right of reinstatement
Front-end load Discounts Available at OPCO: Breakpoints, Rights of Accumulation & Letters of Intent
· Breakpoints as described in this prospectus.
· Rights of Accumulation (ROA) which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser’s household at OPCO. Eligible fund family assets not held at OPCO may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets.
Raymond James
Raymond James & Associates, Inc., Raymond James Financial Services Inc. and each entity’s affiliates (“Raymond James”)
Shareholders purchasing fund shares through a Raymond James platform or account, or through an introducing broker-dealer or independent registered investment adviser for which Raymond James provides trade execution, clearance, and/or custody services, will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in the Prospectus or SAI.
Front-end sales load waivers on Class A shares available at Raymond James
· Shares purchased in an investment advisory program.
· Shares purchased within the MainStay Funds through a systematic reinvestment of capital gains and dividend distributions.
· Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.
· Shares purchased from the proceeds of redemptions within the MainStay Funds, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement).
· A shareholder in the Fund’s Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of Raymond James.
CDSC Waivers on Classes A, B and C shares available at Raymond James
· Death or disability of the shareholder.
· Shares sold as part of a systematic withdrawal plan as described in the fund’s prospectus.
· Return of excess contributions from an IRA Account.
· Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70½ as described in the fund’s prospectus.
· Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.
· Shares acquired through a right of reinstatement.
Front-end load discounts available at Raymond James: breakpoints, and/or rights of accumulation, and/or letters of intent
· Breakpoints as described in this prospectus.
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· Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of MainStay Fund assets held by accounts within the purchaser’s household at Raymond James. Eligible MainStay Fund assets not held at Raymond James may be included in the rights of accumulation calculation only if the shareholder notifies his or her financial advisor about such assets.
· Letters of intent which allow for breakpoint discounts based on anticipated purchases within the MainStay Funds over a 13-month time period. Eligible MainStay Fund assets not held at Raymond James may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.
Robert W. Baird & Co.
Shareholders purchasing Fund shares through a Robert W. Baird & Co. (“Baird”) platform or account will only be eligible for the following sales charge waivers (front-end sales charge waivers and CDSC waivers) and discounts, which may differ from those disclosed elsewhere in this prospectus or the SAI.
Front-End Sales Charge Waivers on Investor Class and Class A shares Available at Baird
· Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same Fund
· Shares purchased by employees and registered representatives of Baird or its affiliate and their family members as designated by Baird
· Shares purchased from the proceeds of redemptions from another MainStay Fund, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales charge (known as rights of reinstatement)
· A shareholder in a Fund’s Class C Shares will have their shares converted at net asset value to Class A shares of the Fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of Baird
· Employer-sponsored retirement plans or charitable accounts in a transactional brokerage account at Baird, including 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs
CDSC Waivers on Investor Class, Class A and Class C shares Available at Baird
· Shares sold due to death or disability of the shareholder
· Shares sold as part of a systematic withdrawal plan as described in the Fund’s Prospectus
· Shares bought due to returns of excess contributions from an IRA Account
· Shares sold as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal Revenue Code
· Shares sold to pay Baird fees but only if the transaction is initiated by Baird
· Shares acquired through a right of reinstatement
Front-End Sales Charge Discounts Available at Baird: Breakpoints, Rights of Accumulations, and/or Letters of Intent
· Breakpoints as described in this prospectus
· Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of assets in the MainStay Group of Funds held by accounts within the purchaser’s household at Baird. Eligible MainStay Fund assets not held at Baird may be included in the rights of accumulation calculation only if the shareholder notifies his or her financial advisor about such assets
· Letters of Intent (LOI) allow for breakpoint discounts based on anticipated purchases of MainStay Funds through Baird, over a 13-month period of time
Stifel, Nicolaus & Company, Incorporated
Shareholders purchasing Fund shares through a Stifel, Nicolaus & Company, Incorporated (“Stifel”) platform or account or who own shares for which Stifel or an affiliate is the broker-dealer of record are eligible for the following additional sales charge waiver.
Front-end Sales Load Waiver on Class A Shares
· Class C shares that have been held for more than seven (7) years will be converted to Class A shares of the same Fund pursuant to Stifel’s policies and procedures
All other sales charge waivers and reductions described elsewhere in the Fund’s Prospectus or SAI still apply.
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No dealer, sales representative or any other person is authorized to give any information or to make any representations other than those contained in this Prospectus and in the Statement of Additional Information, in connection with the offer contained in this Prospectus, and, if given or made, such other information or representations must not be relied upon as having been authorized by the Funds or the Distributor. This Prospectus and the Statement of Additional Information do not constitute an offer by the Funds or by the Distributor to sell or a solicitation of any offer to buy any of the securities offered hereby in any jurisdiction or to any person to whom it is unlawful to make such offer in such jurisdiction.
Each year you are automatically sent an updated Summary Prospectus and Annual and Semiannual Reports (or notice of such reports) for the Funds. You may also occasionally receive proxy statements for the Funds. In order to reduce the volume of mail you receive, when possible, only one copy of these documents may be sent to shareholders who are part of the same family and share the same household address. You may elect to receive these documents electronically in lieu of paper form by enrolling in e-delivery on our website, newyorklifeinvestments.com/accounts. If you would like to opt out of household-based mailings, please call toll free 800-624-6782.
Provides more details about the Funds. The current SAI is incorporated by reference into the Prospectus and has been filed with the SEC.
Provide additional information about the Funds' investments and include discussions of market conditions and investment strategies that significantly affected the Funds' performance during the last fiscal year or period, if applicable, in the annual and semiannual reports and in Form N-CSR. In the Fund's Form N-CSR, you will find the Fund's annual and semi-annual financial statements.
More information about the Funds, including the SAI, the Annual/Semiannual Reports and other information such as the Fund's financial statements, when available, may be obtained without charge, upon request. To obtain information, or for shareholder inquiries, call toll-free 800-624-6782, visit our website at newyorklifeinvestments.com, or write to NYLIFE Distributors LLC, Attn: New York Life Investments Marketing Dept., 30 Hudson Street, Jersey City, New Jersey 07302.
Other information about the Funds (including the Statement of Additional Information) is available on the EDGAR Database on the SEC's internet site at http://www.sec.gov. You may obtain copies of this information, after paying a duplicating fee, by electronic request at the following e-mail address: [email protected].
NYLIFE
Distributors LLC
30
Hudson Street
Jersey
City, NJ 07302
NYLIFE Distributors LLC is the principal underwriter and distributor of the MainStay Funds.
“New York Life Investments” is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company.
SEC
File Number: 811-22321 (MainStay Funds Trust)
SEC
File Number: 811-04550 (The MainStay Funds)
For more information call 800-624-6782 or visit our website at newyorklifeinvestments.com.
MS01e-02/24