05/08/2024 | Press release | Distributed by Public on 05/08/2024 10:07
Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
MainStay Cushing® MLP Premier Fund (Class A/CSHAX) |
$80 | 1.50% |
Average Annual Total Returns for the Period-Ended May 31, 2024 |
Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
Class A Shares - Including sales charges | 10/20/2010 | 8.05% | 29.51% | 8.63% | 0.97% |
Class A Shares - Excluding sales charges | 14.34% | 37.04% | 9.86% | 1.55% | |
Russell 3000® Index2 | 15.99% | 27.58% | 15.00% | 12.09% | |
Alerian Midstream Energy Select Index3 | 14.79% | 35.06% | 12.11% | 4.89% | |
Cushing MLP Premier Tiered Index4 | 14.79% | 35.06% | 8.10% | 0.47% | |
Alerian MLP Index5 | 10.24% | 35.39% | 11.78% | 2.17% | |
Morningstar Energy Limited Partnership Category Average6 | 12.41% | 32.86% | 10.25% | 1.99% |
1. |
Not annualized.
|
2. |
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 Alerian Midstream Energy Select Index. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.
|
3. |
The Alerian Midstream Energy Select Index is a broad-based composite of North American energy infrastructure companies. The Alerian Midstream Energy Select Index is a capped, float-adjusted, capitalization weighted index, whose constituents earn the majority of their cash flow from midstream activities involving energy commodities.
|
4. |
The returns for the tiered benchmark represent the returns of the Alerian MLP Index prior to December 1, 2020 and the returns of the Alerian Midstream Energy Select Index thereafter.
|
5. |
The Alerian MLP Index is an unmanaged, capped, float-adjusted, capitalization-weighted index and a leading gauge of energy MLPs.
|
6. |
The Morningstar Energy Limited Partnership Category Average is representative of funds that invest primarily a significant amount of their fund in energy master limited partnerships. These include but are not limited to limited partnerships specializing in midstream operations in the energy industry. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
|
Fund's net assets | $868,938,193% |
Total number of portfolio holdings | 26% |
Portfolio turnover rate | 8% |
Energy Transfer LP | 9.4% |
Targa Resources Corp. | 9.1% |
Plains GP Holdings LP, Class A | 7.0% |
Cheniere Energy, Inc. | 6.8% |
ONEOK, Inc. | 6.4% |
Kinder Morgan, Inc. | 5.0% |
Equitrans Midstream Corp. | 4.9% |
Williams Cos., Inc. (The) | 4.9% |
Pembina Pipeline Corp. | 4.8% |
DT Midstream, Inc. | 4.5% |
* Excluding short-term investments |
Large Cap Diversified C Corps | 39.3% |
Natural Gas Gatherers & Processors | 18.8% |
Large Cap MLP | 17.7% |
Natural Gas Transportation & Storage | 9.4% |
Refiners | 4.6% |
General Partnerships | 2.6% |
YieldCo | 2.0% |
Canadian Midstream | 1.8% |
Crude Oil & Refined Products | 1.2% |
Short-Term Investment | 2.7% |
Other Assets, Less Liabilities | -0.1% |
Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
MainStay Cushing® MLP Premier Fund (Class C/CSHCX) |
$120 | 2.24% |
Average Annual Total Returns for the Period-Ended May 31, 2024 |
Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
Class C Shares - Including sales charges | 10/20/2010 | 12.94% | 34.93% | 9.01% | 0.78% |
Class C Shares - Excluding sales charges | 13.94% | 35.93% | 9.01% | 0.78% | |
Russell 3000® Index2 | 15.99% | 27.58% | 15.00% | 12.09% | |
Alerian Midstream Energy Select Index3 | 14.79% | 35.06% | 12.11% | 4.89% | |
Cushing MLP Premier Tiered Index4 | 14.79% | 35.06% | 8.10% | 0.47% | |
Alerian MLP Index5 | 10.24% | 35.39% | 11.78% | 2.17% | |
Morningstar Energy Limited Partnership Category Average6 | 12.41% | 32.86% | 10.25% | 1.99% |
1. |
Not annualized.
|
2. |
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 Alerian Midstream Energy Select Index. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.
|
3. |
The Alerian Midstream Energy Select Index is a broad-based composite of North American energy infrastructure companies. The Alerian Midstream Energy Select Index is a capped, float-adjusted, capitalization weighted index, whose constituents earn the majority of their cash flow from midstream activities involving energy commodities.
|
4. |
The returns for the tiered benchmark represent the returns of the Alerian MLP Index prior to December 1, 2020 and the returns of the Alerian Midstream Energy Select Index thereafter.
|
5. |
The Alerian MLP Index is an unmanaged, capped, float-adjusted, capitalization-weighted index and a leading gauge of energy MLPs.
|
6. |
The Morningstar Energy Limited Partnership Category Average is representative of funds that invest primarily a significant amount of their fund in energy master limited partnerships. These include but are not limited to limited partnerships specializing in midstream operations in the energy industry. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
|
Fund's net assets | $868,938,193% |
Total number of portfolio holdings | 26% |
Portfolio turnover rate | 8% |
Energy Transfer LP | 9.4% |
Targa Resources Corp. | 9.1% |
Plains GP Holdings LP, Class A | 7.0% |
Cheniere Energy, Inc. | 6.8% |
ONEOK, Inc. | 6.4% |
Kinder Morgan, Inc. | 5.0% |
Equitrans Midstream Corp. | 4.9% |
Williams Cos., Inc. (The) | 4.9% |
Pembina Pipeline Corp. | 4.8% |
DT Midstream, Inc. | 4.5% |
* Excluding short-term investments |
Large Cap Diversified C Corps | 39.3% |
Natural Gas Gatherers & Processors | 18.8% |
Large Cap MLP | 17.7% |
Natural Gas Transportation & Storage | 9.4% |
Refiners | 4.6% |
General Partnerships | 2.6% |
YieldCo | 2.0% |
Canadian Midstream | 1.8% |
Crude Oil & Refined Products | 1.2% |
Short-Term Investment | 2.7% |
Other Assets, Less Liabilities | -0.1% |
Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
MainStay Cushing® MLP Premier Fund (Class I/CSHZX) |
$67 | 1.25% |
Average Annual Total Returns for the Period-Ended May 31, 2024 |
Inception Date |
Six Months1 |
One Year |
Five Years |
Ten Years |
Class I Shares | 10/20/2010 | 14.49% | 37.23% | 10.12% | 1.80% |
Russell 3000® Index2 | 15.99% | 27.58% | 15.00% | 12.09% | |
Alerian Midstream Energy Select Index3 | 14.79% | 35.06% | 12.11% | 4.89% | |
Cushing MLP Premier Tiered Index4 | 14.79% | 35.06% | 8.10% | 0.47% | |
Alerian MLP Index5 | 10.24% | 35.39% | 11.78% | 2.17% | |
Morningstar Energy Limited Partnership Category Average6 | 12.41% | 32.86% | 10.25% | 1.99% |
1. |
Not annualized.
|
2. |
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 Alerian Midstream Energy Select Index. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.
|
3. |
The Alerian Midstream Energy Select Index is a broad-based composite of North American energy infrastructure companies. The Alerian Midstream Energy Select Index is a capped, float-adjusted, capitalization weighted index, whose constituents earn the majority of their cash flow from midstream activities involving energy commodities.
|
4. |
The returns for the tiered benchmark represent the returns of the Alerian MLP Index prior to December 1, 2020 and the returns of the Alerian Midstream Energy Select Index thereafter.
|
5. |
The Alerian MLP Index is an unmanaged, capped, float-adjusted, capitalization-weighted index and a leading gauge of energy MLPs.
|
6. |
The Morningstar Energy Limited Partnership Category Average is representative of funds that invest primarily a significant amount of their fund in energy master limited partnerships. These include but are not limited to limited partnerships specializing in midstream operations in the energy industry. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
|
Fund's net assets | $868,938,193% |
Total number of portfolio holdings | 26% |
Portfolio turnover rate | 8% |
Energy Transfer LP | 9.4% |
Targa Resources Corp. | 9.1% |
Plains GP Holdings LP, Class A | 7.0% |
Cheniere Energy, Inc. | 6.8% |
ONEOK, Inc. | 6.4% |
Kinder Morgan, Inc. | 5.0% |
Equitrans Midstream Corp. | 4.9% |
Williams Cos., Inc. (The) | 4.9% |
Pembina Pipeline Corp. | 4.8% |
DT Midstream, Inc. | 4.5% |
* Excluding short-term investments |
Large Cap Diversified C Corps | 39.3% |
Natural Gas Gatherers & Processors | 18.8% |
Large Cap MLP | 17.7% |
Natural Gas Transportation & Storage | 9.4% |
Refiners | 4.6% |
General Partnerships | 2.6% |
YieldCo | 2.0% |
Canadian Midstream | 1.8% |
Crude Oil & Refined Products | 1.2% |
Short-Term Investment | 2.7% |
Other Assets, Less Liabilities | -0.1% |
Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
MainStay Cushing® MLP Premier Fund (Investor Class/CSHNX) |
$80 | 1.49% |
Average Annual Total Returns for the Period-Ended May 31, 2024 |
Inception Date |
Six Months1 |
One Year |
Five Years |
Since inception |
Investor Class Shares - Including sales charges | 7/11/2014 | 8.70% | 30.23% | 8.65% | 0.56% |
Investor Class Shares - Excluding sales charges | 14.42% | 37.08% | 9.89% | 1.14% | |
Russell 3000® Index2 | 15.99% | 27.58% | 15.00% | 11.95% | |
Alerian Midstream Energy Select Index3 | 14.79% | 35.06% | 12.11% | 4.36% | |
Cushing MLP Premier Tiered Index4 | 14.79% | 35.06% | 8.10% | 0.05% | |
Alerian MLP Index5 | 10.24% | 35.39% | 11.78% | 1.76% | |
Morningstar Energy Limited Partnership Category Average6 | 12.41% | 32.86% | 10.25% | 1.17% |
1. |
Not annualized.
|
2. |
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 Alerian Midstream Energy Select Index. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.
|
3. |
The Alerian Midstream Energy Select Index is a broad-based composite of North American energy infrastructure companies. The Alerian Midstream Energy Select Index is a capped, float-adjusted, capitalization weighted index, whose constituents earn the majority of their cash flow from midstream activities involving energy commodities.
|
4. |
The returns for the tiered benchmark represent the returns of the Alerian MLP Index prior to December 1, 2020 and the returns of the Alerian Midstream Energy Select Index thereafter.
|
5. |
The Alerian MLP Index is an unmanaged, capped, float-adjusted, capitalization-weighted index and a leading gauge of energy MLPs.
|
6. |
The Morningstar Energy Limited Partnership Category Average is representative of funds that invest primarily a significant amount of their fund in energy master limited partnerships. These include but are not limited to limited partnerships specializing in midstream operations in the energy industry. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
|
Fund's net assets | $868,938,193% |
Total number of portfolio holdings | 26% |
Portfolio turnover rate | 8% |
Energy Transfer LP | 9.4% |
Targa Resources Corp. | 9.1% |
Plains GP Holdings LP, Class A | 7.0% |
Cheniere Energy, Inc. | 6.8% |
ONEOK, Inc. | 6.4% |
Kinder Morgan, Inc. | 5.0% |
Equitrans Midstream Corp. | 4.9% |
Williams Cos., Inc. (The) | 4.9% |
Pembina Pipeline Corp. | 4.8% |
DT Midstream, Inc. | 4.5% |
* Excluding short-term investments |
Large Cap Diversified C Corps | 39.3% |
Natural Gas Gatherers & Processors | 18.8% |
Large Cap MLP | 17.7% |
Natural Gas Transportation & Storage | 9.4% |
Refiners | 4.6% |
General Partnerships | 2.6% |
YieldCo | 2.0% |
Canadian Midstream | 1.8% |
Crude Oil & Refined Products | 1.2% |
Short-Term Investment | 2.7% |
Other Assets, Less Liabilities | -0.1% |
FORM N-CSR
The information presented in this Form N-CSRrelates solely to MainStay Cushing MLP Premier Fund series of the Registrant.
Item 2. |
Code of Ethics. |
Not applicable.
Item 3. |
Audit Committee Financial Expert. |
Not applicable.
Item 4. |
Principal Accountant Fees and Services. |
Not applicable.
Item 5. |
Audit Committee of Listed Registrants. |
Not applicable.
Item 6. |
Investments. |
See Item 7.
Item 7. |
Financial Statements and Financial Highlights for Open-EndManagement Investment Companies. |
Portfolio of Investments | 3 |
Financial Statements | 5 |
Notes to Financial Statements | 12 |
Changes in and Disagreements with Accountants for Open-End Management Investment Companies | 19 |
Proxy Disclosures for Open-End Management Investment Companies | 19 |
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies | 19 |
Statement Regarding Basis for Approval of Investment Advisory Agreement and Subadvisory Agreement | 20 |
Shares | Value | |
Common Stocks 67.6% | ||
Canadian Midstream 1.8% | ||
Canada 1.8% | ||
Keyera Corp. | 587,000 | $ 15,541,337 |
General Partnerships 2.6% | ||
United States 2.6% | ||
EnLink Midstream LLC | 1,760,000 | 22,334,400 |
Large Cap Diversified C Corps 32.3% | ||
Canada 9.1% | ||
Enbridge, Inc. | 540,000 | 19,753,200 |
Pembina Pipeline Corp. | 1,134,000 | 42,105,420 |
TC Energy Corp. | 450,000 | 17,352,000 |
United States 23.2% | ||
Cheniere Energy, Inc. | 374,000 | 59,013,460 |
Kinder Morgan, Inc. | 2,250,000 | 43,852,500 |
ONEOK, Inc. | 690,000 | 55,890,000 |
Williams Cos., Inc. (The) | 1,020,000 | 42,340,200 |
280,306,780 | ||
Natural Gas Gatherers & Processors 14.9% | ||
United States 14.9% | ||
Antero Midstream Corp. | 650,000 | 9,522,500 |
Hess Midstream LP, Class A | 982,000 | 34,124,500 |
Kinetik Holdings, Inc. | 173,000 | 7,091,270 |
Targa Resources Corp. | 670,000 | 79,214,100 |
129,952,370 | ||
Natural Gas Transportation & Storage 9.4% | ||
United States 9.4% | ||
DT Midstream, Inc. | 580,000 | 38,906,400 |
Equitrans Midstream Corp. | 3,000,000 | 42,840,000 |
81,746,400 | ||
Refiners 4.6% | ||
United States 4.6% | ||
Marathon Petroleum Corp. | 90,000 | 15,894,900 |
Phillips 66 | 170,000 | 24,158,700 |
40,053,600 | ||
YieldCo 2.0% | ||
United States 2.0% | ||
Clearway Energy, Inc., Class C | 370,000 | 10,360,000 |
NextEra Energy Partners LP | 220,000 | 7,416,200 |
17,776,200 | ||
Total Common Stocks (Cost $416,315,607) |
587,711,087 |
Shares | Value | ||
MLP Investments and Related Companies 29.8% | |||
Crude Oil & Refined Products 1.2% | |||
United States 1.2% | |||
Genesis Energy LP | 860,000 | $ 10,767,200 | |
Large Cap Diversified C Corps 7.0% | |||
United States 7.0% | |||
Plains GP Holdings LP, Class A | 3,380,000 | 60,873,800 | |
Large Cap MLP 17.7% | |||
United States 17.7% | |||
Energy Transfer LP | 5,230,000 | 81,954,100 | |
Enterprise Products Partners LP | 1,290,000 | 36,765,000 | |
MPLX LP | 860,000 | 34,984,800 | |
153,703,900 | |||
Natural Gas Gatherers & Processors 3.9% | |||
United States 3.9% | |||
Western Midstream Partners LP | 900,000 | 33,588,000 | |
Total MLP Investments and Related Companies (Cost $121,014,854) |
258,932,900 | ||
Short-Term Investment 2.7% | |||
Affiliated Investment Company 2.7% | |||
United States 2.7% | |||
MainStay U.S. Government Liquidity Fund 5.247%(a) | 23,172,859 | 23,172,859 | |
Total Short-Term Investment (Cost $23,172,859) |
23,172,859 | ||
Total Investments (Cost $560,503,320) |
100.1% | 869,816,846 | |
Other Assets, Less Liabilities | (0.1) | (878,653) | |
Net Assets | 100.0% | $ 868,938,193 |
† | Percentages indicated are based on Fund net assets. |
^ | Industry classifications may be different than those used for compliance monitoring purposes. |
(a) | Current yield as of May 31, 2024. |
Affiliated Investment Companies |
Value, Beginning of Period |
Purchases at Cost |
Proceeds from Sales |
Net Realized Gain/(Loss) on Sales |
Change in Unrealized Appreciation/ (Depreciation) |
Value, End of Period |
Dividend Income |
Other Distributions |
Shares End of Period |
MainStay U.S. Government Liquidity Fund | $ 4,069 | $ 72,454 | $ (53,350) | $ - | $ - | $ 23,173 | $ 127 | $ - | 23,173 |
Abbreviation(s): |
MLP-Master limited partnership |
Description |
Quoted Prices in Active Markets for Identical Assets (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Unobservable Inputs (Level 3) |
Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Common Stocks | $ 587,711,087 | $ - | $ - | $ 587,711,087 | |||
MLP Investments and Related Companies | 258,932,900 | - | - | 258,932,900 | |||
Short-Term Investment | |||||||
Affiliated Investment Company | 23,172,859 | - | - | 23,172,859 | |||
Total Investments in Securities | $ 869,816,846 | $ - | $ - | $ 869,816,846 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
4 | MainStay Cushing® MLP Premier Fund |
Assets | |
Investment in unaffiliated securities, at value (identified cost $537,330,461) |
$846,643,987 |
Investment in affiliated investment companies, at value (identified cost $23,172,859) |
23,172,859 |
Cash denominated in foreign currencies (identified cost $1,172,249) |
1,164,746 |
Receivables: | |
Fund shares sold | 1,298,048 |
Dividends | 717,346 |
Other assets | 120,017 |
Total assets | 873,117,003 |
Liabilities | |
Payables: | |
Fund shares redeemed | 2,802,032 |
Manager fees (See Note 3) | 798,258 |
NYLIFE Distributors (See Note 3) | 204,063 |
Transfer agent (See Note 3) | 145,122 |
Professional fees | 73,807 |
Shareholder communication | 5,365 |
Trustees | 5,050 |
Accrued expenses | 4,313 |
Distributions payable | 140,800 |
Total liabilities | 4,178,810 |
Net assets | $868,938,193 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $91,343 |
Additional paid-in-capital | 630,224,296 |
630,315,639 | |
Total distributable earnings (loss) | 238,622,554 |
Net assets | $868,938,193 |
Class A | |
Net assets applicable to outstanding shares | $327,736,833 |
Shares of beneficial interest outstanding | 33,783,520 |
Net asset value per share outstanding | $9.70 |
Maximum sales charge (5.50% of offering price) | 0.56 |
Maximum offering price per share outstanding | $10.26 |
Investor Class | |
Net assets applicable to outstanding shares | $2,815,946 |
Shares of beneficial interest outstanding | 289,539 |
Net asset value per share outstanding | $9.73 |
Maximum sales charge (5.00% of offering price) | 0.51 |
Maximum offering price per share outstanding | $10.24 |
Class C | |
Net assets applicable to outstanding shares | $160,560,654 |
Shares of beneficial interest outstanding | 20,954,204 |
Net asset value and offering price per share outstanding | $7.66 |
Class I | |
Net assets applicable to outstanding shares | $377,824,760 |
Shares of beneficial interest outstanding | 36,315,448 |
Net asset value and offering price per share outstanding | $10.40 |
Investment Income (Loss) | |
Income | |
Dividends and distributions (Net of return of capital of $9,600,497) (a) | $19,538,192 |
Dividends-affiliated | 126,843 |
Total income | 19,665,035 |
Expenses | |
Manager (See Note 3) | 4,394,998 |
Distribution/Service-Class A (See Note 3) | 378,412 |
Distribution/Service-Investor Class (See Note 3) | 3,439 |
Distribution/Service-Class C (See Note 3) | 755,705 |
Transfer agent (See Note 3) | 330,842 |
Professional fees | 90,572 |
Shareholder communication | 58,808 |
Registration | 44,309 |
Custodian | 31,163 |
Trustees | 9,051 |
Miscellaneous | 17,052 |
Total expenses | 6,114,351 |
Net investment income (loss) | 13,550,684 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions, before income taxes | 28,651,930 |
Foreign currency transactions | 2,411 |
Net realized gain (loss) | 28,654,341 |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments, before income taxes | 66,661,048 |
Translation of other assets and liabilities in foreign currencies | (3,754) |
Net change in unrealized appreciation (depreciation) | 66,657,294 |
Net realized and unrealized gain (loss) | 95,311,635 |
Net increase (decrease) in net assets resulting from operations | $108,862,319 |
(a) | Dividends recorded net of foreign withholding taxes in the amount of $442,688. |
6 | MainStay Cushing® MLP Premier Fund |
Six months ended May 31, 2024 |
Year ended November 30, 2023 |
|
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $13,550,684 | $7,164,875 |
Net realized gain (loss) | 28,654,341 | 49,828,213 |
Net change in unrealized appreciation (depreciation) | 66,657,294 | 5,524,572 |
Net increase (decrease) in net assets resulting from operations | 108,862,319 | 62,517,660 |
Distributions to shareholders: | ||
Class A | (4,645,805) | (3,945,475) |
Investor Class | (41,549) | (41,794) |
Class C | (2,902,475) | (2,591,427) |
Class I | (4,919,080) | (4,221,269) |
(12,508,909) | (10,799,965) | |
Distributions to shareholders from return of capital: | ||
Class A | (7,910,424) | (20,560,275) |
Investor Class | (70,745) | (217,795) |
Class C | (4,942,053) | (13,504,196) |
Class I | (8,375,731) | (21,997,471) |
(21,298,953) | (56,279,737) | |
Total distributions to shareholders | (33,807,862) | (67,079,702) |
Capital share transactions: | ||
Net proceeds from sales of shares | 82,322,874 | 98,984,060 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 32,978,145 | 65,510,460 |
Cost of shares redeemed | (91,173,253) | (164,478,309) |
Increase (decrease) in net assets derived from capital share transactions | 24,127,766 | 16,211 |
Net increase (decrease) in net assets | 99,182,223 | (4,545,831) |
Net Assets | ||
Beginning of period | 769,755,970 | 774,301,801 |
End of period | $868,938,193 | $769,755,970 |
Six months ended May 31, 2024* |
Year Ended November 30, | ||||||||||
Class A | 2023 | 2022 | 2021 | 2020 | 2019 | ||||||
Net asset value at beginning of period | $8.84 | $8.87 | $7.28 | $5.93 | $9.09 | $10.64 | |||||
Net investment income (loss) (a) | 0.16 | 0.09 | 0.04 | 0.03 | (0.01) | (0.09) | |||||
Net realized and unrealized gain (loss) | 1.08 | 0.64 | 2.33 | 2.22 | (2.25) | (0.52) | |||||
Total from investment operations | 1.24 | 0.73 | 2.37 | 2.25 | (2.26) | (0.61) | |||||
Less distributions: | |||||||||||
From net investment income | (0.14) | (0.13) | (0.60) | (0.06) | - | - | |||||
Return of capital | (0.24) | (0.63) | (0.18) | (0.84) | (0.90) | (0.94) | |||||
Total distributions | (0.38) | (0.76) | (0.78) | (0.90) | (0.90) | (0.94) | |||||
Net asset value at end of period | $9.70 | $8.84 | $8.87 | $7.28 | $5.93 | $9.09 | |||||
Total investment return (b) | 14.34% | 9.11% | 34.02% | 39.57% | (24.48)% | (6.40)% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) (including net deferred income tax benefit (expense)) | 3.43%†† | 1.04% | 0.45% | 0.48%(c) | (0.13)%(c) | (0.92)%(c) | |||||
Net investment income (loss) (excluding net deferred income tax benefit (expense)) | 3.43%†† | 1.02% | 0.45% | 0.50%(c) | (0.11)%(c) | (0.90)%(c) | |||||
Net expenses (including net deferred income tax benefit (expense)) (d) | 1.50%†† | 1.49%(e) | 1.45%(e) | 1.61% (c)(e) | 1.60% (c)(e) | 1.54% (c)(e) | |||||
Portfolio turnover rate | 8% | 20% | 32% | 28% | 33% | 50% | |||||
Net assets at end of period (in 000's) | $327,737 | $288,606 | $283,004 | $209,634 | $168,532 | $249,399 |
* | Unaudited. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) |
Ratios including/excluding tax benefit (expense) includes applicable franchise tax expense for the period. For the year ended November 30, 2021, the Fund accrued $(94,246) in franchise tax expense, of which $(32,777) is attributable to Class A. For the year ended November 30, 2020, the Fund accrued $(111,509) in franchise tax expense, of which $(30,329) is attributable to Class A. For the year ended November 30, 2019, the Fund accrued $(209,064) in franchise tax expense, of which $(48,618) is attributable to Class A. |
(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) | The ratio of expenses excluding tax expense to average net assets before waiver and recoupment was 1.51%, 1.45%, 1.59%, 1.59%, and 1.53% for the fiscal years ended November 30, 2023, 2022, 2021, 2020, and 2019, respectively. The ratio of expenses excluding tax expense to average net assets after waiver and recoupment was 1.51%, 1.45%, 1.59%, 1.59%, and 1.53% for the fiscal years ended November 30, 2023, 2022, 2021, 2020, and 2019, respectively. |
8 | MainStay Cushing® MLP Premier Fund |
Six months ended May 31, 2024* |
Year Ended November 30, | ||||||||||
Investor Class | 2023 | 2022 | 2021 | 2020 | 2019 | ||||||
Net asset value at beginning of period | $8.86 | $8.89 | $7.29 | $5.94 | $9.10 | $10.65 | |||||
Net investment income (loss) (a) | 0.16 | 0.09 | 0.03 | 0.03 | (0.01) | (0.09) | |||||
Net realized and unrealized gain (loss) | 1.09 | 0.64 | 2.35 | 2.22 | (2.25) | (0.52) | |||||
Total from investment operations | 1.25 | 0.73 | 2.38 | 2.25 | (2.26) | (0.61) | |||||
Less distributions: | |||||||||||
From net investment income | (0.14) | (0.13) | (0.60) | (0.07) | - | - | |||||
Return of capital | (0.24) | (0.63) | (0.18) | (0.83) | (0.90) | (0.94) | |||||
Total distributions | (0.38) | (0.76) | (0.78) | (0.90) | (0.90) | (0.94) | |||||
Net asset value at end of period | $9.73 | $8.86 | $8.89 | $7.29 | $5.94 | $9.10 | |||||
Total investment return (b) | 14.42% | 9.08% | 34.12% | 39.50% | (24.45)% | (6.04)% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) (including net deferred income tax benefit (expense)) | 3.42%†† | 1.03% | 0.42% | 0.40%(c) | (0.18)%(c) | (0.92)%(c) | |||||
Net investment income (loss) (excluding net deferred income tax benefit (expense)) | 3.42%†† | 1.01% | 0.42% | 0.42%(c) | (0.17)%(c) | (0.91)%(c) | |||||
Net expenses (including net deferred income tax benefit (expense)) (d) | 1.49%†† | 1.48%(e) | 1.44%(e) | 1.64% (c)(e) | 1.64% (c)(e) | 1.54% (c)(e) | |||||
Portfolio turnover rate | 8% | 20% | 32% | 28% | 33% | 50% | |||||
Net assets at end of period (in 000's) | $2,816 | $2,896 | $3,011 | $2,105 | $1,783 | $2,446 |
* | Unaudited. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) |
Ratios including/excluding tax benefit (expense) includes applicable franchise tax expense for the period. For the year ended November 30, 2021, the Fund accrued $(94,246) in franchise tax expense, of which $(311) is attributable to Investor Class. For the year ended November 30, 2020, The Fund accrued $(111,509) in franchise tax expense, of which $(313) is attributable to Investor Class. For the year ended November 30, 2019, the Fund accrued $(209,064) in franchise tax expense, of which $(466) is attributable to Investor Class. |
(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) | The ratio of expenses excluding tax expense to average net assets before waiver was 1.50%, 1.44%, 1.62%, 1.63%, and 1.53% for the fiscal years ended November 30, 2023, 2022, 2021, 2020, and 2019, respectively. The ratio of expenses excluding tax expense to average net assets after waiver was 1.50%, 1.44%, 1.62%, 1.63%, and 1.53% for the fiscal years ended November 30, 2023, 2022, 2021, 2020 and 2019, respectively. |
Six months ended May 31, 2024* |
Year Ended November 30, | ||||||||||
Class C | 2023 | 2022 | 2021 | 2020 | 2019 | ||||||
Net asset value at beginning of period | $7.08 | $7.31 | $6.16 | $5.17 | $8.14 | $9.69 | |||||
Net investment income (loss) (a) | 0.10 | 0.02 | (0.02) | (0.03) | (0.05) | (0.15) | |||||
Net realized and unrealized gain (loss) | 0.86 | 0.51 | 1.95 | 1.92 | (2.02) | (0.46) | |||||
Total from investment operations | 0.96 | 0.53 | 1.93 | 1.89 | (2.07) | (0.61) | |||||
Less distributions: | |||||||||||
From net investment income | (0.14) | (0.13) | (0.60) | (0.08) | - | - | |||||
Return of capital | (0.24) | (0.63) | (0.18) | (0.82) | (0.90) | (0.94) | |||||
Total distributions | (0.38) | (0.76) | (0.78) | (0.90) | (0.90) | (0.94) | |||||
Net asset value at end of period | $7.66 | $7.08 | $7.31 | $6.16 | $5.17 | $8.14 | |||||
Total investment return (b) | 13.94% | 8.27% | 33.01% | 38.36% | (25.03)% | (7.06)% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) (including net deferred income tax benefit (expense)) | 2.67%†† | 0.28% | (0.33)% | (0.41)%(c) | (0.87)%(c) | (1.65)%(c) | |||||
Net investment income (loss) (excluding net deferred income tax benefit (expense)) | 2.67%†† | 0.26% | (0.33)% | (0.39)%(c) | (0.85)%(c) | (1.64)%(c) | |||||
Net expenses (including net deferred income tax benefit (expense)) (d) | 2.24%†† | 2.23%(e) | 2.19%(e) | 2.39% (c)(e) | 2.39% (c)(e) | 2.29% (c)(e) | |||||
Portfolio turnover rate | 8% | 20% | 32% | 28% | 33% | 50% | |||||
Net assets at end of period (in 000's) | $160,561 | $149,821 | $159,900 | $140,379 | $138,776 | $272,423 |
* | Unaudited. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
(c) |
Ratios including/excluding tax benefit (expense) includes applicable franchise tax expense for the period. For the year ended November 30, 2021, the Fund accrued $(94,246) in franchise tax expense, of which $(22,323) is attributable to Class C. For the year ended November 30, 2020, the Fund accrued $(111,509) in franchise tax expense, of which $(29,666) is attributable to Class C. For the year ended November 30, 2019, the Fund accrued $(209,064) in franchise tax expense, of which $(60,864) is attributable to Class C. |
(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) | The ratio of expenses excluding tax expense to average net assets before waiver and recoupment was 2.25%, 2.19%, 2.37%, 2.38%, and 2.28% for the fiscal years ended November 30, 2023, 2022, 2021, 2020 and 2019, respectively. The ratio of expenses excluding tax expense to average net assets after waiver and recoupment was 2.25%, 2.19%, 2.37%, 2.38%, and 2.28% for the fiscal years ended November 30, 2023, 2022, 2021, 2020 and 2019, respectively. |
10 | MainStay Cushing® MLP Premier Fund |
Six months ended May 31, 2024* |
Year Ended November 30, | ||||||||||
Class I | 2023 | 2022 | 2021 | 2020 | 2019 | ||||||
Net asset value at beginning of period | $9.44 | $9.40 | $7.66 | $6.19 | $9.41 | $10.95 | |||||
Net investment income (loss) (a) | 0.18 | 0.11 | 0.06 | 0.05 | 0.01 | (0.07) | |||||
Net realized and unrealized gain (loss) | 1.16 | 0.69 | 2.46 | 2.32 | (2.33) | (0.53) | |||||
Total from investment operations | 1.34 | 0.80 | 2.52 | 2.37 | (2.32) | (0.60) | |||||
Less distributions: | |||||||||||
From net investment income | (0.14) | (0.13) | (0.60) | (0.07) | - | - | |||||
Return of capital | (0.24) | (0.63) | (0.18) | (0.83) | (0.90) | (0.94) | |||||
Total distributions | (0.38) | (0.76) | (0.78) | (0.90) | (0.90) | (0.94) | |||||
Net asset value at end of period | $10.40 | $9.44 | $9.40 | $7.66 | $6.19 | $9.41 | |||||
Total investment return (b) | 14.49% | 9.34% | 34.30% | 39.87% | (24.27)% | (6.12)% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) (including net deferred income tax benefit (expense)) | 3.68%†† | 1.28% | 0.67% | 0.72%(c) | 0.19%(c) | (0.65)%(c) | |||||
Net investment income (loss) (excluding net deferred income tax benefit (expense)) | 3.68%†† | 1.26% | 0.67% | 0.74%(c) | 0.21%(c) | (0.63)%(c) | |||||
Net expenses (including net deferred income tax benefit (expense)) (d) | 1.25%†† | 1.24%(e) | 1.20%(e) | 1.36% (c)(e) | 1.35% (c)(e) | 1.29% (c)(e) | |||||
Portfolio turnover rate | 8% | 20% | 32% | 28% | 33% | 50% | |||||
Net assets at end of period (in 000's) | $377,825 | $328,433 | $328,387 | $263,978 | $218,903 | $461,177 |
* | Unaudited. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
(c) |
Ratios including/excluding tax benefit (expense) includes applicable franchise tax expense for the period. For the year ended November 30, 2021, the Fund accrued $(94,246) in franchise tax expense, of which $(38,835) is attributable to Class I. For the year ended November 30, 2020, the Fund accrued $(111,509) in franchise tax expense, of which $(51,201) is attributable to Class I. For the year ended November 30, 2019, the Fund accrued $(209,064) in franchise tax expense, of which $(99,116) is attributable to Class I. |
(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) | The ratio of expenses excluding tax expense to average net assets before waiver and recoupment was 1.26%, 1.20%, 1.34%, 1.34%, and 1.27% for the fiscal years ended November 30, 2023, 2022, 2021, 2020 and 2019, respectively. The ratio of expenses excluding tax expense to average net assets after waiver and recoupment was 1.26%, 1.20%, 1.34%, 1.34%, and 1.27% for the fiscal years ended November 30, 2023, 2022, 2021, 2020 and 2019, respectively. |
Class | Commenced Operations |
Class A | October 20, 2010 |
Investor Class | July 11, 2014 |
Class C | October 20, 2010 |
Class I | October 20, 2010 |
12 | MainStay Cushing® MLP Premier Fund |
• | Level 1-quoted prices (unadjusted) in active markets for an identical asset or liability |
• | Level 2-other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3-significant unobservable inputs (including the Fund's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• Benchmark yields | • Reported trades |
• Broker/dealer quotes | • Issuer spreads |
• Two-sided markets | • Benchmark securities |
• Bids/offers | • Reference data (corporate actions or material event notices) |
• Industry and economic events | • Comparable bonds |
• Monthly payment information |
14 | MainStay Cushing® MLP Premier Fund |
Class | Expense | Waived |
Class A | $126,992 | $- |
Investor Class | 1,080 | - |
Class C | 59,051 | - |
Class I | 143,719 | - |
Federal Tax Cost |
Gross Unrealized Appreciation |
Gross Unrealized (Depreciation) |
Net Unrealized Appreciation/ (Depreciation) |
|
Investments in Securities | $480,697,637 | $395,984,767 | $(6,865,558) | $389,119,209 |
16 | MainStay Cushing® MLP Premier Fund |
Capital Loss Available Through |
Short-Term Capital Loss Amounts (000's) |
Long-Term Capital Loss Amounts (000's) |
Unlimited | $178,033 | $2,011 |
2023 | |
Distributions paid from: | |
Ordinary Income | $10,799,965 |
Return of Capital | 56,279,737 |
Total | $67,079,702 |
Class A | Shares | Amount |
Six-month period ended May 31, 2024: | ||
Shares sold | 3,298,129 | $29,755,004 |
Shares issued to shareholders in reinvestment of distributions | 1,315,061 | 12,045,696 |
Shares redeemed | (3,533,680) | (32,031,027) |
Net increase (decrease) in shares outstanding before conversion | 1,079,510 | 9,769,673 |
Shares converted into Class A (See Note 1) | 51,719 | 460,499 |
Shares converted from Class A (See Note 1) | (6,177) | (57,228) |
Net increase (decrease) | 1,125,052 | $10,172,944 |
Year ended November 30, 2023: | ||
Shares sold | 4,852,459 | $40,227,707 |
Shares issued to shareholders in reinvestment of distributions | 2,826,323 | 23,515,832 |
Shares redeemed | (7,064,834) | (59,059,381) |
Net increase (decrease) in shares outstanding before conversion | 613,948 | 4,684,158 |
Shares converted into Class A (See Note 1) | 216,705 | 1,806,765 |
Shares converted from Class A (See Note 1) | (70,159) | (606,438) |
Net increase (decrease) | 760,494 | $5,884,485 |
Investor Class | Shares | Amount |
Six-month period ended May 31, 2024: | ||
Shares sold | 4,994 | $47,506 |
Shares issued to shareholders in reinvestment of distributions | 11,564 | 105,938 |
Shares redeemed | (26,940) | (240,788) |
Net increase (decrease) in shares outstanding before conversion | (10,382) | (87,344) |
Shares converted into Investor Class (See Note 1) | 2,619 | 23,841 |
Shares converted from Investor Class (See Note 1) | (29,611) | (271,616) |
Net increase (decrease) | (37,374) | $(335,119) |
Year ended November 30, 2023: | ||
Shares sold | 33,381 | $273,658 |
Shares issued to shareholders in reinvestment of distributions | 29,549 | 246,201 |
Shares redeemed | (35,992) | (300,533) |
Net increase (decrease) in shares outstanding before conversion | 26,938 | 219,326 |
Shares converted into Investor Class (See Note 1) | 22,208 | 187,861 |
Shares converted from Investor Class (See Note 1) | (60,886) | (506,793) |
Net increase (decrease) | (11,740) | $(99,606) |
Class C | Shares | Amount |
Six-month period ended May 31, 2024: | ||
Shares sold | 2,196,385 | $16,101,442 |
Shares issued to shareholders in reinvestment of distributions | 1,041,566 | 7,576,028 |
Shares redeemed | (3,409,499) | (24,788,062) |
Net increase (decrease) in shares outstanding before conversion | (171,548) | (1,110,592) |
Shares converted from Class C (See Note 1) | (33,281) | (231,722) |
Net increase (decrease) | (204,829) | $(1,342,314) |
Year ended November 30, 2023: | ||
Shares sold | 2,437,852 | $16,547,273 |
Shares issued to shareholders in reinvestment of distributions | 2,309,773 | 15,600,255 |
Shares redeemed | (5,255,948) | (35,590,435) |
Net increase (decrease) in shares outstanding before conversion | (508,323) | (3,442,907) |
Shares converted from Class C (See Note 1) | (198,982) | (1,354,505) |
Net increase (decrease) | (707,305) | $(4,797,412) |
Class I | Shares | Amount |
Six-month period ended May 31, 2024: | ||
Shares sold | 3,666,149 | $36,418,922 |
Shares issued to shareholders in reinvestment of distributions | 1,351,235 | 13,250,483 |
Shares redeemed | (3,500,728) | (34,113,376) |
Net increase (decrease) in shares outstanding before conversion | 1,516,656 | 15,556,029 |
Shares converted into Class I (See Note 1) | 8,638 | 86,049 |
Shares converted from Class I (See Note 1) | (1,067) | (9,823) |
Net increase (decrease) | 1,524,227 | $15,632,255 |
Year ended November 30, 2023: | ||
Shares sold | 4,727,385 | $41,935,422 |
Shares issued to shareholders in reinvestment of distributions | 2,952,321 | 26,148,172 |
Shares redeemed | (7,864,350) | (69,527,960) |
Net increase (decrease) in shares outstanding before conversion | (184,644) | (1,444,366) |
Shares converted into Class I (See Note 1) | 65,842 | 606,338 |
Shares converted from Class I (See Note 1) | (14,958) | (133,228) |
Net increase (decrease) | (133,760) | $(971,256) |
18 | MainStay Cushing® MLP Premier Fund |
20 |
22 |
Item 8. |
Changes in and Disagreements with Accountants for Open-EndManagement Investment Companies. |
See Item 7.
Item 9. |
Proxy Disclosures for Open-EndManagement Investment Companies. |
See Item 7.
Item 10. |
Remuneration Paid to Directors, Officers, and Others of Open-EndManagement Investment Companies. |
See Item 7.
Item 11. |
Statement Regarding Basis for Approval of Investment Advisory Contract. |
See Item 7.
Item 12. |
Disclosure of Proxy Voting Policies and Procedures for Closed-EndManagement Investment Companies. |
Not applicable.
Item 13. |
Portfolio Managers of Closed-EndManagement Investment Companies. |
Not applicable.
Item 14. |
Purchases of Equity Securities by Closed-EndManagement Investment Company and Affiliated Purchasers. |
Not applicable.
Item 15. |
Submission of Matters to a Vote of Security Holders. |
Since the Registrant's last response to this Item, there have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees.
Item 16. |
Controls and Procedures. |
(a) |
Based on an evaluation of the Registrant's Disclosure Controls and Procedures (as defined in Rule 30a-3(c)under the Investment Company Act of 1940) (the "Disclosure Controls"), as of a date within 90 days prior to the filing date (the "Filing Date") of this Form N-CSR(the "Report"), the Registrant's principal executive officer and principal financial officer have concluded that the Disclosure Controls are reasonably designed to ensure that information required to be disclosed by the Registrant in the Report is recorded, processed, summarized and reported by the Filing Date, including ensuring that information required to be disclosed in the Report is accumulated and communicated to the Registrant's management, including the Registrant's principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure. |
(b) |
There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d))under the Investment Company Act of 1940 that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting. |
Item 17. |
Disclosure of Securities Lending Activities for Closed-EndManagement Investment Companies. |
Not applicable.
Item 18. |
Recovery of Erroneously Awarded Compensation. |
Not applicable.
Item 19. |
Exhibits. |
(a) |
Section 302 Certifications are attached. |
(b) |
Section 906 Certifications are attached. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
MAINSTAY FUNDS TRUST
By: | /s/ Kirk C. Lehneis | |
Kirk C. Lehneis | ||
President and Principal Executive Officer | ||
Date: | August 5, 2024 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By: | /s/ Kirk C. Lehneis | |
Kirk C. Lehneis | ||
President and Principal Executive Officer | ||
Date: | August 5, 2024 | |
By: | /s/ Jack R. Benintende | |
Jack R. Benintende | ||
Treasurer and Principal Financial and Accounting Officer | ||
Date: | August 5, 2024 |